The Leading Professional and Representative Body for the Real Estate Industry

The Leading Professional and Representative Body for the Real Estate Industry



Daily News – 18 May 2023 (Thursday)

Singapore Real Estate


Tender for industrial site at Tampines North Drive 4 awarded to Soon Hock for $113.9 mil
Singapore – JTC has awarded the tender for the industrial site at Tampines North Drive 4 (Plot 7) to Soon Hock Property Development for a tendered sum of $113.9 million. Launched on Jan 31, the tender closed on March 28, with four bids received.  The site has an area of 20,305.7 sq m (218,569 sq ft) and a gross plot ratio of 2.5. The site also has a 30-year tenure. It is zoned for Business 2 or heavier industrial use.


Tanjong Pagar site up for en bloc sale again at unchanged S$216 million reserve price
A commercial site on Hoe Chiang Road and Lim Teck Kim Road will again be put up for collective sale via public tender on Wednesday (May 17), at an unchanged reserve price of S$216 million, said sole marketing agent PropNex on Tuesday.


S$1.56 billion in Enhanced CPF Housing Grants given out to nearly 50,000 households since 2019: HDB
The Housing and Development Board (HDB) gave out S$564 million in Enhanced CPF Housing Grants (EHG) to 18,000 households in 2022, with a total of S$1.56 billion disbursed since the grant was introduced in 2019.  Providing an update on Wednesday (May 17) on the grant, HDB said 49,500 households buying their first home have benefited from it since September 2019.



Singapore Economy


S’pore has to be consistent, credible and principled in navigating China-US rivalry: Lawrence Wong
Beijing – It would realistically be difficult for the relationship between the United States and China to return to what it was. And the best way for Singapore to navigate this new era of great-power rivalry is to continue to act in a credible and principled manner in line with its national interests, said Singapore Deputy Prime Minister Lawrence Wong.


Singapore GDP growth moderating but has ‘ample fiscal space’ against downside risks: IMF
Singapore’s recovery momentum has been moderating amid the global economic slowdown, but the city-state has “ample fiscal space to deploy if downside risks materialise”, a team from the International Monetary Fund (IMF) has said.  IMF economist Lamin Leigh, who led the team in discussions in Singapore from May 8 to May 17, said: “The tighter fiscal stance in the FY2023 budget, combined with targeted support to the most vulnerable, will appropriately help moderate price pressures…



Companies’ Brief


Icing on cake for Keppel’s many reboots in recent years
IF 2022 was deemed a “transformational and productive” year for Keppel Corp (in the company’s own words), then 2023 could well be the same. That reveals a lot about the giant firm’s change resolve in a landscape that has altered so much in recent years, chiefly in the offshore and energy fronts.
Icing on cake for Keppel’s many reboots in recent years , Opinion & Features – THE BUSINESS TIMES


Brokers’ take: Analysts positive on Cromwell E-Reit on attractive distribution yield, stable operating metrics
Analysts continue to be positive on Cromwell European Real Estate Investment Trust (Cromwell E-Reit) for the Reit’s stable operating performance and long-term plans to transform its portfolio.  In separate reports, research teams from DBS Group Research, RHB and UBS maintained “buy” on the Europe-focused Reit. Their target prices remain unchanged.



Global Economy & Real Estate


US: Stocks rally as Biden, McCarthy offer reassurances on talks


Oil settles up US$2 on optimism about US debt ceiling, demand


Safe-haven US dollar climbs to 6-week high, US debt risks in focus


US single-family housing starts rise in April; March revised down


Commercial real estate prices in the US fall for first time since 2011


Eurozone housing investment weakened by higher rates, ECB says


UK to crack down on landlords in private rental sector shake-up


Hatten Land refutes claim unit under probe for Melaka project Harbour City


Japan’s export growth hits 2-year low on weak China demand


Hong Kong home prices ‘likely back in a downtrend’ as slump resumes after ‘short-lived’ first-quarter recovery: Citi


Hong Kong treasury chief stonewalls calls for more relief measures for homebuyers as Legco approves stamp duty bill


China’s home-price growth slows as housing rebound fizzles



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