DAILY NEWS

Daily News – 9th Oct 2019

Singapore Real Estate

Singapore condo resale prices edge up in Sept; volume drops again
Resale prices of Singapore non-landed private residential properties picked up slightly in September after a previous tepid month, while volume of sales inched down further from August, according to monthly figures from real estate portal SRX Property released on Tuesday. Overall condominium resale prices rose 0.8 per cent in September from a year ago.
https://www.businesstimes.com.sg/real-estate/singapore-condo-resale-prices-edge-up-in-sept-volume-drops-again
https://www.straitstimes.com/business/property/condo-resale-prices-edge-up-but-sale-volumes-dip-srx

Yarwood Ave GCB back on market at S$23m guide price
A good class bungalow (GCB) in Kilburn Estate in District 21 will be put on the market again at an unchanged guide price of S$23 million, marketing agent Knight Frank Singapore said on Tuesday. The guide price works out to about S$1,216 per square foot, based on a land area of 18,911 sq ft.
https://www.businesstimes.com.sg/real-estate/yarwood-ave-gcb-back-on-market-at-s23m-guide-price
https://www.straitstimes.com/business/property/gcb-on-sale-at-same-23m-guide-price

Singapore Economy

Sing$ could weaken to 1.42 against US dollar by year end: DBS
The intractable trade war, disappointing Singapore growth data and weak yuan will take their toll on the Singdollar in the coming months, according to DBS analysts. They tip the currency to weaken to 1.42 against the United States dollar by the year end. It was around 1.3802 yesterday.
https://www.straitstimes.com/business/economy/sing-could-weaken-to-142-against-us-dollar-by-year-end-dbs

Singapore and Indonesia renew US$10b currency pact
Singapore and Indonesia announced the renewal of a US$10 billion currency pact, which will help support monetary and financial stability in the region. Both countries will continue to have access to each other’s currency as well as US dollars, to settle trades or defend their currency in times of financial stress.
https://www.businesstimes.com.sg/government-economy/singapore-and-indonesia-renew-us10b-currency-pact
https://www.straitstimes.com/asia/se-asia/spore-indonesia-renew-us10b-currency-pact-for-another-year
https://www.channelnewsasia.com/news/asia/lee-hsien-loong-jokowi-indonesia-singapore-leaders-retreat-11981690

Uncertainty causes more damage than tariffs: economist
Instead of a recession, the world economy is headed for a prolonged period of sluggish growth until at least the end of 2020, a senior economist has suggested, as the climate of uncertainty is causing companies to delay investment. In an exclusive interview with The Business Times, Luigi Speranza, chief global economist at BNP Paribas, pointed to a survey by Bank of England Agents which showed that firms are…
https://www.businesstimes.com.sg/government-economy/uncertainty-causes-more-damage-than-tariffs-economist

Singapore is world’s most competitive economy: World Economic Forum
Singapore – Singapore is the world’s most competitive economy, according to an updated global league table. It scored 84.8 out of a possible 100, beating the United States to the top spot in the rankings of 141 economies.
https://www.straitstimes.com/business/economy/singapore-is-worlds-most-competitive-economy-world-economic-forum
https://www.straitstimes.com/business/economy/trumps-trade-wars-lose-us-its-competitiveness-top-spot-to-singapore-wef
https://www.channelnewsasia.com/news/business/singapore-overtakes-us-world-most-competitive-economy-wef-11983642

Companies’ Brief

M+S to sell Andaz hotel at Duo for S$475m to Hoi Hup Realty
M+S Pte Ltd will sell the hotel component of the Duo mixed-use project for S$475 million to Singapore developer Hoi Hup Realty. M+S, the national joint venture between Malaysia and Singapore, said on Tuesday that it has agreed to sell all the shares of its wholly-owned subsidiary, Ophir-Rochor Hotel Pte Ltd (the developer and owner of Andaz Singapore) to Hoi Hup.
https://www.businesstimes.com.sg/real-estate/ms-to-sell-andaz-hotel-at-duo-for-s475m-to-hoi-hup-realty
https://www.straitstimes.com/business/property/hoi-hup-buying-andaz-hotel-at-duo-for-475m-from-ms

ARA Private Funds inks more than US$460m of property deals in H1
The private funds division of ARA Asset Management closed over US$460 million worth of real estate transactions in the first half this year, the fund manager announced in a press statement on Tuesday. “This marks a strong, acquisitive year for APF (ARA Private Funds), which acquired a well-located office building in Singapore’s fringe CBD (Central Business District), and a B-Grade office building in the heart of…
https://www.businesstimes.com.sg/real-estate/ara-private-funds-inks-more-than-us460m-of-property-deals-in-h1

Hot stock: Hotel Properties shares jump 7.6%, prompting SGX query
The Singapore Exchange on Tuesday queried Hotel Properties Ltd (HPL) on “unusual price movements” in its shares after the counter jumped as high as 7.6 per cent to S$3.82 in morning trade. HPL shares were up S$0.21 or 5.9 per cent to S$3.76 before the market closed for its midday break.
https://www.businesstimes.com.sg/companies-markets/hot-stock-hotel-properties-shares-jump-76-prompting-sgx-query

Views, Reviews, Forum & Others

PropertyGuru’s Australia listing raises questions on SGX’s appeal
Yet another home-grown household name has opted to list overseas. Singapore-based real estate portal PropertyGuru announced on Monday that it intends to list in Australia, presumably to seek higher valuations there.
https://www.straitstimes.com/business/propertygurus-aussie-listing-raises-questions-on-sgxs-appeal