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DAILY NEWS

 

Daily News 24 January 2025 (Fri)

Singapore Real Estate / Built Environment

 

Speech by MND Minister at BCA-REDAS Seminar

Up to $53 billion in construction contracts expected in 2025: BCA

Singapore – Some $47 billion to $53 billion in construction contracts are expected to be awarded in 2025, as construction demand grows this year, said the Building and Construction Authority (BCA) on Jan 23.

https://www.mnd.gov.sg/newsroom/speeches/view/speech-by-minister-desmond-lee-for-the-bca-redas-built-environment-and-real-estate-prospects-seminar

https://www.straitstimes.com/singapore/housing/construction-demand-of-up-to-53-billion-expected-in-2025-bca

https://www.businesstimes.com.sg/singapore/construction-demand-singapore-range-between-s47-billion-and-s53-billion-bca

https://www.channelnewsasia.com/watch/construction-demand-could-hit-53b-2025-back-housing-developments-changi-t5-mbs-expansion-4892481

https://www.zaobao.com.sg/realtime/singapore/story20250123-5776710

 

Singapore private home rents fell 1.9% in 2024 in first full-year decline since 2020

Private home rents in Singapore fell 1.9 per cent in 2024, marking the first full-year decline since 2020.  This was a sharp reversal from the 8.7 per cent increase in rents in 2023, according to figures released by the Urban Redevelopment Authority (URA) on Friday (Jan 24).

https://www.businesstimes.com.sg/property/singapore-private-home-rents-fell-1-9-2024-first-full-year-decline-2020

https://www.straitstimes.com/singapore/housing/private-home-prices-jumped-2-3-per-cent-in-q4-2024-on-novembers-new-sales

https://www.zaobao.com.sg/realtime/singapore/story20250124-5782273

 

Office rents in Singapore’s central region fall 0.9% quarter on quarter in Q4 2024, flat for whole year: URA

Office rents in Singapore’s central region fell 0.9 per cent in the fourth quarter of 2024 over the preceding quarter. This was a bigger drop compared with the 0.5 per cent quarter-on-quarter decrease in Q3 2024, based on Urban Redevelopment Authority (URA) data released on Friday (Jan 24).

https://www.businesstimes.com.sg/property/flash-office-rents-singapores-central-region-fall-0-9-quarter-quarter-q4-2024-flat-whole-year-ura

 

Singapore’s industrial rents up 3.5% in 2024 after inching up 0.5% in Q4: JTC

Rental rates for industrial properties in Singapore inched up 0.5 per cent in the fourth quarter of 2024 as compared with the quarter before, JTC’s latest data released on Thursday (Jan 23) indicated.

https://www.businesstimes.com.sg/property/singapores-industrial-rents-3-5-2024-after-inching-0-5-q4-jtc

https://www.zaobao.com.sg/realtime/singapore/story20250123-5777620

 

HDB resale prices up 2.6% in Q4, taking full-year gain to 9.7%

Resale prices of public housing flats rose 2.6 per cent in the fourth quarter of 2024, data from the Housing and Development Board (HDB) showed. The rise, announced on Friday (Jan 24), was a notch higher than the earlier estimated 2.5 per cent released on Jan 2.

https://www.businesstimes.com.sg/property/hdb-resale-prices-2-6-q4-taking-full-year-gain-9-7

https://www.straitstimes.com/singapore/housing/hdb-resale-prices-up-9-7-in-2024-more-units-sold

https://www.zaobao.com.sg/realtime/singapore/story20250124-5782191

 

 

Singapore Economy

 

MAS eases monetary policy settings, lowers 2025 core inflation forecast to between 1 and 2 per cent

Singapore’s central bank eased monetary policy settings on Friday (Jan 24), after having held policy steady for more than two years since the last tightening move in October 2022. The move was in line with market expectations, after Singapore’s core inflation came in below the 2-per cent threshold in December for the second straight month.

https://www.businesstimes.com.sg/singapore/mas-eases-monetary-policy-settings-lowers-2025-core-inflation-forecast-between-1-and-2-cent

https://www.straitstimes.com/business/mas-eases-singdollar-policy-for-first-time-since-march-2020-as-it-lowers-key-inflation-forecast

https://www.channelnewsasia.com/singapore/mas-eases-monetary-policy-first-time-2020-4893471

https://www.zaobao.com.sg/realtime/singapore/story20250124-5782076

 

Singapore 2024 inflation averages 2.4%, close to official outlook

Singapore’s full-year inflation in 2024 came in at 2.4 per cent, close to the official forecast, and far lower than the elevated levels in the year before, data from the Singapore Department of Statistics showed on Thursday (Jan 23).

https://www.businesstimes.com.sg/singapore/singapore-2024-inflation-averages-2-4-close-official-outlook

https://www.straitstimes.com/business/singapore-core-inflation-drops-further-to-1-8-in-december

https://www.channelnewsasia.com/singapore/singapore-core-inflation-december-2024-falls-lowest-november-2021-4891346

https://www.zaobao.com.sg/realtime/singapore/story20250123-5777424

 

Companies could book S$14.5 billion more in revenue from EnterpriseSG support in 2024, down a tad from 2023

Amid a challenging business environment in 2024, Singapore companies could grow their annual revenue by S$14.5 billion, and create 12,300 jobs through projects supported by Enterprise Singapore (EnterpriseSG).

https://www.businesstimes.com.sg/singapore/companies-could-book-s14-5-billion-more-revenue-enterprisesg-support-2024-down-tad-2023

 

 

Business News

 

ESR Reit posts 15.9% fall in H2 DPU to S$0.00997

The manager of ESR Real Estate Investment Trust (ESR Reit) posted a distribution per unit (DPU) of S$0.00997 for its second half (H2) ended Dec 31, 2024, down 15.9 per cent from S$0.01186 a year ago.

https://www.businesstimes.com.sg/companies-markets/esr-reit-posts-15-9-fall-h2-dpu-s0-00997

 

Keppel DC Reit posts 13.2% rise in H2 DPU to S$0.04902

The manager of Keppel DC Reit on Friday (Jan 24) posted a distribution per unit (DPU) of S$0.04902 for the second-half ended December, up 13.2 per cent from S$0.04332 in the previous corresponding period.

https://www.businesstimes.com.sg/companies-markets/keppel-dc-reit-posts-13-2-rise-h2-dpu-s0-04902

https://www.zaobao.com.sg/realtime/singapore/story20250124-5782240

 

MPACT Q3 DPU falls 9.1% to S$0.02 amid global headwinds

Mapletree Pan Asia Commercial Trust’s (MPACT) distribution per unit (DPU) fell 9.1 per cent to S$0.02 for its third quarter ended Dec 31, 2024, from S$0.022 in the year-ago period.

https://www.businesstimes.com.sg/companies-markets/mpact-q3-dpu-falls-9-1-s0-02-amid-global-headwinds

https://www.zaobao.com.sg/realtime/singapore/story20250123-5780365

 

OUE Reit’s H2 DPU increases 8.7% to S$0.0113

The distribution per unit (DPU) for OUE Real Estate Investment Trust (Reit) rose 8.7 per cent to S$0.0113 for the second half of its financial year ended Dec 31, 2024, from S$0.0104 in the year-ago period, its manager said in a bourse filing on Thursday (Jan 23).

https://www.businesstimes.com.sg/companies-markets/oue-reits-h2-dpu-increases-8-7-s0-0113

 

Starhill Global Reit posts 1.1% rise in H1 DPU to S$0.018

Starhill Global Real Estate Investment Trust’s (Reit) distribution per unit (DPU) rose 1.1 per cent to S$0.018 for its first half ended Dec 31, 2024, from S$0.0178 in the year-ago period.

https://www.businesstimes.com.sg/companies-markets/starhill-global-reit-posts-1-1-rise-h1-dpu-s0-018

 

Suntec Reit’s H2 DPU slides 13.9% to S$0.0315

Suntec Real Estate Investment Trust’s (Suntec Reit) distribution per unit (DPU) slid 13.9 per cent to S$0.0315 for the second half of 2024 ended Dec 31, from S$0.03659 in the corresponding year-ago period.

https://www.businesstimes.com.sg/companies-markets/suntec-reits-h2-dpu-slides-13-9-s0-0315

https://www.zaobao.com.sg/realtime/singapore/story20250123-5780150

 

 

Global Economy & Real Estate

 

Trump urges lower oil prices, interest rate cuts at Davos

https://www.businesstimes.com.sg/international/global/trump-urges-lower-oil-prices-interest-rate-cuts-davos

 

Trade wars sparked by Trump tariffs would be ‘catastrophic’: WTO chief

https://www.businesstimes.com.sg/international/global/trade-wars-sparked-trump-tariffs-would-be-catastrophic-wto-chief

 

Mortgage rates in US drop for first time in more than a month

https://www.businesstimes.com.sg/property/mortgage-rates-us-drop-first-time-more-month

 

Single women, rich millennials will fuel luxury real estate this year

https://www.businesstimes.com.sg/property/single-women-rich-millennials-will-fuel-luxury-real-estate-year

 

CNN eyes 200 job cuts, streaming overhaul

https://www.businesstimes.com.sg/companies-markets/cnn-eyes-200-job-cuts-streaming-overhaul

 

Vanke in talks to sell logistics firm stake to GIC: source

https://www.businesstimes.com.sg/companies-markets/transport-logistics/vanke-talks-sell-logistics-firm-stake-gic-source

https://www.zaobao.com.sg/realtime/singapore/story20250123-5781352

 

Tariffs will leave everyone worse off, Bundesbank chief warns

https://www.businesstimes.com.sg/companies-markets/banking-finance/tariffs-will-leave-everyone-worse-bundesbank-chief-warns

 

Hong Kong construction firms’ confidence in short-term survival takes beating

https://www.scmp.com/news/hong-kong/hong-kong-economy/article/3296035/hong-kong-construction-firms-confidence-short-term-survival-takes-beating

 

Developers worried over risks in Hong Kong’s Northern Metropolis project

https://www.scmp.com/news/hong-kong/society/article/3296009/developers-worried-over-risks-hong-kongs-northern-metropolis-project

 

Tech to help Hong Kong ‘save every penny’ on building Northern Metropolis Highway

https://www.scmp.com/news/hong-kong/hong-kong-economy/article/3295999/tech-help-hong-kong-save-every-penny-building-northern-metropolis-highway

 

Mortgage registrations in Hong Kong hit record low in 2024, Centaline says

https://www.scmp.com/business/article/3296020/mortgage-registrations-hong-kong-hit-record-low-2024-centaline-says

 

Hong Kong developer New World claims ‘business as usual’ amid default rumours

https://www.scmp.com/business/article/3296031/hong-kong-developer-new-world-claims-business-usual-amid-default-rumours

 

Indonesia plans spending cuts worth US$18.84 billion

https://www.businesstimes.com.sg/international/indonesia-plans-spending-cuts-worth-us18-84-billion

https://www.channelnewsasia.com/asia/indonesia-plans-spending-cuts-worth-us1884-billion-finance-ministry-says-4892031

 

BOJ likely to raise rates to highest in 17 years, signal more hikes

https://www.channelnewsasia.com/business/boj-likely-raise-rates-highest-17-years-signal-more-hikes-4892796

 

Japan’s core inflation accelerates, hits 16-month high in December

https://www.businesstimes.com.sg/international/japans-core-inflation-accelerates-hits-16-month-high-december

https://www.channelnewsasia.com/business/japans-core-inflation-accelerates-hits-16-month-high-december-4893481

 

Japan cautious on economy as Trump’s policies take centre stage

https://www.channelnewsasia.com/business/japan-cautious-economy-trumps-policies-take-centre-stage-4891761

 

Japan to tighten investment pre-screening amid security concerns

https://www.businesstimes.com.sg/international/japan-tighten-investment-pre-screening-amid-security-concerns

https://www.channelnewsasia.com/business/citing-security-japan-plug-loophole-reporting-rules-foreign-investment-4891591

 

Tokyo apartment prices drop from record in 2024 as market calms

https://www.businesstimes.com.sg/property/tokyo-apartment-prices-drop-record-2024-market-calms

 

Malaysia’s key economic hubs Penang, Kulim, Klang Valley poised to see rising activity from Johor-Singapore SEZ

https://www.businesstimes.com.sg/international/asean/malaysias-key-economic-hubs-penang-kulim-klang-valley-poised-see-rising-activity-johor-singapore-sez

 

JPMorgan plans major revamp of Manhattan’s Madison Avenue skyscraper

https://www.businesstimes.com.sg/property/jpmorgan-plans-major-revamp-manhattans-madison-avenue-skyscraper

 

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