Singapore Real Estate
State land sale proceeds in FY2023 at S$8.15 billion so far, highest in 6 years
Proceeds of state land sales have amounted to about S$8.15 billion so far for the government’s fiscal year ending Mar 31, 2024. This is the largest sum recorded from government land sales (GLS) in the past six years, since FY2017, when S$8.4 billion worth of land was sold, said Chia Siew Chuin, JLL’s head of residential research.
https://www.businesstimes.com.sg/property/state-land-sale-proceeds-fy2023-s815-billion-so-far-highest-6-years
Weaning ourselves from love for property
It is often said that Singaporeans have an enduring love for property. Some regard their home as an asset that they could sell later to realise funds for retirement. Others may treat it as a store of value for their children and future generations.
https://www.businesstimes.com.sg/wealth/weaning-ourselves-love-property
$4.5 billion in housing grants given out from 2020 to 2023: HDB
Singapore – The Housing Board gave out more than $4.5 billion in housing grants to buyers of new or resale flats from 2020 to 2023. In those four years, around 63,700 households received the Enhanced Central Provident Fund (CPF) Housing Grant, which gives up to $80,000 to families buying their first new or resale flat.
https://www.straitstimes.com/singapore/housing/45-billion-in-housing-grants-given-out-from-2020-to-2023-hdb
Singapore Economy
Singapore’s growth ‘ought to be stronger’ in 2024; more support for parenthood to come: PM Lee
Despite uncertainties, it still looks like Singapore’s economic growth in 2024 “ought to be stronger than last year”, Prime Minister Lee Hsien Loong told reporters on Friday (Feb 9), at his annual Chinese New Year visit to workers.
https://www.businesstimes.com.sg/singapore/singapores-growth-ought-be-stronger-2024-more-support-parenthood-come-pm-lee
https://www.straitstimes.com/singapore/politics/pm-lee-says-signs-are-good-for-stronger-economy-in-2024
https://www.todayonline.com/singapore/pm-lee-strikes-optimistic-tone-about-economy-hints-more-support-parents-2360281
https://www.channelnewsasia.com/singapore/pm-lee-optimistic-tone-singapore-economy-2024-more-support-families-4112696
Global minimum tax – what’s beyond the horizon?
The dawn of global minimum tax (also known as Pillar Two top-up tax) in 2024 may mean placing a floor on tax competition, but it does not change the fact that competition for foreign direct investments (FDIs) remains as intense as ever.
https://www.businesstimes.com.sg/opinion-features/global-minimum-tax-whats-beyond-horizon
Singapore firms see silver lining as Q4 performance downturn eases: BT-SUSS poll
Singapore firms are feeling less pessimistic as declines in performance grow less dire, the latest Business Times-Singapore University of Social Sciences (BT-SUSS) Business Climate Survey has found.
https://www.businesstimes.com.sg/singapore/singapore-firms-see-silver-lining-q4-performance-downturn-eases-bt-suss-poll
Commentary: Visa waiver deal puts Singapore in good stead to attract the coveted Chinese tourist
Singapore: Where are all the Chinese tourists? The once ubiquitous throngs remain whispers from the past for many tourist hotspots around the world. In the year since China re-opened borders post-pandemic, outbound travel has had a sputtering restart.
https://www.channelnewsasia.com/commentary/singapore-china-visa-waiver-tourist-attractions-4111601
Are prices soaring in the Year of the Dragon?
With inflation still elevated in 2024, Chinese New Year (CNY) celebrations may be dampened by climbing costs. BT looks at how the festive basket of goods has been affected.
https://www.businesstimes.com.sg/singapore/are-prices-soaring-year-dragon
Business News
Frasers Property to improve earnings, dividends and returns
While property developers typically trade at notable discounts to valuations, Frasers Property (FPL) stands out by trading at an even larger discount than most. In our October cover story, Developing Stories, The Edge Singapore’s senior research analyst, Thiveyen Kathirrasan, indicated that FPL was one of two robustly undervalued listed property developers on the Singapore Exchange (SGX).
https://www.theedgesingapore.com/news/stocks-watch/frasers-property-improve-earnings-dividends-and-returns
FCT ‘king of suburban retail malls’, analysts raise TPs following higher NEX stake acquisition
Analysts at DBS Group Research and PhillipCapital Research have kept their “buy” and “accumulate” calls as well as raised their target prices for Frasers Centrepoint Trust (FCT) to $2.70 and $2.38 respectively following the trust’s recent acquisition of an additional 24.5% stake in NEX mall.
https://www.theedgesingapore.com/capital/brokers-calls/fct-king-suburban-retail-malls-analysts-raise-tps-following-higher-nex-stake
Hatten Land’s Q2 loss widens to RM20.7 million on lower revenue
Real estate developer Hatten Land on Monday (Feb 12) reported a net loss of RM20.7 million (S$5.8 million) for its second fiscal quarter ended December 2023, significantly deeper than the loss of RM4.3 million it recorded in the year-ago period.
https://www.businesstimes.com.sg/companies-markets/hatten-lands-q2-loss-widens-rm207-million-lower-revenue
https://www.straitstimes.com/business/companies-markets/hatten-land-s-q2-loss-widens-to-58-million-on-lower-revenue
Keppel’s record performance does not include billions in potential monetisation
Keppel, which dropped “Corporation” from its name on Jan 1, has seen a 36% rise since its March 2023 low and an 82% increase from its 2020 pandemic low. Despite this, its share price is still below the highs from the oil and gas (O&G) and offshore and marine (Q&M) boom era when Keppel’s O&M unit was the world’s largest jack-up rig builder.
https://www.theedgesingapore.com/news/stocks-watch/keppels-record-performance-does-not-include-billions-potential-monetisation
Ng Hsueh Ling appointed the first head of APAC for Savills Investment Management
International real estate management firm Savills Investment Management (IM) has appointed Ng Hsueh Ling as head of Asia Pacific (APAC), excluding Japan. It is a new role within the firm. She will report to chief executive Alex Jeffrey when she joins the firm next month.
https://www.edgeprop.sg/property-news/ng-hsueh-ling-appointed-first-head-apac-savills-investment-management
Global Economy & Real Estate
IMF, World Bank warn Gaza war, Red Sea attacks imperil global economy
https://www.businesstimes.com.sg/international/imf-world-bank-warn-gaza-war-red-sea-attacks-imperil-global-economy
What ‘friend-shoring’ means for the future of trade
https://www.businesstimes.com.sg/international/what-friend-shoring-means-future-trade
Mixed US consumer price revisions leave slowing inflation trend intact
https://www.businesstimes.com.sg/international/mixed-us-consumer-price-revisions-leave-slowing-inflation-trend-intact
Real estate pain for US regional banks is piling up, say investors
https://www.businesstimes.com.sg/property/real-estate-pain-us-regional-banks-piling-say-investors
Commercial-property loans coming due in US jump to US$929 billion
https://www.businesstimes.com.sg/property/commercial-property-loans-coming-due-us-jump-us929-billion
US commercial real estate push backfires for German lender PBB
https://www.businesstimes.com.sg/property/us-commercial-real-estate-push-backfires-german-lender-pbb
Some US commercial real estate assets may need recapitalising: BOA’s Mensah
https://www.businesstimes.com.sg/property/some-us-commercial-real-estate-assets-may-need-recapitalising-boas-mensah
Can 15-minute cities work in the US?
https://www.straitstimes.com/business/can-15-minute-cities-work-in-the-us
‘Zombie offices’ spell trouble for some US banks
https://www.businesstimes.com.sg/property/zombie-offices-spell-trouble-some-us-banks
AI boom reawakens Silicon Valley’s housing market
https://www.businesstimes.com.sg/property/ai-boom-reawakens-silicon-valleys-housing-market
Australia consumer confidence jumps to 20-month high in Feb
https://www.businesstimes.com.sg/international/australia-consumer-confidence-jumps-20-month-high-feb
Australia central bank says inflation slowdown requires productivity revival
https://www.businesstimes.com.sg/companies-markets/banking-finance/australia-central-bank-says-inflation-slowdown-requires
Australia lagging peers on AI adoption, productivity chief says
https://www.businesstimes.com.sg/international/australia-lagging-peers-ai-adoption-productivity-chief-says
Australians get right to ignore office calls, emails after hours
https://www.businesstimes.com.sg/international/australians-get-right-ignore-office-calls-emails-after-hours
The global tremors from China’s real estate crisis are only just starting
https://www.businesstimes.com.sg/property/global-tremors-chinas-real-estate-crisis-are-only-just-starting
https://www.straitstimes.com/business/the-global-tremors-from-china-s-property-crisis-are-only-just-starting
As China woes mount, investment banks brace for more Asia job cuts
https://www.businesstimes.com.sg/international/global/china-woes-mount-investment-banks-brace-more-asia-job-cuts
https://www.channelnewsasia.com/business/china-woes-mount-investment-banks-brace-more-asia-job-cuts-4112791
Shanghai’s commercial property landlords face pressure to lower rents, help tenants’ businesses amid weak consumer sentiment
https://www.scmp.com/business/china-business/article/3251667/shanghais-commercial-property-landlords-face-pressure-lower-rents-help-tenants-businesses-amid-weak
China travel: cashless-society shift hits foreign tourists who really want to open wallets and spend
https://www.scmp.com/economy/china-economy/article/3251523/china-travel-cashless-society-shift-hits-foreign-tourists-who-really-want-open-wallets-and-spend
Germany’s office property slump accelerates with record drop
https://www.businesstimes.com.sg/property/germanys-office-property-slump-accelerates-record-drop
German finance chief warns of ‘ruinous’ impact of leaving EU
https://www.businesstimes.com.sg/international/german-finance-chief-warns-ruinous-impact-leaving-eu
Goldman Sachs says Hong Kong home prices will rebound in 2025 after hitting bottom this year, raises office market concerns
https://www.scmp.com/business/companies/article/3251739/goldman-sachs-says-hong-kong-home-prices-will-rebound-2025-after-hitting-bottom-year-raises-office
Hong Kong homeowners face losses of nearly HK$10 million in second-hand market as price decline continues
https://www.scmp.com/business/article/3251471/hong-kong-homeowners-face-losses-nearly-hk10-million-second-hand-market-price-decline-continues
Sleeping pod, outdoor cabin start-up Bobobox, backed by Li Ka-shing, eyes capsule hotel business in Japan, glamping venture in US
https://www.scmp.com/business/article/3251626/sleeping-pod-outdoor-cabin-start-bobobox-backed-li-ka-shing-eyes-capsule-hotel-business-japan
IMF’s Gopinath urges BOJ to go slow in raising interest rates
https://www.channelnewsasia.com/business/imfs-gopinath-urges-boj-go-slow-raising-interest-rates-4112496
Japan allocates 45 billion yen to fire up domestic chip research
https://www.businesstimes.com.sg/international/japan-allocates-45-billion-yen-fire-domestic-chip-research
https://www.channelnewsasia.com/business/japan-offers-us300-million-backing-chip-research-organisation-4112926
Malaysia’s biggest port considers new investors for RM39.6 billion expansion
https://www.businesstimes.com.sg/international/asean/malaysias-biggest-port-considers-new-investors-rm396-billion-expansion
https://www.straitstimes.com/business/malaysia-s-biggest-port-considers-new-investors-for-11-billion-expansion
Malaysia’s plan to scrap pensions sparks backlash, calls to raise salaries of civil servants
https://www.channelnewsasia.com/asia/malaysia-plan-scrap-pension-civil-servants-backlash-salaries-epf-retirement-4109826
New York City’s housing crunch is the worst it has been in over 50 years
https://www.businesstimes.com.sg/property/new-york-citys-housing-crunch-worst-it-has-been-over-50-years
https://www.straitstimes.com/business/property/new-york-city-s-housing-crunch-is-the-worst-it-has-been-in-over-50-years
What congestion pricing’s arrival in NYC would mean
https://www.straitstimes.com/business/what-congestion-pricing-s-arrival-in-nyc-would-mean
Swedes turn more upbeat on housing with rate cuts on horizon
https://www.businesstimes.com.sg/property/swedes-turn-more-upbeat-housing-rate-cuts-horizon
UK employers plan smaller pay rises for 2024: survey
https://www.businesstimes.com.sg/international/uk-employers-plan-smaller-pay-rises-2024-survey
Tritax offers to buy UK Reit in US$1.2 billion all-share deal
https://www.businesstimes.com.sg/property/tritax-offers-buy-uk-reit-us12-billion-all-share-deal
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