The Leading Professional and Representative Body for the Real Estate Industry

The Leading Professional and Representative Body for the Real Estate Industry



Daily News – 11, 12 & 13 Mar 2023 (Sat, Sun & Mon)

Singapore Real Estate


Golden Mile Tower owners in private talks after close of S$650m en bloc tender
Owners of Golden Mile Tower have entered a 10-week private treaty negotiation period with interested parties after its en bloc sale tender closed on Monday (Jan 9) with a few expressions of interest.


The Marq sets record S$100,000 per month rental in defiance of softening in broader market
Rentals for luxury properties continued to move upwards in recent months, with new record highs signed in both the landed and non-landed prime segments. The outlier deals, propped up by demand from foreign high-net-worth individuals, come in contrast to a wider market that is slowing down in other segments, in both volume and value of transactions.


More pain for tenants who engage leasing agents
Thanks to a rental market that started heating up in the last two years, tenants who use the services of an agent to help them lease a home are now expected to pay these agents a commission.


More than 18,000 BTO flats launched in Tengah, over half of planned public housing supply
Singapore – More than half of the 30,000 public housing units in Tengah have been launched so far, as Singapore’s newest town takes shape four years after the first flats there were offered in 2018.



Singapore Economy


Globalisation to be reshaped by US-China power tussle, impacting supply chains: Lawrence Wong
Singapore – In an increasingly polarised world, the need for multilateral frameworks that enable countries to do business with each other, even if they do not always see eye to eye, is stronger than ever, said Deputy Prime Minister Lawrence Wong.


Family offices in S’pore may face talent gap amid stronger demand
While the entry of more family offices into Singapore will create economic value, these investment firms could soon face a shortage of experienced talent, practitioners warn. Family offices are private firms set up by wealthy families to manage their investments and assets.


Temasek says it doesn’t have any direct exposure to SVB: Bloomberg
Singapore’s Temasek Holdings does not have direct exposure to Silicon Valley Bank (SVB), according to a March 12 article by Bloomberg. The response comes after the state-owned company checked with its portfolio companies to see how much exposure it has to SVB.



Companies’ Brief


China developer Logan looks to swap $3.4 billion bonds for 7-year notes – sources
Beijing : Shenzhen-based property developer Logan Group is planning to swap its $3.4 billion dollar bonds with new seven-year notes to extend the repayments, three sources with knowledge of the matter told Reuters.


OCBC Investment Research lowers Yanlord Land’s TP to 97 cents; Moody’s changes outlook to negative
Analysts have downgraded their take on Yanlord Land Group Z25 -1.11%  after the group’s earnings for the FY2022 ended Dec 31, 2022, fell by 42% y-o-y to RMB1.53 billion ($298.0 million). The results “disappointed and missed [the] expectations” of the team at OCBC Investment Research (OIR), which kept its “hold” call on the stock.



Global Economy & Real Estate


Fed flies blind on monetary policy with rising risk of a 6% rate


Fed seen on shallower rate path as wage gains cool


SVB fallout spreads around world from London to Singapore


US announces it will stem Silicon Valley Bank fallout, customers to have deposit access


Silicon Valley Bank collapse puts Fed’s faith in a strong, low-risk financial system to the test


Asian bank stocks tumble as US systemic concerns prevail


Global house prices set to extend declines, risk of more with higher rates: Reuters poll


In a NYC tower’s basement, an idea that locks pollution away forever


British economy rebounds 0.3% in January


Homebuilder Ballymore cuts dozens of jobs amid housing slump


Australian home owners struggle to stay afloat as interest rates sting


China’s consumer spending shows signs of strong rebound


China’s debt-laden local governments pose challenges to economic growth, financial system


Chinese buyers ready to scoop up ‘better value’ Thailand property for investment, retirement as travel resumes between the 2 countries


Border reopening sends Hongkongers rushing back to Greater Bay Area property market in search of cheaper homes


‘We won’t sell land at dirt cheap prices,’ Hong Kong’s finance chief says, vowing to focus on stable housing supply for society


Unit of Li Ka-shing’s Hutchison submits plan to build 15,075 homes in Tsing Yi to add to Hong Kong’s housing supply, help ease shortage



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