The Leading Professional and Representative Body for the Real Estate Industry

The Leading Professional and Representative Body for the Real Estate Industry



Daily News – 23 Mar 2023 (Thu)

Singapore Real Estate


CDL and MCL Land to launch Tembusu Grand in Katong at prices from $2,296 psf
On March 24, the sales gallery of the 638-unit Tembusu Grand will open for public preview, with sales scheduled to start on April 8. A private condo by giant developers City Developments Ltd (CDL) and MCL Land, Tembusu Grand sits on a 210,622 sq ft, 99-year leasehold site along Jalan Tembusu, just off Tanjong Katong Road in prime District 15.


Commentary: As some HDB flat owners test appetite beyond million-dollar price tags, how much higher can the resale market go?
In many countries, public housing is often associated with affordable housing for low-income households who would otherwise have to live in undesirable and often overcrowded conditions.



Companies’ Brief


CDL to acquire Sofitel hotel in Brisbane for A$177.7 million
City Developments Limited (CDL) is acquiring an 87.9 per cent effective group interest in Australia’s Sofitel Brisbane Central hotel for A$177.7 million (S$159.2 million), which translates to about A$427,000 per key.


Mapletree Pan Asia Commercial Trust to redeem S$118 million in 3.5% notes
The manager of Mapletree Pan Asia Commercial Trust (MPACT) said that Mapletree North Asia Treasury Company had fully redeemed S$117.8 million of 3.5 per cent notes due on Wednesday (Mar 22).


Starhill Global Reit in dispute with Myer over Adelaide mall lease
The anchor tenant of Starhill Global Real Estate Investment Trust’s (Starhill Global Reit) mall in South Australia, Myer Centre Adelaide, launched arbitration proceedings to claim unspecified damages as well as seek entitlement to terminate its lease, which otherwise runs till June 2032.


CBRE appoints new Pacific head of capital markets
CBRE has promoted Flint Davidson to the role of its new head of capital markets in Pacific. He also joins the company’s Pacific executive committee, the firm states in a March 21 press release.


Ohmyhome ends Nasdaq debut at US$4.07, 1.8% above IPO price
Shares of Singapore-based Ohmyhome rose 1.8 per cent in after hours trading following its Nasdaq debut on Tuesday (Mar 21). The counter traded between US$3.80 and US$4.24 before finishing at US$4.07, up 1.8 per cent or US$0.07 from its US$4 opening price, according to data from MarketWatch.



Global Economy & Real Estate


The ongoing banking debacle is not a rerun of the global financial crisis – neither its good nor its bad bits


US 30-year mortgage rate falls to a five-week low of 6.48%


US Federal Reserve delivers small rate hike amid global banking turmoil


Inflation shock puts Bank of England on course to raise rates again


New Zealand house sales hit lowest since 1983 as prices plunge


Japan’s land prices up at fastest pace since 2008 on gradual economic recovery


South Korea cuts homeowner tax as housing prices tumble


Bank of Korea says non-bank financial firms face stress from property market



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