SINGAPORE REAL ESTATE
Bukit Sembawang unit wins Bukit Timah Link site with bid of S$200m
The Urban Redevelopment Authority (URA) on Tuesday (Nov 15) awarded the tender for a 99-year leasehold site in Bukit Timah Link to Bukit One, a wholly-owned subsidiary of Bukit Sembawang Estates.
https://www.businesstimes.com.sg/real-estate/bukit-sembawang-unit-wins-bukit-timah-link-site-with-bid-of-s200m
Oct new home sales at two-year low as fewer projects launched
Sales of new private homes slipped to a two-year low in October, reversing the previous month’s uptick as the number of newly-launched units also fell to their lowest point in four years. Excluding executive condominiums (ECs), 312 private homes were sold in October, representing a 68.4 per cent decline from the 987 units sold in September and a 65.8 per cent decline year on year.
https://www.businesstimes.com.sg/real-estate/oct-new-home-sales-at-two-year-low-as-fewer-projects-launched
https://www.straitstimes.com/business/new-private-home-sales-slump-on-lack-of-fresh-major-condo-launches-rising-mortgage-rates
https://www.channelnewsasia.com/singapore/new-private-home-sales-fall-684-october-amid-lack-major-launches-3073181
Freehold Ming Arcade put up for sale, asking for over S$140m
Ming Arcade, a freehold project completed in 1982, has been put up for sale by public tender. Exclusive marketing agent Savills Singapore said on Tuesday (Nov 15) that they were “very confident that Ming Arcade will be sold for more than S$140 million”.
https://www.businesstimes.com.sg/real-estate/mobile-spotlight/freehold-ming-arcade-put-up-for-sale-asking-for-over-s140m
https://www.straitstimes.com/singapore/freehold-ming-arcade-put-up-for-sale-asking-for-over-s140m
Second Chance to sell Lucky Plaza Units for S$13.39m
Mainboard-listed Second Chance Properties announced on Tuesday (Nov 15) that the Lew Foundation has exercised the option to purchase its Lucky Plaza units under subsidiary Better Chance Properties (BCP) for S$13.39 million.
https://www.businesstimes.com.sg/companies-markets/second-chance-to-sell-lucky-plaza-units-for-s1339m
DBS, OCBC, UOB raise fixed home loan rates to up to 4.5%: What home buyers need to know
Home loan rates have shot past the 4 per cent mark after DBS Bank, OCBC Bank and UOB raised their fixed-rate packages on Tuesday (Nov 15). Of the three local banks, UOB now has the highest rates, with its two-year fixed-rate package at 4.5 per cent a year.
https://www.businesstimes.com.sg/banking-finance/dbs-ocbc-uob-raise-fixed-home-loan-rates-to-up-to-45-what-home-buyers-need-to-know
https://www.straitstimes.com/business/banking/fixed-home-loan-rates-in-s-pore-top-4-with-latest-hikes-from-dbs-ocbc
https://www.todayonline.com/singapore/uob-dbs-ocbc-fixed-home-loan-rates-2046536
https://www.channelnewsasia.com/singapore/fixed-home-loan-interest-rates-raise-dbs-ocbc-3072736
Indian singer, businessman Shael Oswal sells Sentosa villa for S$32m, below 2012 S$39m purchase price
Indian singer and businessman Shael Oswal is selling his seafronting bungalow in Sentosa Cove for S$32 million, or S$2,009 per square foot (psf) on land area of about 15,930 sq ft. The amount is S$7 million or 18 per cent lower than the S$39 million he paid for the property, which is along Cove Drive, in 2012; Oswal bought the villa from surgeon Susan Lim and her husband Deepak Sharma.
https://www.businesstimes.com.sg/real-estate/indian-singer-businessman-shael-oswal-sells-sentosa-villa-for-s32m-below-2012-s39m
SINGAPORE ECONOMY
Economic interdependence between US and China aids national security too: Tharman
Economic interdependence between the United States and China is valuable for national security, as a safer alternative than a world that is decoupled, Singapore’s Senior Minister Tharman Shanmugaratnam said on Tuesday (Nov 15).
https://www.businesstimes.com.sg/government-economy/economic-interdependence-between-us-and-china-aids-national-security-too-tharman
Pay rise to surpass pre-Covid-19 levels; inflation to eat into wages
Salary increments in Singapore are expected to surpass pre-Covid-19 levels, but inflation will eat into the real wages of employees, a survey published on Tuesday (Nov 15) reveals. In 2023, the average pay rise in Singapore is expected to reach 3.75 per cent, more than the 3.65 per cent seen in 2022 and the 3.6 per cent of 2019.
https://www.businesstimes.com.sg/government-economy/pay-rise-to-surpass-pre-covid-19-levels-inflation-to-eat-into-wages
https://www.straitstimes.com/business/pay-rise-in-s-pore-to-surpass-pre-covid-19-levels-inflation-to-eat-into-wages
GLOBAL ECONOMY & GLOBAL REAL ESTATE
White House says more infrastructure spending coming, rejects inflation link
https://www.businesstimes.com.sg/government-economy/white-house-says-more-infrastructure-spending-coming-rejects-inflation-link
Six-figure income needed to buy a typical US home
https://www.businesstimes.com.sg/real-estate/six-figure-income-needed-to-buy-a-typical-us-home
Canadian home prices fall again, now down 10% from peak
https://www.businesstimes.com.sg/real-estate/canadian-home-prices-fall-again-now-down-10-from-peak
UK jobless rate rises, vacancies fall again
https://www.businesstimes.com.sg/government-economy/uk-jobless-rate-rises-vacancies-fall-again
UK property firm Landsec slips to half-year loss amid fall in valuations
https://www.businesstimes.com.sg/real-estate/uk-property-firm-landsec-slips-to-half-year-loss-amid-fall-in-valuations
UK housing meltdown threatens £9.5b dividend bonanza
https://www.businesstimes.com.sg/real-estate/uk-housing-meltdown-threatens-95b-dividend-bonanza