News At A Glance

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Real Estate Market In Hong Kong Continues To Thrive

Real Estate Market In Hong Kong Continues To Thrive

Hong Kong remains as the world’s most expensive real estate market. It recorded 6,885 property deals in May as the city eases pandemic measures. The average price citywide stands at HK$$15,589 per square foot, making it the world’s least affordable market. A controversial security law introduced by China has prompted the United States to threaten removal of Hong Kong’s special status and is triggering concerns about capital outflow, sparking renewed pro-democracy protests and increasing tensions in a city trying to recover from the pandemic. The doubts about Hong K...

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Fortitude To Persevere, Adapt And Emerge Stronger

Fortitude To Persevere, Adapt And Emerge Stronger

Singapore will roll back from its circuit breaker measures from 2 June 2020. The economy and society will resume in three phases. With that in mind, a fourth Fortitude budget amounting to $33 billion was announced by Deputy Prime Minister Heng Swee Keat today. Together with the Unity , Resilience and Solidarity Budgets , Singapore is dedicating close to $100 billion (or $92.9 billion) or almost 20 per cent (19.2 per cent) of Singapore’s Gross Domestic Product (GDP)  to battle against this pandemic. Over $16 billion has been distributed from the previous budgets. The Unity...

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March Home Sales Slowed

March Home Sales Slowed

Developers continued to launch 578 new homes for sale in March, albeit at a slower pace. The four new projects launched were 19 Nassim and Kopar at Newton in the Core Central Region (CCR), as well as 77 @ East Coast and Tedge in the Outside Central Region (OCR).  New homes sold from the new launches and ongoing projects totalled 660 units. The top 3 performers were Jadescape which saw 76 units sold at a median price of S$1,719 psf, Treasure At Tampines with 69 units sold and Parc Esta which sold 63 units. Compared to February 2020, the units launched in March were...

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Support Measures for Covid-19 Across Asia

Support Measures for Covid-19 Across Asia

News of the coronavirus broke in late 2019 as pneumonia of unknown cause. Declared as a pandemic by the World Health Organisation (WHO) on 11 March 2020, there are more than 1.8 million people who had been infected and over 110,000 deaths resulting from the virus. WHO and the International Monetary Fund (IMF) held a joint press conference to cover the economic impacts of the pandemic, highlighting the importance of debt relief to avoid economic collapse and social welfare programs to ensure people have essentials.    Governments are doing their best to protect their people, provide d...

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Bill In Effect To Mitigate The Effects of Covid-19

Bill In Effect To Mitigate The Effects of Covid-19

A Covid-19 (Temporary Measures) Bill was passed by the Singapore government in Parliament on 7 April 2020 to better protect businesses and individuals hit by the coronavirus pandemic. The Bill will be valid for six months and Law Minister K Shanmugam will be given authority to extend it up to a year. The key measures cover: Temporary relief from the inability to perform contractual obligations A tenant may seek relief for leases of non-residential properties if there is proof that there is inability to pay rent during the prescribed period to a ‘material extent’ ca...

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Q1 2020 URA Flash Estimates

Q1 2020 URA Flash Estimates

The Urban Redevelopment Authority’s (URA) flash estimate for the first quarter of 2020 shows that the overall price index for private homes fell 1.2 per cent quarter-on-quarter (q-o-q) from end-2019, a reversal of the uptrend in the previous three quarters.  By housing types, landed home prices were down 1.7% q-o-q, a bigger magnitude than the 1.0% decline for non-landed homes. Within the non-landed category, the fall of 1.5% q-o-q in the Core Central Region (CCR) price index was mainly attributed to the lower price point of The M which saw 389 units sold at S$2,439 psf, as wel...

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Singapore Is World's Freest Economy

Singapore Is World's Freest Economy

Singapore emerges as World’s freest economy, taking over Hong Kong. In a report released by the Heritage Foundation, the 2020 Index of Economic Freedom places Singapore in the top spot, having maintained the same scores as per previous year. Singapore is ranked 1st among the 42 countries in the Asia Pacific region, its overall score of 89.4 is well above the world average.  Singapore has one of the world’s highest per capita incomes and solid rates of GDP growth at 3.3 per cent five year compound annual growth. Consistently ranked as one of the world’s most business...

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Developers Continue To Build Land Bank Despite Uncertainties

Developers Continue To Build Land Bank Despite Uncertainties

Tender for the Government Land Sales closed on 3 March 2020 and saw a total of 16 bids for the three residential sites , of which one is an executive condominium (EC) site. All three sites are located in the Outside of Central Region (OCR). The EC site is at Fernvale Lane while the two residential sites are at Canberra Drive. Response to the three sites shows that developers are still keen on landbanking despite the current uncertainties in the market. The bids seemed to reflect that developers’ outlook on prices would be stable for the next 12 months. Oasis Develop...

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Strong Sales Momentum For Recent Launches

Strong Sales Momentum For Recent Launches

Wing Tai Asia announced that it has sold 75 per cent or 392 units of the 522-unit condominium project, The M on Middle Road just three weeks after its launch. The project saw more than 360 units sold over the weekend of 22 – 23 February, following a ballot exercise after a strong expression of interest. Comprising studio and one- to three-bedroom units from 409 sq ft to 904 sq ft, The M is a 99-year leasehold development with three 20-storey towers and one six-storey tower. All 48 studios, that were priced from under $1 million were the first to be sold out during the balloting phase....

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Property Developers To Be Exempted From QC

Property Developers To Be Exempted From QC

The Residential Property Act (RPA) defines a Singapore company as a company that is incorporated in Singapore and all its directors and shareholders are Singapore Citizens or Singapore companies. Based on this definition, most of the publicly listed housing developers and their subsidiaries would not be considered a Singapore company and will therefore have to apply for and obtain a Qualifying Certificate (QC) for the acquisition of residential land from persons other than the Singapore Government for the purposes of the development of a housing development. The Ministry of Law announced&nb...

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