Singapore Real Estate
Tanah Merah and Bedok: nexus of east region transformation
The Tanah Merah/Bedok area in District 16 is positioned to capitalise on several urban transformation plans in the east of Singapore, from new residential plans in the Bayshore area along the East Coast, to a new residential town replacing Paya Lebar Airbase in the future.
https://www.edgeprop.sg/property-news/tanah-merah-and-bedok-nexus-east-region-transformation
Singapore has most expensive office fit-out costs in Southeast Asia
Singapore (EdgeProp) – According to Cushman & Wakefield’s 2023 Asia Pacific Office Fit-Out Cost Guide, average fit-out costs across Asia Pacific have increased. In Southeast Asia, Singapore has the most expensive fit-out cost.
https://www.edgeprop.sg/property-news/singapore-has-most-expensive-office-fit-out-costs-southeast-asia
MCC Land runs ‘one price’ promotion for select units at Sceneca Residence, saving up to $144,000 for buyers
The 268-unit development by MCC Land comprises two residential towers – 14 and 15 storeys high, respectively – with one- to four-bedroom units, as well as four-bedroom penthouses. The condo also features several amenities such as a 50m lap pool, a family lounge, a resident clubhouse, function rooms and pavilions.
https://www.edgeprop.sg/property-news/mcc-land-runs-%E2%80%98one-price%E2%80%99-promotion-select-units-sceneca-residence-saving-144000-buyers
Companies’ Brief
LHN warns profit decline of 47% for H1 2023
Real estate management services provider LHN expects to see a lower net profit before tax for the first half of its financial year ended Mar 31, 2023, of at least approximately S$19 million. This is a decline of over 47 per cent compared to the S$35.9 million in net profit before tax over the same period a year ago, said LHN in a bourse filing on Thursday (May 4)…
https://www.businesstimes.com.sg/companies-markets/lhn-warns-profit-decline-47-h1-2023
https://www.theedgesingapore.com/news/results/lhn-guides-lower-npat-1hfy2023-around-19-mi
-down-471-y-o-y
OUE Commercial Reit Q1 NPI rises 18% to S$56.6 million
Net property income (NPI) for OUE Commercial Reit (real estate investment trust) came in at S$56.6 million in the first quarter of 2023, an 18 per cent increase from the same period a year ago.
https://www.businesstimes.com.sg/companies-markets/oue-commercial-reit-q1-npi-rises-18-s566-million
https://www.theedgesingapore.com/capital/results/oue-commercial-reits-revenue-and-npi-1qfy2023-boosted-hilton-singapore
Global Economy & Real Estate
WHO experts mull Covid emergency status
https://www.businesstimes.com.sg/international/who-experts-mull-covid-emergency-status
https://www.channelnewsasia.com/world/who-experts-world-ready-end-covid-19-emergency-3463391
US trade deficit falls in March on rise in exports
https://www.businesstimes.com.sg/international/us-trade-deficit-falls-march-rise-exports
US new home listings plunge 21% with higher rates spooking sellers
https://www.businesstimes.com.sg/property/us-new-home-listings-plunge-21-higher-rates-spooking-sellers
US homeowners hold near-record equity even after price declines
https://www.businesstimes.com.sg/property/us-homeowners-hold-near-record-equity-even-after-price-declines
UK businesses raise prices to pass on higher wage costs: PMI
https://www.businesstimes.com.sg/international/uk-businesses-raise-prices-pass-higher-wage-costs-pmi
Epstein’s islands sell to finance buyer planning luxury resort
https://www.businesstimes.com.sg/property/epsteins-islands-sell-finance-buyer-planning-luxury-resort
New York City will finally turn a hotel into housing
https://www.businesstimes.com.sg/property/new-york-city-will-finally-turn-hotel-housing
UK mortgage lending stalls for first time since pandemic in 2021
https://www.businesstimes.com.sg/property/uk-mortgage-lending-stalls-first-time-pandemic-2021
ECB raises rates by 25 bps in inflation fight
https://www.businesstimes.com.sg/international/ecb-raises-rates-25-bps-inflation-fight
German exports fall significantly more than expected in March
https://www.businesstimes.com.sg/international/german-exports-fall-significantly-more-expected-march
Australia to deliver first budget surplus in 15 years, Sky News reports
https://www.businesstimes.com.sg/international/australia-deliver-first-budget-surplus-15-years-sky-news-reports
China’s services activity expands as consumers return: Caixin PMI
https://www.businesstimes.com.sg/international/chinas-services-activity-expands-consumers-return-caixin-pmi
https://www.channelnewsasia.com/business/chinas-services-activity-expands-consumers-return-caixin-pmi-3466076
https://www.scmp.com/economy/economic-indicators/article/3219443/chinas-services-activity-expands-consumers-return-firms-benefit-increased-demand-and-output
China’s holiday home sales fall sharply against pre-Covid level: survey
https://www.businesstimes.com.sg/property/chinas-holiday-home-sales-fall-sharply-against-pre-covid-level-survey
https://www.channelnewsasia.com/business/chinas-holiday-home-sales-fall-sharply-against-pre-covid-level-survey-3463846
China’s second-richest province goes big into green economy, innovation
https://www.straitstimes.com/asia/east-asia/china-s-second-richest-province-goes-big-into-green-economy-innovation
Hong Kong March retail sales jump 40.9% in fourth month of growth
https://www.businesstimes.com.sg/international/hong-kong-march-retail-sales-jump-409-fourth-month-growth
https://www.channelnewsasia.com/business/hong-kong-march-retail-sales-jump-409-fourth-month-growth-3463756
https://www.scmp.com/news/hong-kong/hong-kong-economy/article/3219351/more-625000-mainland-chinese-tourists-entered-hong-kong-over-5-day-golden-week-break-better-expected
Hong Kong should reduce fiscal deficit gradually: IMF
https://www.businesstimes.com.sg/international/hong-kong-should-reduce-fiscal-deficit-gradually-imf
Hong Kong watchdog warns of potential conflict of interest between developers and management firms in private housing properties
https://www.scmp.com/news/hong-kong/hong-kong-economy/article/3219295/consumer-watchdog-says-dedicated-funds-should-be-set-finance-maintenance-and-repairs-hong-kong
Hong Kong homebuyers ignore rising interest rates as they snap up flats at Sun Hung Kai Properties’ University Hill project in Tai Po
https://www.scmp.com/business/article/3219394/hong-kong-homebuyers-ignore-rising-interest-rates-they-snap-flats-sun-hung-kai-properties-university
Efforts to preserve woodland and meet flat supply target may spark changes to planning rules at public housing site on Hong Kong golf course, experts say
https://www.scmp.com/news/hong-kong/hong-kong-economy/article/3219413/efforts-preserve-woodland-and-meet-flat-supply-target-may-spark-changes-planning-rules-public
Hines acquires five more multi-family properties in Japan
https://www.edgeprop.sg/property-news/hines-acquires-five-more-multi-family-properties-japan
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