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.
https://www.businesstimes.com.sg/property/marina-gardens-crescent-site-bid-too-low-plot-not-awarded-ura
https://www.straitstimes.com/singapore/marina-gardens-crescent-site-not-awarded-as-sole-bid-too-low-ura
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.
https://www.businesstimes.com.sg/opinion-features/rejecting-too-low-bid-marina-gardens-crescent-site-risks-missing-big-picture
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.
https://www.businesstimes.com.sg/property/meta-giving-7-office-floors-totalling-115000-sq-ft-south-beach-tower
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”.
https://www.businesstimes.com.sg/singapore/pm-lee-annual-cny-message-hopes-singaporeans-will-have-more-dragon-babies
https://www.straitstimes.com/singapore/politics/pm-lee-urges-singaporeans-to-have-more-children-and-to-do-so-earlier
https://www.todayonline.com/singapore/chinese-new-year-2024-pm-lee-hsien-loong-young-couples-babies-little-dragon-2359731
https://www.channelnewsasia.com/singapore/chinese-new-year-2024-prime-minister-lee-hsien-loong-message-more-babies-declining-fertility-rate-4109461
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.
https://www.todayonline.com/singapore/analysis-why-data-rising-2023-income-may-not-square-everyone-experience-2359406
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.
https://www.businesstimes.com.sg/singapore/bt-explains-how-might-singapore-stay-competitive-tax-changes-under-beps-20
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.
https://www.theedgesingapore.com/news/company-news/alpina-holdings-further-extends-long-stop-date-proposed-acquisition-worker
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.
https://www.businesstimes.com.sg/companies-markets/brokers-take-analysts-raise-cict-targets-after-strong-h2-showing
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.
https://www.theedgesingapore.com/capital/results/lum-changs-earnings-surge-431-y-o-y-36-mil-1hfy2024-declares-dividend-05-cents
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).
https://www.businesstimes.com.sg/companies-markets/mapletree-industrial-trust-prices-s50-million-notes-3751
https://www.theedgesingapore.com/news/company-news/mapletree-industrial-trust-prices-50-mil-notes-due-2027
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.
https://www.businesstimes.com.sg/companies-markets/oxley-holdings-posts-h1-loss-s11-million-lower-revenue-offset-lower-finance-costs
https://www.straitstimes.com/business/companies-markets/oxley-holdings-posts-h1-loss-of-11-million-on-lower-revenue-offset-by-lower-finance-costs-tower-sale
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).
https://www.straitstimes.com/business/maximum-compensation-for-workplace-related-injuries-to-increase-by-about-19-per-cent-in-2025
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.
https://www.straitstimes.com/singapore/moh-concludes-tb-screening-in-bukit-merah-2-infectious-cases-out-of-over-2500-tested
https://www.channelnewsasia.com/singapore/bukit-merah-tuberculosis-tb-screening-abc-brickworks-cluster-4110091
Global Economy & Real Estate
US weekly jobless claims fall more than expected
https://www.businesstimes.com.sg/international/us-weekly-jobless-claims-fall-more-expected-4
Australia’s top central banker warns still some way to go to meet inflation target
https://www.businesstimes.com.sg/companies-markets/banking-finance/australias-top-central-banker-warns-still-some-way-go-meet
China’s recovery road map in the Year of the Dragon
https://www.businesstimes.com.sg/wealth/wealth-investing/chinas-recovery-road-map-year-dragon
China’s central bank to keep policy support for economy
https://www.businesstimes.com.sg/international/chinas-central-bank-keep-policy-support-economy
https://www.channelnewsasia.com/business/chinas-central-bnk-keep-policy-support-economy-4110506
China’s consumer prices drop at fastest pace since 2009
https://www.businesstimes.com.sg/international/global/chinas-consumer-prices-drop-fastest-pace-2009
https://www.straitstimes.com/business/china-consumer-prices-drop-at-fastest-pace-since-2009-as-deflation-risks-stalk-economy
https://www.channelnewsasia.com/business/chinas-consumer-prices-suffer-biggest-fall-2009-deflation-risks-stalk-economy-4109056
https://www.scmp.com/economy/economic-indicators/article/3251324/china-inflation-consumer-prices-fall-fourth-straight-month-january-adding-deflation-concerns
Will foreign property buyers from China, Asia shun Australian market over latest fees surge?
https://www.scmp.com/week-asia/economics/article/3251303/foreign-property-buyers-china-asia-will-shun-australian-market-over-latest-fees-surge
Germany – Real estate turmoil leaves affected banks reliant on covered bonds
https://www.businesstimes.com.sg/property/real-estate-turmoil-leaves-affected-banks-reliant-covered-bonds
Japanese firms boosting pay for young workers is good news for Bank of Japan
https://www.businesstimes.com.sg/international/global/japanese-firms-boosting-pay-young-workers-good-news-bank-japan
Manhattan apartment leases surge, keeping rents from sliding
https://www.businesstimes.com.sg/property/manhattan-apartment-leases-surge-keeping-rents-sliding
Thai central bank ready to cut rates if private consumption falls sharply
https://www.businesstimes.com.sg/companies-markets/banking-finance/thai-central-bank-ready-cut-rates-if-private-consumption-falls
UK job recruiters report sharp slowdown in pay for new hires
https://www.businesstimes.com.sg/international/uk-job-recruiters-report-sharp-slowdown-pay-new-hires
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