Research from SooChow CSSD Capital Markets (Asia), SCCM Asia Research

SCCM Asia Research

Research from SooChow CSSD Capital Markets (Asia)

Thematic (Sector/Industry)

<h2>Singapore</h2><h3>Condo and HDB rents continued to rise in May21; Volumes holding up well</h3><p>The rental market for both private apartments and HDB flats in May remained robust despite the tightened Covid-19 measures and border restrictions in place. Rents for condominium units rose by 0.3% MoM and are up 7.3% YoY. They are still down 11.4% from their peak in Jan13, according to SRX. HDB rents saw a slightly higher increase of 0.7% MoM and are up 7.9% YoY. However, they are still 9.2% off their highs in Aug13. With the May increases, condo rents extended their rise to five consecutive months, while HDB rents climbed for 11 straight months. Rental volume for condo apartments increased by 1.7% MoM to an estimated 4,603 units leased in May compared with 4,527 units in Apr. The number of units rented out last month are also 39.3% higher YoY, when Singapore was in its circuit breaker period. HDB rental volume in May saw a slight drop from Apr, down 0.9% MoM to an estimated 1,686 units from 1,702 units in Apr. HDB rental volume last month is 30.4% higher Yoy, though 8.5% lower than the five-year average volume for the month of May.</p><section class="figure"><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/212/219/original/image017.png?1623289645" class="editor-image img-responsive" data-smartkarma-image-id="212219"></figure><section class="figure"><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/212/220/original/image018.png?1623289657" class="editor-image img-responsive" data-smartkarma-image-id="212220"></figure></section></section>

SingaporeCondo and HDB rents continued to rise in May21; Volumes holding up wellThe rental market for both private apartments and HDB flats in May remained robust despite the tightened Covid-19 measures and border restrictions in place. Rents for condominium units rose by 0.3% MoM and are up 7.3% YoY. They are still down 11.4% from their peak in Jan13, according to SRX. HDB rents saw a slightly higher increase of 0.7% MoM and are up 7.9% YoY. However, they are still 9.2% off their highs in Aug13. With the May increases, condo rents extended their rise to five consecutive months, while HDB rents climbed for 11 straight months. Rental volume for condo apartments increased by 1.7% MoM to an estimated 4,603 units leased in May compared with 4,527 units in Apr. The number of units rented out last month are also 39.3% higher YoY, when Singapore was in its circuit breaker period. HDB rental volume in May saw a slight drop from Apr, down 0.9% MoM to an estimated 1,686 units from 1,702 units in Apr. HDB rental volume last month is 30.4% higher Yoy, though 8.5% lower than the five-year average volume for the month of May.

ASEAN Builder's Scoop (10Jun21) - Condo/HDB Rents Continue to Rise in May21

<h2>Singapore</h2><h3>Condo resale prices up 0.9% MoM to a new high in May21; Volume dips amid Covid-19 curbs</h3><p>Private resale housing market saw prices in May inch up 0.9%  MoM to a new high, even while the number of condominium units resold dipped by 11.4% MoM as tightened Covid-19 measures restrict property viewings. The limit on group sizes, which is in place till 13Jun, has put a slight drag on resale volume, with 1,722 units changing hands in May, compared with 1,944 units in Apr, according to SRX. The sales drop was not as drastic compared with the circuit breaker period last year when volume plunged 57.6% from 747 units in Mar20 to 317 units in Apr20. Volumes last month were up strongly by 811% YoY from the 189 units resold in May20, when the circuit breaker was in effect. It is also 86.6% higher than the five-year average volume for the month of May. Despite viewing restrictions, May prices remained strong and rose 6.9% YoY. Prices of resale condo units in the city fringe grew by 1.8%, the fastest among the three market segments. Those in the outside central region grew by 0.8%, while prices in central Singapore slipped by 0.7%.</p><section class="figure"><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/212/047/original/image003+%282%29.png?1623202523" class="editor-image img-responsive" data-smartkarma-image-id="212047"></figure><section class="figure"><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/212/048/original/image004.png?1623202538" class="editor-image img-responsive" data-smartkarma-image-id="212048"></figure></section></section>

SingaporeCondo resale prices up 0.9% MoM to a new high in May21; Volume dips amid Covid-19 curbsPrivate resale housing market saw prices in May inch up 0.9%  MoM to a new high, even while the number of condominium units resold dipped by 11.4% MoM as tightened Covid-19 measures restrict property viewings. The limit on group sizes, which is in place till 13Jun, has put a slight drag on resale volume, with 1,722 units changing hands in May, compared with 1,944 units in Apr, according to SRX. The sales drop was not as drastic compared with the circuit breaker period last year when volume plunged 57.6% from 747 units in Mar20 to 317 units in Apr20. Volumes last month were up strongly by 811% YoY from the 189 units resold in May20, when the circuit breaker was in effect. It is also 86.6% higher than the five-year average volume for the month of May. Despite viewing restrictions, May prices remained strong and rose 6.9% YoY. Prices of resale condo units in the city fringe grew by 1.8%, the fastest among the three market segments. Those in the outside central region grew by 0.8%, while prices in central Singapore slipped by 0.7%.

ASEAN Builder's Scoop (9Jun21) - Condo Resale Price Reaching New High in May21

<h2>Singapore</h2><h3><a href="https://www.smartkarma.com/entities/mapletree-commercial-trust" target="_blank" data-smartkarma-citation="entities:106" rel="noopener">Mapletree Commercial Trust (MCT SP)</a> to provide more tenant support amid stricter Covid-19 measures</h3><p>MCT said it is committed to providing the necessary rental and operating assistance to its retail tenants as Singapore tightens its Covid-19 measures till 13Jun. Since the start of the pandemic, MCT has implemented support packages comprising more than S$70m of rental rebates to help eligible retail tenants offset, on average, more than four months of fixed rent. This includes the passing on of property tax rebates, cash grants from the government and other mandated grants to qualifying tenants. MCT's properties have implemented health and safety protocols.</p><p>Comments: Rental rebates are likely returning as F&amp;B tenants grapple with no-dining-in restrictions for ~1mo. We understand few tenants at Paragon have already requested for assistance but SPHREIT is still reviewing. We will keep track for every landlord’s decision and report accordingly.</p>

SingaporeMapletree Commercial Trust (MCT SP) to provide more tenant support amid stricter Covid-19 measuresMCT said it is committed to providing the necessary rental and operating assistance to its retail tenants as Singapore tightens its Covid-19 measures till 13Jun. Since the start of the pandemic, MCT has implemented support packages comprising more than S$70m of rental rebates to help eligible retail tenants offset, on average, more than four months of fixed rent. This includes the passing on of property tax rebates, cash grants from the government and other mandated grants to qualifying tenants. MCT's properties have implemented health and safety protocols.Comments: Rental rebates are likely returning as F&amp;B tenants grapple with no-dining-in restrictions for ~1mo. We understand few tenants at Paragon have already requested for assistance but SPHREIT is still reviewing. We will keep track for every landlord’s decision and report accordingly.

ASEAN Builder's Scoop (17May21) - MCT to provide more tenant supports

Philippines

AREIT, Inc. operates as a real estate investment trust. The Company owns and invests in income-producing commercial portfolio of office, retail, and hotel properties. AREIT serves clients in Philippines.

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Areit (AyalaLand REIT) (AREIT PM)

ASEAN Builder's Scoop (10Jun21) - Condo/HDB Rents Continue to Rise in May21

Condo/HDB rents continue to rise in May21; LHN on the lookout for more Co-living properties; WHA bets on Phuket reopening; ALI/AREIT property/share...

SCCM Asia Research

ASEAN Builder's Scoop (9Jun21) - Condo Resale Price Reaching New High in May21

Condo resale price reaching new high in May21; EAGLEHT surrenders Queen Mary; ALI increases stake in AREIT to 66%; FLI trades at <0.4x P/B; Crypto...

SCCM Asia Research

ASEAN Builder's Scoop (17May21) - MCT to provide more tenant supports

MCT to provide more tenant supports; ARA increases stake in Kenedix; Provence Residence healthy 53% take-up rate; AREIT 1Q21 driven by inorganic...

SCCM Asia Research

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