Singapore Economy
The Singapore Dream no longer just the ‘5Cs’ but leading purposeful lives, says DPM Wong
Singapore — The “Singapore Dream” is no longer solely about material success — it now encompasses fulfilment, meaning and purpose in people’s lives, said Deputy Prime Minister Lawrence Wong on Friday (Oct 27).
https://www.todayonline.com/singapore/singapore-dream-no-longer-just-5cs-leading-purposeful-lives-says-dpm-wong-2291896
https://www.channelnewsasia.com/singapore/forward-sg-report-singapore-dream-no-longer-5cs-lawrence-wong-3877286
Forward SG report: New road map with key shifts for S’pore in 7 areas including education, jobs and support for families
SINGAPORE — Singapore will undergo key shifts in policy across various aspects of society following a 16-month long feedback exercise that canvassed the views of over 200,000 Singaporeans and stakeholders.
https://www.todayonline.com/singapore/forward-sg-report-new-roadmap-key-shifts-education-jobs-families-2291016
MAS chief Ravi Menon says S’pore monetary policy stance unfazed by suddenly hawkish regional peers
Singapore – Singapore’s monetary policy “remains appropriately tight”, according to its central bank chief Ravi Menon, who signalled that the authorities are not necessarily under pressure to do more even as regional peers turn hawkish.
https://www.straitstimes.com/business/mas-chief-ravi-menon-unfazed-by-suddenly-hawkish-peers
https://www.channelnewsasia.com/business/mas-not-declaring-victory-yet-inflation-singapore-ravi-menon-3880071
China among Changi Airport’s top 5 markets in 3rd quarter; passenger numbers at 89% of 2019 levels
Singapore – China reclaimed its spot among Changi Airport’s top five markets in the third quarter of 2023, as the airport continued its recovery from the Covid-19 pandemic.
https://www.straitstimes.com/singapore/china-among-changi-airport-s-top-5-markets-in-3rd-quarter-passenger-numbers-at-89-of-2019-levels
Companies’ Brief
CapitaLand Ascendas Reit’s portfolio occupancy rises to 94.5% in Q3
CapitaLand Ascendas Reit (Clar) reported on Friday (Oct 27) a slight increase in portfolio occupancy for its third quarter, as it also continued to register positive portfolio rental reversions. Portfolio occupancy as at Sep 30, 2023, rose to 94.5 per cent, from 94.4 per cent three months earlier, the manager said in a business update filed on the Singapore Exchange.
https://www.businesstimes.com.sg/companies-markets/reits-property/capitaland-ascendas-reits-portfolio-occupancy-rises-945-q3
https://www.theedgesingapore.com/capital/results/capitaland-ascendas-reit-maintains-steady-portfolio-occupancy-rate-945-3qfy2023
CapitaLand Ascott Trust reports 13% higher Q3 gross profit
CapitaLand Ascott Trust (Clas) gross profit for the third quarter rose 13 per cent as compared to the same period last year. This was led by revenue growth that offset increased operating and financing costs, said Clas’ managers on Monday (Oct 30).
https://www.businesstimes.com.sg/companies-markets/capitaland-ascott-trust-reports-13-higher-q3-gross-profit
Mapletree S-Reits’ scorecards reflect operational resilience despite global slowdown
Mapletree Logistics Trust (MLT) reported 1.5 per cent higher year-on-year gross revenue in the second quarter of FY23/24. This was on the back of higher contributions from existing assets mainly in Singapore and Hong Kong, and recent acquisitions in Japan, Australia and South Korea, and offset by weaker performance in China.
https://www.businesstimes.com.sg/companies-markets/mapletree-s-reits-scorecards-reflect-operational-resilience-despite-global
Starhill Global Reit reports 0.4% rise in Q1 NPI to S$37.4m
Starhill Global Reit reported net property income (NPI) of S$37.4 million for the first quarter ended Sep 30, 2023, up 0.4 per cent from S$37.2 million a year earlier. This was due mainly to higher contributions from Starhill’s properties in Singapore and from the Myer Centre Adelaide mall in Australia, the manager said in a business update on Friday (Oct 27).
https://www.businesstimes.com.sg/companies-markets/starhill-global-reit-reports-04-rise-q1-npi-s374m
https://www.theedgesingapore.com/capital/results/starhill-global-reit-has-reported-gross-revenue-471-million-1-lower-y-o-y
Views, Reviews Forum and Others
Singapore’s biggest money laundering probe reveals web of corporate links, some more than 6 years old
Suspects in Singapore’s S$2.8 billion money laundering case have been incorporating companies in the country since January 2017, an analysis of corporate filings by The Business Times (BT) found.
https://www.businesstimes.com.sg/companies-markets/singapores-biggest-money-laundering-probe-reveals-web-corporate-links-some-more-6
Those 6 months and older can get extra Covid-19 shot with updated vaccine rollout from Oct 30: MOH
Singapore – Eligible Singapore residents aged six months and older are encouraged to get an extra Covid-19 shot this year or the next, after a new batch of updated Covid-19 monovalent vaccines is rolled out from Monday.
https://www.straitstimes.com/singapore/moh-to-roll-out-updated-covid-19-vaccines-from-oct-30
https://www.channelnewsasia.com/singapore/covid-19-updated-vaccine-singapore-new-dose-pfizer-moderna-3879716
Global Economy & Real Estate
Inflation to dog world economy next year, postponing rate cuts, says poll
https://www.businesstimes.com.sg/international/inflation-dog-world-economy-next-year-postponing-rate-cuts-says-poll
https://www.straitstimes.com/business/economy/inflation-to-dog-world-economy-next-year-postponing-rate-cuts-economists
US Fed likely to pause again with rates at 22-year high
https://www.channelnewsasia.com/business/us-fed-likely-pause-again-interest-rates-22-year-high-3881406
https://www.businesstimes.com.sg/international/us-fed-likely-pause-again-rates-22-year-high
Key US inflation gauge holds steady in September
https://www.channelnewsasia.com/business/key-us-inflation-gauge-holds-steady-september-3878431
Mortgage rates at 8% make a brutal US housing market even worse
https://www.businesstimes.com.sg/property/mortgage-rates-8-make-brutal-us-housing-market-even-worse
US consumer spending beats expectations in September
https://www.businesstimes.com.sg/international/us-consumer-spending-beats-expectations-september-0
Australia’s tight rental market forces tenants to make tough choices
https://www.businesstimes.com.sg/property/australias-tight-rental-market-forces-tenants-make-tough-choices
ECB is finished with rate hikes ‘for now’, Vujcic tells HRT1
https://www.businesstimes.com.sg/international/ecb-finished-rate-hikes-now-vujcic-tells-hrt1
Bank of England set to highlight recession risk ahead of next election
https://www.businesstimes.com.sg/international/bank-england-set-highlight-recession-risk-ahead-next-election
Eurozone companies brace for recession: ECB poll
https://www.businesstimes.com.sg/international/eurozone-companies-brace-recession-ecb-poll
Hong Kong home prices at lowest level since 2017 as high interest rates deter buyers, weigh on transactions
https://www.scmp.com/business/article/3239397/hong-kong-home-prices-lowest-level-2017-high-interest-rates-deter-buyers-weigh-transactions
Hong Kong’s property relaxation measures build investor buzz but potential buyers await price stability
https://www.scmp.com/business/article/3239597/hong-kongs-property-relaxation-measures-build-investor-buzz-potential-buyers-await-price-stability
Hong Kong housing: John Lee vows not to ‘target’ property prices, acknowledges conflicting interests of current, potential homeowners
https://www.scmp.com/news/hong-kong/hong-kong-economy/article/3239519/hong-kong-housing-john-lee-vows-not-target-property-prices-acknowledges-conflicting-interests
Hong Kong property: price decline could open door to young couples hunting for first homes, Paul Chan says
https://www.scmp.com/news/hong-kong/hong-kong-economy/article/3239570/hong-kong-property-price-decline-could-open-door-young-couples-hunting-first-homes-citys-paul-chan
Italy plans to raise taxes for flat owners doing multiple short-term rentals
https://www.businesstimes.com.sg/property/italy-plans-raise-taxes-flat-owners-doing-multiple-short-term-rentals
Thai policy rate is right for now; Mid-East war is a concern: central bank chief
https://www.businesstimes.com.sg/international/global/thai-policy-rate-right-now-mid-east-war-concern-central-bank-chief
Thai finance ministry cuts 2023 growth outlook to 2.7% as exports decline
https://www.businesstimes.com.sg/international/thai-finance-ministry-cuts-2023-growth-outlook-27-exports-decline
Vietnam October exports up 5.9%, industrial output rises
https://www.businesstimes.com.sg/international/vietnam-october-exports-59-industrial-output-rises
Disclaimer & Note:
Real Estate Developers’ Association of Singapore (REDAS) does not warrant the accuracy, adequacy or completeness of the information and expressly disclaims liability for errors or omissions therein. The content, accuracy, and opinions expressed are not investigated, verified, monitored, nor endorsed by REDAS. Every effort is taken to ensure that all information extracted is correct at the time of dissemination.
The Daily News is issued as news gathering for the convenience and benefits of REDAS’ members only and not for mass circulation. Members are advised to exercise discretion in the use and dissemination of the information. The news links are time-sensitive and require registration of fee-based digital subscriptions.