Singapore Real Estate
URA Q3 flash estimate data show mixed picture of private residential prices
A mixed picture has surfaced beneath the 0.5 per cent quarter-on-quarter rise in overall private home prices in the third quarter, based on official flash estimate data. Prices of landed homes (islandwide) and prime-area private condo units and apartments fell 4.9 per cent and 2.6 per cent, respectively, in Q3 2023 over the previous quarter.
https://www.businesstimes.com.sg/property/ura-q3-flash-estimate-data-show-mixed-picture-private-residential-prices
https://www.straitstimes.com/business/new-private-home-prices-rebound-in-third-quarter-fewer-homes-sold
https://www.channelnewsasia.com/singapore/ura-private-home-prices-q3-2023-increase-flash-estimates-3813601
Higher-for-longer interest rates will hurt demand for Singapore homes
In rapidly ageing Singapore, many may welcome the rise in interest rates. A retiree who lives on passive income may find the higher returns on Singapore dollar fixed deposits or Treasury bills helpful in coping with the rising cost of living.
https://www.businesstimes.com.sg/opinion-features/columns/higher-longer-interest-rates-will-hurt-demand-singapore-homes
HDB Q3 resale prices rise 1.2%; quarterly volume up 2.9%, but down from a year ago
Housing and Development Board (HDB) resale prices rose 1.2 per cent in the third quarter, with the Resale Price Index reaching 178.4, according to HDB’s flash estimate on Monday (Oct 2). However, this was lower than the 1.5 per cent growth in Q2 and 2022’s average quarterly growth of 2.5 per cent.
https://www.businesstimes.com.sg/property/hdb-q3-resale-prices-rise-12-quarterly-volume-29-down-year-ago
https://www.straitstimes.com/singapore/housing/hdb-resale-prices-up-12-in-q3-lower-than-quarter-average-in-2022-more-flats-sold
https://www.channelnewsasia.com/singapore/hdb-resale-prices-q3-increase-moderate-supply-bto-2023-analysts-3813581
Singapore Economy
Inflation and its trajectory for Singapore
Inflation is the rate of price changes over time for a constant basket of goods and services. Singapore’s government measures what it calls “headline” inflation and “core” inflation. The former refers to the movement of the consumer price index (CPI) – which is made up of a set of items commonly purchased by most Singapore households.
https://www.businesstimes.com.sg/singapore/inflation-and-its-trajectory-singapore
Local firms’ payment performance improves in Q3: SCCB
The payment performance of local firms has rebounded in the third quarter, but payment delays for manufacturing and wholesale continue to deteriorate, said the Singapore Commercial Credit Bureau (SCCB) on Monday (Oct 2).
https://www.businesstimes.com.sg/singapore/local-firms-payment-performance-improves-q3-sccb
Construction for Cross Island Line stations Clementi and King Albert Park to start in Q1 2024
Singapore: Construction works for Cross Island Line (CRL) interchange stations Clementi and King Albert Park are expected to start in the first quarter of 2024, with passenger service for CRL Phase 2 set to commence in 2032, said the Land Transport Authority (LTA) in a press release on Monday (Oct 2).
https://www.channelnewsasia.com/singapore/cross-island-line-crl-clementi-king-albert-park-mrt-construction-lta-3813691
Companies’ Brief
Keppel divests 35% stake in Chengdu project for 504 million yuan; acquires Pierfront Capital
Keppel Corporation : BN4 -0.29% has entered into an agreement with Vanke (Chengdu) Enterprise to divest its 35 per cent stake in their joint venture (JV), which owns a residential project in Chengdu.
https://www.businesstimes.com.sg/companies-markets/keppel-divests-35-stake-chengdu-project-504-million-yuan-acquires-pierfront
https://www.straitstimes.com/business/keppel-divests-35-stake-in-chengdu-project-for-94-million
https://www.theedgesingapore.com/news/company-news/keppel-divest-35-stake-chengdu-residential-development-94-mil
Keppel Infrastructure Trust appoints Neo Tzu Chao as new CEO of trustee-manager
Neo Tzu Chao Kevin has taken over as chief executive officer of the trustee-manager of Keppel Infrastructure Trust (KIT) : A7RU -1.08% from Chiang Chang Jopy, with effect from Sunday (Oct 1).
https://www.businesstimes.com.sg/companies-markets/keppel-infrastructure-trust-appoints-neo-tzu-chao-new-ceo-trustee-manager
https://www.theedgesingapore.com/news/new-appointments/keppel-infrastructure-trusts-trustee-manager-appoints-kevin-neo-new-ceo
Redevelopment of Marina Square ‘decent RNAV accretion’ of 4% to 6% for UOL, says Citi
Citi Research analyst Brandon Lee has kept his “buy” call and target price of $9.08 on UOL Group after Singapore Land Group, UOL’s 50.4%-owned subsidiary, announced the partial redevelopment of Marina Square on Sept 18. Lee’s target price is set at a 30% discount to its RNAV of $12.97.
https://www.theedgesingapore.com/capital/brokers-calls/redevelopment-marina-square-decent-rnav-accretion-4-6-uol-says-citi
Global Economy & Real Estate
Federal Reserve’s Mester says one more rate hike may be needed this year
https://www.businesstimes.com.sg/companies-markets/banking-finance/federal-reserves-mester-says-one-more-rate-hike-may-be-needed
Severe crash is coming for US office properties, investors say
https://www.businesstimes.com.sg/international/global/severe-crash-coming-us-office-properties-investors-say
US construction spending rises in August on homebuilding
https://www.businesstimes.com.sg/property/us-construction-spending-rises-august-homebuilding
Home prices in Canada are too rich for higher rates, ex-central banker says
https://www.businesstimes.com.sg/property/home-prices-canada-are-too-rich-higher-rates-ex-central-banker-says
Hong Kong must act before ‘deep correction’ in property market, Midland analyst says after 2023 forecast points to record lows for new, secondary markets
https://www.scmp.com/business/article/3236525/hong-kong-must-act-deep-correction-property-market-midland-analyst-says-after-2023-forecast-points
Hong Kong airport’s 11 Skies complex to get ‘deep-sea adventure experience’ as shopping mall landlords beef up entertainment offerings
https://www.scmp.com/business/article/3236453/hong-kong-airports-11-skies-complex-get-deep-sea-adventure-experience-shopping-mall-landlords-beef
Incentives are prompting wealthy families from Middle East, Europe to eye Hong Kong for managing their wealth, industry players say
https://www.scmp.com/business/markets/article/3236500/incentives-are-prompting-wealthy-families-middle-east-europe-eye-hong-kong-managing-their-wealth
New Zealand’s third quarter business confidence improves but remains downbeat: think tank
https://www.businesstimes.com.sg/international/new-zealands-third-quarter-business-confidence-improves-remains-downbeat-think-tank
Swedish home prices fall again in September, down 13% from peak
https://www.businesstimes.com.sg/property/swedish-home-prices-fall-again-september-down-13-peak
BOE’s Mann says UK interest rates may remain permanently higher
https://www.businesstimes.com.sg/international/boes-mann-says-uk-interest-rates-may-remain-permanently-higher
UK finance minister announces boost for lowest earners
https://www.businesstimes.com.sg/international/uk-finance-minister-announces-boost-lowest-earners
UK finance minister cannot commit to tax cuts before election
https://www.businesstimes.com.sg/international/uk-finance-minister-cannot-commit-tax-cuts-election
UK shop price inflation at lowest in a year: BRC
https://www.businesstimes.com.sg/international/uk-shop-price-inflation-lowest-year-brc
UK house prices fall by 5.3% in 12 months to September
https://www.businesstimes.com.sg/property/uk-house-prices-fall-53-12-months-september
Vietnam puts property developer’s bond scam takings at 30 trillion dong
https://www.businesstimes.com.sg/international/asean/vietnam-puts-property-developers-bond-scam-takings-30-trillion-dong
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