Singapore Real Estate/Built Environment
Singapore retail sales down 0.6% in June, miss forecasts
Singapore’s retail sales fell 0.6 per cent year on year in June, reversing from the 2.2 per cent growth in May. Private-sector economists polled by Bloomberg had expected June’s retail sales to grow 3.8 per cent year on year.
https://www.businesstimes.com.sg/singapore/singapore-retail-sales-down-0-6-june-miss-forecasts
https://www.straitstimes.com/business/singapore-retail-sales-dip-06-in-june-reversing-may-s-growth
Capitol Singapore’s hotel, theatre and retail arcade put on market for S$650 million
Two iconic properties in Singapore’s civic district are on the market: a chunk of the Capitol Singapore development, and Stamford Court. The Business Times understands that Perennial Holdings has appointed two property consultants to suss out buying interest for The Capitol Kempinski Hotel Singapore, Capitol Theatre and the retail arcade space.
https://www.businesstimes.com.sg/property/capitol-singapores-hotel-theatre-and-retail-arcade-put-market-s650-million
Takeaways from a S$93.9 million Tanglin Hill GCB deal
Paying eye-popping sums for Good Class Bungalows (GCBs) in Singapore is not unheard of. The estimated 2,700 GCBs located in 39 gazetted areas enjoy a scarcity value and represent the pinnacle of the housing market.
https://www.businesstimes.com.sg/opinion-features/takeaways-s93-9-million-tanglin-hill-gcb-deal
Calm down, Singapore’s housing market is not about to collapse
For those who are not familiar with Singapore’s residential property sector, some of the recent headlines and data points paint a troubling picture of a market that is experiencing a steep downturn.
https://www.scmp.com/opinion/asia-opinion/article/3273196/calm-down-singapores-housing-market-not-about-collapse
Singapore Economy
Small nuclear reactors: Big potential for Singapore, but with caveats
Mini nuclear reactors, also known as small modular reactors (SMRs), could unlock clean energy in Singapore. But there are several challenges that policymakers will need to navigate: from costs and supply-chain complexities to geopolitics.
https://www.businesstimes.com.sg/singapore/economy-policy/small-nuclear-reactors-big-potential-singapore-caveats
S’pore’s apex business chamber to help wholesalers ply trade with digital and green talent
Singapore ‒ Singapore’s wholesale trade sector, the largest contributor to its economy, is getting a boost to its efforts to build a pipeline of talent to let it keep its edge globally.
https://www.straitstimes.com/business/singapore-s-apex-business-chamber-to-help-wholesalers-ply-trade-with-digital-and-green-talent
Business News
CapitaLand Ascott Trust bags S$165 million OCBC sustainability-linked loan
CapitaLand Ascott Trust (Clas) has secured a S$165 million sustainability-linked multi-currency revolving credit facility from OCBC. Proceeds from the loan will be utilised by Clas for general corporate purposes.
https://www.businesstimes.com.sg/companies-markets/capitaland-ascott-trust-bags-s165-million-ocbc-sustainability-linked-loan
Hatten Land files application for judicial management; trading in shares suspended
Real estate developer Hatten Land on Monday (Aug 5) filed an application to the general division of Singapore’s High Court to be placed under judicial management.
https://www.businesstimes.com.sg/companies-markets/hatten-land-files-application-judicial-management-trading-shares-suspended
https://www.theedgesingapore.com/news/company-news/hatten-land-files-court-application-be-put-under-judicial-management
Analysts keep ‘buy’ on Keppel REIT for its strong portfolio occupancy, but worry about its gearing levels
Analysts from RHB Bank Singapore, Maybank Securities and OCBC Investment Research (OIR) have all kept their “buy” calls on Keppel REIT after its 1HFY2024 ended June results, which saw a higher net property income (NPI) attributable to unitholders of $87.2 million.
https://www.theedgesingapore.com/capital/brokers-calls/analysts-keep-buy-keppel-reit-its-strong-portfolio-occupancy-worry-about-its
Lendlease Global Commercial Reit posts 21.2% lower DPU for H2 of S$0.0177
The manager of Lendlease Global Commercial Reit : JYEU -2.5% (LReit) posted a distribution per unit (DPU) of S$0.0177 for the second half of financial year 2024 (FY2024) ended Jun 30, down 21.2 per cent from S$0.0225 in the same period a year ago.
https://www.businesstimes.com.sg/companies-markets/lendlease-global-commercial-reit-posts-21-2-lower-dpu-h2-s0-0177
https://www.theedgesingapore.com/capital/results/lendlease-global-commercial-reit-posts-177-decline-fy2024-dpu-387-cents
Sabana Reit trustee to propose ‘preferred candidates’ for internal manager personnel
The trustee of Sabana Industrial Real Estate Investment Trust (Sabana Reit) has identified and executed letters of intent with “preferred candidates” whom it intends to propose as directors and senior management of the Reit’s new internal manager.
https://www.businesstimes.com.sg/companies-markets/sabana-reit-trustee-propose-preferred-candidates-internal-manager-personnel
https://www.theedgesingapore.com/news/reits/sabana-reits-trustee-has-identified-candidates-directors-and-senior-management-new
Temasek appoints 3 external hires to senior management, including MTI perm sec Gabriel Lim
Singapore investment company Temasek will appoint three new external hires, including a permanent secretary, to senior leadership roles over the next two months.
https://www.businesstimes.com.sg/companies-markets/temasek-appoints-3-external-hires-senior-management-including-mti-perm-sec-gabriel-lim
https://www.straitstimes.com/business/temasek-appoints-three-new-senior-leaders-to-guide-corporate-strategy-portfolio-companies
https://www.channelnewsasia.com/singapore/temasek-new-senior-leadership-appointments-mti-permanent-secretary-4526651
Global Economy & Real Estate
US Fed under pressure to cut rates after market rout
https://www.straitstimes.com/business/us-fed-under-pressure-to-cut-rates-after-market-rout
https://www.businesstimes.com.sg/companies-markets/banking-finance/us-federal-reserve-under-pressure-cut-rates-market-turmoil-continues
Dollar down as US rate cut bets rise, yen surges
https://www.channelnewsasia.com/business/dollar-down-us-rate-cut-bets-rise-yen-surges-4526541
Australia’s central bank expected to hold rates steady at 4.35%
https://www.channelnewsasia.com/business/australia-reserve-bank-rba-interest-rates-inflation-4526821
China services expansion picks up in fresh sign of momentum
https://www.straitstimes.com/business/china-services-expansion-picks-up-in-fresh-sign-of-momentum
https://www.scmp.com/economy/economic-indicators/article/3273214/support-coming-right-time-chinas-economy-4-takeaways-julys-pmi-data?module=top_story&pgtype=subsection
Eurozone business growth at a standstill, July PMI shows
https://www.businesstimes.com.sg/international/eurozone-business-growth-standstill-july-pmi-shows
Hong Kong could adjust public-to-subsidised housing ratio to help young people own flats
https://www.scmp.com/news/hong-kong/hong-kong-economy/article/3273211/hong-kong-could-adjust-public-subsidised-housing-ratio-help-young-people-own-flats?module=top_story&pgtype=subsection
Japan June household spending falls 1.4% year on year
https://www.channelnewsasia.com/business/japan-june-household-spending-falls-14-year-year-4528731
Japan’s June real wages rise for first time in nearly two years
https://www.channelnewsasia.com/business/japans-june-real-wages-rise-first-time-nearly-two-years-4528721
https://www.businesstimes.com.sg/international/global/japans-real-wages-rise-first-time-27-months-june
New York City’s outdoor dining sheds will start disappearing
https://www.businesstimes.com.sg/lifestyle/new-york-citys-outdoor-dining-sheds-will-start-disappearing
New Zealand faces triple-dip recession, Westpac predicts
https://www.businesstimes.com.sg/international/new-zealand-faces-triple-dip-recession-westpac-predicts
Growth picks up among UK services firms after election result, PMI shows
https://www.businesstimes.com.sg/international/growth-picks-among-uk-services-firms-after-election-result-pmi-shows
Where rich Brits, French might go to escape higher taxes
https://www.businesstimes.com.sg/international/global/where-rich-brits-french-might-go-escape-higher-taxes
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