Singapore Real Estate
Singapore hotels’ average room revenue steady in June, overall room revenue slips
Singapore hotels’ average room rate (ARR) was mostly unchanged in June – inching up to S$273.85 and posting a 0.3 per cent increase from May’s S$273.10. This marked a 14.2 per cent jump year on year, Singapore Tourism Board (STB) data showed on Wednesday (Jul 26).
https://www.businesstimes.com.sg/singapore/economy-policy/singapore-hotels-average-room-revenue-steady-june-overall-room-revenue
CEL starts preview of TMW Maxwell; units priced upward of S$3,000 psf
Mixed-use development TMW Maxwell will launch for preview on Saturday (Jul 29), with prices upward of SS$3,000 per square foot (psf). The 99-year leasehold project is jointly developed by CEL Development, the holding group for Chip Eng Seng’s property development business; SingHaiyi Investments; and Hong-Kong listed Chuan Investments. It sits on the site of the former Maxwell House, a 13-storey commercial building at 20 Maxwell Road.
https://www.businesstimes.com.sg/property/cel-starts-preview-tmw-maxwell-units-priced-upward-s3000-psf
https://www.edgeprop.sg/property-news/chip-eng-seng-prices-tmw-maxwell-3188-psf-85-units-between-15-mil-and-2-mil
Companies’ Brief
CapitaLand China Trust posts 8.8% drop in H1 DPU to S$0.0374
CapitaLand China Trust’s distribution per unit (DPU) fell by 8.8 per cent to S$0.0374 for its first half ended June, from S$0.0410 the year before. Financials of the real estate investment trust (Reit) for the six-month period took a hit from foreign currency translation, as the Singapore dollar grew stronger against the renminbi (RMB), the manager said on Thursday (Jul 27).
https://www.businesstimes.com.sg/companies-markets/capitaland-china-trust-posts-88-drop-h1-dpu-s00374
https://www.theedgesingapore.com/capital/results/clct-reports-1hfy2023-dpu-374-cents-eyes-better-2h
Keppel Infrastructure Trust posts 1% rise in H1 DPU to S$0.0193
The manager of Keppel Infrastructure Trust (KIT) reported a distribution per unit (DPU) of S$0.0193 for the first half of its 2023 financial year. This is a 1 per cent increase from DPU of S$0.0191 over the same period a year ago.
https://www.businesstimes.com.sg/companies-markets/keppel-infrastructure-trust-posts-1-rise-h1-dpu-s00193
https://www.theedgesingapore.com/capital/results/keppel-infrastructure-trust-reports-1-y-o-y-increase-1hfy2023-dpu-193-cents
Mapletree Industrial Trust Q1 DPU falls to S$0.0339 after May’s private placement
Mapletree Industrial Trust (MIT)’s distribution per unit fell 2.9 per cent to S$0.0339 for the first quarter ended Jun 30, from S$0.0349 in the same period a year earlier. This follows a private placement in May which led to an increase in the number of units in issue.
https://www.businesstimes.com.sg/companies-markets/mapletree-industrial-trust-q1-dpu-falls-s00339-after-mays-private-placement
https://www.theedgesingapore.com/capital/results/mapletree-industrial-trust-reports-dpu-339-cents-1qfy2023-29-lower-y-o-y
OUE C-Reit posts 23.1 per cent rise in H1 net property income to S$115.3m
OUE Commercial Real Estate Investment Trust (OUE Commercial Reit) reported a 23.1 per cent increase in net property income to S$115.3 million for the first half of 2023, from S$93.6 million in the year-ago period.
https://www.businesstimes.com.sg/companies-markets/oue-c-reit-posts-231-cent-rise-h1-net-property-income-s1153m
https://www.theedgesingapore.com/capital/results/oue-c-reit-reports-1hfy2023-dpu-105-cents-28-lower-y-o-y
Global Economy & Real Estate
Why a crisis is looming in commercial real estate
https://www.businesstimes.com.sg/property/why-crisis-looming-commercial-real-estate
US commercial property delinquencies rise further in July: report
https://www.businesstimes.com.sg/property/us-commercial-property-delinquencies-rise-further-july-report
US new home sales cool slightly as lack of supply weighs on market
https://www.businesstimes.com.sg/property/us-new-home-sales-cool-slightly-lack-supply-weighs-market
US Fed lifts rates to highest since 2001 and hints at more to come
https://www.businesstimes.com.sg/international/us-fed-lifts-rates-highest-2001-and-hints-more-come
https://www.straitstimes.com/business/economy/us-fed-raises-interest-rates-leaves-door-open-to-another-hike
https://www.todayonline.com/world/us-fed-lifts-rates-highest-2001-and-hints-more-come-2220161
https://www.channelnewsasia.com/business/us-fed-federal-reserve-highest-22-years-2001-curb-inflation-3656251
https://www.theedgesingapore.com/news/us-economy-2023/fed-raises-interest-rates-22-year-high-leaves-door-open-more
Fed staff drop US recession forecast, Powell says
https://www.businesstimes.com.sg/international/fed-staff-drop-us-recession-forecast-powell-says
https://www.channelnewsasia.com/business/federal-reserve-staff-drop-us-recession-forecast-powell-says-3657161
Slowing Australia Q2 inflation lessens rate hike pressure
https://www.businesstimes.com.sg/international/slowing-australia-q2-inflation-lessens-rate-hike-pressure
Canadians swarm property market despite interest-rate hikes
https://www.businesstimes.com.sg/property/canadians-swarm-property-market-despite-interest-rate-hikes
Lower China growth forecasts cut into next year despite likely support
https://www.straitstimes.com/business/lower-china-growth-forecasts-cut-into-next-year-despite-likely-support
Hong Kong central bank raises interest rate after Fed hike
https://www.channelnewsasia.com/business/hong-kong-central-bank-raises-interest-rate-after-fed-hike-3657431
https://www.scmp.com/business/article/3229063/hong-kong-raises-base-rate-quarter-point-16-year-high-lockstep-us-fed-america-resumes-inflation
Expat pay packages jump in Singapore, drop in Hong Kong
https://www.straitstimes.com/business/expat-pay-packages-jump-in-singapore-drop-in-hong-kong
https://www.scmp.com/news/hong-kong/hong-kong-economy/article/3228957/strong-hong-kong-dollar-helps-city-rejoin-worlds-top-5-places-highest-expatriate-pay-and-benefits
IMF urges BOJ to move away from yield control, prepare for future tightening
https://www.businesstimes.com.sg/international/imf-urges-boj-move-away-yield-control-prepare-future-tightening
Japan says sees pick up in business sentiment for the first time in 7 months
https://www.channelnewsasia.com/business/japan-says-sees-pick-business-sentiment-first-time-7-months-3655071
San Francisco’s office demand surges, largely thanks to AI companies
https://www.businesstimes.com.sg/property/san-franciscos-office-demand-surges-largely-thanks-ai-companies
https://www.straitstimes.com/business/san-francisco-s-office-demand-surges-largely-thanks-to-ai-companies
South Korea to ease loan curbs for some homeowners paying ‘jeonse’ deposits
https://www.businesstimes.com.sg/property/south-korea-ease-loan-curbs-some-homeowners-paying-jeonse-deposits
https://www.channelnewsasia.com/business/south-korea-ease-loan-curbs-some-homeowners-paying-jeonse-deposits-3654736
Taiwan’s economy seen returning to growth in Q2: Reuters poll
https://www.channelnewsasia.com/business/taiwans-economy-seen-returning-growth-q2-reuters-poll-3655151
Thai exports fall less than forecast in June
https://www.businesstimes.com.sg/international/thai-exports-fall-less-forecast-june
https://www.channelnewsasia.com/business/thai-exports-fall-less-forecast-june-seen-improving-3655446
Thailand trims GDP growth outlook as exports soften
https://www.channelnewsasia.com/business/thailand-trims-gdp-growth-outlook-exports-soften-3654991
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