SINGAPORE : “I don’t know why people linked it to the elections … The state of the economy, the state of supply and demand, the state of prices and the linkage to wages – those are the factors,” says the Law and Foreign Affairs Minister.
Data lifts hopes of recovery; prices of resale flats inch up 0.1% in further sign that market may be stabilising
SINGAPORE : The resale volume for Housing Board flats rose to its highest in two years last month, further signalling a market recovery.
There were 1,709 HDB flats sold in June, up by more than 8 per cent from the 1,575 units in May, according to the latest SRX Property data.
This is the highest since May 2013, and a third up from last June.
Resale prices also inched up by 0.1 per cent last month, after rising by 0.2 per cent in April and staying flat in May. While prices of three-room flats dipped by 0.2 per cent, those of four-room, five-room and executive flats were up by 0.3 per cent, 0.5 per cent and 0.7 per cent respectively.
This comes after months of prices heading south, following the introduction of market cooling measures such as an increased mortgage servicing ratio limit. Read more >>
SINGAPORE : Asia was home to the best and the worst performers in the global prime residential leasing market in Q1, with Singapore ranked third-worst after prime rents here fell 4.9 per cent in the 12 months to March 2015.
This is according to a study by Knight Frank, an independent global property consultancy which tracks the data of 18 markets based on its network of global offices and research teams.
According to Knight Frank’s Prime Global Rental Index, Tokyo led the annual ranking for the second consecutive quarter with prime rents up 8.1 per cent. On the other end of the scale, Moscow and Beijing came in last on the index, with prime rents there falling by 5.3 per cent and 7 per cent respectively in the 12 months to March. Read more >>
VIETNAM : Vietnam devalued its currency two months ago as an overture to foreign investors who like the Southeast Asian country’s low costs but have a growing number of choices of where to park their capital. That move might have been just a start to ensuring these gold nuggets in a nearly $200 billion economy don’t leave for other fast-growing Asian nations.
The Communist government announced in June it would lift bans on foreign direct investment in 45 sectors, inviting untold amounts of foreign capital. It also mentioned plans to sell more assets of state-owned companies, beset otherwise by financial losses and poor transparency. Foreigners will be allowed to buy real estate, as well. And two weeks ago Vietnam issued a decree allowing foreign portfolio investors to buy up to 100% of the shares in locally listed firms, from an earlier maximum of 49%, laying aside the leadership’s earlier fears of losing control of prime companies to overseas funds.
Vietnam is using these measures to sustain foreign investor magnetism that had generated Asia’s fastest-growing stock market in 2013 and reviews as Asia’s best alternative to China for a factory base. The government is expected to keep easing business regulations so foreign investors, about 10% of the economy now, find new causes to capitalize the still impoverished and once war-ravaged country. Read more >>