Singapore Property Scene Discussion

[Voodooman]

20 hours ago, Volvobrick said:

If the Malaysian workers have to live here for the next 2 years, means whole hospitality/tourism/airline up lorry liao!  How many (more) people will be out of job for good?  How are they going to pay for their mortgage?

Blue collar Malaysian workers rent HDB mostly.

Rental around 1-2k type of units mostly but 150k F&B foreign workers have also left the country too, so in don't understand where the tenants are coming from. Maybe more than 150k Malaysians have moved over recently.

https://www.businesstimes.com.sg/lifestyle/feature/restaurants-come-back-from-the-brink

There are still challenges ahead, chief of which are manpower and no-shows, says Beppe De Vito of the il Lido group. While his Michelin-starred Braci is the top performer with business ahead of pre-Covid levels, it's tougher for his bigger concepts like Art and Amo, which don't have the big groups, functions or corporate business that they used to. "Just the other day at Amo, we had 20 no-shows out of 120 seats which is about 15 to 20 per cent," he says, adding that he's also having trouble hiring Singaporeans, estimating that 150,000 foreign F&B workers have since left Singapore. With business returning but not enough people who want to work in the industry, the tussle for workers continues.

[ToyotaShuttle]

Some rando said 150k left but how do you know he is right?

[Voodooman]

You should go ask around if there is a basis for those estimate and then decide if this is fake news. I am just quoting from the papers but according to my sources, a lot of foreign F&B workers were axed / left before/ during CB and during phase 1 due to lack of JSS support. Maybe you can go ask rando or call BT and fxxk them for publishing unverified views.

[Fitmugen]

Want to buy for rental then must be near MRT. If not near MRT be prepared to be lowballed and get lousy tenants that don't take care of your unit.

[noobcarbuyer]

12 hours ago, Voodooman said:

Blue collar Malaysian workers rent HDB mostly.

Rental around 1-2k type of units mostly but 150k F&B foreign workers have also left the country too, so in don't understand where the tenants are coming from. Maybe more than 150k Malaysians have moved over recently.

https://www.businesstimes.com.sg/lifestyle/feature/restaurants-come-back-from-the-brink

There are still challenges ahead, chief of which are manpower and no-shows, says Beppe De Vito of the il Lido group. While his Michelin-starred Braci is the top performer with business ahead of pre-Covid levels, it's tougher for his bigger concepts like Art and Amo, which don't have the big groups, functions or corporate business that they used to. "Just the other day at Amo, we had 20 no-shows out of 120 seats which is about 15 to 20 per cent," he says, adding that he's also having trouble hiring Singaporeans, estimating that 150,000 foreign F&B workers have since left Singapore. With business returning but not enough people who want to work in the industry, the tussle for workers continues.

It's quite obvious that there's an agenda to quoting the higher end of an already inflated estimate. If 150k foreign workers just from the F&B industry are gone (and that is one industry that has never shut down completely even during circuit breaker), then what more the other industries that were completely wiped out or severely damaged by COVID-19 and associated lock down? We should be looking at close to a million foreign workers in total no longer working in S'pore. Does it feel that way to you? 

It's always the same old complaints with the F&B industry for the last decade. "Not enough S'poreans want to work in this industry, yet we are getting slaughtered by the foreign workers levy. We hope the govt does something about this and lighten the pressure off our backs etc. And oh we hate the local culture of no shows after making reservations but we tried to introduce a reservation deposit but kena backlash."

Same complaints. Nothing new.

[noobcarbuyer]

18 hours ago, Rskc said:

I guess for noobcarbuyer bro, the good engine may not be even there to begin with. 😁

Actually I quite like Sky Vue when I last looked at it externally. Just that I did not have the chance then to go in as there wasn't anymore unit for sale then. Didn't know they have a multistorey carpark instead of underground carpark. 😌

Well, have been listening to the complaints about Sky Vue from my relative but that is something for the residents themselves to say. 

Agreed that Multi Storey Car Park for Sky Vue and any other Condo is a deal breaker. 

Open air parking for some of the older condos may be inconvenient but it indicates that the updated plot ratio has not been fully utilized and hence there's potential for en-bloc. 

For newer developments, can understand rationale for basement parking to maximize the land and also provide door step convenience for residents. 

Multi Storey Car Park for a Condo? Some of the more premium HDBs already have basement parking. 

[Volvobrick]

3 minutes ago, noobcarbuyer said:

Well, have been listening to the complaints about Sky Vue from my relative but that is something for the residents themselves to say. 

Agreed that Multi Storey Car Park for Sky Vue and any other Condo is a deal breaker. 

Open air parking for some of the older condos may be inconvenient but it indicates that the updated plot ratio has not been fully utilized and hence there's potential for en-bloc. 

For newer developments, can understand rationale for basement parking to maximize the land and also provide door step convenience for residents. 

Multi Storey Car Park for a Condo? Some of the more premium HDBs already have basement parking. 

How come agents don't advertise multi storey CP as a great plus - will never be flooded unlike some atas condos during ponding seasons..... 

[noobcarbuyer]

4 minutes ago, Volvobrick said:

How come agents don't advertise multi storey CP as a great plus - will never be flooded unlike some atas condos during ponding seasons..... 

Ah haha that's a great way to put it!

Maybe because most Condos at this price range does not come with Multi Storey Car Park?

I know Executive Condos do have an even mixture between MSCP, Podium parking and Basement Parking. But they are priced accordingly. 

[Voodooman]

30 minutes ago, noobcarbuyer said:

It's quite obvious that there's an agenda to quoting the higher end of an already inflated estimate. If 150k foreign workers just from the F&B industry are gone (and that is one industry that has never shut down completely even during circuit breaker), then what more the other industries that were completely wiped out or severely damaged by COVID-19 and associated lock down? We should be looking at close to a million foreign workers in total no longer working in S'pore. Does it feel that way to you? 

It's always the same old complaints with the F&B industry for the last decade. "Not enough S'poreans want to work in this industry, yet we are getting slaughtered by the foreign workers levy. We hope the govt does something about this and lighten the pressure off our backs etc. And oh we hate the local culture of no shows after making reservations but we tried to introduce a reservation deposit but kena backlash."

Same complaints. Nothing new.

Yes, might be inflated but given the labor intensive nature of F&B business (plus construction) and we know a lot of blue collar Malaysians left the country before CB and another 20k plus left in Q2, it is still a big number. Q3 numbers are not out yet, so it is anyone's guess (except G) but it is true F&B is facing a labor crunch now. 

 

[therock]

SOR-linked financial products to stop by April 2021 as Singapore gears up for Sora

The Business Times, 28 Oct 2020, Wed

By Vivien Shiao

ISSUANCE of loans and securities linked to the Swap Offer Rate (SOR) that mature after end-2021 will need to cease by April next year, in a push by a financial industry-led committee to shift away from the use of SOR to the Singapore Overnight Rate Average (Sora) in financial products.

To support this, all domestic systemically important banks (D-SIBs) should be ready to offer new Sora-based products to customers by end-February.

The seven are: Citibank, DBS, HSBC, Maybank, OCBC, Standard Chartered, and UOB.

The rest of the banks have until end-April 2021.

By the end of September 2021, all other banks are to have substantially reduced gross exposures to SOR derivatives, including centrally cleared interbank transactions.

These series of industry timelines, as announced on Tuesday, aim to steadily reduce exposures to SOR before end-2021, in preparation for US dollar London Interbank Offered Rate (USD Libor) and SOR discontinuation while ensuring that Sora-based products are available to meet financing needs.

Singapore is in the midst of its move from SOR to Sora as the new interest rate benchmark, on the back of the discontinuation of the Libor at end-2021, which would affect SOR as it uses the USD Libor in its computation.

SOR is used in pricing of bonds and loans to large institutions with hedging requirements, as it is also the reference benchmark in Singapore dollar (SGD) derivatives.

Close to S$1.4 trillion notional value of outstanding SGD derivatives contracts referencing SOR, and around 12,000 SOR contracts in SGD cash markets amounting to S$95 billion will mature after end-2021, and will need to transition.

Sora was selected as the new interest rate benchmark as it was found to be the "most robust and suitable alternative", underpinned by a deep and liquid overnight funding market.

After end-April 2021, Sora is expected to be the de facto floating rate benchmark for all institutional SGD financing activity.

On Tuesday, the Steering Committee for SOR Transition to Sora (SC-STS) - consisting of industry, associations and the Monetary Authority of Singapore (MAS) - also published a set of market guides to help users prepare for the shift away from SOR, and for adoption of Sora across a range of financial products including derivatives, floating rate notes, business and retail loans.

They include a report on customer segments and preferences, setting out how Sora can be used in loans to meet the various needs of financial firms, large corporates, small and medium-sized enterprises and retail customers.

Another is a Sora market compendium, providing market participants with a comprehensive overview of Sora market conventions across derivatives, floating rate notes, business and retail loans, and outlining considerations for contractual and technical specifications of Sora products and contractual fallbacks for relevant SOR contracts.

An end-user checklist will also provide non-financial corporates, investment firms, insurers and other buy-side participants with a list of key steps needed to effectively implement the transition from SOR to Sora, and from Libor to alternative reference rates.

A Sora guide targeted at corporate users and a pamphlet for retail customers will also be published with links to relevant other information for these user groups.

Samuel Tsien, Association of Banks in Singapore and SC-STS chairman, said that the committee has "largely completed" the key technical preparation work and laid the foundation for widespread adoption of Sora in a full range of financial products.

"This will pave the way for an orderly and smooth transition from the legacy use of SOR to Sora as the new benchmark for SGD markets," said Mr Tsien, who is also the group chief executive officer of OCBC. He urged market participants to take immediate steps including operational and system changes, staff training and client outreach, to prepare for the shift.

Jacqueline Loh, deputy managing director, MAS, and SC-STS member, said that the central bank expects all market participants to reduce their exposures to SOR, and to actively promote the understanding of and migration to Sora financial products.

"This will ensure that our financial system is well-prepared for the transition to Sora, through the development of a deep and efficient Sora-centred SGD market," she said.

Source: https://www.businesstimes.com.sg/banking-finance/sor-linked-financial-products-to-stop-by-april-2021-as-singapore-gears-up-for-sora-0

[therock]

顺应买家需求更多双层私宅单位推出

Lianhe Zaobao, 28 Oct 2020, Wed

An article on the appeal of double storey apartments. Potential buyers are generally young people and investors as they feel that the space layout of such units is more flexible and they don't mind going up and down stairs. Many foreign buyers are used to living in bungalows abroad. Since they cannot buy landed houses in Singapore, some people may consider choosing double-storey units that are close to landed houses

根据房地产中介公司ERA整理数据，今年约有五个新项目设有双层单位，总共达89个单位。位于美芝路的滨海名汇（Midtown Bay）的双层单位最多，有40个。

相比之下，五年前有四个私宅项目设有双层单位，总共达66个单位，它们主要来自濒海景（Marine Blue，32个单位）和盛荟华廷（Pollen & Bleu，26个）。　　ERA产业研究咨询部主管麦俊荣接受《联合早报》访问时指出，双层单位更具隐私性，因为它们的卧房一般位于楼上，所以屋主能在楼下客厅招待亲朋好友，同时保持楼上卧房的隐私性。

英国富豪戴森（James Dyson）日前亏本脱售华利世家豪宅，引起市场对这栋三层楼“空中别墅”的关注。随着生活习惯和口味转变，一些买家开始对双层（duplex）私宅单位产生兴趣，发展商也顺应买家需求，在新项目中推出双层单位。

根据房地产中介公司ERA整理数据，今年约有五个新项目设有双层单位，总共达89个单位。位于美芝路的滨海名汇（Midtown Bay）的双层单位最多，有40个。

相比之下，五年前有四个私宅项目设有双层单位，总共达66个单位，它们主要来自濒海景（Marine Blue，32个单位）和盛荟华廷（Pollen & Bleu，26个）。　　ERA产业研究咨询部主管麦俊荣接受《联合早报》访问时指出，双层单位更具隐私性，因为它们的卧房一般位于楼上，所以屋主能在楼下客厅招待亲朋好友，同时保持楼上卧房的隐私性。

他说：“如果双层单位较大，它也让人感觉有如住在有地住宅中。”

分析师： 双层对象 为年轻买家和投资者

本地早期较知名的双层单位项目有2006年的Southbank，它有60个居家办公单位（SOHO），当中一些为双层单位。由于设计概念新颖，该项目在当时相当抢手。

之后，发展商又在Altez和Spottiswoode 18等项目推出这类单位。

房地产分析师王伽胜受访时说，双层单位的潜在买家一般为年轻人和投资者，因为他们觉得这类单位的空间布置更灵活，也不介意上下楼梯。不少外国买家在国外住惯了洋房，由于他们无法在新加坡购买有地住宅，一些人或考虑选择接近有地住宅感觉的双层单位。

滨海名汇是目前拥有最多双层单位的新项目，发展商国浩房地产（GuocoLand）住宅销售总经理庄爱玲说，公司在设计这项目时，侧重于灵活住家概念，让住户可根据生活需要将房子转换为住家办公室、或是招待朋友和商业伙伴的地方。

她说：“滨海名汇双层单位让年轻有为企业家或行业领导者，在无需支付花高昂成本下，享有住在顶层单位的生活感受。它的潜在的租金收益也可吸引许多投资者。”

上月推出的新项目“蔚庭·轩”（Verdale），由中海地产和中建地产联合发展，共有12个双层顶层单位（duplex penthouse）。

发展商指出，市面上目前较缺乏适合多代同堂的较大单位，这类户型单位正好满足这些买家需求。

他们说：“蔚庭·轩位于有地住宅区，双层单位既反映有地住宅的美学和生活特色，同时又提供共管公寓的增值设施和保安服务。”

滨海名汇双层单位价格介于300万元至432万元；蔚庭·轩双层单位价格从262万5000元起跳。

范国庚：潜在买家群较小

靠近荷兰路的绿墩雅苑（Leedon Green），有五个双层单位。尽管它们价格不菲，从600万元起跳，在推出不到三个月就售罄。

绿墩雅苑是仁恒置地（Yanlord Land）和MCL地产联手发展项目。发展商受询时说：“冠病无疑改变了买家的观点。在过去几个月中，我们发现买家对较大房子以及拥有更多设施的较大规模项目的需求提高……大多数买家对双层单位如同度假胜地的生活方式感兴趣，因为它在庞大项目中是极为罕见的。”

房地产平台Stacked Home联合创始人范国庚却持不同看法，认为居家办公趋势或许增加买家对双层单位的兴趣，但他们最注重的始终是房子的实用性。

他指出，双层单元确实提供有如排屋的独特生活体验，但这类单位的楼梯占用不少面积，一些买家可能觉得空间使用效率低。

他提醒：”考虑到成本和生活方式，双层单位的潜在买家群较小，将来可能会较难脱售。”

Source: https://www.zaobao.com.sg/finance/singapore/story20201028-1096344

[Showster]

Bros, do forward projection instead of dwelling on the current numbers (unverified).

Firstly, Malaysians do not just work in F n B.

Secondly, those who go back or elsewhere, where is good for them to earn money? Given the current state, I expect businesses to be worse over there.

Thirdly, how about Singaporeans returning from overseas to this safe haven?

Lastly, when they rent somebody’s HDB, where do those landlords go to stay?

Forward project, don’t just see current state.

Edited October 28, 2020 by Showster

[Fitmugen]

If your place can rent out, your statistics is 100% rent occupancy. If cannot rent out it's 0%.

No need to pay so much attention to general statistics. Do your own homework when buying a place to rent out. if no budget to buy good location, just stay out, rental properties is not for you. Just stating hard truths

[ToyotaShuttle]

14 hours ago, Voodooman said:

You should go ask around if there is a basis for those estimate and then decide if this is fake news. I am just quoting from the papers but according to my sources, a lot of foreign F&B workers were axed / left before/ during CB and during phase 1 due to lack of JSS support. Maybe you can go ask rando or call BT and fxxk them for publishing unverified views.

BT is just quoting that guy. They aren't saying that they've done fact checking and they aren't presenting it as fact.

So what's the basis for those estimates? Any more reliable sources other than a f&b owner/manager complaining that they are not able to find any workers?

[therock]

https://www.straitstimes.com/business/economy/singapore-to-see-uneven-and-protracted-recovery-from-covid-19-recession-amid-job

The protracted recession will have implications on the property market.

Less rental yields, less expats, and then there can be a whole wave of job losses coming.

So for those who can retain their jobs, it's a good time. But even if one retains their jobs, the pay package is can be reduced.

Even NUS is cutting pay and many stat boards are also trimming staff quietly or not replacing staff who leave... So make sure you have enough in the bank...

[Showster]

20 minutes ago, therock said:

https://www.straitstimes.com/business/economy/singapore-to-see-uneven-and-protracted-recovery-from-covid-19-recession-amid-job

The protracted recession will have implications on the property market.

Less rental yields, less expats, and then there can be a whole wave of job losses coming.

So for those who can retain their jobs, it's a good time. But even if one retains their jobs, the pay package is can be reduced.

Even NUS is cutting pay and many stat boards are also trimming staff quietly or not replacing staff who leave... So make sure you have enough in the bank...

The oddest thing is, for most people, to have more in the bank, it means they should loan as much as possible, especially in lowest rate mortgage loans.

Let’s say you have a mortgage of $500,000 and cash at hand of $500,000. Who will in their right mind go and pay down the mortgage?

If you won’t pay down, why won’t you also loan up if you are not unduly punished by ABSD? Say for example leave $200,000 as cash buffer and use $300,000 to buy an asset?

Or better to leave 1 million in cash buffer alone and try to save even more cash just because there is a recession?

[therock]

https://www.businesstimes.com.sg/real-estate/singapore-private-home-prices-up-08-in-q3-from-previous-quarter-ura-flash-estimate

landed property seems to be the most insulated against any economic crisis... most of the owners have tremendous holding power 

 

[therock]

https://www.todayonline.com/singapore/spores-recovery-covid-19-downturn-set-take-18-months-twice-long-earlier-recessions

the longer road to recovery will expose those who are marginal buyers... 

I’ll expect the buying power to be reduced ...