SINGAPORE REAL ESTATE
Two freehold industrial units in Mandai for sale with S$100m guide price
Two adjourning freehold industrial land properties in Mandai have been put up for sale with a guide price of S$100 million, sole marketing agent Singapore Realtors Inc (SRI) announced on Thursday (Oct 27).
https://www.businesstimes.com.sg/real-estate/two-freehold-industrial-units-in-mandai-for-sale-with-s100m-guide-price
At 305m, super penthouse at 8 Shenton Way will be highest residence in Singapore
Singapore’s highest residence will be built at 8 Shenton Way by 2028. And it will take less than a minute by lift to reach the super penthouse unit, which will occupy the top floor of the 305m tower.
https://www.straitstimes.com/business/at-305m-super-penthouse-at-8-shenton-way-will-be-highest-residence-in-singapore
Office rents in Singapore’s central region rise 2.1% qoq in Q3; islandwide vacancy drops to 11.7%: URA data
Office rents in Singapore’s central region rose 2.1 per cent in the third quarter of 2022 over the preceding quarter, after increasing 2.4 per cent quarter-on-quarter in Q2 2022. Urban Redevelopment Authority’s (URA) data released on Friday (Oct 28) also showed that the price index for office space in the central region fell 2.7 per cent qoq in the third quarter, a smaller drop compared with the 5.1 per cent decrease in Q2 2022.
https://www.businesstimes.com.sg/real-estate/office-rents-in-singapores-central-region-rise-21-qoq-in-q3-islandwide-vacancy-drops-to
Singapore central region retail rents down 0.4% in Q3, prices slide 3.2%
Rents of retail spaces in Singapore’s central region fell for the third quarter in a row this year. Q3 2022 rents slipped 0.4 per cent quarter on quarter following Q2’s 0.5 per cent decline, according to figures from the Urban Redevelopment Authority (URA) released on Friday (Oct 28).
https://www.businesstimes.com.sg/real-estate/singapore-central-region-retail-rents-down-04-in-q3-prices-slide-32
Prices, rents of Singapore industrial space continue to rise in Q3: JTC
Prices and rents of Singapore’s industrial spaces continued to rise for the eighth straight quarter in Q3 2022, according to JTC’s quarterly market report released on Thursday (Oct 27). But some analysts believe this growth might moderate in 2023 amid concerns of recession and inflationary pressures.
https://www.businesstimes.com.sg/real-estate/mobile-spotlight/prices-rents-of-singapore-industrial-space-continue-to-rise-in-q3-jtc
HDB resale transactions rise 10.7% in Q3
Singapore: Resale transactions for HDB flats rose by 10.7 per cent in the third quarter of 2022, according to data released by the Housing Development Board (HDB) on Friday (Oct 28). In the third quarter of 2022, there were 7,546 transactions compared to 6,819 in the previous quarter.
https://www.channelnewsasia.com/singapore/hdb-resale-transactions-third-quarter-2022-rise-107-price-index-increase-3030026
https://www.businesstimes.com.sg/real-estate/hdb-resale-prices-up-26-in-q3-rising-at-slower-pace
What you need to know about the new assisted living HDB flats in Queenstown for seniors
Singapore: Built-in wardrobes and service packages are among the features of the new senior citizen-friendly Community Care Apartments (CCA) in Queenstown that will be launched in the
upcoming Build-to-Order (BTO) exercise in November.
https://www.channelnewsasia.com/singapore/community-care-apartments-hdb-flats-bto-queenstown-seniors-faq-3028446
SINGAPORE ECONOMY
Singapore’s growth to slow ‘below trend’ in 2023, dragged down by external-facing sectors: MAS
Singapore’s economic growth is expected to slow to a pace that is “below trend” next year, weighed down by key external-facing sectors such as manufacturing and financial services, the Monetary Authority of Singapore (MAS) said in its half-yearly macroeconomic review on Thursday (Oct 27).
https://www.businesstimes.com.sg/government-economy/singapores-growth-to-slow-below-trend-in-2023-dragged-down-by-external-facing
https://www.todayonline.com/singapore/economic-outlook-muddied-trading-partners-2029916
Growth of travel, consumer sectors could ease in 2023, as tourists tighten purses and residents take spending abroad: MAS
Singapore — Despite the recent resurgence of the travel- and consumer-facing sectors, Singapore’s central bank said Thursday (Oct 27) that the recovery of these sectors could slow next year, with economic uncertainties casting a pall over consumer sentiment.
https://www.todayonline.com/singapore/growth-travel-consumer-slow-mas-2029971
Two-thirds of local firms financially resilient, but not productive or innovative: MAS
Around two-thirds of Singapore firms were financially resilient but neither productive nor innovative in 2019, according to a study of the pre-Covid corporate landscape in the latest Monetary Authority of Singapore (MAS) Macroeconomic Review released on Thursday (Oct 27).
https://www.businesstimes.com.sg/government-economy/two-thirds-of-local-firms-financially-resilient-but-not-productive-or-innovative
Orchard Road ‘well on the road’ to return to pre-pandemic tourism levels, hopefully by 2023: ORBA
Singapore’s prime shopping belt Orchard Road is “well on the road” to returning to pre-pandemic levels of tourism and will hopefully do so by 2023, said Orchard Road Business Association (Orba) chairman Mark Shaw.
https://www.businesstimes.com.sg/government-economy/orchard-road-well-on-the-road-to-return-to-pre-pandemic-tourism-levels-hopefully
COMPANIES’ BRIEF
Keppel signs revised terms on Sembmarine transaction; posts 24% rise in revenue to $6.8 billion
Singapore – Keppel Corporation signed revised agreements with Sembcorp Marine on the proposed combination of its offshore and marine (O&M) arm with rig builder Sembcorp Marine, in a move that would simplify implementation, provide greater deal certainty and accelerate the completion of the transaction.
https://www.straitstimes.com/business/keppel-signs-revised-terms-on-sembmarine-transaction-posts-24-rise-in-revenue-to-68-billion
CDL Hospitality Trusts’ net property income up 54.4% in Q3, bolstered by travel
With the return of leisure activities and travel, CDL Hospitality Trusts (CDLHT) posted a 54.4 per cent increase in net property income (NPI) in Q3 2022 ended Sep 30, to S$31.6 million, from $20.5 million a year ago.
https://www.businesstimes.com.sg/companies-markets/cdl-hospitality-trusts-net-property-income-up-544-in-q3-bolstered-by-travel
Mapletree Pan Asia Commercial Trust’s H1 DPU rises by 12.5%
Mapletree Pan Asia Commercial Trust (MPACT) posted a distribution per unit (DPU) of 4.94 Singapore cents in the first half of its fiscal year ending Sep 30, a 12.5 per cent increase from the 4.39 cents recorded for the same period last year.
https://www.businesstimes.com.sg/companies-markets/mapletree-pan-asia-commercial-trusts-h1-dpu-rises-by-125
Starhill Global Reit net property income rises 8.4% in Q1
Starhill Global Real Estate Investment Trust’s (Reit) net property income rose 8.4 per cent to S$37.2 million in its first fiscal quarter ended Sep 30, from S$34.3 million a year ago. Gross revenue was up at S$47.6 million, from S$44.8 million over the same period — an increase of 6.2 per cent.
https://www.businesstimes.com.sg/companies-markets/starhill-global-reit-net-property-income-rises-84-in-q1
GLOBAL ECONOMY & GLOBAL REAL ESTATE
US economy grows for first time this year in third quarter
https://www.channelnewsasia.com/business/us-economy-grows-first-time-year-third-quarter-3029041
US economy rebounds as consumers, businesses show resilience
https://www.businesstimes.com.sg/government-economy/us-economy-rebounds-as-consumers-businesses-show-resilience
U.S. business sentiment in China hits record low as zero-COVID persists – survey
https://www.channelnewsasia.com/business/us-business-sentiment-china-hits-record-low-zero-covid-persists-survey-3029971
ECB raises interest rates again, cuts bank subsidies
https://www.channelnewsasia.com/business/ecb-raises-interest-rates-again-cuts-bank-subsidies-3029051
Housing slump takes deepest cut from US GDP since end of 2007
https://www.businesstimes.com.sg/real-estate/housing-slump-takes-deepest-cut-from-us-gdp-since-end-of-2007
UK economy’s latest headache is rising business borrowing costs
https://www.businesstimes.com.sg/government-economy/uk-economys-latest-headache-is-rising-business-borrowing-costs
Australia producer prices rise at fastest annual pace on record in Q3
https://www.businesstimes.com.sg/government-economy/australia-producer-prices-rise-at-fastest-annual-pace-on-record-in-q3
Australia to spend A$500m to move or flood-proof homes in inundated areas
https://www.businesstimes.com.sg/government-economy/australia-to-spend-a500m-to-move-or-flood-proof-homes-in-inundated-areas
Economists cut Australia 2023 GDP outlook, signal inflation risk
https://www.businesstimes.com.sg/government-economy/economists-cut-australia-2023-gdp-outlook-signal-inflation-risk
IMF cuts Asia economic forecasts as China slowdown bites
https://www.straitstimes.com/business/imf-cuts-asia-economic-forecasts-as-china-slowdown-bites
https://www.channelnewsasia.com/business/imf-cuts-asias-economic-forecasts-chinas-slowdown-bites-3030041
China’s property crisis is fuelling record loss in BEA debt
https://www.businesstimes.com.sg/banking-finance/chinas-property-crisis-is-fuelling-record-loss-in-bea-debt
Hong Kong home prices drop 2.1% in September, down 8% this year
https://www.businesstimes.com.sg/real-estate/hong-kong-home-prices-drop-21-in-september-down-8-this-year
Taiwan’s economy faces mounting risks from demand slowdown
https://www.businesstimes.com.sg/government-economy/taiwans-economy-faces-mounting-risks-from-demand-slowdown
Japan to unveil huge economic package to address inflation
https://www.channelnewsasia.com/business/japan-economic-stimulus-package-inflation-weak-yen-3029976
Bank of Japan to keep ultra-low interest rates, defy global tightening trend
https://www.businesstimes.com.sg/government-economy/bank-of-japan-to-keep-ultra-low-interest-rates-defy-global-tightening-trend