SINGAPORE REAL ESTATE
Singapore could see at least 9 new hotels in next two years as tourists return, room rates rise
Singapore – Regular visitors to Orchard Road would have noticed the new hotels that opened in the popular shopping strip in 2022. The old Hilton Singapore at 581 Orchard Road is now voco Orchard Singapore, a new brand by IHG Hotels & Resorts, while the Mandarin Orchard Singapore at 333 reopened early in 2022 as Hilton Singapore Orchard.
https://www.straitstimes.com/business/singapore-could-see-at-least-9-new-hotels-in-next-two-years-as-tourists-return-room-rates-rise
Regent Singapore to rebrand as Conrad as more hotel owners seek new partners for better value
Singapore – Regular patrons of Chatterbox, famed for its $25 chicken rice, may have felt a little disconcerted when Mandarin Orchard hotel, where the restaurant has been operating since 1971, was rebranded as the Hilton Singapore Orchard in February.
https://www.straitstimes.com/business/regent-singapore-to-rebrand-as-conrad-as-more-hotel-owners-seek-new-partners-for-better-value
Recovery continues for S-Reits with Singapore retail assets
Singapore’s retail sales continued to rise in October 2022, though at a slower pace compared to the previous month. October’s retail sales increased 10.4 per cent year on year (yoy), extending September’s 11.3 per cent growth and marking its seventh consecutive month of double-digit yoy growth.
https://www.businesstimes.com.sg/companies-markets/recovery-continues-s-reits-singapore-retail-assets
Ming Arcade sold to Singapore family office for record S$3,125 psf ppr
Freehold commercial site Ming Arcade has been sold for S$172 million by a public tender exercise which closed on Dec 15. The sale price translates to S$3,125 per square foot per plot ratio (psf ppr), and well exceeds exclusive marketing agent Savills Singapore’s estimate of “more than S$140 million” when the property was put up for sale in mid-November.
https://www.businesstimes.com.sg/property/ming-arcade-sold-singapore-family-office-record-s3125-psf-ppr
https://www.straitstimes.com/business/ming-arcade-sold-en-bloc-to-royal-group-for-172m
Trendale Tower back on the market with reduced S$168m reserve price
Trendale Tower, a freehold residential site in the prime Cairnhill enclave, has been put up for sale yet again at a reserve price of S$168 million via public tender. The site was last up for sale in August 2022 at a guide price of S$178 million, but bidding closed in mid-September with no takers. A May 2018 attempt to sell the development – then at a reserve price of some S$163.5 million – did not go through either as there were no buyers.
https://www.businesstimes.com.sg/property/trendale-tower-back-market-reduced-s168m-reserve-price
4 property trends to watch in 2023
Record-setting home prices have emerged in the suburbs, with a growing number of new condominium units sold for over $2,000 per sq ft. The public housing market has seen a record 344 million-dollar flat transactions in the year to date, with the priciest unit changing hands for $1.42 million.
https://www.straitstimes.com/business/invest/4-property-trends-to-watch-in-2023
SINGAPORE ECONOMY
New programme for promising local enterprises to hire and develop talent: EnterpriseSG
Singapore – Promising home-grown enterprises will now be able to draw on a new programme to hire talent and strengthen their business capabilities to compete better in global markets.
https://www.straitstimes.com/business/new-programme-for-promising-local-enterprises-to-hire-and-develop-talent-enterprisesg
Changi Airport’s weekly passenger traffic hits 75% of pre-pandemic level
Up to 150,000 passengers are passing through Changi Airport daily, with about a million each week, or about 75 per cent of the average weekly passengers pre-pandemic, said Transport Minister S Iswaran on Sunday (Dec 18).
https://www.businesstimes.com.sg/singapore/changi-airports-weekly-passenger-traffic-hits-75-pre-pandemic-level
https://www.straitstimes.com/singapore/changi-airport-recovers-to-75-of-average-weekly-passengers-pre-pandemic
COMPANIES’ BRIEF
Blackstone’s real estate fund for wealthy prompts SEC queries, investor scrutiny
Steve Schwarzman’s Blackstone paved the way for private equity firms to pitch to the the everyday millionaire. Now, a flight of money from some of the industry’s retail funds is inviting scrutiny.
https://www.businesstimes.com.sg/companies-markets/blackstones-real-estate-fund-wealthy-prompts-sec-queries-investor-scrutiny
PropertyGuru sees healthy demand for 2023; no plans to cut jobs
Talk of Singapore’s property sector slowing down as a result of successive cooling measures is still just talk, said PropertyGuru’s chief executive officer Hari Krishnan. As a property listings platform, PropertyGuru occupies two spaces that are facing some headwinds: property and technology.
https://www.businesstimes.com.sg/companies-markets/propertyguru-sees-healthy-demand-2023-no-plans-cut-jobs
GLOBAL ECONOMY & GLOBAL REAL ESTATE
Three years into Covid, are we ready for the next pandemic?
https://www.businesstimes.com.sg/international/three-years-covid-are-we-ready-next-pandemic
Global house price fall won’t do much for affordability, say analysts
https://www.businesstimes.com.sg/property/global-house-price-fall-wont-do-much-affordability-say-analysts
Global recession risks rise as central banks raise rates
https://www.businesstimes.com.sg/international/global-recession-risks-rise-central-banks-raise-rates
Fed may push rates higher, keep them there longer, policymakers say
https://www.channelnewsasia.com/business/fed-may-push-rates-higher-keep-them-there-longer-policymakers-say-3151661
US business activity slumps in December; price pressures ease: survey
https://www.businesstimes.com.sg/international/us-business-activity-slumps-december-price-pressures-ease-survey
UK retail sales fall unexpectedly as cost-of-living crisis bites
https://www.businesstimes.com.sg/international/uk-retail-sales-fall-unexpectedly-cost-living-crisis-bites
UK companies brace for recession as manufacturing slumps
https://www.businesstimes.com.sg/international/uk-companies-brace-recession-manufacturing-slumps
https://www.straitstimes.com/business/uk-companies-brace-for-recession-as-manufacturing-slumps
France faces higher recession risk as German downturn eases
https://www.businesstimes.com.sg/international/france-faces-higher-recession-risk-german-downturn-eases
Finnish household debt is looming worry in OECD review
https://www.businesstimes.com.sg/property/finnish-household-debt-looming-worry-oecd-review
Eurozone business activity signals milder downturn than feared
https://www.businesstimes.com.sg/international/eurozone-business-activity-signals-milder-downturn-feared
https://www.straitstimes.com/business/euro-zone-business-activity-falls-at-slower-rate-in-dec
Australia revises up resources export earnings to $308 billion for FY23
https://www.channelnewsasia.com/business/australia-revises-resources-export-earnings-308-billion-fy23-3153421
China hints at more property support as economy takes priority
https://www.businesstimes.com.sg/property/china-hints-more-property-support-economy-takes-priority
Boost to China’s economy from end of zero-Covid is already fading
https://www.straitstimes.com/business/boost-to-china-s-economy-from-end-of-covid-zero-already-fading
China hints at pro-business push, smaller fiscal boost in 2023
https://www.straitstimes.com/business/china-hints-at-pro-business-push-smaller-fiscal-boost-in-2023
Quarantine-free travel to China could happen within 6 months, but risk of return to zero-Covid remains
https://www.businesstimes.com.sg/international/global/quarantine-free-travel-china-could-happen-within-6-months-risk-return-zero
China prepares for Covid spread as holiday travel looms
https://www.businesstimes.com.sg/international/china-prepares-covid-spread-holiday-travel-looms
Developer China South City sells 70% stake in Xian projects for $717 million
https://www.channelnewsasia.com/business/developer-china-south-city-sells-70-stake-xian-projects-717-million-3153381
Hong Kong’s September-November unemployment eases to 3.7%
https://www.businesstimes.com.sg/international/hong-kongs-september-november-unemployment-eases-37
China-HK border will ‘fully reopen’ next month: Reports
https://www.straitstimes.com/asia/east-asia/china-hk-border-will-fully-reopen-next-month-media
BOJ must eye rate hike, shift to more flexible policy, says ex-deputy governor
https://www.businesstimes.com.sg/companies-markets/boj-must-eye-rate-hike-shift-more-flexible-policy-says-ex-deputy-governor
Japan set to slip behind Taiwan, S Korea on economic strength per person
https://www.businesstimes.com.sg/international/japan-set-slip-behind-taiwan-s-korea-economic-strength-person
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Real Estate Developers’ Association of Singapore does not warrant the accuracy, adequacy or completeness of the information and expressly disclaims liability for errors or omissions therein. The content, accuracy, and opinions expressed are not investigated, verified, monitored, nor endorsed by Real Estate Developers’ Association of Singapore. Every effort is taken to ensure that all information extracted is correct at the time of dissemination 19 Dec, 2022.