The Leading Professional and Representative Body for the Real Estate Industry

The Leading Professional and Representative Body for the Real Estate Industry



Daily News – 30 June 2022 (Thu)

Singapore Real Estate 

Kovan’s Jansen Mansions sold higher at S$19.1m
Jansen Mansions at Kovan has been collectively sold to Macly Capital in a public tender for S$19.1 million, slightly higher than the reserve price of S$18.9 million, marketing agent PropNex Realty announced on Wednesday (Jun 29).

Second Chance grants option to purchase Lucky Plaza units for S$13.39 million
Better Chance Properties (BCP), a subsidiary of mainboard-listed Second Chance Properties has granted a potential buyer an option to purchase its Lucky Plaza units for S$13.39 million. The potential buyer of the units, #01-56/57/58/59, is Lew Chee Beng and/or his nominee, Second Chance disclosed in a Wednesday (Jun 29) bourse filing.

Singapore CBD Grade A office rents may cross pre-pandemic peak by Q3: JLL
Grade A office rents in Singapore’s Central Business District (CBD) continued their steady upward momentum for the fifth straight quarter in Q2 2022 to recover to 0.6 per cent below the pre-pandemic peak of S$10.81 per square foot (psf) per month in Q4 2019, according to JLL Singapore.

Fixed, floating or hybrid: Which home loan package works for you as interest rates rise
Singapore – Some home owners who had taken up floating rate loan packages may face a reality check as mortgage rates threaten to go through the roof.

DBS raises 2-year fixed home loan rate to 2.75% per annum, highest among local banks
DBS has just raised its rates on all home loan packages to 2.75 per cent per annum, placing it the highest among the trio of local banks. This comes after both UOB and OCBC raised rates on their home loan packages.

Industrial GLS for H2 2022 launched; 4 confirmed plots, 3 in reserve
The Ministry of Trade and Industry announced the launch of its Industrial Government Land Sales (GLS) programme for the second half of 2022 on Thursday (Jun 30). There are 4 sites on the confirmed list and 3 on the reserve list, which brings the total site area to 6.36 ha.


Singapore Economy

Hotel revenues continue to rise in May to S$231.7m
Hotel room revenue rose for the fourth straight month in May, as international visitor numbers continued to rebound strongly on borders reopening. Singapore operators raked in S$231.7 million in May, going by the latest figures from the Singapore Tourism Board, which also showed visitor arrivals climbing to 418,310 in the same month, from 295,100 in April.

Unlocking transition finance for Singapore’s future
South-East Asia is at a crucial stage in its transition towards becoming a low-carbon, climate-resilient economy. If we are to accelerate this, the allocation of capital and solutions needs to evolve, not only increasing investment in carbon-efficient technology and green projects, but also incentivising existing hard-to-abate sectors to become greener at a reasonable cost.

Giving citizens a stake in Forward Singapore
Given the string of past national conversations, it might be easy for cynics to dismiss Forward Singapore as just another refreshed, feel-good exercise in public consultation. Of course, it is prudent to reserve judgement until it’s clearer how the conversation develops, as well as the eventual policy recommendations.

Car emissions scheme extended until end-2023, thresholds to be tightened from 2024
Singapore – Car buyers and sellers here will be nudged further to adopt environmentally cleaner models such as electric vehicles (EVs) when a tightened emissions scheme kicks in from 2024. In a joint announcement on Thursday (June 30) morning, the National Environment Agency (NEA) and Land Transport Authority (LTA) said the current Vehicular Emissions Scheme (VES) – which expires at the end of this year – will continue for another year with no change.


Companies’ Brief

Straits Trading unit to acquire office and industrial buildings and land in the UK for £130m
Straits Real Estate, a unit of mainboard-listed Straits Trading, is acquiring a portfolio of office and industrial buildings and several plots of development land in Gloucester Business Park for £130 million (S$219.5 million).

Yanlord’s third batch of apartments in Shanghai project sold out, pulls in RMB6.1b in pre-sales
Yanlord Land Group has pulled in RMB 6.1 billion (S$1.28 billion) in pre-sales from selling all units in the third batch of apartments launched for its Shanghai project, Yanlord Arcadia.


Views, Reviews, Forum and Others

BT Explains: Are cryptocurrencies a good hedge against inflation with their prices falling?
It’s a bloodbath in the cryptocurrency world, as investors get jittery over riskier assets amid heightened inflation and fears of a recession. According to data from CoinMarketCap, the global market capitalisation of digital coins shrunk below US$1 trillion to US$934 billion in June this year.

Crypto crash widens a divide: ‘Those with money will end up being fine’
The cryptocurrency market was in ruins. But Tyler and Cameron Winklevoss were jamming. The billionaire twins, best known for their supporting role in the creation of Facebook, twirled and shimmied across the stage with their new cover band, Mars Junction, at a concert venue outside Denver last week, the latest stop on a coast-to-coast tour. Tickets cost US$25 (S$35).

Chinese homebuilders skirt discount limits with ‘fancy’ promotions -report
Chinese developers desperate to offload unsold homes are resorting to “fancy” ways to lower prices, seemingly circumventing rules against excessive discounting, a government-backed newspaper reported on Thursday.

Tackling S’pore’s new Covid-19 wave: 10 ways to keep you and your loved ones safe
More Covid-19 infections are being reported and the number is expected to continue to increase as Singapore rides yet another coronavirus wave. The Straits Times looks at the new Omicron sub-variants driving current infections, and suggests how you can protect yourself.


Global Economy & Global Real Estate

WHO warns ‘sustained transmission’ of monkeypox risks vulnerable groups

World Bank’s Reinhart ‘skeptical’ global recession can be avoided

US secures 105 million doses of Pfizer vaccine for fall

In the US, highest mortgage rates since 2008 housing crisis is cooling sales

Powell says US economy in strong shape, Fed can avert recession

Record trade deficit weighs on US economy in first quarter

US personal spending revised sharply lower in Q1 data

Britain pledges to tackle trade barriers for exporters

UK business confidence drops to 15-month low as inflation surges

Bailey says BOE has option to act more forcefully on inflation

ECB’s Lagarde sees inflation fight as an ‘art’

China developer Vanke says property market has bottomed

Economists see limited growth boost from China’s quarantine cut

China businesses lose advantage against global peers amid zero-Covid policy

China factory activity expands for first time in four months

Japan’s May factory output suffers biggest slump in two years

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