Singapore Real Estate
Developer sales fall 44.9% in September, fewer projects launched amid Ghost Month
New private home sales continued to decline in September, weighed down by an absence of new project launches amid the inauspicious Hungry Ghost Festival. According to data released by the Urban Redevelopment Authority (URA) on Monday (Oct 16), developers sold a total of 217 private homes in September, down 44.9 per cent from the 394 units moved in August.
https://www.businesstimes.com.sg/property/developer-sales-fall-449-september-fewer-projects-launched-amid-ghost-month
https://www.straitstimes.com/singapore/lack-of-major-launches-cautious-market-sentiment-pull-new-private-home-sales-down-for-2nd-straight-month
https://www.channelnewsasia.com/singapore/new-private-home-sales-lowest-september-2023-3848841
First Bayshore BTO flats to be launched in 2024 likely to be Plus units
The first two batches of Housing and Development Board (HDB) Build-to-Order (BTO) flats in Bayshore estate will be launched in 2024, and are likely to fall under the Plus category for new flats. Minister for National Development Desmond Lee said Bayshore is a likely candidate for Plus projects, given its attractive location and its comprehensive suite of amenities.
https://www.businesstimes.com.sg/property/first-bayshore-bto-flats-be-launched-2024-likely-be-plus-units
https://www.straitstimes.com/singapore/housing/7000-hdb-flats-to-be-built-in-bayshore-2-bto-projects-to-be-launched-in-second-half-of-2024
https://www.todayonline.com/singapore/new-car-lite-waterfront-bayshore-estate-have-10000-homes-part-bedok-town-2-bto-launches-2024-2282781
https://www.channelnewsasia.com/singapore/hdb-bto-flats-bayshore-east-coast-park-bedok-possible-plus-model-3849106
Stay cool and don’t go overboard chasing after million-dollar HDB flats
Some Housing and Development Board (HDB) flats are pricey, fetching well over S$1 million in the resale market. Around 128 flats changed hands in the third quarter for over S$1 million each, marking a record high for a quarter.
https://www.businesstimes.com.sg/opinion-features/stay-cool-and-dont-go-overboard-chasing-after-million-dollar-hdb-flats
Singapore Economy
Singapore key exports slump eases to 13.2% in September
Singapore’s key exports shrank by 13.2 per cent year on year in September, easing from the 22.5 per cent slump in the previous month, data from Enterprise Singapore (EnterpriseSG) showed on Tuesday (Oct 17).
https://www.businesstimes.com.sg/singapore/singapore-key-exports-slump-eases-132-september
Locally arranged outstanding debt down 2% in 2022; first fall in 4 years
The total outstanding debt arranged by financial institutions in Singapore dropped by 2 per cent to S$512 billion in 2022, down from S$523 billion the year before. The decline marks a reversal in the steady growth of Singapore’s debt market since 2018.
https://www.businesstimes.com.sg/companies-markets/locally-arranged-outstanding-debt-down-2-2022-first-fall-4-years
https://www.straitstimes.com/business/total-outstanding-debt-arranged-by-financial-institutions-in-singapore-down-2-in-2022-mas
https://www.theedgesingapore.com/news/bonds-and-treasuries/total-outstanding-debt-arranged-singapore-fis-down-2-y-o-y-512-bil-2022
Companies’ Brief
Keppel DC Reit’s Q3 DPU slips 3.6% as finance costs spike
Keppel DC Reit reported a 3.6 per cent decline in distribution per unit (DPU) for the third quarter on the back of higher finance costs and less favourable foreign exchange hedges. According to its business update filed on Monday (Oct 16), DPU for the three months ended Sep 30 fell to S$0.02492 from S$0.02585 in the year-ago period.
https://www.businesstimes.com.sg/companies-markets/reits-property/keppel-dc-reits-q3-dpu-slips-36-finance-costs-spike
https://www.theedgesingapore.com/capital/results/keppel-dc-reit-reports-lower-3qfy2023-dpu-2492-cents
LHN Limited completes acquisition of 99 Rangoon Road property, pays balance of $13.78 mil
LHN Limited has completed its acquisition of the property on 99 Rangoon Road, according to a release dated Oct 16. The company paid its balance of $13.78 million, exclusive of goods and services tax (GST) to the vendor on Oct 16, following its deposit payment on Aug 7 of $725,000 excluding GST.
https://www.theedgesingapore.com/news/company-news/lhn-limited-completes-acquisition-99-rangoon-road-property-pays-balance-1378-mil
Global Economy & Real Estate
IMF urges Middle East’s states to roll back grip on economies
https://www.businesstimes.com.sg/international/imf-urges-middle-easts-states-roll-back-grip-economies
Business outlook in Canada drops to lowest since Covid shock
https://www.businesstimes.com.sg/international/business-outlook-canada-drops-lowest-covid-shock
China’a Q3 GDP growth seen slowing to 4.4% as headwinds persist: Reuters poll
https://www.channelnewsasia.com/business/chinaa-q3-gdp-growth-seen-slowing-44-headwinds-persist-reuters-poll-3849031
China data likely to show fragile economy in need of support
https://www.businesstimes.com.sg/international/global/china-data-likely-show-fragile-economy-need-support
https://www.straitstimes.com/business/china-data-likely-to-show-fragile-economy-in-need-of-support
Ping An Real Estate is China property’s new hot potato
https://www.businesstimes.com.sg/property/ping-real-estate-china-propertys-new-hot-potato
Commentary: China’s youth unemployment problem has become a crisis we can no longer ignore
https://www.channelnewsasia.com/commentary/china-unemployment-youth-structural-societal-problem-labour-market-3849001
ECB seen preserving peak rates until second half of next year
https://www.businesstimes.com.sg/international/ecb-seen-preserving-peak-rates-until-second-half-next-year
German housing crisis deepens on record building cancellations
https://www.businesstimes.com.sg/property/german-housing-crisis-deepens-record-building-cancellations
Hong Kong’s retail space vacancy rate to stabilise as global brands boost local presence to reconnect with target consumers
https://www.scmp.com/business/article/3238006/hong-kongs-retail-space-vacancy-stabilise-global-brands-boost-local-presence-reconnect-target
Habitat Property’s Victoria Allan says removal of Hong Kong’s property curbs is likely to boost home sales, but high interest rates are likely to keep prices in check
https://www.scmp.com/business/article/3238147/habitat-propertys-victoria-allan-says-removal-hong-kongs-property-curbs-likely-boost-home-sales-high
Bank of Korea to hold base rate on Oct. 19, rate cut call pushed to Q2 2024 – Reuters poll
https://www.channelnewsasia.com/business/bank-korea-hold-base-rate-oct-19-rate-cut-call-pushed-q2-2024-reuters-poll-3851106
Malaysia’s latest budget is a responsible one but lacks punch: analysts
https://www.businesstimes.com.sg/international/asean/malaysias-latest-budget-responsible-one-lacks-punch-analysts
UK landlords are paying 40% more mortgage interest than a year ago: report
https://www.businesstimes.com.sg/property/uk-landlords-are-paying-40-more-mortgage-interest-year-ago-report
BOE’s top economist says ‘persistent response’ needed on UK inflation
https://www.businesstimes.com.sg/international/boes-top-economist-says-persistent-response-needed-uk-inflation
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