Singapore Real Estate
Singapore office rents climb 4.9%; prices rise 0.8% in Q3: URA
Office rents in the central region of Singapore continued rising in the third quarter of 2023 as the stock of office space decreased by 42,000 square metres (sq m), data released by Urban Redevelopment Authority (URA) showed.
https://www.businesstimes.com.sg/property/singapore-office-rents-climb-49-prices-rise-08-q3-ura
Singapore retail rents up 0.5% in Q3, vacancy falls to 7.2%
Rents of retail space in Singapore’s central region edged up by 0.5 per cent in the third quarter of this year, after a marginal 0.3 per cent increase in the previous quarter. Figures released by the Urban Redevelopment Authority on Friday (Oct 27) showed that prices of retail space in the central region increased by 0.6 per cent, following a 0.3 per cent rise in Q2.
https://www.businesstimes.com.sg/property/singapore-retail-rents-05-q3-vacancy-falls-72
Industrial space prices increase 1.4%, rents up 2% for Q3: JTC
Prices and rents of Singapore’s industrial spaces continued to rise in the third quarter of 2023, amid overall inflationary pressures, based on JTC’s quarterly market report released on Thursday (Oct 26).
https://www.businesstimes.com.sg/property/industrial-space-prices-increase-14-rents-2-q3-jtc
https://www.edgeprop.sg/property-news/industrial-rents-and-prices-post-12th-consecutive-quarter-growth-3q2023
State land tender deals prop up Q3 property investment sales
Singapore – Government land sales (GLS) transactions helped fuel a rebound in Singapore’s real estate investment activity to nearly $7 billion in the third quarter of 2023, reversing the past two consecutive quarters of decline.
https://www.straitstimes.com/business/state-land-tender-deals-prop-up-q3-property-investment-sales
Condo resale volume falls 18.4% in September; prices climb
The number of resale condominium units that changed hands fell 18.4 per cent to 738 units in September, compared with the 905 units resold in August. Resale prices, meanwhile, continued to rise for the second straight month, albeit at a slightly lower pace at 0.8 per cent, flash estimates from 99.co and SRX showed on Thursday (Oct 26).
https://www.businesstimes.com.sg/property/condo-resale-volume-falls-184-september-prices-climb-srx-99co
https://www.straitstimes.com/singapore/housing/condo-resale-prices-up-in-september-volume-down-184-amid-hungry-ghost-month
Good Class Bungalow rentals slip following money-laundering scandal
Landlords of Good Class Bungalows (GCBs) have begun lowering rents, as demand from ultra-high-net-worth individuals falls in the wake of Singapore’s S$2.8 billion money-laundering bust.
https://www.businesstimes.com.sg/property/good-class-bungalow-rentals-slip-following-money-laundering-scandal
CapitaLand’s J’den to start preview at prices from S$2,100 psf
CapitaLand Development (CLD) will start previews for its J’den mixed-use development on Saturday (Oct 28), with prices starting at S$2,100 per square foot (psf). The 99-year leasehold project is a redevelopment of the former JCube, a leisure and edutainment mall in Jurong East. It was acquired by CLD for S$340 million in January 2022.
https://www.businesstimes.com.sg/property/capitalands-jden-start-preview-prices-s2100-psf
https://www.edgeprop.sg/property-news/capitaland-development-previews-j%E2%80%99den-prices-2100-psf
Fragrance Group boss bags two industrial buildings for S$101 million
Entities controlled by Fragrance Group founder and chairman James Koh have picked up two ageing freehold Singapore industrial buildings for a total of nearly S$101 million. He is paying S$61 million for a five-storey property at 3 New Industrial Road, in the Upper Paya Lebar-Bartley area.
https://www.businesstimes.com.sg/property/fragrance-group-boss-bags-two-industrial-buildings-s101-million
HDB resale prices up 1.3% in Q3; sales rise 2.8%
Resale prices of public housing flats inched up 1.3 per cent in the third quarter of this year, data from the Housing and Development Board (HDB) showed. The rise, announced on Friday (Oct 27), was a notch higher than the earlier estimated 1.2 per cent released on Oct 2.
https://www.businesstimes.com.sg/property/hdb-resale-prices-13-q3-sales-rise-28
Singapore Economy
Singapore’s factory output decline moderates to 2.1% as electronics production picks up
Singapore’s manufacturing output slid 2.1 per cent on year (yoy) in September, easing from August’s 11.6 per cent decline as electronics output climbed, data from the Singapore Economic Development Board showed on Thursday (Oct 26).
https://www.businesstimes.com.sg/singapore/singapores-factory-output-decline-moderates-21-electronics-production-picks
https://www.straitstimes.com/business/singapore-factory-output-narrows-drop-in-september-as-electronics-rebounds
Singapore’s NODX and factory output have been sliding. What does that mean for the economy?
Singapore’s non-oil domestic exports (NODX) and factory output are closely linked metrics that reflect how key parts of the economy are performing. So far this year, this performance has not been stellar. Weak global demand has dragged down these externally reliant indicators.
https://www.businesstimes.com.sg/singapore/singapores-nodx-and-factory-output-have-been-sliding-what-does-mean-economy
Singapore retrenchments hit 4,100 in Q3, highest since Q4 2020
The number of retrenchments in Singapore climbed in the third quarter, even as the labour market expanded for eight consecutive quarters, early data from the Ministry of Manpower (MOM) showed on Thursday (Oct 26).
https://www.businesstimes.com.sg/singapore/singapore-retrenchments-hit-4100-q3-highest-q4-2020
https://www.straitstimes.com/singapore/jobs/retrenchments-unemployment-in-s-pore-up-in-q3-but-job-market-continues-to-expand-mom
https://www.todayonline.com/singapore/singapore-retrenchments-rise-q3-unemployment-slow-uptrend-2291081
https://www.channelnewsasia.com/singapore/q3-2023-singapore-labour-retrenchments-unemployment-jobs-ministry-manpower-economic-outlook-3874091
https://www.theedgesingapore.com/news/labour-market/retrenchments-singapore-rose-4100-3q2023-majority-wholesale-trade-sector-mom
Orchard Road retailers look to pre-Covid visitor numbers amid more sustainable Christmas light-up
This year’s Orchard Road Christmas light-up is expected to see pre-pandemic levels of visitorship, though domestic visitors will still likely outnumber tourists, said organiser Orchard Road Business Association (Orba).
https://www.businesstimes.com.sg/singapore/economy-policy/orchard-road-retailers-look-pre-covid-visitor-numbers-amid-more
https://www.straitstimes.com/singapore/orchard-road-to-woo-visitors-with-first-christmas-eve-street-party-three-christmas-villages
Companies’ Brief
CapitaLand India Trust Q3 net property income up 22% to 2.9b rupees
CapitaLand India Trust (Clint) third-quarter net property income (NPI) grew 22 per cent to 2.9 billion rupees (S$46.7 million), from 2.4 billion rupees in the year-ago period.
https://www.businesstimes.com.sg/companies-markets/capitaland-india-trust-q3-net-property-income-22-29b-rupees
CDL Hospitality Trusts’ Q3 net property income rises 23.4% to S$39 million
CDL Hospitality Trusts (CDLHT) posted a 23.4 per cent increase in its net property income (NPI) for its third quarter ended Sep 30 this year to S$39 million, compared with S$31.6 million a year earlier.
https://www.businesstimes.com.sg/companies-markets/cdl-hospitality-trusts-q3-net-property-income-rises-234-s39-million
https://www.straitstimes.com/business/cdl-hospitality-trusts-q3-net-property-income-rises-234-to-39-million
ESR-Logos Reit posts 19.4% rise in Q3 net property income, positive rental reversions
ESR-Logos Reit’s net property income (NPI) for the third quarter grew 19.4 per cent year on year to S$206.1 million, its manager said on Thursday (Oct 26). Gross revenue, meanwhile, rose by 19.2 per cent on the year to S$290.7 million for the three months ended Sep 30, 2023.
https://www.businesstimes.com.sg/companies-markets/esr-logos-reit-posts-194-rise-q3-net-property-income-positive-rental-reversions
https://www.straitstimes.com/business/esr-logos-reit-posts-194-rise-in-q3-net-property-income-positive-rental-reversions
https://www.theedgesingapore.com/news/reits/e-log-reits-sakura-distribution-centre-achieves-100-occupancy-7002-ang-mo-kio-avenue-5
MPACT Q2 DPU falls 8.2% to S$0.0224 on higher interest rates
The manager of Mapletree Pan Asia Commercial Trust (MPACT) reported a distribution per unit (DPU) of S$0.0224 for the second quarter ended Sep 30, 2023, down 8.2 per cent from S$0.0244 a year earlier.
https://www.businesstimes.com.sg/companies-markets/mpact-q2-dpu-falls-82-s00224-higher-interest-rates
Global Economy & Real Estate
US economic growth accelerates in third quarter
https://www.businesstimes.com.sg/international/us-economic-growth-accelerates-third-quarter
https://www.straitstimes.com/business/economy/us-economy-grows-at-fastest-rate-in-nearly-two-years
https://www.channelnewsasia.com/business/us-third-quarter-economic-growth-seen-fastest-nearly-2-years-3874196
https://www.theedgesingapore.com/news/us-economy/us-economy-grew-49-pace-last-quarter-fastest-2021
US pending home sales rise but index stays near record low
https://www.businesstimes.com.sg/property/us-pending-home-sales-rise-index-stays-near-record-low
Australia arrests Chinese money laundering suspects who lived the high life with private jets, luxury cars, homes
https://www.businesstimes.com.sg/international/australia-arrests-chinese-money-laundering-suspects-who-lived-high-life-private-jets
https://www.channelnewsasia.com/world/australia-police-arrest-seven-money-laundering-bust-linked-chinese-organised-crime-3874051
California slams San Francisco for ‘egregious’ barriers to housing construction
https://www.businesstimes.com.sg/property/california-slams-san-francisco-egregious-barriers-housing-construction
Chinese asset managers apply to launch first commercial property-backed Reits
https://www.businesstimes.com.sg/property/chinese-asset-managers-apply-launch-first-commercial-property-backed-reits
IFC says China could lead US$3.5 trillion global efforts to make construction industry chains greener
https://www.scmp.com/business/china-business/article/3239312/ifc-says-china-could-lead-us35-trillion-global-efforts-make-construction-industry-chains-greener
ECB holds rates, signals steady hand as economy stumbles
https://www.businesstimes.com.sg/international/ecb-holds-rates-signals-steady-hand-economy-stumbles
https://www.theedgesingapore.com/news/global-economy/ecb-presses-pause-after-barrage-rate-hikes-tame-inflation
Hong Kong exports fall again as weak demand persists
https://www.businesstimes.com.sg/international/hong-kong-exports-fall-again-weak-demand-persists
Hong Kong business leaders voice confidence in economic rebound, city’s place as ‘financial centre’ of Asia following ‘legitimate uncertainty’
https://www.scmp.com/news/hong-kong/hong-kong-economy/article/3239313/hong-kong-business-leaders-voice-confidence-economic-rebound-citys-place-financial-centre-asia
Hong Kong to record higher-than-expected deficit due to shrinking income from stamp duties, land sales: Paul Chan
https://www.scmp.com/news/hong-kong/hong-kong-economy/article/3239318/hong-kong-record-higher-expected-deficit-year-shrinking-income-stamp-duties-land-sales-hurts-public
Operators of Hong Kong’s subdivided flats will have to fulfil new criteria aimed at stamping out ‘exploitative’ practices, John Lee says
https://www.scmp.com/news/hong-kong/politics/article/3239230/hong-kong-landlords-subdivided-flats-will-have-clear-barrier-under-new-rules-renting-out-tiny-homes
Hong Kong may lower prosecution threshold for illegal structures, raise fines
https://www.scmp.com/news/hong-kong/health-environment/article/3239326/hong-kong-may-lower-prosecution-threshold-illegal-structures-raise-fines
Core inflation in Japan’s capital unexpectedly accelerates, BOJ in spotlight
https://www.channelnewsasia.com/business/core-inflation-japans-capital-unexpectedly-accelerates-boj-spotlight-3876571
BOJ to end negative interest rates in 2024, more economists say- Reuters poll
https://www.channelnewsasia.com/business/boj-end-negative-interest-rates-2024-more-economists-say-reuters-poll-3874226
Theatre that hosts the Oscars is up for sale
https://www.businesstimes.com.sg/lifestyle/theatre-hosts-oscars-sale
Malaysia keen to negotiate continuation of Johor Bahru-Singapore shuttle train service
https://www.channelnewsasia.com/asia/malaysia-johor-bahru-singapore-woodlands-shuttle-tebrau-operations-rts-link-3874446
New York City has a bold plan to fix its housing crisis. Will it work?
https://www.businesstimes.com.sg/property/new-york-city-has-bold-plan-fix-its-housing-crisis-will-it-work
UK retailers suffer joint-worst October on record: CBI
https://www.businesstimes.com.sg/international/uk-retailers-suffer-joint-worst-october-record-cbi
Vietnam’s real estate woes: how much worse can they get?
https://www.businesstimes.com.sg/property/vietnams-real-estate-woes-how-much-worse-can-they-get
https://www.channelnewsasia.com/business/explainer-vietnams-real-estate-woes-how-much-worse-can-they-get-3874641
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