The Leading Professional and Representative Body for the Real Estate Industry

The Leading Professional and Representative Body for the Real Estate Industry



REDAS Daily News – 6 June 2023 (Tue)

Singapore Real Estate


Singapore super-prime residential sales rebound in Q1, face slower sales ahead: Knight Frank
Sales of super-prime residential property in Singapore rebounded 60.9 per cent in the first quarter of 2023 to 37 deals, after a relatively slow Q4 of 2022 which chalked up 23 sales, according to data collected by real estate consultancy Knight Frank.


Singapore Turf Club to close in 2027, freeing land in Kranji for housing, other uses
After almost two centuries, the Singapore Turf Club (STC) will run its last race in 2024. The government on Monday (Jun 5) announced that it will take back 120 hectares of land in Kranji, now occupied by STC, for redevelopment.


Redevelopment of Singapore Turf Club site could yield 20,000-40,000 new homes: analysts
Tens of thousands of new homes could come up on the 120 hectares of land freed up by the closure of the Singapore Turf Club (STC), said real estate analysts. STC’s current racecourse site in Kranji will be returned to the government by March 2027 to make way for housing and other developments in the area.



Companies’ Brief


Lendlease Global Commercial Reit bags 10% shares in Parkway Parade Partnership for S$90.5 million
Lendlease Global Commercial Reit (LReit) has taken over a 10 per cent share of Parkway Parade Partnership (PPP) for S$90.5 million. The amount was based on a S$1.38 billion agreed market value of the 291 strata lots PPP owns in Parkway Parade, an integrated office and retail development in Marine Parade.


Mapletree Industrial Trust’s third-largest tenant enters US court-supervised Chapter 11 process
Mapletree Industrial Trust’s (MIT) third-largest tenant has initiated a pre-arranged court-supervised process under Chapter 11 of the United States Bankruptcy Code, the trust’s manager announced in a bourse filing on Tuesday (Jun 6).



Global Economy & Real Estate


US factory orders rise in April


US services sector slows in May; prices paid gauge falls to three-year low: ISM survey


Eurozone business growth slowed in May as factories struggled


Hong Kong plan to build public housing on golf course faces further delay due to blueprint revisions


Hong Kong finance chief considers allowing first-time homebuyers to borrow more for mortgage, rejects calls to adjust stamp duties


Japan real pay falls for 13th month in challenge for Kishida


Japan’s rapid return of tourists helping fuel inflation for BOJ


Johor hotels enjoy brisk business with influx of Singapore visitors


Japan wages rise after labour talks but weak consumption drags on economy



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