Singapore Real Estate
Weekend launches yield sales of 53 units across three projects
Weekend sales on August 12-13 slipped to a new low, with just 53 units sold across three projects. All three projects are redevelopments of en bloc sites located in different submarkets: the 78-unit Orchard Sophia in the Core Central Region (CCR); the 324-unit TMW Maxwell in the Rest of Central Region (RCR); and the 105-unit The Arden in the Outside Central Region (OCR).
https://www.edgeprop.sg/property-news/weekend-launches-yield-sales-52-units-across-three-projects
https://www.scmp.com/business/article/3231775/singapores-weekend-home-sales-dwindle-record-lows-choice-paralysis-amid-supply-surge-drives-buyers
TMW Maxwell sees slow sales at launch with 7 units sold, at S$3,310 psf average
TMW Maxwell sold just seven out of a total of 324 units at its Phase One sales launch with the transacted price ranging between S$1.5 million and S$2.47 million, which works out to a per square foot (psf) range of S$3,143 to S$3,739.
https://www.businesstimes.com.sg/property/tmw-maxwell-sees-slow-sales-launch-7-units-sold-s3310-psf-average
Singapore Economy
Recession unlikely in 2023 after Singapore reports slight growth in Q2: economists
After narrowly escaping a technical recession in the second quarter, private-sector economists believe Singapore’s risk of entering into a recession has receded, and that growth can be expected to pick up in the second half of the year.
https://www.businesstimes.com.sg/singapore/recession-unlikely-2023-after-singapore-reports-slight-growth-q2-economists
CNA Explains: Slump and recovery – what is the current state of the Singapore economy?
Singapore: Singapore is set for tepid growth through the rest of the year, as the economy sees diverging prospects for its different sectors, economists said on Friday (Aug 11).
https://www.channelnewsasia.com/business/singapore-economy-gdp-recession-businesses-cna-explains-3692796
Presidential Election writ issued; nominations on Aug 22, Polling Day on Sep 1
Singaporeans will head to the ballot boxes on Sep 1 to vote for the country’s ninth President, if more than one person qualifies to run for the highest office in the land. Nomination Day will take place at the People’s Association on Aug 22.
https://www.businesstimes.com.sg/singapore/presidential-election-writ-issued-nominations-aug-22-polling-day-sep-1
https://www.straitstimes.com/singapore/politics/singapore-to-hold-presidential-election-on-sept-1-countdown-to-polling-day
https://www.todayonline.com/singapore/writ-issued-presidential-election-nomination-day-aug-22-polling-day-sept-1-2226161
https://www.theedgesingapore.com/news/singapore/singapore-go-polls-sept-1-if-more-one-candidate-eligible-be-nominated-president
Companies’ Brief
Centurion remains optimistic on higher rental reversions, tight supply conditions
Mainboard-listed dormitory operator Centurion Corporation has benefited from tight supply conditions, amid a shortage of worker accommodation in Singapore.
https://www.businesstimes.com.sg/companies-markets/centurion-remains-optimistic-higher-rental-reversions-tight-supply-conditions
HPL sinks into red with S$17.2 million H1 net loss on higher borrowing costs
Hotel Properties Limited (HPL), whose managing director Ong Beng Seng is embroiled in a corruption probe, on Friday (Aug 11) reported a S$17.2 million net loss for its first fiscal half ended Jun 30, reversing from a net profit of S$1.9 million posted in the same period a year ago.
https://www.businesstimes.com.sg/companies-markets/hpl-sinks-red-s172-million-h1-net-loss-higher-borrowing-costs
https://www.theedgesingapore.com/capital/results/ong-beng-sengs-hpl-reports-172-mil-loss-1hfy2023
Lendlease’s losses widen, points to UK residential law
Australian developer Lendlease Group on Monday posted growing losses for the year, reflecting tough trading conditions and lower valuations for its properties coupled with the impact of legislation in the United Kingdom.
https://www.businesstimes.com.sg/companies-markets/reits-property/lendleases-losses-widen-points-uk-residential-law
https://www.channelnewsasia.com/business/developer-lendleases-losses-widen-points-uk-residential-law-3697071
Sinarmas Land H1 profit dips 14.1% despite higher revenue
Property developer Sinarmas Land’s net profit for the half year ended Jun 30 fell 14.1 per cent to S$109.5 million, from S$127.5 million in the corresponding year-ago period, it announced on Friday (Aug 11).
https://www.businesstimes.com.sg/companies-markets/sinarmas-land-h1-profit-dips-141-despite-higher-revenue
Tuan Sing posts 38.1% fall in H1 profit to S$6 million
Mainboard-listed Tuan Sing posted a 38.1 per cent fall in net profit for the fiscal first half ended Jun 30, as the real estate company’s finance costs rose 57 per cent to S$32.5 million on rising interest rates, the company said on Friday (Aug 11).
https://www.businesstimes.com.sg/companies-markets/tuan-sing-posts-381-fall-h1-profit-s6-million
Global Economy & Real Estate
Global Covid cases up 80% as new subvariant rises
https://www.businesstimes.com.sg/international/global-covid-cases-80-new-subvariant-rises
As US recession fears ebb, hopes remain high for Fed’s promise of soft landing
https://www.businesstimes.com.sg/companies-markets/us-recession-fears-ebb-hopes-remain-high-feds-promise-soft-landing
Janet Yellen sees ‘resilience’ in US economy even as it cools
https://www.straitstimes.com/business/economy/janet-yellen-sees-resilience-in-us-economy-even-as-it-cools
https://www.channelnewsasia.com/business/yellen-sees-resilience-us-economy-even-it-cools-3694211
US housing market recoups US$3 trillion lost in recent slowdown
https://www.businesstimes.com.sg/property/us-housing-market-recoups-us3-trillion-lost-recent-slowdown
US mortgage delinquency rates fall to all-time low
https://www.businesstimes.com.sg/property/us-mortgage-delinquency-rates-fall-all-time-low
US consumer year-ahead inflation expectations unexpectedly fall
https://www.businesstimes.com.sg/international/us-consumer-year-ahead-inflation-expectations-unexpectedly-fall
Only 16% of Californians can afford to buy a home as rates rise
https://www.businesstimes.com.sg/property/only-16-californians-can-afford-buy-home-rates-rise
China State Council issues guidelines in bid to increase foreign investment
https://www.businesstimes.com.sg/international/china-state-council-issues-guidelines-bid-increase-foreign-investment
https://www.channelnewsasia.com/business/china-guidelines-increase-foreign-investment-3696376
China’s economic recovery faces fresh risks from property crisis
https://www.businesstimes.com.sg/international/chinas-economic-recovery-faces-fresh-risks-property-crisis
https://www.straitstimes.com/business/china-s-economic-recovery-faces-fresh-risks-from-property-crisis
Country Garden poses new risk for China’s economy
https://www.businesstimes.com.sg/companies-markets/country-garden-poses-new-risk-chinas-economy
Country Garden’s expected 45-billion yuan loss fans worst fears for China property market
https://www.businesstimes.com.sg/property/country-gardens-expected-45-billion-yuan-loss-fans-worst-fears-china-property-market
https://www.straitstimes.com/business/country-garden-s-103-billion-loss-fans-worst-fears-over-china-property-market
As China’s Country Garden struggles with debt, it’s business as usual at Johor’s Forest City
https://www.businesstimes.com.sg/international/asean/chinas-country-garden-struggles-debt-its-business-usual-johors-forest-city
Hong Kong economic growth slows to 1.5% in Q2; gradual recovery seen
https://www.businesstimes.com.sg/international/hong-kong-economic-growth-slows-15-q2-gradual-recovery-seen
https://www.straitstimes.com/business/economy/hong-kong-economic-growth-slows-to-15-in-q2-gradual-recovery-seen
https://www.channelnewsasia.com/business/hong-kong-economic-growth-slows-15-q2-gradual-recovery-seen-3693056
https://www.scmp.com/news/hong-kong/hong-kong-economy/article/3230744/hong-kong-records-359-million-arrivals-july-number-mainland-chinese-tourists-returns-72-cent-pre
‘Fear factor’ troubles data centre operators over cross-border information sharing, threatening Hong Kong’s hub ambitions
https://www.scmp.com/business/companies/article/3230717/fear-factor-troubles-data-centre-operators-over-cross-border-information-sharing-threatening-hong
Hong Kong to launch night bazaars, organise more conferences and exhibitions to drive economic recovery, finance chief Paul Chan says
https://www.scmp.com/news/hong-kong/hong-kong-economy/article/3230931/hong-kong-launch-night-bazaars-organise-more-conferences-and-exhibitions-drive-economic-recovery
Summer slump bites hard for Hong Kong’s restaurants, as residents head across the border and mainland Chinese tourists cut back
https://www.scmp.com/news/hong-kong/hong-kong-economy/article/3230929/summer-slump-bites-hard-hong-kongs-restaurants-residents-head-across-border-and-mainland-chinese
30 buildings to undergo emergency repairs by mid-September, Hong Kong’s development chief vows, after string of falling concrete cases
https://www.scmp.com/news/hong-kong/society/article/3230885/30-buildings-undergo-emergency-repairs-mid-september-hong-kongs-development-chief-vows-after-string
Even celebrity realtors feel the pinch as LA mansion sales fall
https://www.businesstimes.com.sg/property/even-celebrity-realtors-feel-pinch-la-mansion-sales-fall
UK economy’s surprise strength puts more BOE rate hikes on the table
https://www.businesstimes.com.sg/international/uk-economys-surprise-strength-puts-more-boe-rate-hikes-table
https://www.straitstimes.com/business/economy/uk-economy-posts-unexpected-growth-in-q2-but-still-lags-behind-peers
UK employers plan 5% pay rises, many resort to counteroffers: CIPD
https://www.businesstimes.com.sg/international/uk-employers-plan-5-pay-rises-many-resort-counteroffers-cipd
Britain’s landlord selloff may be much bigger than first thought
https://www.businesstimes.com.sg/property/britains-landlord-selloff-may-be-much-bigger-first-thought
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