Singapore Real Estate
Rich rewards could lie ahead for Jurong Lake District’s master developer
Kudos to CapitaLand Development, City Developments Limited (CDL), Frasers Property, Mitsubishi Estate, and Mitsui Fudosan (Asia) for submitting two joint bids, with different concept proposals, for the master-developer site at Jurong Lake District (JLD).
https://www.businesstimes.com.sg/opinion-features/rich-rewards-could-lie-ahead-jurong-lake-district-s-master-developer
Smaller down payment for BTO flats should not be the motivation for students to buy
Housing may not be something that is on top of couples’ minds while they are still studying, but the latest changes to the Build-To-Order (BTO) scheme by the Housing and Development Board (HDB) could spur more couples to start planning ahead.
https://www.businesstimes.com.sg/opinion-features/smaller-down-payment-bto-flats-should-not-be-motivation-students-buy
When families fight over HDB flats
Disputes over Housing Board flats tend to be less complicated than those involving private real estate because the rules governing public housing are simpler and accessible to the public online.
https://www.straitstimes.com/business/invest/when-families-fight-over-hdb-flats
https://www.straitstimes.com/business/invest/couple-fight-over-windfall-from-bto-flat-in-tampines
Singapore Economy
MAS likely to keep Sing$ policy stance tight even as major central banks flag possible rate cuts
Singapore – In late 2021, Singapore was among the first few countries to declare war against inflation. But even after achieving quite a bit of success in limiting the pace of price gains, recent data shows that the fight is far from over.
https://www.straitstimes.com/business/mas-likely-to-keep-sing-policy-stance-tight-even-as-major-central-banks-flag-possible-rate-cuts
Household electricity, gas tariffs to fall in Q2
Singaporean households can expect to pay slightly lower electricity and gas rates in the second quarter of 2024, compared to the previous quarter. On Thursday (Mar 28), state energy suppliers SP Group and City Energy each announced a decrease in tariffs for electricity and gas from Apr 1 to Jun 30, amid lower costs compared with the first quarter of 2024.
https://www.businesstimes.com.sg/singapore/household-electricity-gas-tariffs-fall-q2
https://www.straitstimes.com/singapore/gas-electricity-prices-to-fall-from-april-to-june
https://www.todayonline.com/singapore/lower-household-electricity-and-gas-tariffs-april-june-2392981
https://www.channelnewsasia.com/singapore/lower-household-electricity-gas-tariffs-april-june-sp-group-4227326
Households to pay more for waste disposal from July 1 due to rising costs
Singapore – From July 1, residents will need to pay more for public waste collection due to rising operational and manpower costs. The National Environment Agency (NEA) said in a statement on March 28 that monthly household refuse collection fees for Housing Board flats and non-landed private housing will rise from $9.81 to $10.20, an increase of 39 cents.
https://www.straitstimes.com/singapore/households-to-pay-more-for-waste-disposal-from-july-1-due-to-rising-costs
Business News
Eight S-Reits among Singapore’s top retail net buy stocks in Q1
The first quarter of 2024 (till Mar 27) saw the FTSE EPRA Nareit Global Reits Index decline 0.6 per cent in total return. The iEdge S-Reit Index recorded greater total return declines of 7.3 per cent across the same period.
https://www.businesstimes.com.sg/companies-markets/eight-s-reits-among-singapore-s-top-retail-net-buy-stocks-q1
Cushman & Wakefield appoints Natalie Craig as Singapore CEO
Cushman & Wakefield (C&W) has appointed Natalie Craig as its Singapore chief executive, effective Apr 1, 2024. In the newly created role, Craig will oversee a team of more than 2,000 staff from C&W’s commercial real estate business and its sister entity, C&W Services, which offers facilities management and engineering solutions.
https://www.businesstimes.com.sg/property/cushman-wakefield-appoints-natalie-craig-singapore-ceo
ESR-Logos Reit secures S$200m sustainability-linked credit facility
ESR-Logos Real Estate Investment Trust (Reit) has obtained its first sustainability-linked loan worth S$200 million. The unsecured revolving credit facility agreement is entered into by Perpetual (Asia) in its capacity as the trustee of ESR-Logos Reit.
https://www.businesstimes.com.sg/companies-markets/esr-logos-reit-secures-s-200m-sustainability-linked-credit-facility
Keppel Reit doubles down on growth strategy amid uncertainty
It has been a challenging few years, with a global pandemic wreaking havoc on the economy, growing inflationary pressures, and a fast-changing macroeconomic climate. Yet, Keppel real estate investment trust (Keppel Reit) has held firm through it all, blooming in adversity.
https://www.businesstimes.com.sg/companies-markets/keppel-reit-doubles-down-growth-strategy-amid-uncertainty
Keppel Reit to acquire 50% interest in Sydney office building for A$363.8 million
Keppel Real Estate Investment Trust (Reit) has agreed to acquire a 50 per cent interest in a freehold Grade A office building in Sydney’s central business district (CBD) for A$363.8 million (S$321 million).
https://www.businesstimes.com.sg/companies-markets/keppel-reit-acquire-50-interest-sydney-office-building-363.8-million
https://www.straitstimes.com/business/keppel-reit-to-acquire-50-interest-in-sydney-office-building-for-321-million
LHN expands co-living portfolio with healthcare lodging win, bolstered by high occupancy
Mainboard-listed LHN co-living business segment Coliwoo will continue to grow, backed by an increase in keys and resilient rental rates, analysts have said. In particular, the company could get a boost from the award of two contracts to operate hostel-type facilities for foreign healthcare workers, which will house at least 700 such professionals.
https://www.businesstimes.com.sg/companies-markets/lhn-expands-co-living-portfolio-healthcare-lodging-win-bolstered-high-occupancy
Global Economy & Real Estate
Fed’s balancing act could see June rate cut in play even with sticky inflation
https://www.businesstimes.com.sg/companies-markets/banking-finance/fed-s-balancing-act-could-see-june-rate-cut-play-even-sticky-inflation
https://www.straitstimes.com/business/fed-s-waller-says-no-rush-to-cut-interest-rates
Baltimore bridge collapse could impact US inflation, compound supply chain risks
https://www.straitstimes.com/business/baltimore-bridge-collapse-could-impact-us-inflation-compound-supply-chain-risks
US inflation increases moderately in February; consumer spending surges
https://www.businesstimes.com.sg/international/us-inflation-increases-moderately-february-consumer-spending-surges
US consumer sentiment jumps to highest level since July 2021
https://www.businesstimes.com.sg/international/us-consumer-sentiment-jumps-highest-level-july-2021
US to impose new visa curbs on Hong Kong officials over rights crackdown
https://www.businesstimes.com.sg/international/update-2-us-impose-new-visa-curbs-hong-kong-officials-over-rights-crackdown
US pending home sales bounce back after slump in January
https://www.businesstimes.com.sg/property/us-pending-home-sales-bounce-back-after-slump-january
Older US office buildings left ‘stranded’, Morgan Stanley says
https://www.businesstimes.com.sg/property/older-us-office-buildings-left-stranded-morgan-stanley-says
Value of offices in US falls as remote working persists
https://www.straitstimes.com/business/invest/value-of-offices-in-us-falls-as-remote-working-persists
Australia retail sales rise modestly in Feb thanks to Taylor Swift concerts
https://www.businesstimes.com.sg/international/australia-retail-sales-rise-modestly-feb-thanks-taylor-swift-concerts
China’s GDP target in realistic range despite challenges: ADB chief economist
https://www.businesstimes.com.sg/international/global/china-s-gdp-target-realistic-range-despite-challenges-adb-chief-economist
China’s industrial upswing is the latest sign of economic recovery
https://www.businesstimes.com.sg/international/global/china-s-industrial-upswing-latest-sign-economic-recovery
China’s March factory activity expands for first time in six months
https://www.straitstimes.com/business/china-s-march-factory-activity-expands-for-first-time-in-six-months
https://www.channelnewsasia.com/business/chinas-march-factory-activity-expands-first-time-six-months-4232666
https://www.scmp.com/economy/economic-indicators/article/3257359/chinas-factory-activity-hits-one-year-high-adding-signs-economic-recovery-picking-pace
Chinese property developers’ 2023 results hit by sector downturn
https://www.businesstimes.com.sg/international/global/chinese-property-developers-2023-results-hit-sector-downturn
China home sales drought persists with little hint of turnaround
https://www.businesstimes.com.sg/property/china-home-sales-drought-persists-little-hint-turnaround
China property crisis is rippling through its biggest banks
https://www.businesstimes.com.sg/property/china-property-crisis-rippling-through-its-biggest-banks1
https://www.straitstimes.com/business/china-property-crisis-rippling-through-its-biggest-banks
Country Garden delays earnings report, Vanke net tumbles as woes deepen
https://www.businesstimes.com.sg/property/country-garden-delays-earnings-report-vanke-net-tumbles-woes-deepen
https://www.businesstimes.com.sg/property/chinese-property-giant-vanke-reports-46-fall-2023-profits
How Country Garden plays into China’s property mess
https://www.businesstimes.com.sg/property/how-country-garden-plays-china-s-property-mess
Fitch downgrades Chinese property developer Longfor to ‘junk’
https://www.businesstimes.com.sg/property/fitch-downgrades-chinese-property-developer-longfor-junk
Wanda to cede control of its mall unit in 60 billion yuan deal
https://www.businesstimes.com.sg/property/wanda-cede-control-its-mall-unit-60-billion-yuan-deal
ECB rate cuts totalling 100 points possible this year: Greek central banker
https://www.businesstimes.com.sg/international/ecb-rate-cuts-totalling-100-points-possible-year-greek-central-banker
German retail sales fall unexpectedly in February
https://www.businesstimes.com.sg/international/german-retail-sales-fall-unexpectedly-february
Hong Kong set to fall one spot to 10th place in rankings of world’s busiest container ports, logistics minister says
https://www.scmp.com/news/hong-kong/hong-kong-economy/article/3257334/hong-kongs-container-throughput-global-ranking-2023-fall-one-spot-10th-place-citys-logistics
Hong Kong’s Urban Renewal Authority to relax rules on tenders, borrow cash after HK$3.5 billion deficit last year
https://www.scmp.com/news/hong-kong/hong-kong-economy/article/3257377/hong-kongs-urban-renewal-authority-relax-rules-tenders-borrow-cash-after-hk35-billion-deficit-last
Hong Kong housing director pours cold water on fears over health of subsidised homes market, despite rash of cancellations with lost deposits
https://www.scmp.com/news/hong-kong/society/article/3257368/hong-kong-housing-director-pours-cold-water-fears-over-health-subsidised-homes-market-despite-rash
Tech talent moving to Hong Kong more worried about living costs than Article 23 domestic national security law, Science Park executives say
https://www.scmp.com/news/hong-kong/society/article/3257366/tech-talent-moving-hong-kong-more-worried-about-living-costs-article-23-domestic-national-security
Hong Kong property: CK Asset prices first Blue Coast flats well below cost and cheaper than other Southside projects
https://www.scmp.com/business/article/3257107/hong-kong-property-ck-asset-prices-first-blue-coast-flats-well-below-cost-and-cheaper-other
Hong Kong property: Li Ka-shing’s CK Asset lists another 110 flats at Blue Coast after 8,000 buyers jump at first 138
https://www.scmp.com/business/article/3257367/hong-kong-property-li-ka-shings-ck-asset-lists-another-110-flats-blue-coast-after-8000-buyers-jump
Japan’s service sector sentiment rises to highest in over three decades
https://www.channelnewsasia.com/business/japans-service-sector-sentiment-rises-highest-over-three-decades-4233776
https://www.businesstimes.com.sg/international/global/japan-s-service-sector-sentiment-rises-highest-over-three-decades
Tokyo inflation slowdown, output slide clouds BOJ’s rate hike outlook
https://www.channelnewsasia.com/business/tokyo-inflation-slowdown-output-slide-clouds-bojs-rate-hike-outlook-4229571
https://www.straitstimes.com/business/tokyo-inflation-slowdown-won-t-knock-the-boj-off-rate-hike-path
Japan’s benchmark rate hike expected to spare S-Reits with country exposure: analysts
https://www.businesstimes.com.sg/companies-markets/japan-s-benchmark-rate-hike-expected-spare-s-reits-country-exposure-analysts
Japan faces risks from US, China economies, banking head says
https://www.businesstimes.com.sg/international/japan-faces-risks-us-china-economies-banking-head-says
Bank of Korea warns of economic hit if property slump lasts
https://www.businesstimes.com.sg/international/bank-korea-warns-economic-hit-if-property-slump-lasts
https://www.straitstimes.com/business/bank-of-korea-warns-of-economic-hit-if-property-slump-lasts
South Korea March exports up for sixth month on chip sales; miss estimates
https://www.channelnewsasia.com/business/south-korea-march-exports-sixth-month-chip-sales-miss-estimates-4233811
https://www.businesstimes.com.sg/international/south-korea-export-growth-continues-supporting-economic-outlook1
https://www.straitstimes.com/business/south-korea-export-growth-continues-supporting-economic-outlook
South Korea’s February factory output rises most in six months, retail sales drop
https://www.businesstimes.com.sg/international/south-korea-s-february-factory-output-rises-most-six-months-retail-sales-drop
https://www.channelnewsasia.com/business/s-korea-feb-factory-output-rises-most-six-months-retail-sales-drop-4229511
South Korea market watchdog vows to further develop corporate reform plan
https://www.businesstimes.com.sg/international/south-korea-market-watchdog-vows-further-develop-corporate-reform-plan
https://www.channelnewsasia.com/business/s-korea-market-watchdog-vows-further-develop-corporate-reform-plan-4226986
Malaysia’s Exchange 106 commands highest office rents in Kuala Lumpur
https://www.businesstimes.com.sg/international/asean/malaysia-s-exchange-106-commands-highest-office-rents-kuala-lumpur
Thailand offers tax waiver to attract ‘world-class events’
https://www.channelnewsasia.com/business/thailand-offers-tax-waiver-attract-world-class-events-4227771
UK economy went into recession last year, data confirms
https://www.businesstimes.com.sg/international/uk-economy-went-recession-last-year-data-confirms
UK landlords bet on green offices as hybrid work makes tenants picky
https://www.businesstimes.com.sg/property/uk-landlords-bet-green-offices-hybrid-work-makes-tenants-picky
London office sales shelved in bet on higher property prices
https://www.businesstimes.com.sg/property/london-office-sales-shelved-bet-higher-property-prices
UK restaurants and bars cut hours as costs soar by £3.4 billion
https://www.businesstimes.com.sg/international/uk-restaurants-and-bars-cut-hours-costs-soar-ps3.4-billion
Vietnam economy expands 5.66% in first quarter as exports boom
https://www.channelnewsasia.com/business/vietnam-economy-expands-566-first-quarter-exports-boom-4229766
Vietnam set to re-auction controversial southern land parcels that fetched US$100,000 per sq m in 2021
https://www.businesstimes.com.sg/international/asean/vietnam-set-re-auction-controversial-southern-land-parcels-fetched-us-100-000-sq-m-2021
Disclaimer & Note:
Real Estate Developers’ Association of Singapore (REDAS) does not warrant the accuracy, adequacy or completeness of the information and expressly disclaims liability for errors or omissions therein. The content, accuracy, and opinions expressed are not investigated, verified, monitored, nor endorsed by REDAS. Every effort is taken to ensure that all information extracted is correct at the time of dissemination.
The Daily News is issued as news gathering for the convenience and benefits of REDAS’ members only and not for mass circulation. Members are advised to exercise discretion in the use and dissemination of the information. The news links are time-sensitive and require registration of fee-based digital subscriptions.