Singapore Real Estate
Latest ABSD hikes unlikely to have significant impact on commercial property market: Desmond Lee
Singapore – The recent round of additional buyer’s stamp duty (ABSD) hikes is not expected to have a significant impact on the commercial property market, said National Development Minister Desmond Lee on Wednesday.
https://www.straitstimes.com/singapore/politics/latest-absd-hikes-unlikely-to-have-significant-impact-on-commercial-property-market-desmond-lee
Singapore’s ABSD hike won’t be hurting these foreign buyers
Singapore – Property buyers of certain nationalities including the United States are exempt from Singapore’s recent stamp duty hike for foreigners. Nationals from the US, Iceland and Norway, among others, are accorded the same stamp duty treatment as Singapore citizens, based on respective free trade agreements about a decade ago.
https://www.straitstimes.com/business/singapore-s-absd-hike-won-t-be-hurting-these-foreign-buyers
https://www.straitstimes.com/business/singapore-s-absd-hike-won-t-be-hurting-these-foreign-buyers
https://www.bloomberg.com/news/articles/2023-05-11/singapore-s-property-tax-won-t-be-hurting-these-foreign-buyers?srnd=premium-asia&leadSource=uverify%20wall
No residential property purchases by family offices in S’pore in past 6 years: Alvin Tan
Singapore – Singapore-based family offices, which manage investments for ultra-rich individuals, have not bought a single residential property here in the past six years, said Minister of State for Trade and Industry Alvin Tan.
https://www.straitstimes.com/business/no-residential-property-purchases-by-family-offices-in-s-pore-in-past-6-years-alvin-tan
https://www.channelnewsasia.com/singapore/family-offices-granted-tax-incentives-account-less-2-total-assets-managed-singapore-3478326
Far East Organization to launch The Reserve Residences at prices from S$2,300 psf
Far East Organization and Sino Group will start previews for The Reserve Residences in Bukit Timah on Friday (May 12), with prices starting from S$2,300 per square foot (psf). Located at Beauty World, The Reserve Residences in District 21 will house 732 residential units split over eight blocks.
https://www.businesstimes.com.sg/property/far-east-organization-launch-reserve-residences-prices-s2300-psf
https://www.edgeprop.sg/property-news/reserve-residences-banks-integrated-transport-hub-status-prices-2300-psf
Companies’ Brief
CapitaLand Investment Q1 fee income-related business revenue down 3% to S$255 million
CapitaLand Investment (CLI) revenue from its fee income-related businesses in lodging, property and fund management fell 3 per cent year on year to S$255 million for Q1 2023, from S$262 million.
https://www.businesstimes.com.sg/companies-markets/capitaland-investment-q1-fee-income-related-business-revenue-down-3-s255-million
Centurion Q1 revenue up 4.6% to S$47.1 million on higher occupancies, raised rents
Property player Centurion’s revenue rose to S$47.1 million for the first quarter ended Mar 31 from S$45.1 million the year before. This was mainly driven by increases in occupancies and positive rental revisions across its purpose-built workers’ accommodation (PBWA) in Singapore and Malaysia, and its purpose-built student accommodation (PBSA) in Australia, the group said in a business update on Wednesday (May 10) night.
https://www.businesstimes.com.sg/companies-markets/centurion-q1-revenue-46-s471-million-higher-occupancies-raised-rents
Frasers Property H1 profit up 52.2% to S$197.2 million on residential development contributions
Frasers Property posted a 52.2 per cent rise in attributable profit to S$197.2 million for its first half ended Mar 31, from S$129.6 million the year before. The group’s revenue increased 15.6 per cent to S$1.9 billion for the six-month period, from S$1.7 billion a year earlier.
https://www.businesstimes.com.sg/companies-markets/frasers-property-h1-profit-522-s1972-million-residential-development
https://www.straitstimes.com/business/frasers-property-h1-profit-up-522-to-s1972-million-on-residential-development-contributions
https://www.theedgesingapore.com/capital/results/frasers-property-reports-1hfy2023-earnings-1972-mil-522-higher-y-o-y
Frasers Property acquires Frasers Property Technology for $18.0 mil
Frasers Property has acquired Frasers Property Technology (FPTech) from its 81.8%-owned subsidiary, Frasers Property Thailand (FPT) for a consideration of 460.0 million baht ($18.0 million). Frasers Property Technology was a wholly-owned subsidiary of FPT prior to the sale.
https://www.theedgesingapore.com/news/ma/frasers-property-acquires-frasers-property-technology-180-mil
Keong Hong narrows H1 net loss to S$3.7 million on pickup in construction activity
Construction player Keong Hong Holdings’ net loss narrowed to S$3.7 million for its half-year ended Mar 31, 2023, from S$10.8 million in the year-ago period. This is even as revenue more than doubled to S$118.1 million, from S$54.7 million a year earlier, the mainboard-listed company said in a bourse filing on Wednesday (May 10).
https://www.businesstimes.com.sg/companies-markets/keong-hong-narrows-h1-net-loss-s37-million-pickup-construction-activity
Global Economy & Real Estate
Global luxury home prices fall for first time since 2009
https://www.businesstimes.com.sg/property/global-luxury-home-prices-fall-first-time-2009
https://www.straitstimes.com/business/global-luxury-home-prices-fall-for-first-time-since-2009
https://www.bloomberg.com/news/articles/2023-05-10/luxury-home-prices-fall-for-first-time-since-2009-new-york-san-francisco-drop?srnd=premium-asia&leadSource=uverify%20wall
US consumer inflation eases but price pressures remain
https://www.channelnewsasia.com/business/us-consumer-inflation-eases-price-pressures-remain-3479121
https://www.theedgesingapore.com/news/us-economy/us-inflation-shows-signs-moderating-giving-fed-room-pause
New York’s empty office buildings lure rich families hunting bargains
https://www.businesstimes.com.sg/property/new-yorks-empty-office-buildings-lure-rich-families-hunting-bargains
British home-buyers, facing higher interest rates, retreat in April: RICS
https://www.businesstimes.com.sg/companies-markets/reits-property/british-home-buyers-facing-higher-interest-rates-retreat-april
Bank of England poised to raise rates again to tackle stubborn inflation
https://www.businesstimes.com.sg/international/bank-england-poised-raise-rates-again-tackle-stubborn-inflation
UK financial fraudsters made off with over £1.2 billion in 2022
https://www.businesstimes.com.sg/international/uk-financial-fraudsters-made-over-ps12-billion-2022
UK’s Sunak may fall short on 2023 inflation goal: NIESR
https://www.businesstimes.com.sg/international/uks-sunak-may-fall-short-2023-inflation-goal-niesr
Australia’s ‘targeted’ US$10 billion budget offers relief for cost of living, but can it curb inflation?
https://www.scmp.com/week-asia/economics/article/3220089/australias-targeted-us10-billion-budget-offers-relief-cost-living-can-it-curb-inflation
South-east Asian leaders pledge crackdown on human traffickers online scams
https://www.businesstimes.com.sg/international/south-east-asian-leaders-pledge-crackdown-human-traffickers-online-scams
Developing | China inflation: consumer prices ease further in April, producer prices remain in deflation
https://www.scmp.com/economy/economic-indicators/article/3220134/china-inflation-consumer-prices-ease-further-april-producer-prices-remain-deflation
https://www.businesstimes.com.sg/international/global/china-consumer-inflation-slows-april-factory-gate-deflation-deepens
https://www.channelnewsasia.com/business/chinas-consumer-inflation-slows-over-2-year-low-factory-gate-deflation-deepens-3480621
Hong Kong passes tax concession bill to woo global family offices
https://www.businesstimes.com.sg/international/hong-kong-passes-tax-concession-bill-woo-global-family-offices
https://www.straitstimes.com/business/invest/hong-kong-passes-tax-concession-bill-to-woo-global-family-offices
https://www.channelnewsasia.com/business/hong-kong-passes-tax-concession-bill-woo-global-family-offices-3478851
Hongkongers snap up more homes in England and Wales, drawn by fast-track visa scheme for BN(O) holders, weak pound
https://www.scmp.com/business/article/3220057/hongkongers-snap-more-homes-england-and-wales-drawn-fast-track-visa-scheme-bno-holders-weak-pound
Hong Kong interbank rates jump, pull HKD off band extreme
https://www.businesstimes.com.sg/international/hong-kong-interbank-rates-jump-pull-hkd-band-extreme
https://www.channelnewsasia.com/business/hong-kong-interbank-rates-jump-pull-hkd-band-extreme-3477696
Japan GDP growth likely accelerated in Q1 on robust services consumption- Reuters poll
https://www.channelnewsasia.com/business/japan-gdp-growth-likely-accelerated-q1-robust-services-consumption-reuters-poll-3478361
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