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Goldman Sachs CEO David Solomon expects that the Federal Reserve won’t cut interest rates this year
The head of one of Wall Street’s biggest banks may bring an end to the “stay alive until ’25” mantra, as David Solomon’s outlook for rate cuts leads today’s collection of real estate headlines from around the region. Football also makes the property news today as Oaktree repossesses Inter Milan, and Citigroup may be adding some vacancy to Singapore’s office market.
Goldman’s Solomon Says He Sees ‘Zero’ Rate Cuts This Year
Goldman Sachs CEO David Solomon said he currently expects that the Federal Reserve won’t cut interest rates this year, amid an economy that’s proved more resilient thanks to government spending.
“I still don’t see the data that’s compelling to see we’re going to cut rates here,” he said from an event hosted by Boston College, adding that he’s currently predicting “zero” cuts. Investments in AI infrastructure have also helped the economy be more resilient to the Fed’s monetary tightening, he said. Read more>>
Oaktree Takes Over Inter Milan After China’s Suning Defaults on Loan
American fund Oaktree officially became the new owner of Serie A champion Inter Milan on Wednesday, bringing an end to Suning and Steven Zhang’s eight years at the helm.
Oaktree took charge after Suning failed to meet Tuesday’s deadline of repaying a debt of nearly €400 million ($434 million). Read more>>
Citi Considers Reducing Office Space in Singapore Tower
Citigroup is considering reducing its office space in Singapore as remote working gains traction in the city-state.
The bank may give up one of the six floors it occupies at Asia Square Tower 1, a retail and office tower in the Marina Bay district, according to people familiar with the matter. The decision is still under review as part of discussions over floor space, one of the people said. Read more>>
Vantage Breaks Ground on First Japan Data Centre Campus
Vantage Data Centers announced Thursday that it has broken ground on its first campus in Japan (KIX1), located in the Osaka prefectural city of Ibaraki. The greenfield project will include up to 68 megawatts of capacity to support cloud and high-density deployments.
The first of two facilities in the 485,000 square foot (45,000 square metre) campus will include 28MW of IT load and is scheduled to be operational in early 2026. Read more>>
Singapore’s High Street Centre Back on Market, Set to Cut Reserve Price Below $518M
The collective sale of High Street Centre has been relaunched in a fresh tender, after the previous attempt closed in January without any bids meeting the S$748 million ($554 million) reserve price.
While the current reserve price remains the same, marketing agent Cushman & Wakefield said Wednesday that it is seeking an 80 percent consensus among the building’s owners to lower the reserve price to below S$700 million. Read more>>
China Will Control Property Sector Risk, Says Vice Premier
China will control the intertwined risks in the property sector, local government debt and small local financial institutions, Vice Premier He Lifeng said Tuesday.
China is seeking to restore confidence in its financial system, which is mired in a property crisis and mounting local government debt, as the economy faces a host of challenges. Read more>>
Hong Kong Real Estate Sentiment Has Improved, Says MTRC
MTR Corporation chairman Rex Auyeung says he believes that the Hong Kong real estate market’s sentiment has brightened, following recent satisfactory sales at the rail operator’s projects.
Speaking at MTRC’s annual general meeting Wednesday, Auyeung said 14,000 residential units will be launched across several years and MTRC will retender the Tung Chung East project in the next 12 months after the company failed to receive any bids last year. Read more>>
Up to 20,000 Homes Planned for New Turf City Estate in Prime Bukit Timah
About 15,000 to 20,000 homes are in the pipeline for a new housing estate on Singapore’s Turf City site, which will include the first public housing in Bukit Timah in 40 years.
The new housing estate will be developed progressively over 20 to 30 years, starting with areas closer to existing transport nodes along Dunearn Road. Read more>>
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