The Leading Professional and Representative Body for the Real Estate Industry

The Leading Professional and Representative Body for the Real Estate Industry

DAILY NEWS

 

Daily News – 19 Apr 2024 (Fri)

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

 

Disclaimer & Note:

Real Estate Developers’ Association of Singapore (REDAS) does not warrant the accuracy, adequacy or completeness of the information and expressly disclaims liability for errors or omissions therein. The content, accuracy, and opinions expressed are not investigated, verified, monitored, nor endorsed by REDAS. Every effort is taken to ensure that all information extracted is correct at the time of dissemination.

The Daily News is issued as news gathering for the convenience and benefits of REDAS’ members only and not for mass circulation. Members are advised to exercise discretion in the use and dissemination of the information. The news links are time-sensitive and require registration of fee-based digital subscriptions.

Scroll to Top