Singapore Real Estate
Valuations for office Reits lag counterparts, but re-rating may face uncertainty
Office real estate investment trusts (Reits) have been some of the more unloved asset classes in the Singapore market, with the sub-sector trading at a steep discount to its book value.
https://www.businesstimes.com.sg/companies-markets/valuations-office-reits-lag-counterparts-re-rating-may-face-uncertainty
Condo rents inch up after 7-month decline; volumes recover
Singapore condominium rents rebounded slightly in March after seven straight months of decline, supported by healthy leasing demand from renters who returned after the festive Chinese New Year period in February.
https://www.businesstimes.com.sg/property/condo-rents-inch-after-7-month-decline-volumes-recover-srx-99-co
https://www.straitstimes.com/business/condo-rents-inch-up-after-7-month-decline-volumes-recover-srx-99co
Former St Andrew’s Mission Hospital in Maxwell to get new lease of life
Singapore – The 101-year-old former St Andrew’s Mission Hospital, located off Maxwell Road, will be transformed into a creative lifestyle and wellness hub, equipped with co-working facilities. In early April, the Singapore Land Authority (SLA) awarded a tender for the site at 5 Kadayanallur Street to healthcare provider Bethesda Medical.
https://www.straitstimes.com/singapore/bethesda-medical-to-turn-former-st-andrew-s-mission-hospital-into-creative-lifestyle-wellness-hub
Singapore Economy
Singapore ready to harvest economic opportunities in the Philippines: Vivian Balakrishnan
The Philippines is “a very fertile ground” with a lot of potential still waiting to be tapped, and Singapore can play a role in the transformation of its economy, be it in master planning, training, or connecting local companies with global opportunities, said Singapore’s Minister for Foreign Affairs Vivian Balakrishnan.
https://www.businesstimes.com.sg/international/asean/singapore-ready-harvest-economic-opportunities-philippines-vivian-balakrishnan
Singapore loses ‘world’s best airport’ crown to Qatar
The race for the “world’s best airport” crown has been a two-horse affair in recent years, with Doha’s Hamad International and Singapore Changi leading the pack. This year the title has switched, with 12-time winner Singapore being edged out of the top spot by its Middle Eastern rival in the Skytrax World Airport Awards 2024.
https://www.businesstimes.com.sg/international/global/singapore-loses-world-s-best-airport-crown-qatar
https://www.scmp.com/news/asia/southeast-asia/article/3259412/singapores-changi-loses-worlds-best-airport-crown-qatar
Business News
Higher gross rental income, lower expenses boost CICT’s Q1 NPI by 6.3% to S$293.7 million
CapitaLand Integrated Commercial Trust (CICT) on Friday (Apr 19) posted a 6.3 per cent rise in net property income (NPI) to S$293.7 million for its first quarter end : C38U 0% (CICT) on Friday (Apr 19) posted a 6.3 per cent rise in net property income (NPI) to S$293.7 million for its first quarter ended Mar 31.
https://www.businesstimes.com.sg/companies-markets/higher-gross-rental-income-lower-expenses-boost-cict-s-q1-npi-6-3-s-293-7-million
Keppel DC Reit reports 13.7% lower Q1 DPU of S$0.02192
Keppel DC Reit posted a 13.7 per cent lower first-quarter distribution per unit (DPU) of S$0.02192, compared with S$0.02541 in the year-ago period. Gross revenue was up 18.4 per cent to S$83.4 million for the quarter, from S$70.4 million in Q1 FY2023.
https://www.businesstimes.com.sg/companies-markets/keppel-dc-reit-reports-13-7-lower-q1-dpu-s-0-02192
Marina Bay Sands Q1 profit surges 51.5% to US$597 million on tourism boom
Marina Bay Sands (MBS) reported a record performance in the first quarter of 2024, with profit surging 51.5 per cent year on year. Its adjusted property earnings before interest, taxes, depreciation and amortisation stood at US$597 million for the three months to end-March, up from US$394 million a year ago.
https://www.businesstimes.com.sg/companies-markets/marina-bay-sands-q1-profit-surges-51-5-us-597-million-tourism-boom
https://www.straitstimes.com/business/companies-markets/marina-bay-sands-sees-profit-surge-515-to-812-million-in-the-first-quarter-of-2024
ROE target of 14% is ‘decent’ for UOB: CEO Wee Ee Cheong
UOB’S target to achieve a return on equity (ROE) of 14 per cent is “decent”, said UOB group chief executive and deputy chairman Wee Ee Cheong. UOB – Singapore’s third-largest bank – achieved a core ROE of 14.2 per cent for its financial year ended 2023, up 2.3 percentage points from the previous year.
https://www.businesstimes.com.sg/companies-markets/roe-target-14-decent-uob-ceo-wee-ee-cheong
Global Economy & Real Estate
US existing home sales drop in March; median price increases
https://www.businesstimes.com.sg/property/us-existing-home-sales-drop-march-median-price-increases
Freddie Mac seeks regulatory approval to back home-equity loans
https://www.businesstimes.com.sg/property/freddie-mac-seeks-regulatory-approval-back-home-equity-loans
IMF tells Asian central banks not to follow Fed too closely
https://www.businesstimes.com.sg/international/global/imf-tells-asian-central-banks-not-follow-fed-too-closely
https://www.straitstimes.com/business/imf-tells-asian-central-banks-not-to-follow-fed-too-closely
IMF: China’s bonds, stimulus will buoy world’s No 2 economy despite property crisis
https://www.scmp.com/economy/article/3259498/imf-chinas-bonds-stimulus-will-buoy-worlds-no-2-economy-despite-property-crisis?module=top_story&pgtype=section
UBS shuts some China private funds, will lay off staff: sources
https://www.businesstimes.com.sg/companies-markets/banking-finance/ubs-shuts-some-china-private-funds-will-lay-staff-sources
https://www.straitstimes.com/business/ubs-shuts-some-china-private-funds-will-lay-off-staff-sources
China’s central bank signals caution over credit boost as demand weakens
https://www.businesstimes.com.sg/international/china-s-central-bank-signals-caution-over-credit-boost-demand-weakens
China’s top lenders face 1.6 trillion yuan loss-absorbing capital shortfall by 2025, Fitch estimates
https://www.businesstimes.com.sg/companies-markets/banking-finance/china-s-top-lenders-face-1-6-trillion-yuan-loss-absorbing-capital-shortfall-2025-fitch-estimates
German home building permits tumble 18% in February, extending rout
https://www.businesstimes.com.sg/property/german-home-building-permits-tumble-18-february-extending-rout
Hong Kong’s buoyant home sales to fight gravity of continued high interest rates as cut hopes dwindle, analysts say
https://www.scmp.com/business/article/3259513/hong-kongs-buoyant-home-sales-fight-gravity-continued-high-interest-rates-cut-hopes-dwindle-analysts
Hong Kong lawmakers question HK$4.39 billion bill for running 30,000 temporary public housing flats
https://www.scmp.com/news/hong-kong/society/article/3259502/hong-kong-lawmakers-question-hk439-billion-bill-running-30000-temporary-public-housing-flats
Sinking fortunes: Hong Kong falls out of world’s top 10 busiest ports ranking for the first time as volumes slump
https://www.scmp.com/business/china-business/article/3259455/sinking-fortunes-hong-kong-falls-out-worlds-top-10-busiest-ports-ranking-first-time-volumes-slump?module=top_story&pgtype=subsection
Japan’s March inflation slows to 2.6%, eyes on BOJ move
https://www.channelnewsasia.com/business/japans-march-inflation-slows-26-eyes-boj-move-4276816
https://www.businesstimes.com.sg/international/japan-s-march-inflation-slows-2-6-eyes-boj-move
Japan banks boost resilience to rising interest rates, BOJ says
https://www.channelnewsasia.com/business/japan-banks-boost-resilience-rising-interest-rates-boj-says-4274616
Japanese firms agree to biggest pay hikes in 33 years, union group Rengo says
https://www.businesstimes.com.sg/international/japanese-firms-agree-biggest-pay-hikes-33-years-union-group-rengo-says
https://www.channelnewsasia.com/business/japanese-firms-agree-biggest-pay-hikes-33-years-union-group-rengo-says-4275176
Malaysia’s RHB Bank doubles green loans target to RM50 billion
https://www.businesstimes.com.sg/international/asean/malaysia-s-rhb-bank-doubles-green-loans-target-rm50-billion
UK financial sector seeks stronger accountability of regulators
https://www.businesstimes.com.sg/international/uk-financial-sector-seeks-stronger-accountability-regulators
UK wage growth and services inflation too high for rate cut, BOE’s Greene says
https://www.businesstimes.com.sg/international/uk-wage-growth-and-services-inflation-too-high-rate-cut-boe-s-greene-says
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