Singapore Real Estate
Latest land tender results show caution among developers for big sites amid heightened risks
State land tender closings for three 99-year leasehold sites on Tuesday (Jun 27) reflect cautious sentiment among developers for biggish sites, which entail higher risks. These include cooling measures, a reduction in saleable area for non-landed residential projects due to changes in definitions of floor area, and continuing high interest rates and construction costs.
https://www.businesstimes.com.sg/property/latest-land-tender-results-show-caution-among-developers-big-sites-amid-heightened-risks
https://www.straitstimes.com/business/two-plots-for-private-homes-snag-billion-dollar-top-bids-from-developers
CDL, Hong Leong, Frasers Property, CapitaLand units among 9 bidders for Plantation Close EC site
An executive condominium (EC) site at Plantation Close in Tengah drew strong interest from developers, with nine bids received on Tuesday (Jun 27). Bids came from entities linked to heavyweights City Developments Ltd, Hong Leong, CapitaLand Development and Frasers Property.
https://www.businesstimes.com.sg/property/cdl-hong-leong-frasers-property-capitaland-units-among-9-bidders-plantation-close-ec-site
Pinetree Hill at Mount Sinai to start preview at prices from S$2,236 psf
UOL Group’s residential project Pinetree Hill in the Mount Sinai area will launch for preview on Thursday (June 29), with prices starting at S$2,236 per square foot (psf). The 99-year leasehold condominium at Pine Grove is jointly developed by UOL and the Singapore Land Group (SingLand) in an 80:20 partnership. It was secured with a S$671.5 million bid at a government land tender in June 2022.
https://www.businesstimes.com.sg/property/pinetree-hill-mount-sinai-start-preview-prices-s2236-psf
Condo resale prices, volumes rise at a slower pace in May: SRX, 99.co
Condominium rental prices and volumes continued to rise in May, albeit at a slower pace, flash estimates from SRX and 99.co indicated. Many owners and investors also sold their condos before receiving their official certificate of completion during the month, the data, released on Tuesday (Jun 27), showed.
https://www.businesstimes.com.sg/property/condo-resale-prices-volumes-rise-slower-pace-may-srx-99co
https://www.straitstimes.com/business/property/condo-resale-prices-up-09-in-may-more-units-sold-as-buyers-turn-to-secondary-market
CNA Explains: Are the lines between mature and non-mature HDB estates blurring?
Singapore: The classification of Housing Board estates as “mature” or “non-mature” is pretty much taken for granted now, but it has not always been the case and may not be in the future.
https://www.channelnewsasia.com/singapore/mature-estates-hdb-flats-classified-cna-explains-3581846
Companies’ Brief
GuocoLand obtains S$974 million club facility raised under new green finance framework
GuocoLand on Wednesday (Jun 28) said it obtained a S$974 million green club facility, raised under its newly-established green finance framework. The club facility, which comes from DBS, UOB, OCBC and Sumitomo Mitsui Banking, is the property developer’s largest to date, it said.
https://www.businesstimes.com.sg/companies-markets/guocoland-obtains-s974-million-club-facility-raised-under-new-green-finance
https://www.theedgesingapore.com/news/environmental-social-and-governance/guocoland-secure-974-mil-green-facility-refinance-guoco
Sabana Reit holding EGM on Aug 4 to vote on manager removal
The extraordinary general meeting (EGM) to vote on the removal of Sabana Industrial Real Estate Investment Trust (Sabana Reit) manager will take place on Aug 4. The EGM to run from 2 pm to 4 pm, will be held at Hope@New Tech Park, the Reit manager said on Wednesday (Jun 28).
https://www.businesstimes.com.sg/companies-markets/sabana-reit-holding-egm-aug-4-vote-manager-removal
Global Economy & Real Estate
WHO warns Covid ‘has not gone away’
https://www.businesstimes.com.sg/international/who-warns-covid-has-not-gone-away
Biden says he thinks US economy will avoid potential recession
https://www.businesstimes.com.sg/international/biden-says-he-thinks-us-economy-will-avoid-potential-recession
US home prices recover further as buyers battle for tight supply of listings
https://www.businesstimes.com.sg/property/us-home-prices-recover-further-buyers-battle-tight-supply-listings
US consumer confidence rises to highest level since early 2022
https://www.businesstimes.com.sg/international/us-consumer-confidence-rises-highest-level-early-2022
ECB staff preparing for new era of tighter money
https://www.businesstimes.com.sg/international/ecb-staff-preparing-new-era-tighter-money
China’s industrial profits slump on soft demand, deflation
https://www.businesstimes.com.sg/international/chinas-industrial-profits-slump-soft-demand-deflation
Hong Kong exports fall as global demand slump weighs on economy
https://www.businesstimes.com.sg/international/hong-kong-exports-fall-global-demand-slump-weighs-economy
https://www.scmp.com/news/hong-kong/hong-kong-economy/article/3225620/hong-kongs-john-lee-gears-asean-trade-trip-next-month-lure-business-weak-global-demand-drags-down
Hong Kong May home prices end 4 months of gains to drop 0.7%
https://www.businesstimes.com.sg/property/hong-kong-may-home-prices-end-4-months-gains-drop-07
South Korea consumer sentiment extends gains, inflation expectations flat
https://www.channelnewsasia.com/business/south-korea-consumer-sentiment-extends-gains-inflation-expectations-flat-3591026
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