DAILY NEWS

Daily News – 13th, 14th and 15th July 2019

Singapore Real Estate

Braving curbs, Chinese buyers lead foreign revival in Singapore’s luxury homes
[Singapore] Foreigners are once again pouring money into Singapore’s high-end property market despite hefty levies introduced last year. And, it is the Chinese who are leading the return, property brokers say, even though British billionaire James Dyson grabbed headlines this week with the purchase of Singapore’s most expensive apartment.
https://www.businesstimes.com.sg/real-estate/braving-curbs-chinese-buyers-lead-foreign-revival-in-singapores-luxury-homes
https://www.straitstimes.com/business/property/braving-curbs-chinese-buyers-lead-foreign-revival-in-singapores-luxury-homes
https://www.channelnewsasia.com/news/singapore/property-market-singapore-foreign-buyer-dyson-11715158
https://www.todayonline.com/singapore/braving-curbs-chinese-buyers-lead-foreign-revival-singapores-luxury-homes-0

Singapore Economy

How low can GDP numbers go? DPM Heng rebuffs recession fears
Singapore’s economy may have ground to a halt in the second quarter, with gross domestic product (GDP) growth almost nil in flash data. But the Government does not yet expect a full-year recession, according to a statement from Deputy Prime Minister Heng Swee Keat on Friday.
https://www.businesstimes.com.sg/government-economy/how-low-can-gdp-numbers-go-dpm-heng-rebuffs-recession-fears
https://www.straitstimes.com/business/economy/q2-growth-slumps-full-year-recession-not-expected-says-heng
https://www.channelnewsasia.com/news/singapore/singapore-not-expecting-full-year-recession-now-heng-swee-keat-11714986

No consensus on whether immediate pain relief is needed
As Singapore’s economy ground to a halt in the second quarter, a recession – technical or otherwise – looks likelier than before, analysts say, while adding that the chance remains low. Still, rattled by the quarter’s lacklustre 0.1 per cent year-on-year growth, they tilted on Friday towards expectations of monetary easing at the central bank’s October meeting.
https://www.businesstimes.com.sg/government-economy/no-consensus-on-whether-immediate-pain-relief-is-needed
https://www.straitstimes.com/business/economy/higher-chance-of-mas-easing-monetary-policy-in-oct-analysts

Construction, services down; manufacturing decline persists
As Singapore’s manufacturing slowdown continued in the second quarter this year, its key sectors of construction and services took a hit as well, surprising economists, who warned of further spillovers. Ministry of Trade and Industry advance estimates showed yesterday that manufacturing – due to output declines in electronics and precision engineering – was the main drag on overall economic growth.
https://www.straitstimes.com/business/economy/construction-services-down-manufacturing-decline-persists

Retail sales fall 2.1% in May, sliding for 4th straight month
Takings at the till dropped for the fourth consecutive month in May as wary consumers kept a tight rein on their purse strings. Retail sales slid 2.1 per cent over the same period last year, according to figures released by the Department of Statistics yesterday, although that still beat the expectations of analysts in Bloomberg, who tipped a fall of 3 per cent.
https://www.straitstimes.com/business/economy/retail-sales-fall-21-in-may-sliding-for-4th-straight-month
https://www.businesstimes.com.sg/infographics/singapore-retail-sales-fall-for-4th-straight-month-in-may
https://www.channelnewsasia.com/news/singapore/retail-sales-down-in-may-food-beverage-11714548

Companies’ Brief

CapitaLand’s Ascott signs 26 new properties, enters 6 new cities
CapitaLand’s lodging business unit The Ascott has signed 26 new properties, a majority of which are under management contracts, with three on franchise agreements, it said on Monday just after the market opened. These properties, which will open in phases from 2019 to 2023, cover 6,000 units across 22 cities and 11 countries – a bulk of which are in the Asia-Pacific. Other regions include Central Asia and Africa.
https://www.businesstimes.com.sg/companies-markets/capitaland%E2%80%99s-ascott-signs-26-new-properties-enters-6-new-cities
https://www.straitstimes.com/business/companies-markets/capitalands-ascott-signs-26-new-properties-enters-6-new-cities

GuocoLand mounts drive to be leader in urban rejuvenation
Having gone into building integrated developments in addition to condos in the last decade, GuocoLand is starting to think about the next steps for its Singapore business. GuocoLand Singapore’s group managing director Cheng Hsing Yao said that it is contemplating new asset classes, business lines or even possibly a Reit.
https://www.businesstimes.com.sg/real-estate/guocoland-mounts-drive-to-be-leader-in-urban-rejuvenation
https://www.businesstimes.com.sg/real-estate/high-rise-schools-in-the-city

SPH Q3 gain falls 44% on lower investment income, media sales
Media and property group Singapore Press Holdings (SPH) posted a 44.1 per cent drop in third quarter net profit to S$26.2 million, despite a marginal decline in operating revenue. Operating profit for the three months to May 31 slipped 36.6 per cent to S$29.2 million, partly due to lower media revenue as well as higher operating expenses.
https://www.businesstimes.com.sg/companies-markets/sph-q3-gain-falls-44-on-lower-investment-income-media-sales
https://www.straitstimes.com/business/companies-markets/sphs-q3-net-profit-falls-44-to-262m

Views, Reviews, Forum & Others

Engage deeply

Chia Ngiang Hong, President, Real Estate Developers’ Association of Singapore (REDAS)
Undeniably, consumer behaviour is changing with increased choices. Buying behaviours are also becoming more transactional with low emotional attachment to brands. However, if the opportunity cost measured in terms of dollar (or intrinsic) value is high, consumers will be less willing to forgo the brands they are familiar with. They will keep going back to the brands that offer consistent value propositions of…
https://www.businesstimes.com.sg/views-from-the-top/engage-deeply

Slowing economy in Q2: What it means for jobs, General Election and long-term growth
Singapore — The Government is “not expecting a full-year recession at this point”, Deputy Prime Minister Heng Swee Keat said on Friday (July 12), but economists are warning that there is a high likelihood of a technical recession ahead. Mr Heng, who is also Finance Minister, was responding to the latest advance economic growth estimates put out by the Ministry of Trade and Industry (MTI) the same day…
https://www.todayonline.com/singapore/slowing-economy-q2-what-it-means-jobs-general-election-and-long-term-growth