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Real Estate Daily News

17, 18 & 19 Sep 2022 (Sat, Sun & Mon)
2022

Singapore Real Estate

GuocoLand moves 508 units at Lentor Modern, or 84% of project at launch
GuocoLand has sold 508 units, 84 per cent of its Lentor Modern development’s 605 units, over 2 days during its launch weekend at prices ranging from S$1,856 to S$2,538 per square foot (psf).
https://www.businesstimes.com.sg/real-estate/guocoland-moves-508-units-at-lentor-modern-or-84-of-project-at-launch
https://www.straitstimes.com/business/property/lentor-modern-condo-in-ang-mo-kio-84-sold-over-launch-weekend

Trendale Tower latest prime condo to close en bloc tender with no bids
The collective sale tender for freehold residential site Trendale Tower, which was put up for sale at a guide price of S$178 million, closed on Tuesday (Sep 13) without any bids. The Business Times (BT) understands, however, that the sellers are in talks with some parties for private treaty negotiations.
https://www.businesstimes.com.sg/real-estate/trendale-tower-latest-prime-condo-to-close-en-bloc-tender-with-no-bids

LHN Group unit buys Pasir Panjang property to expand co-living business
LHN Group’s co-living brand Coliwoo has agreed to buy a Pasir Panjang property for S$30 million, as the group eyes an expansion of its co-living portfolio in Singapore. Announcing this in a bourse filing on Friday (Sep 16), the real estate management services company said the 404 Pasir Panjang Road property, which currently operates as Pasir Panjang Inn, a small hotel, will be turned into a co-living space.
https://www.businesstimes.com.sg/companies-markets/lhn-group-unit-buys-pasir-panjang-property-to-expand-co-living-business

Oxley Garden relaunched for en bloc sale with reserve price of S$200 million
Singapore: Oxley Garden has been relaunched for collective sale by tender at a reserve price of S$200 million, marketing agent JLL said on Monday (Sep 19). Built in the 1960s, the low-density residential development located near Orchard Road in District 9 consists of 46 walk-up apartments in six four-storey blocks, JLL said in a news release.
https://www.channelnewsasia.com/business/oxley-garden-en-bloc-orchard-road-district-9-collective-sale-tender-2948216

Haidilao co-founder Shi Yonghong buys Lee Wei Ling's Cluny Hill GCB for $50m
Singapore - Dr Lee Wei Ling, the daughter of the late founding prime minister Lee Kuan Yew, has sold her property in the Cluny Hill good class bungalow (GCB) area to Sichuan hot pot chain Haidilao International co-founder Shi Yonghong for $50 million, The Straits Times has learnt.
https://www.straitstimes.com/business/property/haidilao-co-founder-shi-yonghong-buys-dr-lee-wei-lings-cluny-hill-gcb-for-50-million

MOM launches workplace safety code of practice for company management
Singapore: Manpower Minister Tan See Leng on Monday (Sep 19) launched a code of practice that spells out the duties of company CEOs and directors on workplace safety and health, as well as reinforces their accountability for accidents at work.
https://www.channelnewsasia.com/singapore/workplace-safety-health-wsh-code-practice-director-ceo-mom-2948031
https://www.todayonline.com/singapore/code-practice-workplace-safety-1996521

Construction industry accounted for most workplace deaths in first half of 2022
Singapore - The construction sector accounted for the highest number of workplace deaths and major injuries in the first half of this year, while the overall number of workplace deaths here doubled to 28 from the previous six months.
https://www.straitstimes.com/singapore/construction-industry-contributed-most-workplace-deaths-in-first-half-of-2022

20% of Ang Mo Kio Sers households applied for new flats; 9 in 10 will be successful: HDB
Singapore - About 20 per cent of Ang Mo Kio households affected by the Selective En bloc Redevelopment Scheme (Sers) have applied for new flats in the May and August sales exercises, said the Housing Board on Friday.
https://www.straitstimes.com/singapore/housing/20-of-ang-mo-kio-sers-households-applied-for-new-flats-9-in-10-will-be-successful-hdb

 

Singapore Economy

MAS and Indian regulator to collaborate on fintech innovations
The Monetary Authority of Singapore (MAS) and India’s International Financial Services Centres Authority (IFSCA) have signed a co-operation agreement to facilitate regulatory collaboration and partnership in fintech.
https://www.businesstimes.com.sg/government-economy/mas-and-indian-regulator-to-collaborate-on-fintech-innovations
https://www.straitstimes.com/asia/south-asia/singapore-india-sign-agreement-for-fintech-firms-to-market-test-products

Singapore, Cambodia agree to deepen clean energy cooperation
Singapore and Cambodia have agreed to cooperate to advance solutions relating to clean energy due to the countries’ shared interest, the two governments said in a joint statement on Friday (Sep 16).
https://www.businesstimes.com.sg/government-economy/singapore-cambodia-agree-to-deepen-clean-energy-cooperation

Weaker electronics exports to weigh on Singapore NODX in coming months: economists
The slowdown in Singapore’s electronics shipments, which in August contracted for the first time in nearly 2 years, is likely to continue weighing on the city-state’s non-oil domestic exports (NODX) in the coming months, economists said.
https://www.businesstimes.com.sg/government-economy/weaker-electronics-exports-to-weigh-on-singapore-nodx-in-coming-months-economists

Singapore dollar may become rare global winner as MAS tightens
Singapore - The Singapore dollar has established itself as Asia's most resilient currency against the US dollar this year, and some strategists are betting on more strength if price pressures force the nation's central bank to tighten its exchange rate policy again next month.
https://www.straitstimes.com/business/economy/singapore-dollar-may-become-rare-global-winner-as-mas-tightens
https://www.businesstimes.com.sg/banking-finance/singapore-dollar-may-become-rare-global-winner-as-mas-tightens

Privatisation offers continue, but shareholders increasingly discerning
Weak market sentiment and depressed stock market valuations are motivating substantial shareholders to take Singapore-listed companies private, with 10 such deals announced this year – continuing a multi-year trend.
https://www.businesstimes.com.sg/companies-markets/privatisation-offers-continue-but-shareholders-increasingly-discerning

 

Update on COVID-19 (Coronavirus Disease 2019) situation

Singapore reports almost 2,500 more deaths than usual during pandemic, majority directly due to Covid-19: MOH
Singapore — Singapore reported 2,490 "excess deaths" during the Covid-19 pandemic, with three-fifths directly attributed to the disease while the rest were due to illnesses that were aggravated by the coronavirus.
https://www.todayonline.com/singapore/covid-19-deaths-singapore-moh-mortality-report-1996176

WHO 'strongly advises against' use of two Covid treatments
Two Covid-19 antibody therapies are no longer recommended by the World Health Organization (WHO), on the basis that Omicron and the variant's latest offshoots have likely rendered them obsolete.
https://www.todayonline.com/world/who-strongly-advises-against-use-two-covid-treatments-1994566

*For more information, please visit the Ministry of Health (MOH) website at www.moh.gov.sg and refer to go.gov.sg/mohupdates for updates on the COVID-19 (Coronavirus Disease 2019) situation

 

Global Economy & Global Real Estate

History shows no example of hiking US rates too fast, Summers says
https://www.businesstimes.com.sg/government-economy/history-shows-no-example-of-hiking-us-rates-too-fast-summers-says

US consumers’ long-term inflation expectations dip to lowest since mid-2021
https://www.businesstimes.com.sg/government-economy/us-consumers-long-term-inflation-expectations-dip-to-lowest-since-mid-2021

Credit Suisse finances collateralised loan obligations in wager on UK real estate
https://www.businesstimes.com.sg/real-estate/credit-suisse-finances-collateralised-loan-obligations-in-wager-on-uk-real-estate

UK retail sales plunge, underlining risk of recession
https://www.businesstimes.com.sg/consumer/uk-retail-sales-plunge-underlining-risk-of-recession
https://www.straitstimes.com/business/economy/uk-retail-sales-plunge-underlining-risk-of-recession

UK plans to cut business energy rates in half in bailout package
https://www.businesstimes.com.sg/government-economy/uk-plans-to-cut-business-energy-rates-in-half-in-bailout-package

Italy approves new 14 billion euros aid package against inflation
https://www.businesstimes.com.sg/government-economy/italy-approves-new-14-billion-euros-aid-package-against-inflation

Australian home buyers could benefit from higher rates: RBA
https://www.businesstimes.com.sg/real-estate/australian-home-buyers-could-benefit-from-higher-rates-rba

China needs more than fiscal and monetary support to get its economy buzzing again
https://www.businesstimes.com.sg/global-enterprise/china-needs-more-than-fiscal-and-monetary-support-to-get-its-economy-buzzing-again

China’s economy perks up but property crisis worsens
https://www.businesstimes.com.sg/government-economy/chinas-economy-perks-up-but-property-crisis-worsens

China’s property sector contracts further with prices, sales falling
https://www.businesstimes.com.sg/real-estate/chinas-property-sector-contracts-further-with-prices-sales-falling

China households could cut property assets in 127 trillion yuan shift
https://www.businesstimes.com.sg/real-estate/china-households-could-cut-property-assets-in-127-trillion-yuan-shift

As Hong Kong’s office leasing activity stutters, a renewed call to lift quarantine restrictions
https://www.businesstimes.com.sg/real-estate/as-hong-kongs-office-leasing-activity-stutters-a-renewed-call-to-lift-quarantine

Hong Kong set for fiscal deficit that’s double estimate: financial secretary
https://www.businesstimes.com.sg/government-economy/hong-kong-set-for-fiscal-deficit-thats-double-estimate-financial-secretary

Hong Kong’s home prices set to hit 5-year low as rates bite
https://www.businesstimes.com.sg/real-estate/hong-kongs-home-prices-set-to-hit-5-year-low-as-rates-bite

China Vanke’s unit seeks up to HK$6.2b in Hong Kong IPO
https://www.businesstimes.com.sg/real-estate/china-vankes-unit-seeks-up-to-hk62b-in-hong-kong-ipo
https://www.straitstimes.com/business/companies-markets/china-vankes-unit-seeks-up-to-11b-in-hong-kong-ipo-with-temasek-among-investors

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