Philips APAC Centre was the Dutch firm’s last industrial asset in Singapore
In today’s roundup of regional news headlines, electronics giant Philips concludes the previously announced sale of its APAC headquarters, Singaporeans rankle at rising housing costs, and Twitter walks away from its Asia HQ.
Philips Completes $76M Sale of APAC HQ to CapitaLand Ascendas REIT
Philips has completed the sale of its Asia Pacific headquarters in Singapore’s Toa Payoh area to CapitaLand Ascendas REIT for S$104.8 million ($76.2 million).
The sale price, which is equivalent to S$256.39 per square foot of the existing floor area based on independent calculations, translates to a 6 percent discount to the property’s independent market value of S$111.5 million. Read more>>
Singaporeans List Housing, Living Costs as Top Concerns in Poll
Singaporeans want the government to address housing affordability and cost-of-living issues better, according to a YouGov poll, underscoring concerns brought on by an influx of rich immigrants and high earners.
Two out of three people surveyed said the government should place greater focus on housing affordability, while 89 percent highlighted cost of living, according to the poll of 1,045 respondents. Read more>>
China’s Resale Home Transactions Leap 39% From December
Average daily resale home transactions in 50 Chinese cities in the first half of January were 39 percent higher than in December, reflecting early signs of recovery in the property sector, according to a survey by Beike Research Institute.
The number of homebuyer visits to housing showrooms and home sales, which represent demand, saw a significant pickup, the institute said. Read more>>
Twitter Tells Singapore Staff to Clear Desks, Work From Home
Workers at Twitter’s Asian headquarters in Singapore were told to empty out their desks and vacate the premises, said people familiar with the situation, as Elon Musk continues to pare expenses around the globe.
Twitter staff were informed via email Wednesday that they had until 5pm to leave CapitaLand’s CapitaGreen building and resume their duties remotely from Thursday, one of the people said, asking not to be named discussing private information. Singapore-based staffers have now been reassigned as remote workers in Twitter’s internal system until further notice, the person added. Read more>>
Singapore Property Investment Down in Q4 but Stronger for Full Year
Investment sales of Singapore property, covering big-ticket deals of at least S$10 million ($7.5 million), languished in the fourth quarter, according to separate figures from CBRE and Knight Frank.
Figures compiled by Knight Frank showed that real estate investment deals totalled S$4.5 billion in the latest quarter, down 22 percent compared with the preceding three months. But S$31.9 billion in investment sales of property were sealed in 2022, up 20.4 percent from S$26.5 billion in 2021. Read more>>
BCA Forecasts Singapore Construction Demand in 2023 to Hit S$27-32B
The value of construction contracts to be awarded in Singapore is projected to range from S$27 billion to S$32 billion ($20.3 billion to $24 billion) this year, the Building and Construction Authority said Thursday.
Analysts are also positive on the sector, even as it continues to face manpower constraints and disruptions from safety incidents. Read more>>
Homebuyers From China to Return Gradually to Singapore as Travel Curbs Ease
Chinese buyers are expected to return to Singapore’s housing market, albeit gradually, as border restrictions ease in China, according to Huttons Asia.
In a Wednesday report, the consultancy noted that the reopening of borders and removal of quarantine restrictions in China mean that countries in Asia Pacific — like Singapore, New Zealand and Malaysia — are likely to see a return of Chinese tourists and homebuyers. Read more>>
Greater Bay Area Home Sales Seen Jumping by Up to 25% This Year
Home sales in the Greater Bay Area will increase by 20 to 25 percent in 2023, supported by the relaxation of mainland China’s COVID-19 restrictions and the reopening of the border with Hong Kong, according to Cushman & Wakefield.
Total home transactions in the multi-city megalopolis around the Pearl River Delta will hit 500,000 in 2023, returning nearly to pre-pandemic levels as improving market sentiment fuels activity, especially in the second half of the year, the firm said Wednesday. Read more>>
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