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 May 2023 (Thursday)

Singapore Real Estate


Latest cooling measures could choke supply of prime freehold collective sale sites: JLL
Singapore – That prized pot of collective sale riches may get more elusive for private home owners, as analysts say the latest round of property curbs could further dampen the current collective sale cycle, which is already seeing a slower success rate compared with the boom cycle from 2017 to 2018.


Commercial and industrial collective sale sites not subject to ABSD may draw investors
Singapore – Local and foreign investors may gravitate towards commercial and industrial collective sale sites that are not subject to additional buyer’s stamp duty (ABSD) following the April 27 round of cooling measures, but higher interest rates and slowing economic growth may weigh on demand, say analysts.


Golden Mile Tower’s bid at S$600 million collective sale closes with no bids
The collective sale tender of Golden Mile Tower closed on May 8 with no bids again, The Business Times (BT) has learnt. However, the development’s owners have entered into private treaty negotiations with “several” interested parties, said a spokesperson from ERA, which is marketing the property.


Top Global puts ground floor of 15 Scotts Road up for sale at S$38.8 million
Two strata retail units held by property group Top Global on the ground floor of 15 Scotts Road are up for sale at S$38.8 million. The two adjacent ground floor units have a combined strata area of approximately 6,437 square feet (sq ft). At S$38.8 million, the indicative price translates to around S$6,000 per square foot (psf), according to marketing agent Cushman & Wakefield on Wednesday (May 24).



Singapore Economy


Singapore GDP grew 0.4% in Q1; full-year growth expected at mid-point of official range
Singapore’s external demand outlook for the rest of the year has weakened, with “growth likely to come in at around the mid-point” of the official forecast range of 0.5 to 2.5 per cent year on year, the Ministry of Trade and Industry (MTI) said on Thursday (May 25).


Singapore downgrades 2023 export forecasts on weaker-than-expected Q1 showing
Amid weak external demand and lower oil prices, Singapore has slashed its 2023 full-year forecasts for both non-oil domestic exports (NODX) and total merchandise trade. NODX is expected to contract by -10 to -8 per cent year on year in 2023, down from the earlier forecast of -2 to 0 per cent previously, Enterprise Singapore (EnterpriseSG) said in its quarterly review of trade performance on Thursday (May 25).


Higher EP salaries for renewals mean employers may have to give big raises – or lose workers
When higher Employment Pass (EP) qualifying salaries kick in for renewals this September, some companies may have to give big pay rises to keep their foreign employees – or let them go.



Companies’ Brief


CapitaLand Ascendas Reit’s recent buy highlights risk of buying properties with short lease
Some investors are shunning listed real estate investment trusts (Reits) as interest rates rise. Equity raising for Reits is much more difficult today. Kudos, then, to the manager of CapitaLand Ascendas Reit (Clar).


Mapletree Industrial Trust announces data centre acquisition in Osaka
Mapletree Industrial Trust’s (MIT) manager announced on May 25, the proposed acquisition of a 98.47% interest in a newly built data centre in Osaka for JPY51.2 billion ($500.1 million). The manager intends to finance the acquisition with a combination of debt and proceeds from an equity fund raising (EFR).


PropertyGuru cuts Q1 losses to S$10.2 million
New York Stock Exchange-listed PropertyGuru reported net losses of S$10.2 million for its first quarter ended Mar 31, from S$120.3 million in the corresponding period the year before. Revenue for Q1 rose 15.6 per cent year on year to S$32.6 million, from S$28.2 million previously.


SRI CEO Tony Koe to step down from June 30
Singapore (EdgeProp) – Tony Koe, CEO of property agency SRI, will be stepping down from his role with effect from June 30. In a May 23 press release, the agency says Koe is stepping down to “pursue personal interests”.



Global Economy & Real Estate


Fed officials split on support for more rate hikes, minutes show


US mortgage rates rise to highest since March, slowing demand


Bank of England’s Bailey sweats over risk of ‘sticky’ summer for inflation


UK inflation falls by less than expected, core inflation jumps


UK house prices up 4.1% yoy in March


UK’s Great Portland forecasts 3%-6% rental growth in prime office spaces


Mortgages in the UK look set to get a lot more expensive


EU sets out plans to cut the price of financial products


Inflation crashes the party as ECB marks 25 years


The face of Sweden’s property bust fights for US$13 billion empire


German business morale worsens in May


Chinese tourists to return to Taiwan’s outer islands in June after 3-year hiatus, lawmaker says


Hong Kong will require 300,000 more public housing tenants to declare property every 2 years under tightened rules


Taiwan tour operators eager for rebound in cross-strait tourism, but travellers are wary


South Korea tackles property risk with loan conversions for brokerages


South Korea producer inflation slows to 27-month low in April


Bank of Korea holds fire again on rates, trims growth forecast


Ringgit slumps to record low of 3.41 against the Singdollar



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