Singapore Real Estate
Cautious response expected for Zion Road, Upper Thomson GLS sites
Two state land sites to test the waters for a new type of rental housing were launched for sale on Monday (Dec 4), with analysts anticipating a cautious response from developers for the new proposition.
https://www.businesstimes.com.sg/property/cautious-response-expected-zion-road-upper-thomson-gls-sites
https://www.straitstimes.com/business/two-gls-sites-launched-in-zion-road-upper-thomson-road-to-pilot-long-stay-serviced-apartments
https://www.edgeprop.sg/property-news/tenders-launched-three-gls-sites-zion-road-and-upper-thomson-road-another-site-available-application
New long-stay serviced apartments pique interest of young renters, but cost is key
Singapore — Young would-be house renters are excited to learn that they will soon have the option of staying in a new breed of serviced apartments, but whether they will opt for these apartments will depend on the cost.
https://www.todayonline.com/singapore/long-stay-serviced-apartment-youth-renters-cost-2318446
Singapore hotel room rates in October down again amid falling tourist arrivals
Singapore hotels’ performance in October fell from September highs, with average room rate (ARR) and other key measures posting sequential declines for the month, latest data from the Singapore Tourism Board (STB) showed on Monday (Dec 4).
https://www.businesstimes.com.sg/singapore/singapore-hotel-room-rates-october-down-again-amid-falling-tourist-arrivals
Singapore Economy
S’pore to triple AI talent pool to 15,000 as part of national strategy update: DPM Wong
Singapore – Artificial intelligence (AI) is no longer something good to have but is a subject that people must know, according to a renewed AI strategy to take Singapore forward in the global race.
https://www.straitstimes.com/singapore/singapore-updates-strategy-to-tackle-new-risks-of-generative-ai-implications-for-humanity
https://www.businesstimes.com.sg/startups-tech/startups/singapore-updates-ai-strategy-aim-contribute-globally-valuable-breakthroughs
https://www.todayonline.com/singapore/spore-aims-become-place-where-worlds-best-ai-talents-gather-under-renewed-national-ai-adoption-strategy-2317901
https://www.channelnewsasia.com/singapore/national-ai-strategy-artificial-intelligence-talent-iconic-site-3963971
https://www.theedgesingapore.com/news/artificial-intelligence/singapore-acutely-aware-global-competition-be-ai-hub-plans-triple-ai
Singapore’s carbon tax hikes should be higher than planned to speed up action: MAS’ Menon
Singapore’s carbon tax needs to go even higher to accelerate climate action to address global warming, Ravi Menon, the managing director of the Monetary Authority of Singapore (MAS), said on Monday (Dec 4).
https://www.businesstimes.com.sg/esg/singapores-carbon-tax-should-increase-higher-currently-planned-mas-menon
MOF invites feedback, suggestions on Budget 2024
Singapore – The Ministry of Finance (MOF) is seeking feedback and suggestions from members of the public for the upcoming Budget, which is scheduled to be presented in February 2024. The Singapore Budget is prepared for each financial year, which begins on April 1 and ends on March 31 the following year.
https://www.straitstimes.com/singapore/mof-invites-feedback-suggestions-on-budget-2024
Singapore business confidence continues recovery in Q1 2024: SCCB
Local business sentiment is improving for the second consecutive quarter in the first quarter of 2024, amid mixed sectoral outlooks. Data from the Singapore Commercial Credit Bureau (SCCB) released on Monday (Dec 4) showed that the Business Optimism Index rose slightly for the second straight quarter to +4.48 percentage points in Q1 2024, from +4.35 percentage points in Q4 2023.
https://www.businesstimes.com.sg/singapore/singapore-business-confidence-continues-recovery-q1-2024-sccb
https://www.straitstimes.com/business/economy/singapore-business-confidence-for-q1-2024-continues-recovery
Companies’ Brief
Centurion inks RM227 million sale-and-leaseback deal with Malaysian pension fund
Property player Centurion is selling two of its assets in Malaysia to the country’s largest public sector pension fund, Kumpulan Wang Persaraan (KWAP), for a total consideration of RM227 million (S$65.2 million).
https://www.businesstimes.com.sg/companies-markets/centurion-inks-rm227-million-sale-and-leaseback-deal-malaysian-pension-fund
https://www.theedgesingapore.com/news/company-news/centurion-disposes-two-malaysian-assets-rm227-mil
CDL secures £200 million sustainability-linked loan from OCBC
City Developments Limited (CDL) has taken out a £200 million (S$338.2 million) three-year sustainability-linked revolving credit facility from OCBC to be utilised for refinancing, generate corporate funding and working capital purposes.
https://www.businesstimes.com.sg/companies-markets/cdl-secures-ps200-million-sustainability-linked-loan-ocbc
https://www.theedgesingapore.com/news/environmental-social-and-governance/cdl-first-obtain-ocbcs-15c-loan-three-year-gbp200-mil
GIC acquires two more logistics facilities in Japan
GIC has bought two logistic facilities developed by Japanese real estate developer Daiwa House Industry for an undisclosed amount. The assets in Takatsuki city of Greater Osaka and Tosu city of Greater Fukuoka were completed in 2023 and 2021, said the Singapore sovereign wealth fund on Monday (Dec 4).
https://www.businesstimes.com.sg/companies-markets/gic-acquires-two-more-logistics-facilities-japan
https://www.straitstimes.com/business/gic-acquires-two-more-logistics-facilities-in-japan
RHB raises target price for Starhill Global REIT following master lease renewal with anchor tenant
RHB Bank Singapore’s Vijay Natarajan has kept his “buy” call on Starhill Global REIT, along with a raised target price, after it renewed a long-term lease with its anchor tenant on what has been seen as favourable terms.
https://www.theedgesingapore.com/capital/brokers-calls/rhb-raises-target-price-starhill-global-reit-following-master-lease-renewal
Yanlord’s total contracted pre-sales down 71.5% y-o-y to RMB1.1 bil in Nov
Yanlord Land Group has reported total contracted pre-sales of RMB1.09 billion ($205.5 million) for the month of November. The amount, which came from the group’s residential and commercial units as well as car parks, was 71.5% lower than November 2022’s RMB3.82 billion.
https://www.theedgesingapore.com/news/property/yanlords-total-contracted-pre-sales-down-715-y-o-y-rmb11-bil-nov
Global Economy & Real Estate
Gold prices sprint to all-time peak on Fed rate-cut bets
https://www.channelnewsasia.com/business/gold-prices-record-high-federal-reserve-rate-cut-policy-3964016
Inflation has depleted pandemic-era savings for many Americans
https://www.businesstimes.com.sg/international/inflation-has-depleted-pandemic-era-savings-many-americans
More US home buyers willing to purchase despite high rates: BOA study
https://www.businesstimes.com.sg/property/more-us-home-buyers-willing-purchase-despite-high-rates-boa-study
US factory orders fall to 3½ year low in October
https://www.businesstimes.com.sg/international/us-factory-orders-fall-3-12-year-low-october
Inflation data is good news but early to declare victory: ECB’s De Guindos
https://www.businesstimes.com.sg/international/inflation-data-good-news-early-declare-victory-ecbs-de-guindos
German exports unexpectedly drop in October
https://www.businesstimes.com.sg/international/german-exports-unexpectedly-drop-october
Hong Kong leader points to economic strides as finance chief warns of looming deficit
https://www.scmp.com/news/hong-kong/hong-kong-economy/article/3243787/hong-kongs-john-lee-urges-residents-not-talk-down-post-pandemic-economy-calls-creative-drive-get
Primed for economic revival, Japan seeks broader partnership with Asean countries
https://www.straitstimes.com/business/primed-for-economic-revival-japan-seeks-broader-partnership-with-asean-countries
Japan’s Nov service activity grows at slowest pace in a year – PMI
https://www.channelnewsasia.com/business/japans-nov-service-activity-grows-slowest-pace-year-pmi-3965971
Inflation in Japan’s capital slows in November
https://www.channelnewsasia.com/business/inflation-japans-capital-slows-november-3965856
Saudi wealth fund to buy 49% of luxury hotel chain Rocco Forte
https://www.businesstimes.com.sg/property/saudi-wealth-fund-buy-49-luxury-hotel-chain-rocco-forte
South Korea inflation eases in relief to policymakers
https://www.channelnewsasia.com/business/south-korea-inflation-eases-relief-policymakers-3965801
Swiss inflation unexpectedly slows, backs case for SNB pause
https://www.businesstimes.com.sg/international/swiss-inflation-unexpectedly-slows-backs-case-snb-pause
UK mortgage borrowers face highest inflation rate: ONS
https://www.businesstimes.com.sg/property/uk-mortgage-borrowers-face-highest-inflation-rate-ons
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