Singapore Real Estate
LHN to buy 99 Rangoon Road for $14.5 million
Co-living space operator LHN plans to spend $14.5 million to buy 99 Rangoon Road, and convert the property into a student hostel, extending its spate of acquisitions. “Once the Rangoon Road property commences operations, it will expand the group’s portfolio of properties under the residential segment in Singapore, provide potential capital appreciation to the group and provide additional opportunities to generate revenue,” says LHN, whose executive chairman is Kelvin Lim.
https://www.theedgesingapore.com/views/property/lhn-buy-99-rangoon-road-145-million
Let Singaporean private homeowners own resale HDB flats too
For many Singaporeans, the first step in the homeownership journey is buying a build-to-order (BTO) flat from the Housing and Development Board (HDB). BTO flats are sold at subsidised prices, and many BTO flat buyers receive housing grants.
https://www.businesstimes.com.sg/opinion-features/let-singaporean-private-homeowners-own-resale-hdb-flats-too
Companies’ Brief
Lendlease Global Commercial Reit H2 DPU down 8% to S$0.0225
The manager of Lendlease Global Commercial Reit (Lendlease Reit) posted a distribution per unit (DPU) of S$0.0225 for the second half of FY2023 ended June 2023, down 8 per cent from S$0.0245 in the corresponding period a year earlier.
https://www.businesstimes.com.sg/companies-markets/lendlease-global-commercial-reit-h2-dpu-down-8-s00225
https://www.straitstimes.com/business/lendlease-global-commercial-reit-second-half-dpu-down-8
Mapletree Logistics Trust to divest Selangor industrial building for RM60 million
Mapletree Logistics Trust (MLT) will divest Century, a 17-year-old industrial building in Selangor, Malaysia, for RM60 million (S$17.7 million). In a bourse filing on Monday (Aug 7), the real estate investment trust’s (Reit) manager said that the Reit’s trustee has entered into a sale and purchase agreement with an unrelated third party.
https://www.businesstimes.com.sg/companies-markets/mapletree-logistics-trust-divest-selangor-industrial-building-rm60-million
OUE posts 54.6% decline in net profit on lower fair value of investments
Property developer OUE reported a 54.6 per cent decrease in net profit to S$40.2 million for the half year ended Jun 30, 2023, from S$88.7 million in the corresponding period a year ago. The decline in net profit came despite a 53.3 per cent rise in revenue to S$304.5 million, from S$198.7 million a year ago.
https://www.businesstimes.com.sg/companies-markets/oue-posts-546-decline-net-profit-lower-fair-value-investments
https://www.straitstimes.com/business/oue-sees-546-fall-in-first-half-profit-on-lower-fair-value-of-investments
https://www.theedgesingapore.com/capital/results/oue-reports-higher-revenue-1hfy2023-higher-costs-and-lower-fair-value-weigh-down
Views, Reviews Forum and Others
Recent workplace fatalities due to lack of risk control measures, individual negligence: MOM
Singapore – Recent cases of workplace deaths were mainly due to a combination of individual negligence and a lack of risk control measures, said the Ministry of Manpower (MOM) on Monday.
https://www.straitstimes.com/singapore/recent-workplace-fatalities-due-to-lack-of-risk-control-measures-individual-negligence-mom
Frustrations mount over defects popping up in brand-new condos
When Frankie Soh first received the keys to his newly built three-bedroom condominium about a month ago, he presumed that it would be sufficiently tidy and free of any major defects. Instead, he was met with cracks, leaks, clogged pipes and more.
https://www.businesstimes.com.sg/property/frustrations-mount-over-defects-popping-brand-new-condos
Global Economy & Real Estate
Australian consumer sentiment slips in August amid economic angst
https://www.businesstimes.com.sg/international/australian-consumer-sentiment-slips-august-amid-economic-angst
China deflation threat grows as companies cut prices to survive
https://www.straitstimes.com/business/china-deflation-threat-grows-as-companies-cut-prices-to-survive
China’s exports likely contracted further in July, imports downturn seen slowing: Reuters poll
https://www.channelnewsasia.com/business/chinas-exports-likely-contracted-further-july-imports-downturn-seen-slowing-reuters-poll-3682426
German industrial woes endure as output drops to six-month low
https://www.businesstimes.com.sg/international/german-industrial-woes-endure-output-drops-six-month-low
Can Hong Kong follow Singapore’s statutory master plan for development? Architect of island state says city can keep golf courses under such a blueprint
https://www.scmp.com/news/hong-kong/hong-kong-economy/article/3230292/can-hong-kong-follow-singapores-statutory-master-plan-development-architect-island-state-says-city
China innovation hub Shenzhen poised to lead economic-rejuvenation drive with 55-point plan
https://www.scmp.com/economy/china-economy/article/3230273/china-innovation-hub-shenzhen-poised-lead-economic-rejuvenation-drive-55-point-plan
Hong Kong property ‘price war’ imminent as Li Ka-shing’s CK Asset slashes flats to lowest seen in city in 7 years
https://www.scmp.com/business/article/3230283/hong-kong-property-price-war-imminent-li-ka-shings-ck-asset-slashes-flats-lowest-seen-city-seven
Times Square, Harbour City owner Wharf Reic recovers from Covid to post US$230 million first-half profit
https://www.scmp.com/business/banking-finance/article/3230245/times-square-harbour-city-owner-wharf-reic-recovers-covid-post-us230-million-first-half-profit
Indonesia’s Q2 GDP growth strongest in three quarters
https://www.straitstimes.com/business/indonesia-q2-gdp-growth-highest-in-three-quarters
Japan June real wages down for 15th month despite solid nominal growth
https://www.channelnewsasia.com/business/japan-june-real-wages-down-15th-month-despite-solid-nominal-growth-3684271
https://www.businesstimes.com.sg/international/global/japan-wage-growth-slows-backing-boj-ultra-easy-policy-case
With Singapore rail link on the way, Johor Bahru properties in hot demand
https://www.businesstimes.com.sg/international/asean/singapore-rail-link-way-johor-bahru-properties-hot-demand
Thai inflation slower than expected in July; small rises seen
https://www.businesstimes.com.sg/international/asean/thai-inflation-slower-expected-july-small-rises-seen
https://www.channelnewsasia.com/business/thai-inflation-slower-expected-july-small-rises-seen-3682331
UK house prices fall for 4th month but market shows resilience: Halifax
https://www.businesstimes.com.sg/property/uk-house-prices-fall-4th-month-market-shows-resilience-halifax
UK food price inflation to fall to 10% in late 2023, BOE chief says
https://www.straitstimes.com/business/uk-food-price-inflation-to-fall-to-10-in-late-2023-boes-pill-says
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