DAILY NEWS

Daily News – 11 Aug 2022 (Thu)

SINGAPORE REAL ESTATE

S’pore commercial property deals defy regional slowdown, recording best quarter ever: Report
Singapore – Singapore racked up its best quarter ever for commercial property deals to defy a sharp region-wide decline, noted a report on Wednesday (Aug 10). Deal volume here climbed 74 per cent to US$5.6 billion ($7.72 billion) in the three months to June 30 – a record level for a single quarter – as institutional investors piled in.
https://www.straitstimes.com/business/property/singapore-commercial-property-deals-defy-regional-slowdown-recording-the-best-quarter-ever-msci-report

Condo resale volumes fall for 3rd straight month in July; prices continue rise: SRX, 99.co
The number of condominium resale transactions continued to fall for the third straight month in July 2022, although prices maintained their upward trend for the 24th month in a row. Around 1,248 resale units changed hands in July, according to flash estimates from SRX and 99.co published on Wednesday (Aug 10). This was 6.7 per cent lower than the 1,338 units resold in June, and 30.7 per cent lower than a year ago.
https://www.businesstimes.com.sg/real-estate/condo-resale-volumes-fall-for-3rd-straight-month-in-july-prices-continue-rise-srx-99co
https://www.straitstimes.com/business/property/condo-resale-prices-rise-for-24th-straight-month-in-july-volume-falls-307-year-on-year

Singapore a bright spot as APAC property deal activity slows in Q2: MSCI
Real estate investment in the Asia-Pacific region fell 24 per cent on the year to US$45.1 billion in the second quarter, dragged by higher borrowing costs and economic headwinds. Singapore, however, “went against the grain” as the only economy to register a record-high level of investment for the first half of the year, according to a MSCI report released on Wednesday (Aug 10).
https://www.businesstimes.com.sg/global-enterprise/singapore-a-bright-spot-as-apac-property-deal-activity-slows-in-q2-msci

Farrer Road’s Sutton Place up for en bloc sale at S$285m
Freehold Sutton Place at 24, 26 and 28 Farrer Road in prime District 10 has been put up for collective sale via public tender at an indicative price of S$285 million. Marketed by Colliers, Sutton Place is a 5-storey residential development comprising 44 units on a site measuring about 93,183 square feet (sq ft).
https://www.businesstimes.com.sg/real-estate/farrer-roads-sutton-place-up-for-en-bloc-sale-at-s285m

Golden Mile Complex obtains sale order from strata board; legal completion by November
Marketing agent Edmund Tie announced on Wednesday (Aug 10) that the collective sale of Golden Mile Complex has obtained the sale order from the Strata Titles Boards on Aug 3. Under terms of the sales and purchase agreement, the legal completion is scheduled for November this year, while vacant possession of the development will be handed to the developers in May 2023.
https://www.businesstimes.com.sg/real-estate/golden-mile-complex-obtains-sale-order-from-strata-board-legal-completion-by-november

SINGAPORE ECONOMY

MTI narrows Singapore’s full-year growth forecast; Q2 growth revised down to 4.4%
Singapore’s official full-year growth forecast has been narrowed to between 3 per cent and 4 per cent, with second quarter growth revised downwards to 4.4 per cent year on year, slower than the earlier advance estimate of 4.8 per cent, according to data from the Ministry of Trade and Industry (MTI) on Thursday (Aug 11) morning.
https://www.businesstimes.com.sg/government-economy/mti-narrows-singapores-full-year-growth-forecast-q2-growth-revised-down-to-44
https://www.straitstimes.com/business/economy/singapore-cuts-economic-growth-forecast-range-to-3-4-for-2022-as-global-headwinds-grow

Singapore upgrades 2022 trade forecast again amid higher forecast for oil and electronics trade
Singapore on Thursday (Aug 11) significantly upgraded its full-year trade forecasts for the second time this year as second-quarter performance, driven by oil and electronics trade, turned out to be better than expected.
https://www.businesstimes.com.sg/government-economy/singapore-upgrades-2022-trade-forecast-again-amid-higher-forecast-for-oil-and
https://www.straitstimes.com/business/economy/singapore-raises-2022-trade-forecasts-says-strong-chip-demand-likely-to-continue-this-year

Singapore secured S$6.3b in fixed asset investment commitments in Q2
Investment commitments secured for Singapore in the second quarter of 2022 amounted to S$6.3 billion in fixed asset investment (FAI) and S$2.1 billion in total business expenditure (TBE), according to the latest Economic Survey of Singapore released on Thursday (Aug 11) morning.
https://www.businesstimes.com.sg/government-economy/singapore-secured-s63b-in-fixed-asset-investment-commitments-in-q2

askST: Who manages Singapore’s reserves?
Singapore – The framework used by GIC, the Monetary Authority of Singapore (MAS) and Temasek to determine their contributions to the nation’s Budget every year is based on their long-term expected returns and is not affected by short-term performances.
https://www.straitstimes.com/business/banking/askst-who-manages-singapores-reserves

Hospitality hiring intensifies as visitors return to Singapore – but staff are hard to find
Singapore’s hotels are seeking to fill hundreds of jobs as staffing levels have yet to match the tourism pick-up, particularly after pandemic-era cuts. The industry’s long-running manpower crunch worsened during Covid-19, with Singapore’s hotel workforce shrinking by 25 to 30 per cent over the past 2 years, according to Margaret Heng, executive director of the Singapore Hotel Association (SHA), which represents 160 member hotels.
https://www.businesstimes.com.sg/government-economy/hospitality-hiring-intensifies-as-visitors-return-to-singapore-but-staff-are-hard

COMPANIES’ BRIEF

CapitaLand Investment H1 profit slips 38.3% on ‘lower velocity in asset recycling activities’
Property investment manager CapitaLand Investment Limited (CLI) posted a 38.3 per cent drop in profit for the first half year ended Jun 30, to S$433 million, from S$702 million last year due to “lower velocity in asset recycling activities”, particularly in China, it said in a regulatory filing on Thursday (Aug 11).
https://www.businesstimes.com.sg/companies-markets/capitaland-investment-h1-profit-slips-383-on-lower-velocity-in-asset-recycling
https://www.straitstimes.com/business/companies-markets/capitaland-investment-first-half-profit-slips-383-on-lower-asset-recycling-activity

CDL swings back into black with record S$1.1b profit in H1
City Developments Limited (CDL) on Thursday (Aug 11) posted a record net profit of S$1.1 billion for the first half ended Jun 30, reversing from a net loss of S$32.1 million recorded in the same period last year.
https://www.businesstimes.com.sg/companies-markets/cdl-swings-back-into-black-with-record-s11b-profit-in-h1
https://www.straitstimes.com/business/companies-markets/cdl-swings-back-into-black-with-record-11-billion-first-half-profit

Far East Orchard reverses out of the red with H1 earnings of S$8 million
Real estate group Far East Orchard has posted earnings of S$8 million for the first half ended June, improving from a net loss of S$1.9 million recorded in the year-ago period. Revenue rose 15.9 per cent to S$63.7 million in H1, from S$54.9 million a year ago.
https://www.businesstimes.com.sg/companies-markets/far-east-orchard-reverses-out-of-the-red-with-h1-earnings-of-s8-million

Haw Par H1 earnings up 45.8% to S$77.2 million; board proposes S$0.15 dividend
Mainboard-listed Haw Par Corporation saw its earnings for the first half of FY2022 rising to S$77.2 million on the back of improved consumer demand for healthcare products. For the 6 months to June 2022, the manufacturer of the Tiger Balm line of products delivered a 45.8 per cent year-on-year jump in net profit from S$53 million in the previous corresponding period.
https://www.businesstimes.com.sg/companies-markets/haw-par-h1-earnings-up-458-to-s772-million-board-proposes-s015-dividend

OUE’s earnings nearly treble to S$88.7m in H1
Property developer OUE Limited posted earnings of S$88.7 million for the first half ended June, nearly trebling from earnings of S$30.1 million a year ago. The increase was partially due to higher marked-to-market, fair-value gains on investments designated at fair value through profit or loss.
https://www.businesstimes.com.sg/companies-markets/oues-earnings-nearly-treble-to-s887m-in-h1