Singapore Real Estate
Shophouse sales rebound to rise 7.2% in H1 following residential ABSD hikes: Knight Frank
Sales of shophouses in Singapore rose 7.2 per cent in the first half of 2023, as interest returned to a market that had slowed significantly last year after running up in 2021. Shophouse deals totalled S$711.6 million in value with 75 units transacted in H1 2023, from S$663.5 million across 72 units in H2 2022, according to data collected by real estate consultancy Knight Frank.
https://www.businesstimes.com.sg/property/shophouse-sales-rebound-rise-72-h1-following-residential-absd-hikes-knight-frank
Condo and HDB rents rise in June; more units leased out
Singapore – Rents for condominium units inched up 0.3 per cent in June after a slight dip of 0.6 per cent in May, as the number of units leased out rose by 12.5 per cent. An estimated 5,810 units were leased out in June, up from 5,164 units in May, according to flash figures released on Monday by property portals 99.co and SRX.
https://www.straitstimes.com/singapore/condo-and-hdb-rents-rise-in-june-more-units-leased-out
https://www.businesstimes.com.sg/property/condo-hdb-rents-rise-rental-volumes-recover-june-srx-99co
Singapore Economy
Singapore manufacturing, services business outlook more upbeat for next 6 months
Singapore’s manufacturers and services firms have become more positive about business conditions in the next six months, based on separate quarterly surveys on Monday (Jul 31).
https://www.businesstimes.com.sg/singapore/singapore-manufacturing-services-business-outlook-more-upbeat-next-6-months
https://www.straitstimes.com/business/s-pore-s-manufacturing-and-services-sectors-show-cautious-optimism-amid-global-uncertainties
EMA to raise entry bar for electricity retailers to ensure credibility, financial strength
The Energy Market Authority (EMA) will soon roll out new requirements for electricity retailers to ensure that players can withstand the volatilities of the market.
https://www.businesstimes.com.sg/singapore/ema-raise-entry-bar-electricity-retailers-ensure-credibility-financial-strength
https://www.theedgesingapore.com/news/singapore-energy-market/ema-seeks-bid-new-power-plant-introduces-minimum-net-worth-electricity
MAS proposes single family offices seeking licensing exemptions must incorporate locally, report annual assets
The Monetary Authority of Singapore (MAS) is proposing moves to ensure that all single family offices (SFOs) come under anti-money laundering controls, by introducing specific requirements through a harmonised class exemption for the sector.
https://www.businesstimes.com.sg/singapore/mas-proposes-single-family-offices-seeking-licensing-exemptions-must-incorporate-locally
https://www.straitstimes.com/business/mas-seeks-views-on-framework-to-combat-money-laundering-among-single-family-offices-in-s-pore
https://www.theedgesingapore.com/news/wealth/mas-launches-public-consultation-strengthen-defence-against-money-laundering-risks
Companies’ Brief
CapitaLand Ascendas Reit H1 DPU declines 2% on higher interest expense, enlarged unit base
CapitaLand Ascendas Reit (Clar) posted a distribution per unit (DPU) of S$0.07719 for the first half ended Jun 30, down 2 per cent from the corresponding year-ago period, its manager announced on Monday (Jul 31).
https://www.businesstimes.com.sg/companies-markets/capitaland-ascendas-reit-h1-dpu-declines-2-higher-interest-expense-enlarged-unit
https://www.theedgesingapore.com/capital/results/capitaland-ascendas-reit-dpu-slips-20-y-o-y-despite-higher-1hfy2023-net-property
Keppel Reit units: To have and to hold – or not?
According to the conventional wisdom “don’t look a gift horse in the mouth”, one ought to be grateful and not question the value of a gift. But why not? A case in point is ’s emerald (55th) anniversary reward to shareholders by way of an unexpected proposed special dividend in-specie of 352.4 million units it owns in (KReit).
https://www.businesstimes.com.sg/opinion-features/keppel-reit-units-have-and-hold-or-not
LHN shareholders pave way for China’s Milkyway Chemical to make LHN Logistics offer
Shareholders of LHN Limited voted in favour of wholly-owned subsidiary LHN Group disposing of all its shares in LHN Logistics agreeing to accept a voluntary conditional general offer to be made by Shanghai-listed Milkyway Chemical.
https://www.businesstimes.com.sg/companies-markets/lhn-shareholders-pave-way-chinas-milkyway-chemical-make-lhn-logistics-offer
https://www.theedgesingapore.com/news/offer/lhn-limiteds-shareholders-give-green-light-potential-disposal-lhn-logistics
MPACT reports lower Q1 DPU on stronger Sing dollar
Mapletree Pan Asia Commercial Trust (MPACT) reported a 12.8 per cent dip in its distribution per unit (DPU) to S$0.0218 for its first quarter ended Jun 30 on the back of higher interest rates, utility costs and a stronger Singapore dollar.
https://www.businesstimes.com.sg/companies-markets/mpact-reports-lower-q1-dpu-stronger-sing-dollar
https://www.theedgesingapore.com/capital/results/mpact-1qfy2024-dpu-falls-31-q-o-q-higher-utility-financing-costs
Global Economy & Real Estate
US reviews record number of foreign investment transactions in 2022
https://www.businesstimes.com.sg/international/us-reviews-record-number-foreign-investment-transactions-2022
A 5% US mortgage rate is seen as tipping point to unlock supply
https://www.businesstimes.com.sg/property/5-us-mortgage-rate-seen-tipping-point-unlock-supply
Australia’s house-price momentum eases as property listings jump
https://www.businesstimes.com.sg/property/australias-house-price-momentum-eases-property-listings-jump
China stops short of direct consumer support to spur economy
https://www.businesstimes.com.sg/international/china-stops-short-direct-consumer-support-spur-economy
China’s biggest cities vow to introduce steps to boost property sector
https://www.businesstimes.com.sg/property/chinas-biggest-cities-vow-introduce-steps-boost-property-sector
https://www.channelnewsasia.com/business/chinas-biggest-cities-vow-introduce-steps-boost-property-sector-3665916
China developer Country Garden to raise US$300 million
https://www.businesstimes.com.sg/property/china-developer-country-garden-raise-us300-million
https://www.channelnewsasia.com/business/china-developer-country-garden-raise-us300-million-term-sheet-3667251
https://www.scmp.com/business/china-business/article/3229445/china-property-developer-country-garden-expects-pos-loss-due-fall-profit-margin-higher-impairment
Eurozone returns to growth while core inflation remains strong
https://www.businesstimes.com.sg/international/eurozone-returns-growth-while-core-inflation-remains-strong
Eurozone inflation falls further in comforting sign for ECB
https://www.businesstimes.com.sg/international/eurozone-inflation-falls-further-comforting-sign-ecb
Hong Kong quarterly GDP growth slows on sluggish global economy
https://www.channelnewsasia.com/business/hong-kong-quarterly-gdp-growth-slows-sluggish-global-economy-3666511
https://www.businesstimes.com.sg/international/hong-kongs-economic-growth-cools-spending-boom-lets
https://www.businesstimes.com.sg/international/hong-kongs-economic-growth-slowed-second-quarter-paul-chan-says
https://www.scmp.com/news/hong-kong/hong-kong-economy/article/3229489/hong-kongs-economic-recovery-loses-steam-second-quarter-advanced-figure-show-15-cent-growth
Hong Kong homeowners slash prices as they race to sell before property values fall further
https://www.scmp.com/business/article/3229532/hong-kong-homeowners-slash-prices-they-race-sell-property-values-fall-further
Hong Kong developer Hang Lung Properties reports 23 per cent profit growth in first half but warns of ‘clouds’ in outlook
https://www.scmp.com/business/china-business/article/3229475/hong-kong-developer-hang-lung-properties-reports-23-cent-profit-growth-first-half-warns-clouds
Italy GDP unexpectedly shrinks in blow to Meloni
https://www.businesstimes.com.sg/international/italy-gdp-unexpectedly-shrinks-blow-meloni
Bank of Japan flags broadening price, wage hikes in wake of policy tweak
https://www.straitstimes.com/business/bank-of-japan-flags-broadening-price-wage-hikes-in-wake-of-policy-tweak
https://www.businesstimes.com.sg/international/boj-flags-broadening-price-wage-hikes-wake-policy-tweak
https://www.channelnewsasia.com/business/boj-flags-broadening-price-wage-hikes-wake-policy-tweak-3666096
Japan’s industrial production rebounds, signalling continued modest recovery
https://www.straitstimes.com/business/japan-s-production-rebounds-signaling-continued-modest-recovery
https://www.channelnewsasia.com/business/japan-factory-output-rises-2-june-demand-buoys-manufacturers-3665786
Bursa Malaysia Q2 net profit jumps 28% to RM76.2 million
https://www.businesstimes.com.sg/international/asean/bursa-malaysia-q2-net-profit-jumps-28-rm762-million
South Korea July exports fall at steepest pace in over three years
https://www.channelnewsasia.com/business/south-korea-july-exports-fall-steepest-pace-over-three-years-3668091
UK mortgage approvals and consumer credit jump unexpectedly in June: BOE
https://www.businesstimes.com.sg/international/uk-mortgage-approvals-and-consumer-credit-jump-unexpectedly-june-boe
Disclaimer & Note:
Real Estate Developers’ Association of Singapore (REDAS) does not warrant the accuracy, adequacy or completeness of the information and expressly disclaims liability for errors or omissions therein. The content, accuracy, and opinions expressed are not investigated, verified, monitored, nor endorsed by REDAS. Every effort is taken to ensure that all information extracted is correct at the time of dissemination.
The Daily News is issued as news gathering for the convenience and benefits of REDAS’ members only and not for mass circulation. Members are advised to exercise discretion in the use and dissemination of the information. The news links are time-sensitive and require registration of fee-based digital subscriptions.