The Leading Professional and Representative Body for the Real Estate Industry

The Leading Professional and Representative Body for the Real Estate Industry



Daily News – 16th, 17th and 18th September 2017

Top Story

Developers’ private-home sales so far this year shoot past 2016’s full-year figure
Developers’ private home sales in the first eight months of this year have already surpassed that made in the whole of last year – with buying fervour in the market having been unrestrained even in August, which coincided with the lunar Hungry Ghost Festival.  An estimated 8,391 private residential units were sold between January and August, 60.3 per cent more than the corresponding period last year, and also higher than 2016’s full-year sales of 7,972 units.

Property agents face prospect of tech takeover
First it was sagging sales. But even as the property market now shows tentative signs of bottoming out, the shrinking industry of real estate agents looks set for even more pummelling as property listing firms across the board automate parts of the transaction process.  Hit by a languid market, the number of licensed property agents has fallen from 31,800 three years ago to fewer than 28,400 in January 2017. And increasingly those still in the market may find themselves being edged out by technology – with both established listing platforms and newer startups using it to augment their services.

Singapore Economy

MAS inks deal to boost fintech innovation
The Monetary Authority of Singapore (MAS) and Securities Commission Malaysia (SC) have signed an agreement to foster closer cooperation on financial technology (fintech) and innovation in financial services.  It establishes a framework for both regulators to assist innovative businesses to better understand the regulatory regime in each jurisdiction and provide support through the application and authorisation processes. The regulators will also consider participating in joint innovation projects related to technologies such as blockchain and distributed ledgers.

Call to ensure workers can access new opportunities
The future of labour cannot involve protecting workers against disruption at the expense of new business models, Minister in the Prime Minister’s Office Josephine Teo said yesterday.  Businesses and governments must work together to allay workers’ concerns and make sure that employees are able to take up new jobs that will be created from automation and digitalisation.

Perpetual market – too much risk, too little reward?
They also have no maturity date while repayment of the principal is also left at the discretion of the issuer. Because of this feature, they can be counted as equity, rather than debt on the issuer’s books, and allow the issuer to raise capital without diluting its equity base.  But this also makes perps riskier for investors than straight bonds, where both principal and interest must be paid according to a fixed schedule.

Singapore Real Estate

Construction firm involved in HDB projects accused of owing subcons $1m
At least five subcontractors have claimed that they are collectively owed around $1 million by a main contractor, Li Jie Construction, in unpaid fees for seven projects.  These include upgrading works for the Housing Board (HDB) and a town council.  The subcontractors told The Sunday Times they had been unable to contact Li Jie’s management since the start of this month.

Companies’ Brief

China Construction eyes regional role
The decline in the number of building projects up for grabs here and intense competition prompted even China Construction (South Pacific) Development Co Pte Ltd (CCDC), one of the top revenue earners in Singapore’s construction sector, to diversify into infrastructure some five years ago.  It is now tendering for more infrastructure contracts, scouring for more private residential development projects and even looking beyond Singapore’s shores for construction contracts.

Keppel T&T unit invests US$10m in US data centre startup
A unit of Keppel Telecommunications & Transportation (Keppel T&T) has invested US$10 million in US-based data centre startup Nautilus Data Technologies Inc’s Series C preferred stock funding.  The investment by Keppel T&T’s wholly owned subsidiary, Keppel Data Centres, on Thursday represents about 24.1 per cent of the total issued shares of Nautilus, Keppel T&T said in Singapore Exchange filings on Friday.

Pavillon Holdings unit to buy Johor Bahru properties for RM52m
Singapore-listed Pavillon Holdings on Monday said its subsidiary Fengchi Real Estate Sdn Bhd had on Sept 16 entered into a conditional sale and purchase agreement for the acquisition of units in a commercial complex and adjoining vacant lands in Johor Bahru, Malaysia, for RM52 million (S$16.7 million).

Mandarin Oriental receives bids for Excelsior hotel in HK
Mandarin Oriental International Limited said it has received proposals from potential buyers to acquire The Excelsior hotel in Hong Kong.  “These will form the basis for further consideration of the company’s strategic options,” it said in a filing on Friday, without offering more details.

Views, Reviews & Forum

Property market to rise or fall 30%? Sure, I’ve heard that one before
As a home owner who is of age to sell my home and downgrade, I should be delighted by recent news that points to an uptick in the property market. The value of my home should rise – nay, double – according to a Morgan Stanley report, by 2030 when I am about due to retire.  I should start counting my retirement chickens today.

Cool ideas and green lessons from the past
Visitors to Ms Canny Teo’s house sometimes tell her they feel cold, even though she does not use air-conditioning.  The 49-year-old housewife’s home at 51, Joo Chiat Terrace does not have electronic gadgetry to monitor and regulate temperature.  “We have 25 people in the living room and there’s no need for air-con,” said Ms Teo of the weekly family gatherings in the renovated shophouse built in the early 1900s.

Global Economy & Global Real Estate

Downtrend in US fixed mortgage rates halted

Industrial output, retail sales take a hit from Harvey’s fury

Shy billionaire sets sights on New York’s Plaza Hotel 

Florida’s ‘vulnerable’ homes survive storm with light damage

US law on online sales tax poised for court review

US retail sales post biggest drop in six months

UK house price growth at slowest since 2012 as London slumps

Don’t ignore signs of vulnerability in financial system: BIS

China Home Prices Rise in Fewer Cities as Property Market Cools

China home prices rise 0.2% in August from July

Hong Kong gearing up for digital payments

Sun Hung Kai Properties sees sales slowing after record year

Toronto condos buck Canada housing crunch, but prices seen cooling

‘Frothy’ assets spark concerns as cash floods Indian markets

Number of elderly folk on the rise in Japan

Hurricane Irma shakes Havana’s crumbling buildings

Additional Articles of Interest – Local & Overseas Real Estate

Local & Overseas Real Estate – Full Article

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