Singapore Real Estate
Grade A office rents expected to rise slightly this year despite increased supply
Singapore: Grade A office rents are expected to go up slightly this year by about 3 per cent, despite new supply of such office space entering the market. Industry observers said smaller companies are driving up this demand, even as several larger firms give up their prime area offices.
https://www.channelnewsasia.com/singapore/grade-office-space-rent-central-business-district-cbd-singapore-property-real-estate-4282456
S$16.5 million deal at The Ritz-Carlton Residences tops Q1 gainers; seller reaps S$4.9 million profit
The sale of a 3,057 square foot (sq ft) unit at The Ritz-Carlton Residences Singapore, Cairnhill was the most profitable resale deal in absolute terms in the first quarter of 2024, giving the seller a tidy S$4.9 million gain.
https://www.businesstimes.com.sg/property/s-16-5-million-deal-ritz-carlton-residences-tops-q1-gainers-seller-reaps-s-4-9-million-profit
Singapore Economy
Singapore’s inflation eases more than expected in March, with headline inflation at 2.5-year low
Singapore’s March headline and core inflation both eased further than economists expected, data from the Department of Statistics showed on Tuesday (Apr 23). Headline inflation slowed to 2.7 per cent year on year (yoy), lower than the 3.4 per cent recorded in February, and below the 3.1 per cent median forecast by private-sector economists polled by Bloomberg.
https://www.businesstimes.com.sg/singapore/singapore-s-inflation-eases-more-expected-march-headline-inflation-2-5-year-low
https://www.straitstimes.com/business/singapore-core-inflation-eases-more-than-expected-to-31-in-march
https://www.channelnewsasia.com/singapore/singapore-core-inflation-eases-march-2024-consumer-price-index-4285331
Ensuring local workers stay competitive is key to normalising flexi-work: Gan Siow Huang
Singapore: Flexible work arrangements have become a talking point in recent days with the launch of guidelines for employers to fairly consider such requests. And as Singapore looks to normalise flexible work arrangements, ensuring that the local workforce stays competitive in skills, productivity and work ethic will be key, Minister of State for Manpower Gan Siow Huang said on Tuesday (Apr 23).
https://www.channelnewsasia.com/singapore/flexible-work-arrangement-guidelines-hire-local-workers-4-day-work-week-4285546
Funds raised by Singapore’s early-stage emerging tech start-ups up 59% in 2023
Singapore – Singapore’s early-stage emerging technology start-ups raised US$402 million (S$548 million) in funding in 2023, up 59 per cent from the US$253 million raised in 2022, said national investment arm SGInnovate.
https://www.straitstimes.com/business/companies-markets/funds-raised-by-singapore-s-early-stage-emerging-tech-start-ups-grew-59-in-2023
Business News
BRC Asia to buy 19.9% of steel reinforcement company for S$16 million
BRC Asia said on Tuesday (Apr 23) it has agreed to buy 19.9 per cent of Angkasa Daehan Steel, a steel reinforcement company, for S$16.1 million. BRC entered into a conditional sales and purchase agreement with Daehan Steel and LTC Corp on Tuesday. Under the agreement…
https://www.businesstimes.com.sg/companies-markets/brc-asia-buy-19-9-steel-reinforcement-company-s-16-million
CapitaLand Ascott Trust’s Q1 gross profit rises 15%
CapitaLand Ascott Trust (Clas) gross profit for the first quarter ended March rose 15 per cent year on year, due to contributions from new properties and a stronger operating performance.
https://www.businesstimes.com.sg/companies-markets/capitaland-ascott-trust-s-q1-gross-profit-rises-15
CapitaLand China Trust posts 7.7% drop in Q1 NPI to 313.1 million yuan
CapitaLand China Trust (CLCT) recorded a 7.7 per cent drop in net property income (NPI) to 313.1 million yuan (S$58.8 million) for the first quarter from 339.1 million yuan in the same period last year.
https://www.businesstimes.com.sg/companies-markets/capitaland-china-trust-posts-7-7-drop-q1-npi-313-1-million-yuan
https://www.straitstimes.com/business/capitaland-china-trust-posts-77-drop-in-q1-npi
Hotel Properties prices 5-year notes at 5.1%
Hotel Properties (HPL) has priced S$190 million in fixed-rate senior unsecured notes due May 3, 2029, at 5.1 per cent. Coupon payments will be made semi-annually in arrears on May 3 and Nov 3 each year.
https://www.businesstimes.com.sg/companies-markets/hotel-properties-prices-5-year-notes-5-1
Soilbuild bags contracts worth S$81 million
Soildbuild Construction on Tuesday (Apr 23) said its subsidiaries have been awarded contracts with an aggregate value of about S$81 million, bringing the group’s order book to about S$685 million.
https://www.businesstimes.com.sg/companies-markets/soilbuild-bags-contracts-worth-s-81-million
OUE Reit obtains $600 million unsecured sustainability-linked loan
Singapore – OUE Real Estate Investment Trust (Reit) has obtained an unsecured sustainability-linked loan of $600 million. The proceeds will be used for the Reit’s early refinancing of $540 million existing secured borrowings due in 2025 and for general corporate purposes, said its manager in a bourse filing on April 23.
https://www.straitstimes.com/business/companies-markets/oue-reit-obtains-600-million-unsecured-sustainability-linked-loan
UOI reports 67% surge in Q1 profit before tax to S$8 million, driven by favourable market conditions
United Overseas Insurance (UOI), the general insurance arm of UOB, announced a profit before tax of S$8 million for the three months ended Mar 31, a 67 per cent increase from the S$4.8 million in the corresponding quarter a year ago.
https://www.businesstimes.com.sg/companies-markets/uoi-reports-67-surge-q1-profit-tax-s-8-million-driven-favourable-market-conditions
https://www.straitstimes.com/business/companies-markets/uoi-reports-67-surge-in-q1-profit-before-tax-to-8m-driven-by-favourable-market-conditions
Global Economy & Real Estate
New US home sales jump to highest level since September
https://www.businesstimes.com.sg/property/new-us-home-sales-jump-highest-level-september
China’s Noah to hire 50 to 100 wealth managers in Hong Kong, Singapore
https://www.straitstimes.com/business/china-s-noah-to-hire-50-to-100-wealth-managers-in-hong-kong-singapore
German business activity returns to growth in April, PMI survey shows
https://www.businesstimes.com.sg/international/german-business-activity-returns-growth-april-pmi-survey-shows
Hong Kong developer weighs stake sale in London office skyscraper project
https://www.businesstimes.com.sg/property/hong-kong-developer-weighs-stake-sale-london-office-skyscraper-project
Hong Kong to encourage use of pre-made housing with more private sector incentives
https://www.scmp.com/news/hong-kong/society/article/3260029/hong-kong-encourage-use-pre-made-housing-more-private-sector-incentives
BOJ will hike rates if trend inflation accelerates, says Ueda
https://www.businesstimes.com.sg/international/boj-will-hike-rates-if-trend-inflation-accelerates-says-ueda
Japan’s corporate service inflation perks up in March
https://www.businesstimes.com.sg/international/japan-s-corporate-service-inflation-perks-march
Japan’s 7-Eleven convenience chain targets aggressive global growth
https://www.businesstimes.com.sg/companies-markets/consumer-healthcare/japan-s-7-eleven-convenience-chain-targets-aggressive-global-growth
https://www.channelnewsasia.com/business/japans-7-eleven-convenience-chain-targets-aggressive-global-growth-4285391
‘We want to enjoy now’: Young Japanese choose work-life balance over notoriously long office hours
https://www.channelnewsasia.com/asia/we-want-enjoy-now-young-japanese-choose-work-life-balance-over-notoriously-long-office-hours-4285576
New Zealand first-quarter imports fall amid sluggish economy
https://www.businesstimes.com.sg/international/new-zealand-first-quarter-imports-fall-amid-sluggish-economy
How Hudson Yards went from ghost town to office success story
https://www.businesstimes.com.sg/property/how-hudson-yards-went-ghost-town-office-success-story
Blackstone-owned Crown Resorts can keep Sydney casino licence, regulator says
https://www.businesstimes.com.sg/international/blackstone-owned-crown-resorts-can-keep-sydney-casino-licence-regulator-says
Thailand’s US$13.5 billion household stimulus plan gets Cabinet approval
https://www.channelnewsasia.com/business/thailands-us135-billion-household-stimulus-plan-gets-cabinet-approval-4285236
Sunak says UK to raise defence spending amid global threats
https://www.businesstimes.com.sg/international/sunak-says-uk-raise-defence-spending-amid-global-threats
https://www.channelnewsasia.com/world/uk-pm-sunak-raised-defence-spending-ukraine-aid-4286571
Housing shortage becomes key election issue in the UK
https://www.channelnewsasia.com/world/housing-shortage-key-election-issue-britain-property-4285566
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.