Singapore Real Estate
Kensington Park relaunched for collective sale at unchanged S$1.28 billion reserve price
Kensington Park in Serangoon Gardens has been launched for collective sale for the third time, again at an unchanged reserve price of S$1.28 billion. The public tender will close on Feb 22 at 3 pm. This comes after the last en bloc exercise closed on Nov 18, 2022 without a sale, said sole marketing agent CBRE on Thursday (Feb 9).
https://www.businesstimes.com.sg/property/kensington-park-relaunched-collective-sale-unchanged-s128-billion-reserve-price
https://www.straitstimes.com/business/kensington-park-relaunched-for-collective-sale-at-unchanged-s128-billion-reserve-price
Lakeside Towers owners try for en bloc again amid Jurong Lake District buzz
Lakeside Towers at Yuan Ching Road has been put up for collective sale via tender, as residential properties near the upcoming Jurong Lake District (JLD) enter the spotlight. Owners of the 144-unit condo are now seeking S$350 million for the sale, which is 14.8 per cent higher than its 2018 reserve price of S$305 million.
https://www.businesstimes.com.sg/property/lakeside-towers-owners-try-en-bloc-again-amid-jurong-lake-district-buzz
https://www.straitstimes.com/business/lakeside-towers-owners-relaunch-en-bloc-sale-amid-jurong-lake-district-buzz
Meyer Park sold to UOL-Singapore Land Group JV for S$392.18 million in third en bloc attempt
Third time’s the charm for Meyer Park, which has been sold for S$392.18 million, a notch higher than its guide price of S$390 million. The freehold sea-fronting residential property was sold to United Venture Development (No 6), an 80/20 joint-venture (JV) company between UOL Group and Singapore Land Group.
https://www.businesstimes.com.sg/companies-markets/meyer-park-sold-uol-singapore-land-group-jv-s39218-million-third-en-bloc-attempt
https://www.straitstimes.com/business/meyer-park-sells-for-39218-million-in-third-en-bloc-attempt
https://www.theedgesingapore.com/news/property/uol-singland-jv-wins-meyer-park-en-bloc-deal-39218-million
Developers turn conservative in pricing approach to residential projects: poll
Developers may be turning more conservative in pricing residential projects, a quarterly survey of the property industry showed, as sentiment in the sector softened. In the fourth quarter, 71 per cent of developers polled expected prices of new launches in the next six months to “maintain at the same price level”, up significantly by 38 percentage points compared to Q3. Meanwhile, 29 per cent of those surveyed expected new launch prices to be “moderately higher”. In Q3, 56 per cent had expected pricing to go up.
https://www.businesstimes.com.sg/property/developers-turn-conservative-pricing-approach-residential-projects-poll
Prices of Tengah homes near ACS (Primary) could rise 10% to 15%: Property analysts
Singapore: Properties near popular schools are highly sought after and homes in Tengah within 1km of the relocated Anglo-Chinese School (Primary) could fetch up to 15 per cent more than other units in the district, property analysts said.
https://www.channelnewsasia.com/singapore/acs-primary-tengah-property-prices-school-relocate-3265786
https://www.businesstimes.com.sg/property/will-acs-primary-move-turn-tengah-new-bishan
https://www.straitstimes.com/singapore/housing/acs-primary-relocation-likely-to-boost-future-tengah-bto-application-rates-interest-in-bukit-batok-ecs-analysts
HDB resale prices accelerate in Jan as million-dollar deals surge by 42%: SRX, 99.co
Prices of resale Housing and Development Board (HDB) flats rose again in January this year, gaining an average of 1.4 per cent compared with December last year, according to flash figures released by SRX and 99.co on Thursday (Feb 9).
https://www.businesstimes.com.sg/property/hdb-resale-prices-accelerate-jan-million-dollar-deals-surge-42-srx-99co
https://www.straitstimes.com/singapore/housing/hdb-resale-prices-rise-for-31st-straight-month-in-jan-sales-volume-rebounds-after-property-curbs
Singapore Economy
Economic cooperation a ‘key pillar’ of Singapore-Vietnam ties: PM Lee
ingapore has been Vietnam’s top source of foreign investment for the last three years – which reflects the Republic’s confidence in Vietnam, its economy and the opportunities it offers, said Prime Minister Lee Hsien Loong on Thursday (Feb 9).
https://www.businesstimes.com.sg/international/asean/economic-cooperation-key-pillar-singapore-vietnam-ties-pm-lee
https://www.straitstimes.com/singapore/s-pore-vietnam-ink-deals-to-boost-cooperation-in-green-digital-economies
https://www.channelnewsasia.com/singapore/singapore-vietnam-sign-mous-areas-green-digital-economic-partnership-maritime-cooperation-biltareal-3266041
Singapore scores record high of S$22.5b in fixed asset investment commitments in 2022
Singapore secured a record S$22.5 billion in fixed asset investment (FAI) commitments in 2022, up from the previous year’s S$11.8 billion. However, the Economic Development Board (EDB) does not expect the same level of investment inflows this year in view of global macroeconomic uncertainties, increased competition for investments, and the sharp semiconductor slowdown.
https://www.businesstimes.com.sg/singapore/singapore-scores-record-high-s225b-fixed-asset-investment-commitments-2022
https://www.straitstimes.com/business/economy/s-pore-draws-record-225b-in-fixed-asset-investments-in-2022-but-level-will-drop-this-year-edb
https://www.channelnewsasia.com/singapore/edb-singapore-fixed-asset-investments-3264856
9% GST, inflation aid and retrenchment support: Here’s what experts expect from Budget 2023
Singapore: As concerns about the cost of living persist, Singapore is expected to boost its support for those most vulnerable to rising inflation when it unveils Budget 2023 next Tuesday (Feb 14). It might also dish out assistance to retrenched workers, alongside measures to help businesses cope with costs and slower growth ahead, experts said.
https://www.channelnewsasia.com/singapore/budget-2023-gst-hike-provide-inflation-unemployment-support-3257246
Commentary: Addressing Singapore’s long-term challenges – where will the money come from?
Singapore: Longer-term challenges have come back into sharper focus and will shape Singapore’s upcoming Budget – the first post-COVID-19 Budget to be delivered on Feb 14 – even as near-term needs continue to dominate people’s attention.
https://www.channelnewsasia.com/commentary/singapore-budget-2023-healthcare-economy-gst-reserves-3265791
Singapore to host World Aquatics Championships in 2025
Singapore: Singapore will host the World Aquatics Championships in 2025, making it the first Southeast Asian country to do so, the World Aquatics governing body announced on Thursday (Feb 9).
https://www.channelnewsasia.com/singapore/singapore-host-world-aquatics-championships-2025-3265556
https://www.todayonline.com/singapore/singapore-host-world-aquatics-championships-2025-2104241
Companies’ Brief
Hilton expects profit in 2023 on strong travel demand
Hilton Worldwide Holdings reported better-than-expected quarterly profit and revenue on Thursday (Feb 9), as the hotel operator sold rooms at higher prices benefiting from strong travel demand.
https://www.businesstimes.com.sg/companies-markets/hilton-expects-profit-2023-strong-travel-demand
Pan-United reports 16% lower earnings y-o-y in 2HFY2022 at $9.89 mil
Pan-United has reported earnings of $9.89 million for its 2HFY2022 ended December, down 16% compared to the previous corresponding period at $11.5 million. For the full year, however, the company reports earnings of $23.4 million, 25% higher y-o-y. Excluding discontinued operations, earnings from continuing operations increased 42% y-o-y to $27.5 million in FY2022.
https://www.theedgesingapore.com/capital/results/pan-united-reports-16-lower-earnings-y-o-y-2hfy2022-989-mil
Wing Tai Holdings H1 net profit up 18% to S$63.3 million
Property and retail company Wing Tai Holdings reported a net profit of S$63.3 million for the half year ended Dec 31, 2022, an increase of 18 per cent from the year-ago period. This is despite a 15 per cent drop in revenue to S$261 million in the same period, the mainboard-listed company’s financial statements showed on Thursday (Feb 9).
https://www.businesstimes.com.sg/companies-markets/wing-tai-holdings-h1-net-profit-18-s633-million
Views Reviews, Forum and Others
Any time the button is pressed, we will stand up again: DPM Wong as Covid-19 MTF stands down
Singapore – The multi-ministry task force (MTF) handling the Covid-19 pandemic in Singapore will stand down next Monday, with the Ministry of Health taking over to manage the coronavirus like any other endemic disease.
https://www.straitstimes.com/singapore/anytime-the-button-is-pressed-we-will-stand-up-again-dpm-wong-as-covid-19-mtf-stands-down
No masks on public transport, free vaccines: 6 things you need to know as S’pore lifts Covid-19 rules
Singapore – From Feb 13, commuters will no longer have to wear masks when taking public transport as community regulations are progressively lifted. This was among the changes to measures that the multi-ministry task force tackling Covid-19 announced on Thursday.
https://www.straitstimes.com/singapore/no-masks-on-public-transport-free-vaccines-6-things-you-need-to-know-as-s-pore-lifts-covid-19-rules
https://www.channelnewsasia.com/singapore/covid-19-moh-protocols-financial-support-vaccine-masks-dorscon-border-tracetogether-3266146
Global Economy & Real Estate
US FEMA to end all Covid-19 disaster declarations on May 11
https://www.businesstimes.com.sg/international/us-fema-end-all-covid-19-disaster-declarations-may-11
US weekly jobless claims increase, labour market still tight
https://www.businesstimes.com.sg/international/us-weekly-jobless-claims-increase-labour-market-still-tight
BOE governor concerned over risks of persistent UK inflation
https://www.businesstimes.com.sg/companies-markets/boe-governor-concerned-over-risks-persistent-uk-inflation
German inflation slows to five-month low on energy aid
https://www.businesstimes.com.sg/international/german-inflation-slows-five-month-low-energy-aid
Swedish central bank hikes rates to 3.0%, more to come this year
https://www.businesstimes.com.sg/international/swedish-central-bank-hikes-rates-30-more-come-year
Australia’s house prices set to plunge 15% in 2023, Jarden says
https://www.businesstimes.com.sg/property/australias-house-prices-set-plunge-15-2023-jarden-says
Australia raises inflation, wages outlook, sees higher rates
https://www.businesstimes.com.sg/international/australia-raises-inflation-wages-outlook-sees-higher-rates
China factory gate prices slow in January, CPI rises
https://www.channelnewsasia.com/business/china-factory-gate-prices-slow-january-cpi-rises-3268196
Global banks seek to end drought in China property debt sales
https://www.businesstimes.com.sg/companies-markets/global-banks-seek-end-drought-china-property-debt-sales
China provinces see fiscal income growth rebounding in 2023
https://www.businesstimes.com.sg/international/china-provinces-see-fiscal-income-growth-rebounding-2023
Japan’s wholesale inflation stays elevated, keeps BOJ under pressure
https://www.channelnewsasia.com/business/japans-wholesale-inflation-stays-elevated-keeps-boj-under-pressure-3268026
https://www.businesstimes.com.sg/international/japans-january-wholesale-prices-rise-95-year-year
South Korea’s household borrowing sees biggest monthly decrease in at least 19 years
https://www.businesstimes.com.sg/international/south-koreas-household-borrowing-sees-biggest-monthly-decrease-least-19-years
Thai consumer confidence at 26-month high in January on tourism
https://www.businesstimes.com.sg/international/thai-consumer-confidence-26-month-high-january-tourism
Indonesia’s inflation lower than expected in 2022 despite cut in fuel subsidies
https://www.businesstimes.com.sg/international/asean/indonesias-inflation-lower-expected-2022-despite-cut-fuel-subsidies
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