Singapore Real Estate
Silver lining in sight for Singapore’s real estate investment market in 2024
January 2024 feels very different from January 2023. Interest rates have peaked, inflation is falling, and the S&P 500 is at an all-time high. While the fall in interest rates may be slower than some have expected, the glass is half-full rather than half-empty, and some investors are awakening from their hibernation.
https://www.businesstimes.com.sg/property/bt-property-week-2024/silver-lining-sight-singapores-real-estate-investment-market-2024
Healthcare S-Reits outperform in February
Healthcare-related assets remain one of the most resilient commercial real estate sectors, according to the latest Healthcare Real Estate Outlook by JLL. The report identified five trends that will drive the healthcare industry in 2024: a focus on organisational fitness; rising costs alongside a tight talent pool; consolidation shakeups and vertical integration; disruptors that accelerate consumer-focused care; and the rise of artificial intelligence (AI).
https://www.businesstimes.com.sg/companies-markets/healthcare-s-reits-outperform-february
Serene Centre sold for S$105 million to family behind 3-in-1 coffee empire Super Group
Serene Centre, a prime mixed-use development at the corner of Bukit Timah Road and Farrer Road, has been sold for S$105 million to the Teo family from Apricot Capital and partners, and will be managed by co-living operator The Assembly Place.
https://www.businesstimes.com.sg/property/serene-centre-sold-s105-million-family-behind-3-1-coffee-empire-super-group
https://www.straitstimes.com/business/serene-centre-sold-for-105-million-to-family-behind-3-in-1-coffee-empire-super-group
https://www.channelnewsasia.com/singapore/serene-centre-sold-105-million-april-renovation-4144026
S$505 million in CPF Housing Grants given out to 10,400 households since Feb 2023: HDB
More people have tapped the CPF Housing Grant to buy resale flats since it was increased about a year ago, said the Housing Board on Feb 25, providing an update on the grant. From Feb 14, 2023, to December 2023, more than 11,000 households bought resale HDB flats with the grant, up 31 per cent from the same period in 2022.
https://www.businesstimes.com.sg/singapore/s505-million-cpf-housing-grants-given-out-10400-households-feb-2023-hdb
https://www.straitstimes.com/singapore/housing/5052-million-in-cpf-housing-grants-given-out-to-10400-households-since-feb-2023-hdb
https://www.channelnewsasia.com/watch/31-more-singaporean-flat-buyers-used-cpf-public-housing-grant-after-funding-was-increased-2023-4148286
Singapore Economy
Singapore’s inflation eases in January despite GST hike; core at 3.1%, headline at 2.9%
Singapore’s headline and core inflation both eased more than expected in January, even after the hike in the goods and service tax to 9 per cent, data from the Monetary Authority of Singapore (MAS) and the Ministry of Trade and Industry (MTI) showed on Friday (Feb 23).
https://www.businesstimes.com.sg/singapore/singapores-inflation-eases-january-despite-gst-hike-core-31-headline-29
https://www.straitstimes.com/business/singapore-core-inflation-eases-to-31-in-january-on-lower-services-and-food-price-hikes
https://www.channelnewsasia.com/singapore/singapore-core-inflation-january-2024-food-services-4144321
https://www.theedgesingapore.com/news/singapore-economy/singapore-core-inflation-unexpectedly-slows-despite-gst-hike
The Big Read: Generous SkillsFuture carrot for Singaporeans to get serious about lifelong learning, but will they bite?
The SkillsFuture initiative was launched in 2015 to promote lifelong learning and encourage people to learn new skills.
https://www.channelnewsasia.com/singapore/skillsfuture-courses-training-lifelong-learning-employability-budget-2024-big-read-4146801
https://www.todayonline.com/big-read/big-read-short-time-get-serious-about-skillsfuture-2369006
Business News
Apac Realty H2 profit down 31.4% to S$6.8 million
Apac Realty posted a 31.4 per cent drop in net profit to S$6.8 million for the six months ended Dec 31, 2023, from S$9.9 million in the corresponding period the year before. This comes as its business in Vietnam faced a challenging year in FY2023 due to the economic slowdown, the real estate services provider said in a regulatory filing on Friday (Feb 23).
https://www.businesstimes.com.sg/companies-markets/apac-realty-h2-profit-down-314-s68-million
https://www.theedgesingapore.com/capital/results/apac-realtys-earnings-drop-599-y-o-y-fy2023-continuous-decline-two-consecutive-years
Frasers Centrepoint Trust expected to join STI in March review
The king of heartland malls could earn a place on the Straits Times Index (STI) at the next quarterly review in March. Analysts said that they expect Frasers Centrepoint Trust (FCT) to be included in the benchmark index in the upcoming review given its high market capitalisation.
https://www.businesstimes.com.sg/companies-markets/frasers-centrepoint-trust-could-enter-sti-march-review-say-analysts
Pan-United pivots to becoming a solutions provider by selling IP in sustainable concrete
Ready-mix concrete producer Pan-United Corporation is pivoting to be a solutions provider as it embarks on its plans to transform its business model.
https://www.businesstimes.com.sg/companies-markets/pan-united-pivots-becoming-solutions-provider-selling-ip-sustainable-concrete
SingLand H2 net profit rises 7% to S$102.4 million on fair-value gain on investment properties
Singapore Land Group (SingLand) reported a 7 per cent rise in net profit to S$102.4 million in the six months ended Dec 31, 2023, from S$95.3 million in the previous corresponding period.
https://www.businesstimes.com.sg/companies-markets/singland-h2-net-profit-rises-7-s1024-million-fair-value-gain-investment
https://www.straitstimes.com/business/companies-markets/singland-h2-net-profit-rises-7-to-1024-million-on-fair-value-gain-on-investment-properties
Tuan Sing H2 net loss narrows to S$1.2 million
Property company Tuan Sing reported on Friday (Feb 23) a smaller net loss in the second half of 2023 amid an increase in revenue. Net loss for the six months ended Dec 31, 2023, fell 77 per cent to S$1.2 million, compared with a net loss of S$5.1 million in the corresponding year-ago period.
https://www.businesstimes.com.sg/companies-markets/reits-property/tuan-sing-h2-net-loss-narrows-s12-million
Global Economy & Real Estate
Explaining Americans’ pessimism about a strong economy
https://www.businesstimes.com.sg/opinion-features/explaining-americans-pessimism-about-strong-economy
Will food prices stop rising quickly? Many companies say yes
https://www.straitstimes.com/business/will-food-prices-stop-rising-quickly-many-companies-say-yes
Crazy rich Asians: the next generation – and the struggle to make a success of succession
https://www.scmp.com/week-asia/people/article/3253023/crazy-rich-asians-next-generation-and-struggle-make-success-succession
China’s new home prices extend declines in January
https://www.businesstimes.com.sg/property/chinas-new-home-prices-extend-declines-january
https://www.channelnewsasia.com/business/chinas-new-home-prices-extend-declines-despite-policy-support-4143796
Two Chinese cities join Hong Kong travel scheme to boost tourism
https://www.businesstimes.com.sg/international/two-chinese-cities-join-hong-kong-travel-scheme-boost-tourism
https://www.channelnewsasia.com/asia/hong-kong-tourism-travel-china-xian-qingdao-4145011
Chinese investors struggle to hold on to property abroad as soaring rates, weak domestic economy make mortgages unaffordable
https://www.scmp.com/business/article/3252938/chinese-investors-struggle-hold-property-abroad-soaring-rates-weak-domestic-economy-make-mortgages
Eurozone inflation expectations edge up for the year ahead: ECB
https://www.businesstimes.com.sg/international/eurozone-inflation-expectations-edge-year-ahead-ecb
German business sentiment brightens in February: Ifo
https://www.businesstimes.com.sg/international/german-business-sentiment-brightens-february-ifo
German, Dutch central banks post big losses, warn of more
https://www.businesstimes.com.sg/companies-markets/banking-finance/german-dutch-central-banks-post-big-losses-warn-more
Hong Kong’s rainy day Future Fund now makes up biggest share of city’s dwindling reserves, sparking calls from experts for prudence
https://www.scmp.com/news/hong-kong/hong-kong-economy/article/3253146/hong-kongs-rainy-day-future-fund-now-makes-biggest-share-citys-dwindling-reserves-sparking-calls
Hong Kong budget 2024-25: government should cut property cooling measures gradually rather than all at once, tax expert and lawmaker say
https://www.scmp.com/news/hong-kong/hong-kong-economy/article/3253085/hong-kong-budget-2024-25-government-should-cut-property-cooling-measures-gradually-rather-all-once
Hong Kong property: discounted Mid-Levels luxury homes entice buyers amid loan distress as rates outlook improves
https://www.scmp.com/business/article/3253140/hong-kong-property-discounted-mid-levels-luxury-homes-entice-buyers-amid-loan-distress-rates-outlook
Hong Kong prepares transition finance framework to support development as an international green finance hub
https://www.scmp.com/business/banking-finance/article/3253002/hong-kong-prepares-transition-finance-framework-support-development-international-green-finance-hub
Thai Jan export growth fastest in 19 months, beats forecast
https://www.businesstimes.com.sg/international/thai-jan-export-growth-fastest-19-months-beats-forecast
Most UK exporters hit by Red Sea disruption, survey shows
https://www.businesstimes.com.sg/companies-markets/transport-logistics/most-uk-exporters-hit-red-sea-disruption-survey-shows
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