Property Update (23 April 2015)

Suburban hotels can appeal to certain market segment: Analysts | channelnewsasia.com

SINGAPORE : One such hotel is the 15-storey Genting Hotel Jurong, which has 557 rooms, with rates ranging from S$380 to S$800 a night.

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More home sellers renting out their units first, amid declining prices | channelnewsasia.com

SINGAPORE : With the residential property market remaining sluggish, analysts have said more homeowners are choosing to rent out their homes first, hoping to fetch a better selling price when the market recovers.

However, this is putting downward pressure on rentals. Industry watchers said tenants are now signing shorter leases, expecting rentals to dip.

Prices of private homes have been on the downward trend since the third quarter of 2013, as property cooling measures kick in and loan curbs weigh on demand. Along with that, the number of resale transactions has also dropped.

The Urban Redevelopment Authority’s (URA) data showed that 4,860 private homes were sold in the secondary market in 2014, down from 6,671 in 2013, and sharply lower than the 13,214 in 2012.

Property watchers said the drop in resale volume suggests that potential sellers are holding back and putting out their units for rent instead. Read more here >>

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Q1 industrial rents, prices cool sharply on ramped-up govt supply: JTC | straitstimes.com

SINGAPORE : Industrial landlord JTC Corp reported on Thursday that industrial prices and rents have cooled significantly while occupancy rates have moderated as the Government stepped up supply of land and space.

Its market report for the first quarter of the year found that prices for all types of industrial space only grew 0.5 per cent, compared with a year ago.

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Rents of industrial space slid 2 per cent for the first three months of the year, compared with the same period a year ago, while occupancy rates fell 0.9 per cent. Read more here >>

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Singapore consumer prices fall in March for fifth straight month, by less-than-expected 0.3% | straitstimes.com

SINGAPORE : Falling housing rentals and transportation costs once again dragged consumer prices down for a fifth straight month in March, according to official data out Thusrday.

Singapore’s all-items consumer price index (CPI) fell 0.3 per cent last month from the same period a year ago. The fall was lower than the 0.5 per cent decline predicted by economists in a Reuters poll.

The last time Singapore experienced a prolonged drop in consumer prices – also known as deflation – was in 2009.
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Read more here >>

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Forbes richest real estate tycoons revealed | afr.com

It has been a good year for the world’s property tycoons, according to the ever-growing 2015 Forbes Billionaires List.

And it has been a particularly good year for Chinese real estate moguls: 10 of the top 20 richest real estate billionaires come from Hong Kong or mainland China, and they also make up the top three.

The richest real estate mogul on the list is Hong Kong’s Lee Shau Kee with an estimated worth of US$24.8 billion.

Dubbed “one of Hong Kong’s richest landlords” by Forbes, Lee is bullish in the property sector in Hong Kong and also mainland China. Read more here >>

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