SINGAPORE REAL ESTATE
Freehold boutique hotel in Little India up for sale at S$35m guide price
A Freehold, three-storey boutique hotel in Jalan Besar/Little India has been put up for sale at a guide price of S$35 million, said marketing agent Savills Singapore on Wednesday (Oct 26). The sale will be conducted through an expression of interest (EOI) exercise.
https://www.businesstimes.com.sg/real-estate/freehold-boutique-hotel-in-little-india-up-for-sale-at-s35m-guide-price
Owner sales surge in Q3 property auction market: Knight Frank
More real estate owners are turning to the auction market as a method of sale, according to Knight Frank’s market update on Wednesday (Oct 26). Owner sale listings almost doubled to 91 listings in Q3 2022, up 46.3 per cent from the previous quarter’s 62.
https://www.businesstimes.com.sg/real-estate/owner-sales-surge-in-q3-property-auction-market-knight-frank
About 240 assisted living HDB flats for seniors to be launched in Queenstown in November BTO exercise
Singapore: About 240 assisted living Housing and Development Board (HDB) flats will be launched in Queenstown in the upcoming November Build-to-Order (BTO) exercise. The Community Care Apartments (CCA) will provide senior-friendly housing with care services that can be scaled according to a person’s needs.
https://www.channelnewsasia.com/singapore/hdb-bto-queensway-canopy-assisted-living-flats-seniors-cca-november-exercise-3027816
https://www.todayonline.com/singapore/november-bto-sale-hdb-launch-community-care-apartments-queenstown-seniors-2029461
SINGAPORE ECONOMY
Singapore economy to slow further in 2023 amid global challenges: MAS
Singapore: The Singapore economy is projected to slow further at a “below-trend pace” in 2023 amid growing challenges in the external environment, said the Monetary Authority of Singapore (MAS) on Thursday (Oct 27).
https://www.channelnewsasia.com/singapore/singapore-economy-2023-external-headwinds-mas-review-inflation-labour-demand-3027936
https://www.businesstimes.com.sg/government-economy/singapores-inflation-to-slow-but-stay-high-in-2023-as-firms-pass-on-costs-mas
https://www.straitstimes.com/business/inflation-in-singapore-will-stay-high-next-year-even-as-pace-of-economic-growth-slows-mas
Singapore, US discuss cooperation in key areas, including defence and economic ties
Singapore and the United States discussed furthering their cooperation in defence and economic ties, climate change, and other key areas in a dialogue on Tuesday, with both sides signalling a desire to build even closer ties with each other.
https://www.straitstimes.com/world/united-states/singapore-us-discuss-cooperation-in-key-areas-including-defence-and-economic-ties
Singapore factory output rises 0.9% in September but remains weak
Singapore’s factory output grew 0.9 per cent year on year in September, accelerating from the previous month’s revised 0.4 per cent rate, according to data from Singapore Economic Development Board (EDB) on Wednesday (Oct 26).
https://www.businesstimes.com.sg/government-economy/singapore-factory-output-rises-09-in-september-but-remains-weak
https://www.straitstimes.com/business/s-pore-factory-output-ekes-out-09-growth-in-september-as-electronics-shrink-for-3rd-straight-month
COMPANIES’ BRIEF
Far East Hospitality Trust’s distributable income rises 12% in Q3
Far East Hospitality Trust (FEHT) reported a 12 per cent year on year increase in its income available for distribution for Q3 2022, to S$15.1 million from S$13.5 million in Q3 2021, according to a business update provided via bourse filing on Thursday (Oct 27).
https://www.businesstimes.com.sg/companies-markets/far-east-hospitality-trusts-distributable-income-rises-12-in-q3
FCT’s H2 DPU edges up to S$0.06091; manager warns cost of debt could hit above 3% in FY2023
The manager of Frasers Centrepoint Trust (FCT) said that its average cost of borrowing is expected to rise by at least 50 basis points to above 3 per cent in FY2023, which could put a dent in distribution per unit (DPU) growth next year.
https://www.businesstimes.com.sg/companies-markets/fcts-h2-dpu-edges-up-to-s006091-manager-warns-cost-of-debt-could-hit-above-3-in
Mapletree Industrial Trust posts 3.2% decline in DPU for Q2 2022
Mapletree Industrial Trust posted a 3.2 per cent loss in distribution per unit (DPU) to 3.36 Singapore cents in the second quarter of its financial year (FY) ended on Sep 30, from 3.47 cents a year ago, said its manager via a bourse filing on Wednesday (Oct 26).
https://www.businesstimes.com.sg/companies-markets/mapletree-industrial-trust-posts-32-decline-in-dpu-for-q2-2022
VIEWS, REVIEWS, FORUM AND OTHERS
Consumers to pass test before being allowed to buy cryptocurrencies under MAS’ proposed rules
Singapore — Consumers will have to take a test before they are allowed to trade cryptocurrencies and they will not be able to use credit cards or payment applications linked to credit cards to buy cryptocurrencies, under a set of proposed new rules put forth by the Monetary Authority of Singapore (MAS) on Wednesday (Oct 26).
https://www.todayonline.com/singapore/mas-proposed-rules-cryptocurrencies-stablecoins-2028961
https://www.straitstimes.com/business/banking/mas-to-regulate-stablecoin-issuers
MFA asks Singaporeans to defer travel to 6 Russian regions, reiterates Ukraine travel advisory
Singapore: The Ministry of Foreign Affairs (MFA) on Tuesday (Oct 25) advised Singaporeans to defer all travel to six regions of Russia amid the heightened security level in those areas. MFA also reiterated its advisory against travel to Ukraine, which it issued before Russia launched its invasion.
https://www.channelnewsasia.com/singapore/mfa-travel-advisory-russia-ukraine-3024696
Expired doses make up 10% of Covid-19 vaccine stock in Singapore: MOH
Singapore – About 10 per cent of Singapore’s Covid-19 vaccine stock have hit their expiry dates, the Ministry of Health said on Wednesday in response to media queries on vaccine wastage. It said as updated vaccines with greater efficacy are rolled out, older vaccine stocks that were purchased will not be completely utilitised.
https://www.straitstimes.com/singapore/expired-doses-make-up-10-of-covid-19-vaccine-stock-in-singapore-moh
https://www.businesstimes.com.sg/government-economy/expired-doses-make-up-10-of-covid-19-vaccine-stock-in-singapore-moh
https://www.todayonline.com/singapore/singapore-unable-completely-utilise-older-covid-19-vaccine-stocks-updated-jabs-are-rolled-out-moh-2029491
https://www.channelnewsasia.com/singapore/covid-19-vaccines-expired-waste-moh-3026591
GLOBAL ECONOMY & GLOBAL REAL ESTATE
Inflation to dent global salaries in 2023
https://www.businesstimes.com.sg/government-economy/inflation-to-dent-global-salaries-in-2023
US new-home sales decline as mortgage rates sap demand
https://www.businesstimes.com.sg/real-estate/us-new-home-sales-decline-as-mortgage-rates-sap-demand
US mortgage interest rates jump to 7.16%, highest since 2001
https://www.businesstimes.com.sg/real-estate/us-mortgage-interest-rates-jump-to-716-highest-since-2001
Canada’s Ontario ups foreign home buyers’ speculation tax to 25%
https://www.businesstimes.com.sg/real-estate/canadas-ontario-ups-foreign-home-buyers-speculation-tax-to-25
ECB to hike interest rates, likely to trim bank subsidies
https://www.businesstimes.com.sg/government-economy/ecb-to-hike-interest-rates-likely-to-trim-bank-subsidies
Eurozone credit growth rises again, despite gloomy outlook
https://www.businesstimes.com.sg/government-economy/eurozone-credit-growth-rises-again-despite-gloomy-outlook
UK mortgage lending to be lowest in over a decade in 2023, EY says
https://www.businesstimes.com.sg/real-estate/uk-mortgage-lending-to-be-lowest-in-over-a-decade-in-2023-ey-says
Australia inflation races to 32-year high, sounds rate alarm
https://www.businesstimes.com.sg/government-economy/australia-inflation-races-to-32-year-high-sounds-rate-alarm
China budget deficit nears record 7.16t yuan amid slowdown
https://www.businesstimes.com.sg/government-economy/mobile-spotlight/china-budget-deficit-nears-record-716t-yuan-amid-slowdown
China’s economy slows in October as business confidence slumps
https://www.straitstimes.com/business/china-s-economy-slows-in-october-as-business-confidence-slumps
China’s Jan-Sept industrial profits fall at faster pace
https://www.channelnewsasia.com/business/chinas-jan-sept-industrial-profits-fall-faster-pace-3027851
Japan eyes US$170b spending to ease inflation pain: Kyodo
https://www.businesstimes.com.sg/government-economy/japan-eyes-us170b-spending-to-ease-inflation-pain-kyodo
South Korea’s growth hits one-year low in Q3, more challenges ahead
https://www.businesstimes.com.sg/government-economy/south-koreas-growth-hits-one-year-low-in-q3-more-challenges-ahead