Singapore Real Estate
Singapore property prices showing signs of moderating and stabilising: Ravi Menon”
Singapore’s residential property market is in a “reasonably good place”, according to the nation’s central bank. There are signs that prices have moderated and are stabilising, said Ravi Menon, managing director of the Monetary Authority of Singapore (MAS), at a briefing on Wednesday (Jul 5), following the release of MAS’ annual report.
https://www.businesstimes.com.sg/property/singapore-property-prices-showing-signs-moderating-and-stabilising-ravi-menon
Freehold retail podium of 53 units at The Linq @ Beauty World up for sale at S$136 million
A Freehold two-storey retail podium at The Linq @ Beauty World has been put up for sale through an expression of interest exercise at an indicative guide price of S$136 million.
https://www.businesstimes.com.sg/property/freehold-retail-podium-53-units-linq-beauty-world-sale-s136-million
STB ‘remains confident’ in Jurong Lake District tourism potential despite lack of proposals
While no submissions were received last year for a new tourism development at Jurong Lake District, the Singapore Tourism Board (STB) “remains confident in the tourism potential of the site”, said Minister of State for Trade and Industry Low Yen Ling in Parliament on Wednesday (Jul 5).
https://www.businesstimes.com.sg/singapore/stb-remains-confident-jurong-lake-district-tourism-potential-despite-lack-proposals
https://www.channelnewsasia.com/singapore/jurong-lake-district-singapore-tourism-board-parliament-3607051
Why Singapore’s property cycles are less volatile compared to other major cities
Singapore – Based on EdgeProp’s research, Singapore’s private property market stands out for its stability and lower volatility when compared to other major cities such as Hong Kong, New York, Sydney, and London.
https://www.edgeprop.sg/property-news/analysis-singapore%E2%80%99s-property-cycles-are-less-volatile-compared-other-major-cities
Singapore Economy
MAS posts record S$30.8 billion loss following Sing dollar tightening to bring down inflation
The Monetary Authority of Singapore (MAS) on Wednesday (Jul 5) posted a net loss of S$30.8 billion for the financial year ended Mar 31, 2023, the largest loss it has ever recorded. This was largely due to the effects of monetary policy tightening to bring down inflation.
https://www.businesstimes.com.sg/singapore/mas-posts-record-s308-billion-loss-following-sing-dollar-tightening-bring-down-inflation
https://www.theedgesingapore.com/news/results/mas-posts-net-loss-308-bil-fy2022fy2023-amid-depressed-market-environment
Economists expect tourism to support retail sales, after on-year growth eases to 1.8% in May
Singapore’s retail sales grew 1.8 per cent year on year (yoy) in May, narrowing from the 3.7 per cent growth recorded in April, the Department of Statistics (SingStat) data showed on Wednesday (Jul 5).
https://www.businesstimes.com.sg/singapore/economists-expect-tourism-support-retail-sales-after-year-growth-eases-18-may
Companies’ Brief
Frasers Centrepoint Trust obtains S$419 million green loan with carbon credits from OCBC
Frasers Centrepoint Trust : J69U 0% (FCT) has bagged a S$419 million green loan from OCBC : O39 -0.41% with carbon credits as part of the deal. On Thursday (Jul 6), both the real estate investment trust’s (Reit) manager and bank said this is Singapore’s first green financing solution that comprises a green loan and carbon credits.
https://www.businesstimes.com.sg/companies-markets/frasers-centrepoint-trust-obtains-s419-million-green-loan-carbon-credits-ocbc
https://www.theedgesingapore.com/news/environmental-social-and-governance/frasers-centrepoint-trust-secures-419-mil-green-loan-ocbc
Quarz seeking MAS, SGX RegCo support to ensure Sabana Reit EGM conducted in ‘fair manner’
Activist investor Quarz Capital, a unitholder of Sabana Industrial Real Estate Investment Trust : M1GU -1.16% (Sabana Reit), is seeking support from the Monetary Authority of Singapore (MAS) and the Singapore Exchange Regulation (SGX RegCo).
https://www.businesstimes.com.sg/companies-markets/quarz-seeking-mas-sgx-regco-support-ensure-sabana-reit-egm-conducted-fair-manner
Soilbuild units bag S$118.7 million in contracts, including supplying precast parts for HDB
Two units of Soilbuild Construction Group have clinched S$118.7 million in contracts, including those for supplying components for public housing projects, the company said in a bourse filing on Wednesday (Jul 5).
https://www.businesstimes.com.sg/companies-markets/soilbuild-units-bag-s1187-million-contracts-including-supplying-precast-parts-hdb
Global Economy & Real Estate
US dollar steady before Fed minutes; yen hovers near 145-mark
https://www.businesstimes.com.sg/companies-markets/us-dollar-steady-fed-minutes-yen-hovers-near-145-mark
US stocks dip as Fed minutes suggest more rate hikes ahead
https://www.straitstimes.com/business/companies-markets/us-stocks-ip-as-fed-minutes-suggest-more-rate-hikes-ahead
China’s metal export curbs reignites global companies’ hunt for stable suppliers
https://www.businesstimes.com.sg/international/global/chinas-metal-export-curbs-reignites-global-companies-hunt-stable-suppliers
Chinese developer’s US$1.8 billion distressed asset gets zero bids
https://www.businesstimes.com.sg/property/chinese-developers-us18-billion-distressed-asset-gets-zero-bids
ECB says consumer inflation expectations continue to decline
https://www.businesstimes.com.sg/international/ecb-says-consumer-inflation-expectations-continue-decline
German commercial property deals tumble 50% to five-year low
https://www.businesstimes.com.sg/property/german-commercial-property-deals-tumble-50-five-year-low
Global house prices rise at slowest pace since 2015 amid inflation and rate pressures, according to Knight Frank survey
https://www.scmp.com/business/article/3226697/global-house-prices-rise-slowest-pace-2015-amid-inflation-and-rate-pressures-according-knight-frank
Wheelock wins Kennedy Town tender at lowest price for Hong Kong Island since 2002
https://www.scmp.com/business/article/3226685/wheelock-wins-kennedy-town-tender-lowest-price-hong-kong-island-2002
Malaysia to hold six state elections on Aug 12, nomination day on July 29
https://www.straitstimes.com/asia/se-asia/malaysia-to-hold-six-state-elections-on-aug-12-nomination-day-is-on-july-29
https://www.straitstimes.com/asia/se-asia/malaysia-to-hold-six-state-elections-on-aug-12-nomination-day-is-on-july-29
Sweden real estate concerns are exaggerated, pension funds say
https://www.businesstimes.com.sg/property/sweden-real-estate-concerns-are-exaggerated-pension-funds-say
Thailand cuts full-year inflation forecast as prices trend lower
https://www.businesstimes.com.sg/international/thailand-cuts-full-year-inflation-forecast-prices-trend-lower
Oil prices steady as China demand fears offset tighter supply forecasts
https://www.channelnewsasia.com/business/oil-prices-steady-china-demand-fears-offset-tighter-supply-forecasts-3609491
Union Investment puts VisionCrest Commercial on market; guide price above S$470 million
https://www.businesstimes.com.sg/property/union-investment-puts-visioncrest-commercial-market-guide-price-above-s470-million
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