DAILY NEWS

Daily News – 17 December 2021 (Fri)

Singapore Real Estate

Singapore property developers will face ‘immense’ pressure from higher ABSD: Redas
The Real Estate Developers’ Association of Singapore (Redas) said the latest set of cooling measures was “rather unexpected”, considering the property market is just beginning to emerge from the challenging Covid-19 situation.
https://www.businesstimes.com.sg/real-estate/singapore-property-developers-will-face-immense-pressure-from-higher-absd-redas
https://www.straitstimes.com/business/property/redas-says-property-measures-sudden-hopes-government-will-give-developers-some

MND ups confirmed-list private housing supply, but developers may still be hungry
The government is raising the supply of private homes from sites on its confirmed list for the next-half by about 40 per cent compared with the current half. This comes against a backdrop of a buoyant property market over the past year and developers’ dwindling inventory of unsold homes.
https://www.businesstimes.com.sg/real-estate/mnd-ups-confirmed-list-private-housing-supply-but-developers-may-still-be-hungry-0

Tough new cooling measures will likely dampen inflow of foreign money into private housing market
Singapore – Tougher. Harder hitting. The most aggressive.Market observers used these words to capture their surprise at the latest round of property cooling measures that were announced just 20 minutes before they kicked in at midnight on Wednesday (Dec 15), giving buyers, developers and property agents no opportunity to react.
https://www.straitstimes.com/business/property/tough-new-cooling-measures-will-likely-dampen-inflow-of-foreign-money-into-private

Investors, foreigners, en bloc hopefuls to bear brunt of new property cooling measures
Higher upfront costs and tighter financing conditions from Singapore’s latest cooling measures are expected to significantly shrink investor appetite in the property market, especially for sales of high-end homes.
https://www.businesstimes.com.sg/real-estate/investors-foreigners-en-bloc-hopefuls-to-bear-brunt-of-new-property-cooling-measures
https://www.straitstimes.com/singapore/housing/cooling-measures-could-crimp-property-price-appreciation-for-two-years-stay-en

Government to increase BTO, GLS programme supply together with cooling measures
Along with the latest cooling measures announced late Wednesday (Dec 15) night, the government will boost supply in both the private and public housing markets. The number of units available under the confirmed list of the H1 2022 Government Land Sales (GLS) Programme will go up 40 per cent from H2 2021, Minister for National Development Desmond Lee announced.
https://www.businesstimes.com.sg/real-estate/government-to-increase-bto-gls-programme-supply-together-with-cooling-measures

Hike in BTO supply may ease HDB resale price surge, but construction delays still a concern
The rise in resale prices of public housing flats will likely ease slightly as the 34 per cent increase in supply of build-to-order (BTO) flats brings more options to buyers, analysts said Thursday (Dec 16). The government announced plans to increase BTO supply of HDB flats by 35 per cent over the next two years on Thursday, after introducing fresh measures to cool the property market late Wednesday (Dec 15).
https://www.businesstimes.com.sg/real-estate/hike-in-bto-supply-may-ease-hdb-resale-price-surge-but-construction-delays-still-a

Mixed views on property cooling measures as some sellers and buyers prefer to wait and watch
Singapore – The deal to buy a $3 million landed property in Yio Chu Kang was supposed to be finalised only on Christmas Day, but Mr Desmond Sim decided to push through with the transaction earlier this month even though it was going to be a hassle as he was going on a trip to South Korea.
https://www.straitstimes.com/singapore/housing/mixed-views-on-property-cooling-measures-as-some-sellers-and-buyers-prefer-to-wait

Bukit Timah condo project Perfect Ten dangles 5% discount amid cooling measures
The 230-unit luxury freehold development Perfect Ten, slated to go to the market this Sunday (Dec 19), is now offering buyers a one-time, 5 per cent discount at its launch weekend. The project’s developer, Hong Kong-based CK Asset Holdings, is going ahead with the original launch date, which is just days after fresh property curbs were rolled out on Thursday (Dec 16) to cool the residential market.
https://www.businesstimes.com.sg/real-estate/bukit-timah-condo-project-perfect-ten-dangles-5-discount-amid-cooling-measures

Singapore Economy

Singapore exports surge in November as electronics boom continues; NODX up 24.2%
Singapore exports rose for the 12th straight month in November, with the help of non-electronics products such as specialised machinery, petrochemicals and primary chemicals, although the electronics industry continued to expand as well.
https://www.businesstimes.com.sg/government-economy/singapore-exports-surge-in-november-as-electronics-boom-continues-nodx-up-242
https://www.straitstimes.com/business/economy/singapore-non-oil-exports-surge-242-in-november-beating-forecasts

Companies’ Brief

SingHaiyi loses free float, to delist after offer secures 95.8% valid acceptances
Mainboard-listed property developer SingHaiyi on Friday (Dec 17) morning said it has lost its free float and will be delisted, as its controlling shareholders’ voluntary unconditional cash offer secured 95.8 per cent valid acceptances as at 6 pm on Thursday (Dec 16).
https://www.businesstimes.com.sg/companies-markets/singhaiyi-loses-free-float-to-delist-after-offer-secures-958-valid-acceptances
https://www.straitstimes.com/business/companies-markets/property-firm-singhaiyi-to-delist-after-buyout-offer-secures-958

Singapore property developers’ shares hit by new cooling measures but banks rise
Singapore – The shares of Singapore developers took an immediate hit on Thursday morning (Dec 16) from property cooling measures announced overnight, but local banks resisted declines with support coming from the United States Federal Reserve move to raise interest rates in 2022 at a faster pace
https://www.straitstimes.com/business/companies-markets/singapore-developers-shares-hit-by-property-cooling-measures-but-banks
https://www.businesstimes.com.sg/stocks/hot-stocks-property-plays-in-the-red-on-new-housing-cooling-measures

Views, Reviews, Forum & Others

Digital trade gets another boost
By concluding two digital trade agreements in rapid succession in recent weeks, Singapore has expanded the potential for the growth of its digital economy, which will bring new benefits to companies here as well as enhance Singapore’s attractiveness as an investment destination.
https://www.straitstimes.com/opinion/st-editorial/digital-trade-gets-another-boost

Update on COVID-19 (Coronavirus Disease 2019) Situation

Changi Airport worker tests preliminarily positive for Omicron; 24 confirmed cases to date
Singapore – One more local Covid-19 case has tested preliminarily positive for the Omicron variant, said the Ministry of Health (MOH) on Thursday (Dec 16). The man is a loading assistant at Changi Airport Terminal 3. He had no contact with flight passengers, said MOH.
https://www.straitstimes.com/singapore/health/changi-airport-worker-test-preliminarily-positive-for-omicron-24-confirmed-cases

Travellers to S’pore who test positive or receive risk warning to recover or isolate in hotel rooms
Singapore – Travellers staying in hotels who have tested positive for Covid-19, or have been identified as a close contact of a Covid-19 case and received a health risk warning (HRW), should recover or isolate in their rooms by default from next Monday (Dec 20).
https://www.straitstimes.com/singapore/health/travellers-to-singapore-who-test-positive-or-receive-hrw-to-recover-or-isolate-in

*For more information, please visit the Ministry of Health (MOH) website at www.moh.gov.sg and refer to go.gov.sg/mohupdates for updates on the COVID-19 (Coronavirus Disease 2019) situation