Research from SooChow CSSD Capital Markets (Asia), SCCM Asia Research

SCCM Asia Research

Research from SooChow CSSD Capital Markets (Asia)

Thematic (Sector/Industry)

<h2>Singapore</h2><h3>Private home prices climb 0.9% QoQ in 3Q21; Rising for 6th straight quarter</h3><p>Private home prices rose 0.9% QoQ and 7.3% YoY in 3Q21, marking an increase for the sixth consecutive quarter, according to URA. The price increase in 3Q21 was largely driven by non-landed homes in the Rest of Central Region (RCR), which rose by 2.2% QoQ. In the Core Central Region (CCR), prices fell 0.6%, while prices in the Outside Central Region (OCR) fell by 0.2%. Meanwhile, prices for landed properties rose 2.5% QoQ, compared to a 0.3% decline in the preceding quarter. It is expected that resale homes will continue seeing strong demand. For the full year, CBRE Research expects private home prices to rise by 6–8%, given the current market trajectory.</p>

SingaporePrivate home prices climb 0.9% QoQ in 3Q21; Rising for 6th straight quarterPrivate home prices rose 0.9% QoQ and 7.3% YoY in 3Q21, marking an increase for the sixth consecutive quarter, according to URA. The price increase in 3Q21 was largely driven by non-landed homes in the Rest of Central Region (RCR), which rose by 2.2% QoQ. In the Core Central Region (CCR), prices fell 0.6%, while prices in the Outside Central Region (OCR) fell by 0.2%. Meanwhile, prices for landed properties rose 2.5% QoQ, compared to a 0.3% decline in the preceding quarter. It is expected that resale homes will continue seeing strong demand. For the full year, CBRE Research expects private home prices to rise by 6–8%, given the current market trajectory.

<h2>Singapore</h2><h3><a href="https://www.smartkarma.com/entities/mapletree-commercial-trust" target="_blank" data-smartkarma-citation="entities:106" rel="noopener">Mapletree Commercial Trust (MCT SP)</a> to provide more tenant support amid stricter Covid-19 measures</h3><p>MCT said it is committed to providing the necessary rental and operating assistance to its retail tenants as Singapore tightens its Covid-19 measures till 13Jun. Since the start of the pandemic, MCT has implemented support packages comprising more than S$70m of rental rebates to help eligible retail tenants offset, on average, more than four months of fixed rent. This includes the passing on of property tax rebates, cash grants from the government and other mandated grants to qualifying tenants. MCT's properties have implemented health and safety protocols.</p><p>Comments: Rental rebates are likely returning as F&amp;B tenants grapple with no-dining-in restrictions for ~1mo. We understand few tenants at Paragon have already requested for assistance but SPHREIT is still reviewing. We will keep track for every landlord’s decision and report accordingly.</p>

SingaporeMapletree Commercial Trust (MCT SP) to provide more tenant support amid stricter Covid-19 measuresMCT said it is committed to providing the necessary rental and operating assistance to its retail tenants as Singapore tightens its Covid-19 measures till 13Jun. Since the start of the pandemic, MCT has implemented support packages comprising more than S$70m of rental rebates to help eligible retail tenants offset, on average, more than four months of fixed rent. This includes the passing on of property tax rebates, cash grants from the government and other mandated grants to qualifying tenants. MCT's properties have implemented health and safety protocols.Comments: Rental rebates are likely returning as F&amp;B tenants grapple with no-dining-in restrictions for ~1mo. We understand few tenants at Paragon have already requested for assistance but SPHREIT is still reviewing. We will keep track for every landlord’s decision and report accordingly.

ASEAN Builder's Scoop (17May21) - MCT to provide more tenant supports

Philippines

DDMP REIT Inc. operates as a real estate investment trust company in the Philippines. Its property portfolio primarily consists of six office towers with retail components located in DD Meridian Park, a flagship mixed-use development in Metro Manila. The company was incorporated on October 27, 2014, and is headquartered in Pasay, Philippines.

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DDMP REIT (DDMPR PM)

ASEAN Builder's Scoop (4Oct21)

Private home prices rose for 6th straight quarters; HDB resale prices hit new record; MEG to infuse uptown assets to MREIT; DDMPR large POGO...

SCCM Asia Research

ASEAN Builder's Scoop (17May21) - MCT to provide more tenant supports

MCT to provide more tenant supports; ARA increases stake in Kenedix; Provence Residence healthy 53% take-up rate; AREIT 1Q21 driven by inorganic...

SCCM Asia Research

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