DAILY NEWS

Daily News – 30, 31 January – 01 February 2016

Singapore Real Estate

TDSR objectives gradually being met: MAS
The objectives of the Total Debt Servicing Ratio (TDSR) framework seem to have been met. According to the Monetary Authority of Singapore (MAS), less than 10 per cent of existing borrowers have a TDSR of above 60 per cent, and this is expected to decline over time as households pay down their loans.
http://www.businesstimes.com.sg/real-estate/tdsr-objectives-gradually-being-met-mas

HDB committed to seeing defects in BTO flats fixed
Senior Minister of State for National Development Desmond Lee has urged residents to inform the Housing Board if contractors are “dragging their feet” over fixing defects. But 95 per cent of defects reported are fixed within the standard 14-day period, he said in Parliament yesterday.
http://www.straitstimes.com/singapore/hdb-committed-to-seeing-defects-in-bto-flats-fixed

More facing problems refinancing homes due to TDSR
Home owners looking to refinance their properties are finding it increasingly difficult to do so against the backdrop of falling property prices, stringent definitions of what constitutes income and the tedious paperwork involved. Conservative property valuations also mean that only smaller loan amounts can be refinanced. With rising interest rates, more home owners are opting to switch from floating to fixed rates, or re-price to lower rates before the Sibor (Singapore interbank offered rate) spikes to a painful level.
http://www.businesstimes.com.sg/real-estate/more-facing-problems-refinancing-homes-due-to-tdsr-0

Developers eye bulk sales in weak market
Some developers caught out in the weak market are looking to bulk-sell their luxury projects to avoid hefty penalties. City Developments (CDL) is believed to have been marketing one of two towers at the as-yetunlaunched Gramercy Park, while OUE is looking to offload one of two towers at Twin Peaks.
http://www.straitstimes.com/business/developers-eye-bulk-sales-in-weak-market

Empty offices and falling rents spell further gloom for landlords
Office buildings in the city fringes may be increasingly left vacant as tenants seek the opportunity to move into Grade A premises in the Central Business District (CBD) with rents weakening amid an onslaught of incoming supply.
http://www.channelnewsasia.com/news/business/singapore/empty-offices-and-falling/2476470.html

Factory units damaged in early morning fire
http://www.straitstimes.com/singapore/factory-units-damaged-in-early-morning-fire

Companies’ Brief

Cambridge Industrial Trust Management
Shane Peter Hagan: Appointed chief operating officer and chief financial officer last Thursday. Mr Hagan, 49, was previously chief executive officer of the manager of Soilbuild Reit.
http://www.straitstimes.com/business/on-the-move-cambridge-industrial-trust-management

Chip Eng Seng Corp
Raymond Chia Lee Meng: Appointed director and group chief executive officer with effect from today. Mr Chia, 50, is chief executive officer of LGB Corporation, which is also in the property development business.
http://www.straitstimes.com/business/on-the-move-cambridge-industrial-trust-management
http://www.businesstimes.com.sg/companies-markets/raymond-chia-returns-to-chip-eng-seng

MGCCT’s Q3 DPU up 11.6%
Mapletree Greater China Commercial Trust (MGCCT) has reported an 11.6 per cent rise in distribution per unit (DPU) for the third quarter ended Dec 31, 2015, to 1.854 cents, thanks to an enlarged portfolio, higher rents and favourable exchange rates. This translates to an annualised distribution yield of 8 per cent based on the closing unit price on Dec 31, 2015.
http://www.businesstimes.com.sg/companies-markets/mgccts-q3-dpu-up-116

Meet Singapore’s Accidental Property Guru
Steve Melhuish knew practically nothing about the real estate market in Singapore when the condo he was renting was put up for sale in 2006. Now he dominates the industry. The British-born Melhuish and his wife had just moved to the city-state 18 months earlier and they were surprised at how difficult it was to find new housing. Decade-old sites like Realtor.com, popular in the U.S., hadn’t reached Southeast Asia, and most real estate advertising still appeared in newspapers with only basic information like price and a building name.
http://www.bloomberg.com/news/articles/2016-01-31/meet-the-man-who-became-singapore-s-guru-ofproperty-by-accident