Suddenly, property sector seem to be in need for some help de woh, why hah?

[k1976]

https://sg.yahoo.com/finance/news/p...ggles-to-sell-singapore-towers-040945241.html


Boss John, u call all your people back to office leh....please dun let JLB idle at home , thank u

 

[k1976]

https://sg.news.yahoo.com/singapore...-employees-flexi-time-requests-060230120.html

But dun know why , suddenly All JLB seem to be able to have "Flexible" work Arrangements?

 

[k1976]

PGIM Real Estate has been trying to sell a pair of prime office towers in Singapore since last year without success, people with knowledge of the matter said, the latest sign of the country’s softening property market.

Efforts to divest 78 Shenton Way in the central business district have stalled as prospective buyers bid below what the real estate manager bought it for, the people said, asking not to be identified discussing private information.

PGIM Real Estate acquired the 362,051 square foot (33,636 square meter) development in late 2018 for S$680 million ($498 million) from a private fund management arm of Keppel Ltd., according to press reports at the time.

A spokesperson for PGIM declined to comment.

Singapore office demand has stayed relatively resilient in recent years — avoiding the deep slump in markets such as the US — but some tenants are now paring space in the CBD to save costs. Office rents in the city state are expected to fall this year as occupancy slips from high levels, according to Bloomberg Intelligence.

Commercial property investment in Singapore fell almost 21% in the first quarter from the previous three months to S$1.3 billion, data compiled by Savills Research show. It expects the number and size of deals to remain below pre-pandemic levels even as borrowing costs dip.

The Singapore market recently suffered another blow when a deal by a Chinese commodities tycoon to acquire a shopping mall, which was set to be the largest commercial transaction in 2023, collapsed due to a regulatory snag.

PGIM Real Estate is a part of PGIM, the $1.3 trillion investment management business of Prudential Financial Inc. It manages more than $8 billion in Asia, out of $210 billion globally.

 

[k1976]

https://www.edgeprop.sg/property-news/far-east-shopping-centre’s-908-mil-en-bloc-deal-aborted

Far East Shopping Centre’s $908 mil en bloc deal aborted​

By Cecilia Chow
/ EdgeProp Singapore |
April 10, 2024 10:14 PM SGT

At $908 million, the sale of Far East Shopping Centre was the biggest en bloc deal of 2023 (Photo: Albert Chua/EdgeProp Singapore)

Rumours about Far East Shopping Centre’s en bloc deal have been swirling around for several months. It intensified in recent days when owners of Far East Shopping Centre, the 298-unit, strata-titled, mixed-use development at 545 Orchard Road, were said to have received a circular informing them that the $908 million en bloc deal has been rescinded.

Michael Tay, head of Singapore capital markets, CBRE, who brokered the sale could not be reached for comment.

The buyer, Glory Property Development, is said to have walked away after failing to get URA approval to redevelop the property under the Strategic Development Incentive (SDI) Scheme. Without the SDI Scheme, it would also not be able to obtain a 20% bonus gross floor area (GFA). Glory Property Development is an investment vehicle under the Singapore-registered mining and resources company Bright Ruby Resources, controlled by Chinese steel tycoon Du Shuanghua, the head of Rizhao Steel Corporation.

 

[k1976]

https://www.straitstimes.com/singap...es-at-w-singapore-sentosa-cove-slashes-prices

SINGAPORE - With prices slashed by over 40 per cent from its initial sales launch in 2010, a total of 65 units at The Residences at W Singapore Sentosa Cove were sold on April 15 and 16.

Around 3,200 visitors turned up for the viewings from April 10 to 14, said a spokesman for Cityview Place Holdings, which owns 203 units at the development.

Cityview, an associate of the condominium developer City Developments (CDL), released 58 units for sale on the first day, which saw 45 units sold, including four penthouses.

 

[k1976]

https://www.businesstimes.com.sg/property/more-homeowners-cash-out-property-prices-peak

More homeowners cash out as property prices peak​

Median profit for private homes held for a “relatively short” holding period also doubled to S$247,000 since 2019


https://subscribe.sph.com.sg/btpe-m..._source=bt&utm_content=subscribebutton-header

More homeowners cash out as property prices peak​

Median profit for private homes held for a “relatively short” holding period also doubled to S$247,000 since 2019

Ry-Anne Lim​

Published Thu, Feb 22, 2024 · 05:10 PM

Median profit for non-landed private homes, including executive condominiums, with a holding period of five years or less doubled to S$247,000 in 2023, from S$123,241 in 2019. PHOTO: YEN MENG JIIN, BT
Residential

MORE private homeowners in Singapore sold their properties last year, as home prices appear to have peaked and the white-hot real estate market eased after successive rounds of cooling measures.

According to data crunched for The Business Times by real estate consultancy Cushman & Wakefield, the total number of deals for non-landed private homes, including executive condominiums, with a holding period of five years or less nearly quadrupled to 2,507 in 2023, from 681 in 2019.

The proportion of such deals over all resales and subsales with a prior purchase history also rose to 28.9 per cent in 2023, from 27 per cent in 2022

 

[k1976]

https://www.reuters.com/markets/us/global-markets-view-usa-2024-04-17/

Banking, Housing, and Urban Affairs Committee hearing on Capitol Hill in Washington, U.S., March 7, 2024.

REUTERS/Tom Brenner/File... Purchas
e Licensing Rights, opens new tab Read more


A look at the day ahead in U.S. and global markets from Mike Dolan
There's no doubt there's a doubt about any U.S. interest rate cuts this year.

After weeks of market trepidation about stalling U.S. disinflation amid still-brisk economic growth, Federal Reserve top brass are making clear that this year's rate cut plans are on ice until further notice.

Even though Fed policymakers seemed to re-affirm their expectation of as many as three quarter-point cuts in 2024 as recently as last month, the picture has shifted considerably since.

 

[k1976]

Echoing a series of similar soundings from his colleagues in recent days, Fed Chair Jerome Powell late on Tuesday said stubborn inflation and a still-strong U.S. economy meant restrictive policy needed more time to work.

"The recent data have clearly not given us greater confidence and instead indicate that it's likely to take longer than expected to achieve that confidence," Powell told a forum in Washington, in what is likely to be his last public appearance before the April 30-May 1 policy meeting.

Fed futures are taking the message on board, with as little as 40 basis points of easing now priced for the whole year - less than two quarter-point cuts. Uncertainty about any rate cut before November's election has re-emerged and just 23bps of cuts are now in the price by the Sept 18 meeting.

But the relatively modest reaction of stocks and bonds so far to Powell's blunt message shows the extent to which rate cut doubts had already been sown in markets.
Two-year Treasury yields briefly topped 5% again, but have slipped back to 4.95% early on Wednesday.

The latest global fund manager survey from Bank of America showed a massive 20-percentage-point drop in overall allocations to bonds - the biggest monthly fall since 2003 -- leaving asset managers registering a net underweight position of 14%.