Singapore Real Estate
Weaker industrial sales in 1Q2023 amid dimmer manufacturing outlook: Knight Frank
Singapore (EdgeProp) – The first quarter saw lower sales and leasing activity in the industrial and logistics property market, according to research by Knight Frank Singapore. Data compiled by the consultancy shows industrial sales totalled $799.4 million in 1Q2023 – an 11.6% q-o-q decline.
https://www.edgeprop.sg/property-news/weaker-industrial-sales-1q2023-amid-dimmer-manufacturing-outlook-knight-frank
Commentary: JCube closure – a case of too many shopping malls in Jurong East?
Singapore: This year alone, Singapore will bid farewell to Jurong East shopping mall JCube, “Little Thailand” Golden Mile Complex and the Turf City site. Considering its short lifespan of slightly over 10 years, the news in February that JCube would cease operations from Aug 7 was puzzling to many.
https://www.channelnewsasia.com/commentary/jcube-close-shopping-mall-jurong-east-rink-3406476
Rooms in some hotels snapped up for F1 Singapore Grand Prix weekend five months ahead of event
Singapore: It may be five months away from the Formula One Singapore Grand Prix, but some hotels near the Marina Bay Circuit are already getting booked up for the race weekend.
https://www.channelnewsasia.com/singapore/f1-singapore-grand-prix-hotel-booking-marina-bay-circuit-3409411
Companies’ Brief
Centurion selling South Korea property for 21.3 billion won
Property player Centurion Corporation is disposing of a property in Seoul, South Korea, for a consideration of 21.3 billion won (S$21.5 million). The disposal is being carried out as part of a rationalisation of Centurion’s asset portfolio, it said on Monday (Apr 10). It added that it intends to “align and focus” its asset portfolio, on countries where it believes it can “expand and scale up its operations”.
https://www.businesstimes.com.sg/companies-markets/centurion-selling-south-korea-property-213-billion-won
https://www.theedgesingapore.com/news/property/centurion-disposes-property-korea-214-mil
MLT issues about 121.2 mil new units in private placement to raise $200 mil to pare debt
Mapletree Logistics Trust (MLT) is issuing about 121.29 million new units on Apr 11 at an issue price of $1.649 per unit in a private placement, bringing the total units issued in private placements this year to about 4.94 billion new units.
https://www.theedgesingapore.com/news/company-news/mlt-issues-about-1212-mil-new-units-private-placement-raise-200-mil-pare-debt
Sabana Industrial Reit’s portfolio occupancy rises to 92.6% in Q1
Sabana Industrial Real Estate Investment Trust (Reit) posted a rise in its portfolio occupancy to 92.6 per cent as at Mar 31, up from 91.2 per cent as at Dec 31, 2022. The Reit saw strong leasing momentum backed by robust demand from third-party logistics providers between January and March this year, with significant growth in demand for the Reit’s warehouse and logistics properties, its manager said in a bourse filing on Monday (Apr 10).
https://www.businesstimes.com.sg/companies-markets/sabana-industrial-reits-portfolio-occupancy-rises-926-q1
https://www.theedgesingapore.com/news/reits/sabana-reit-closes-25-new-and-renewed-leases-totalling-336650-sq-ft-1qfy2023
Global Economy & Real Estate
Fed’s Williams dismisses link between rapid rate hikes and bank stress
https://www.businesstimes.com.sg/international/feds-williams-dismisses-link-between-rapid-rate-hikes-and-bank-stress
Federal Reserve might not need to hike rates in May as economy slow: BlackRock
https://www.businesstimes.com.sg/international/federal-reserve-might-not-need-hike-rates-may-economy-slow-blackrock
Australia’s consumer confidence surges after pause in key rate
https://www.businesstimes.com.sg/international/australias-consumer-confidence-surges-after-pause-key-rate
China inflation: consumer prices eased in March, producer prices remained in deflation
https://www.scmp.com/economy/economic-indicators/article/3216616/china-inflation-consumer-prices-eased-march-producer-prices-remained-deflation
China bets 12.2 trillion yuan of construction will boost economy
https://www.businesstimes.com.sg/international/global/china-bets-122-trillion-yuan-construction-will-boost-economy
https://www.straitstimes.com/business/china-bets-24-trillion-of-construction-will-boost-economy
Goldman sees ‘high return’ potential in Chinese property bonds
https://www.businesstimes.com.sg/property/goldman-sees-high-return-potential-chinese-property-bonds
China’s recovery, expansion of consumption ‘topmost priority’, Vice-Premier He Lifeng says, as major expo returns
https://www.scmp.com/economy/economic-indicators/article/3216573/chinas-recovery-expansion-consumption-topmost-priority-vice-premier-he-lifeng-says-major-expo
Rich Chinese splashing out on luxury have yet to invest big in Singapore
https://www.businesstimes.com.sg/international/global/rich-chinese-splashing-out-luxury-have-yet-invest-big-singapore
https://www.straitstimes.com/business/rich-chinese-splashing-out-on-luxury-have-yet-to-invest-big-in-singapore
China smaller banks cut deposit rates to ease margin pressure
https://www.businesstimes.com.sg/international/global/china-smaller-banks-cut-deposit-rates-ease-margin-pressure
https://www.straitstimes.com/business/china-s-smaller-banks-cut-deposit-rates-to-ease-margin-pressure
Bright prospects for Hong Kong as bridge between Middle East and Greater Bay Area, says former minister Gregory So
https://www.scmp.com/news/hong-kong/hong-kong-economy/article/3216560/bright-prospects-hong-kong-bridge-between-middle-east-and-greater-bay-area-says-former-minister
‘Super-rich’ South Koreans ditch real estate for cash in 2022
https://www.straitstimes.com/asia/east-asia/super-rich-south-koreans-ditch-real-estate-for-cash-in-2022-report
Malaysia unemployment rate drops to 3-year low on broad recovery
https://www.businesstimes.com.sg/international/asean/malaysia-unemployment-rate-drops-3-year-low-broad-recovery
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