Singapore Real Estate
UOL-SingLand JV tops bids for prime Orchard site at lower-than-expected S$1,617 psf ppr
Developers turned in subdued bids for a prime Orchard area site at a state tender on Thursday (Feb 1), reflecting the elevated risk facing residential projects in the Core Central Region (CCR) in the current market.
https://www.businesstimes.com.sg/property/uol-singland-jv-tops-bids-prime-orchard-site-lower-expected-s1617-psf-ppr
https://www.straitstimes.com/business/state-land-tenders-for-orchard-boulevard-ec-site-in-tengah-draw-cautious-bids
Tengah EC parcel draws fewer-than-expected bids, topped by Hoi Hup-Sunway’s S$701 psf ppr
An executive condominium (EC) development site at Plantation Close in Tengah garnered fewer-than-expected bids from developers, with the top bid of S$423.4 million or S$701 per square foot per plot ratio (psf ppr) coming from Hoi Hup Realty and Sunway Developments.
https://www.businesstimes.com.sg/property/tengah-ec-parcel-draws-fewer-expected-bids-topped-hoi-hup-sunways-s701-psf-ppr
https://www.straitstimes.com/business/state-land-tenders-for-orchard-boulevard-ec-site-in-tengah-draw-cautious-bids
New law mandating retail leases comply with code of conduct takes effect
A new law that makes it mandatory for all retail leases to comply with an industry-wide code of conduct took effect on Thursday (Feb 1), paving the way for fairer and more balanced lease negotiations between tenants and landlords.
https://www.businesstimes.com.sg/singapore/economy-policy/new-law-mandating-retail-leases-comply-code-conduct-takes-effect
https://www.straitstimes.com/business/new-law-mandating-retail-leases-comply-with-code-of-conduct-takes-effect
Singapore Economy
DPM Wong to deliver Budget 2024 speech on Feb 16 at 3.30 pm
Deputy Prime Minister and Finance Minister Lawrence Wong will deliver Singapore’s Budget 2024 statement in Parliament on Feb 16 at 3.30 pm, the Ministry of Finance (MOF) said on Thursday (Feb 1).
https://www.businesstimes.com.sg/singapore/dpm-wong-deliver-budget-2024-speech-feb-16-330-pm
https://www.straitstimes.com/singapore/politics/dpm-lawrence-wong-to-deliver-budget-2024-at-330pm-on-feb-16
Singapore businesses could gain from China’s restructuring: DPM Heng
There are many opportunities for Singapore businesses today to benefit from China’s economic transition, said Deputy Prime Minister Heng Swee Keat at an event on Thursday (Feb 1).
https://www.businesstimes.com.sg/international/global/singapore-businesses-could-gain-chinas-restructuring-dpm-heng
https://www.straitstimes.com/business/firms-must-build-resilient-supply-chains-tap-opportunities-from-china-s-restructuring-dpm-heng
Singapore, China reaffirm trade, investment ties; pledge to advance economic cooperation
Economic and trade ties between Singapore and China are growing increasingly robust. The Chinese are welcome to join hands with Singapore businesses to break into the South-east Asian market with existing free trade agreements.
https://www.businesstimes.com.sg/singapore/singapore-china-reaffirm-trade-investment-ties-pledge-advance-economic-cooperation
Singapore’s corporate tax takings in first 9 months of FY23 almost at full-year estimate
In the first nine months of the fiscal year, Singapore’s corporate income tax receipts have almost reached the full-year estimate, with overall operating revenue also ahead of the pace, data from the Accountant-General’s Department indicated.
https://www.businesstimes.com.sg/singapore/singapores-corporate-tax-takings-first-9-months-fy23-almost-full-year-estimate
Singapore expects to see 15 million to 16 million visitors in 2024, below pre-Covid levels
Singapore’s tourism performance in 2024 is forecast to remain below pre-Covid levels, despite better-than-expected tourist spending in 2023, the Singapore Tourism Board (STB) said in its year in review on Thursday (Feb 1).
https://www.businesstimes.com.sg/singapore/singapore-expects-see-15-million-16-million-visitors-2024-below-pre-covid-levels
https://www.straitstimes.com/singapore/consumer/tourism-recovery-to-keep-momentum-in-2024-with-tourist-spend-nearing-pre-covid-numbers-stb
https://www.todayonline.com/singapore/singapore-visitor-arrivals-115-136-million-2023-2354226
https://www.channelnewsasia.com/singapore/singapore-tourism-increase-visitor-arrival-136-million-2023-stb-4091076
Companies’ Brief
CapitaLand Ascendas Reit H2 DPU falls 6.1% to S$0.07441
Rising interest rates weighed on CapitaLand Ascendas Reit (Clar), as the business and industrial property player saw distribution per unit (DPU) fall 6.1 per cent year on year to 7.441 Singapore cents for the six months ended Dec 31, 2023.
https://www.businesstimes.com.sg/companies-markets/capitaland-ascendas-reit-h2-dpu-falls-61-s007441
https://www.straitstimes.com/business/companies-markets/capitaland-ascendas-reit-h2-dpu-falls-61-to-007441
https://www.theedgesingapore.com/capital/results/capitaland-ascendas-reit-dpu-down-4-1516-cents-fy2023
Frasers Hospitality Trust Q1 RevPAR improves across markets amid resilient tourism demand
Frasers Hospitality Trust (FHT) saw an increase in revenue per available room (RevPAR) across its portfolios in the first quarter ended Dec 31, 2023, as tourism demand continued to show “remarkable resilience”.
https://www.businesstimes.com.sg/companies-markets/frasers-hospitality-trust-q1-revpar-improves-across-markets-amid-resilient
https://www.theedgesingapore.com/capital/results/fht-reports-higher-revpars-all-countries-1qfy2024-except-singapore-and-uk
Lendlease Global Commercial Reit H1 DPU down 14.5% to 2.1 cents
Singapore – Lendlease Global Commercial Real Estate Investment Trust’s (Lendlease Reit) distribution per unit (DPU) fell 14.5 per cent to 2.1 cents for its first half ended Dec 31, 2023, from 2.45 cents the year before.
https://www.straitstimes.com/business/companies-markets/lendlease-global-commercial-reit-h1-dpu-down-145-to-00210
https://www.theedgesingapore.com/capital/results/lendlease-global-commercial-reit-announces-dpu-21-cents-1hfy2024
Sabana Reit to hold requisitioned EGM; date to be fixed
The manager of Sabana Industrial Real Estate Investment Trust (Sabana Reit) announced on Thursday (Feb 1) that it would convene the extraordinary general meeting (EGM) requisitioned by a group of activist investors.
https://www.businesstimes.com.sg/companies-markets/sabana-reit-hold-requisitioned-egm-date-be-fixed
Global Economy & Real Estate
‘No real surprise’ as US Fed funds rate stays unchanged; analysts remain bullish on Asian markets
https://www.businesstimes.com.sg/companies-markets/no-real-surprise-us-fed-funds-rate-stays-unchanged-analysts-remain-bullish-asian
US manufacturing sector on cusp of recovery in January: ISM
https://www.businesstimes.com.sg/international/us-manufacturing-sector-cusp-recovery-january-ism
US worker productivity strong in Q4
https://www.businesstimes.com.sg/international/us-worker-productivity-strong-q4
US jobless claims rise to two-month high as labour market cools
https://www.businesstimes.com.sg/international/us-jobless-claims-rise-two-month-high-labour-market-cools
US construction spending rises more than expected in December
https://www.businesstimes.com.sg/property/us-construction-spending-rises-more-expected-december
Mortgage rates in the US slip to 6.63% while Fed holds the line
https://www.businesstimes.com.sg/property/mortgage-rates-us-slip-663-while-fed-holds-line
A US$560 billion property warning hits banks from NY to Tokyo
https://www.businesstimes.com.sg/property/us560-billion-property-warning-hits-banks-ny-tokyo
Deutsche Bank warns of potential US property losses
https://www.businesstimes.com.sg/property/deutsche-bank-warns-potential-us-property-losses
China’s factory activity expands on export order boost: Caixin PMI
https://www.businesstimes.com.sg/international/chinas-factory-activity-expands-export-order-boost-caixin-pmi
https://www.straitstimes.com/business/economy/chinas-factory-activity-expands-on-export-order-boost-pmi
China vows to keep up spending in 2024 after stimulus cut
https://www.businesstimes.com.sg/international/china-vows-keep-spending-2024-after-stimulus-cut
China’s fiscal revenue growth picks up in 2023
https://www.businesstimes.com.sg/international/chinas-fiscal-revenue-growth-picks-2023
China new home prices rise at fastest pace in nearly 2½ years: private survey
https://www.businesstimes.com.sg/property/china-new-home-prices-rise-fastest-pace-nearly-2-12-years-private-survey
Evergrande’s unsold Tower, Hui’s mansion bode ill for creditors
https://www.businesstimes.com.sg/property/evergrandes-unsold-tower-huis-mansion-bode-ill-creditors
Dubai office landlord to bolster portfolio as city defies slump
https://www.businesstimes.com.sg/property/dubai-office-landlord-bolster-portfolio-city-defies-slump
Eurozone inflation slows to 2.8% in January
https://www.businesstimes.com.sg/international/eurozone-inflation-slows-28-january
https://www.straitstimes.com/business/economy/euro-zone-inflation-slows-to-28-in-january
Eurozone factory downturn eased for third month in January
https://www.businesstimes.com.sg/international/eurozone-factory-downturn-eased-third-month-january
Hong Kong central bank leaves interest rate unchanged, tracks US Fed
https://www.businesstimes.com.sg/international/hong-kong-central-bank-leaves-interest-rate-unchanged-tracks-us-fed
https://www.scmp.com/business/banking-finance/article/3250498/hong-kong-holds-base-rate-steady-after-us-feds-unanimous-vote-keep-options-open-dashed-optimism
Hong Kong December retail sales up 7.8% as tourism recovers
https://www.businesstimes.com.sg/international/hong-kong-december-retail-sales-78-tourism-recovers
https://www.channelnewsasia.com/business/hong-kong-dec-retail-sales-78-tourism-recovers-4091706
https://www.scmp.com/news/hong-kong/hong-kong-economy/article/3250578/hong-kong-retail-sales-grow-162-cent-2023-bouncing-back-contraction
Hong Kong property deals surge to their highest since August as stable interest rates lure buyers
https://www.scmp.com/business/article/3250620/hong-kong-property-deals-surge-their-highest-august-stable-interest-rates-lure-buyers
Hong Kong billionaire Richard Li seeks to sell asset manager PineBridge: sources
https://www.businesstimes.com.sg/companies-markets/banking-finance/hong-kong-billionaire-richard-li-seeks-sell-asset-manager
South Korea factory activity expands for first time in 19 months
https://www.straitstimes.com/business/economy/south-korea-factory-activity-expands-for-first-time-in-19-months-pmi
https://www.channelnewsasia.com/business/south-korea-factory-activity-expands-first-time-19-months-pmi-4090646
South Korea consumer inflation softens to six-month low
https://www.channelnewsasia.com/business/south-korea-consumer-inflation-softens-six-month-low-4093731
https://www.businesstimes.com.sg/international/south-korea-consumer-inflation-softens-six-month-low
Bank of England says rates ‘under review’ as inflation seen below 2%
https://www.straitstimes.com/business/economy/bank-of-england-says-rates-under-review-as-inflation-seen-below-2
Foreign grip on London’s luxury homes tightens as UK buyers wait
https://www.businesstimes.com.sg/property/foreign-grip-londons-luxury-homes-tightens-uk-buyers-wait
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