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02/01/2023

Many of us are very diligent about furthering our careers, but when it comes to managing our money, procrastination is often the order of the day.

Yes, it can be quite a chore to come up with ways to make your money work harder and most people usually give up after a while. Let’s be honest – everyone wants more money, but it can be incredibly tiresome to search for suitable financial options.

Since it’s the start of a new year, here are a few practical money resolutions for you to consider. These tips won’t make you rich, but they can help to ensure that you always have enough money. After all, financial planning is really about reaping what you sow.

Many of us are very diligent about furthering our careers, but when it comes to managing our money, procrastination is often the order of the day. Read more at straitstimes.com.

30/12/2022

SINGAPORE - Private residential prices are expected to rise moderately in 2023, with upside limited by higher borrowing costs, weaker economic growth and slower growth in HDB resale prices.

Even with a robust rental market and low unsold new home stock, the private residential market will likely face headwinds in 2023, as housing affordability will be a key concern for buyers grappling with rapidly rising interest rates, spiralling living costs, an uncertain economic outlook and the latest property curbs.

But while some buyers may delay their purchases, high land and construction costs and low inventory may leave developers with little room to cut new launch prices. As a result, analysts see private residential prices gaining between 1 per cent and 5 per cent in 2023, down from a forecast of 9 per cent for full-year 2022.

Private residential prices will see slower growth and may even correct slightly in the second half of 2023, said Ms Catherine He, director and head of research at Colliers Singapore.

The private residential market will likely face headwinds in 2023 as housing affordability will be a key concern for buyers. Read more at straitstimes.com.

27/12/2022

SINGAPORE - When finance and information technology director Hara Mohanty and his family of four moved out of the terraced unit in Katong that they had rented for over 10 years in mid-2021, he had hoped to return after it was upgraded.

But he found himself priced out, as rents for the cluster of 42 terraced houses off Haig Road almost doubled following upgrading and restoration works by the Singapore Land Authority (SLA) that lasted a year.

Mr Mohanty, who lived in Jalan Tembusu, said he was unwilling to fork out $4,500 a month for rent, which was around 50 per cent more than what he paid previously. The other houses are located in Jalan Gajus, Jalan Binjai and Jalan Beringin.

“I had expected it to be in the range of $3,500 to $4,000 so $4,500 is higher than our expectations. Bidding is quite crazy now,” said Mr Mohanty, who had earlier indicated to SLA his interest to return after the upgrading. He is currently renting a unit in Bedok.

One tenant said he was unwilling to fork out $4,500 a month for rent, which was around 50% more than what he paid previously. Read more at straitstimes.com.

27/12/2022

SINGAPORE - Membership prices at Singapore’s premier golf clubs have hit record highs, fuelled by an influx of fresh foreign money, according to membership brokers and industry insiders.

Sentosa Golf Club local membership – open to Singaporeans and permanent residents – is now pushing above $500,000, while Singapore Island Country Club (SICC) membership recently hit $300,000 – levels never seen before.

Club membership brokers cite fresh cash from overseas as the fuel revving up prices.

“This is largely due to foreign money,” said Ms Lee Lee Langdale, founder and owner of Singolf.

“While foreign membership categories at these clubs have pushed higher, the local membership category has also hit astronomical heights because many of those who have come to Singapore have taken up permanent residence, and thus qualify for this category.”

While a large chunk of the funds brought in by these well-heeled immigrants has found its way into Singapore property assets, club memberships here have also had their allure, particularly since late 2021.

Locals have also been buying, thanks to a buoyant stock market in 2021 and through early 2022.

The price for locals at Sentosa Golf Club has soared to $500,000 as the club draws more PRs. Read more at straitstimes.com.

23/12/2022

SINGAPORE - The Housing Board is investigating cases of Build-To-Order flats listed for sale on property portals after they were allegedly left vacant during the five-year minimum occupation period (MOP).

Between 2017 and November 2022, 53 errant flat owners who did not live in their HDB flats during the MOP were taken to task, the HDB said on Thursday in response to media queries.

Of these, 21 owners had their flats compulsorily acquired by the HDB, while the rest were issued with fines or warnings, it said.

The HDB’s statement comes a day after The Straits Times reported that at least three unrenovated BTO flats that appear to have never been lived in before were up for sale on property listing portals. Agents described the units as a “blank canvas” and “never stayed in before, brand new”.

The HDB said it is aware of “vacant” BTO flats being sold on the open market.

Between 2017 and November this year, 53 errant flat owners were taken to task. Read more at straitstimes.com.

18/12/2022

Looking ahead
The uncertain macro-economic environment and volatile equities market have reinforced the need for greater investment security. Many investors will diversify their asset allocation mix and include real estate properties for their stable returns.

Price corrections and housing activity have already turned sluggish in many countries. Although there will not be quick fixes to the global headwinds, Singapore’s property market may ride out the economic challenges differently. Properties here remain highly attractive to local and foreign investors as safe-haven assets. We anticipate a healthy level of investment interest in the year ahead.

The writer is senior vice-president (research and analytics) at OrangeTee & Tie.

Record-setting home prices have emerged in the suburbs, with a growing number of new condominium units sold for over $2,000 per sq ft. The public housing market has seen a record 344 million-dollar flat transactions in the year to date, with the priciest unit changing hands for $1.42 million. Read m...

17/12/2022

SINGAPORE - The US Federal Reserve on Wednesday raised interest rates by 50 basis points to a 15-year high and, more significantly, signalled that rates will have to move up more than previously anticipated and stay there for longer.

The United States central bank’s Federal Open Market Committee (FOMC) raised its benchmark rate to a range of 4.25 per cent to 4.5 per cent, from 3.75 per cent to 4 per cent previously – a move widely expected.

But while it broke a string of four consecutive 75 basis point hikes, the FOMC also signalled it expects to keep rates higher through 2023, with no reductions until 2024.

The expected “terminal rate”, or the point where the FOMC expects to end the rate hikes, is now 5.1 per cent – a level not seen since 2007.

It is half a percentage point higher than the Fed’s forecast in September and suggests there are another 75 basis points of rate hikes ahead.

The rate is then seen dropping to 4.1 per cent in 2024, again higher than estimated just three months ago.

Move has implications for economic growth and employment, not just in the US but elsewhere. Read more at straitstimes.com.

17/12/2022

SINGAPORE - Just four towns for now will be considered prime locations for Housing Board public housing projects – the central area, Kallang/Whampoa, Queenstown, and Bukit Merah.

And even in these four towns, the HDB will decide if a Build-To-Order (BTO) project falls under the prime location public housing (PLH) model, depending on the market value of the site and its other attributes such as proximity to amenities, National Development Minister Desmond Lee told The Sunday Times and Lianhe Zaobao in a recent interview.

Even in these towns, HDB will decide if a project falls under the PLH model depending on factors such as proximity to amenities. Read more at straitstimes.com.

15/12/2022

SINGAPORE – New private home sales slid to an eight-year low in November on dwindling unsold stock and as developers held back on major new launches amid the seasonal year-end slowdown and the latest round of cooling measures.

The number of new private homes sold plunged 83% from a year ago. Read more at straitstimes.com.

13/12/2022

SINGAPORE - Prices of resale condominium units climbed for the 28th straight month in November, while the number of units sold dropped further following the latest property cooling measures.

Condo resale prices rose at a quicker pace of 1.1 per cent compared with October’s 0.3 per cent, according to flash figures from real estate portals 99.co and SRX released on Tuesday.

Property analysts attributed the continuous price gain to the lack of new launch condos and low stock. Read more at straitstimes.com.

11/12/2022

SINGAPORE - With even studio apartments here costing upwards of $1 million, it’s no wonder Singaporeans are heading overseas to buy property. It’s true that real estate can be markedly cheaper in many other countries, but as one investor found to her distress, there can be pitfalls in those enticing bargains.

Fortunately, she kept proper records and the sellers were based in Singapore, so she sued them in the High Court. Read more at straitstimes.com.