DAILY NEWS

Daily News – 24, 25 & 26 Sep 2022 (Sat, Sun & Mon)

SINGAPORE REAL ESTATE

Concerns about housing affordability among issues raised at first Forward Singapore public engagement session
Singapore — Concerns about housing affordability and the difficulty of securing a Build-to-Order flat were among several issues raised at the Ministry of National Development’s (MND) first Forward Singapore engagement session on Sunday (Sept 25).
https://www.todayonline.com/singapore/housing-affordability-hdb-first-forward-singapore-public-engagement-2002476

Singapore risks gentrification if public housing left to market forces: Desmond Lee
Singapore: Singapore risks gentrification and stratification if it leaves public housing to market forces, said Minister for National Development Desmond Lee on Sunday (Sep 25).
https://www.channelnewsasia.com/singapore/ministry-national-development-desmond-lee-forward-singapore-session-gentrification-public-housing-free-market-sources-2964136

Cuscaden Peak Investments puts 3 freehold Nassim Road bungalows on market
Three freehold bungalows along Nassim Road owned by Cuscaden Peak Investments have been put on the market with an asking price of S$5,200 per square foot (psf) on land area. If achieved, this would be a record price for bungalow redevelopment land in a Good Class Bungalow (GCB) Area.
https://www.businesstimes.com.sg/real-estate/cuscaden-peak-investments-puts-3-freehold-nassim-road-bungalows-on-market

Is it worth paying more to live above a mall?
Singapore – Integrated developments are highly sought after by investors and people who want more than just a home. These properties are specially curated by top developers who have diverse expertise in building residential and commercial projects.
https://www.straitstimes.com/business/invest/is-it-worth-paying-more-to-live-above-a-mall-0

Soaring demand continues to push up prices of shophouses in Singapore
Singapore – The owner of a shophouse near Bugis has walked away with a remarkable profit of $4.5 million after owning the property for just 14 months – as stark a sign as any of just how hot the market is for these properties.
https://www.straitstimes.com/business/property/shophouse-sales-saw-historical-profits-and-psf-recorded-this-year

Long list of factors driving shophouse buying spree
Singapore – Well, there are shophouses and there are shophouses. The ones grabbing the headlines with their eye-watering prices are situated in conservation areas – there are an estimated 6,500 to 6,800 such units in Singapore – and that is a factor in keeping their prices elevated.
https://www.straitstimes.com/business/invest/long-list-of-factors-driving-shophouse-buying-spree-0

No extension to end-2023 eviction date for Turf City tenants, some of whom have yet to find replacement sites
Singapore — Tenants at Turf City were reminded on Friday (Sept 23) that they will not be given any further extensions on their lease and must vacate by Dec 31, 2023 to make way for residential developments and an upcoming MRT station on the Cross Island Line.
https://www.todayonline.com/singapore/no-extension-end-2023-eviction-date-turf-city-tenants-some-whom-have-yet-find-replacement-sites-2001661

More HDB resale flats sold for at least $1m in first 9 months of 2022 than in whole of 2021
Singapore – More Housing Board resale flats have changed hands for at least $1 million in the first nine months of 2022 than in the whole of 2021, as overall property prices continue to edge up.
https://www.straitstimes.com/singapore/housing/more-hdb-resale-flats-sold-for-at-least-1m-in-first-9-months-of-2022-than-in-whole-of-2021

Hot HDB resale market, higher building costs pushing top range BTO prices closer to million-dollar mark: Analysts
Singapore — On the rise since 2015, prices of Build-to-Order (BTO) flats have picked up pace over the last three years in light of a hot Housing and Development Board (HDB) flat resale market, growing construction costs and more BTO project launches in pricier, central areas.
https://www.todayonline.com/singapore/million-dollar-bto-hot-resale-inflation-2001696

SINGAPORE ECONOMY

Singapore core inflation climbs to 5.1% in August; prices to stay elevated in coming months
With Singapore’s core inflation climbing to yet another multi-year high of 5.1 per cent in August, officials now expect price increases to remain elevated in the months ahead, even as they stuck to their forecast ranges for the full year.
https://www.businesstimes.com.sg/government-economy/singapore-core-inflation-climbs-to-51-in-august-prices-to-stay-elevated-in-coming
https://www.straitstimes.com/business/economy/singapore-core-inflation-hits-near-14-year-high-of-51-in-august-on-faster-rise-in-food-services-prices

Singapore overtakes Hong Kong in world financial centres ranking
Singapore has overtaken Hong Kong to become Asia’s top financial centre – and the third in the world – according to a new report that puts New York and London in the first and second spots. Hong Kong slipped to fourth place, battered by strict Covid restrictions and an exodus of talent, while San Francisco moved up 2 spots to round out the Global Financial Centres Index’s (GFCI) top 5.
https://www.businesstimes.com.sg/government-economy/singapore-overtakes-hong-kong-in-world-financial-centres-ranking
https://www.straitstimes.com/business/economy/singapore-overtakes-hong-kong-as-asias-top-financial-centre-3rd-in-world

Businesses in Marina, Padang areas mixed on impact of Formula 1 on their bottom line
Singapore – Close to half of 40 businesses interviewed by The Straits Times say they expect or hope to emerge victorious, earnings-wise, over the three-day Formula One Singapore Airlines Singapore Grand Prix from Sept 30.
https://www.straitstimes.com/singapore/consumer/businesses-in-marina-padang-areas-mixed-on-impact-of-formula-1-on-their-bottom-line

Startup layoffs mount amid market chill
South-East Asia’s tech industry is bracing for more layoffs after several high-profile players retrenched workers in recent weeks, amid an increasingly uncertain environment and funding slowdown.
https://www.businesstimes.com.sg/garage/startup-layoffs-mount-amid-market-chill

COMPANIES’ BRIEF

LHN unit to acquire Arab Street property for S$6.4m to expand co-living business
Real estate management services provider LHN announced on Friday (Sep 23) that indirect wholly owned subsidiary Coliwoo West is acquiring a property at Arab Street in Singapore for S$6.4 million.
https://www.businesstimes.com.sg/companies-markets/lhn-unit-to-acquire-arab-street-property-for-s64m-to-expand-co-living-business

Stamford Land confirms sale of Sydney hotel for A$210.5m
Stamford Land Corporation on Friday (Sep 23) confirmed the sale of its upscale hotel in Sydney’s central business district to JDH Capital, a private principal investment company, for A$210.5 million (about S$197.3 million).
https://www.businesstimes.com.sg/companies-markets/stamford-land-confirms-sale-of-sydney-hotel-for-a2105m

S-Reit ETFs continue to see inflows, doubling AUM in 2 years
The combined assets under management (AUM) of the 5 Reit exchange-traded funds (ETFs) listed on the SGX has doubled in 2 years, from S$455 million in August 2020 to S$901 million in mid-September 2022. At over S$900 million, S-Reit ETFs represent more than half the S$1.7 billion combined AUM of Reit ETFs in Asia-Pacific ex-Japan globally.
https://www.businesstimes.com.sg/companies-markets/s-reit-etfs-continue-to-see-inflows-doubling-aum-in-2-years