News At A Glance

The Ministry of National Development (MND) announced additional temporary relief measures for property developers affected by disruptions to construction timelines resulting from the Covid-19 pandemic. The measures, effective immediately includes: (i) Extension of the Project Completion Period (PCP) by a further 6 months for residential, commercial and industrial development projects; (ii) Extension of time by a further 6 months for the commencement and completion of the residential development projects in relation to the remission of the Additional Buyer’s Stamp Duty (ABSD) for hous...

Singapore retained its spot as the world’s second most digitally competitive country, after the United States in the latest edition of the IMD World Digital Competitiveness Ranking.  Denmark, Sweden and Hong Kong rounded up the top five positions. Now in its fourth year, the ranking measures the capacity and readiness of 63 nations to adopt and explore digital technologies as a key driver for economic transformation in business, government and wider society. This year’s survey was carried out in February to May, during the peak of the Covid-19 pandemic....

The private residential property index increased 1.2 points from 152.6 points in 2nd Quarter 2020 to 153.8 points in 3rd Quarter 2020, according to the flash estimate released by the Urban Redevelopment Authority (URA). Based on sales registered up to mid-September, the flash estimates showed that a 0.8% q-o-q increase in the price index, driven mainly by landed homes. The price index of non-landed homes remained largely unchanged from Q2 because the increase in prices in RCR and OCR was eliminated by the relatively large drop in prices in CCR.   While prices of new launche...

In a bid to restore connectivity and support economic recovery, Singapore has progressively opened its borders. The latest being Japan, which has agreed to launch a green lane for essential business and official travel for residents from both countries on Sept 18.   A Reciprocal Green Lane (RGL) to facilitate cross-border travel for essential business and official purposes between Singapore and Malaysia was one of the earliest arrangements set up. Travellers would have to undergo pre-departure and post-arrival Covid-19 tests as well as adhere to a set of Covid-19...

Private home sales hit a high in August with more than 1,256 new homes sold, amid the Covid-19 pandemic. According to the data released by Urban Redevelopment Authority (URA), sales increased 16.3 per cent compared to a month ago, extending the growth in volume into a fourth straight month. In comparison to last year, the number of units sold was up 11.9% year-on-year.   New home sales have been rising after the circuit breaker period. This is the highest monthly sales in the first 8 months of 2020 – aided by the momentum which started in July and several factors such as so...

The latest revision of development charge (DC) rates were released for the next half-year period. DC is a tax levied when planning permission is granted by the government to allow developer to build a bigger project on a site or to enhance the use of the site. On average, DC rates have declined by 3.6 per cent for commercial use, 0.8 per cent for non-landed residential use, 7.8 per cent for hotel/hospital use and 0.9 per cent for industrial use. Hotels and commercial property, having been most affected by the Covid-19 pandemic, are the use groups with the largest cuts in DC ra...

The Singapore government has announced a further S$8 billion to support the economy and businesses in view of Covid-19. This amount will be funded by transferring monies from other areas, such as development expenditures delayed due to the pandemic. The government will not be drawing on past reserves for this round of support. Under the Job Support Scheme (JSS), the government co-funded 25-75% of the first S$4,600 of gross monthly salaries until end August. With the deterioration in the economy, the JSS will be extended until end March 2021 albeit with a smaller level of subsidies. T...

The much-delayed Johor Bahru-Singapore Rapid Transit System (RTS) Link project was finalised on 30 July. The cross-border project first announced in 2010 will be operated by a joint venture operating company between Singapore’s SMRT Corporation and Malaysia’s Prasarana RTS Operations. The 4km link connecting Woodlands North station on the Singapore’s Thomson-East Coast MRT line to a planned terminal at Bukit Chagar, Johor Bahru is expected to serve about 10,000 commuters at peak periods, every hour. It will feature co-location of customs, im...

Family offices planning to rebalance their portfolios would turn to real estate, which offers stable cash flows, tax breaks and leverage opportunities. The weaker property prices in the wake of the Covid-19 situation have created opportunities for investors with long-term outlook.  According to UBS Global Family Office Report 2020, almost half the 121 family offices surveyed are looking to increase their allocation in real estate. Singapore saw 998 new private homes sales in June, 105 percent increase from the previous month due to pent-up demand and an increase in for...

Indonesia saw its GNI per capita rise to US$4,050 (S$5,648) last year, surpassing the income threshold for upper-middle income, from US$3,840 in 2018. According to the World Bank’s latest country classifications by income level, Indonesia is now officially an upper-middle income country, an upgrade from its previous status as lower-middle income. Upper-middle income status categorises countries with a GNI per capita of US$4,046 to US$12,535. The classifications are based on gross national income (GNI) per capita. The World Bank uses the indicator to decide whether a country may...