Singapore Real Estate
Real estate players turn negative on prime residential sector in Q2: NUS poll
Property players have turned much more negative on the outlook for the prime residential sector, after two rounds of market cooling measures took effect, a recent poll found. Real estate executives also flagged macroeconomic risks as top concerns, in the quarterly survey conducted by Institute of Real Estate and Urban Studies (IREUS) at the National University of Singapore (NUS).
https://www.businesstimes.com.sg/property/real-estate-players-turn-negative-prime-residential-sector-q2-nus-poll
Will HPL’s minority investors benefit from the redevelopment of its Orchard Road assets?
Hotel Properties Ltd (HPL) could unlock a great deal of value from its cluster of prime Orchard Road properties. Whether this leads to a big payday for minority investors is another matter, though.
https://www.businesstimes.com.sg/opinion-features/will-hpls-minority-investors-benefit-redevelopment-its-orchard-road-assets
HDB, condo rents continue uptrend as leasing volumes climb: SRX, 99.co
Condominiums and Housing and Development Board (HDB) flats continued to see healthy leasing demand in July, with both rents and rental volume rising during the month. Condo rents rose 1.1 per cent from the previous month, based on flash estimates from SRX and 99.co released on Wednesday (Aug 30). Year on year, overall rents were up 21.6 per cent.
https://www.businesstimes.com.sg/property/hdb-condo-rents-continue-uptrend-leasing-volumes-climb-srx-99co
https://www.straitstimes.com/singapore/hdb-condo-rents-continue-to-climb-in-july-with-more-units-leased
Companies’ Brief
RHB lowers target price to $8.20 for City Developments as it awaits stronger performance catalysts
RHB Group Research analyst Vijay Natarajan has lowered his target price for City Developments Limited (CDL) from $8.80 to $8.20, as he awaits stronger catalysts to boost the performance of the property developer through 2HFY2023.
https://www.theedgesingapore.com/capital/brokers-calls/rhb-lowers-target-price-820-city-developments-it-awaits-stronger-performance
Shangri-La Asia posts H1 net profit of $177m on recovery of hotel business
Hotel group Shangri-La Asia posted a net profit of US$131.4 million (S$177 million) for its first half ended June 30, 2023, from a loss of US$158.2 million the same period in 2022.
https://www.straitstimes.com/business/companies-markets/shangri-la-asia-posts-h1-net-profit-of-us1314-million-on-recovery-of-hotel-business
https://www.businesstimes.com.sg/companies-markets/shangri-la-asia-posts-h1-net-profit-us1314-million-recovery-hotel-business
https://www.theedgesingapore.com/capital/results/shangri-la-asia-back-black-1h2023-net-profit-nav-dips-marginally
Global Economy & Real Estate
US Q2 GDP growth revised lower
https://www.businesstimes.com.sg/international/us-q2-gdp-growth-revised-lower
https://www.straitstimes.com/business/economy/us-second-quarter-gdp-growth-revised-lower
US pending home sales increase at fastest pace since January
https://www.businesstimes.com.sg/property/us-pending-home-sales-increase-fastest-pace-january
US corporate profits rise again with recession fear fading
https://www.businesstimes.com.sg/international/us-corporate-profits-rise-again-recession-fear-fading
Australian inflation slows more than forecast, reinforcing pause case
https://www.businesstimes.com.sg/international/australian-inflation-slows-more-forecast-reinforcing-pause-case
China banks to cut mortgage, deposit rates in stimulus bid
https://www.businesstimes.com.sg/international/china-banks-cut-mortgage-deposit-rates-stimulus-bid
https://www.scmp.com/business/article/3232787/chinas-bank-communications-initiate-mortgage-rate-cut-hewing-push-make-first-homes-more-affordable
Country Garden posts record loss, warns of possible default
https://www.businesstimes.com.sg/property/country-garden-posts-record-loss-warns-possible-default
https://www.straitstimes.com/business/country-garden-posts-record-84-billion-loss-warns-of-possible-default
https://www.channelnewsasia.com/business/country-garden-financial-performance-record-loss-default-risks-china-property-crisis-3735441
https://www.scmp.com/business/china-business/article/3232875/country-garden-reports-us712-billion-loss-first-slip-red-listing-2007-chinas-property-problems-mount
China developer Vanke’s profit slides 19% amid home-market woes
https://www.businesstimes.com.sg/companies-markets/china-developer-vankes-profit-slides-19-amid-home-market-woes
BOJ policymaker signals chance of policy tweak early next year
https://www.businesstimes.com.sg/international/boj-policymaker-signals-chance-policy-tweak-early-next-year
https://www.channelnewsasia.com/business/boj-policymaker-signals-chance-policy-tweak-early-next-year-3733916
Analysis: Proposed SFZ in Johor’s Forest City requires political will and support from Malaysia, Singapore governments to take off
https://www.channelnewsasia.com/asia/country-garden-forest-city-johor-special-financial-zone-sfz-singapore-businesses-3734311
Switzerland drafts tighter rules to combat money laundering
https://www.businesstimes.com.sg/international/switzerland-drafts-tighter-rules-combat-money-laundering
https://www.straitstimes.com/business/banking/switzerland-drafts-tighter-rules-to-combat-money-laundering
UK business optimism at 18-month high on hopes for rate hike pause
https://www.businesstimes.com.sg/international/uk-business-optimism-18-month-high-hopes-rate-hike-pause
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