Singapore Real Estate
Hard landing ahead for Singapore’s residential collective sale market
It has been a tough time for Singapore’s residential en bloc sale market, with one unsuccessful attempt after another. Earlier this month, Pine Grove condominium found no takers at its S$1.95 billion asking price for the 99-year leasehold site, in its fifth bid at a collective sale.
https://www.businesstimes.com.sg/property/hard-landing-ahead-singapores-residential-collective-sale-market
Condo rents fall again in April after slight recovery in March
Singapore condominium rents fell again in April after a temporary respite in March, based on flash estimates released by SRX and 99.co on Friday (May 17). Rents in the Housing and Development Board (HDB) market continued to climb for the third straight month, and leasing volumes for both markets grew.
https://www.businesstimes.com.sg/property/condo-rents-fall-again-april-after-slight-recovery-march-srx-99-co
https://www.straitstimes.com/singapore/housing/condo-rents-dip-04-in-april-hdb-rents-inch-up-03
HDB rolls out resale flat listing service: Should property agents and listing portals be worried?
Singapore: For the past few months, Ms Goh XY has been on the lookout for a new home – without using a property agent. So far, the experience for her husband and her has been “manageable”, said Ms Goh, who is in her 30s.
https://www.channelnewsasia.com/singapore/hdb-resale-flat-listing-service-property-agent-listing-portals-not-worried-4331281
Is it riskier for single or zero-income couples to buy HDB flats?
Intuitively, you would think that if a person is unable to secure sufficient loan financing before buying a home, the prudent thing to do would be to not proceed to make such a purchase. Without a loan, you could, after all, be stuck having to pay for a large proportion of the amount in cash.
https://www.businesstimes.com.sg/property/it-riskier-single-or-zero-income-couples-buy-hdb-flats
Singapore Economy
Concert tourism a growth area Singapore can tap into: Edwin Tong
Singapore – The back-to-back, high-revenue generating concerts seen in the first quarter of 2024 are not likely to recur, given the rare scale of the Taylor Swift and Coldplay concerts.
https://www.straitstimes.com/singapore/consumer/concert-tourism-a-growth-area-singapore-can-tap-into-edwin-tong
https://www.straitstimes.com/singapore/consumer/top-tier-concerts-helped-draw-over-a-million-visitors-to-sports-hub-in-first-3-months-of-2024
Singapore firms turn optimistic as performance declines less sharply in Q1: BT-SUSS poll
Singapore firms have turned optimistic about business prospects in the next six months, as performance declined less severely in the first quarter of 2024, according to the latest quarterly Business Times-Singapore University of Social Sciences (BT-SUSS) Business Climate Survey.
https://www.businesstimes.com.sg/singapore/singapore-firms-turn-optimistic-performance-declines-less-sharply-q1-bt-suss-poll
Business News
Keppel’s data centres CEO to become senior managing director, M1 CEO to helm connectivity portfolio
Mainboard-listed Keppel on Friday (May 17) announced leadership changes in its data centres and networks segment as it strives to grow its asset management business. Thomas Pang, Keppel’s current data centres and networks chief executive, will be named senior managing director in the CEO’s office, and relinquish his data centres and networks portfolio.
https://www.businesstimes.com.sg/companies-markets/keppels-data-centres-ceo-become-senior-managing-director-m1-ceo-helm-connectivity-portfolio
Keppel Reit unit obtains 131 billion won loan facility
A subsidiary of Keppel Real Estate Investment Trus (Reit) has procured a loan facility of 131 billion won (S$130.1 million), guaranteed by its trustee HSBC Institutional Trust Services, said the manager of Keppel Reit on Friday (May 17).
https://www.businesstimes.com.sg/companies-markets/reits-property/keppel-reit-unit-obtains-131-billion-won-loan-facility
Mapletree closes second Japan logistics development fund, expects 110 billion yen AUM
Mapletree Japan Investment Country Private Trust (Majic) fund has had a successful close, riding the wave of a booming logistics sector in Japan. Majic is expected to rack up more than 110 billion yen (S$951.1 million) in assets under management (AUM) after full deployment and all development projects are completed, said Mapletree Investments on Friday (May 17).
https://www.businesstimes.com.sg/companies-markets/mapletree-closes-second-japan-logistics-development-fund-expects-110-billion-yen-aum
S-Reit DPUs remain weak in Q1 but sector expected to ride out interest rate woes
Real estate investment trusts (S-Reits), including property trusts, logged a sluggish performance in the first quarter of 2024 as sector headwinds of high interest rates and a strong Singapore dollar continued to weigh.
https://www.businesstimes.com.sg/companies-markets/reits-property/s-reit-dpus-remain-weak-q1-sector-expected-ride-out-interest-rate-woes
Views, Reviews, Forum and Others
Singapore facing new Covid-19 wave; vaccination recommended especially for seniors: Ong Ye Kung
Singapore – Singapore is seeing a new Covid-19 wave, with rising cases of infection in the last two weeks, said Health Minister Ong Ye Kung on May 18. “We are at the beginning part of the wave where it is steadily rising,” said Mr Ong. “So I would say the wave should peak in the next two to four weeks, which means between mid- and end of June.”
https://www.straitstimes.com/singapore/s-pore-facing-new-covid-19-wave-vaccination-recommended-especially-for-seniors-ong-ye-kung
ERP 2.0 roll-out delayed for new Tesla cars, LTA finalising installation details
Singapore: The roll-out of Singapore’s satellite-based Electronic Road Pricing system, known as ERP 2.0, in new vehicles has been delayed for Tesla cars. All new vehicles registered from May 1 are supposed to be pre-fitted with the ERP 2.0 on-board unit (OBU), instead of the in-vehicle unit (IU) for the old ERP system.
https://www.channelnewsasia.com/singapore/tesla-erp-20-lta-new-cars-obu-delayed-4340111
All foreigners arriving in Singapore can now use automated lanes at Changi Airport without prior enrolment
Singapore: All foreigners arriving in Singapore, regardless of nationality, can now use the automated lanes at Changi Airport, the Immigration and Checkpoints Authority (ICA) said on Friday (May 17).
https://www.channelnewsasia.com/singapore/foreigners-travellers-automated-lanes-immigration-changi-airport-ica-4340701
https://www.straitstimes.com/singapore/automated-immigration-clearance-begins-for-all-singapore-visitors-at-changi-airport
https://www.scmp.com/news/asia/southeast-asia/article/3263100/singapore-roll-out-automated-lanes-all-foreign-tourists-speed-travel-edge-out-hong-kong-regional-hub
Johor police station attack: S’pore steps up security measures, including at checkpoints
Singapore – Security measures in Singapore have been stepped up on May 18, following an attack on a police station in Ulu Tiram in Malaysia’s Johor state on May 17.
https://www.straitstimes.com/singapore/johor-police-station-attack-security-measures-stepped-up-including-at-checkpoints-says-s-pore-s-mha
https://www.channelnewsasia.com/singapore/checkpoints-security-travellers-delay-immigration-johor-police-station-attack-jemaah-islamiyah-4346281
https://www.straitstimes.com/asia/se-asia/mfa-condemns-police-station-attack-in-johor-urges-singaporeans-to-be-vigilant
https://www.scmp.com/news/asia/southeast-asia/article/3263179/singaporeans-travelling-malaysia-told-be-vigilant-after-deadly-johor-police-station-attack
Global Economy & Real Estate
Canada exploring higher tariffs on China electric vehicles: trade minister
https://www.businesstimes.com.sg/international/canada-exploring-higher-tariffs-china-electric-vehicles-trade-minister
China launches anti-dumping probe into imported EU, US chemical
https://www.businesstimes.com.sg/international/china-launches-anti-dumping-probe-imported-eu-us-chemical
China rebound gets more lopsided as factories hum, shoppers lag
https://www.businesstimes.com.sg/international/global/china-rebound-gets-more-lopsided-factories-hum-shoppers-lag
https://www.straitstimes.com/business/china-consuming-spending-unexpectedly-slows-in-warning-sign-to-economy
China regulators to discuss property aid with banks on May 17
https://www.businesstimes.com.sg/property/china-regulators-discuss-property-aid-banks-may-17
China new home prices fall at fastest pace in over nine years
https://www.businesstimes.com.sg/property/china-new-home-prices-fall-fastest-pace-over-nine-years
https://www.straitstimes.com/business/china-home-prices-fall-at-faster-pace-despite-revival-efforts
https://www.channelnewsasia.com/asia/china-new-home-prices-fall-property-market-crisis-4342851
China unveils sweeping measures to rescue property market
https://www.businesstimes.com.sg/international/global/china-unveils-sweeping-measures-rescue-property-market
https://www.straitstimes.com/business/china-unveils-sweeping-measures-to-rescue-property-market
China pledges to buy apartments and finish stalled housing projects
https://www.channelnewsasia.com/asia/china-pledges-buy-property-reasonable-prices-finish-stalled-housing-4343221
https://www.scmp.com/business/china-business/article/3263034/chinese-vice-premier-he-lifeng-calls-cities-buy-back-residential-land-unsold-homes-aid-distressed?module=top_story&pgtype=subsection
PBOC to provide US$42 billion for state purchases of unsold homes
https://www.businesstimes.com.sg/international/global/pboc-provide-us-42-billion-state-purchases-unsold-homes
https://www.scmp.com/business/china-business/article/3263127/china-property-beijing-launches-us41-billion-fund-buy-unsold-homes-major-drive-rescue-housing-market?module=top_story&pgtype=subsection
China property: Beijing’s stimulus plan needs more time, money and policy support to resolve long-standing housing crisis
https://www.scmp.com/business/china-business/article/3263202/china-property-beijings-stimulus-plan-needs-more-time-money-and-policy-support-resolve-long-standing
China property: revival in Shanghai, Beijing and Shenzhen luxury home prices bodes well for mass market
https://www.scmp.com/business/article/3263246/china-property-revival-shanghai-beijing-and-shenzhen-luxury-home-prices-bodes-well-mass-market
China’s housing rescue is too small to end crisis, analysts say
https://www.businesstimes.com.sg/property/chinas-housing-rescue-too-small-end-crisis-analysts-say
https://www.straitstimes.com/business/china-s-housing-rescue-too-small-to-end-crisis-analysts-say
Banks warn of growing energy-related risks in Europe mortgage portfolios
https://www.businesstimes.com.sg/property/banks-warn-growing-energy-related-risks-europe-mortgage-portfolios
Hong Kong Q1 GDP expands 2.7% y/y, tourism, events to support growth
https://www.businesstimes.com.sg/international/hong-kong-q1-gdp-expands-2-7-yy-tourism-events-support-growth
https://www.channelnewsasia.com/business/hong-kong-q1-gdp-expands-27-y-y-4343626
Hong Kong finance minister vows to even out economic recovery through better market conditions, boost to consumer confidence
https://www.scmp.com/news/hong-kong/law-and-crime/article/3263254/hong-kong-finance-secretary-vows-even-out-economic-recovery-through-better-market-conditions-boost
Hong Kong and Singapore retail fortunes pick up, but Lion City could win in the long-term
https://www.scmp.com/business/article/3263238/hong-kong-and-singapore-retail-fortunes-pick-lion-city-could-win-long-term
Hong Kong environment authorities place 13 conditions on plan to build tech hub near mainland Chinese border
https://www.scmp.com/news/hong-kong/health-environment/article/3263063/hong-kong-environmental-authorities-place-13-conditions-plan-build-tech-hub-near-mainland-chinese
Is 100 sq ft too small a minimum for subdivided flats? Hong Kong experts take the measure of controversial problem blighting city
https://www.scmp.com/news/hong-kong/society/article/3263274/100-sq-ft-too-small-minimum-subdivided-flats-hong-kong-experts-take-measure-controversial-problem
Homebuyers snap up nearly all flats on offer at Sun Hung Kai’s Yoho Hub II for the second weekend, spurred by confidence-boosting market news
https://www.scmp.com/business/companies/article/3263198/homebuyers-snap-nearly-all-flats-offer-sun-hung-kais-yolo-hub-ii-second-weekend-spurred-confidence
Japan inflation likely slowed again, may ease cost pressure – Reuters poll
https://www.channelnewsasia.com/business/japan-inflation-likely-slowed-again-may-ease-cost-pressure-reuters-poll-4343276
Majority of Japanese firms says weak yen hurts profits: survey
https://www.businesstimes.com.sg/international/majority-japanese-firms-says-weak-yen-hurts-profits-survey
London remains top pick in Europe for financial Investors; Paris comes second
https://www.businesstimes.com.sg/international/global/london-remains-top-pick-europe-financial-investors-paris-comes-second
https://www.straitstimes.com/business/london-remains-top-pick-in-europe-for-financial-investors-paris-comes-second
Malaysia’s Q1 GDP growth surprises as recovery accelerates
https://www.straitstimes.com/business/malaysia-s-gdp-growth-surprises-as-recovery-accelerates
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