Singapore Real Estate
New homes to be built within walking distance of Redhill, Clementi MRT stations
Singapore – New homes are set to be built within a short walk of Redhill and Clementi MRT stations, with the Urban Redevelopment Authority (URA) on Jan 26 readying a plot in each town for development.
2 former schools next to Commonwealth MRT station to make way for housing
A project title board at the site states that works are expected to be completed in the third quarter of 2025. While contractors were seen in 121 Queensway, a project title board has yet to be put up, and it is unknown when demolition works will formally start and end.
https://www.straitstimes.com/singapore/housing/2-former-schools-next-to-commonwealth-mrt-station-to-make-way-for-housing
Lumina Grand EC sells 53% of units on launch weekend at average S$1,464 psf
Lumina Grand executive condominium (EC) moved more than half its units on the first weekend of its launch at an average price of S$1,464 per square foot (psf). Its developer City Developments Ltd (CDL) said that as at 12 pm on Sunday (Jan 28), a total of 269 units, or 53 per cent, of 512 available were sold following the development’s official launch the day before.
https://www.businesstimes.com.sg/property/lumina-grand-ec-sells-53-units-launch-weekend-average-s1464-psf
https://www.straitstimes.com/singapore/housing/first-executive-condo-launch-of-2024-sells-53-of-units
https://www.edgeprop.sg/property-news/lumina-grand-ec-sells-53-units-launch-weekend-average-price-1464-psf
Buying condos before 35: Report finds young S’poreans make up growing share of new private property buyers
ERA Realty released a White Paper stating that more young Singaporeans between the ages of 26 and 35 are buying new private property.
https://www.todayonline.com/singapore/buying-condos-35-report-finds-young-sporeans-make-growing-share-new-privat-property-buyers-2349646
HDB resale prices rise 1.1% in Q4 2023 and are up 4.9% for the full year as growth slows
Resale prices of public housing flats continued to rise in the fourth quarter of 2023, but more slowly than in the quarter before, data from the Housing and Development Board (HDB) indicated on Friday (Jan 26).
https://www.businesstimes.com.sg/property/hdb-resale-prices-rise-11-q4-2023-and-are-49-full-year-growth-slows
https://www.straitstimes.com/singapore/housing/hdb-resale-prices-rise-49-in-2023-lowest-increase-since-01-rise-in-2019
https://www.channelnewsasia.com/singapore/hdb-resale-flats-prices-2023-q4-million-dollar-flats-analysts-4076621
Singapore Economy
MAS maintains monetary policy as expected, lowers headline inflation forecast
Singapore’s central bank left monetary policy settings unchanged on Monday (Jan 29), extending the pause from its 2023 meetings, in line with market expectations. The Monetary Authority of Singapore (MAS), in the first decision of its new quarterly schedule, said it will maintain the prevailing rate of appreciation of the Singapore dollar nominal effective exchange rate (S$NEER) policy band.
https://www.businesstimes.com.sg/singapore/mas-maintains-monetary-policy-expected-lowers-headline-inflation-forecast
https://www.straitstimes.com/business/mas-keeps-singdollar-policy-unchanged-lowers-overall-inflation-forecast-for-2024
https://www.channelnewsasia.com/singapore/mas-singapore-central-bank-keeps-monetary-policy-unchanged-third-time-row-4081471
https://www.theedgesingapore.com/news/singapore-economy/mas-maintains-sneer-policy-band-january-monetary-policy-statement
Singapore banks unlikely to slash mortgage rates in 2024 despite expected Fed rate cuts
Ongoing economic uncertainties and rising costs are likely to keep Singapore banks from slashing their home loan rates in 2024, despite expectations that the US Federal Reserve will cut its benchmark interest rate at least three times this year.
https://www.businesstimes.com.sg/companies-markets/singapore-banks-unlikely-slash-mortgage-rates-2024-despite-expected-fed-rate-cuts
Singapore’s factory output slips back into negative territory in December, down 2.5%
Singapore’s factory output contracted 2.5 per cent year on year (yoy) in December, dragged down by a double-digit decline in the volatile biomedical sector, data from the Singapore Economic Development Board (EDB) showed on Friday (Jan 26).
https://www.businesstimes.com.sg/singapore/singapores-factory-output-slips-back-negative-territory-december-down-25
https://www.straitstimes.com/business/economy/singapore-factory-output-shrinks-25-in-december
Mixed views on how much Singapore-China visa exemption will boost tourism
Chinese tourists are showing more interest in visiting Singapore, ahead of a mutual visa exemption that starts on Feb 9, said travel companies. But the extent of the boost to arrivals remains to be seen, as Singapore’s high-cost reputation is still a barrier.
https://www.businesstimes.com.sg/singapore/mixed-views-how-much-singapore-china-visa-exemption-will-boost-tourism
Companies’ Brief
CapitaLand Ascott Trust’s FY2023 DPS rises 16% y-o-y, surpassing pre-Covid levels
CapitaLand Ascott Trust (CLAS) has reported a 16% y-o-y rise in distribution per stapled security (DPS) of 6.57 cents in FY2023 for the 12 months to end-December 2023.
https://www.theedgesingapore.com/capital/results/capitaland-ascott-trusts-fy2023-dps-rises-16-y-o-y-surpassing-pre-covid-levels
Far East Orchard expects to post higher profit after tax for FY2023
Far East Orchard has announced in a profit guidance that it expects to report a higher profit after tax for its financial year ending Dec 31, 2023, compared with the audited profit after tax for FY2022, it said in a bourse filing on Friday (Jan 26).
https://www.businesstimes.com.sg/companies-markets/far-east-orchard-expects-post-higher-profit-after-tax-fy2023
https://www.theedgesingapore.com/capital/results/far-east-orchard-expects-higher-profit-after-tax-fy2023-profit-guidance
Views, Reviews, Forum and Others
Eight shophouses linked to money laundering probe put on the market
Eight shophouses held by entities linked to suspects in the S$3 billion money laundering case have surfaced on the market and are being put up for sale. Three of the properties are now being marketed at S$61.1 million. They are adjoining shophouses in Chinatown bought by a Chinese businessman with links to Wang Dehai, one of the 10 accused persons in the money laundering case.
https://www.businesstimes.com.sg/property/eight-shophouses-linked-money-laundering-probe-put-market
https://www.straitstimes.com/singapore/dbs-puts-up-shophouses-for-sale-to-recover-loans-amid-money-laundering-probe
Should you get the updated COVID-19 shot in time for Chinese New Year? Here’s what you need to know
A midst the spring cleaning, shopping, making last-minute reunion dinner reservations and rushing to finish up work in the office before Chinese New Year starts on Feb 10, getting up to date on your COVID-19 jabs is probably the last thing on your mind.
https://cnalifestyle.channelnewsasia.com/wellness/covid-19-booster-vaccination-chinese-new-year-383766
Global Economy & Real Estate
Federal Reserve’s decision this week could be the prelude to a March interest rate cut
https://www.scmp.com/business/banking-finance/article/3250041/federal-reserves-decision-week-could-be-prelude-march-interest-rate-cut
https://www.channelnewsasia.com/world/us-fed-rate-cut-when-inflation-central-bank-4080286
https://www.theedgesingapore.com/news/us-economy/fed-rate-decision-could-be-prelude-march-cut
US inflation trending lower; consumer spending strong in December
https://www.businesstimes.com.sg/international/us-inflation-trending-lower-consumer-spending-strong-december
https://www.straitstimes.com/business/economy/us-prices-rise-moderately-n-december-inflation-trending-lower
US manufacturers to temper investment pace after vibrant 2023
https://www.businesstimes.com.sg/international/us-manufacturers-teper-investment-pace-after-vibrant-2023
Mortgage rates in US rise, climbing the most since October
https://www.businesstimes.com.sg/property/mortgage-rates-us-rse-climbing-most-october
US pending home sales rise by most in over 3 years
https://www.businesstimes.com.sg/property/us-pending-home-sales-rise-most-over-3-years
Blackstone to sell luxury US hotel for US$705 million
https://www.businesstimes.com.sg/property/blackstone-sell-luxury-us-hotel-us705-million
Chinese provinces target modest 2024 growth after missing previous goals
https://www.channelnewsasia.com/business/chinese-provinces-target-modest-2024-growth-after-missing-previous-goals-4076641
China’s industrial profits fell 2.3% in 2023
https://www.channelnewsasia.com/business/chinas-industrial-profits-fell-23-2023-4078871
China announces fresh bailouts for ailing property sector
https://www.businesstimes.com.sg/property/china-announces-fresh-bailouts-ailing-property-sector
China to list property projects eligible for funding by January
https://www.businesstimes.com.sg/property/china-list-property-projects-eligible-funding-january
China’s Guangzhou first to completely ease purchase limit on large homes
https://www.businesstimes.com.sg/international/chinas-guangzhou-first-completely-ease-purchase-limit-large-homes
https://www.channelnewsasia.com/business/chinas-guangzhou-first-completely-ease-purchase-limit-large-homes-4079006
Embattled China Evergrande back in court for liquidation hearing
https://www.businesstimes.com.sg/property/embattled-china-evergrande-back-court-liquidation-hearing
https://www.straitstimes.com/business/embattled-china-evergrande-back-in-court-for-liquidation-hearing
https://www.channelnewsasia.com/business/china-evergrande-liquidation-hearing-chinese-property-sector-court-4081401
China’s travel economy is slowly coming back. Here’s where it stands
https://www.straitstimes.com/business/china-s-travel-economy-is-slowly-coming-back-here-s-where-it-stands
More Chinese expected to travel abroad for Lunar New Year
https://www.scmp.com/news/china/article/3250053/more-chinese-expected-travel-abroad-lunar-new-year
Dubai’s property boom shows signs of fizzling out
https://www.businesstimes.com.sg/property/dubais-property-boom-shows-signs-fizzling-out
ECB’s Kazaks warns against cutting rates too early
https://www.businesstimes.com.sg/international/ecbs-kazaks-warns-against-cutting-rates-too-early
Eurozone inflation falling quicker than thought, data show
https://www.businesstimes.com.sg/international/eurozone-inflation-falling-quicker-thought-data-show
German companies test 4-day work week to fight labour crisis
https://www.businesstimes.com.sg/international/german-companies-test-4-day-work-week-fight-labour-crisis
Influx of mainland Chinese F&B brands such as Hey Tea, Mixue could provide relief to Hong Kong’s retail property market, analysts say
https://www.scmp.com/business/china-business/article/3249944/influx-mainland-chinese-fb-brands-such-hey-tea-mixue-could-provide-relief-hong-kongs-retail-property
US interest rates ‘weapon’ affecting Hong Kong property, with China economic recovery only ‘light at the end of the tunnel’, JLL chairman says
https://www.scmp.com/business/article/3250065/us-interest-rates-weapon-affecting-hong-kong-property-china-economic-recovery-only-light-end-tunnel
How Hong Kong’s housing market became among the world’s most unaffordable
https://www.scmp.com/video/scmp-explains/3249927/how-hong-kongs-housing-market-became-among-worlds-most-unaffordable
UK to see ‘transformational’ takeovers in 2024
https://www.businesstimes.com.sg/international/uk-see-transformational-takeovers-2024
UK to ban disposable vapes in bid to protect children’s health
https://www.businesstimes.com.sg/international/uk-ban-disposable-vapes-bid-protect-childrens-health
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