Huttons Weekly News Review Oct 18 2019 / Issue 42
Top News for the Week
New private home sales hit a seven year high in Sept with 1,270 sold
Govt to spend over S$1b to spruce up public, private housing estates
Buyers from China bump up Singapore luxury condo sales
Singapore narrowly avoids technical recession Q3
Hong Leong’s Midwood condo to have preview ahead of Oct 26 launch
Latest Updated New Launch in the WEST
New private home sales hit a high in Sept
New private home sales enjoyed their best September in seven years, while reaching heights not seen since the cooling measures were imposed in July last year
Govt to spend over S$1b to spruce up public, private housing estates
More than S$1 billion will be spent on upgrading projects for both public and private housing estates “over the next few years”.
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Buyers from China bump up Singapore luxury condo sales
The luxury end of Singapore’s residential market is hot, and according to a report, it’s because of increased interest from mainland Chinese nationals.
Two Belmont Rd GCBs being sold
Two freehold bungalows along Belmont Road, the subject of mortgagee sales, are changing hands. The more advanced deal involves the smaller property, which is a stone’s throw from the Holland Village MRT station. Located within the Cornwall Gardens Good Class Bungalow (GCB) area, this property with a long driveway is being sold for S$18.6 million, which works out to S$1,139 per square foot based on the land area of 16,327 sq ft
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Property investors turn to S-E Asia amid Hong Kong unrest
From luxury Singapore condos to Malaysian seafront apartments, Hong Kong investors are shifting cash into South-east Asian property, demoralised by increasingly violent protests as well as the China-US trade war.
Queenstown could get 5,000 new HDB flats by 2027
More than 5,000 new homes could be launched in Queenstown by 2027, based on details in a traffic study that will be conducted for Singapore’s oldest town.
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Nassim Road GCB on sale for some S$175m
A two-storey conservation good class bungalow (GCB) located at 40 Nassim Road is up for sale via public tender with an indicative price in the region of S$175 million. The property, once occupied by the Royal Embassy of Saudi Arabia, has a total land area of around 58,784 square feet (sq ft).
Intent to purchase property weakens in Singapore: Survey
Singaporeans are increasingly adopting a “wait-and-see” approach when it comes to buying properties.
Hong Leong’s Midwood condo to have preview ahead of Oct 26 launch
A six-day preview for Hong Leong Holdings’ new 564-unit Midwood condominium – in Hillview Rise near the Bukit Timah Nature Reserve – begins on Oct 19, ahead of its launch on Oct 26.
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S’pore parents’ housing type could show how kids will fare
New research by the National University of Singapore (NUS) has found that the type of housing owned by Singaporean parents can be a good predictor of the next generation’s economic status. According to the study, children from grassroots families, defined as those with parents in the bottom 60 per cent, end up in housing that is more valuable than that of their parents. That is mainly due to Singapore schools being located close to Housing Board towns
Singapore’s Q3 property investment sales surge to S$16.7b: report
Real estate investment sales in the third quarter more than doubled to S$16.74 billion from S$6.7 billion in the previous quarter, on the back of a commercial sector surge from big ticket office transactions.
Move to create list of 50 post-1965 buildings to help raise profile of Singapore’s modernist architecture
Beach Road is a star-studded avenue of historical architecture and neighbourhoods from colonial and post-independent Singapore.
Desperately seeking tenants as eateries shut before lease is up
A slate of restaurants have shut down or are shutting down even before their leases expire
Holland Village car park up for sale with S$32m indicative price
A freehold car park at Holland Road Shopping Centre is up for sale via expression of interest (EOI) with an indicative price in the range of S$32 million.
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Government Competition panel investigating online food delivery sector
The Competition and Consumer Commission of Singapore (CCCS) has commenced investigations into the online food delivery and virtual kitchens sectors, with an eye on the use of exclusive agreements and refusal of service by players to block competition.
MOM keeps eye on companies at risk of salary defaults
Employers who are seen to be at higher risk of defaulting on salaries will have to tell the Ministry of Manpower (MOM) whether they have been paying salaries on time.
Iras recovers S$175m in GST, penalties in Jan-Sept 2019 period
The taxman recovered a total of S$175 million in Goods and Services Tax (GST) and penalties between January and September this year, following audits and investigations of over 2,000 GST related cases.
Singapore starts talks with Australia on digital economy pact
Singapore and Australia began negotiations on a digital economy pact, with an eye on creating a seamless environment for online trade that also protects personal data.
Workers won’t be alone as economy transforms: PM Lee
As industries transform and Singapore charts an uncertain future, workers will not be left to fend for themselves, Prime Minister Lee Hsien Loong said.
$15m boost for national monument restoration fund
Owners of national monuments will be able to access $15 million in a new tranche of funds for their restoration projects in the next five years.
SM Teo discusses smart cities with Russian officials
Senior Minister Teo Chee Hean has held talks with Mr Sergei Ivanov, Russia’s Special Presidential Representative for Environment Protection, Ecology and Transport, as part of a working visit to the Russian capital, Moscow.
Singapore to double down on digital growth: Iswaran
Playing a long game, Singapore will keep investing in a digitalised economy despite storm clouds, Minister for Communications and Information S Iswaran suggested.
Singapore plans four 5G networks to secure digital future
Singapore has set its sights on up to four 5G networks, instead of the two initially planned for, as it takes bolder steps to embrace a technology believed to be crucial to the nation’s economic growth.
Opportunities for Singapore despite global challenges: Chee Hong Tat
Electrical appliance giant Dyson may have shelved some of its plans in Singapore, but it will still expand its presence in the Republic, said Senior Minister of State for Trade and Industry and Education Chee Hong Tat.
No extraordinary steps needed yet to counter trade war impact: Heng Swee Keat
It is unrealistic to expect that the United States and China can resolve their long-drawn trade dispute in a few meetings, but if the two sides can agree on a number of key areas first, it would be an important step that will restore global confidence, Singapore Deputy Prime Minister Heng Swee Keat has said.
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Growth doubts linger as Singapore thinly skirts technical recession
Singapore’s economy looks to have barely budged in the third quarter, in a Ministry of Trade and Industry (MTI) flash estimate, as the gross domestic product (GDP) inched up by just 0.1 per cent year on year – unchanged from the quarter prior.
MAS eases monetary policy ‘slightly’ in October
The Monetary Authority of Singapore (MAS) has eased monetary policy “slightly” in its halfyearly monetary policy review, in a move that economists see as leaving the door open for another possible easing in April 2020.
Singapore’s September non-oil exports continue falling streak with 8.1% drop
Singapore’s non-oil domestic exports (NODX) continued to fall in September, mainly due to lower exports to Europe, the United States and Japan, but showed a slight improvement over August and the five months of double-digit declines before that.
August retail sales fall 4.1% from last year
Takings at the till fell for the seventh straight month in August, with sales for pricey items like cars taking an especially big hit.
Recession avoided but businesses remain on guard
Singapore may have dodged a technical recession but high-end manufacturer Racer Technology knows all too well that times are tough and likely to get even tougher in the months ahead.
Frasers Property, Hitachi team up to drive digital transformation in Asia-Pac
Frasers Property Group and Hitachi Asia are investing up to S$50 million each to drive digital transformation in the Asia-Pacific real estate industry over the next five years.
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About 20 people in Singapore affected by Dyson decision
About 20 employees in Singapore have been affected by Dyson’s closure of its automotive division, as the British technology company ditches plans to build electric cars here. “We are hoping to find roles for as many people as possible,” a Dyson spokesperson said in response to queries from The Business Times.
Amazon Singapore sees growth backed by logistics capacity
Amazon is able to support its ramp-up of Singapore retail operations, country manager Henry Low told The Business Times, citing “a very long-term view of investments” in areas such as logistics infrastructure
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RedDoorz to have 29 budget hotels here by end-2020
Singapore-based hospitality start-up RedDoorz will expand its portfolio of 18 budget hotel properties in Singapore to 29 by the end of next year.
With 2 Singapore hotels in the bag, Hoi Hup aims for local portfolio
The price tag was almost half a billion dollars – a new record – but Hoi Hup Realty did not dither when offered the Andaz Singapore hotel in the Rochor area.
Hotel Compass in Geylang up for sale with S$23-25m guide price
Hotel Compass, a freehold hotel in Geylang, has been launched for sale by public tender at a guide price of S$23 million to S$25 million.
Hospitality deals hit record $2.8b in Q3
Hospitality deals in Singapore reached the highest level recorded on a quarterly basis, hitting $2.8 billion in the third quarter, according to real estate firm report.
Far East Hospitality to open The Clan Hotel in Q2 2020
The Clan Hotel Singapore – the latest brand in Far East Hospitality’s portfolio – will open its doors in the second quarter of 2020, the hospitality owner and operator announced.
Lower threshold price for foreigners buying apartments in Malaysia
Foreigners can soon buy Malaysian apartments and condominiums at lower prices in big cities, and the government will inject RM85 million (S$28 million) to improve traffic flow at the two Johor checkpoints into Singapore.
Malaysia’s property market shows signs of picking up as developers build less
Malaysia’s property paradox may be coming to an end as developers build fewer homes. The government rolled out a slew of measures in the past year aimed at solving the nation’s two-fold problem of a lack of affordable homes and a RM19.8 billion (S$6.46 billion) property glut.
Hong Kong government spells out new housing policy, defends land seizures
Hong Kong’s government yesterday provided further details about new policies announced by Chief Executive Carrie Lam in a bid to ease the city’s housing crisis, which includes seizing up to 400ha of land for public housing over the next five years.
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