Singapore Real Estate
Singapore hotel room rates, revenue stay flat in November
Average room rates (ARR) and other key measures for Singapore hotels in November were either flat or slightly down from the month before, the latest data from the Singapore Tourism Board showed.
https://www.businesstimes.com.sg/singapore/singapore-hotel-room-rates-revenue-stay-flat-november
Commercial building in Prinsep Street up for sale at S$157 million guide price
A commercial building at 30 Prinsep Street is up for sale via expression of interest at a guide price of S$157 million, exclusive marketing agent CBRE said on Wednesday (Jan 3). The guide price translates to around S$2,332 per square foot (sq ft) based on a gross floor area of 67,335 sq ft.
https://www.businesstimes.com.sg/property/commercial-building-prinsep-street-sale-s157-million-guide-price
Singapore Economy
Singapore’s manufacturing could see modest recovery in 2024 on global electronics demand
Singapore’s manufacturing slump has likely bottomed out, and the industry should gradually recover in 2024 – though the magnitude and trajectory of this remains uncertain, said observers. “Manufacturing has been the underdog for 2023. The question is whether we will get a turnaround story in 2024,” said OCBC chief economist Selena Ling.
https://www.businesstimes.com.sg/singapore/singapores-manufacturing-could-see-modest-recovery-2024-global-electronics-demand
https://www.straitstimes.com/business/economy/rebound-in-s-pore-factory-activity-gains-traction-in-december-amid-increasing-optimism
1.27 million Singaporean households to get S$500 CDC vouchers each from Jan 3
Every Singaporean household now has S$500 in their pockets to help with daily expenses. From Jan 3, these households can claim S$500 worth of Community Development Council (CDC) vouchers, which can be used at participating supermarkets and heartland businesses.
https://www.businesstimes.com.sg/singapore/127-million-singaporean-households-get-s500-cdc-vouchers-each-jan-3
https://www.straitstimes.com/singapore/127-million-singaporean-households-to-get-500-cdc-vouchers-each-from-jan-3
https://www.todayonline.com/singapore/s500-cdc-vouchers-launched-more-supermarkets-and-heartland-shops-participating-2335751
EY proposes sustainability funding for SMEs, tax incentive changes in its Budget 2024 wish list
EY IS calling for more funding support for small and medium-sized enterprises (SMEs) to strengthen sustainability capabilities in its Budget 2024 wish list released on Wednesday (Jan 3). It is also calling for a reassessment of Singapore’s tax incentives ahead of upcoming tax reform moves.
https://www.businesstimes.com.sg/singapore/ey-proposes-sustainability-funding-smes-tax-incentive-changes-its-budget-2024-wish-list
https://www.straitstimes.com/business/ey-proposes-sustainability-funding-for-smes-tax-incentive-changes-in-its-budget-2024-wish-list
https://www.theedgesingapore.com/news/budget-2024/budget-2024-should-focus-helping-singaporeans-and-businesses-grow-ey
Companies’ Brief
EC World Reit says 3 properties mortgaged without consent
Three properties owned by EC World Real Estate Investment Trust (Reit) have been mortgaged without the consent or knowledge of its manager. The loans were in connection with the Fuyang local government in China providing Forchn Holdings, the sponsor of EC World Reit, with rescue funds.
https://www.businesstimes.com.sg/companies-markets/ec-world-reit-says-3-properties-mortgaged-without-consent
https://www.straitstimes.com/business/companies-markets/ec-world-reit-says-3-properties-mortgaged-without-consen
OUE Group completes $22 mil asset enhancement at Crowne Plaza Changi Airport
OUE Group has announced the successful completion of its $22 million asset enhancement initiatives (AEI) for Crowne Plaza Changi Airport (CPCA) on Jan 3. With the addition of a dozen guest rooms to a total of 575 rooms, a revamped all-day dining area and new meetings, incentives, conventions and exhibitions (MICE) spaces, OUE LJ3 0.00% says CPCA is well-positioned to capitalise on the anticipated increase in tourists and business travellers in 2024 and beyond.
https://www.theedgesingapore.com/news/company-news/oue-group-completes-22-mil-asset-enhancement-crowne-plaza-changi-airport
Global Economy & Real Estate
US Fed sees rates staying high for some time with cuts eyed in 2024
https://www.businesstimes.com.sg/international/us-fed-sees-rates-staying-high-some-time-cuts-eyed-2024
https://www.straitstimes.com/business/economy/us-interest-rates-likely-to-stay-high-for-some-time-fed-minutes
Fed’s Barkin says soft landing for economy ‘increasingly conceivable’
https://www.businesstimes.com.sg/international/feds-barkin-says-soft-landing-economy-increasingly-conceivable
Gold holds steady as traders await US Fed minutes
https://www.businesstimes.com.sg/companies-markets/energy-commodities/gold-holds-steady-traders-await-us-fed-minutes
US manufacturing sector eyes recovery in December
https://www.businesstimes.com.sg/international/us-manufacturing-sector-eyes-recovery-december
US home-purchase applications fall in week including Christmas
https://www.businesstimes.com.sg/property/us-home-purchase-applications-fall-week-including-christmas
Australia PM considers extra inflation relief as families struggle
https://www.businesstimes.com.sg/international/australia-pm-considers-extra-inflation-relief-families-struggle
RBA sees living-cost pressure weighing on growth, documents show
https://www.businesstimes.com.sg/international/rba-sees-living-cost-pressure-weighing-growth-documents-show
China developer CIFI proposes new restructuring terms to halve offshore debt
https://www.businesstimes.com.sg/property/china-developer-cifi-proposes-new-restructuring-terms-halve-offshore-debt
https://www.channelnewsasia.com/business/china-developer-cifi-proposes-new-restructuring-terms-halve-offshore-debt-4022566
https://www.scmp.com/business/china-business/article/3247171/distressed-chinese-developer-cifi-offers-new-proposal-hoping-slash-us7-billion-offshore-debt-half
Commentary: Hong Kong’s economy struggles to get back on its feet
https://www.channelnewsasia.com/commentary/hong-kong-economy-recover-property-business-brain-drain-4022686
Hong Kong home sales sink to 33-year low in 2023 amid high interest rates as sector sees glimmers of rebound in December
https://www.scmp.com/business/china-business/article/3247049/hong-kong-home-sales-sink-33-year-low-2023-amid-high-interest-rates-sector-sees-glimmers-rebound
Sun Hung Kai Properties, ‘survivor in a long winter’, tops Hong Kong property sales with 30% of homes sold in 2023
https://www.scmp.com/business/article/3247134/sun-hung-kai-properties-survivor-long-winter-tops-hong-kong-property-sales-30-homes-sold-2023
Hong Kong hotel heiress bets on Middle East with billion-dollar hotel plan
https://www.businesstimes.com.sg/property/hong-kong-hotel-heiress-bets-middle-east-billion-dollar-hotel-plan
https://www.straitstimes.com/business/hk-hotel-heir-bets-on-middle-east-with-billion-dollar-hotel-plan
Iceland keeps feeding its tourist boom. Will it push locals out?
https://www.straitstimes.com/business/iceland-keeps-feeding-its-tourist-boom-will-it-push-locals-out
Japan Dec factory activity extends declines on market uncertainty- PMI
https://www.channelnewsasia.com/business/japan-dec-factory-activity-extendsdeclines-market-uncertainty-pmi-4024106
Manhattan home prices rise in early sign of a market rebound
https://www.businesstimes.com.sg/property/manhattan-home-prices-rise-early-sign-market-rebound
Paris hotels triple prices for Olympics opening night|
https://www.channelnewsasia.com/sport/paris-hotels-triple-prices-olympics-opening-night-study-4023796
San Francisco’s Montgomery Street could signal a downtown revival
https://www.businesstimes.com.sg/property/san-franciscos-montgomery-street-could-signal-downtown-revival
UK companies see rising revenue but wary of investment: BCC
https://www.businesstimes.com.sg/international/uk-companies-see-rising-revenue-wary-investment-bcc
The UK’s communist housing market is ripe for revolution
https://www.businesstimes.com.sg/property/uks-communist-housing-market-ripe-revolution
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