Singapore Real Estate
Tampines industrial facility up for sale for S$400 million
An industrial facility in the Tampines industrial estate is on the market for S$400 million, put up for sale by Taiwanese display maker AUO. The six-storey facility, on a massive site of 997,330 square feet, is ideally suited for semiconductor, wafer fabrication and electronics industries, said marketing agent Colliers International.
https://www.businesstimes.com.sg/property/tampines-industrial-facility-sale-s-400-million
Over 75% of S-Reits log DPU declines in H2; expected interest rate cuts may offer reprieve
Higher interest costs continued to weigh on distributions for locally listed real estate investment trusts (S-Reits) in the second half of 2023.
https://www.businesstimes.com.sg/companies-markets/reits-property/over-75-s-reits-log-dpu-declines-h2-expected-interest-rate-cuts-may-offer-reprieve
Singapore Economy
Amid great power rivalry, closer Asean-Australia ties will preserve peace and stability in S-E Asia: PM Lee
Australia is well-positioned to support Asean’s efforts to maintain regional peace and stability as the great power rivalry between the United States and China plays out in South-east Asia, Singapore’s Prime Minister Lee Hsien Loong said on Wednesday (Mar 6).
https://www.businesstimes.com.sg/international/asean/amid-great-power-rivalry-closer-asean-australia-ties-will-preserve-peace-and-stability-s-e-asia-pm-lee
SMEs cite higher costs, lower profitability as top 2023 challenges: survey
Half of Singapore’s small and medium-sized enterprises (SMEs) cited increased costs and reduced profitability as a top business challenge in 2023, up from 16 per cent in 2022, according to an annual survey.
https://www.businesstimes.com.sg/singapore/smes-cite-higher-costs-lower-profitability-top-2023-challenges-survey
Business News
Analysts bullish on Centurion Corp following robust FY2023 results
Analysts at CGS International and UOB Kay Hian are both keeping their “buy” calls on Centurion Corp at respective raised target prices of 63 cents from 60 cents previously and 57 cents from 50 cents previously, following the company’s FY2023 ended Dec 31, 2023, results.
https://www.theedgesingapore.com/capital/brokers-calls/analysts-bullish-centurion-corp-following-robust-fy2023-results
CDL could get partners for $1 billion divestment, says JP Morgan
Following the results of the developers for FY2023 for the year to Dec 31, 2023, JP Morgan has said that City Developments’ net profit was some $30 million below its forecast because of higher interest cost.
https://www.theedgesingapore.com/capital/brokers-calls/cdl-could-get-partners-1-billion-divestment-says-jp-morgan
Singapore’s Mapletree, PAG rename Pan Sutong’s former Hong Kong headquarters, to give anchor tenant naming rights to ‘high-quality office landmark’
Singapore’s Mapletree Investments and pan-Asian investment firm PAG have renamed the former headquarters of Goldin Financial Holdings to The Bay Hub. The 28-storey Goldin Financial Global Centre – were bought by a joint venture between PAG and Mapletree, which is wholly owned by Temasek Holdings, last year for HK$5.6 billion (US$716 million), a price well below its initial estimated valuation of HK$10 billion.
https://www.scmp.com/business/article/3254407/singapores-mapletree-pag-rename-pan-sutongs-former-hong-kong-headquarters-give-anchor-tenant-naming
Wing Tai establishes $1 billion multicurrency debt issuance programme
Wing Tai Holdings has established a $1 billion multicurrency debt issuance programme. The property developer and fashion retailer on March 6 said it plans to use the net proceeds for general working capital and investments, as well as refinancing existing borrowings.
https://www.straitstimes.com/business/companies-markets/wing-tai-establishes-1-billion-multicurrency-debt-issuance-programme
Global Economy & Real Estate
US dollar slips as Fed’s Powell says he still expects rate cuts this year
https://www.businesstimes.com.sg/companies-markets/capital-markets-currencies/us-dollar-slips-fed-s-powell-says-he-still-expects-rate-cuts-year
https://www.channelnewsasia.com/business/dollar-falls-powell-says-fed-track-cut-rates-year-4174231
Federal Reserve notes slight increase in US economic activity since January
https://www.businesstimes.com.sg/international/federal-reserve-notes-slight-increase-us-economic-activity-january
US Fed’s progress against inflation ‘not assured’: Powell
https://www.businesstimes.com.sg/international/us-fed-s-progress-against-inflation-not-assured-powell
https://www.straitstimes.com/business/feds-powell-still-expects-rate-cuts-but-inflation-progress-not-assured
https://www.channelnewsasia.com/business/us-feds-progress-against-inflation-not-assured-powell-4176116
US wholesale inventories revised down in January
https://www.businesstimes.com.sg/international/us-wholesale-inventories-revised-down-january
US labour market cooling gradually as job openings, resignations fall
https://www.straitstimes.com/business/economy/us-labour-market-cooling-gradually-as-job-openings-resignations-fall
Australia’s economy isn’t in recession, but Australians are
https://www.straitstimes.com/business/australian-economy-cools-as-household-spending-stays-subdued
Australia economy slows to a crawl, underscoring case for rate cuts
https://www.businesstimes.com.sg/international/australia-economy-slows-crawl-underscoring-case-rate-cuts
Australia’s trade surplus widens to A$11 billion in January
https://www.businesstimes.com.sg/international/australia-s-trade-surplus-widens-11-billion-january
China’s 5% growth target for 2024 is achievable: state planner
https://www.businesstimes.com.sg/international/global/china-s-5-growth-target-2024-achievable-state-planner
https://www.scmp.com/economy/china-economy/article/3254432/chinas-5-gdp-growth-target-demands-hard-work-leaders-insist-while-flagging-hopes-and-risks
China investors rush abroad, hitting outbound investment limits and moves to stabilise yuan
https://www.businesstimes.com.sg/international/global/china-investors-rush-abroad-hitting-outbound-investment-limits-and-moves-stabilise-yuan
Beijing ‘actively considering’ raising Hong Kong’s duty-free shopping allowance for mainland Chinese tourists
https://www.scmp.com/news/hong-kong/hong-kong-economy/article/3254436/beijing-actively-considering-raising-hong-kongs-duty-free-shopping-allowance-mainland-chinese
German exports rise more than expected in January
https://www.businesstimes.com.sg/international/german-exports-rise-more-expected-january
Hong Kong Monetary Authority asks banks to exercise caution when offering property loans for speculative ‘confirmor sales’
https://www.scmp.com/business/article/3254431/hong-kong-monetary-authority-asks-banks-exercise-caution-when-offering-property-loans-speculative
Hong Kong should use its ‘super roles’ to help nation become financial powerhouse, top Beijing official in city says
https://www.scmp.com/news/hong-kong/hong-kong-economy/article/3254342/hong-kong-should-use-its-super-roles-help-china-become-financial-powerhouse-top-beijing-official
Hong Kong public housing tenants’ waiting time rises to 5.8 years for flats; increase blamed on low home production and project delays last year
https://www.scmp.com/news/hong-kong/society/article/3254384/hong-kong-public-housing-tenants-waiting-time-58-years-flats-increase-blamed-low-housing-production
Japan Jan real wages fall but at slowest pace in 13 months
https://www.channelnewsasia.com/business/japan-jan-real-wages-fall-slowest-pace-13-months-4176606
Japan sees growing momentum towards March end to negative rates
https://www.channelnewsasia.com/business/japan-sees-growing-momentum-towards-march-end-negative-rates-4175121
Blackstone’s giant property arm wants to double India warehouses
https://www.businesstimes.com.sg/property/blackstone-s-giant-property-arm-wants-double-india-warehouses
Norway house prices rise for second month, defying central bank
https://www.businesstimes.com.sg/property/norway-house-prices-rise-second-month-defying-central-bank
Pacific Islands face challenges as growth slows, says World Bank
https://www.businesstimes.com.sg/international/pacific-islands-face-challenges-growth-slows-says-world-bank
Thai business group maintains 2024 growth forecast at 2.8%-3.3%
https://www.businesstimes.com.sg/international/thai-business-group-maintains-2024-growth-forecast-2.8-3.3
https://www.channelnewsasia.com/business/thai-business-group-maintains-2024-growth-forecast-28-33-4174666
UK housebuilding activity declines at slower rate in February: PMI survey
https://www.businesstimes.com.sg/property/uk-housebuilding-activity-declines-slower-rate-february-pmi-survey
UK’s Hunt cuts taxes in bid to boost Sunak’s frail election hopes
https://www.businesstimes.com.sg/international/uk-s-hunt-cuts-taxes-bid-boost-sunak-s-frail-election-hopes
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