Singapore Real Estate
MND boosts private housing supply on confirmed list by 5.6% to 5,450 units in H1 2024
For the seventh time in a row, the government has increased its land supply for private homes under the confirmed list of the half-yearly Government Land Sales (GLS) programme.
https://www.mnd.gov.sg/newsroom/press-releases/view/housing-supply-further-ramped-up-in-1h2024-government-land-sales-(gls)-programme-with-highest-housing-supply-on-confirmed-list-since-2h2013
https://www.businesstimes.com.sg/property/mnd-boosts-private-housing-supply-confirmed-list-56-5450-units-h1-2024
https://www.edgeprop.sg/property-news/1h2024-gls-potential-5450-units-confirmed-list-reflects-calibrated-56-increase
River Valley, Queenstown, Pasir Ris housing sites among top draws in H1 2024 land sales
Ten new sites will be on offer under the Government Land Sales (GLS) programme for private residential housing in the first half of 2024. Eight are on the confirmed list, and two on the reserve list.
https://www.businesstimes.com.sg/property/river-valley-queenstown-pasir-ris-housing-sites-among-top-draws-h1-2024-land-sales
https://www.straitstimes.com/business/third-long-stay-serviced-apartments-site-in-one-north-as-govt-raises-supply-of-private-homes
https://www.edgeprop.sg/property-news/1h2024-gls-first-private-housing-site-bayshore-unveiled-reserve-list
Singapore Economy
Singapore, China reaffirm close ties, discuss cooperation in emerging areas
Singapore’s Deputy Prime Minister Lawrence Wong and Chinese Premier Li Qiang on Wednesday (Dec 6) discussed opportunities for bilateral cooperation in the digital economy, renewable and clean energy, and other emerging areas.
https://www.businesstimes.com.sg/singapore/singapore-china-reaffirm-close-ties-discuss-cooperation-emerging-areas
https://www.todayonline.com/singapore/china-singapore-affirm-close-ties-lawrence-wong-beijing-2319696
https://www.scmp.com/week-asia/politics/article/3244055/new-era-singapore-china-ties-lawrence-wong-eyes-stronger-partnership-beijing-trip
MAS publishes code of conduct for ESG rating and data providers
Singapore has published a code of conduct for environmental, social and governance (ESG) rating and data providers, as well as a checklist for providers to self-attest their compliance to the code.
https://www.businesstimes.com.sg/esg/mas-publishes-code-conduct-esg-rating-and-data-providers
https://www.straitstimes.com/singapore/mas-publishes-code-of-conduct-for-providers-of-esg-rating-and-data-products
CPF interest rates for Special, MediSave and Retirement accounts raised to 4.08%
Central Provident Fund (CPF) members’ savings in their Special and MediSave Accounts (SMA) will generate interest at a rate of 4.08 per cent from Jan 1, 2024, to Mar 31, 2024, from 4.04 per cent previously.
https://www.businesstimes.com.sg/singapore/cpf-interest-rates-special-medisave-and-retirement-accounts-raised-408
https://www.straitstimes.com/singapore/interest-rates-for-cpf-retirement-special-and-medisave-accounts-to-go-up-to-408-in-q1-2024
https://www.channelnewsasia.com/singapore/cpf-interest-rate-special-medisave-retirement-accounts-q1-2024-3968621
Companies’ Brief
CLCT divests CapitaMall Shuangjing in Beijing for 842 million yuan
CapitaLand China Trust (CLCT) is divesting its entire equity interest in a special purpose vehicle that holds its mall in Beijing, CapitaMall Shuangjing, for 842 million yuan (S$157.8 million). Based on the asset’s net property income from Jan 1, 2023, to Sep 30, 2023, this price tag represents an exit yield of 2.8 per cent.
https://www.businesstimes.com.sg/companies-markets/clct-divests-capitamall-shuangjing-beijing-842-million-yuan
https://www.straitstimes.com/business/clct-divests-capitamall-shuangjing-in-beijing-for-1578-million
https://www.theedgesingapore.com/news/reits/clct-net-rmb6907-million-divestment-beijing-mall
Keppel Infrastructure Trust obtains $50 mil term loan
The manager of Keppel Infrastructure Trust (KIT) has announced it has obtained a $50 million term loan facility on Dec 6. The agreement contains the caveat that all outstanding loans will have to be repaid immediately should the manager cease to be wholly-owned by Keppel Capital Holdings (KCH) or Keppel Corporation and should an entity that is not wholly-owned by KCH or Keppel be appointed as its replacement.
https://www.theedgesingapore.com/news/company-news/keppel-infrastructure-trust-obtains-50-mil-term-loan
Maybank cuts target price for LHN to 45 cents from 54 cents
LHN’s lower-than-expected core patmi has prompted Maybank Securities analysts to cut their target price from 54 cents to 45 cents. Nonetheless, given the “undemanding” valuation now, analysts Li Jialin and Eric Ong have maintained their “buy” call.
https://www.theedgesingapore.com/capital/brokers-calls/maybank-cuts-target-price-lhn-45-cents-54-cents
Global Economy & Real Estate
Yellen says markets anticipating Fed moves can be ‘helpful complement’ to monetary policy
https://www.businesstimes.com.sg/international/yellen-says-markets-anticipating-fed-moves-can-be-helpful-complement-monetary-policy
US trade deficit widens in October on weak exports
https://www.businesstimes.com.sg/international/us-trade-deficit-widens-october-weak-exports
US third-quarter productivity revised higher; labour costs much weaker
https://www.businesstimes.com.sg/international/us-third-quarter-productivity-revised-higher-labour-costs-much-weaker
US mortgage rate drops to four-month low, boosting refinancing
https://www.businesstimes.com.sg/property/us-mortgage-rate-drops-four-month-low-boosting-refinancing
Australian economy surprisingly slows as high rates damp spending
https://www.straitstimes.com/business/australian-economy-surprisingly-slows-as-high-rates-damp-spending
China’s exports slump seen slowing as pockets of demand emerge: Reuters poll
https://www.channelnewsasia.com/business/chinas-exports-slump-seen-slowing-pockets-demand-emerge-reuters-poll-3968881
Shenzhen developer’s bond saga shows limit of state support
https://www.businesstimes.com.sg/property/shenzhen-developers-bond-saga-shows-limit-state-support
https://www.scmp.com/business/markets/article/3244106/chinas-high-yield-property-bonds-hand-investors-22-loss-2023-developer-defaults-continue
Moody’s cuts Hong Kong, Macau and bank rating outlooks following China move
https://www.straitstimes.com/business/moody-s-cuts-hong-kong-macau-and-bank-rating-outlooks-following-china-move
https://www.businesstimes.com.sg/international/moodys-downgrades-hong-kong-rating-outlook-negative
https://www.channelnewsasia.com/business/hong-kong-economy-moodys-cuts-outlook-3969546
https://www.scmp.com/news/hong-kong/hong-kong-economy/article/3244118/hong-kong-hits-back-unfounded-comments-after-ratings-agency-moodys-downgrades-credit-outlook
Two of London’s most expensive mansions are struggling to sell
https://www.businesstimes.com.sg/international/global/two-londons-most-expensive-mansions-are-struggling-sell
Malaysia attracted $48.2 billion of approved investments in first nine months of 2023
https://www.channelnewsasia.com/business/malaysia-attracted-482-billion-approved-investments-first-nine-months-2023-3969191
Sweden to deepen cooperation with South-east Asia in new trade strategy
https://www.straitstimes.com/singapore/sweden-to-deepen-cooperation-with-south-east-asia-in-new-trade-strategy
Thai business group keeps 2023 growth forecast at 2.5%-3.0%
https://www.channelnewsasia.com/business/thai-business-group-keeps-2023-growth-forecast-25-30-3968866
UK coping with higher rates for now but risks lie ahead: BOE
https://www.businesstimes.com.sg/international/uk-coping-higher-rates-now-risks-lie-ahead-boe
UK construction sector contracts sharply in November: PMI
https://www.businesstimes.com.sg/property/uk-construction-sector-contracts-sharply-november-pmi
UK landlords battered by higher rates are selling their properties
https://www.businesstimes.com.sg/property/uk-landlords-battered-higher-rates-are-selling-their-properties
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