SINGAPORE REAL ESTATE
Caution reigns at state land tenders, despite developers’ low unsold private housing inventory
An air of caution prevailed at the latest government land sales (GLS) tender closings for two 99-year leasehold private housing sites near Beauty World and Hillview MRT stations. The number of bids received was below market expectations.
https://www.businesstimes.com.sg/real-estate/caution-reigns-at-state-land-tenders-despite-developers-low-unsold-private-housing
https://www.straitstimes.com/business/property/developers-cautious-in-bids-for-state-owned-sites-in-bukit-timah-and-hillview
Cuscaden Peak’s Nassim Road GCBs draw at least 3 bids
Singapore – At least three bids came in for the freehold good class bungalows (GCBs) in Nassim Road owned by Cuscaden Peak Investments, formerly Singapore Press Holdings, according to marketing agent Realstar Premier.
https://www.straitstimes.com/business/cuscaden-peak-s-nassim-road-gcbs-draw-at-least-3-bids
HDB resale prices climb 0.5% in Oct, but fewer units sold as latest cooling measures sink in
Singapore – Prices of Housing Board resale flats climbed for the 28th consecutive month in October, but fewer units changed hands – likely a knee-jerk reaction to the latest round of cooling measures.
https://www.straitstimes.com/singapore/housing/hdb-resale-prices-climb-05-in-oct-but-fewer-units-sold-as-latest-cooling-measures-sink-in
https://www.businesstimes.com.sg/real-estate/hdb-resale-volume-down-241-in-october-as-median-price-hits-high-of-s545000-srx-99co
https://www.todayonline.com/singapore/hdb-resale-volume-dips-october-following-property-cooling-measures-first-drop-8-months-2036211
SINGAPORE ECONOMY
What the US Fed’s latest signals on rate hikes mean and the implications for Singapore
Singapore — In delivering its fourth straight steep interest rate hike on Thursday (Nov 3) to quell inflation, the United States Federal Reserve (Fed) signaled that it could slow down the pace of future rate hikes.
https://www.todayonline.com/singapore/explainer-what-us-feds-latest-signals-rate-hikes-mean-and-implications-singapore-2036431
Switzerland, Singapore, Denmark rank top three on global talent competitiveness index: Insead
Switzerland and Singapore on Thursday (Nov 3) retained their leading position as the top two most talent-competitive countries, while being joined by Denmark in third place.
https://www.businesstimes.com.sg/government-economy/switzerland-singapore-denmark-rank-top-three-on-global-talent-competitiveness
https://www.straitstimes.com/business/singapore-ranked-second-globally-for-best-talent-only-asian-nation-in-top-20
https://www.todayonline.com/minute/singapore-ranks-2nd-after-switzerland-attracting-talents-has-trouble-retaining-them-insead-2036871
Companies filing corporate taxes from software get automatic 15-day extension: Iras
The Inland Revenue Authority of Singapore (Iras) said on Thursday (Nov 3) that companies and tax agents who file their corporate income tax returns from software will receive an automatic 15-day extension of their filing due date for the 2023 to 2025 years of assessment.
https://www.businesstimes.com.sg/government-economy/companies-filing-corporate-taxes-from-software-get-automatic-15-day-extension
COMPANIES’ BRIEF
BlackRock expands corporate voting choice to more clients
BlackRock, the world’s biggest asset manager, said on Thursday it would expand the number of clients eligible to choose how to vote at company annual meetings on everything from executive pay to climate strategy.
https://www.businesstimes.com.sg/banking-finance/blackrock-expands-corporate-voting-choice-to-more-clients
ARA H-Trust records net property income of US$11.9m for Q3
ARA US Hospitality Trust : XZL 0% (ARA H-Trust) posted a net property income of US$11.9 million for its third quarter ended Sep 30, an improvement from the US$9.2 million recorded in the year-ago period.
https://www.businesstimes.com.sg/companies-markets/ara-h-trust-records-net-property-income-of-us119m-for-q3
CapitaLand Investment RevPAU up 43% in Q3 on higher ADR, occupancy
CapitaLand Investment recorded a 43 per cent increase in revenue per available unit (RevPAU) for the third quarter ended Sep 30, to S$110 from S$77 a year ago. In a business update on Friday (Nov 4), the property player said the increase was due to an upswing in travel demand and activity across all regions as border restrictions eased, with RevPAU recovering to 92 per cent of its pre-pandemic Q3 2019 levels.
https://www.businesstimes.com.sg/companies-markets/capitaland-investment-revpau-up-43-in-q3-on-higher-adr-occupancy
https://www.straitstimes.com/business/capitaland-investment-revenue-up-in-q3-as-travel-demand-recovers
Frasers Hospitality Trust posts 15.9% rise in H2 DPS on industry recovery
Frasers Hospitality Trust posted a distribution per stapled security (DPS) of S$0.009316 for the half year ended Sep 30, rising 15.9 per cent from S$0.008041 the previous year.
https://www.businesstimes.com.sg/companies-markets/frasers-hospitality-trust-posts-159-rise-in-h2-dps-on-industry-recovery
OUE C-Reit posts 4.4% rise in net property income in Q3
The manager of OUE Commercial Real Estate Investment Trust (OUE C-Reit) on Thursday (Nov 3) reported a 4.4 per cent year-on-year rise in net property income in the third quarter ended Sep 30, although its amount available for distribution continued to shrink.
https://www.businesstimes.com.sg/companies-markets/oue-c-reit-posts-44-rise-in-net-property-income-in-q3
GLOBAL ECONOMY & GLOBAL REAL ESTATE
US Fed makes fourth jumbo rate increase and signals more to come
https://www.todayonline.com/minute/us-fed-makes-fourth-jumbo-rate-increase-and-signals-more-come-2035771
After latest rate hike, Federal Reserve looks set to drive US economy into recession
https://www.businesstimes.com.sg/companies-markets/after-latest-rate-hike-federal-reserve-looks-set-to-drive-us-economy-into
US is not in recession, White House not preparing for one
https://www.businesstimes.com.sg/government-economy/us-is-not-in-recession-white-house-not-preparing-for-one
US mortgage rates pull back after three straight weeks of gains
https://www.businesstimes.com.sg/real-estate/us-mortgage-rates-pull-back-after-three-straight-weeks-of-gains
US trade deficit widens in September
https://www.businesstimes.com.sg/government-economy/us-trade-deficit-widens-in-september
Canada sees lower deficit in updated fiscal plan, possible 2023 recession
https://www.businesstimes.com.sg/government-economy/canada-sees-lower-deficit-in-updated-fiscal-plan-possible-2023-recession
Bank of England hikes rate by biggest amount in 33 years
https://www.businesstimes.com.sg/banking-finance/bank-of-england-hikes-rate-by-biggest-amount-in-33-years
https://www.straitstimes.com/business/bank-of-england-makes-biggest-rate-hike-in-33-years-says-uk-already-in-recession
UK services slump at fastest pace since early 2021
https://www.businesstimes.com.sg/government-economy/uk-services-slump-at-fastest-pace-since-early-2021
Malaysia raises key policy rate to 2.75% in fourth hike this year
https://www.businesstimes.com.sg/asean-business/malaysia-raises-key-policy-rate-to-275-in-fourth-hike-this-year