Singapore Real Estate
Potential Gillman Barracks housing would be sought after but must balance heritage, environment needs: Experts
Given Gillman Barracks’ central location and a lack of new housing options in the area, demand will likely be robust if it’s indeed developed into a residential neighbourhood, experts said. But any redevelopment must carefully consider the heritage and environmental value of the site, they added.
https://www.channelnewsasia.com/singapore/gillman-barracks-housing-demand-environment-heritage-value-4180771
Cuscaden Reserve gets ABSD deadline extension, relaunch prices start at S$2,900 psf
Marketing agents for luxury leasehold condo Cuscaden Reserve in District 10 have been dangling discounted offers starting from S$2,900 per square foot (psf), after an initial sales deadline to clear all unsold units in 2023 was extended to 2024.
https://www.businesstimes.com.sg/property/cuscaden-reserve-gets-absd-deadline-extension-relaunch-prices-start-s-2-900-psf
https://www.straitstimes.com/business/cuscaden-reserve-gets-absd-deadline-extension-relaunch-prices-start-at-2900-psf
Upgrading of private estates such as Frankel back on track after pandemic delay
Singapore – Having lived in Frankel estate for nearly two decades, retiree Chua Joo Bin, 72, is glad that his quiet East Coast enclave will be getting a multi-generational spruce-up. Besides upgraded drains that will double as footpaths and new estate markers for the enclave, the community park in Greenfield Drive will be upgraded with new playgrounds, exercise corners…
https://www.straitstimes.com/singapore/upgrading-of-private-estates-such-as-frankel-back-on-track-after-pandemic-delay
More landlords and tenants turn to Small Claims Tribunals to settle rental disputes
Singapore – The rental boom in recent years has led to a jump in landlords and tenants resorting to legal avenues to settle their disputes. In 2023, the Small Claims Tribunals (SCT) received 1,510 claims related to tenancy disputes – a 62 per cent increase from the 930 cases lodged in 2019, before the Covid-19 pandemic.
https://www.straitstimes.com/business/property/more-landlords-and-tenants-turn-to-small-claims-tribunals-to-settle-rental-disputes
New online portal to help people who need emergency housing during national crises
Singapore – People in sudden need of a place to stay during emergencies in Singapore will be able to tap an online portal that links them with people who are willing to open their homes. To be activated only during a national crisis, this initiative was announced by the Ministry of National Development (MND) and real estate platform Mogul.sg in a statement on March 8.
https://www.straitstimes.com/singapore/housing/new-online-portal-to-help-people-who-need-emergency-housing-during-national-crises
https://www.channelnewsasia.com/singapore/national-crisis-portal-homeowners-emergency-listing-4181326
Families awaiting BTO flats say $300 rental voucher inadequate; young couples welcome lower deposit
Singapore – After failing to secure an interim rental flat under the Parenthood Provisional Housing Scheme (PPHS), an assistant manager who wanted to be known only as Ms Peh resigned herself to renting a three-room flat in Ang Mo Kio for $2,900 a month in 2022.
https://www.straitstimes.com/singapore/housing/families-awaiting-bto-flats-say-300-rental-voucher-inadequate-young-couples-welcome-lower-deposit
Singapore Economy
The corporate tax contribution in sustaining Singapore’s social compact
When Budget 2024 was announced as the first instalment of plans for the Forward SG initiative, the instinct was that the new policies or policy shifts would aim at benefiting Singaporeans – workers, students, families, businesses and more.
https://www.businesstimes.com.sg/opinion-features/corporate-tax-contribution-sustaining-singapore-s-social-compact
Swift tour prompts economists to upgrade Singapore GDP forecast
Economists upgraded the first-quarter growth forecast for Singapore’s economy, with some attributing the gains in part to Taylor Swift’s Eras tour concerts. Gross domestic product (GDP) probably expanded 2.9 per cent in the three months ending Mar 31, the quickest pace in six quarters, according to the median estimate in a Bloomberg survey.
https://www.businesstimes.com.sg/singapore/swift-tour-prompts-economists-upgrade-singapore-gdp-forecast
https://www.scmp.com/news/asia/southeast-asia/article/3254611/singapore-gdp-forecast-gets-bump-taylor-swifts-eras-tour-concerts
As Swiftonomics sweeps through Singapore, small businesses say concerts a boon and a bane for them
Swiftonomics has swept through Singapore after the American pop star performed six sold-out shows here, but for small businesses, the spoils are not equally shared. While many have thrived in Taylor Swift’s presence — among them hotels and retailers that sell clothing and accessories popular with Swifties, there were also some that felt a swifter fall in business, especially for those located around the National Stadium where the concert was held.
https://www.channelnewsasia.com/singapore/taylor-swift-eras-tour-swiftonomics-singapore-businesses-hotels-accessories-clothing-restaurants-4184821
https://www.todayonline.com/singapore/swiftonomics-sweeps-through-singapore-small-businesses-say-concerts-boon-and-bane-them-2379011
https://www.scmp.com/news/asia/southeast-asia/article/3254842/singapore-some-small-businesses-lament-muted-impact-swiftonomics-not-right-audience
Business News
Unit of CapitaLand Ascott Reit trustee issues S$120 million of 3.7% notes due in 2029
The managers of CapitaLand Ascott Real Estate Investment Trust (CapitaLand Ascott Reit) and CapitaLand Ascott Business Trust said on Friday (Mar 8) that Ascott Reit MTN – a wholly-owned subsidiary of the trustee of CapitaLand Ascott Reit – has issued S$120 million of 3.69 per cent notes due Mar 15, 2029.
https://www.businesstimes.com.sg/companies-markets/unit-capitaland-ascott-reit-trustee-issues-s-120-million-3.7-notes-due-2029
https://www.theedgesingapore.com/news/reits/capitaland-ascott-trust-prices-120-mil-notes-due-2029
Property developer CDL launches share buyback exercise
City Developments Ltd (CDL) initiated share buybacks for its ordinary shares on the open market on Friday (Mar 8), citing its discounted share value as a reason. The property developer picked up 954,000 ordinary shares, or 0.11 per cent of its issued share capital, at an average price of S$5.75 a share for a total consideration of S$5.5 million.
https://www.businesstimes.com.sg/companies-markets/property-developer-cdl-launches-share-buyback-exercise
https://www.straitstimes.com/business/companies-markets/property-developer-cdl-launches-share-buyback-exercise
https://www.theedgesingapore.com/capital/insider-moves/cdl-initiates-share-buyback-programme-purchase-954000-ordinary-shares
Frasers Property to redeem S$600 million perpetual securities
Frasers Property’s wholly owned subsidiary, Frasers Property Treasury (FPT), is redeeming S$600 million fixed-rate subordinated perpetual securities. It will be redeemed at S$250,000 for every S$250,000 in nominal amount of the perpetual securities, together with distribution accrued to but excluding Apr 11, said Frasers Property on Monday (Mar 11).
https://www.businesstimes.com.sg/companies-markets/frasers-property-redeem-s-600-million-perpetual-securities
https://www.theedgesingapore.com/news/company-news/frasers-property-redeem-600-mil-perpetual-securities-under-5-bil-multicurrency
TA Corp receives buying interest for New World Centre units for S$43 million
TA Corporation said on Sunday (March 10) that it has received a letter of intent from a third-party purchaser which is interested in buying various units of New World Centre for a consideration of S$43 million.
https://www.businesstimes.com.sg/companies-markets/reits-property/ta-corp-receives-buying-interest-new-world-centre-units-s-43-million
https://www.straitstimes.com/business/companies-markets/ta-corp-receives-buying-interest-for-new-world-centre-units-for-43-million
https://www.theedgesingapore.com/news/property/ta-corp-receives-loi-new-world-centre-units-consideration-43-mil
Global Economy & Real Estate
WTO sees weak early 2024 trade pick-up, with geopolitical risks
https://www.businesstimes.com.sg/international/wto-sees-weak-early-2024-trade-pick-geopolitical-risks
A world of sticky inflation not good for macroeconomic environment: JPMorgan
https://www.businesstimes.com.sg/international/global/world-sticky-inflation-not-good-macroeconomic-environment-jpmorgan
US embrace of remote working empties offices, weighs on banks
https://www.businesstimes.com.sg/property/us-embrace-remote-working-empties-offices-weighs-banks
February US homebuying sentiment up for third consecutive month
https://www.businesstimes.com.sg/property/february-us-homebuying-sentiment-third-consecutive-month
Biden vows to raise taxes on wealthy, corporations in State of the Union address
https://www.businesstimes.com.sg/international/biden-vows-raise-taxes-wealthy-corporations-state-union-address
US Senate passes spending bill, averts imminent shutdown
https://www.businesstimes.com.sg/international/us-senate-passes-spending-bill-averts-imminent-shutdown1
https://www.straitstimes.com/world/us-senate-poised-to-pass-spending-package-averting-government-shutdown
Judge blocks US labour board rule on contract and franchise workers
https://www.businesstimes.com.sg/international/judge-blocks-us-labour-board-rule-contract-and-franchise-workers
US job growth accelerates; unemployment rate at two-year high of 3.9%
https://www.businesstimes.com.sg/international/global/us-job-growth-accelerates-unemployment-rate-two-year-high-3.9
https://www.straitstimes.com/business/us-employers-added-275000-jobs-in-february-exceeding-expectations
US mulls blacklisting CXMT to curb China’s chip advance: Bloomberg
https://www.businesstimes.com.sg/international/us-mulls-blacklisting-cxmt-curb-china-s-chip-advance-bloomberg
Canadian property investor with C$2.5 billion prowls in ‘mispriced’ marke
https://www.businesstimes.com.sg/property/canadian-property-investor-c-2.5-billion-prowls-mispriced-market
China reiterates stance that homes are not for speculation
https://www.businesstimes.com.sg/property/china-reiterates-stance-homes-are-not-speculation
China’s consumer prices swing up on seasonal Lunar New Year gains
https://www.businesstimes.com.sg/international/china-s-consumer-prices-swing-seasonal-lunar-new-year-gains
https://www.channelnewsasia.com/business/china-economy-consumer-prices-february-chinese-new-year-4183161
China says it will improve home sales in ‘forceful’, ‘orderly’ way
https://www.channelnewsasia.com/business/china-property-home-sales-evergrande-country-garden-4183491
Shanghai housing market’s downwards trend to continue amid low demand and expectations of further price declines, brokers say
https://www.scmp.com/business/china-business/article/3254748/shanghai-housing-markets-downwards-trend-continue-amid-low-demand-and-expectations-further-price
China ready to let some troubled property firms go bust: housing minister
https://www.scmp.com/news/china/article/3254809/china-ready-let-some-troubled-property-firms-go-bust-housing-minister
Some ECB policymakers float back-to-back June, July cuts: sources
https://www.businesstimes.com.sg/international/some-ecb-policymakers-float-back-back-june-july-cuts-sources
German industrial production rises for first time since April
https://www.businesstimes.com.sg/international/german-industrial-production-rises-first-time-april
https://www.straitstimes.com/business/economy/german-industrial-output-rebounds-in-january
Hong Kong issues new national security law bill with tougher jail terms
https://www.businesstimes.com.sg/international/hong-kong-issues-new-national-security-law-bill-tougher-jail-terms
Fears grow for Hong Kong’s finance-hub status under proposed security law
https://www.businesstimes.com.sg/international/fears-grow-hong-kong-s-finance-hub-status-under-proposed-security-law
Unlike Singapore, Hong Kong would not be able to pay for Taylor Swift concerts with taxpayer funds without disclosing amount: ex-city leader CY Leung
https://www.scmp.com/news/hong-kong/hong-kong-economy/article/3254789/unlike-singapore-hong-kong-would-not-be-able-pay-taylor-swift-concerts-taxpayer-funds-without
Revised Japan Q4 GDP data to show economy likely avoided recession
https://www.channelnewsasia.com/business/revised-japan-q4-gdp-data-show-economy-likely-avoided-recession-4180761
https://www.businesstimes.com.sg/international/global/japan-s-q4-annualised-gdp-revised-0.4-expansion
https://www.straitstimes.com/business/economy/japan-s-economy-avoids-recession-one-week-before-boj-meeting
Japan’s household spending falls most in almost three years
https://www.straitstimes.com/business/economy/japan-s-household-spending-falls-most-in-almost-three-years
https://www.channelnewsasia.com/business/japan-household-spending-logs-biggest-drop-35-months-january-4180031
Japan sustains current account surplus for full year
https://www.straitstimes.com/business/economy/japan-sustains-current-account-surplus-for-full-year
https://www.channelnewsasia.com/business/japan-sustains-current-account-surplus-full-year-4180096
Hong Kong hotel tax: proposed levy sparks concerns from hospitality sector but tourists unfazed
https://www.scmp.com/news/hong-kong/hong-kong-economy/article/3254813/hong-kong-hotel-tax-proposed-levy-sparks-concerns-hospitality-sector-tourists-unfazed
Taiwan Feb export growth slows on plunge in China demand
https://www.businesstimes.com.sg/international/taiwan-feb-export-growth-slows-plunge-china-demand
‘A perfect mess’: Thailand’s proposed cannabis crackdown steeped in political games and business owner anger
https://www.channelnewsasia.com/asia/cannabis-thailand-draft-bill-business-4176821
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