Singapore Real Estate
Bukit Timah Food Centre to be demolished in 2024; integrated development to be built on current site
Singapore: Bukit Timah Market and Food Centre will be demolished in 2024 to make way for an integrated development. In response to CNA’s queries, a spokesperson for the People’s Association (PA) on Thursday (Nov 9) said the estimated timeframe for stallholders to vacate from the current food centre to the interim hawker centre and market is scheduled for the second half of 2024.
https://www.channelnewsasia.com/singapore/bukit-timah-market-food-centre-demolished-2024-integrated-development-3909296
https://www.todayonline.com/singapore/bukit-timah-market-food-centre-close-mid-2024-new-complex-2301581
https://www.straitstimes.com/singapore/bukit-timah-market-to-shut-in-2nd-half-of-2024-half-the-stallholders-to-move-to-interim-site
Lian Beng-Apricot Capital JV selling Wilkie Edge to Keppel Capital
A joint venture (JV) between Lian Beng Group and Apricot Capital is said to have entered into a deal to sell the office and retail space at Wilkie Edge in the Selegie area to Keppel Capital.
https://www.businesstimes.com.sg/property/lian-beng-apricot-capital-jv-selling-wilkie-edge-keppel-capital
Sentiment in real estate market still on downward track in Q3: NUS poll
Property sentiment has been sent to a new low by external economic uncertainties caused by the escalating hostilities in Gaza and the ongoing war in Ukraine, a recent poll has found.
https://www.businesstimes.com.sg/property/sentiment-real-estate-market-still-downward-track-q3-nus-poll
Q3 condo subsales hit 10-year high amid price surge, post-pandemic completions
Subsales of suburban condominiums are on the rise as buyers cash in on a strong run-up in prices. There were 355 subsale transactions in the third quarter of 2023, data from the Urban Redevelopment Authority (URA) indicated. This was the highest quarterly figure since Q1 2013, when there were 395 transactions.
https://www.businesstimes.com.sg/property/q3-condo-subsales-hit-10-year-high-amid-price-surge-post-pandemic-completions
HDB resale prices, volumes rebound in October as BTO launch underwhelms
Resale prices of Housing and Development Board (HDB) flats rebounded in October, after booking their first decline in six months in September. The number of flats that changed hands also recovered, rising 10.8 per cent on the month to 2,200 flats transacted, flash estimates from 99.co and SRX showed on Thursday (Nov 9).
https://www.businesstimes.com.sg/property/hdb-resale-prices-volumes-rebound-october-bto-launch-underwhelms-srx-99co
https://www.straitstimes.com/singapore/housing/hdb-resale-prices-volume-rebound-in-october-million-dollar-flats-in-2023-total-377
Companies’ Brief
Centurion’s Q3 revenue up by 15% to S$51.1 million
Property company Centurion Corporation’s revenue for the third quarter of 2023 rose to S$51.1 million, 15 per cent higher than the same period last year. The company, which owns foreign worker dormitories and student-accommodation facilities in its portfolio, said that the increase came from higher occupancies in the dormitories in Singapore and Malaysia, as well as in its student hostels in the United Kingdom and Australia.
https://www.businesstimes.com.sg/companies-markets/centurions-q3-revenue-15-s511-million
https://www.theedgesingapore.com/capital/results/centurion-reports-3qfy2023-revenue-510-mil-15-higher-y-o-y
Tycoon Kwek Leng Beng donates $24m to SIT, funds to help nurture talent in hospitality sector
Singapore – A tower at the upcoming Singapore Institute of Technology (SIT) campus in Punggol will be named after local tycoon Kwek Leng Beng, who on Thursday donated $24 million to the university.
https://www.straitstimes.com/singapore/tycoon-kwek-leng-beng-donates-24m-to-sit-funds-to-help-nurture-talent-in-hospitality-sector
Global Economy & Real Estate
US Fed could hike rates again if ‘appropriate’: Powell
https://www.businesstimes.com.sg/companies-markets/banking-finance/us-fed-could-hike-rates-again-if-appropriate-powell
https://www.straitstimes.com/business/economy/feds-powell-others-not-ready-to-call-policy-peak
Fed’s Harker favours steady rate stance, doesn’t see near-term rate cuts
https://www.businesstimes.com.sg/companies-markets/banking-finance/feds-harker-favours-steady-rate-stance-doesnt-see-near-term-rate
US economy scores low on new index measuring nation’s well-being
https://www.businesstimes.com.sg/international/us-economy-scores-low-new-index-measuring-nations-well-being
New US jobless claims edge down; continued claims on the rise
https://www.businesstimes.com.sg/international/new-us-jobless-claims-edge-down-continued-claims-rise
Australia central bank sees risk of upside surprises to inflation in policy outlook
https://www.businesstimes.com.sg/companies-markets/banking-finance/australia-central-bank-sees-risk-upside-surprises-inflation
Long before rescue talks, Country Garden struggled to build homes, pay bills
https://www.businesstimes.com.sg/property/long-rescue-talks-country-garden-struggled-build-homes-pay-bills
https://www.channelnewsasia.com/business/china-property-giant-country-giant-struggle-homes-pay-bills-rescue-talks-3911256
China’s consumer prices back in decline as recovery wobbles
https://www.businesstimes.com.sg/international/global/chinas-consumer-prices-back-decline-recovery-wobbles
https://www.channelnewsasia.com/business/chinas-consumer-prices-back-decline-recovery-wobbles-3908521
Discontent in China on the rise as economy slows: survey
https://www.businesstimes.com.sg/international/discontent-china-rise-economy-slows-survey
https://www.straitstimes.com/business/china-slips-back-into-deflation-and-why-that-s-a-worry
Germany reaches deal on electricity price support for industry
https://www.businesstimes.com.sg/international/germany-reaches-deal-electricity-price-support-industry
Hong Kong taps property tycoons to attract family offices
https://www.businesstimes.com.sg/international/hong-kong-taps-property-tycoons-attract-family-offices
https://www.straitstimes.com/business/hong-kong-taps-tycoons-to-help-attract-family-offices
Deep discounts for Hong Kong Singles’ Day shopping event as businesses aim to boost takings in sluggish economy
https://www.scmp.com/news/hong-kong/hong-kong-economy/article/3240968/deep-discounts-hong-kong-singles-day-shopping-event-businesses-aim-boost-takings-sluggish-economy
MTR receives no ‘conforming tender’ for Tung Chung site in latest setback for Hong Kong’s property market outlook
https://www.scmp.com/business/companies/article/3240962/mtr-receives-no-conforming-tender-tung-chung-site-latest-setback-hong-kongs-property-market-outlook
What’s new in Macau: 5 hotel openings in 2023, from the first Versace hotel in Asia to the invite-only Raffles at Galaxy Macau – rooms cost more than US$1,800
https://www.scmp.com/magazines/post-magazine/travel/article/3240866/whats-new-macau-5-hotel-openings-2023-first-versace-hotel-asia-invite-only-raffles-galaxy-macau
Japan current account surplus hits record in support for economy
https://www.businesstimes.com.sg/international/japan-current-account-surplus-hits-record-support-economy
BOJ, Japan Inc need to prepare for ‘life with interest rates’: lobby head
https://www.businesstimes.com.sg/international/boj-japan-inc-need-prepare-life-interest-rates-lobby-head
https://www.channelnewsasia.com/business/boj-japan-inc-need-prepare-life-interest-rates-lobby-head-says-3909626
BOJ’s Ueda says undershooting inflation is harder to repair
https://www.businesstimes.com.sg/international/bojs-ueda-says-undershooting-inflation-harder-repair
Japan’s efforts to foster chip sector are ‘impressive’: research organisation head
https://www.businesstimes.com.sg/international/global/japans-efforts-foster-chip-sector-are-impressive-research-organisation-head
https://www.channelnewsasia.com/business/japans-efforts-foster-chip-sector-are-impressive-research-org-head-3908871
New York City rents retreat from record highs as market starts to cool
https://www.businesstimes.com.sg/property/new-york-city-rents-retreat-record-highs-market-starts-cool
Taiwan central bank says rate hike cycle may not be over
https://www.channelnewsasia.com/business/taiwan-central-bank-says-rate-hike-cycle-may-not-be-over-3908476
Downturn in UK housing market bottoms out in October: RICS
https://www.businesstimes.com.sg/property/downturn-uk-housing-market-bottoms-out-october-rics
UK home price slump has further to run despite indications of stabilisation
https://www.businesstimes.com.sg/property/uk-home-price-slump-has-further-run-despite-indications-stabilisation
UK government faces homelessness row as poverty grows
https://www.businesstimes.com.sg/international/uk-government-faces-homelessness-row-poverty-grows
Vietnam targets GDP growth of 6%-6.5% in 2024, inflation at 4%-4.5%
https://www.businesstimes.com.sg/international/asean/vietnam-targets-gdp-growth-6-65-2024-inflation-4-45
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