Singapore Real Estate
MBS gets URA approval to build 587-room fourth tower, down from previous 1,000-room plan
Marina Bay Sands (MBS) has received approval from the authorities to develop a fourth tower, paving the way for a planned expansion of the integrated resort to be carried out. According to the Urban Redevelopment Authority’s (URA) data for commercial projects with development approvals as at the end of the fourth quarter of 2023…
https://www.businesstimes.com.sg/property/mbs-gets-ura-approval-build-587-room-fourth-tower-down-previous-1000-room-plan
https://www.straitstimes.com/singapore/mbs-gets-ura-approval-to-build-587-room-fourth-tower-down-from-previous-1000-room-plan
https://www.channelnewsasia.com/singapore/marina-bay-sands-fourth-tower-expansion-gets-ura-approval-4082646
More distressed commercial, industrial assets likely to surface at auctions this year
The poor business climate in 2023 is likely to materialise in 2024 in the form of mortgagee listings, given the time lag for economic distress to be reflected in the auction market, said Knight Frank on Monday (Jan 29).
https://www.businesstimes.com.sg/property/more-distressed-commercial-industrial-assets-likely-surface-auctions-year-knight-frank
Buying a GCB may be a no-brainer for the rich, but there are many other good uses of money
In Singapore’s pricey private housing market, detached homes in Good Class Bungalow (GCB) Areas sit at the pinnacle. GCB Areas are leafy landed housing enclaves, where new detached homes have minimum plot sizes of around 15,070 square feet (sq ft).
https://www.businesstimes.com.sg/opinion-features/buying-gcb-may-be-no-brainer-rich-there-are-many-other-good-uses-money
Strong demand from young families pushed prices of 4-room HDB flats up by 35% over last 5 years, say analysts
The prices of four-room flats in Singapore have risen by about 35 per cent over the last five years, climbing slightly faster than that of five-room flats. Despite the climbing price range, four-room flats are still more sought-after than other Housing and Development Board (HDB) flat types, amid a booming property market.
https://www.channelnewsasia.com/singapore/strong-demand-young-families-pushed-prices-4-room-hdb-flats-35-over-last-5-years-say-analysts-4082286
Singapore Economy
Even as Singapore’s inflation cools, bringing it all the way back down will be tough
Though inflation in Singapore has slowed in the past year and is expected to cool further in 2024, getting it back to historical levels will be tough, said economists. This is even as headline inflation cooled to 3.7 per cent in December, having trended down from a high of 7.5 per cent in August 2022.
https://www.businesstimes.com.sg/singapore/even-singapores-inflation-cools-bringing-it-all-way-back-down-will-be-tough
Singapore households continue to spend as inflation eases in 2023; credit card debt not a concern
The pressure of rising prices eased somewhat for all households after hitting a high in 2022, with low-income households seeing the smallest increase in inflation across the income groups.
https://www.straitstimes.com/business/singapore-households-continue-to-spend-as-inflation-eases-in-2023-credit-card-debt-not-a-concern
Companies’ Brief
CapitaLand India Trust FY2023 DPU falls 21% to S$0.0645
CapitaLand India Trust (Clint) on Monday (Jan 29) reported a 21 per cent lower distribution per unit (DPU) for FY2023 of S$0.0645, compared to S$0.0819 in FY2022. DPU for the second half of FY2023 also fell 21 per cent to S$0.0309 from S$0.0391 in FY2022, said the trust in a bourse filing.
https://www.businesstimes.com.sg/companies-markets/capitaland-india-trust-fy2023-dpu-falls-21-s00645
https://www.straitstimes.com/business/companies-markets/capitaland-india-trust-fy2023-dpu-falls-21-to-309-cents-year-on-year
https://www.theedgesingapore.com/capital/results/capitaland-india-trust-reports-2hfy2023-dpu-309-cents-21-lower-y-o-y
CDLHT’s H2 DPS falls 11.1% to S$0.0319 on higher interest costs
CDL Hospitality Trusts (CDLHT) total distribution per stapled security (DPS) for the second half ended Dec 31, 2023 was down 11.1 per cent to S$0.0319 from S$0.0359. Total distribution to stapled security holders was down 10.7 per cent year-on-year to S$39.8 million from S$44.5 million previously.
https://www.businesstimes.com.sg/companies-markets/cdlhts-h2-dps-falls-111-s00319-higher-interest-costs
https://www.theedgesingapore.com/capital/results/cdlht-reports-fy2023-dps-570-cents-12-higher-y-o-y-higher-npi-contribution
NEA extends Keppel Infrastructure Trust’s contract to operate waste-to-energy plant for 3 years
Keppel Infrastructure Trust’s (KIT) concession agreement with the National Environment Agency for the Senoko waste-to-energy (WTE) plant has been extended for three years, with an option for a further one-year extension.
https://www.businesstimes.com.sg/companies-markets/nea-extends-keppel-infrastructure-trusts-contract-operate-waste-energy-plant-3
https://www.theedgesingapore.com/news/contracts/keppel-infrastructure-trusts-concession-agreement-senoko-wte-plant-extended-three
Keppel Reit posts 1.7% drop in H2 DPU to S$0.029
Keppel Real Estate Investment Trust’s (Keppel Reit) distribution per unit (DPU) fell 1.7 per cent to S$0.029 for the second half of FY2023, as compared to S$0.0295 a year ago. Gross rent for the period rose 7.2 per cent to S$111.2 million, driving net property income to increase 7 per cent to S$92.5 million despite higher property expenses.
https://www.businesstimes.com.sg/companies-markets/keppel-reit-posts-17-drop-h2-dpu-s0029
https://www.theedgesingapore.com/capital/results/keppel-reit-reports-fy2023-dpu-580-cents-20-lower-y-o-y
Mapletree Logistics Trust to sell property at 73 Tuas South Avenue 1 for S$16.8 million
Mapletree Logistics Trust (MLT) has entered into a purchase agreement with an unrelated third party to divest its 73 Tuas South Avenue 1 property for S$16.8 million, it announced on Monday (Jan 29).
https://www.businesstimes.com.sg/companies-markets/mapletree-logistics-trust-sell-property-73-tuas-south-avenue-1-s168-million
https://www.theedgesingapore.com/news/company-news/mapletree-logistics-trust-proposes-divestment-tuas-property-168-mil
Mapletree Pan Asia Commercial Trust reports 9.1% drop in Q3 DPU to 2.2 cents
Singapore – Mapletree Pan Asia Commercial Trust’s (MPACT) distribution per unit (DPU) fell by 9.1 per cent to 2.20 Singapore cents for its third quarter ended Dec 31, 2023. Gross revenue was up 0.8 per cent to $241.6 million for the quarter, from $239.8 million previously, said the manager in a bourse filing on Jan 29.
https://www.straitstimes.com/business/companies-markets/mapletree-pan-asia-commercial-trust-reports-91-drop-in-q3-dpu-to-22-cents
https://www.theedgesingapore.com/capital/results/mpact-3qfy2024-dpu-falls-91-y-o-y-22-cents
OUE Reit declares flat H2 DPU of S$0.0104 despite higher revenue
OUE Reit distribution per unit stayed flat year on year at S$0.0104 for its second half ended Dec 31, 2023, its manager reported on Monday (Jan 29). This was even as the revenue of the real estate investment trust (Reit) rose 16.4 per cent on the year to S$146.3 million, from S$125.7 million previously.
https://www.businesstimes.com.sg/companies-markets/oue-reit-declares-flat-h2-dpu-s00104-despite-higher-revenue
https://www.straitstimes.com/business/companies-markets/oue-reit-s-dpu-stays-flat-at-104-cent-for-second-half-despite-higher-revenue
https://www.theedgesingapore.com/capital/results/oue-reit-maintains-2hfy2023-dpu-104-cents
Starhill Global Reit H1 FY2024 DPU falls 2.2% to S$0.0178
Starhill Global Real Estate Investment Trust’s (Reit) distribution per unit (DPU) fell 2.2 per cent to S$0.0178 in the first half of FY2024 ended Dec 31, 2023, from S$0.0182 a year earlier, its manager said on Monday (Jan 29).
https://www.businesstimes.com.sg/companies-markets/starhill-global-reit-h1-fy2024-dpu-falls-22-s00178
https://www.straitstimes.com/business/companies-markets/starhill-global-reit-s-dpu-falls-22-in-first-half-of-fy2024
https://www.theedgesingapore.com/capital/results/starhill-global-reits-1hfy20232024-dpu-down-22-y-o-y-178-cents
Global Economy & Real Estate
Mortgage rates in US to snap three-year streak of gains, survey shows
https://www.businesstimes.com.sg/property/mortgage-rates-us-snap-three-year-streak-gains-survey-shows
Red Sea shipping crisis sends shock waves through Asian fuel markets: ‘things are getting worse, not better’
https://www.scmp.com/news/asia/article/3250168/red-sea-shipping-crisis-sends-shock-waves-through-asian-fuel-markets-things-are-getting-worse-not
China’s deflation pressures seen persisting through mid-2024
https://www.businesstimes.com.sg/international/global/chinas-deflation-pressures-seen-persisting-through-mid-2024
China’s industrial profits set for rebound in 2024, increase as much as 11% due to improved US export outlook
https://www.scmp.com/economy/economic-indicators/article/3250167/chinas-industrial-profits-set-rebound-2024-increase-much-11-due-improved-us-export-outlook
Marketmind: Forget China’s overbuilding fallout – it’s jobs, jobs and Fed
https://www.channelnewsasia.com/business/marketmind-forget-chinas-overbuilding-fallout-its-jobs-jobs-and-fed-4083966
China Evergrande acknowledges HK court order to liquidate
https://www.channelnewsasia.com/business/china-evergrande-acknowledges-hk-court-order-liquidate-4082486
What happens next after China Evergrande ordered to wind up?
https://www.straitstimes.com/business/what-happens-next-after-china-evergrande-ordered-to-wind-up
https://www.channelnewsasia.com/business/china-evergrande-liquidate-what-happens-next-court-chinese-property-4081711
New blueprint for Hong Kong’s tourism industry ‘won’t be ready until second half of year’
https://www.scmp.com/news/hong-kong/hong-kong-economy/article/3250202/new-blueprint-hong-kongs-tourism-industry-wont-be-ready-until-second-half-year
Should private developers take over parts of Hong Kong’s ambitious Northern Metropolis mega project?
https://www.scmp.com/news/hong-kong/article/3250216/should-private-developers-take-over-parts-hong-kongs-ambitious-northern-metropolis-mega-project
Hong Kong home prices drop 6.8% in 2023, outlook still weak
https://www.businesstimes.com.sg/property/hong-kong-home-prices-drop-68-2023-outlook-still-weak
Hong Kong property: home prices slump to lowest since January 2017 as high interest rates undercut demand
https://www.scmp.com/business/article/3250133/hong-kong-property-home-prices-slump-lowest-january-2017-high-interest-rates-undercut-demand
Japan December jobless rate falls to 2.4%
https://www.channelnewsasia.com/business/japan-december-jobless-rate-falls-24-4084186
New Zealand central bank says monetary policy working, inflation still too high
https://www.businesstimes.com.sg/international/new-zealand-central-bank-says-monetary-policy-working-inflation-still-too-high
Taiwan Q4 economic growth seen picking up on domestic demand, export rebound: Reuters poll
https://www.channelnewsasia.com/business/taiwan-q4-economic-growth-seen-picking-domestic-demand-export-rebound-reuters-poll-4081991
London’s homes haven’t been this affordable in a decade
https://www.businesstimes.com.sg/international/global/londons-homes-havent-been-affordable-decade
https://www.straitstimes.com/business/london-s-homes-haven-t-been-this-affordable-in-a-decade
UK inflation expectations fall as BOE readies rates message
https://www.businesstimes.com.sg/international/uk-inflation-expectations-fall-boe-readies-rates-message
UK job vacancies fall by most in three years in sign labour market is cooling
https://www.businesstimes.com.sg/international/uk-job-vacancies-fall-most-three-years-sign-labour-market-cooling
https://www.straitstimes.com/business/uk-job-vacancies-fall-by-most-in-3-years-in-sign-labour-market-is-cooling
Vietnam CPI up 3.37% in January; tourist arrivals on the rise ahead of Tet holiday
https://www.businesstimes.com.sg/international/asean/vietnam-cpi-337-january-tourist-arrivals-rise-ahead-tet-holiday
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