Singapore Real Estate
Cautious bids seen for Holland Drive site with land cost expected to top S$1 billion
A prime Holland Drive residential parcel that can yield almost 700 new private housing units is likely to draw cautious bids, in a tender that could see bids top S$1 billion. Spanning 12,388 square metres (sq m), the District 10 plot can yield about 680 units, and is the first site to be launched under the Government Land Sales (GLS) programme for H1 2024.
https://www.businesstimes.com.sg/property/cautious-bids-seen-for-holland-drive-site-with-land-cost-expected-to-top-s-1-billion
https://www.straitstimes.com/business/prime-gls-site-in-holland-drive-released-for-sale
GuocoLand starts preview for Lentor Mansion project at prices from S$2,082 psf
GuocoLand will start previews for its latest Lentor Hills project, Lentor Mansion, on Friday (Mar 1), with prices starting from S$2,082 per square foot. The 99-year leasehold development will be GuocoLand’s third condominium launch in the Lentor Hills estate, after Lentor Modern and Lentor Hills Residences; it is the fifth launch in Lentor area, out of six state land sites sold so far.
https://www.businesstimes.com.sg/property/guocoland-starts-preview-for-lentor-mansion-project-at-prices-from-s-2-082-psf
Thomson View relaunched for en bloc sale at lower S$918 million reserve price
Thomson View Condominium has been put up for collective sale again – this time at a lower reserve price of S$918 million, as opposed to the S$950 million price tag pegged to relaunches in 2022 and the year before.
https://www.businesstimes.com.sg/property/thomson-view-relaunched-en-bloc-sale-lower-s918-million-reserve-price
Singapore Economy & Budget 2024
As growth gets harder to achieve, Singapore must transform, innovate and be a global-Asia node: DPM Heng
With growth getting harder to achieve, Singapore must restructure its economy to sustain transformation, encourage innovation and boost its standing as a global-Asia node, Deputy Prime Minister Heng Swee Keat said in Parliament on Tuesday (Feb 27).
https://www.businesstimes.com.sg/singapore/as-growth-gets-harder-to-achieve-singapore-must-transform-innovate-and-be-a-global-asia-node-dpm-heng
https://www.straitstimes.com/singapore/politics/reasons-to-be-upbeat-about-s-pore-s-prospects-despite-difficult-challenges-ahead-dpm-heng
MPs suggest tweaks, raise questions about labour policies for various worker groups in Budget debate
From mid-career upskilling to enhanced wage top-ups for the lower-income, Members of Parliament had ideas for varied groups of workers in the second day of the Budget debate on Tuesday (Feb 27).
https://www.businesstimes.com.sg/singapore/mps-suggest-tweaks-raise-questions-about-labour-policies-for-various-worker-groups-in-budget-debate
Budget 2024 debate: MPs ask to relook CPF interest rates, housing affordability to help Singaporeans reach retirement adequacy
Singapore — The recent announcement to close the Central Provident Fund (CPF) Special Account of those aged 55 has put the spotlight again on retirement adequacy, with Members of Parliament (MPs) asking that more support be given to people who are already retired as well as working Singaporeans building their nest eggs.
https://www.todayonline.com/singapore/cpf-retirement-budget-2024-debate-interest-rates-housing-singaporeans-2370476
Business News
CapitaLand Investment sinks into the red with S$170 million loss in H2
CapitaLand Investment (CLI) has sunk into the red for the second half of its fiscal year, following losses from the revaluation of its investment properties. Higher gains from asset recycling partially mitigated the loss, the group said in its financial results released on Wednesday (Feb 28).
https://www.businesstimes.com.sg/property/capitaland-investment-sinks-into-the-red-with-s-170-million-loss-in-h2
https://www.theedgesingapore.com/capital/results/capitaland-investment-posts-fy2023-earnings-decline-79-181-mil
CDL posts 51.2% rise in H2 profit to S$250.8 million
City Developments Limited (CDL) posted a 51.2 per cent rise in net profit to S$250.8million for its second half-year ended December, from S$165.8 million in the previous corresponding period. This was led by a 22.9 per cent higher revenue at S$2.2 billion, on top of lower administrative and other operating expenses, despite higher finance costs, based on its regulatory filing on Wednesday (Feb 28).
https://www.businesstimes.com.sg/companies-markets/cdl-posts-51-2-rise-in-h2-profit-to-s-250-8-million
https://www.straitstimes.com/business/cdl-posts-512-rise-in-second-half-profit-to-2508-million
Hotel Properties swings back to black with S$578.2 million H2 net profit
Hotel Properties Limited (HPL) on Tuesday (Feb 27) reported a net profit of S$578.2 million for the six months ended Dec 31, 2023, a significant increase from the net profit of S$38.3 million in the corresponding year-ago period.
https://www.businesstimes.com.sg/companies-markets/hotel-properties-swings-back-to-black-with-s-578-2-million-h2-net-profit
https://www.straitstimes.com/business/ong-beng-seng-s-hotel-properties-swings-back-to-black-with-5782-million-second-half-profit
PropertyGuru cuts 79 jobs, closes unprofitable units in strategic review
Property portal PropertyGuru Group will lay off 79 employees, about 5 per cent of its workforce, as part of a strategic review that will also see it closing non-profitable units. In an open letter to staff on Tuesday (Feb 27), chief executive officer and managing director Hari Krishnan said: “This decision was made after careful and objective identification of the roles for PropertyGuru’s next phase of growth.”
https://www.businesstimes.com.sg/property/propertyguru-cuts-79-jobs-closes-unprofitable-units-in-strategic-review
https://www.theedgesingapore.com/news/company-news/propertyguru-cuts-79-jobs-amid-organisational-changes
PropNex H2 profit down 27.1% to S$25.8 million
PropNex reported a 27.1 per cent fall in net profit for the half year ended December 2023 to S$25.8 million, from S$35.3 million in H2 FY2022. This came as revenue dropped 14.9 per cent to S$473.8 million, based on the real estate agency’s financials released on Wednesday (Feb 28).
https://www.businesstimes.com.sg/companies-markets/propnex-h2-profit-down-27-1-to-s-25-8-million
https://www.theedgesingapore.com/capital/results/propnex-reports-lower-fy2023-earnings-subdued-demand-plans-final-dividend-35-cents
UOL posts 374% leap in H2 profit to S$572.7m on gains from Parkroyal Kitchener sale
Real estate group UOL has announced a 373.9 per cent leap in net profit to S$572.7 million for its fiscal second half ended Dec 31, 2023, on a S$442.3 million gain from the sale of a wholly owned subsidiary that held Parkroyal on Kitchener Road.
https://www.businesstimes.com.sg/companies-markets/uol-posts-374-leap-in-h2-profit-to-s-572-7m-on-gains-from-parkroyal-kitchener-sale
https://www.straitstimes.com/business/companies-markets/uol-posts-374-leap-in-h2-profit-to-5727m-on-gains-from-parkroyal-kitchener-sale
Yanlord records H2 loss of 2 billion yuan; FY23 ‘exceptionally unusual’ with China’s real estate credit crisis, CEO says
Chinese property developer Yanlord Land Group sank into the red with a net loss of two billion Chinese yuan (S$378.9 million) in the fiscal second half ended Dec 31, 2023, reversing from a net profit of 155.6 million yuan posted the same period a year ago.
https://www.businesstimes.com.sg/companies-markets/yanlord-records-h2-loss-of-2-billion-yuan-fy23-exceptionally-unusual-with-china-s-real-estate-credit-crisis-ceo-says
https://www.theedgesingapore.com/capital/results/yanlord-sinks-rmb934-million-loss-following-impairment-withholds-dividends-again
Global Economy & Real Estate
Yellen cites monetary tightening as risk in global outlook
https://www.businesstimes.com.sg/international/yellen-cites-monetary-tightening-as-risk-in-global-outlook
https://www.straitstimes.com/business/yellen-says-global-economy-remains-resilient-lauds-us-as-growth-driver
Home-price growth in the US accelerates as buyer demand picks up
https://www.businesstimes.com.sg/property/home-price-growth-in-the-us-accelerates-as-buyer-demand-picks-up
US consumer confidence ebbs in February; inflation expectations fall
https://www.businesstimes.com.sg/international/us-consumer-confidence-ebbs-in-february-inflation-expectations-fall
Australia’s monthly inflation rate steady at 3.4% in January
https://www.businesstimes.com.sg/international/australia-s-monthly-inflation-rate-steady-at-3-4-in-january
China vows to break down barriers to aid economic recovery, but call continues for stronger stimulus
https://www.scmp.com/economy/china-economy/article/3253387/china-vows-break-down-barriers-aid-economic-recovery-call-continues-stronger-stimulus
China’s ‘two sessions’ 2024: have new pressures already fractured last year’s economic model?
https://www.scmp.com/economy/china-economy/article/3253407/chinas-two-sessions-2024-have-new-pressures-already-fractured-last-years-economic-model
EU’s volatile emissions-trading scheme will soon cost Asian owners big money
https://www.businesstimes.com.sg/international/eu-s-volatile-emissions-trading-scheme-will-soon-cost-asian-owners-big-money
‘Germany is not a sick man’: Europe’s largest economy struggles, but sees some signs of hope
https://www.channelnewsasia.com/world/germany-not-sick-man-europes-largest-economy-struggles-sees-some-signs-hope-4152416
Hong Kong exports jump 33.6% in January, racking up best monthly performance in 3 years
https://www.scmp.com/news/hong-kong/hong-kong-economy/article/3253381/hong-kong-exports-jump-336-cent-january-racking-best-monthly-performance-3-years
Hong Kong’s grade A office rents to fall further, with mainland China demand below pre-pandemic levels, new supply coming online, analysts say
https://www.scmp.com/business/companies/article/3253416/hong-kongs-grade-office-rents-fall-further-mainland-china-demand-below-pre-pandemic-levels-new
Hong Kong home prices fall for ninth straight month, intensifying calls for lifting property curbs
https://www.scmp.com/business/article/3253370/hong-kong-home-prices-fall-ninth-straight-month-intensifying-calls-lifting-property-curbs
Hong Kong property players hope authorities lift cooling measures in upcoming Budget
https://www.channelnewsasia.com/asia/hong-kong-property-market-slump-budget-lift-cooling-measures-4152466
https://www.scmp.com/news/hong-kong/hong-kong-economy/article/3253374/hong-kong-budget-2024-25-will-city-get-back-tourism-spark-fireworks-drone-shows-experts-question
Hong Kong under pressure to ease property curbs, plug deficit in budget
https://www.channelnewsasia.com/business/hong-kong-under-pressure-ease-property-curbs-plug-deficit-budget-4152521
Hong Kong Housing Society plans to seek bank loan of at least HK$1 billion, sell some assets to tackle cash-flow issues in coming years
https://www.scmp.com/news/hong-kong/society/article/3253410/hong-kong-housing-society-plans-seek-bank-loan-least-hk1-billion-sell-some-assets-tackle-cash-flow
Singapore-China visa deal has minimal impact on Hong Kong: Observers
https://www.straitstimes.com/business/singapore-china-visa-deal-has-minimal-impact-on-hong-kong-observers
Global rich keep luxury property prices rising as Manila, Dubai soar – Knight Frank
https://www.channelnewsasia.com/business/global-rich-keep-luxury-property-prices-rising-manila-dubai-soar-knight-frank-4154776
Malaysia to seal free trade deal with UAE by June: trade minister
https://www.businesstimes.com.sg/international/asean/malaysia-to-seal-free-trade-deal-with-uae-by-june-trade-minister
Miami Beach office asking for top rent signs first tenant
https://www.businesstimes.com.sg/property/miami-beach-office-asking-for-top-rent-signs-first-tenant
Russia’s economy risks overheating despite rebound, say analysts
https://www.channelnewsasia.com/world/russia-economy-rebounds-risks-overheating-military-spending-ukraine-war-analyst-4152041
Swedish property giants write down billions as prices crash
https://www.businesstimes.com.sg/international/global/swedish-property-giants-write-down-billions-as-prices-crash
https://www.straitstimes.com/business/swedish-property-giants-write-down-billions-as-prices-crash
Taiwan Jan export orders beat expectations on AI demand, but outlook soft
https://www.businesstimes.com.sg/international/taiwan-jan-export-orders-beat-expectations-on-ai-demand-but-outlook-soft
https://www.channelnewsasia.com/business/taiwan-jan-export-orders-beat-expectations-ai-demand-outlook-soft-4152606
https://www.scmp.com/economy/economic-indicators/article/3253394/taiwans-hi-tech-export-orders-resume-rise-world-gears-ai-unvexed-interest-rate-pressure
Thailand’s high-speed rail link to China delayed at least two years, incurring extra costs
https://www.businesstimes.com.sg/international/thailand-s-high-speed-rail-link-to-china-delayed-at-least-two-years-incurring-extra-costs
Thailand to start spending 2024 fiscal budget in early April
https://www.businesstimes.com.sg/international/asean/thailand-to-start-spending-2024-fiscal-budget-in-early-april
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