{"id":49339,"date":"2017-03-24T07:30:24","date_gmt":"2017-03-24T00:30:24","guid":{"rendered":"http:\/\/www.siamlandbank.com\/propertynews\/property-news\/news-roundup-march-2017\/"},"modified":"2017-03-24T07:51:26","modified_gmt":"2017-03-24T00:51:26","slug":"news-roundup-march-2017","status":"publish","type":"post","link":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/news-roundup-march-2017\/","title":{"rendered":"News Roundup (March 2017)"},"content":{"rendered":"


\n\u00a0
\nOur top Singapore property stories.
\nFitch: Looser property curbs won\u2019t stop price falls
\nHousing prices in Singapore are likely to continue falling even as the government may gradually ease the property cooling measures, Fitch Ratings said recently.
\nThe ratings agency noted that Singapore\u2019s efforts to curb property speculation in an environment of low global interest rates were effective.
\nSpeculative purchases fell from 2009 as the government introduced stricter restrictions on mortgage lending while increasing stamp duties.
\nWith this, house prices have fallen over the last three years, while housing loan growth has slowed since 2011.
\nHowever, the government\u2019s \u201cfirst modest move\u201d to \u201creversing macro-prudential tightening\u201d \u2013 which was introduced on 10 March \u2013 is unlikely to have a significant impact on the housing market.
\n\u201cMacro-prudential settings are still tight, while high vacancy ratios, a slower pace of immigration, subdued economic conditions and a weakening labour market are all likely to continue weighing on prices,\u201d noted Fitch.
\nIn addition, local interest rates are expected to increase from their current low levels, while house prices are still expected to fall by another two to five percent in the next two years.
\nNonetheless, Fitch said banks are well-positioned to withstand a sharper drop in property prices, partly as a result of macro-prudential tightening.
\nThis is because \u201caverage loan-to-value ratios are low, loan-loss coverage is adequate, and capital and liquidity buffers are strong\u201d.
\n\u201cHouseholds also have healthy balance sheets and well-diversified assets,\u201d it added.<\/p>\n

US Fed hike to affect Singapore housing loans
\nAnalysts expect the three-month Singapore interbank offered rate (Sibor), to which most housing loans are pegged, to increase to between 1.45 percent and 1.85 percent by the end of the year, reported TODAYonline.
\nThis comes as the US Federal Reserve earlier increased its rates by 25 basis points to a range of 0.75 percent to one percent. The Fed predicts two more hikes for this year.
\nThe Sibor hovered at 0.942 percent on 16 March, from 0.940 percent during the previous week, while the three-month Swap offer rate (Sor), which is a benchmark for commercial loans, stood at 0.907 percent, up from 0.890 percent previously.
\n\u201cThe contributing factor to the rise in Sibor and Sor for this year is the rise in Libor (London interbank offered rate), which is due to the expectations of two more rate hikes this year,\u201d said Francis Tan, an economist at UOB. Libor is a benchmark rate that some of the leading banks in the world charge one another for short-term loans.
\nWith this, Tan believes the increase in Sibor may cause a strain to borrowers. \u201cThe cost side for consumers is going up, as they feel the impact of the rise in interest rates for their mortgages, especially now with the rise in (the) resident jobless rate and weak consumer sentiment on economic growth.\u201d
\nAfter hovering at about 2.8 percent for four years, the annual average unemployment rate rose three percent in 2016, revealed the Ministry of Manpower\u2019s 2016 labour market report.
\n\u201cIt is inevitable for local rates to move up,\u201d said CIMB economist Song Seng Wun. \u201cThe three-month Sibor and Sor are likely to return to the rates we saw early last year.\u201d<\/p>\n

URA launches residential site in Tampines
\nThe Urban Redevelopment Authority (URA) in March put a residential site at Tampines Avenue 10 (Parcel C) up for sale by public tender.
\nThe 2.17ha site is located between two upcoming condominium projects \u2013 The Alps Residences and The Santorini. Launched for sale under the confirmed list of the first half 2017 Government Land Sales (GLS) Programme, it can yield up to 715 housing units.
\nThe URA noted that the site is linked to other parts of the island via major roads and expressways, such as the Pan Island Expressway and Tampines Expressway.
\nThe future residential development is ideal for families with school-going children, as it is near various schools including United World College of South East Asia (East Campus), Temasek Polytechnic and St. Hilda\u2019s Primary and Secondary Schools.
\nIndustry analysts, however, expect cautious bidding in the tender due to the large housing supply within the vicinity, reported TODAYonline.
\n\u201cWhile there are many cash-rich developers wanting to deploy their cash, the location attributes of the site can be challenging. The United World College is much-desired for expats with school-going children, but there is already a large supply of condominiums in the vicinity that could satisfy the needs of these parents, and demand may be insufficient,\u201d said Ku Swee Yong, CEO of International Property Advisor.
\nHe expects the tender to attract five to seven bids, with the top bid ranging from $450 to $550 psf per plot ratio. This works out to approximately $295 million to $360 million.
\nThe tender for the 99-year leasehold land parcel will close on 25 April, said the URA.<\/p>\n

Braddell View privatisation closes HUDC chapter
\nBraddell View, the last Housing Urban Development Company (HUDC) estate, was converted into a strata-titled estate under the Land Titles (Strata) Act in March, revealed the Housing and Development Board (HDB).
\nThis comes after the estate obtained the required 75 percent majority support from flat owners to proceed with the privatisation.
\nWith this, Braddell View\u2019s individual owners will own their respective strata units and the common property as tenants-in-common.
\nThe Land Titles (Strata) Act also provides that the existing Management Committee will assume the role of the council of the Management Corporation, while the committee members are deemed to have been elected as the council members.
\nComprising 918 flats and two shops, Braddell View is the largest of the 18 HUDC estates. Its privatisation marks the end of the government\u2019s privatisation programme for HUDC estates.
\n\u201cThe privatisation of HUDC estates was announced in 1995 as part of the government\u2019s effort to meet the rising aspirations of Singaporeans to own private housing. It also gave flat owners greater control over the management and maintenance of their estate,\u201d noted the HDB.
\nThe privatisation of Braddell View brings the total number of privatised housing units to 7,731.
\n\u00a0<\/p>\n

This article was first published in the print version PropertyGuru News & Views. Download PDFs of full print issues or read more stories now!<\/p>\n


\n
\nSource : proppertyguru.com.sg\/Property Market
\nRead more…News Roundup (March 2017)<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

\u00a0 Our top Singapore property stories. Fitch: Looser property curbs won\u2019t stop price falls Housing...<\/p>\n","protected":false},"author":1,"featured_media":49340,"comment_status":"false","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"spay_email":"","footnotes":"","jetpack_publicize_message":"","jetpack_is_tweetstorm":false,"jetpack_publicize_feature_enabled":true},"categories":[1],"tags":[],"class_list":["post-49339","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-property-news"],"jetpack_featured_media_url":"https:\/\/i1.wp.com\/www.siamlandbank.com\/propertynews\/wp-content\/uploads\/2017\/03\/Location-map-of-Tampines-Avenue-10-site.jpg?fit=754%2C658&ssl=1","jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/p75ss1-cPN","jetpack-related-posts":[{"id":48290,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/fitch-looser-property-curbs-wont-stop-price-falls\/","url_meta":{"origin":49339,"position":0},"title":"Fitch: Looser property curbs won't stop price falls","date":"March 16, 2017","format":false,"excerpt":"\r House prices in Singapore are expected to fall by up to five percent in the next two years. Housing prices in Singapore are likely to continue falling even as the government may gradually ease the property cooling measures, said Fitch Ratings on Wednesday (15 March). The ratings agency noted\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":113187,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/private-home-prices-to-increase-2-in-2020-and-2021\/","url_meta":{"origin":49339,"position":1},"title":"Private home prices to increase 2% in 2020 and 2021","date":"December 19, 2019","format":false,"excerpt":"\r This is lower than the 8% growth in 2018.\u00a0 According to the latest Fitch Ratings, private property prices in Singapore is expected to grow by a modest 2% over the next two years, a significant drop compared to the 8% increase in 2018, reported the Business Times. \u201cWe expect\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":101840,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/sharp-housing-market-correction-still-possible-despite-lvr-change-fitch-ratings\/","url_meta":{"origin":49339,"position":2},"title":"Sharp housing market correction still possible despite LVR change – Fitch Ratings","date":"November 30, 2018","format":false,"excerpt":"\r International ratings agency Fitch Ratings says New Zealand house prices could still be in for sharp drop, despite the recent softening of the LVR restrictions.Fitch said the Reserve Bank's move is unlikely to have a significant...\r \r Source : nzherald.co.nz\/Property\r Read more...Sharp housing market correction still possible despite LVR\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":77830,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/makeway-view-joins-collective-sale-frenzy-with-168mil-tag\/","url_meta":{"origin":49339,"position":3},"title":"Makeway View joins collective sale frenzy with $168mil tag","date":"January 24, 2018","format":false,"excerpt":"\r Singapore\u2019s collective sale market continues to heat up with the recent launch of Makeway View, a freehold residential development in Newton. Featuring 28 apartments and four penthouses, the 10-storey development carries an asking price of $168 million. Inclusive of the development charge of $17 million, the price works out\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":15346,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/pboc-deploys-new-system-to-assess-macro-prudential-risks-in-shanghais-property-market\/","url_meta":{"origin":49339,"position":4},"title":"PBOC deploys new system to assess macro-prudential risks in Shanghai\u2019s property market","date":"June 3, 2016","format":false,"excerpt":"\r The People\u2019s Bank of China is deploying a new system to assess macro-prudential risks in Shanghai\u2019s property market, aiming to introduce the system nationwide after it is proven in Shanghai, according to a statement released by the central bank\u2019s Shanghai headquarters on \r \r Source : South China Morning\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":24477,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/banks-able-to-withstand-house-price-slump-fitch\/","url_meta":{"origin":49339,"position":5},"title":"Banks able to withstand house price slump: Fitch","date":"August 31, 2016","format":false,"excerpt":"\r \u00a0 Singapore\u2019s banks are strong enough to withstand a severe downturn in the\u00a0country\u2019s property market, according to Fitch Ratings. \u201cWe believe Singapore\u2019s private home prices will weaken further amid an influx of new homes, having declined 9.4 percent from their peak in September 2013; signs of an oversupplied market\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]}],"_links":{"self":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/49339"}],"collection":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/comments?post=49339"}],"version-history":[{"count":0,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/49339\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/media\/49340"}],"wp:attachment":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/media?parent=49339"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/categories?post=49339"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/tags?post=49339"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}