Certificate of entitlement (COE) premiums ended mixed in the first tender of the year yesterday, with prices hardly changed from the previous tender two weeks ago. The COE price for cars up to 1,600cc and 130bhp finished 0.1 per cent higher at $40,609. The premium for cars above 1,600cc or 130bhp closed 0.6 per cent lower at $49,001. The premium for the Open COE - which can be used for any vehicle type except motorcycles but ends up mostly for bigger cars - ended merely 0.02 per cent, or $11, lower at $49,489. The commercial vehicle COE price was 2 per cent up at $35,900, while the motorcycle premium closed 2.4 per cent lower at $7,501. Motor traders said the Christmas and New Year holiday breaks meant fewer buying activities in the past two weeks. Mr Nicholas Wong, general manager of Kah Motor, said the traditional year-end rush by dealers to meet annual sales targets is over, thus cooling bidding somewhat. "It is a good breather," Mr Wong said of the latest results, pointing out that prices had gone up by nearly $10,000 (for bigger cars) in the last two rounds. "Most of those who were rushing to clear stock - which pushed up premiums - have already managed to do so," he added. With the halt in the price spiral seen in the closing weeks of last year, buyers may be encouraged to come back to showrooms, he said. Dealers are divided on the COE supply outlook for this year. Some expect a small increase in supply on account of about 22,000 cars which had their COEs revalidated for five years in 2016. Five-year renewals cannot be revalidated further, and these cars will have to be scrapped this year. Others, like Mr Wong, are bracing themselves for a further dip. He expects that the next three-month quota starting next month will shrink by around 6 per cent. Industry watchers point out that there will be a deluge of new car model launches this year, following the business suspensions brought on by pandemic lockdowns last year.
LONDON • United Nations chief Antonio Guterres yesterday called on governments to declare a "state of climate emergency" and make good on their promises to slash carbon pollution as they recover from the coronavirus pandemic. Speaking at the opening of the Climate Ambition Summit, held online to mark five years since the Paris climate deal, Mr Guterres warned that nations' current commitments were "far from enough" to limit temperature rises to 1.5 deg C. "If we don't change course, we may be headed for a catastrophic temperature rise of more than 3.0 degrees this century," he said. "That is why today, I call on all leaders worldwide to declare a state of climate emergency in their countries until carbon neutrality is reached," he added. Britain's Prime Minister Boris Johnson, China's President Xi Jinping, France's President Emmanuel Macron and Singapore's Prime Minister Lee Hsien Loong are among the more than 75 leaders taking part in the virtual summit. In his video message at the summit, PM Lee said Singapore will do its part to meet the commitments under the Paris Agreement. "Climate change is an existential threat for all of us, but especially for a small island state like Singapore. This global challenge requires a global response. Singapore will do our part, together with other countries," said PM Lee. The Paris deal enjoined nations to limit warming to "well below" 2 deg C through sweeping cuts to greenhouse gas emissions. But progress has stalled. The UN says emissions must fall 7.6 per cent annually up to and including 2030 to keep the 1.5 deg C temperature cap in play. This year, as the pandemic brought lockdowns and restrictions on movement, emissions fell a record 7 per cent, the UN said last week. Mr Guterres said the Group of 20 nations were spending 50 per cent more in their rescue packages on sectors linked to fossil fuels than on those linked to low-carbon energy. "This is unacceptable. We cannot use these resources to lock in policies that burden future generations with a mountain of debt on a broken planet," he said. President Xi said China, the world's biggest emitter, would seek to cut emissions per unit of gross domestic product by more than 65 per cent from 2005 levels by 2030, raising the target from its previous goal of cutting pollution by 60 per cent to 65 per cent. China will seek to make non-fossil fuels about 25 per cent of its primary energy mix by the end of the decade. When Singapore submitted its first pledge under the Paris climate pact in 2015, its main goal was to reduce its emissions intensity by 36 per cent from 2005 levels, and to peak by around 2030. Under the enhanced Nationally Determined Contribution, Singapore has committed to the absolute peak emissions level of 65 million tonnes of carbon dioxide equivalent around 2030. The promises were at the weakest end of forecasts by climate experts, and raise questions about how serious China is about its pledge to be carbon neutral by 2060. PM Lee said that the Republic has submitted an enhanced Nationally Determined Contribution (NDC), or emissions pledge. More on this topic Related Story Global summit to present 'ambitious' climate change goals Related Story Ahead of UN climate summit, urgent calls to 'fix the future' When Singapore submitted its first pledge under the Paris climate pact in 2015, its main goal was to reduce its emissions intensity by 36 per cent from 2005 levels, and to peak by around 2030. Under the enhanced NDC, Singapore has committed to the absolute peak emissions level of 65 million tonnes of carbon dioxide equivalent around 2030. PM Lee also said that despite Singapore's alternative energy restraints, it is "taking bold steps to achieve our long-term low emissions development strategy". The steps include quadrupling solar energy production by 2025, phasing out internal combustion engine vehicles by 2040, actively investing in low-carbon solutions and promoting green financing, for example, through a US$2 billion (S$2.7 billion) Green Investments Programme. More on this topic Related Story EU leaders clinch deal on tougher 2030 climate goal Related Story Cutting carbon a new focus area for Singapore under five-year research masterplan "These will help Singapore transition to a low-carbon economy. But ultimately, Singapore will not be able to stop climate change on our own. All countries, big and small, must join hands and do our shares," said PM Lee. He added: "Not only to fulfil what we have agreed to under the Paris Agreement, but to continue to push the envelope on climate ambition, so that we minimise the risk of a climate catastrophe destroying our children's world." AGENCE FRANCE-PRESSE, BLOOMBERG • Additional reporting by Goh Yan Han
SINGAPORE - The number of Housing Board (HDB) resale flats sold for $1 million or more each has hit a new high, following 13 transactions done in November, according to data from real estate portal SRX released on Thursday (Dec 10). The 72 million-dollar flats sold in January to November this year compare to 64 such units for the whole of 2019. SRX's flash estimates for November also reveal that HDB resale prices rose for the fifth consecutive month, though the volume of transactions dipped. At the top end of the HDB resale market, a five-room unit at The Pinnacle @ Duxton sold for $1,248,000, which was the highest transacted price registered for a resale flat in November. Meanwhile, a five-room Design, Build and Sell Scheme (DBSS) flat in Parkland Residences in Hougang sold for $810,000, recording the highest resale price in non-mature estates. PropNex head of research and content Wong Siew Ying said buyers of million-dollar HDB flats may be willing to pay so much due to its central location, the convenience of being near to the city and the amenities available. She added that as private condo prices have remained resilient throughout the pandemic, some buyers may have turned to the HDB resale market for flats that better fit their budget and housing needs. "A family-sized private condo in the suburbs could cost $1.5 million, but for $1 million or so, the buyer can get a relatively similar sized HDB resale unit on a high floor and in a prime spot near the city," she said. In the overall HDB resale market, prices rose 1 per cent last month from October. November's resale prices are 5 per cent higher than a year ago but 9.5 per cent lower than their peak in April 2013. Prices in non-mature estates climbed 1.3 per cent year on year, while those in mature estates rose by 0.7 per cent. The number of resale transactions in November dropped 4.3 per cent from October to 2,331, according to SRX data. This volume though was 21.7 per cent higher than in the same month last year. Of the HDB flats sold last month, 41.9 per cent were four-room flats, 26.6 per cent were five-room flats, 22.1 per cent were three-room flats and 8.2 per cent were executive flats. The rest of the transactions involved multi-generation, one-room and two-room flats. Commenting on the fewer number of transactions, Orange Tee & Tie head of research and consultancy Christine Sun said that this could be a result of sellers raising their asking prices following recent market exuberance and stellar sales inked over the past few months. More on this topic Related Story HDB resale prices rise for 4th month in October; 13 million-dollar flats sold: SRX Related Story Singapore residential property market remains resilient despite downturn She added that many resale flats are currently transacted above valuation. Data from SRX showed that the overall median transaction over X-value (TOX) was a positive $1,000 in November, though this was a drop of $2,000 compared with October. Median TOX measures whether people are overpaying (in the case of positive TOX) or underpaying (when there is negative TOX) relative to the SRX Property X-value estimated market value for flats. Flats in Serangoon recorded the highest median TOX at positive $11,000, while those in Bishan had the lowest median TOX at negative $12,000.
About 91 per cent of those diagnosed with the human immunodeficiency virus (HIV) here are receiving sustained antiretroviral therapy for it, and 91 per cent of this group have suppressed the virus. This exceeds two of the United Nations' three "90-90-90" goals, the Health Ministry's director of communicable diseases Vernon Lee said on Saturday. But Singapore still falls short of the third goal, which is to have 90 per cent of all people living with HIV know their status. Speaking at the 12th Singapore Aids Conference, held virtually this year, Associate Professor Lee said only 80 per cent of HIV-positive people here have been diagnosed. This number was calculated using data from the national HIV registry database and modelled using a tool that the European Centre for Disease Prevention and Control uses. Prof Lee said Singapore's 80 per cent statistic for this goal is around the global average, while the Republic has generally surpassed other regions with its achievements for the other two targets. He also noted that Singapore has progressed in terms of the percentage of people who have HIV that have been diagnosed, which has increased every year, up from 66 per cent in 2014. "The progress we have made in terms of getting people tested and diagnosed with HIV has improved across the years, but this is something that we need to continue to push because we want people to get diagnosed so that they can move towards treatment and viral suppression," he said. The percentage for the three groups was calculated based on data from 2018, as it takes several years for it to be processed. So it is not yet clear if Singapore will meet the UN's goals for this year. But Professor Roy Chan, president of Action for Aids Singapore, said hitting the UN's targets is not as important as seeing an improvement over time. "The important thing for us to understand is - are we doing better? Ninety per cent is (just) the first target... We can do much better than this; I think as a small country we can hit 95 per cent," he said. Prof Chan, who is also a senior consultant at the National Skin Centre and head of its Sexually Transmitted Infection Control Programme, said there is a need to reduce the stigmatisation of people living with HIV, and also to correct the misunderstanding that treatment is expensive. He added that self-testing kits could help reduce fear. Prof Chan said: "We have some ways to go, and it's the job of everybody... to work together to try and get this done."
THE BIG STORY S'pore economy poised to grow by 4% to 6% next year Singapore's economy may expand by 4 per cent to 6 per cent next year, the fastest pace in a decade, helped by a low base, the Ministry of Trade and Industry said yesterday. However, gross domestic product will probably not return to pre-coronavirus levels until the end of next year, it said. WORLD Malaysian minister vows rail link will be done by 2026 Malaysia's Transport Minister has assured Johor's Sultan Ibrahim Iskandar that the Rapid Transit System Link between Johor Baru and Singapore will be completed by 2026. His ministry hopes the project would bring positive economic impact to industries such as tourism and real estate, especially in Johor. SPORT Two more One Championship live events next month Following a successful return to live sports after the coronavirus hiatus with its Oct 30 event, One Championship will hold two more mixed martial arts events - Big Bang on Dec 4 and Collision Course on Dec 18. Up to 250 tickets will be sold at $188, and fans must pass an Antigen Rapid Test to gain admission. B16 WORLD Veteran diplomat tipped to be US secretary of state US President-elect Joe Biden will name his first Cabinet picks today, and he is expected to name veteran diplomat Antony Blinken as the secretary of state. The other appointees may include Mr Jake Sullivan as national security adviser and Ms Linda Thomas-Greenfield as ambassador to the United Nations. SINGAPORE 5-room Toa Payoh BTO flats oversubscribed by 6 times Undeterred by the high price tag, home seekers rushed for the five-room Build-To-Order (BTO) flats in Toa Payoh (Bidadari) - the most expensive units in this month's sales launch. As at 5pm yesterday, each of the 144 five-room flats in Bartley Beacon had more than six first-time applicants vying for the unit. BUSINESS Covid-19 put more stress on financial well-being: Survey Covid-19 has put additional stress on Singaporeans' financial well-being, according to the latest survey by OCBC Bank. About one-third of respondents faced difficulties paying off their housing loans, with 9 per cent stating that they may need to sell or downgrade.
While residents of Singapore are the least worried about contracting Covid-19 compared with people from five other South-east Asian countries, they are also the most pessimistic about an economic recovery, according to a research survey. The findings released yesterday show that more than half of 500 Singapore residents indicated they are less confident about their job security than three months earlier - the highest proportion observed compared with respondents from Indonesia, Malaysia, the Philippines, Thailand and Vietnam. Only 27 per cent of Singapore residents are expecting the economy to improve in the next six months, market research firm Ipsos said. Ipsos conducted the online survey from Sept 18 to 22, asking respondents questions related to the Covid-19 pandemic. They included how residents of the six South-east Asian countries have adapted to Covid-19 restrictions, as well as their household income and spending patterns. Five hundred people aged 18 and above - who Ipsos said were nationally representative in terms of age, gender and ethnicity - were surveyed from each of the countries. On the coronavirus, 73 per cent of Singapore respondents said they are either "very worried" or "somewhat worried" about getting it. The countries with the most number of people worried were the Philippines (95 per cent), and Vietnam and Malaysia (both 93 per cent). But 56 per cent of Singapore respondents said they are "less confident" about job security for themselves, their families or other people they know personally, compared with three months earlier. This is the highest proportion among the countries surveyed, which averaged 49 per cent. When it came to economic recovery in the next six months, residents of Indonesia are the most optimistic, with 75 per cent saying the economy will be "somewhat stronger" or "much stronger". More on this topic Related Story Singapore could enter phase 3 by end-2020; social gatherings of 8 people may be allowed Related Story TraceTogether check-ins to be compulsory at public venues in S'pore by end-December The figure was 51 per cent for Vietnam and 50 per cent for the Philippines, and only 27 per cent for Singapore. When asked what the priority for the government in the next six months should be, 32 per cent of Singapore residents said "protecting jobs". This is more than in the other South-east Asian countries such as Malaysia (20 per cent) or Indonesia (13 per cent). The three other choices presented to respondents for this question were: "control prices of goods", "provide cash assistance to households" and "keep everyone safe from Covid-19". Mr Prasad Shinde, senior client officer at Ipsos in Singapore, said Singaporeans are reassured by the steps taken by the Government in containing the Covid-19 pandemic. More on this topic Related Story Covid-19 vaccination in Singapore likely to be rolled out from 2021 Related Story Coronavirus microsite: Get latest updates, videos and graphics "They are, however, more concerned about their job security and feel the Government could do more in this area," he added in the statement. Separately, Mr Shinde noted that the pandemic has accelerated the adoption of cashless payments in Singapore and the region. In general, 43 per cent more survey respondents are buying more items online, 42 per cent more people are using cashless payments and 29 per cent more people are streaming more online content. He said: "Such habits are likely to persist beyond the pandemic. Most brands and marketers are in the planning stage for their business in 2021, and taking note of these changed habits in their plans for 2021 is important." Related Stories: Related Story 10 new Covid-19 cases in S'pore, all imported Related Story Task force spells out steps for S'pore to get to phase 3 by end-2020 Related Story TraceTogether check-ins to be compulsory at malls, restaurants by December Related Story Covid-19 vaccination in S'pore likely to be rolled out from 2021 Related Story S'pore travellers can tap govt subsidies, insurance for Covid-19 treatment Related Story Participants to take rapid Covid-19 tests before some mass events in Singapore Related Story Global coronavirus cases surpass the 40 million milestone Related Story S'pore, HK agree to set up air travel bubble for leisure travel without quarantine Related Story Australia in travel talks with Singapore, Japan, Korea as coronavirus cases ease Related Story Interactive: How the world lost one million lives to Covid-19
SINGAPORE - The Housing Board resale market staged a stunning rebound in the third quarter of 2020, with transactions soaring to a 10-year high after diving to their lowest since 2007 in the previous three months. There were 7,787 resale flats transacted in the July to September quarter, a 127.3 per cent rise from 3,426 units in the second quarter, when sales plunged 40 per cent quarter on quarter because of the two-month circuit breaker, which ended on June 1. But this was not all pent-up demand: The number is also 24.3 per cent higher than the 6,264 flats sold in the same period last year. The resale volume at 7,787 flats is also the highest in 10 years, since 8,205 flats were sold in the third quarter of 2010, analysts noted. Buyers flocked to the HDB resale market as they favoured living space and affordability in the current economic climate, said Huttons Asia director of research Lee Sze Teck. Orange Tee & Tie head of research and consultancy Christine Sun said some demand could have been drawn from the Build-To-Order (BTO) market. "Many BTO flats from recent launches were slated to be completed in four to five years' time and the long waiting period drove some buyers to the resale market, especially for couples with urgent accommodation needs," she said. Ms Sun added that many BTO launches were heavily oversubscribed and unsuccessful candidates had to turn to the resale market as an alternative. HDB said around 9,300 BTO flats in various estates will be offered next month and in February next year. The next Sale of Balance Flats exercise will also be held next month, barring any unforeseen circumstances. Prices of resale HDB flats also rose, by a stronger 1.5 per cent quarter on quarter, after edging up 0.3 per cent in the second quarter. Year on year, prices rose 2.3 per cent. Ms Sun said the increase in prices could be attributed to many newer HDB resale flats being sold in the third quarter. "As newer flats tend to command higher prices than older ones, the overall price index could have been 'uplifted' by the newer flats. Some sellers have also raised their asking price since housing demand has returned," she said. More on this topic Related Story HDB resale flat demand stays strong in Sept Related Story New private home sales hit over 2-year high in September: URA data Mr Lee said the supply of resale flats in the third quarter was lower as some upgraders held back from selling their flats because of the six-months' extension on remission of the additional buyer's stamp duty (ABSD). Hence, there were slightly more buyers than sellers for resale flats in the third quarter, resulting in higher prices, he added. HDB resale prices may continue to climb in the coming quarters because of lower supply from the longer completion period for BTO flats and ABSD relief. Mr Lee said resale prices may increase up to 2.5 per cent this year, the largest price growth since 2012. Ms Sun said the property market is still at risk from a confluence of economic challenges - a global economic slowdown, a grim employment outlook and the adverse impact of the withdrawal to come of government support measures for businesses. Nevertheless, tailwinds from low-interest rates may prop up sales and sustain prices in the near term, she added. More on this topic Related Story HDB flats in latest BTO exercise oversubscribed one day after their launch Related Story Limited supply of five-room BTO flats in central mature towns in the last five years due to space constraints: HDB Said Ms Sun: "We are cautiously optimistic that around 20,000 to 23,000 resale flats could be transacted this year. Prices may trend between 1.5 per cent and 3.5 per cent for the whole of 2020." For the HDB rental market, job losses may have led to the lower rental volume. There were 8,196 approved applications to rent out HDB flats in the third quarter, a 22.2 per cent drop from 10,539 in the previous quarter, and a 31.7 per cent fall from the same period last year. Rents, however, saw an increase on average of 2.7 per cent, Huttons Asia estimated. Woodlands saw the biggest jump in rents due to more Malaysians renting flats in the area for its proximity to Johor.