Singapore Real Estate
Singapore looking to repurpose more state properties for co-living spaces
Co-living arrangements are rising in popularity, especially among young singles. Singapore is looking to repurpose more state properties for co-living rental spaces. Rebecca Metteo reports.
https://www.channelnewsasia.com/watch/singapore-looking-repurpose-more-state-properties-co-living-spaces-4166966
Hospitality S-Reits record 21% DPU growth in FY2023
Hospitality trusts recently took the spotlight as the S-Reit sub-segment reported year-on-year (yoy) growth in distribution per unit (DPU) for FY2023, bolstered by a base effect and a strong recovery in international travel. The five hospitality trusts recorded, on average, 21 per cent yoy growth in FY2023 DPU.
https://www.businesstimes.com.sg/companies-markets/hospitality-s-reits-record-21-dpu-growth-in-fy2023
Singapore hotels’ average room rate slips in January, but other indicators rise
Singapore hotels’ average room rate (ARR) fell slightly month on month in January, but all other measures rose sequentially, Singapore Tourism Board data showed on Friday (Mar 1). ARR in January slipped 1.4 per cent to S$278.75 from S$282.60 from December 2023, even as it was 2.3 per cent above the year-ago period’s ARR of S$272.52.
https://www.businesstimes.com.sg/singapore/singapore-hotels-average-room-rate-slips-in-january-but-other-indicators-rise
TID sells 50 units or 19% of Lentoria project at launch, at S$2,120 psf average
Developer TID’s Lentoria project moved 50 units with prices starting from S$1,958 per square foot (psf) during its launch weekend on Mar 2 and 3. This works out to roughly 18.7 per cent of the 99-year leasehold development’s 267 units.
https://www.businesstimes.com.sg/property/tid-sells-50-units-or-19-of-lentoria-project-at-launch-at-s-2-120-psf-average
https://www.straitstimes.com/business/50-units-or-19-of-lentoria-condo-at-lentor-hills-sold-at-launch
Condo rental market shifts: Landlords hit by high supply of newly completed units
Singapore – When Mr Shawn Lau collected the keys to his two-bedroom Treasure at Tampines condominium unit in December 2023, he was anticipating a swift rental process in a market that seemed to promise lucrative returns.
https://www.straitstimes.com/business/property/condo-rental-market-shifts-landlords-hit-by-high-supply-of-newly-completed-units
Singapore Economy & Budget 2024
Singapore adds S$300 million to kitty to boost tourism sector
Singapore is adding more than S$300 million to a government fund for tourism development, to facilitate the country’s post-pandemic tourism recovery, said Minister of State for Trade and Industry Alvin Tan at his ministry’s Committee of Supply debate on Friday (Mar 1).
https://www.businesstimes.com.sg/singapore/economy-policy/singapore-adds-s-300-million-to-kitty-to-boost-tourism-sector
https://www.straitstimes.com/singapore/politics/singapore-to-pump-300-million-in-tourism-as-part-of-broader-economic-plan
https://www.channelnewsasia.com/singapore/singapore-tourism-sector-gets-s300-million-boost-develop-new-offerings-4162926
https://www.todayonline.com/singapore/s300m-fund-top-boost-singapores-tourism-amid-sectors-strong-recovery-due-live-events-f1-taylor-swift-2372811
New grant of up to S$10,000 for ‘placemaking’ activities by heartland businesses
Singapore’s heartland businesses can get funding to organise innovative “placemaking” activities such as community engagement, public art installations, workshops and thematic festivals, under the new Heartland Enterprise Placemaking Grant.
https://www.businesstimes.com.sg/singapore/new-grant-of-up-to-s-10-000-for-placemaking-activities-by-heartland-businesses
New grant for large businesses to defray costs of sustainability reporting
To help businesses develop their first sustainability reports, a new grant will defray the costs that large companies incur; a separate new programme will guide small and medium-sized enterprises (SMEs) through the process.
https://www.businesstimes.com.sg/singapore/new-grant-for-large-businesses-to-defray-costs-of-sustainability-reporting
Singapore to tighten foreign worker quota, raise levies for marine and offshore engineering
To reduce the marine and offshore engineering sector’s dependency on foreign workers and spur productivity, the sector’s dependency ratio ceiling (DRC) will be lowered, and its foreign worker levies increased from 2026.
https://www.businesstimes.com.sg/singapore/singapore-to-tighten-foreign-worker-quota-raise-levies-for-marine-and-offshore-engineering
S’pore factory activity falters in February, albeit still in expansion mode
Singapore – Factory activity in Singapore stumbled in February, although the data still points to further expansion, with the electronics sector also following a similar trajectory.
https://www.straitstimes.com/business/s-pore-factory-activity-falters-in-february-albeit-still-in-expansion-mode
Business News
CDL buys Paris hotel from Blackstone for $356 million, Mingtiandi reports
City Developments has bought the Hilton Paris Opéra in France from a Blackstone fund in a deal which values the asset at €244 million ($356 million), according to real estate news site Mingtiandi on March 3, citing “people privy” to the transaction.
https://www.theedgesingapore.com/news/property/cdl-buys-paris-hotel-blackstone-356-million-mingtiandi-reports
PropertyGuru reports S$1.1 million net profit in Q4 amid higher Singapore revenue
Online property portal PropertyGuru posted a net income of S$1.1 million for the fourth quarter ended December, reversing from a net loss of S$5.2 million a year prior and marking the second sequential quarter of positive earnings.
https://www.businesstimes.com.sg/companies-markets/propertyguru-reports-s-1-1-million-net-profit-in-q4-amid-higher-singapore-revenue
https://www.straitstimes.com/business/companies-markets/propertyguru-reports-11-million-net-profit-in-q4-amid-higher-singapore-revenue
TA Corp H2 net profit up 9% to S$11.7 million
Property and construction company TA Corporation : PA3 0% posted a 9 per cent rise in net profit to S$11.7 million for its second half ended Dec 31, 2023, from S$10.8 million in the previous corresponding period.
https://www.businesstimes.com.sg/companies-markets/ta-corp-h2-net-profit-up-9-to-s-11-7-million
Global Economy & Real Estate
Major central banks stand pat again in February
https://www.channelnewsasia.com/business/major-central-banks-stand-pat-again-february-4163771
Biden will push higher taxes for the rich in State of the Union
https://www.businesstimes.com.sg/international/biden-will-push-higher-taxes-for-the-rich-in-state-of-the-union
US manufacturing gauge drops as industry struggles for momentum
https://www.businesstimes.com.sg/international/us-manufacturing-gauge-drops-as-industry-struggles-for-momentum
US consumer sentiment declines for first time in three months
https://www.businesstimes.com.sg/international/us-consumer-sentiment-declines-for-first-time-in-three-months
High mortgage rates leave Biden searching for housing relief
https://www.businesstimes.com.sg/property/high-mortgage-rates-leave-biden-searching-for-housing-relief
Australia, South-east Asia push to bolster ties in China’s shadow
https://www.businesstimes.com.sg/international/australia-south-east-asia-push-to-bolster-ties-in-china-s-shadow
China to unveil GDP target, avoid ‘bazooka’ stimulus at meeting
https://www.businesstimes.com.sg/international/china-to-unveil-gdp-target-avoid-bazooka-stimulus-at-meeting
Commentary: China’s economy will probably get worse before it gets better
https://www.channelnewsasia.com/commentary/china-economy-recovery-consumer-political-meeting-two-sessions-4159906
China vice-president urges US firms to find new areas to team up
https://www.businesstimes.com.sg/international/china-vice-president-urges-us-firms-to-find-new-areas-to-team-up
China approves plan aimed at spurring investment and spending
https://www.businesstimes.com.sg/international/china-approves-plan-aimed-at-spurring-investment-and-spending
China banks approve US$28 billion loans for property market
https://www.businesstimes.com.sg/property/china-banks-approve-us-28-billion-loans-for-property-market
China new home prices rise at slower pace in February, survey shows
https://www.businesstimes.com.sg/property/china-new-home-prices-rise-at-slower-pace-in-february-survey-shows
https://www.channelnewsasia.com/business/china-new-home-prices-rise-slower-pace-february-survey-shows-4162551
Deutsche Bank to file liquidation suit against Chinese developer Shimao
https://www.businesstimes.com.sg/property/deutsche-bank-to-file-liquidation-suit-against-chinese-developer-shimao
https://www.channelnewsasia.com/business/deutsche-bank-file-liquidation-suit-against-chinese-developer-shimao-sources-say-4163136
Eurozone inflation slows less than forecast, backing ECB caution
https://www.businesstimes.com.sg/international/eurozone-inflation-slows-less-than-forecast-backing-ecb-caution
Can Singapore unseat Hong Kong to be New York of the East?
https://www.straitstimes.com/business/can-singapore-unseat-hong-kong-to-be-new-york-of-the-east
The buzz around spin-off listings in Hong Kong
https://www.businesstimes.com.sg/opinion-features/the-buzz-around-spin-off-listings-in-hong-kong
Hong Kong aims to start artificial islands reclamation within current administrative term, despite plans to delay by up to 3 years: minister
https://www.scmp.com/news/hong-kong/hong-kong-economy/article/3253990/hong-kong-press-ahead-studies-artificial-island-mega-project-year-despite-plans-delay-launch-3-years
Hong Kong officials aim to lure medium-sized firms in mainland China by touting city’s professional services: finance chief
https://www.scmp.com/news/hong-kong/hong-kong-economy/article/3253986/hong-kong-officials-aim-lure-medium-sized-firms-mainland-china-touting-citys-professional-services
Will Hong Kong’s leaner tax breaks for EVs drive buyers to cheaper models? Industry leaders predict boost for lower-priced, mainland-made cars
https://www.scmp.com/news/hong-kong/hong-kong-economy/article/3253964/will-hong-kongs-leaner-tax-breaks-evs-drive-buyers-cheaper-models-industry-leaders-predict-boost
Hong Kong overnight visitor spending dropped 37% in 2023 and is expected to return to 2019 levels this year, Tourism Board says
https://www.scmp.com/news/hong-kong/hong-kong-economy/article/3253850/hong-kong-overnight-visitor-spending-dropped-37-during-2023-and-will-fall-further-2019-levels
‘Worst is over’ for Hong Kong property even though sales dropped to four-month low in February, analysts say
https://www.scmp.com/business/article/3253878/worst-over-hong-kong-property-even-though-sales-dropped-four-month-low-february-analysts-say
Hong Kong’s Lantau Tomorrow plan delayed by 2 to 3 years, finance chief Paul Chan says, shifting government focus to Northern Metropolis project
https://www.scmp.com/news/hong-kong/hong-kong-economy/article/3253769/hong-kongs-lantau-tomorrow-plan-delayed-2-3-years-finance-chief-paul-chan-reveals-authorities-focus
Hong Kong property: Henderson Land’s Belgravia Place residential project in Cheung Sha Wan a hit with buyers
https://www.scmp.com/business/article/3253982/henderson-lands-belgravia-place-residential-project-cheung-sha-wan-hit-buyers
Luxury house linked to Evergrande’s founder Hui Ka Yan put on sale in Hong Kong
https://www.businesstimes.com.sg/property/luxury-house-linked-to-evergrande-s-founder-hui-ka-yan-put-on-sale-in-hong-kong
https://www.channelnewsasia.com/business/china-evergrande-group-chairman-hui-ka-yan-second-mansion-seized-4162536
https://www.scmp.com/business/article/3253775/seized-us70-million-hong-kong-luxury-home-linked-evergrande-founder-hui-ka-yan-put-sale
Japan Q4 corporate capex up 16.4% yr/yr – MOF
https://www.channelnewsasia.com/business/japan-q4-corporate-capex-164-yr-yr-mof-4167881
Inflation in Japan’s capital likely picked up in February: Reuters poll
https://www.channelnewsasia.com/business/inflation-japans-capital-likely-picked-february-reuters-poll-4162666
Malaysia’s largest pension fund raises payouts on higher income
https://www.businesstimes.com.sg/international/malaysia-s-largest-pension-fund-raises-payouts-on-higher-income
The Big Read: Malaysia’s brain drain to Singapore – winners and losers in the long run not so clear-cut
https://www.channelnewsasia.com/singapore/big-read-malaysia-brain-drain-singapore-winners-losers-long-run-not-clear-4165636
Swedish home prices stall at a higher level than before pandemic
https://www.businesstimes.com.sg/property/swedish-home-prices-stall-at-a-higher-level-than-before-pandemic
South Korea’s January factory output unexpectedly falls month-on-month
https://www.businesstimes.com.sg/international/south-korea-s-january-factory-output-unexpectedly-falls-month-on-month
UK house prices rise for first time in over a year
https://www.businesstimes.com.sg/property/uk-house-prices-rise-for-first-time-in-over-a-year
‘Super villain’ of US$6 billion fraud is key to UK laundering trial, lawyer says
https://www.businesstimes.com.sg/international/super-villain-of-us-6-billion-fraud-is-key-to-uk-laundering-trial-lawyer-says
Property tycoon accused of embezzling US$12 billion in Vietnam’s biggest fraud case
https://www.businesstimes.com.sg/international/asean/property-tycoon-accused-of-embezzling-us-12-billion-in-vietnam-s-biggest-fraud-case
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