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• 根據貿工部 (MTI) 的 2021 年第二季經濟調查，新加坡經濟在 2021 年第二季按年 (y-o-y) 成長 14.7%。經季節性調整後，2021 年第二季新加坡經濟實際收縮 1.8%，而 2021 年第一季則錄得 3.3%。.
• 製造業繼續帶動新加坡經濟復甦，半導體製造商和電子公司的分包商從全球晶片短缺中獲益。精密工程和電子產業分別錄得 24.3% 和 18.3% 的按年增長。運輸工程和化學產業分別錄得 29.6% 和 20.1% 的年成長率，但這些數字卻被運輸工程和化學產業的顯著成長所掩蓋，儘管這主要是由於 2020 年的低基數效應所致。.

本文原載於 https://www.knightfrank.com/

• Prices of non-landed private residential properties (excluding Executive Condominiums (ECs)) grew by a marginal 0.5% quarter-on-quarter (q-o-q) in Q3 2021** to 159.6, with transactions in the Rest of Central Region (RCR) being the main contributor to the rise. The quarterly increase was moderated when compared to Q1 and Q2 2021, where the index grew by 2.5% and 1.1% respectively.
• There were 7,103 non-landed private homes (excluding ECs) transactions in Q3 2021*, a slight 1.4% decrease q-o-q. While both Q2 and Q3 2021 included periods where Singapore was in or reverted to Phase 2 (Heightened Alert), quarterly sales volume largely held up above a respectable 7,000 units. Especially when compared to an average of about 4,162 units during the pre-pandemic year of 2019*.

本文原載於 https://www.knightfrank.com/

• Keeping with the general upbeat pace of deals in the real estate market, the third quarter recorded some S$7.5 billion of investment deals, with 49.7% contributed by transactions in the public sector. This transaction volume represents a 38.7% quarter-on-quarter (q-o-q) increase from the S$5.4 billion in the previous quarter, and a 58.1% year-on-year (y-o-y) growth from the S$4.8 billion in the same period last year.
• The bulk of investment volume in Q3 was driven by the sale of four Government Land Sales (GLS) sites, with the award of the Marina View reserve site at S$1.5 billion being the top land sale, followed by the Jalan Anak Bukit parcel at S$1.0 billion. With frenzied bidding at certain recent GLS tenders, other land-hungry developers may shift their focus towards the greater diversity offered by smallersized plots in a variety of locations, such as sites with more palatable quantums where owners are attempting a collective sale. With the seal of the Flynn Park collective sale deal at S$371 million or S$1,355 psf ppr, this could cause a ripple effect in the en bloc market given that many owners are keen to collectively sell their ageing units. As such, projects in the range of S$600 million and below with about 600 units might just find willing buyers.

本文原載於 https://www.knightfrank.com/

CBRE Research recently analysed the land and buildings held on balance sheets across 40 ASX200/NZX50 listed companies. What we discovered was that well over $AU24 billion of capital could be unlocked and reinvested into higher returning opportunities in the Materials, Healthcare, Telecommunications, Transport and Industrial sectors in Australia and New Zealand.

There is strong demand from listed and unlisted property funds for long-term leased properties. The ability to capitalise on improving market values, dispose of under-utilised assets and acquire capital to fund other business strategies are just some of the reasons why listed corporates are targeting owner-occupier sales. In the Pacific region alone, there has been a well-worn path of owner-occupier real with c.AU$11 billion already realised over the past five years.

With significant yield compression evident across all commercial asset types since 2015, particularly in the industrial property sector, the opportunity could be even higher than our initial AU$24 billion estimate as corporates in Australia and New Zealand revisit their property occupancy strategies to unlock value.

本文原載於 https://www.cbre.com/

澳洲住宅價格創下歷史新高，幾乎所有市場都持續強勁成長。截至 6 月的一年內，全國房價中位數已上漲 18.4%，全國單位價格中位數則上漲 8.6%。然而，有跡象顯示，價格與貸款成長正引起監管機構的注意，某些形式的宏觀審慎干預迫在眉睫。最初的抑制措施可能會針對高槓桿借貸人。APRA 已將 ADI 用於評估貸款可使用性的最低利率緩衝從實際貸款利率的 2.5 個百分點提高至 3 個百分點，而澳洲的主要銀行已開始對部分貸款準則採取更審慎的態度。.

本文原載於 https://www.cbre.com/

• Compared to Q1 2021, investors are displaying a higher risk appetite amid the tight yield environment
• Asset enhancement, repositioning and taking on leasing risk are among the strategies utilised by investors to achieve higher returns
• Logistics assets remain keenly sought after while Grade A office in prime locations are attracting enquiries as investors look to capture flight-to-quality demand
• Further logistics cap rate compression has been observed. Cap rates for office and retail remain largely unchanged
• Investors are placing a strong emphasis on income-related factors such as tenant quality, rent roll stability and potential rental growth
• Amid uncertainty about the duration of the pandemic, the economic outlook is investors’ primary concern in 2022. Concerns over interest rate hikes and high inflation are limited

本文原載於 https://www.cbre.com/

Sectoral performance in real estate is always under the microscope, but it has never been so acutely examined and reported as it has in the past 12 months. As COVID-19 first spread across the Asia Pacific region and then the globe, bringing with it a global recession, investors and occupiers alike sought not only to limit their exposures but also identify opportunities for growth.

Just as we have seen differing performance between commercial real estate sectors, so too have we seen differing performances within the retail sector. In this report, we focus on the upper echelons of retail – the (super) prime retail streets in cities across the region – as well as discuss other relevant aspects within the sector.

本文原載於 https://www.cushmanwakefield.com/

資本市場

With economic recovery gaining traction, preliminary real estate investment volume in Singapore increased 3.3% q-o-q to $7.317 bn for Q3 2021.

辦公室

In Q3 2021, the Delta variant outbreak prompted a re-tightening of safe management measures. Despite the precarious situation, some positive signs were observed in Q3 2021.

Business Parks

The leasing performance of the business park market is divided into two tiers; leasing demand is concentrated within the City Fringe submarket while demand for space in the Rest of Island submarket remains subdued.

零售

Recovery momentum for the retail market continued to be halted by retightened measures. There was recurring pressure on the submarkets that were affected by work-from-home measures and weak travel demand.

住宅

Despite heightened restrictions from end-Jul to mid-Aug 2021, market sentiment was not dampened. New home sales from Jan to Aug 2021 came to 9,265 units, 92.8% of 2020’s volume.

工業的

On the back of improving occupancies and strong leasing activity, landlords’ rental expectations increased. Occupier activity comprised of third-party logistics, food storage and electronics.

本文原載於 https://www.cbre.com/

Hong Kong Chief Executive Carrie Lam today (6 October 2021) delivered the final Policy Address of her current term. Her speech included details of a blueprint designed to solve Hong Kong’s long-term housing and land shortage problems along with plans to promote future economic integration with Shenzhen and the Greater Bay Area. No direct initiatives related to commercial real estate were included in this year’s address.

Download the report for the key highlights and implication to real estate market.

本文原載於 https://www.cbre.com/

‒ Asia Pacific governments and industry players continue to implement policies and partnerships to revive the travel and tourism industries. 

‒ While the rollout of COVID-19 vaccines is restoring some confidence in travelling and contributing to the gradual easing of travel restrictions in some markets, the situation remains highly uncertain. 

‒ Following a hugely challenging 12 months after the onset of the pandemic, investor sentiment towards hotels has improved in recent months on the back of the vaccine rollout and expectations of economic recovery. 

‒ Regional hotel transaction volume reached US$2.3 billion in Q2 2021, representing a decline of 5.1% q-o-q. Japan, mainland China, Korea and Australia accounted for the bulk of sales volume during the quarter.

本文原載於 https://www.cbre.com/