Daily Briefing: Construction of Tuas Terminal begins; New rules for transfer of flat ownership

And here’s the deal on the commercial property market.

Construction of the first phase of the Tuas Terminal project officially started, according to the Maritime and Port Authority of Singapore (MPA). Coordinating Minister for Infrastructure and Minister for Transport Khaw Boon Wan, launched the first caisson to commemorate the launch. Read more here.

HDB flat owners who want to relinquish their ownership in favour of another family member are no longer permitted to do so, except on certain grounds, reported The Straits Times. Under the new rules which came into force last month, transfer of ownership is only allowed for divorce, marriage, medical reasons, death of an owner, financial hardship and renunciation of citizenship, said an HDB spokeswoman. Find out more here.

Rental demand for commercial property in Singapore has declined at its fastest pace in Q1 2016 since the financial crisis in 2009, according to the latest report from the Royal Institution of Chartered Surveyors (RICS). Amidst the city-state’s sluggish economy and growing supply of available space, the appetite for retail, industrial and office premises fell sharply last quarter for both tenants and investors. Read more here.

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