Singapore Economy Tight labour market, negative inflation raise median income Real median income in Singapore jumped strongly by 5.4 per cent this year, thanks to the still-tight labour market and negative inflation. But the softer economy is starting to weigh down on jobs; employment growth eased in the first half of the year, the Ministry of Manpower (MOM) cautioned at the release of its Singapore Workforce 2015 report on Monday. http://www.straitstimes.com/singapore/manpower/real-incomes-climb-54-per-cent-in-2015 http://www.todayonline.com/singapore/median-income-rises-amid-tight-labour-market Fitch affirms AAA rating for Singapore Fitch Ratings has affirmed Singapore's AAA sovereign ratings, citing its strong economic fundamentals and stable political scene. The credit rating agency said its view weighs the country's exceptionally strong external balance sheet, robust fiscal framework, high levels of per capita income and strong governance against its high vulnerability to external shocks, given that Singapore is a small open economy. http://www.straitstimes.com/business/fitch-affirms-aaa-rating-for-singapore Singapore Real Estate Prices of private resale homes inch up Prices of completed non-landed private homes are showing signs of stabilising after falling for five straight months, but downward pressures remain. Their values rose 0.1 per cent in October over September, after rising 0.3 per cent in September, according to flash estimates out yesterday for the NUS Singapore Residential Price Index. http://www.straitstimes.com/business/prices-of-private-resale-homes-inch-up Small units lead price falls for completed condos Small units have led prices falls for completed apartments and condos year to date as well as on a year-on-year basis, according to National University of Singapore's October flash estimates for its Singapore Residential Price Index (SRPI). http://www.businesstimes.com.sg/real-estate/small-units-lead-price-falls-for-completed-condos Raffles Place's office rents catching up with Marina Bay's Grade-a office rents in Singapore's traditional Raffles Place CBD nearly caught up with the newer business district in Marina Bay in the third quarter of this year. The rental gap between the two areas was 4 per cent in the third quarter, the smallest differential since 2011, according to Cushman & Wakefield. http://www.businesstimes.com.sg/real-estate/raffles-places-office-rents-catching-up-with-marina-bays Property counters 'overly discounted': UOB KayHian Concerns over the effect of a rise in interest rates on the property sector have been overblown and the stock market has "over-discounted" property counters for the headwinds in the residential segment, UOB KayHian says in its latest report. Maintaining an "overweight" call on the property sector, its analysts, Vikrant Pandey and Derek Chang, said: "We expect a healthy 10-15 per cent correction (from the peak) in property prices beyond which prices should trend in line with GDP growth (1-3 per cent)." http://www.businesstimes.com.sg/real-estate/property-counters-overly-discounted-uob-kayhian Lower taxes for 93% of residential property owners in Singapore: Iras About 93 per cent of residential property owners in Singapore are poised to pay lower property taxes next year, with the annual values of real estate falling in tandem with market rentals. On Monday, the Inland Revenue Authority of Singapore (Iras) said all owners of public housing flats would pay lower or no property tax next year, while eight in 10 private residential property owners would pay lower property tax in 2016. http://www.todayonline.com/singapore/9-10-homeowners-pay-lower-property-tax-2016 Shanghai buyer completes 137 Cecil Street purchase The sale of 137 Cecil Street to a businessman from China was completed on Monday. The deal was through the sale of shares in the company that owns the freehold office block and values the property at S$210 million, BT understands. The sale involves a leaseback deal with the seller, Cheong Sim Lam, for a period of at least two years. http://www.businesstimes.com.sg/real-estate/shanghai-buyer-completes-137-cecil-street-purchase Ho Bee buys two office buildings in London for S$210 million Property group Ho Bee Land has added another London office property to its growing portolio of British investments. Located at Wellesley Road in Croydon, London, the freehold property known as Apollo House and Lunar House cost Ho Bee £99 million (S$210 million), the firm said in a statement on Tuesday (Dec 1). Five weeks’ jail for ex-property agent who forged stamp certificate Companies' Brief CapitaLand Mall Trust Following our downgrade on CapitaLand Mall Trust (CMT) to a "hold" on Oct 22, 2015, we note that its share price has since corrected 8.5 per cent, as market jitters resurfaced over the possibility of a Fed lift-off in December this year after a strong October jobs data report. http://www.businesstimes.com.sg/companies-markets/brokers-take-186 Views, Reviews and Forum Inequality and housing policy in cities New York, New York, a helluva town. The rents are up, but the crime rate is down. The food is better than ever, and the cultural scene is vibrant. Truly, it's a golden age for the town I recently moved to - if you can afford the housing. But more and more people can't. http://www.straitstimes.com/opinion/inequality-and-housing-policy-in-cities Global Economy & Global Real Estate Aussie PM seeks to tighten rules on foreign investment Australian Prime Minister Malcolm Turnbull has proposed tougher scrutiny of foreign investors following growing concerns about a series of deals in which potentially sensitive assets are to be transferred to Chinese investors. In one of the biggest shake-ups of foreign investment rules since they were introduced 40 years ago, Parliament last week passed new laws requiring extra screening of investment in farmland. http://www.straitstimes.com/asia/australianz/aussie-pm-seeks-to-tighten-rules-on-foreign-investment Nippon Life plans Japan's largest Reit http://www.businesstimes.com.sg/real-estate/nippon-life-plans-japans-largest-reit Asian investors in New Zealand project lose legal bid http://www.straitstimes.com/business/property/asian-investors-in-new-zealand-project-lose-legal-bid Pending Sales of Previously Owned Homes in U.S. Increase 0.2% Vonovia Shareholders in Favor of Biggest German Property Bid Delta Lloyd Plans to Raise $1.06 Billion in Rights Offer |