Daily Briefing: WeWork's woes may spell trouble for office REITs; Over 900,000 HDB households to receive GST Voucher rebate

And two shop units have been put up for sale via EOI at $8.8m.

From Bloomberg:

Concerns about WeWork’s withdrawal of its planned initial public offering (IPO) may worsen the impact of a weakening economy on Singapore’s commercial REITs, according to Credit Suisse Group AG.

Poor sentiment on the company could further damp demand for co-working spaces amid slowing gross domestic product growth, hurting office REITs, analysts led by Nicholas Teh wrote in a report.

“Office REITs have mentioned in recent briefings that corporate demand has slowed, while the narrow drivers are tech and co-working,” the analysts wrote. “There are growing market concerns around the sustainability of co-working demand, going forward.”

WeWork this week withdrew its planned IPO amidst difficulties with its fundraising. The company has also been rattled by the departure of its chief executive officer and market concerns over demand.

Read more here.

From Channel News Asia:

About 930,000 Singaporean households living in Housing Board flats will receive the next instalment of the GST Voucher – Utilities-Save rebate in October, the Ministry of Finance announced.

The rebate, which is part of the permanent GST Voucher scheme, is distributed every three months. It helps households offset part of their utilities bills and lowers their expenses, the ministry said.

U-Save rebates amounting to $300m are expected to be given out this year.

Eligible households will each receive a rebate of up to $100 in October, depending on their flat type.

Read more here.

From iCompareLoan:

Two adjoining freehold ground-floor shop units in Siglap Shopping Centre has been put for sale via Expression of Interest (EOI) at $8.8m.

According to CBRE senior executive director for capital markets Michael Tay, the units have a land rate of $2,878 psf based on the combined strata area of 3,057 sqft. It also has no Additional Buyers’ Stamp Duty or Sellers’ Stamp Duty.

With a prominent main road frontage along the bustling East Coast Road, the adjoining ground-floor units enjoy high visibility and benefit from the convenience of a car parking facility located right at their doorstep. The property is currently tenanted to a childcare centre.

Read more here.