Prices of private apartments, condominiums fall 0.4% in November
Prices of completed private apartments and condominiums in Singapore fell again by 0.4 per cent in November from the previous month. The drop came after a 0.6 per cent month-on-month decline in October. This is according to the National University of Singapore’s (NUS) flash estimates released on Friday for its Singapore Residential Price Index (SRPI), which tracks prices of completed non-landed private homes.
Singapore Real Estate
Govt trims industrial land supply amid slower manufacturing
The government slightly trimmed industrial land supply for the first half of 2019, as trade war fears and concerns over a weakening manufacturing sector weighed on demand for land this year. Under the Industrial Government Land Sales (IGLS) programme, state industrial landlord JTC will release five sites in the confirmed list and seven sites in the reserve list, amounting to a total site area of 11.86 hectares.
Four-room HDB resale flats cross $1m mark in Tiong Bahru
For the first time, regular four-room Housing Board flats have been resold for more than $1 million. At least four such transactions have taken place since September and they are all for flats in the same cluster in Tiong Bahru. The flats are in three 40-storey blocks in Boon Tiong Road. While they might be part of Singapore’s oldest housing estate, these flats are less than three years old.
Jobs creation seen taking a break amid economic uncertainty
The job creation machinery, which has been cranking up in the second half of 2018, is likely to ease as it enters the new year when employers, faced with an uncertain economic outlook, balk at hiring new people. With recruitments tipped to soften, the prognosis for pay in 2019 is not great either: a 4 per cent hike, the same as in 2018 and below the Asia-Pacific’s average 5.9 per cent, is being predicted by global advisory, broking and solutions firm Willis Towers Watson.
SMEs ho-hum about 2019 outlook; more look to Asean for opportunities
Caution appears to be the pervading sentiment among Singapore businesses as external uncertainties such as the US-China trade war, rising interest rates and slowing global growth weigh on their outlook for the coming year. But on a more optimistic note, industry watchers observed that more small and medium-sized enterprises (SMEs) are planning to move ahead with their overseas expansion plans in 2019, with a renewed focus on Southeast Asia.
Keppel bags site in Chengdu Tianfu New Area
Keppel Corporation unit Keppel Land China has secured a 4.7-hectare residential site in the Chengdu Tianfu New Area state-level development zone for a total consideration of 889.7 million yuan (S$183.4 million) in a government land tender on Dec 27, Keppel announced on Friday after the market closed. The site will be developed into a residential community with 768 units of high-rise apartments and 96 units of low-rise apartments, targeted at home upgraders and expected to be launched in Q4 2019.
Allianz Real Estate seeking to expand in Asean
Allianz Real Estate (ARE), which recently acquired a 20 per cent stake in Ocean Financial Centre in the Singapore CBD for S$537.3 million, is seeking to expand in Asean in 2019. The Asia-Pacific CEO of the property investment arm of global insurance giant Allianz, Rushabh Desai, said in a recent interview with The Business Times: “We would like to explore Thailand, Indonesia and Malaysia as a start … because Allianz has fairly fast-growing insurance businesses there which are now of a sizeable presence. As a result, we can leverage on their presence – their relationships, understanding of regulations – to see if we can invest in real estate in these three countries.”
OUE Lippo Healthcare unit to manage 3 China hospitals
A joint venture company of Catalist-listed OUE Lippo Healthcare (OUELH) has inked contracts to manage three hospitals in Shanghai, Chongqing, and Nanjing. Shanghai Changhang Hospital, Chongqing Changhang Hospital and Nanjing Youyun Hospital are currently operated by member companies of China Merchants Group (CMG), the China state-owned conglomerate based in Hong Kong.
Views, Reviews, Forum & Others
Workplace fatalities in construction up again
After a marked improvement last year, workplace fatalities in the construction sector rose again this year. Thirteen construction workers died as a result of workplace accidents from January to November, up from 10 during the same period last year.
Buying property overseas: Risks and opportunities
For Singaporeans seeking to diversify their portfolios, investing in a property overseas might be an enticing option. The relative strength of the Singapore dollar compared to regional currencies means you might get more bang for your buck elsewhere.
Global Economy & Global Real Estate
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