Singapore Real Estate
Ascott, CapitaLand Wellness Fund acquire Bugis hotel under lyf
The Ascott, Capitaland Investment‘s lodging business unit and CapitaLand Wellness Fund have jointly acquired a freehold hotel with each holding a 50 per cent stake in the property.
https://www.businesstimes.com.sg/companies-markets/ascott-capitaland-wellness-fund-acquire-bugis-hotel-under-lyf
Better year expected for S-Reits as data centre, hospitality players top volatile 2023
Market watchers are expecting fortunes to turn for Singapore-listed real estate investment trusts (S-Reits) in 2024, as interest rate fears abate amid signs of stabilising inflation. This comes after S-Reits faced volatile trading in 2023, with the yield-sensitive instrument heavily affected by changes in interest rate expectations through the year.
https://www.businesstimes.com.sg/companies-markets/better-year-expected-s-reits-ahead-data-centre-hospitality-players-top-volatile
Prime condo sales, prices drop in H2 2023 following ABSD hike
Sales and prices of Singapore’s prime residential properties suffered a hard landing in the second half of 2023, as sharply higher Additional Buyer’s Stamp Duty (ABSD) knocked the wind out of the high-end market.
https://www.businesstimes.com.sg/property/prime-condo-sales-prices-drop-h2-2023-following-absd-hike
Let local couples jointly own two private homes without incurring ABSD
Last year, an old contact told me at a property event that while she found the event insightful, she felt there were limited opportunities to invest in private homes here. My old contact could be spot on. A Singapore citizen pays Additional Buyer’s Stamp Duty (ABSD) of 20 per cent for buying a second home and 30 per cent for buying a third and subsequent home.
https://www.businesstimes.com.sg/opinion-features/let-local-couples-jointly-own-two-private-homes-without-incurring-absd
HDB resale prices end 2023 at all-time high despite market slowdown
Resale prices for Housing and Development Board (HDB) flats concluded 2023 at an all-time high as they rose 5.8 per cent in December 2023 from December 2022 levels, based on flash data from SRX and 99.co released on Monday (Jan 8).
https://www.businesstimes.com.sg/property/hdb-resale-prices-end-2023-all-time-high-despite-market-slowdown-srx-99co
https://www.straitstimes.com/singapore/housing/hdb-resale-prices-rise-06-per-cent-in-december-48-units-sold-for-at-least-1-million-each
Spacing out BTO launches could increase chances of getting a flat, but some may turn to resale market: Analysts
The spacing out of Build-to-Order (BTO) launches this year could increase applicants’ chances of getting a flat, but the longer wait between sales exercises may see some turn to the resale market, said property analysts.
https://www.channelnewsasia.com/singapore/hdb-bto-launches-2024-increased-chances-resale-market-4031661
Singapore Economy
President Tharman briefed by DPM Wong on projected returns from investing S’pore reserves
President Tharman Shanmugaratnam and the Council of Presidential Advisers were briefed on Jan 8 by Deputy Prime Minister and Finance Minister Lawrence Wong on the projected returns from investing Singapore’s reserves.
https://www.straitstimes.com/singapore/president-tharman-briefed-by-dpm-wong-on-projected-returns-from-investing-s-pore-reserves
KPMG, SBF call for Budget 2024 to enhance Singapore’s tax competitiveness, promote ESG
Budget 2024 is a chance for Singapore to reinforce its status as a hub for business, wealth management, and sustainability-linked investments, said the Singapore Business Federation (SBF) and professional services firm KPMG, at the release of joint recommendations on Monday (Jan 8).
https://www.businesstimes.com.sg/singapore/kpmg-sbf-call-budget-2024-enhance-singapores-tax-competitiveness-promote-esg
https://www.straitstimes.com/business/economy/sbf-kpmg-eye-new-tax-incentives-to-attract-businesses-in-budget-2024-wish-list
Companies’ Brief
AA Reit renews two master leases at Singapore properties
Aims Apac Reit (AA Reit) has renewed the master lease with Japanese logistic group Kintetsu World Express (KWE) for a new five-year term, and extended the master lease term with Cargill’s chocolate manufacturer Aalst Chocolate for a further 10 years.
https://www.straitstimes.com/business/aa-reit-renews-two-master-leases-at-singapore-properties
https://www.theedgesingapore.com/news/reits/aims-apac-reit-renews-master-leases-two-singapore-properties
Sabana Reit won’t convene requisitioned EGM as notice does not comply with requirements: manager
Sabana Industrial Real Estate Investment Trust (Sabana Reit) will not be convening an extraordinary general meeting (EGM), pursuant to a requisition notice from the Sabana Growth Internalization Committee, its manager announced on Monday (Jan 8).
https://www.businesstimes.com.sg/companies-markets/sabana-reit-wont-convene-requisitioned-egm-notice-does-not-comply-requirements
https://www.theedgesingapore.com/news/reits/sabana-reits-manager-says-sgics-requisition-egm-not-valid
Yanlord expects net losses for second half, full year in FY2023
Chinese property developer Yanlord Land Group expects to record net losses for the six months as well as full year ended Dec 31, 2023, it said in a Monday (Jan 8) bourse filing. The profit guidance announcement comes days after it announced a 52.5 per cent year-on-year fall in its total contracted pre-sales for FY2023 to 32.4 billion yuan (S$6 billion).
https://www.businesstimes.com.sg/companies-markets/yanlord-expects-net-losses-second-half-full-year-fy2023
https://www.theedgesingapore.com/capital/results/yanlord-land-issues-profit-warning-fy2023
Global Economy & Real Estate
US consumer borrowing surges on jump in credit card balances
https://www.businesstimes.com.sg/international/us-consumer-borrowing-surges-jump-credit-card-balances
Chinese billionaire is second-biggest foreign owner of US land
https://www.businesstimes.com.sg/international/chinese-billionaire-second-biggest-foreign-owner-us-land
Xi vows to deepen China’s sweeping anti-corruption crackdown
https://www.businesstimes.com.sg/international/xi-vows-deepen-chinas-sweeping-anti-corruption-crackdown
China hints at more easing with possible reserve ratio cut
https://www.businesstimes.com.sg/international/china-hints-more-easing-possible-reserve-ratio-cut
https://www.theedgesingapore.com/news/china-focus/chinas-central-bank-hints-reserve-ratio-cut-lenders
China’s retail sales to weaken this year as falling home prices, jobs outlook feed consumer insecurity: UBS
https://www.scmp.com/business/china-business/article/3247712/chinas-retail-sales-weaken-year-falling-home-prices-jobs-outlook-feed-consumer-insecurity-ubs
China seeks to bolster rental housing market amid property slowdown
https://www.scmp.com/economy/china-economy/article/3247698/china-seeks-bolster-rental-housing-market-amid-property-slowdown
Price wars break out among consumer brands in China as growth slows
https://www.businesstimes.com.sg/international/global/price-wars-break-out-among-consumer-brands-china-growth-slows
Eurozone economic confidence improves in sign of mild rebound
https://www.businesstimes.com.sg/international/eurozone-economic-confidence-improves-sign-mild-rebound
Europe’s property boom lowered inequality, ECB says
https://www.businesstimes.com.sg/property/europes-property-boom-lowered-inequality-ecb-says
German exports rise more than expected in November
https://www.businesstimes.com.sg/international/german-exports-rise-more-expected-november
Increasing Hong Kong public service charges won’t help to balance books, economists say, calling for focus on boosting business, land sales
https://www.scmp.com/news/hong-kong/hong-kong-economy/article/3247719/increasing-hong-kong-public-service-charges-wont-help-balance-books-economists-say-calling-focus
Hong Kong public housing provider predicts HK$4 billion deficit for rental operations in 4 years’ time, with officials eyeing rent increase
https://www.scmp.com/news/hong-kong/society/article/3247716/hong-kong-public-housing-provider-predicts-hk4-billion-deficit-rental-operations-4-years-time
Japan Nov household spending falls 2.9% year/year
https://www.channelnewsasia.com/business/japan-nov-household-spending-falls-29-year-year-4033416
Inflation in Tokyo keeps slowing, takes pressure off Bank of Japan
https://www.businesstimes.com.sg/international/inflation-tokyo-keeps-slowing-takes-pressure-bank-japan
Thai PM urges central bank to cut rates as inflation very low
https://www.businesstimes.com.sg/international/asean/thai-pm-urges-central-bank-cut-rates-inflation-very-low
https://www.channelnewsasia.com/business/thai-pm-says-central-bank-rate-hikes-no-good-economy-4031081
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