News roundup: Kamala Harris’ views on AI, technology, climate change, plus more news

For PropertyGuru’s news roundup, get to know potential Democratic presidential nominee Kamala Harris’ views on AI, technology, climate change, and more. In other stories, Dubai’s developers focus more on delivering properties rather than starting new projects as the country’s real estate market starts to stabilise. Finally, how to navigate the new normal in Singapore retail.

Explainer: What are Harris’ business views? Friendly to Big Tech, aggressive in climate fight

U.S. Vice President Kamala Harris is potentially poised to become the Democratic presidential nominee in the November election. Reuters presents her views and actions related to some key business topics, including AI, big tech and tech regulation, climate change and energy, Wall Street, and pharma.

Dubai’s property market has stabilised, so developers are focusing on deliveries

Developers are becoming more and more focused on delivering properties rather than starting new projects as Dubai’s real estate market is beginning to stabilise, indicating that supply has finally caught up with demand. PropertyNews.ae reports that developers anticipate finishing 42,241 units this year, comprising 9,909 villas and townhouses, 991 commercial properties, and 31,341 apartments.

13,815 units, comprising 2,562 villas and townhouses, 218 commercial properties, 11,035 apartments, and 64 projects, have been completed thus far.

According to market reports quoting Dubai Land Department figures, as many as 35,160 properties were completed in 2023. These included 28,650 apartments, 5,187 villas and townhouses, and 1,323 commercial properties spread across 154 projects. By the end of 2023, the residential stock of properties in Dubai would have increased to 719,000 units.

Navigating the new normal in Singapore retail

The food and beverage sector has been a notable growth area in Singapore retail, however, both landlords and tenants need to be innovative to thrive in an increasingly crowded market.

Singapore retail rents have been recovering steadily since the nadir of 2021, but they have not yet returned to the pre-pandemic ‘normal’. Prime Orchard Road area retail rents have performed well due to the return of tourists, although visitor numbers have not quite hit 2019 levels. However suburban retail is reaching the limits of growth, with Savills predicting flat rents this year, compared with a 5 percent rise on Orchard Road. This has been caused by increased outbound travel and Singaporeans being back in the office.

The F&B sector has been a boon to retail landlords, with a host of new outlets opened in the past decade, while operators have benefitted from a huge surge in F&B spending as Singaporeans were released from COVID restrictions.

However, Savills head of Singapore research Alan Cheong points out that the net number of F&B openings in recent years (based on F&B company formation) has been significantly ahead of growth in Singapore’s population and tourist numbers and ahead of the growth in other retail shops. “This implies an erosion in the profitability of F&B companies,” he says. “After all, how many more meals or drinks can a person have in a day?”

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