Singapore Real Estate
Homing in on hot property near good schools
When it comes to snagging a coveted spot for your kids in the primary school of your choice, where you live matters a lot. With more spaces allocated for children without prior connections to a school (Phase 2C), balloting exercises have intensified across the island.
https://www.straitstimes.com/business/invest/homes-that-are-near-good-schools-are-hot-properties
Analysis: Higher income ceiling, more subsidies for first-time buyers among possible tweaks to HDB schemes
Singapore — A higher income ceiling and greater subsidies for first-time public housing flat buyers are among possible tweaks to housing policies that could be announced at the National Day Rally on Aug 20, said property analysts.
https://www.todayonline.com/singapore/analysis-higher-income-ceiling-more-subsidies-tweaks-hdb-scheme-2230371
https://www.channelnewsasia.com/singapore/hdb-property-national-day-rally-public-housing-policy-3692186
HDB resale volumes rebound in July, prices stay on the uptrend: SRX, 99.co
Housing and Development Board (HDB) resale volumes recovered in July 2023 from a decline observed the month before, while prices maintained their upward trajectory. Flash data from real estate portal SRX and property agency 99.co released on Thursday (Aug 10) showed that 2,056 HDB resale flats transacted in July, up 10.7 per cent from the earlier month, albeit 13 per cent lower when compared with the previous year.
https://www.businesstimes.com.sg/property/hdb-resale-volumes-rebound-july-prices-stay-uptrend-srx-99co
https://www.straitstimes.com/singapore/housing/hdb-resale-prices-up-by-slower-pace-of-03-in-july-volume-bounces-back
Singapore Economy
Singapore’s full-year growth forecast narrows to 0.5-1.5%, Q2 growth revised lower
Singapore’s official full-year growth forecast for 2023 has been narrowed to a range of 0.5 per cent to 1.5 per cent, down from 0.5 per cent to 2.5 per cent, as the external demand outlook for the rest of the year remains weak, the Ministry of Trade and Industry (MTI) said on Friday (Aug 11).
https://www.businesstimes.com.sg/singapore/singapores-full-year-growth-forecast-narrows-05-15-q2-growth-revised-lower
https://www.straitstimes.com/business/singapore-cuts-2023-economic-growth-forecast-to-05-15
https://www.todayonline.com/singapore/singapore-narrows-2023-growth-forecast-range-05-15-external-demand-outlook-remains-weak-2230786
https://www.channelnewsasia.com/business/gdp-singapore-narrows-2023-growth-forecast-range-weak-external-demand-outlook-3690401
Singapore downgrades 2023 export forecasts on worse-than-expected performance
Singapore has narrowed its 2023 full-year forecast for non-oil domestic exports (NODX) and lowered its total merchandise trade projection on a worse-than-expected performance so far this year, led by the manufacturing downcycle and lower oil prices.
https://www.businesstimes.com.sg/singapore/singapore-downgrades-2023-export-forecasts-worse-expected-performance
https://www.straitstimes.com/business/singapore-cuts-2023-trade-forecast-again-after-q2-exports-sink-further
https://www.channelnewsasia.com/singapore/nodx-singapore-key-exports-fall-second-quarter-2023-3692151
Companies’ Brief
CapitaLand Investment H1 profit falls 19% to S$351 million on lower portfolio gains
CapitaLand Investment (CLI) posted a 19 per cent drop in net profit to S$351 million for its first half ended Jun 30, from S$433 million in the previous corresponding period.
https://www.businesstimes.com.sg/companies-markets/capitaland-investment-h1-profit-falls-19-s351-million-lower-portfolio-gains
https://www.theedgesingapore.com/capital/results/capitaland-investment-reports-lower-1hfy2023-earnings-reduced-portfolio-gains
CDL chairman Kwek promises to do more as H1 profit falls 94 per cent
City Developments Limited (CDL) posted a 94.1 per cent drop in net profit to S$66.5 million for its first half ended Jun 30, 2023, from S$1.1 billion in the previous corresponding period.
https://www.businesstimes.com.sg/companies-markets/cdl-chairman-kwek-promises-do-more-h1-profit-falls-94-cent
https://www.straitstimes.com/business/cdl-chairman-kwek-leng-beng-promises-to-do-more-as-h1-profit-falls-94-per-cent
https://www.edgeprop.sg/property-news/cdl-reports-1hfy2023-earnings-665-mil-down-941-y-o-y-absence-substantial-divestment-gains
Centurion H1 earnings up 16% to S$38.3 million
Specialised accommodation assets player Centurion Corporation on Thursday (Aug 10) announced earnings of S$38.3 million for the first half of its 2023 financial year, up 16 per cent from S$32.9 million in the year-ago period.
https://www.businesstimes.com.sg/companies-markets/centurion-h1-earnings-16-s383-million
Genting Singapore H1 profit more than trebles on improved visitor arrivals
Genting Singapore posted a net profit of S$276.7 million for the six months ended Jun 30, 2023, more than three times the S$84.4 million in earnings in the same period a year ago.
https://www.businesstimes.com.sg/companies-markets/genting-singapore-h1-profit-more-trebles-improved-visitor-arrivals
https://www.straitstimes.com/business/genting-singapore-first-half-profit-more-than-triples-on-improved-visitor-arrivals
https://www.theedgesingapore.com/capital/results/genting-singapore-1hfy2023-earnings-triples-2767-million
Ho Bee Land posts H1 loss due to hit from London portfolio
Real estate group Ho Bee Land posted a net loss of S$155.7 million for the six months ended Jun 30, 2023, from a net profit of S$149.9 million over the same period a year earlier.
https://www.businesstimes.com.sg/companies-markets/ho-bee-land-posts-h1-loss-due-hit-london-portfolio
Mapletree Logistics Trust to divest cargo lift warehouse for S$27.8 million
The trustee of Mapletree Logistics Trust (MLT) has entered into an agreement with an unrelated third party to divest a six-storey cargo lift warehouse at 8 Loyang Crescent.
https://www.businesstimes.com.sg/companies-markets/mapletree-logistics-trust-divest-cargo-lift-warehouse-s278-million
UOL H1 profit falls 63.6% due to lower fair-value gains on investment properties
Property and hospitality group UOL Group on Thursday (Aug 10) posted a 63.6 per cent fall in net profit to S$135 million for the six months ended Jun 30, 2023, from S$371 million that it posted in the corresponding period a year earlier.
https://www.businesstimes.com.sg/companies-markets/uol-h1-profit-falls-636-due-lower-fair-value-gains-investment-properties
https://www.theedgesingapore.com/capital/results/uols-1hfy2023-earnings-down-64-y-o-y-135-mil-mainly-fair-value-gains
https://www.edgeprop.sg/property-news/uol%E2%80%99s-1hfy2023-earnings-down-64-y-o-y-135-mil-mainly-lower-fair-value-gains
WeWork says no plans to exit Singapore but landlords watching closely
Ttroubled co-working giant WeWork has no plans to exit any of its 14 locations in Singapore, but its landlords here are watching carefully after the New York Stock Exchange-listed company said on Tuesday (Aug 8) that there is “substantial doubt” about its ability to continue operating.
https://www.businesstimes.com.sg/property/wework-says-no-plans-exit-singapore-landlords-watching-closely
Global Economy & Real Estate
Fed seen pausing in September after tame core-inflation report
https://www.businesstimes.com.sg/international/fed-seen-pausing-september-after-tame-core-inflation-report
https://www.straitstimes.com/business/us-fed-seen-pausing-on-rate-hikes-after-tame-inflation-data-but-mission-not-over
US consumer prices rise moderately in July; weekly jobless claims above expectations
https://www.businesstimes.com.sg/international/us-consumer-prices-rise-moderately-july-weekly-jobless-claims-above-expectations
https://www.straitstimes.com/business/economy/us-consumer-prices-rise-moderately-in-july-weekly-jobless-claims-above-expectations
https://www.channelnewsasia.com/business/us-consumer-inflation-edges-july-3690986
Biden says his economy is sparking a manufacturing renaissance
https://www.businesstimes.com.sg/international/biden-says-his-economy-sparking-manufacturing-renaissance
Business travel prices seen climbing even higher to new normal
https://www.businesstimes.com.sg/international/global/business-travel-prices-seen-climbing-even-higher-new-normal
China, Singapore to hasten full resumption of direct flights: China foreign ministry
https://www.businesstimes.com.sg/singapore/china-singapore-hasten-full-resumption-direct-flights-china-foreign-ministry
Moody’s cuts ratings of Chinese developer Country Garden
https://www.businesstimes.com.sg/international/global/moodys-cuts-ratings-chinese-developer-country-garden
https://www.channelnewsasia.com/business/moodys-cuts-ratings-chinese-developer-country-garden-3690686
China’s Country Garden flags H1 net loss, vows to address liquidity concerns
https://www.businesstimes.com.sg/international/global/chinas-country-garden-flags-h1-net-loss-vows-address-liquidity-concerns
https://www.channelnewsasia.com/business/chinas-country-garden-flags-h1-net-loss-vows-address-liquidity-concerns-3691271
China snaps 2023 debt outflow streak as emerging markets shine in July
https://www.businesstimes.com.sg/international/china-snaps-2023-debt-outflow-streak-emerging-markets-shine-july
‘Property is the worst investment’: Investors bid goodbye to speculation in China homes
https://www.businesstimes.com.sg/property/are-chinese-houses-speculation-now-property-investors-say-no
https://www.channelnewsasia.com/business/chinese-houses-speculation-property-investors-say-no-3690071
Hong Kong’s retail sector revives: top landlords see positive signs from shop tenants, while office market lags
https://www.scmp.com/business/companies/article/3230651/hong-kongs-retail-sector-revive-top-landlords-see-positive-signs-shop-tenants-while-office-market
Home rents in Hong Kong climb to 18-month high as students and professionals return while interest rates deter buyers
https://www.scmp.com/business/article/3230690/home-rents-hong-kong-climb-18-month-high-students-and-professionals-return-while-interest-rates
Hong Kong government calls US investment ban on Chinese tech ‘unreasonable’, but experts divided over effect on city’s start-ups
https://www.scmp.com/news/hong-kong/politics/article/3230689/hong-kong-government-calls-us-investment-ban-china-tech-unreasonable-experts-divided-over-effect
Japan’s July wholesale inflation slows for seventh month
https://www.businesstimes.com.sg/international/japans-july-wholesale-inflation-slows-seventh-month
https://www.straitstimes.com/business/japans-july-wholesale-inflation-slows-for-seventh-month
https://www.channelnewsasia.com/business/japans-july-core-inflation-likely-slowed-weaker-commodity-prices-reuters-poll-3690096
Malaysia’s unemployment rate drops to 3.4% in June, the lowest in three years
https://www.businesstimes.com.sg/international/asean/malaysias-unemployment-rate-rops-34-june-lowest-three-years
New York City apartment hunters hit their limits while rents keep climbing
https://www.businesstimes.com.sg/property/new-york-city-apartment-hunters-hit-their-limits-while-rents-keep-climbing
Swedish housing market still on edge as summer lull brings calm
https://www.businesstimes.com.sg/property/swedish-housing-market-still-edge-summer-lull-brings-calm
Disclaimer & Note:
Real Estate Developers’ Association of Singapore (REDAS) 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 REDAS. Every effort is taken to ensure that all information extracted is correct at the time of dissemination.
The Daily News is issued as news gathering for the convenience and benefits of REDAS’ members only and not for mass circulation. Members are advised to exercise discretion in the use and dissemination of the information. The news links are time-sensitive and require registration of fee-based digital subscriptions.