Singapore Real Estate
Singapore building ecosystems to drive collaboration among businesses, attract overseas investments
Singapore is developing land space to bring small local firms closer to large multinational corporations (MNCs), with an aim to boost collaboration and innovation among them. This is part of a new economic strategy to continue drawing global companies to invest here and boosting the competitiveness of key industries, amid rising cost pressures.
https://www.channelnewsasia.com/singapore/singapore-building-ecosystems-drive-collaboration-among-businesses-attract-overseas-investments-4054616
Sole bid for Marina South site way below expectations, raising doubts it will be awarded
At a closely watched state tender closing on Thursday (Jan 18), a white site in Marina South designated for residential and commercial development fetched just one bid, and that too significantly below market expectations.
https://www.businesstimes.com.sg/property/sole-bid-marina-south-site-way-below-expectations-raising-doubts-it-will-be-awarded
https://www.edgeprop.sg/property-news/guocoland-led-consortium-submits-sole-bid-984-psf-ppr-marina-gardens-crescent-gls-site
Qingjian Realty joint venture tops bids for Media Circle site with S$395 million or S$1,191 psf ppr offer
Qingjian Realty and Forsea Residence topped bids in a government land sale tender for a residential plot in one-north with a S$395 million bid, beating two other groups. The joint venture’s bid of S$1,191 per square foot per plot ratio, while within expectations, is 4.4 per cent lower than the S$1,246 psf ppr that EL Development paid for a nearby site at Slim Barracks on which it is building Blossoms By The Park.
https://www.businesstimes.com.sg/property/qingjian-realty-joint-venture-tops-bids-media-circle-site-s395-million-or-s1191-psf-ppr
https://www.edgeprop.sg/property-news/qingjian-realty-and-forsea-holdings-jv-submit-top-bid-1191-psf-ppr-gls-site-media-circle
Condo rental softens further, HDB leasing market gains momentum in December
Condominium rental prices marked the fifth consecutive month of decline last December, wiping out the growth seen in the first half of 2023. The Housing and Development Board (HDB) rental market, however, continued to register growth in both rents and leasing volumes.
https://www.businesstimes.com.sg/property/condo-rental-softens-further-hdb-leasing-market-gains-momentum-december-srx-99co
https://www.straitstimes.com/singapore/condo-rents-down-05-but-hdb-rents-climbed-1-in-december-2023
EV fast chargers to be set up in HDB neighbourhood and town centres
Fast charging points for electric vehicles (EVs) will be launched in Housing and Development Board (HDB) neighbourhoods, town centres, and JTC industrial estates. Senior Minister of State for Sustainability and Environment Amy Khor announced this on Thursday (Jan 18) at the launch of the first batch of fast charging points at HDB Hub in Toa Payoh Central and the Oasis Terraces in Punggol.
https://www.channelnewsasia.com/singapore/electric-vehicles-chargers-fast-set-hdb-town-centres-4056891
https://www.businesstimes.com.sg/companies-markets/transport-logistics/new-public-fast-chargers-be-rolled-out-evs-account-one-fifth
https://www.straitstimes.com/singapore/transport/ev-chargers-installed-at-700-hdb-carparks-new-public-fast-chargers-in-toa-payoh-punggol
Companies’ Brief
CapitaLand Investment and Venture Corp step up buybacks
Blue-chip companies CapitaLand Investment (CLI) and Venture Corp have been stepping up their share buybacks in recent weeks. CLI, which has been making occasional buybacks, went on a buying spree after it warned early last month that earnings for FY2023 ended December 2023 will see a “significant decrease” over the preceding FY2022.
https://www.theedgesingapore.com/capital/insider-moves/capitaland-investment-and-venture-corp-step-buybacks
Citigroup lays off more bosses as CEO Fraser addresses managing directors: sources
Citigroup CEO Jane Fraser held a conference call on Thursday with managing directors to discuss the bank’s sweeping overhaul, according to two sources familiar with the situation, as it eliminated more leadership roles this week.
https://www.businesstimes.com.sg/companies-markets/banking-finance/citigroup-lays-more-bosses-ceo-fraser-addresses-managing
Global Economy & Real Estate
US prepares rule forcing banks to tap Fed discount window
https://www.businesstimes.com.sg/international/us-prepares-rule-forcing-banks-tap-fed-discount-window
US mortgage rates fall to lowest level since May
https://www.businesstimes.com.sg/property/us-mortgage-rates-fall-lowest-level-may
US weekly jobless claims fall to a level last seen in Sept 2022
https://www.businesstimes.com.sg/international/us-weekly-jobless-claims-fall-level-last-seen-sept-2022
US single-family housing starts plunge in December
https://www.businesstimes.com.sg/property/us-single-family-housing-starts-plunge-december
Australia employment dives in December, jobless rate held at 1-1/2 year high
https://www.businesstimes.com.sg/international/australia-employment-dives-december-jobless-rate-held-1-12-year-high
China’s top city economies set 2024 GDP growth targets above 5%, signalling road ahead despite headwinds
https://www.scmp.com/economy/economic-indicators/article/3248935/chinas-top-city-economies-set-2024-gdp-growth-targets-above-5-signalling-road-ahead-despite
China’s 2023 GDP data suggests more stimulus needed to prop up economy
https://www.businesstimes.com.sg/international/global/chinas-2023-gdp-data-suggests-more-stimulus-needed-prop-economy
Analysis:China’s ageing population threatens switch to new economic growth model
https://www.channelnewsasia.com/business/analysischinas-ageing-population-threatens-switch-new-economic-growth-model-4056291
China’s Country Garden nears full exit from Australia with residential project sale
https://www.businesstimes.com.sg/property/chinas-country-garden-nears-full-exit-australia-residential-project-sale
https://www.channelnewsasia.com/business/chinas-country-garden-nears-full-exit-australia-residential-project-sale-4056251
EU agrees to stricter rules to combat money laundering and capture cryptoassets
https://www.businesstimes.com.sg/international/eu-agrees-stricter-rules-combat-money-laundering-and-capture-cryptoassets
Hong Kong’s Oct-Dec unemployment holds steady at 2.9%
https://www.channelnewsasia.com/business/hong-kongs-oct-dec-unemployment-holds-steady-29-4056886
Hong Kong’s West Kowloon arts hub to host first international cultural summit with 1,000 delegates expected to take part
https://www.scmp.com/news/hong-kong/hong-kong-economy/article/3248968/hong-kongs-west-kowloon-arts-hub-host-first-international-cultural-summit-1000-delegates-expected
Investment in Hong Kong property set for turnaround in 2024 after hitting 15-year low last year, Colliers says
https://www.scmp.com/business/article/3248819/investment-hong-kong-property-set-turnaround-2024-after-hitting-15-year-low-last-year-colliers-says
Hong Kong retail: Chinese restaurant chain Peking Hotpot leases massive space in Central at 40% discount
https://www.scmp.com/business/companies/article/3248920/hong-kong-retail-chinese-restaurant-chain-peking-hotpot-leases-massive-space-central-40-discount
Japan’s Dec core inflation slows for 2nd straight month
https://www.channelnewsasia.com/business/japans-dec-core-inflation-slows-2nd-straight-month-4059131
https://www.businesstimes.com.sg/international/japans-slowing-inflation-supports-case-boj-wait-longer
Japan’s Sekisui House to buy US homebuilder MDC for US$4.95 billion
https://www.businesstimes.com.sg/property/japans-sekisui-house-buy-us-homebuilder-mdc-us495-billion
https://www.channelnewsasia.com/business/japans-sekisui-house-buy-us-homebuilder-mdc-495-billion-4057266
South Korean parties promise homes, loans in steps to boost population
https://www.channelnewsasia.com/asia/south-korean-parties-promise-homes-loans-steps-boost-population-4056946
UK housing market enters 2024 with momentum building, agents say
https://www.businesstimes.com.sg/property/uk-housing-market-enters-2024-momentum-building-agents-say
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