DAILY NEWS

Daily News – 10 Jan 2020

Singapore Real Estate

Developers kicking off 2020 with early launches
It may be early in the new year, but developers are already starting the ball rolling, with three freehold projects – The Avenir, Leedon Green and Van Holland – in prime Districts 9 and 10 commencing sales. Savills executive director (research & consultancy) Alan Cheong explains why some developers are launching right off the bat: “Developers are trying their best to launch first, and see what happens. They don’t have 20/20 visibility with regards to the government’s intentions around the macro-prudential measures.”
https://www.businesstimes.com.sg/real-estate/developers-kicking-off-2020-with-early-launches

Top bid for Irwell Bank Rd plot below expectations
This year’s maiden state land tender for two 99-year leasehold private housing sites appears to reflect developers’ still-healthy appetite for land, despite the substantial launch pipeline. In terms of top bids, however, the two plots delivered a mixed performance.
https://www.businesstimes.com.sg/real-estate/top-bid-for-irwell-bank-rd-plot-below-expectations
https://www.straitstimes.com/business/property/cdl-top-bidder-for-irwell-bank-rd-housing-site

HDB resale flats volume down 3% in December
Fewer Housing Development Board (HDB) resale flats were sold last month than in November. The number fell 3 per cent, even as their prices dipped by 0.3 per cent in the same period. In all, 1,858 HDB resale flats changed hands in December, real estate portal SRX Property said on Thursday. Compared to a year ago, resale volume last month was up 29.6 per cent.
https://www.businesstimes.com.sg/real-estate/hdb-resale-flats-volume-down-3-in-december
https://www.straitstimes.com/singapore/housing/fewer-hdb-resale-flats-sold-in-dec

Hotels must go green so guests won’t see red: Boss
Sustainability has long been a sticky topic for the hospitality industry – think of all those plastic water bottles – but Pan Pacific Hotels Group believes there is more room at the inn for an eco-friendly approach. The company, which is the hotel subsidiary of the UOL Group, started a new brand on Tuesday that will have more than a tinge of green about it.
https://www.straitstimes.com/business/companies-markets/hotels-must-go-green-so-guests-wont-see-red-boss

Singapore Economy

Large stimulus likely in Singapore Budget: HSBC
Economic growth in Singapore is likely to remain subdued in 2020 and this could be the impetus for a fiscal stimulus package that may be the largest in a decade, according to HSBC Private Bank. The bank is expecting the Singapore government to embark on a “highly expansionary” budget. The deficit may widen to 1.3 per cent of gross domestic product (GDP) on the back of packages aimed at restoring business and consumer confidence.
https://www.businesstimes.com.sg/government-economy/large-stimulus-likely-in-singapore-budget-hsbc
https://www.straitstimes.com/business/economy/hsbc-sees-expansionary-budget-with-big-stimulus-package

Companies’ Brief

TEE Land Q2 loss widens to S$6.97m despite gross profit rise
Despite a rise in gross profit, mainboard-listed developer TEE Land saw its net loss attributable to owners widen to S$6.97 million for the second quarter ended Nov 30, from a restated loss of S$2.04 million for the year-ago period, according to results released on Thursday. Contributing to this was a surge in other operating expenses to S$5.4 million from S$0.4 million in the year-ago period. This was due mainly to the…
https://www.businesstimes.com.sg/companies-markets/tee-land-q2-loss-widens-to-s697m-despite-gross-profit-rise

Views, Reviews, Forum & Others

Navigating the divide: South-east Asia between the US and China
There is an ancient Asian adage that when elephants fight, the grass is trampled. Such is the danger for South-east Asia as the geo-competition between the United States and China heats up in 2020. Many believe Cold War 2.0 is emerging and that virtually all other countries in the world will be caught in the middle – the “intermediate zone” as Mao Zedong called it during Cold War 1.0.
https://www.straitstimes.com/opinion/navigating-the-divide-s-e-asia-between-the-us-and-china