SINGAPORE REAL ESTATE
Tenet EC in Tampines sells 72% of units on launch day
Some 72 per cent of apartment units at Tenet, the third and likely last executive condominium (EC) project to hit the market this year, were sold on the first day of its launch. Eligible buyers on Saturday (Dec 3) bought 447 units, which had an average launch price of about S$1,360 per square foot (psf).
https://www.businesstimes.com.sg/property/tenet-ec-tampines-sells-72-units-launch-day
https://www.straitstimes.com/business/tenet-ec-in-tampines-sells-447-units-or-72-of-project-at-launch
More firms flock to co-working spaces in Singapore but rising costs hit operators’ profit margins
Singapore – Ms Elizabeth Wu, 41, who is a mother of three, saw a business opportunity when she realised that there was no co-working space here that allowed parents to be near their children.
https://www.straitstimes.com/business/more-firms-flock-to-co-working-spaces-but-rising-costs-hit-operators-profit-margins
Deciding on prime location BTO flats: What one year of such launches shows
Singapore – About 30 per cent of new Build-To-Order (BTO) flats launched in the last five sales exercises came under the prime location public housing (PLH) model, which the Government rolled out in November 2021 to curb the “lottery effect” of owning flats in these areas.
https://www.straitstimes.com/singapore/housing/deciding-on-prime-location-bto-flats-what-one-year-of-such-launches-shows
https://www.channelnewsasia.com/commentary/hdb-flats-bto-plh-prime-location-lottery-application-rate-demand-3117466
Reconstruction works at site of Clementi landslide to finish in second half of 2023: HDB
Singapore: Reconstruction work in the Clementi area that was hit by a landslide in September is expected to be completed in the second half of 2023. Giving this update on Saturday (Dec 3), the Housing and Development Board (HDB) said the final phase of a three-stage recovery operation has begun.
https://www.channelnewsasia.com/singapore/clementi-landslide-reconstruction-works-completed-second-half-2023-hdb-3120186
SINGAPORE ECONOMY
S’poreans invited to share views on Budget 2023: Strengthening social compact and building resilience
Singapore – Singaporeans are invited to share their views and hopes for the upcoming Budget 2023 from now till Jan 13, 2023. Suggestions are being sought around three themes for the Budget, slated to be announced in February, said the Ministry of Finance, government feedback unit Reach and the People’s Association in a joint statement on Saturday.
https://www.straitstimes.com/singapore/s-poreans-invited-to-share-views-on-budget-2023-strengthening-social-compact-and-building-resilience
https://www.channelnewsasia.com/singapore/budget-2023-singaporeans-invited-share-views-3120046
Singapore’s Nov factory activity improves slightly but still in contraction territory
Singapore – Factory activity ticked up slightly in November, but still remained in the doldrums for the third consecutive month after 26 straight months of expansion.
https://www.straitstimes.com/business/slight-improvement-in-nov-s-factory-activity-though-still-in-contraction-territory
COMPANIES’ BRIEF
Blackstone’s US$69b real estate giant hits redemption limit
Blackstone’s US$69 billion real estate fund for wealthy individuals said it will limit redemption requests, one of the most dramatic signs of a pullback at a top profit driver for the firm and a chilling indicator for the property industry.
https://www.businesstimes.com.sg/companies-markets/reits-property/blackstones-us69b-real-estate-giant-hits-redemption-limit
Why Blackstone’s US$69 billion property fund is signalling pain ahead for real estate industry
Pain is deepening across the US real estate industry. Two of the biggest players – Blackstone and Wells Fargo – took steps last week to contend with weaker demand as the industry faces a rapidly cooling property market, rising interest rates and waning investor appetite.
https://www.businesstimes.com.sg/property/why-blackstones-us69-billion-property-fund-signalling-pain-ahead-real-estate-industry
GLOBAL ECONOMY & GLOBAL REAL ESTATE
Fed could be pushed by overheated wages to higher peak rates
https://www.businesstimes.com.sg/international/fed-could-be-pushed-overheated-wages-higher-peak-rates
US job growth beats expectations; jobless rate steady at 3.7%
https://www.businesstimes.com.sg/international/us-job-growth-beats-expectations-jobless-rate-steady-37
UK economy to shrink in 2023, risks ‘lost decade’, says business group
https://www.straitstimes.com/business/uk-economy-to-shrink-in-2023-risks-lost-decade-says-business-group
China services activity shrinks to 6-month lows – Caixin PMI
https://www.channelnewsasia.com/business/china-services-activity-shrinks-6-month-lows-caixin-pmi-3122036
Shanghai eases Covid curbs as China’s policy shift expands
https://www.businesstimes.com.sg/international/shanghai-eases-covid-curbs-chinas-policy-shift-expands
China further relaxes Covid-19 rules despite high infection numbers
https://www.straitstimes.com/asia/east-asia/more-china-cities-ease-curbs-in-expansion-of-covid-19-policy-shift
China’s top banks to issue offshore loans to help developers repay debt
https://www.businesstimes.com.sg/international/global/chinas-top-banks-issue-offshore-loans-help-developers-repay-debt
https://www.straitstimes.com/business/china-orders-top-banks-to-issue-offshore-loans-to-help-developers-repay-overseas-debt-sources
China Evergrande expects to hit 2022 property delivery target
https://www.businesstimes.com.sg/property/china-evergrande-expects-hit-2022-property-delivery-target
Japan eyes up to 43t yen for 5-year defence spending plan
https://www.businesstimes.com.sg/international/japan-eyes-43t-yen-5-year-defence-spending-plan
Japan’s service-sector activity growth hits 3-month low: PMI
https://www.businesstimes.com.sg/international/japans-service-sector-activity-growth-hits-3-month-low-pmi
https://www.channelnewsasia.com/business/japans-service-sector-activity-growth-hits-3-month-low-pmi-3121926
Korea inflation cooling masks underlying price pressures for BOK
https://www.businesstimes.com.sg/international/korea-inflation-cooling-masks-underlying-price-pressures-bok
S Korea 2023 exports to post first fall in three years – exporter group
https://www.channelnewsasia.com/business/s-korea-2023-exports-post-first-fall-three-years-exporter-group-3122031