Singapore Real Estate
Money-laundering bust sends chill through Singapore’s luxury home space
A chilli wind is blowing over the luxury residential market as foreign buyers face a triple whammy of higher interest rates, a recent hike in the Additional Buyer’s Stamp Duty (ABSD) and increased scrutiny following Singapore’s largest money-laundering crackdown.
https://www.businesstimes.com.sg/property/money-laundering-bust-sends-chill-through-singapores-luxury-home-space
Price gap between resale condos in CCR and RCR the smallest in 22 years: OrangeTee & Tie
Prices of resale private homes in Singapore picked up slightly across all three market segments in the third quarter. Prices of non-landed and landed homes – excluding executive condominiums (ECs) – in the Core Central Region (CCR) rose 0.3 per cent to S$2,087 per square foot (psf) in Q3 2023 from S$2,080 psf in Q2 2023, OrangeTee & Tie’s report indicated on Tuesday (Oct 24).
https://www.businesstimes.com.sg/property/price-gap-between-resale-condos-ccr-and-rcr-smallest-22-years-orangetee-tie
Singapore Economy
MAS consults on regulatory structure for fund managers
The Monetary Authority of Singapore (MAS) launched on Tuesday (Oct 24) a public consultation exercise regarding its plans to streamline the regulatory framework for fund managers.
https://www.businesstimes.com.sg/singapore/mas-consults-regulatory-structure-fund-managers
https://www.theedgesingapore.com/news/banking-finance/mas-launches-public-consultation-its-proposal-streamline-regulatory-framework
Financial perks for selected households that cut power usage during peak periods in pilot scheme
In a first-of-its-kind initiative to get households to help manage the load on the electricity grid, residents in homes equipped with smart meters will be called upon to adjust their electricity usage during peak demand periods.
https://www.businesstimes.com.sg/singapore/financial-perks-selected-households-cut-power-usage-during-peak-periods-pilot-scheme
https://www.straitstimes.com/singapore/residents-to-be-rewarded-for-cutting-electricity-usage-during-peak-periods-under-new-pilot
Companies’ Brief
Far East Hospitality Trust’s Q3 distributable income up 51% to S$22.9 million
Managers of Far East Hospitality Trust (FEHT) on Wednesday (Oct 25) reported a 51 per cent rise in distributable income for the third quarter ended September 2023, to S$22.9 million from S$15.1 million in the same quarter a year ago.
https://www.businesstimes.com.sg/companies-markets/far-east-hospitality-trusts-q3-distributable-income-51-s229-million
https://www.straitstimes.com/business/far-east-hospitality-trust-q3-distributable-income-jumps-51-to-229-million
https://www.theedgesingapore.com/capital/results/far-east-hospitality-trust-reports-3qfy2023-distributable-income-229-million-510
Frasers Centrepoint Trust reports FY2023 DPU of 12.15 cents, 0.6% lower y-o-y
Frasers Centrepoint Trust (FCT) has reported a distribution per unit (DPU) of 12.15 cents for the FY2023 ended Sept 30, 0.6% lower y-o-y. DPU for the 2HFY2023 fell by 1.2% y-o-y to 6.02 cents.
https://www.theedgesingapore.com/capital/results/frasers-centrepoint-trust-reports-fy2023-dpu-1215-cents-06-lower-y-o-y
https://www.businesstimes.com.sg/companies-markets/frasers-centrepoint-trust-h2-dpu-falls-12-s00602
GuocoLand should shrink its geographical footprint and focus purely on Singapore
GuocoLand has built a substantial footprint overseas, but with very little return to show for it. At the company’s upcoming annual general meeting on Friday (Oct 27), shareholders may want to push the company on its strategy overseas.
https://www.businesstimes.com.sg/opinion-features/guocoland-should-shrink-its-geographical-footprint-and-focus-purely-singapore
Mapletree Logistics Trust posts 0.9% rise in Q2 DPU to S$0.02268
The manager of Mapletree Logistics Trust (MLT) reported a distribution per unit (DPU) of S$0.02268 for the second quarter ended Sep 30, 2023, up 0.9 per cent from S$0.02248 in the same period a year ago.
https://www.businesstimes.com.sg/companies-markets/mapletree-logistics-trust-posts-09-rise-q2-dpu-s002268
https://www.straitstimes.com/business/companies-markets/mapletree-logistics-trust-posts-09-rise-in-q2-dpu-to-002268
https://www.theedgesingapore.com/capital/results/mapletree-logistics-trust-reports-2qfy2024-dpu-2268-cents-09-y-o-y
Tuan Sing prices S$150 million notes due 2027 at 7.5%
Tuan Sing has priced S$150 million of notes at 7.5 per cent under its S$900 million multi-currency medium-term note programme. The new notes are expected to be issued on Nov 2 in denominations of S$250,000 each, with interest to be paid semi-annually in arrear. They are expected to mature on Nov 2, 2027.
https://www.businesstimes.com.sg/companies-markets/tuan-sing-prices-s150-million-notes-due-2027-75
https://www.theedgesingapore.com/news/company-news/tuan-sing-prices-150-mil-worth-notes-due-2027
Views, Reviews Forum and Others
Employers now required to give outdoor workers hourly breaks if it gets too hot: MOM
Singapore – Employers are now required to provide outdoor workers hourly breaks of at least five minutes when it gets too hot. The Ministry of Manpower (MOM) said on Tuesday it introduced the measure, among others, in consultation with the Ministry of Health’s Heat Stress Expert Panel, to reduce the risks of heat stress on outdoor workers.
https://www.straitstimes.com/singapore/employers-now-required-to-give-outdoor-workers-hourly-breaks-if-it-gets-too-hot-mom
https://www.todayonline.com/singapore/mandatory-hourly-breaks-some-outdoor-workers-when-weather-gets-too-hot-mom-2289236
https://www.channelnewsasia.com/singapore/heat-stress-outdoor-workers-10-minute-breaks-new-measures-3868171
36-year-old construction worker installing solar panels in Tuas dies after falling from roof
Singapore – A Bangladeshi construction worker who was installing solar panels fell from the roof of a workshop in Tuas on Sunday and later died from his injuries. A Ministry of Manpower (MOM) spokesman said the 36-year-old man fell from a height of 10m through a skylight, which is built into a roof to allow light in.
https://www.straitstimes.com/singapore/36-year-old-construction-worker-installing-solar-panels-in-tuas-dies-after-falling-from-roof
NEA stops daily haze advisory with improvement in situation, forecast of wet weather
Singapore: The National Environment Agency (NEA) will stop issuing daily haze advisories from Tuesday (Oct 24) as the situation has improved and more rainy weather is forecast.
https://www.channelnewsasia.com/singapore/haze-advisory-nea-situation-improve-rainy-weather-forecast-3868766
Global Economy & Real Estate
Global hiring slows on weaker economy, world’s largest recruiter warns
https://www.businesstimes.com.sg/international/global-hiring-slows-weaker-economy-worlds-largest-recruiter-warns
US business output ticks up in October; inflation pressures ease
https://www.businesstimes.com.sg/international/us-business-output-ticks-october-inflation-pressures-ease
Australia sees risks on inflation, will not hesitate on rates
https://www.businesstimes.com.sg/international/australia-sees-risks-inflation-will-not-hesitate-rates
Navigating the economic landscape of 2024
https://www.businesstimes.com.sg/international/navigating-economic-landscape-2024
China growth may fall to 2.9% if property crisis widens, S&P says
https://www.businesstimes.com.sg/international/china-growth-may-fall-29-if-property-crisis-widens-sp-says
https://www.straitstimes.com/business/economy/china-growth-may-fall-to-29-if-property-crisis-widens-sp
https://www.channelnewsasia.com/business/china-jan-sept-fiscal-revenue-growth-slows-amid-shaky-recovery-3868711
China govt land sales revenue drops in September, drags on recovery
https://www.businesstimes.com.sg/property/china-govt-land-sales-revenue-drops-september-drags-recovery
China’s property crisis: stimulus measures unlikely to prop up beleaguered home sales in the long run, Moody’s warns
https://www.scmp.com/business/article/3238996/chinas-property-crisis-stimulus-measures-unlikely-prop-beleaguered-home-sales-long-run-moodys-warns
Eurozone October PMI at near 3-year low, stirring recession worries
https://www.businesstimes.com.sg/international/eurozone-october-pmi-near-3-year-low-stirring-recession-worries
Eurozone banks tighten credit standards further: ECB
https://www.businesstimes.com.sg/international/eurozone-banks-tighten-credit-standards-further-ecb
Germany to replace Japan as third-largest economy, helped by weak yen
https://www.straitstimes.com/business/germany-to-replace-japan-as-third-largest-economy-helped-by-weak-yen
German consumers feeling more pessimistic: survey
https://www.businesstimes.com.sg/international/german-consumers-feeling-more-pessimistic-survey
Hong Kong’s moribund luxury property market unlikely to be resuscitated by chief executive’s policy speech
https://www.scmp.com/business/article/3239027/hong-kongs-moribund-luxury-property-market-unlikely-be-resuscitated-chief-executives-policy-speech
Hong Kong may seek to kick-start ailing property market in policy address
https://www.channelnewsasia.com/business/hong-kong-may-seek-kick-start-ailing-property-market-policy-address-3868416
Japan’s price trend gauge hits record, signals broadening inflation
https://www.channelnewsasia.com/business/japans-price-trend-gauge-hits-record-signals-broadening-inflation-3868606
Israel-Hamas war threatens world economy, bankers tell Saudi forum
https://www.businesstimes.com.sg/international/israel-hamas-war-threatens-world-economy-bankers-tell-saudi-forum
Ringgit hits new low of RM3.50 against Singapore dollar; economists expect downward trend to continue
https://www.businesstimes.com.sg/international/asean/ringgit-hits-new-low-rm350-against-singapore-dollar-economists-expect-downward
Norway’s US$1.4 trillion wealth fund loses 2.1% in Q3
https://www.businesstimes.com.sg/international/norways-us14-trillion-wealth-fund-loses-21-q3
Swedish central bank needs to restore its capital: governor
https://www.businesstimes.com.sg/international/swedish-central-bank-needs-restore-its-capital-governor
Swedish landlord Heimstaden sees property values stabilising
https://www.businesstimes.com.sg/property/swedish-landlord-heimstaden-sees-property-values-stabilising
UK labour market loses more steam as BOE mulls rates stance
https://www.businesstimes.com.sg/international/uk-labour-market-loses-more-steam-boe-mulls-rates-stance
UK is losing jobs at the sharpest pace since the pandemic
https://www.straitstimes.com/business/economy/uk-is-losing-jobs-at-the-sharpest-pace-since-the-pandemic
Bank of England rate has peaked, to stay at 5.25% through Q2 2024: poll
https://www.businesstimes.com.sg/companies-markets/banking-finance/bank-england-rate-has-peaked-stay-525-through-q2-2024-poll
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