The Leading Professional and Representative Body for the Real Estate Industry

The Leading Professional and Representative Body for the Real Estate Industry



Daily News – 14th March 2017

Singapore Economy

Singapore ranked nicest city to live in Asia for expats, with the best infrastructure in the world: Survey
Singapore topped consulting firm Mercer’s list of cities in Asia offering the highest quality of life, and its infrastructure was deemed the best in the world.  Vienna, Austria’s grand capital on the Danube river, was the world’s best place to live for the eighth year in a row, while Baghdad was again considered the worst. Globally, Singapore was ranked No 25.  Mercer’s 2017 Quality of Living survey of 231 cities helps companies and organisations determine compensation and hardship allowances for international staff.


Singapore Real Estate 

Bulk sales race to the finish line
Besides Sing Holdings’ Robin Residences, at least two other bulk transactions were done late on Friday night to avoid a new stamp duty that took effect the following day.  Sources tipped the two projects as TwentyOne Angullia Park and The Lumos in Leonie Hill – both freehold district 9 projects. A bulk sale is also believed to have been done at The Line @ Tanjong Rhu.  In the TwentyOne Angullia Park deal, Tower Capital Asia founder Danny Koh and Ben Yeo, formerly of Guthrie GTS, are understood to have set up a consortium that is buying into the company that developed the 54-unit condo project along Orchard Boulevard. The deal is subject to various conditions, including regulatory approvals.

Property firms scramble to close deals before new stamp duty takes effect
Property firms scrambled to close some large residential deals last Friday, after a sudden government announcement on the stamp duty rate, effective last Saturday.  The move was aimed at bringing the rate applying to the transfer of shares in property-owning companies in line with the rate applied to regular property deals.  At least three such deals were completed at the eleventh hour last Friday, The Straits Times understands.

No immediate surge in new home sales despite easing of some curbs
The easing of some property cooling measures, particularly the seller’s stamp duty (SSD), had a relatively muted impact on new home sales at the weekend.  Property agents told The Straits Times there was no buying frenzy and that it was largely business as usual at many show-flats.  “It probably got people more interested to look around for units, but there was no sharp spike in sales. I don’t think the changes to the measures were designed to do that,” said Mr Dominic Lee, branch district director of PropNex Realty.

CapitaLand calls for more time to sell units
Property developer CapitaLand said last week’s tweaking of some property cooling measures demonstrates the Government’s readiness to calibrate curbs according to market conditions.  The changes are incremental steps in the right direction, said CapitaLand Singapore chief executive Wen Khai Meng yesterday.  He also suggested that the Government consider extending the timeframe for developers to sell units under the additional buyer’s stamp duty (ABSD) and qualifying certificate (QC) rules.

Easing of property cooling measures ‘right step’ in current climate
The partial easing of the property cooling measures announced by the Government last Friday is a “small step” in the right direction, said CapitaLand Singapore CEO Wen Khai Meng yesterday, as he urged the authorities to relax rules which penalise developers over unsold units in order to ensure a “soft landing” for the market.  Noting that the transaction volume has slowed in the last two years — despite recent signs of pick-up — Mr Wen said: “The Government should give developers a longer time to sell the units because I don’t think it is in the interest of the Government to see any abrupt changes or instability in the market.”


Companies’ Brief

CapitaLand officially launching Marine Parade condo
CapitaLand is officially launching a residential project in Marine Parade this Saturday at an average of S$1,700 per sq ft (psf), more than two years after its soft launch in January 2015. A total of 38 units have been sold as of last month.  The official launch of the 124-unit Marine Blue comes after the government’s move last Friday to ease property market cooling measures that have been in place since 2013.  Under the revisions, each tier of the seller’s stamp duty (SSD) will be lowered by four percentage points and the holding period shortened.

IReit Global subsidiaries get bank loan extension
IReit Global’s indirect wholly-owned subsidiaries have secured an extension on the repayment of a bank loan facility of over 23.6 million euros (S$35.6 million), its manager said after Monday trading close.  The four subsidiaries, namely Laughing Rock 11 BV, Laughing Rock 12 BV, Laughing Rock 13 BV and Laughing Rock 14 BV have entered into an amendment agreement with HSH Nordbank AG for the purpose of extending the maturity date of a 23.6 million euros facility to July 2018 from Aug 2017.

Canadian pension fund to invest in regional warehouses through JVs
Canada Pension Plan Investment Board (CPPIB) has tied up with Canada-based real-estate investor Ivanhoé Cambridge and regional logistics space operator LOGOS to jointly develop and acquire logistics properties in Singapore and Indonesia.  Through two agreements inked on Monday, the trio set up two companies for this purpose: LOGOS Singapore Logistics Venture (LSLV) and LOGOS Indonesia Logistics Venture (LILV).


Views, Reviews & Forum 

Smart homes: Would you rather talk to or text your vacuum cleaner?
In today’s so-called smart home, you can dim the lights, order more toothpaste or tell the kids to go to bed simply by talking to a small Wi-Fi-connected speaker, such as Amazon’s Echo or Google’s Home.  This voice-first market – combining voice with artificial intelligence (AI) – barely existed in 2014. This year, Voice Labs, a consultancy, expects 24.5 million appliances to be shipped.

MC barred from removing condo’s cooling tower
One apartment owner at Leonie Towers managed to block the estate’s management corporation (MC) from removing the central cooling tower that serviced the 35-year-old air-conditioning system in the condominium.  The MC of Leonie Towers had sought to dismantle the system, which had outlived its estimated service life of 20 years. The MC was backed by 82 per cent of unit owners at an extraordinary general meeting last year.

Experts want more say under heritage blueprint
If heritage blogger Jerome Lim had his wish, experts and the public would have been able to vigorously debate whether the eight-decade-old Sungei Road flea market should have been retained before any decision was made.  The market will be shut down from July 11 and the community of rag-and-bone men and women will be dispersed.  But it was not just the flea market.


Global Economy & Global Real Estate 

Financial lifeline for owners of historic homes

Rentals are high globally – not just in America

British PM May in Brexit battle to overturn House of Lords amendments

UK house prices rise fastest in a year as London rebounds

China to take 64 trillion yuan domestic bond market global

Realtors Investigated in Hong Kong on Overseas Property Sales

KL mulls over raising minimum property prices for foreigners

Australia is ‘prepared to do more’ to slow housing, RBA says

No investor credit bubble in Australia housing, says Morrison


Additional Articles of Interest – Local & Overseas Real Estate

Local & Overseas Real Estate – Full Article

Scroll to Top