Singapore home prices eased in the July-September quarter
Singapore’s private home prices resumed their slide with a 0.7 percent drop in the third quarter, with that story leading today’s headline roundup. Also in the news, troubled developer Jiayuan is to be delisted from the Hong Kong bourse and the boss of 7-Eleven’s parent group tries to sell shareholders on splitting the company in two.
Singapore Private Home Prices Fell 0.7% in Q3
Prices of private residential property in Singapore fell 0.7 percent in the third quarter of 2024, figures released by the Urban Redevelopment Authority showed Friday.
This was a smaller fall than the 1.1 percent drop in the flash estimate by the agency earlier this month and reversed an increase of 0.9 percent in the previous quarter. Read more>>
Mainland Developer Jiayuan to Be Delisted From the HKEX
Chinese developer Jiayuan International said the Hong Kong stock exchange has decided its shares will be delisted on 29 October after the company did not meet guidelines for the shares to resume trading by an 18-month deadline.
Jiayuan was one of the first Chinese developers ordered by the Hong Kong court to liquidate since the sector slipped into a debt crisis in 2021, resulting in many company defaults. Read more>>
7-11 Owner Tells Investors Overhaul Could Double Sales
Seven & i Holdings’ plan to split in two and expand abroad will help the retailer almost double group revenue, CEO Ryuichi Isaka said in an appeal to shareholders as Alimentation Couche-Tard seeks to buy the Japanese convenience store operator.
The retailer aims to reach JPY 30 trillion ($197 billion) in group sales by fiscal 2030, up from JPY 17.7 trillion in 2023, with a greater contribution from convenience store operations in markets abroad. Read more>>
HMC Capital Aims to Launch Australia’s First Data Centre REIT
Acquisitive funds manager HMC Capital will launch Australia’s first data centre REIT after locking down the purchase of the local Global Switch business for A$1.94 billion ($1.28 billion), betting that it will pick up more work in local hands as the Chinese owners exit.
After securing the Sydney site, HMC is now trying to buy new sites in the US as part of its broader digital strategy and wants to launch what it calls a world-first style of trust on the Australian Securities Exchange to capitalise on the boom in the sector. HMC on Thursday undertook a A$300 million institutional placement to back the play. Read more>>
Korea’s Lotte to Invest $5B in Retail Expansion
Lotte Department Store is launching a long-term strategy to expand its investment in shopping malls. The company announced plans to invest KRW 7 trillion ($5 billion) by 2030 to expand its new shopping mall brand, Time Villas, which debuted at the Suwon branch, to a total of 13 locations.
At a press conference Wednesday at Lotte Hotel Seoul in the capital’s central Jung district, Lotte Department Store CEO Chung Joon-ho revealed the vision for Times Villas and a mid-to-long-term strategy for shopping malls. Read more>>
Singapore Industrial Rents, Capital Values Inched Upward in Q3
Prices and rental rates for industrial properties in Singapore increased marginally in the third quarter of 2024 as compared with the quarter before, according to JTC’s latest data released Thursday.
The price index of industrial properties for Q3 was up 0.5 percent compared with the prior quarter and up 2 percent year-on-year. Read more>>
Singapore’s URA to Review Land-Use Policies
Singapore’s Urban Redevelopment Authority will review its land-use policies and guidelines and engage businesses for a clearer picture of their needs and operating considerations in today’s changing economic landscape.
This was the announcement by Senior Minister of State for National Development Tan Kiat How on Thursday, when he launched an exhibition on Singapore’s decentralisation journey at The URA Centre. Read more>>
New Record Price Set for Singapore Executive Condo Site
An executive condominium site in Tampines Street 95 in northeastern Singapore drew strong participation from developers, with top bidder Sim Lian setting a new record for EC land with its offer of S$768 ($582) per square foot per plot ratio.
The Housing and Development Board tender for the hybrid public-private project that closed on Thursday attracted five bids. Market watchers had expected bids to come in at between S$650 and S$730 per square foot. Read more>>
Hong Kong Commercial Builders Face Pressure From Declining Market: Moody’s
Hong Kong developers are likely to report weak earnings this year and next despite recent stimulus measures, as the commercial market prepares for a supply glut and residents seek to splurge either on the mainland or overseas, according to ratings agency Moody’s.
The forecast comes a week after Chief Executive John Lee unveiled a more liberal mortgage-financing policy, which added to the optimism that was sparked by global central banks starting to cut interest rates. Read more>>
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