The Leading Professional and Representative Body for the Real Estate Industry

The Leading Professional and Representative Body for the Real Estate Industry



Daily News – 5 Apr 2023 (Wed)

Singapore Real Estate


Freehold industrial office space at Apex @ Henderson for sale at $18.8 mil
Singapore (EdgeProp) – Strata industrial office space at Apex @ Henderson, a freehold Business 1 industrial property located on Henderson Road, is up for sale with a guide price of $18.8 million. The property consists of six strata titles amalgamated into one lot with a total area of 15,608 sq ft, which means the guide price works out to about $1,205 psf.


‘Crazy’ rental hikes for condo units drive some expats to rent HDB flats instead
Singapore — After being laid off from his job at a technology company here early this year, American expatriate Eddie Rivera was hit by a double whammy of income loss and skyrocketing housing rents.



Singapore Economy


Singapore seen tightening monetary policy as inflation remains elevated
Singapore is likely to tighten monetary policy this month for the sixth time in a row, amid persistent price pressures in the Asian financial hub due to global supply chain disruptions. Eleven out of the 17 analysts polled by Reuters expect the Monetary Authority of Singapore (MAS) to tighten its policy, perhaps for the last time in the current cycle in April, citing the need to tame the persistent elevated inflation.


Media fund, Orchard Road rejuvenation, sustainability road maps to boost Singapore tourism
A new S$10 million fund for media featuring Singapore and updates to Orchard Road rejuvenation plans are among the Singapore Tourism Board’s (STB) efforts to strengthen the country’s appeal and make it top-of-mind for potential visitors.


Singapore is top Asian city in Smart City Index, ranks 7th worldwide
Singapore – Singapore is the smartest Asian city and the seventh-smartest in the world, according to the 2023 Smart City Index. Published by Swiss business school Institute for Management Development (IMD) on Tuesday, the index ranks 141 cities by how they use technology to address the challenges they face to achieve a higher quality of life.



Companies’ Brief


GuocoLand-Hong Leong Holdings tie-up is sole bidder for Lentor Gardens site at URA tender
At this year’s maiden state land tender for a 99-year leasehold private housing site, a plot along Lentor Gardens in the Yio Chu Kang area has drawn just one bid. Mainboard-listed GuocoLand teamed up with Hong Leong Holdings’ Intrepid Investments to place the bid of S$486.8 million, or nearly S$985 per square foot per plot ratio (psf ppr).


Sabana Industrial REIT obtains provisional permission for 1 Tuas Avenue 4 AEI
The manager of Sabana Industrial REIT has obtained provisional permission from the Urban Redevelopment Authority for the additions and alterations works to 1 Tuas Avenue 4 (1TA4), a key milestone for the commencement of asset enhancement initiative (AEI) at the property.


Better outlook for Wing Tai with new additions to landbank and Uniqlo JV rides on recovery
Lim & Tan Securities is keeping a positive outlook on property developer and retail operator Wing Tai Holdings, as analyst Chan En Jie has kept his ‘accumulate’ call on the counter with a target price of $1.95.



Views, Reviews, Forum and Others


Reported cases of workplace noise-induced deafness more than tripled in 2022 amid greater scrutiny: MOM
Singapore — The number of reported incidents of noise-induced deafness in the workplace spiked sharply from 168 cases in 2021 to 624 last year mainly owing to more awareness of the condition and greater surveillance.


Collaborative contracting could re-energise Singapore’s construction recovery: Turner & Townsend
Singapore (EdgeProp) – Singapore’s construction sector logged a 10% y-o-y growth in 4Q2022, higher than the 8.1% growth registered in 3Q2022, according to data cited by Turner & Townsend. In its latest Singapore market intelligence report, the consultancy says the growth points to signs of strength and stability within the sector.



Global Economy & Real Estate


Fed’s Mester sees more rate rises ahead


US home prices seen rebounding after an expected US$1 trillion plunge this year


US job openings fall below 10 million for first time since 2021


Toronto office vacancies hit 28-year high as remote work lingers


UK business confidence rises, but cost of living weighs on sales


Swedish housing rout is only halfway to trough, says Danske Bank


New Zealand home prices fall by record 10.5% as rates soar


Australia’s rental market tightens further amid housing crunch


Risks loom over China’s top tier banks from property downturn, higher costs


China’s new business registrations rose after zero-Covid, but boosting ‘vitality’ of national economy will take time


Hong Kong’s workforce sees its biggest drop in almost 40 years


Hong Kong restaurateurs, hoteliers predict slow business for Easter break as residents depart for more exotic locales


Japan’s March service-sector grows at fastest rate in over nine years – PMI



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