Singapore Real Estate
Housing prices not expected to rise indefinitely as markets show signs of easing: Desmond Lee
Singapore – Housing prices in Singapore are not expected to rise indefinitely as signs of moderation are being observed in the public and private housing markets, said National Development Minister Desmond Lee.
https://www.straitstimes.com/singapore/housing/housing-prices-not-expected-to-rise-indefinitely-as-markets-show-signs-of-easing-desmond-lee
Residential rents easing from pandemic highs but unlikely to erase all their gains
The surge in Singapore housing rents to record highs in 2023 is starting to ease, but rents are unlikely to fall back to pre-pandemic levels anytime soon. Slower leasing demand and tenant resistance to peak pricing, coupled with a spike in supply from record home completions, will put downward pressure on rents, analysts said.
https://www.businesstimes.com.sg/property/residential-rents-easing-pandemic-highs-unlikely-erase-all-their-gains
Industrial sales remain active with Genting Road property sold for S$12 million
A freehold industrial property at 18 Genting Road within the MacPherson industrial estate has been sold for S$12 million, said Savills Singapore on Friday (Jan 5). This translates to a rate of S$840 per square foot per plot ratio (psf ppr).
https://www.businesstimes.com.sg/property/industrial-sales-remain-active-genting-road-property-sold-s12-million
Singapore’s retail sales up 2.5% in November, reversing October’s fall
Singapore’s retail sales rose 2.5 per cent year on year in November, reversing from the previous month’s 0.1 per cent decline. The food and alcohol, motor vehicles, as well as watches and jewellery segments had the highest growth rates.
https://www.businesstimes.com.sg/singapore/singapores-retail-sales-25-november-reversing-octobers-fall
https://www.straitstimes.com/business/singapore-retail-sales-rise-in-november-reversing-october-s-dip
Scotts Square mall up for sale at S$450 million guide price
Wharf Estates Singapore has put the freehold retail podium at Scotts Square on the market at a S$450 million guide price. The guide price for the mall, on a prime spot off Orchard Road, translates to a rate of S$3,438 per square foot per plot ratio (psf ppr), based on a gross floor area (GFA) of 130,875 square feet (sq ft).
https://www.businesstimes.com.sg/property/scotts-square-mall-sale-s450-million-guide-price
https://www.straitstimes.com/business/property/scotts-square-mall-put-up-for-sale-with-450-million-guide-price
Keppel-managed fund acquires Wilkie Edge’s office and retail space for S$348 million
A fund managed by Keppel has acquired Wevolve – a company that holds the office and retail components of Wilkie Edge – for S$348 million. Called Alpha Asia Separate Account, the S$360 million separate account mandate was secured by Keppel by cooperative Dutch pension fund service provider PGGM.
https://www.businesstimes.com.sg/companies-markets/keppel-managed-fund-acquires-wilkie-edges-office-and-retail-space-s348-million
19,600 BTO flats to go on sale in 2024 over three exercises instead of four: Desmond Lee
Singapore – Some 19,600 Build-To-Order (BTO) flats will be launched in 2024, including 2,800 flats with shorter waits of below three years. These will be launched across three sales exercises in February, June and October, down from four launches a year, National Development Minister Desmond Lee said in an interview with The Straits Times and Chinese daily Lianhe Zaobao on Dec 28.
https://www.straitstimes.com/singapore/housing/19600-bto-flats-to-go-on-sale-in-2024-over-three-exercises-instead-of-four-desmond-lee
https://www.businesstimes.com.sg/singapore/economy-policy/hdb-launch-19600-bto-flats-2024-three-instead-four-launches-be-held
https://www.channelnewsasia.com/singapore/3-bto-new-hdb-flat-launches-2024-standard-plus-prime-sales-exercise-4030111
Explainer: Why do checks on some new BTO flats turn up dozens of ‘defects’, and should homeowners be worried?
Singapore — Getting the keys to one’s new Build-to-Order (BTO) flat is an exciting milestone for any new homeowners. Soon after, they are likely to step into their Housing and Development Board (HDB) unit, expecting everything to be in tip-top condition.
https://www.todayonline.com/singapore/explainer-checks-bto-flats-defects-should-homeowners-worry-2337156
Singapore Economy
Singapore firms worried about rising costs as business sentiment dips: SBF poll
Singapore businesses have grown more cautious about their outlook compared to a year ago, as rising costs remained a top challenge for firms in 2024, according to the Singapore Business Federation’s (SBF) latest National Business Survey 2023/2024 released on Friday (Jan 5).
https://www.businesstimes.com.sg/singapore/singapore-firms-worried-about-rising-costs-business-sentiment-dips-sbf-poll
https://www.straitstimes.com/business/fewer-singapore-businesses-planning-forays-overseas-survey
Will the political revelations of 2023 shape Singapore’s next election?
In 2023, a flurry of revelations shook Singapore politics. The question is whether their ripples will extend far enough to affect the next general election, which is due by late 2025. One complication is that some of these events are still unfolding, not least a high-level corruption probe involving a minister – the first such investigation in four decades.
https://www.businesstimes.com.sg/singapore/will-political-revelations-2023-shape-singapores-next-election
Companies’ Brief
CapitaLand’s profit warning points to a sobering reporting season for Reits with foreign exposure
As 2023 drew to a close, CapitaLand Investment made an announcement that unitholders of many real estate investment trusts (Reits) should have found troubling. The global real estate investment manager said on Dec 8 that it expects to report a significant decrease in earnings for 2023, due to fair value losses on its investment properties in markets such as China, Australia, Europe, the United Kingdom and the United States.
https://www.businesstimes.com.sg/opinion-features/capitalands-profit-warning-points-sobering-reporting-season-reits-foreign-exposure
Yanlord’s contracted pre-sales halve to 32.4 billion yuan in FY2023
Chinese property developer Yanlord Land Group logged 32.4 billion yuan (S$6.1 billion) in total contracted pre-sales in the financial year ended December 2023. The figure is down 52.5 per cent from the 68.1 billion yuan it recorded a year ago.
https://www.businesstimes.com.sg/companies-markets/yanlords-contracted-pre-sales-halve-324-billion-yuan-fy2023
Views, Reviews Forum and Others
Full reopening of Ulu Pandan Park Connector to be delayed by about 6 months to mid-2024
Singapore – Previously slated to fully reopen in December 2023 after a landslide partially damaged it, the Ulu Pandan Park Connector will now open completely for public use only in mid-2024.
https://www.straitstimes.com/singapore/full-reopening-of-ulu-pandan-park-connector-to-be-delayed-by-about-6-months-to-mid-2024
Worker dies after falling 7.5m at Jurong Region Line work site
Singapore – A construction worker died in the early hours of Jan 4 after he fell about 7.5m while at a work site for the upcoming Jurong Region Line (JRL), the first reported fatal workplace accident of 2024.
https://www.straitstimes.com/singapore/worker-dies-after-falling-75m-at-jurong-region-line-work-site
https://www.channelnewsasia.com/singapore/worker-dies-jurong-region-line-construction-site-workplace-fatality-lta-4028801
Covid-19 wave ending, with sharp fall in patients admitted to hospitals and ICUs
Singapore – The number of Covid-19 patients admitted to hospitals and intensive care units (ICUs) has fallen sharply in the past week, a sure sign the current wave has subsided, even though infection numbers are still relatively high.
https://www.straitstimes.com/singapore/covid-19-wave-ending-with-sharp-fall-in-patients-admitted-to-hospitals-and-icus
https://www.channelnewsasia.com/singapore/latest-covid-19-wave-peaked-singapore-patient-loads-remain-high-clinics-doctors-pandemic-respiratory-illnesses-4027116
TB screening for 3,000 people in Jalan Bukit Merah as 10 new cases surface
Singapore – Ten new tuberculosis (TB) cases have been found to be part of a Jalan Bukit Merah cluster that first surfaced in 2022. This has prompted the Ministry of Health (MOH) to hold a mass screening exercise from Jan 11 to 15 to identify any undetected active cases and prevent further transmission.
https://www.straitstimes.com/singapore/health/tb-screening-for-3000-people-in-jalan-bukit-merah-as-10-new-cases-surface
https://www.todayonline.com/singapore/mandatory-tb-screening-bukit-merah-after-emergence-more-cases-linked-2022-cluster-2337151?cid=internal_mcdrecs_08012024_tdy#mdcrecs_s
https://www.channelnewsasia.com/singapore/bukit-merah-tuberculosis-screening-cluster-abc-brickworks-market-4027061
Global Economy & Real Estate
US Fed bank boards get less diverse in 2024, reversing trend
https://www.businesstimes.com.sg/international/us-fed-bank-boards-get-less-diverse-2024-reversing-trend
US service sector slows in December as employment plummets
https://www.businesstimes.com.sg/international/us-service-sector-slows-december-employment-plummets
Gen Z real estate agents really want to sell you a house
https://www.businesstimes.com.sg/property/gen-z-real-estate-agents-really-want-sell-you-house
Short sellers see distress emerging in apartments as borrowing costs surge
https://www.businesstimes.com.sg/property/short-sellers-see-distress-emerging-apartments-borrowing-costs-surge
Asia-Pacific ‘highly exposed’ to climate change risks; Singapore the sole exception: Fitch
https://www.businesstimes.com.sg/international/asia-pacific-highly-exposed-climate-change-risks-singapore-sole-exception-fitch
Britain’s economy is ‘not working’. Here are 2 key reasons
https://www.straitstimes.com/business/economy/britain-s-economy-is-not-working-here-are-2-key-reasons
Canada job gains miss forecast but wage growth accelerates
https://www.businesstimes.com.sg/international/canada-job-gains-miss-forecast-wage-growth-accelerates
Xi’s solution for China’s economy risks triggering new trade war
https://www.businesstimes.com.sg/international/global/xis-solution-chinas-economy-risks-triggering-new-trade-war
https://www.straitstimes.com/business/xi-s-solution-for-china-s-economy-risks-triggering-new-trade-war
China’s retail property markets to benefit from consumption recovery as Beijing tops fourth quarter performance
https://www.scmp.com/business/article/3247448/chinas-retail-property-markets-benefit-consumption-recovery-beijing-tops-fourth-quarter-performance
Europe’s rent caps and red tape are threatening housing investment
https://www.businesstimes.com.sg/property/europes-rent-caps-and-red-tape-are-threatening-housing-investment
Eurozone inflation jumps, cooling case for ECB rate cuts
https://www.businesstimes.com.sg/international/eurozone-inflation-jumps-cooling-case-ecb-rate-cuts
https://www.channelnewsasia.com/business/eurozone-inflation-rises-29-december-4027341
Germany’s lost year is over but 2024 may not be much better
https://www.straitstimes.com/business/economy/germany-s-lost-year-is-over-but-2024-may-not-be-much-better
Hong Kong may take ‘year or two’ extra to return to budget surplus amid sluggish economy, reduced land sales: Paul Chan
https://www.scmp.com/news/hong-kong/hong-kong-economy/article/3247513/hong-kong-may-take-year-or-two-extra-return-budget-surplus-amid-sluggish-economy-reduced-land-sales
Hong Kong redevelopment authorities to give cash subsidies to properties owners for producing building maintenance manuals
https://www.scmp.com/news/hong-kong/health-environment/article/3247578/hong-kong-redevelopment-authorities-give-cash-subsidies-properties-owners-producing-building
Authorities must ensure halt to land sales is temporary
https://www.scmp.com/comment/opinion/article/3247593/authorities-must-ensure-halt-land-sales-temporary
Hong Kong property: residents face difficult decision whether to rent or buy this year
https://www.scmp.com/business/article/3247424/hong-kong-property-residents-face-difficult-decision-whether-rent-or-buy-year
Hong Kong staff demand 6% raise to return to office fully
https://www.businesstimes.com.sg/international/hong-kong-staff-demand-6-raise-return-office-fully
Japan to tap $33 million of budget reserves for earthquake response
https://www.channelnewsasia.com/business/japan-tap-33-million-budget-reserves-earthquake-response-4026841
Saudi Arabia cuts oil prices to Asia as market weakness persists
https://www.businesstimes.com.sg/international/saudi-arabia-cuts-oil-prices-asia-market-weakness-persists
Thai inflation outside central bank’s target for eight straight months
https://www.businesstimes.com.sg/international/thai-inflation-outside-central-banks-target-eight-straight-months
https://www.straitstimes.com/business/economy/thai-inflation-outside-central-banks-target-for-8-straight-months
Thailand expects 8 million Chinese tourists this year
https://www.businesstimes.com.sg/international/thailand-expects-8-million-chinese-tourists-year
UK retailers facing December disappointment as rain subdues store visits
https://www.businesstimes.com.sg/international/uk-retailers-facing-december-disappointment-rain-subdues-store-visits
UK house prices rise for first time in eight months
https://www.businesstimes.com.sg/property/uk-house-prices-rise-first-time-eight-months
UK mortgage price war set to cheer borrowers, pinch bank profits
https://www.businesstimes.com.sg/property/uk-mortgage-price-war-set-cheer-borrowers-pinch-bank-profits
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