Singapore Economy

MAS ignores calls for more aggressive easing of Singdollar

Singapore's central bank disappointed the bears on Wednesday, easing monetary policy only slightly by keeping the Singapore dollar on an appreciating path - but at a marginally slower pace than before. In its October monetary policy statement, the Monetary Authority of Singapore (MAS) said that it is continuing with its policy of a "modest and gradual" appreciation of the S$NEER (Singapore dollar nominal effective exchange rate) band, although the rate of appreciation will be "reduced slightly".

Q3 growth not enough to lift full-year GDP forecasts

It was a close shave. Singapore's economy threw a nice little surprise for observers on Wednesday as it registered a 0.1 per cent quarter-on-quarter growth in the third quarter, narrowly avoiding a technical recession. But with economic growth still not gaining enough momentum, optimism remains muted, with the government and several private banks here keeping growth forecasts unchanged.

Singapore Real Estate

Market volatility seen driving up mortgagee sales

The sell-off in equity markets, price fluctuations of commodities and the weaker rental market seem to have driven up the number of homes put up for mortgagee (or lender) sale in 2015, DTZ said on Wednesday. Close to 55 homes were put up for mortgagee sale from January to September 2015. This is more than the total number of homes put up for mortgagee sale for the whole of 2014.

Weakness in private condominium rents persists in September

Weak leasing conditions for private condominiums continued to weigh on rents in September but this failed to lift rental volumes from the preceding month. While this softness coincides with a seasonally weak second-half of the year for the rental market, it is also a result of intensifying competition among landlords amid more completions of new homes, consultants say.

The information advantage of Singapore's real estate agents

While Singapore's property market has shown signs of cooling and there have been warnings of risks in the cooling measures ("Manage cooling measures exit 'for soft landing'"; Sept 17), our love affair with property investment continues to thrive. In fact, property remains a key component of household wealth in Singapore, with 47 per cent of household assets tied up in real estate, according to Credit Suisse.

CapitaLand confirms talks to buy Asia Square Tower 1

CapitaLand confirmed yesterday that it and other parties are in talks to buy Asia Square Tower 1 from BlackRock, the world’s largest asset manager. Media reports said BlackRock is seeking about S$4 billion for the 43-storey building in the Marina Bay area. Tenants include Citigroup.

Companies' Brief

Perennial Real Estate's placement tranche of retail bonds oversubscribed

Perennial Real Estate Holdings' placement tranche of up to S$100 million for three-year retail bonds which carry a fixed interest of 4.65 per cent per annum has been oversubscribed. Despite increasing the amount available for subscription up to the limit of S$100 million to meet demand, the placement tranche was oversubscribed with approximately S$130 million of subscriptions received.

CapitaLand conferred President's award for volunteerism, philanthropy

Capitaland has been recognised as a "model corporate giving citizen" for its commitment to helping underprivileged children, having been conferred the inaugural corporate award within the President's Volunteerism and Philanthropy Awards 2015. The corporate category was introduced this year to recognise the significance of complementing philanthropy efforts with volunteerism by an organisation.

Soilbuild Reit posts 5.1% rise in Q3 DPU

Soilbuild Business Space Reit posted a 5.1 per cent rise in distribution per unit (DPU) from a year ago to 1.625 Singapore cents for the third quarter ended Sept 30. The Reit manager attributed this to stable performance of existing portfolio and contribution from newly acquired industrial property known as Technics located at 72 Loyang Way, which was completed in May.

Global Economy & Global Real Estate

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