News roundup: Singapore’s economy ‘pops’ with Taylor Swift and Coldplay concerts, and more updates

For PropertyGuru’s real estate news roundup, Singapore’s economy benefits from the shows of Taylor Swift and Coldplay with a major influx of overseas concertgoers. In other stories, the Philippines’ largest international property and investment expo returns to Dubai this May, and Thailand’s office market recorded negative absorption in Q1 2024 as demand shifted to green spaces and downsized offices.

Singapore’s economy boosted by Taylor Swift, Coldplay shows; over half of concertgoers ‘likely’ from overseas

Singapore’s economy was boosted by a “surge in tourism activity” in the first quarter of 2024 due to concerts by British rock band Coldplay and American pop star Taylor Swift, the Monetary Authority of Singapore (MAS) said on 26th April.

CNA reports both acts played at the 55,000-capacity National Stadium – Singapore’s largest stadium – with Coldplay’s concerts taking place in January and Swift’s shows happening in March.

“These concerts took place over 12 days in total, with more than half the audience likely coming from abroad,” MAS said in its latest macroeconomic review, which is released twice a year.

Coldplay sold more than 200,000 tickets to their initial four shows in Singapore, while more than 300,000 tickets to Swift’s concerts were snapped up.

According to statistics from the Singapore Tourism Board (STB), there were 4,353,500 international visitor arrivals in the first three months of the year. That is a 50 percent increase from the same period last year and a 26 percent increase from the last quarter of 2023.

Largest international Philippine property and investment expo returns to Dubai in May

The highly anticipated 10th Philippine Property and Investment Exhibition (PPIE), the Philippines’ largest international property and investment show, is set to return to Dubai on 11-12 May 2024, according to PNA.

This year’s annual event will take place at The Bristol Hotel, Deira, Dubai, aiming to spotlight the Philippines’ robust economic performance, positioning the country as a premier investment hub in the Association of Southeast Asian Nations (ASEAN) region.

In 2023, the Philippines achieved remarkable economic growth, surpassing key Asian economies with a 5.6 percent Gross Domestic Product (GDP) growth rate. Overseas remittances also hit a record high of AED136.5 billion, driving positive momentum for the real estate market.

The surge in demand for real properties in the Philippines, especially from overseas Filipinos and foreign investors, reflects the country’s attractiveness as an investment hub.

Thailand’s office demand turns negative in Q1 2024 as the market shifts to green and compact spaces

The office market recorded negative absorption in the first quarter of 2024, ending a consecutive seven-quarter rise from mid-2022, as demand shifted from non-green to green spaces and downsized offices, according to property consultant Knight Frank Thailand.

Panya Jenkitvathanalert, executive director and head of office strategy and solutions, said net absorption for non-green office spaces saw a further decline to -35,100 square metres, while that for green office spaces remained strong at 29,600 sq m.

“The total occupied space in the Bangkok office market decreased by 5,500 sq m, remaining at 4.7 million sq m,” he said in Bangkok Post. “This quarter marked the onset of negative net absorption for Grade B.”

A notable observation during this quarter was the increasing preference for smaller unit sizes, reflecting a possible adjustment in the market towards more compact and cost-effective office solutions.

The Property Report editors wrote this article. For more information, email: [email protected].