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The Leading Professional and Representative Body for the Real Estate Industry

DAILY NEWS

 

Daily News 1 October 2024 (Tues)

Singapore Real Estate / Built Environment

 

JTC to review development of Woodlands North Coast industrial estate to meet changing needs
JTC’s industrial estate at Woodlands North Coast, is tipped to get even larger, as plans are underway to review development of the area and cater to changing industry needs. This includes an integrated underground network that can help to move people and goods more efficiently within the district.
https://www.youtube.com/watch?v=yRIwgB56cfc

 

Private home prices slip 1.1% in Q3 in first drop since Q2 2023
Prices of private homes in Singapore fell for the first time in five quarters since the second quarter of 2023, slipping 1.1 per cent in Q3. Residential prices fell the most in the landed property segment, where home prices dropped 3.8 per cent, and in the prime Core Central Region (CCR), where prices fell 1.5 per cent.
https://www.businesstimes.com.sg/property/private-home-prices-slip-1-1-q3-first-drop-q2-2023
https://www.zaobao.com.sg/realtime/singapore/story20241001-4892594

 

Singapore hotels’ room revenue dips in August despite higher average room rate
Singapore hotels’ average room rate (ARR) rose sequentially in August, even as international visitor arrivals slipped, Singapore Tourism Board (STB) data showed on Monday (Sep 30). But other hotel industry indicators fell.
https://www.businesstimes.com.sg/singapore/singapore-hotels-room-revenue-dips-august-despite-higher-average-room-rate

 

Prime office rents growing more slowly, but occupancy levels still healthy: Knight Frank
According to a research report by Knight Frank, prime grade office rents in the Raffles Place and Marina Bay precinct inched up 0.6% q-o-q in 3Q2024 to reach an average of $11.35 psf per month. This is marginally slower than the 0.7% q-o-q expansion recorded in 2Q2024.
https://www.edgeprop.sg/property-news/prime-office-rents-growing-more-slowly-occupancy-levels-still-healthy-knight-frank

 

Support parenthood: Push developers to offer more larger new condo homes
The first condominium project launched after the Chinese Hungry Ghost Month, 8@BT in Upper Bukit Timah, sold 83 units, or 53 per cent of its 158 units over its launch weekend as at noon on Sep 22, at an average selling price of S$2,719 per square foot (psf).
https://www.businesstimes.com.sg/opinion-features/support-parenthood-push-developers-offer-more-larger-new-condo-homes

 

 

Singapore Economy

 

Singapore will be doing ‘quite well’ if it can sustain annual growth of 2% to 3%: SM Lee
Productivity gains will be Singapore’s primary driver of growth as the economy enters a more mature phase, and businesses must thus do their part to transform, said Senior Minister Lee Hsien Loong.
https://www.businesstimes.com.sg/singapore/singapore-will-be-doing-quite-well-if-it-can-sustain-annual-growth-2-3-sm-lee
https://www.straitstimes.com/business/economy/businesses-will-have-to-adapt-to-a-changing-international-environment-sm-lee
https://www.youtube.com/watch?v=LpGshhrK7ng

 

MAS, Temasek executives among new members appointed to HDB’s board
The Housing and Development Board (HDB) has named five new members who will join its board for the upcoming term spanning Oct 1, 2024, to Sep 30, 2026.
https://www.businesstimes.com.sg/companies-markets/mas-temasek-executives-among-new-members-appointed-hdbs-board

 

Gas and electricity prices to fall from October to December
Singapore – Gas and electricity tariffs will go down for the next three months due to lower energy and fuel costs. From Oct 1 to Dec 31, households supplied by grid operator SP Group will see a 2.6 per cent decrease in electricity tariffs compared with the previous quarter, the group said in a statement on Sept 30.
https://www.straitstimes.com/singapore/consumer/gas-and-electricity-prices-to-fall-from-october-to-december
https://www.businesstimes.com.sg/singapore/household-electricity-gas-tariffs-fall-q4
https://www.zaobao.com.sg/realtime/singapore/story20240930-4886647

 

 

Business News

 

Singapore’s moribund IPO market looks to Reits for a lifeline
Singapore’s stagnant initial public offering (IPO) market is relying on a boost next year from real estate investment trusts (Reits).
https://www.businesstimes.com.sg/companies-markets/singapores-moribund-ipo-market-looks-reits-lifeline

 

CapitaLand Ascott Trust to acquire lyf Funan Singapore at S$263 million agreed value
SR Trust (VSRT), which directly holds a 100 per cent interest in lyf Funan Singapore. On Tuesday (Oct 1), its managers said the purchase consideration is estimated at S$146.4 million after accounting for VSRT’s net asset value (NAV) based on the property’s agreed value of S$263 million, and agreed adjustments to the NAV.
https://www.businesstimes.com.sg/companies-markets/capitaland-ascott-trust-acquire-lyf-funan-singapore-s263-million-agreed-value

 

Keppel awarded cooling services contract for 3 Tengah BTO projects
Singapore’s public housing authority has awarded Keppel : BN4 +0.15%’s infrastructure division a chilled water supply contract to design, build and operate centralised cooling systems (CCS) for three upcoming Build-To-Order (BTO) projects.
https://www.businesstimes.com.sg/companies-markets/keppel-awarded-cooling-services-contract-3-tengah-bto-projects
https://www.edgeprop.sg/property-news/keppel-wins-20-year-centralised-cooling-systems-contract-tengah-bto-projects
https://www.zaobao.com.sg/realtime/singapore/story20240930-4886551

 

Mapletree Industrial Trust plans to acquire a mixed-use facility in Japan for $12,980
Mapletree Industrial Trust plans to acquire a mixed-use facility in Japan for 14.5 billion yen (approximately S$129.8 million), which may be redeveloped into a data center in the future.
https://www.zaobao.com.sg/realtime/singapore/story20240930-4891888

 

Edmund Koh of UBS to join Sentosa Development Corporation board
https://www.businesstimes.com.sg/companies-markets/edmund-koh-ubs-join-sentosa-development-corporation-board?ref=top-stories

 

 

Global Economy & Real Estate

 

Gold set for quarterly gain; Fed’s Powell comments in focus
https://www.businesstimes.com.sg/companies-markets/energy-commodities/gold-set-quarterly-gain-feds-powell-comments-focus

 

US Fed Chair Powell sees ‘further disinflation’ in economy
https://www.businesstimes.com.sg/companies-markets/banking-finance/us-fed-chair-powell-sees-further-disinflation-economy
https://www.straitstimes.com/business/powell-says-fed-not-in-a-hurry-signals-smaller-rate-cuts-over-time
https://www.bloomberg.com/news/articles/2024-09-30/powell-says-fed-will-move-over-time-to-more-neutral-stance?srnd=phx-economics-v2

 

Morgan Stanley warns of 70,000 US monthly jobs hit from Trump tariffs
https://www.businesstimes.com.sg/international/morgan-stanley-warns-70000-us-monthly-jobs-hit-trump-tariffs

 

Manulife US Reit divests California office asset for US$117 million
https://www.businesstimes.com.sg/companies-markets/manulife-us-reit-divests-california-office-asset-us117-million

 

Australia’s home price growth holds steady at elevated level
https://www.businesstimes.com.sg/property/australias-sept-home-prices-rise-modestly-rents-barely-grow
https://www.businesstimes.com.sg/property/australias-sept-home-prices-rise-modestly-rents-barely-grow

 

Beijing follows major Chinese cities to ease homebuying rules
https://www.businesstimes.com.sg/property/beijing-follows-major-chinese-cities-ease-homebuying-rules

 

China home sales slump intensified in September, before stimulus
https://www.businesstimes.com.sg/property/china-home-sales-slump-intensified-september-stimulus

 

China megacities ease home buying rules to boost property market
https://www.businesstimes.com.sg/property/china-megacities-ease-home-buying-rules-boost-property-market
https://www.scmp.com/business/banking-finance/article/3280487/shanghai-other-top-tier-1-cities-ease-ownership-curbs-boost-chinas-housing-market?module=top_story&pgtype=section

 

China’s factory, service sectors skid, emboldening stimulus calls
https://www.businesstimes.com.sg/international/chinas-factory-service-sectors-skid-emboldening-stimulus-calls

 

Lagarde says ECB is getting more confident of taming inflation
https://www.businesstimes.com.sg/international/lagarde-says-ecb-getting-more-confident-taming-inflation

 

Office property slump makes climate upgrade costs even riskier
https://www.businesstimes.com.sg/property/office-property-slump-makes-climate-upgrade-costs-even-riskier

 

HKMA chief looks to Greater Bay Area, connect schemes in second 5-year term
https://www.scmp.com/business/banking-finance/article/3280158/hkma-chief-looks-greater-bay-area-connect-schemes-second-five-year-term

 

Hong Kong property investors to keep powder dry as interest-rate cut fails to tempt
https://www.scmp.com/business/article/3280413/hong-kong-property-investors-keep-powder-dry-interest-rate-cut-fails-tempt?module=top_story&pgtype=section

 

Rising bad debts on Hong Kong commercial property ‘a concern’: HKMA CEO
https://www.scmp.com/business/banking-finance/article/3280303/rising-bad-debts-hong-kong-commercial-property-concern-hkma-ceo?module=top_story&pgtype=section

 

Hong Kong needs to fix its student housing supply
https://www.scmp.com/opinion/hong-kong-opinion/article/3280477/hong-kong-needs-fix-its-student-housing-supply

 

Philippines central bank sees September inflation at 2% to 2.8%
https://www.businesstimes.com.sg/international/asean/philippines-central-bank-sees-september-inflation-2-2-8

 

Thai economy helped by exports and manufacturing in August, but tourism slows
https://www.businesstimes.com.sg/international/asean/thai-economy-helped-exports-and-manufacturing-august-tourism-slows

 

Strong Thai baht hitting exporters and tourism, says central bank
https://www.businesstimes.com.sg/international/strong-thai-baht-hitting-exporters-and-tourism-says-central-bank

 

Thai household debt eases slightly as loan growth cools on curbs
https://www.businesstimes.com.sg/international/asean/thai-household-debt-eases-slightly-loan-growth-cools-curbs

 

Google to invest US$1 billion in Thai data centre, cloud infrastructure
https://www.businesstimes.com.sg/international/asean/google-invest-us1-billion-thai-data-centre-cloud-infrastructure

 

UK economy grew more slowly than thought but outlook improving
https://www.businesstimes.com.sg/international/uk-economy-grew-more-slowly-thought-outlook-improving

 

UK posts fastest home price growth since February, mortgage lender says
https://www.businesstimes.com.sg/international/uk-posts-fastest-home-price-growth-february-mortgage-lender-says

 

UK lenders approve most mortgages since 2022
https://www.businesstimes.com.sg/property/uk-lenders-approve-most-mortgages-2022

 

Keppel’s subsidiary divests 70% stake in Saigon Sports City for up to $391.1 mil
https://www.theedgesingapore.com/news/company-news/keppels-subsidiary-divests-70-stake-saigon-sports-city-3911-mil

 

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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.

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