Singapore Real Estate / Built Environment
Analysis of the proposed change of use of the land next to Hougang MRT station to build a commercial and residential project: more than 1,000 residential units may be built
The vacant land next to Hougang MRT station, which has been vacant for many years, may become lively in the future. The Urban Redevelopment Authority plans to revise the land use of the site to build a mixed commercial and residential project. Analysts believe that more than 1,000 residential units may be built here.
https://www.zaobao.com.sg/news/singapore/story20241029-5270069
https://www.straitstimes.com/singapore/mixed-use-complex-to-be-built-above-hougang-mrt-station-first-mount-pleasant-housing-plots-being
CDL to launch Union Square Residences with prices starting from S$2,848 psf
City Developments Ltd (CDL) is set to launch its Havelock Road project Union Square Residences, with prices starting from S$1.38 million or just under S$3,000 per square foot (psf) for the 99-year leasehold project on the fringe of the Central Business District (CBD).
https://www.businesstimes.com.sg/property/cdl-launch-union-square-residences-prices-starting-s2848-psf
Singapore Economy
Singapore and UAE sign 8 MOUs, reaffirm warm friendship
Singapore and the United Arab Emirates (UAE) have signed eight agreements spanning areas such as civil service training, social development and artificial intelligence (AI).
https://www.straitstimes.com/singapore/spore-and-uae-sign-8-mous-reaffirm-warm-friendship
https://www.zaobao.com.sg/news/singapore/story20241029-5269179?ref=today-news-section-card-1
Digital economy contributed almost 18% to Singapore’s GDP in 2023, surpassing finance and insurance sector
Singapore’s digital economy contributed 17.7 per cent to the country’s gross domestic product (GDP) last year, overtaking the finance and insurance sector, according to new data released by the Infocomm Media Development Authority (IMDA) on Tuesday (Oct 29).
https://www.channelnewsasia.com/singapore/digital-economy-contributed-almost-18-singapore-gdp-surpass-finance-insurance-sector-4709951
https://www.businesstimes.com.sg/singapore/singapore-digital-economy-shrank-2-3-2023-efforts-help-smes-adopt-generative-ai-underway-imda
https://www.straitstimes.com/singapore/singapores-digital-economy-contributed-17-7-to-gdp-in-2023-more-than-200000-jobs-created
https://www.zaobao.com.sg/realtime/singapore/story20241029-5267208
Singapore’s total employment growth more than doubles in Q3, retrenchments dip
Singapore’s total employment increased by 24,100 in the third quarter, more than double the growth in the previous quarter, the Ministry of Manpower’s (MOM) labour market advance release showed on Tuesday (Oct 29).
https://www.businesstimes.com.sg/singapore/singapores-total-employment-growth-more-doubles-q3-retrenchments-dip
https://www.straitstimes.com/business/economy/spore-q3-employment-growth-more-than-doubles-retrenchments-fall-from-previous-quarter
https://www.channelnewsasia.com/singapore/fall-hiring-wage-expectations-singapore-q4-2024-mom-labour-report-4709071
Business News
CapitaLand Ascott Trust’s Q3 gross profit rises 8%
CapitaLand Ascott Trust (Clas) gross profit rose 8 per cent year on year in the third fiscal quarter ended September. On Wednesday (Oct 30), the lodging trust’s managers attributed the stronger top-line performance to portfolio reconstitution initiatives and stronger operating performance.
https://www.businesstimes.com.sg/companies-markets/capitaland-ascott-trusts-q3-gross-profit-rises-8
https://www.zaobao.com.sg/realtime/singapore/story20241030-5271333
CapitaLand China Trust’s 9M net property income down 5.1% to 930.2 million yuan
CapitaLand China Trust (CLCT) posted a net property income of 930.2 million yuan (S$172.6 million) for the nine months ended Sep 30, down 5.1 per cent from 980.1 million yuan in the previous corresponding period.
https://www.businesstimes.com.sg/companies-markets/capitaland-china-trusts-9m-net-property-income-down-5-1-930-2-million-yuan
https://www.zaobao.com.sg/realtime/singapore/story20241030-5271288
Far East Hospitality Trust’s Q3 net property income falls 6.8% to S$26.2 million
Far East Hospitality Trust (FEHT) posted a net property income of S$26.2 million for the third quarter ended Sep 30, down 6.8 per cent from S$28.1 million in the previous corresponding period.
https://www.businesstimes.com.sg/companies-markets/far-east-hospitality-trusts-q3-net-property-income-falls-6-8-s26-2-million
Hongkong Land to exit build-to-sell business, pivot to fund management, eyes Reits
Hongkong Land will exit the build-to-sell residential development business as it pivots towards fund management and focuses on ultra-premium integrated commercial properties in Asia’s gateway cities.
https://www.straitstimes.com/business/companies-markets/hongkong-land-to-exit-build-to-sell-business-pivot-to-fund-management-eyes-reits
https://www.businesstimes.com.sg/property/hongkong-land-exit-build-sell-business-pivot-fund-management-eyes-reits
https://www.zaobao.com.sg/realtime/singapore/story20241029-5270521
https://www.scmp.com/business/article/3284334/hongkong-land-seeks-us10-billion-asset-sales-jardine-eyes-ultra-premium-market
Mapletree Industrial Trust DPU up 1.5% at S$0.0337, with higher occupancy and rents
Mapletree Industrial Trust (MIT) reported a distribution per unit (DPU) of S$0.0337 for the second fiscal quarter ended Sep 30, 2024, up 1.5 per cent from S$0.0332 in the corresponding year-ago period.
https://www.businesstimes.com.sg/companies-markets/mapletree-industrial-trust-dpu-1-5-s0-0337-higher-occupancy-and-rents
https://www.zaobao.com.sg/realtime/singapore/story20241029-5269720
Starhill Global Reit posts 1.4% rise in Q1 NPI to S$37.9 million
Starhill Global Reit reported a 1.4 per cent rise in its net property income (NPI) to S$37.9 million for its first fiscal quarter ended Sep 30, 2024, from S$37.4 million in the corresponding year-ago period.
https://www.businesstimes.com.sg/companies-markets/starhill-global-reit-posts-1-4-rise-q1-npi-s37-9-million
https://www.zaobao.com.sg/realtime/singapore/story20241029-5270593
Global Economy & Real Estate
Fed seen on track for quarter-point rate cuts in Nov, Dec
https://www.businesstimes.com.sg/international/fed-seen-track-quarter-point-rate-cuts-nov-dec
A week before US vote, Yellen revives arguments on strong economy
https://www.businesstimes.com.sg/international/week-us-vote-yellen-revives-arguments-strong-economy
Gold holds steady as investors focus on US economic data
https://www.businesstimes.com.sg/companies-markets/energy-commodities/gold-holds-steady-investors-focus-us-economic-data
US goods trade deficit widens sharply in September
https://www.businesstimes.com.sg/international/us-goods-trade-deficit-widens-sharply-september
US job openings decline to lowest level since early 2021
https://www.businesstimes.com.sg/international/us-job-openings-decline-lowest-level-early-2021
US consumer confidence surges in October
https://www.businesstimes.com.sg/international/us-consumer-confidence-surges-october
US monthly house prices rise further in August
https://www.businesstimes.com.sg/property/us-monthly-house-prices-rise-further-august
Time to buy Australian offices after 26% tumble, AMP CIO says
https://www.businesstimes.com.sg/property/time-buy-australian-offices-after-26-tumble-amp-cio-says
Xi Jinping urges Chinese officials to make all-out effort to hit annual growth targets
https://www.scmp.com/economy/article/3284371/xi-jinping-urges-chinese-officials-make-all-out-effort-hit-annual-growth-targets
China’s factory activity likely contracted in Oct for a sixth month: Reuters poll
https://www.channelnewsasia.com/business/chinas-factory-activity-likely-contracted-oct-sixth-month-reuters-poll-4709716
China sharpens edge in global trade with zero-tariff deal for developing world
https://www.scmp.com/economy/global-economy/article/3284329/china-sharpens-edge-global-trade-zero-tariff-deal-developing-world
German GDP expected to contract in 2024 and stagnate in 2025: DIHK
https://www.businesstimes.com.sg/international/german-gdp-expected-contract-2024-and-stagnate-2025-dihk
Hong Kong home prices decline for fifth month in September
https://www.businesstimes.com.sg/property/hong-kong-home-prices-decline-fifth-month-september
https://www.scmp.com/business/article/3284261/hong-kong-home-prices-slump-lowest-level-8-years-rents-rise
Chinachem wins Hong Kong land tender with US$131 million bid amid subdued sentiment
https://www.scmp.com/business/article/3284357/chinachem-wins-hong-kong-land-tender-us131-million-bid-amid-subdued-sentiment
Hong Kong family office partners with top China fund to target the rich
https://www.businesstimes.com.sg/companies-markets/banking-finance/hong-kong-family-office-partners-top-china-fund-target-rich
Indonesia vows no layoffs for 50,000 workers in bankrupt Sritex
https://www.businesstimes.com.sg/international/indonesia-vows-no-layoffs-50000-workers-bankrupt-sritex
Japan continues to see moderate economic recovery, cuts factory output view
https://www.businesstimes.com.sg/international/japan-continues-see-moderate-economic-recovery-cuts-factory-output-view
https://www.channelnewsasia.com/business/japan-continues-see-moderate-economic-recovery-cuts-factory-output-view-4709781
BOJ to sit tight as Japan and US elections elevate uncertainty
https://www.businesstimes.com.sg/companies-markets/banking-finance/boj-sit-tight-japan-and-us-elections-elevate-uncertainty
BOK’s Rhee sees softer economic growth closer to 2.2% this year
https://www.businesstimes.com.sg/international/boks-rhee-sees-softer-economic-growth-closer-2-2-year
BOK board member Chang said property market risks need further checks, minutes show
https://www.channelnewsasia.com/business/bok-board-member-chang-said-property-market-risks-need-further-checks-minutes-show-4709656
Norway’s sovereign wealth fund buys 98% of US office building for US$217 million
https://www.businesstimes.com.sg/property/norways-sovereign-wealth-fund-buys-98-us-office-building-us217-million
Saudi wealth fund PIF to cut overseas investments
https://www.businesstimes.com.sg/international/global/saudi-wealth-fund-pif-cut-overseas-investments
Thailand’s government, central bank to keep inflation target for 2025
https://www.businesstimes.com.sg/international/asean/thailands-government-central-bank-keep-inflation-target-2025
Thai government pushes for higher inflation range ahead of BOT meeting
https://www.channelnewsasia.com/business/thai-government-pushes-higher-inflation-range-ahead-bot-meeting-4709481
UK’s wealthy ‘non-doms’ set sights on Singapore over Budget tax threat
https://www.businesstimes.com.sg/singapore/uks-wealthy-non-doms-set-sights-singapore-over-budget-tax-threat
UK’s new finance minister Reeves lines up tax hikes and borrowing in first budget
https://www.businesstimes.com.sg/international/uks-new-finance-minister-reeves-lines-tax-hikes-and-borrowing-first-budget
UK mortgage approvals hit highest since before 2022 ‘mini-Budget’
https://www.businesstimes.com.sg/property/uk-mortgage-approvals-hit-highest-2022-mini-budget
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