The Leading Professional and Representative Body for the Real Estate Industry

The Leading Professional and Representative Body for the Real Estate Industry



Daily News – 20 Jan 2023 (Fri)

Singapore Real Estate


Tourism rebound fuels growth in prime Orchard area retail rents
Retail rents in Singapore’s prime shopping belt continued to recover in the fourth quarter of 2022, as travel and leisure demand bounced back.  In a report on the real estate market released on Thursday (Jan 19), Edmund Tie noted that prime first-storey retail spaces in the Orchard Road area hiked their rents 7.4 per cent to S$39.20 per square foot per month (psf/pm) in Q4 – making for the strongest year-on-year growth for the whole of 2022.


SLA to manage state land within public housing estates from HDB on March 1
From March 1, the public will need to turn to the Singapore Land Authority (SLA) to apply for use of state land within HDB estates for community and religious events such as night markets and Hungry Ghost Festival activities.



Companies’ Brief


Closure date for Chip Eng Seng offer extended to Feb 2
The closing date for the mandatory cash offer of property player Chip Eng Seng : C29 0% by its chairman Celine Tang and her husband Gordon Tang has been extended from Thursday (Jan 19) to Feb 2.


GuocoLand’s H1 profit down 13% to S$59m on absence of disposal gain
Property player GuocoLand on Thursday (Jan 19) reported a 13 per cent fall in net profit to S$59 million for the first half ended December, in the absence of a S$14.3 million disposal gain recorded the year prior.


Mapletree Logistics Trust posts 1.9% rise in Q3 DPU to 2.227 S cents
Accretive acquisitions lifted the distribution per unit (DPU) of Mapletree Logistics Trust (MLT) 1.9 per cent to 2.227 Singapore cents for the third quarter ended December, its manager announced on Thursday (Jan 19).


Suntec Reit’s H2 DPU fell 9.7% to S$0.04074 as financing costs rise
Suntec Real Estate Investment Trust’s (Suntec Reit) distribution per unit (DPU) fell by 9.7 per cent to S$0.04074 for the second half of 2022 ended December, from S$0.04512 a year ago.  Higher interest expense for the period resulted in a 27.8 per cent rise in finance costs for the Reit, its manager said in a regulatory filing on Friday (Jan 20).



Views Reviews, Forum and Others


Fewer workplace deaths but major injuries up during heightened safety period: MOM
Singapore – The number of major injuries has risen despite the six-month heightened safety period introduced by the Ministry of Manpower (MOM) in September 2022, which suggests that safety issues continue to be prevalent here.


Painter who died after falling 4 storeys was wearing unsecured body harness
Singapore – A worker who was painting the facade of a condominium block in Bedok was wearing a body harness that was not anchored when he fell four storeys from a ledge and died.



Global Economy & Real Estate


Federal Reserve will face tough choices the longer debt ceiling impasse persists: analysts


Global property market faces US$175b debt spiral


US jobless claims drop to 190,000, lowest level since September


Ultra-rich flip Palm Beach homes to score as much as 86% returns


UK home buyers seek energy-efficient properties as prices tumble


China foreign investment posts record slump as Covid Zero ended


China’s growth forecasts raised into next year as country reopens


Hong Kong worker shortage ruins reopening for restaurants and shops


Japan inflation hits 4% in De


Malaysia unexpectedly pauses hikes, keeping key policy rate unchanged at 2.75%


Commentary: Malaysia’s economy emerges from the shadow of COVID-19



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