SINGAPORE REAL ESTATE
New retail and office development to be built next to Punggol MRT station
Singapore – Punggol is set to get a new office and retail development at a field next to Punggol MRT station in future. According to a proposed masterplan amendment published by the Urban Redevelopment Authority (URA) on Oct 21, about half the field, which is a reserve site, will be rezoned for commercial use.
https://www.straitstimes.com/singapore/punggol-to-get-new-retail-and-office-development
Prospects for Orchard Road malls may be better than suburban ones
Supply chain disruptions are driving up inflation, and prospects for the global economy have worsened in recent months. Rising mortgage rates could erode the buying power of consumers. However, Singapore’s reopening and moving to live with Covid have thus far supported the recovery of malls here.
https://www.businesstimes.com.sg/property/prospects-orchard-road-malls-may-be-better-suburban-ones
Dempsey tenants hold out hope they can continue business at ‘second home’
Singapore: Mr Peter Hedger has been selling carpets at Dempsey for 15 years and wants to do it for as long as he is able to, but he may call it quits soon, with his lease running out. The lease for Hedger’s Carpet Gallery will run out in March next year and whether he will get an extension is up in the air.
https://www.channelnewsasia.com/singapore/dempsey-tenants-hold-out-hope-they-can-continue-business-second-home-3106026
One in four resale HDB flat buyers paid cash over valuation in 2022
Singapore – About one in four buyers of resale Housing Board flats paid cash over valuation (COV) between January and October 2022, Minister for National Development Desmond Lee said on Monday.
https://www.straitstimes.com/singapore/housing/one-in-four-resale-hdb-flat-buyers-paid-cash-over-valuation-in-2022
https://www.todayonline.com/singapore/homeowners-worry-rising-bank-interest-rates-2056666
COMPANIES’ BRIEF
LHN H2 net profit up 3%; declares S$0.01 dividend for FY
LHN Group on Monday (Nov 28) posted a 2.9 per cent rise in net profit to S$13.6 million for the six months ended Sep 30, despite a 6.9 per cent fall in revenue. The group, which has businesses in space optimisation, facilities management and logistics, saw its revenue slip to S$52.6 million following lower demand in the dormitory management business.
https://www.businesstimes.com.sg/companies-markets/lhn-h2-net-profit-3-declares-s001-dividend-fy
PropNex introduces commission sharing standard for grievance handling, co-broking
Co-broking PropNex Realty agents may now refer to a set of rental commission sharing recommendations set out by the company’s new tripartite standard on grievance handling and co-broking.
https://www.businesstimes.com.sg/property/propnex-introduces-commission-sharing-standard-grievance-handling-co-broking
Temasek’s eyes Paris for third European office, operational by June 2023
World’s largest state-owned investment holding company Temasek Holdings is opening a new office in Paris, said the group on Tuesday (Nov 29). Set to be operational in the first half of 2023, Temasek said that the new office will strengthen the group’s global network and enhance access to deal flow, partnership opportunities and the talent pool across both the European Union (EU) and the broader Europe, Middle East and Africa (EMEA) region.
https://www.businesstimes.com.sg/singapore/economy-policy/temaseks-eyes-paris-third-european-office-operational-june-2023
https://www.straitstimes.com/singapore/temasek-to-open-paris-office-in-2023
https://www.channelnewsasia.com/business/singapore-state-investor-temasek-open-paris-office-2023-3107326
Link Reit said to be frontrunner to buy S$2.5b of Singapore malls from NTUC Enterprise
Link Real Estate Investment Trust, Asia’s biggest Reit, has emerged as the frontrunner to buy a portfolio of assets from Singapore shopping mall owner NTUC Enterprise Co-operative, multiple sources told Reuters on Monday (Nov 28).
https://www.businesstimes.com.sg/companies-markets/link-reit-said-be-frontrunner-buy-s25b-singapore-malls-ntuc-enterprise
https://www.straitstimes.com/business/property/link-reit-is-frontrunner-to-buy-malls-owned-by-ntuc-enterprise-including-jurong-point-sources
https://www.todayonline.com/singapore/hong-kongs-link-reit-frontrunner-buy-singapore-shopping-malls-ntuc-enterprise-deal-worth-s25b-sources-2058001
GLOBAL ECONOMY & GLOBAL REAL ESTATE
The Fed shouldn’t raise its inflation target
https://www.businesstimes.com.sg/opinion-features/fed-shouldnt-raise-its-inflation-target
Federal Reserve’s Barkin sees slower rate hikes, for longer, maybe higher
https://www.businesstimes.com.sg/international/federal-reserves-barkin-sees-slower-rate-hikes-longer-maybe-higher
UK retail sales slide in November, pessimism rises: CBI
https://www.businesstimes.com.sg/international/uk-retail-sales-slide-november-pessimism-rises-cbi
New Zealand faces ‘shallow’ recession as rates need to rise more: senior central banker
https://www.businesstimes.com.sg/international/new-zealand-faces-shallow-recession-rates-need-rise-more-senior-central-banker
Australia retail sales fall for first time in 2022 as rates bite
https://www.businesstimes.com.sg/international/australia-retail-sales-fall-first-time-2022-rates-bite
Luxury home prices expected to surge in Dubai, drop in London
https://www.businesstimes.com.sg/international/global/luxury-home-prices-expected-surge-dubai-drop-london
China property shares surge on opening up of equity financing option
https://www.channelnewsasia.com/business/china-property-shares-surge-opening-equity-financing-option-3107906
China allows resumption of local share sales to boost developer funding
https://www.businesstimes.com.sg/international/china-allows-resumption-local-share-sales-boost-developer-funding
China Evergrande winding-up lawsuit is adjourned in Hong Kong
https://www.businesstimes.com.sg/property/china-evergrande-winding-lawsuit-adjourned-hong-kong
Hong Kong October home prices drop 2.4%, biggest fall in 4 years
https://www.straitstimes.com/business/hong-kong-october-home-prices-drop-24-biggest-fall-in-4-years
Japan PM wants defence budget to reach 2% of GDP by 2027
https://www.straitstimes.com/asia/east-asia/japan-pm-wants-defence-budget-to-reach-2-of-gdp-by-2027
https://www.channelnewsasia.com/asia/japan-prime-minister-fumio-kishida-increase-defence-budget-spending-military-two-cent-gdp-2027-3107751
Japan retail sales up for 8th month on tourism reopening
https://www.channelnewsasia.com/business/japan-retail-sales-8th-month-tourism-reopening-3107721
Japan’s job market remains tight, keeping pressure on wages
https://www.businesstimes.com.sg/international/japans-job-market-remains-tight-keeping-pressure-wages
https://www.straitstimes.com/business/japan-s-job-market-remains-tight-keeping-pressure-on-wages
South Korean house prices drop by most since 2013 as credit woes mount
https://www.businesstimes.com.sg/property/south-korean-house-prices-drop-most-2013-credit-woes-mount
https://www.straitstimes.com/business/south-korean-house-prices-drop-by-most-since-2013-as-credit-woes-mount