Singapore Real Estate
Rental occupancy cap relaxed for HDB, private properties to cool home leasing market
Singapore – The number of tenants allowed in larger Housing Board flats and private residential properties will be temporarily increased for about three years, to help cool the home leasing market and support households that intend to rent.
GCB deals and prices expected to rise in 2024 on pent-up demand, motivated sellers
After a relatively quiet year, the volume of transactions for Good Class Bungalow (GCB) Areas is expected to pick up in 2024. This is likely to be fuelled by pent-up demand and more realistic price expectations from the segment of owners who are motivated to sell.
New hotel with at least 220 rooms to be built at Changi Airport T2 by 2027
A new hotel with at least 220 rooms will be built at Changi Airport Terminal 2 by 2027 to cater to an expected growth in passenger traffic. This will be the third landside hotel at the airport, and it will be built above the coach stand at the southern end of the newly reopened T2.
https://www.businesstimes.com.sg/singapore/new-hotel-least-220-rooms-be-built-changi-airport-t2-2027
The Gist 2023: The biggest housing stories in Singapore
Singapore – A new classification for Housing Board flats. Another round of property cooling measures. New housing developments across the island. Here is a snapshot of five key housing stories this year:
Companies’ Brief
CapitaLand Ascendas Reit divests three Australia properties at 6.2% premium to valuation
CapitaLand Ascendas Real Estate Investment Trust : A17U -0.34% (Reit) has agreed to sell three of its logistics properties in Queensland, Australia for S$64.2 million in total. The sale consideration represents a premium of 6.2 per cent over the total market valuation of the properties – 77 Logistics Place, 62 Sandstone Place and 92 Sandstone Place – which stood at S$60.4 million as at Aug 31.
Hong Kong property: sole bidder Sino Land secures site on Lantau Island for US$26 million, nearly 20% below expectations as market languishes
Sino Land, the only bidder in the tender for a plot of land on Lantau Island, has paid a price nearly 20 per cent lower than market expectations as Hong Kong’s housing market continues to languish in the doldrums.
Views, Reviews Forum and Others
‘This is not a high-end development’: More condo residents hit by surge in maintenance fees
Singapore: Disputes over maintenance fees have cropped up at two more condominiums, with residents being charged as much as 65 per cent more than what was initially marketed.
https://www.businesstimes.com.sg/property/condo-maintenance-fees-rise-set-go-higher-costs-climb
Explainer: How serious is ‘JN.1’, WHO’s latest Covid-19 variant of concern, that is dominating S’pore cases?
Singapore — A fairly new Covid-19 strain, “JN.1”, that accounts for the vast majority of Singapore’s latest wave of infections, was classified as a “variant of interest” on Tuesday (Dec 19) by the World Health Organization (WHO).
Global Economy & Real Estate
Global banks see no recession, US companies more circumspect
US existing home sales edge up in November but still gloomy
https://www.businesstimes.com.sg/property/us-existing-home-sales-edge-november-still-gloomy
US 30-year mortgage rate drops to 6.83%, its lowest since June
https://www.businesstimes.com.sg/property/us-30-year-mortgage-rate-drops-683-its-lowest-june
US housing starts unexpectedly rise to a 6-month high
https://www.businesstimes.com.sg/property/us-housing-starts-unexpectedly-rise-6-month-high
US consumer confidence surges by most since early 2021
https://www.businesstimes.com.sg/international/us-consumer-confidence-surges-most-early-2021
Property crisis lures global powerhouses to Australian rentals
How to cure China’s declining consumer prices divides opinion as deflation signs deepen
Holiday travel peaks in Europe despite security warnings
https://www.businesstimes.com.sg/international/holiday-travel-peaks-europe-despite-security-warnings
https://www.channelnewsasia.com/world/holiday-travel-peaks-europe-despite-security-warnings-4001221
Hong Kong to offer residency to wealthy for HK$30 million investment
Most Hong Kong employees believe their offices are not adequately equipped or designed for purpose, Cisco survey finds
Japan aims to trim budget for first time in 12 years, 2024/25 draft shows
New Zealand forecasts smaller budget deficit for 2023/24
https://www.businesstimes.com.sg/international/new-zealand-forecasts-smaller-budget-deficit-202324
South Korea central bank says inflation to reach about 2% by end-2024
Swedish data on housing starts suggests slight recovery
https://www.businesstimes.com.sg/property/swedish-data-housing-starts-suggests-slight-recovery
Swedish landlords face crunch year with US$12 billion debt wall
https://www.businesstimes.com.sg/property/swedish-landlords-face-crunch-year-us12-billion-debt-wall
Taiwan export orders return to growth for first time in a year
https://www.businesstimes.com.sg/international/taiwan-export-orders-return-growth-first-time-year
Big UK inflation drop bolsters bets on Bank of England cuts next year
UK house prices slump 11% when taking inflation into account
https://www.businesstimes.com.sg/property/uk-house-prices-slump-11-when-taking-inflation-account
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