Singapore Real Estate
New homes set to be built in two sites in Simei; one near Upper Changi MRT station
New homes are set to be built across two sites in Simei, an area in the east of Singapore that has not had new public housing in more than a decade. On Friday, the Urban Redevelopment Authority (URA) published a proposed amendment to its master plan that involves rezoning two land parcels in Simei Road to residential use, from educational use.
https://www.businesstimes.com.sg/property/new-homes-set-be-built-two-sites-simei-one-near-upper-changi-mrt-station
https://www.straitstimes.com/singapore/housing/new-homes-set-to-be-built-in-two-sites-in-simei-one-near-upper-changi-mrt-station
Pinetree Hill sells 38% of 400 units during launch weekend at average selling price of S$2,460 psf
Nearly 38 per cent of the 400 units at Pinetree Hill in Ulu Pandan were sold during its launch weekend at an average selling price of S$2,460 per square feet (psf), developers UOL Group Limited (UOL) and Singapore Land Group said on Sunday (Jul 16).
https://www.businesstimes.com.sg/property/pinetree-hill-sells-38-400-units-during-launch-weekend-average-selling-price-s2460-psf
https://www.straitstimes.com/business/pinetree-hill-sells-38-of-400-units-over-launch-weekend-at-average-selling-price-o-2460-psf
https://www.edgeprop.sg/property-news/uol-singland-sells-29-pinetree-hill-average-price-2460-psf
More than half of Grand Dunman’s 1,008 units sold on launch weekend at average price of S$2,500 psf
Grand Dunman moved more than half its units on the first weekend of its launch at an average price of S$2,500 per square feet (psf), its developers SingHaiyi Group and CSC Land Group said on Sunday (Jul 16).
https://www.businesstimes.com.sg/property/more-half-grand-dunmans-1008-units-sold-launch-weekend-average-price-s2500-psf
https://www.straitstimes.com/business/over-half-of-grand-dunman-s-1008-units-sold-on-launch-weekend-at-average-price-of-2500-psf
https://www.edgeprop.sg/property-news/singhaiyi-sells-550-units-grand-dunman-best-selling-project-25-years
MOH Holdings says not in discussions to lease space at Labrador Tower
MOH Holdings has clarified that it is not in discussions to lease space at Labrador Tower. It was responding to a story in The Business Times that it is nearing an office lease deal in the project for about 140,000 sq ft.
https://www.businesstimes.com.sg/property/moh-holdings-says-not-discussions-lease-space-labrador-tower
HDB projects delayed by Covid-19 expected to be completed by early 2025
Singapore – All public housing projects delayed by the Covid-19 pandemic are expected to be completed by early 2025, said the Housing Board on Sunday, in the latest update on its efforts to clear the backlog of Built-To-Order (BTO) flats.
https://www.straitstimes.com/singapore/housing/hdb-projects-delayed-by-covid-19-expected-to-be-completed-by-early-2025
https://www.channelnewsasia.com/singapore/hdb-flats-completed-delayed-projects-covid-19-anchorvale-village-3631166
Singapore Economy
Singapore and Malaysia discuss setting up Johor-Singapore special economic zone
Singapore – Singapore and Malaysia are in talks to establish a special economic zone in Johor and the Republic to drive growth and strengthen connectivity and collaboration, said Minister for National Development Desmond Lee on Friday.
https://www.straitstimes.com/singapore/politics/singapore-johor-discuss-setting-up-special-economic-zone
https://www.businesstimes.com.sg/singapore/economy-policy/singapore-malaysia-set-task-force-study-special-economic-zone
Singapore key exports shrink for 9th straight month with 15.5% drop in June
Singapore – Singapore’s key exports fell at a steeper rate in June, its ninth straight month of decline, data from Enterprise Singapore (EnterpriseSG) showed on Monday. Non-oil domestic exports (Nodx) shrank 15.5 per cent year on year in June, following a revised 14.8 per cent fall in May.
https://www.straitstimes.com/business/singapore-key-exports-shrink-for-9th-straight-month-with-155-drop-in-june
https://www.channelnewsasia.com/singapore/nodx-june-2023-ninth-consecutive-month-contraction-3633231
https://www.todayonline.com/singapore/singapores-key-exports-fall-155-ninth-consecutive-month-contraction-2212661
https://www.theedgesingapore.com/news/singapore-economy/singapores-nodx-declines-155-june-mainly-due-malaysia-indonesia-and-south
Companies’ Brief
ESR-Logos Reit not in financial distress; divestment of assets in line with strategy: manager
The manager of ESR-Logos Reit (E-Log) said on Friday (Jul 14) that the divestment of seven non-core assets is in line with its strategy, and dismissed “speculation or insinuation” that the real estate investment trust (Reit) was in financial distress.
https://www.businesstimes.com.sg/companies-markets/esr-logos-reit-not-financial-distress-divestment-assets-line-strategy-manager
Ho Bee Land expects to report H1 net loss on fair-value losses in London portfolio
Mainboard-listed Ho Bee Land said on Friday (Jul 14) that the group expects to report an overall net loss for the first half ended June 2023. The property developer and investor said in a bourse filing that the losses are mainly attributable to fair-value loss based on indicative valuations of the group’s portfolio of investment properties in London.
https://www.businesstimes.com.sg/companies-markets/ho-bee-land-expects-report-h1-net-loss-fair-value-losses-london-portfolio
https://www.theedgesingapore.com/capital/results/ho-bee-land-issues-profit-warning-citing-need-book-fair-value-loss-london
IReit Global preferential offering closes with valid acceptances of 77.3%; total applications at 134.7%
IReit Global has received a total of 250.7 million valid acceptances and excess applications, or 134.7 per cent of the total number of preferential offering units available, at the close of its offering on Jul 11. Valid acceptances came to 77.3 per cent.
https://www.businesstimes.com.sg/companies-markets/ireit-global-preferential-offering-closes-valid-acceptances-773-total
https://www.theedgesingapore.com/news/reits/ireit-global-raises-759-mil-preferential-offering-1347-subscribed
Views, Reviews Forum and Others
Dorm rentals continue to climb despite more beds, constraining growth in foreign worker numbers
The ongoing shortage of bed spaces for migrant workers here is likely to crimp further growth in foreign manpower numbers – at least for the next two years. While a range of measures have added close to 17,000 new dormitory beds since December 2022…
https://www.straitstimes.com/singapore/dorm-rentals-continue-to-climb-despite-more-beds-constraining-further-growth-in-foreign-worker-numbers
Worker killed at Changi East construction site in third death linked to project since 2019
Singapore – A 30-year-old construction worker died in a workplace accident on Thursday at the site of the Changi East project, which includes the construction of Terminal 5 (T5) and a new runway for Changi Airport.
https://www.straitstimes.com/singapore/worker-killed-at-changi-east-construction-site-second-workplace-death-this-week
All households to get 6 ART kits by Sept 30
Singapore – All households here will each receive a set of six antigen rapid test (ART) kits from Monday to Sept 30, the Ministry of Health (MOH) said on Sunday. The kits are drawn from the national stockpile, which was set up to mitigate supply chain disruptions and sudden surges in usage.
https://www.straitstimes.com/singapore/all-households-to-get-6-art-kits-from-july-17-to-sept-30
https://www.todayonline.com/singapore/households-singapore-receive-six-art-kits-july-17-2212421
https://www.channelnewsasia.com/singapore/art-kits-singapore-households-moh-3632391
Global Economy & Real Estate
What to look out for when buying overseas homes
https://www.straitstimes.com/business/what-to-look-out-for-when-buying-overseas-homes
US homeowners are tapping US$9 trillion in real estate wealth
https://www.businesstimes.com.sg/property/us-homeowners-are-tapping-us9-trillion-real-estate-wealth
US consumer sentiment jumps to near two-year high on job market
https://www.businesstimes.com.sg/international/us-consumer-sentiment-jumps-near-two-year-high-job-market
Britain’s largest home builder Barratt eyes Singapore investors for its London properties
https://www.straitstimes.com/business/britain-s-largest-home-builder-barratt-eyes-singapore-investors-for-its-london-properties
Oil capital of Canada sees home prices jump as newcomers rush in
https://www.businesstimes.com.sg/property/oil-capital-canada-sees-home-prices-jump-newcomers-rush
Xi gets serious on boosting private sector as economy slumps
https://www.businesstimes.com.sg/international/xi-gets-serious-boosting-private-sector-economy-slumps
https://www.straitstimes.com/business/xi-gets-serious-on-boosting-private-sector-as-china-s-economy-slumps
Marketmind: Will China GDP spoil the party?
https://www.channelnewsasia.com/business/marketmind-will-china-gdp-spoil-party-3633101
China economic data likely to show recovery is fading quickly
https://www.channelnewsasia.com/business/china-economic-data-likely-show-recovery-fading-quickly-3631936
China June new home prices flat in weakest showing this year
https://www.businesstimes.com.sg/property/china-june-new-home-prices-flat-weakest-showing-year
https://www.straitstimes.com/business/china-new-home-prices-flat-in-june-for-weakest-showing-this-year
https://www.channelnewsasia.com/business/china-june-new-home-prices-flat-weakest-showing-year-3630816
https://www.scmp.com/business/china-business/article/3227819/chinas-june-home-prices-see-little-change-failing-relieve-concerns-sluggish-economic-recovery
Debt worries rise as China property developer Sino-Ocean’s bondholders flag missed payment
https://www.businesstimes.com.sg/property/debt-worries-rise-china-property-developer-sino-oceans-bondholders-flag-missed-payment
China’s office vacancy rates rise in top cities as growing oversupply of premium space hits amid economic malaise
https://www.scmp.com/business/china-business/article/3227893/chinas-office-vacancy-rates-rise-top-cities-growing-oversupply-premium-space-hits-amid-economic?module=lead_hero_story&pgtype=homepage
Buyers could have last laugh if Apac commercial real estate standoff drags on
https://www.businesstimes.com.sg/wealth/wealth-investing/buyers-could-have-last-laugh-if-apac-commercial-real-estate-standoff-drags
Lukewarm home sales in Hong Kong signal caution among buyers as looming US Fed hike weighs on sentiment
https://www.scmp.com/business/article/3227836/homebuyers-lukewarm-property-sales-another-us-fed-hike-looms-month
Hongkongers flock to Thailand to snap up cheap flats, as Southeast Asia’s second-largest economy courts foreign workers
https://www.scmp.com/business/article/3227787/hongkongers-flock-thailand-snap-cheap-flats-southeast-asias-second-largest-economy-courts-foreign
BOJ likely to keep next year’s price forecast around 2%
https://www.businesstimes.com.sg/international/boj-likely-keep-next-years-price-forecast-around-2
https://www.channelnewsasia.com/business/analysisboj-bind-price-pressures-heighten-case-early-policy-tweak-3628786
Bank of Korea: governor did not rule out possibility of a rate cut in 2023
https://www.channelnewsasia.com/business/bank-korea-governor-did-not-rule-out-possibility-rate-cut-2023-3628606
With offices vacant, London’s Canary Wharf seeks growth beyond banking
https://www.businesstimes.com.sg/property/offices-vacant-londons-canary-wharf-seeks-growth-beyond-banking
London workers more gloomy about prospects of finding a new job
https://www.businesstimes.com.sg/international/london-workers-more-gloomy-about-prospects-finding-new-job
Remote work to wipe out $1.06 trillion from office values, McKinsey says
https://www.straitstimes.com/business/remote-work-to-wipe-out-106-trillion-from-office-values-mckinsey-says
JPMorgan eyes sale of US$350 million loan on Manhattan’s HSBC Tower
https://www.businesstimes.com.sg/property/jpmorgan-eyes-sale-us350-million-loan-manhattans-hsbc-tower
In Sao Paulo, boom of apartments the size of hotel rooms
https://www.businesstimes.com.sg/property/sao-paulo-boom-apartments-size-hotel-rooms
UK property sellers cut asking prices for first time this year
https://www.straitstimes.com/business/uk-property-sellers-cut-asking-prices-for-first-time-this-year
UK consumer group calls for government action on grocery prices
https://www.businesstimes.com.sg/international/uk-consumer-group-calls-government-action-grocery-prices
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