Singapore Real Estate
Property market to continue stabilising despite HDB, private home prices rising in Q1: Desmond Lee
Singapore – There may be quarter-on-quarter variations in Housing Board and private home resale prices but the authorities expect the property market to continue stabilising, said National Development Minister Desmond Lee.
https://www.straitstimes.com/singapore/housing/property-market-to-continue-stabilising-despite-hdb-private-home-prices-rising-in-q1-desmond-lee
https://www.channelnewsasia.com/watch/property-market-stabilising-despite-quarterly-variation-desmond-lee-4297336
Condo sales to foreigners down 71% since ABSD hike in April 2023
Singapore – The additional buyer’s stamp duty (ABSD) hike has proven effective in dampening demand from foreign investors, as evidenced by a 71 per cent decline in condominium sales to foreigners in the past 12 months since it was rolled out.
https://www.straitstimes.com/business/property/condo-sales-to-foreigners-down-71-since-absd-hike-in-april-2023
Singapore retail rents slip 0.4% in Q1 as vacancy rates creep up
RENTS of retail space in Singapore’s central region dipped 0.4 per cent in the first quarter of 2024, extending a decline of 0.1 per cent seen in Q4 2023 as vacancy rates rose for stores outside prime locations.
https://www.businesstimes.com.sg/property/singapore-retail-rents-slip-0-4-q1-vacancy-rates-creep
HDB resale prices accelerate, rising 1.8% in Q1 on stronger demand
Housing and Development Board (HDB) resale prices rose 1.8 per cent in the first quarter of 2024, faster than the 1.1 per cent seen in the quarter before. Demand strengthened in Q1, with resale transactions rising 8 per cent to 7,068 units for the quarter and up 1.3 per cent on the year, according to data released by HDB on Friday (Apr 26).
https://www.businesstimes.com.sg/property/hdb-resale-prices-accelerate-rising-1-8-q1-stronger-demand
https://www.straitstimes.com/singapore/housing/hdb-resale-prices-climb-for-16th-straight-quarter-in-q1-more-flats-sold
https://www.todayonline.com/singapore/hdb-resale-prices-rise-18-q1-2024-transactions-8-2411971
https://www.channelnewsasia.com/singapore/hdb-resale-prices-rise-q1-2024-transactions-also-4294266
Singapore Economy
Singapore must prepare for slower growth at higher costs: MAS
Singapore faces a “slower long-run growth path” with higher costs, the Monetary Authority of Singapore (MAS) said in its half-yearly macroeconomic review on Friday (Apr 26). “As resource constraints and cost increases become more binding in the years to come, Singapore will likely have to confront the eventuality of its slower long-run growth path.”
https://www.businesstimes.com.sg/singapore/singapore-must-prepare-slower-growth-higher-costs-mas
https://www.straitstimes.com/business/singapore-s-growth-trajectory-remains-intact-on-improving-exports-tourism-boost-mas
Singapore’s growth should strengthen to ‘around potential rate’, output gap to close by end-2024: MAS
Singapore’s growth should strengthen to “around its potential rate” for 2024 as a whole, the Monetary Authority of Singapore (MAS) said on Friday (Apr 26), in a slight upgrade of its earlier expectations.
https://www.businesstimes.com.sg/singapore/singapore-s-growth-should-strengthen-around-potential-rate-output-gap-close-end-2024-mas
https://www.straitstimes.com/business/economy/core-inflation-in-singapore-expected-to-remain-elevated-before-falling-in-fourth-quarter-mas
New support scheme to help retrenched workers to be announced: MOM
Singapore plans law to support gig workers’ retirement needs
Singaporean who find themselves involuntarily unemployed will be able to receive more support under a new scheme due to be unveiled by the year end. Manpower Minister Tan See Leng pointed to the scheme in his May Day message on Apr 27, noting: “The pace of change in the economy is accelerating, and we know that more workers will likely be thrown curveballs.” Singapore will introduce a new law this year that will help so-called gig-economy workers plan for their retirement needs and get work injury protection, Minister for Manpower Tan See Leng said.
https://www.businesstimes.com.sg/singapore/new-support-scheme-help-retrenched-workers-be-announced-mom
https://www.straitstimes.com/singapore/new-support-scheme-to-help-retrenched-workers-to-be-announced-mom
https://www.businesstimes.com.sg/singapore/singapore-plans-law-support-gig-workers-retirement-needs
‘Proactive action’ needed to tackle skills mismatches in Singapore: SNEF
While Singapore’s labour market is still healthy, proactive action is needed to tackle skills mismatches, said Singapore National Employers Federation (SNEF) president Robert Yap on Sunday (Apr 28).
https://www.businesstimes.com.sg/singapore/proactive-action-needed-tackle-skills-mismatches-singapore-snef
Singapore factory output falls 9.2% in March as chip production shrinks
Singapore – Singapore’s factory output fell 9.2 per cent year on year in March, reversing from the previous two months’ gains and performing worse than analysts expected. The drop is the biggest in seven months and far sharper than the 1.5 per cent decline forecast by analysts in a Bloomberg poll.
https://www.straitstimes.com/business/singapore-factory-output-falls-92-in-march
Business News
Keppel prices 70 million euros of floating-rate notes due 2031
Mainboard-listed Keppel on Friday (Apr 26) said it will be offering 70 million euros (S$102.2 million) in floating-rate notes due 2031. The notes will bear interest at a floating rate based on the 6-month Euro Interbank offered rate plus an agreed spread, payable semi-annually in arrear. It will have a tenor of seven years.
https://www.businesstimes.com.sg/companies-markets/keppel-prices-70-million-euros-floating-rate-notes-due-2031
Mapletree Industrial Trust to distribute S$13 million of divestment gains over next 4 quarters
Mapletree Industrial Trust (MIT) plans to distribute some S$13 million of gains from divesting its Tanglin Halt Cluster over the next four quarters, its manager said on Friday (Apr 26). MIT completed the divestment of 115A & 115B Commonwealth Drive, Singapore – referred to as the Tanglin Halt Cluster – at a sale price of S$50.6 million last month.
https://www.businesstimes.com.sg/companies-markets/reits-property/mapletree-industrial-trust-distribute-s-13-million-divestment-gains-over-next-4-quarters
Delayed rate cuts expected to benefit Singapore banks’ otherwise uneventful Q1 earnings
Singapore’s local banks are unlikely to surprise in their earnings for the first quarter of 2024. But a potential delay in interest-rate cuts in the US should boost their results for the year, said analysts.
https://www.businesstimes.com.sg/companies-markets/delayed-rate-cuts-expected-benefit-singapore-banks-otherwise-uneventful-q1-earnings
Views, Reviews, Forum and Others
Commentary: Don’t let Singapore’s record low workplace fatality rate be a ‘one-hit wonder’
Singapore: Singapore’s workplace fatality rate has finally come down after a challenging period in 2022 that saw the government put in place additional measures to press companies to prioritise safety.
https://www.channelnewsasia.com/commentary/singapore-workplace-death-rate-safety-workers-importance-speak-4294796
Singapore sees fewer new Chinese family offices after money-laundering crackdown
In Singapore, the growth of Chinese family offices has been slowing amid the fallout from last year’s multibillion-dollar money-laundering scandal and tighter checks on new applicants. More than S$3 billion (US$2.2 billion) in assets have been seized so far in connection with the sprawling case, which first hit the headlines in August last year when 10 China-born suspects were arrested.
https://www.scmp.com/week-asia/economics/article/3260533/singapore-sees-fewer-new-chinese-family-offices-after-money-laundering-crackdown
Global Economy & Real Estate
Central banks will probably only cut half as much as they hiked
https://www.businesstimes.com.sg/international/global/central-banks-will-probably-only-cut-half-much-they-hiked
US Fed to meet amid dwindling hopes of summer rate cuts
https://www.channelnewsasia.com/business/us-fed-meet-amid-dwindling-hopes-summer-rate-cuts-4298206
Fed’s preferred core inflation gauge rose at a brisk pace in March
https://www.businesstimes.com.sg/international/fed-s-preferred-core-inflation-gauge-rose-brisk-pace-march
https://www.straitstimes.com/business/economy/the-fed-s-favourite-inflation-index-remained-stubborn-in-march
US consumer sentiment falls as inflation expectations climb
https://www.businesstimes.com.sg/international/us-consumer-sentiment-falls-inflation-expectations-climb
Commercial real estate debt is back with 170% jump in sales
https://www.businesstimes.com.sg/property/commercial-real-estate-debt-back-170-jump-sales
China’s first-quarter industrial profits rise at slower pace
https://www.businesstimes.com.sg/international/china-s-first-quarter-industrial-profits-rise-slower-pace
Chinese city of Chengdu relaxes home-buying rule to revive sales
https://www.businesstimes.com.sg/property/chinese-city-chengdu-relaxes-home-buying-rule-revive-sales
https://www.scmp.com/business/china-business/article/3260694/chengdu-becomes-latest-major-chinese-city-unveil-housing-market-support-measures-scraps-home?module=top_story&pgtype=subsection
Country Garden plans to present debt revamp plan in H2, sources say
https://www.businesstimes.com.sg/property/country-garden-plans-present-debt-revamp-plan-h2-sources-say
Vanke slams Moody’s downgrade, citing shareholder support
https://www.businesstimes.com.sg/property/vanke-slams-moody-s-downgrade-citing-shareholder-support
Hong Kong economy on track for fifth straight quarter of ‘moderate’ growth, finance minister Paul Chan says
https://www.scmp.com/news/hong-kong/hong-kong-economy/article/3260665/hong-kong-economy-track-fifth-straight-quarter-moderate-growth-minister-paul-chan-says?module=top_story&pgtype=subsection
Bad weather and weaker yuan cast cloud over Hong Kong ‘golden week’ hopes and could cut trade in restaurants by 30%
https://www.scmp.com/news/hong-kong/hong-kong-economy/article/3260701/bad-weather-and-weaker-yuan-cast-cloud-over-hong-kong-golden-week-hopes-and-could-cut-trade?module=top_story&pgtype=subsection
Investment scams in Hong Kong surged 55% in first quarter with losses of HK$900 million, police chief says
https://www.scmp.com/news/hong-kong/law-and-crime/article/3260624/investment-scams-hong-kong-surge-55-first-quarter-involving-over-hk900-million-citys-police-chief
Why rising demand for data centres will not rescue Hong Kong office buildings with high vacancy rates
https://www.scmp.com/business/article/3260570/why-rising-demand-data-centres-will-not-rescue-hong-kong-office-buildings-high-vacancy-rates
Hong Kong home prices rise for first time in 11 months after curbs scrapped
https://www.businesstimes.com.sg/international/global/hong-kong-home-prices-rise-first-time-11-months-after-curbs-scrapped
https://www.channelnewsasia.com/business/hong-kong-march-home-prices-11-first-rise-nearly-year-4294291
https://www.scmp.com/business/article/3260417/hong-kong-home-prices-rise-first-time-11-months-removal-cooling-measures-boosts-demand?module=top_story&pgtype=subsection
Contractors going at ‘full speed’ to deliver 29,000 light public flats: Hong Kong housing chief
https://www.scmp.com/news/hong-kong/society/article/3260627/contractors-going-full-speed-deliver-29000-light-public-flats-hong-kong-housing-chief
As Hong Kong property launches hit 7-year high, analysts say pent-up demand may moderate
https://www.scmp.com/business/article/3260687/hong-kong-property-launches-hit-7-year-high-analysts-say-pent-demand-may-moderate?module=top_story&pgtype=subsection
Hong Kong homebuyers, enticed by big discounts, snap up all flats on offer at Great Eagle’s Onmantin project
https://www.scmp.com/business/china-business/article/3260640/hong-kong-homebuyers-enticed-big-discounts-snap-most-flats-offer-great-eagles-onmantin-project
Indonesia’s push for regional economic integration to continue under Prabowo: Vivian Balakrishnan
https://www.businesstimes.com.sg/international/asean/indonesia%E2%80%99s-push-for-regional-economic-integration-to-continue-under-prabowo-vivian-balakrishnan
Indonesia spices up the global interest rate debate
https://www.businesstimes.com.sg/opinion-features/indonesia-spices-global-interest-rate-debate
London’s Canary Wharf sees £1.2b slashed from property values
https://www.businesstimes.com.sg/property/london-s-canary-wharf-sees-1-5-bln-slashed-property-values
Laid-back vibe, stunning beaches, rich cuisine and low cost of living lure more expat retirees to Malaysia
https://www.businesstimes.com.sg/international/asean/spotlight-1undefined1
Oil settles higher on supply concerns in the Mid-East, economic woes subdue gains
https://www.businesstimes.com.sg/companies-markets/oil-settles-higher-supply-concerns-mid-east-economic-woes-subdue-gains
Weaker yen keeps Japanese tourists at home while visitors throng
https://www.businesstimes.com.sg/international/global/weaker-yen-keeps-japanese-tourists-home-while-visitors-throng
Vietnam tycoon appeals against US$27 billion fraud death sentence
https://www.businesstimes.com.sg/international/asean/vietnam-tycoon-appeals-against-us-27-billion-fraud-death-sentence
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