The Leading Professional and Representative Body for the Real Estate Industry

The Leading Professional and Representative Body for the Real Estate Industry



Daily News – 25, 26 & 27 Mar 2023 (Sat, Sun & Mon)

Singapore Real Estate


Care must be taken to not overcorrect S’pore’s property market in times of volatility: Desmond Lee
Amid the current volatility in the global financial market, National Development Minister Desmond Lee said care must be taken to not overcorrect Singapore’s property market.


Early signs of rental, resale property markets slowing: Desmond Lee
It will take about two years to clear the current backlog of delayed Build-To-Order (BTO) flats, but there are early signs that both the resale and rental markets are slowing down, said National Development Minister Desmond Lee.


BTO flats in mature estates cost more but must remain affordable, says Desmond Lee
Build-To-Order (BTO) flats in mature estates are more expensive than those in less popular locations with fewer amenities. But they must still be affordable to a wide spectrum of Singaporeans to ensure overall equality in the public housing system.


One floor at upcoming office project Solitaire on Cecil sold for S$52.3 million
The 12th floor of the upcoming office project Solitaire on Cecil has been sold for S$52.3 million or S$4,196 per square foot (psf) on a strata area of 12,465 square feet (sq ft).


Industrial S-Reits record positive rental reversions
Singapore’s February 2023 industrial production fell 8.9 per cent year on year (yoy), down from 3.1 per cent in January marking the fifth month of contraction. Six out of the eight industrial S-Reits have exposure to Singapore industrial properties and averaged 3.5 per cent total returns in the year-to-date till Mar 23, following an 8.3 per cent decline in 2022.


Expats baulk at rising rents, as some think twice about staying in Singapore amid intensifying global talent war
Though he and his family “love living in Singapore” and have been doing so the last seven years, French expat Paul will be moving his whole family back to France come June as his landlord intends to raise the rent by 70 per cent.



Singapore Economy


All HDB towns will be highly liveable, despite differences in popularity: PM Lee
Whichever Housing Board town they live in and its relative popularity, Singaporeans can be assured that each town will be well planned, well maintained, and have up-to-date amenities that meet their living needs, said Prime Minister Lee Hsien Loong on Sunday.


Singapore’s approach to employment resilience is to protect workers, not jobs: DPM Wong
The SkillsFuture movement will be strengthened, especially in the areas of training and job placement, to better protect workers amid changes that have seen some jobs made obsolete.


Foreign worker housing at full capacity, with situation unlikely to ease soon
When construction activity rebounded to almost pre-pandemic levels in 2022, many firms began to hire in earnest once more, but soon ran into a problem: where to house all their workers.



Companies’ Brief


Waste reduction a key hospitality focus as consumption rises with tourism’s return: Ascott MD
The hospitality industry will increasingly focus on waste reduction as it grapples with the environmental impact of a rebound in tourism and changing consumer preferences, says CapitaLand Investment’s chief financial and sustainability officer for lodging.


Far East Hospitality Trust receives full S$18 million incentive fee from Central Square divestment
Far East Hospitality Trust (FEHT) received an additional S$18 million from its divestment of Central Square to City Developments Limited (CDL).


Keppel subsidiary to sell remaining stake in Philippines property for 8 billion pesos
Keppel Corporation’s Philippines subsidiary will divest its remaining 50 per cent stake in The Podium West Tower and The Podium Mall in the Philippines for around eight billion pesos (S$195 million) in cash.


Brokers’ take: RHB downgrades Starhill Global Reit to ‘neutral’ over impact from arbitration
RHB on Monday (Mar 27) downgraded its recommendation on Starhill Global Real Estate Investment (Reit) mall to “neutral”, and lowered its target price to S$0.55 from S$0.60. It believes Myers’ arbitration claim could weigh on the Reit’s trading price.



Global Economy & Real Estate


IMF chief warns risks to financial stability have increased


Global IPO market revival undermined by banking, recession risks


Real estate leader on NY Fed board warns on commercial real estate risks


Short sellers step up bets against US office owners on bank turmoil


China vice-premier pledges nation will continue to open up


Shanghai targets 5% growth in property investment in 2023


Shanghai expat exodus shows Covid Zero’s enduring scars


A year after borders reopened, Malaysia’s hotel occupancy rate now close to pre-pandemic level



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