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 May 2023 (Fri)

Singapore Real Estate


Developers dangle discounts to move sales of upmarket condos
At Least eight new condominium projects, mostly in the prime Core Central Region (CCR), have offered discounts in April and May to draw buyers, The Business Times has learnt.  A two-bedroom unit in the 64-unit One Draycott was advertised at S$2.2 million, half a million less than its original price of S$2.7 million. According to caveats filed, the District 10 project built by Selangor Dredging Bhd has sold 19 units since its launch in 2018, at prices ranging from just under S$2.3 million (for a 732 square feet unit) to S$3.5 million (1,345 sq ft).


[UPDATE] Keppel to sell strata-titled carpark at Bukit Timah Plaza
Since The Reserve Residences sales gallery at Jalan Anak Bukit opened for public preview on May 13, the neighbouring Bukit Timah Plaza shopping mall has enjoyed increased footfall, with property agents and their clients dropping by the mall before or after visiting the sales gallery. Riding on the wave of renewed interest in the Jalan Anak Bukit and Bukit Timah neighbourhood due to the upcoming launch of The Reserve Residences, Sammi Lim, founder and executive director of Brilliance Capital, has kicked off the sale of the strata-titled carpark at Bukit Timah Plaza by expression of interest (EOI).


Fund managers parked more money in real estate in 2022: survey
Global fund managers placed more money in real estate in 2022 than in the year before, a survey has found. The average real estate assets under management (AUM) of those who took part in the survey rose 8 per cent to US$35.1 billion. The poll, conducted by the Asian Association for Investors in Non-Listed Real Estate Vehicles (Anrev), the European Association for Investors in Non-Listed Real Estate Vehicles (INREV) and the National Council of Real Estate Investment Fiduciaries (NCREIF), collated responses from 116 fund managers.



Singapore Economy


Singapore and Kenya sign three new deals, agree to ratify investment treaty soon
[NAIROBI] Singapore and Kenya have agreed to ratify a bilateral investment treaty and an avoidance of double taxation agreement that had been signed earlier, paving the way for greater trade and investment activity between the two countries.  On Thursday (May 18), Prime Minister Lee Hsien Loong and Kenyan President William Ruto also witnessed the inking of three deals between both sides on sustainability, skills development, and the digital economy.|



Companies’ Brief


Business recovery to drive CapitaLand Ascott Reit’s leverage further down: Fitch Ratings
The return to pre-pandemic levels of travel in the Asia-Pacific region will help CapitaLand Ascott Real Estate Investment Trust (CapitaLand Ascott Reit) boost revenue and deleverage, said credit rating agency Fitch.  In a report released on Thursday (May 18), the agency also upgraded the Reit’s long-term issuer default rating (IDR) to BBB, from BBB-, with a stable outlook. The Reit’s key markets are Australia, Japan and Singapore, and it focuses largely on the hospitality sector.


DFI Retail reports ‘significant improvement’ in Q1 performance, but pre-Covid profitability still a way off
DFI Retail Group on Thursday (May 18) reported “significantly improved” year-on-year performance for the first quarter ended Mar 31, driven by the reopening of the Hong Kong border and the continued recovery in South-east Asia, the mainboard-listed company said on Thursday (May 18). However, there remains “some way to go” before the business reaches the level of overall profitability achieved in 2019, said in an interim management statement. It provided no figures.


Hongkong Land posts lower Q1 underlying profit on weaker development properties contribution
Property group Hongkong Land : H78 0% on Thursday (May 18) said its underlying profit for the first fiscal quarter ended March was lower than that of the corresponding quarter in 2022. This was due chiefly to a reduced contribution from its development properties business on the back of fewer planned sales completions on the Chinese mainland.


Middle East sports retailer launches first Asia store in Singapore
Major Middle East sports retailer Sun & Sand Sports (SSS) has opened its first Singapore store, spanning 11,000 square feet, at Raffles City.  This is also the first SSS store in Asia. The brand is owned by Dubai conglomerate GMG, which entered South-east Asia in 2020 with the acquisition of sports retailer Royal Sporting House. SSS intends to open two more stores at Bugis+ and Westgate later this year, and has plans for a total of 11 stores across South-east Asia, including in Singapore and Malaysia, over the next three years.


Sembcorp to develop multi-utilities centre on Jurong Island for S$900 million
Sembcorp Industries on Thursday (May 18) said it will be developing a new multi-utilities centre on Jurong Island which will supply power, steam, firewater and demineralised water to customers. The total cost of development of the multi-utilities centre will be an estimated S$900 million, and is expected to be financed through a mix of internal cash resources and external bank borrowings, the company said.



Views, Reviews, Forum and Others


Alexandra Post Office to cease operations on June 17, after more than 60 years
Singapore – After more than six decades serving the postal needs of those living in the vicinity of Bukit Merah, Alexandra Post Office will finally shutter its doors on June 17.  Singapore Post announced its impending closure on Facebook on Wednesday, adding that customers can head to the nearby Bukit Merah Central Post Office or Tiong Bahru Post Office.


Could construction in Ang Mo Kio have caused record-high temperatures?
Singapore: Did ongoing construction works in Ang Mo Kio, such as the development of the Cross Island Line, cause temperatures in the town to hit a record high?  That was the question many online commenters asked, after news that the mercury reached 37 degrees Celsius in Ang Mo Kio last Saturday (May 13). This matched the 40-year record temperature measured in Tengah on Apr 17, 1983.



Global Economy & Real Estate


Oil prices settle down 1%; strong US data boosts dollar


Debt ceiling hopes lift US dollar to seven-week peak


New York’s record-breaking rents squeeze tenants across boroughs


US existing home sales post second straight monthly decline


Stressed homeowners in Canada are turning to credit cards


The era of huge UK house price rises is ending, economist says


New Zealand sees bigger deficit as economy sputters, spending boost to fan inflation


Vienna becomes epicentre of Europe’s housing woes


CK Asset’s Victor Li says government has to ‘make the numbers work’ for US$74 billion Lantau artificial islands development


Hong Kong proposes speeding up land lease renewal process, with 300,000 set to expire by 2047


China new home prices rise at slower pace in April


Chinese buyers return to resurgent Australian property market


Top Abu Dhabi wealth fund taps Manulife exec for US real estate



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