Singapore Real Estate
Playfair Road freehold industrial property sold for S$81 million, 16% above guide price
A freehold property at 50 Playfair Road within Tai Seng Industrial Estate has been sold for S$81.18 million. This is around 16 per cent above the guide price of S$70 million when the site was launched for collective sale in mid-October 2023.
https://www.businesstimes.com.sg/property/playfair-road-freehold-industrial-property-sold-s81-million-16-above-guide-price
OK Lim’s Good Class Bungalow at Third Avenue sold for just below S$26.5 million
The Good Class Bungalow (GCB) in Third Avenue belonging to Hin Leong founder Lim Oon Kuin, better known as OK Lim, has been sold for just below S$26.5 million. The Business Times understands a Singapore family is the purchaser.
https://www.businesstimes.com.sg/property/ok-lims-good-class-bungalow-third-avenue-sold-just-below-s265-million
https://www.straitstimes.com/business/hin-leong-founder-s-third-ave-gcb-sold-at-just-below-265-million
Singapore Economy
All statutory boards to publish sustainability disclosures from FY2024: DPM Heng
Statutory boards in Singapore will be required to publish annual sustainability disclosures for financial years that begin Apr 1, 2024 onwards, Deputy Prime Minister Heng Swee Keat announced on Thursday (Nov 23).
https://www.businesstimes.com.sg/esg/all-statutory-boards-publish-sustainability-disclosures-fy2024-dpm-heng
Singapore’s core inflation rebounds to 3.3% in October; prices to remain volatile in coming months
Singapore’s headline inflation is likely to remain volatile in the coming months due to fluctuations in Certificate of Entitlement (COE) prices. That’s according to private-sector economists, after both headline and core inflation picked up in October.
https://www.businesstimes.com.sg/singapore/singapores-core-inflation-rebounds-33-october-prices-remain-volatile-coming-months
https://www.straitstimes.com/business/economy/s-pore-core-inflation-edges-up-to-33-in-october-breaking-streak-of-prices-rising-at-slower-pace
https://www.todayonline.com/singapore/singapores-core-inflation-rises-33-october-2311376
https://www.channelnewsasia.com/business/core-inflation-october-2023-singapore-mti-mas-3941146
https://www.theedgesingapore.com/news/singapore-economy/singapores-headline-and-core-inflation-figures-increase-47-and-33-october
Regulations for digital payment token service providers expanded to include foreign customers
All retail consumers of Singapore-regulated crypto providers will, from the middle of 2024, have to fall in with regulatory measures aimed at safeguarding consumers’ interests, the Monetary Authority of Singapore (MAS) said on Thursday (Nov 23).
https://www.businesstimes.com.sg/singapore/regulations-digital-payment-token-service-providers-expanded-include-foreign-customers
https://www.straitstimes.com/business/banking/no-use-of-local-credit-cards-by-retail-investors-among-s-pore-crypto-rules-outlined-by-mas
https://www.todayonline.com/singapore/cryptocurrencies-digital-payment-token-credit-card-mas-2311461
https://www.channelnewsasia.com/singapore/mas-rules-cryptocurrency-digital-payment-token-tighter-rules-3942301
https://www.theedgesingapore.com/news/cryptocurrency/mas-expands-definition-retail-investors-crypto-players-can-service-guidelines
Companies’ Brief
CDL posts sales of S$325 million in Q3 on launch of The Myst
City Developments Ltd (CDL) and its joint venture associates increased third-quarter sales to S$325 million, from S$281 million in the year-ago period. Over the same duration, they sold 183 units, up from 95 units a year earlier.
https://www.businesstimes.com.sg/companies-markets/cdl-posts-sales-s325-million-q3-launch-myst
https://www.straitstimes.com/business/companies-markets/cdl-posts-sales-of-325-million-in-q3-on-launch-of-the-myst
https://www.theedgesingapore.com/capital/results/cdl-reports-total-sales-value-325-mil-3qfy2023-market-sentiments-improve
LHN disposes of 20% stake in Pasir Panjang property for $0.4 mil
Coliwoo Holdings, an indirect wholly-owned subsidiary of LHN Group, has agreed to dispose of its 20% stake in Coliwoo PP to construction firm Globalpoint Far East for a consideration of $395,264.94.
https://www.theedgesingapore.com/news/property/lhn-disposes-20-stake-pasir-panjang-property-04-mil
Temasek’s Fullerton disposes of 82,200 units in MLT at $1.5753 each
Fullerton, an investment manager that is an indirect subsidiary of Temasek Holdings, has disposed of 82,200 units of Mapletree Logistics Trust (MLT) for a total sum of $129,489.66 or $1.5753 each. The disposal was done on Nov 23 via the market.
https://www.theedgesingapore.com/news/insider-moves/temaseks-fullerton-disposes-82200-units-mlt-15753-each
Global Economy & Real Estate
Australia’s cost-of-living crisis hitting even the well-heeled
https://www.businesstimes.com.sg/international/australias-cost-living-crisis-hitting-even-well-heeled
Canadian home prices likely to fall twice as much as previously expected
https://www.businesstimes.com.sg/property/canadian-home-prices-likely-fall-twice-much-previously-expected
China’s Shenzhen aims to spur property demand with relaxed curbs
https://www.businesstimes.com.sg/property/chinas-shenzhen-aims-spur-property-demand-relaxed-curbs
China weighs unprecedented builder support with first-ever unsecured loans
https://www.businesstimes.com.sg/property/china-weighs-unprecedented-builder-support-first-ever-unsecured-loans
China races to end property panic, fill US$446 billion gap
https://www.businesstimes.com.sg/international/global/china-races-end-property-panic-fill-us446-billion-gap
China property: tide still against private firms, as regulators urge banks to ramp up financial support to sector, analysts say
https://www.scmp.com/business/banking-finance/article/3242636/china-property-tide-still-against-private-firms-regulators-urge-banks-ramp-financial-support-sector
ECB policymakers ready to hike rates even as inflation is falling
https://www.businesstimes.com.sg/international/ecb-policymakers-ready-hike-rates-even-inflation-falling
Eurozone business activity fell again in Nov, stoking recession fears
https://www.businesstimes.com.sg/international/eurozone-business-activity-fell-again-nov-stoking-recession-fears
German downturn eases in November, suggesting shallower recession: PMI
https://www.businesstimes.com.sg/international/german-downturn-eases-november-suggesting-shallower-recession-pmi
https://www.straitstimes.com/business/economy/germany-s-economic-downturn-eases-as-french-slump-persists
Germany financial sector facing dark clouds, Bundesbank warns
https://www.businesstimes.com.sg/companies-markets/banking-finance/germany-financial-sector-facing-dark-clouds-bundesbank-warns
Italy needs to get tougher on debt, deficit: IMF’s Georgieva
https://www.businesstimes.com.sg/international/italy-needs-get-tougher-debt-deficit-imfs-georgieva
Japanese inflation picks up as BOJ pivot bets grow
https://www.businesstimes.com.sg/international/global/japanese-inflation-picks-boj-pivot-bets-grow
https://www.channelnewsasia.com/business/japanese-inflation-picks-boj-pivot-bets-grow-3942946
Japan’s factory activity shrinks for 6th month on weak demand – PMI
https://www.channelnewsasia.com/business/japans-factory-activity-shrinks-6th-month-weak-demand-pmi-3942981
https://www.businesstimes.com.sg/international/global/japans-factory-activity-shrinks-6th-month-weak-demand-pmi
Malaysia hotel rates to rise 30% in 2024, but weaker ringgit will still lure tourists
https://www.businesstimes.com.sg/international/asean/malaysia-hotel-rates-rise-30-2024-weaker-ringgit-will-still-lure-tourists
Swedish central bank keeps interest rates on hold in surprise move
https://www.businesstimes.com.sg/international/swedish-central-bank-keeps-interest-rates-hold-surprise-move
UK businesses grow for first time in three months, but high rates weigh
https://www.businesstimes.com.sg/international/uk-businesses-grow-first-time-three-months-high-rates-weigh
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.