The Leading Professional and Representative Body for the Real Estate Industry

The Leading Professional and Representative Body for the Real Estate Industry



Daily News – 1, 2 & 3 Apr 2023 (Sat, Sun & Mon)

Singapore Real Estate


Singapore private home prices up 3.2% in first quarter: URA flash estimates
Private home prices in Singapore increased by 3.2 per cent in the first quarter of 2023, according to official flash estimates released by the Urban Redevelopment Authority (URA) on Monday (Apr 3).


Only first-time buyers can own homes in 99-to-1 shares from the start
Couples buying their first private property can own it in unequal shares of 99 to 1 from the start if they plan to pick up another one in the future. The additional buyer’s stamp duty (ABSD) does not apply to first-time buyers and so they can choose to hold their property in any manner.


Why ‘99-to-1’ property deals to avoid ABSD have zero chance of success
If someone advises you to buy a second property by using a loophole to avoid paying the stamp duty, do yourself a favour and just walk away. As tempting as it is to dodge a levy, exploiting a loophole can be deemed as tax avoidance, which comes with stiff penalties.


The hunt for rental yields
Private residential rentals surged in Singapore at a much faster pace than private home prices last year, resulting in an increase in rental yields.


Golden Mile Tower set for en bloc relaunch at S$600 million reserve price
Golden Mile Tower will be relaunched for collective sale on Apr 7 at a reserve price of S$600 million. This follows its first en bloc attempt at an indicative price of S$650 million, which closed on Jan 9 without a deal.


Three freehold bungalows in Chancery area sold for S$61.1 million
Three adjoining freehold bungalows at 10/10A Chancery Hill Road, 12 Chancery Hill Road and 14/14A Dyson Road were sold for S$61.1 million, consultancy Cushman & Wakefield said on Friday (Mar 31).


HDB Q1 resale prices increase by smallest amount in last 10 quarters: Flash estimates
The rise in Housing Board resale flat prices slowed in the first quarter of 2023, edging up 0.9 per cent – the smallest increase compared to the last 10 quarters.


Home Improvement Programme completed for 95% of eligible, pre-1986 HDB flats
Upgrading works for about 305,000 Housing Board flats – or 95 per cent of the units that were built up to 1986 and eligible for the Home Improvement Programme (HIP) – have been completed as at last Friday.



Companies’ Brief


CapitaLand Investment to acquire six multifamily assets in Japan for regional fund
CapitaLand Investment (CLI) has entered into a forward purchase agreement to acquire six multifamily assets in Osaka, Japan, at a purchase price of S$141.4 million for its regional core-plus fund, CapitaLand Open End Real Estate Fund (Coref).


CDL raises expected cost of climate inaction by half to S$120m in 2030
Property giant City Developments Ltd (CDL) has raised its expected cost of climate inaction to S$120 million in 2030, 1.5 times its previous estimate of S$82 million from two years ago.


Rajah & Tann partner Danny Ong leaves to start law firm focused on crypto disputes
Rajah & Tann partner Danny Ong, a dispute resolutions specialist, is leaving the firm and starting his own practice this month, according to sources familiar with the matter.


Wee Cho Yaw adds to his stake in UOL
On Mar 27, Wee Investments acquired 300,00 shares at an average price of S$6.74 per share. This took the total interest of chairman Wee Cho Yaw from 38.30 per cent to 38.34 per cent.


S’pore-listed property developer Hatten Land plans to restart work on Melaka project after years of delays
Singapore-listed property developer Hatten Land plans to resume work by mid-2023 on a residential project in Melaka that was slated for completion in 2020.


Link REIT completes acquisition of Jurong Point, Swing By @ Thomson Plaza
The manager of the Hong Kong-listed Link REIT says it has completed its acquisition of two suburban retail assets in Singapore.


Shifting interest rate expectations suggest tailwinds for S-Reits
Singapore-listed real estate investment trusts (S-Reits) are back on the radar of market watchers after a dismal showing last year. A tapering of aggressive rate hikes should support prices this year, although analysts warn it could still be a bumpy ride ahead for investors in the asset class.



Views, Reviews, Forum and Others


HDB to get new chairman from April 1
Mr Benny Lim Siang Hoe will step up from the role of deputy chairman of the Housing and Development Board (HDB) and be appointed chairman from Saturday, taking over from Mr Bobby Chin Yoke Choong.


New chairman for Workplace Safety and Health Council from April 1
Mr Abu Bakar Mohd Nor will be the new chairman of the Workplace Safety and Health (WSH) Council from Saturday.


Green guru or strategic savant: Singapore companies make tough choices in CSO hires
Singapore’s largest listed companies appear split on the most important requirements for a chief sustainability officer (CSO), with only half of their appointees holding green-related jobs when they were hired, according to an analysis by The Business Times.



Global Economy & Real Estate


Tech’s retrenchment hammers landlords with glut of empty offices


Squeezed by high costs, US tenants grapple with eviction


Luxury London homebuyers want discounts, but sellers won’t budge


China’s March new home prices rise at fastest pace in 9 months: survey


Chinese cash trickling back to Asia’s property markets


Chinese buyers snap up properties from Singapore and Australia to Thailand


Australia’s March home prices rise for first time in a year: CoreLogic


Economists split on whether Australia to pause tightening cycle


Dubai’s latest boom is pricing out the expats it once coveted


Japan’s business mood sours to 2-year low as global slowdown bites: survey



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