Singapore Real Estate
Singapore malls are in fine fettle as visiting them remains a way of life
Not long back, gloomy predictions were made about how malls here might become obsolete amid the growth of online shopping. The Covid-19 pandemic and the ensuing movement restrictions hit malls hard. Debate raged over how the pandemic would alter consumer habits, with people switching to dine out less, do more online and avoid crowded places.
https://www.businesstimes.com.sg/opinion-features/singapore-malls-are-fine-fettle-visiting-them-remains-way-life
Singapore condo resale prices fall for first time in five months
Singapore condominium resale prices fell for the first time in five months in January, while volumes remained muted. Flash data from SRX and 99.co released on Monday (Feb 26) showed that resale prices fell 0.8 per cent from the previous month, but were 7.2 per cent higher year on year.
https://www.businesstimes.com.sg/property/singapore-condo-resale-prices-fall-first-time-five-months-srx-99co
https://www.straitstimes.com/singapore/housing/condo-resale-prices-dip-08-in-january-after-5-straight-months-of-growth
Singapore Economy
Singapore’s new centre for semiconductor material gallium nitride to be operational by 2025
Singapore’s new technology centre for gallium nitride, an emerging material used in semiconductor chips, is expected to become operational in 2025, Minister for Trade and Industry Gan Kim Yong said on Monday (Feb 26).
https://www.businesstimes.com.sg/singapore/economy-policy/singapores-new-centre-semiconductor-material-gallium-nitride-be
Singapore factory output turns positive with 1.1% rise in January, but falls short of estimates
Singapore’s industrial production (IP) grew 1.1 per cent on year in January, in a turnaround from December 2023’s 2.4 per cent decline. This came even as output in the key electronics sector fell, Economic Development Board (EDB) data showed on Monday (Feb 26).|
https://www.businesstimes.com.sg/singapore/singapore-factory-output-turns-positive-11-rise-january-falls-short-estimates
https://www.straitstimes.com/business/economy/s-pore-factory-output-grows-11-in-january-but-key-electronics-sector-falls
Singapore households took on more debt in Q4
Singapore – Household liabilities grew 1 per cent in the fourth quarter of 2023 from the same period a year ago, reversing three quarters of year-on-year declines, as households took on more mortgage and personal debt.
https://www.straitstimes.com/business/singapore-households-took-on-more-debt-in-q4
Business News
Ho Bee Land’s H2 net loss of S$102.7 million extends losing streak on hit from London portfolio
Real estate developer Ho Bee Land reported a net loss of S$102.7 million for the six months ended Dec 31, 2023, reversing a net profit of S$16.4 million in the second half of 2022. Loss per share for the period came in at 15.68 Singapore cents, down from earnings of 2.41 cents per share for the same period in 2022, said the group in a bourse filing on Monday (Feb 26).
https://www.businesstimes.com.sg/companies-markets/ho-bee-lands-h2-net-loss-s1027-million-extends-losing-streak-hit-london-portfolio
https://www.straitstimes.com/business/companies-markets/ho-bee-land-s-h2-net-loss-of-1027-million-extends-losing-streak-on-hit-from-london-portfolio
Straits Trading’s H2 net loss narrows to S$43.5 million
Straits Trading Company reported a net loss of S$43.5 million for the second half year ended December 2023, narrowing from the prior year’s H2 net loss of S$121.8 million. This comes as its real estate segment – which remained the main contributor to the mainboard-listed group’s performance – posted a lower fair value loss from certain investment properties in Australia, China, South Korea and the UK.
https://www.businesstimes.com.sg/companies-markets/straits-tradings-h2-net-loss-narrows-s435-million
https://www.theedgesingapore.com/capital/results/straits-trading-reports-286-mil-loss-fy2023-lower-revenue-and-higher-funding-costs
Global Economy & Real Estate
US Fed hikes are hurting consumer mood more than economists think
https://www.businesstimes.com.sg/international/us-fed-hikes-are-hurting-consumer-mood-more-economists-think
US new home sales miss expectations in January
https://www.businesstimes.com.sg/property/us-new-home-sales-miss-expectations-january
Foreign firms say China’s economic woes, geopolitical feuds won’t scare them off, but they’re investing less
https://www.scmp.com/economy/china-economy/article/3253267/foreign-firms-say-chinas-economic-woes-and-geopolitical-feuds-wont-scare-them-theyre-investing-less
Hong Kong ‘losing out’ to jurisdictions such as Singapore, should exempt private credit assets from tax: industry body
https://www.scmp.com/business/banking-finance/article/3253283/hong-kong-losing-out-jurisdictions-such-singapore-should-exempt-private-credit-assets-tax-industry
‘Hong Kong is over’? American economist defends article intended as ‘wake-up call’ over ‘growing undercurrent of angst’
https://www.scmp.com/news/hong-kong/politics/article/3253312/hong-kong-over-american-economist-defends-article-intended-wake-call-over-growing-undercurrent-angst
Restructuring specialists boost Hong Kong staff as China property crisis stokes demand
https://www.businesstimes.com.sg/property/restructuring-specialists-boost-hong-kong-staff-china-property-crisis-stokes-demand
https://www.channelnewsasia.com/business/restructuring-specialists-boost-hong-kong-staff-china-property-crisis-stokes-demand-4151641
CLP Holdings posts sevenfold profit jump in 2023 amid fair value adjustments, but misses expectations as revenue drops
https://www.scmp.com/business/markets/article/3253290/clp-holdings-posts-sevenfold-profit-jump-2023-amid-fair-value-adjustments-misses-expectations
Indonesia sees 2025 annual GDP growth at 5.3%-5.6%, says planning minister
https://www.businesstimes.com.sg/international/indonesia-sees-2025-annual-gdp-growth-53-56-says-planning-minister
Japan’s inflation beats forecasts, end of negative rates still in sight
https://www.businesstimes.com.sg/international/global/japans-inflation-beats-forecasts-end-negative-rates-still-sight
https://www.channelnewsasia.com/business/japans-first-inflation-undershoot-2-years-4151401
Freddie Mercury’s London residence lists at £30 million
https://www.businesstimes.com.sg/lifestyle/freddie-mercurys-london-residence-lists-ps30-million
UK retailers report sales slump eased in February: CBI
https://www.businesstimes.com.sg/international/uk-retailers-report-sales-slump-eased-february-cbi
UK regulator warns of fundamental issues with housebuilding
https://www.businesstimes.com.sg/property/uk-regulator-warns-fundamental-issues-housebuilding
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