Singapore Real Estate
Property group JBE said to buy Mercatus assets in HDB estates in low-S$80 million deal
Singapore-based property group JBE is understood to have inked a deal to buy one of the three bundles of commercial properties in Housing and Development Board (HDB) estates that NTUC Enterprise unit Mercatus put on the market a few months ago.
Nature lovers worry BTO project near Pasir Ris Park will drive away wildlife including rarely seen owls
A small pond in a quiet corner of Pasir Ris Park is home to a pair of rarely spotted Sunda scops owls. Occasionally, a blue-eared kingfisher can be seen swooping by the place.
Singapore Economy
‘It’s not as good as last year’: No Christmas cheer for some retailers along Orchard Road
Some retailers along Orchard Road are noticing a quieter year-end, with thinner crowds and the traditional holiday season spending splurge missing in action. Half of the 20 sales representatives who spoke to CNA on Friday (Dec 22) said they have seen a drop in footfall this month, with sales taking a hit compared to the same period last year.
Changi Airport fifth-busiest international airport in 2023; S’pore-KL is busiest flight route
Changi Airport has been ranked the fifth-busiest international airport in the world in 2023 by airline seat capacity, with the one-hour flight between Singapore and Kuala Lumpur topping the list for the world’s busiest international route.
Companies’ Brief
Alpina Holdings raises buying price for Wan Dormitory to $24.5 million
Engineering firm Alpina Holdings has signed a new deal to buy Wan Dormitory, paying $24.5 million instead of $24 million. According to Alpina, the dormitory generated a profit before tax of $0.69 million for the year ended Dec 2022 and $0.49 million for the six months ended June.
Mandarin Oriental selling hotel in Paris for €205 million, will retain long-term management
Mandarin Oriental International is selling the Mandarin Oriental, Paris to SLH Hotels, or Statuto Group, for €205 million. Mandarin Oriental, part of the Jardine conglomerate, will continue to operate the hotel under a long-term management agreement.
SLB Development expects 1HFY2024 loss in profit guidance
SLB Development says it expects to report a loss for the 1HFY2024 ended Nov 30 based on a preliminary review of the unaudited financial results for the full year period. In a profit guidance filing, the company says the loss is mainly due to higher finance costs and lower contribution from the Group’s property development projects for which profits were largely recognised prior to 1H2024.
Views, Reviews, Forum and Others
Covid-19 wave probably peaked, but slight surge possible: Ong Ye Kung
The current Covid-19 wave may have peaked, said Health Minister Ong Ye Kung, as the latest data shows three straight days of falling infection numbers. While the 600-700 hospital beds now occupied by Covid-19 patients has put a strain on Singapore’s 10,000-bed strong healthcare system, there is no need to mandate mask wearing, he said at the opening of Woodlands Health that has both an acute and community hospital sharing the same building.
New weekly Covid-19 cases admitted to hospitals and ICUs highest for 2023
Singapore — The number of new Covid-19 patients admitted to hospitals jumped to 965 in the past week, up from 763 the week before that, with those admitted to intensive care units (ICU) going up from 23 to 32 in the same period.
https://www.channelnewsasia.com/singapore/covid19-weekly-cases-hospital-icu-highest-2023-4005086
Condo owner loses court fight to install blinds on balconies
The owner of a condominium unit off Stevens Road who took the management corporation of the development to court so that he could install motorised blinds on his balconies has lost his fight.
Global Economy & Real Estate
Fed’s preferred inflation gauges cool, reinforcing rate-cut tilt
Rising consumer sentiment gives White House confidence ahead of 2024
US annual inflation slows further below 3% in November
https://www.businesstimes.com.sg/international/us-annual-inflation-slows-further-below-3-november
https://www.straitstimes.com/business/economy/us-annual-inflation-slows-further-below-3-in-november
US new home sales unexpectedly slump to a one-year low
https://www.businesstimes.com.sg/property/us-new-home-sales-unexpectedly-slump-one-year-low
‘Revenge spending’ drives ballooning US credit card balances
IReit Global to sell Barcelona office property for 24.5 million euros at premium to valuation
Canada’s economy stalled again in October but likely up 0.1% in November
Canada to give Toronto more than C$471 million to help fight housing crisis
China identifies second set of projects in 1 trillion yuan spending plan
Dutch housing crisis down to poor policy: UN official
https://www.businesstimes.com.sg/property/dutch-housing-crisis-down-poor-policy-un-official
German home prices tumble amid property rout
https://www.businesstimes.com.sg/property/german-home-prices-tumble-amid-property-rout
14 out of 28 seafront homes at luxury Hong Kong Beaulieu Peninsula estate occupying government land without proper leases
Hong Kong authorities find 70 homes at Redhill Peninsula with illegal works or occupying government land
No Christmas cheer for Hong Kong restaurants, with slow festive bookings and patrons taking off across the border
Hong Kong holiday exodus as 1 million people leave city in 2 days for first post-pandemic Christmas
Japan cuts spending for first time in 12 years in 2024/25 budget
https://www.businesstimes.com.sg/international/japan-cuts-spending-first-time-12-years-202425-budget
Japan’s inflation slows to 2.5% in November as energy bills drop
https://www.businesstimes.com.sg/international/japans-inflation-slows-25-november-energy-bills-drop
Japan plans 10% reduction in debt sales next fiscal year
https://www.businesstimes.com.sg/international/japan-plans-10-reduction-debt-sales-next-fiscal-year
Japan banks scramble to beef up asset management business amid government reform push
LA’s third-tallest tower sells for 45% below 2014 price
https://www.businesstimes.com.sg/property/las-third-tallest-tower-sells-45-below-2014-price
Taiwan signs landmark bilateral investment agreement with Canada
UK economy shrinks in Q3, raising risk of recession
https://www.businesstimes.com.sg/international/uk-economy-shrinks-q3-raising-risk-recession
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