The Leading Professional and Representative Body for the Real Estate Industry

The Leading Professional and Representative Body for the Real Estate Industry



Daily News – 10 September 2021 (Fri)

Singapore Real Estate

HDB resale prices rise in August to just 0.1% below peak; record high of 26 million-dollar flats sold: SRX
Housing Board resale prices rose for the 14th consecutive month, climbing at a faster pace of 1.1 per cent in August compared with July, according to flash data from real estate portal SRX on Thursday. Prices are just 0.1 per cent off the peak in April 2013 according to SRX data, which means September prices are likely to hit a record high as strong demand continues to outstrip flat supply.

Why are HDB resale prices rising and what does this mean for home buyers?
Singapore – Prices of Housing Board resale flats have been climbing for 14 straight months, since Singapore exited the circuit breaker period in June last year, and are almost reaching an all-time high. Barring any government intervention, prices are widely expected by many property analysts to continue rising in the coming months.

The changing profile of the GCB market
As the make-up of Singapore’s high-net-worth demographic has changed over the years, so too the profile of the property market’s top tier – the Good-Class Bungalow (GCB) segment. While business tycoons and “old money” dominated ownership of these luxury properties in the past, the profiles of buyers have changed in tandem with the transformation in Singapore’s economy. The preferences of these buyers have also changed.


Singapore Economy

Reconnecting with Asean a key focus for Singapore as it recovers from pandemic, says Desmond Lee
Singapore – Reconnecting with its Asean neighbours will be a key focus for Singapore as it reopens its economy and recovers from the Covid-19 pandemic, said Minister for National Development Desmond Lee on Thursday (Sept 9).

Little India shops look forward to business boost from pilot scheme for migrant workers
Singapore – For the past year and a half, shopkeepers in Little India have been hit hard by a drastic fall in income as migrant workers who would throng the area on weekends were confined to their dormitories as a result of the Covid-19 pandemic.


Companies’ Brief

Straits Trading launches shareholders’ club, offering fractional investments in properties
With property likely to remain a preferred choice among investors for long-term wealth creation, The Straits Trading Company is looking to become a major player in the securitisation of real estate. In doing so, it also hopes to create value and investment opportunities for its shareholders.

Ascott Residence Trust’s private placement priced at bottom end of price range
Ascott Residence Trust (ART)’s private placement closed about 2 times covered and was priced at the bottom end of its price range at 98.3 Singapore cents per new stapled security. The private placement saw participation from new and existing institutional and other accredited investors, the managers of the real estate investment trust (Reit) said in a bourse filing on Friday.

ART to buy Texas student housing asset for US$70m; proposes S$150m placement
Ascott Residence Trust (ART) will acquire a 1,005-bed student accommodation asset in Texas, United States for US$70 million. To partially fund the acquisition, the managers have proposed a S$150 million private placement.

Companies can’t ignore ESG because it is costly or complex, say panellists
Companies must think beyond shareholders and consider their other stakeholders to ensure the long-term sustainability and resilience of their businesses – which means that the topic of environmental, social, and governance (ESG) cannot be ignored, no matter how complicated or expensive it may seem, said panellists at a conference on Thursday.


Views, Reviews, Forum & Others

Construction firms to get help adopting robotics, automation amid manpower crunch
Singapore – Construction companies, affected by a prolonged manpower shortage, can soon get up to 80 per cent of funding support to adopt robotics and automation solutions. This comes under an initiative jointly launched by the Building and Construction Authority (BCA) and the Infocomm Media Development Authority on Thursday (Sept 9).

Hybrid AGMs and ‘live’ voting should be mandatory: Sias chief
Singapore – When Covid-19 emerged in March 2020, the regulatory authorities here fast-tracked legislation in April to allow listed companies to hold their annual general meetings (AGMs) either virtually or in hybrid fashion.

Update on COVID-19 (Coronavirus Disease 2019) Situation

450 new locally transmitted Covid-19 cases in S’pore; unvaccinated 62-year-old man dies of Covid-19
Singapore – Singapore reported 450 new locally transmitted cases on Thursday (Sept 9) – the highest number of local cases since August last year. It is also more than double the number of cases one week ago, on Sept 2, when it stood at 191.

Wholesale night market in Toa Payoh East closed for 2 weeks after several Covid-19 cases emerge
Singapore – A wholesale night vegetable market in Toa Payoh East Lorong 7 has closed for two weeks from last Friday (Sept 3), after several Covid-19 cases were reportedly found there. Before its temporary closure, about 10 fruit and vegetable stalls operated at the wholesale market from Monday to Saturday from 11pm to 5am. The market has been running for at least 30 years.

No need to differentiate between linked and unlinked Covid-19 cases when disease is treated as endemic: Experts
Singapore – It makes less sense to differentiate between linked and unlinked Covid-19 cases as Singapore moves to treating the disease as endemic, public health and infectious disease experts said. They added that shifting the focus from this means resources can be better used elsewhere.

MOM to allow up to 500 migrant workers to move within the community each week
Vaccinated migrant workers will be allowed to move within the community as part of a pilot starting Sept 13, said the Ministry of Manpower (MOM) on Thursday. The move is part of the gradual easing of movement restrictions for migrant workers living in dormitories.

*For more information, please visit the Ministry of Health (MOH) website at and refer to for updates on the COVID-19 (Coronavirus Disease 2019) situation


Global Economy & Global Real Estate

Biden mandates widespread Covid-19 shots, tests for millions of US workers

UK house prices keep rising in August even as tax break unwinds: RICS

1.6 million Britons still on furlough as job support winds up

‘Cyber grave robbers’ accused of stealing identities of Florida condo victims

US Fed officials say tapering could still begin this year

German exports rise again amid supply chain woes

Australia’s Crown Resorts warns may not continue as ‘going concern’

China’s factory inflation hits 13-year high as materials costs soar

Japan’s prime minister extends virus emergency for 19 areas to Sept 30

Japan extends Covid emergency curbs in Tokyo, other areas, but govt eyeing reopening of borders

Hong Kong growth to match Singapore’s for first time since 2008

Thai economy should grow in 2021 as virus curbs ease, says deputy PM

Malaysia central bank holds rates, expects growth

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