Singapore homeowners’ mortgage payments are taking a bigger bite of monthly income (Getty Images)
In today’s roundup of regional news headlines, Moody’s reports that Singapore homeowners are using more of their income to service mortgages, Hong Kong’s URA invites dozens of developers to a Sai Ying Pun project tender, and SGX-listed Keppel REIT posts a rise in distributable earnings.
Singapore Homebuyers Spending More of Income on Mortgage Payments
Homeowners in Singapore are spending more of their monthly income on mortgage repayments, according to a report by Moody’s Investors Service.
Based on figures from the ratings agency, first-time buyers of private homes needed 19.4 percent of the average monthly household disposable income to meet the mortgage repayment on new loans in August, up from 17.3 percent in December 2021. Read more>>
URA Invites 32 Developers for Sai Ying Pun Project Bids
Hong Kong’s Urban Renewal Authority has invited 32 developers to tender for the Queen’s Road West/In Ku Lane Development project in Sai Ying Pun after receiving 33 expressions of interest last month.
Lan Kwai Fong Properties, founded by the “father of Lan Kwai Fong” Allan Zeman, also showed interest in the project, but it was not clear whether the developer was invited to tender. If so, it would be the first time the company has made a bid for a property project. Read more>>
Keppel REIT Distributable Income Up 3.4% in First 9 Months of 2022
The manager of Singapore-listed Keppel REIT has reported a distributable income of S$165.4 million (now $117.5 million) for the first nine months of 2022, up 3.4 percent year-on-year, mainly driven by the acquisition of Keppel Bay Tower in May 2021.
The rise is also attributed to the adjustment of income tax expense for previous years, partly offset by the divestment of 275 George Street in Brisbane in July 2021 and lower contributions from 8 Chifley Square. Read more>>
FCT’s Distribution Edges Up as Manager Warns on Cost of Debt
The manager of Singapore-listed Frasers Centrepoint Trust said its average cost of borrowing is expected to rise by at least 50 basis points to above 3 percent in fiscal 2023, which could dent growth in distribution per unit next year.
FCT on Wednesday reported a DPU of S$0.06091 (now $0.043) for the second half of fiscal 2022 ended September — just a whisker above the DPU of S$0.06089 in the corresponding period a year earlier. Read more>>
AIMS APAC REIT Posts Marginally Lower DPU for H1
The manager of Singapore-listed AIMS APAC REIT announced a distribution per unit of S$0.047 (now $0.033) for the first half of fiscal 2023 ended 30 September, marginally down from its DPU of S$0.0475 in the corresponding period a year earlier.
DPU for the first half held steady amid an enlarged unit base, a 27.5 percent increase in gross revenue to S$83.2 million and a 28.2 percent rise in net property income to S$61.1 million. Read more>>
Freehold Boutique Hotel in Little India for Sale at S$35M
A freehold, three-storey boutique hotel in Jalan Besar/Little India has been put up for sale at a guide price of S$35 million ($24.9 million), marketing agent Savills Singapore said Wednesday.
The sale will be conducted through an expression of interest exercise. Foreigners and companies are eligible to purchase the property, and no additional buyer’s stamp duty or seller’s stamp duty will be imposed. Read more>>
Owner Sales Surge in Singapore’s Property Auction Market
More real estate owners in Singapore are turning to the auction market as a method of sale, according to Knight Frank’s market update on Wednesday.
Owner sale listings almost doubled to 91 listings in the third quarter of 2022, up 46.3 percent from the previous quarter’s 62. The total marked a 7.1 percent increase from the 85 listings in the same period last year. Read more>>
Wealthy Foreigners Poised to Own Land in Thailand
Thailand took a major step towards giving foreigners the right to buy land for housing, as the country seeks to boost its economy by enticing more wealthy international investors.
Property ownership by individuals is currently limited mainly to condominium units or through complicated long-term lease agreements. Read more>>
Tune in again soon for more real estate news and be sure to follow @Mingtiandi on Twitter, or bookmark Mingtiandi’s LinkedIn page for headlines as they happen.
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