SINGAPORE REAL ESTATE
Unsold private housing stock hits 15-year low, likely to help support prices in 2023
The stock of unsold private housing under construction has been dropping for nine straight quarters to a 15-year low, and is not expected to increase in the new year. Combined with strong housing demand and high land and construction costs, private housing prices will likely remain elevated in 2023.
https://www.businesstimes.com.sg/property/unsold-private-housing-stock-hits-15-year-low-likely-help-support-prices-2023
Strata Titles Board stops Chuan Park’s S$890m en bloc sale
The collective sale of Chuan Park has been met with a stop order by the Strata Titles Board (STB) on Friday (Dec 9), after a group of six minority owners did not withdraw their objections to the transaction.
https://www.businesstimes.com.sg/property/strata-titles-board-stops-chuan-parks-s890m-en-bloc-sale
Median rents for three-bedroom condos in Orchard hit S$15,000 in November: report
District 9 (Orchard, River Valley) has emerged as the top submarket for condominium rents in November, with a median rent of S$15,000 per month for a three-bedroom apartment.
https://www.businesstimes.com.sg/property/median-rents-three-bedroom-condos-orchard-hit-s15000-november-report
Average hotel room rates in Singapore hit 14-year high in September 2022
Singapore – Average hotel room rates hit a 14-year high in September, on the back of the return of the likes of the Formula One race and a slew of major Mice (meetings, incentives, conventions and exhibitions) events.
https://www.straitstimes.com/singapore/consumer/average-hotel-room-rates-here-hit-14-year-high-in-september-2022
Commentary: This bullish property market will not last forever
Singapore: Global uncertainties have reached unprecedented levels as political tensions, high inflation and interest rates persist. But even as the value of stocks and cryptocurrencies plunged, the Singapore property market has maintained strong momentum.
https://www.channelnewsasia.com/commentary/hdb-resale-bto-condo-price-loan-interest-affordable-invest-3134191
Important to know rules that ban foreign ownership of houses
One of the golden rules of investing is simply this – understand the regulations governing the products you plan to buy before parting with your money. Get that wrong, and you could end up losing everything and there may be nothing you can do because even the law will not be on your side.
https://www.straitstimes.com/business/invest/important-to-know-rules-that-ban-foreign-ownership-of-houses
Review of HDB town classification likely to come with policy changes: Desmond Lee
Singapore – Any adjustment to the classification of public housing estates as mature or non-mature, which is now being studied, is likely to come with other policy changes to ensure that flats remain accessible and affordable to a wide spectrum of Singaporeans, said National Development Minister Desmond Lee.
https://www.straitstimes.com/singapore/housing/review-of-hdb-town-classification-likely-to-come-with-policy-changes-desmond-lee
‘Drastically lowering’ BTO prices by disregarding land costs will only end up ‘hurting all Singaporeans’: Sim Ann
Singapore: “Drastically lowering” the prices of Build-to-Order (BTO) flats, to the extent of disregarding land costs, would end up “hurting all Singaporeans, instead of helping them”, said Senior Minister of State for National Development Sim Ann on Sunday (Dec 11).
https://www.channelnewsasia.com/singapore/drastically-lowering-bto-hdb-prices-land-costs-hurting-singaporeans-sim-ann-3137456
More BTO flats with shorter waiting times in coming years: Desmond Lee
Singapore – In the coming years, the Housing Board will increase the proportion of Build-To-Order (BTO) flats with waiting times of under three years as part of the supply of new flats.
https://www.straitstimes.com/singapore/housing/hdb-to-raise-proportion-of-bto-flats-with-shorter-waiting-times-desmond-lee
HDB prime location housing model only in 4 towns for now: Desmond Lee
Singapore – Just four towns for now will be considered prime locations for Housing Board public housing projects – the central area, Kallang/Whampoa, Queenstown, and Bukit Merah.
https://www.straitstimes.com/singapore/housing/hdb-prime-location-housing-model-only-in-4-towns-for-now-desmond-lee
SINGAPORE ECONOMY
Delegates at regional meeting on labour issues reaffirm support for tripartism
Delegates from Asia, the Pacific and the Arab states on Friday (Dec 9) adopted the Singapore Statement, which outlines priorities in labour policies and actions for all the participating countries, and a to-do list for the United Nations’ International Labour Organization (ILO).
https://www.businesstimes.com.sg/singapore/delegates-regional-meeting-labour-issues-reaffirm-support-tripartism
https://www.straitstimes.com/singapore/jobs/singapore-statement-adopted-at-4-day-un-labour-agency-meeting
Singapore’s latest six-month Treasury bill offers decades-high yield of 4.4%
The cut-off yield on Singapore’s latest six-month Treasury bill (T-bill) that closed on Thursday (Dec 8) shot up to 4.4 per cent, the second highest since the return last peaked at 4.73 per cent in 1988.
The risk-free, fixed-income product by the Singapore government was about two times subscribed for the S$4.6 billion allotment in the latest auction, with the non-competitive bids totalling S$1.2 billion being fully allotted.
https://www.businesstimes.com.sg/working-life/generational-shift-how-singapores-millennials-and-zoomers-are-reshaping-workplace
VIEWS, REVIEWS, FORUM AND OTHERS
Singaporean paid $1.5m for overseas properties, but no titles transferred
Singapore – With even studio apartments here costing upwards of $1 million, it’s no wonder Singaporeans are heading overseas to buy property. It’s true that real estate can be markedly cheaper in many other countries, but as one investor found to her distress, there can be pitfalls in those enticing bargains.
https://www.straitstimes.com/business/invest/investor-paid-15m-for-overseas-properties-but-not-given-titles
In the future of work, Singapore could be a trendsetter
Singapore – How will we work in the future, say 10 years from now? How shall we meet? In 3D over Google Starline, as avatars in Meta Horizon Workrooms, or would you like to see me in the flesh? How we will work in the future is anyone’s guess.
https://www.straitstimes.com/business/in-the-future-of-work-s-pore-could-be-a-trendsetter
GLOBAL ECONOMY & GLOBAL REAL ESTATE
Fed’s message that rates will stay on hold for ‘some time’ clashes with 2023 rate-cut bets
https://www.straitstimes.com/business/fed-s-message-that-rates-will-stay-on-hold-for-some-time-clashes-with-2023-rate-cut-bets
https://www.businesstimes.com.sg/international/feds-message-rates-will-stay-hold-some-time-clashes-2023-rate-cut-bets
Surging heating costs squeeze landlords and threaten higher rents
https://www.businesstimes.com.sg/property/surging-heating-costs-squeeze-landlords-and-threaten-higher-rents
UK rents rose twice as fast as wages in the past year
https://www.businesstimes.com.sg/property/uk-rents-rose-twice-fast-wages-past-year
https://www.straitstimes.com/business/uk-rents-rose-twice-as-fast-as-wages-in-past-year
UK manufacturers expect output to fall 3.2% in 2023
https://www.businesstimes.com.sg/international/uk-manufacturers-expect-output-fall-32-2023
China’s producer prices fall, consumer inflation slows on soft demand
https://www.businesstimes.com.sg/international/chinas-producer-prices-fall-consumer-inflation-slows-soft-demand
Three years on, Covid-19 has finally come full circle in China but tough times lie ahead
https://www.straitstimes.com/asia/east-asia/three-years-on-covid-19-has-finally-come-full-circle-in-china-but-tough-times-lie-ahead
How a theme park property default started South Korea’s credit crunch
https://www.businesstimes.com.sg/property/how-theme-park-property-default-started-south-koreas-credit-crunch
Malaysia’s unemployment down to lowest level since start of Covid-19 pandemic
https://www.businesstimes.com.sg/international/malaysias-unemployment-down-lowest-level-start-covid-19-pandemic