DAILY NEWS

Daily News – 12 Aug 2022 (Fri)

SINGAPORE REAL ESTATE

Condo, HDB rents continue climb in July, but growth slows: SRX, 99.co
Condominium and Housing Board (HDB) rental prices continued their ascent in July, but growth slowed compared to the month before. Rental volumes also rose month on month for condos and HDB flats, but were lower on a year-on-year basis, and below the average 5-year volumes for July, according to flash figures released by SRX Property and 99.co on Thursday (Aug 11).
https://www.businesstimes.com.sg/real-estate/condo-hdb-rents-continue-climb-in-july-but-growth-slows-srx-99co
https://www.straitstimes.com/business/property/condo-hdb-rents-continue-to-rise-in-july-more-units-leased-as-demand-remains-firm

City-fringe commercial properties for sale at guide prices from S$30m
A jalan Besar conservation shophouse and a boutique commercial building at Miller Street have each been put up for sale at the respective guide prices of S$32 million and S$30 million, announced the properties’ exclusive marketing agents on Thursday (Aug 11).
https://www.businesstimes.com.sg/real-estate/city-fringe-commercial-properties-for-sale-at-guide-prices-from-s30m

Trendale Tower up for sale again with higher S$178m guide price
Freehold residential site Trendale Tower has been put up for sale again, this time with a higher guide price of S$178 million via a public tender exercise, said exclusive marketing agent Savills Singapore in a statement on Thursday (Aug 11).
https://www.businesstimes.com.sg/real-estate/trendale-tower-up-for-sale-again-with-higher-s178m-guide-price

The greening of urban spaces
For urban planners struggling to reconcile ever rising urban density with staying green, Singapore offers a way forward. The city-state’s government has spent the past six decades working towards solutions that allow a burgeoning population to share a small island while at the same time being in harmony with nature.
https://www.businesstimes.com.sg/opinion/the-greening-of-urban-spaces

SINGAPORE ECONOMY

Forward Singapore not just a government exercise, involves everyone including businesses
Singapore – The business community has its part to play in the recently launched Forward Singapore exercise to shape and strengthen Singapore’s social compact for its next phase, Deputy Prime Minister Lawrence Wong said on Thursday (Aug 11).
https://www.straitstimes.com/business/companies-markets/forward-singapore-not-just-a-government-exercise-involves-everyone-including-businesses

Economists ponder if Singapore’s trade growth upgrade driven by inflation or external demand
It had seemed like an oddity that Singapore posted a significant upgrade to its full-year trade outlook – for the second time this year – even as it narrowed its economic growth forecast to a lower range.
https://www.businesstimes.com.sg/government-economy/economists-ponder-if-singapores-trade-growth-upgrade-driven-by-inflation-or

Singapore not expected to face technical recession despite downward revision of Q2 growth
Singapore’s updated second-quarter growth figures surprised on the downside as the economy shrank 0.2 per cent quarter on quarter, but neither authorities nor private-sector economists expect this to herald a technical recession.
https://www.businesstimes.com.sg/government-economy/singapore-not-expected-to-face-technical-recession-despite-downward-revision-of

Singapore economy set for further slowdown as demand deteriorates worldwide
Singapore – Singapore’s economy is set for a significant slowdown in this half of the year with demand for goods and services facing challenges both at home and abroad, analysts said. Rising living costs and higher interest rates are likely to squeeze household and business spending alike, risking growth at both consumer-facing and trade-driven sectors of the economy.
https://www.straitstimes.com/business/economy/singapore-economy-set-for-further-slowdown-as-demand-deteriorates-worldwide

Singapore’s tax revenue surges 22.4% to S$60.7b on low year-ago base
Singapore’s tax revenue rose by 22.4 per cent to S$60.7 billion in financial year 2021/22, on the back of a low base during the previous pandemic-hit year, according to the annual report of the Inland Revenue Authority of Singapore (Iras) on Thursday (Aug 11).
https://www.businesstimes.com.sg/government-economy/singapores-tax-revenue-surges-224-to-s607b-on-low-year-ago-base
https://www.straitstimes.com/business/economy/tax-collection-rises-224-to-607-billion-last-financial-year-iras

COMPANIES’ BRIEF

Ho Bee Land’s H1 profit up 42% to S$149.9m
Real estate developer and investor Ho Bee Land saw a 42 per cent increase in net profit to S$149.9 million on the back of higher rental income, higher sales, and realised divestment gains on its Munich office asset, said the mainboard-listed group in its bourse filing on Thursday (Aug 11).
https://www.businesstimes.com.sg/companies-markets/ho-bee-lands-h1-profit-up-42-to-s1499m

Hong Fok H1 net profit jumps 80% to S$9.1m
Property developer Hong Fok Corporation net profit rose 80 per cent to S$9.1 million for the first half of the fiscal year ending Jun 30, 2022, from S$5.1 million in the year-ago period. Revenue rose 30 per cent to S$55.6 million from S$42.8 million previously.
https://www.businesstimes.com.sg/companies-markets/hong-fok-h1-net-profit-jumps-80-to-s91m

Straits Trading H1 net profit surges 448.9% to S$673m on contributions from real estate segment
Strong contributions from the real estate segment has propelled The Straits Trading Company : S20 0% to post a net profit of S$673 million for the first half of this year, up by 448.9 per cent or roughly 5.5 times the S$122.6 million net profit posted in the year-ago period.
https://www.businesstimes.com.sg/companies-markets/straits-trading-h1-net-profit-surges-4489-to-s673m-on-contributions-from-real

Yanlord Land‘s H1 earnings jump 67% to 1.4b yuan on higher profit margin
Property developer Yanlord Land Group posted earnings of 1.4 billion yuan (S$279.6 million) for the first half ended June, up 67.2 per cent from 823.4 million yuan in the year-ago period. The increase came on the back of a 8.9 percentage point increase in gross profit margin to 35.6 per cent in the 6-month period, from 26.7 per cent in the previous year.
https://www.businesstimes.com.sg/companies-markets/yanlord-lands-h1-earnings-jump-67-to-14b-yuan-on-higher-profit-margin

IReit Global posts 1.4% dip in H1 DPU; distributable income up 20.4%
The manager of Europe-focused real estate investment trust IReit Global posted distribution per unit (DPU) of 1.41 euro cents for the first half ended June, down 1.4 per cent from DPU of 1.43 euro cents in the corresponding period last year.
https://www.businesstimes.com.sg/companies-markets/ireit-global-posts-14-dip-in-h1-dpu-distributable-income-up-204