Singapore Real Estate
New private home sales more than treble in November to highest in four months
Sales of new private homes surged in November as developers moved 784 units, mostly from three launches – J’Den, Hillock Green and Watten House. Developers’ sales were up by 286.2 per cent from the 203 units in October and 201.5 per cent year on year, according to data released by the Urban Redevelopment Authority (URA) on Friday (Dec 15).
Higher supply in softening market to keep private home prices in check in 2024
A slew of new launches to come into a softening market will keep Singapore’s private home prices in check, although talk of interest rate cuts has sparked some optimism for the second half of the year.
2024: Inflection point for S-Reits?
The year 2023 was a challenging one for real estate investment trusts (Reits). The key drivers of the sector’s performance continued to be elevated interest rates and expectations of higher and for longer rates.
https://www.businesstimes.com.sg/companies-markets/2024-inflection-point-s-reits
Assisted-living flats in Bukit Batok delayed after HDB axes contractor over poor progress
Buyers of Singapore’s first assisted living public housing flats in Bukit Batok will face a delay of three to four months after the Housing Board terminated the services of the project’s main contractor.
Singapore Economy
Singapore keen on deeper defence ties with Japan to promote regional peace and stability: PM Lee
Japan has much to contribute to regional security, and Singapore is happy to deepen cooperation with Tokyo to promote peace and stability, Prime Minister Lee Hsien Loong said on Sunday (Dec 17).
Singapore government cuts FY22 emissions by 3.5% on incineration plant closure
The Singapore government used more electricity in the last fiscal year, but still cut total emissions by 3.5 per cent to 3.7 million tonnes due to the decommissioning of the Tuas incineration plant, the inaugural GreenGov.SG government sustainability report showed on Friday (Dec 15).
Singapore exports up 1% in November after 13 months in the red
Singapore’s key exports grew for the first time in November after 13 straight months of contractions. This was following a surge in the shipping of pharmaceutical products, data from Enterprise Singapore (EnterpriseSG) showed on Monday (Dec 18).
https://www.businesstimes.com.sg/singapore/singapore-exports-1-november-after-13-months-red
November visitor arrivals slip again to 1.1 million as slow China recovery continues
Singapore’s international visitor arrivals marked the fourth straight month of declines to come in at 1,100,459 in November, based on the latest figures from the Singapore Tourism Board (STB) on Friday (Dec 15).
Companies’ Brief
CapitaLand Ascott Trust to sell three Japanese hotels for 10.7 billion yen
CapitaLand Ascott Trust is divesting three hotels in Osaka, Japan to an unrelated third party for a total of 10.7 billion yen (S$100.2 million), as part of its ongoing portfolio reconstitution strategy. The properties are Hotel WBF Honmachi, Hotel WBF Kitasemba East and Hotel WBF Kitasemba West, it disclosed in a bourse filing on Sunday (Dec 17) morning.
Centurion to acquire remaining 51% stake in Malaysian property investment company
Property player Centurion will soon acquire the remaining 51 per cent stake in Malaysian property investment company Oriental Amber for RM2.6 million (S$742,000), through its wholly owned subsidiary Centurion Dormitories.
CDLHT shifts Singapore hotel focus to occupancy as room-rate rally runs its course
CDL Hospitality Trusts (CDLHT) has been riding the recovery in the hospitality sector, on the back of what its managers’ head honcho Vincent Yeo terms the “evolution of hotel room rates” in its core market of Singapore.
Views, Reviews Forum and Others
A migrant worker room in Singapore was redesigned to feel like home. Could this be the future for dormitories?
For four weeks last year, Mr Subbiah Arjunraja, 30, stayed in a specially designed dormitory room unlike others around the island. The beds were rearranged to create different areas – such as for rest, for dressing and for cooking – in the room.
Public urged to mask up in crowded places as Covid cases top 56,000 in first week of December
Covid-19 infections jumped to 56,043 in the week of Dec 3 to 9, a 75 per cent increase over the 32,035 infections in the previous week. This is the third week of increase in Covid-19 infections. The Ministry of Health (MOH) said it will update figures daily from Dec 19.
https://www.channelnewsasia.com/singapore/covid-19-wear-mask-crowded-places-moh-cases-rise-3991906
askST: Can I still use my Covid-19 ART kits and masks if they are expired?
Demand for antigen rapid test (ART) kits has surged in recent weeks as the number of Covid-19 cases in Singapore hit a record high for 2023. Checks by The Straits Times on Dec 6 found several pharmacies and stores had run out of ART kits, and shelves remained bare the day after.
Global Economy & Real Estate
Central banks shouldn’t rush to join Fed policy pivot, IMF says
Fed rate cuts could spur risk-taking in 2024
https://www.businesstimes.com.sg/opinion-features/fed-rate-cuts-could-spur-risk-taking-2024
White House sees greater chances for economic ‘soft landing’
Homelessness in the US rises to a record high in 2023
https://www.businesstimes.com.sg/property/homelessness-us-rises-record-high-2023
Asia-Pacific funds overtake global investors as they increase bets on regional property markets
Canadian housing starts dive as higher rates bite
https://www.businesstimes.com.sg/property/canadian-housing-starts-dive-higher-rates-bite
China’s gloomy economic data paints ‘dire’ growth picture
China’s road to economic recovery set to remain bumpy without policy shift after investment drags in November
Yellen urges China to shift from ‘unfair’ state-driven economic policy
https://www.channelnewsasia.com/world/janet-yellen-china-investment-unfair-business-us-3990791
China’s fiscal revenue growth gathers pace in November
https://www.businesstimes.com.sg/international/chinas-fiscal-revenue-growth-gathers-pace-november
China central bank boosts liquidity offering via policy loans, rate unchanged
China’s weak property sector, retail sales keep stimulus calls alive
China govt land sales revenue falls at slower pace in November
https://www.businesstimes.com.sg/property/china-govt-land-sales-revenue-falls-slower-pace-november
China’s November new home prices fall for fifth straight month
https://www.businesstimes.com.sg/property/chinas-november-new-home-prices-fall-fifth-straight-month
https://www.straitstimes.com/business/china-home-price-slump-deepens-as-big-cities-boost-support
China’s real estate meltdown is battering middle class wealth
https://www.businesstimes.com.sg/property/chinas-real-estate-meltdown-battering-middle-class-wealth
https://www.straitstimes.com/business/china-s-property-meltdown-is-battering-middle-class-wealth
BOE warns of more pain for renters as landlords exit
https://www.businesstimes.com.sg/property/boe-warns-more-pain-renters-landlords-exit
Eurozone business woes deepen in December: PMI
https://www.businesstimes.com.sg/international/eurozone-business-woes-deepen-december-pmi
Eurozone’s rising recession chances fail to shift ECB on cuts
German economic activity deteriorates in Dec: PMI
https://www.businesstimes.com.sg/international/german-economic-activity-deteriorates-dec-pmi
German parliament’s lower house approves 2023 budget
https://www.businesstimes.com.sg/international/german-parliaments-lower-house-approves-2023-budget
Hong Kong’s Urban Renewal Authority expects HK$1.5 billion loss on project at prime residential site
Several organisations vying to operate first batch of Hong Kong temporary homes, housing minister says
Hong Kong’s cash-for-residency scheme can attract more family offices as it vies with Singapore, industry players say
Hong Kong land tender gets just one bid, likely to be withdrawn as high interest rates, Lantau location deter builders
The tender for the only residential plot of land available in Hong Kong in the current quarter has received an icy response of just one bid and is expected to be withdrawn, as high interest rates and undigested supply in the neighbouring area deter developers.
Property developer SHKP sells 86 per cent of new flats on offer as robust home demand continues amid buyer optimism
Hong Kong adjusting to drop in high-spending Chinese tourists
https://www.straitstimes.com/business/hong-kong-adjusting-to-drop-in-high-spending-chinese-tourists
Lisbon’s hot housing market defies push to deter foreign buyers
In central London, a big bet on a return to the office
https://www.straitstimes.com/business/in-central-london-a-big-bet-on-a-return-to-the-office
Visible progress of upcoming RTS Link draws S’porean, Malaysian buyers to JB properties
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