SINGAPORE REAL ESTATE
Katong Point to launch for sale via tender at S$100m
The newly-refurbished Katong Point will be launched for sale via tender on Oct 26, 2022 at the price tag of S$100 million, announced global real estate services firm Cushman & Wakefield on Tuesday (Oct 25).
https://www.businesstimes.com.sg/real-estate/mobile-spotlight/katong-point-to-launch-for-sale-via-tender-at-s100m
Homeowners in Singapore to spend more of monthly income on mortgage: Moody’s
Homeowners in Singapore are spending more of their monthly income on mortgage repayments, according to a Tuesday (Oct 25) report by Moody’s Investors Service. Based on figures from the ratings agency, first-time private residential homebuyers needed 19.4 per cent of their average monthly household disposable income to meet the mortgage repayment on new loans in August 2022.
https://www.businesstimes.com.sg/real-estate/homeowners-in-singapore-to-spend-more-of-monthly-income-on-mortgage-moodys
https://www.straitstimes.com/business/s-pore-private-home-buyers-spending-more-of-monthly-income-on-mortgage-repayments-moody-s
SINGAPORE ECONOMY
Singapore core inflation climbs to 5.3% in September; headline inflation steady at 7.5%
Singapore’s core inflation rose further to 5.3 per cent in September but headline inflation held steady at 7.5 per cent, according to Department of Statistics consumer price index (CPI) data on Tuesday (Oct 25). Both readings were in line with economists’ expectations.
https://www.businesstimes.com.sg/government-economy/mobile-spotlight/singapore-core-inflation-climbs-to-53-in-september-headline
https://www.straitstimes.com/business/economy/singapore-core-inflation-hits-53-in-september-close-to-14-year-high
https://www.todayonline.com/singapore/singapores-core-inflation-rises-further-53-september-edging-toward-14-year-high-2028101
https://www.channelnewsasia.com/singapore/singapore-core-inflation-september-2022-cpi-food-prices-3024016
Updated hotel roadmap targets new concepts, sustainability and retraining for growth
A refreshed hotel Industry Transformation Map (ITM) launched on Tuesday (Oct 25) will focus on fresh hotel concepts, sustainability, innovation and future-proofing the workforce to support hotels’ transformation and long-term growth.
https://www.businesstimes.com.sg/government-economy/updated-hotel-roadmap-targets-new-concepts-sustainability-and-retraining-for
https://www.straitstimes.com/singapore/updated-road-map-for-hotel-industry-to-upskill-workers-drive-innovation-by-2025
https://www.channelnewsasia.com/watch/updated-roadmap-hotel-industry-prioritises-sustainability-resilient-workforce-video-3025081
What is low-carbon hydrogen and what are the challenges in S’pore’s plan to use it to supply power?
Singapore — As part of Singapore’s efforts to reach net zero emissions, the country is turning to low-carbon hydrogen to supply up to 50 per cent of its power needs by 2050. This was announced by Deputy Prime Minister Lawrence Wong on Tuesday (Oct 25), during the Singapore Energy Lecture at the Singapore International Energy Week.
https://www.todayonline.com/singapore/explainer-low-carbon-hydrogen-supply-power-2028576
COMPANIES’ BRIEF
Keppel Infrastructure to explore green ammonia and renewable energy opportunities with Greenko
Keppel Infrastructure will be working with renewable energy GreenKo to explore green ammonia and renewable energy opportunities. The urban solutions company announced via a bourse filing on Tuesday (Oct 25) that it will work with the Indian company to explore whether it’s feasible to jointly develop a production facility that can produce at least 250,000 tonnes of green ammonia per year.
https://www.businesstimes.com.sg/companies-markets/keppel-infrastructure-to-explore-green-ammonia-and-renewable-energy-opportunities
https://www.straitstimes.com/singapore/keppel-sembcorp-among-firms-inking-deals-on-hydrogen-green-ammonia
Sembcorp in strategic partnerships with Japan government, companies for hydrogen initiatives
Sembcorp Industries on Tuesday (Oct 25) announced that it has entered into strategic partnerships with the Japanese government and various corporations to further hydrogen and other decarbonisation initiatives.
https://www.businesstimes.com.sg/companies-markets/sembcorp-in-strategic-partnerships-with-japan-government-companies-for-hydrogen
Mapletree Logistics Trust posts 3.5% rise in Q2 DPU to S$0.02248
The manager of Mapletree Logistics Trust (MLT) on Tuesday (Oct 25) announced a 3.5 per cent increase in distribution per unit (DPU) to S$0.02248 for the second quarter ended September, from S$0.02173 in the corresponding period a year ago, despite an enlarged unit base.
https://www.businesstimes.com.sg/companies-markets/mapletree-logistics-trust-posts-35-rise-in-q2-dpu-to-s002248
ESR-Logos Reit reports S$69.9m in Q3 net property income post-merger
ESR-Logos Reit saw its gross revenue and net property income (NPI) of S$96.2 million and S$69.9million, respectively, for the third quarter ended Sep 30 – representing a 57.4 per cent and 59.2 per cent increase from the previous year.
https://www.businesstimes.com.sg/companies-markets/esr-logos-reit-reports-s699m-in-q3-net-property-income-post-merger
Keppel Reit’s distributable income up 3.4% over first 3 quarters of 2022
The distributable income of Keppel real estate investment trust (Reit) grew 3.4 per cent year on year to S$165.4 million over the first three quarters of 2022, ending on Sep 30. The increase was mainly driven by the acquisition of Keppel Bay Tower in May 2021 and adjustments of income tax expense for previous years.
https://www.businesstimes.com.sg/companies-markets/keppel-reits-distributable-income-up-34-over-first-3-quarters-of-2022
Suntec Reit’s Q3 DPU slips 6.6% to S$0.02084 despite higher earnings
Suntec Real Estate Investment Trust (Reit)‘s distribution per unit (DPU) fell by 6.6 per cent to S$0.02084 for the quarter ended Sept 30, down from S$0.02232 last year. Gross revenue for the quarter however, gained 15.7 per cent to S$107.3 million, up from S$92.7 million a year ago, while net property income also grew 12.1 per cent to S$77.1 million from S$68.8 million in Q3 2021.
https://www.businesstimes.com.sg/companies-markets/suntec-reits-q3-dpu-slips-66-to-s002084-despite-higher-earnings
UPDATE ON COVID-19 SITUATION
4 imported Covid-19 cases of BQ.1 and BQ.1.1 variants in S’pore, no evidence of more severe illness: MOH
Singapore – Four Covid-19 cases infected with the BQ.1 and BQ.1.1 variants have been detected in Singapore as at Oct 23. All four were imported cases and none was hospitalised, said the Ministry of Health (MOH) on Tuesday, without specifying where the cases came from.
https://www.straitstimes.com/singapore/4-imported-covid-19-cases-of-bq1-and-bq11-variants-in-s-pore-no-evidence-of-more-severe-illness-moh
https://www.channelnewsasia.com/singapore/singapore-bq1-bq11-omicron-covid-19-subvariants-detected-imported-moh-3025856
2,994 new Covid-19 cases in S’pore, figure set to pass 10k after long weekend
Singapore – There were 2,994 new Covid-19 infections on Tuesday, the lowest figure on a Tuesday in October. The lower number of cases, which is atypical of a Tuesday, could be due to Deepavali on Monday, as people put off going to the doctor until after the long weekend, said infectious diseases experts.
https://www.straitstimes.com/singapore/2994-new-covid-19-cases-in-s-pore-figure-set-to-pass-10k-after-long-weekend
HSA grants interim authorisation for use of Pfizer Comirnaty bivalent vaccine in Singapore
Singapore — The Health Sciences Authority (HSA) has authorised the Pfizer Comirnaty bivalent Covid-19 vaccine for use in Singapore, as a booster vaccine for those aged 12 and above who have received their primary series vaccination.
https://www.todayonline.com/singapore/hsa-authorises-pfizer-comirnaty-bivalent-vaccine-2028126
https://www.straitstimes.com/singapore/singapore-approves-pfizer-bivalent-jab-for-those-aged-12-and-above
*For more information, please visit the Ministry of Health (MOH) website at www.moh.gov.sg and refer to go.gov.sg/mohupdates for updates on the COVID-19 (Coronavirus Disease 2019) situation
GLOBAL ECONOMY & GLOBAL REAL ESTATE
Global economy approaching a recession, central banks unchained: poll
https://www.businesstimes.com.sg/global-enterprise/global-economy-approaching-a-recession-central-banks-unchained-poll
https://www.channelnewsasia.com/business/global-economy-approaching-recession-central-banks-unchained-reuters-poll-3025766
Fear of catching Covid has cost US economy US$250b this year
https://www.businesstimes.com.sg/government-economy/fear-of-catching-covid-has-cost-us-economy-us250b-this-year
https://www.straitstimes.com/business/fear-of-catching-covid-19-has-cost-us-economy-354-billion-this-year
Global Covid-19 cases will increase in coming months, but at a slower pace: report
https://www.businesstimes.com.sg/government-economy/global-covid-19-cases-will-increase-in-coming-months-but-at-a-slower-pace-report
US home price growth slows in August, surveys show
https://www.businesstimes.com.sg/real-estate/us-home-price-growth-slows-in-august-surveys-show
US consumer confidence ebbs in October; inflation expectations rise
https://www.businesstimes.com.sg/government-economy/us-consumer-confidence-ebbs-in-october-inflation-expectations-rise
UK mortgage rates hover near 14-year highs as Sunak takes reins
https://www.businesstimes.com.sg/real-estate/uk-mortgage-rates-hover-near-14-year-highs-as-sunak-takes-reins
New Zealand inflation expectations jump back above 6%, ANZ says
https://www.businesstimes.com.sg/government-economy/new-zealand-inflation-expectations-jump-back-above-6-anz-says
Australia asks its biggest investors to help fix housing crisis
https://www.businesstimes.com.sg/real-estate/australia-asks-its-biggest-investors-to-help-fix-housing-crisis
Australia faces swelling debt, deficits even as spending curbed
https://www.businesstimes.com.sg/government-economy/australia-faces-swelling-debt-deficits-even-as-spending-curbed
Chinese markets to remain shaky as investors study Xi’s leadership reshuffle
https://www.businesstimes.com.sg/government-economy/chinese-markets-to-remain-shaky-as-investors-study-xis-leadership-reshuffle