DAILY NEWS

Daily News – 17 Dec 2019

Singapore Real Estate

New private home sales rebound in Nov
Sales of new private homes picked up strongly last month despite the start of the year-end holiday period and amid a property glut, data showed yesterday. Developers sold 1,147 units last month – excluding executive condominiums (ECs) – 23.2 per cent more than in October but 4.5 per cent fewer than in November last year.
https://www.straitstimes.com/business/property/new-private-home-sales-rebound-in-nov
https://www.businesstimes.com.sg/infographics/developers-private-home-sales-in-jan-nov-2019-up-102-y-o-y
https://www.channelnewsasia.com/news/singapore/november-private-home-sales-get-bump-from-old-launches-12187180

More BTO flats to be launched in 2020 to meet higher demand
[Singapore] Around 16,000 to 17,000 Build-To-Order (BTO) flats will be launched in 2020 to meet additional demand following key policy changes this year, National Development Minister Lawrence Wong announced in a blog post on Monday morning. New flats will be available in Sembawang and Toa Payoh next February and in May, new flats will be launched in Choa Chu Kang, Tengah, Pasir Ris and Tampines.
https://www.businesstimes.com.sg/real-estate/more-bto-flats-to-be-launched-in-2020-to-meet-higher-demand
https://www.straitstimes.com/singapore/housing/more-bto-launches-in-2020-to-meet-additional-demand
https://www.channelnewsasia.com/news/singapore/hdb-bto-new-flats-2020-lawrence-wong-12186772
https://www.todayonline.com/singapore/government-offer-more-bto-flats-2020-analysts-expect-demand-pick-up

Govt to consider all ideas on managing leases: Minister
The Government will consider all alternative suggestions and ways to manage the expiring leases of Housing Board flats, Minister for National Development Lawrence Wong said in a blog post yesterday. Mr Wong was responding to two separate policy proposals published over the last three weeks, recommending alternative solutions to existing public housing issues.
https://www.straitstimes.com/singapore/housing/govt-to-consider-all-ideas-on-managing-leases-minister

Singapore Economy

Modest economic recovery expected for Singapore in 2020
The coming year is expected to bring a modest economic recovery for Singapore, with trade tensions between the United States and China posing the main risk, say economists. Manufacturing woes in 2019 were due to trade tensions, high base effects from 2018, and a slowdown in the global electronics cycle. The latter two, at least, will not apply in 2020.
https://www.businesstimes.com.sg/government-economy/modest-economic-recovery-expected-for-singapore-in-2020

Companies’ Brief

CapitaLand Commercial Trust issues 10b yen maiden green bond
CapitaLand Commercial Trust (CCT) on Monday issued 10 billion yen (S$123.7 million) in eight-year unsecured bonds, bearing a fixed coupon of 0.729 per cent per annum. This is its first green bond, issued under a new sustainability financing framework set up by CCT’s manager to allow the real estate investment trust (Reit) to secure funding from sustainability-centric investors and diversify its funding sources.
https://www.businesstimes.com.sg/companies-markets/capitaland-commercial-trust-issues-10b-yen-maiden-green-bond-0
https://www.straitstimes.com/business/companies-markets/cct-issues-124m-maiden-green-bond

Oxley Holdings sells Dublin office development for 115m euros
Mainboard-listed developer Oxley Holdings is selling an office block in Dublin for 115 million euros (S$173.6 million) to Irish commercial property fund Iput, the board said on Monday. Oxley’s subsidiary, Oxley Docklands Quay Two, will get 77.8 per cent of the sale price for the 297-year leasehold interest in No 3 Dublin Landings, which is part of the mixed-use Dublin Landings in the Irish capital that the group had…
https://www.businesstimes.com.sg/companies-markets/oxley-holdings-sells-dublin-office-development-for-115m-euros

Yanlord no longer plans to maintain UE’s listing in buyout offer
With its stake in United Engineers (UE) edging towards the critical 90 per cent mark, Chinese developer Yanlord Land Group now plans to delist UE, it said in an update on Monday. This reverses its initial proposal at the launch of the offer exercise in October, when Yanlord’s offer vehicle, Yanlord Investment (Singapore), said that it did not intend to delist or privatise UE.
https://www.businesstimes.com.sg/companies-markets/yanlord-no-longer-plans-to-maintain-ues-listing-in-buyout-offer
https://www.straitstimes.com/business/companies-markets/yanlord-now-plans-to-delist-ue-in-buyout-offer

OrangeTee Holdings rebrands as OT Group, names Wilson Ang as exec director
Singapore real estate agency and advisory group OrangeTee Holdings has changed its name to OT Group (OTG), it announced in a press statement on Monday. The rebranding is meant to reflect a “unified identity” for the group, following the merger of its real estate agency arm with the agency arm of real estate consulting firm Edmund Tie & Co in 2017, OTG said.
https://www.businesstimes.com.sg/real-estate/orangetee-holdings-rebrands-as-ot-group-names-wilson-ang-as-exec-director
https://www.straitstimes.com/business/property/orangetee-holdings-rebrands-as-ot-group

Views, Reviews, Forum & Others

Forum: Tweaking ABSD timeline and pro-rating penalties can help contain rising housing prices
With reference to The Straits Times’ article (ABSD ‘extension’ may ease glut but experts flag limp demand, Dec 12) and Mr Lee Teck Chuan’s letter (Extending ABSD deadline will not remove market risk, Dec 14), I wish to provide some clarification. While extending the five-year additional buyer’s stamp duty (ABSD) timeline would ease the current supply glut, the greater concern is rising home prices. Singapore has…
https://www.straitstimes.com/forum/letters-in-print/tweaking-absd-timeline-and-pro-rating-penalties-can-help-contain-rising

HDB lease top-up proposal has drawbacks: Observers
A policy proposal for a one-time automatic lease top-up for ageing Housing Board flats may immediately tackle the issue of declining value once the leases of these flats are up, but it comes with long-term drawbacks, observers said. Topping the leases of all HDB flats owned by Singapore citizens back up to 99 years once they are 50 years old would be “a handout that is extremely hard to stop”, cautioned ERA…
https://www.straitstimes.com/singapore/housing/hdb-lease-top-up-proposal-has-drawbacks-observers