Singapore Real Estate
Genting Singapore gets URA nod to develop 228,000 sq ft of retail space, 700 hotel rooms at RWS
An indirect wholly owned subsidiary of Genting Singapore has received provisional permission from the Urban Redevelopment Authority (URA) to develop 21,243 square metres (sq m) gross floor area (GFA) of retail space, and 700 hotel rooms at Resorts World Sentosa (RWS).
https://www.businesstimes.com.sg/property/genting-singapore-gets-ura-nod-develop-228000-sq-ft-retail-space-700-hotel-rooms-rws
https://www.straitstimes.com/business/genting-singapore-gets-ura-nod-to-develop-228000-sq-ft-of-retail-space-700-hotel-rooms-at-rws
IOI Properties’ Lee Yeow Seng snaps up Shenton House for S$538 million
Shenton House, located in Singapore’s Central Business District, has been successfully sold for S$538 million, said sole marketing agent JLL on Wednesday (Nov 1). The building was relaunched for public tender in October.
https://www.businesstimes.com.sg/property/ioi-properties-lee-yeow-seng-snaps-shenton-house-s538-million
https://www.straitstimes.com/business/property/ioi-properties-lee-yeow-seng-snaps-up-shenton-house-for-538-million
https://www.theedgesingapore.com/news/property/lee-yeow-seng-malaysias-ioi-properties-group-buy-shenton-house-538-mil
Singapore overtook the US as the largest investor in Asia Pacific real estate for the first time
Singapore has emerged as the primary source of Asia Pacific real estate investments YTD, surpassing the US for the first time, according to a report by Knight Frank. Knight Frank’s 3Q2023 Asia Pacific Capital Markets research found that Singapore investors injected nearly US$8.5 billion into Asia Pacific real estate, surpassing the US’s cross-border investment value by nearly 50%.
https://www.edgeprop.sg/property-news/singapore-overtook-us-largest-investor-asia-pacific-real-estate-first-time-knight-frank
Companies’ Brief
Frasers Logistics & Commercial Trust reports FY2023 DPU of 7.04 cents, 7.6% lower y-o-y
Frasers Logistics & Commercial Trust (FLCT) has reported a distribution per unit (DPU) of 7.04 cents for the FY2023 ended Sept 30, 7.6% lower y-o-y. The REIT’s 2HFY2023 DPU stood at 3.52 cents, 6.6% lower y-o-y.
https://www.theedgesingapore.com/capital/results/frasers-logistics-commercial-trust-reports-fy2023-dpu-704-cents-76-lower-y-o-y
https://www.businesstimes.com.sg/companies-markets/flcts-h2-dpu-down-66-s00352-lower-income-higher-expenses
WeWork insists it’s business as usual in Singapore amid talk of US parent seeking bankruptcy protection
WeWork said on Wednesday (Nov 1) that all 14 of its locations here are operational even as the co-working giant is reported to be filing for bankruptcy as early as next week in the US. Shares of New York Stock Exchange-listed WeWork fell 32 per cent after the Wall Street Journal first reported that the company is considering filing a Chapter 11 petition in New Jersey, according to sources familiar with the matter.
https://www.businesstimes.com.sg/property/wework-insists-its-business-usual-singapore-amid-talk-us-parent-seeking-bankruptcy
Views, Reviews Forum and Others
T2 reopens after expansion to help Changi Airport cope with post-Covid capacity recovery
Changi Airport has reopened Terminal 2 (T2) after 3½ years of expansion works, just as the air hub expects to welcome a full recovery to passenger traffic by 2024. Construction for the engineering and expansion works began in January 2020, two months before Singapore closed its borders to shut out the coronavirus.
https://www.businesstimes.com.sg/companies-markets/transport-logistics/t2-reopens-after-expansion-help-changi-airport-cope-post
https://www.straitstimes.com/singapore/changi-airport-t2-reopens-fully-with-4-storey-waterfall-display-new-garden
https://www.channelnewsasia.com/singapore/changi-airport-terminal-2-t2-reopen-full-capacity-3886781
Long-term Covid-19 vaccination strategy still unknown as virus is constantly mutating: NCID head
Singapore – It is hard to have a long-term vaccination strategy to deal with Covid-19 as the virus is unstable and constantly mutating, with an unknown seasonal pattern and unknown ways of interacting with other respiratory germs.
https://www.straitstimes.com/singapore/long-term-covid-19-strategy-still-unknown-as-virus-is-constantly-mutating-ncid-head
Global Economy & Real Estate
Airbnb misses fourth quarter outlook, citing travel volatility
https://www.businesstimes.com.sg/property/airbnb-misses-fourth-quarter-outlook-citing-travel-volatility
https://www.straitstimes.com/business/airbnb-sees-fourth-quarter-revenue-below-estimates-on-travel-demand-slowdown
US Fed keeps rates unchanged; Powell hedges on possible end of tightening campaign
https://www.businesstimes.com.sg/companies-markets/banking-finance/us-fed-keeps-rates-unchanged-powell-hedges-possible-end
https://www.straitstimes.com/business/us-fed-signals-treasury-yield-rise-reduces-need-to-hike-rates-but-door-still-open
https://www.channelnewsasia.com/business/us-fed-keeps-interest-rates-22-year-high-3890006
https://www.theedgesingapore.com/news/us-economy/us-fed-signals-yield-rise-reduces-need-hike-door-still-open
US manufacturing sector slumps in October: ISM
https://www.businesstimes.com.sg/international/us-manufacturing-sector-slumps-october-ism
US construction spending rises in September
https://www.businesstimes.com.sg/property/us-construction-spending-rises-september
Job growth up in US private sector after service sector boost
https://www.businesstimes.com.sg/international/job-growth-us-private-sector-after-service-sector-boost
https://www.straitstimes.com/business/economy/job-growth-up-in-us-private-sector-on-services-boost
Asia’s factories grapple with rising costs amid Israel-Hamas war
https://www.businesstimes.com.sg/international/asias-factories-grapple-rising-costs-amid-israel-hamas-war
https://www.straitstimes.com/business/asia-s-factories-grapple-with-rising-costs-amid-israel-hamas-war
Australia’s top three inflation drivers are beyond RBA’s control
https://www.businesstimes.com.sg/international/australias-top-three-inflation-drivers-are-beyond-rbas-control
Canadian factory PMI rises in October; sector remains in contraction
https://www.businesstimes.com.sg/international/canadian-factory-pmi-rises-october-sector-remains-contraction
China’s manufacturers ‘not in high spirits in October’ as factory activity contracts
https://www.scmp.com/economy/economic-indicators/article/3239891/chinas-manufacturers-not-high-spirits-october-factory-activity-contracts
China’s new home prices rise for second month in October: survey
https://www.businesstimes.com.sg/property/chinas-new-home-prices-rise-second-month-october-survey
https://www.straitstimes.com/business/chinas-new-home-prices-rise-for-second-month-in-oct-survey
https://www.channelnewsasia.com/business/chinas-new-home-prices-rise-second-month-october-survey-3888221
Dubai buyers snap up homes worth US$844 million within hours
https://www.businesstimes.com.sg/property/dubai-buyers-snap-homes-worth-us844-million-within-hours
ECB reviews interest on government deposits to curb losses, say sources
https://www.businesstimes.com.sg/international/ecb-reviews-interest-government-deposits-curb-losses-say-sources
Hong Kong Sep retail sales up 13%, supported by inbound tourism
https://www.businesstimes.com.sg/international/hong-kong-sep-retail-sales-13-supported-inbound-tourism
https://www.channelnewsasia.com/business/hong-kong-sept-retail-sales-13-inbound-tourism-supports-3888796
Hong Kong property in double trouble after government rejects bids for Tung Chung site, deal flow in Oct at 7-year low
https://www.scmp.com/business/banking-finance/article/3239996/hong-kong-property-double-trouble-after-government-rejects-bids-tung-chung-site-deal-flow-oct-7-year
Hong Kong authorities to look at giving some leniency to owners with small illegal structures on homes in urban areas
https://www.scmp.com/news/hong-kong/society/article/3239999/hong-kong-authorities-look-giving-some-leniency-owners-small-illegal-structures-homes-urban-areas
Japan to spend over 17 trillion yen for steps to combat inflation pain
https://www.businesstimes.com.sg/international/global/japan-spend-over-17-trillion-yen-steps-combat-inflation-pain-draft
https://www.channelnewsasia.com/business/japans-kishida-announces-113-billion-package-combat-inflation-pain-3890736
Sim Leisure Group to open Escape theme park in Kuala Lumpur
https://www.businesstimes.com.sg/companies-markets/sim-leisure-group-open-escape-theme-park-kuala-lumpur
Beyond Johor, Singapore companies looking at Klang Valley, Penang for Malaysia expansion
https://www.businesstimes.com.sg/international/asean/beyond-johor-singapore-companies-looking-klang-valley-penang-malaysia-expansion
South Korea Oct consumer inflation accelerates for a third month
https://www.channelnewsasia.com/business/south-korea-oct-consumer-inflation-accelerates-third-month-3890586
https://www.businesstimes.com.sg/international/south-korea-inflation-accelerates-challenging-central-bank-view
BOE likely to hold on rates, but weakening economy may force its hand in 2024
https://www.businesstimes.com.sg/international/global/boe-likely-hold-rates-weakening-economy-may-force-its-hand-2024
UK workers see record pay rises, but inflation eats them up
https://www.businesstimes.com.sg/international/uk-workers-see-record-pay-rises-inflation-eats-them
UK factories struggle in October in latest downturn sign
https://www.businesstimes.com.sg/international/uk-factories-struggle-october-latest-downturn-sign
UK house prices gain most in over a year as stability returns
https://www.businesstimes.com.sg/property/uk-house-prices-gain-most-over-year-stability-returns
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