Singapore Real Estate
CapitaLand’s J’den sells 88% of 368 units on launch day at average of S$2,451 psf
Mixed-use development J’den sold 88 per cent of its 368 residential units on launch day at an average price of S$2,451 per square foot (psf), said CapitaLand Development (CLD) on Sunday (Nov 12).
https://www.businesstimes.com.sg/property/capitalands-jden-sells-88-368-units-launch-day-average-s2451-psf
https://www.straitstimes.com/singapore/housing/j-den-condo-on-site-of-former-jcube-mall-sells-88-per-cent-of-units-on-launch-weekend
https://www.edgeprop.sg/property-news/jden-achieves-88-sales-launch-day-average-price-2451-psf
S-Reits pick up 4% over the week as Fed holds rates steady
Markets rallied following the Federal Reserve’s decision to hold benchmark interest rates steady at the Nov 1 meeting. This was the second consecutive meeting that saw the Fed hold the key funds rate in a target range between 5.25 and 5.5 per cent, and according to the CME Fed Watch Tool, probabilities of a no change in the next December meeting is at 90.4 per cent (as of mid-trading day Nov 9).
https://www.businesstimes.com.sg/companies-markets/s-reits-pick-4-over-week-fed-holds-rates-steady
Space out tender closings of state land sales to maximise proceeds, manage risk
Singapore’s housing market is showing resilience in the face of higher interest rates over a prolonged period, sluggish economic growth and geopolitical tensions. Three 99-year leasehold private housing sites put up for tender by the Urban Redevelopment Authority drew healthy participation among developers and strong top bids.
https://www.businesstimes.com.sg/opinion-features/space-out-tender-closings-state-land-sales-maximise-proceeds-manage-risk
Singapore’s once-hot shophouse market cools after money laundering bust
Fewer shophouses changed hands in the third quarter of 2023, as foreign buyers take a breather following the S$2.8 billion money laundering crackdown in August. There were 37 shophouses sold in Q3, based on data from the Urban Redevelopment Authority compiled by Huttons Asia. This was some 21.3 per cent lower than in the previous quarter, but still higher than the 36 in the year-ago period.
https://www.businesstimes.com.sg/property/singapores-once-hot-shophouse-market-cools-after-money-laundering-bust
WeWork bankruptcy: Is there still demand for co-working spaces in Singapore?
Singapore: Although WeWork has filed for bankruptcy in the United States, demand for co-working spaces remains strong in Singapore, analysts told CNA. The SoftBank Group-backed startup, which sought US bankruptcy protection on Monday (Nov 6), said it has entered into a restructuring agreement with key stakeholders to drastically reduce its existing funded debt. It also intends to file similar proceedings in Canada.
https://www.channelnewsasia.com/singapore/wework-bankruptcy-co-working-office-strong-demand-3908881
Singapore Economy
Significant Investments Bill is part of Singapore’s security strategy in turbulent world: Gan Kim Yong
The upcoming Significant Investments Review law is part of Singapore’s strategy to boost economic resilience and security – one of three key approaches in weathering the turbulent global order, said Minister for Trade and Industry Gan Kim Yong on Thursday (Nov 9).
https://www.businesstimes.com.sg/singapore/significant-investments-bill-part-singapores-security-strategy-turbulent-world-gan-kim
https://www.straitstimes.com/business/s-pore-to-set-up-dedicated-office-for-regulating-investments-in-critical-entities-gan-kim-yong
Iras commits to implementing crypto-asset reporting framework with 47 other jurisdictions
Singapore and 47 other jurisdictions, including the US, the UK and Australia, said on Friday (Nov 10) that they will work to start automatic exchanges in crypto-asset reporting in 2027.
https://www.businesstimes.com.sg/singapore/economy-policy/iras-commits-implementing-crypto-asset-reporting-framework-47-other
Companies’ Brief
CapitaLand inks 6-year deal to manage Kallang Wave Mall, Singapore Sports Hub retail spaces
CapitaLand Investment will manage the Kallang Wave Mall and the retail spaces in the Singapore Sports Hub for six years from Apr 1, 2024, to Mar 31, 2030. The current operator is Stellar Alpha, which has managed the spaces since the Singapore Sports Hub opened in 2014, said Kallang Alive Sport Management (KASM) on Friday (Nov 10).
https://www.businesstimes.com.sg/companies-markets/capitaland-inks-6-year-deal-manage-kallang-wave-mall-singapore-sports-hub-retail
https://www.straitstimes.com/business/capitaland-inks-6-year-deal-to-manage-kallang-wave-mall-singapore-sports-hub-retail-spaces
Frasers Property sinks into red with H2 net loss of S$74 million
Frasers Property posted a net loss of S$74 million for the six months ended Sep 30, from a net profit of S$741.8 million a year earlier. The net loss came amid an 8.8 per cent decline in revenue to S$2 billion for the period, from S$2.2 billion a year before.
https://www.businesstimes.com.sg/companies-markets/frasers-property-sinks-red-h2-net-loss-s74-million
https://www.theedgesingapore.com/capital/results/frasers-property-sinks-red-740-mil-loss-2hfy2023-fair-value-losses
Views, Reviews Forum and Others
Manpower, materials shortages ease, but construction costs expected to continue rising
Shortages of manpower and building materials seen in the early days of recovery from the Covid-19 pandemic have faded. However, construction costs have risen sharply and are likely to increase further.
https://www.businesstimes.com.sg/property/manpower-materials-shortages-ease-construction-costs-expected-continue-rising
S’pore’s handling of money laundering case globally significant: UAE head of anti-money laundering
Singapore – The United Arab Emirates’ head of anti-money laundering has praised Singapore’s handling of the $2.8 billion money laundering probe here, describing the operation as a case of global significance.
https://www.straitstimes.com/singapore/s-pore-s-handling-of-money-laundering-case-globally-significant-uae-head-of-anti-money-laundering
Global Economy & Real Estate
Yellen calls on Apec finance ministers to boost growth potential sustainably
https://www.businesstimes.com.sg/international/yellen-calls-apec-finance-ministers-boost-growth-potential-sustainably
https://www.channelnewsasia.com/business/sustainable-development-spotlight-apec-finance-chiefs-meet-3918116
Apec’s growth to slow as persistent inflation, US-China tensions weigh
https://www.businesstimes.com.sg/international/apecs-growth-slow-persistent-inflation-us-china-tensions-weigh
https://www.straitstimes.com/business/economy/apecs-growth-to-slow-as-persistent-inflation-us-china-tensions-weigh-report
https://www.channelnewsasia.com/world/biden-xi-apec-meeting-fragile-global-economy-stake-us-and-china-seek-cool-tensions-3915221
US consumers trim inflation expectations and outlook for finances is mixed
https://www.businesstimes.com.sg/international/us-consumers-trim-inflation-expectations-and-outlook-finances-mixed
Australian inflation fight to be a drawn out process: RBA
https://www.businesstimes.com.sg/international/australian-inflation-fight-be-drawn-out-process-rba
Australia’s housing crunch lures more private credit lenders
https://www.businesstimes.com.sg/property/australias-housing-crunch-lures-more-private-credit-lenders
China’s economic recovery is losing momentum, data show
https://www.businesstimes.com.sg/international/chinas-economic-recovery-losing-momentum-data-show
https://www.straitstimes.com/business/china-s-economic-recovery-losing-momentum-data-show
https://www.scmp.com/news/china/article/3241409/its-economic-momentum-falters-china-strives-maintain-hold-global-influence-identity
China’s support for top builder revives calls for broader state rescue
https://www.businesstimes.com.sg/property/chinas-support-top-builder-revives-calls-broader-state-rescue
China’s property risks ‘manageable’: PBOC governor
https://www.businesstimes.com.sg/international/global/chinas-property-risks-manageable-pboc-governor
China’s new real estate model to be built on ‘3 major projects’, with cheaper property for urban migrants and young adults
https://www.scmp.com/economy/china-economy/article/3241381/chinas-new-real-estate-model-be-built-3-major-projects-cheaper-property-urban-migrants-and-young
Chinese tourists are returning to London, but spending far less
https://www.businesstimes.com.sg/international/chinese-tourists-are-returning-london-spending-far-less
Eurozone inflation may temporarily rebound, warns ECB’s Guindos
https://www.businesstimes.com.sg/international/eurozone-inflation-may-temporarily-rebound-warns-ecbs-guindos
Lagarde says sustaining ECB rate at 4% should help on prices
https://www.businesstimes.com.sg/international/lagarde-says-sustaining-ecb-rate-4-should-help-prices
Billionaire Benko’s property woes risk leaving scars in Hamburg
https://www.businesstimes.com.sg/property/billionaire-benkos-property-woes-risk-leaving-scars-hamburg
Hawaii luxury hotel ditches Trump branding to join Hilton
https://www.businesstimes.com.sg/property/hawaii-luxury-hotel-ditches-trump-branding-join-hilton
Hong Kong Q3 GDP expands 4.1%; lowers growth forecast
https://www.businesstimes.com.sg/international/hong-kong-q3-gdp-expands-41-lowers-growth-forecast
https://www.channelnewsasia.com/business/hong-kong-q3-gdp-expands-41-year-growth-forecast-revised-lower-3912241
https://www.scmp.com/news/hong-kong/hong-kong-economy/article/3241085/hong-kong-revises-down-full-year-growth-forecast-32-authorities-warn-geopolitical-tensions-high
Will Hong Kong investment scheme woo the super-rich? Analysts say revamped strategy ‘more attractive, simpler’ than Singapore’s
https://www.scmp.com/news/hong-kong/hong-kong-economy/article/3241198/will-hong-kongs-investment-scheme-woo-super-rich-analysts-say-revamped-strategy-more-attractive
Chinese Estates’ Joseph Lau says he would not dare buy property amid high interest rates in Hong Kong
https://www.scmp.com/business/china-business/article/3241129/chinese-estates-joseph-lau-says-he-would-not-dare-buy-property-amid-high-interest-rates-hong-kong
Record rains in Hong Kong put spotlight on policy flaws, incentives for underground car parks
https://www.scmp.com/business/article/3241237/record-rains-hong-kong-put-spotlight-policy-flaws-incentives-underground-car-parks
Japan’s wholesale inflation slows sharply as cost pressures wane
https://www.businesstimes.com.sg/international/japans-wholesale-inflation-slows-sharply-cost-pressures-wane
https://www.channelnewsasia.com/business/japans-wholesale-inflation-slows-sharply-sign-waning-cost-pressures-3916246
Los Angeles mansion owners test US$150,000 rents as sales slump
https://www.businesstimes.com.sg/property/los-angeles-mansion-owners-test-us150000-rents-sales-slump
Malaysia: Finding the right policy mix to balance inflation and growth
https://www.businesstimes.com.sg/opinion-features/malaysia-finding-right-policy-mix-balance-inflation-and-growth
Embattled SBB slashes portfolio value by 10% amid higher rates
https://www.businesstimes.com.sg/property/embattled-sbb-slashes-portfolio-value-10-amid-higher-rates
South Korea inflation likely to ease in November – finance minister
https://www.businesstimes.com.sg/international/south-korea-inflation-likely-ease-november-finance-minister
https://www.channelnewsasia.com/business/south-korea-inflation-likely-ease-november-finance-minister-3915181
UK economy stagnates in Q3 as high rates bite
https://www.businesstimes.com.sg/international/uk-economy-stagnates-q3-high-rates-bite
UK home asking prices post biggest November fall in 5 years
https://www.businesstimes.com.sg/property/uk-home-asking-prices-post-biggest-november-fall-5-years
UK landlord sell-off slows, defying highest rates in 15 years
https://www.businesstimes.com.sg/property/uk-landlord-sell-slows-defying-highest-rates-15-years
Vietnam’s manufacturing sector drawing many Singapore companies to set up shop
https://www.businesstimes.com.sg/international/asean/vietnams-manufacturing-sector-drawing-many-singapore-companies-set-shop
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