SINGAPORE REAL ESTATE
Condo resale prices rise for 21 straight months, up 0.7% in April: 99.co, SRX
Condominium resale prices in Singapore are up for the 21st straight month to rise 0.7 per cent in April, as compared to prices in March. On a year-on-year basis, condo resale prices rose 9 per cent, with all regions experiencing price increases, according to a flash report by SRX Property and 99.co released on Tuesday (May 10).
Quick takes: Will new ABSD rule on living trusts impact private housing market?
Any transfer of residential property into a living trust will now be subject to an additional buyer’s stamp duty (ABSD) of 35 per cent starting Monday (May 9), the Ministry of Finance (MOF) announced late on Sunday night.
New ABSD on trusts levels playing field: analysts
The move to apply an Additional Buyer’s Stamp Duty (ABSD) to residential properties transferred into a living trust plugs a gap in the ABSD regime, while levelling the playing field to make things more equitable, analysts said.
New rule hits those who buy homes via trusts to avoid ABSD
Singapore – Cash-rich buyers who have been circumventing additional buyer’s stamp duty (ABSD) regulations by making residential property purchases via trusts that are conditional or revocable may no longer be able to use that loophole.
Stake transfers in property holding entities to nameless living trusts may face up to 44% additional duty
Singapore – Transfers of stakes in a property holding entity into living trusts with non-identifiable owners will be subject to an additional conveyance duties (ACD) of up to 44 per cent if a new Bill is passed.
Stronger Singapore dollar ‘not expected to significantly affect exports’
Singapore – The stronger Singapore dollar is not expected to significantly affect the country’s exports, and companies here may in fact benefit from it through reduced costs of imported items, said Monetary Authority of Singapore (MAS) board member Alvin Tan on Monday (April 9).
Shanghai port lockdowns not expected to hit Singapore’s supply of essential items: Low Yen Ling
Shanghai’s Covid-19 port lockdowns are not expected to significantly impact Singapore’s supplies of essential food and healthcare items, while manufacturers here are also coping with delayed supplies so far, said Minister of State for Trade and Industry Low Yen Ling in Parliament on Monday (May 9).
Covid-19 debt relief ‘not meant to insulate borrowers’ from rising rates; household, business debt still manageable: Alvin Tan
Business credit relief measures are on their way out amid broad economic recovery, even as interest rates rise, Minister of State for Trade and Industry Alvin Tan said on Monday (May 9). “The debt relief schemes introduced during the pandemic are not meant to insulate borrowers from the normalisation of interest rates,”…
Covid-19 curbs can be reactivated if required by pandemic developments: Ong Ye Kung
Singapore has taken a “step down but not dismantle” position on Covid-19 measures, allowing it to reactivate the TraceTogether app and SafeEntry check-ins as well as step up vaccine-differentiated safe management measures if required by a worsening of the pandemic situation, Health Minister Ong Ye Kung said in Parliament on Monday (May 9).
More foreign, local workers to be made available as firms face manpower crunch
The tourism and aviation industries will be allowed to temporarily hire more foreign workers, as Singapore’s economic reopening runs headlong in a manpower crunch. Meanwhile, Manpower Minister Tan See Leng noted on Monday (May 9) that about 5,200 local workers – many with prior food and beverage (F&B) and retail experience – will be up for grabs in the coming months, when their short-term Covid-19-related contracts end.
Employers retain right to assess flexible work arrangement requests: Gan Siow Huang
Employers should retain and promote flexible work arrangements (FWAs), but they retain the right to decide on such arrangements based on operational needs, said Minister of State for Manpower Gan Siow Huang in Parliament on Monday (May 9).
Ascendas Reit to acquire 7 logistics properties in Chicago for S$133.2m
Ascendas Reit has proposed to acquire 7 logistics properties located across 6 infill industrial submarkets in Chicago, Illinois, United States for S$133.2 million. The proposed deal is expected to increase and diversify the industrial real estate investment trust’s (Reit) exposure to logistics properties in the US and across its portfolio, its manager said on Tuesday (May 10).
Keppel DC Reit prices 75m euro 2.61% notes due 2028
A wholly-owned subsidiary of Keppel DC Reit trustee Perpetual (Asia), Keppel DC Reit MTN, has priced 75 million euros of fixed rate notes due 2028 at 2.61 per cent per annum. In a bourse filing on Tuesday (May 10), Keppel DC Reit’s manager said the Series 003 Notes will be issued under the S$2 billion multicurrency debt issuance programme established by Keppel DC Reit MTN.
VIEWS, REVIEWS, FORUM AND OTHERS
Be very careful when using a trust to buy a home for a minor
In a column in The Level Ground earlier this year, I wondered if there may be measures taken to curtail the buying of homes in the name of minors who are Singapore citizens. Parents using trusts to buy private homes for their children, who are under the age of 21 and are citizens, can get round the paying of additional buyer’s stamp duty (ABSD) as long as the home is the first to be held in the name of the child.
Travel rebound, SGD strength to keep S-Reits resilient
Singapore-listed real estate investments trusts (S-Reits) have held up admirably despite market volatility in the face of rising interest rates, lingering Covid-19 concerns and a protracted Russia-Ukraine conflict with no resolution in sight. They look likely to remain a “safe haven”, on the back of Singapore’s reopening story.
Leveraging Digital Economy Agreements for a durable post-Covid recovery
The exponential expansion of the intangibles-based data-driven digital economy seems to be the only bright spot in an otherwise gloomy global economic outlook. While there was already a significant expansion of digital trade flows within and across countries pre-pandemic, the onset of Covid-19 accelerated these trends even more.
Hong Kong’s commercial property could re-rate downwards
Hong Kong’s gross domestic product fell 4 per cent year-on-year (yoy) in Q1 2022, advance estimates released by the government showed. Retail sales in the territory suffered double-digit declines from a year ago in each of February and March.
Awareness of crypto is growing among S’poreans. Here’s what you should know before investing
Singapore – Cryptocurrency awareness is growing in Singapore, with the majority of owners holding more than one crypto asset, according to a recent study. It was launched on April 29 by Independent Reserve, a regulated cryptocurrency exchange for investors here.
Adjusting to a new era of higher prices
Things have become more expensive. We call it inflation. But that also includes the cost of money — reflecting in interest rates — which has followed inflation higher. Higher prices eat into the purchasing power of individuals, meaning that with the same money, we can buy fewer things.
Wealth (February 2022)
UPDATE ON COVID-19 (CORONAVIRUS DISEASE 2019) SITUATION
Govt has started review of first phase of Covid-19 response: Lawrence Wong
Singapore – A review of the first phase of Singapore’s response to the Covid-19 pandemic – from the start of the outbreak till August last year – is under way, said Finance Minister Lawrence Wong on Monday (May 9).
Don’t throw away TraceTogether token or delete the app: Ong Ye Kung
Singapore – Singapore residents should not discard their TraceTogether token or delete the app just yet, as the country may need to step up contact tracing measures if the Covid-19 situation worsens, said Health Minister Ong Ye Kung.
*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
GLOBAL ECONOMY & GLOBAL REAL ESTATE
Bitcoin sinks over 50% from November peak with drop below US$32,000
UK shoppers cut spending as inflation squeeze tightens
Hines raises US$846m for European real estate bets
Germany faces deep recession if Russian gas supplies are cut, says economist
New Zealand may eliminate housing shortage within years: Westpac
US firms in China cut investment, revenue goals on Covid Zero
China’s central bank pledges to step up policy support for slowing economy
Chinese developer Shimao seeks payment extension on public bond
Hong Kong’s commercial property could re-rate downwards
Taiwan April exports jump, outlook good but some clouds ahead
Japan March household spending posts first fall in 3 months