The Leading Professional and Representative Body for the Real Estate Industry

The Leading Professional and Representative Body for the Real Estate Industry



Daily News – 6 Apr 2023 (Thu)

Singapore Real Estate


All quiet on the collective sale front as deals stall over price gap
A “Gulf” in expectations has opened up in the en bloc sale market, with a price gap of up to 15 per cent showing between what developers will pay and what owners are asking. Only a third of collective sales have succeeded in the current 2021/2023 sales cycle, down from the 63 per cent success rate in the 2017/2018 boom cycle, noted a Knight Frank report on investment sales in the first quarter, which was released on Wednesday (Apr 5).


Singapore rental market slows as tenants resist hikes, turn to alternatives
Singapore: The surge in home rents appears to be slowing amid a “growing disparity” in expectations, with tenants resisting increases and landlords reluctant to lower prices in the face of rising costs.


Tanjong Pagar shophouse for sale at $20.8 mil
An intermediate shophouse at 120 Tanjong Pagar Road, in the Tanjong Pagar conservation area, is on the market for $20.8 million. The shophouse is newly refurbished and spans four floors. It has a built-up area of 6,460 sq ft, which means the asking price of $20.8 million works out to about $3,220 psf. The property is available for sale by private treaty.


Norris Road shophouse for $6.8 mil
When Singaporean investor Mr Lim first saw the 21⁄2-storey shophouse at 34 Norris Road last year, it was in need of a makeover. A shop selling necessities occupied the first level, while rooms for rent took up the up- per floors. However, Lim recognised its potential.


Bungalow at Linden Drive sold for $24 mil; Vanda Crescent bungalow fetches $21 mil
In the Raffles Park landed housing estate, a detached house at a cul-de-sac on Linden Drive has changed hands for $24 million. Based on the freehold site of 11,314 sq ft, this translates to $2,121 psf. Lawrence See and Elvin Ang of GCB Collective, a team of bungalow specialists in Huttons Asia, brokered the sale.


What you need to know about buying your first home
With home prices still rising across the board, many young Singaporeans may be wondering if they can afford a property and what their options are. The good news is that Singapore’s home ownership rate remains one of the highest in the world at nearly 90 per cent.


Big jump in HDB resale flats that sold for $800k to $999k during the pandemic
Singapore – As Housing Board resale prices rose during the Covid-19 pandemic, the number of flats that sold for $800,000 to just under $1 million grew the fastest compared with those in lower price categories, according to data from OrangeTee & Tie.



Singapore Economy


Singapore retail sales in February rebound to 12.7% after brief dip
Singapore’s total retail sales in February jumped 12.7 per cent year on year, more than reversing the brief dip in the previous month, data from the Department of Statistics Singapore (SingStat) showed on Wednesday (Apr 5).


STB and Klook sign agreement to grow tourism in Singapore
The Singapore Tourism Board (STB) and travel and experiences platform Klook have signed a memorandum of cooperation (MOC) on April 5. The two-year agreement marks a key milestone in both STB’s and Klook’s efforts to grow tourism in Singapore, says Keith Tan, chief executive of STB.


Singapore banks may face squeeze in net interest margins amid muted loan growth, high demand for FDs
Singapore banks could be in for tougher times as loan growth moderates and Singapore’s savers continue piling into higher-interest fixed deposit products, analysts said. Recently released statistics from the Monetary Authority of Singapore (MAS) showed that the overall non-bank loan-to-deposit ratio had fallen to 73.3 per cent in February 2023, from 81.2 per cent in February 2022.



Global Economy & Real Estate


IMF urges nations to use fiscal tightening to tame inflation


US service sector slows in March; inflation cooling: ISM survey


US trade deficit widens for a third month to US$70.5 billion


Are offices truly worth as little as REITs imply?


New Zealand central bank unexpectedly hikes rates 50 bps, kiwi rallies


German property deals plunge to lowest level in over a decade


China March services activity accelerates on new orders – Caixin PMI


Luxury villa at Hong Kong’s The Peak up for tender, could fetch as much as US$122.5 million


Macau casinos shut thousands of hotel rooms amid labour crunch


Japan’s economy runs below capacity, low rates may stay


Dubai’s unstoppable luxury housing market just set another record



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