Singapore Real Estate
Singapore reports disappointing 1.1% rise in June retail sales
Singapore’s retail sales rose 1.1 per cent year on year in June, slowing from the previous month’s 1.8 per cent rise, data from the Department of Statistics (SingStat) showed on Friday (Aug 4). June’s figure was also lower than the median 2.1 per cent rise expected by private-sector economists polled by Bloomberg.
https://www.businesstimes.com.sg/singapore/singapore-reports-disappointing-11-rise-june-retail-sales
https://www.straitstimes.com/business/economy/growth-in-singapore-retail-sales-continues-to-slow-in-june
https://www.theedgesingapore.com/news/singapore-economy/singapores-retail-sales-11-down-08-m-o-m-38-bil-june
The LakeGarden Residences sells 71 of project’s 306 units at S$2,120 psf average during launch
Two property launches saw mixed results from buyers over the weekend, with The LakeGarden Residences selling 71 units or 23 per cent of its total of 306 units, while Altura executive condominium (EC) moved 220 or 61 per cent of 360 units.
https://www.businesstimes.com.sg/property/lakegarden-residences-sells-71-projects-306-units-s2120-psf-average-during-launch
https://www.straitstimes.com/business/how-the-lakegarden-residences-condo-and-altura-ec-sold-on-launch-weekend
https://www.edgeprop.sg/property-news/wing-tai-sells-23-lakegarden-residences-average-price-2120-psf-launch-weekend
Demand rises for hotels near Padang as National Day approaches | Video
Hotels near the National Day Parade at the Padang are seeing 15 per cent more bookings than in previous years, with locals and tourists wanting to be closer to the action.
https://www.channelnewsasia.com/watch/demand-rises-hotels-near-padang-national-day-approaches-video-3681441
Singapore Economy
Aviation sector to fill over 4,300 jobs in coming year; workforce at 95% of pre-Covid-19 levels
More than 4,300 aviation jobs are expected to be filled in the coming year as Singapore positions its air hub for post-Covid-19 growth, Acting Transport Minister Chee Hong Tat said on Friday (Aug 4).
https://www.businesstimes.com.sg/singapore/aviation-sector-fill-over-4300-jobs-coming-year-workforce-95-pre-covid-19-levels
https://www.straitstimes.com/singapore/transport/over-4300-new-aviation-jobs-in-coming-year-workforce-at-95-of-pre-covid-19-levels
https://www.channelnewsasia.com/singapore/aviation-sector-jobs-opening-2024-chee-hong-tat-changi-airport-caas-employment-3677721
Anti-discrimination legislation set for 2024 introduction after release of finalised framework
Workers will receive broader protections against discrimination, assurance for reporting errant employers without fear of retaliation, and fair access to job opportunities, under a legislation framework that is set to be introduced in Parliament in 2024.
https://www.businesstimes.com.sg/singapore/economy-policy/anti-discrimination-legislation-set-2024-introduction-after-release
https://www.straitstimes.com/singapore/jobs/proposed-framework-for-workplace-fairness-law-boosts-safeguards-and-deterrence-accepted-by-govt
https://www.todayonline.com/singapore/keep-workplace-fairness-law-tight-tripartite-committee-says-response-feedback-expanding-scope-2226171
Companies’ Brief
Ascott plans to double number of global-branded properties in China by 2028
The Ascott Limited (Ascott) aims to double its portfolio of assets bearing its global brands in China by 2028, and plans to open over 20 new Chinese properties this year alone. The lodging operator, which now manages over 17,000 units spanning 90 properties in China across its global brands such as Ascott, Somerset, lyf and Oakwood, sees strong potential for growth coming from China.
https://www.businesstimes.com.sg/property/ascott-plans-double-number-global-branded-properties-china-2028
Ascott dials up hospitality experiences to capture demand, counter business volatility
The Ascott Limited (Ascott), known for its serviced apartments, will be deepening its hospitality experiences across its properties worldwide as the company adapts to changing travel preferences post-pandemic.
https://www.businesstimes.com.sg/property/ascott-dials-hospitality-experiences-capture-demand-counter-business-volatility
Frasers Hospitality Trust’s Q3 RevPAR improves across markets amid ‘sustained recovery’
Frasers Hospitality Trust, in a business update on Friday (Aug 4), said it had observed a “sustained recovery” in its markets for its third fiscal quarter ended June. It said that its revenue per available room (RevPAR) for its Singapore portfolio rose to S$283 in Q3 from S$225 in the year-ago period.
https://www.businesstimes.com.sg/companies-markets/frasers-hospitality-trusts-q3-revpar-improves-across-markets-amid-sustained
Kajima launches The Gear, its new regional HQ in Changi Business Park
Japanese construction and real estate firm Kajima Development Pte Ltd, a wholly-owned subsidiary of Kajima Corp, officially launched its new regional headquarters, R&D and innovation hub at Changi Business Park on August 4.
https://www.edgeprop.sg/property-news/kajima-launches-gear-its-new-regional-hq-changi-business-park
Koh Brothers reports $16 million loss for 1HFY2023
Koh Brothers Group has reported higher revenue of $196.6 million for 1HFY2023, as it booked more sales from its property development activities. However, the company, which started in construction, suffered from higher costs in labour and materials.
https://www.theedgesingapore.com/capital/results/koh-brothers-reports-16-million-loss-1hfy2023
Higher rental reversions and occupancies in Singapore keep analysts upbeat on Starhill Global REIT
Despite reporting a lower distribution per unit (DPU) and earnings for the 2HFY2022/2023 ended June 30, analysts at DBS Group Research and CGS-CIMB Research remain upbeat on Starhill Global REIT (SGREIT).
https://www.theedgesingapore.com/capital/brokers-calls/higher-rental-reversions-and-occupancies-singapore-keep-analysts-upbeat
Wing Tai warns of ‘significant’ fall in full-year earnings on fair value changes
Property player Wing Tai Holdings on Friday (Aug 4) issued a profit guidance saying it expects to report a “significant decrease” in net profit for FY2023 ended June, compared to the previous financial year.
https://www.businesstimes.com.sg/companies-markets/wing-tai-warns-significant-fall-full-year-earnings-fair-value-changes
https://www.theedgesingapore.com/capital/results/wing-tai-issues-profit-guidance-expects-significant-decrease-net-profit-fy2023
Global Economy & Real Estate
Fed’s Bowman signals more rate hikes likely will be needed
https://www.businesstimes.com.sg/international/feds-bowman-signals-more-rate-hikes-likely-will-be-needed
https://www.straitstimes.com/business/economy/feds-michelle-bowman-says-more-us-rate-hikes-likely-will-be-needed
Mallorca’s prime housing market gets boost from American buyers
https://www.businesstimes.com.sg/property/mallorcas-prime-housing-market-gets-boost-american-buyers
Delinquency rates on US office loans rise: Moody’s
https://www.businesstimes.com.sg/property/delinquency-rates-us-office-loans-rise-moodys
US jobs growth remains moderate in July; wage gains still strong
https://www.straitstimes.com/business/us-job-growth-remains-moderate-in-july-wage-gains-still-strong
https://www.channelnewsasia.com/business/us-jobs-labor-report-central-bank-rates-inflation-3678441
As e-commerce growth in Asean slows down, brands shift focus to omnichannel strategy to woo consumers
https://www.businesstimes.com.sg/international/asean/e-commerce-growth-asean-slows-down-brands-shift-focus-omnichannel-strategy-woo
Australia plans new laws to crack down on tax adviser misconduct
https://www.businesstimes.com.sg/international/australia-plans-new-laws-crack-down-tax-adviser-misconduct
Britain hikes fines for employing unauthorised migrants
https://www.businesstimes.com.sg/international/britain-hikes-fines-employing-unauthorised-migrants
Canada’s unemployment rate rises to 5.5% in July, economy unexpectedly sheds jobs
https://www.businesstimes.com.sg/international/canadas-unemployment-rate-rises-55-july-economy-unexpectedly-sheds-jobs
China’s July economic losses from disasters exceed January-June
https://www.businesstimes.com.sg/international/chinas-july-economic-losses-disasters-exceed-january-june
China’s Zhengzhou city launches property support measures
https://www.businesstimes.com.sg/international/global/chinas-zhengzhou-city-launches-property-support-measures
PBOC chief meets with property developers, vows funding help
https://www.businesstimes.com.sg/international/global/pboc-chief-meets-property-developers-vows-funding-help
China relaxes business visa rules in bid to further open borders
https://www.straitstimes.com/business/china-relaxes-business-visa-rules-in-bid-to-further-open-borders
ECB says underlying inflation in eurozone probably peaked
https://www.businesstimes.com.sg/international/ecb-says-underlying-inflation-eurozone-probably-peaked
HK$17 billion Hong Kong business boost and 4,000 new jobs trumpeted by finance secretary Paul Chan
https://www.scmp.com/news/hong-kong/hong-kong-economy/article/3230147/hk17-billion-hong-kong-business-boost-and-4000-new-jobs-trumpeted-finance-secretary-paul-chan
Hong Kong low-income households rose by 160,000 in 25 years up to 2021; poorest families make less than HK$4,700 a month
https://www.scmp.com/news/hong-kong/hong-kong-economy/article/3230062/hong-kong-low-income-households-rose-160000-25-years-2021-poorest-families-make-less-hk4700-month
Hong Kong home price war could get uglier after CK Asset’s new launch, agents say
https://www.businesstimes.com.sg/international/global/hong-kong-home-price-war-could-get-uglier-after-ck-assets-new-launch-agents
https://www.channelnewsasia.com/business/hong-kong-home-price-war-could-get-uglier-after-ck-assets-new-home-launch-agents-say-3677946
https://www.scmp.com/business/article/3229988/li-ka-shings-ck-asset-resume-buy-backs-boost-share-price-following-profit-plunge-amid-poor-outlook
Londoners struggling to afford homes elsewhere in UK
https://www.businesstimes.com.sg/property/londoners-struggling-afford-homes-elsewhere-uk
UK house-building falls again as rate hikes bite: PMI
https://www.businesstimes.com.sg/property/uk-house-building-falls-again-rate-hikes-bite-pmi
UK hiring falls at fastest pace in over three years, wage growth slows
https://www.businesstimes.com.sg/international/uk-hiring-falls-fastest-pace-over-three-years-wage-growth-slows
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