MAS warning of ‘euphoria’ puts Singapore property market on notice
Singapore’s hot property market has been put on notice. For the second time in eight months, the central bank is warning of a bubble building up and cautioning developers, banks and home buyers to proceed with care. Property observers say the warnings are a reality check that the government will step in if the market overheats.
Singapore’s growth should hold steady in 2018 despite rising trade friction: MAS chief
Singapore’s economy should continue to expand in 2018 although protectionism risks have risen, said Ravi Menon, Monetary Authority of Singapore managing director. He said overall growth in gross domestic product (GDP) is expected to come in at around 2.5 to 3.5 per cent in 2018, unchanged from an earlier official forecast released in May.
Net increase of 7,800 jobs in financial industry in last 2 years: MAS
The number of net jobs created for Singapore’s financial industry is set to exceed the 8,000 target by year end – and the nation is just halfway through its efforts to transform its financial industry. There was a net increase of 7,800 jobs in financial services and FinTech over 2016 and 2017, close to the target of 8,000 set under the five-year Industry Transformation Map (ITM) for the financial services sector, noted Ravi Menon, Monetary Authority of Singapore managing director on Wednesday. He was speaking at MAS’ annual report media briefing.
Official reserves grew S$8.5b in FY2017/18
The official foreign reserves (OFR) gained S$8.5 billion for FY2017/18, the Monetary Authority of Singapore (MAS) said in its annual report released on Wednesday. The gains in OFR comprise investment gains of S$22.3 billion and a loss from currency translation effects of S$13.8 billion due mainly to the strengthening of the SGD against the USD and JPY, the MAS said.
Singapore Real Estate
Horizon Towers back on collective sale market with S$1.1b reserve price
In 2009, the S$500 million collective sale bid of Horizon Towers fell apart following a rancorous dispute among the owners, and the Court of Appeal’s finding that the sales process was improperly handled. Now, the 211-unit development in prime district 9 is back on the market – this time, asking for more than twice that price.
Loh Lik Peng sells Wanderlust Hotel
Wanderlust Hotel along Dickson Road in the Little India Conservation Area, is changing hands. A company linked to Loh Lik Peng, founder of hotel and restaurant group Unlisted Collection, is selling the freehold four-storey conserved building for S$37 million. The building, which has a built-up area of about 15,000-16,000 sq ft, is on a 4,634 sq ft site. The buyer is 8M Real Estate, a Singapore-based privately-held property investment company.
Mapletree Logistics Trust to acquire 5 more Singapore properties for S$778.3m
Mapletree Logistics Trust is planning to acquire five modern, ramp-up logistics properties in Singapore from CWT and its subsidiaries for about S$778.3 million. The sum includes the purchase price of S$730 million, and the estimated upfront land premium for the balance lease terms payable to JTC Corporation of S$48.3 million.
Tikehau Capital becomes substantial unitholder in IREIT Global
IREIT Global (IREIT), a Europe-focused real estate investment trust, on Wednesday said unitholder Tikehau Capital has acquired an additional 4.39 per cent of the units in IREIT for S$21 million, bringing its total holding to 8 per cent. This stake was purchased via a married deal with Lim Chap Huat, co-founder of Soilbuild Group, on Wednesday.
Ryobi Kiso says letters of demand total S$23.1m
Ground engineering solutions firm Ryobi Kiso Holdings on Wednesday said it and its unit have received letters of demand for S$23.1 million from several financial institutions. The claims come from American Express International; Bank of China; CIMB Bank Berhad; Hong Leong Finance; KBC Bank; and Malayan Banking. The lenders have not begun legal proceedings as yet.
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Seletar’s new passenger terminal to open in Dec
A new S$80 million passenger terminal will open at Seletar Airport in December to provide more space for Singapore’s private and business jet traffic to grow, and free up capacity at Changi Airport for larger planes. The new facility – six times bigger than the current terminal – is designed to handle up to 700,000 passengers a year.
Home sensors that can save Jurong’s elderly
About 20 Jurong Central homes with elderly members are getting a monitoring system that can send help to them in a medical emergency. The Home Monitoring and Eldercare (HoME+) system is offered under a new tie-up among three partners: Jurong Central Grassroots Organisations (GROs), Singapore Red Cross and insurer Aviva Singapore. Aviva has committed $135,000 to pay for the setting up of the system and services.
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