Singapore Real Estate
Executive condos among top percentage gainers in Q1 resale deals
Some executive condominium (EC) homeowners in Singapore’s suburbs or outside central region (OCR) scored solid gains in the first quarter of this year, with properties changing hands for nearly double their original price.
https://www.businesstimes.com.sg/property/executive-condos-among-top-percentage-gainers-q1-resale-deals
CDL puts up 62 freehold strata industrial units in Pasir Panjang for sale at S$103 million
A portfolio of 62 freehold strata industrial units in Citilink Warehouse Complex has been put up for sale en masse by City Developments Ltd (CDL) via an expression of interest (EOI) exercise. The properties are going for an indicative price of S$103 million, which translates to about S$997 per square foot over the total strata area that is for sale.
https://www.businesstimes.com.sg/property/cdl-puts-62-freehold-strata-industrial-units-pasir-panjang-sale-s103-million
https://www.edgeprop.sg/property-news/portfolio-62-industrial-units-citilink-warehouse-complex-sale-103-mil
Prime retail rents in Singapore up 1.2% q-o-q in 1Q2023: Knight Frank
Singapore (EdgeProp) – Singapore retail rents continued to pick up in 1Q2023 amid the ongoing recovery in the tourism sector. According to a report by Knight Frank, gross rent of prime spaces island-wide averaged $26.40 psf per month (psf pm) in 1Q2023, up 1.2% q-o-q and 5% y-o-y.
https://www.edgeprop.sg/property-news/prime-retail-rents-singapore-12-q-o-q-1q2023-knight-frank
Singapore Economy
Ageing Singapore can stay economically vibrant by growing workforce, productivity: Ong Ye Kung
Singapore can stay economically vibrant even as it becomes “super aged”, by continuing to grow the workforce and drive productivity, said Health Minister Ong Ye Kung on Thursday (Apr 20).
https://www.businesstimes.com.sg/singapore/ageing-singapore-can-stay-economically-vibrant-growing-workforce-productivity-ong-ye-kung
https://www.todayonline.com/singapore/spore-cushion-impact-reap-dividends-ageing-society-ong-ye-kung-2155036
Singapore must abandon ‘use and throw culture’, invest now for future sustainability: Grace Fu
To stay sustainable, Singapore must move away from its “use and throw culture”, and make long-term investments today in areas such as coastal protection and food security, said Minister for Sustainability and the Environment Grace Fu in Parliament on Thursday (Apr 20).
https://www.businesstimes.com.sg/singapore/singapore-must-abandon-use-and-throw-culture-invest-now-future-sustainability-grace-fu
https://www.todayonline.com/singapore/buying-local-produce-cost-more-food-security-invest-grace-fu-2155181
Business worsens for S’pore SMEs in Q1 amid weaker global trade, persistent inflation
Singapore – The slowing economy made life a bit harder for smaller companies in the first three months of 2023 after a lengthy period of expansion, a report noted on Thursday.
https://www.straitstimes.com/business/banking/business-worsens-for-s-pore-smes-in-q1-amid-weaker-global-trade-persistent-inflation
Singapore tourist arrivals surpass one million in March; first time since 2020
Singapore’s international visitor arrivals surpassed one million in March, for the first time since the pandemic began in 2020, the latest figures from the Singapore Tourism Board showed on Thursday (Apr 20).
https://www.businesstimes.com.sg/singapore/singapore-tourist-arrivals-surpass-one-million-march-first-time-2020
Companies’ Brief
CapitaLand Ascendas Reit to divest industrial building in Macpherson for S$35.4m
CapitaLand Ascendas Reit (Clar) is divesting an industrial property in Macpherson for S$35.4 million, its manager said in a bourse filing on Thursday (Apr 20). The sale consideration of the building, KA Place, represents a 219 per cent premium to its original purchase price of S$11.1 million in March 2005
https://www.businesstimes.com.sg/companies-markets/capitaland-ascendas-reit-divest-industrial-building-macpherson-s354m
https://www.theedgesingapore.com/news/ma/capitaland-ascendas-reit-divests-local-industrial-building-219-premium-2005-purchase-price
Keppel Corp posts 9% rise in Q1 revenue to S$2.3 billion
Keppel Corporation posted a 9 per cent rise in its revenue to S$2.3 billion for its first quarter ended Mar 31, 2023, from S$2.1 billion the same period the year before. While the company did not specify its net profit for the quarter, it noted that the figure was significantly higher year on year, due to the disposal gain of around S$3.3 billion from the merger between its offshore and marine (O&M) unit and Sembcorp Marine (Sembmarine).
https://www.businesstimes.com.sg/companies-markets/keppel-corp-posts-9-rise-q1-revenue-s23-billion
https://www.theedgesingapore.com/capital/results/keppel-corporation-1qfy2023-revenue-9-y-o-y-net-profit-significantly-higher-om
Views, Reviews, Forum and Others
MOH debunks claims that XBB Covid-19 variant more ‘toxic’ than Delta
Singapore – The Ministry of Health (MOH) has countered false claims that the Omicron subvariant XBB of the Sars-CoV-2 virus is five times more “toxic” than the Delta variant. In a Facebook post on Wednesday, MOH also refuted allegations that XBB is difficult to detect and has a higher mortality rate than Delta.
https://www.straitstimes.com/singapore/moh-debunks-claims-that-xbb-covid-19-variant-more-toxic-than-delta
https://www.todayonline.com/singapore/moh-refutes-false-claims-whatsapp-omicron-xbb-covid-strain-2154471
https://www.channelnewsasia.com/singapore/whatsapp-message-xbb-covid-19-subvariant-more-toxic-deadly-delta-untrue-moh-3429561
21 passengers missed flights at Changi Airport Terminal 4 during immigration clearance disruption last month
Singapore: A total of 21 passengers missed their flights at Changi Airport Terminal 4 as a result of the immigration clearance disruption on Mar 31, said Minister of State for Home Affairs Muhammad Faishal Ibrahim in Parliament on Friday (Apr 21).
https://www.channelnewsasia.com/singapore/ica-immigration-clearance-disruption-changi-airport-21-passengers-missed-flights-3434176
Global Economy & Real Estate
US existing home sales resume downward trend in March
https://www.businesstimes.com.sg/property/us-existing-home-sales-resume-downward-trend-march
US homebuilder DR Horton’s annual revenue forecast beats estimates
https://www.businesstimes.com.sg/property/us-homebuilder-dr-hortons-annual-revenue-forecast-beats-estimates
UK consumer confidence highest since Feb 2022 as ‘green shoots’ emerge: GfK
https://www.businesstimes.com.sg/international/uk-consumer-confidence-highest-feb-2022-green-shoots-emerge-gfk
Some ECB policymakers wanted rate hike pause: minutes
https://www.businesstimes.com.sg/international/some-ecb-policymakers-wanted-rate-hike-pause-minutes
Embattled Chinese developer Sunac gets more creditors on board with US$9 billion offshore debt restructuring plan
https://www.scmp.com/business/china-business/article/3217821/embattled-chinese-developer-sunac-gets-more-creditors-board-us9-billion-offshore-debt-restructuring
Chinese developer Yuexiu seeks to raise about US$1 billion via rights issue to expand in Greater Bay Area, key cities
https://www.scmp.com/business/article/3217691/chinese-developer-yuexiu-seeks-raise-about-us1-billion-rights-issue-expand-greater-bay-area-key
Hong Kong lawmakers approve controversial motion to bring in mainland Chinese workers to ease labour crunch
https://www.scmp.com/news/hong-kong/hong-kong-economy/article/3217764/hong-kong-lawmakers-approve-controversial-motion-bring-mainland-chinese-workers-ease-labour-crunch
Hong Kong’s Shui On Land forms JV for Shanghai redevelopment project
https://www.edgeprop.sg/property-news/hong-kong%E2%80%99s-shui-land-forms-jv-shanghai-redevelopment-project
Taiwan March export orders slump nearly 26%, worst drop in 14 years
https://www.businesstimes.com.sg/international/taiwan-march-export-orders-slump-nearly-26-worst-drop-14-years
Japan PM rules out sales tax hike to fund families, defence
https://www.businesstimes.com.sg/international/japan-pm-rules-out-sales-tax-hike-fund-families-defence
Japan inflation stays above BOJ goal, key index hits four-decade high
https://www.straitstimes.com/business/japan-inflation-stays-above-boj-goal-key-index-hits-four-decade-high
https://www.channelnewsasia.com/business/japans-broadening-inflationary-pressures-test-bojs-dovish-stance-3433811
Japan’s factory activity shrinks at slowest pace in six months: PMI
https://www.businesstimes.com.sg/international/japans-factory-activity-shrinks-slowest-pace-six-months-pmi
https://www.channelnewsasia.com/business/japans-factory-activity-shrinks-slowest-pace-six-months-pmi-3433891
Japan’s March core consumer prices rise 3.1%, stays above BOJ target
https://www.businesstimes.com.sg/international/japans-march-core-consumer-prices-rise-31-stays-above-boj-target
South Korea economy likely narrowly avoided recession in Q1: Reuters poll
https://www.channelnewsasia.com/business/south-korea-economy-likely-narrowly-avoided-recession-q1-reuters-poll-3434041
https://www.channelnewsasia.com/business/south-korea-march-producer-inflation-eases-weakest-25-months-3433526
Malaysia’s inflation eases to 3.4% in March on falling petrol prices
https://www.businesstimes.com.sg/international/asean/malaysias-inflation-eases-34-march-falling-petrol-prices
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