Singapore Real Estate
MAS says increase in home rents may moderate in coming quarters as housing supply ramps up
Singapore: Home rental pressures may ease in the coming months because of a “significant” supply of new housing units, said the Monetary Authority of Singapore (MAS) on Wednesday (Apr 26).
https://www.channelnewsasia.com/singapore/increase-home-rents-may-moderate-coming-months-mas-3444441
Commercial shophouse sales in Q1 fall to almost 3-year low
Commercial shophouse sales in the first quarter of 2023 fell to 28 transactions – the lowest in quarterly sales volume in nearly three years, as investors turned cautious on high interest rates, said a PropNex report on Tuesday (Apr 25).
https://www.businesstimes.com.sg/property/commercial-shophouse-sales-q1-fall-almost-3-year-low
Three floors at Solitaire on Cecil sold for record S$4,300 psf at S$162.8 million
The 17th, 18th and 20th floors of 20-storey freehold office project Solitaire on Cecil have been sold for S$162.8 million, translating to S$4,300 per square foot (psf) on a blended basis across the total strata area of 37,857 square feet (sq ft).
https://www.businesstimes.com.sg/property/three-floors-solitaire-cecil-sold-record-s4300-psf-s1628-million
https://www.edgeprop.sg/property-news/three-levels-solitaire-cecil-sold-1628-mil-new-high-4325-psf
Good Class Bungalows in Nassim top $4,500 psf, terraced house in Chancery hits $4,456 psf
Singapore (EdgeProp) – Cuscaden Peak recently sold a portfolio of three Good Class Bungalows (GCBs) at Nassim Road for $206.7 million. The price works out to a record of $4,500 psf. Alvin Choo, associate district director of investment sales and affluent markets at PropNex Realty, represented the buyer in the deal, while RealStar Premier Group represented the seller.
https://www.edgeprop.sg/property-news/good-class-bungalows-nassim-top-4500-psf-terraced-house-chancery-hits-4456-psf
Singapore Economy
Singapore economy faces uncertain near-term outlook, inflation to slow in second half of 2023: MAS
Singapore: The Singapore economy faces an “uncertain and fragile” outlook in the near term, as the slowdown in the global electronics industry and recent bank collapses abroad dampen growth prospects, said the Monetary Authority of Singapore (MAS) on Wednesday (Apr 26).
https://www.channelnewsasia.com/singapore/singapore-economy-uncertain-outlook-inflation-slow-second-half-2023-mas-3444381
Global bank failures fan contagion fears, could impact broader economy though S’pore banks are insulated: MAS
Singapore — Outlook over Singapore’s financial sector “remains uncertain” as the collapse of Silicon Valley Bank (SVB) and Credit Suisse last month have fanned fears of a broader contagion in the banking system, said the Monetary Authority of Singapore (MAS) on Wednesday (April 26).
https://www.todayonline.com/singapore/global-bank-failures-fan-contagion-fears-could-impact-broader-economy-though-spore-banks-are-insulated-mas-2158761
Tripartism to lead Singapore in facing post-pandemic challenges: Tan See Leng
After working together to support jobs and improve livelihoods during the pandemic, Singapore’s tripartite partners will now tackle the challenges of the post-pandemic world, Minister for Manpower Tan See Leng said on Wednesday (Apr 26) in his May Day Message.
https://www.businesstimes.com.sg/singapore/tripartism-lead-singapore-facing-post-pandemic-challenges-tan-see-leng
Labour movement will help workers prepare for future economy, say NTUC leaders
Singapore – Unions and workers around the world are locking horns with employers and governments by going on strike over disputes about pay, working conditions and retirement age, said NTUC president Mary Liew and secretary-general Ng Chee Meng on Tuesday.
https://www.straitstimes.com/singapore/politics/labour-movement-will-help-workers-prepare-for-future-economy-say-ntuc-leaders
MAS proposes stricter standards for prospecting, marketing financial products
The Monetary Authority of Singapore (MAS) is proposing stricter standards for financial institutions (FIs) and their representatives when they prospect for customers and market financial products.
https://www.businesstimes.com.sg/companies-markets/mas-proposes-stricter-standards-prospecting-marketing-financial-products
https://www.straitstimes.com/business/mas-seeks-views-on-proposals-for-financial-institutions-to-put-in-place-more-marketing-controls
Inflation, energy and wage costs to have larger impact on fare adjustments than formula changes: Analysts
Singapore – The changes made to the formula used to determine train and bus fares here are unlikely to play a big part in determining the margin of future fare changes, analysts said. Instead, other factors such as record inflation, elevated energy costs and political sensitivities are key in determining how much fares will actually go up by, they added as they weighed in on the updated fare formula announced by the Public Transport Council (PTC) on Tuesday.
https://www.straitstimes.com/singapore/transport/inflation-energy-and-wage-costs-to-have-larger-impact-on-fare-adjustments-than-formula-changes-analysts
Singapore moves up 2 spots to top world ranking on government effectiveness
Singapore – Singapore has come out tops in a ranking that tracks the effectiveness of governments around the world, edging out Finland, which has topped the index since it was first published in 2021.
https://www.straitstimes.com/singapore/politics/singapore-moves-up-2-spots-to-top-world-ranking-on-government-effectiveness
Companies’ Brief
Ascott to open 70 properties globally in 2023
CapitaLand Investment’s (CLI) 9CI 0.26% international lodging business unit, The Ascott Limited, says it expects to open 70 properties globally across fast-growing markets in Asia Pacific (APAC) and Europe in 2023.
https://www.theedgesingapore.com/news/tourism/ascott-open-70-properties-globally-2023
https://www.straitstimes.com/business/local-hospitality-players-to-expand-globally-in-2023-and-beyond
CapitaLand Ascott Trust posts 59% higher Q1 gross profit
CapitaLand Ascott Trust (Clas) gross profit for the first quarter ended March was up 59 per cent year on year, due to stronger operating performance and contributions from new properties.
https://www.businesstimes.com.sg/companies-markets/capitaland-ascott-trust-posts-59-higher-q1-gross-profit
https://www.straitstimes.com/business/capitaland-ascott-trust-posts-59-higher-q1-gross-profit
ESR-Logos Reit Q1 net property income up 78.2% to S$70.4 million
ESR-Logos Reit net property income (NPI) rose 78.2 per cent year on year to S$70.4 million for the first quarter of FY2023. It also posted a 63.9 per cent increase in gross revenue at S$97.7 million.
https://www.businesstimes.com.sg/companies-markets/esr-logos-reit-q1-net-property-income-782-s704-million
Frasers Centrepoint Trust’s H1 DPU slips 0.1% to S$0.0613
Frasers Centrepoint Trust (FCT) distribution per unit (DPU) inched down 0.1 per cent to S$0.0613 for the first half ended Mar 31, from S$0.06136 the year before. The retail real estate investment trust’s (Reit) gross revenue and net property income improved. However, property expenses were higher year on year, financial results released on Wednesday (Apr 26) showed.
https://www.businesstimes.com.sg/companies-markets/frasers-centrepoint-trusts-h1-dpu-slips-01-s00613
https://www.straitstimes.com/business/frasers-centrepoint-trust-first-half-dpu-dips-01-on-higher-expenses
Sabana Reit unitholders vote against giving manager authority to issue new units
Sabana Industrial real estate investment trust (Reit) unitholders voted against the fourth resolution authorising the Reit manager from issuing units to make or grant convertible instruments at the company’s annual general meeting held on Tuesday (Apr 25).
https://www.businesstimes.com.sg/companies-markets/sabana-reit-unitholders-vote-against-giving-manager-authority-issue-new-units
https://www.theedgesingapore.com/news/reits/sabana-reit-loses-general-mandate-again-drp-stays-elaine-lim-not-endorsed-independent
Suntec Reit’s Q1 DPU falls 27.4% on higher financing costs
Suntec Real Estate Investment Trust (Reit) recorded a 27.4 per cent decline in distribution per unit (DPU) to S$0.01737 for the first quarter of 2023, from S$0.02391 in the same period a year ago.
https://www.businesstimes.com.sg/companies-markets/capital-markets-currencies/suntec-reits-q1-dpu-falls-274-higher-financing-costs
https://www.straitstimes.com/business/suntec-reit-q1-dpu-falls-274-on-higher-financing-costs
Global Economy & Real Estate
Global retailers seek new ways to lure in shoppers as spending slows
https://www.businesstimes.com.sg/international/global-retailers-seek-new-ways-lure-shoppers-spending-slows
Central banks cut US dollar operations with Fed as market stress eases
https://www.businesstimes.com.sg/international/central-banks-cut-us-dollar-operations-fed-market-stress-eases
US consumer confidence falls to 9-month low in April
https://www.businesstimes.com.sg/international/us-consumer-confidence-falls-9-month-low-april
US new home sales rise more than expected in March
https://www.businesstimes.com.sg/property/us-new-home-sales-rise-more-expected-march
Housing-market bottom raises hopes that US can avoid recession
https://www.businesstimes.com.sg/property/housing-market-bottom-raises-hopes-us-can-avoid-recession
UK mortgage rates triple in ‘nasty shock’ for homeowners
https://www.businesstimes.com.sg/property/uk-mortgage-rates-triple-nasty-shock-homeowners
UK factory orders contract again but price pressures ease: CBI
https://www.businesstimes.com.sg/international/uk-factory-orders-contract-again-price-pressures-ease-cbi
Miami’s luxury rent surge means your money goes half as far
https://www.businesstimes.com.sg/property/miamis-luxury-rent-surge-means-your-money-goes-half-far
Australia inflation slows in Q1, probably past the peak
https://www.businesstimes.com.sg/international/australia-inflation-slows-q1-probably-past-peak
China completes landmark national real estate registration system
https://www.businesstimes.com.sg/property/china-completes-landmark-national-real-estate-registration-system
https://www.channelnewsasia.com/business/china-completes-landmark-national-real-estate-registration-system-3442231
China to scrap PCR test for inbound travellers in latest easing
https://www.businesstimes.com.sg/international/china-scrap-pcr-test-inbound-travellers-latest-easing
https://www.channelnewsasia.com/asia/china-covid-19-pcr-test-requirement-travellers-eased-antigen-test-3442061
https://www.theedgesingapore.com/news/covid-19/china-scrap-pcr-test-inbound-travellers-latest-easing
Hong Kong home prices rise for third month in March
https://www.channelnewsasia.com/business/hong-kong-home-prices-rise-third-month-march-3444471
Abby Choi murder: Hong Kong subsidised housing sale rules to be changed to close loophole allowing homeowners to buy properties after her former father-in-law found to own flat under schem
https://www.scmp.com/news/hong-kong/society/article/3218298/abby-choi-murder-subsidised-housing-purchase-rules-be-changed-close-loophole-allowing-homeowners-buy
Men and property owners likelier to use fintech in Hong Kong, PolyU survey shows
https://www.scmp.com/tech/tech-trends/article/3218335/men-and-property-owners-likelier-use-fintech-hong-kong-polyu-survey-shows
Japan’s business services inflation hits 8-year high in fiscal 2022
https://www.channelnewsasia.com/business/japans-business-services-inflation-hits-8-year-high-fiscal-2022-3441646
South Korean consumers’ inflation expectations fall to 11-month low
https://www.channelnewsasia.com/business/south-korean-consumers-inflation-expectations-fall-11-month-low-3443896
Thailand cuts GDP growth outlook as exports weaken
https://www.businesstimes.com.sg/international/asean/thailand-cuts-gdp-growth-outlook-exports-weaken
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