SINGAPORE REAL ESTATE
Tanjong Katong, Clementi housing sites, Bt Panjang EC plot up for sale
Three residential sites have been released for sale under the Government Land Sales (GLS) Programme. Launched by the Urban Redevelopment Authority (URA), the Jalan Tembusu site is the largest of the three, with an area of 20,572.1 square metres (sq m) and a maximum gross floor area (GFA) of 72,003 sq m. It could yield about 825 units, based on a maximum height of between 80 and 85 m.
https://www.businesstimes.com.sg/property/tanjong-katong-clementi-housing-sites-bt-panjang-ec-plot-sale
https://www.straitstimes.com/business/clementi-avenue-1-jalan-tembusu-residential-sites-senja-close-ec-site-launched-for-sale
Chuan Park S$890m en bloc sale remains in limbo for now
The Strata Titles Board (STB) has conducted three mediation sessions over the collective sale of Chuan Park condominium, with the matter remaining unresolved. The development’s sale had gone to the STB as 10 minority owners had objected to it.
https://www.businesstimes.com.sg/property/chuan-park-s890m-en-bloc-sale-remains-limbo-now
Tengah Town’s Copen Grand EC fully sold
Tengah Town’s first executive condominium (EC), Copen Grand, is fully sold a month after its launch, co-developers City Developments Limited and MCL Land said. Second-time buyers who were unable to purchase an apartment unit during the initial launch snapped up the remaining 146 units of the 639-unit development on Saturday (Nov 26), after sales bookings opened for them that morning.
https://www.businesstimes.com.sg/property/tengah-towns-copen-grand-ec-fully-sold
Singapore-based office S-Reits see growth in occupancy and rent reversions
According to JLL, Singapore office rents in Q3 2022 have reached a near 14-year high, exceeding pre-pandemic peak. CBD Grade A office rents have taken just 18 months to recover the grounds lost due to Covid-19.
https://www.businesstimes.com.sg/companies-markets/singapore-based-office-s-reits-see-growth-occupancy-and-rent-reversions
Flex office space market rebounds in Q3, further growth seen despite economic headwinds: CBRE
Flexible workspaces are back in business post-pandemic, with further growth “imminent” despite rising economic headwinds, according to real estate consultancy CBRE Research. In a report on the flex space sector released on Friday (Nov 25), CBRE noted that occupancy at flex space centres recovered to a “healthy (average) level” of 80 to 90 per cent by the third quarter of 2022, from the average of 50 to 60 per cent during the pandemic.
https://www.businesstimes.com.sg/property/flex-office-space-market-rebounds-q3-further-growth-seen-despite-economic-headwinds-cbre
Prime retail rents set to rise as Q3 vacancy eases to three-year low: Savills
Overall retail occupancy in Singapore improved in the third quarter of 2022, said the research arm of global real estate agency Savills on Thursday (Nov 24). In a report, Savills Research said it expects rents for prime locations to keep rising amid a recovery in shopper traffic and a tightening of property supply.
https://www.businesstimes.com.sg/property/prime-retail-rents-set-rise-q3-vacancy-eases-three-year-low-savills
Homeowners worried by soaring interest rates but analysts say strong job market, strict lending rules will reduce impact
Singapore – When banks announced that home loan interest rates were going up, Mdm Siti (not her real name) was worried about whether the rates would continue to rise and significantly affect her family’s monthly expenses.
https://www.todayonline.com/singapore/homeowners-worry-rising-bank-interest-rates-2056666
SINGAPORE ECONOMY
PAP appoints Lawrence Wong as deputy secretary-general
Singapore – Deputy Prime Minister Lawrence Wong has been appointed to the new post of deputy secretary-general of the People’s Action Party (PAP), after the party’s top decision-making body met on Saturday.
https://www.straitstimes.com/singapore/pap-appoints-lawrence-wong-as-deputy-secretary-general
https://www.todayonline.com/singapore/lawrence-wong-elected-pap-deputy-secretary-general-newly-created-role-2057136
https://www.channelnewsasia.com/singapore/lawrence-wong-pap-deputy-secretary-general-new-role-3102626
Companies deleveraging while households gear up to buy property: MAS review
The unwinding of pandemic-induced precautionary buffers has made Singapore’s companies, households and banks more financially vulnerable this year, said the Monetary Authority of Singapore (MAS) in its annual Financial Stability Review on Friday (Nov 25).
https://www.businesstimes.com.sg/companies-markets/companies-deleveraging-while-households-gear-buy-property-mas-review
S’pore factory output falls 0.8% in October, snapping year of growth as pharma slumps
Singapore’s manufacturing output shrank for the first time in a year on a slump in pharmaceuticals production and continued weakness in the linchpin electronics sector. Output in October dropped 0.8 per cent year on year, according to data released by the Economic Development Board on Friday.
https://www.straitstimes.com/business/economy/s-pore-factory-output-falls-08-in-october-snapping-13-months-of-growth-as-pharma-slumps
More retrenchments in Singapore’s tech sector, with 1,270 local workers affected since July
Singapore: There has been an increase in the number of retrenchments in the tech sector, with 1,270 local workers laid off from July to mid-November, Manpower Minister Tan See Leng told Parliament on Monday (Nov 28).
https://www.channelnewsasia.com/singapore/tech-sector-companies-retrench-layoff-local-workers-3105126
COMPANIES’ BRIEF
Chip Eng Seng chairman Celine Tang makes S$0.72 per share cash offer to privatise company
Chip Eng Seng chairman Celine Tang and her husband Gordon Tang have together tabled a voluntary conditional cash offer to acquire all issued ordinary shares in the property player at a price tag of S$0.72 apiece, with the end goal of privatising and delisting the company from the Singapore Exchange (SGX) should they attain more than 90 per cent of shares.
https://www.businesstimes.com.sg/companies-markets/chip-eng-seng-chairman-celine-tang-makes-s072-share-cash-offer-privatise-company
https://www.straitstimes.com/business/billionaire-tang-couple-make-72-cents-per-share-cash-offer-to-privatise-chip-eng-seng
First Reit completes early financing for 50.6% of debt after trustee enters facility agreement
First Real Estate Investment Trust (Reit) trustee Perpetual (Asia) has entered into a facility agreement with OCBC and CIMB Singapore as original lenders in terms of a term loan facility of S$225 million and a revolving credit facility of S$75 million, the Reit manager announced in a press statement on Friday (Nov 25).
https://www.businesstimes.com.sg/companies-markets/first-reit-completes-early-financing-506-debt-after-trustee-enters-facility
GLOBAL ECONOMY & GLOBAL REAL ESTATE
US retailers’ inflation-fighting discounts yield modest growth on Black Friday
https://www.businesstimes.com.sg/international/us-retailers-inflation-fighting-discounts-yield-modest-growth-black-friday
UK public sector pay won’t keep up with inflation: transport minister
https://www.businesstimes.com.sg/international/uk-public-sector-pay-wont-keep-inflation-transport-minister
UK housing market seen facing further ‘mini-budget’ fallout
https://www.businesstimes.com.sg/property/uk-housing-market-seen-facing-further-mini-budget-fallout
Is homeownership slipping even further out of reach for New Yorkers?
https://www.businesstimes.com.sg/property/homeownership-slipping-even-further-out-reach-new-yorkers
Germany’s economy was stronger than expected in third quarter
https://www.businesstimes.com.sg/international/germanys-economy-was-stronger-expected-third-quarter
Cost-of-living crisis looms over Europe’s Black Friday
https://www.businesstimes.com.sg/international/cost-living-crisis-looms-over-europes-black-friday
Australia house prices forecast to slump 16% from peak
https://www.businesstimes.com.sg/companies-markets/transport-logistics/australia-house-prices-forecast-slump-16-peak
China’s central bank cuts reserve ratio to help bolster economy
https://www.businesstimes.com.sg/international/chinas-central-bank-cuts-reserve-ratio-help-bolster-economy
China’s industrial profits drop further as Covid-19 woes take toll on economy
https://www.businesstimes.com.sg/international/chinas-industrial-profits-drop-further-covid-19-woes-take-toll-economy
Hong Kong property slump reaches city’s coveted luxury homes
https://www.straitstimes.com/business/hong-kong-property-slump-reaches-city-s-coveted-luxury-homes
https://www.businesstimes.com.sg/property/hong-kong-property-slump-reaches-citys-coveted-luxury-homes
Japan proposes expanding tax-free investment scheme for savers
https://www.businesstimes.com.sg/international/japan-proposes-expanding-tax-free-investment-scheme-savers
Malaysia’s inflation rate eases to 4% in October, above economists’ forecast
https://www.businesstimes.com.sg/international/malaysias-inflation-rate-eases-4-october-above-economists-forecast