DAILY NEWS

Daily News – 9th March 2016

Singapore Economy

More Singaporeans living in condos, fewer driving cars: National household survey
More Singaporeans are living in condominiums and more are relying on public transport instead of cars to commute to work, according to the latest national household survey by the Department of Statistics (Singstat) released on Wednesday (Mar 9). The proportion of resident households living in condominiums and other apartments rose to 13.9 per cent last year, up from 11.5 per cent in 2010, the survey found.
http://www.channelnewsasia.com/news/singapore/more-singaporeans-living/2586118.html
http://www.todayonline.com/singapore/more-singaporeans-better-educated-literate-two-or-more-languages-general-household-survey

Economist lauds countries’ moves towards structural reform
Some good may yet come from the slump in global trade, as countries that have exhausted their stimulus measures start to recognise the importance of structural reform, such as trade liberalisation, a leading trade economist said yesterday. “In response to the economic doldrums, policymakers have recognised the need for structural reform, in particular with respect to trade policy, and I think that bodes very well for the global economy,” HSBC senior trade economist Douglas Lippoldt told reporters during a visit to Singapore.
http://www.straitstimes.com/business/economist-lauds-countries-moves-towards-structural-reform

Challenging year ahead for tourism industry
Growth in the tourism industry is likely to slow to a crawl this year as tourists tighten their belts ahead of a weakening global economy. The Singapore dollar is also likely to stay strong against regional currencies, further deterring regional tourists from raising their spending. All this will add up to a challenging year for the sector, said the Singapore Tourism Board.
http://www.straitstimes.com/business/economy/challenging-year-ahead-for-tourism-industry

Singapore Real Estate

Condo resale prices slip 0.3% in Feb: SRX
Resale prices of private condominiums and apartments in Singapore dipped 0.3 per cent in February 2016, after increasing 0.8 per cent in January. It was dragged down by a 0.8 per cent price fall in the suburbs, and led property consultants to call January a “blip”.
http://www.businesstimes.com.sg/real-estate/condo-resale-prices-slip-03-in-feb-srx
http://www.channelnewsasia.com/news/singapore/resale-prices-of-private/2582414.html

Suburban apartment resale prices down
A gap in fortunes seems to be opening up between resale prices of private apartments in the coveted core central region and those in other parts of Singapore, according to data out yesterday. Resale prices of flats in the core central region (CCR) were unchanged in February after rising for three straight months and are about 4.7 per cent above values in February last year, according to SRX Property flash estimates.
http://www.straitstimes.com/business/property/suburban-apartment-resale-prices-down

Singapore prime homes a good buy now: JLL
A new JLL report is extolling the virtues of buying a prime residential property in Singapore now, given how “affordable” they have become compared to other global cities in the last four years. This is in spite of the loan curbs and tax burdens in place. The real estate consultancy estimates that the average luxury prime residential price of S$1,991 per square foot (psf) in the fourth quarter of 2015 is about 20 per cent off the peak in 2011.
http://www.businesstimes.com.sg/real-estate/singapore-prime-homes-a-good-buy-now-jll

The rise of 5-star hospitals in Singapore
concierge service, beautifully-plated meals, a personalised tablet with Wi-Fi access and ensuite bathroom complete with premium toiletries were some perks 47-year-old business owner Ms Wong Li Ping enjoyed during her five-night hospital “staycation” at Farrer Park Hospital (FPH) in December 2015.
http://www.channelnewsasia.com/news/singapore/the-rise-of-5-star/2583868.html

BCA investigating Ang Mo Kio lift that shot up 17 floors
http://www.channelnewsasia.com/news/singapore/bca-investigating-ang-mo/2584474.html

Companies’ Brief

OUE Hospitality Trust
OUE Hospitality Trust (OUE-HT) announced an underwritten and renounceable rights issue of 441,901,257 new stapled securities to raise gross proceeds of about S$238.6 million. The rights issue would provide stapled security holders with the opportunity to subscribe for their pro rata entitlement to the rights stapled securities at an issue price of S$0.540 per rights stapled security, which is at a discount of about 29.4 per cent to yesterday’s closing price of S$0.765.
http://www.businesstimes.com.sg/companies-markets/brokers-take-238

Mapletree buys student housing assets for £417m
Mapletree Investments has jumped on the bandwagon to acquire student accommodation assets in the UK amid increased interest from companies and sovereign wealth funds to chase strong yields in student digs. In its first foray into this asset class, the Temasek Holdings unit on March 7 scooped up a portfolio of 25 buildings with more than 5,500 beds in 12 core university cities including London, Edinburgh and Manchester for £417 million (S$819.2 million), trumping rival bidders from the US, Russia and the Middle East.
http://www.businesstimes.com.sg/real-estate/mapletree-buys-student-housing-assets-for-%C2%A3417m

Views, Reviews & Forum

Property firms head overseas in hope of growth and profits
The combination of cooling measures, tougher banking rules and slowing population growth has meant that the party has been over for property developers for some time. This year, there are added pressures. With additional taxes set to kick in if units remain unsold and a peak supply of 21,906 completed units due to hit the market this year, there is a sense of urgency in property circles that it is time to act.
http://www.straitstimes.com/opinion/property-firms-head-overseas-in-hope-of-growth-and-profits

Global Economy & Global Real Estate

Forest City’s slew of incentives seen as a big plus
THE multiple tax incentives accorded to Iskandar Malaysia’s Forest City including the coveted duty-free zone has made the ambitious mega-mixed development more feasible, particularly in a depressed market, property consultants say.
http://www.businesstimes.com.sg/real-estate/forest-citys-slew-of-incentives-seen-as-a-big-plus

Manhattan Fifth Avenue Properties Up for Sale in Test for Market
http://www.bloomberg.com/news/articles/2016-03-08/manhattan-fifth-avenue-properties-up-for-sale-in-test-for-market

Auckland’s Property Boom Complicates Central Bank’s Next Move
http://www.bloomberg.com/news/articles/2016-03-08/auckland-s-cascading-property-boom-gives-rbnz-cause-to-pause

China Housing Frenzy Makes Property Bonds Fund Manager Darlings
http://www.bloomberg.com/news/articles/2016-03-08/china-housing-frenzy-makes-property-bonds-fund-manager-darlings