Singapore Real Estate
Allgreen Properties in exclusive due diligence to buy Seletar Mall
Allgreen Properties, part of the Kuok Group, is in exclusive due diligence to buy The Seletar Mall, The Business Times understands. Word in the market is that the price could be about S$520 million. Located next to Fernvale LRT station in the Sengkang West area, The Seletar Mall is on a site with 99-year leasehold tenure from April 2012; this leaves a balance of about 87 years.
https://www.businesstimes.com.sg/property/allgreen-properties-exclusive-due-diligence-buy-seletar-mall
Number of property agents in Singapore continues to rise amid slower private home sales
Singapore – Despite a challenging year that saw the property market dampened by several rounds of cooling measures and high interest rates, the overall number of agents across real estate agencies here continued to rise, albeit at a more tempered rate.
https://www.straitstimes.com/singapore/number-of-property-agents-in-singapore-continues-to-rise-amid-slower-private-home-sales
Companies’ Brief
BlackRock quarterly profit rises on strong assets under management
BlackRock posted an 8 per cent jump in its fourth-quarter profit on Friday (Jan 12), helped by a rebound in markets that boosted the company’s assets under management. Hopes of a soft landing – a scenario where inflation eases without a sharp rise in unemployment – have cheered markets in recent months.
https://www.businesstimes.com.sg/companies-markets/banking-finance/blackrock-quarterly-profit-rises-strong-assets-under-management
Citi to cut 20,000 roles in CEO Fraser’s bid to boost returns
Citigroup said it will eliminate 20,000 roles in a move that will save it as much as US$2.5 billion as part of chief executive officer Jane Fraser’s quest to boost the Wall Street giant’s lagging returns.
https://www.businesstimes.com.sg/companies-markets/banking-finance/citi-cut-20000-roles-ceo-frasers-bid-boost-returns
Citi swings to US$1.8 billion loss on slew of charges
Citigroup on Friday (Jan 12) reported a US$1.8 billion loss for the fourth quarter as it recorded charges to refill a government deposit insurance fund and carry out a sweeping internal reorganisation.
https://www.businesstimes.com.sg/companies-markets/citi-swings-us18-billion-loss-slew-charges
Frasers Property says it is ‘not aware’ of any discussions to sell company or assets
Mainboard-listed Frasers Property issued a statement on Friday (Jan 12) refuting talk of a potential sale of the company or its assets. It was responding to recent news reports speculating that the company’s majority owners could sell the company or some of its assets, as part of a strategic review.
https://www.businesstimes.com.sg/companies-markets/frasers-property-says-it-not-aware-any-discussions-sell-company-or-assets
https://www.theedgesingapore.com/news/company-news/frasers-property-not-aware-possible-sale-company-nor-assets-controlling
Frasers Property pops on deal rumour
Minority shareholders of Frasers Property Ltd (FPL) offered lots of ideas during the company’s annual general meeting (AGM) last year about what could be done to increase its dividend rate and boost its share price.
https://www.businesstimes.com.sg/opinion-features/frasers-property-pops-deal-rumour
Sabana Reit unitholders resubmit EGM request after previous one fell through
A group of unitholders looking to convene another extraordinary general meeting (EGM) related to the internalisation of ’s (Sabana Reit) manager has resubmitted the requisition notice.
https://www.businesstimes.com.sg/companies-markets/sabana-reit-unitholders-resubmit-egm-request-after-previous-one-fell-through
Views, Reviews, Forum and Others
One-third of large worker dorms to be exempted from retrofits due to short remaining leases
Singapore – One-third of the 54 purpose-built dormitories (PBDs) for foreign workers here will be exempted from having to meet improved interim housing standards announced in October 2023, said the Ministry of Manpower (MOM).
https://www.straitstimes.com/singapore/politics/one-third-of-large-worker-dorms-to-be-exempted-from-retrofits-due-to-short-remaining-leases
Contractor under probe for flouting environmental pollution laws at Tengah worksite
Singapore – A contractor hired to build a new primary school in Tengah is under probe for flouting a raft of rules aimed at minimising the impact of construction work on the environment.
https://www.straitstimes.com/singapore/contractor-under-probe-for-flouting-environmental-pollution-laws-at-tengah-worksite
Global Economy & Real Estate
WHO sees ‘incredibly low’ Covid, flu vaccination rates as cases surge
https://www.businesstimes.com.sg/international/who-sees-incredibly-low-covid-flu-vaccination-rates-cases-surge
Artificial intelligence will affect almost 40% of jobs: IMF
https://www.businesstimes.com.sg/international/artificial-intelligence-will-affect-almost-40-jobs-imf
US economy set for another cash boost if Congress backs tax deal
https://www.businesstimes.com.sg/international/us-economy-set-another-cash-boost-if-congress-backs-tax-deal
Fed’s Bostic warns US progress on inflation is likely to slow
https://www.businesstimes.com.sg/international/feds-bostic-warns-us-progress-inflation-likely-slow
China’s recovery is set to be ‘slow and bumpy’ in 2024
https://www.businesstimes.com.sg/international/chinas-recovery-set-be-slow-and-bumpy-2024
China seen cutting rate, boosting cash to support economy
https://www.businesstimes.com.sg/international/china-seen-cutting-rate-boosting-cash-support-economy
https://www.straitstimes.com/business/china-2023-bank-lending-at-record-high-but-economy-still-struggling
https://www.channelnewsasia.com/business/china-cbank-surprises-markets-leaving-medium-term-rate-unchanged-adds-liquidity-4048071
China exports rise but deflation persists as economy enters 2024 on shaky footing
https://www.straitstimes.com/business/china-s-december-trade-consumer-prices-paint-mixed-economic-picture-at-start-of-2024
https://www.scmp.com/economy/economic-indicators/article/3248149/china-trade-exports-end-2023-23-rise-december-global-slowdown-looms
Xi stays clear of Red Sea battle despite risks to China trade
https://www.businesstimes.com.sg/international/xi-stays-clear-red-sea-battle-despite-risks-china-trade
China’s visa-free deals with Thailand, Malaysia, Singapore could trigger Asean trade, investment boost
https://www.scmp.com/economy/global-economy/article/3248234/chinas-visa-free-deals-thailand-malaysia-singapore-could-trigger-asean-trade-investment-boost
China housing slump to continue into 2025, says ex-PBOC official
https://www.businesstimes.com.sg/property/china-housing-slump-continue-2025-says-ex-pboc-official
China cities buy unsold homes and turn them into rental housing, local paper says
https://www.straitstimes.com/business/china-cities-buy-unsold-homes-and-turn-them-into-rental-housing-local-paper-says
China urges better financing coordination for housing sector
https://www.businesstimes.com.sg/property/china-urges-better-financing-coordination-housing-sector
https://www.channelnewsasia.com/business/china-urges-better-financing-coordination-housing-sector-4043886
China’s Harvest Fund cuts Hong Kong staff in pullback from offshore business: sources
https://www.businesstimes.com.sg/companies-markets/banking-finance/chinas-harvest-fund-cuts-hong-kong-staff-pullback-offshore
Chinese New Year spurs gold demand in China and Singapore, while India discounts widen
https://www.businesstimes.com.sg/companies-markets/energy-commodities/chinese-new-year-spurs-gold-demand-china-and-singapore-while
Hong Kong property developers face tough 2024
https://www.businesstimes.com.sg/property/hong-kong-property-developers-face-tough-2024
https://www.channelnewsasia.com/business/weak-demand-tighter-lenders-hong-kong-property-developers-face-tough-2024-4043366
Owners of Hong Kong’s luxury homes choosing to rent rather than sell
https://www.businesstimes.com.sg/property/owners-hong-kongs-luxury-homes-choosing-rent-rather-sell
Hong Kong property: more supply, cheaper home prices likely to set market trends in first half of 2024, analysts say
https://www.scmp.com/property/hong-kong-china/article/3248370/hong-kong-property-more-supply-cheaper-home-prices-likely-set-market-trends-first-half-2024-analysts
Hong Kong to sell smaller plots of land to boost sales amid slow economy, development chief says
https://www.scmp.com/news/hong-kong/hong-kong-economy/article/3248317/hong-kong-sell-smaller-plots-land-boost-sales-amid-slow-economy-development-chief-says
Buyers opt for cheaper homes in Hong Kong’s first weekend property sales in 2024
https://www.scmp.com/business/article/3248335/new-wong-tai-sin-homes-sell-well-hong-kongs-first-weekend-property-sales-2024
Indonesia’s JSI Group eyes growth after Jakarta opens door to foreign ownership of property
https://www.businesstimes.com.sg/property/indonesias-jsi-group-eyes-growth-after-jakarta-opens-door-foreign-ownership-property
Korean builder Taeyoung wins vote to start restructuring
https://www.businesstimes.com.sg/property/korean-builder-taeyoung-wins-vote-start-restructuring
Container rates soar on concerns of prolonged Red Sea disruption
https://www.straitstimes.com/business/companies-markets/container-rates-soar-on-concerns-of-prolonged-red-sea-disruption
Swedish home prices end 2023 on a low as economy clouds outlook
https://www.businesstimes.com.sg/property/swedish-home-prices-end-2023-low-economy-clouds-outlook
Thailand aims for 5% annual growth as higher spending set for 2025
https://www.businesstimes.com.sg/international/asean/thailand-aims-5-annual-growth-higher-spending-set-2025
UK economy at risk of recession despite November growth
https://www.businesstimes.com.sg/international/uk-economy-risk-recession-despite-november-growth
UK housing market heats up with strong jump in asking prices
https://www.businesstimes.com.sg/property/uk-housing-market-heats-strong-jump-asking-prices
https://www.straitstimes.com/business/uk-housing-market-heats-up-with-strong-jump-in-asking-prices
Disclaimer & Note:
Real Estate Developers’ Association of Singapore (REDAS) does not warrant the accuracy, adequacy or completeness of the information and expressly disclaims liability for errors or omissions therein. The content, accuracy, and opinions expressed are not investigated, verified, monitored, nor endorsed by REDAS. Every effort is taken to ensure that all information extracted is correct at the time of dissemination.
The Daily News is issued as news gathering for the convenience and benefits of REDAS’ members only and not for mass circulation. Members are advised to exercise discretion in the use and dissemination of the information. The news links are time-sensitive and require registration of fee-based digital subscriptions.