The Leading Professional and Representative Body for the Real Estate Industry

The Leading Professional and Representative Body for the Real Estate Industry



Daily News – 17th November 2017

Singapore Economy

Productivity, inequality key issues in Singapore’s competitiveness
A rapid slowdown in labour productivity growth, as well as rising inequality among businesses due to the rise in new technologies, were identified by economists as key challenges that will affect Singapore’s long-term competitiveness.  Gearing small- and medium-sized enterprises (SMEs) to be ready for these disruptive forces will be key in dealing with these twin issues of inequality and productivity, they added.

Electronics surge tipped to continue next year
Electronics manufacturers in Singapore are looking to another strong year in 2018, after a slew of new product launches – including the iPhone X – helped lift growth in the sector this year.  Manufacturing, which makes up a fifth of the Singapore economy, has turned in an outstanding report card, prompting some economists to upgrade their forecasts for Singapore’s economic growth this year.

Singapore Real Estate

Vista Park seeking minimum S$350m in collective sale tender
There appears to be no letting up on the collective sale fever this week. Another project, Vista Park condominium, has launched its tender for en bloc sale on Friday, joining a spate of four other en bloc launches this week.  Owners of Vista Park are eyeing at least S$350 million, which means each unit owner could pocket S$1.16 million to S$3.5 million – a premium of over 60 per cent to what they could otherwise fetch by selling the units individually in the open market.

Tai Wah Building draws top bid of S$84.89m
Tai Wah Building at Killiney Road has found a buyer. Lucrum Capital, a private equity investment firm focused on real estate mainly in the Asia-Pacific, has placed a top bid of about S$84.89 million for the mixed-use development.  This is about 5 per cent above its asking price of S$81 million. The price translates to about S$2,209 per sq ft per plot ratio.

SRX Property launches free service to match clients with agents
SRX Property on Thursday announced the launch of a new service to match clients with real-estate agents in Singapore.  Called myProperty Concierge, the free service is for homeowners and property seekers who join the programme on, myProperty Tracker or through the SRX Property mobile app.  The service entails assigning a concierge to connect with those buying or selling a property to understand their needs and goals. It then uses what SRX calls “advanced algorithms” to match these clients with an agent best suited to serve them.

Smoke detectors mandatory for new homes from June
It will be mandatory to install smoke detectors in all new homes, including Housing Board flats, that start getting built from June next year.  Confirming this move for the first time since it was flagged by The Straits Times in August, Second Minister for Home Affairs Josephine Teo said the smoke detectors will provide residents with early alerts to smoke or fires.

Companies’ Brief

CapitaLand buys US$38.9m site for its 11th residential project in Vietnam
CapitaLand has bought a 14,474 sq m site in Ho Chi Minh City, Vietnam, for US$38.9 million to develop into residences that it estimates will be worth US$177 million.  The 1.45 ha site in District 4 will be developed into an 870-unit residential development with a retail component, with views of the Saigon river and the city skyline, CapitaLand said.

Hatten Land acquiring two development sites in Malacca for RM108.6m
Developer Hatten Land is acquiring two parcels of land in Malacca for RM108.6 million (S$35.32 million) to develop separate integrated projects, the firm said on Thursday night.  This amount will be satisfied in full by the issue of 140.16 million shares at S$0.25 apiece, or a 28.1 per cent premium to Hatten Land’s volume weighted average price of S$0.1952 as of Nov 15.

Views, Reviews & Forum

Fintech road to a Smart Nation
The week-long second Singapore Fintech Festival has thrown up a flurry of initiatives aimed at taking the Republic’s Smart Nation ambitions to the next level.

Global Economy & Global Real Estate

Number of new homes in England nears pre-crisis high

China’s financial sector ‘at risk of bubble; government considering property tax’

Consortium bags HK residential plot at record HK$17.3b

Jitters send century-old Wharf’s shares down after spinoff

National Australia Bank sacks bankers over home-loan inaccuracies

Vancouver condo rush sparks local and foreign flipping frenzy

Emaar Properties to raise US$1.3b in development unit’s IPO

Housing shock conjures crisis ghost from 1990s to haunt Sweden

Philippine economy grows 6.9% in Q3

Additional Articles of Interest – Local & Overseas Real Estate

Local & Overseas Real Estate – Full Article

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