The Leading Professional and Representative Body for the Real Estate Industry

The Leading Professional and Representative Body for the Real Estate Industry



Daily News – 19 Jan 2023 (Thur)

Singapore Real Estate


Singapore property sector ‘resilient’ despite global slump; CDL and CLI preferred picks: Credit Suisse
Credit Suisse research analysts say the Singapore property sector will be a “beacon of light” in 2023 and prove to be resilient despite the anticipated global housing slump. In their report dated Jan 13, analysts Louis Chua, Nicholas Teh and Melissa Leong say they are expecting Singapore to show modest price growth of 3% to 5% for the year even as the global market “slump” deepens and central bank rates increase.


Southpoint office units sold for S$3,000 psf
Around 10,893 square feet (sq ft) of office space at Southpoint in Tanjong Pagar has changed hands for S$32.7 million, marketing agent Savills Singapore said on Wednesday (Jan 18). The sale price translates to S$3,000 per sq ft (psf), the highest record psf for the property, Savills noted.


Boulevard 88 unit tops Q4 resale gains; seller reaps S$3.5m profit after 3 years
A 2,799 square foot (sq ft) unit at Boulevard 88 along Orchard Boulevard was sold for S$13.78 million or S$4,924 per square foot (psf) last month, earning the seller a cool S$3.46 million in profit – making it the most profitable transaction by quantum in the fourth quarter of 2022.



Singapore Economy


Govt should review $72.3b in Covid-19 spending for any payment errors: Watchdog
Singapore – Given the unprecedented complexity and scale of government operations to fight Covid-19, a review should be done to ensure that public funds were spent properly. A parliamentary watchdog comprising eight MPs set up to scrutinise public spending said the review would also ensure that any loss of public monies is reported and recovered.


The best port in a storm: why tech businesses are flocking to Singapore
For almost its entire history, Singapore has been a place where connections are made. As early as the 1300s, Malay, Indian and Chinese traders exchanged goods in the region. Europeans followed a few centuries later, in pursuit of commodities like cloth, spices and gold. Singapore became a free port in 1819, which helped it become a thriving strategic centre on the Maritime Silk Road.


Singapore second most preferred city in Apac for cross-border property investments in 2023: CBRE survey
Singapore is now the second most preferred destination for cross-border real estate investment in the Asia-Pacific, up from third place last year. It continues to be a focus for core investors due to its strong market fundamentals, CBRE’s latest Asia-Pacific Investor Intentions Survey showed.


All eyes on asset valuations, capital management strategies as S-Reits gear up for FY results
There is an air of expectancy as the Singapore-listed real estate investment trusts (S-Reits) start to release their financial results for the period ending December 2022 from this week. On one hand, China’s reopening has sparked hopes of a Reit revival.



Companies’ Brief


Chip Eng Seng IFA’s ‘fair and reasonable’ finding needs to consider factors that matter most
When Chip Eng Seng Corporation (CES) last month issued a circular in relation to the privatisation offer from its major shareholders, it was interesting to note the independent financial adviser’s (IFA) opinion on the deal.


CapitaLand India Trust to acquire IT park in Bangalore for 12.3b rupees
The trustee-manager of CapitaLand India Trust : CY6U 0% (CLINT) has entered into a forward purchase agreement to acquire a one million square foot (sq ft) IT park in Bangalore, India for 12.3 billion rupees (S$201 million).


Real estate firm’s $3m proptech investment to benefit home buyers and agents in S’pore
Rising interest rates, two rounds of cooling measures in December 2021 and September 2022, property tax hikes and the review of the classification of public housing estates – in this environment of complicated policy changes and rapidly changing market conditions, even the savviest consumer needs some help navigating Singapore’s property scene.



Global Economy & Real Estate


Worst impact of global monetary policy tightening could still be ahead: StanChart global research head


Federal Reserve’s Harker says he is ready to downshift to 25-basis-point rate hikes


US economic activity tepid but prices seen easing: Federal Reserve


US retail sales drop more than expected in December


Confidence among US home builders up, NAHB says


US mortgage interest rates fall to lowest levels since September


UK inflation eases for second straight month, signalling worst is over


UK house prices slip from record after mortgage rates jump


London’s luxury homes are defying Britain’s housing sales slowdown


China’s property sector shrinks 5.1% in 2022: NBS


China’s reopening spurs optimism, but brace for a choppy ride


Most Chinese provinces set growth targets of above 5% in 2023


Hong Kong home sales to surge 50% as rates peak, border reopens 


Raising wages has become a form of corporate social responsibility: Yomiuri Shimbun


Japan’s trade deficit persists as recession risks loom


North Korea calls for normalising factories, economy after Covid-19 ‘upheaval’


Malaysia’s December exports up 6%, missing forecasts; trade surplus narrows to RM27.8b


Indonesia to break ground for US$2.7b housing project in new capital in Q2


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