Condominium resale transactions fell for a third straight month in Singapore
In today’s roundup of regional news headlines, a report says resale transactions of Singapore condo units tumbled for a third month in a row as viewings slowed, and Hong Kong’s home price downturn puts more owners in a negative equity position.
Singapore Condo Resale Volumes Fell 14% in December as Prices Rose
Condominium resale transactions in Singapore continued to fall for a third straight month in December as a seasonal lull and the year-end holidays resulted in fewer home viewings.
The number of condo units resold dropped 14 percent from November to 661 units, according to flash figures from SRX and 99.co on Monday. Read more>>
Hong Kong’s Negative Equity Hits 12,164 Cases Amid Home Price Dive
Hong Kong’s plunging home prices have driven property value below outstanding loans during the COVID-19 pandemic, causing a spike in the number of so-called negative equity cases.
Negative equity cases rose to 12,164 at the end of December, from the six-quarter high of 533 cases reported at the end of September 2022, according to data released by the Hong Kong Monetary Authority. Read more>>
R&F Korea to Ask Extra 12 Months to Launch Casino Scheme
R&F Korea, promoter of an under-construction casino project in the Incheon Free Economic Zone, is to apply by Tuesday to push back by another 12 months the deadline for the facility to open, and it also intends to scale down the scope of the scheme, the company confirmed to GGRAsia.
The current deadline for launch is 17 March of this year. Read more>>
Orchard Bel Air Relaunched for En Bloc Sale at Unchanged S$587.5M
Orchard Bel Air in Singapore’s prime District 10 has been relaunched for collective sale at the same guide price of S$587.5 million ($445.9 million) after the previous attempt closed last September without a sale.
Located by the entrance to the newly opened Orchard Boulevard MRT Station, the 99-year leasehold condominium — whose lease started in August 1980 — was first put up for sale on 27 July 2022. Read more>>
Serangoon Road Commercial Building for Sale at S$20M
A commercial property along Singapore’s Serangoon Road has been offered for sale with an indicative guide price of S$20 million ($15.2 million), or S$2,250 per square foot of built-up area.
The four-storey building at 466 Serangoon Road sits on a plot spanning 2,236 square feet (208 square metres). The land tenure is for 999 years from 1860. Read more>>
Hong Kong Spending Over $3B on Temporary Homes to Ease Crisis
Hong Kong plans to spend HK$26 billion ($3.3 billion) on temporary apartments to help reduce the wait times for public housing in one of the world’s most expensive real estate markets.
The government has picked eight land plots to build about 30,000 units of so-called light public housing over the next five years, said Secretary for Housing Winnie Ho. The projects will feature modular construction that builds the units elsewhere before assembling on site to speed up the process. Read more>>
China’s Public Housing Plan to Help Stabilise Property Market
China’s target to build 6.5 million public rental housing units during 2021-25 to accommodate 20 million people in 40 major cities will help stabilise property investment and prices, says Fitch Ratings.
The focus on public rental homes aims to ease housing pressure for lower-income new urban dwellers and young migrants after massive construction of owner-oriented public housing in the past decade accommodated most of the urban lower-income and relocated permanent residents. Read more>>
Fosun Looks to Club Med Resorts Recovery After Profit Warning
Chinese conglomerate Fosun International is hoping its vacation business segment will pull it out of a slump.
Fosun, which owns the Club Med chain of resorts and the Thomas Cook brand, issued a warning on 20 January, saying profit for the year ended 31 December 2022 was expected to decrease by 80 percent compared with the year before. Read more>>
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