The Leading Professional and Representative Body for the Real Estate Industry

The Leading Professional and Representative Body for the Real Estate Industry



Daily News – 1 Feb 2023 (Wed)

Singapore Real Estate


GuocoLand’s Midtown office tower 80% pre-committed at TOP stage
GuocoLand’s Guoco Midtown office tower has 80 per cent of its 709,000 square feet space pre-committed, including deals in advanced stages of negotiation, the company said on Tuesday (Jan 31).


Orchard Bel Air relaunched for en bloc sale at unchanged S$587.5m guide price
Prime District 10’s Orchard Bel Air has been relaunched on Tuesday (Jan 31) for collective sale. The guide price remains at S$587.5 million after the previous attempt closed on Sep 6 without a sale.


Property auctions, mortgagee sales seen surging in 2023 on rising bankruptcies
More Singapore properties are likely to go under the hammer in the coming year, by up to 40 to 50 per cent, as an increasing number of property owners come under pressure. Bankruptcy petitions are on the rise amid interest rate hikes, growing inflationary pressures and the expiry of pandemic support measures for borrowers, noted real estate consultancy Knight Frank in its latest report on the auctions market.


Condo and HDB lease volumes rebound in December on fear of further rent hikes; rents continue climb: SRX,
Residential leasing volumes rebounded in December, owing to lease renewals from expats and tenants anticipating higher rents in 2023. The bounceback was more pronounced in the condominium segment, which saw volumes climbing 26.6 per cent, breaking four straight months of decline, according to flash estimates from SRX and on Tuesday (Jan 31).



Singapore Economy


IMF sees Singapore growth slowing to 1.5% in 2023 as global headwinds offset China boost
The International Monetary Fund (IMF) has lowered its 2023 growth forecasts for Singapore, along with those of its Asean neighbours, saying slowing global growth will outweigh the positive impact from China’s economic reopening.


Singapore to buy electricity from Malaysia for first time from second half of 2023
Local power producer YTL PowerSeraya will import electricity on a commercial basis from Malaysia for the first time, the company announced on Monday (Jan 30). YTL PowerSeraya will purchase 100 megawatts (MW) of electricity over two years from TNB Power Generation’s gas-fired plant in Pasir Gudang, Johor.


Singapore manufacturers’ sentiment worsens; services sector mood moderates: surveys
For the third consecutive quarter, Singapore manufacturers remain negative about business conditions in the next six months, while positive sentiment in the services sector has moderated, according to separate quarterly surveys on Tuesday (Jan 31).


Economists see uneven employment growth in Singapore in 2023
Singapore’s employment growth is expected to become more uneven in 2023, after expanding at a record level last year on the back of a rebound in the hiring of foreign workers. Total employment grew by an unprecedented 231,700 in 2022, according to a preliminary report from the Ministry of Manpower (MOM) on Tuesday (Jan 31).


Singapore’s total employment grows for 5th straight quarter, but MOM notes recent rise in retrenchments
Singapore: Singapore’s total employment grew in the fourth quarter of 2022 – the fifth consecutive quarter of increase – even as the Ministry of Manpower (MOM) warns of easing momentum in the labour market in the year ahead.


Job switching rates in Singapore reach 6-year high: MOM
The rate of job switching in Singapore rose to a six-year high in 2022, due to an increase in job opportunities alongside a continued economic recovery, according to the Ministry of Manpower’s (MOM) annual Labour Force in Singapore report on Tuesday (Jan 31).


Commentary: Not just Big Tech – there are tech talent opportunities aplenty in ‘non-tech’ sectors
Singapore: Think tech opportunities are dwindling? Think again. Although some of the world’s biggest tech firms – from Microsoft and Meta to Alphabet and Amazon – have announced mass layoffs, the local demand for tech talent will remain high this year.


Changi Airport traffic strongest in December, near pre-Covid levels
Passenger traffic in Changi Airport recorded a high in December last year with 4.6 million movements, reaching 72 per cent of pre-pandemic traffic levels in 2019. More than 1.1 million passengers were handled from Dec 12 to Dec 18, or 82 per cent of the weekly average in 2019, making it the busiest week of the year.


SMEs upbeat about 2023 prospects; GST hike, energy prices and inflation still top concerns: poll
Nearly 60 per cent of small and medium-sized enterprises (SMEs) are expecting economic conditions to improve in 2023, though the goods and services tax (GST) hike, rising energy prices and inflation remain key concerns, a survey by insurance provider QBE Insurance has found.



Companies’ Brief


CICT’s H2 DPU up 2.7% to S$0.0536 on higher rental income, acquisitions
CapitaLand (CICT) distribution per unit (DPU) for the half year ended December 2022 rose 2.7 per cent year on year to S$0.0536, compared with S$0.0522 from FY2021. On Wednesday (Feb 1), the manager said CICT posted a 14.4 per cent year-on-year increase in H2 FY2022 gross revenue to S$754.1 million, compared with S$659.4 million the previous year.


ESR-Logos Reit H2 DPU rises 7.5% to S$0.0154 on higher earnings
ESR-Logos Reit posted a distribution per unit (DPU) of S$0.0154 for its second half ended Dec 31, 2022, up 7.5 per cent from a DPU of S$0.01433 a year ago. Gross revenue was up 61 per cent to S$195.6 million for the half-year period, from S$121.4 million a year ago.


Keppel DC Reit’s H2 DPU up 4.8% to S$0.05165
Data centre-focused Keppel Data Centre (DC) Reit on Tuesday (Jan 31) posted a 4.8 per cent increase in distribution per unit (DPU) to S$0.05165 for the second half ended Dec 31, 2022, from S$0.04927 in the corresponding period a year ago.


Mapletree Pan Asia Commercial Trust keeps Q3 DPU unchanged at S$0.0242 due to higher finance costs
Mapletree Pan Asia Commercial Trust’s (MPACT) distribution per unit (DPU) stayed flat at S$0.0242 for the third quarter ended Dec 31, 2022, unchanged from a year earlier. This was due to higher finance costs, its manager said in a bourse filing on Tuesday (Jan 31).



Global Economy & Real Estate


Central banks told to keep rate hiking until inflation all-clear


Fed expected to slow rate hikes in signal work’s not over


Housing slump deepens from US to China in risk to global growth


US house price inflation slows further in November


US consumer confidence ebbs in January; inflation expectations rise


US labour costs trail forecasts, adding to slower inflation signs


Falling property values create US$55b funding shortfall in Europe


UK mortgage approvals at lowest since pandemic as rate rises bite


UK budget watchdog says it’s often too optimstic on economy


Inflation in UK shop prices hits record high in January


Labour wants to fix Brexit. Good luck with that


German unemployment rate remains stable at 5.5% in January


New Zealand unemployment climbs, wage inflation accelerates


Canada’s economy grew 0.1% in November, likely was flat in December


Australia home prices fall further as rate hikes weigh on market


Asia’s factory activity contracts despite China’s COVID reopening


Hong Kong’s negative equity mortgage cases surge to near 18-year high


Taiwan exports fall for the fourth straight month; uncertainty darkens outlook


Japan’s factory activity shrinks for third month in January


South Korea’s factory activity contracts in January at slightly milder pace: PMI


South Korea posts record trade deficit as exports tumble, raising fears of recession


Malaysia bags RM13 billion in foreign direct investment from three investors after Singapore mission


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