Singapore Real Estate
Developers may show restraint when bidding for Orchard Boulevard GLS site: analysts
Singapore’s Urban Redevelopment Authority (URA) on Tuesday (Oct 17) released a residential site in Orchard Boulevard for sale. Market watchers deem the site to be attractive, but believe that developers would likely be cautious in view of soft market sentiment, and show restraint when bidding.
https://www.businesstimes.com.sg/property/developers-may-show-restraint-when-bidding-orchard-boulevard-gls-site-analysts
https://www.straitstimes.com/business/ura-launches-residential-site-at-orchard-boulevard-for-tender
https://www.edgeprop.sg/property-news/orchard-boulevard-gls-site-launched-tender
Orchard Road’s rejuvenation excites, but will need fresh concepts beyond retail
Rejuvenating Orchard Road will require creativity on the part of the various developers undertaking mega mixed-used developments there. Market watchers said they hope to see the area turn into a lifestyle destination incorporating not just the usual retail offerings but also luxury homes and hotels, offices, as well as healthcare and lifestyle facilities.
https://www.businesstimes.com.sg/property/orchard-roads-rejuvenation-excites-will-need-fresh-concepts-beyond-retail
TODAY Youth Survey: 8 in 10 aspire to own private homes as ‘life goal’; experts say financial realities will temper expectations
Singapore — For Ms Shuhadah, upgrading from a Housing & Development Board (HDB) flat to owning a private property is a goal she would like to achieve at some point in her life — not for herself, but for her future children, as she is concerned about the continuously climbing cost of homes here.
https://www.todayonline.com/singapore/today-youth-survey-private-housing-2279906
HDB upgrader deals fall amid pricier condos, costlier mortgages, higher ABSD: OrangeTee
Buyers with Housing and Development Board (HDB) addresses bought fewer but pricier condos in the first nine months of the year, OrangeTee & Tie’s private residential Q3 report indicated on Tuesday (Oct 17).
https://www.businesstimes.com.sg/singapore/hdb-upgrader-deals-fall-amid-pricier-condos-costlier-mortgages-higher-absd-orangetee
High demand expected for Bayshore BTO units, Bedok’s ‘revitalisation’ will boost value of older flats nearby: Analysts
Singapore — The prospect of waterfront living and accessibility to East Coast Park, for example, will likely result in high demand for the Bayshore Build-to-Order (BTO) projects. The existing flats nearby will also likely see price appreciation due to the town’s revitalisation and “improved liveability”, property analysts said.
https://www.todayonline.com/singapore/demand-bayshore-bto-bedok-flats-property-2284116
https://www.straitstimes.com/singapore/housing/sea-views-proximity-to-mrt-stations-will-make-bayshore-popular-with-bto-hopefuls-analysts
Singapore Economy
Singapore’s September exports hint at green shoots, but geopolitical tensions raise risks
Signs of a nascent recovery have emerged in Singapore’s key exports, economists said, with September data having showed a slowdown in the pace of contraction. Their cautious optimism was fuelled in part by a rebound in non-oil domestic exports (NODX) to three of the city-state’s top 10 markets – China, Hong Kong and the US.
https://www.businesstimes.com.sg/singapore/singapores-september-exports-hint-green-shoots-geopolitical-tensions-raise-risks
https://www.straitstimes.com/business/israel-hamas-war-could-disrupt-shipping-spike-freight-rates-but-s-pore-unaffected-for-now
SMEs in contractionary mode for third straight quarter: OCBC
Small and medium-sized enterprises (SMEs) were in contractionary mode for the third consecutive quarter, according to the latest OCBC SME Index. In a report released on Tuesday (Oct 17), OCBC said its SME Index registered a reading of 49.6 in Q3 – a slight improvement from 49 in Q2 – though still a contraction for the third straight quarter.
https://www.businesstimes.com.sg/singapore/smes/smes-contractionary-mode-third-straight-quarter-ocbc
https://www.straitstimes.com/business/economy/smes-in-better-shape-in-q3-contracted-less-than-in-previous-quarter-ocbc-index
Companies’ Brief
Hongkong Land, Lendlease Global Reit top global ESG benchmark for real estate sector
Hongkong Land Holdings topped a well-tracked environmental, social and governance (ESG) benchmark for the real estate sector for the first time this year, despite stiffer competition all around.
https://www.businesstimes.com.sg/esg/hongkong-land-lendlease-global-reit-top-global-esg-benchmark-real-estate-sector
Keppel Reit’s 9-month property income rises from higher rentals and occupancy
Keppel real estate investment trust (Reit) has posted a 5 per cent increase in property income to S$172.6 million for its first nine months ended Sep 30, 2023, up from S$164.4 million in the corresponding period of the previous year.
https://www.businesstimes.com.sg/companies-markets/keppel-reits-9-month-property-income-rises-higher-rentals-and-occupancy
https://www.theedgesingapore.com/capital/results/keppel-reit-reports-101-lower-y-o-y-distributable-income-operations-1486-mil-during
KPMG to lay off about 6% of deal advisory staff in UK
Accounting firm KPMG is planning to cut about 100 jobs in its deal advisory business in the UK, a source told Reuters on Tuesday (Oct 17). The layoffs will impact closer to 6 per cent of the 1,700-strong KPMG deal advisory team in the UK, the source said, adding that the move was due to lower client demand.
https://www.businesstimes.com.sg/companies-markets/kpmg-lay-about-6-deal-advisory-staff-uk
Lendlease and Surbana Jurong partner on digital platform Podium for Development
Lendlease is partnering Surbang Jurong on a digital platform offering solutions for the built environment. Podium for Development (P4D) aims to provide a digital ecosystem that connects developers, designers and the supply chain in order to deliver high construction productivity and promote sustainable building practices.
https://www.edgeprop.sg/property-news/lendlease-and-surbana-jurong-partner-digital-platform-podium-development
Tuan Sing launches tender offer for $141.7 million notes, proposes new issuance
Singapore – Tuan Sing Holdings has launched a tender offer for $141.7 million notes at a consideration of 102 per cent of the principal amount in cash. The invitation is part of its strategy to actively manage its debt capital structure by improving and extending its debt maturity profile and optimising financing costs, said the property developer on Tuesday.
https://www.straitstimes.com/business/tuan-sing-launches-tender-offer-for-1417-million-notes-proposes-new-issuance
Global Economy & Real Estate
IMF maintains 2023 Asia-Pacific growth forecast at 4.6%; to moderate to 4.2% in 2024
https://www.businesstimes.com.sg/international/global/imf-maintains-2023-asia-pacific-growth-forecast-46-moderate-42-2024
US homebuilder sentiment declines to lowest level in nine months
https://www.businesstimes.com.sg/property/us-homebuilder-sentiment-declines-lowest-level-nine-months
US manufacturing output in Sept rises solidly
https://www.businesstimes.com.sg/international/us-manufacturing-output-sept-rises-solidly
US retail sales hotter than expected in Sept
https://www.businesstimes.com.sg/international/us-retail-sales-hotter-expected-sept
https://www.straitstimes.com/business/economy/us-retail-sales-beat-expectations-in-boost-to-third-quarter-gdp-growth-expectations
Pimco fund walks away from 20 hotels with US$240 million of debt
https://www.businesstimes.com.sg/property/pimco-fund-walks-away-20-hotels-us240-million-debt
Australia’s house prices set for first rebound during rate hikes
https://www.businesstimes.com.sg/property/australias-house-prices-set-first-rebound-during-rate-hikes
Australia central bank sees challenging economy, inflation risks
https://www.businesstimes.com.sg/companies-markets/banking-finance/australia-central-bank-sees-challenging-economy-inflation-risks
Canada’s inflation eases in September, likely heading off rate hike
https://www.businesstimes.com.sg/international/canadas-inflation-eases-september-likely-heading-rate-hike
Airbnb faces new curbs in Canada after sharp rise in rents
https://www.businesstimes.com.sg/property/airbnb-faces-new-curbs-canada-after-sharp-rise-rents
China’s Q3 GDP seen slowing as Beijing races to revive growth
https://www.channelnewsasia.com/business/chinas-q3-gdp-seen-slowing-beijing-races-revive-growth-3854026
China tightens curbs on foreign travel by bankers, state workers
https://www.businesstimes.com.sg/international/global/china-tightens-curbs-foreign-travel-bankers-state-workers
https://www.channelnewsasia.com/asia/china-foreign-travel-restrictions-bankers-civil-servants-anti-espionage-3851226
China’s Gemdale sees stocks and bonds dive; latest firm affected by property crisis fears
https://www.businesstimes.com.sg/property/chinas-gemdale-sees-stocks-and-bonds-dive-latest-firm-affected-property-crisis-fears
China’s debt-ridden local governments face rising pressure to repay debt, and fallout from possible property-developer collapses could be crushing
https://www.scmp.com/economy/china-economy/article/3238242/chinas-debt-ridden-local-governments-face-rising-pressure-repay-debt-and-fallout-possible-property
Colliers revises 2023 forecast, says Hong Kong commercial property investment to decline by 65 per cent as interest rates, economy weigh on sentiment
https://www.scmp.com/business/article/3238284/colliers-revises-2023-forecast-says-hong-kong-commercial-property-investment-decline-65-cent
Home of Hong Kong Science Park chief in luxury Redhill Peninsula estate found with unauthorised structures, government land illegally occupied
https://www.scmp.com/news/hong-kong/society/article/3238285/home-hong-kong-science-park-chief-luxury-redhill-peninsula-estate-found-unauthorised-structures
Japan’s largest labour union to seek wage hike over 5% next year: NHK
https://www.businesstimes.com.sg/international/japans-largest-labour-union-seek-wage-hike-over-5-next-year-nhk
https://www.channelnewsasia.com/business/japans-largest-labour-union-seek-wage-hike-over-5-next-year-nhk-3852071
London luxury home deals set to slump deeper for rest of year
https://www.businesstimes.com.sg/property/london-luxury-home-deals-set-slump-deeper-rest-year
https://www.straitstimes.com/business/london-luxury-home-deals-set-to-slump-deeper-for-rest-of-year
New London home construction sinks to lowest since 2009
https://www.businesstimes.com.sg/property/new-london-home-construction-sinks-lowest-2009
UK’s Bellway to build 31% fewer homes in 2024 on weak demand
https://www.businesstimes.com.sg/property/uks-bellway-build-31-fewer-homes-2024-weak-demand
UK commercial property defaults rise as rate hikes hit borrowers
https://www.businesstimes.com.sg/property/uk-commercial-property-defaults-rise-rate-hikes-hit-borrowers
UK employers see pay growth slowing to 5% in 2024: XpertHR
https://www.businesstimes.com.sg/international/uk-employers-see-pay-growth-slowing-5-2024-xperthr
UK wage growth eases, a sign of cooling labour market
https://www.businesstimes.com.sg/international/uk-wage-growth-eases-sign-cooling-labour-market
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