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The Leading Professional and Representative Body for the Real Estate Industry



Daily News – 9 Feb 2024 (Fri)

Singapore Real Estate


Marina Gardens Crescent site bid ‘too low’, plot not awarded: URA
In a widely watched Government Land Sales (GLS) tender, the sole bid for a 99-year leasehold plot in Marina Gardens Crescent has been rejected as “too low”, so the site was not awarded.


Rejecting the ‘too-low’ bid for the Marina Gardens Crescent site risks missing the big picture
The Urban Redevelopment Authority (URA) has rejected the sole bid for the 99-year leasehold Marina Gardens Crescent site, assessing the bid price to be too low. The site, launched for sale under the confirmed list of the Government Land Sales (GLS) Programme for the first half of 2023, will now be made available on the reserve list of the H1 2024 GLS Programme.


Meta giving up 7 office floors totalling 115,000 sq ft at South Beach Tower
The landlord of South Beach Tower is in the advanced stage of securing a replacement tenant for two of the seven office floors leased to Meta in the 34-storey building. The tech giant will not be renewing its lease in the building expiring at the end of September this year.



Singapore Economy


PM Lee in annual CNY message hopes Singaporeans will have more ‘dragon babies’
Prime Minister Lee Hsien Loong encouraged more couples to try for a baby in this Year of the Dragon, saying that the government will continue supporting such aspirations – even as he acknowledged that the decision is a “very personal one”.


Analysis: Why official data on rising 2023 median household income may not square with everyone’s experience
Singapore — Experts have given various reasons why new official figures showing that median monthly household income had risen in real terms to S$10,869 in 2023 do not seem to line up with the lived experience of numerous sceptical online users.


BT Explains: How might Singapore stay competitive with tax changes under BEPS 2.0?
Singapore is implementing a minimum effective tax rate of 15 per cent for multinational enterprise (MNE) groups from January 2025, in line with global tax changes. But this means the Republic will no longer be able to offer traditional tax incentives to attract such companies.



Business News


Alpina Holdings further extends long-stop date for proposed acquisition of worker dormitory
Alpina Holdings has further extended the long-stop date of its proposed acquisition of the entire issued and paid-up share capital of Wan Dormitory to Feb 15. The company had previously announced its planned $24 million acquisition of Dacai Pte Ltd, which owns the Wan Dormitory at 180 Woodlands Industrial Park E5.


Brokers’ take: Analysts raise CICT targets after strong H2 showing
Brokerages have largely lifted their price target estimates for CapitaLand Integrated Commercial Trust (CICT), while reiterating their “buy” calls after the real estate investment trust (Reit) reported a 1.7 per cent rise in distribution per unit (DPU) for the second half ended December.


Lum Chang’s earnings surge by 431% y-o-y to $3.6 mil in 1HFY2024; declares dividend of 0.5 cents
Lum Chang Holdings has reported earnings of $3.6 million in the 1HFY2024 ended Dec 31, 2023, 431% higher than the earnings of $684,000 in the corresponding period the year before.


Mapletree Industrial Trust prices S$50 million notes at 3.751%
Mapletree Industrial Trust Treasury has priced S$50 million notes with a fixed coupon rate of 3.751 per cent per annum. These notes, which are due in Feb 2027, is expected to be issued on Feb 16, 2024, said the manager of the real estate investment trust (Reit) in a bourse filing on Thursday (Feb 8).


Oxley Holdings posts H1 loss of S$1.1 million on lower revenue, offset by lower finance costs, tower sale
Property developer Oxley Holdings has posted a loss of S$1.1 million in the first six months of its financial year ended Dec 31, 2023, down from a profit of S$0.3 million in the previous corresponding period.



Views, Reviews, Forum and Others


Maximum compensation for workplace-related injuries to increase by about 19 per cent in 2025
Singapore – Employers will face far higher compensation payouts when staff have workplace-related injuries under upcoming changes to the Work Injury Compensation Act (Wica).


MOH concludes TB screening in Bukit Merah; 2 infectious cases among over 2,500 tested
Singapore – The Ministry of Health (MOH) has concluded its screening for tuberculosis (TB) in Jalan Bukit Merah, with more than 97 per cent of the 2,548 people tested found non-infectious. Two active TB cases were found in the course of the screening, which was carried out between Jan 11 and 15, with another 66 people needing to undergo further evaluation, the ministry said in a statement on Feb 8.



Global Economy & Real Estate


US weekly jobless claims fall more than expected


Australia’s top central banker warns still some way to go to meet inflation target


China’s recovery road map in the Year of the Dragon


China’s central bank to keep policy support for economy


China’s consumer prices drop at fastest pace since 2009


Will foreign property buyers from China, Asia shun Australian market over latest fees surge?


Germany – Real estate turmoil leaves affected banks reliant on covered bonds


Japanese firms boosting pay for young workers is good news for Bank of Japan


Manhattan apartment leases surge, keeping rents from sliding


Thai central bank ready to cut rates if private consumption falls sharply


UK job recruiters report sharp slowdown in pay for new hires


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