Singapore Real Estate
Strata office deals inch up 1.8% to S$1.2 billion, average price climbs 15%
Sales of strata-titled office space recorded more-or-less flat growth in 2023, with transaction value up 1.8 per cent to S$1.2 billion, according to a report by Knight Frank. Some 309 deals were closed in the year, the same number as in 2022. But the number was down 9.6 per cent from the 342 sales transacted in 2021.
https://www.businesstimes.com.sg/property/strata-office-deals-inch-18-s12-billion-average-price-climbs-15-knight-frank
https://www.edgeprop.sg/property-news/strata-office-sales-dip-2h2023-strata-retail-volume-picks-knight-frank
Executive condo prices are stretching affordability limits. Is it time to refine the model?
Many young persons struggle in chasing private housing aspirations in Singapore. A cost-effective way for locals to get into private homeownership is to buy an executive condominium (EC). New EC units are way cheaper than comparable new condo units – by possibly over a third.
https://www.businesstimes.com.sg/opinion-features/executive-condo-prices-are-stretching-affordability-limits-it-time-refine-model
HDB approves 25% of appeals to waive 15-month waiting period for condo downgraders
The Housing and Development Board (HDB) has acceded to 25 per cent of appeals filed by private property owners seeking to waive the 15-month wait-out period ahead of their purchase of an HDB resale flat.
https://www.businesstimes.com.sg/property/hdb-approves-25-appeals-waive-15-month-waiting-period-condo-downgraders
2,000 vacated HDB homes in Tanglin Halt to be used as interim rental flats for families from 2025
About 2,000 vacated flats across 17 blocks in Tanglin Halt will form the bulk of extra supply of interim rental housing for families waiting for their new Build-To-Order (BTO) flats.
https://www.straitstimes.com/singapore/housing/2000-vacated-hdb-homes-in-tanglin-halt-to-be-used-as-interim-rental-flats-for-families-from-2025
https://www.channelnewsasia.com/singapore/tanglin-halt-flats-hdb-sers-temporary-pphs-family-housing-4099456
Singapore Economy
Singapore retail sales down 0.4% in December, reversing November’s gain
Singapore’s retail sales fell 0.4 per cent year on year in December, reversing the 2.4 per cent gain of the month before, as most industries recorded declines in sales. On a month-on-month, seasonally adjusted basis, retail sales fell 1.5 per cent, reversing from November’s 0.5 per cent rise, data from the Department of Statistics showed on Monday (Feb 5).
https://www.businesstimes.com.sg/singapore/singapore-retail-sales-down-04-december-reversing-novembers-gain
https://www.straitstimes.com/business/singapore-retail-sales-drop-04-in-december-reversing-november-s-rise
Red Sea attacks have led to ‘some delays’ in Singapore’s imports from Europe: Gan Kim Yong
Singapore: Attacks on vessels and tankers in the Rea Sea have caused “some delays” to Singapore’s imports from Europe, Trade and Industry Minister Gan Kim Yong said on Monday (Feb 5).
https://www.channelnewsasia.com/singapore/red-sea-attacks-some-delays-singapore-imports-europe-gan-kim-yong-4100836
Business News
CICT posts 1.7% rise in H2 DPU to S$0.0545
CapitaLand Integrated Commercial Trust (CICT) on Tuesday (Feb 6) posted a distribution per unit (DPU) of S$0.0545 for the second half ended December, up 1.7 per cent from S$0.0536 in the previous corresponding period.
https://www.businesstimes.com.sg/companies-markets/cict-posts-17-rise-h2-dpu-s00545
CapitaLand’s The Work Project ties up with Dexus to expand in Australia flex-office sector
The Work Project (TWP) – a flexible-working space operator majority-owned by CapitaLand Development (*see amendment note) – is partnering Australian property giant Dexus to form a 50:50 joint venture, The Work Project Sydney.
https://www.businesstimes.com.sg/companies-markets/capitalands-work-project-ties-dexus-expand-australia-flex-office-sector
https://www.scmp.com/business/article/3250887/partnerships-between-landlords-flexible-office-providers-will-kill-traditional-lease-business-model
Real estate veteran Chris Fossick steps down from top JLL role, joins board of UK firm Native Land
Chris Fossick has stepped down as JLL’s chief executive of JLL South-east Asia and joined the UK’s Native Land as a non-executive director. Native Land, a property development and investment company, has co-invested in properties together with Singapore’s Temasek, Hotel Properties Ltd and Malaysia’s Amcorp Properties Berhad.
https://www.businesstimes.com.sg/property/real-estate-veteran-chris-fossick-steps-down-top-jll-role-joins-board-uk-firm-native-land
https://www.edgeprop.sg/property-news/chris-fossick-steps-down-role-jll-southeast-asia-ceo
Global Economy & Real Estate
US services sector growth picks up in January: ISM survey
https://www.businesstimes.com.sg/international/us-services-sector-growth-picks-january-ism-survey
OECD raises global growth outlook on US strength
https://www.businesstimes.com.sg/international/global/oecd-raises-global-growth-outlook-us-strength
https://www.straitstimes.com/business/economy/oecd-raises-global-growth-outlook-on-us-strength
WeWork explores bankruptcy loan options amid landlord dispute
https://www.businesstimes.com.sg/property/wework-explores-bankruptcy-loan-options-amid-landlord-dispute
‘All is not well’ in China’s economy, Rhodium Group report warns, slamming Beijing’s lack of structural reform
https://www.scmp.com/economy/china-economy/article/3251009/all-not-well-chinas-economy-rhodium-group-report-warns-slamming-beijings-lack-structural-reform
China property developers Sunac, Cifi say projects get local government support
https://www.businesstimes.com.sg/property/china-property-developers-sunac-cifi-say-projects-get-local-government-support
https://www.scmp.com/business/banking-finance/article/3250968/china-property-sunac-country-garden-projects-among-property-developments-added-local-governments
Job worries sour mood for Chinese heading home for holidays
https://www.businesstimes.com.sg/international/job-worries-sour-mood-chinese-heading-home-holidays
Eurozone economy showing some signs of recovery
https://www.businesstimes.com.sg/international/eurozone-economy-showing-some-signs-recovery
Eurozone investor morale rises in February: survey
https://www.businesstimes.com.sg/international/eurozone-investor-morale-rises-february-survey
Real estate most distressed sector in Europe in 2023
https://www.businesstimes.com.sg/property/real-estate-most-distressed-sector-europe-2023
Hong Kong tax revenue could expand by US$1.28 billion under global minimum levy for corporations, official says
https://www.scmp.com/business/article/3251000/hong-kong-tax-revenue-could-expand-us128-billion-under-global-minimum-levy-corporations-official
Uncovering Hong Kong’s secret land grab at luxury estates
https://multimedia.scmp.com/infographics/news/hong-kong/article/3250772/unauthorised-structures/index.html
Indonesia economy grows 5.05% in 2023 amid falling exports, slowing consumption
https://www.businesstimes.com.sg/international/asean/indonesia-economy-grows-505-2023-amid-falling-exports-slowing-consumption
Japan Finance Minister Suzuki: Expects BOJ to work with govt on inflation target
https://www.channelnewsasia.com/business/japan-finance-minister-suzuki-expects-boj-work-govt-inflation-target-4102046
Japan’s January service activity surges on strong demand, weak yen
https://www.businesstimes.com.sg/international/japans-january-service-activity-surges-strong-demand-weak-yen
https://www.channelnewsasia.com/business/japans-january-service-activity-surges-strong-demand-weak-yen-4099181
Japan’s Dec real wages fall, but at slower pace
https://www.channelnewsasia.com/business/japans-dec-real-wages-fall-slower-pace-4101986
Malaysia property deals up 8.8% to RM142 billion in first three quarters of 2023
https://www.businesstimes.com.sg/international/asean/malaysia-property-deals-88-rm142-billion-first-three-quarters-2023
Thai inflation lowest in nearly three years, but central bank may hold rates
https://www.businesstimes.com.sg/international/asean/thai-inflation-lowest-nearly-three-years-central-bank-may-hold-rates
Thai PM says negative inflation a sign of weak economy as central bank seen holding rates
https://www.channelnewsasia.com/business/thai-pm-says-negative-inflation-sign-weak-economy-central-bank-seen-holding-rates-4099516
UK jobless rate in late-2023 much lower than earlier estimates
https://www.businesstimes.com.sg/international/uk-jobless-rate-late-2023-much-lower-earlier-estimates
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