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Press Digest |
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SINGAPORE STOCK MARKET:
STRAITS TIMES INDEX CLOSE:
SINGAPORE INTEREST RATE:
PRIME RATE:
3-MTH SIBOR: |
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21 February 2011
3,072.73 (-14.19) lunch close
18 February 2011
5.38%
0.44% |
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Casualties along Orchard Rd as competition heats up – 21 Feb ST Monday ST (Pg 1) |
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Keen competition among retailers along Orchard Road has taken its toll on a number of shops. It was reported that 3 retailers have pulled down their shutters permanently. The latest and biggest being ALT at The Heeren, occupied close to 23,000 sq ft over 3 floors at The Heeren, just months after opening the store. The other 2 are Fox Salon at Orchard Central and bYSI at 313@Somerset. |
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January private new home sales down 11% - 21 Feb The Edge (Pg CC3) |
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The fourth and latest round of property cooling measures seems to have been effective. New private home sales for January totaled 1,189 units, down 11% from the 1,332 units taken up in December.
Christine Sun, Senior Manager Research & Consultancy at Savills Singapore was quoted as saying the January figures were “better than expected”. She contends that 11% m-o-m drop (following the 4th round of cooling measures in mid-Jan) is lower than the 28% m-o-m drop seen last Sept (following the 3rd round of measures on 30 Aug).
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HK follows S’pore lead clamping down on misleading show-flats – 20 Feb Sunday Times (Pg 21) |
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Hong Kong is following Singapore’s lead by clamping down on property developers and agents who mislead buyers by presenting show-flats that do not accurately reflect the real thing. The authorities are looking at tightening existing rules to make sure features seen in show flats are replicated in the actual homes. |
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China’s January home prices up – 19 Feb BT (Pg 35) |
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China’s January new home prices rose from a year ago in all but 2 of the 70 cities being monitored by the Government, defying curbs to keep housing affordable.
James Macdonald, Head of China Research for Savills Property Services (Shanghai) was quoted as saying the general market is feeling the impact from the curbs in terms of transaction volume and sentiment. The market sentiment has changed quite significantly with the repetitive government measures that made headlines.
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Sales of landed homes in Sentosa Cove remained buoyant, but there are about 500 unsold condominiums to date – 19 Feb ZB (Pg 40) |
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The demand for landed homes in Sentosa Cove continues to rise despite prices having risen some 36 per cent year-on-year. To date, there are only five unsold landed homes, including four that have not been launched for sale yet. On the other hand, the average take-up of condominium units launched last year was around 70 per cent, with some less than 40 per cent sold.
Separately, a business man from HK who had bought one of the 18 waterfront bungalows on Sandy Island at S$16.57 million (S$1,950 per sq ft) in 2009, believes that there is still upside for the price of landed homes in Sentosa Cove. |
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For further information please contact: |
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Jessie Yeo |
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Michael Lim |
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