Singapore Real Estate
Hospitality S-Reits set to continue ‘stellar’ run but at slower pace
Hospitality focused Singapore-listed real estate investment trusts (S-Reits) have had a good run in the last year, outperforming S-Reits from other sub-sectors such as retail and healthcare.
https://www.businesstimes.com.sg/companies-markets/hospitality-s-reits-set-continue-stellar-run-slower-pace
More S-Reits could be at risk of suspending distributions
The high interest rate environment has been punishing for locally-listed real estate investment trusts (S-Reits) amid rising finance costs, and valuations also coming under pressure. As at the latest financial results for the financial period ended Dec 2023, six of the 40 S-Reits and property trusts have partly or fully halted distributions to unitholders, amid worsening balance sheet metrics.
https://www.businesstimes.com.sg/companies-markets/more-s-reits-could-be-risk-suspending-distributions
‘Iconic’ Singapore Indoor Stadium should be preserved amid plans for new arena, say experts
Singapore: While the Singapore Indoor Stadium holds fond memories of major concerts and sporting events for many, one of architectural photographer Darren Soh’s earliest impressions of the arena was markedly different, but no less impactful.
https://www.channelnewsasia.com/singapore/indoor-stadium-new-arena-kallang-4191621
Singapore Economy
Singapore’s job vacancies rise to 79,800, while re-entry rate of retrenched workers falls in Q4
Job vacancies in Singapore edged up slightly in the fourth quarter of 2023, while a lower re-entry rate of 61.5 per cent was observed among residents six months after retrenchment, according to the Ministry of Manpower’s (MOM) Labour Market Report on Thursday (Mar 14).
https://www.businesstimes.com.sg/singapore/singapore-s-job-vacancies-rise-79-800-while-re-entry-rate-retrenched-workers-falls-q4
https://www.straitstimes.com/singapore/jobs/employment-in-singapore-grows-by-88400-in-2023-even-as-retrenchments-doubled
Nearly a third of companies plan to increase wages in first quarter of 2024: MOM report
Singapore: Nearly a third of employers in Singapore plan to increase wages in the first quarter of 2024, said the Ministry of Manpower (MOM) in its latest labour market report on Thursday (Mar 14).
https://www.channelnewsasia.com/singapore/third-companies-pay-rise-first-quarter-2024-mom-labour-market-report-4194611
https://www.todayonline.com/singapore/nearly-third-companies-plan-increase-wages-first-quarter-2024-mom-report-2382931
Singapore may see ‘short pause’ in investments as businesses await refundable credit details: PwC tax leader
Singapore is likely to see a “short pause” in investments in the near term, as large multinational enterprises (MNEs) wait to see what incentives other countries will offer in light of global tax changes, said PwC global tax policy leader William Morris in a recent interview with The Business Times.
https://www.businesstimes.com.sg/singapore/singapore-may-see-short-pause-investments-businesses-await-refundable-credit-details-pwc-tax-leader
Business News
BlackRock, GIC consider sale of UK gas pipeline assets
BlackRock and Singaporean sovereign wealth fund GIC are exploring the sale of a network of gas pipeline assets in the United Kingdom that could fetch about US$2 billion, according to sources familiar with the matter.
https://www.businesstimes.com.sg/international/asean/blackrock-gic-consider-sale-uk-gas-pipeline-assets
https://www.straitstimes.com/business/blackrock-gic-consider-sale-of-uk-gas-pipeline-assets
FLCT to acquire 89.9% interest in 4 logistics assets in Germany from sponsor for 118.7 million euros
Frasers Logistics and Commercial Trust is acquiring an 89.9 per cent interest in four logistics assets in Germany from its sponsor, Frasers Property. On Friday (Mar 15), FLCT said the agreed property purchase price of 129.5 million euros (S$173.1 million) represents a discount of 5.3 per cent to the assets’ appraised value by Colliers, and a 1.1 per cent discount to the value as appraised by CBRE.
https://www.businesstimes.com.sg/companies-markets/flct-acquire-89.9-interest-4-logistics-assets-germany-sponsor-118.7-million-euros
https://www.straitstimes.com/business/flct-to-acquire-899-interest-in-4-logistics-assets-in-germany-from-sponsor-for-1187-million-euros
Global Economy & Real Estate
US business inventories unchanged in January
https://www.businesstimes.com.sg/international/us-business-inventories-unchanged-january
US wholesale prices jump again in February
https://www.businesstimes.com.sg/international/us-wholesale-prices-jump-again-february
US retail sales rebound in February; weekly jobless claims fall
https://www.businesstimes.com.sg/international/us-retail-sales-rebound-february-weekly-jobless-claims-fall
US mortgage rates decrease for second week, falling to 6.74%
https://www.businesstimes.com.sg/property/us-mortgage-rates-decrease-second-week-falling-6.74
Goldman Sachs to resume bets on US property, other investors warn of more pain
https://www.businesstimes.com.sg/property/goldman-sachs-resume-bets-us-property-other-investors-warn-more-pain
Australia expects smaller revenue upgrade in budget due to falling commodity prices
https://www.businesstimes.com.sg/international/australia-expects-smaller-revenue-upgrade-budget-due-falling-commodity-prices
One dead, 29 rescued after Australian gold mine collapse
https://www.businesstimes.com.sg/international/one-dead-29-rescued-after-australian-gold-mine-collapse1
Banyan Group bets big on branded residences
https://www.businesstimes.com.sg/property/banyan-group-bets-big-branded-residences
China economy likely off to muted start as 5% GDP goal in focus
https://www.businesstimes.com.sg/international/global/china-economy-likely-muted-start-5-gdp-goal-focus
China adviser flags geopolitical risks in Xi’s industry push
https://www.businesstimes.com.sg/international/china-adviser-flags-geopolitical-risks-xi-s-industry-push
Investment in Germany by foreign firms drops to decade low, study finds
https://www.businesstimes.com.sg/international/investment-germany-foreign-firms-drops-decade-low-study-finds
Hong Kong, Greater Bay Area employers grew less optimistic on hiring in 2024
https://www.businesstimes.com.sg/international/hong-kong-greater-bay-area-employers-grew-less-optimistic-hiring-2024
https://www.scmp.com/business/china-business/article/3255359/hong-kongs-hiring-market-remain-soft-employers-are-concerned-about-challenging-economic-outlook-kpmg
Hong Kong’s Wheelock prices Lohas Park project Seasons Place at 5-year low for Tseung Kwan O
https://www.scmp.com/business/article/3255411/hong-kongs-wheelock-prices-lohas-park-project-seasons-place-five-year-low-tseung-kwan-o
First Hong Kong public housing tenants to move to new homes from Pok Fu Lam sea-view ‘luxury residence for ordinary people’
https://www.scmp.com/news/hong-kong/society/article/3255395/first-hong-kong-public-housing-tenants-move-new-homes-pok-fu-lam-sea-view-luxury-residence-ordinary
3 new Hong Kong ‘community living rooms’ for people living in tiny subdivided flats to open
https://www.scmp.com/news/hong-kong/society/article/3255424/3-new-hong-kong-community-living-rooms-people-living-tiny-subdivided-flats-open
Japanese firms offer biggest pay rise since 2013, largest industrial union says
https://www.businesstimes.com.sg/international/japanese-firms-offer-biggest-pay-rise-2013-largest-industrial-union-says
https://www.channelnewsasia.com/business/japanese-firms-offer-biggest-pay-rise-2013-largest-industrial-union-says-4194516
KKR to buy Japan real estate even after BOJ raises rates
https://www.businesstimes.com.sg/property/kkr-buy-japan-real-estate-even-after-boj-raises-rates
Bank of Korea cautious in final stage of inflation fight
https://www.channelnewsasia.com/business/bank-korea-cautious-final-stage-inflation-fight-4194346
New Zealand warns of ‘significantly slower’ growth over next few years
https://www.businesstimes.com.sg/international/new-zealand-warns-significantly-slower-growth-over-next-few-years
South Korea will look at bolstering corporate reform after criticism
https://www.channelnewsasia.com/business/south-korea-will-look-bolstering-corporate-reform-after-criticism-4194031
South Korea pension fund backs government push to fix ‘Korea discount’
https://www.channelnewsasia.com/business/south-korea-pension-fund-backs-government-push-fix-korea-discount-4194271
Manhattan apartment rents climb during busy February for leasing
https://www.businesstimes.com.sg/property/manhattan-apartment-rents-climb-during-busy-february-leasing
Swiss bourse posts $1.5 billion loss
https://www.straitstimes.com/business/companies-markets/swiss-bourse-posts-15-billion-loss
Taiwan central bank will probably not cut rates before June, governor says
https://www.channelnewsasia.com/business/taiwan-central-bank-will-probably-not-cut-rates-june-governor-says-4194476
Taiwan firms in mainland China turn ‘more cautious’ with investments as cuts and offshoring increase, survey finds
https://www.scmp.com/economy/global-economy/article/3255379/taiwan-firms-mainland-china-turn-more-cautious-investments-cuts-and-offshoring-increase-survey-finds
Thailand’s largest construction company faces $4b debt crunch as some overseas projects fail
https://www.straitstimes.com/business/companies-markets/thailand-s-largest-construction-company-faces-4b-debt-crunch-as-some-overseas-projects-fail
UK housing market strengthens in February: RICS survey
https://www.businesstimes.com.sg/property/uk-housing-market-strengthens-february-rics-survey
Vietnam PM meets top local businesses amid weak bank lending
https://www.businesstimes.com.sg/international/vietnam-pm-meets-top-local-businesses-amid-weak-bank-lending
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