Singapore Real Estate
Singapore narrows the gap with Hong Kong on real estate deals
Singapore is closing in on Hong Kong’s lead in real estate deals as the city-state benefits from its status as a wealth haven, while distressed property sales afflict the rival Asian financial hub.
https://www.businesstimes.com.sg/property/singapore-narrows-gap-hong-kong-real-estate-deals
https://www.straitstimes.com/business/singapore-narrows-gap-with-hong-kong-on-property-deals
https://www.bloomberg.com/news/articles/2023-12-10/singapore-narrows-the-gap-with-hong-kong-on-real-estate-deals
S’porean buyers lead prime property sales as foreign demand wanes amid stamp duty hike
Singapore – The hike in the additional buyer’s stamp duty (ABSD) for property has resulted in a steep fall in demand from foreigners, with analysts expecting the dampening effect to persist for an extended period.
https://www.straitstimes.com/business/property/s-porean-buyers-lead-prime-property-sales-as-foreign-demand-wanes-amid-stamp-duty-hike
Orchard Towers to undergo two-year makeover in a bid to shed shady past
Singapore: Once plagued by sleazy joints and a seedy reputation, Orchard Towers is looking to reinvent its image with a complete makeover within the next two years. A new external facade and claddings are in the works, and a number of family-friendly tenants are streaming in.
https://www.channelnewsasia.com/singapore/orchard-towers-makeover-shed-shady-past-new-beginnings-tenants-3973191
Five Reit ETFs in Singapore average 7.2 per cent total returns, ride on rate cut expectations
The five Reit exchange traded funds (ETFs) listed in Singapore averaged 7.2 per cent total returns in November. At 7.2 per cent total returns, this was the second best performer in terms of underlying segments across Singapore-listed ETFs, after ETFs with Vietnam Equities underlying.
https://www.businesstimes.com.sg/companies-markets/five-reit-etfs-singapore-average-72-cent-total-returns-ride-rate-cut-expectations
Singapore Economy
Singapore scores first carbon credit transfer deal at COP28
Carbon credits from Papua New Guinea will make up the pool of credits Singapore’s high emitters can use to offset up to 5 per cent of their taxable emissions from 2024. This is when the carbon tax rate rises to S$25 per tonne of emissions, from the current S$5 per tonne.
https://www.businesstimes.com.sg/esg/singapore-scores-first-carbon-credit-transfer-deal-cop28
https://www.straitstimes.com/singapore/singapore-inks-first-carbon-credit-agreement-with-papua-new-guinea
https://www.channelnewsasia.com/singapore/implementation-agreement-singapore-papua-new-guinea-carbon-credits-3975011
Household electricity bills set to rise as carbon taxes to increase in 2024
Singapore – Electricity prices for households are poised to rise in 2024 as power generation companies will face a higher tax for their carbon emissions. On average, the higher carbon tax could lead to an increase of $4 in monthly household utility bills for a four-room Housing Board flat, according to a forecast from the National Climate Change Secretariat (NCCS).
https://www.straitstimes.com/singapore/environment/household-electricity-bills-set-to-rise-as-carbon-taxes-to-be-hiked-in-2024
Singapore households’ finances: Still healthy, but with a chance of cost-of-living pressure
Singapore – Households here remain financially healthy, with the net worth for the average household continuing to grow, but this could come under pressure if costs of living continue to rise, experts said.
https://www.straitstimes.com/business/economy/singapore-households-finances-still-healthy-but-with-a-chance-of-cost-of-living-pressure
Companies’ Brief
CapitaLand Investment to announce significant decline in Patmi, cashflow to stay stable
On Dec 8, CapitaLand Investment announced that revaluation losses for assets in China, Australia, Europe, the UK and the US will cause a significant decrease in total Patmi for FY2023 as compared to FY2022. CLI reported total Patmi of $861 million in FY2022, down 36% y-o-y.
https://www.theedgesingapore.com/news/property/capitaland-investment-announce-significant-decline-patmi-cashflow-stay-stable
CLCT may commence buybacks with proceeds from Shuanjing mall sale
DBS Group Research has kept its “buy” call and $1.20 target price on CapitaLand China Trust, following plans to divest of the Shuangjing mall in Beijing at a price 37% above the valuation, and which will give it a gain of $143.2 million.
https://www.theedgesingapore.com/capital/brokers-calls/clct-may-commence-buybacks-proceeds-shuanjing-mall-sale
Keppel, Greenko founders to explore sustainable fuel production in South-east Asia, Middle East
Keppel Corporation’s infrastructure division and AM Green, which is wholly owned by the founders of Hyderabad-based Greenko, are teaming up to explore opportunities in producing biogenic carbon-based sustainable fuels in South-east Asia and the Middle East.
https://www.businesstimes.com.sg/esg/keppel-greenko-founders-explore-sustainable-fuel-production-south-east-asia-middle-east
https://www.straitstimes.com/business/keppel-in-tie-up-to-explore-sustainable-fuel-production-in-south-east-asia-middle-east
Perennial Holdings launches its brands in its S$1 billion Tianjin development
Singapore’s integrated real estate and healthcare company Perennial Holdings has launched its eldercare, medical and hotel brands in its S$1 billion, first “one-stop” healthcare-centric transit-oriented development in Tianjin.
https://www.businesstimes.com.sg/companies-markets/reits-property/perennial-holdings-launches-its-brands-its-s1-billion-tianjin
https://www.edgeprop.sg/property-news/perennial-launches-branded-eldercare-and-medical-care-integrated-development-tianjin
Sabana Reit partners Keppel unit to install rooftop solar panels at five more properties
Sabana Industrial Real Estate Investment Trust : M1GU (Sabana Reit) will install rooftop solar panels at five of its properties in Singapore, in an agreement with a Keppel unit.
https://www.businesstimes.com.sg/companies-markets/sabana-reit-partners-keppel-unit-install-rooftop-solar-panels-five-more
Views, Reviews Forum and Others
Condo maintenance fees on the rise, set to go higher as costs climb
Maintenance fees at private condominiums have crept up over the past decade, and are set to increase further as labour, materials and utilities costs continue to rise with overall inflation.
https://www.businesstimes.com.sg/property/condo-maintenance-fees-rise-set-go-higher-costs-climb
More people in hospital with Covid-19 as infections climb to highest number in Singapore in 2023
Covid-19 infections and hospitalisations are increasing, putting a strain on hospitals here. The Health Ministry, which raised the alert, has also reassured people that the numbers are not as high as during the pandemic, and that the circulating variants are not known to cause more severe illness.
https://www.businesstimes.com.sg/singapore/more-people-hospital-covid-19-infections-climb-highest-number-singapore-2023
https://www.straitstimes.com/singapore/more-people-in-hospital-with-covid-19-as-infections-climb-to-highest-number-in-singapore-in-2023
https://www.todayonline.com/singapore/covid-19-hospitalisations-icu-cases-rise-amid-increasing-infections-moh-2321521?cid=internal_mcdrecs_11122023_tdy#mdcrecs_s
https://www.channelnewsasia.com/singapore/covid-19-wave-cases-hospitalisation-icu-rise-infections-travel-festive-season-moh-3974996
https://www.scmp.com/news/asia/southeast-asia/article/3244497/waning-immunity-increased-travel-fuel-jump-singapore-covid-19-cases
askST: I tested positive for Covid-19. Should I still board my flight?
Singapore – With the school holidays and year-end festive season in full swing, more travellers are heading overseas despite countries in the region experiencing new Covid-19 waves and a rise in respiratory illnesses.
https://www.straitstimes.com/singapore/health/askst-i-tested-positive-for-covid-19-before-my-flight-should-i-still-board-the-plane
Global Economy & Real Estate
Global rate-cut standoff looms in 2023 policy finale
https://www.businesstimes.com.sg/international/global/global-rate-cut-standoff-looms-2023-policy-finale
https://www.theedgesingapore.com/news/global-economy/global-rate-cut-standoff-looms-2023-policy-finale
Tricky situation for Fed chair Powell ahead of final policy meeting of 2023
https://www.businesstimes.com.sg/opinion-features/tricky-situation-fed-chair-powell-ahead-final-policy-meeting-2023
More US commercial property owners to tap securities market in 2024: Moody’s
https://www.businesstimes.com.sg/property/more-us-commercial-property-owners-tap-securities-market-2024-moodys
US consumers see brighter days ahead as inflation fears tumble
https://www.businesstimes.com.sg/international/us-consumers-see-brighter-days-ahead-inflation-fears-tumble
US job growth accelerates in November; unemployment rate drops to 3.7%
https://www.businesstimes.com.sg/international/us-job-growth-accelerates-november-unemployment-rate-drops-37
https://www.straitstimes.com/business/us-employers-add-199k-jobs-in-november-unemployment-falls-to-37
Australia to raise fees for foreigners buying existing houses
https://www.businesstimes.com.sg/property/australia-raise-fees-foreigners-buying-existing-houses
https://www.scmp.com/news/asia/australasia/article/3244528/australia-triple-fees-foreigners-buying-existing-homes-penalise-them-if-they-leave-properties-empty
Australia to cut record high migration as housing crisis bites
https://www.businesstimes.com.sg/international/australia-cut-record-high-migration-housing-crisis-bites
https://www.straitstimes.com/asia/australia-plans-to-halve-migrant-intake-tighten-student-visa-rules
https://www.scmp.com/news/asia/australasia/article/3244585/australia-plans-halve-migrant-intake-tighten-student-visa-rules
China’s consumer prices fall fastest in 3 years, factory-gate deflation deepens
https://www.channelnewsasia.com/business/china-economy-consumer-prices-deflation-november-2023-3977196
Global travel demand to and from mainland China recovering at strong pace, IATA chief says, but analysts cautious amid economic slowdown, geopolitical rifts
https://www.scmp.com/news/china/article/3244562/global-travel-demand-and-mainland-china-recovering-strong-pace-iata-chief-says-analysts-cautious
Spurred by a domestic property debacle and a currency sell-off, Shanghai high-net-worth individuals hunt for overseas homes
https://www.scmp.com/business/china-business/article/3244556/spurred-domestic-property-debacle-and-currency-sell-shanghai-high-net-worth-individuals-hunt
Bank of England to hold its line against rate cut talk
https://www.businesstimes.com.sg/international/bank-england-hold-its-line-against-rate-cut-talk
Eurozone yields rise as US jobs growth accelerates
https://www.businesstimes.com.sg/international/eurozone-yields-rise-us-jobs-growth-accelerates
Will Hong Kong’s tax tweaks end its real estate slump?
https://www.businesstimes.com.sg/international/global/will-hong-kongs-tax-tweaks-end-its-real-estate-slump
Hong Kong’s property downturn may yet save century-old townhouse
https://www.businesstimes.com.sg/property/hong-kongs-property-downturn-may-yet-save-century-old-townhouse
Hong Kong tourism blueprint to revamp Kai Tak’s role, improve cruise terminal, minister says
https://www.scmp.com/news/hong-kong/hong-kong-economy/article/3244496/hong-kong-tourism-blueprint-revamp-kai-taks-role-within-sector-improve-cruise-terminal-culture-chief
Hong Kong electricity price rises will be lower than inflation, environment chief says, reveals talks under way to build nuclear power plant in mainland China
https://www.scmp.com/news/hong-kong/hong-kong-economy/article/3244494/electricity-prices-will-not-exceed-inflation-hong-kong-environment-chief-says-reveals-talks-underway
Japan sees deepest contraction since Covid-19 pandemic
https://www.straitstimes.com/business/japan-s-economy-contracts-more-than-initially-estimated-in-q3
Softening consumption may delay BOJ’s exit from easy policy
https://www.businesstimes.com.sg/international/softening-consumption-may-delay-bojs-exit-easy-policy
Workers sceptical of better pay, firms concerned over higher costs as Malaysia pilots Singapore-styled progressive wage policy
https://www.channelnewsasia.com/asia/malaysia-progressive-wage-model-workers-businesses-smes-3973221
Converting NYC office buildings to homes can help the environment
https://www.businesstimes.com.sg/property/converting-nyc-office-buildings-homes-can-help-environment
Investor group launches $7.8 billion buyout bid for iconic department store chain Macy’s
https://www.straitstimes.com/business/investor-group-launches-78-billion-buyout-bid-for-macy-s
Swedish housing-price decline confirmed by broker data
https://www.businesstimes.com.sg/property/swedish-housing-price-decline-confirmed-broker-data
Thailand to raise minimum wage by 2.37% from Jan 1
https://www.businesstimes.com.sg/international/thailand-raise-minimum-wage-237-jan-1
Thailand’s tweak of tax regulation on foreign income sparks confusion, worries
https://www.businesstimes.com.sg/international/asean/thailands-tweak-tax-regulation-foreign-income-sparks-confusion-worries
UK manufacturers report some signs of recovery: Make UK
https://www.businesstimes.com.sg/international/uk-manufacturers-report-some-signs-recovery-make-uk
UK households more upbeat on inflation and rates peaking
https://www.businesstimes.com.sg/international/uk-households-more-upbeat-inflation-and-rates-peaking
UK property asking prices fall more than usual: Rightmove
https://www.businesstimes.com.sg/property/uk-property-asking-prices-fall-more-usual-rightmove
Key UK mortgage rate drops below 6% for first time since June
https://www.businesstimes.com.sg/property/key-uk-mortgage-rate-drops-below-6-first-time-june
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