Singapore Economy

Singapore banks face slow loans growth, weak asset quality

The issues of slowing loan demand and vulnerable asset quality were front and centre for the local banks in the third quarter as the commodity crunch and economic headwinds continued to pressure corporate and consumer borrowers. All three reported subdued single-digit loan growth in the three months to Sept 30, compared with growth in the second quarter.

http://www.straitstimes.com/business/banking/singapore-banks-face-slow-loans-growth-weak-asset-quality?login=true


Singapore Real Estate

Two condos launched over weekend notch 60% sales

About 60 per cent of units launched over the first weekend of two properties - Principal Garden and Thomson Impressions - have been taken up. Developers UOL Group Ltd and Kheng Leong Company sold 60 per cent of the 200 units marketed at their Principal Garden condominium, a 663-unit development at Prince Charles Crescent, as at 4pm on Sunday.

http://www.businesstimes.com.sg/real-estate/two-condos-launched-over-weekend-notch-60-sales

http://www.straitstimes.com/business/property/bumper-sales-likely-at-launch-of-thomson-condo


Home owners lose prime view after land-use changes

When Mr M.K. Wong chose his new Housing Board flat in Choa Chu Kang in 2012, he was looking forward to an unobstructed view. But changes to land-use plans got in the way - literally. Instead of overlooking a school, Mr Wong's unit at Block 489D, as well those at Block 489B, will face a high-rise executive condominium (EC) instead.

http://www.straitstimes.com/singapore/home-owners-lose-prime-view-after-land-use-changes


20% of resale flat buyers seek proximity grant

More than one in five Housing Board resale flat buyers have applied for the Proximity Housing Grant since it was introduced in August, Minister for National Development Lawrence Wong said in a blog post yesterday. The grant was one of several housing changes that kicked in on Aug 24, the day after the National Day Rally. Said Mr Wong: "Just two months on, I am happy to see many home buyers already benefiting."

http://www.straitstimes.com/singapore/housing/20-of-resale-flat-buyers-seek-proximity-grant

http://www.businesstimes.com.sg/real-estate/response-to-new-housing-grant-most-encouraging


Shunfu Ville: Two developers express interest

The lacklustre collective sale market looks a bit perkier after two developers submitted expressions of interest in the Shunfu Ville site. The 358-unit project in Upper Thomson was put on sale in September with an asking price of at least $688 million.

http://www.straitstimes.com/business/shunfu-ville-two-developers-express-interest?login=true


Small units pay off at two new condo launches

Sales at two condominiums launched over the weekend were largely within expectations, given the quiet market. About 120 of the 200 units released at the 663-unit Principal Garden in Prince Charles Crescent were sold at an average price of just above $1,600 per sq ft (psf).

http://www.straitstimes.com/business/small-units-pay-off-at-two-new-condo-launches?login=true


Companies' Brief

Saizen Reit soars 19% on news of Japan assets' sale

In what could be an unprecedented sale of an entire portfolio by a Singapore-listed Reit, Saizen Reit on Saturday announced the proposed divestment of all its residential properties in Japan to global private-equity firm Lone Star Funds for 44.66 billion yen (S$517.3 million).

http://www.businesstimes.com.sg/companies-markets/saizen-reit-soars-19-on-news-of-japan-assets-sale


More than just a real-estate agency

Within a short span of 15 years, OrangeTee has established itself as a key player in Singapore's real-estate scene. Differentiating itself from local agencies which typically focus on growing the number of agents and transactions, OrangeTee's approach is to cover more sectors and provide a broader range of services - valuation, research, investment advisory and consultancy.

http://www.businesstimes.com.sg/sme/more-than-just-a-real-estate-agency


2 Telok Ayer shophouses fetch S$18.2m

A pair of adjoining shophouses less than 20 metres from Telok Ayer MRT Station have changed hands for S$18.2 million. Both shophouses are three storeys high and with an attic. One is on a site with 199-year leasehold tenure (starting June 2003) and the other is on a 999-year leasehold site.

http://www.businesstimes.com.sg/real-estate/2-telok-ayer-shophouses-fetch-s182m


Views, Reviews & Forum

Adjust property curbs to reflect how IT has changed market

In the Sept 12 report ("Additional Buyer's Stamp Duty 'can be safely removed'"), I did not call for the complete removal of stability measures ("Make some property curbs permanent" by Mr Chua Soo Chew; Thursday). I, for one, am a strong advocate of curbing speculation and hot money from overseas by applying an even tougher Seller's Stamp Duty than the one that is currently in place.

http://www.straitstimes.com/forum/letters-in-print/adjust-property-curbs-to-reflect-how-it-has-changed-market


Global Economy & Global Real Estate

One man’s plan to build Singapore in India sends land soaring

A short man with frayed clothes and hands made rough from long years of farming, Mr K Subba Rao stands under the sun in his village in southern India,as the creases on his weathered face break into a sly grin. “I’m going to be a rich man,” he says.

http://www.todayonline.com/chinaindia/india/one-mans-plan-build-singapore-india-sends-land-soaring

http://www.bloomberg.com/news/articles/2015-11-02/one-man-s-plan-to-build-singapore-in-india-sends-land-soaring


KL mulls over Dibs for first-time home buyers

http://www.businesstimes.com.sg/real-estate/kl-mulls-over-dibs-for-first-time-home-buyers


New York hotels go on offensive against Airbnb rentals

http://www.businesstimes.com.sg/real-estate/new-york-hotels-go-on-offensive-against-airbnb-rentals


China funds buying dollar property bonds risks exporting bubble

http://www.businesstimes.com.sg/real-estate/china-funds-buying-dollar-property-bonds-risks-exporting-bubble


Media tycoon Murdoch buys Malaysia's iProperty for $750m

http://www.straitstimes.com/business/companies-markets/media-tycoon-murdoch-buys-malaysias-iproperty-for-750m?login=true


China's 'Smurfs' Beat Cash Controls, Sending Real Estate Soaring

http://www.bloomberg.com/news/articles/2015-11-02/china-s-smurfs-beat-cash-controls-sending-real-estate-soaring