Singapore Real Estate
Shophouse sales dip in Q3 due to slowing economy and cautious sentiment: PropNex
Sales of shophouses in the third quarter of 2023 dropped 19 per cent to 38 transactions from 47 deals in the previous quarter, and most of these deals were done in Districts 8 and 14, a report by PropNex on Friday (Oct 20) indicated.
https://www.businesstimes.com.sg/property/shophouse-sales-dip-q3-due-slowing-economy-and-cautious-sentiment-propnex
Executive condo sellers remain among top profit gainers in Q3
Some executive condominium (EC) homeowners in the suburbs or Outside Central Region (OCR) continued to score solid gains in the third quarter of 2023, with properties changing hands for nearly double their original prices.
https://www.businesstimes.com.sg/property/executive-condo-sellers-remain-among-top-profit-gainers-q3
Real estate groups may gain by selling Singapore properties now to buy assets overseas later
Higher interest rates are driving asset valuations down in many markets, with negative implications for several Singapore-listed property plays.
https://www.businesstimes.com.sg/opinion-features/columns/real-estate-groups-may-gain-selling-singapore-properties-now-buy-assets
HDB to focus on housing needs of singles in survey of 8,600 households
Single non-homeowners living in Housing and Development Board (HDB) flats will soon be able to raise their concerns to the housing board. A total of 8,600 households and single occupiers in HDB flats will be invited to participate in a survey on their public housing experiences between this October and next April.
https://www.businesstimes.com.sg/singapore/hdb-focus-housing-needs-singles-survey-8600-households
HDB housing for singles: A two-room Plus or Prime flat may be a bane
If you are 35 years old and buying a two-room flexi Build-To-Order (BTO) Plus or Prime flat when these are launched in 2024, odds are high that you will be able to sell that flat only when you are 50 years of age.
https://www.straitstimes.com/business/hdb-housing-for-singles-a-two-room-plus-or-prime-flat-may-be-a-bane
Singapore Economy
Economists expect unchanged monetary policy despite September’s headline inflation edging up
Economists expect the Monetary Authority of Singapore (MAS) to stand pat at its next monetary policy review in January 2024 – the first in its new quarterly schedule – after Singapore’s headline inflation reversed from four months of declines to nudge up in September, and core inflation eased to an 18-month low.
https://www.businesstimes.com.sg/singapore/economists-expect-unchanged-monetary-policy-despite-septembers-headline-inflation-edging
https://www.straitstimes.com/business/singapore-core-inflation-slows-to-3-in-september-but-headline-inflation-up
https://www.channelnewsasia.com/singapore/core-inflation-september-2023-mti-mas-3865776
https://www.theedgesingapore.com/news/singapore-economy/singapores-headline-inflation-increases-41-y-o-y-core-inflation-eases-30
Singapore ranks third on sustainability trade index
Singapore moved up two spots to emerge third on an index measuring the ability of 30 major economies to participate in the global trading system in a manner that supports long-term economic growth, societal development and environmental protection.
https://www.businesstimes.com.sg/esg/singapore-ranks-third-sustainability-trade-index
https://www.theedgesingapore.com/news/globalisation/singapore-jumps-third-place-out-30-economies-sustainable-global-trade-practices
Public Service Division announces permanent secretary appointments from Jan 1
Singapore: The Public Service Division (PSD) on Monday (Oct 23) announced several permanent secretary appointments that will take effect from Jan 1, 2024.
https://www.channelnewsasia.com/singapore/permanent-secretary-appointments-psd-jan-1-2024-3866171
https://www.straitstimes.com/singapore/enterprise-singapore-managing-director-jeffrey-siow-to-be-second-permanent-secretary-at-mom
https://www.businesstimes.com.sg/singapore/enterprise-singapore-managing-director-jeffrey-siow-be-second-permanent-secretary-mom
Companies’ Brief
Ascott looks to develop revenue streams beyond rooms, grow luxury offering
The Ascott Limited is looking to diversify its revenue streams ahead of its 40th anniversary next year. It began its journey along Scotts Road in 1984. The Ascott Singapore was the first international-class serviced residence in the Asia-Pacific.
https://www.businesstimes.com.sg/property/ascott-looks-develop-revenue-streams-beyond-rooms-grow-luxury-offering
LHN receives in-principle approval from SGX to transfer Catalist listing to mainboard
LHN on Tuesday (Oct 24) said it received in-principle approval from the Singapore Exchange (SGX) for its proposed transfer of its Catalist listing to the bourse’s mainboard. The approval is subject to compliance with listing requirements and a green light from the real estate management services provider’s shareholders.
https://www.businesstimes.com.sg/companies-markets/lhn-receives-principle-approval-sgx-transfer-catalist-listing-mainboard
https://www.theedgesingapore.com/news/company-news/lhn-group-receives-approval-principle-sgx-transfer-mainboard
Stamford Land to report net loss in 1HFY2024
Stamford Land is expecting to report a net loss in the 1HFY2024 ended Sept 30. This is mainly due to the fair value loss on the group’s investment property in London, says the group in its Oct 23 statement.
https://www.theedgesingapore.com/news/results/stamford-land-report-net-loss-1hfy2024
Views, Reviews Forum and Others
Goldman Sachs economists expect US home-price growth to slow next year
https://www.businesstimes.com.sg/property/goldman-sachs-economists-expect-us-home-price-growth-slow-next-year
China can reach 5% growth rate in 2024, ex-PBOC official says
https://www.businesstimes.com.sg/international/china-can-reach-5-growth-rate-2024-ex-pboc-official-says
China set to approve US$137 billion in extra sovereign debt on Tuesday
https://www.businesstimes.com.sg/international/china-set-approve-us137-billion-extra-sovereign-debt-tuesday
Shanghai’s economy, under pressure from weak property and stock markets at home, banks on external demand drivers in 2024
https://www.scmp.com/business/china-business/article/3238919/shanghais-economy-under-pressure-weak-property-and-stock-markets-home-banks-external-demand-drivers
China scraps price caps in bid to revive land sales, tweaks rule to allow lower-density suburban projects
https://www.scmp.com/business/china-business/article/3238851/china-scraps-price-caps-bid-revive-land-sales-tweaks-rule-allow-lower-density-suburban-projects
Eurozone consumer confidence falls to -17.9 in October
https://www.businesstimes.com.sg/international/eurozone-consumer-confidence-falls-179-october
ECB’s 5.3 trillion-euro challenge is forcing a rethink of rate plumbing
https://www.businesstimes.com.sg/international/ecbs-53-trillion-euro-challenge-forcing-rethink-rate-plumbing
Japan’s factory, service sector activity under pressure in Oct – PMI
https://www.channelnewsasia.com/business/japans-factory-service-sector-activity-under-pressure-oct-pmi-3867901
Japan to extend until April 2024 subsidies to curb fuel costs – stimulus package draft
https://www.channelnewsasia.com/business/japan-extend-until-april-2024-subsidies-curb-fuel-costs-stimulus-package-draft-3867916
With home prices in prime central London falling, cash-rich buyers go hunting for bargains
https://www.businesstimes.com.sg/property/home-prices-prime-central-london-falling-cash-rich-buyers-go-hunting-bargains
South Korea’s early export gain points to recovering global demand
https://www.businesstimes.com.sg/international/south-koreas-early-export-gain-points-recovering-global-demand
https://www.straitstimes.com/business/south-korea-s-early-export-gain-points-to-recovering-global-demand
Vistry to slash 200 jobs amid UK housing slump; shares fall
https://www.businesstimes.com.sg/property/vistry-slash-200-jobs-amid-uk-housing-slump-shares-fall
As MNCs arrive in droves, Vietnam’s industrial parks ramp up efforts to be smarter and greener
https://www.businesstimes.com.sg/international/asean/mncs-arrive-droves-vietnams-industrial-parks-ramp-efforts-be-smarter-and
Vietnam PM says 2023 economic growth seen below expectation
https://www.businesstimes.com.sg/international/asean/vietnam-pm-says-2023-economic-growth-seen-below-expectation
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