Singapore Real Estate
JTC to reclaim 172ha of land in Tuas for industrial use, improved connections to Tuas Port
Singapore – New reclamation works are planned for Tuas, which will yield about 172ha of land for industrial use and to improve road connections to Tuas Port. JTC Corporation, the government agency overseeing Singapore’s industrial spaces, told The Straits Times that reclamation works at Northern Tuas Basin are slated to begin in 2025 and end around 2029.
https://www.straitstimes.com/singapore/jtc-to-reclaim-172ha-of-land-in-tuas-for-industrial-use-improved-connections-to-tuas-port
https://www.businesstimes.com.sg/property/jtc-reclaim-172ha-land-tuas-industrial-use-improved-connections-tuas-port
Residents fear plans of new columbarium complex in Mandai may affect property prices, impact en bloc deal
Singapore — News of the proposed columbarium complex in Mandai has left residents living along Sembawang Road concerned about a possible decline in property prices, with some fearing that it could scupper an en bloc deal at one of the condominiums in the area.
Warehouses shine on strong logistics demand; high rents face resistance in 2024
Landlords holding modern warehouse assets had another standout year in 2023. But deteriorating business sentiment will weigh on high rents, and business parks could suffer from a flood of new supply.
The year’s top-performing S-Reit looks to repeat its act in 2024
Christmas may have come early for investors in Digital Core Reit. Units of the real estate investment trust (Reit) have been rallying over the past month-and-a-half, after the manager announced it had entered into agreements that would resolve the bankruptcy of its second-largest customer.
Companies’ Brief
Blackstone allocates most real estate investment to Europe: report
Blackstone allocated more than half of its 2023 investment in real estate to European assets, including the UK, according to a report by the Financial Times (FT). The world’s biggest alternative asset manager placed 55 per cent of its global property investments in Europe after rising interest rates led to bargain prices, the FT said.
Closing date for Boustead Projects offer extended to Jan 10; valid acceptances at 98.76%
The closing date for Boustead Singapore’s cash exit offer for its real estate unit, Boustead Projects, has been extended from 5.30pm on Dec 27 to the same time on Jan 10, 2024. On Tuesday (Dec 26), Boustead Singapore said the group and its concert parties received valid acceptances amounting to 309,385,609 shares, or 98.76 per cent of the total number of Boustead Projects shares.
https://www.businesstimes.com.sg/companies-markets/closing-date-boustead-projects-offer-extended-jan-10-valid-acceptances-9876
https://www.straitstimes.com/business/closing-date-for-boustead-projects-offer-extended-to-jan-10-valid-acceptances-at-9876
Views, Reviews, Forum and Others
Red Sea attacks on cargo ships may hit Chinese New Year deliveries, reignite supply chain woes
Singapore – Recent missile and drone attacks on commercial vessels in the Red Sea by Yemen’s Houthi militants in response to the Gaza war is fast sealing off access to the shortest shipping route between Europe and Asia.
Commentary: Can Singapore afford to further subsidise public buses and trains?
Any public transport fare increase is bound to cause unhappiness when many are already buffeted by the rising cost of living amid high inflation. Public bus and train rides will cost more from Saturday (Dec 23), by up to 11 cents more per journey for adult commuters.
Global Economy & Real Estate
2024 likely to be a ‘tale of two halves’ for Brent
https://www.businesstimes.com.sg/companies-markets/2024-likely-be-tale-two-halves-brent
Retailers dangle fewer discounts for inflation-weary shoppers
Global air travel to surpass pre-Covid levels in 2024 as Asia-Pacific makes full recovery
Dubai luxury homes, offices tipped to extend hot price growth streak in 2024 amid China demand, analysts say
Hong Kong catering industry ‘suffers 11% drop in business’ on Christmas Eve, as residents head to mainland China and overseas for festive break
Hong Kong shopping centres shun one-size-fits-all strategy over Christmas holiday to widen customer appeal
Hong Kong’s traditional brands should innovate to stay ahead of the game, city’s Paul Chan says after touring big events
4 homeowners in Hong Kong luxury estate face court proceedings over illegal structures
BOJ’s Ueda signals chance of policy shift, progress on price goal
Japan November jobless rate flat at 2.5%
https://www.channelnewsasia.com/business/japan-november-jobless-rate-flat-25-4010666
Thai November export growth misses forecast; rice shipments surge
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