The Leading Professional and Representative Body for the Real Estate Industry

The Leading Professional and Representative Body for the Real Estate Industry



Daily News – 13, 14 & 15 May 2023 (Sat, Sun & Mon)

Singapore Real Estate


Prices for new condo launches hit new highs in 2023
Singapore – Despite concerns over rising mortgage rates and a potential slowdown in the global economy, Singapore’s property market continues to defy expectations, with new condominium launches hitting record high prices in 2023.


Riviere at Jiak Kim Street is 100% sold, says Frasers Property
On May 12, Singapore-listed Frasers Property announced that its 455-unit, luxury condo Riviere, is sold out. “It’s a testament to its popularity with homebuyers looking for a signature and luxurious residential development along the Singapore River,” says Soon Su Lin, CEO of Frasers Property Singapore.


New homes set to be built on former Sers site near Great World mall
Singapore – New homes are set to be built on two land parcels in Zion Road that were part of a Selective En bloc Redevelopment Scheme (Sers) site. Industry observers say some of these homes could be Housing Board flats under the prime location public housing (PLH) model.



Singapore Economy


Need for S’pore to develop strong capabilities to tackle digital, security threats: Teo Chee Hean
Singapore – As technological advancements become more integrated with people’s daily lives, malign actors are exploiting technology for their nefarious goals. The evolving security picture reinforces the need for Singapore’s agencies to develop strong capabilities to keep the country safe, said Senior Minister Teo Chee Hean on Friday.


Opportunities ahead as Singapore businesses eye trillions of dollars in green finance
Singapore – Companies involved with the expanding green economy are running red-hot these days, with trillions of dollars in financing up for grabs as the world pushes towards net zero. New offices are opening here, and existing ones expanding their services to meet demand, which includes strategic advice and asset management on climate investments, data analytics as well as software solutions from fintech companies.


Singapore firms more pessimistic after poorer Q1 performance: survey
Singapore’s firms grew more pessimistic as business conditions weakened further in the first quarter of 2023, the latest quarterly Business Times-Singapore University of Social Sciences (BT-SUSS) Business Climate Survey has found.


Ravi Menon to continue as MAS chief for two more years
The Monetary Authority of Singapore (MAS) has reappointed Ravi Menon as managing director for two more years, it said on Friday (May 12). Menon’s reappointment is effective from Jun 1, 2023, to May 31, 2025, or until his retirement from the public service, whichever is earlier, the central bank and financial regulatory authority said in a press statement.



Companies’ Brief


Apac Realty Q1 net profit slides 67% to S$3 million on lower transaction volume
Real estate services provider Apac Realty posted a 67 per cent fall in net profit to S$3 million for the first quarter ended Mar 31, from S$9.1 million the year before. Revenue for the quarter fell 29 per cent to S$121.4 million, from S$171.1 million in the corresponding year-ago period, the mainboard-listed company said in a business update on Friday (May 12).


CapitaLand Reits average 39% gearing; see operational growth
CapitaLand Investment (CLI), one of Singapore’s largest global real estate investment managers, oversees S$133 billion in real estate asset under management (RE AUM) and S$89 billion in fund under management (FUM) as of Mar 31, 2023. CLI’s fund management business includes 36 private funds and six listed real estate investment trusts (Reits) and business trusts, of which five are listed in Singapore.


GuocoLand appoints new managing director for Malaysia unit
Real estate group GuocoLand announced on Friday (May 12) that the chief executive officer of a Bursa-listed real estate investment trust (Reit) manager will be promoted to lead its Malaysia subsidiary, GuocoLand (Malaysia).


Keppel unit terminates US$98.6 million divestment
Keppel Corporation announced on Friday (May 12) that its subsidiary Keppel Land has terminated the agreement to divest its 100 per cent equity interest in Flemmington Investments. Flemmington Investments has a 42 per cent stake in a project company which holds the rights to develop a site of about 30 hectares in Ho Chi Minh City, Vietnam.


LHN looking at options to enhance shareholder value
Singapore – Space optimisation and service apartments specialist LHN Group is looking at options to enhance shareholder value, including boosting its dividend payouts and putting in place a firm dividend policy.


Pan Hong anticipates net loss for FY2023
Property developer Pan Hong on Friday (May 12) said it expects net losses for its 2023 financial year ended Mar 31. The drop in revenue is due to fewer transfer of control of units from a property project compared to the previous year.



Views, Reviews, Forum and Others


All HDB and private homes required to have circuit breaker installed by July 1, 2025
Singapore – In a move to improve safety, all Housing Board flats and private residences will be required to have a residual current circuit breaker (RCCB) installed by July 1. Home owners will be given a two-year grace period to get this done. Failing to do so by July 1, 2025, may lead to a $5,000 fine.


Do you need to install a residual current circuit breaker? Here’s what you need to know
Singapore: From July, all homes in Singapore will be required to have a residual current circuit breaker (RCCB) installed, although home owners will be given a two-year grace period.


Sentosa hotels, attractions, F&B outlets to do away with plastic bottled water by end-2023
Singapore – All hotels, food and beverage operators and attractions on Sentosa island will stop giving out plastic bottled water by the end of 2023, saving at least two million plastic bottles a year.


Novavax Covid-19 vaccine approved for those aged 12 to 17, appointment bookings open on May 15
Singapore – Teenagers aged between 12 and 17 can book an appointment from Monday to get the Novavax Covid-19 vaccine. This means teens who are medically ineligible to receive the Pfizer-BioNTech/Comirnaty vaccine, or who wish to go for a non-mRNA type, can now opt for Novavax under the National Vaccination Programme to complete their recommended Covid-19 vaccinations.



Global Economy & Real Estate


US budget deficit to jump to US$1.5 trillion this year, CBO says

US consumer sentiment drops to six-month low in May

US import prices rebound in April, but trend remains weak

Monthly mortgage payments could surge 22% if US defaults

ECB may need to keep raising rates: policymaker

UK economy grows in Q1, but March drop underscores fragility

Mom-and-pop landlords struggle as higher rates and regulations bite

UK renters outside London paying over £1,000 a month for first time

Why the UK’s sluggish growth rate is too much for the Bank of England

New Zealand Q2 average 1-year inflation expectations ease to 4.28%: central bank survey

Argentina inflation smashes past every forecast to hit 109%

Funding crunch in Apac commercial real estate opens doors for local property players

China is scaring away foreign investors that its cities want

Chinese cash flows into Japan’s struggling hot spring resorts

Hong Kong’s Q1 GDP grows 2.7% y/y

Hong Kong mortgage frenzy sees banks go big on cash handouts

Hong Kong’s Gaw eyes more Japan property deals on TSMC push

Hong Kong’s luxury home renters should prepare to pay more in the second half amid rising demand

Sun Hung Kai Properties’ latest sale continues hot streak as homebuyers snap up flats in show of economic confidence

Hong Kong tycoon Joseph Lau’s eldest son, Lau Ming-wai, puts two houses on The Peak on sale for almost HK$1 billion (US$127.5 million)

Japan April wholesale prices rise 5.8%, but pace slows for 4th straight month

Japanese firms hike wages by 3.89% this year: Nikkei

Malaysia’s Q1 GDP growth beats forecasts at 5.6%, but momentum could slow as exports weaken

Raising Malaysia’s EPF employer rate to 20% will hurt competitiveness, business leaders say

Malaysia keeps eye on food supply as heatwave seen until August


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.

Scroll to Top