Singapore Real Estate
Office rents in Singapore’s central region up 0.3% in Q4, islandwide vacancy dips to 9.9%: URA
The Urban Redevelopment Authority’s (URA’s) office rental index for Singapore’s central region rose 0.3 per cent in the fourth quarter of 2023 over the preceding quarter. This was a slower pace of increase compared with the 4.9 per cent gain in Q3 2023.
https://www.businesstimes.com.sg/property/flash-office-rents-singapores-central-region-03-q4-islandwide-vacancy-dips-99-ura
Retail space rents rose 0.4% in 2023, prices up 1.2%: URA
Retail rents dipped 0.1 per cent in the fourth quarter of 2023, but were up 0.4 per cent for the full year, the Urban Redevelopment Authority (URA) said on Friday (Jan 26). Prices for retail space in the central region rose 1.2 per cent in Q4, following a 0.6 per cent increase in the previous quarter.
https://www.businesstimes.com.sg/property/retail-space-rents-rose-04-2023-prices-12-ura
Industrial rents up 1.7% in Q4, prices climb 0.6%: JTC
Rents and prices of Singapore industrial space continued to rise for the 13th straight quarter in Q4 2023, but momentum is slowing, JTC data released on Thursday (Jan 25) showed.
https://www.businesstimes.com.sg/property/industrial-rents-17-q4-prices-climb-06-jtc
https://www.edgeprop.sg/property-news/industrial-rents-prices-rose-13th-straight-quarter-4q2023
Singapore condo resale volumes down again in December, prices up
Condominium resale volumes continued to decline for the second straight month in December 2023, falling 10.4 per cent month on month. Flash data from SRX and 99.co released on Thursday (Jan 25) showed that 743 units changed hands during the month, down from the 829 units resold in November 2023.
https://www.businesstimes.com.sg/property/singapore-condo-resale-volumes-down-again-december-prices-srx-99co
https://www.straitstimes.com/singapore/housing/condo-resale-prices-up-75-in-2023-rise-for-5th-straight-month-in-december
High Street Centre owners in private talks after close of S$748 million en bloc tender
The owners of High Street Centre have entered into a 10-week private treaty negotiation period with interested parties after its en bloc sale tender closed on Thursday (Jan 25). The Business Times understands that the conditions set under the tender terms had not been met.
https://www.businesstimes.com.sg/property/high-street-centre-owners-private-talks-after-close-s748-million-en-bloc-tender
Singapore Economy
Singapore set to hold monetary policy next week as price pressures persist
Singapore’s central bank will likely keep its tight monetary policy settings for a third straight review while retaining its sharp focus on still-elevated inflation.
https://www.straitstimes.com/business/singapore-set-to-hold-monetary-policy-next-week-as-price-pressures-persist
EnterpriseSG helped 3,000 firms transform in 2023; their revenue raised by projected S$16.4 billion
Even as global economic headwinds weighed on business conditions last year, Enterprise Singapore (EnterpriseSG) was able to support some 3,000 Singapore companies to deepen their capabilities in productivity, innovation and internationalisation.
https://www.businesstimes.com.sg/singapore/enterprisesg-helped-3000-firms-transform-2023-their-revenue-raised-projected-s164-billion
https://www.straitstimes.com/business/companies-markets/firms-to-create-21500-jobs-generate-164b-in-revenue-after-help-from-enterprise-singapore-in-2023
Singapore-China mutual visa exemption to start on Feb 9 in time for Chinese New Year holidays
Singapore and China will kick off their mutual 30-day visa-free arrangement on Friday (Feb 9), in time for the Chinese New Year holidays. The agreement, signed on Jan 25 by officials from both sides, will allow ordinary passport holders from Singapore and China to enter each other’s country without the need for a visa, and for a stay of up to 30 days.
https://www.businesstimes.com.sg/singapore/singapore-china-mutual-visa-exemption-start-feb-9-time-chinese-new-year-holidays?utm_source=telegram&utm_medium=social-organic
https://www.todayonline.com/singapore/singapore-and-china-reach-agreement-mutual-30-day-visa-free-entry-arrangement-begins-feb-9-2349511
https://www.channelnewsasia.com/asia/singapore-china-mutual-visa-free-agreement-30-days-start-feb-9-4073491
Companies’ Brief
FCT to buy 24.5% stake in Nex from Frasers Property, to raise S$200 million in placement
Frasers Property is selling its stake in retail mall Nex for an estimated price of S$523.1 million to Frasers Centrepoint Trust (FCT), said the manager Frasers Centrepoint Asset Management on Thursday (Jan 25).
https://www.businesstimes.com.sg/companies-markets/fct-buy-245-stake-nex-frasers-property-raise-s200-million-placement
https://www.straitstimes.com/business/frasers-centrepoint-trust-to-buy-additional-245-stake-in-nex-for-5231-million
https://www.theedgesingapore.com/news/reit-watch/fct-raise-stake-nex-50-reports-resilient-1q
Frasers Centrepoint Trust’s private placement to raise S$200 million closes at S$2.18 apiece
Frasers Centrepoint Trust (FCT) private placement to raise S$200 million has closed at the issue price of S$2.18 per new unit, near the middle of the S$2.16 and S$2.204 range proposed.
https://www.businesstimes.com.sg/companies-markets/frasers-centrepoint-trusts-private-placement-raise-s200-million-closes-s218
Keppel DC Reit’s H2 DPU drops 16.1% to S$0.04332 on higher finance costs, property expenses
Keppel DC Reit’s distribution per unit (DPU) for the half year ended Dec 31 dropped 16.1 per cent to S$0.04332. This came as its H2 distributable income fell 18.5 per cent to S$76.4 million on higher finance costs and loss allowances for the uncollected rental income from its three Guangdong Data Centres, said the manager on Friday (Jan 26).
https://www.businesstimes.com.sg/companies-markets/keppel-dc-reits-h2-dpu-drops-161-s004332-higher-finance-costs-property-expenses
https://www.straitstimes.com/business/keppel-dc-reit-s-h2-dpu-drops-161-on-higher-finance-costs-property-expenses
LHN snags contract for MOH Holding’s lodging facilities
An LHN subsidiary, Chua Eng Chong Holdings, has inked a contract with MOH Holdings to design, retrofit and operate two lodging facilities, announced the real estate management services provider on Thursday (Jan 25).
https://www.businesstimes.com.sg/companies-markets/lhn-snags-contract-moh-holdings-lodging-facilities
https://www.theedgesingapore.com/news/contracts/lhn-subsidiary-enters-lodging-facility-contract-moh-holdings
Mapletree Industrial Trust posts 0.9% fall in Q3 DPU to S$0.0336
Distribution per unit (DPU) for Mapletree Industrial Trust (MIT) fell 0.9 per cent to S$0.0336 for its third quarter ended Dec 31 on an enlarged unit base, down from S$0.0339 in the year-ago period.
https://www.businesstimes.com.sg/companies-markets/mapletree-industrial-trust-posts-09-fall-q3-dpu-s00336
Global Economy & Real Estate
‘Resilient’ US economy defies recession fears to cap solid 2023
https://www.channelnewsasia.com/world/resilient-us-economy-defies-recession-fears-cap-solid-2023-4074526
https://www.businesstimes.com.sg/international/us-q4-economic-growth-handily-beats-expectations
https://www.straitstimes.com/business/economy/us-fourth-quarter-growth-handily-beats-expectations-on-strong-consumer-spending
https://www.theedgesingapore.com/news/us-economy/us-gdp-grew-33-rate-fourth-quarter-capping-solid-year
US extends lead over China in race for world’s biggest economy
https://www.straitstimes.com/business/us-extends-lead-over-china-in-race-for-world-s-biggest-economy
US new-home sales exceed forecast on drop in mortgage rates
https://www.businesstimes.com.sg/property/us-new-home-sales-exceed-forecast-drop-mortgage-rates
China’s economy to gradually heat up in 2024, with manufacturing, spending as top growth drivers, not property
https://www.scmp.com/economy/china-economy/article/3249780/chinas-economy-gradually-heat-2024-manufacturing-spending-top-growth-drivers-not-property-fidelity
China’s Lunar New Year travel surge to boost economy, but property market and private firms remain top priority
https://www.scmp.com/economy/economic-indicators/article/3249720/chinas-lunar-new-year-travel-surge-boost-economy-property-market-and-private-firms-remain-top
China’s financial regulator pledges steps to shore up property market
https://www.scmp.com/economy/china-economy/article/3249799/chinas-financial-regulator-pledges-steps-shore-property-market
China Evergrande unit to sell entire stake in asset to cut debt
https://www.businesstimes.com.sg/property/china-evergrande-unit-sell-entire-stake-asset-cut-debt
https://www.channelnewsasia.com/business/china-evergrande-unit-sell-entire-stake-asset-cut-debt-4074581
China’s luxury goods market posts ‘robust rebound’, but post-Covid uncertainties remain
https://www.scmp.com/economy/economic-indicators/article/3249766/chinas-luxury-goods-market-posts-robust-rebound-post-covid-uncertainties-remain
ECB’s Lagarde stands by comments on ‘likely’ summer rate cut
https://www.businesstimes.com.sg/international/ecbs-lagarde-stands-comments-likely-summer-rate-cut
https://www.theedgesingapore.com/news/global-economy/ecb-holds-rates-and-signals-cuts-are-still-some-way
Germany’s business outlook unexpectedly sours
https://www.businesstimes.com.sg/international/germanys-business-outlook-unexpectedly-sours
https://www.straitstimes.com/business/economy/german-economy-limps-into-2024-as-business-sentiment-falls
Hong Kong exports jump by 11% in December, but full-year figure still down by 7.8%
https://www.scmp.com/news/hong-kong/hong-kong-economy/article/3249772/hong-kong-exports-jump-11-december-full-year-figure-still-down-78
Hong Kong’s worst office slump squeezes real estate funds
https://www.businesstimes.com.sg/property/hong-kongs-worst-office-slump-squeezes-real-estate-funds
https://www.straitstimes.com/business/hong-kong-s-worst-office-slump-squeezes-real-estate-funds
New 40% to 75% entertainment tax could mean higher prices for Indonesia’s consumers; businesses push back with legal action
https://www.channelnewsasia.com/asia/indonesia-tourism-entertainment-tax-leisure-4072786
Japan warns of economic impact of Noto earthquake
https://www.channelnewsasia.com/asia/japan-warns-economic-impact-noto-earthquake-4073686
Japan business leaders return to China seeking to bolster cooperation
https://www.businesstimes.com.sg/international/japan-business-leaders-return-china-seeking-bolster-cooperation
Tokyo apartment prices reach record for third straight year
https://www.businesstimes.com.sg/property/tokyo-apartment-prices-reach-record-third-straight-year
https://www.channelnewsasia.com/business/new-tokyo-apartments-averaged-above-100-million-yen-2023-first-time-ever-4073296
Taiwan central bank minutes: can’t rule out more tightening if high inflation persists
https://www.channelnewsasia.com/business/taiwan-central-bank-minutes-cant-rule-out-more-tightening-if-high-inflation-persists-4073616
Thailand promises genuine green investment funds to meet carbon targets
https://www.businesstimes.com.sg/international/asean/thailand-promises-genuine-green-investment-funds-meet-carbon-targets
UK retail sales dive in January at fastest pace in three years
https://www.businesstimes.com.sg/international/uk-retail-sales-dive-january-fastest-pace-three-years-cbi
Reliable UK mortgage payers deliver juiciest debt returns since 2009
https://www.businesstimes.com.sg/property/reliable-uk-mortgage-payers-deliver-juiciest-debt-returns-2009
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