DAILY NEWS

Daily News – 24 Oct 2019

Singapore Real Estate

Sengkang Grand Residences units to start from S$798,000
Unit prices for Sengkang Grand Residences will start from S$798,000 for one-bedroom plus study units, said CapitaLand and City Developments (CDL) on Wednesday. The integrated development comprises 680 units across nine blocks, with unit sizes ranging from 474 square feet (sq ft) for a one-bedroom plus study, to 1,324 sq ft for a four-bedroom premium plus flexi unit type.
https://www.businesstimes.com.sg/real-estate/sengkang-grand-residences-units-to-start-from-s798000
https://www.straitstimes.com/uncategorized/sengkang-grand-residences-apartments-to-launch-at-prices-starting-from-798000

Two Kampong Glam shophouses being sold
Two conservation shophouses in historic Kampong Glam are changing hands for a total of S$29 million. A South Korean party is paying S$18.8 million for 11 Bali Lane, where the Blu Jaz Cafe operates, and S$10.2 million for 241 Beach Road, which houses Piedra Negra Mexican Bar and Restaurant.
https://www.businesstimes.com.sg/real-estate/two-kampong-glam-shophouses-being-sold

Third launch for Katong Plaza collective sale
The collective sale for Katong Plaza has been launched for the third time via public tender at an unchanged asking price of S$188 million, marketing agent Huttons Asia said on Thursday. This translates to a land rate of S$1,947 per square foot (psf) per plot ratio, after factoring an estimated development charge of S$10.8 million.
https://www.businesstimes.com.sg/real-estate/third-launch-for-katong-plaza-collective-sale

HDB annual deficit grows to S$1.98b
The Housing and Development Board’s (HDB) deficit climbed to S$1.98 billion in the financial year ended March 31, largely on the back of a gross loss on the sale of flats, disbursement of Central Provident Fund (CPF) housing grants and the expected loss for flats that are currently under development. In its annual report published on Wednesday, HDB said it recorded a deficit of S$2.4 billion from its housing…
https://www.businesstimes.com.sg/real-estate/hdb-annual-deficit-grows-to-s198b
https://www.straitstimes.com/singapore/hdbs-deficit-grows-to-2b-mainly-from-housing-programmes
https://www.channelnewsasia.com/news/singapore/hdb-2-billion-deficit-2018-2019-flat-sales-decline-12026966
https://www.todayonline.com/singapore/hdb-reports-s2-billion-deficit-latest-financial-year-fewer-flats-sold

Singapore Economy

IMF cuts Singapore 2019 growth forecast to 0.5%
The International Monetary Fund (IMF) on Wednesday cut its growth projection for Singapore to 0.5 per cent in 2019, down from an earlier estimate of 2 per cent in July, due to strong export headwinds and the downturn in the electronics cycle. “Given Singapore’s dependence on external trade, growth is projected to remain subdued at one per cent in 2020,” Jonathan Ostry, deputy director for Asia and Pacific…
https://www.businesstimes.com.sg/government-economy/imf-cuts-singapore-2019-growth-forecast-to-05
https://www.straitstimes.com/singapore/imf-cuts-growth-forecasts-for-asian-economies
https://www.straitstimes.com/business/economy/imf-cuts-spore-growth-forecast-to-05-for-2019

Core inflation at lowest in over three years
Cheaper electricity and gas and lower retail prices helped inflation fall to its lowest in over three years in September, according to data released yesterday. Core inflation eased to 0.7 per cent, the lowest since March 2016, when it came in at 0.6 per cent. It was also slightly down from August’s 0.8 per cent. Core inflation excludes the costs of accommodation and private road transport.
https://www.straitstimes.com/business/economy/core-inflation-at-lowest-in-over-three-years
https://www.businesstimes.com.sg/infographics/singapore-core-inflation-touches-fresh-low-in-september
https://www.channelnewsasia.com/news/singapore/singapore-core-inflation-september-hits-more-than-3-year-low-12026952
https://www.todayonline.com/singapore/singapores-core-inflation-september-hits-more-3-year-low

Singapore slowdown may be nearing end, says MAS chief
[Singapore] Singapore’s economy may be a few quarters away from a recovery as the decline in trade and manufacturing this year has not really spread to other sectors, said the head of the Monetary Authority of Singapore (MAS). The MAS’s baseline view is that “the current cycle should be bottoming out toward the end of the year and into next year,” its managing director Ravi Menon said in an interview.
https://www.businesstimes.com.sg/government-economy/singapore-slowdown-may-be-nearing-end-says-mas-chief
https://www.straitstimes.com/business/economy/singapore-slowdown-may-be-nearing-end-says-mas-chief-ravi-menon

Companies’ Brief

Wing Tai’s Q1 net profit more than triples to S$6.8m
Wing Tai Holdings’ net profit more than tripled to S$6.8 million for the first quarter ended Sept 30, thanks to a 20 per cent reduction in the cost of sales and higher profits from associates and joint ventures. The mainboard-listed property investment and development player, with lifestyle retail business, saw its bottom line jump to S$6.8 million from S$2.2 million for the corresponding period a year ago.
https://www.businesstimes.com.sg/companies-markets/wing-tais-q1-net-profit-more-than-triples-to-s68m

Valuation doubts behind PropGuru’s weak demand
PropertyGuru’s choice of Australia as a listing venue that holds more promise than its home bourse in Singapore has turned out to be not so hot after all. The South-east Asian real estate portal on Wednesday abandoned its proposed flotation on the Australia Securities Exchange (ASX), citing uncertainty in the initial public offering (IPO) market. The company said it decided not to proceed with the IPO despite “strong…
https://www.businesstimes.com.sg/garage/valuation-doubts-behind-propgurus-weak-demand
https://www.straitstimes.com/business/companies-markets/propertyguru-scraps-aussie-ipo-citing-market-uncertainty

Eagle Hospitality Trust calls for trading halt after reports on possible lease default
Eagle Hospitality Trust on Thursday morning requested a trading halt, pending the release of an announcement. Earlier in the month, media reports had said the trust’s sponsor, Urban Commons, could be in danger of defaulting on its lease agreements to run The Queen Mary, an historic former luxury cruise liner in California that has been converted into an upscale hotel as one of Eagle’s key assets.
https://www.businesstimes.com.sg/companies-markets/eagle-hospitality-trust-calls-for-trading-halt-after-reports-on-possible-lease
https://www.straitstimes.com/business/companies-markets/eagle-hospitality-trust-calls-for-trading-halt-after-reports-of-lease

Views, Reviews, Forum & Others

Forum: Review property agents’ commission structure
I recently bought a property that I sourced from an online portal. Earlier, I had indicated my interest in it and contacted the seller’s agent. I had several questions about a leak in the house and the fresh coat of paint that had been applied in an attempt to conceal it. I had several other queries.
https://www.straitstimes.com/forum/letters-in-print/review-property-agents-commission-structure