Daily Debrief: What happened today
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THE Ministry of National Development (MND) on Thurday (Dec 16) announced that it is increasing the supply of private housing in the confirmed list of the Government Land Sales (GLS) Programme for first-half 2022 to 2,785 units (including 495 executive condo or EC units). This is 39 per cent higher than the 2,000 units (including 375 EC units) in the current H2 2021 GLS Programme.
Quick takes: How might fresh cooling measures affect Singapore's property market?
LATE Wednesday (Dec 15) night, the Singapore government announced a package of measures to cool the property market, with the changes taking effect from Thursday (Dec 16). The additional buyer's stamp duty (ABSD) rates were raised by 5 to 15 percentage points, the total debt servicing ratio (TDSR) threshold was tightened to 55 per cent, and the loan-to-value (LTV) limit for loans from the Housing Board (HDB) was lowered to 85 per cent.
Singapore property developers will face 'immense' pressure from higher ABSD: Redas
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THE Real Estate Developers' Association of Singapore (Redas) said the latest set of cooling measures was "rather unexpected", considering the property market is just beginning to emerge from the challenging Covid-19 situation.
EHT's New Jersey hotel sold for US$23.5m, insufficient to cover entire mortgage loan
THE sale of Eagle Hospitality Trust's (EHT) New Jersey hotel Delta Woodbridge (DW) was completed on Dec 8 for US$23.5 million, DBS Trustee announced on Thursday (Dec 16). Net proceeds from the disposal were used to offset the outstanding principal balance of a US$37.6 million DW mortgage loan, but were understood to be insufficient to cover the entire balance.
Italy bans tourists from Singapore till Jan 31 next year
SINGAPORE residents will no longer be able to travel to Italy for leisure from Thursday (Dec 16).
The STI today
Singapore stocks end higher on Thursday, STI up 0.5% LOCAL shares capped Thursday on a more upbeat note, as investors appeared to be buoyed by cues from the Federal Reserve officials about a shift towards ending their asset buying programme and raising their interest rates in 2022.
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