The Leading Professional and Representative Body for the Real Estate Industry

The Leading Professional and Representative Body for the Real Estate Industry



Daily News – 3 Mar 2023 (Fri)

Singapore Real Estate


Property market risks remain, careful approach needed to manage supply and demand: Desmond Lee
Singapore: There are still risks to prices in the property market, even with cooling measures and subsidies, said Minister for National Development Desmond Lee. As such, there is a need to maintain a cautious approach to managing demand and supply, amid rising costs, high demand for housing, and supply disruptions caused by the pandemic, he told CNA on Thursday (Mar 2).


‘We will turn the corner soon’: Desmond Lee says nearly 100,000 homes slated to be ready by 2025
Singapore – Close to 100,000 private and public homes are expected to be completed between 2023 and 2025, as Singapore ramps up construction to catch up on delays caused by the Covid-19 pandemic.


River Valley leverages Thomson-East Coast Line, resilient demand
Singapore (EdgeProp) – Horizon Towers, the 99-year leasehold condo on Leonie Hill Road in prime District 9, was relaunched for collective sale tender on Feb 16 with an unchanged reserve price of $1.1 billion. This followed a tender in September 2022, which closed without a successful bid.


Industrial building on Toh Tuck Link for sale at $30 mil
Singapore (EdgeProp) – A four-storey logistics building with ancillary office space at 7 Toh Tuck Link is on the market with an indicative price of $30 million. According to marketing agent CBRE, the sale will be via a private treaty.


Tender evaluations for government projects to include environmental criteria from 2024
Companies that can demonstrate the sustainability credentials of their goods and services may soon have a leg up when bidding for certain government tenders. From 2024, environmental-sustainability criteria will be added to the evaluation of large construction and information and communications technology (ICT) tenders, as the government moves to green its supply chain.


Choose or lose your BTO spot: HDB tightens rules on flat selection
Those who turn down their first chance to choose a flat in the HDB’s Built-To-Order (BTO) exercises will be bumped down the BTO queue, in a rule tightening designed to shorten the long lines for new public housing flats.


Analysis: BTO applications set to fall ‘significantly’ under new rules favouring genuine applicants, but some homebuyers are concerned
Singapore — Property analysts expect a significant drop in Build-to-Order (BTO) applications when new rules kick in from August that are designed to bring down the rate of buyers rejecting BTO flats offered to them.



Singapore Economy


Singapore’s PMI inches up to neutral reading after boost from China, but recovery still uncertain
Singapore’s Purchasing Managers’ Index (PMI) reading inched up 0.2 in February to 50 after five straight months of contraction, data from the Singapore Institute of Purchasing and Materials Management (SIPMM) showed on Thursday (Mar 2). But economists warned that risks to recovery remain.


Singapore raises minimum investment sums for ultra-rich seeking permanent resident status
Individuals seeking permanent-resident (PR) status via Singapore’s Global Investor Programme (GIP) must soon invest more: at least S$10 million in a business or S$25 million in an approved fund. Those establishing family offices must deploy and maintain at least S$50 million in any of the four investment categories.



Companies’ Brief


BlackRock becomes Mapletree Logistics Trust’s substantial shareholder
Asset manager BlackRock is Mapletree Logistics Trust’s (MLT) latest substantial shareholder, the trust announced in a bourse filing on Thursday (Mar 2).  The filing stated that BlackRock on Feb 28 – through one of its subsidiaries – acquired just under 1.8 million units of MLT for a total consideration of about S$3 million via a market transaction.


Chip Eng Seng reopens former Park Hotel Alexandra under new Momentus brand
Singapore (EdgeProp) – Momentus Hospitality, a Chip Eng Seng Group subsidiary, opened the first hotel under its Momentus Hotels & Resort brand on March 1. The 442-key property was previously operated as Park Hotel Alexandra by Park Hotel Group. The hotel closed in August 2022 for refurbishment and has now been rebranded as Momentus Hotel Alexandra.


City Developments and UOL good proxies to Singapore residential property markets
Foreign investors who may want a pie of Singapore’s increasingly costly residential property should look no further than City Developments (CDL) and UOL Group. Both are traditional developers with a strong presence in residential development, supplemented by cash flows from mainly Singapore-based commercial property and hotels.


Hong Fok FY2022 earnings up 466% on revaluation gains
Led by revaluation gains of its investment properties, Hong Fok Corp has reported earnings of $220.1 million for FY2022, a surge of 466% over FY2021. Revenue in the same period was up by 70% to $153.9 million, with better contributions from its hospitality business as well.


Hongkong Land posts 20% fall in underlying net profit to US$766m
Property group Hongkong Land on Thursday (Mar 2) reported underlying earnings of US$766.1 million for 2022, down 20 per cent from earnings of US$966 million in the prior year. Net profit came in at US$203 million for the year, after including net non-cash losses of US$573.4 million due chiefly to lower valuations of the group’s investment properties.


UOL Group targets launches in Pine Grove and Watten Estate in 2023
Singapore (EdgeProp) – At a conference held on Feb 27 to share the FY2022 financial results of UOL Group, Liam Wee Sin, UOL group chief executive, reflected on the past year which was characterised by a robust property market. At the same time, he points out that a strategic thrust for the company going forward is a focus on land replenishment.



Global Economy & Real Estate


US mortgage rates jump to 6.65%, rising for fourth week in a row


US home prices to fall 4.5% in 2023 despite higher rates


Hilton eyes growth in uber-luxury, entry-level Apac markets, to open more than 100 hotels in 2023


UK homebuilder Taylor Wimpey cuts jobs amid housing slowdown


British Land to launch London project Canada Water; studios priced from GBP696,500


One year on, Sweden home price drop keeps market trough elusive


Eurozone inflation eases in February but core prices surge


Australia’s building approvals post record drop, drag on growth


Australia to probe businesses over claims of sustainable practices and products


China Feb services activity jumps sharply as demand recovers- Caixin PMI


China’s housing bubble has been curbed, says deputy central bank governor


China’s fragile property market underscored by hesitant buyers


Property developer China Vanke raises HK$3.92 billion in share sale


Hong Kong retail sales rise in Jan, inbound tourism to add to cheer


Sun Hung Kai wins Mong Kok site for US$602.5 million, well below estimates, in year’s first commercial land sale


Wheelock sells 92 per cent of flats in second batch of Koko Rosso project in Lam Tin, despite higher prices


Japan firms add to spending despite global slowdown, weak yen


Tokyo inflation slows from 42-year high, price pressures remain


Japan’s Feb service-sector activity grows at fastest rate in 8 months: PMI


South Korea February factory activity shrinks for 8th month



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