The Leading Professional and Representative Body for the Real Estate Industry

The Leading Professional and Representative Body for the Real Estate Industry



Daily News – 28 Apr 2023 (Fri)

Singapore Real Estate


Singapore private home prices up by 3.3% in Q1, rising at faster pace
Singapore: Prices of private homes increased by 3.3 per cent in the first quarter of 2023, accelerating from a 0.4 per cent increase in the previous quarter, according to the Urban Redevelopment Authority’s statistics released on Friday (Apr 28).


Singapore central office rents rise further in Q1 2023, up 5.1%: URA
Office rents in Singapore’s central region continued rising in the first quarter of this year, as pipeline supply shrank, data released by the Urban Redevelopment Authority (URA) indicated. Rents for office space rose 5.1 per cent in Q1 2023 over Q4 2022, the same increase as in the previous quarter, URA said on Friday (Apr 28).


Rents, prices of Singapore industrial space rise for 10th straight quarter: JTC
Rents and prices of Singapore industrial space continued to rise for the tenth straight quarter in the first quarter of 2023 despite a fall in transaction volumes and occupancy rates, according to JTC’s quarterly market report released on Thursday (Apr 27).


Quick takes: The impact of new ABSD rates for residential properties
Adjustments to Additional Buyer’s Stamp Duty (ABSD) rates for residential properties will take effect on Thursday (Apr 27) as part of the Singapore government’s cooling measures to manage investment demand.


ABSD shock seen hitting prime housing market hardest, could drive away foreign investors
Views are mixed on the direction of private home prices following the latest market cooling measures, but the impact on demand and hence prices will be felt most acutely in the Core Central Region (CCR) or prime areas, property consultants said.


Singapore Takes Aim at Rich Chinese With 60% Property Tax
Singapore’s move to double property taxes for foreigners signals that policy makers are growing more cognizant of surging money inflows from wealthy Chinese, even though the higher rates are unlikely to cool home prices.


Singapore’s private property tax hike for foreigners akin to ‘freezing measure’, sector says
Singapore’s move on Wednesday to sharply raise taxes on private property purchases for foreign buyers is a pre-emptive measure to ease the pressure on local buyers of homes for their own occupation, the government has said.


Singapore’s 60% property tax makes London, New York look cheap
Singapore has the highest property tax rate for foreign buyers among major global markets after the city-state doubled the duty on Thursday (Apr 27). The 60 per cent Additional Buyer’s Stamp Duty that foreigners now pay for a home in Singapore means the city’s levies exceed those of other international hubs including Hong Kong, London and New York by a large margin, noted Savills.


Private home prices look set for a welcome correction amid higher ABSD rates
Is there a crazy rich foreigner who will pay 60 per cent Additional Buyer’s Stamp Duty (ABSD) to buy a home in safe haven Singapore? It will take about 12 years of price growth at 4 per cent per annum just to recoup the ABSD payable.


Property cooling measures likely to push up rents, but have little impact on mass market condo prices: Experts
Singapore — With the latest cooling measures doubling the Additional Buyer’s Stamp Duty (ABSD) for foreigners, and Singaporeans and permanent residents paying a higher rate as well, property analysts said that rental prices are likely to jump.


Will the rental market continue to favour landlords?
Singapore (EdgeProp) – Concerns over leasing affordability in the local rental market have been raging since the start of 2022. According to market watchers at that time, an impending increase in rental prices was forecast to be just around the corner.


HDB resale prices inch up 1% in Q1 as sales recover slightly
Prices of resale flats in the first quarter of 2023 inched up 1 per cent from the fourth quarter of 2022, the Housing and Development Board (HDB) said on Friday (Apr 28). This makes it the smallest quarterly increase compared with the previous 10 quarters.



Singapore Economy


Singapore factory output falls 4.2% in March; economists expect slump to continue through H1
Singapore’s manufacturing output contracted less than expected in March, but economists expect the industry’s slump to continue for at least the first half of 2023. Industrial production fell 4.2 per cent year on year in March, marking the sixth straight month of contraction, according to data from the Singapore Economic Development Board on Wednesday (Apr 26).


Singapore employment growth moderates, rises 34,500 in Q1
Singapore’s employment levels grew for the sixth consecutive quarter in Q1 2023, led by non-resident employment growth, but labour market improvements have moderated, going by advance figures from the Ministry of Manpower (MOM) on Friday (Apr 28).



Companies’ Brief


CICT reports 11.3% higher NPI of $276.3 mil in 1QFY2023 update
CapitaLand Integrated Commercial Trust (CICT) has reported gross revenue of $388.5 million in the 1QFY2023 ended March 31, 14.4% higher y-o-y. CICT’s net property income (NPI) rose by 11.3% y-o-y to $276.3 million.


CDL’s Newport Residences preview postponed as developers take stock of ABSD hikes
City Developments Ltd (CDL) has pushed back the launch of its prime downtown project Newport Residences, which sits in the prime residential segment that analysts have said will take a direct hit from latest government cooling measures.


CDLHT reports 35.0% higher NPI of $32.7 mil in 1QFY2023 update
CDL Hospitality Trusts (CDLHT) has reported gross revenue of $60.8 million in the 1QFY2023 ended March 31, up 31.5% y-o-y. Its net property income (NPI) increased by 35.0% y-o-y to $32.7 million.


FEHT reports 24.1% higher distributable income of $18.2 mil in 1QFY2023 update
Far East Hospitality Trust (FEHT) has reported gross revenue of $25.2 million for the 1QFY2023 ended March 31, 20.1% higher y-o-y. The higher gross revenue was mainly thanks to the increase in revenue for hotels and commercial premises to a lesser extent and offset by lower revenue from its serviced residences segment.


Frasers Hospitality Trust posts H1 DPS of S$0.012649 on higher revenue
Frasers Hospitality Trust (FHT) distribution per stapled security (DPS) rose 79.7 per cent to S$0.012649 for the first half ended Mar 31, 2023, from S$0.007039 for the previous corresponding period.


Top air-conditioner maker Daikin targets European heating market
Daikin Industries and other Japanese air-conditioning makers are ramping up production in anticipation of greater sales of heat-pump systems in Europe, where energy prices are soaring and many homes and businesses still burn fuel during cold seasons.


Mapletree Industrial Trust posts lower FY22/23 DPU due to enlarged unit base
Mapletree Industrial Trust (MIT) on Thursday (Apr 27) reported its Q4 FY22/23 results with higher gross revenue and net property income. Gross revenue rose 4.3 per cent to S$171.1 million, from S$164.1 million in Q4 FY21/22. Net property income increased 3.8 per cent to S$128.9 million, from S$124.2 million.


Mapletree Pan Asia Commercial Trust posts 17.3% fall in Q4 DPU to S$0.0225
The manager of Mapletree Pan Asia Commercial Trust (MPACT) reported a distribution per unit (DPU) of 2.25 Singapore cents for the fourth quarter ended Mar 31, 2023, down 17.3 per cent from 2.72 Singapore cents in the year-ago period.



Global Economy & Real Estate


US economy grows at 1.1% rate in first quarter


US pending home sales fall 5.2%, biggest drop since September


Mortgage rates in the US rise to highest level since mid-March


Singles in the US pay thousands of dollars in so-called ‘single’s tax’, as housing rental prices soar


Hamptons luxury-home prices soar to records even as sales slow


London rents top £2,500 for first time as supply of homes drops


UK inflationary pressures rise with gain in business confidence


British business confidence hits 11-month high in April: Lloyds


Swedish economy expanded in Q1, outlook uncertain


European commercial real estate investment slumps to 11-year low in Q1 2023


China real estate register unlikely to expedite property tax


Yuexiu’s Beijing residential project sold out in hours as buyers look past potential property tax


China Evergrande extends deadline for debt restructuring incentive to May 18


Hong Kong’s inflation: nowhere as bad as other global cities but why are some still feeling the pain of higher prices, especially for food and transport?


At least 8,000 buyers to vie for 160 homes at Sun Hung Kai Properties’ Tai Po project as China’s ‘golden week’ starts


60 per cent of residents in favour of massive Hong Kong reclamation project, authorities say, but concern groups question consultation conclusions


Hong Kong public housing waiting times could be cut by 1½ years if temporary flats built on schedule, think tank predicts


Consumer inflation in Japan’s capital accelerates, keeps BOJ under pressure


South Korea March factory output jumps by most in nearly three years


Malaysia central bank to hold rates at 2.75% for rest of 2023



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