Singapore Real Estate
High Street Centre up for sale again at lower S$748 million reserve price
High Street Centre at 1 North Bridge Road was relaunched for collective sale for the second time via a public tender at a S$748 million reserve price. This is 6.5 per cent lower than the S$800 million reserve price when it was first launched for sale in mid-2020.
https://www.businesstimes.com.sg/property/high-street-centre-sale-again-lower-s748-million-reserve-price
https://www.edgeprop.sg/property-news/high-street-centre-collective-sale-748-mil
Lacklustre manufacturing sector prompts slower industrial sales activity in 3Q2023
Singapore (EdgeProp) – Singapore industrial sales activity slowed in 3Q2023 amid a lacklustre manufacturing sector. According to an October research report by Knight Frank, the third quarter registered 381 industrial sales transactions amounting to $922.7 million, representing a 16.4% q-o-q fall in the number of deals and a 13.9% q-o-q fall in deal value.
https://www.edgeprop.sg/property-news/lacklustre-manufacturing-sector-prompts-slower-industrial-sales-activity-3q2023
Companies’ Brief
CICT reports 3QFY2023 gross revenue of $391.3 mil, 4.6% higher y-o-y
CapitaLand Integrated Commercial Trust (CICT) has reported a gross revenue of $391.3 million for the 3QFY2023 ended September, 4.6% higher y-o-y. Its net property income (NPI) grew by 0.6% y-o-y to $275.0 million.
https://www.theedgesingapore.com/capital/results/cict-reports-3qfy2023-gross-revenue-3913-mil-46-higher-y-o-y
https://www.businesstimes.com.sg/companies-markets/cict-reports-06-higher-net-property-income-s275-million-rental-growth
CapitaLand Investment’s unit placed under members’ voluntary liquidation
CapitaLand Investment (CLI) said on Wednesday (Oct 25) that its wholly owned subsidiary, Ascendas Hospitality Fund Management, has been placed under members’ voluntary liquidation. The liquidation event is not expected to have any material impact on the net tangible assets or earnings per share of the CLI group for the financial year ending Dec 31, it added.
https://www.businesstimes.com.sg/companies-markets/capitaland-investments-unit-placed-under-members-voluntary-liquidation
Hilton’s revenue beats estimates on record lodging prices
Hilton Worldwide Holdings beat Wall Street estimates for third-quarter revenue and lifted its annual forecast on Wednesday (Oct 25), as record lodging prices and higher occupancy levels boosted results.
https://www.businesstimes.com.sg/companies-markets/consumer-healthcare/hiltons-revenue-beats-estimates-record-lodging-prices
Mapletree Industrial Trust Q2 DPU falls 1.2% to S$0.0332 on enlarged unit base
Mapletree Industrial Trust (MIT) reported a distribution per unit (DPU) of S$0.0332 for the second quarter ended Sep 30, down 1.2 per cent from S$0.0336 in the same period a year prior.
https://www.businesstimes.com.sg/companies-markets/mapletree-industrial-trust-q2-dpu-falls-12-s00332-enlarged-unit-base
https://www.straitstimes.com/business/companies-markets/mapletree-industrial-trust-q2-dpu-falls-12-to-00332-on-enlarged-unit-base
https://www.theedgesingapore.com/capital/results/mapletree-industrial-trust-reports-2qfy2024-dpu-332-cents-12-lower-y-o-y
MLT eyes up to S$300 million in acquisitions in Malaysia, Vietnam and India
Mapletree Logistics Trust (MLT) expects to make between S$200 million and S$300 million in acquisitions in its current financial year in countries such as Malaysia, Vietnam and India, the real estate investment trust’s (Reit) manager said on Wednesday (Oct 25).
https://www.businesstimes.com.sg/companies-markets/reits-property/mlt-eyes-s300-million-acquisitions-malaysia-vietnam-and-india
Views, Reviews Forum and Others
Negligent banks, telcos may be held responsible for scam victims’ losses as part of proposed measures
Singapore: Financial institutions and telecommunication companies (telcos) in Singapore may have to compensate their customers who have fallen prey to scams if they are found to have breached their responsibilities.
https://www.channelnewsasia.com/singapore/financial-institutions-telcos-share-liability-consumers-scam-losses-mas-framework-3871356
Rolls-Royces, Porsche 911 seized from Bukit Timah GCB previously occupied by Su Jianfeng
Four cars were seized from the Good Class Bungalow (GCB) previously occupied by Su Jianfeng, one of the 10 foreign nationals linked to the S$2.8 billion money-laundering case. On Wednesday (Oct 25), police officers were seen outside a GCB along Third Avenue as the cars were towed away. Su, 35, had resided at the GCB earlier and was arrested there during an island-wide blitz in August.
https://www.businesstimes.com.sg/property/rolls-royces-porsche-911-seized-bukit-timah-gcb-previously-occupied-su-jianfeng
https://www.straitstimes.com/singapore/courts-crime/28b-money-laundering-case-porsche-2-rolls-royces-among-4-cars-seized-from-bt-timah-bungalow
https://www.channelnewsasia.com/singapore/billion-dollar-money-laundering-case-police-seize-four-cars-rolls-royce-porsche-third-avenue-3871516
Global Economy & Real Estate
IMF warns about economic impact from prolonged Middle East War
https://www.businesstimes.com.sg/international/imf-warns-about-economic-impact-prolonged-middle-east-war
https://www.channelnewsasia.com/business/israel-hamas-war-affecting-regional-economies-imf-middle-east-3871426
WHO urges Hamas to release all hostages on ‘health grounds’
https://www.channelnewsasia.com/world/who-urges-hamas-release-all-hostages-health-grounds-3873546
US ‘frankly raised’ disagreements with China at first financial working group meeting
https://www.businesstimes.com.sg/international/us-frankly-raised-disagreements-china-first-financial-working-group-meeting
China willing to cooperate with US, manage differences: Xi
https://www.businesstimes.com.sg/international/global/china-willing-cooperate-us-manage-differences-xi
Strongest US economic growth since 2021 puts Fed in tough spot
https://www.businesstimes.com.sg/international/strongest-us-economic-growth-2021-puts-fed-tough-spot
US new home sales surge to fastest clip since February 2022
https://www.businesstimes.com.sg/property/us-new-home-sales-surge-fastest-clip-february-2022
US mortgage rate nears 8%, further suppressing housing demand
https://www.businesstimes.com.sg/property/us-mortgage-rate-nears-8-further-suppressing-housing-demand
Australia’s faster-than-expected inflation keeps hike in play
https://www.businesstimes.com.sg/international/australias-faster-expected-inflation-keeps-hike-play
Bank of Canada holds rates at 5%, keeps threat of more hikes
https://www.businesstimes.com.sg/international/bank-canada-holds-rates-5-keeps-threat-more-hikes
Weak eurozone lending adds to recession fears
https://www.businesstimes.com.sg/international/weak-eurozone-lending-adds-recession-fears
German business outlook improves, feeding economic-rebound hopes
https://www.businesstimes.com.sg/international/german-business-outlook-improves-feeding-economic-rebound-hopes
John Lee’s policy address 2023: Hong Kong leader offers many ‘dishes’ with his 171-point plan but is he taking on too much and can he deliver, analysts ask
https://www.scmp.com/news/hong-kong/hong-kong-economy/article/3239196/john-lees-policy-address-2023-hong-kong-leader-offers-many-dishes-his-171-point-plan-he-taking-too
John Lee policy address 2023: record 410,000 new public flats in Hong Kong, shorter waiting time over next decade
https://www.scmp.com/news/hong-kong/society/article/3239198/john-lee-policy-address-2023-record-410000-new-public-flats-hong-kong-shorter-waiting-time-over-next
Hong Kong’s tax cuts seen as ‘band-aid solution’ for home market
https://www.businesstimes.com.sg/property/hong-kongs-tax-cuts-seen-band-aid-solution-home-market
Some Hong Kong experts predict property slump will ‘bottom out’ and cuts to stamp duties will boost market, but others say reduced charges not enough to increase demand
https://www.scmp.com/news/hong-kong/hong-kong-economy/article/3239187/some-hong-kong-experts-predict-property-slump-will-bottom-out-and-cuts-stamp-duties-will-boost
Saudi developer to spend US$10 billion on Diriyah project in 2024
https://www.businesstimes.com.sg/property/saudi-developer-spend-us10-billion-diriyah-project-2024
South Korea’s economic growth holds steady in sign of resilience
https://www.businesstimes.com.sg/international/south-koreas-economic-growth-holds-steady-sign-resilience
https://www.channelnewsasia.com/business/south-koreas-economic-growth-beats-estimates-backing-rate-pause-3873606
Sweden’s real estate woes force homebuilder JM to cut prices
https://www.businesstimes.com.sg/property/swedens-real-estate-woes-force-homebuilder-jm-cut-prices
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.