Singapore Real Estate / Built Environment
S’pore hotels enjoy over 80% occupancy rate despite strong Singdollar, higher room prices
Singapore – Even as tourist arrivals to Singapore are picking up, the hospitality sector faces headwinds, such as rising land costs and a strong Singapore dollar. High costs for limited land space and construction works will eventually lead to smaller hotel rooms, similar to those already found in Hong Kong and Japan.
https://www.straitstimes.com/business/hotel-rooms-in-singapore-getting-smaller-and-more-expensive-but-still-record-over-80-occupancy-rate
Cost pressures unsettling Singapore factory users; warehouse and business park vacancies rise in Q3
Singapore’s steadily rising industrial rents are pushing occupiers to look for less pricey premises, resulting in falling occupancies at warehouse and logistics properties and business parks, a report by Savills Singapore on Friday (Nov 22) showed.
https://www.businesstimes.com.sg/property/cost-pressures-unsettling-singapore-factory-users-warehouse-and-business-park-vacancies-rise-q3
https://www.zaobao.com.sg/realtime/singapore/story20241124-5394799
Haidilao co-founders’ family said to be new owner of 21 Collyer Quay
An entity understood to be linked to the family of the controlling shareholders of the Haidilao hotpot chain empire is said to be the new owner of 21 Collyer Quay, which was sold earlier this month for S$688 million.
https://www.businesstimes.com.sg/property/haidilao-co-founders-family-said-be-new-owner-21-collyer-quay
https://www.zaobao.com.sg/realtime/singapore/story20241123-5388851
Singapore Economy
PM Wong urges Singaporeans to remain united in ‘a far more dangerous world’
Singapore – Singaporeans must remain united in a far more dangerous world that is in flux, with more conflict and instability on the horizon, said Prime Minister Lawrence Wong on Nov 24.
https://www.straitstimes.com/singapore/politics/pm-wong-calls-on-sporeans-to-remain-united-in-a-far-more-dangerous-world
Govt doing its best to help with cost of living, while opposition tries to exploit issue: PM Wong
Singapore – The PAP Government is doing its best to shield citizens from the worst effects of global inflation, even as opposition parties in Singapore have tried to exploit cost-of-living concerns to turn sentiments against the ruling party, said Prime Minister Lawrence Wong.
https://www.straitstimes.com/singapore/politics/govt-doing-its-best-to-help-with-cost-of-living-while-opposition-tries-to-exploit-issue-pm-wong
Singapore companies ‘slightly optimistic’ about next 6 months, after exiting sales contraction phase in Q3: survey
Singapore companies remain slightly optimistic about business prospects over the next six months, as they exited a nearly two-year-long period of sales contraction in the third quarter of 2024, a quarterly survey has shown.
https://www.businesstimes.com.sg/singapore/singapore-companies-slightly-optimistic-about-next-6-months-after-exiting-sales-contraction-phase-q3
Business News
CapitaLand warns of potential China divestment losses
CapitaLand Investment, one of Asia’s largest property investment managers, warned of potential losses as it seeks to extricate itself from China’s real estate crisis.
https://www.businesstimes.com.sg/property/capitaland-warns-potential-china-divestment-losses
https://www.straitstimes.com/business/companies-markets/capitaland-warns-of-china-losses-as-singapore-property-investor-cuts-exposure
CapitaLand Ascott Trust sells Japan rental housing asset to Goldman Sachs for 12.7 billion yen: report
CapitaLand Ascott Trust (Clas) has sold a rental housing asset in Japan to Goldman Sachs for 12.7 billion yen (S$110 million).
https://www.businesstimes.com.sg/companies-markets/capitaland-ascott-trust-sells-japan-rental-housing-asset-goldman-sachs-12-7-billion-yen-report
https://www.zaobao.com.sg/realtime/singapore/story20241122-5386484
CDL and joint ventures post S$611.1 million in Q3 sales, driven by Kassia launch
City Developments Limited (CDL) and its joint venture associates recorded S$611.1 million in sales for the third quarter ended Sep 30, 2024, from 321 units sold, up from S$325 million and 183 units in the same period last year.
https://www.businesstimes.com.sg/companies-markets/reits-property/cdl-and-joint-ventures-post-s611-1-million-q3-sales-driven-kassia-launch
https://www.zaobao.com.sg/realtime/singapore/story20241122-5387550
SingLand builds on sustainability efforts, sees ESG credentials as prerequisite to attracting tenants
Jonathan Eu, the chief executive officer of property developer Singapore Land (SingLand), believes that green buildings will increasingly be seen as a “prerequisite” for tenants seeking office space.
https://www.businesstimes.com.sg/companies-markets/singland-builds-sustainability-efforts-sees-esg-credentials-prerequisite-attracting-tenants
Views, Reviews, Forum and Others
Home away from home: MOM’s new dorm a big step forward for migrant workers, but long road awaits
Singapore – Lockers for personal belongings? Check. Single beds? Check. Private spaces for personal calls? Check. As far as Mr Sumun Biswas, 44, is concerned, a new government-owned migrant worker dormitory that will open in early 2026 checks all the boxes.
https://www.straitstimes.com/singapore/home-away-from-home-moms-new-dorm-a-big-step-forward-for-migrant-workers-but-long-road-awaits
Workplace safety and health award stripped from company for lying about injury record
Singapore – A company has been stripped of a safety and health award and banned from participating in future editions after it was found to have lied about its workplace injury record.
https://www.straitstimes.com/singapore/workplace-safety-and-health-award-stripped-from-company-for-lying-about-injury-record
Global Economy & Real Estate
US existing-home sales rose in October after mortgage-rate drop
https://www.businesstimes.com.sg/property/us-existing-home-sales-rose-october-after-mortgage-rate-drop
As threat of Trump tariffs looms, Europe’s leaders seek greater unity
https://www.businesstimes.com.sg/international/threat-trump-tariffs-looms-europes-leaders-seek-greater-unity
Australia dumps plan for fines for social media giants enabling misinformation
https://www.businesstimes.com.sg/international/australia-dumps-plan-fines-social-media-giants-enabling-misinformation
Asian business owners and family offices are piling into US equities and real estate
https://www.straitstimes.com/business/asian-business-owners-and-family-offices-are-piling-into-us-equities-and-real-estate
Brooklyn needs housing, but she can’t build on a vacant lot
https://www.businesstimes.com.sg/property/brooklyn-needs-housing-she-cant-build-vacant-lot
China’s border with Central Asia deemed concern amid demographic decline
https://www.scmp.com/economy/china-economy/article/3287769/chinas-border-central-asia-deemed-concern-amid-demographic-decline
Dubai’s real estate boom has buyers eyeing creative ways to pile in
https://www.businesstimes.com.sg/property/dubais-real-estate-boom-has-buyers-eyeing-creative-ways-pile
Euro zone business activity contracts in November, PMI shows
https://www.straitstimes.com/business/economy/eurozone-business-activity-contracts-in-november-pmi-shows
Hong Kong’s private wealth assets rise for first time since 2020
https://www.businesstimes.com.sg/companies-markets/banking-finance/hong-kongs-private-wealth-assets-rise-first-time-2020
Is Hong Kong’s system of assessing land demand broken and in need of reform? Experts weigh in
https://www.scmp.com/news/hong-kong/hong-kong-economy/article/3287872/hong-kongs-system-assessing-land-demand-broken-and-need-reform-experts-weigh
Will Hong Kong’s proposed new building rules to help elderly spur projects?
https://www.scmp.com/news/hong-kong/society/article/3287623/hong-kong-proposes-new-building-rules-incentives-favour-elderly-amid-ageing-population
Hong Kong developer New World to focus on managing debt, SCMP reports
https://www.businesstimes.com.sg/property/hong-kong-developer-new-world-focus-managing-debt-scmp-reports
Homebuyers snap up flats at Wang On’s 101 King’s Road project amid market revival
https://www.scmp.com/business/article/3287854/homebuyers-snap-flats-wang-ons-101-kings-road-project-amid-market-revival
Japan considering raising income tax threshold in fresh economic stimulus
https://www.channelnewsasia.com/business/japan-considering-raising-income-tax-threshold-fresh-economic-stimulus-4764286
New Zealand retail spending slows again, pointing to recession
https://www.businesstimes.com.sg/international/new-zealand-retail-spending-slows-again-pointing-recession
RBNZ rate cut wagers leave New Zealand dollar eyeing 2022 low
https://www.businesstimes.com.sg/companies-markets/capital-markets-currencies/rbnz-rate-cut-wagers-leave-new-zealand-dollar-eyeing-2022-low
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