Daily Briefing: Canberra Link site bids fewer compared to Sumang Walk; Razer to launch digital payment platform in Singapore by 2019

And here's why the HSR delay won't hurt the property prices in Jurong area.

From iCompare Loan:

The considerably ‘healthy’ nine bids garnered by the executive condominium (EC) site in Canberra Link remained ‘pale in comparison’ to the 17 bids received by Sumang Walk EC site in February, JLL said.

“Price-wise, the top bid of SGD 558 psf ppr received for the Canberra Link is 4.3% lower than the SGD 583 psf ppr achieved for the Sumang Walk site in February 2018,” JLL added. “Perhaps, developers have taken into account the additional 5% non-remittable ABSD that they have to pay for sites acquired after 5 July 2018 in their tender submission.”

The firm noted that the estimated breakeven price for the new EC at Canberra Link is estimated at between $950 and $1,000 psf.

“This could translate to higher selling prices than the last EC project launched at Rivercove Residences along Anchorvale Lane in April 2018 which were sold at an average of $976 psf based on caveats lodged,” they commented.

Read more here.

From E27:

Singapore-breed Razer will roll out its digital payments platform in Singapore by Q1 2019.

Razer first outlined its plans to develop a national e-payments system for Singapore exactly one year ago, via a 10-page proposal to the Singapore Prime Minister Office (PMO).

“In respect of Singapore, while we have made strides in moving the country to a cashless economy, for example, SG QR national initiative and PayNow Corporate, we have hardly become a cashless economy,” Razer founder and CEO Min-Liang Tan said in a Facebook post.
In August, Razer partnered with the United Overseas Bank (UOB), allowing its bank customers to top-up their personal e-wallets using Razer Pay as well as allow Razer Pay merchants to process payments.

Read more here.

From Property Guru:

The postponement of the Kuala Lumpur-Singapore High-Speed Rail (HSR) project will not significantly affect property prices within the Jurong area as the HSR only forms part of the blueprint for the rejuvenation of the area, Propnex CEO Ismail Gafoor said.

In fact, shopping malls like Westgate and Jem had sprung up within the area even before the HSR developments, said Ismail.

“Prices in Jurong had started to move upwards in the last few years because of developments like the malls and Ng Teng Fong General Hospital,” he said.

Looking ahead to the next five years, Ismail expects property prices in Jurong to be “sustained as the west continues to be rejuvenated, with construction like the mega port”.

Read more here.