Singapore Real Estate
Sophia Road en bloc site sells for S$33.59 million, below guide price
A residential redevelopment site at 132 Sophia Road was sold for S$33.59 million to boutique property developer and investor Sin Thai Hin Development, following a tender exercise that closed on Nov 29.
People’s Park Complex being studied for conservation, may impact collective sale
People’s Park Complex, built in the 1970s as South-east Asia’s first multi-use complex, may be proposed for conservation in view of its high heritage significance, said the urban planning authorities.
Over 75% of Turf City tenants find new homes as deadline to vacate site looms
More than 75 per cent of Turf City tenants have found new places for their businesses ahead of a Dec 31 deadline to leave the Bukit Timah site, which is slated to make way for private and public homes.
Retailers and F&B operators must adapt for bumpy road ahead in 2024
Retailers and food and beverage operators here are facing a challenging 2024, with cost of living issues and an uncertain outlook for tourism and the economy, but some firms are still willing to take a chance.
Companies’ Brief
CDL braces for substantial FY2023 profit drop on lack of significant divestment gains
City Developments Ltd (CDL) expects a substantial drop in attributable profit for its 2023 financial year ending Dec 31, as no significant divestment gains were made in the year, the property giant said on Thursday (Dec 21).
https://www.theedgesingapore.com/news/property/cdl-joins-cli-guiding-lower-fy2023-earnings
Keppel Infrastructure Trust to spend up to $159m for 45% stake in German unicorn’s solar portfolio
The trustee-manager of Keppel Infrastructure Trust (KIT) is committing up to €109 million (S$159 million) to acquire a 45 per cent stake in a solar portfolio from Enpal, Germany’s first green-tech unicorn.
Global Economy & Real Estate
Shipping costs soar as war, climate risks choke key waterways
US inflation report to show Fed’s battle is now all but complete
https://www.businesstimes.com.sg/international/us-inflation-report-show-feds-battle-now-all-complete
It is too early to celebrate the ‘rate cuts’ in 2024
https://www.straitstimes.com/business/invest/it-is-too-early-to-celebrate-the-rate-cuts-in-2024
Regional US Fed banks adopt records transparency policy
US weekly jobless claims increase slightly; Q3 GDP growth trimmed
US housing market shows signs of life after mortgage rates fall
IReit Global to sell Barcelona office property for 24.5 million euros at premium to valuation
Canadian consumers slow spending as interest rates bite
https://www.businesstimes.com.sg/international/canadian-consumers-slow-spending-interest-rates-bite
Shanghai, Beijing home sales surge after policy easing
https://www.businesstimes.com.sg/property/shanghai-beijing-home-sales-surge-after-policy-easing
Global minimum 15% corporate tax may undermine Hong Kong’s tax incentives to attract businesses, lawmaker Robert Lee warns
Number of Hong Kong businesses with mainland China or overseas parents back to pre-coronavirus levels at more than 9,000, figures show
Hong Kong launches ambitious plan to land family offices for the super-rich, but how does it stack up against competition for the lucrative market?
Hong Kong pulls in financial firms as they target rich clients, family offices with array of services
Redevelopment of Hong Kong’s Instagram-famous Choi Hung Estate to take 15 years, with 1,800 more flats to be added
Indonesia central bank extends interest rate pause, sees possible easing in H2 2024
Japan to unveil US$784 billion budget, adding to debt burden
https://www.businesstimes.com.sg/international/japan-unveil-us784-billion-budget-adding-debt-burden
Japan government lifts economic growth estimates
https://www.businesstimes.com.sg/international/japan-government-lifts-economic-growth-estimates
https://www.channelnewsasia.com/business/japan-government-lifts-economic-growth-estimates-4003401
Japan banks scramble to beef up asset management business amid government reform push
Japan Nov core CPI rises 2.5per cent yr/yr
https://www.todayonline.com/world/japan-nov-core-cpi-rises-25per-cent-yr-yr-2330796
https://www.channelnewsasia.com/business/japan-nov-core-cpi-rises-25-yr-yr-4005996
https://www.businesstimes.com.sg/international/japan-inflation-slows-25-november-energy-bills-drop
Discount London office deals show more pain coming for lenders
https://www.businesstimes.com.sg/property/discount-london-office-deals-show-more-pain-coming-lenders
Barclays sublets Canary Wharf offices, extends lease on another
Philippines keeps inflation target at 2-4% to 2026
https://www.businesstimes.com.sg/international/philippines-keeps-inflation-target-2-4-2026
https://www.channelnewsasia.com/business/philippines-keeps-inflation-target-2-4-through-2026-4003656
Saudi Arabia launches US$5 billion partnership with Hong Kong’s Regal Hotels and Cosmopolitan International to promote tourism
South Korean banks pledge $2 billion to small businesses amid profit-sharing pressure
South Korea’s early exports show recovery momentum picks up
Sweden cuts 2024 growth estimate, sees downturn until 2025
UK budget deficit jumps 27% in first eight months of fiscal year
UK business confidence slips in December, economic concerns weigh: Lloyds
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