Singapore Real Estate / Built Environment
Garcha Group to sell Duxton Reserve hotel, asking for over S$90 million
Heritage boutique hotel Duxton Reserve Singapore has been put up for sale with a reserve price exceeding S$90 million, which equates to about S$2,647 per square foot (psf) or S$1.8 million per key.
https://www.businesstimes.com.sg/property/garcha-group-sell-duxton-reserve-hotel-asking-over-s90-million
https://www.zaobao.com.sg/realtime/singapore/story20241023-5221353
Four Seasons Park unit almost doubles in price in under 4 years; S$3.8m profit leads Q3 resale winners
A 2,260-square-foot (sq ft) unit at Four Seasons Park was sold for S$7.8 million in August, earning the seller a cool S$3.8 million in profit – making it the most profitable transaction by quantum in the third quarter of 2024.
https://www.businesstimes.com.sg/property/four-seasons-park-unit-almost-doubles-price-under-4-years-s3-8m-profit-leads-q3-resale-winners
More than 33,000 applicants for 8,573 new flats in HDB’s October BTO exercise so far
As at noon on Wednesday (Oct 23), 33,256 applicants had applied for the 8,573 new Build-To-Order (BTO) flats offered under the Housing and Development Board (HDB) in its October exercise, said ERA Singapore.
https://www.businesstimes.com.sg/property/more-33000-applicants-8573-new-flats-hdbs-october-bto-exercise-so-far
About half of new BTO projects to use more robots for painting works from 2025
Singapore: More robots carrying out works such as interior painting will be deployed progressively across about half of all new Build-to-Order (BTO) construction sites starting from next year.
https://www.channelnewsasia.com/singapore/about-half-new-bto-projects-use-more-robots-painting-skimming-works-2025-4693626
https://www.straitstimes.com/singapore/housing/robots-that-paint-and-plaster-walls-to-be-rolled-out-at-half-of-bto-construction-sites-from-2025
https://www.zaobao.com.sg/news/singapore/story20241023-5224696
Singapore News
Singapore and India renew army training pact
Singapore – Singapore and India have extended a bilateral agreement on joint military training between the armies of both countries for the next five years. The agreement, which allows both armies to train together in India, was renewed as Minister for Defence Ng Eng Hen and Indian Defence Minister Rajnath Singh co-chaired the 6th India-Singapore Defence Ministers’ Dialogue in New Delhi on Oct 22.
https://www.straitstimes.com/singapore/singapore-and-india-renew-army-training-pact
Singapore inflation marginally higher than expected in September; core at 2.8%, headline at 2%
Economists remain mixed on the timing of monetary policy easing next year, after Singapore’s core and headline inflation came in a tad higher than expected in September.
https://www.businesstimes.com.sg/singapore/singapore-inflation-marginally-higher-expected-september-core-2-8-headline-2
https://www.straitstimes.com/business/singapore-core-inflation-up-for-second-straight-month-to-28-in-september
https://www.channelnewsasia.com/singapore/singapore-core-inflation-mas-mti-up-second-straight-month-september-2024-4696586
Business News
Ascott China forms JV with Jin Jiang Hotels to grow apartment hotel brands in China
The China business segment of Ascott has entered into a joint venture (JV) with Jin Jiang Hotels to expand their respective apartment hotel brands in China. Ascott China will hold a 50 per cent interest in the JV, with Jin Jiang Hotels (China region) to hold the balance.
https://www.businesstimes.com.sg/companies-markets/ascott-china-forms-jv-jin-jiang-hotels-grow-apartment-hotel-brands-china
https://www.straitstimes.com/business/ascott-to-expand-apartment-hotel-business-in-china-through-joint-venture-with-jin-jiang
HPL prices S$160 million perpetual securities at 5.5%
Hotel Properties Limited (HPL) has priced S$160 million in subordinated perpetual securities at 5.5 per cent under its S$1 billion multicurrency debt issuance programme.
https://www.businesstimes.com.sg/companies-markets/hpl-prices-s160-million-perpetual-securities-5-5
https://www.zaobao.com.sg/realtime/singapore/story20241023-5225570
Keppel Infrastructure Trust’s 9-month distributable income falls 60.1% to S$106.1m
Keppel Infrastructure Trust (KIT) saw its distributable income year on year (yoy) tumble 60.1 per cent to S$106.1 million for the first nine months of 2024 from S$266.1 million.
https://www.businesstimes.com.sg/companies-markets/keppel-infrastructure-trusts-9-month-distributable-income-falls-60-1-s106-1m
Mapletree Logistics Trust to shrink China footprint to rejuvenate portfolio
Mapletree Logistics Trust (MLT), whose earnings have been weighed down by an economic slowdown in China, plans to divest about S$1 billion worth of its assets – of which about half will be from China and Hong Kong.
https://www.businesstimes.com.sg/companies-markets/mapletree-logistics-trust-shrink-china-footprint-rejuvenate-portfolio
OUE Reit Q3 net property income drops 3.7% to S$60.3 million
OUE Real Estate Investment Trust (Reit) reported a 3.7 per cent dip in net property income in the third quarter to S$60.3 million, from S$62.7 million in the year-ago period.
https://www.businesstimes.com.sg/companies-markets/oue-reit-q3-net-property-income-drops-3-7-s60-3-million
https://www.zaobao.com.sg/realtime/singapore/story20241023-5225285
Global Economy & Real Estate
US businesses ‘hesitant’ before 2024 elections: Federal Reserve
https://www.businesstimes.com.sg/international/us-businesses-hesitant-2024-elections-federal-reserve
US existing home sales fall to 14-year low in September
https://www.businesstimes.com.sg/property/us-existing-home-sales-fall-14-year-low-september
US mortgage activity gauges drop to lowest levels since August
https://www.businesstimes.com.sg/property/us-mortgage-activity-gauges-drop-lowest-levels-august
Canada to cut immigration numbers, government source says
https://www.channelnewsasia.com/world/canada-cut-immigration-rising-housing-prices-4698636
China’s stimulus measures not enough, Yellen and IMF chief economist say
https://www.businesstimes.com.sg/international/chinas-stimulus-measures-not-enough-yellen-and-imf-chief-economist-say1
https://www.straitstimes.com/business/economy/china-s-stimulus-measures-not-enough-yellen-and-imf-chief-economist-say
ECB’s Lagarde: we need to be cautious in cutting rates
https://www.businesstimes.com.sg/international/ecbs-lagarde-we-need-be-cautious-cutting-rates
Luxury real estate is a bright spot in Europe’s bruised property market
https://www.businesstimes.com.sg/property/luxury-real-estate-bright-spot-europes-bruised-property-market
Germany’s Habeck lays out plan to boost economy through investment
https://www.businesstimes.com.sg/international/germanys-habeck-lays-out-plan-boost-economy-through-investment
German home owning becomes cheaper after surge to historic high
https://www.businesstimes.com.sg/property/german-home-owning-becomes-cheaper-after-surge-historic-high
Hong Kong developers CK Asset, Sun Hung Kai, Swire to feel earnings pain: Moody’s
https://www.scmp.com/business/article/3283577/hong-kong-developers-ck-asset-sun-hung-kai-swire-feel-earnings-pain-moodys
Vendors at Hong Kong Lunar New Year fair worried over retail slump, bids for stalls weak
https://www.scmp.com/news/hong-kong/hong-kong-economy/article/3283556/vendors-hong-kong-lunar-new-year-fair-worried-over-retail-slump-bids-stalls-weak
Over 100,000 Hong Kong households eye subsidised homes in revamped scheme
https://www.scmp.com/news/hong-kong/society/article/3283574/over-100000-hong-kong-households-eye-subsidised-homes-revamped-scheme
Hong Kong developers trim discounts at new Kai Tak project as confidence rebounds
https://www.scmp.com/business/article/3283563/hong-kong-developers-trim-discounts-new-kai-tak-project-confidence-rebounds
Hilton cuts 2024 room revenue growth forecast on slowing consumer spending
https://www.businesstimes.com.sg/companies-markets/consumer-healthcare/hilton-cuts-2024-room-revenue-growth-forecast-slowing-consumer-spending
HK mansion sells for HK$160 million in distressed disposal
https://www.businesstimes.com.sg/international/global/hk-mansion-sells-hk160-million-distressed-disposal
In a Malaysian pop-up city, echoes of China’s housing crash
https://www.businesstimes.com.sg/property/malaysian-pop-city-echoes-chinas-housing-crash
Saudi Arabia taps BlackRock to build mortgage-backed securities market
https://www.businesstimes.com.sg/property/saudi-arabia-taps-blackrock-build-mortgage-backed-securities-market
South Korea’s economy barely grows in third quarter, missing expectations
https://www.channelnewsasia.com/business/south-koreas-economy-barely-grows-third-quarter-missing-expectations-4698711
South Koreans’ home prices view weakens for first time in months
https://www.businesstimes.com.sg/property/south-koreans-home-prices-view-weakens-first-time-months
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