The Leading Professional and Representative Body for the Real Estate Industry

The Leading Professional and Representative Body for the Real Estate Industry



Daily News – 26 Apr 2023 (Wed)

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).


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).


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).


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.



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).


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).


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.


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.


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.


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.


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.



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.


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.


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.


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.


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).


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.



Global Economy & Real Estate


Global retailers seek new ways to lure in shoppers as spending slows


Central banks cut US dollar operations with Fed as market stress eases


US consumer confidence falls to 9-month low in April


US new home sales rise more than expected in March


Housing-market bottom raises hopes that US can avoid recession


UK mortgage rates triple in ‘nasty shock’ for homeowners


UK factory orders contract again but price pressures ease: CBI


Miami’s luxury rent surge means your money goes half as far


Australia inflation slows in Q1, probably past the peak


China completes landmark national real estate registration system


China to scrap PCR test for inbound travellers in latest easing


Hong Kong home prices rise for third month in March


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


Men and property owners likelier to use fintech in Hong Kong, PolyU survey shows


Japan’s business services inflation hits 8-year high in fiscal 2022


South Korean consumers’ inflation expectations fall to 11-month low


Thailand cuts GDP growth outlook as exports weaken



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