29/12/2021
29 December 2021, Wednesday
SINGAPORE | REAL ESTATE
The Business Times
Developers, en-bloc hopefuls will need to meet in the middle in the wake of cooling measures
Poised to close 2021 on a high, the property sector was set for a holly, jolly Christmas after blithely shrugging off two Covid-19 variants and multiple headwinds in the construction sector this year. Instead, it got a lump of coal, as one analyst put it. And after a fresh wave of cooling measures was announced on the night of Dec 15, the residential collective sales market is starting to feel the heat. Hong-Kong listed conglomerate Shun Tak Holdings is said to have pulled out of its en-bloc acquisition of High Point condominium last week, forfeiting its S$1 million tender deposit. As the government sought to tame exuberance in the property market, Singaporeans and permanent residents who already own a property and want to buy an additional one(s) are now staring at higher additional buyerโs stamp duty (ABSD) rates, ranging from 17 per cent to 30 per cent.
The Business Times
GCB deals volume set to ease, but prices expected to remain firm
After a blockbuster year, the volume of bungalow deals in Good Class Bungalow (GCB) Areas is set to ease in 2022 as much of the supply available for sale has been taken off the market following the strong sales momentum between the fourth quarter of 2020 and Q3 2021. Observers do not see the latest cooling measures as having much impact on most GCB buyers. One generally has to be a Singapore citizen to be allowed to buy a landed property in a GCB Area.
The Business Times
Highest Singapore rents in 6 years fuel expat housing woes
Singapore residents bemoaning expensive home prices now have something else to worry about: rising rents. Rents have jumped to a 6-year high, and analysts anticipate further increases as demand outweighs supply. Thatโs adding to costs for residents of the financial hub, especially expatriates, at a time when inflationary pressures are building.
Lianhe Zaobao
Resale price of S'pore non-landed private houses rises for 13 straight months
The resale price of non-landed private houses in Singapore has risen for 13 straight months. The resale price index in November 2021 rose by 0.5% from the previous month to 164, a record high in more than 12 years. Analysts expect that the increase of resale price will slow down under the influence of cooling measures. The National University of Singapore Institute of Real Estate and Urban Studies (IREUS) announces on 28th December about the estimation data of NUSโs Real Estate Price Index (NUS SRPI) in November, the data showing that the overall resale price index reached 164 which is the highest since the index was launched in March 2009.
Lianhe Zaobao
Shophouse transactions this year rose more than 80% year-on-year to a 16-year high
Local shophouses are scarce and have the potential to increase in value over time. It has the value potential sought after by domestic and foreign investors. This year, the transaction volume of shophouses has risen by more than 80 per cent compared to the whole of last year, breaking the highest record since 2015. Analysts believe that after the introduction of Singaporeโs housing cool measures, buyers will put their investment objectives to commercial real estate such as shophouses as they are not subjected to the ABSD increase, and the impact of a tighter TDSR ceiling on them is not expected to be significant.
