Singapore Real Estate/Built Environment
S-Reits to hit ‘turning point’ in coming quarter amid expectations of interest rate cuts
After two years of declining share price performance, analysts believe that Singapore-listed real estate investment trusts (S-Reits) will hit a “turning point” in the coming quarter amid expectations of an interest rate cut by the US Federal Reserve this September.
https://www.businesstimes.com.sg/companies-markets/s-reits-hit-turning-point-coming-quarter-amid-expectations-interest-rate-cuts
Tanglin Hill GCB fetches a record price of nearly S$6,200 psf on land area
A freehold bungalow under construction in Tanglin Hill is in the early stages of being sold for close to S$93.9 million, or nearly S$6,200 per square foot on the land area of 15,150 square feet – a new record land rate in the Good Class Bungalow (GCB) market.
https://www.businesstimes.com.sg/property/tanglin-hill-gcb-fetches-record-price-nearly-s6200-psf-land-area
Five-room HDB flat at Margaret Drive sold for a record S$1.73 million
A five-room unit at Margaret Drive, near the Dawson estate, was transacted for around S$1.73 million, breaking the record for the most expensive Housing and Development Board (HDB) resale flat in Singapore.
https://www.businesstimes.com.sg/property/five-room-hdb-flat-margaret-drive-sold-record-s1-73-million
Buy first, sell later? Be careful when trading homes in a slowing market
Many locals who trade one owner-occupied home for another need to sell their existing home first before buying the replacement one in order to avoid being hit with the Additional Buyer’s Stamp Duty (ABSD). The applicable ABSD rate for a Singapore citizen buying a second home is 20 per cent.
https://www.businesstimes.com.sg/opinion-features/buy-first-sell-later-be-careful-when-trading-homes-slowing-market
Business News
CapitaLand India Trust completes 6.8-billion-rupee acquisition of Navi Mumbai office building
CapitaLand India Trust (Clint) has completed the acquisition of an office building located in Navi Mumbai, India for 6.8 billion rupees (S$110 million).
https://www.businesstimes.com.sg/companies-markets/capitaland-india-trust-completes-6-8-billion-rupee-acquisition-navi-mumbai-office-building
https://www.straitstimes.com/business/capitaland-india-trust-says-newly-acquired-navi-mumbai-property-fully-leased
Brokers’ take: Maybank raises Dyna-Mac target on higher earnings forecast
Maybank Securities raised its target price on Dyna-Mac after the offshore oil and gas contractor said it expects a “significant improvement” in net profit for the first half of 2024.
https://www.businesstimes.com.sg/companies-markets/brokers-take-maybank-raises-dyna-mac-target-higher-earnings-forecast
Global Economy & Real Estate
Global power demand is surging on AI and air-con, IEA says
https://www.businesstimes.com.sg/international/global/global-power-demand-surging-ai-and-air-con-iea-says
Air travel demand ‘normalising’ after Covid boom, execs say
https://www.businesstimes.com.sg/international/global/air-travel-demand-normalising-after-covid-boom-execs-say
Good pandemic for Asia’s offices is giving way to flight to quality
https://www.scmp.com/opinion/asia-opinion/article/3271354/good-pandemic-asias-offices-giving-way-flight-quality
Australians told to monetise the family home to fund retirement
https://www.businesstimes.com.sg/property/australians-told-monetise-family-home-fund-retirement
China surprises with cuts to key rates to support weak economy
https://www.straitstimes.com/business/china-central-bank-cuts-short-term-policy-rate-in-surprise-move
China’s revenue from government land sales down 18.3% year on year
https://www.businesstimes.com.sg/property/chinas-revenue-government-land-sales-down-18-3-year-year
China’s housing may get extra help by July’s end as policymakers strive to reverse slump
https://www.scmp.com/business/china-business/article/3271432/chinas-housing-sector-could-be-mired-slump-despite-possible-rescue-measures-analysts?module=top_story&pgtype=subsection
China vows to accelerate new affordable-housing model
https://www.businesstimes.com.sg/property/china-vows-accelerate-new-affordable-housing-model
ECB’s September rate meeting is ‘wide open’, president says
https://www.businesstimes.com.sg/international/global/ecbs-september-rate-meeting-wide-open-president-says
The Hong Kong tower that symbolises China’s credit bubble bust
https://www.businesstimes.com.sg/property/hong-kong-tower-symbolises-chinas-credit-bubble-bust
How would altering Hong Kong’s public-private housing mix affect residents, developers?
https://www.scmp.com/news/hong-kong/hong-kong-economy/article/3271470/how-would-altering-hong-kongs-public-private-housing-mix-affect-residents-developers
Sino-Ocean debt plan gains support, but still faces resistance
https://www.businesstimes.com.sg/property/sino-ocean-debt-plan-gains-support-still-faces-resistance
Japan’s budget request to exceed $698 billion for fourth straight year, draft shows
https://www.channelnewsasia.com/business/japans-budget-request-exceed-698-billion-fourth-straight-year-draft-shows-4495866
Japan ruling party executive urges BOJ to clarify rate-hike resolve, Nikkei says
https://www.channelnewsasia.com/business/japan-ruling-party-executive-urges-boj-clarify-rate-hike-resolve-nikkei-says-4496256
Yokohama to buy Goodyear’s OTR tyre business for US$905 million
https://www.businesstimes.com.sg/international/yokohama-buy-goodyears-otr-tyre-business-us905-million
£338 billion savings pile to blame for UK growth lagging US
https://www.businesstimes.com.sg/international/ps338-billion-savings-pile-blame-uk-growth-lagging-us
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.