Singapore Real Estate
31 Midpoint Orchard units up for sale at S$281 million guide price
Thirty-one freehold commercial units at Midpoint Orchard are up for sale, at a guide price of S$281 million. The strata-titled units are being sold collectively by individual owners and companies, Huttons Asia, which has been appointed for the sale, said on Tuesday (Jan 23).
https://www.businesstimes.com.sg/property/31-midpoint-orchard-units-sale-s281-million-guide-price
https://www.edgeprop.sg/property-news/31-commercial-units-midpoint-orchard-sale-281-mil
Hotels, serviced apartments gain favour with investors amid return of travel
With the return of travel, hospitality seems to be flavour of the month in the Singapore investment property sales scene. The Business Times understands that Capri by Fraser, Changi City and Citadines Mount Sophia are among the assets for which potential buyers are undertaking exclusive due diligence.
https://www.businesstimes.com.sg/property/hotels-serviced-apartments-gain-favour-investors-amid-return-travel
Could intensifying competition in Orchard Road be driving Wharf to sell Scotts Square?
Major changes are afoot along Singapore’s Orchard Road shopping belt, which could see one of the most famous malls in the area, Scotts Square, change hands soon. Wharf Estates Singapore (WES), formerly known as Wheelock Properties, put the freehold retail podium at Scotts Square up for sale at a S$450 million guide price.
https://www.businesstimes.com.sg/opinion-features/could-intensifying-competition-orchard-road-be-driving-wharf-sell-scotts-square
Shophouse market slows amid money laundering scandal; sellers more open to negotiation
Singapore – Sales of commercial shophouses fell to their lowest quarter in 13 years in the final three months of 2023, as the market turned cautious after a billion-dollar case of money laundering in Singapore came to light in August.
https://www.straitstimes.com/singapore/shophouse-market-slows-amid-money-laundering-bust-sellers-more-open-to-negotiation
Singapore Economy
Economists expect unchanged monetary policy in January as December core inflation edges up to 3.3%
Economists continue to expect the Monetary of Singapore (MAS) to maintain its monetary policy settings at its January review, even as December 2023’s inflation came in higher than predicted, based on MAS and Ministry of Trade and Industry (MTI) data on Tuesday (Jan 23).
https://www.businesstimes.com.sg/singapore/economists-expect-unchanged-monetary-policy-january-december-core-inflation-edges-33
https://www.straitstimes.com/business/singapore-inflation-eases-to-48-in-2023-from-61-in-2022-december-prices-rise-at-faster-pace
https://www.todayonline.com/singapore/singapores-core-inflation-rises-33-december-averaged-42-2023-2347741
https://www.channelnewsasia.com/singapore/singapore-core-inflation-rose-33-december-42-2023-mas-mti-4067326
https://www.theedgesingapore.com/news/singapore-economy/singapores-headline-inflation-rebounds-37-y-o-y-core-inflation-33-y-o-y
Singapore ratifies UK’s accession to transpacific free trade pact
Singapore has formally ratified the UK’s accession to the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) on Tuesday (Jan 23). This means that more than 99 per cent of UK goods exports – including British whisky and cars – to member nations of the Pacific Rim free trade pact will be eligible for zero tariffs.
https://www.businesstimes.com.sg/international/global/singapore-ratifies-uks-accession-transpacific-free-trade-pact
Companies’ Brief
Keppel secures S$1 billion sustainability-linked revolving loans with DBS and UOB
Keppel has taken out sustainability-linked revolving credit facilities with DBS and UOB of S$500 million each, with tenures of up to three years, to be used to enhance the company’s sustainability performance.
https://www.businesstimes.com.sg/companies-markets/keppel-secures-s1-billion-sustainability-linked-revolving-loans-dbs-and-uob
https://www.straitstimes.com/business/companies-markets/keppel-launches-sustainability-framework-secures-1b-sustainability-linked-loans
https://www.theedgesingapore.com/news/environmental-social-and-governance/keppel-launches-sustainability-linked-financin-framework
Sabana Reit posts 21.2% fall in H2 DPU to S$0.0115, with 10% kept for capital management
Sabana Industrial Real Estate Investment Trust (Sabana Reit) posted a distribution per unit (DPU) of S$0.0115 for the half-year ended Dec 31, 2023, down 21.2 per cent from the year-ago period.
https://www.businesstimes.com.sg/companies-markets/sabana-reit-posts-212-fall-h2-dpu-s00115-10-kept-capital-management
https://www.straitstimes.com/business/companies-markets/sabana-reit-posts-212-fall-in-h2-dpu-to-00115-with-10-kept-for-capital-management
https://www.theedgesingapore.com/capital/results/sabana-industrial-reit-posts-95-drop-fy2023-dpu-276-cents
Suntec Reit reports 10.2% lower H2 DPU at S$0.03659 on higher property expenses, lower interest income
Suntec Real Estate Investment Trust (Reit)’s distribution per unit (DPU) for the second half of 2023 ended last December fell by 10.2 per cent to S$0.03659, compared with S$0.04074 the year before.
https://www.businesstimes.com.sg/companies-markets/suntec-reit-reports-102-lower-h2-dpu-s003659-higher-property-expenses-lower
https://www.theedgesingapore.com/capital/results/suntec-reit-reports-fy2023-dpu-7135-cents-197-lower-y-o-y
Global Economy & Real Estate
Cost of shipping fuel to Asia jumps 182% since Yemen airstrikes
https://www.businesstimes.com.sg/companies-markets/energy-commodities/cost-shipping-fuel-asia-jumps-182-yemen-airstrikes
Canada caps foreign student visas amid housing shortage
https://www.businesstimes.com.sg/international/canada-caps-foreign-student-visas-amid-housing-shortage
China’s Guangdong to ‘shoulder major responsibility’ to aid 2024 economic growth, makes Greater Bay Area top priority
https://www.scmp.com/economy/economic-indicators/article/3249453/chinas-guangdong-shoulder-major-responsibility-aid-2024-economic-growth-makes-greater-bay-area-top
Shanghai failed to achieve 5.5% economic growth target for 2023 amid ‘complex and severe’ external environment, mayor says
https://www.scmp.com/business/china-business/article/3249475/shanghai-failed-achieve-55-cent-economic-growth-target-2023-amid-complex-and-severe-external
As Chinese property ownership in South Korea triples, locals ‘struggle to buy a home’, politician says
https://www.scmp.com/news/asia/east-asia/article/3249504/chinese-property-ownership-south-korea-triples-locals-struggle-buy-home-politician-says
Removal of Australia ‘golden visa’ scheme favoured by mainland Chinese, Hong Kong buyers likely to impact luxury property market Down Under, analyst says
https://www.scmp.com/business/money/article/3249509/removal-australia-golden-visa-scheme-favoured-mainland-chinese-hong-kong-buyers-likely-impact-luxury
Eurozone consumer confidence falls to -16.1 in January
https://www.businesstimes.com.sg/international/eurozone-consumer-confidence-falls-161-january
German regulator steps up warnings on property as industry reels
https://www.businesstimes.com.sg/property/german-regulator-steps-warnings-property-industry-reels
Hong Kong’s Development Bureau requests HK$29.2 billion for Hung Shui Kiu new town plan
https://www.scmp.com/news/hong-kong/hong-kong-economy/article/3249533/hong-kongs-development-bureau-requests-hk292-billion-hung-shui-kiu-new-town-plan
Hong Kong property: Templeton joins China Re in relocating to Two IFC as office rents fall
https://www.scmp.com/business/article/3249472/hong-kong-property-templeton-joins-china-re-relocating-two-ifc-office-rents-fall
BOJ signals conviction on hitting inflation goal, keeps low rates
https://www.businesstimes.com.sg/international/boj-signals-conviction-hitting-inflation-goal-keeps-low-rates
Japan Jan factory activity languishes, but service sector picks up – PMI
https://www.channelnewsasia.com/business/japan-jan-factory-activity-languishes-service-sector-picks-pmi-4069616
New Zealand Q4 CPI rises 0.5% on quarter
https://www.businesstimes.com.sg/international/new-zealand-q4-cpi-rises-05-quarter
South Korea’s economy likely grew at slightly slower pace in Q4
https://www.channelnewsasia.com/business/south-koreas-economy-likely-grew-slightly-slower-pace-q4-reuters-poll-4066781
Thai central bank chief says current policy rate neutral, economy not in crisis
https://www.businesstimes.com.sg/international/asean/thai-central-bank-chief-says-current-policy-rate-neutral-economy-not-crisis
https://www.channelnewsasia.com/business/thai-central-bank-chief-says-current-policy-rate-neutral-economy-not-crisis-4067631
Thailand downgrades 2024 GDP growth projection to 2.8%
https://www.channelnewsasia.com/business/thailand-downgrades-2024-gdp-growth-projection-28-4066951
Thai billionaire plans 250 more hotels within three years as tourism rebounds
https://www.businesstimes.com.sg/companies-markets/thai-billionaire-plans-250-more-hotels-within-three-years-tourism-rebounds
After losing favour with China travellers, Thailand pulls out all the stops to woo them back
https://www.businesstimes.com.sg/international/asean/after-losing-favour-china-travellers-thailand-pulls-out-all-stops-woo-them-back
UK homebuilders cut guidance, scrap dividend on slow recovery
https://www.businesstimes.com.sg/property/uk-homebuilders-cut-guidance-scrap-dividend-slow-recovery
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