Singapore Real Estate
Capri, Citadines properties in advanced sale talks as hospitality returns to investors’ radar
With the return of travel, hospitality seems to be flavour of the month in the Singapore investment property sales scene. The Business Times understands that Capri by Fraser, Changi City and Citadines Mount Sophia are among the assets for which potential buyers are undertaking exclusive due diligence.
https://www.businesstimes.com.sg/property/capri-citadines-properties-advanced-sale-talks-hospitality-returns-investors-radar
Suburban properties chalk up biggest resale gains in Q4 as prices outperform
Suburban and city fringe residential properties proved most profitable on resale during the fourth quarter of 2023, outperforming prime property deals that typically show large gains. A Clementi Park condominium unit sold in November made the most money by quantum in Q4.
https://www.businesstimes.com.sg/property/suburban-properties-chalk-biggest-resale-gains-q4-prices-outperform
Singapore Economy
When one plus one equals three: Why price hikes might be greater than the GST bump
After Singapore’s goods and services tax (GST) rate rose a further one percentage point to 9 per cent on Jan 1, eagle-eyed consumers may have noticed disproportionate price hikes for some of their regular purchases.
https://www.businesstimes.com.sg/singapore/when-one-plus-one-equals-three-why-price-hikes-might-be-greater-gst-bump
Changi Airport’s Q4 passenger traffic reaches 90% of pre-pandemic level
Singapore Changi Airport’s passenger traffic has recovered to near pre-Covid levels, with growth registered across all markets in 2023. For the fourth quarter of 2023, Changi handled 16.1 million passenger movements, surpassing 90 per cent of the level recorded in 2019, said Changi Airport Group (CAG) on Wednesday (Jan 24).
https://www.businesstimes.com.sg/singapore/changi-airports-q4-passenger-traffic-reaches-90-pre-pandemic-level
https://www.straitstimes.com/singapore/transport/changi-airport-s-2023-passenger-traffic-rebounds-to-86-of-pre-covid-19-levels
Companies’ Brief
ESR-Logos Reit bags master lease at 35% higher rental
ESR-Logos Reit has signed a master lease with PharmaGend Global Medical Services at more than 35 per cent higher rental than the previous one. The lease represents about 1 per cent of the real estate investment trust’s (Reit) portfolio rental income as at end-September 2023, said the Reit manager on Thursday (Jan 25).
https://www.businesstimes.com.sg/companies-markets/esr-logos-reit-bags-master-lease-35-higher-rental
https://www.straitstimes.com/business/esr-logos-reit-bags-master-lease-at-35-higher-rental
Mapletree Logistics Trust’s DPU up 1.2% in Q3 to S$0.02253
Distribution per unit (DPU) for Mapletree Logistics Trust (MLT) rose 1.2 per cent to S$0.02253 for its third quarter ended Dec 31, 2023, underpinned by a resilient portfolio, contributions from acquisitions and divestment gains.
https://www.businesstimes.com.sg/companies-markets/mapletree-logistics-trusts-dpu-12-q3-s002253
https://www.theedgesingapore.com/capital/results/mlt-posts-12-gain-3qfy2024-dpu-2253-cents
OUE C-Reit to rebrand to OUE Reit from Jan 29
The manager of OUE Commercial Real Estate Investment Trust : TS0U +1.85% (Reit) announced in a bourse filing on Wednesday (Jan 24) that the Reit will be rebranding to OUE Reit from Jan 29.
https://www.businesstimes.com.sg/companies-markets/oue-c-reit-rebrand-oue-reit-jan-29
https://www.theedgesingapore.com/capital/reits/oue-commercial-reit-rebrands-oue-reit
Suntec Reit eyes another S$100 million in strata divestments in 2024 as it targets sub-40% gearing
Suntec Real Estate Investment Trust (Reit) is eyeing further divestments of Suntec strata office units in FY2024, building on earlier divestments last year, as the manager aims to reduce gearing.
https://www.businesstimes.com.sg/companies-markets/suntec-reit-eyes-another-s100-million-strata-divestments-2024-it-targets-sub-40
Global Economy & Real Estate
Red Sea turmoil sends economic shockwaves far and wide
https://www.straitstimes.com/business/red-sea-turmoil-sends-economic-shockwaves-far-and-wide
US business activity picks up in January; inflation cooling
https://www.businesstimes.com.sg/international/us-business-activity-picks-january-inflation-cooling
US home purchase applications increase to highest since April
https://www.businesstimes.com.sg/property/us-home-purchase-applications-increase-highest-april
Prime real estate: Original Amazon House up for sale
https://www.businesstimes.com.sg/property/prime-real-estate-original-amazon-house-sale
National Association of Realtors faces competition from new group
https://www.businesstimes.com.sg/property/national-association-realtors-faces-competition-new-group
Australia’s Prime Minister plans changes to tax cuts despite election pledge
https://www.businesstimes.com.sg/international/australias-prime-minister-plans-changes-tax-cuts-despite-election-pledge
China GDP: provinces set conservative 2024 economic growth targets as debt hangover bites
https://www.scmp.com/economy/economic-indicators/article/3249636/china-gdp-provinces-set-conservative-2024-economic-growth-targets-debt-hangover-bites
China’s attempts to lift confidence in economy fall flat
https://www.channelnewsasia.com/business/analysischinas-attempts-lift-confidence-economy-fall-flat-4070636
China central bank cuts bank reserves to defend markets, spur growth
https://www.businesstimes.com.sg/international/china-central-bank-cuts-bank-reserves-defend-markets-spur-growth
https://www.channelnewsasia.com/asia/china-banks-cut-hold-reserve-boost-lending-economy-4070776
https://www.theedgesingapore.com/news/china-focus/china-cut-bank-reserve-ratio-bid-boost-growth-markets
https://www.scmp.com/economy/economic-indicators/article/3249606/china-cut-banks-reserve-requirement-ratio-set-inject-1-trillion-yuan-market
China beefs up support for developer funding by easing loan uses
https://www.businesstimes.com.sg/property/china-beefs-support-developer-funding-easing-loan-uses
Country Garden seeks to sell assets worth 3.8 billion yuan in Guangzhou
https://www.businesstimes.com.sg/international/global/country-garden-seeks-sell-assets-worth-38-billion-yuan-guangzhou
https://www.channelnewsasia.com/business/china-property-country-garden-sell-530million-guangzhou-assets-4070031
China and Hong Kong broaden investment and financing Links
https://www.businesstimes.com.sg/international/china-and-hong-kong-broaden-investment-and-financing-links
https://www.channelnewsasia.com/business/marketmind-china-optimism-spreads-s-korea-gdp-focus-4072426
ECB to keep pushing back on rate cut bets despite anaemic growth
https://www.businesstimes.com.sg/international/ecb-keep-pushing-back-rate-cut-bets-despite-anaemic-growth
Eurozone business downturn eases in January: PMI
https://www.businesstimes.com.sg/international/eurozone-business-downturn-eases-january-pmi
Hong Kong’s high rents create a new type of cross-border commuter
https://www.businesstimes.com.sg/property/hong-kongs-high-rents-create-new-type-cross-border-commuter
Hong Kong’s industrial property segment seeing pick up amid rising demand for data centres, JLL says
https://www.scmp.com/business/article/3249655/hong-kongs-industrial-property-segment-seeing-pick-amid-rising-demand-data-centres-jll-says
Hong Kong ‘considering Central location for planned national achievements showcase’ following public outcry over Science Museum relocation proposal
https://www.scmp.com/news/hong-kong/politics/article/3249662/hong-kong-considering-central-location-planned-national-achievements-showcase-following-public
Malaysia central bank holds rates again, flags inflation risks
https://www.channelnewsasia.com/business/malaysia-central-bank-holds-rates-again-flags-inflation-risks-4070411
South Korea’s economy stronger than expected on exports recovery
https://www.businesstimes.com.sg/international/south-koreas-economy-stronger-expected-exports-recovery
https://www.straitstimes.com/business/south-korea-s-economic-growth-holds-steady-on-exports-recovery-but-credit-risks-loom
https://www.channelnewsasia.com/business/south-koreas-economy-stronger-expected-exports-recovery-4072581
Thai PM asserts economy is in ‘crisis’, pledges more stimulus
https://www.businesstimes.com.sg/international/thai-pm-asserts-economy-crisis-pledges-more-stimulus
UK economy picks up speed but Red Sea crisis hits factories
https://www.businesstimes.com.sg/international/uk-economy-picks-speed-red-sea-crisis-hits-factories
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