Singapore Real Estate
Singapore investment property sales lose steam in Q1 under macro cloud
Real estate investment activity in Singapore slowed considerably in the first quarter of 2023, as investors retreated in the face of higher financing costs and mounting macroeconomic uncertainties.
https://www.businesstimes.com.sg/property/singapore-investment-property-sales-lose-steam-q1-under-macro-cloud
https://www.straitstimes.com/business/singapore-property-investment-activity-slows-on-higher-interest-rates-us-bank-turmoil
Commentary: Should first-time buyers in Singapore time their property purchases?
Singapore: The bullish property market may finally be showing signs of stabilising. Flash estimates from the Housing and Development Board show that HDB resale prices grew 0.9 per cent in the first quarter of 2023, the smallest increase in the last 10 quarters.
https://www.channelnewsasia.com/commentary/singapore-property-prices-hdb-bto-resale-private-condo-launch-mortgage-3405666
Despite rising rentals and cost worries, more foreign firms choose Singapore
Singapore – Home rentals may have become a thorny issue for some foreigners living in Singapore, but that has not deterred companies from wanting to set up shop in the city. A rising number of firms are being drawn to the Republic, though escalating costs have made some firms based here consider cheaper options.
https://www.straitstimes.com/business/despite-rising-rentals-and-cost-worries-more-foreign-firms-choose-singapore
Cuscaden Peak Investments selling three Nassim Rd bungalows at record S$4,500 psf
Cuscaden Peak Investments is selling its three freehold bungalows in Nassim Road at S$4,500 per square foot (psf) on land area, The Business Times understands. This is a record land rate for a Good Class Bungalow (GCB) Area. The total price for the three properties is S$206.7 million.
https://www.businesstimes.com.sg/property/cuscaden-peak-investments-selling-three-nassim-rd-bungalows-record-s4500-psf
Singapore Economy
Government may need to spend more to advance Singapore’s development: DPM Wong
Beyond what is already factored into its existing projections, the government may need to spend more in areas such as enhancing the country’s economic competitiveness, social inclusion and mobility.
https://www.businesstimes.com.sg/singapore/government-may-need-spend-more-advance-singapores-development-dpm-wong
Economists downgrade Singapore’s 2023 growth forecast, warn of technical recession
Private-sector economists have downgraded their 2023 forecast for Singapore’s economic growth, with a worse-than-expected first-quarter gross domestic product (GDP) figure also prompting some to warn of a technical recession.
https://www.businesstimes.com.sg/singapore/economists-downgrade-singapores-2023-growth-forecast-warn-technical-recession
Singapore exports narrow fall to less-than-expected 8.3% in March, grow 18.4% sequentially
Even as Singapore’s non-oil domestic exports (NODX) contracted for the sixth consecutive month on the year in March, it expanded sequentially, reversing from February’s drop, data from Enterprise Singapore showed on Monday (Apr 17).
https://www.businesstimes.com.sg/singapore/singapore-exports-narrow-fall-less-expected-83-march-grow-184-sequentially
https://www.channelnewsasia.com/singapore/singapores-nodx-falls-83-sixth-straight-month-decline-3422276
https://www.theedgesingapore.com/news/singapore-economy/singapores-nodx-falls-83-y-o-y-mainly-due-china-taiwan-and-malaysia
Companies’ Brief
Hotels: CDL’s inconvenient sustainability challenge
City Developments’ (CDL) hospitality arm has been boosting the company’s topline growth, but the business is weighing on its sustainability credentials. The company’s chief sustainability officer Esther An said the pandemic made it hard to green the nearly 140 hotels under the London-based Millennium & Copthorne Hotels (M&C), even as a number of the latter’s peers have used the time to improve their sustainability performance.
https://www.businesstimes.com.sg/companies-markets/reits-property/hotels-cdls-inconvenient-sustainability-challenge
Far East Orchard expects hospitality business to stabilise by 2024 or 2025 following recovery from Covid-19
Real estate group Far East Orchard is expecting its hospitality business to stabilise in the next two years following a gradual recovery from the Covid-19 pandemic last year, the company said on Saturday (Apr 15).
https://www.businesstimes.com.sg/companies-markets/far-east-orchard-expects-hospitality-business-stabilise-2024-or-2025-following
Keppel delivers total shareholder return of 49.3% for 2022 amid transformation efforts
Singapore – Keppel Corp delivered a total shareholder return of 49.3 per cent for the whole of 2022, compared with the Straits Times Index’s (STI) 8.4 per cent. Also, Keppel’s total shareholder return reached 77.7 per cent over a 15-month period from January 2022 to end-March 2023, following the completion of the offshore & marine (O&M) transactions and the distribution in specie of Sembcorp Marine shares to Keppel shareholders.
https://www.straitstimes.com/business/keppel-delivers-total-shareholder-return-of-493-for-2022-amid-transformation-efforts
Knight Frank opens private office in Hong Kong
Singapore (EdegProp) – Knight Frank has set up a private office in Hong Kong, the second in Asia. Tung Ho-Pin has been appointed to lead the new office, advising private clients on their global real estate portfolios.
https://www.edgeprop.sg/property-news/knight-frank-opens-private-office-hong-kong
Lian Beng’s lowball privatisation offer raises urgency of addressing low market valuation
The controlling shareholders of Lian Beng Group unveiled plans this past week to take the construction and property development company private at less than half its book value – using a well-known loophole related to compulsory acquisitions that the government has already decided to plug.
|https://www.businesstimes.com.sg/opinion-features/lian-bengs-lowball-privatisation-offer-raises-urgency-addressing-low-market
Views, Reviews, Forum and Others
Private banking group denies MAS told banks to keep quiet about origins of wealth inflows
The Monetary Authority of Singapore (MAS) has not issued any directive – tacit or otherwise – to banks to avoid discussing the origins of wealth inflows into Singapore, the Private Banking Industry Group (PBIG) said on Friday (Apr 14), in response to statements in a report in Financial Times (FT).
https://www.businesstimes.com.sg/singapore/private-banking-group-denies-mas-told-banks-keep-quiet-about-origins-wealth-inflows
Taxpayers have until April 18 to file tax returns online
Singapore – There are only a few days left to submit returns online for individual income tax, as this year’s tax season draws to a close. Taxpayers have until next Tuesday to file and submit their returns online for the year of assessment 2023 – which includes income earned from Jan 1 to Dec 31, 2022.
https://www.straitstimes.com/singapore/taxpayers-have-until-april-18-to-file-tax-returns-online
S’pore in the middle of Covid-19 wave, about 3 in 10 cases are reinfections: Ong Ye Kung
Singapore has been in a Covid-19 wave in the past month, with the estimated number of daily infections rising from about 1,400 a month ago to 4,000 last week. About three in 10 of the current cases are reinfections; higher than the 20-25 per cent seen during the last wave, Health Minister Ong Ye Kung said.
https://www.businesstimes.com.sg/singapore/spore-middle-covid-19-wave-about-3-10-cases-are-reinfections-ong-ye-kung
https://www.straitstimes.com/singapore/s-pore-in-the-middle-of-covid-19-wave-about-3-in-10-cases-are-reinfections-ong-ye-kung
https://www.todayonline.com/singapore/over-3-10-covid-19-cases-caused-reinfections-current-wave-not-due-travellers-ong-ye-kung-2150846
Global Economy & Real Estate
US banks highlight office real estate as next big worry
https://www.businesstimes.com.sg/property/us-banks-highlight-office-real-estate-next-big-worry
US banks may tighten lending and negate need for more rate hikes: Yellen
https://www.straitstimes.com/business/yellen-says-us-banks-may-tighten-lending-and-negate-need-for-more-rate-hikes
Offices across America must be torn down, says investor who won big in 2008
https://www.businesstimes.com.sg/property/offices-across-america-must-be-torn-down-says-investor-who-won-big-2008
US import prices fall more than expected in March
https://www.businesstimes.com.sg/international/us-import-prices-fall-more-expected-march
US retail sales fall more than expected in March
https://www.businesstimes.com.sg/international/us-retail-sales-fall-more-expected-march
US business inventories rise moderately in February
https://www.businesstimes.com.sg/international/us-business-inventories-rise-moderately-february
US consumer sentiment edges up in April; short-term inflation expectations rise
https://www.businesstimes.com.sg/international/us-consumer-sentiment-edges-april-short-term-inflation-expectations-rise
Home prices halt yearlong plunge in Canada as sellers hold off
https://www.businesstimes.com.sg/property/home-prices-halt-yearlong-plunge-canada-sellers-hold
Renters despair over cut-throat London market
https://www.businesstimes.com.sg/property/renters-despair-over-cut-throat-london-market
Eurozone inflation to slow but ‘considerable uncertainty’: Lagarde
https://www.businesstimes.com.sg/international/eurozone-inflation-slow-considerable-uncertainty-lagarde
https://www.straitstimes.com/asia/australianz/great-shortfall-of-china-australias-biggest-tourism-market-returns-with-a-whimper
Great shortfall of China: Australia’s biggest tourism market returns with a whimper
https://www.businesstimes.com.sg/international/great-shortfall-china-australias-biggest-tourism-market-returns-whimper
https://www.channelnewsasia.com/business/great-shortfall-china-australias-biggest-tourism-market-returns-whimper-3422166
China’s Q1 GDP growth seen rebounding to 4.0%, 2023 rate seen at 5.4%: Reuters poll
https://www.businesstimes.com.sg/international/chinas-q1-gdp-growth-seen-rebounding-40-2023-rate-seen-54-reuters-poll
https://www.straitstimes.com/business/chinas-economy-expected-to-rebound-as-zero-covid-era-fades
https://www.channelnewsasia.com/business/chinas-first-quarter-gdp-growth-seen-rebounding-40-2023-rate-seen-54-reuters-poll-3417651
China searches for clearer signs of economic momentum
https://www.businesstimes.com.sg/international/global/china-searches-clearer-signs-economic-momentum
China March new home prices rise at fastest pace in 21 months
https://www.businesstimes.com.sg/property/china-march-new-home-prices-rise-fastest-pace-21-months
https://www.straitstimes.com/business/china-march-new-home-prices-rise-at-fastest-pace-in-21-months
https://www.channelnewsasia.com/business/china-march-new-home-prices-rise-fastest-pace-21-months-3419716
https://www.scmp.com/business/china-business/article/3217166/chinas-home-price-rebound-extends-march-central-wuhan-city-leads-recovery-after-unprecedented-relief
Property slump hurting Chinese consumers, clouds recovery
https://www.businesstimes.com.sg/property/property-slump-hurting-chinese-consumers-clouds-recovery
https://www.straitstimes.com/asia/east-asia/feeling-poorer-property-slump-hurting-chinese-consumers-clouding-recovery
https://www.channelnewsasia.com/business/feeling-poorer-property-slump-hurting-chinese-consumers-clouds-recovery-3417656
Singapore’s rent to soar faster than Hong Kong, offering expatriates and tenants little respite, analysts say
https://www.scmp.com/business/article/3217068/no-respite-expatriates-singapore-rents-will-continue-climb-while-hong-kong-will-see-smaller-increase
Hong Kong’s small businesses are most optimistic about growth outlook since 2011, CPA Australia survey shows
https://www.scmp.com/business/companies/article/3217247/hong-kongs-small-businesses-are-most-optimistic-about-growth-outlook-2011-cpa-australia-survey-shows
Some farmland, green belts can be used as car parks as Hong Kong relaxes land guidelines for brownfield sites
https://www.scmp.com/news/hong-kong/health-environment/article/3217142/some-farmland-green-belts-can-be-used-car-parks-hong-kong-relaxes-land-guidelines-brownfield-sites
Taiwan’s semiconductor success fuelling surge in home prices
https://www.businesstimes.com.sg/property/taiwans-semiconductor-success-fuelling-surge-home-prices
Japan inflation seen persisting, export slowdown to push up trade deficit – Reuters poll
https://www.channelnewsasia.com/business/japan-inflation-seen-persisting-export-slowdown-push-trade-deficit-reuters-poll-3417726
Japan is ‘rammed’ with tourists – and Chinese visitors aren’t even back in full force
https://www.scmp.com/week-asia/economics/article/3216975/japan-rammed-tourists-and-chinese-visitors-arent-even-back-full-force
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