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Resale prices at luxury projects in neighborhoods popular among foreign buyers took a hit in 2014, raising concerns that foreigners could exit Singapore's real estate market en mass.
Last year saw several high-end apartments in the city-state's exclusive enclave of Sentosa Cove and the highly sought after address of Orchard Road sell at hefty losses.
SINGAPORE--Singapore's economic growth unexpectedly contracted in the second quarter as the country's manufacturing sector dragged overall output.
Gross domestic product for the three months to June 30 fell 0.8% on a seasonally adjusted and annualized basis compared with the previous quarter, according to advance estimates by the Ministry of Trade and Industry on Monday. This compared with a revised 1.6% increase in the first quarter.
Singapore’s economy is suffering in the short term as the country moves to higher-value-added industries and attempts to raise productivity, but is unable to escape from its reliance on cheap mass production.
The island state is trying to move away from low-end industries, particularly in manufacturing, to focus on value-added sectors such as biotechnology and pharmaceuticals. As it makes the transition, growth is slowing and tepid external demand remains a drag.
Singapore’s slumping property market is slowing infllation (SICPIYOY) and weakening the city-state’s dollar, making it attractive for funding Southeast Asian carry trades.
Traders who sold Singapore’s currency against a basket of Indonesia’s rupiah, Malaysia’s ringgit, Thailand’s baht and the Philippine peso earned 2.2 percent since June 30, data compiled by Bloomberg show. That compares with a loss of 1.7 percent selling the U.S. dollar and a gain of 1.4 percent using Taiwan’s currency. In carry trades, investors borrow in a country with low interest rates and park funds in higher-yielding markets. The risk is that exchange-rate swings erase those gains.
Singapore's prime office rents are set to post their biggest increase in at least four years in 2014, and may extend gains this year in a supply-constrained market.
The office rent index for prime areas rose 8.7 percent in the first nine months of last year, heading for its largest gain since 2010, when it was up 12 percent, according to data from the Urban Redevelopment Authority.
After a lot of angst over whether Singapore's property market faces a crisis, the city-state's efforts to rein in household debt and home prices appear set for their first test as local rates begin to rise.
"Consumer demand has been quite weak already, weighed by the household debt issue," said Michael Wan, an economist at Credit Suisse."Any incremental rise in interest rates will be more negative for private consumption demand."
Three launches will lead the recovery.
The government introduced a sale restriction in Jan 13, following the seventh round of cooling measures. After this introduction, the following projects are the first to be launched this year.
Last week we asked if your assets passed the leverage test. And perhaps you wondered to yourself, “But why would I WANT to leverage my assets or use them as collateral? Don’t I want them to be “free and clear”?
Singapore has many accolades pegged to its brand, bolstering the Republic’s reputation as a key regional and global hub for companies to do business. Discover key facts and rankings about Singapore today.
Statistics show that mixed developments have been attracting a wide range of investors over the past few years. Heres a look at some of the factors that make these developments popular among homeowners and investors alike.
In recent years, mixed developments, which encompass both commercial and residential units in a single complex, have become increasingly popular. This comes as no surprise, as the fast growing population in land-scarce Singapore has resulted in a surge in demand for homes and amenities alike.
Time flies and the year is coming to an end. With 2015 upon us, it is timely for us to take stock to see how 2014 did, and at the same time, forecast how next year would be like.
In January, we shared why we thought 2014 could be turbulent for the property market. To recap, the bearish outlook for 2014 was due to the following reasons: (1) more residential units being completed and coming onstream, (2) more resale units entering into the market as units affected by the Seller Stamp Duty (SSD) clear the four years mark, (3) the pool of potential buyers has shrunk significantly. Looking back, the assessment from our research team has not been too far off. The index dropped from the peak of 216.3 in Q3 2013 to 207.9 in Q3 2014, which translates to a drop of about four percent.
What should you do in 2015?
Many people regard Hong Kong as one of the countries with the highest population density in the world. To a large extent, that is absolutely true. Based on their population of 7,182,724 (July 2013 estimate) and their land size of 1,054 square kilometres (sq. km), the population density works out to be 6,815 residents per sq. km!
However, did you know that Singapore has a much higher population density?
Blackstone Group LP, which is taking part in the refinancing of luxury Singapore properties, is prepared to wait as long as five years for a turnaround in residential prices to see higher returns on the transaction.
Blackstone and Malaysia’s CIMB Bank Bhd. agreed this week to take part in a financing for a luxury hotel, retail and residential development, owned by City Developments Ltd, Singapore’s second-largest developer, on Sentosa island.
While Singapore's property market has shown signs of cooling, with volume of new private home sales halving this year, it has defied expectations of a sharp correction.
Developers sold 7,137 private residential units in the first 11 months of 2014, with sales expected to total 7,500 by year-end - a 50 percent on-year drop, driven by weakening demand.
Prices, in contrast, have proved relatively resilient as developers and private home sellers stand their ground.
Colliers International Singapore Research revealed to TODAY that 98 private homes were arranged available to be gotten by banks inside the starting ten months of 2014 – five times the measure of homes set open to be purchased in 2013.
Likewise, non-landed private homes in clear private neighborhoods helped the current year's mortgagee posting, case in point, Reflections at Keppel Bay, Turquoise at Sentosa Cove, and Stevens Court at Stevens Road.
All the more great property holders are suspecting that it hard to back their reliably arranged divides and throw their properties, from now on instigating a sharp increase in mortgagee deals.
Ms Grace Ng, Deputy Managing Director of Colliers International said to TODAY, "in the midst of the stricter managerial and financing environment, borrowers in default are suspecting that it hard to offer their properties in isolation, as purchasers for the most part stay wary."
There has likewise been an expansion in neighborhood bank non-performing advances (NPL), as a postponed outcome of wonderful property holders defaulting on home credits.
Controllers remarked to TODAY that notwithstanding the way that the business has wound up unfavorable for untouchable property holders, the expansion in Npls could be an aftereffect of poor financial engineering going before the execution of the cooling measures – Total Debt Servicing Ratio (TDSR).
Source: ST Property
The Urban Redevelopment Authority (URA) propelled an open delicate for a land package at the intersection of Payar Lebar and Sims Avenue – a blended utilization site comprising of office, retail and private employments. In conjunction with URA's decentralization system, the improvement of business groups outside the focal area will make occupation opportunities closer to homes, accordingly diminishing blockage and transportation time for organizations found outside the Central Business District (CBD).
The Urban Redevelopment Authority (URA) has uncovered in its most recent expect that the private lodging business has recuperated imperativeness, mimicking moderate courses of action in August. As per URA, 648 units (notwithstanding Ecs) were sold in September, demonstrating a change from August where 437 units were sold. Mr. Nicholas Mak, Executive Director for SLP International noted to TODAY that the recuperation was not startling, and it doesn't suggest that the business division will keep seeing increments. "The cooling measures, especially the TDSR (Total Debt Servicing Ratio), will keep pressuing the business.
