Singapore Real Estate / Built Environment
JTC to review development of Woodlands North Coast industrial estate to meet changing needs
JTC’s industrial estate at Woodlands North Coast, is tipped to get even larger, as plans are underway to review development of the area and cater to changing industry needs. This includes an integrated underground network that can help to move people and goods more efficiently within the district.
https://www.youtube.com/watch?v=yRIwgB56cfc
Private home prices slip 1.1% in Q3 in first drop since Q2 2023
Prices of private homes in Singapore fell for the first time in five quarters since the second quarter of 2023, slipping 1.1 per cent in Q3. Residential prices fell the most in the landed property segment, where home prices dropped 3.8 per cent, and in the prime Core Central Region (CCR), where prices fell 1.5 per cent.
https://www.businesstimes.com.sg/property/private-home-prices-slip-1-1-q3-first-drop-q2-2023
https://www.zaobao.com.sg/realtime/singapore/story20241001-4892594
Singapore hotels’ room revenue dips in August despite higher average room rate
Singapore hotels’ average room rate (ARR) rose sequentially in August, even as international visitor arrivals slipped, Singapore Tourism Board (STB) data showed on Monday (Sep 30). But other hotel industry indicators fell.
https://www.businesstimes.com.sg/singapore/singapore-hotels-room-revenue-dips-august-despite-higher-average-room-rate
Prime office rents growing more slowly, but occupancy levels still healthy: Knight Frank
According to a research report by Knight Frank, prime grade office rents in the Raffles Place and Marina Bay precinct inched up 0.6% q-o-q in 3Q2024 to reach an average of $11.35 psf per month. This is marginally slower than the 0.7% q-o-q expansion recorded in 2Q2024.
https://www.edgeprop.sg/property-news/prime-office-rents-growing-more-slowly-occupancy-levels-still-healthy-knight-frank
Support parenthood: Push developers to offer more larger new condo homes
The first condominium project launched after the Chinese Hungry Ghost Month, 8@BT in Upper Bukit Timah, sold 83 units, or 53 per cent of its 158 units over its launch weekend as at noon on Sep 22, at an average selling price of S$2,719 per square foot (psf).
https://www.businesstimes.com.sg/opinion-features/support-parenthood-push-developers-offer-more-larger-new-condo-homes
Singapore Economy
Singapore will be doing ‘quite well’ if it can sustain annual growth of 2% to 3%: SM Lee
Productivity gains will be Singapore’s primary driver of growth as the economy enters a more mature phase, and businesses must thus do their part to transform, said Senior Minister Lee Hsien Loong.
https://www.businesstimes.com.sg/singapore/singapore-will-be-doing-quite-well-if-it-can-sustain-annual-growth-2-3-sm-lee
https://www.straitstimes.com/business/economy/businesses-will-have-to-adapt-to-a-changing-international-environment-sm-lee
https://www.youtube.com/watch?v=LpGshhrK7ng
MAS, Temasek executives among new members appointed to HDB’s board
The Housing and Development Board (HDB) has named five new members who will join its board for the upcoming term spanning Oct 1, 2024, to Sep 30, 2026.
https://www.businesstimes.com.sg/companies-markets/mas-temasek-executives-among-new-members-appointed-hdbs-board
Gas and electricity prices to fall from October to December
Singapore – Gas and electricity tariffs will go down for the next three months due to lower energy and fuel costs. From Oct 1 to Dec 31, households supplied by grid operator SP Group will see a 2.6 per cent decrease in electricity tariffs compared with the previous quarter, the group said in a statement on Sept 30.
https://www.straitstimes.com/singapore/consumer/gas-and-electricity-prices-to-fall-from-october-to-december
https://www.businesstimes.com.sg/singapore/household-electricity-gas-tariffs-fall-q4
https://www.zaobao.com.sg/realtime/singapore/story20240930-4886647
Business News
Singapore’s moribund IPO market looks to Reits for a lifeline
Singapore’s stagnant initial public offering (IPO) market is relying on a boost next year from real estate investment trusts (Reits).
https://www.businesstimes.com.sg/companies-markets/singapores-moribund-ipo-market-looks-reits-lifeline
CapitaLand Ascott Trust to acquire lyf Funan Singapore at S$263 million agreed value
SR Trust (VSRT), which directly holds a 100 per cent interest in lyf Funan Singapore. On Tuesday (Oct 1), its managers said the purchase consideration is estimated at S$146.4 million after accounting for VSRT’s net asset value (NAV) based on the property’s agreed value of S$263 million, and agreed adjustments to the NAV.
https://www.businesstimes.com.sg/companies-markets/capitaland-ascott-trust-acquire-lyf-funan-singapore-s263-million-agreed-value
Keppel awarded cooling services contract for 3 Tengah BTO projects
Singapore’s public housing authority has awarded Keppel : BN4 +0.15%’s infrastructure division a chilled water supply contract to design, build and operate centralised cooling systems (CCS) for three upcoming Build-To-Order (BTO) projects.
https://www.businesstimes.com.sg/companies-markets/keppel-awarded-cooling-services-contract-3-tengah-bto-projects
https://www.edgeprop.sg/property-news/keppel-wins-20-year-centralised-cooling-systems-contract-tengah-bto-projects
https://www.zaobao.com.sg/realtime/singapore/story20240930-4886551
Mapletree Industrial Trust plans to acquire a mixed-use facility in Japan for $12,980
Mapletree Industrial Trust plans to acquire a mixed-use facility in Japan for 14.5 billion yen (approximately S$129.8 million), which may be redeveloped into a data center in the future.
https://www.zaobao.com.sg/realtime/singapore/story20240930-4891888
Edmund Koh of UBS to join Sentosa Development Corporation board
https://www.businesstimes.com.sg/companies-markets/edmund-koh-ubs-join-sentosa-development-corporation-board?ref=top-stories
Global Economy & Real Estate
Gold set for quarterly gain; Fed’s Powell comments in focus
https://www.businesstimes.com.sg/companies-markets/energy-commodities/gold-set-quarterly-gain-feds-powell-comments-focus
US Fed Chair Powell sees ‘further disinflation’ in economy
https://www.businesstimes.com.sg/companies-markets/banking-finance/us-fed-chair-powell-sees-further-disinflation-economy
https://www.straitstimes.com/business/powell-says-fed-not-in-a-hurry-signals-smaller-rate-cuts-over-time
https://www.bloomberg.com/news/articles/2024-09-30/powell-says-fed-will-move-over-time-to-more-neutral-stance?srnd=phx-economics-v2
Morgan Stanley warns of 70,000 US monthly jobs hit from Trump tariffs
https://www.businesstimes.com.sg/international/morgan-stanley-warns-70000-us-monthly-jobs-hit-trump-tariffs
Manulife US Reit divests California office asset for US$117 million
https://www.businesstimes.com.sg/companies-markets/manulife-us-reit-divests-california-office-asset-us117-million
Australia’s home price growth holds steady at elevated level
https://www.businesstimes.com.sg/property/australias-sept-home-prices-rise-modestly-rents-barely-grow
https://www.businesstimes.com.sg/property/australias-sept-home-prices-rise-modestly-rents-barely-grow
Beijing follows major Chinese cities to ease homebuying rules
https://www.businesstimes.com.sg/property/beijing-follows-major-chinese-cities-ease-homebuying-rules
China home sales slump intensified in September, before stimulus
https://www.businesstimes.com.sg/property/china-home-sales-slump-intensified-september-stimulus
China megacities ease home buying rules to boost property market
https://www.businesstimes.com.sg/property/china-megacities-ease-home-buying-rules-boost-property-market
https://www.scmp.com/business/banking-finance/article/3280487/shanghai-other-top-tier-1-cities-ease-ownership-curbs-boost-chinas-housing-market?module=top_story&pgtype=section
China’s factory, service sectors skid, emboldening stimulus calls
https://www.businesstimes.com.sg/international/chinas-factory-service-sectors-skid-emboldening-stimulus-calls
Lagarde says ECB is getting more confident of taming inflation
https://www.businesstimes.com.sg/international/lagarde-says-ecb-getting-more-confident-taming-inflation
Office property slump makes climate upgrade costs even riskier
https://www.businesstimes.com.sg/property/office-property-slump-makes-climate-upgrade-costs-even-riskier
HKMA chief looks to Greater Bay Area, connect schemes in second 5-year term
https://www.scmp.com/business/banking-finance/article/3280158/hkma-chief-looks-greater-bay-area-connect-schemes-second-five-year-term
Hong Kong property investors to keep powder dry as interest-rate cut fails to tempt
https://www.scmp.com/business/article/3280413/hong-kong-property-investors-keep-powder-dry-interest-rate-cut-fails-tempt?module=top_story&pgtype=section
Rising bad debts on Hong Kong commercial property ‘a concern’: HKMA CEO
https://www.scmp.com/business/banking-finance/article/3280303/rising-bad-debts-hong-kong-commercial-property-concern-hkma-ceo?module=top_story&pgtype=section
Hong Kong needs to fix its student housing supply
https://www.scmp.com/opinion/hong-kong-opinion/article/3280477/hong-kong-needs-fix-its-student-housing-supply
Philippines central bank sees September inflation at 2% to 2.8%
https://www.businesstimes.com.sg/international/asean/philippines-central-bank-sees-september-inflation-2-2-8
Thai economy helped by exports and manufacturing in August, but tourism slows
https://www.businesstimes.com.sg/international/asean/thai-economy-helped-exports-and-manufacturing-august-tourism-slows
Strong Thai baht hitting exporters and tourism, says central bank
https://www.businesstimes.com.sg/international/strong-thai-baht-hitting-exporters-and-tourism-says-central-bank
Thai household debt eases slightly as loan growth cools on curbs
https://www.businesstimes.com.sg/international/asean/thai-household-debt-eases-slightly-loan-growth-cools-curbs
Google to invest US$1 billion in Thai data centre, cloud infrastructure
https://www.businesstimes.com.sg/international/asean/google-invest-us1-billion-thai-data-centre-cloud-infrastructure
UK economy grew more slowly than thought but outlook improving
https://www.businesstimes.com.sg/international/uk-economy-grew-more-slowly-thought-outlook-improving
UK posts fastest home price growth since February, mortgage lender says
https://www.businesstimes.com.sg/international/uk-posts-fastest-home-price-growth-february-mortgage-lender-says
UK lenders approve most mortgages since 2022
https://www.businesstimes.com.sg/property/uk-lenders-approve-most-mortgages-2022
Keppel’s subsidiary divests 70% stake in Saigon Sports City for up to $391.1 mil
https://www.theedgesingapore.com/news/company-news/keppels-subsidiary-divests-70-stake-saigon-sports-city-3911-mil
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