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Weekly News Review
Nov 29 2019 / Issue 48

Top News for the Week
• One Holland Village Residences launched for sale this weekend
• Post-cooling measures, property prices 'closer to fundamentals'
• URA's latest master plan formalised after review of proposals
• Singapore Oct factory output beats expectations with 4% growth
• Singapore resident employment rate up

Residential
One Holland Village Residences units to go on sale this weekend
Selected units of One Holland Village Residences, developed by Far East Organization, Sekisui
House and Sino Group, will go on sale this week.
It will offer apartments across three buildings - the 34-storey Sereen, the 28-storey Quincy Private
Residences, and the three-storey Leven with a roof terrace.
These will be priced from S$2,400 to S$3,500 per sq ft (psf) across the three types of homes, the
consortium told The Business Times.
The tallest tower, Sereen, will have 248 apartments between 484 and 1,098 sq ft, with one to three
bedrooms each.
The middle tower, Quincy, will have 27 luxury apartments, located on the 21st to 28th floors.
These will consist of three- and four-bedroom duplex units ranging from 1,238 to 3,358 sq ft, as
well as a 3,488 sq ft penthouse. Below them will be a 225-key serviced residence, located on the
1st to 19th floors of the Quincy building.
The shortest block, Leven, will have 21 two-bedroom apartments ranging in size from 807 to 1,087
sq ft.
The residential zone - comprising the serviced residences and apartments - is estimated to be
completed by end-2024.

Links to the story:
https://www.businesstimes.com.sg/real-estate/one-holland-village-residences-units-to-go-on-sale-this-weekend-0
https://www.straitstimes.com/singapore/housing/one-holland-village-homes-to-open-for-sale-on-saturday

Urban Treasures condo to launch at prices starting from $845k
The public preview of Urban Treasures, the newest residential project by Fragrance Group, will
take place on 23 Nov, 10am.
The freehold condominium along Jalan Eunos in District 14 comprises two 12-storey buildings
with 237 apartments.
Indicative prices begin at $845,000 for a one-bedroom unit spanning 452 sq ft, which works out
to about $1,869 per sq ft (psf). A four-bedroom unit at 1,270 sq ft will be priced starting from
around $2.3 million or $1,830 psf.
The condo's sales gallery is located at 205 Jalan Eunos. Sales at the gallery will officially
commence on Nov 30.

Weekly News Review
Nov 29 2019 / Issue 48

The project is expected to be completed by Dec 31, 2021.

Link to the story:
https://www.straitstimes.com/business/property/urban-treasures-condo-to-launch-at-prices-starting-from-845k

High-profile deals mask slower year for GCBs
The year has seen some high-profile transactions in the Good Class Bungalow (GCB) market but
the total volume and value of deals done seem to be lagging the exceptionally high base last year.
Property agents attribute this to the uncertain business climate.
34 deals totalling S$645.7 million have been sealed in GCB Areas this year. This is lower than the
38 transactions that amounted to S$933.3 million in the same period last year.
The average transacted price in terms of per square foot (psf) on land area has eased to S$1,373
psf year to date from S$1,515 psf in 2018.
Agents expect prices to stabilise in 2020.

Link to the story:
https://www.businesstimes.com.sg/real-estate/high-profile-deals-mask-slower-year-for-gcbs

Victory Point at Balestier up for sale at S$14.7m guide price
Victory Point, comprising a two-storey conservation shophouse with an attic and a six-storey rear
apartment block, has been launched for sale at an indicative price of S$14.7 million.
The indicative price for the mixed-use development, held under a single title, translates to about
S$1,390 per sq ft (psf) based on the estimated gross floor area (GFA) of 10,609 sq ft.
The shophouse - located at 271 Balestier Road - houses a 24-hour convenience store on the ground
floor, with the second storey and the attic for office use.
Situated in the Balestier Conservation Area, the site has a land area of 3,463 sq ft and is zoned for
commercial and residential use under the Urban Redevelopment Authority's Draft Master Plan
2019.
The public tender will close on Jan 13 next year at 3pm.

Links to the story:
https://www.businesstimes.com.sg/real-estate/victory-point-at-balestier-up-for-sale-at-s147m-guide-price
https://www.straitstimes.com/business/property/balestier-shophouse-apartment-block-on-sale

Post-cooling measures, property prices 'closer to fundamentals'
Even amid the accommodative financial conditions today, price movements of properties have
moderated in the quarters since July 2018 - when further cooling measures were put in place - and
remained "modest" in Q2 and Q3 of this year, the Monetary Authority of Singapore (MAS) said
in its annual Financial Stability Review (FSR).
Prices increased by 2.1 per cent year-on-year in Q3 2019, but this was lower than the 9.1 per cent
increase in Q2 2018 compared to a year ago. (The cooling measures took effect in Q3 2018).
Relatively healthy sales were registered just for "selected new projects", with others seeing "only
a moderate response", MAS added.

Weekly News Review
Nov 29 2019 / Issue 48

Today, activity by foreigners and corporates has remained stable over the past year in the private
residential property market, the MAS Financial Stability Review showed.
The share of transactions by foreign buyers account for 5-6 per cent of total transactions over the
past three quarters. For that of corporates, the share stood at 1-2 per cent.

Links to the story:
https://www.businesstimes.com.sg/real-estate/post-cooling-measures-property-prices-closer-to-fundamentals
https://www.straitstimes.com/business/property/mas-flags-loan-risks-amid-rising-home-supply

URA launches two Canberra Drive residential sites for tender
The Urban Redevelopment Authority (URA) has put up two residential sites along Canberra Drive
for sale by public tender under its Confirmed List for the second half 2019.
The adjacent land parcels, labelled A and B, both have 99-year leases and can potentially yield
about 675 residential units in total, the URA said.
Parcel A spans 13,315.3 sq m and has a maximum gross floor area (GFA) of 18,642 sq m. It can
yield about 220 housing units, with a maximum building height of 35 to 40 m or five storeys,
whichever is lower.
The larger Parcel B has an area of 27,566.1 sq m and a GFA of 38,593 sq m. It can yield about 455
units, with a maximum building height of 35 to 50 metres or five storeys, whichever is lower. The
sites are connected to Sembawang Road and Seletar Expressway, and are within walking distance
of the recently opened Canberra MRT station on the North South Line.
Huttons Asia said there will be close to 800 executive condo units launched in Sembawang in
2020/2021, which may influence developers' decision to bid for the sites.
The tenders for the sites close at noon on March 3, 2020.

Links to the story:
https://www.businesstimes.com.sg/real-estate/ura-launches-two-canberra-drive-residential-sites-for-tender
https://www.straitstimes.com/business/property/2-canberra-drive-residential-sites-launched-for-tender

Retail
The growing allure of Black Friday sales
The annual Singles' Day sale on Nov 11 has passed but coming up soon is the next major shopping
affair - Black Friday - on Nov 29.
In Singapore, Black Friday sales event have gained popularity over the years.
According to a report, footfall at retail malls along Orchard Road saw an increase of more than 25
per cent on Black Friday in 2018, as compared with the same event in the preceding year - an
affirmation of its rising popularity. Black Friday took place on Nov 23 in 2018 and on Nov 24 in
2017.
While footfall does not necessarily translate to sales and part of footfall performance still depends
on the stores' location attributes, it is evident that consumers in Singapore still patronise physical
stores; of which, Black Friday is among the days that registered one of the higher footfalls in
Singapore.

Weekly News Review
Nov 29 2019 / Issue 48

On Black Friday in particular, it is likely that the sales rate is even higher, with shoppers often
having a target shopping list, or bargain hunters ready to make a purchase if they see a good deal.

Link to the story:
https://www.businesstimes.com.sg/real-estate/the-growing-allure-of-black-friday-sales

Heartland shops in Yishun precinct go digital to compete
A household electronics store in Yishun selling television sets, air-conditioners and washing
machines has largely relied on foot traffic since it first opened in 1979 at the same spot.
But since June, Aircold Electro-Mart and some of its fellow neighbourhood enterprises have joined
a local online marketplace created for businesses within the Chong Pang City precinct.
Thelocalmart.sg was one of the initiatives launched by Heartland Enterprise Centre Singapore
(HECS) in partnership with Chong Pang City Merchant and Hawker's Association, in an effort to
support merchants in the heartland to digitalise and increase customer engagement.
Chong Pang City is the third precinct partnered by the centre since June. HECS worked previously
with merchants' associations in Ang Mo Kio and Bedok Town Centre.

Link to the story:
https://www.straitstimes.com/business/companies-markets/heartland-shops-in-yishun-precinct-go-digital-to-compete

Metro to launch store on e-commerce platform Lazada on Black Friday
Property investment and retail group Metro Holdings is launching its Metro LazMall store on e-
commerce platform Lazada Singapore on Nov 29, the day on which the shopping event Black
Friday falls.
LazMall is a virtual marketplace on Lazada that houses authentic and trusted brands from around
the globe. It is currently home to over 6,500 brands.
The move from Metro is aimed at delivering greater value to customers by diversifying shopping
formats in the e-commerce space, and to tap Lazada's technology platform and suite of business
tools to better understand customers, tailor customised marketing and broaden its customer base.
Metro's online store on Lazada will feature the same Black Friday deals available in Metro's offline
retail stores at Paragon and Causeway Point, as well as its online platform Metro.com.sg.
The group is dishing out exclusive discounts of up to 90 per cent on LazMall, featuring deals on
Mayer, World Kitchen, M.Maison, and many more.
Metro said it will continue to place a strong emphasis on delivering a complete online-to-offline
customer experience. This will be supported by a multimedia strategy, innovative concepts and a
wide assortment of popular merchandise, including exclusive in-house labels, it said.

Link to the story:
https://www.businesstimes.com.sg/consumer/metro-to-launch-store-on-e-commerce-platform-lazada-on-black-
friday

Weekly News Review
Nov 29 2019 / Issue 48

Government
Government working on strong Budget that Singapore economy needs: PM Lee
Finance Minister Heng Swee Keat and various agencies are working towards preparing a Budget
which will be strong, and suitable to the state of the world and what the Singapore economy needs,
Prime Minister Lee Hsien Loong told reporters at the conclusion of his five-day visit to South
Korea.
He said that with major economies like the US, China and Japan slowing, it is not surprising that
the Singapore economy has done so too.
But whether it tips into a recession depends a lot on external factors, he said.
But he cautioned against thinking that the solution is pump-priming stimulus.
Instead, Singapore should take advantage of the slower economy to redouble its efforts at
upgrading, training and productivity improvements, Mr Lee said, so as to make the most of the
current environment.
Links to the story:
https://www.businesstimes.com.sg/government-economy/government-working-on-strong-budget-that-singapore-
economy-needs-pm-lee
https://www.straitstimes.com/politics/budget-will-be-strong-suited-to-what-economy-needs-pm

World is building walls but Singapore must build bridges: DPM Heng
As the world builds walls, Singapore must go against the tide and build bridges, Deputy Prime
Minister and Finance Minister Heng Swee Keat said at an event.
To do so, the country must stay united, renew its social compact and work with like-minded
partners to keep the world open, he added.
"The free, open and rules-based international order is under stress. If countries wall up, or if there
is a new Iron Curtain, the cost to Singapore will be significant," Mr Heng said. "Trade is our
lifeblood, and multilateralism is how small countries like us have a place in the world."
Mr Heng also reiterated the government's commitment to invest in Singaporeans and strengthen
social safety nets for those who are unable to keep pace with change.
Links to the story:
https://www.businesstimes.com.sg/government-economy/world-is-building-walls-but-singapore-must-build-bridges-
dpm-heng
https://www.straitstimes.com/singapore/spore-must-build-bridges-not-walls-heng

NParks steps in to spruce up Pulau Ubin's charm
Pulau Ubin's kampung landscape is being given a boost with moves under way by the National
Parks Board (NParks) to restore seven homes and an old coffee shop in its town centre.
The project kicked off last month and is addressing problems such as leaking roofs, damaged
floorboards and broken windows.
NParks has been working with heritage experts such as Assistant Professor Imran Tajudeen of the
National University of Singapore's Department of Architecture, anthropologist Vivienne Wee and
the Singapore Heritage Society's Dr Chua Ai Lin.

Weekly News Review
                                                                                                 Nov 29 2019 / Issue 48

Among other things, the construction work will remain faithful to the original designs and
materials used.
Links to the story:
https://www.straitstimes.com/singapore/nparks-steps-in-to-spruce-up-ubins-charm
https://www.straitstimes.com/singapore/new-lease-of-life-for-favourite-eating-spot-run-by-two-sisters

Singapore boosts training for 'smart estates' of the future
Skillsfuture Singapore (SSG) and the Infocomm Media Development Authority (IMDA) will
partner CapitaLand, CPG Corporation and EM Services to redesign jobs and skills to support
Singapore's "smart estates" ecosystem.
Smart estates refer to estates that leverage smart technologies to enrich the lives of the community.
These could include artificial intelligence, augmented and virtual reality (AR/VR) and even 5G
technology, an IMDA spokesperson told The Business Times.
With support from the Building and Construction Authority, the Smart Estates Talent
Development Programme (SETDP) was launched with the aim of training 300 Singaporeans to
design, build and maintain smart estates.
The pilot run of the SETDP will start in 2020. Following this, the programme will be introduced
to the wider industry, including small and medium enterprises.
Links to the story:
https://www.businesstimes.com.sg/government-economy/singapore-boosts-training-for-smart-estates-of-the-future
https://www.straitstimes.com/business/economy/new-scheme-to-offer-training-on-smart-estates

Upcoming hub will benefit public as well as servicemen
National servicemen will not be the only ones to benefit from an upcoming one-stop hub in Bukit
Gombak - it will be open to their families and the public too.
The facilities and amenities at the NS Hub - to be ready in 2023 - include food and beverage
outlets, a childcare centre, outdoor community areas with fitness equipment, a running track and a
football field.
The hub will be directly connected to Cashew MRT station via an overhead bridge, as well as to
the Rail Corridor, a green stretch that runs from Woodlands in the north to Tanjong Pagar in the
south.
Links to the story:
https://www.straitstimes.com/singapore/upcoming-hub-will-benefit-public-as-well-as-servicemen
https://www.straitstimes.com/singapore/ns-hub-will-be-smart-energy-efficient-building

URA's latest master plan formalised after review of proposals
An urban masterplan that will guide Singapore's development in the next 10 to 15 years was
formalised.
Under the gazetted Urban Redevelopment Authority (URA) Master Plan 2019, the former Bukit
Timah Railway Station Staff Quarters and Bukit Timah Fire Station have also been gazetted for
conservation, the authority said in a statement.

                Huttons Asia Pte Ltd | L3008899K | ROC No. 200210087C | GST Reg No. 20-0210087-C
               3 Bishan Place #05-01, CPF Building, S (579838) | Tel. (65) 6253 0030 | Fax (65) 6253 0090
                                              www.huttonsgroup.com

Weekly News Review
                                                                                                 Nov 29 2019 / Issue 48

Other initiatives in the plan include revitalising Orchard Road and the central area such as planning
for new hotels and homes in the Central Business District; district-level underground plans; and a
new 50km Greater Rustic Coast running along the northern coast.
The gazette concludes the review of the Draft Master Plan 2019, which was exhibited at URA's
premises from March to June this year.
Links to the story:
https://www.businesstimes.com.sg/real-estate/uras-latest-master-plan-formalised-after-review-of-proposals
https://www.straitstimes.com/singapore/conservation-of-two-old-buildings-in-bukit-timah-welcomed

MAS flags leverage risk in businesses tied to trade, building sectors
Corporate debt in Singapore has built up amid loose financial conditions, with pockets of risks for
corporates exposed to the trade-related sectors, and segments including construction and property,
said the annual Financial Stability Review of the Monetary Authority of Singapore (MAS).
While corporate balance sheets are broadly resilient, businesses have also been warned that amid
weak revenue growth, too much leverage could catch them unawares.
The increase in leverage was mainly driven by the property and commerce sectors, which together
accounted for around two-thirds of overall corporate debt growth between 2010 and 2019.
Links to the story:
https://www.businesstimes.com.sg/companies-markets/mas-flags-leverage-risk-in-businesses-tied-to-trade-building-
sectors
https://www.straitstimes.com/business/economy/caution-urged-even-though-households-and-firms-resilient

Economy
Singapore Oct factory output beats expectations with 4% growth
Singapore’s factory output grew an unexpected 4 per cent year on year in October, defying
economists' expectations of a 1.4 per cent fall and outstripping September's revised figure of 0.7
per cent growth.
Even excluding the volatile biomedical manufacturing sector, output was up 0.2 per cent,
according to Singapore Economic Development Board figures.
On a seasonally adjusted month-on-month basis, manufacturing output was up 3.4 per cent,
slowing from September's revised 4 per cent rise but still ahead of economists' expectations of 0.6
per cent growth. Excluding biomedical manufacturing, output was up 6.5 per cent.
Links to the story:
https://www.businesstimes.com.sg/government-economy/singapore-oct-factory-output-beats-expectations-with-4-
growth
https://www.businesstimes.com.sg/government-economy/green-shoots-for-singapore-as-electronics-start-to-recover
https://www.straitstimes.com/business/economy/singapore-manufacturing-output-beats-forecasts-with-4-rise-in-oct

                Huttons Asia Pte Ltd | L3008899K | ROC No. 200210087C | GST Reg No. 20-0210087-C
               3 Bishan Place #05-01, CPF Building, S (579838) | Tel. (65) 6253 0030 | Fax (65) 6253 0090
                                              www.huttonsgroup.com

Weekly News Review
Nov 29 2019 / Issue 48

Core inflation eases to 3-year low of 0.6%
Core inflation last month cooled to 0.6 per cent, the lowest in more than three years, according to
data released.
The last time it fell to the same level was in March 2016.
The latest reading was down slightly from the 0.7 per cent recorded in September, the Monetary
Authority of Singapore (MAS) and the Ministry of Trade and Industry (MTI) said.
The dip was due to a steeper fall in the cost of electricity and gas, and a slower pace of increase in
the cost of services, they said.
Full-year core inflation is tipped to come in at the lower end of the 1 per cent to 2 per cent official
forecast range, while overall inflation is seen at around 0.5 per cent.
For next year, both core and headline inflation are expected to average 0.5 per cent to 1.5 per cent.
Links to the story:
https://www.straitstimes.com/business/core-inflation-eases-to-3-year-low-of-06
https://www.businesstimes.com.sg/infographics/headline-core-inflation-ease-in-oct

Growth in service sector revenue continues to slow in Q3
Takings in the service sector continued to rise in the third quarter but at a slower pace, according
to the Department of Statistics (SingStat).
Overall business receipts grew 1.9 per cent year on year in the three months to Sept 30, with most
categories registering an increase, except for education, recreation and personal services.
The pace of growth has slowed for seven consecutive quarters.
Link to the story:
https://www.straitstimes.com/business/economy/growth-in-service-sector-revenue-continues-to-slow-in-q3

Singapore resident employment rate up, income growth slows
The resident employment rate was slightly higher in June this year than in June 2018 - despite
economic headwinds, going by an advance labour force report released.
Additionally, workers' income continued to grow over 2019, but at a slower pace than a year ago,
said the report from the Ministry of Manpower (MOM).
It showed that the employment rate for residents aged 25 to 64 rose from 80.3 per cent in June last
year to 80.8 per cent in June this year.
The unemployment rate of professionals, managers, executives and technicians (PMETs) held
steady at 2.9 per cent in June, while their long-term unemployment rate fell to 0.6 per cent, from
0.8 per cent a year ago.
The real median income, including CPF contributions, of full-time employed residents, grew by
2.2 per cent this year, going by preliminary data. This is lower than the 4.4 per cent growth last
year.
Links to the story:
https://www.businesstimes.com.sg/government-economy/singapore-resident-employment-rate-up-income-growth-
slows
https://www.straitstimes.com/singapore/manpower/employment-rate-up-for-residents-but-income-growth-slows

Weekly News Review
                                                                                                 Nov 29 2019 / Issue 48

https://www.straitstimes.com/singapore/manpower/non-pmets-face-slight-rise-in-unemployment-rate

More help for businesses, PMETs in manufacturing sector
Manufacturers will get increased support so they can hire staff to support their business
transformation while workers who want to enter the sector can get more help with their career
transition.
Professional conversion programmes (PCPs) for the manufacturing sector were ramped up to
benefit an additional 1,000 professionals, managers, executives and technicians (PMETs) over a
period of three years.
The additional 1,000 places - the intake started in September - will be for PMETs who want to
make the switch into the sector through the professional conversion programme for manufacturing
professionals and one for technical sales engineers or managers.
The programmes will equip mid-career people with skills needed to take on jobs in roles such as
operations management, quality assurance, project management, skills and marketing and business
and account development.
Links to the story:
https://www.businesstimes.com.sg/government-economy/more-help-for-businesses-pmets-in-manufacturing-sector
https://www.straitstimes.com/singapore/manpower/more-help-for-pmets-businesses-in-manufacturing

Hospitality
World's first urban veg and fish garden in a hotel opens in Singapore
Fairmont Singapore and Swissôtel The Stamford officially opened their urban aquaponics garden
on Nov 27. This is the world's first urban aquaponics garden within a hotel.
The 450-sq-m garden has mainly leafy vegetables - lettuce, kangkong and spinach - with higher-
end crops such as rocket, along with three types of fish - jade perch, red tilapia and barramundi.
In 10 months, the garden is expected to provide 30 per cent of vegetables and 10 per cent of fish
for all 13 restaurants under the hotels as well as the Raffles City Convention Centre. This includes
around 400kg of lettuce every month.
The garden will be in line with Singapore's 2030 goal of producing 30 per cent of the Republic's
nutritional needs locally by 2030, better known as "30 by 30".

Link to the story:
https://www.businesstimes.com.sg/consumer/worlds-first-urban-veg-and-fish-garden-in-a-hotel-opens-in-singapore

Tourism agencies look to WeChat to woo visitors
Tourism agencies are turning to China's most popular social media app, WeChat, to try to get a
bigger piece of the country's growing outbound tourism market.
The social messaging app launched an alliance with some 30 foreign tourism agencies, including
the Singapore Tourism Board (STB), to encourage greater use of its in-app tools to reach Chinese
visitors.

                Huttons Asia Pte Ltd | L3008899K | ROC No. 200210087C | GST Reg No. 20-0210087-C
               3 Bishan Place #05-01, CPF Building, S (579838) | Tel. (65) 6253 0030 | Fax (65) 6253 0090
                                              www.huttonsgroup.com

Weekly News Review
                                                                                                 Nov 29 2019 / Issue 48

STB was the first foreign tourism agency that launched its own WeChat mini-program for Chinese
visitors to Singapore in 2017. It has two WeChat accounts and three mini-programs catering to
different types of visitors.

Link to the story:
https://www.straitstimes.com/asia/east-asia/tourism-agencies-look-to-wechat-to-woo-visitors

Industrial
Huawei opens AI lab here to train 1,000 developers
Chinese tech giant Huawei has opened a new artificial intelligence (AI) lab here, promising to train
up to 100 AI architects and 1,000 AI developers over the next three years.
At the launch of the lab at Changi Business Park, Huawei International chief executive Nicholas
Ma said the firm hopes to address the AI tech talent crunch here as the move is beneficial to all
parties.
Other than the talent programme, Huawei signed a memorandum of understanding with Nanyang
Polytechnic on the same day to explore various talent cultivation programmes in the fields of AI
as well as 5G and cloud technology. The new lab, which cost the Chinese tech giant more than
US$10 million (S$13.6 million) to build, is said to be the first AI lab in Singapore to boast 5G
capabilities. That means that users can use the space to test bed a wide range of 5G applications
and scenarios, on top of AI research and development projects.
The lab is open to government agencies, institutes of higher learning as well as small and medium-
sized enterprises to use.
Huawei's new lab adds to the list of high-profile openings of several other AI centres here,
including the Nanyang Technological University-Alibaba Research Lab, Singapore Management
University's Centre for AI and Data Governance, and American software firm Salesforce's AI
centre at Suntec City.

Link to the story:
https://www.straitstimes.com/tech/huawei-opens-ai-lab-here-to-train-1000-developers

Dyson to move HQ to St James Power Station
British consumer electronics company Dyson has found a new home for its Singapore headquarters
in the vacant St James Power Station, with plans to move over in 2021.
The 110,000 sq ft national monument will increase Dyson's research and engineering footprint in
Singapore two-fold over the next five years, with a focus on power electronics, energy storage,
sensors, vision systems, embedded software, robotics, AI, machine learning and connected
devices, announced the company in a press statement.

Links to the story:
https://www.businesstimes.com.sg/companies-markets/dyson-to-move-hq-to-st-james-power-station
https://www.straitstimes.com/business/companies-markets/dyson-to-set-up-global-headquarters-at-st-james-power-
station

                Huttons Asia Pte Ltd | L3008899K | ROC No. 200210087C | GST Reg No. 20-0210087-C
               3 Bishan Place #05-01, CPF Building, S (579838) | Tel. (65) 6253 0030 | Fax (65) 6253 0090
                                              www.huttonsgroup.com

Weekly News Review
Nov 29 2019 / Issue 48

New Certis Corporate University to create future-ready workforce
The Certis Corporate University (CCU) was launched on Nov 25 as part of Certis' commitment to
invest in employees and build a future-ready workforce.
The S$10 million facility leverages innovative learning technologies and new teaching approaches
to drive effective continuous learning.
Within the next three years, around 20,000 Certis employees are expected to benefit from over 30
programmes covering the use of several skills such as artificial intelligence.
The CCU will replace the Certis Academy at Toh Tuck Terrace.

Links to the story:
https://www.businesstimes.com.sg/technology/new-certis-corporate-university-to-create-future-ready-workforce
https://www.straitstimes.com/singapore/certis-launches-corporate-uni-to-beef-up-training

Biopolis to expand to better aid biotech start-ups
Research and development hub Biopolis will be expanded to meet the needs of biotechnology
start-ups, said Senior Minister of State for Trade and Industry Koh Poh Koon.
Industrial landlord JTC expects Phase 6 of Biopolis to be completed by mid-2022. The tender for
the work was launched in August and closes on Dec 4.
Phase 6 of Biopolis will add 35,000 sq m of business park space for biomedical sciences research
and supporting activities and 6,000 sq m for office and retail use. This will include 2,000 sq m of
fitted-out laboratory spaces with lab benches, waste drainage and exhaust provisions.

Link to the story:
https://www.straitstimes.com/business/companies-markets/biopolis-to-expand-to-better-aid-biotech-start-ups

Overseas
London property sales still healthy as buyers seek bargains
London’s residential property market is in limbo ahead of the Dec 12 general election, but shrewd
buyers are already seeking out opportunities in the British capital.
London's overall market prices - at an average level of £473,000 (S$828,200) are beginning to
flatten out. Residential property prices in the much cheaper northern cities, with average prices of
£135,000 to £155,000, have risen slightly.
Meanwhile, first-time British buyers are taking advantage of exceedingly low interest rates.
Depending on their employment status, these youthful buyers are borrowing up to five times their
salaries. They can do so because the range of mortgage rates for five-year fixed rates are currently
only 1.49 to 1.58 per cent.
The number of properties going under offer for less than £2 million rose for eight consecutive
months, while the offers for homes priced at £2 million or more rose for three consecutive months.
Given the slack state of the market, buyers have been able to negotiate discounts of at least 5 per
cent.

Weekly News Review
Nov 29 2019 / Issue 48

Link to the story:
https://www.businesstimes.com.sg/real-estate/london-property-sales-still-healthy-as-buyers-seek-bargains

Australia housing market revival to continue into 2020: poll
Australia’s housing market revival will carry on into 2020 thanks to a series of interest rate cuts
from the Reserve Bank of Australia (RBA) this year and another expected next year, according to
a Reuters poll of property market analysts.
The latest Reuters poll of 13 property analysts taken on Nov 6-20 showed that average home prices
would rise 5 per cent nationally next year, nearly double the rate predicted just three months ago,
and then slowing to 4.5 per cent in 2021.
Respondents were, however, sceptical about how long the rebound would last, with most saying it
would only be a year before the rate of house price inflation cooled off again.

Link to the story:
https://www.businesstimes.com.sg/real-estate/australia-housing-market-revival-to-continue-into-2020-poll

US new home sales down unexpectedly in October
The US Commerce Department said new home sales dropped 0.7 per cent to a seasonally adjusted
annual rate of 733,000 units last month, held down by decreases in activity in the South and
Northeast regions.
September's sales pace was revised higher to 738,000 units, the highest since July 2007, from the
previously reported 701,000 units. Economists polled by Reuters had forecast new home sales,
which account for about 11.3 per cent of housing market sales, would increase 1.1 per cent to a
pace of 709,000 units in October. New home sales are drawn from permits and tend to be volatile
on a month-to-month basis. Sales surged 31.6 per cent from a year ago.
The median new house price fell 3.5 per cent to US$316,700 in October from a year ago. Sales
last month were concentrated in the US$200,000 to US$400,000 price range. Homes priced below
US$200,000, the most sought after, accounted for only 9 per cent of sales.

Link to the story:
https://www.businesstimes.com.sg/real-estate/us-new-home-sales-down-unexpectedly-in-october

US existing home sales rise in October
Sales of existing US homes - the largest part of America's vast housing market - edged higher last
month despite rising prices and tighter supplies, according to an industry report released on
Thursday.
The higher sales rate in October marked a recovery from the dip in the prior month and underscored
continued willingness to buy amid low unemployment and rising wages.
The faster sales should support GDP growth at the start of the fourth quarter, although sales
declined in some regions.
Median prices jumped 6.2 per cent compared to October of last year to US$270,900, marking the
92nd straight month of price increases.
Inventories, meanwhile, fell 2.7 per cent from September to 1.8 million units, representing a supply
of 3.9 months at the current sales rate.

Weekly News Review
                                                                                                                   Nov 29 2019 / Issue 48

Link to the story:
https://www.businesstimes.com.sg/real-estate/us-existing-home-sales-rise-in-october

Contact:
Lee Sze Teck
Head, Research
(65) 6500 6510
szetecklee@huttonsgroup.com

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