DAILY NEWS

Daily News – 1, 2 & 3 Oct 2022 (Sat, Sun & Mon)

SINGAPORE REAL ESTATE

Singapore Q3 private home prices up 3.4% from Q2, led by 7% jump in suburban condos: URA flash estimate
Private residential property prices rose 3.4 per cent in the third quarter after growing 3.5 per cent in the second quarter of 2022, the Urban Redevelopment Authority (URA) flash estimates show.
https://www.businesstimes.com.sg/real-estate/singapore-q3-private-home-prices-up-34-from-q2-led-by-7-jump-in-suburban-condos-ura-0
https://www.straitstimes.com/business/property/private-home-prices-rise-34-in-q3-led-by-7-jump-for-suburban-condos-flash-data

Growth in HDB resale prices slows slightly, up 2.4% in Q3: flash estimates
Housing Board (HDB) resale prices rose 2.4 per cent in the third quarter of 2022, making it the 10th straight month of quarterly growth, according to flash estimates released on Monday (Oct 3).
https://www.businesstimes.com.sg/real-estate/growth-in-hdb-resale-prices-slows-slightly-up-24-in-q3-flash-estimates
https://www.straitstimes.com/singapore/housing/hdb-resale-prices-rise-24-in-q3-may-dip-in-coming-months-after-cooling-measures
https://www.channelnewsasia.com/singapore/hdb-resale-flats-private-property-rise-slower-pace-2981871

15-month wait-out period to moderate HDB resale flat demand, ensure affordability: Desmond Lee
The 15-month wait-out period imposed on current and former private property owners will moderate demand for Housing Board resale flats and keep them affordable, especially for first-time home buyers, said National Development Minister Desmond Lee.
https://www.businesstimes.com.sg/real-estate/15-month-wait-out-period-to-moderate-hdb-resale-flat-demand-ensure-affordability-desmond
https://www.straitstimes.com/singapore/housing/15-month-wait-out-period-to-moderate-hdb-resale-flat-demand-ensure-affordability-desmond-lee
https://www.todayonline.com/singapore/15-month-wait-out-hdb-resale-desmond-lee-2008191

Tighter borrowing limits in line with weakening risk appetite among banks: mortgage brokers
The government’s move to limit how much property buyers can borrow is largely in line with the weakening risk appetite among banks, mortgage brokers said. Among the latest measures to cool the property market, the medium-term interest rate floor, used to compute the total debt servicing ratio (TDSR) and mortgage servicing ratio (MSR), will be raised by half a percentage point for loans for the purchase of properties on or after Sep 30.
https://www.businesstimes.com.sg/real-estate/tighter-borrowing-limits-in-line-with-weakening-risk-appetite-among-banks-mortgage

Larger HDB resale flats to bear brunt of new property cooling measures; may drive up rents
Singapore – The latest round of property cooling measures is a necessary and inevitable move to nip overleveraging in the bud. There are already growing signs of overheating in both the Housing Board resale and private home markets amid rising interest rates and a gloomier economic outlook.
https://www.straitstimes.com/business/property/larger-hdb-resale-flats-to-bear-brunt-of-new-cooling-measures-may-drive-up-rents
https://www.businesstimes.com.sg/real-estate/tighter-loan-limits-could-feed-demand-for-smaller-flats-raise-rentals-further-curb
https://www.todayonline.com/minute/property-cooling-measures-analysts-expect-fewer-million-dollar-hdb-resale-flats-prices-4-room-units-rents-may-rise-2008346

Cash-rich private property downgraders, en bloc sellers targeted in new property curbs
Singapore – Just nine months after property curbs were imposed to keep private residential prices from running ahead of fundamentals, a new slew of property curbs on Friday took aim at the public housing market, which had been largely spared in the previous round.
https://www.straitstimes.com/business/property/cash-rich-private-property-downgraders-en-bloc-sellers-targeted-in-new-property-curbs
https://www.businesstimes.com.sg/opinion/amid-a-rough-economic-climate-cooling-measures-may-halt-the-strong-run-up-in-singapore-home

Aspiring HDB resale flat buyers scramble to make new plans after property cooling measures introduced
Singapore – First it was shock, then a mad scramble to make new plans. Some aspiring Housing Board resale flat buyers downgrading from private properties are abandoning their plans altogether, after a new slew of property curbs aimed at cooling the public housing market kicked in on Friday.
https://www.straitstimes.com/singapore/housing/aspiring-buyers-scramble-to-make-new-plans-after-property-cooling-measures-introduced

Quick takes: Will new loan limits, 15-month wait period finally cool property demand?
Late on Thursday (Sep 29), the Monetary Authority of Singapore (MAS), Ministry of National Development (MND) and Housing Board (HDB) announced a fresh set of cooling measures, tightening limits on housing loans.
https://www.businesstimes.com.sg/real-estate/quick-takes-will-new-loan-limits-15-month-wait-period-finally-cool-property-demand

‘Where do I live for 15 months?’: Extended wait-out period for HDB resale flat leaves some frustrated
Singapore – Three weeks ago, estate officer Patrick Yew sold his one-bedroom condominium unit with the intention of buying a five-room Housing Board resale flat to live in with his ageing parents.
https://www.straitstimes.com/singapore/housing/frustrations-among-private-property-downgraders-hit-by-15-month-wait-out-period-in-fresh-cooling-measures

HDB ballot results for August BTO exercise delayed due to high number of applicants
Singapore – Those who have applied for a flat in the Housing Board’s August Build-To-Order (BTO) sales exercise will only be informed of their ballot result around mid-October, instead of September.
https://www.straitstimes.com/singapore/housing/hdb-ballot-results-for-august-bto-exercise-delayed-due-to-high-number-of-applicants
https://www.straitstimes.com/singapore/housing/askst-will-property-cooling-measures-affect-august-bto-applicants

8M Real Estate buys island block of 5 shophouses in Jalan Besar for S$40m
Singapore-based real estate investment company 8M Real Estate is buying an island block of 5 adjoining conserved shophouses along Jalan Besar, literally a stone’s throw from Jalan Besar MRT station, for S$40 million.
https://www.businesstimes.com.sg/real-estate/8m-real-estate-buys-island-block-of-5-shophouses-in-jalan-besar-for-s40m

5 S-Reits with net institutional and retail inflows in Q3 2022
The global Reits sector was among the least performing sectors in the third quarter of 2022, amid a rising interest rates environment. For the quarter, Singapore’s Reits and Property Trusts (S-Reits) sector declined 7 per cent in total returns, slightly outperforming the 10 per cent decline of the broader FTSE EPRA Nareit Developed Index.
https://www.businesstimes.com.sg/companies-markets/5-s-reits-with-net-institutional-and-retail-inflows-in-q3-2022

Landlords get creative with new ‘fees and charges’ as leasing code set to become law
Mandatory compliance with a new code of conduct for leasing is welcomed by tenants, but several retailers who spoke to The Business Times also flagged that landlords are finding new ways to increase the amounts that tenants have to pay.
https://www.businesstimes.com.sg/sme/landlords-get-creative-with-new-fees-and-charges-as-leasing-code-set-to-become-law

SINGAPORE ECONOMY

Singapore aims to be regional centre for philanthropy: DPM Wong
Singapore – The Republic hopes to become a regional centre for philanthropy, and is encouraging family offices, businesses and individuals to set up base here to contribute to impactful solutions to problems, said Deputy Prime Minister Lawrence Wong on Friday.
https://www.straitstimes.com/singapore/singapore-aims-to-be-regional-centre-for-philanthropy-dpm-wong
https://www.businesstimes.com.sg/companies-markets/blended-finance-can-help-bridge-gaps-fuel-green-transition-in-asia-dpm-wong

Singapore F1 night race 2022 sets record attendance of 302,000 fans
Singapore — A record 302,000 fans have turned up for the Singapore Grand Prix this year, beating the previous high of 300,000 set during the Formula One (F1) debut race here in 2008, its organisers said on Sunday (Oct 2).
https://www.todayonline.com/singapore/singapore-f1-night-race-2022-sets-record-attendance-302000-fans-2008971

BT Explains: What’s counted in ‘net zero’ Singapore
On Monday (Sep 26), the Singapore government closed public consultations on setting a hard 2050 target to achieve net zero emissions for the country. What does net zero mean at a country level? The Business Times looks at how emissions are calculated in a national context, and explains where businesses fit in the equation.
https://www.businesstimes.com.sg/government-economy/bt-explains-whats-counted-in-net-zero-singapore

COMPANIES’ BRIEF

Bukit Sembawang Estates appoints Chng Kiong Huat as CEO
Property development and investment group Bukit Sembawang Estates has appointed Chng Kiong Huat as the group’s chief executive officer. He will assume the role from Oct 1, 2022. The 60-year-old has served as non-executive director of Bukit Sembawang Estates since July 2015.
https://www.businesstimes.com.sg/companies-markets/bukit-sembawang-estates-appoints-chng-kiong-huat-as-ceo

Temasek to step up investments once market valuations drop further
Singapore’s Temasek Holdings said that market valuations had not yet priced in a global economic recession and that said the state investor was waiting for further declines before stepping up investments.
https://www.businesstimes.com.sg/government-economy/temasek-to-step-up-investments-once-market-valuations-drop-further

CapitaLand Ascendas Reit to convert San Diego office property to life sciences building for US$40m
The manager of CapitaLand Ascendas Reit formerly known as Ascendas Reit, has inked an agreement with a biotech company in California to convert a San Diego office property into a life sciences property at US$40 million.
https://www.businesstimes.com.sg/companies-markets/capitaland-ascendas-reit-to-convert-san-diego-office-property-to-life-sciences

VIEWS, REVIEWS, FORUM AND OTHERS

Weakened pound spurs uptick in interest here in travel, property buying in the UK
Singapore – More Singaporeans are looking into buying property in the United Kingdom and travelling there following the news of the historic weakening of the British pound against the US dollar.
https://www.straitstimes.com/singapore/consumer/weakened-pound-spurs-uptick-in-interest-here-in-travel-property-buying-in-the-uk

MOM to set up new corporate entity to run 2 foreign worker dorms
Singapore – A company limited by guarantee will be set up by the Ministry of Manpower (MOM) by end-2022 to manage two purpose-built dormitories for foreign workers to be built and owned by the ministry.
https://www.straitstimes.com/singapore/jobs/mom-to-set-up-new-corporate-entity-to-build-and-run-2-foreign-worker-dorms
https://www.todayonline.com/singapore/mom-setting-company-run-2-purpose-built-migrant-worker-dorms-boon-lay-and-sengkang-west-2008576
https://www.channelnewsasia.com/singapore/migrant-worker-purpose-built-dormitories-new-corporate-entity-nest-singapore-living-conditions-2979111

How Singapore hotels can future-proof against Covid-like disruptions
There’s been a flurry of news lately pointing to potentially better days ahead for hotels in Singapore. Allowing non-fully vaccinated travellers entering the city-state to skip quarantine, reopening Changi Airport’s Terminal 4 after two years of hibernation…
https://www.todayonline.com/commentary/commentary-how-singapore-hotels-can-future-proof-against-covid-disruptions-2006481

35% to 40% increase in Covid-19 cases week-on-week in last few days: MOH
Singapore – There has been a 35 per cent to 40 per cent increase week on week in coronavirus cases over the past few days, the Ministry of Health (MOH) said on Friday, in a fresh warning as the nation gets used to treating the virus as endemic.
https://www.straitstimes.com/singapore/35-to-40-increase-in-covid-19-cases-week-on-week-moh-warns
https://www.todayonline.com/minute/surge-daily-covid-19-cases-driven-omicron-variant-ba275-moh-2008336

Covid-19 antibody treatment no longer recommended as it is not effective against Omicron variants
Singapore – A Covid-19 treatment which was authorised here last year is no longer recommended for use, the National Centre for Infectious Diseases (NCID) said.
https://www.straitstimes.com/singapore/health/covid-19-antibody-treatment-no-longer-recommended-as-it-is-not-effective-against-omicron-variants

*For more information, please visit the Ministry of Health (MOH) website at www.moh.gov.sg and refer to go.gov.sg/mohupdates for updates on the COVID-19 (Coronavirus Disease 2019) situation