Singapore Real Estate
Singapore’s Orchard Road retains 12th spot globally for most expensive retail rents
Singapore has retained its 12th spot globally for expensive rents in prime retail areas, based on findings from a Cushman & Wakefield report released on Tuesday (Nov 21). The real estate services company said that average rents for the Orchard Road shopping belt stood at around US$431 per square foot (psf) per year.
https://www.businesstimes.com.sg/property/singapores-orchard-road-retains-12th-spot-globally-most-expensive-retail-rents
https://www.edgeprop.sg/property-news/orchard-road-ranks-12th-most-expensive-retail-street-globally-cushman-wakefield
Singapore’s private home rents ‘plateau’ in Q3 amid macro uncertainties, rising supply
Private residential rents are starting to soften, especially in the high-end market segment, amid economic uncertainties and a boost in home supply, a report by Savills Singapore indicated.
https://www.businesstimes.com.sg/property/singapores-private-home-rents-plateau-q3-amid-macro-uncertainties-rising-supply-savills
Singapore Economy
Singapore GDP expected to grow 1% in 2023; Q3 growth at 1.1%
Singapore’s full-year economic growth is expected to come in at around 1 per cent, the Ministry of Trade and Industry (MTI) said on Wednesday (Nov 22) morning. The growth outlook hits the midpoint of the gross domestic product (GDP) forecast range that MTI had earlier expected. GDP is expected to grow 1 per cent to 3 per cent next year.
https://www.businesstimes.com.sg/singapore/singapore-gdp-expected-grow-1-2023-q3-growth-11
https://www.straitstimes.com/business/singapore-economy-to-expand-1-3-in-2024-2023-growth-forecast-at-1-on-weak-exports
https://www.todayonline.com/singapore/singapore-narrows-2023-growth-forecast-around-1-weak-exports-2310306
https://www.channelnewsasia.com/singapore/singapore-gdp-growth-forecast-2023-third-quarter-mti-3938261
https://www.theedgesingapore.com/news/singapore-economy/singapores-economic-expansion-beats-sees-2024-growth-1-3
Singapore downgrades 2023 export forecasts; projects NODX growth of 2% to 4% for 2024
Singapore has downgraded its 2023 full-year forecasts for non-oil domestic exports (NODX) and total merchandise trade, amid weaker-than-expected performance in the first three quarters. This is mainly due to oil and electronics trade.
https://www.businesstimes.com.sg/singapore/singapore-downgrades-2023-export-forecasts-projects-nodx-growth-2-4-2024
Singapore’s tourist arrivals extend decline, dip to 1.13 million in October
Singapore’s international visitor arrivals slipped for the third consecutive month to 1,125,948 in October, based on the latest figures from the Singapore Tourism Board (STB). This was a nudge lower than the 1,130,757 visitors posted in September – but still 37.8 per cent higher than the 816,833 visitors recorded in October 2022.
https://www.businesstimes.com.sg/singapore/singapores-tourist-arrivals-extend-decline-dip-113-million-october
https://www.straitstimes.com/business/singapore-tourist-arrivals-extend-monthly-decline-dip-to-113-million-in-october
Companies’ Brief
Hongkong Land appoints Mapletree Investments executive as new CEO
Property player Hongkong Land has appointed Michael Smith – the current regional chief executive officer of Europe and the US at Mapletree Investments – as its new CEO. Smith will be appointed with effect from Apr 1, 2024, and will be relocating to Hong Kong for the role.
https://www.businesstimes.com.sg/companies-markets/hongkong-land-appoints-mapletree-investments-executive-new-ceo
https://www.scmp.com/business/companies/article/3242366/hongkong-land-appoints-singapore-based-mapletrees-michael-smith-ceo
PropertyGuru returns to the black in Q3 but lowers full-year revenue outlook
PropertyGuru reported earnings of S$312,000 in the third quarter of its fiscal year ended Sep 30, reversing from a net loss of S$7.4 million a year prior.
https://www.businesstimes.com.sg/companies-markets/propertyguru-returns-black-q3-lowers-full-year-revenue-outlook
Starhill Global REIT obtains its first sustainability-linked facility of $50 mil
The manager of Starhill Global REIT has announced that HSBC Institutional Trust Services Singapore, in its capacity as trustee of Starhill Global REIT, has entered into a facility agreement with DBS Bank for a five-year unsecured sustainability-linked multicurrency revolving credit facility of $50 million on Nov 21.
https://www.theedgesingapore.com/news/reits/starhill-global-reit-obtains-its-first-sustainability-linked-facility-50-mil
Global Economy & Real Estate
US Fed expects interest rates to stay high ‘for some time’, minutes show
https://www.straitstimes.com/business/economy/us-fed-expects-interest-rates-to-stay-high-for-some-time-minutes-show
https://www.channelnewsasia.com/business/us-fed-expects-interest-rates-stay-high-3937761
Federal Reserve shifts into cautious policy mode as risks become more two-sided
https://www.businesstimes.com.sg/companies-markets/banking-finance/federal-reserve-shifts-cautious-policy-mode-risks-become-more-two
US existing home sales slump to more than 13-year low in October
https://www.businesstimes.com.sg/property/us-existing-home-sales-slump-more-13-year-low-october
Australia central bank judged rate hike was needed to anchor inflation expectations
https://www.businesstimes.com.sg/companies-markets/banking-finance/australia-central-bank-judged-rate-hike-was-needed-anchor
Canada inflation slows to 3.1%, keeping bank on hold
https://www.businesstimes.com.sg/international/canada-inflation-slows-31-keeping-bank-hold
China’s 2023 GDP forecasts twisted and turned as prognosticators puzzled over country’s future
https://www.scmp.com/economy/economic-indicators/article/3241783/chinas-2023-gdp-forecasts-twisted-and-turned-prognosticators-puzzled-over-countrys-future
China property stocks surge after Beijing picks 50 firms to fund
https://www.businesstimes.com.sg/international/china-property-stocks-surge-after-beijing-picks-50-firms-fund
https://www.straitstimes.com/business/china-property-stocks-surge-after-beijing-picks-50-firms-to-fund
ECB says property slump could last years in threat to lenders
https://www.businesstimes.com.sg/property/ecb-says-property-slump-could-last-years-threat-lenders
Eurozone to tighten fiscal policy in 2024, some still to spend too much: Commission
https://www.businesstimes.com.sg/international/eurozone-tighten-fiscal-policy-2024-some-still-spend-too-much-commission
Hong Kong’s biggest developer sells homes at six-year low price
https://www.businesstimes.com.sg/property/hong-kongs-biggest-developer-sells-homes-six-year-low-price
https://www.straitstimes.com/business/hong-kong-s-biggest-developer-sells-homes-at-6-year-low-price
Office floors at Hong Kong’s One Island East sold for HK$5.4 bil
https://www.edgeprop.sg/property-news/office-floors-hong-kong%E2%80%99s-one-island-east-sold-hk54-bil
World’s priciest retail streets: Hong Kong’s Tsim Sha Tsui slips to third place after New York’s Fifth Avenue and Milan’s Via Montenapoleone
https://www.scmp.com/business/article/3242302/worlds-priciest-retail-streets-hong-kongs-tsim-sha-tsui-slips-third-place-after-new-yorks-fifth
Japan cuts view on economy for first time in 10 months
https://www.channelnewsasia.com/business/japan-cuts-view-economy-first-time-10-months-3938236
Sunak vows tax cuts ahead after meeting UK inflation pledge
https://www.businesstimes.com.sg/international/sunak-vows-tax-cuts-ahead-after-meeting-uk-inflation-pledge
UK’s Hunt to cut taxes to boost economy and election prospects
https://www.businesstimes.com.sg/international/uks-hunt-cut-taxes-boost-economy-and-election-prospects
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