Singapore Real Estate
New private home sales hit 7-month high in April despite ABSD rate hikes
Singapore – New private home sales hit a seven-month high in April, powered by a strong take-up at two major city fringe projects – one of which was launched just days after a surprise round of property cooling measures took effect on April 27.
https://www.straitstimes.com/business/april-new-home-sales-hit-7-month-high-despite-surprise-round-of-cooling-measures
https://www.businesstimes.com.sg/property/foreign-buying-private-homes-five-year-high-q1-just-rollout-cooling-measures
https://www.channelnewsasia.com/singapore/private-home-sales-ura-april-jump-cooling-measures-impact-minimal-analysts-3489071
https://www.edgeprop.sg/property-news/new-launches-push-developers%E2%80%99-april-new-home-sales-887-units-80-m-o-m
https://www.scmp.com/news/asia/southeast-asia/article/3220573/singapore-homes-sales-shoot-80-cent-hitting-seven-month-high
Buyers from China are snapping up luxury Singapore property at a record rate
The number of luxury condominium units bought by foreigners rose to the highest in almost a decade before Singapore doubled taxes on purchases by the demographic. Foreigners bought 159 non-landed, luxury homes in Singapore’s core central region in the first quarter, according to a report by OrangeTee & Tie Pte.
https://www.scmp.com/news/asia/southeast-asia/article/3220593/mainland-chinese-buyers-are-snapping-luxury-singapore-property-record-rate
After The Continuum, weak take-up in any new launch will cast a pall on the private housing market
The jury is out on whether the latest property cooling measures that took effect on Apr 27 might amount to much ado about nothing. Developers have launched new private housing projects post the cooling measures. And new homes are still being snapped up.
https://www.businesstimes.com.sg/opinion-features/after-continuum-weak-take-any-new-launch-will-cast-pall-private-housing-market
Thye Hua Kwan entities granted options to buy 2 office floors at Solitaire on Cecil for S$103.2m
Three entities affiliated to the Thye Hua Kwan (THK) Group of Charities are in the early stage of buying two office floors at the freehold Solitaire on Cecil for about S$103.2 million. The THK entities are buying Levels 10 and 14 in the 20-storey development that will come up on the former PIL Building site. The predominantly office project, at 148 Cecil Street, is slated for completion around 2027.
https://www.businesstimes.com.sg/property/thye-hua-kwan-entities-granted-options-buy-2-office-floors-solitaire-cecil-s1032m
Companies’ Brief
CapitaLand Ascendas Reit to acquire Seagate facility for S$218.2 million; proposes S$450 million private placement
CapitaLand Ascendas Real Estate Investment Trust (Clar) is planning to acquire a high-specification research and development (R&D) facility and business park property in the one-north district for S$218.2 million. The acquisition of The Shugart from Seagate Singapore is expected to be distribution per unit (DPU) accretive to unitholders, said its manager on Tuesday (May 16).
https://www.businesstimes.com.sg/companies-markets/capitaland-ascendas-reit-acquire-seagate-facility-s2182-million-proposes-s450
https://www.straitstimes.com/business/capitaland-ascendas-reit-to-buy-seagate-s-rd-facility-for-2182m-proposes-450m-private-placement
https://www.theedgesingapore.com/news/reits/capitaland-ascendas-reit-acquire-seagates-shugart-one-north-2182-mil
CapitaLand Malaysia Trust buys second logistics property in Malaysia for RM39.7m
CapitaLand Malaysia Trust (CLMT) on Monday (May 15) said its trustee MTrustee has entered into a sale and purchase agreement to acquire a freehold logistics warehouse in Malaysia for RM39.7 million (S$11.8 million).
https://www.businesstimes.com.sg/companies-markets/capitaland-malaysia-trust-buys-second-logistics-property-malaysia-rm397m
Analysts see Genting Singapore’s recovery on track for FY2023 despite ‘hiccup’ in 1QFY2023
Despite a q-o-q ebitda decline in 1QFY2023 ended March 31 and missing analysts’ expectations, both UOB Kay Hian (UOBKH) and CGS-CIMB Research have maintained their “buy” call on Genting Singapore (GENS) at target prices of $1.25 and $1.26 respectively, in anticipation of better quarters ahead.
https://www.theedgesingapore.com/capital/brokers-calls/analysts-see-genting-singapores-recovery-track-fy2023-despite-hiccup-1qfy2023
Global Economy & Real Estate
Sunak faces pressure from UK home secretary to cut immigration
https://www.businesstimes.com.sg/international/sunak-faces-pressure-uk-home-secretary-cut-immigration
China’s factory output, consumption highlight slack post-COVID economic momentum
https://www.channelnewsasia.com/business/chinas-factory-output-consumption-highlight-slack-post-covid-economic-momentum-3491091
China opens new channel giving foreign investors access to $4 trillion swap market
https://www.straitstimes.com/business/china-opens-new-channel-giving-foreign-investors-access-to-4-trillion-swap-market
Explainer | What do high US inflation and China’s deflation risk mean for the global economy?
https://www.scmp.com/economy/china-economy/article/3220636/what-do-high-us-inflation-and-chinas-deflation-risk-mean-global-economy
Developing | China’s youth unemployment hits record high in April amid mixed economic recovery
https://www.scmp.com/economy/economic-indicators/article/3220671/chinas-economic-recovery-remains-mixed-retail-sales-bounce-back-april-youth-unemployment-hits-record
Hong Kong’s luxury home renters should prepare to pay more in the second half amid rising demand
https://www.scmp.com/business/article/3220487/hong-kongs-luxury-home-renters-should-prepare-pay-more-second-half-amid-rising-demand
South Korean house prices fall in April for 11th straight month
https://www.businesstimes.com.sg/property/south-korean-house-prices-fall-april-11th-straight-month
https://www.channelnewsasia.com/business/s-korean-house-prices-fall-april-11th-straight-month-3489101
South Korea’s president says housing market stabilising
https://www.channelnewsasia.com/business/south-koreas-president-says-housing-market-stabilising-3491031
Malaysia says firms that hired stranded migrant workers to face action
https://www.straitstimes.com/asia/se-asia/malaysia-says-firms-that-hired-stranded-migrant-workers-to-face-action
Middle-income households in Malaysia tighten belts after surprise rate hike by central bank
https://www.straitstimes.com/asia/se-asia/middle-income-households-tighten-belts-after-surprise-rate-hike-by-malaysia-s-central-bank
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