The Leading Professional and Representative Body for the Real Estate Industry

The Leading Professional and Representative Body for the Real Estate Industry



Daily News – 27, 28 & 29 May 2023 (Sat, Sun & Mon)

Singapore Real Estate


URA eyes rezoning of land parcels in 6 areas for housing
Land parcels in Lavender, Woodlands, Woodlands North, Whampoa, Kallang and Jalan Jurong Kechil have been earmarked as future sites for residential development, with high-density housing proposed for five of the areas.


URA releases state land sites for sale in Woodlands, Toa Payoh, Punggol
The Urban Redevelopment Authority (URA) on Thursday (May 25) released two residential sites and a short-term lease commercial site for sale under the first half 2023 Government Land Sales (GLS) programme.


Kingsford and MCC Land to develop ‘new-concept residential development’ as Chuan Park en bloc sale gets go-ahead
On May 26, the High Court gave the green light for the collective sale of Chuan Park. The judge ruled that the collective sale was arrived at in good faith. Justice Kwek Mean Luck found no evidence that the collective sale committee did not arrive at the deal in good faith.


The Reserve Residences sells 520 units, or 71% of project, at average S$2,460 psf
Far East Organization announced on Sunday (May 28) that it has sold 520 units of The Reserve Residences in Upper Bukit Timah – or 71 per cent of the project’s total units – at an average price of S$2,460 per square foot (psf).


The Big Read: Why are buyers still snapping up new condos at ever-rising prices despite property cooling measures, economic uncertainties?
Singapore — Although Anthony and his family of six are now living in a freehold condominium around the Holland Road area, he is planning to buy a second private property.


Nearly 3,000 flats in Tengah to be offered at May 30 BTO launch
Nearly 3,000 Build-To-Order flats across two developments in Tengah – with a waiting time of less than four years – will be launched for sale on Tuesday (May 30). Both developments, Parc Meadow @ Tengah and Plantation Verge, comprise more than half of the roughly 5,500 flats across five projects islandwide that will be launched on Tuesday, said the Housing and Development Board (HDB) in a statement on Sunday.



Singapore Economy


Singapore’s ability to avoid an economic recession hangs by a thread
Singapore – Singapore is pinning its hopes of avoiding a recession on an expected rebound in travel-related businesses, even though they account for a relatively small part of the economy. Clusters such as travel, tourism, hospitality, food and beverage, and retail are part of the service sector, and together accounted for around 10 per cent of gross domestic product (GDP) in 2019.


Services receipts growth eases to 7.9% in Q1 in 3rd straight quarter of decline
Business receipts in Singapore’s services industry grew 7.9 per cent year on year in the first quarter, down from a revised 11.7 per cent in Q4, as revenue growth continued to ease for the third straight quarter, data from the Department of Statistics Singapore (SingStat) showed on Friday (May 26).


High inflation chips away decade-high growth in salaries in 2022, with real wages growing just 0.4%
Wages grew at a decade-high rate in 2022, but high inflation meant the real rise was a marginal 0.4 per cent, according to a wage report by the Ministry of Manpower (MOM) on Monday (May 29).



Companies’ Brief


Keppel saved $94m in 2022 from energy-efficient initiatives, invested $2.8b in green solutions
Singapore – Keppel continues to reap the fruits of going green, enjoying lower costs from energy-saving initiatives while it continues to tap sustainability to drive further growth. Its annual sustainability report out on Monday noted that these initiatives in 2022 achieved an estimated $94 million in cost savings.


UOB, Keppel to provide sustainability and digitalisation solutions for businesses
UOB and Keppel Corporation announced on Monday (May 29) that they will develop and provide sustainability and digitalisation solutions for businesses in South-east Asia. The collaboration, which aims to simplify sustainability for businesses, will focus on solutions in the energy, built environment and digital connectivity sectors.


Closing date for Lian Beng privatisation offer extended
The closing date for the offer to take Lian Beng private has been extended to Jun 9, 2023. It was initially due to close at 5.30 pm on Friday (May 26). The extension comes as the total number of shares held by offeror OSC Capital, its concert parties and valid acceptances reached 81.11 per cent of the total number of issued shares of the construction and engineering company.


Mapletree Investments posts 38.8% drop in full-year net profit to S$1.2 billion
Mapletree Investments on Friday (May 26) posted a net profit of S$1.2 billion for the full year ended Mar 31, 38.8 per cent lower than S$2 billion reported in the same period a year ago. Revenue was flat at S$2.9 billion compared with the previous year. The group noted that operational performance improved, supported by higher contributions from Mapletree Pan Asia Commercial Trust and gradual recovery from the Covid-19 pandemic.


Mapletree S-Reits see strong performance amid active acquisitions
Among the constituents of the Straits Times Index, three S-Reits are members of the Mapletree family – Mapletree Pan Asia Commercial Trust, Mapletree Logistics Trust, and Mapletree Industrial Trust and they make up a third of S-Reits’ representation in the index.


OUE C-Reit independent director to remain in role amid unrelated legal dispute, manager says
Tan Huay Lim remains suitable to continue as independent director and chairman of OUE Commercial Real Estate Investment Trust (OUE C-Reit) manager, its board said on Monday (May 29).



Global Economy & Real Estate


IMF slightly lifts US 2023 growth forecast


US jobs report is set to provide some solace to the Fed


US manufactured goods orders jumped unexpectedly in April


US consumer spending beats expectations in April; inflation picks up


US office real estate looks dicey with Reits plunging to a 2009 low


It’s getting harder to insure your property if you live in California


Brookfield cedes defaulted Los Angeles office tower to receiver


Canada’s 2022-23 fiscal year budget deficit shrinks to C$41.31 billion


UK government to ask supermarkets to cap prices of basic food items


UK economists see migration falling in election boost for Sunak


UK retail sales bounce back in April as weather improves


Economic development in Asia still faces many challenges: China minister


Are mainland Chinese buyers still in the mood for loving Hong Kong homes?


Hong Kong’s development chief says companies granted land at proposed technopole will be banned from leaving it vacant, arbitrarily selling or changing use


Hong Kong subdivided flat tenants get community kitchen, study space but who will step up to provide more of such places?


Taiwan cuts GDP forecast, export outlook as global demand weakens


Malaysia’s inflation eases to 3.3% in April, lowest in 11 months


As Malaysia eyes renewable energy exports to Singapore, can it stick to its ambitious energy goals?



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