The Leading Professional and Representative Body for the Real Estate Industry

The Leading Professional and Representative Body for the Real Estate Industry



Daily News – 7 June 2024 (Fri)

Singapore Real Estate/Built Environment


Initiatives to reduce air-con energy usage to be trialled at South Beach Tower: BCA
Singapore – A water-repellent coating for air-conditioners’ cooling coils which could help to reduce energy consumption will be trialled at South Beach Tower, a hotel, office and residential complex in Beach Road.


Serial biopharma entrepreneur’s wife buys bungalow behind Four Seasons Park for S$32.5 million
Activity is stirring in the landed property market, with three freehold bungalows on plot sizes of about 10,000 square feet (sq ft) each transacted last month. One is near the One Tree Hill area, another off Dunearn Road near Raffles Town Club, and the third along Sixth Avenue.



Singapore Economy


S’pore looking forward to concluding final pact on trade with Indo-Pacific countries: PM Lawrence Wong
Singapore – Singapore looks forward to concluding a trade agreement with member states of the Indo-Pacific Economic Framework for Prosperity (IPEF), said Prime Minister Lawrence Wong on June 6.


Singapore household net worth continues to climb, up 8% in Q1
The net worth of Singapore households continued to grow, though more slowly, in the first quarter of 2024 as housing values moderated from their surges in recent years. Household net worth (assets less liabilities) rose 8 per cent year on year to just under S$2.9 trillion as at end-March, quarterly data from the Singapore Department of Statistics, released on May 28, showed.



Business News


Changi Airport Group full-year net profit up 13 times to S$431 million on post-Covid recovery
Changi Airport Group (CAG) saw a jump in net profit to S$431 million for the full year ended Mar 31, up from S$33 million in the year-earlier period. Revenue rose 45 per cent to S$2.7 billion, from S$1.9 billion previously, in tandem with the recovery in travel demand and strong passenger traffic growth.


LHN snags contract for MOH Holding’s lodging facilities
An LHN subsidiary, Chua Eng Chong Holdings, has inked a contract with MOH Holdings to design, retrofit and operate two lodging facilities, announced the real estate management services provider on Thursday (Jan 25).


Singapore builder Oxley seeks up to US$120 million private loan
Oxley Holdings, a cash-strapped property developer in Singapore, is seeking a private credit loan of US$100 million to US$120 million partly to help repay a Singapore dollar bond due next month, said sources familiar with the matter.



Global Economy & Real Estate


US trade gap widens to largest in 18 months


US productivity growth slowed in early 2024


US banks tap complex mortgage product to fight deposit flight risk


High mortgage is dashing the American Dream of owning homes


Australian home loans jump as rental yields lure investors


China’s homeowners and banks are trapped in a mortgage mess


China property stocks fall 20% from May high as concerns linger


Guess who’s angry at China’s real estate bailout: homeowners


Poly Property’s sales slump as Beijing’s market rescue package produces mixed results


ECB starts cutting rates even as inflation fight continues


Steady euro takes ECB rate cut in stride


Oil up on European Central bank rate cuts, OPEC+ minister statements


Hong Kong retail landlords face squeeze in north as shoppers flock to mainland


Country Garden’s Hong Kong liquidation hearing further adjourned to July


Japan consumer spending rises in April for first time in 14 months


Explainer: Why is Malaysia’s ringgit up 2.2% in 4 months to the Singdollar and will its rise continue?


New Zealand house prices fall for second month amid high rates


Thai banks to announce products for green business transition in Q3, central bank says


Taiwan central bank chief says any rate cut depends on inflation


UK construction sector records fastest growth in two years, PMI shows


UK rents rise at the slowest pace since 2021 as demand eases


Vietnam tycoon on death row for massive fraud illegally moved money overseas, police say


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