Singapore Real Estate / Built Environment
Give developers more time – up to 7 years – to complete and sell homes in large projects
To meet private housing demand, the government sells residential sites. The confirmed list of the H2 2024 Government Land Sales (GLS) programme comprises nine private housing sites, including one executive condominium site, as well as one commercial and residential site, which can collectively yield about 5,050 homes and 14,300 square metres gross floor area (GFA) of commercial space.
https://www.businesstimes.com.sg/opinion-features/give-developers-more-time-7-years-complete-and-sell-homes-large-projects
Mortgagee listings for residential and industrial properties build up in Q2 as bankruptcies rise
More residential and industrial properties in Singapore were put up for mortgagee sales in the second quarter of 2024, as homeowners and businesses in Singapore continued to bear the brunt of high interest rates and a tough business climate.
https://www.businesstimes.com.sg/property/mortgagee-listings-residential-and-industrial-properties-build-q2-bankruptcies-rise
Fewer caveats lodged for shophouse sales, but agents say market sentiment in S’pore has improved
Singapore – The commercial shophouse market appears to be on the upswing despite just 16 caveats being lodged between April and June, as nearly 12 transactions were not caveated, PropNex noted in a shophouse research report released on July 25.
https://www.straitstimes.com/singapore/fewer-caveats-lodged-for-shophouse-sales-but-agents-say-market-sentiment-in-s-pore-has-improved
Business News
CapitaLand Ascott Trust prices S$150 million of perpetuals at 4.6%
Hospitality player CapitaLand Ascott Trust (Clas) has priced S$150 million in perpetual securities at 4.6 per cent, it announced on Monday (Jul 29).
https://www.businesstimes.com.sg/companies-markets/capitaland-ascott-trust-prices-s150-million-perpetuals-4-6
https://www.theedgesingapore.com/news/reits/capitaland-ascott-trust-call-its-2019-perps-plans-replace-new-tranche
CapitaLand China Trust H1 DPU falls 19.5% to S$0.0301 on lower revenue
Real estate investment trust (Reit) CapitaLand China Trust (CLCT) manager on Tuesday (Jul 30) announced that the Reit’s distribution per unit (DPU) declined by 19.5 per cent to S$0.0301 for the first half ended Jun 30, from S$0.0374 in the corresponding year-ago period.
https://www.businesstimes.com.sg/companies-markets/reits-property/capitaland-china-trust-h1-dpu-falls-19-5-s0-0301-lower-revenue
https://www.theedgesingapore.com/capital/results/clcts-dpu-fell-195-1hfy2024-rose-marginally-h-o-h
CapitaLand India Trust posts 8.3% rise in H1 DPU to 3.64 cents
CapitaLand India Trust (Clint) saw an 8.3 per cent increase in distributions per unit to 3.64 Singapore cents for the half year ended Jun 30, thanks to growing rental income and occupancy.
https://www.businesstimes.com.sg/companies-markets/capitaland-india-trust-posts-8-3-rise-h1-dpu-3-64-cents
https://www.theedgesingapore.com/capital/results/capitaland-india-trust-posts-1hfy2024-dpu-364-cents-8-y-o-y
CDL Hospitality Trusts H1 net property income up 5.9% at S$66.5 million
CDL Hospitality Trusts (CDLHT) net property income (NPI) for the first half ended Jun 30, 2024, rose 5.9 per cent to S$66.5 million, from S$62.9 million in the year-ago period.
https://www.businesstimes.com.sg/companies-markets/cdl-hospitality-trusts-h1-net-property-income-5-9-s66-5-million
https://www.theedgesingapore.com/capital/results/cdlht-1hfy2024-dps-flat-251-cents-despite-npi-growing-59-y-o-
Far East Hospitality Trust’s H1 DPS up 2.1% to S$0.0196
Far East Hospitality Trust (FEHT) posted a 2.1 per cent increase in distribution per stapled security (DPS) to S$0.0196 for the first half ended Jun 30, from S$0.0192 in the year-ago period.
https://www.businesstimes.com.sg/companies-markets/far-east-hospitality-trusts-h1-dps-2-1-s0-0196
https://www.theedgesingapore.com/capital/results/far-east-hospitality-trust-reports-1hfy2024-dps-196-cents-21-higher-y-o-y
Keppel Reit reports 3.4% lower H1 DPU of S$0.028 amid higher borrowing costs
Keppel Reit’s distribution per unit (DPU) fell by 3.4 per cent to S$0.028 for its first half-year ended June, from S$0.029 the year before. Property income was up 8.9 per cent year on year at S$125.1 million for H1, from S$114.9 million.
https://www.businesstimes.com.sg/companies-markets/keppel-reit-reports-3-4-lower-h1-dpu-s0-028-amid-higher-borrowing-costs
https://www.theedgesingapore.com/capital/results/keppel-reit-dpu-falls-34-y-o-y-28-cents-portfolio-valuation-255-george-street
Keppel unit forms JV to provide urban planning services in Shandong, China
A unit of global asset manager Keppel has entered a joint venture (JV) to provide consulting services – such as urban planning, industrial promotion and smart city solutions – to a large-scale integrated project in Jinan, in China’s Shandong province.
https://www.businesstimes.com.sg/companies-markets/keppel-unit-forms-jv-provide-urban-planning-services-shandong-china
https://www.theedgesingapore.com/news/deals-joint-ventures-alliances/keppel-forms-jv-jinan-pioneer-provide-consulting-servces-jinan
Family feud leads to court order to wind up Lian Huat Group’s parent company
Embroiled in a family feud, the parent company of property developer Lian Huat Group faces a court order to be wound up in 30 days unless its management team can reach a resolution.
https://www.businesstimes.com.sg/companies-markets/family-feud-leads-court-order-wind-lian-huat-groups-parent-company
No arrests made in connection with properties purchased by Oxley CEO, group says
Property developer Oxley Holdings has clarified that no person has been arrested in connection with chief executive officer Ching Chiat Kwong’s purchase of Palazzo Dona and Palazzo Papadopoli in Venice.
https://www.businesstimes.com.sg/companies-markets/no-arrests-made-connection-properties-purchased-oxley-ceo-group-says
https://www.straitstimes.com/business/companies-markets/no-arrests-made-in-connection-with-properties-purchased-by-oxley-ceo-group-says
Pan Pacific Hotels to debut in Kyoto with new property in Japan portfolio
Pan Pacific Hotels Group will debut in Kyoto through the addition of The Hotel Higashiyama Kyoto Tokyu to its Japan portfolio in 2025.
https://www.businesstimes.com.sg/companies-markets/pan-pacific-hotels-debut-kyoto-new-property-japan-portfolio
SLB Development sinks into $22.1 mil loss in FY2024
SLB Development has reported a loss of $22.1 million for the FY2024 ended May 31, reversing from earnings of $8.4 million in the year before. The group made a deeper loss of $17.5 million for the 2HFY2024, compared to the loss of $2.2 million in the 2HFY2023.
https://www.theedgesingapore.com/capital/results/slb-development-sinks-221-mil-loss-fy2024
Starhill Global Reit posts 6.6% lower H2 DPU of S$0.0185
Starhill Global Reit posted a distribution per unit (DPU) of S$0.0185 in the second half ended Jun 30, 2024, down 6.6 per cent from the same period a year before.
https://www.businesstimes.com.sg/companies-markets/starhill-global-reit-posts-6-6-lower-h2-dpu-s0-0185
https://www.theedgesingapore.com/capital/results/starhill-global-reits-fy2024-dpu-declines-45
Global Economy & Real Estate
Global economy’s growing resilience at odds with rate cut expectations: Reuters poll
https://www.channelnewsasia.com/business/global-economys-growing-resilience-odds-rate-cut-expectations-reuters-poll-4511611
US cuts borrowing estimate, sees smaller year-end cash pile
https://www.businesstimes.com.sg/international/us-cuts-borrowing-estimate-sees-smaller-year-end-cash-pile
Electronics growth, tourism recovery put Asean on course for strong finish to 2024
https://www.businesstimes.com.sg/international/asean/electronics-growth-tourism-recovery-put-asean-course-strong-finish-2024
EU short-term rental bookings surge 28% in first quarter: Eurostat
https://www.businesstimes.com.sg/property/eu-short-term-rental-bookings-surge-28-first-quarter-eurostat
Southern Europe’s prime property prices are booming, study shows
https://www.businesstimes.com.sg/property/southern-europes-prime-property-prices-are-booming-study-shows
Lessons to be learned from failed tender for subsidised Hong Kong flats
https://www.scmp.com/opinion/article/3272387/lessons-be-learned-failed-tender-subsidised-hong-kong-flats
Affordable homes will give Hong Kong youth the chance to soar, not lie flat, housing chief says
https://www.scmp.com/news/hong-kong/society/article/3272152/affordable-homes-will-give-hong-kong-youth-chance-soar-not-lie-flat-housing-chief-says
Hong Kong home prices soften again in June, down 1.2%
https://www.businesstimes.com.sg/property/hong-kong-home-prices-soften-again-june-down-1-2
https://www.straitstimes.com/business/hong-kong-home-prices-soften-again-in-june-down-12
https://www.channelnewsasia.com/business/hong-kong-home-prices-soften-again-june-down-12-4511041
https://www.scmp.com/business/article/3272260/hong-kongs-june-lived-home-prices-drop-while-rents-rise-buyers-await-mortgage-cuts?module=top_story&pgtype=subsection
Why Hong Kong’s property market isn’t all doom and gloom
https://www.scmp.com/opinion/hong-kong-opinion/article/3272262/why-hong-kongs-property-market-isnt-all-doom-and-gloom
Hong Kong’s New World secures two yuan loans to lower funding costs, source says
https://www.businesstimes.com.sg/property/hong-kongs-new-world-secures-two-yuan-loans-lower-funding-costs-source-says
Indonesia’s FDI rises 17% in Q2, propped up by smelter investment
https://www.businesstimes.com.sg/international/indonesias-fdi-rises-17-q2-propped-smelter-investment
Japan to achieve primary budget surplus next year, govt estimate shows
https://www.channelnewsasia.com/business/japan-achieve-primary-budget-surplus-next-year-govt-estimate-shows-4511106
Japan June jobless rate falls to 2.5%, job availability slips
https://www.channelnewsasia.com/business/japan-june-jobless-rate-falls-25-job-availability-slips-4512881
https://www.businesstimes.com.sg/international/global/japans-june-jobless-rate-falls-2-5-job-availability-slips
South Korea to support vendors hit by Qoo10 payment delays, Singapore-based founder pledges compensation
https://www.businesstimes.com.sg/international/global/south-korea-support-vendors-hit-qoo10-payment-delays-singapore-based-founder-pledges-compensation
https://www.straitstimes.com/business/south-korea-prepares-support-for-e-commerce-vendors-hit-by-qoo10-units-payment-delays
https://www.channelnewsasia.com/business/south-korea-qoo10-payment-delays-compensation-tmon-wemakeprice-4510711
Sweden’s economy shrinks on quarter as rates remain restrictive
https://www.businesstimes.com.sg/international/swedens-economy-shrinks-quarter-rates-remain-restrictive
New UK finance minister eyes spending cuts, accuses predecessor of budget black hole
https://www.businesstimes.com.sg/international/new-uk-finance-minister-eyes-spending-cuts-accuses-predecessor-budget-black-hole
Bank of England may kick off slow cycle of interest rate cuts
https://www.businesstimes.com.sg/companies-markets/banking-finance/bank-england-may-kick-slow-cycle-interest-rate-cuts
UK retail sales stumble again in July
https://www.businesstimes.com.sg/international/uk-retail-sales-stumble-again-july
UK public sector workers get above-inflation pay rises, worth £9 billion
https://www.businesstimes.com.sg/international/uk-public-sector-workers-get-above-inflation-pay-rises-worth-ps9-billion
UK lenders approve fewest mortgages since January
https://www.businesstimes.com.sg/property/uk-lenders-approve-fewest-mortgages-january
Vietnam posts strong exports and industrial output in July
https://www.businesstimes.com.sg/international/vietnam-posts-strong-exports-and-industrial-output-july
https://www.channelnewsasia.com/business/vietnam-posts-strong-growth-exports-and-industrial-production-4511021
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