Daily Briefing: OCBC's profit falls 14%; Industrial prices, rents decline in Q1 as vacancy rises

And resale condo prices continue drop in March.

Oversea-Chinese Banking Corp., Singapore’s second-largest bank, said first-quarter profit dropped 14 percent, as provisions for bad loans more than doubled and the contribution from its insurance unit declined. Net income fell to S$856 million ($636 million) in the three months ended March 31 from S$993 million a year earlier, the company said Friday in a statement. That was below the S$899 million average of five analysts’ estimates compiled by Bloomberg. Read more here.

Prices and rents of industrial spaces in Singapore fell in the first quarter of 2016, as vacancy rates continue to rise, the latest statistics from JTC revealed. Prices of the overall industrial property market declined for the fourth straight quarter in the January to March period, declining 2.5 percent from the previous quarter. Find out more here.

Prices of completed non-landed private homes in Singapore fell by one percent in March 2016, after rising by 0.5 percent in the month before, revealed latest flash estimates of the NUS Singapore Residential Price Index (SRPI). Read more here.

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