Singapore Real Estate
Consider building executive condos in prime locations
Relief may be in sight for aspiring private home buyers. It looks like home prices and interest rates will not rise further and may even soften. In the second quarter of 2023, private home prices slipped 0.2 per cent according to data from the Urban Redevelopment Authority (URA) – the first decline since Q1 2020.
https://www.businesstimes.com.sg/opinion-features/consider-building-executive-condos-prime-locations
Industrial rents and prices mark 11th consecutive quarterly increase in 2Q2023
According to a market report by Colliers, the local industrial rental and price indices marked their 11th consecutive quarter of growth in 2Q2023. The rental index increased 2.1% q-o-q, slowing down from the 2.8% q-o-q growth recorded in 1Q2023.
|https://www.edgeprop.sg/property-news/industrial-rents-and-prices-mark-11th-consecutive-quarterly-increase-2q2023
Singapore Economy
PM Lee to deliver National Day Rally speech from 6.45pm on Aug 20
Singapore — Prime Minister Lee Hsien Loong will deliver his National Day Rally 2023 speech on Sunday (Aug 20) at the Institute of Technical Education headquarters in Ang Mo Kio.
https://www.todayonline.com/singapore/pm-lee-deliver-national-day-rally-speech-645pm-aug-20-2232371
https://www.straitstimes.com/singapore/pm-lee-s-national-day-rally-speech-to-start-at-645pm-on-sunday
When geopolitical concerns take priority over open trade, world can expect slower growth, longer-term inflation: DPM Wong
Singapore — A world where geopolitical concerns take precedence over open trade will be one with slower growth and longer-term inflation, Deputy Prime Minister Lawrence Wong said.
https://www.todayonline.com/singapore/geopolitical-concerns-open-trade-slower-growth-inflation-lawrence-wong-2232516
https://www.channelnewsasia.com/singapore/dpm-lawrence-wong-fareed-zakaria-dialogue-reinventing-destiny-conference-3698626
https://www.businesstimes.com.sg/singapore/important-strike-balance-greater-contestation-ideas-dpm-wong
https://www.theedgesingapore.com/news/geopolitics/deputy-prime-minister-lawrence-wong-warns-unpredictable-risks-amid-us-china
https://www.scmp.com/week-asia/politics/article/3231058/extreme-china-us-rivalry-could-be-disastrous-global-economy-singapores-lawrence-wong
Govt will continue to support S’poreans financially, remain transparent to earn their trust: Chan Chun Sing
Singapore – The Government understands the financial concerns faced by Singaporeans, and is committed to using resources judiciously to help as many of them as possible.
https://www.straitstimes.com/singapore/government-will-continue-to-support-s-poreans-financially-will-remain-transparent-to-earn-their-trust-chan-chun-sing
Companies’ Brief
Apac Realty posts 70% fall in H1 net profit to S$5 million
Real estate service provider Apac Realty saw net profit tumble 70 per cent in its half year ended June 2023 to S$5 million, down from S$16.7 million in H1 2022. The property group, which operates under the ERA brand, posted revenue of S$259.6 million, down 24.2 per cent from the S$342.6 million in the year-ago period.
https://www.businesstimes.com.sg/companies-markets/apac-realty-posts-70-fall-h1-net-profit-s5-million
https://www.theedgesingapore.com/capital/results/apac-realty-reports-1hfy2023-earnings-5-million-maintains-40-market-share
Brokers’ take: Analysts cut targets on CapitaLand Investment despite strong prospects
Several research houses have scaled back their target prices for real estate investment manager (CLI) but remain positive on its valuation and earnings prospects. Maybank Securities cut its price target to S$3.50 from S$3.65, while upgrading its call to “buy” from “hold” on the view that CLI’s risk-reward profile is now favourable.
https://www.businesstimes.com.sg/companies-markets/brokers-take-analysts-cut-targets-capitaland-investment-despite-strong-prospects
Lum Chang issues loss warning for FY2023 on higher construction costs
Construction player Lum Chang Holdings expects to report a net loss for the year Jun 30, 2023, and expects to announce its full-year financial results no later than Aug 25, 2023.
https://www.businesstimes.com.sg/companies-markets/lum-chang-issues-loss-warning-fy2023-higher-construction-costs
Analysts lower calls and TP on PropNex after larger than expected revenue contraction for 1HFY2023
Analysts at PhillipCapital and Maybank Securities have lowered their target prices and issued downgrades on PropNex following its earnings of $22.1 million for the 1HFY2023 ended June 30, 18.4% lower than the earnings of $27.0 million in the corresponding period the year before.
https://www.theedgesingapore.com/capital/brokers-calls/analysts-lower-calls-and-tp-propnex-after-larger-expected-revenue-contraction
Yanlord Land records 20% fall in H1 net profit to 1 billion yuan
Property developer Yanlord Land Group posted a net profit of approximately one billion yuan (S$186.9 million) for the half year ended June 2023, down 20 per cent from the 1.4 billion yuan a year ago.
https://www.businesstimes.com.sg/companies-markets/yanlord-land-records-20-fall-h1-net-profit-1-billion-yuan
Global Economy & Real Estate
US expected to roll out new COVID-19 booster vaccines in September as ‘Eris’ variant rises
https://www.channelnewsasia.com/world/new-covid-19-booster-vaccines-eris-variant-xbb-3697951
China’s slowing growth could have spillover to US, still upbeat overall: Yellen
https://www.businesstimes.com.sg/international/chinas-slowing-growth-could-have-spillover-us-still-upbeat-overall-yellen
Near-term inflation outlook at lowest since 2021 in Fed survey
https://www.businesstimes.com.sg/international/near-term-inflation-outlook-lowest-2021-fed-survey
China looks to attract foreign investment as its economy struggles
https://www.businesstimes.com.sg/international/global/china-looks-attract-foreign-investment-its-economy-struggles
China resumes Australian barley trade after tariffs scrapped
https://www.businesstimes.com.sg/international/china-resumes-australian-barley-trade-after-tariffs-scrapped
Country Garden shares dive after bond trading halted, fans further economic distress
https://www.businesstimes.com.sg/companies-markets/country-garden-shares-dive-after-bond-trading-halted-fans-further-economic
ECB still seen delivering one last hike in September, poll shows
https://www.businesstimes.com.sg/international/ecb-still-seen-delivering-one-last-hike-september-poll-shows
Fewer Hongkongers apply to buy government-subsidised flat as would-be homeowners consider private sector amid fall in property prices
https://www.scmp.com/news/hong-kong/hong-kong-economy/article/3230995/more-100-hongkongers-seize-last-chance-buy-subsidised-flat-under-home-ownership-scheme-despite
CK Asset strikes while the iron is hot, announces prices for new Coast Line phase flats after blockbuster sales over weekend
https://www.scmp.com/business/article/3231061/ck-asset-strikes-while-iron-hot-announces-prices-new-coast-line-phase-flats-after-blockbuster-sales
How Hong Kong tycoons’ success stories in Southeast Asia paved way for more to tap region’s business potential
https://www.scmp.com/news/hong-kong/hong-kong-economy/article/3230921/how-hong-kong-tycoons-success-stories-southeast-asia-pave-way-more-tap-regions-business-potential
Japan’s Q2 GDP grows much faster than expected, helped by exports
https://www.channelnewsasia.com/business/japans-q2-gdp-grows-much-faster-expected-helped-exports-3699376
https://www.businesstimes.com.sg/international/japans-q2-gdp-grows-much-faster-expected-helped-exports
https://www.straitstimes.com/business/japanese-economy-expands-15-beating-expectations
New Zealand removes final Covid-19 restrictions
https://www.businesstimes.com.sg/international/new-zealand-removes-final-covid-19-restrictions
San Francisco prices are sinking; property owners want a tax cut
https://www.businesstimes.com.sg/international/san-francisco-prices-are-sinking-property-owners-want-tax-cut
Swedes signal optimism on home prices for third straight month
https://www.businesstimes.com.sg/property/swedes-signal-optimism-home-prices-third-straight-month
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