Real Estate Daily News
9th, 10th and 11th September 2017
(Sat, Sun and Mon)
Private home prices to rise 10% by end-2018: Morgan Stanley
The recovery in private home prices has started in the third quarter, Morgan Stanley believes. While the Urban Redevelopment Authority (URA) only releases its third-quarter flash estimates in October, analyst Wilson Ng in his latest projections expects Singapore home prices to rise 2 per cent this year, and another 8 per cent in 2018.
Business sentiments dip for Q4 though Singapore firms remain upbeat
Business sentiments among local companies remained upbeat despite easing for the final quarter of 2017, according to the latest survey by the Singapore Commercial Credit Bureau (SCCB) released on Monday (Sept 11). Its Business Optimism Index (BOI) dropped to +2.60 percentage points for the final three months of this year from +3.58 percentage points for the previous quarter. On a year-on-year basis, the BOI dipped from +2.87 percentage points for the fourth quarter of 2016.
A bad week for greenback as Singdollar rises to 15-month high
The Singapore dollar continues to surge, rising to 1.3371 against the US dollar on Friday on scepticism over further interest rate hikes by the US Federal Reserve and continued geo-political worries. Year to date, the SGD is up 8.2 per cent after a one per cent jump from Monday when it was up 7.1 per cent from end-2016, said Philip Wee, DBS Bank's senior currency strategist, adding that the "week has been extraordinary".
Japan firms tap Singapore agencies in smart city projects
Japanese companies have been working with Singapore agencies to create smart city solutions that are rolled out in South-east Asia, inevitably providing a boost to their home country's soft power. They include materials supplier Asahi Glass Co (AGC), which opened an application development centre in Singapore last year.
Singapore Real Estate
UOB, HSBC join mortgage war with 3-year fixed-rate packages
Banks in Singapore have started a mortgage war, spurred by the lower interest rate for a longer duration, to the delight of the legions of home buyers who are pouring back to a buoyant residential market. Last week, both United Overseas Bank (UOB) and HSBC launched three-year fixed-rate home-loan packages which until now had been mainly the preserve of DBS Bank, the nation's largest housing-loan provider. Bank of China (BOC) also has a three-year fixed-rate package but with varying yearly interest rates.
'Hungry ghosts' not dampening GCB interest
The "hungry ghosts" month is supposed to be a quiet month for property, but Good Class Bungalow (GCB) agent KH Tan of Newsman Realty is feeling quite a bit of buzz in that elite market these days. "We have been receiving more offers for GCB properties in the past few months, compared with earlier this year," he said.
Kong Hee's Sentosa penthouse back on the market at $11.5m
The Sentosa Cove penthouse unit belonging to former City Harvest Church pastor Kong Hee was relisted for $11.5 million last week - 15 per cent higher than its 2015 listing price of $10 million. The 5,242 sq ft penthouse unit was bought and co-owned by Kong and Indonesian tycoon Wahju Hanafi in 2007 for $9.33 million, with each paying monthly instalments of $17,000.
Department stores to add more local brands to their mix
Shoppers here will soon be able to pick up more local brands stocked in department stores, under a new government move. Not only will this launch local brands in the market, it will also enable the brands to learn from the department stores, said Mr S. Iswaran, Minister for Trade and Industry (Industry) yesterday.
Paradise lost for some Bintan investors from Singapore
Dozens of investors have been left in the lurch following the failed construction of an Indonesian property project in which they invested a total of $12 million. At least 69 investors from Singapore forked out between $140,000 and $500,000 for a unit in The Heritage condominium-hotel at Lagoi Bay, in the northern part of Bintan.
Cromwell Reit eyes 7.5-7.7% yield in 1.25b euro Singapore IPO
The Singapore initial public offering (IPO) of Cromwell European Real Estate Investment Trust (Reit) could raise up to 1.25 billion euros (S$2.02 billion) and provide a yield of between 7.5 and 7.7 per cent, according to a preliminary prospectus lodged on Friday. The IPO for the Reit, which will hold commercial, industrial and retail properties in six European countries, is targeted for Sept 21, with listing set for Sept 28. It will be the second-largest IPO in Singapore this year after NetLink NBN Trust's S$2.3 billion in July.
Fullerton unit secures private fund management licence in China
Fullerton Fund Management's unit has obtained a private fund management licence in China, enabling it to offer onshore investment products to institutional and high net worth investors in the country, it said on Friday. The fund house is the first Asian fund to successfully register its wholly foreign-owned enterprise (WFOE) - Fullerton Investment Management (Shanghai) Co Ltd - with the Asset Management Association of China as a private fund management (PFM) company.
Frasers Centrepoint buys 4 business parks in the UK
Frasers Centrepoint Limited (FCL) said on Monday that it has agreed to buy four business parks in the United Kingdom for about £686 million (S$1.20 billion), subject to post-completion adjustment. The puchase comprises 4.9 million square feet of built area across four freehold business park assets - Winnersh Triangle, Reading; Chineham Park, Basingstoke; Watchmoor Park, Camberley and Hillington Park, Glasgow.
Tee International forms tie-up with Advancer Global
Real estate and engineering group Tee International has formed a collaboration with Advancer Global, which comprises a maid agency, a cleaning and stewarding services arm and a security services arm. The collaboration will focus on exploring opportunities for joint tenders in contracts which require mechanical and electrical engineering works and facility management services, and jointly investing in facilities management projects in the Asia-Pacific region, among other things.
Views, Reviews & Forum
En-bloc fever is back
This week’s topic: Why has en-bloc fever taken hold and what are its implications for Singapore's residential property market going forward?
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