The Leading Professional and Representative Body for the Real Estate Industry

The Leading Professional and Representative Body for the Real Estate Industry



Daily News – 10 Feb 2023 (Fri)

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).


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.


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.


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.


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.


HDB resale prices accelerate in Jan as million-dollar deals surge by 42%: SRX,
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 on Thursday (Feb 9).



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).


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.


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.


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.


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).



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.


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.


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).



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.


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.



Global Economy & Real Estate


US FEMA to end all Covid-19 disaster declarations on May 11


US weekly jobless claims increase, labour market still tight


BOE governor concerned over risks of persistent UK inflation


German inflation slows to five-month low on energy aid


Swedish central bank hikes rates to 3.0%, more to come this year


Australia’s house prices set to plunge 15% in 2023, Jarden says


Australia raises inflation, wages outlook, sees higher rates


China factory gate prices slow in January, CPI rises


Global banks seek to end drought in China property debt sales


China provinces see fiscal income growth rebounding in 2023


Japan’s wholesale inflation stays elevated, keeps BOJ under pressure


South Korea’s household borrowing sees biggest monthly decrease in at least 19 years


Thai consumer confidence at 26-month high in January on tourism


Indonesia’s inflation lower than expected in 2022 despite cut in fuel subsidies


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