SINGAPORE REAL ESTATE
URA launches residential sites at Lentor Gardens, Lentor Central for tender
Two residential development sites at Lentor Gardens and Lentor Central have been launched for sale under the Government Land Sales (GLS) programme. The Lentor Gardens parcel, on the Urban Redevelopment Authority’s confirmed list, sits on 21,866.7 square metres (sq m), with a maximum gross floor area (GFA) of 45,921 sq m, and is expected to yield about 530 housing units. These units could span eight storeys under low-rise zone requirements, or 16 storeys under the mid-rise zone.
https://www.businesstimes.com.sg/real-estate/mobile-spotlight/ura-launches-residential-sites-at-lentor-gardens-lentor-central-for
https://www.straitstimes.com/business/fifth-state-owned-site-in-lentor-released-for-sale-after-lentor-modern-s-strong-take-up
Freehold residential sites on Wilkie Rd up for collective sale at S$19.5m
Adjoining freehold residential sites on 62 and 64 Wilkie Rd will be put up for collective sale with a guide price of S$19.5 million on Tuesday (Nov 1), said marketing agent Propnex. The sites comprises of three and five residential units respectively with a combine site area of 5,849 sq ft. Zoned “residential” has a gross plot ratio of 2.1 under the Urban Redevelopment Authority’s Master Plan 2019.
https://www.businesstimes.com.sg/real-estate/freehold-residential-sites-on-wilkie-rd-up-for-collective-sale-at-s195m
Firm property prices are a silver lining as rising interest rates batter listed property plays
Many homeowners may be fretting over how rising home loan rates are affecting disposable income. The three-month compounded Singapore Overnight Rate Average (Sora), has jumped by over 220 basis points from the start of the year to 2.45 per cent per annum as at Oct 28, 2022.
https://www.businesstimes.com.sg/opinion/firm-property-prices-are-a-silver-lining-as-rising-interest-rates-batter-listed-property
askST: Why does HDB incur a deficit every year? How are new flats priced?
Singapore – The Housing Board’s deficit nearly doubled to a record $4.367 billion in the financial year ended March 31, from $2.346 billion the year before. The higher deficit is largely due to more Build-To-Order (BTO) projects starting construction as well as more subsidies and grants disbursed to buyers, said HDB, which released its annual report on Monday.
https://www.straitstimes.com/singapore/housing/askst-why-does-hdb-incur-a-deficit-every-year-how-are-new-flats-priced
COMPANIES’ BRIEF
CapitaLand Ascott Trust launches IFC’s first sustainability-linked bond in hospitality sector
CapitaLand Ascott Trust (Clas) has partnered with the International Finance Corporation (IFC) to launch the corporation’s first sustainability-linked bond in the hospitality sector globally, its managers said in a bourse filing on Monday (Oct 31).
https://www.businesstimes.com.sg/companies-markets/capitaland-ascott-trust-launches-ifcs-first-sustainability-linked-bond-in
CapitaLand Ascendas Reit posts 5.4% rental reversion in Q3
CapitaLand Ascendas Reit (Clar) posted a positive rental reversion of 5.4 per cent for lease renewals in Q3 ended September, down from 13.2 per cent in Q2, the manager announced in a quarterly business update on Monday (Oct 31).
https://www.businesstimes.com.sg/companies-markets/capitaland-ascendas-reit-posts-54-rental-reversion-in-q3
VIEWS, REVIEWS, FORUM AND OTHERS
558 firms penalised by MOM for not implementing workplace safety measures against slips, trips and falls
Singapore – Stop-work orders and fines were among the actions taken against more than 500 firms after inspections by the Ministry of Manpower (MOM) showed they had failed to address measures related to workplace safety.
https://www.straitstimes.com/singapore/558-firms-penalised-by-mom-for-not-implementing-workplace-safety-measures-against-slips-trips-and-falls
https://www.todayonline.com/singapore/mom-takes-558-firms-task-workplace-safety-lapses-stop-work-orders-and-almost-s500000-fines-meted-out-2032756
No new curbs in recent wave, but they cannot be ruled out if new nasty Covid-19 variant hits: Ong Ye Kung
Singapore – Singapore has ridden the recent Covid-19 wave without having to reimpose safe management measures, but curbs such as indoor masking requirements cannot be ruled out in the event of a nasty new variant, said Health Minister Ong Ye Kung on Monday.
https://www.straitstimes.com/singapore/health/no-new-curbs-in-recent-wave-but-they-cannot-be-ruled-out-if-new-nasty-covid-19-variant-hits-ong-ye-kung
https://www.channelnewsasia.com/singapore/covid-19-wave-xbb-variant-coming-down-ong-ye-kung-restrictions-3034571
https://www.todayonline.com/singapore/be-prepared-covid-19-rules-mask-serious-infection-waves-ong-ye-kung-2033041
GLOBAL ECONOMY & REAL ESTATE
UK house prices face 5% dip next year on mortgage rate rises
https://www.businesstimes.com.sg/real-estate/uk-house-prices-face-5-dip-next-year-on-mortgage-rate-rises
UK business confidence drops to lowest since pandemic lockdown
https://www.businesstimes.com.sg/government-economy/uk-business-confidence-drops-to-lowest-since-pandemic-lockdown
Eurozone’s inflation soars past forecasts to record high
https://www.businesstimes.com.sg/government-economy/eurozones-inflation-soars-past-forecasts-to-record-high
Italian economy unexpectedly grows in boost to new PM Meloni
https://www.businesstimes.com.sg/government-economy/italian-economy-unexpectedly-grows-in-boost-to-new-pm-meloni
New Zealand house prices vulnerable to climate risks, RBNZ Says
https://www.businesstimes.com.sg/real-estate/new-zealand-house-prices-vulnerable-to-climate-risks-rbnz-says
Australia’s housing downturn persists as RBA seen hiking further
https://www.businesstimes.com.sg/real-estate/australias-housing-downturn-persists-as-rba-seen-hiking-further
Asia factories slump in October as global demand continues to fade
https://www.straitstimes.com/business/asia-factories-slump-in-october-as-global-demand-continues-to-fade
https://www.businesstimes.com.sg/government-economy/asia-factories-slump-as-global-demand-continues-to-fade
https://www.channelnewsasia.com/business/asias-factory-output-weakens-global-slowdown-china-covid-curbs-3035776
China’s economy weakens and signs point to more strain ahead
https://www.businesstimes.com.sg/government-economy/chinas-economy-weakens-and-signs-point-to-more-strain-ahead
China’s Oct factory activity shrinks as COVID curbs hit output, demand – Caixin PMI
https://www.channelnewsasia.com/business/chinas-oct-factory-activity-shrinks-covid-curbs-hit-output-demand-caixin-pmi-3035701
China home sales drop 28% as Covid flare-up adds to risks
https://www.businesstimes.com.sg/real-estate/mobile-spotlight/china-home-sales-drop-28-as-covid-flare-up-adds-to-risks
China’s property crash sends billionaire founders heading to exits
https://www.straitstimes.com/business/china-s-property-crash-sends-billionaire-founders-heading-to-exits
Chinese developer Greenland says it’s likely to default on bond
https://www.businesstimes.com.sg/real-estate/mobile-spotlight/chinese-developer-greenland-says-its-likely-to-default-on-bond
https://www.straitstimes.com/business/chinese-developer-greenland-says-likely-to-default-on-bond
China builders have US$292b of debt coming due through 2023
https://www.businesstimes.com.sg/real-estate/china-builders-have-us292b-of-debt-coming-due-through-2023
Hong Kong growth forecasts slashed as global risks intensify
https://www.businesstimes.com.sg/government-economy/hong-kong-growth-forecasts-slashed-as-global-risks-intensify
Hong Kong’s economy likely contracted again on global headwinds
https://www.businesstimes.com.sg/government-economy/hong-kongs-economy-likely-contracted-again-on-global-headwinds
https://www.straitstimes.com/asia/east-asia/hong-kong-s-economy-records-worst-contraction-since-2020
Hong Kong’s number of unsold new homes rise to 15-year-high due to downturn
https://www.businesstimes.com.sg/global-enterprise/hong-kongs-number-of-unsold-new-homes-rise-to-15-year-high-due-to-downturn
Hong Kong’s negative equity mortgage cases surge in Q3
https://www.businesstimes.com.sg/real-estate/mobile-spotlight/hong-kongs-negative-equity-mortgage-cases-surge-in-q3
Li Ka-shing’s skyscraper one-fifth empty as Hong Kong vacancies hit record
https://www.straitstimes.com/business/li-ka-shings-skyscraper-one-fifth-empty-as-hong-kong-vacancies-hit-record
https://www.businesstimes.com.sg/global-enterprise/li-ka-shings-skyscraper-is-21-empty-as-hong-kong-vacancies-hit-record
Japan likely spent record amount in October to prop up yen
https://www.businesstimes.com.sg/government-economy/japan-likely-spent-record-amount-in-october-to-prop-up-yen
Japan October factory growth hits 21-month low as China conditions worsen: PMI
https://www.businesstimes.com.sg/government-economy/japan-october-factory-growth-hits-21-month-low-as-china-conditions-worsen-pmi
South Korea’s October exports post worst fall in 26 months
https://www.businesstimes.com.sg/government-economy/south-koreas-october-exports-post-worst-fall-in-26-months