Singapore Real Estate
Mixed sentiment for Singapore’s prime office market in Q3
Sentiment in Singapore’s prime office market was mixed in the third quarter of this year, even as rents inched up amid economic uncertainties. Data from Savills showed that the average monthly rent for Grade-A offices in the Central Business District (CBD) was up for the seventh consecutive quarter in Q3, though the growth moderated to just 0.1 per cent quarter on quarter to S$9.64 per square foot per month (psf pm).
https://www.businesstimes.com.sg/property/mixed-sentiment-singapores-prime-office-market-q3
https://www.edgeprop.sg/property-news/prime-office-rents-holding-despite-slowing-economy-knight-frank
Is ‘cheaper’ rent on the cards soon in Singapore?
Singapore –The private rental market is finally seeing some moderation. After two years of continual increases, rent prices appear to have stabilised as growth rates stagnated for over six months.
https://www.straitstimes.com/business/invest/is-cheaper-rent-on-the-cards-soon-in-singapore
HDB to redevelop Tanglin Halt in Queenstown to offer up to 5,500 new flats
Tanglin Halt, one of Singapore’s oldest public housing estates in Queenstown, will offer up to 5,500 new flats when fully developed, the Housing and Development Board (HDB) said on Thursday (Oct 19).
https://www.businesstimes.com.sg/property/hdb-redevelop-tanglin-halt-queenstown-offer-5500-new-flats
https://www.straitstimes.com/singapore/housing/tanglin-halt-to-have-5500-hdb-flats-integrated-development-with-hawker-centre-and-polyclinic
https://www.channelnewsasia.com/singapore/tanglin-halt-rejuvenation-integrated-development-new-flats-hawker-centre-market-polyclinic-3857126
Some HDB flat sellers use new public housing model to push up asking prices
Singapore: Some Housing and Development Board (HDB) flat sellers are capitalising on a new public housing model to push asking prices up by several thousands of dollars. The prices for flats located near MRT stations or town centres are now higher by up to S$10,000 (US$7,300) compared to before, according to industry insiders.
https://www.channelnewsasia.com/singapore/hdb-bto-plus-resale-market-property-agents-listings-3854811
Companies’ Brief
Ascott rides bleisure trend, raising the luxe bar and refreshing China properties
Despite the scorching summer heat, the streets of Chongqing, China’s fourth largest city, were full of hustle and bustle on a recent visit, teeming with people and cars on a Monday evening, even though few foreigners were in sight.
https://www.theedgesingapore.com/news/company-news/ascott-rides-bleisure-trend-raising-luxe-bar-and-refreshing-china-properties
Keppel full-year dividend set to hit S$2.70 amid stronger Q3 profit
Conglomerate Keppel Corporation on Thursday (Oct 19) said in a voluntary business update that the net profit for its fiscal third quarter ended September was “stronger” on a year-on-year basis, with all three segments – infrastructure, real estate and connectivity – booking improvements.
https://www.businesstimes.com.sg/companies-markets/keppel-full-year-dividend-set-hit-s270-amid-stronger-q3-profit
https://www.straitstimes.com/business/keppel-hits-its-growth-stride-exceeds-3-year-monetisation-target
https://www.theedgesingapore.com/capital/results/keppels-9mfy2023-revenue-continuing-operations-5-y-o-y-527-bil
Keppel Corp appoints Kevin Chng as new CFO; Chan Hon Chew to retire
Keppel Corporation has appointed its deputy chief financial officer (CFO) Kevin Chng as its CFO. Chng will replace outgoing CFO Chan Hon Chew on Jan 1, 2024. Chan will retire on Dec 31 after serving as Keppel’s CFO for nearly 10 years.
https://www.theedgesingapore.com/news/new-appointments/keppel-corp-appoints-kevin-chng-new-cfo-chan-hon-chew-retire
Marina Bay Sands Q3 revenue jumps 34.3% to $1.37 billion as tourism recovers
Singapore – Net revenue for Marina Bay Sands (MBS) grew 34.3 per cent to US$1 billion (S$1.37 billion) for the third quarter ended Sept 30, from US$756 million the year before, as travel and tourism spending in Singapore continued to recover over the quarter.
https://www.straitstimes.com/business/marina-bay-sands-q3-revenue-jumps-343-to-137-billion-as-tourism-recovers
Views, Reviews Forum and Others
Highest number of major workplace injuries from manufacturing sector; MOM to step up checks
Singapore – The manufacturing sector saw the highest number of workplace fatal and major injuries in the first half of 2023, said the Ministry of Manpower (MOM). Food manufacturing was the top contributing sub-sector for such injuries in this sector in the second half of 2022 and remains the second-highest contributing sub-sector in the first half of 2023, said the ministry in a Facebook post on Thursday.
https://www.straitstimes.com/singapore/mom-to-step-up-safety-checks-in-manufacturing-sector-1045-penalties-issued-to-fb-firms
Wet weather to keep regional hotspots ‘subdued’, low chance of haze affecting Singapore: NEA
Singapore: The return of wet weather is expected to keep the regional hotspot and haze situation subdued, the National Environment Agency (NEA) said on Thursday (Oct 19).
https://www.channelnewsasia.com/singapore/haze-nea-advisory-pm2-5-psi-readings-weather-rain-3858116
Global Economy & Real Estate
Strong economy may still require rate increases: Fed’s Powell
https://www.businesstimes.com.sg/international/strong-economy-may-still-require-rate-increases-feds-powell
https://www.straitstimes.com/business/economy/us-inflation-is-still-too-high-says-fed-chairman-jerome-powell
Federal Reserve’s Powell to take the stage amid a suddenly choppy landscape
https://www.businesstimes.com.sg/companies-markets/banking-finance/federal-reserves-powell-take-stage-amid-suddenly-choppy-landscape
https://www.theedgesingapore.com/news/us-economy/powell-signals-fed-stay-hold-and-keep-future-hike-table
Distressed US commercial property assets rise to 10-year high
https://www.businesstimes.com.sg/property/distressed-us-commercial-property-assets-rise-10-year-high
Americans must earn US$114,000 a year to afford a typical home
https://www.businesstimes.com.sg/property/americans-must-earn-us114000-year-afford-typical-home
US existing home sales drop to 13-year low in September
https://www.businesstimes.com.sg/property/us-existing-home-sales-drop-13-year-low-september
US weekly jobless claims drop to nine-month low
https://www.businesstimes.com.sg/international/us-weekly-jobless-claims-drop-nine-month-low
https://www.straitstimes.com/business/economy/us-weekly-jobless-claims-unexpectedly-fall
Asia’s small homes, decluttering drive self-storage investments
https://www.businesstimes.com.sg/property/asias-small-homes-decluttering-drive-self-storage-investments
Australia’s job market shows signs of cooling as rate hikes bite
https://www.businesstimes.com.sg/international/australias-job-market-shows-signs-cooling-rate-hikes-bite
China’s new home prices extend declines, defying broader recovery
https://www.businesstimes.com.sg/property/chinas-new-home-prices-extend-declines-defying-broader-recovery
https://www.straitstimes.com/business/china-home-prices-drop-at-faster-pace-in-blow-to-sentiment
https://www.channelnewsasia.com/business/chinas-new-home-prices-extend-declines-defying-broader-recovery-3857171
Hong Kong open for investment, Chief Executive John Lee tells belt and road entrepreneurs at high-powered Beijing conference
https://www.scmp.com/news/hong-kong/article/3238236/chief-executive-john-lee-tells-belt-and-road-entrepreneurs-high-powered-beijing-conference-hong-kong
Exclusive|Hong Kong policy address 2023: John Lee ‘expected to ease stamp duty for some home transactions, unveil plans to boost birth rate’
https://www.scmp.com/news/hong-kong/hong-kong-economy/article/3238475/hong-kong-policy-address-2023-john-lee-expected-adjust-stamp-duty-some-home-transactions-unveil
Hong Kong policy address 2023: property market may roar again if stamp duty eases, but will first-time buyers and some locals be squeezed out?
https://www.scmp.com/news/hong-kong/hong-kong-economy/article/3238518/hong-kong-policy-address-2023-property-market-may-roar-again-if-stamp-duty-eases-will-first-time
Over a quarter of Hongkongers ready to buy homes, scrap renting plans if cooling measures are lifted, Midland survey finds
https://www.scmp.com/business/article/3238484/over-quarter-hongkongers-ready-buy-homes-scrap-renting-plans-if-cooling-measures-are-lifted-midland
Japan’s core inflation slows below 3% for first time in over a year
https://www.businesstimes.com.sg/international/japans-core-inflation-slows-below-3-first-time-over-year
https://www.channelnewsasia.com/business/japans-core-inflation-slows-below-3-first-time-over-year-3859901
Japan considering income tax cut to ease blow from inflation, reports NHK
https://www.businesstimes.com.sg/international/japan-considering-income-tax-cut-ease-blow-inflation-reports-nhk
https://www.channelnewsasia.com/business/japan-government-considering-income-tax-cut-ease-blow-inflation-report-3857746
BOJ upbeat on regional Japan but warns of uncertain wage outlook
https://www.businesstimes.com.sg/international/boj-upbeat-regional-japan-warns-uncertain-wage-outlook
https://www.channelnewsasia.com/business/boj-upbeat-regional-japan-warns-uncertain-wage-outlook-3857286
Japan exports rise for the first time in three months
https://www.businesstimes.com.sg/international/japan-exports-rise-first-time-three-months
https://www.straitstimes.com/business/japan-exports-rise-for-the-first-time-in-three-months
Malaysia’s Sept exports fall 13.7% on-year, slower than forecast
https://www.businesstimes.com.sg/international/asean/malaysias-sept-exports-fall-137-year-slower-forecast
How 100,000 apartments in New York City disappeared
https://www.businesstimes.com.sg/property/how-100000-apartments-new-york-city-disappeared
UK consumer confidence tumbles in October as inflation still weighs: GfK
https://www.businesstimes.com.sg/international/uk-consumer-confidence-tumbles-october-inflation-still-weighs-gfk
Property portal OnTheMarket surges 53% on US$120 million takeover by CoStar
https://www.businesstimes.com.sg/property/property-portal-onthemarket-surges-53-us120-million-takeover-costar
Disclaimer & Note:
Real Estate Developers’ Association of Singapore (REDAS) does not warrant the accuracy, adequacy or completeness of the information and expressly disclaims liability for errors or omissions therein. The content, accuracy, and opinions expressed are not investigated, verified, monitored, nor endorsed by REDAS. Every effort is taken to ensure that all information extracted is correct at the time of dissemination.
The Daily News is issued as news gathering for the convenience and benefits of REDAS’ members only and not for mass circulation. Members are advised to exercise discretion in the use and dissemination of the information. The news links are time-sensitive and require registration of fee-based digital subscriptions.