New URA rules for bigger unit sizes may reduce affordability for retirees and millennials: Redas
The new guidelines on average unit sizes and the maximum number of units allowed in new private flat and condo developments could affect affordability for those looking to downsize and retire, and millennials seeking smaller dwelling units and flexible living, the Real Estate Developers’ Association of Singapore (Redas) said in a statement Thursday afternoon.
New URA guidelines pare property share prices
Major property stocks traded downwards in late trading on Thursday after new guidelines were announced to cut the maximum number of units allowed in new private flat and condo developments outside the central area from early next year. The news put further downward pressure on a sector which is already trading 21.52 per cent lower from a year ago.
New property rules: Analysts say ongoing collective sales attempts will be hit hard
The new average unit size benchmarks for private non-landed property announced on Wednesday may be the “final nail in the coffin” for collective sale sites that have yet to find buyers, or those that have yet to secure the 80 per cent mandate to launch for public tender, analysts say. Unless developers have already bought land and obtained planning approvals,
Singapore Real Estate
Single-storey detached house in Serangoon Gardens on sale for S$11.5m
A single-storey detached house in Serangoon Gardens with the potential to be developed into two homes has been launched for tender with a price of S$11.5 million, or S$1,085 per square foot on land. Located at 18/20 Berwick Drive, the house spans two adjoining lots with a combined land area of about 10,602 sq ft. The tender will close at 3pm on Nov 15.
Keppel logs 15% fall in Q3 earnings from weaker investments, property divisions
Keppel Corporation on Thursday reported a 15 per cent drop in its third-quarter earnings to S$225.7 million, mainly due to lower contributions from its investments and property divisions – and this comes despite stronger performance in its infrastructure and offshore & marine (O&M) divisions. Its revenue of S$1.3 billion for the quarter was also 20 per cent lower, compared to the S$1.62 billion registered in the corresponding period a year ago.
UOB launches eLab to personalise digital services
United Overseas Bank (UOB) on Thursday launched a pan-regional Engagement Lab (eLab) to personalise the way in which it converses with and serves customers of its upcoming Digital Bank services. In August, the bank announced plans to introduce a Digital Bank for Asean customers that will use a data-centric business model to understand individual customer banking needs and habits through their digital interactions with the bank.
SPH puts up Singapore’s largest sequential LED-lit billboard
The outdoor media arm of Singapore Press Holdings has unveiled Singapore’s largest sequential LED-lit billboard at Scotts Square. The ad space, measuring 50 metres by 11 metres or the size of two tennis courts, promotes cognac brand Martell’s latest campaign, Icons Grow Bold, and the Martell VSOP Aged in Red Barrels.
Frasers Commercial Trust Q4 DPU dips to 2.4 cents
Despite a revenue slide, a $75.7 million gain on disposal of investment property gave a lift to results for commercial and industrial owner Frasers Commercial Trust (FCOT) for its fourth quarter. Distribution per unit (DPU) dipped to 2.4 cents from 2.41 cents in the year-ago period, the group said in a Singapore Exchange filing on Friday morning (Oct 19).
OrangeTee not for sale: MD
Real-estate services company OrangeTee, which owns the third-largest property agency by size of sales force, is not for sale, two members of its management said at an internal company event this week. They spoke out amid recent consolidation in the property agency industry, and what the management said were swirling rumours about OrangeTee already having been acquired by a competitor.
Thailand’s richest man plans US$1.5b property IPO
Thailand’s richest man Charoen Sirivadhanabhakdi is planning an initial public offering of a domestic property business that could raise at least US$1.5 billion, people with knowledge of the matter said. The tycoon’s TCC Group conglomerate has asked banks to pitch for a role on the share sale by its Asset World Corp. unit, according to the people. It aims to list AWC in Bangkok next year, the people said, asking not to be identified because the information is private.
Views, Reviews, Forum & Others
URA’s revised guidelines a cooling measure not by design?
Is the Urban Redevelopment Authority’s Wednesday announcement to raise the minimum average unit size for non-landed housing developments Outside the Central Area (OCA) – the second part to the July 6 property cooling measures? At a glance, the answer would be “no”. The revised guidelines cutting the maximum number of units allowed in a project was released through a circular, along with two others, by URA’s development control group.
Singapore Airshow continues to fly high
The Singapore Airshow 2018 generated more than $343 million in spending, a new survey has shown. The amount was from exhibitors, trade attendees, visitors and tourists on flights, accommodation, exhibition space, entertainment, food and beverage, and shopping. The spending, over six days from Feb 6, was 4 per cent more than the 2016 show, according to the survey by Kadence International.
Global Economy & Global Real Estate
Short sellers bet London home woes will spread
Australia jobless rate dives to lowest reading since 2012
Additional Articles of Interests – Local & Overseas Real Estate
Local & Overseas Real Estate – Full Article