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 Apr 2023 (Tue)

Singapore Real Estate


Condo resale prices rise again in March; volumes up 53.9%: SRX,
Resale prices and volumes of condominiums continued to rise in March, supported by healthy demand for units in the outside of central region (OCR). Overall resale prices were up 1.4 per cent month on month and rose 8.6 per cent from the previous year, based on flash estimates from SRX and released on Tuesday (Apr 25).


Freehold shophouse at Joo Chiat Road up for sale at $9.2 mil
Singapore (EdgeProp) – A freehold shophouse at 275 Joo Chiat Road in District 15 is up for sale at a guide price of $9.2 million. The price works out to $2,946 psf on the estimated gross floor area of 3,122 sq ft.


Link Hotel in Tiong Bahru goes into receivership, put up for sale
Link Hotel Singapore, a boutique hotel in Tiong Bahru, has been placed in receivership after a S$50 million loan default, and is now up for sale. Hong Kong-listed parent company Link Holdings on Apr 3 disclosed that it had failed to make an outstanding payment of S$31 million on a S$50 million loan granted by DBS, which then demanded repayment of the full loan.


Distressed property listings in S’pore jump in Q1 as bankruptcies rise
Singapore – The number of mortgagee listings jumped in the first quarter of 2023, with more distress sales expected in the second half of the year as bankruptcy applications increase. The number of bankruptcy applications rose quarter on quarter by 5.6 per cent to 959 in the first quarter of 2023, according to data from the Ministry of Law.


Four HDB shophouses in Tampines up for sale at $12 mil
Singapore (EdgeProp) – Four single-storey HDB shophouses at Block 475 Tampines Street 44 are up for sale through an expression of interest (EOI) exercise at a guide price of $12 million. Its sole marketing agent is Huttons Asia.



Singapore Economy


Singapore headline, core inflation ease in March as expected
Singapore’s inflation fell across the board in March – with the exception of energy – largely in line with economists’ expectations, according to official figures on Monday (Apr 24). Headline inflation was 5.5 per cent year on year, down from 6.3 per cent in February and matching private-sector economists’ median estimate in a Bloomberg poll.


Singapore, Shanghai sign 15 agreements to boost cooperation in areas like digital economy, healthcare
Singapore: Singapore and Shanghai on Monday (Apr 24) signed 15 agreements to boost cooperation in areas such as the digital economy, healthcare and tourism. The agreements were inked at the 4th Singapore-Shanghai Comprehensive Cooperation Council (SSCCC) meeting. It was the first physical provincial business council meeting between Singapore and China since the COVID-19 pandemic.



Companies’ Brief


Aims Apac Reit divests Yishun property for S$12.9 million
Aims Apac real estate investment trust (AA Reit) announced that it is divesting 541 Yishun Industrial Park A in Singapore for S$12.9 million. The Reit has entered into a sales and purchase agreement with Cantal United for the Yishun property. The S$12.9 million sale price is a 8.2 per cent premium on the property’s valuation of S$11.9 million as at Mar 31.


Citigroup’s Asia Q1 wealth revenue jumps 20% amid new clients, investment gains
Citigroup’s Asia wealth revenue surged 20 per cent in the first quarter of 2023, backed by investment gains, insurance revenue and a jump in new private banking clients, according to a company spokesperson.


CLCT posts 1.6% dip in Q1 net property income to $65.5 million
Singapore – CapitaLand China Trust (CLCT) posted a 1.6 per cent dip in net property income to 339.1 million yuan (S$65.5 million) for its first quarter ended March, from 344.5 million yuan in Q1 2022.


GuocoLand’s foothold in Lentor may be a boon, but there are potential risks
GuocoLand was dubbed “King of Lentor Hills” this month after being awarded its third 99-year leasehold private housing site in the locale in less than two years. The mainboard-listed property group had bagged the first Lentor plot on its own at a state tender by the Urban Redevelopment Authority (URA) that closed in July 2021.



Views, Reviews, Forum and Others


Commentary: Fresh COVID-19 wave in Singapore could have a long tail of long COVID
Singapore: Singapore is experiencing a fresh COVID-19 wave, weeks after stepping down pandemic measures in the community in February. With 28,410 cases recorded in the final week of March and social media users sharing anecdotes of individuals coughing and sneezing without their masks, it is understandable that some anxieties about COVID-19 risks are resurfacing.


More eligible foreign visitors to Singapore can use automated lanes for immigration clearance: ICA
Singapore: More eligible foreign visitors to Singapore, including those visiting for the first time, will be allowed to use automated lanes for immigration clearance without the need for prior enrolment, said the Immigration & Checkpoints Authority (ICA) in a news release on Tuesday (Apr 25).



Global Economy & Real Estate


Tiger Woods-backed project to build homes in Florida horse town

In Manhattan’s sluggish home market, cash is greasing the wheels

German house price slump is already over as building costs soar

Germany’s ‘very generous’ pay deal may complicate ECB’s inflation fight

German business sentiment improves slightly in April

China Evergrande unit to sell two businesses as part of restructuring

China guides banks to further cut deposit rates: sources

China May Day holiday travel bookings surge past pre-coronavirus levels, prompt price hike warning

Hong Kong’s office market outlook improves after vacancy rate fell for the first time in 10 months in March

Hong Kong hotel room rates surge ahead of Labour Day ‘golden week’ holiday, with prices as much as 5 times higher

Hong Kong’s January-March unemployment eases to 3.1%

Japanese ‘mindset’ is to stay home as Covid wave, surging flight costs deter overseas travel

Japan raises view on imports, sees rising bankruptcies

Japan eyes widening of long-term foreign worker visa scheme: Report

Integrated resorts in Japan, Thailand set to compete with Singapore’s

South Korea economy averts recession but faces strong headwinds

Dubai plot of sand sells for 125m dirhams in luxury island record

Philippines extends mask mandates in Manila railways as Covid-19 cases rise


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