Singapore Real Estate / Built Environment
PGIM joint venture to revamp Stamford Court after S$132 million acquisition
PGIM Real Estate and Elevate Capital Group have revealed plans to rejuvenate Stamford Court at 61 Stamford Road into a “fresh living, co-working and lifestyle destination”, following their S$132 million acquisition of the asset from UOL listed subsidiary Singapore Land (SingLand).
https://www.businesstimes.com.sg/property/pgim-joint-venture-revamp-stamford-court-after-s132-million-acquisition
https://www.zaobao.com.sg/realtime/singapore/story20241028-5258272
Starhill Global Reit to divest strata office lots in Wisma Atria
Starhill Global Real Estate Investment Trust (SGReit) is divesting the strata office lots that it owns at Wisma Atria for a cash consideration of about S$16.1 million or S$2,100 per square foot (sq ft), the Reit’s manager said on Monday (Oct 28).
https://www.businesstimes.com.sg/property/starhill-global-reit-divest-strata-office-lots-wisma-atria
https://www.zaobao.com.sg/realtime/singapore/story20241028-5262905
Fewer mortgagee listings in Q3 despite increased cost pressures, higher interest rates: Knight Frank
Fewer properties in Singapore went under the hammer in the third quarter of 2024, despite current economic cost pressures, a market report by property consultancy Knight Frank found.
https://www.businesstimes.com.sg/property/fewer-mortgagee-listings-q3-despite-increased-cost-pressures-higher-interest-rates-knight-frank
Despite Q3’s decline, multi-year up-cycle in private home prices will continue
Private home prices fell in the latest quarter. The private residential property price index by the Urban Redevelopment Authority (URA) declined 0.7 per cent quarter on quarter in Q3. This is one of two instances when the index fell over the last 18 quarters.
https://www.businesstimes.com.sg/opinion-features/despite-q3s-decline-multi-year-cycle-private-home-prices-will-continue
Singapore Economy
Singapore to inject additional S$440 million to boost investments in deep-tech startups
Singapore will add S$440 million to a scheme aimed at boosting private-sector investments into deep-tech startups based in the city-state, Deputy Prime Minister Heng Swee Keat announced on Monday (Oct 28).
https://www.businesstimes.com.sg/singapore/singapore-inject-additional-s440-million-boost-investments-deep-tech-startups
https://www.straitstimes.com/business/companies-markets/spore-adds-another-440m-in-investment-to-boost-growth-of-deep-tech-start-ups
Inflation to ease further in 2025 amid moderate external and domestic cost conditions: MAS
Upswing in global tech cycle to support Singapore’s economic growth in 2025: MAS
Real wages may grow faster in 2025 as labour productivity growth improves: MAS
The Monetary Authority of Singapore (MAS) on Monday (Oct 28) repeated its expectation for core and headline inflation to both average 1.5 to 2.5 per cent in 2025, “down significantly from their peaks seen over the last two years”.
https://www.businesstimes.com.sg/singapore/inflation-ease-further-2025-amid-moderate-external-and-domestic-cost-conditions-mas
https://www.straitstimes.com/business/spore-core-inflation-expected-to-cool-to-3-year-low-by-end-2024-mas
https://www.channelnewsasia.com/singapore/mas-economy-inflation-tech-cycle-growth-4706521
https://www.straitstimes.com/business/spore-workers-could-see-real-wages-grow-faster-in-2025-as-labour-productivity-growth-improves-mas
Business News
CDL Hospitality Trusts’ Q3 net property income falls 6.8% to S$36.3 million
CDL Hospitality Trusts (CDLHT) posted a net property income (NPI) of S$36.3 million for the third quarter ended Sep 30, down 6.8 per cent from S$39 million in the previous corresponding period.
https://www.businesstimes.com.sg/companies-markets/cdl-hospitality-trusts-q3-net-property-income-falls-6-8-s36-3-million
Keppel continues to power ahead in asset management and data centre roll-out
Singapore – Keppel’s latest third quarter business update briefing, which was held last week, showed that the company continues to grow strongly with the key highlight being a 68 per cent year-on-year jump in asset management fees.
https://www.straitstimes.com/business/keppel-continues-to-power-ahead-in-asset-management-and-data-centre-rollout
Views, Reviews, Forum and Others
Flu jabs available at three retail pharmacy outlets under MOH trial
Singapore: Flu jabs will be offered at three retail pharmacy outlets as part of a new trial, the Ministry of Health announced on Monday (Oct 28).
https://www.channelnewsasia.com/singapore/flu-jabs-pharmacy-guardian-unity-watsons-influenza-vaccination-moh-trial-health-ministry-4706646
https://www.straitstimes.com/singapore/health/flu-shots-available-at-three-retail-pharmacies-from-oct-28-under-a-trial
https://www.zaobao.com.sg/news/singapore/story20241028-5262057
Orchard Road Christmas light-up happening on Nov 9, Christmas villages to run till January 2025
With Christmas right around the corner, you can start to look forward to the signature dazzling festive lights and decorations adorning Orchard Road. This year, the iconic Orchard Road Christmas light-up – officially called Christmas On A Great Street – will kick off on Nov 9 with a ceremony officiated by President Tharman Shanmugaratnam. The ceremony will also serve as a fundraiser for Community Chest.
https://cnalifestyle.channelnewsasia.com/entertainment/orchard-road-christmas-light-2024-412796
Global Economy & Real Estate
US commercial real estate industry worries over higher taxes as election looms
https://www.businesstimes.com.sg/property/us-commercial-real-estate-industry-worries-over-higher-taxes-election-looms
Will China cut personal income taxes as part of its stimulus drive?
https://www.scmp.com/economy/china-economy/article/3284162/will-china-cut-personal-income-taxes-part-its-stimulus-drive
Chinese economic slowdown looks even worse across some provinces
https://www.businesstimes.com.sg/international/chinese-economic-slowdown-looks-even-worse-across-some-provinces
China’s stimulus offers shot in the arm for global firms amid consumption, capital boost
https://www.scmp.com/economy/policy/article/3284186/chinas-stimulus-offers-shot-arm-global-firms-amid-consumption-capital-boost
China’s property market shows signs of recovery as deals surge in top cities
https://www.scmp.com/business/article/3284127/chinas-property-market-shows-signs-recovery-deals-surge-top-cities
First Sponsor cautiously optimistic about market turnaround for its business in China
https://www.businesstimes.com.sg/property/first-sponsor-cautiously-optimistic-about-market-turnaround-its-business-china
Hong Kong residential, retail properties recover while office sector struggles with glut
https://www.scmp.com/business/article/3284209/hong-kong-residential-retail-properties-recover-while-office-sector-struggles-glut
Hong Kong’s fifth hotel turned youth hostel opens its doors with 200-hour activity component
https://www.scmp.com/news/hong-kong/society/article/3284207/hong-kongs-fifth-hotel-turned-youth-hostel-opens-its-doors-200-hour-activity-component
BOJ on quest for better communication as more rate hikes loom
https://www.channelnewsasia.com/east-asia/boj-quest-better-communication-more-rate-hikes-loom-4706811
Japan Sept jobless rate falls to 2.4%, job availability widens
https://www.channelnewsasia.com/business/japan-sept-jobless-rate-falls-24-job-availability-widens-4708736
https://www.businesstimes.com.sg/international/japans-job-market-tightens-positive-sign-wages-boj
Malaysia looking to work with data centre players to build regulatory frameworks
https://www.businesstimes.com.sg/international/asean/malaysia-looking-work-data-centre-players-build-regulatory-frameworks
Starbucks threatens to fire staff who don’t come back to office
https://www.businesstimes.com.sg/companies-markets/consumer-healthcare/starbucks-threatens-fire-staff-who-dont-come-back-office
https://www.straitstimes.com/business/companies-markets/starbucks-threatens-to-fire-staff-who-dont-come-back-to-office
Thai business groups press for more stimulus as economy sputters
https://www.businesstimes.com.sg/international/thai-business-groups-press-more-stimulus-economy-sputters
Thai exports miss forecast in September, seen rising in Q4
https://www.businesstimes.com.sg/international/asean/thai-exports-miss-forecast-september-seen-rising-q4
UK shop prices fall faster but retailers warn of risks in budget
https://www.businesstimes.com.sg/international/uk-shop-prices-fall-faster-retailers-warn-risks-budget
London jobs are settling below pre-Covid levels: Indeed
https://www.businesstimes.com.sg/international/london-jobs-are-settling-below-pre-covid-levels-indeed
https://www.straitstimes.com/business/london-jobs-are-settling-below-pre-covid-levels-recruitment-portal-says
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