Singapore Real Estate
First GLS site in Toa Payoh in eight years attracts $968 mil bid from CDL, Frasers Property, and Sekisui House
Three major property developers banded together to submit the highest bid for a Government Land Sales (GLS) site at Lorong 1 Toa Payoh. Property giants City Developments Ltd (CDL), Frasers Property, and Sekisui House jointly submitted the $968 million tender for the 1.57ha site located at the junction of Lorong 1 and Lorong 4 Toa Payoh. This translates to a land rate of $1,360 psf per plot ratio (ppr).
https://www.edgeprop.sg/property-news/first-gls-site-toa-payoh-eight-years-attracts-968-mil-bid-cdl-frasers-property-and-sekisui-house
MCL Land JVs top bids for Clementi, Pine Grove plots at URA tender
Separate joint ventures (JVs) involving MCL Land emerged as the highest bidders for two of the three 99-year leasehold private housing sites on offer at a state land tender that closed on Tuesday (Nov 7).
https://www.businesstimes.com.sg/property/mcl-land-jvs-top-bids-clementi-pine-grove-plots-ura-tender
https://www.edgeprop.sg/property-news/clementi-avenue-1-gls-site-receives-six-bids-highest-bid-1250-psf-ppr
More homes planned in central locations like Pearl’s Hill, Marina South to let more people enjoy city living
Singapore: For the first time in 40 years, public housing flats will be launched in the Pearl’s Hill area near Chinatown. This is part of the government’s efforts to provide more housing types in central locations and rejuvenate the city centre into lively mixed-use districts.
https://www.channelnewsasia.com/singapore/more-homes-planned-central-locations-city-centre-pearls-hill-marina-south-city-living-plans-3900181
Singapore Economy
Real median income in Singapore falls 4.5% in first half of 2023 due to inflation, weaker outlook
Real median income in Singapore fell 4.5 per cent in the first half of 2023, compared with the same period in 2022, based on preliminary estimates. This was due to elevated inflation and a weaker economic outlook, Senior Minister of State for Manpower Zaqy Mohamad told Parliament on Tuesday (Nov 7).
https://www.businesstimes.com.sg/singapore/real-median-income-singapore-falls-45-first-half-2023-due-inflation-weaker-outlook
https://www.straitstimes.com/singapore/politics/real-median-income-in-s-pore-falls-45-in-first-half-of-2023-due-to-inflation
https://www.channelnewsasia.com/singapore/real-median-income-fall-lower-wage-workers-3902441
WP’s cost of living motion passed in parliament after significant amendments by PAP
Singapore: A motion on the cost of living in Singapore, tabled by the opposition Workers’ Party (WP), was passed in parliament on Tuesday (Nov 7) but only after three significant amendments from the People’s Action Party (PAP).
https://www.channelnewsasia.com/singapore/cost-living-motion-wp-parliament-amendments-pap-3903981
https://www.todayonline.com/singapore/wps-cost-living-motion-passed-parliament-after-significant-amendments-pap-2299691
https://www.straitstimes.com/singapore/politics/house-debates-proposals-to-ease-cost-of-living-pressures-govt-stresses-it-will-do-more-if-needed
Singapore retains world No 2 spot on talent competitiveness index, ranks first in Asia-Pacific
Singapore has retained its position as the world’s second most talent-competitive country and the top spot in the Asia-Pacific region. This is according to the 2023 Global Talent Competitiveness Index (GTCI) report by business school Insead.
https://www.businesstimes.com.sg/singapore/economy-policy/singapore-retains-world-no-2-spot-talent-competitiveness-index-ranks-first
Companies’ Brief
Keppel Reit prices S$200 million 3.72% notes due 2026
Keppel Reit has priced S$200 million notes with a fixed coupon rate of 3.72 per cent per annum due 2026, the Reit manager announced in a bourse filing on Tuesday (Nov 7).
https://www.businesstimes.com.sg/companies-markets/keppel-reit-prices-s200-million-372-notes-due-2026
https://www.straitstimes.com/business/companies-markets/keppel-reit-prices-200-million-372-notes-due-2026
https://www.theedgesingapore.com/news/reits/keppel-reit-prices-200-million-notes-due-2026
Lendlease Global Reit posts 99.9% committed portfolio occupancy for Q1
Lendlease Global Commercial Reit (Lendlease Global Reit) on Tuesday (Nov 7) posted a committed portfolio occupancy of 99.9 per cent for the first quarter ended Sep 30, unchanged from the previous quarter.
https://www.businesstimes.com.sg/companies-markets/lendlease-global-reit-posts-999-committed-portfolio-occupancy-q1
https://www.straitstimes.com/business/companies-markets/lendlease-global-reit-posts-999-committed-portfolio-occupancy-for-q1
Sabana Reit trustee picks advisers, weighs retaining interim manager staff amid internalisation
The trustee of Sabana Industrial Real Estate Investment Trust (Sabana Reit) is looking at the feasibility of potentially acquiring existing assets and retaining the existing staff of the interim manager.
https://www.businesstimes.com.sg/companies-markets/sabana-reit-trustee-picks-advisers-weighs-retaining-interim-manager-staff-amid
Savills deputy MD Galven Tan resigns; will join Knight Frank as CEO
Galven Tan, deputy managing director of investment sales and capital markets at Savills Singapore, resigned from the property consultancy with immediate effect on Tuesday (Nov 7) to take up a new post as chief executive officer at rival Knight Frank Singapore.
https://www.businesstimes.com.sg/property/savills-deputy-md-galven-tan-resigns-will-join-knight-frank-ceo
WeWork files for bankruptcy in US, no plans to downsize or shut Singapore locations
It will be business as usual at WeWork Singapore’s 14 locations, even as the co-working giant files for bankruptcy protection in the United States. WeWork has filed for a Chapter 11 petition under the US Bankruptcy Code, which will involve rationalising its commercial office lease portfolio and improving its balance sheet.
https://www.businesstimes.com.sg/property/wework-files-bankruptcy-us-no-plans-downsize-or-shut-singapore-locations
https://www.straitstimes.com/business/wework-says-singapore-operations-not-affected-for-now-no-plans-to-cut-staff
https://www.todayonline.com/singapore/business-usual-wework-singapore-customers-will-not-be-impacted-us-bankruptcy-filing-2299226
https://www.channelnewsasia.com/singapore/business-usual-wework-singapore-customers-staff-will-not-be-impacted-us-bankruptcy-filing-3903031
Global Economy & Real Estate
US Fed official expects further rate hike needed
https://www.straitstimes.com/business/economy/us-fed-official-expects-further-rate-hike-needed
US trade gap widens in September as imports rise more than exports
https://www.businesstimes.com.sg/international/us-trade-gap-widens-september-imports-rise-more-exports
US homebuilder DR Horton profit falls as high mortgage rates hit demand
https://www.businesstimes.com.sg/property/us-homebuilder-dr-horton-profit-falls-high-mortgage-rates-hit-demand
IMF upgrades China’s 2023, 2024 GDP growth forecasts
https://www.businesstimes.com.sg/international/global/imf-upgrades-chinas-2023-2024-gdp-growth-forecasts
https://www.channelnewsasia.com/business/imf-upgrades-chinas-2023-2024-gdp-growth-forecasts-3903091
https://www.scmp.com/economy/china-economy/article/3240668/china-gdp-imf-revises-2023-2024-economic-growth-outlooks-calls-hastened-action-fix-property-sector
China’s exports record bigger slump than expected in October
https://www.businesstimes.com.sg/international/chinas-exports-record-bigger-slump-expected-october
https://www.straitstimes.com/business/china-s-imports-unexpectedly-grow-in-oct-exports-extend-declines
https://www.channelnewsasia.com/business/china-import-grew-october-exports-contract-3902506
https://www.scmp.com/economy/economic-indicators/article/3240637/china-trade-4-takeaways-octobers-data-export-growth-sluggish-amid-soft-demand-imports-positive
China’s housing slump shrinks role as growth driver, research says
https://www.businesstimes.com.sg/property/chinas-housing-slump-shrinks-role-growth-driver-research-says
ECB tells banks to factor in further drop in property prices
https://www.businesstimes.com.sg/property/ecb-tells-banks-factor-further-drop-property-prices
IMF warns of inflation risks as central Europe hammers out 2024 wage deals
https://www.businesstimes.com.sg/international/imf-warns-inflation-risks-central-europe-hammers-out-2024-wage-deals
Hong Kong financial chief revises down this year’s GDP growth to more than 3%
https://www.businesstimes.com.sg/international/global/hong-kong-financial-chief-revises-down-years-gdp-growth-more-3
Hongkongers earned 4% more this year, but inflation cut bump down to 1.8% – and 2024 will be worse, report says
https://www.scmp.com/news/hong-kong/hong-kong-economy/article/3240616/real-wage-growth-hong-kong-slow-down-2024-city-still-beats-out-singapore-year-due-lower-inflation
Japan business mood improves, but global stress dims outlook: Reuters Tankan
https://www.straitstimes.com/business/economy/japan-business-mood-improves-but-global-stress-dims-outlook-reuters-tankan
https://www.channelnewsasia.com/business/japan-business-mood-improves-global-stress-dims-outlook-reuters-tankan-3905111
Malaysia factory output down 0.5% in September, worse than forecast
https://www.businesstimes.com.sg/international/asean/malaysia-factory-output-down-05-september-worse-forecast
Russians lose taste for suddenly pricey Dubai property
https://www.businesstimes.com.sg/property/russians-lose-taste-suddenly-pricey-dubai-property
Taiwan’s exports fell in October, tempering earlier signs of optimism
https://www.businesstimes.com.sg/international/taiwans-exports-fell-october-tempering-earlier-signs-optimism
UK home prices defy pressure with more buyers than houses on sale
https://www.businesstimes.com.sg/property/uk-home-prices-defy-pressure-more-buyers-houses-sale
UK job market remains sluggish in October, KPMG/REC survey shows
https://www.straitstimes.com/business/economy/uk-job-market-remains-sluggish-in-october-kpmgrec-survey-shows
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