Singapore Real Estate
Latest land betterment charge rates reflect hot suburban vs cool prime condo markets
The latest land betterment charge (LBC) rates unveiled on Thursday (Feb 29) reflect the polarised performance and sentiment in the private condominium market between the suburbs and in prime locations.
https://www.businesstimes.com.sg/property/latest-land-betterment-charge-rates-reflect-hot-suburban-vs-cool-prime-condo-markets
https://www.straitstimes.com/business/land-betterment-charge-rates-for-residential-commercial-industrial-hotel-uses-raised
Paragon Reit declines sponsor Cuscaden Peak Investments’ offer to buy The Seletar Mall
Paragon Reit has declined an offer from its sponsor, Cuscaden Peak Investments, to acquire The Seletar Mall for S$550 million. On Thursday (Feb 29), the real estate investment trust’s manager said the offer was made on the basis of its right of first refusal.
https://www.businesstimes.com.sg/property/paragon-reit-declines-sponsor-cuscaden-peak-investments-offer-to-buy-the-seletar-mall
https://www.straitstimes.com/business/companies-markets/paragon-reit-rejects-cuscaden-peak-investments-offer-to-buy-the-seletar-mall
Conservation bungalow in Mountbatten owned by family of Lee Choon Guan put up for sale at S$54.5 million guide price
A conservation bungalow in Mountbatten Road owned by the same family for almost a century has been put up for sale at a guide price of S$54.5 million. The freehold heritage property was purchased in 1926 by the family of Lee Choon Guan, who founded the Chinese Commercial Bank in 1912, which eventually merged with Ho Hong Bank and Oversea-Chinese Bank in 1932 to form OCBC. Lee died in 1924.
https://www.businesstimes.com.sg/property/conservation-bungalow-in-mountbatten-owned-by-family-of-lee-choon-guan-put-up-for-sale-at-s-54-5-million-guide-price
https://www.straitstimes.com/business/conservation-bungalow-in-mountbatten-owned-by-family-of-lee-choon-guan-up-for-sale-at-545m
Singapore Economy
Severing ties with other countries over unfavourable views ‘not constructive’: Vivian Balakrishnan
Ceremonially breaking ties with countries whose actions Singapore disapproves of is neither constructive nor will it resolve the situation, said Foreign Minister Vivian Balakrishnan in Parliament on Thursday (Feb 29).
https://www.businesstimes.com.sg/singapore/severing-ties-with-other-countries-over-unfavourable-views-not-constructive-vivian-balakrishnan
Singapore’s plan for flight levy linked to green fuel adoption unlikely to dent air travel demand
Singapore’s plan to impose a flight levy linked to the transition to green aviation fuels is unlikely to hurt the region’s post-pandemic air travel recovery despite causing a modest increase in ticket prices, analysts say.
https://www.scmp.com/week-asia/economics/article/3253630/singapores-plan-flight-levy-linked-green-fuel-adoption-unlikely-dent-air-travel-demand
Beyond a swift lift to Singapore’s Q1 economy, Taylor’s concerts can deliver long-term dividends
Singapore – It is not often that a performer can move an entire economy, but that is the case with American superstar Taylor Swift, who has kept economists busy crunching numbers on her economic impact in cities staging her concerts.
https://www.straitstimes.com/singapore/beyond-a-swift-lift-to-singapore-s-q1-economy-taylor-s-concerts-can-deliver-long-term-dividends
https://www.channelnewsasia.com/commentary/taylor-swift-concert-singapore-tickets-grant-exclusive-4155926
Business News
Bonvests posts $7.2 mil FY2023 earnings despite competitive hotel landscape
Hotel operator and property developer Bonvests Holdings has reported earnings of $7.2 million for the FY2023 ended Dec 31, 2023, 65.4% lower than its earnings of $20.7 million for FY2022. Earnings per share for FY2023 stood at 1.785 cents, lower than the 5.161 cents for FY2023.
https://www.theedgesingapore.com/capital/results/bonvests-posts-72-mil-fy2023-earnings-despite-competitive-hotel-landscape
Centurion sees robust demand for worker dorms but warns rents not expected to keep rising
Mainboard-listed Centurion Corp will benefit from robust demand for worker beds, but its chief executive officer cautioned that rents “will not keep going up”. Rental rates across the market have generally stabilised, but continue to increase with demand, CEO Kong Chee Min said in an earnings briefing on Thursday (Feb 29).
https://www.businesstimes.com.sg/companies-markets/centurion-sees-robust-demand-for-worker-dorms-but-warns-rents-not-expected-to-keep-rising
Hong Fok H2 net profit falls 61.5% as Concourse Skyline sale dips
Property developer Hong Fok posted a net profit of S$81.2 million for the second half of 2023 on Thursday (Feb 29), a 61.5 per cent drop from its earnings of S$211 million in the year before. The result translates to earnings per share of 12.66 Singapore cents, against 32.72 cents in the corresponding period in FY22.
https://www.businesstimes.com.sg/companies-markets/hong-fok-h2-net-profit-falls-61-5-as-concourse-skyline-sale-dips
Mapletree Logistics Trust to spend S$234 million on Malaysia, Vietnam Grade A warehouse acquisitions
Mapletree Logistics Trust (MLT) will snag three Grade A warehouses – one in Malaysia, and two in Vietnam – for RM558.8 million (S$157.9 million) and 1.3 trillion Vietnamese dong (S$68.4 million) respectively, its manager announced on Thursday (Feb 29).
https://www.businesstimes.com.sg/companies-markets/mapletree-logistics-trust-to-spend-s-234-million-on-malaysia-vietnam-grade-a-warehouse-acquisitions
OUE declares final, special dividends amid halving of H2 profit to S$40.9 million
Property developer OUE on Thursday (Feb 29) posted earnings of S$40.9 million for the second half of the fiscal year ended December 2023, down 59.6 per cent from S$101.2 million in the corresponding year-ago period.
https://www.businesstimes.com.sg/companies-markets/oue-declares-final-special-dividends-amid-halving-of-h2-profit-to-s-40-9-million
Global Economy & Real Estate
Fed rate cut seen on track for June even as inflation bumps up
https://www.businesstimes.com.sg/international/fed-rate-cut-seen-on-track-for-june-even-as-inflation-bumps-up
https://www.straitstimes.com/business/us-fed-policymakers-look-past-bumpy-inflation-toward-interest-rate-cuts
US inflation increases in line with expectations in January
https://www.businesstimes.com.sg/international/us-inflation-increases-in-line-with-expectations-in-january
US pending home sales fall by most since August as borrowing costs creep up
https://www.businesstimes.com.sg/property/us-pending-home-sales-fall-by-most-since-august-as-borrowing-costs-creep-up
Mortgage rates in US rise to 6.94%, climbing for fourth week
https://www.businesstimes.com.sg/property/mortgage-rates-in-us-rise-to-6-94-climbing-for-fourth-week
Australia’s house prices up faster on sentiment lift
https://www.businesstimes.com.sg/property/australia-s-house-prices-up-faster-on-sentiment-lift
Australian home prices accelerate, defying interest-rate squeeze
https://www.businesstimes.com.sg/property/australian-home-prices-accelerate-defying-interest-rate-squeeze
China sets deadline for cities to set up financing coordination mechanism for property projects
https://www.businesstimes.com.sg/property/china-sets-deadline-for-cities-to-set-up-financing-coordination-mechanism-for-property-projects
China home sales drought persists despite mounting support
https://www.businesstimes.com.sg/property/china-home-sales-drought-persists-despite-mounting-support
China bolsters defence of overseas EV sales against US, EU counterpunches
https://www.scmp.com/economy/global-economy/article/3253685/china-bolsters-defence-overseas-ev-sales-against-us-eu-counterpunches
German inflation eases to 2.7% in February
https://www.businesstimes.com.sg/international/german-inflation-eases-to-2-7-in-february
German homebuilding permits tumble 27% in 2023 amid real estate rout
https://www.businesstimes.com.sg/property/german-homebuilding-permits-tumble-27-in-2023-amid-real-estate-rout
Is Hong Kong over? The answer lies beyond stock prices
https://www.businesstimes.com.sg/international/global/is-hong-kong-over-the-answer-lies-beyond-stock-prices
Hong Kong budget: Paul Chan has pulled all stops, but has city done enough to secure asset and wealth management hub status?
https://www.scmp.com/business/banking-finance/article/3253663/hong-kong-budget-paul-chan-has-pulled-all-stops-has-city-done-enough-secure-asset-and-wealth
Hong Kong budget 2024-25: arrivals to hit 70% of pre-pandemic levels by end of 2024, Tourism Board says
https://www.scmp.com/news/hong-kong/hong-kong-economy/article/3253713/hong-kong-budget-2024-25-arrivals-hit-70-pre-pandemic-levels-end-2024-tourism-board-says
Hong Kong to take more cautious approach to land sales despite expected market ‘uplift’ from removal of property curbs, development chief says
https://www.scmp.com/news/hong-kong/hong-kong-economy/article/3253712/hong-kong-take-more-cautious-approach-land-sales-despite-expected-market-uplift-removal-property
Hong Kong agents say property deals jump after big policy moves
https://www.businesstimes.com.sg/international/global/hong-kong-agents-say-property-deals-jump-after-big-policy-moves
https://www.channelnewsasia.com/business/hong-kong-agents-say-property-deals-jump-after-big-policy-moves-4159516
Hong Kong’s property market faces headwinds even after curbs are scrapped
https://www.businesstimes.com.sg/property/hong-kong-s-property-market-faces-headwinds-even-after-curbs-are-scrapped
Hong Kong’s New World to speed up asset disposals, flat sales in next 6 months
https://www.businesstimes.com.sg/property/hong-kong-s-new-world-to-speed-up-asset-disposals-flat-sales-in-next-6-months
https://www.scmp.com/business/article/3253695/hong-kong-developer-new-world-tap-improved-sentiment-bringing-property-launches-forward-after
Japan’s February factory activity shrinks most in over 3 years on weak demand: PMI
https://www.businesstimes.com.sg/international/global/japan-s-february-factory-activity-shrinks-most-in-over-3-years-on-weak-demand-pmi
https://www.channelnewsasia.com/business/japans-feb-factory-activity-shrinks-most-over-3-years-weak-demand-pmi-4162136
Japan’s tight labour market to keep upward pressure on wages
https://www.businesstimes.com.sg/international/japan-s-tight-labour-market-to-keep-upward-pressure-on-wages
Japan January jobless rate falls to 2.4%
https://www.channelnewsasia.com/business/japan-january-jobless-rate-falls-24-4162046
Malaysia economy ministry to coordinate meetings on Johor-Singapore SEZ: PM Anwar
https://www.channelnewsasia.com/asia/malaysia-economy-ministry-coordinate-johor-singapore-special-economic-zone-meetings-anwar-ibrahim-4159471
New Zealand house prices continue soft start to year with modest gains
https://www.businesstimes.com.sg/property/new-zealand-house-prices-continue-soft-start-to-year-with-modest-gains
South Korean February export growth beats forecasts on chip demand
https://www.channelnewsasia.com/business/south-korean-february-export-growth-beats-forecasts-chip-demand-4162156
Swiss economy grows moderately in Q4, beating expectations
https://www.businesstimes.com.sg/international/swiss-economy-grows-moderately-in-q4-beating-expectations
Taiwan revises up 2024 GDP growth forecast to 3.43% as exports recover
https://www.businesstimes.com.sg/international/taiwan-revises-up-2024-gdp-growth-forecast-to-3-43-as-exports-recover
https://www.channelnewsasia.com/business/taiwan-revises-2024-gdp-growth-forecast-exports-recover-4159746
Thai central bank chief says rate cuts will not help economy
https://www.businesstimes.com.sg/international/thai-central-bank-chief-says-rate-cuts-will-not-help-economy
https://www.channelnewsasia.com/business/thai-central-bank-chief-rate-cuts-will-not-help-economy-4161006
With UK in recession, calls grow louder for tax cuts to cushion the blow
https://www.businesstimes.com.sg/international/with-uk-in-recession-calls-grow-louder-for-tax-cuts-to-cushion-the-blow
UK mortgage approvals hit 15-month high, consumer credit jumps
https://www.businesstimes.com.sg/property/uk-mortgage-approvals-hit-15-month-high-consumer-credit-jumps
Vietnam’s inflation quickens in Feb; exports under cost pressure amid Red Sea crisis
https://www.businesstimes.com.sg/international/asean/vietnam-s-inflation-quickens-in-feb-exports-under-cost-pressure-amid-red-sea-crisis
https://www.channelnewsasia.com/business/vietnams-exports-factory-output-fall-feb-red-sea-impact-limited-4159346
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