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).
https://www.channelnewsasia.com/singapore/private-property-condo-prices-q1-2023-absd-ura-3450651
https://www.businesstimes.com.sg/property/flash-singapore-private-home-prices-rise-33-cent-q1-over-previous-quarter-ura-data
https://www.straitstimes.com/business/new-private-home-prices-jumped-33-per-cent-in-first-quarter-triggering-new-absd-hike
https://www.edgeprop.sg/property-news/private-home-prices-1q2023-33-q-o-q-driven-landed-property-city-fringe-condos
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).
https://www.businesstimes.com.sg/property/singapore-central-office-rents-rise-further-q1-2023-51-ura
https://www.straitstimes.com/business/singapore-central-office-rents-climb-higher-in-q1-with-51-rise-ura
https://www.edgeprop.sg/property-news/office-rents-grow-sixth-consecutive-quarter-51-1q2023
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).
https://www.businesstimes.com.sg/property/rents-prices-singapore-industrial-space-rise-10th-straight-quarter-jtc
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.
https://www.businesstimes.com.sg/property/quick-takes-impact-new-absd-rates-residential-properties
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.
https://www.businesstimes.com.sg/property/absd-shock-seen-hitting-prime-housing-market-hardest-could-drive-away-foreign-investors
https://www.straitstimes.com/singapore/housing/absd-hikes-to-hit-foreign-buyers-of-higher-end-private-homes-most-impact-on-prices-uncertain-analysts
https://www.channelnewsasia.com/singapore/property-condominium-absd-investment-prices-cooling-measures-analysts-3447776
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.
https://www.bloomberg.com/news/articles/2023-04-27/singapore-takes-aim-at-rich-chinese-with-60-property-tax?srnd=premium-asia&leadSource=uverify%20wall
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.
https://www.scmp.com/week-asia/economics/article/3218608/singapores-private-property-tax-hike-foreigners-akin-freezing-measure-sector-says
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.
https://www.businesstimes.com.sg/property/singapores-60-property-tax-makes-london-new-york-look-cheap
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.
https://www.businesstimes.com.sg/opinion-features/private-home-prices-look-set-welcome-correction-amid-higher-absd-rates
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.
https://www.todayonline.com/singapore/rent-rise-property-cooling-meaure-market-buyers-absd-2160386-2160386
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.
https://www.edgeprop.sg/property-news/will-rental-market-continue-favour-landlords
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.
https://www.businesstimes.com.sg/property/hdb-resale-prices-inch-1-q1-sales-recover-slightly
https://www.straitstimes.com/business/property/hdb-resale-prices-rise-at-slower-pace-of-1-in-q1-more-flats-sold
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).
https://www.businesstimes.com.sg/singapore/economy-policy/singapore-factory-output-falls-42-march-economists-expect-slump-continue
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).
https://www.businesstimes.com.sg/singapore/singapore-employment-growth-moderates-rises-34500-q1
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.
https://www.theedgesingapore.com/capital/results/cict-reports-113-higher-npi-2763-mil-1qfy2023-update
https://www.businesstimes.com.sg/companies-markets/reits-property/cict-posts-113-rise-q1-net-property-income-s2763-million
https://www.straitstimes.com/business/cict-posts-113-rise-in-q1-net-property-income-to-2763-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.
https://www.businesstimes.com.sg/property/cdls-newport-residences-preview-postponed-developers-take-stock-absd-hikes
https://www.channelnewsasia.com/singapore/cdl-newport-residences-postponed-condo-launches-property-cooling-measures-3451621
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.
https://www.theedgesingapore.com/capital/results/cdlht-reports-350-higher-npi-327-mil-1qfy2023-update
https://www.businesstimes.com.sg/companies-markets/cdl-hospitality-trusts-net-property-income-grows-35-q1
https://www.straitstimes.com/business/cdl-hospitality-trusts-net-property-income-rises-35-in-q1
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.
https://www.theedgesingapore.com/capital/results/feht-reports-241-higher-distributable-income-182-mil-1qfy2023-update
https://www.businesstimes.com.sg/companies-markets/far-east-hospitality-trust-q1-distributable-income-241-s182-million
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.
https://www.businesstimes.com.sg/companies-markets/frasers-hospitality-trust-posts-h1-dps-s0012649-higher-revenue
https://www.theedgesingapore.com/capital/results/fht-reports-799-higher-dps-12649-cents-1hfy2023-due-recovery-travel
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.
https://www.businesstimes.com.sg/companies-markets/top-air-conditioner-maker-daikin-targets-european-heating-market
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.
https://www.businesstimes.com.sg/companies-markets/mapletree-industrial-trust-posts-lower-fy2223-dpu-due-enlarged-unit-base
https://www.theedgesingapore.com/capital/results/mapletree-industrial-trust-reports-4qfy2023-dpu-333-cents-bringing-full-year-payout
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.
https://www.businesstimes.com.sg/companies-markets/mapletree-pan-asia-commercial-trust-posts-173-fall-q4-dpu-s00225
Global Economy & Real Estate
US economy grows at 1.1% rate in first quarter
https://www.businesstimes.com.sg/international/us-economy-grows-11-rate-first-quarter
https://www.channelnewsasia.com/business/us-economy-growth-slows-gdp-recession-consumer-spending-3449131
US pending home sales fall 5.2%, biggest drop since September
https://www.businesstimes.com.sg/property/us-pending-home-sales-fall-52-biggest-drop-september
Mortgage rates in the US rise to highest level since mid-March
https://www.businesstimes.com.sg/property/mortgage-rates-us-rise-highest-level-mid-march
Singles in the US pay thousands of dollars in so-called ‘single’s tax’, as housing rental prices soar
https://www.channelnewsasia.com/world/singles-united-states-pay-thousands-dollars-so-called-tax-housing-rental-prices-soar-inflation-interest-rates-3448501
Hamptons luxury-home prices soar to records even as sales slow
https://www.businesstimes.com.sg/property/hamptons-luxury-home-prices-soar-records-even-sales-slow
London rents top £2,500 for first time as supply of homes drops
https://www.businesstimes.com.sg/property/london-rents-top-ps2500-first-time-supply-homes-drops
https://www.straitstimes.com/business/london-rents-top-2500-for-first-time-as-supply-of-homes-drops
UK inflationary pressures rise with gain in business confidence
https://www.businesstimes.com.sg/international/uk-inflationary-pressures-rise-gain-business-confidence
British business confidence hits 11-month high in April: Lloyds
https://www.businesstimes.com.sg/international/british-business-confidence-hits-11-month-high-april-lloyds
Swedish economy expanded in Q1, outlook uncertain
https://www.businesstimes.com.sg/international/swedish-economy-expanded-q1-outlook-uncertain
European commercial real estate investment slumps to 11-year low in Q1 2023
https://www.businesstimes.com.sg/property/european-commercial-real-estate-investment-slumps-11-year-low-q1-2023
China real estate register unlikely to expedite property tax
https://www.businesstimes.com.sg/international/global/china-real-estate-register-unlikely-expedite-property-tax
Yuexiu’s Beijing residential project sold out in hours as buyers look past potential property tax
https://www.scmp.com/business/article/3218567/yuexius-beijing-residential-project-sold-out-hours-buyers-look-past-potential-property-tax
China Evergrande extends deadline for debt restructuring incentive to May 18
https://www.businesstimes.com.sg/companies-markets/china-evergrande-extends-deadline-debt-restructuring-incentive-may-18
https://www.channelnewsasia.com/business/china-evergrande-extends-deadline-debt-restructuring-incentive-may-18-3449556
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?
https://www.scmp.com/news/hong-kong/hong-kong-economy/article/3218647/hong-kongs-inflation-nowhere-bad-other-global-cities-why-are-some-still-feeling-pain-higher-prices
At least 8,000 buyers to vie for 160 homes at Sun Hung Kai Properties’ Tai Po project as China’s ‘golden week’ starts
https://www.scmp.com/business/article/3218615/least-8000-buyers-vie-160-homes-sun-hung-kai-properties-tai-po-project-chinas-golden-week-starts
60 per cent of residents in favour of massive Hong Kong reclamation project, authorities say, but concern groups question consultation conclusions
https://www.scmp.com/news/hong-kong/hong-kong-economy/article/3218643/60-cent-residents-favour-massive-hong-kong-reclamation-project-authorities-say-concern-groups
Hong Kong public housing waiting times could be cut by 1½ years if temporary flats built on schedule, think tank predicts
https://www.scmp.com/news/hong-kong/society/article/3218583/hong-kong-public-housing-waiting-times-could-be-cut-1-1/2-years-if-temporary-flats-built-schedule
Consumer inflation in Japan’s capital accelerates, keeps BOJ under pressure
https://www.channelnewsasia.com/business/consumer-inflation-japans-capital-accelerates-keeps-boj-under-pressure-3450556
https://www.businesstimes.com.sg/international/tokyo-inflation-regains-momentum-ahead-boj-ued
-first-meet
South Korea March factory output jumps by most in nearly three years
https://www.channelnewsasia.com/business/south-korea-march-factory-output-jumps-most-nearly-three-years-3450526
https://www.businesstimes.com.sg/international/south-korea-march-factory-output-jumps-most-nearly-three-years
Malaysia central bank to hold rates at 2.75% for rest of 2023
https://www.channelnewsasia.com/business/malaysia-central-bank-hold-rates-275-rest-2023-3450591
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