SINGAPORE REAL ESTATE
Golden Mile Tower to be launched for en bloc sale at indicative price of S$650m
Further revitalisation of the Beach Road area could be on the cards with Golden Mile Tower set to be launched for collective sale on Nov 18 at an indicative price of S$650 million. Located at 6001 Beach Road, the 99-year leasehold commercial development sits next to the iconic Golden Mile Complex, which was itself successfully sold en bloc in May to a consortium comprising Far East Organization, Perennial Holdings and Sino Land for S$700 million.
https://www.businesstimes.com.sg/real-estate/golden-mile-tower-to-be-launched-for-en-bloc-sale-at-indicative-price-of-s650m
Clifford Centre to close by end-2022, long-time tenants say leaving is ‘bittersweet’
Singapore Land Group (SingLand), which owns Clifford Centre, announced plans in May to redevelop the 999-year leasehold site in Raffles Place into about 492,000 sq ft of gross floor area (GFA) of offices and 52,000 sq ft of retail space – about 36 per cent more than its existing GFA.
https://www.straitstimes.com/singapore/community/clifford-centre-to-close-by-end-2022-long-time-tenants-say-leaving-is-bittersweet
Industrial S-Reits see resiliency despite macro challenges
In the recent bi-annual macroeconomic review published by the Monetary Authority of Singapore (MAS), outlook for Singapore’s 2022 full-year gross domestic product (GDP) growth was kept unchanged at 3 to 4 per cent with broad-based contributions from the trade-related, domestic-oriented, travel-related and modern services clusters.
https://www.businesstimes.com.sg/companies-markets/industrial-s-reits-see-resiliency-despite-macro-challenges
SINGAPORE ECONOMY
PM Lee urges Asean to stay united amid escalating geopolitical tensions
Asean members need to work together and avoid allowing the region to be split amid growing major power rivalry, said Prime Minister Lee Hsien Loong on Friday (Nov 11). This means the South-east Asian bloc of nations must remain open and inclusive in engaging external partners, and its members need to stay united and uphold Asean centrality so that the grouping continues to be relevant and credible, he added.
https://www.businesstimes.com.sg/asean-business/pm-lee-urges-asean-to-stay-united-amid-escalating-geopolitical-tensions
https://www.straitstimes.com/asia/pm-lee-urges-asean-to-stay-united-amid-escalating-geopolitical-tensions
Stable geopolitical environment needed; Xi-Biden meeting would set the tone: PM Lee
A Stable geopolitical environment is important for the region to continue prospering, and the upcoming meeting between Chinese President Xi Jinping and United States President Joe Biden is important to improve relations, said Prime Minister Lee Hsien Loong on Sunday (Nov 13).
https://www.businesstimes.com.sg/global-enterprise/stable-geopolitical-environment-needed-xi-biden-meeting-would-set-the-tone-pm-lee
Resilience, self-sufficiency important but world will be worse off if we go too far: Lawrence Wong
Singapore: Deputy Prime Minister Lawrence Wong on Sunday (Nov 13) said that resilience and self-sufficiency are important attributes, but added that the world will be worse off if countries go too far.
https://www.channelnewsasia.com/singapore/lawrence-wong-resilience-self-sufficiency-china-decoupling-3068426
Singapore, Germany sign framework for sustainability and innovation
Singapore on Sunday (Nov 13) deepened its economic cooperation with Germany, its largest goods trading partner and fourth-largest services trading partner in the European Union (EU). The Germany-Singapore Framework for Sustainability and Innovation (FSI) was signed by Minister-in-charge of Trade Relations S Iswaran and Germany Federal Minister for Economic Affairs and Climate Action Robert Habeck.
https://www.businesstimes.com.sg/government-economy/singapore-germany-sign-framework-for-sustainability-and-innovation
https://www.businesstimes.com.sg/companies-markets/mobile-spotlight/genting-singapore-q3-net-profit-more-than-doubles-to-s1358
COMPANIES’ BRIEF
Frasers Property full-year earnings up 12.4% to S$871.4 million on easing of Covid-19 restrictions
Frasers Property on Friday (Nov 11) posted a 12.4 per cent increase in net profit to S$871.4 million for the full year ended Sep 30, helped in part by the resumption of international travel and residential projects in Singapore and Thailand.
https://www.businesstimes.com.sg/companies-markets/frasers-property-full-year-earnings-up-124-to-s8714-million-on-easing-of-covid-19
Genting Singapore Q3 net profit more than doubles to S$135.8 million as travel recovery continues
Genting Singapore reported on Thursday (Nov 10) a more than 100 per cent increase in net profit for its third quarter, on the back of stronger gaming and non-gaming revenue. Net profit for the three months ended Sep 30, 2022, rose to S$135.8 million from S$60.7 million in the same period a year ago, the operator of Resorts World Sentosa (RWS) said in a business update filed to the Singapore Exchange.
https://www.businesstimes.com.sg/companies-markets/mobile-spotlight/genting-singapore-q3-net-profit-more-than-doubles-to-s1358
VIEWS, REVIEWS, FORUM AND OTHERS
Weaker sterling sends Singapore buyers hunting for prime London property
London’s prime residential real estate is once again in the sights of buyers from Singapore, as the British pound trades near historic lows against the Singapore dollar, resulting in attractive effective discounts.
https://www.businesstimes.com.sg/real-estate/weaker-sterling-sends-singapore-buyers-hunting-for-prime-london-property
Migrant workers keep Singapore running smoothly. Let’s keep them safe on lorries
Singapore: From next year, lorries that transport workers must be fitted with rain covers, while onsite workers who double up as drivers will get a mandatory 30-minute rest period and a “buddy” for the drive.
https://www.channelnewsasia.com/commentary/migrant-foreign-workers-transport-ferry-back-lorries-danger-new-safety-measures-3037841
World needs to start preparing for next pandemic now: Top WHO official
Singapore – To avert a repeat of the impact of Covid-19, the world needs to start preparing for the next pandemic now. This is even amid the backdrop of a difficult global environment, with issues such as inflation and the Ukraine crisis competing for attention, says an expert.
https://www.straitstimes.com/singapore/world-needs-to-start-preparing-for-next-pandemic-now-top-who-official
Inactivated vaccines like Sinovac may prevent severe disease in Covid-19 patients: Study
Singapore – Though often considered inferior due to their induction of a lower antibody response compared with their mRNA counterparts, inactivated virus vaccines can play a role in preventing the development of severe Covid-19, a recent study has found.
https://www.straitstimes.com/singapore/health/inactivated-vaccines-like-sinovac-may-prevent-severe-disease-in-covid-19-patients-study
GLOBAL ECONOMY & GLOBAL REAL ESTATE
US hotels reel from China Covid curbs amid travel boom
https://www.businesstimes.com.sg/real-estate/us-hotels-reel-from-china-covid-curbs-amid-travel-boom
New York City developer hunts for homebuyers squeezed by borrowing costs
https://www.businesstimes.com.sg/real-estate/new-york-city-developer-hunts-for-homebuyers-squeezed-by-borrowing-costs
UK needs to make politically unpopular reforms to boost growth: business group
https://www.businesstimes.com.sg/government-economy/uk-needs-to-make-politically-unpopular-reforms-to-boost-growth-business-group
UK economic contraction heralds start of protracted recession
https://www.businesstimes.com.sg/government-economy/uk-economic-contraction-heralds-start-of-protracted-recession
UK warns of budget pain to come this week
https://www.businesstimes.com.sg/government-economy/uk-warns-of-budget-pain-to-come-this-week
Billionaire CEO buys multiple Riviera villas for more than 130m euros after Covid gains
https://www.businesstimes.com.sg/real-estate/billionaire-ceo-buys-multiple-riviera-villas-for-more-than-130m-euros-after-covid-gains
EU says recession is here and inflation shock will linger on
https://www.businesstimes.com.sg/government-economy/eu-says-recession-is-here-and-inflation-shock-will-linger-on
Asean free trade agreement with Australia and New Zealand upgraded for times of crisis
https://www.businesstimes.com.sg/government-economy/asean-free-trade-agreement-with-australia-and-new-zealand-upgraded-for-times-of
China ramps up property support with US$56b in new funding
https://www.businesstimes.com.sg/real-estate/china-ramps-up-property-support-with-us56b-in-new-funding
China issues 16-point plan to rescue ailing property sector
https://www.businesstimes.com.sg/real-estate/china-issues-16-point-plan-to-rescue-ailing-property-sector
https://www.straitstimes.com/business/economy/china-plans-sweeping-rescue-policies-to-avert-property-crisis
China regulators urge more financing support for property firms: sources
https://www.businesstimes.com.sg/real-estate/china-regulators-urge-more-financing-support-for-property-firms-sources
Malaysia’s economy expands 14.2% in Q3, exceeding economists’ forecasts
https://www.businesstimes.com.sg/asean-business/malaysias-economy-expands-142-in-q3-exceeding-economists-forecasts
https://www.straitstimes.com/asia/se-asia/malaysias-economy-grows-at-fastest-pace-in-over-a-year-outpaces-regional-peers