Weekly News Select - Huttons Asia
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Weekly News Select
Dec 17, 2021 / Issue 50
Top News for the Week
• Singapore introduces measures to cool booming housing market
• Investors, foreigners, en bloc hopefuls to bear brunt of new property cooling
measures
• MND ups confirmed-list private housing supply, but developers may still be hungry
• Developers sold 1,547 new private homes in Nov, up 70% from Oct
• Bukit Timah condo project Perfect Ten dangles 5% discount amid cooling measures
• Rising HDB resale prices seen easing with increased supply of BTO flats
• Up to 50% can return to office from Jan 1
• Singapore-Malaysia land VTL extended to citizens of both countries from Dec 20
• Next year's more substantial reopening seen boosting recovery
• Singapore's hub appeal takes a hit from Covid
• Record-high job vacancies driven partly by border curbs: MOM
Residential
Singapore introduces measures to cool booming housing market
Singapore moved to cool its housing market amid rising concerns that the property boom might
tip the market into bubble territory.
From Dec 16, the government will raise additional buyer's stamp duty (ABSD) rates and tighten
the total debt servicing ratio (TDSR) threshold.
The current ABSD rates for Singapore citizens and permanent residents buying their first
residential property will remain at 0 per cent and 5 per cent respectively. But the ABSD rates for
all other individuals and entities will be raised by 5 to 15 percentage points.
The TDSR threshold will be tightened to 60 per cent from 55 per cent. It will apply to loans for
the purchase of properties where the option to purchase (OTP) is granted on or after Dec 16, and
for mortgage equity withdrawal loan applications made on or after Dec 16.
The loan-to-value (LTV) limit for loans from HDB will be tightened from 90 per cent to 85 per
cent. Public housing and private housing supply will also be increased to cater to demand, the
Ministry of Finance, Ministry of National Development and Monetary Authority of Singapore said
in a joint statement.
Links to the story:
https://www.businesstimes.com.sg/real-estate/singapore-introduces-measures-to-cool-booming-housing-market
https://www.straitstimes.com/singapore/housing/singapore-raises-additional-buyers-stamp-duty-tightens-hdb-loan-
limit-to-cool
https://www.straitstimes.com/business/property/property-cooling-measures-to-reduce-risk-of-self-reinforcing-cycle-
of-price
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Dec 17, 2021 / Issue 50
Investors, foreigners, en bloc hopefuls to bear brunt of new property cooling
measures
Higher upfront costs and tighter financing conditions from Singapore's latest cooling measures are
expected to significantly shrink investor appetite in the property market, especially for sales of
high-end homes.
Foreign buyers, en bloc candidates and developers could also feel the pain keenly, analysts said.
Meanwhile, first-time Singaporean and permanent resident (PR) homebuyers are the least affected.
Huttons Asia senior director (research) Lee Sze Teck highlighted that the revised ABSD rates are
"aimed at slowing down the flow of hot money into the property market". Purchases of landed and
non-landed properties by foreigners and PRs spiked this year from 2020, and the jump in the
number of companies buying private properties is also worrying, he said. This year, as at Dec 16,
foreigners scooped up 1,080 units while PRs bought 4,384, surging from 745 and 2,832
respectively last year.
Developers, now subject to 35 per cent ABSD, are expected to be more cautious in bidding for
land, which will weigh on land acquisition prices. "En bloc hopefuls have to temper their
expectations to increase their chances of a successful collective sale," Huttons' Lee said.
Huttons' Lee noted that project launches could be held back, and new sales may ease to between
400 and 600 units in December 2021.
Overall, analysts flagged an impending softening of private home sales and HDB resales in the
coming months, in part as buyers assess the impact on their planned purchases and affordability
levels.
Links to the story:
https://www.businesstimes.com.sg/real-estate/investors-foreigners-en-bloc-hopefuls-to-bear-brunt-of-new-property-
cooling-measures
MND ups confirmed-list private housing supply, but developers may still be hungry
The government is raising the supply of private homes from sites on its confirmed list for the next-
half by about 40 per cent compared with the current half. This comes against a backdrop of a
buoyant property market over the past year and developers' dwindling inventory of unsold homes.
It will release 4 private housing plots and an executive condo (EC) site in the confirmed list of the
H1 2022 GLS Programme which will yield 2,785 residential units (including 495 EC units).
This is 39 per cent higher than the 2,000 units (including 375 EC units) in the current H2 2021
GLS Programme.
ECs are a public-private housing hybrid.
However, MND is shrinking by 24 per cent the housing supply on the reserve list - where sites are
launched only upon successful application by a developer or when there is sufficient market
interest - to 3,715 units (including 700 EC units) in H1 2022.
Excluding ECs, some 2,290 private homes can be generated from the confirmed list sites for H1
2022, up 40.9 per cent from the 1,625 private homes from H2 2021. This is the biggest percentage
increase since H2 2016, said Huttons Asia CEO, Mark Yip. In absolute terms, the 2,290-unit
private housing supply in the latest confirmed list is the highest figure since H1 2018.
Meanwhile, "the release of another EC plot on the confirmed list in Bukit Batok in June 2022,
following the upcoming EC site launch in the area this month will help to address the upgrading
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Dec 17, 2021 / Issue 50
demand of residents in the area," said Yip. "Some 7,788 3-room to 5-room HDB flats were
completed from 2015 to 2018 and will offer a potential pool of HDB upgraders for the future EC
projects on these 2 sites."
Said Yip: "The Bukit Timah Link site under the H1 2022 reserve list may attract some interest and
be triggered for sale. "The Beauty World area is undergoing a major transformation. Judging from
the sales in the past one year, buyers are eager to be part of the change. The relatively smaller site
and palatable quantum make it a prime target to be triggered for sale."
Links to the story:
https://www.businesstimes.com.sg/real-estate/mnd-ups-confirmed-list-private-housing-supply-but-developers-may-
still-be-hungry-0
Developers sold 1,547 new private homes in Nov, up 70% from Oct
In November this year, developers sold 1,547 new private homes, up 70 per cent month-on- month
as more homes were released for sale vis-a-vis October, according to data from the Urban
Redevelopment Authority (URA). Compared to the corresponding period a year ago, the number
of homes sold doubled in November.
Some 1,283 units were launched for sale that month, almost double the 661 units launched in
October but slightly lower than the 1,375 units released in the corresponding month a year ago.
Around two-thirds of the units launched in November were in the rest of central region (RCR).
Analysts say that sales in November were driven largely by CanningHill Piers and The
Commodore, which collectively accounted for nearly 48 per cent of the total sales tally for the
month.
Huttons Asia's senior director (research) Lee Sze Teck said: "There are an estimated 24 launches
in 2021, similar to 2020. However, developers are estimated to have sold 30 per cent more in 2021.
The market will cap off an excellent year, with three more launches in December."
Roxy-Pacific Holdings' Mori at Guillemard Road and Jalan Molek sold about 45 per cent of its
137 units on launch day earlier this month, while Perfect Ten along Bukit Timah Road and Zyanya
in Geylang are slated to kick off sales this weekend.
According to Huttons, upcoming launches in 2022 could include projects from Government Land
Sales (GLS) sites at Jalan Anak Bukit, Northumberland Road, and Lentor Central.
Links to the story:
https://www.businesstimes.com.sg/real-estate/developers-sold-1547-new-private-homes-in-nov-up-70-from-oct
https://www.straitstimes.com/business/property/new-home-sales-in-november-rally-on-strong-performance-of-
canninghill-piers-the
Bukit Timah condo project Perfect Ten dangles 5% discount amid cooling measures
The 230-unit luxury freehold development Perfect Ten, slated to go to the market on Dec 19, is
now offering buyers a one-time, 5 per cent discount at its launch weekend.
The project's developer, Hong Kong-based CK Asset Holdings, is going ahead with the original
launch date, which is just days after fresh property curbs were rolled out on Dec 16 to cool the
residential market.
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Dec 17, 2021 / Issue 50
The developer also released the selling prices of 10 units at Perfect Ten. Their per square foot (psf)
prices range from S$3,200 to S$3,618 before the discount, which works out to about S$3,040 to
S$3,437 after the discount is applied.
Besides Perfect Ten, another new project launch was originally scheduled for this weekend.
Boldtek Holdings' 34-unit freehold Zyanya in Geylang was initially set to commence bookings on
Dec 18, but has rescheduled its launch to Thursday (Dec 16) instead.
Link to the story:
https://www.businesstimes.com.sg/real-estate/bukit-timah-condo-project-perfect-ten-dangles-5-discount-amid-
cooling-measures
Bukit Timah mixed-use freehold sites sold en bloc for S$53.9m
Three adjoining freehold redevelopment sites near the Botanic Gardens have fetched S$53.9
million in a collective sale to Hillcrest Investments, an affiliate of Indonesian billionaire Sukanto
Tanoto's pulp, paper and palm oil giant Royal Golden Eagle (RGE).
Comprising a total of 8 walk-up apartments and 4 ground-floor shops, the property is located at
551 to 553 Bukit Timah Road and 6 to 8 Duke's Road, and also includes a driveway. They span a
total land area of 16,479 sq ft.
The deal price works out to a land rate of about S$1,504 per sq ft per plot ratio, inclusive of a
development charge at the gross plot ratio of 3.0, assuming 60 per cent of the gross floor area is
for residential use and 40 per cent for commercial use.
Links to the story:
https://www.businesstimes.com.sg/real-estate/bukit-timah-mixed-use-freehold-sites-sold-en-bloc-for-s539m
https://www.straitstimes.com/business/property/bukit-timah-mixed-use-sites-sold-en-bloc-for-s539m
Lee family of OCBC selling 6 semi-Ds at S$43.18m
Pulau Properties - owned by the Lee Foundation and members of the Lee family that founded
OCBC Bank - is selling 3 pairs of semi-detached houses on a freehold site in Coronation Road
West for S$43.18 million.
The price for the District 10 property works out to S$2,000 per sq ft on the land area of 21,587 sq
ft.
The buyer is understood to be a Singaporean in his early 30s and whose family is in the marine
fuel logistics business.
Link to the story:
https://www.businesstimes.com.sg/real-estate/lee-family-of-ocbc-selling-6-semi-ds-at-s4318m
Singapore condo resale prices continue to rise in Nov; volumes recover
The recent easing of restrictions on viewings and displaced owners as a result of en blocs are
among likely reasons for the recovery of condominium resale volumes in November, said property
analysts.
Condominium resale volumes rose 2.4 per cent last month to about 1,636 units resold, after
declining in October and September, flash figures from a property portal showed.
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3 Bishan Place #05-01, CPF Building, S (579838) | Tel. (65) 6253 0030 | Fax (65) 6253 0090
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Dec 17, 2021 / Issue 50
Year on year, volumes were up 21.8 per cent and 67.5 per cent higher than the 5-year average
volumes for the month of November.
"The en bloc market which accelerated in the past few months meant more owners are displaced
and they have turned to the resale market for their immediate housing needs," said Huttons Asia
chief executive Mark Yip.
Links to the story:
https://www.businesstimes.com.sg/real-estate/singapore-condo-resale-prices-continue-to-rise-in-nov-volumes-
recover-srx-99co
https://www.straitstimes.com/business/property/resale-condo-prices-up-for-16th-straight-month-in-november-
longest-consecutive
Condo, HDB rents see bump in prices, volume as more VTLs open
Singapore’s rental markets are seeing some uplift as border restrictions ease and more countries
get added to the Vaccinated Travel Lane (VTL) scheme, property analysts noted on Dec 15.
For the month of November, rents and the number of condominiums and Housing Board flats
rented rose from October, flash figures from a real estate portal showed.
Condo rents climbed 1.1 per cent on the month and were 10 per cent higher year-on-year, but still
7.9 per cent lower than the peak achieved in January 2013.
In terms of volume, condo rentals were 1.8 per cent higher in November at about 4,696 units, from
4,612 units rented in October. Year-on-year, rental volumes were 1.7 per cent higher and 9.5 per
cent higher than the 5-year average volume for the month of November.
Meanwhile, overall HDB rents in November rose 0.8 per cent on the month and increased by 9.2
per cent on the year, but were down 5.4 per cent from the peak in August 2013.
HDB rental volume jumped 2.6 per cent month-on-month to 1,792 units, from 1,746 units in
October. Year-on-year, volumes rose 3.5 per cent, and were 5.7 per cent lower than the 5-year
average volume for the month of November.
Huttons chief executive Mark Yip said: "With Singapore cautiously setting up more VTLs and
experiencing strong economic growth in 2021, companies will bring in more professionals to work
in Singapore and further support the rental market in 2022."
Links to the story:
https://www.businesstimes.com.sg/real-estate/condo-hdb-rents-see-bump-in-prices-volume-as-more-vtls-open-0
https://www.straitstimes.com/business/property/condo-hdb-rentals-rise-in-november-despite-tightened-omicron-
border-rules
Rising HDB resale prices seen easing with increased supply of BTO flats
The rise in resale prices of public housing flats will likely ease slightly as the 34 per cent increase
in supply of build-to-order (BTO) flats brings more options to buyers, analysts said on Dec 16.
The government announced plans to increase BTO supply of HDB flats by 35 per cent over the
next two years, after introducing fresh measures to cool the property market.
Minister for National Development Desmond Lee said the HDB will launch up to 23,000 flats per
year in 2022 and 2023, up from the 17,000 flats in 2021.
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Dec 17, 2021 / Issue 50
In HDB's announcement, the board said that home buyers can expect a mix of new flats across
mature and non-mature towns such as Bukit Merah, Jurong West, Kallang Whampoa,
Queenstown, Tengah, Toa Payoh and Yishun in 2022.
Links to the story:
https://www.businesstimes.com.sg/real-estate/rising-hdb-resale-prices-seen-easing-with-increased-supply-of-bto-
flats
https://www.straitstimes.com/singapore/housing/up-to-23000-bto-flats-to-be-launched-a-year-over-the-next-two-
years
1,500 HDB flats to rise from prime 3.7 ha Alexandra site
A brownfield site spanning about 3.7 hectares bounded by Alexandra Road, Prince Charles
Crescent and Alexandra Canal is being redeveloped by the government for future public housing.
The move will potentially add about 1,500 flats to Singapore's public housing landscape, the
Housing & Development Board (HDB) and Singapore Land Authority (SLA) said in a joint press
statement on Dec 15.
Lee Sze Teck, senior research director at Huttons Asia, said that flats at City Vue @ Henderson,
which is a project under the selective en bloc redevelopment scheme (SERS), have been sold at
prices between S$620,000 and S$1,256,000.
"If there is a build-to-order (BTO) launch today, prices for a 4-room flat may start from
S$630,000," Lee said.
Links to the story:
https://www.businesstimes.com.sg/real-estate/1500-hdb-flats-to-rise-from-prime-37-ha-alexandra-site
https://www.straitstimes.com/singapore/housing/around-1500-bto-flats-to-be-built-in-bukit-merah-site-is-less-than-
10-minute-walk
Commercial
Tanglin Shopping Centre makes 4th collective sale attempt at S$828m
Tanglin Shopping Centre is making a fourth try for a collective sale with a guide price of S$828
million.
This works out to S$2,642 per sq ft per plot ratio (psf ppr) based on the gross floor area of 313,435
sq ft. The tender closes on Feb 22, 2022 at 3pm.
The freehold 68,512 sq ft site is "zoned commercial" with an allowable gross plot ratio of 4.2 under
the 2019 Master Plan, and has a height control of up to 20 storeys.
Links to the story:
https://www.businesstimes.com.sg/real-estate/tanglin-shopping-centre-makes-4th-collective-sale-attempt-at-s828m
https://www.straitstimes.com/business/property/tanglin-shopping-centre-makes-fourth-en-bloc-bid-at-828-million
Sultan Plaza, City Plaza join ranks of en bloc hopefuls
As more ageing properties in Singapore are trying again to go en bloc, the Sultan Plaza commercial
building and the City Plaza mall may be next in line.
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Dec 17, 2021 / Issue 50
If their collective sale tenders are launched, the reserve prices could be slashed to S$360 million
for Sultan Plaza in the Beach Road area and S$850 million for City Plaza in Paya Lebar, Lianhe
Zaobao reported on Dec 13.
The 99-year leasehold Sultan Plaza along Jalan Sultan houses 244 units, comprising 211 retail
shops and 33 office units. Its previous en bloc attempt in 2019 carried a S$380 million price tag.
This time round, the collective sale committee (CSC) has obtained signatures from the requisite
80 per cent of unit owners, and plans to launch a tender in about 2 weeks, Lianhe Zaobao noted.
Meanwhile, City Plaza along Geylang Road is gunning for another collective sale exercise,
although it has yet to garner the 80 per cent mandate.
Links to the story:
https://www.businesstimes.com.sg/real-estate/sultan-plaza-city-plaza-join-ranks-of-en-bloc-hopefuls
https://www.straitstimes.com/business/property/sultan-plaza-city-plaza-join-ranks-of-en-bloc-hopefuls
ARA Asset Management to sell Singapore office building leased by Alibaba: sources
Real estate fund manager ARA Asset Management and UK property group Chelsfield are listing
their jointly owned Singapore office building for about S$800 million, according to people with
knowledge of the matter.
The asking price for the building - located near the famous Orchard Road shopping belt and just
10 minutes drive away from the financial district - translates to S$3,319 per sq ft, the people said,
asking not to be identified as the matter is private.
The 11-storey office and retail space, which measures over 241,000 sq ft, currently houses Chinese
tech giant Alibaba Group Holding and its South-east Asian online shopping unit, Lazada Group.
Representatives for ARA declined to comment. Spokespeople for Chelsfield didn't immediately
reply to requests for comment.
Links to the story:
https://www.businesstimes.com.sg/real-estate/ara-asset-management-to-sell-singapore-office-building-leased-by-
alibaba-sources
https://www.straitstimes.com/business/property/ara-asset-to-sell-singapore-office-building-leased-by-alibaba
Retail
Isetan says no success in potential sale of Wisma Atria space
Isetan (Singapore) said it had not gathered enough interest from investors to purchase its space at
the Wisma Atria shopping mall on Orchard Road.
The department store operator had in July started an expressions of interest exercise to gather
interest from target investors, but the exercise has since "run its course without yielding a positive
outcome for the matter to proceed further at this juncture", it said on Dec 15.
The company will continue to explore all other opportunities that can lead to a better yield for the
property, including any possible future sales, it added.
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Dec 17, 2021 / Issue 50
Link to the story:
https://www.businesstimes.com.sg/companies-markets/isetan-says-no-success-in-potential-sale-of-wisma-atria-
space
Government
S'pore confident it can cope with Omicron Covid-19 variant, boosters key part of
strategy: PM Lee
While Singapore is not yet out of the woods, it is confident that it can cope with the Omicron
variant, said Prime Minister Lee Hsien Loong on Dec 13.
This is because with vaccinations and boosters, Singapore is in a much stronger position today to
deal with Covid-19, he added.
He noted that Singapore is starting to see encouraging signs in its Covid-19 journey.
"The surge in cases over the last three months is subsiding. We've protected our healthcare system
and kept fatalities low," he said.
Link to the story:
https://www.straitstimes.com/singapore/spore-confident-it-can-cope-with-omicron-covid-19-variant-boosters-key-
part-of-strategy-pm
Up to 50% can return to office from Jan 1
Singapore’s Covid-19 vaccination stance is getting stricter, with a new validity period for "fully-
vaccinated" status, more vaccination-differentiated measures, and the potential end of an
exemption that lets unvaccinated staff enter workplaces - even as more employees are allowed to
return.
From Jan 1, the default work-from-home (WFH) stance will ease, with half of those able to WFH
being allowed back to the office, the multi-ministry taskforce on Covid-19 said on Dec 14.
The current 50-person cap on work-related events will also be raised for events where all
participants are masked and seated, with safe distancing. Workplace social gatherings remain
disallowed.
Links to the story:
https://www.businesstimes.com.sg/government-economy/up-to-50-can-return-to-office-from-jan-1-0
https://www.straitstimes.com/singapore/health/spore-preparing-for-omicron-wave-will-expand-vaccination-
differentiated-rules-to
https://www.straitstimes.com/singapore/exception-to-enter-vaccination-differentiated-places-for-recovered-covid-
19-patients
https://www.straitstimes.com/singapore/health/what-you-need-to-know-50-can-return-to-office-from-jan-1-
vaccination-differentiated
Singapore-Malaysia land VTL extended to citizens of both countries from Dec 20
From Dec 20, citizens from both Singapore and Malaysia will be allowed to travel between the
two countries via the land Vaccinated Travel Lane (VTL) scheme, the Ministry of Trade and
Industry (MTI) said on Dec 14.
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Dec 17, 2021 / Issue 50
This means Singapore citizens will be allowed to enter Malaysia, and vice-versa, Malaysian
citizens will be able to enter Singapore as well.
Links to the story:
https://www.businesstimes.com.sg/government-economy/singapore-malaysia-land-vtl-extended-to-citizens-of-both-
countries-from-dec-20
https://www.straitstimes.com/singapore/health/singapore-citizens-can-enter-malaysia-via-causeway-from-dec-20-
under-expanded
Economy
Next year's more substantial reopening seen boosting recovery
Singapore’s business scene is set for a brighter year ahead, on both a recovery and structural
growth factors, industry watchers say.
The republic is headed for a more substantial reopening in the new year, especially as economists
find it too early to shade down growth forecasts on the threat of the Omicron variant. Still, business
leaders also called on the authorities to relax social restrictions more comprehensively, to ride the
tide of the coming rebound.
Observers highlighted room to reopen Singapore further, both domestically and to international
travel.
Link to the story:
https://www.businesstimes.com.sg/government-economy/next-years-more-substantial-reopening-seen-boosting-
recovery
Singapore's hub appeal takes a hit from Covid
With international borders affected and migration flows disrupted, Singapore's focus on the
domestic situation in the past two years of the Covid-19 pandemic has chilled the climate for
foreign investors, watchers have told The Business Times.
While Singapore still has few rivals as a global business hub in the Asia-Pacific, a faster and fuller
reopening is needed to truly cement its economic recovery and restore confidence in 2022,
observers added.
A Ministry of Trade and Industry (MTI) spokesperson said, in reply to BT: "While investors
continue to view Singapore as an attractive destination, we face increased global competition and
cannot take the progress we have made for granted."
The MTI spokesperson added: "Despite Covid-19, our strong fundamentals continue to attract
businesses that are keen to participate in the growth of Asia and the digital economy.
"Many investors prioritise safety and security, good governance, rule of law and a diverse talent
base to draw from, and continue to value Singapore as a hub for business."
Link to the story:
https://www.businesstimes.com.sg/government-economy/singapores-hub-appeal-takes-a-hit-from-covid
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3 Bishan Place #05-01, CPF Building, S (579838) | Tel. (65) 6253 0030 | Fax (65) 6253 0090
www.huttonsgroup.comWeekly News Select
Dec 17, 2021 / Issue 50
Record-high job vacancies driven partly by border curbs: MOM
Singapore’s labour market recovery is expected to continue into 2022 alongside further easing of
Covid-19 curbs, though border restrictions remain a significant driver of labour market tightness,
said the Manpower Ministry's (MOM) latest Labour Market Report on Dec 15.
There are now twice as many job vacancies as unemployed persons, but this is partly due to sectors
that have lost Work Permit holders, said MOM. In addition, given the uneven sectoral recovery,
MOM "is vigilant to the risk of that some displaced workers may face greater challenge”.
Total employment fell by 2,400 in the third quarter, revised down from the advance estimate of
3,400 and significantly less than Q2's 16,300 fall.
Resident employment rose strongly by 19,100, up from Q2's 4,800 rise. This partly offset a 21,500
fall in non-resident employment, similar to Q2's 21,100 fall.
Retrenchments fell to 1,900 for the quarter, down from 2,340 in Q2. This meant a lower incidence
of 1.1 retrenchments per 1,000 employees, down from 1.3 before.
Links to the story:
https://www.businesstimes.com.sg/government-economy/record-high-job-vacancies-driven-partly-by-border-curbs-
mom
https://www.straitstimes.com/singapore/jobs/resident-employment-grew-more-quickly-in-q3-as-labour-market-
continues-its-recovery
Contact:
Lee Sze Teck
Head, Research
szetecklee@huttonsgroup.com
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