The Leading Professional and Representative Body for the Real Estate Industry

The Leading Professional and Representative Body for the Real Estate Industry



Daily News – 15 Sep 2023 (Fri)

Singapore Economy


Labour demand could ease further this year, after signs of cooling in Q2: MOM
Singapore’s demand for labour will likely ease further in the rest of this year, with employment growth and job vacancies having moderated in the second quarter, going by figures in the Labour Market Report released by the Ministry of Manpower (MOM) on Thursday (Sep 14).


Singapore reaping rising investment from India, China, South-east Asia: EDB
Singapore has seen increasing investments from India, China, and South-east Asia in recent years even as the US remains its largest investor, its investment chief said on Thursday (Sep 14). “South-east Asia is expected to grow 4 per cent to 5 per cent this year alone,” said Singapore Economic Development Board (EDB) managing director Jacqueline Poh during a LSEG and Reuters Newsmaker event in Singapore.



Companies’ Brief


Analysis: Citigroup’s layoffs, ‘sweeping’ restructuring in uncertain economic period unlikely to affect Singapore’s financial sector
Singapore — Citigroup’s plans to reorganise management and cut jobs came as no surprise to analysts and economists, who said that the uncertain macroeconomic environment, along with stiff competition from emerging financial technology companies, have made it necessary for banks such as Citi to streamline their resources to remain competitive.


Keppel’s real estate division banks on sustainable urban renewal amid group reorganisation
One of Singapore’s largest companies by market capitalisation will look vastly different by year-end. With the sale of Keppel Offshore & Marine (O&M) to Sembcorp Marine in February and a “major reorganisation” unveiled in May, the stage is set for Keppel Corp’s transformation from a conglomerate to a global alternative real asset manager.


LHN posts 85-100% occupancy rates for 3 co-living sites in Singapore
LHN Limited reported occupancy rates of 85 per cent to 100 per cent for three of its co-living locations in Singapore as at Sep 7, with average rental rates across the Singapore co-living business ranging from S$2,200 to S$3,500.


OUE C-REIT’s prime Singapore portfolio delivers sustained growth
OUE Commercial REIT’s rebranded Hilton Singapore Orchard fully opened earlier this year, coinciding with the post-pandemic resurgence of international travel. The hotel’s transformation into Hilton’s flagship and largest hotel in Asia Pacific has attracted tourists eager for holidays and business travellers returning to Singapore, a key regional tourism and financial centre.



Global Economy & Real Estate


US Fed is likely to shy away from calling interest-rate peak next week


Mortgage rates in US increase for first time in three weeks


US wholesale prices rise more than expected in August


Asia-Pacific family offices least likely to have investment committees, survey finds


Australian jobs surge but not enough to dent rate hold expectations


Demand for retail workers continues to soar


China cuts reserve requirement ratio for second time this year


China central bank cuts bank reserve ratio to support economy


Moody’s cuts China property sector’s outlook to negative


China to avoid ‘Lehman moment’ despite property woes, Goldman says


Luxury sector ratings cut at Barclays, Deutsche Bank on China woes


European Central Bank raises rates for a 10th time


ECB hike crosses rubicon of pain with Lagarde warning of hard times


Hong Kong concern group finds 173 luxury houses citywide suspected to be occupying government land, calls for authorities to take action


Manhattan rental market ‘topping out’ as prices hover at records


New York City penthouse once listed for record US$250 million gets 22% price cut


South Korea’s central bank warns of overpriced housing market, excessive debt


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