Singapore Real Estate
Hong Heng Mansions up for collective sale with S$133 million reserve price
Hong Heng Mansions has been launched for collective sale by tender with a S$133 million reserve price on Wednesday (Feb 22), said marketing agent ERA Realty Network. This implies a land rate of about S$1,208 per square foot per plot ratio, excluding land betterment charge.
https://www.businesstimes.com.sg/property/hong-heng-mansions-collective-sale-s133-million-reserve-price
https://www.edgeprop.sg/property-news/collective-sale-hong-heng-mansions-launched-133-mil
China buyer picks up duplex penthouse at Klimt Cairnhill for nearly S$30 million
The duplex penthouse unit occupying the top two floors of the 36-storey Klimt Cairnhill luxury condominium is being sold for close to S$30 million, The Business Times understands. The price works out to nearly S$5,000 per square foot (psf) for the 5,920 square foot freehold unit; the strata area includes about 800 sq ft of void that creates a double-volume space in the living area.
https://www.businesstimes.com.sg/property/china-buyer-picks-duplex-penthouse-klimt-cairnhill-nearly-s30-million
Analysis: Deep dive into each February BTO project
Singapore (EdgeProp) – This month’s Build-To-Order (BTO) exercise comprises 4,410 flats across five projects in four towns, which is significantly fewer than the 9,655 flats across 10 projects in five towns that were launched in the BTO exercise last November.
https://www.edgeprop.sg/property-news/analysis-deep-dive-each-february-bto-project
Singapore Economy
Parliament debate on Singapore Budget 2023 starts Feb 22
Singapore: Parliament will start debating the Budget 2023 statement on Wednesday (Feb 22). It is expected to go on for at least two days before Deputy Prime Minister and Finance Minister Lawrence Wong delivers the round-up speech, clarifies queries from Members of Parliament and sums up the Budget.
https://www.channelnewsasia.com/singapore/budget-2023-parliament-debate-committee-supply-3292726
S’pore businesses contend with rising costs as policy sharpens on productivity, competitiveness
Singapore – Even as inflation peaks and the interest rate hiking cycle heads for a pause, the cost of doing business in Singapore is likely to remain elevated for quite a while. A significant pullback in demand for goods worldwide is already showing in export data, clouding the outlook for overall economic growth. The rebound in the services sector will also start to lose steam in time.
https://www.straitstimes.com/business/s-pore-businesses-contend-with-rising-costs-as-policy-sharpens-on-productivity-competitiveness
Fintech innovation will help drive growth for businesses in Singapore
Singapore’s growth prospects have slowed amid inflationary pressures and global economic uncertainty. Yet, if there’s a bright spot to focus on, it may just lie in fintech innovation. The 2023 Budget echoed this sentiment, with Deputy Prime Minister Lawrence Wong noting the need to “nurture and sustain innovation across the economy”.
https://www.businesstimes.com.sg/opinion-features/fintech-innovation-will-help-drive-growth-businesses-singapore
Companies’ Brief
CapitaLand Investment sets up China data centre development fund
CapitaLand Investment (CLI) has established CapitaLand China Data Centre Partners (CDCP), a China data centre development fund committed to investing in two hyperscale data centre development projects in the Greater Beijing area.
https://www.businesstimes.com.sg/companies-markets/capitaland-investment-sets-china-data-centre-development-fund
https://www.straitstimes.com/business/capitaland-investment-sets-up-china-data-centre-development-fund
https://www.theedgesingapore.com/news/digital-economy/capitaland-investment-establishes-china-data-centre-development-fund-1-bil
Goldman Sachs downgrades CDL to ‘sell’ and UOL to ‘neutral’ after third round of cooling measures
Goldman Sachs analysts Xuan Tan and John Tsang have issued a downgrade on property developers City Developments Limited (CDL) and UOL after a further round of cooling measures announced at the Budget 2023.
https://www.theedgesingapore.com/capital/property/goldman-sachs-downgrades-cdl-sell-and-uol-neutral-after-third-round-cooling
Frasers Property secures five-year A$340 mil and US$75 mil sustainability-linked loan for Australia business
Frasers Property (FPL) has secured a five-year A$340 million ($312.9 million) and US$75 million ($100.4 million) syndicated sustainability-linked loan for its Australia business, Frasers Property AHL Limited (FPAHL).
https://www.theedgesingapore.com/news/sustainability/frasers-property-secures-five-year-a340-mil-and-us75-mil-sustainability-linked
Pan-United supplying 360,000 cu m of low-carbon concrete to PSA’s Tuas Port
Pan-United Corporation has announced its role in supplying some 360,000 cubic meters of so-called carbon dioxide mineralised concrete used in the construction of Tuas Port. The contract value has not been disclosed.
https://www.theedgesingapore.com/news/environmental-social-and-governance/pan-united-supplying-360000-cu-m-low-carbon-concrete-psas
Sembcorp chairman Ang Kong Hua retires, Tow Heng Tan appointed
Sembcorp Industries said on Wednesday (Feb 22) that chairman Ang Kong Hua will be retiring at its upcoming annual general meeting on Apr 20. Current deputy chairman Tow Heng Tan will take over as non-executive and non-independent chairman
https://www.businesstimes.com.sg/companies-markets/sembcorp-chairman-ang-kong-hua-retires-tow-heng-tan-appointed
https://www.straitstimes.com/business/sembcorp-chairman-ang-kong-hua-to-retire-tow-heng-tan-to-succeed-him
https://www.theedgesingapore.com/news/new-appointments/sembcorp-chairman-ang-kong-hua-retire-deputy-chairman-tow-heng-tan-succeed-him
Global Economy & Real Estate
US business activity rebounds to eight-month high in February: S&P Global survey
https://www.businesstimes.com.sg/international/us-business-activity-rebounds-eight-month-high-february-sp-global-survey
US existing home sales fall in January, but pace slowing
https://www.businesstimes.com.sg/property/us-existing-home-sales-fall-january-pace-slowing
More taking up second job, another sign of a tight US job market
https://www.businesstimes.com.sg/international/more-taking-second-job-another-sign-tight-us-job-market
Eurozone business growth at 9-month high, backed by services: flash PMI
https://www.businesstimes.com.sg/international/eurozone-business-growth-9-month-high-backed-services-flash-pmi
UK government runs unexpected budget surplus in January: ONS
https://www.businesstimes.com.sg/international/uk-government-runs-unexpected-budget-surplus-january-ons
UK companies unexpectedly show first growth in six months
https://www.businesstimes.com.sg/companies-markets/uk-companies-unexpectedly-show-first-growth-six-months
UK’s long housing boom helped trigger exodus of older workers
https://www.businesstimes.com.sg/property/uks-long-housing-boom-helped-trigger-exodus-older-workers
Britain lacks millions of homes due to tight planning laws: think tank
https://www.businesstimes.com.sg/property/britain-lacks-millions-homes-due-tight-planning-laws-think-tank
North London property prices jump as buyers return to capital
https://www.businesstimes.com.sg/property/north-london-property-prices-jump-buyers-return-capital
New Zealand delivers half-point rate hike, still sees 5.5% peak
https://www.businesstimes.com.sg/international/new-zealand-delivers-half-point-rate-hike-still-sees-55-peak
China leaders pledge stronger growth as recovery takes hold
https://www.businesstimes.com.sg/international/china-leaders-pledge-stronger-growth-recovery-takes-hold
China property market outlook is improving: HSBC CEO
https://www.businesstimes.com.sg/property/china-property-market-outlook-improving-hsbc-ceo
Investment into China picks up in January after late 2022 drop
https://www.straitstimes.com/business/investment-into-china-picks-up-in-january-after-late-2022-drop
China’s exports in 2023 weighed down by ‘very weak’ outlook, analysts say
https://www.scmp.com/economy/china-economy/article/3210970/chinas-exports-2023-weighed-down-very-weak-outlook-analysts-say
Hong Kong budget 2023-24: after ‘Hello’, comes ‘Happy’ – economy set for growth this year, HK$5,000 consumption voucher for locals while non-residents get HK$2,500
https://www.scmp.com/news/hong-kong/hong-kong-economy/article/3211025/hong-kong-budget-2023-24-after-hello-comes-happy-finance-chief-dish-out-consumption-vouchers-part
Hong Kong hopes free air tickets revive tourism as fiscal deficit soars
https://www.channelnewsasia.com/asia/hong-kong-budget-2023-tourism-free-air-tickets-3293161
Sino Land set to launch some 2,100 flats this year as it turns ‘cautiously optimistic’ on Hong Kong’s property market
https://www.scmp.com/business/article/3210998/sino-land-set-launch-some-2100-flats-year-it-turns-cautiously-optimistic-hong-kongs-property-market
Japan says economy in modest recovery, caution over global slowdown
https://www.channelnewsasia.com/business/japan-says-economy-modest-recovery-caution-over-global-slowdown-3293036
Japan’s modest business services price rise highlights dilemma for central bank
https://www.channelnewsasia.com/business/japans-modest-business-services-price-rise-highlights-dilemma-central-bank-3295261
Japan manufacturers gloomy as global slowdown hurts – Reuters Tankan
https://www.channelnewsasia.com/business/japan-manufacturers-gloomy-global-slowdown-hurts-reuters-tankan-3294996
South Korea’s ‘jeonse’ rent-free renters hit by property downturn
https://www.businesstimes.com.sg/property/south-koreas-jeonse-rent-free-renters-hit-property-downturn
With Malaysia hurt by 1MDB, debt and inflation, will Anwar be able to ease cost of living?
https://www.scmp.com/week-asia/economics/article/3211020/malaysia-hurt-1mdb-debt-and-inflation-will-anwar-be-able-ease-cost-living
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.