Singapore Real Estate/Built Environment
Tekka Place on the market, with S$450 million asking price
A bumper crop of retail and hospitality assets in Singapore is being offered in the market, with sellers more confident of finding buyers, now that there is light at the end of the tunnel in terms of lower borrowing costs.
https://www.businesstimes.com.sg/property/tekka-place-market-40-million-asking-price
Strata retail sales down 32.1% in H1 to S$215.5 million; strata office deals take a dip
The total transacted value of strata retail units fell 32.1 per cent to S$215.5 million in the first half of the year, from S$317.2 million in the corresponding period a year ago, real estate consultant Knight Frank said on Monday (Aug 12).
https://www.businesstimes.com.sg/property/strata-retail-sales-down-32-1-h1-s215-5-million-strata-office-deals-take-dip
Will the HDB resale market, land tenure and senior living feature at the National Day Rally?
Singapore turning 59 is cause for celebration. A major source of national pride is our public housing. Sure, some people complain about the waiting time before collecting the keys to a new Housing and Development Board (HDB) flat, and the difficulty securing a desirable unit. Some people wish for lower prices of already generously subsidised new flats, or even more generous housing grants.
https://www.businesstimes.com.sg/opinion-features/will-hdb-resale-market-land-tenure-and-senior-living-feature-national-day-rally
Singapore Economy
PM Wong’s maiden National Day Rally speech to start at 6.45pm on Aug 18
Singapore – Prime Minister Lawrence Wong will deliver his National Day Rally speech on Aug 18 at the Institute of Technical Education College Central in Ang Mo Kio.
https://www.straitstimes.com/singapore/pm-wong-s-maiden-national-day-rally-speech-to-start-at-645pm-on-sunday
https://www.channelnewsasia.com/singapore/pm-lawrence-wong-national-day-rally-ndr-2024-aug-18-4541746
Singapore narrows 2024 growth forecast to higher end, at 2-3%; no revision to Q2 GDP
Singapore has narrowed its official full-year growth forecast for 2024 to a range of 2 to 3 per cent, from 1 to 3 per cent previously, the Ministry of Trade and Industry (MTI) said on Tuesday (Aug 13).
https://www.businesstimes.com.sg/singapore/singapore-narrows-2024-growth-forecast-higher-end-2-3-no-revision-q2-gdp
https://www.straitstimes.com/business/economy/singapore-narrows-2024-growth-forecast-to-2-3-as-economy-expands-29-in-q2
https://www.channelnewsasia.com/singapore/singapore-gdp-q2-2024-growth-forecast-narrowed-2-3-4543031
Singapore lowers full-year NODX forecast, expects growth of 4-5%
Singapore has lowered its full-year exports outlook to a range of 4 to 5 per cent, from 4 to 6 per cent previously. Non-oil domestic exports (NODX) fell 6.4 per cent year on year in Q2, following the 3.4 per cent decrease in Q1, data from Enterprise Singapore (EnterpriseSG) showed on Tuesday (Aug 13).
https://www.businesstimes.com.sg/singapore/economy-policy/singapore-lowers-full-year-nodx-forecast-expects-growth-4-5
Business News
CICT posts 2.5% rise in H1 DPU to S$0.0543 despite higher finance costs
CapitaLand Integrated Commercial Trust : C38U +0.95% (CICT) has recorded a distribution per unit (DPU) of S$0.0543 for the first half of the year, up 2.5 per cent from S$0.053 in the corresponding period the year before.
https://www.businesstimes.com.sg/companies-markets/reits-property/cict-posts-2-5-rise-h1-dpu-s0-0543-despite-higher-finance-costs
https://www.theedgesingapore.com/capital/results/cicts-1hfy2024-dpu-rises-25-543-cents-one-only-3-reits-dpu-growth
Centurion H1 profit jumps 209% to S$118.2 million on fair-value gains
Centurion Corporation posted a 209 per cent rise in net profit to S$118.2 million for its first half ended Jun 30, from S$38.3 million in the previous corresponding period.
https://www.businesstimes.com.sg/companies-markets/centurion-h1-profit-jumps-209-s118-2-million-fair-value-gains
https://www.straitstimes.com/business/companies-markets/dorm-operator-centurion-h1-profit-jumps-209-on-fair-value-gains
Ho Bee Land back in the black with H1 S$8.8 million profit
Real estate development and investment company Ho Bee Land reported a net profit of S$8.8 million for the six months ended Jun 30, 2024, reversing a net loss of S$155.7 million in the same period a year ago.
https://www.businesstimes.com.sg/companies-markets/ho-bee-land-back-black-h1-s8-8-million-profit
https://www.theedgesingapore.com/capital/results/ho-bee-land-reverses-earnings-88-mil-1hfy2024
OUE sinks into the red with S$96.1 million H1 loss
OUE has sunk into the red with a net loss of S$96.1 million for its first half ended Jun 30, compared with a net profit of S$40.2 million in the previous corresponding period.
https://www.businesstimes.com.sg/companies-markets/oue-sinks-red-s96-1-million-h1-loss
PropNex H1 profit falls 13.8% to S$19 million
REAL estate agency PropNex’s net profit for the first half of the fiscal year fell 13.8 per cent to S$19 million from S$22.1 million the year before. Its earnings per share for the period correspondingly declined the same in terms of percentage to S$0.0257, versus S$0.0298 in H1 FY2023.
https://www.businesstimes.com.sg/companies-markets/propnex-h1-profit-falls-13-8-s19-million
Sinarmas Land H1 profit falls 18.7% to S$89 million on fair value, impairment losses
Sinarmas Land posted a 18.7 per cent drop in net profit to S$89 million for its first half ended Jun 30, 2024, from S$109.5 million in the previous corresponding period.
https://www.businesstimes.com.sg/companies-markets/sinarmas-land-h1-profit-falls-18-7-s89-million-fair-value-impairment-losses
https://www.theedgesingapore.com/capital/results/sinarmas-lands-patmi-1hfy2024-falls-187-y-o-y
Straits Trading Company’s H1 profit down 64.9% to S$5.2 million
Straits Trading Company has reported a 64.9 per cent drop in net profit to S$5.2 million for the six months ended Jun 30. The investment company reported in a bourse filing on Monday (Aug 12) that revenue was up 7.1 per cent at S$252.5 million…
https://www.businesstimes.com.sg/companies-markets/straits-trading-companys-h1-profit-down-64-9-s5-2-million
https://www.theedgesingapore.com/capital/results/straits-trading-companys-net-profit-fell-649-y-o-y
Global Economy & Real Estate
US consumers’ delinquency fears rise to highest level since 2020
https://www.businesstimes.com.sg/international/us-consumers-delinquency-fears-rise-highest-level-2020
US renters get perks as building boom eases supply, Zillow says
https://www.businesstimes.com.sg/property/us-renters-get-perks-building-boom-eases-supply-zillow-says
Foreign investors pulled record amount of money from China in second quarter
https://www.straitstimes.com/business/foreign-investors-pulled-record-amount-of-money-from-china-in-second-quarter
Are Chinese nationals really ‘flocking’ to Malaysia over new visa scheme?
https://www.scmp.com/week-asia/economics/article/3274211/are-chinese-nationals-really-flocking-malaysia-over-new-visa-scheme
Shanghai’s wealthy residents upgrade to premium homes, ignoring property market upheaval
https://www.scmp.com/business/china-business/article/3274050/shanghais-wealthy-residents-upgrade-premium-homes-ignoring-property-market-upheaval?module=top_story&pgtype=subsection
German commercial property prices drop but show some stabilisation
https://www.businesstimes.com.sg/property/german-commercial-property-prices-drop-show-some-stabilisation
Hong Kong’s collapsing land sales threaten city’s funding model
https://www.businesstimes.com.sg/international/global/hong-kongs-collapsing-land-sales-threaten-citys-funding-model
Hong Kong architects call for public projects to be launched early to avoid sector shrinking
https://www.scmp.com/news/hong-kong/hong-kong-economy/article/3274178/hong-kong-architects-call-more-public-projects-avoid-shrinkage-after-6-failed-bids
Waiting time for Hong Kong public rental flats drops to 5½ years
https://www.scmp.com/news/hong-kong/society/article/3274159/waiting-time-hong-kong-public-rental-flats-drops-55-years
Japan July wholesale prices rise 3.0 pct yr/yr
https://www.channelnewsasia.com/business/japan-july-wholesale-prices-rise-30-pct-yr-yr-4543066
New Zealand to loosen gene editing regulation, make commercialisation easier
https://www.businesstimes.com.sg/international/new-zealand-loosen-gene-editing-regulation-make-commercialisation-easier
https://www.channelnewsasia.com/business/new-zealand-loosen-gene-editing-regulation-make-commercialization-easier-4542896
UK to see first inflation rise this year, bolstering Bank of England caution
https://www.businesstimes.com.sg/international/uk-see-first-inflation-rise-year-bolstering-bank-england-caution
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