Core Insights - The Macau SAR government reported a significant increase in tourist arrivals during the "May Day" holiday, with approximately 850,000 visitors, representing a 40.7% increase compared to the same period last year [1] - The average daily number of visitors reached 170,000, surpassing the pre-pandemic average of 158,000 daily visitors in 2019 [1] - Hotel occupancy rates in Macau averaged 94.1%, a 5% increase year-on-year, with the highest occupancy rate recorded on May 2 at 98.1% [1] Visitor Demographics - Mainland China contributed the largest share of visitors, with 679,000 arrivals, followed by Hong Kong with 111,000, Taiwan with 9,100, and international visitors totaling 51,000 [1]

Group 1: Market Overview - The report highlights that despite uncertainties in the Singapore real estate market, there are positive factors supporting its development [1][2] - Global economic conditions and geopolitical tensions are identified as significant external challenges impacting the market [2][9] - Singapore's position as a regional financial hub and government policies are seen as stabilizing factors for the real estate market [2][10] Group 2: Economic Outlook - Singapore's GDP growth is projected to decelerate to 1-3% in 2025, down from 4.0% in 2024 [5][9] - Inflation is expected to ease to 1.5-2.5% in 2025, following a decline from 4.8% in 2023 [5][19] - Interest rates in Singapore are anticipated to follow a downward trend, with projections suggesting a decrease to 3.75%-4.00% by the end of 2025 [5][21] Group 3: Office Market - The office market saw a net absorption of 1.91 million sq. ft. in 2024, the highest since 2017, driven by new Grade A office developments [28] - Vacancy rates for Core CBD (Grade A) offices decreased to 4.9% by the end of 2024, indicating a flight to quality among occupiers [30] - Core CBD (Grade A) rents are expected to grow modestly by around 2% in 2025, supported by limited supply and continued demand for high-quality spaces [39] Group 4: Industrial & Logistics Market - E-commerce and logistics sectors accounted for 39% of leasing demand in 2024, indicating resilience despite challenges [46] - An estimated 4.92 million sq. ft. of logistics supply is expected in 2025, which is about 3.9% of existing warehouse stock [53] - Average prime logistics rents rose by 1.1% to $1.87 psf per month in 2024, with expectations of stability in 2025 [54] Group 5: Retail Market - Tourism recovery is projected to continue in 2025, with visitor numbers expected to rise due to new attractions and events [62][63] - Approximately 0.50 million sq. ft. of retail space is expected to complete in 2025, significantly lower than previous years, which should support retail rents [70] - Overall average retail prime rents are expected to grow by 2-3% in 2025, recovering to pre-pandemic levels [74]

Core Insights - The Hong Kong Tourism Board reported that approximately 12.2 million visitors arrived in Hong Kong in the first quarter of this year, representing a year-on-year increase of 9%, marking a new high since the pandemic [1] - In March alone, there were 3.82 million visitors, which is a 12% increase compared to the same month last year [1] - Among the total visitors in the first quarter, 9.25 million were from mainland China, while 2.98 million were from non-mainland regions, reflecting year-on-year increases of 6% and 18% respectively [1]