The Leading Professional and Representative Body for the Real Estate Industry

The Leading Professional and Representative Body for the Real Estate Industry



Daily News – 1 Mar 2022 (Tue)

Singapore Real Estate

Luxury home prices to climb 5.7% this year: Knight Frank
Prices of luxury homes are expected to rise 5.7 per cent in 2022 across 28 prime residential markets, according to a forecast by real estate consultancy Knight Frank – a “subdued” performance after 2021’s blistering pace.

Large residential en-bloc sites can work despite cooling measures
Amid strong demand for homes, activity in the collective sales market started picking up in the latter part of 2021. According to real estate consultancy JLL, a dozen projects worth around S$2.19 billion – 9 residential and 3 mixed-use sites (based on proposed use) – were transacted in 2021.

Hikes in DC rates mirror recovery in most segments of Singapore property market
Reflecting the broad-based recovery in most segments of Singapore’s property market in the past 6 months, the government has raised development charge (DC) rates for the landed and non-landed residential, commercial and industrial use groups.

Two freehold commercial units in East Coast up for sale for S$23.8m guide price
Two freehold ground-floor adjoining commercial units at East Gate on 46 East Coast road are up for sale via expression of interest (EOI). In a press statement on Monday (Feb 28), Savills said the guide price for the units is S$23.8 million, which translates to approximately S$3,685 per square foot on the strata area.


Singapore Economy

Ukraine crisis clouds Singapore’s outlook, sanctions on Russia planned
Russia’s invasion into Ukraine has “clouded” the economic outlook for Singapore, which on Monday (Feb 28) joined a growing number of “like-minded” countries to impose sanctions against the nuclear superpower.

Singapore sanctions on Russia unlikely to hurt firms here, but crisis still poses challenges
Singapore – Singapore’s sanctions on Russia are unlikely to have a significant impact on businesses here, but the Ukraine crisis as a whole may pose challenges to firms that are still grappling with the impact of the Covid-19 pandemic, said observers.


Companies’ Brief

Ho Bee Land’s FY2022 earnings surge 141 per cent to S$330.5 million, proposes final dividend of 10 cents per share
Property developer Ho Bee Land reported a 141 per cent surge in earnings for FY2021 to S$330.5 million from S$137.1 million. FY2021 revenue rose in tandem to S$347.7 million, up 61.2 per cent from S$215.7 million a year prior.

Hong Fok Corporation reports profit of S$41.8m for FY2021
Hong Fok Corporation has reported a profit of S$41.8 million for FY2021 ending Dec 31, a reversal from a loss of S$8.7million a year prior, rising in tandem with revenue. In a filing on Monday evening (Feb 28), the property developer declared a first and final 1-tier exempt dividend of 1 Singapore cent per share.

OUE reverses into black for FY2021, proposes final divided of 1 Singapore cent per share
Property developer OUE reported FY2021 ending Dec 31 earnings of S$80.9 million, reversing from losses of S$343.4 million a year prior. The mainboard-listed company’s FY2021 revenue declined 43.3 per cent to S$300.8 million from S$530.5 million in FY2020 due mainly to lower contribution from the real estate segment, it said in a filling on Monday (Feb 28) to the Singapore Exchange.

SC Capital Partners launches data centre platform with first investment in Seoul
Private equity real estate company SC Capital Partners has partnered a team of data centre professionals to launch a pan-Asian data centre platform, SC Zeus Data Centers. In a press statement on Tuesday (Mar 1), the Singapore-headquartered company said its new vertically integrated platform will serve as a one-stop solution to the various real estate strategies managed by SC Capital Partners.

Sinarmas Land reports 44.7% growth in FY2021 earnings on improved performance from associates, JVs
Sinarmas Land reported a 44.7 per cent jump in FY2021 earnings to S$145.7 million from S$100.7 million a year prior in a filing on Monday evening (Feb 28). The mainboard-listed property developer’s FY2021 revenue declined 1.7 per cent to S$895 million from S$910.4 million.

UOL H2 profit up 127%; proposes dividend of S$0.15 a share for FY2021
UOL Group’s net profit grew 127 per cent year on year to S$216.1 million for the second half ended Dec 31, 2021, up from S$95.3 million for the corresponding period in 2020. With this, the mainboard-listed property company reported a 2,239 per cent jump in full-year earnings from S$13.1 million to S$307.4 million, and proposed a first and final dividend of 15 cents per share for FY2021.


Views, Reviews, Forum & Others

Singtel’s redevelopment of Comcentre to unlock value is a well-trodden path
Singtel said last Wednesday (Feb 23) that it would be redeveloping its Comcentre headquarters into an office development to maximise the site’s potential, and unlock value from the property. The new Comcentre – which will cost over S$2 billion – is expected to have a total gross floor area of over 110,000 square metres comprising offices, a retail component, and Singtel’s existing Orchard Exchange, which houses telecom infrastructure. 

Budget 2022: venturing overseas and supply chain challenges
Given the size of the domestic economy, Singapore-based companies have long been encouraged to venture overseas to explore new markets and expand operations. The recent Budget 2022 unveiled a new initiative called Singapore Global Enterprises which aims to customise assistance for larger local enterprises to scale up and invest overseas.

Carbon scorecard: informing consumers so that they learn to do their bit
The Budget announcement that Singapore’s carbon price will increase from the current S$5 to S$50-S$80 per tonne of emissions by 2030 is a welcome move. Such bold leadership contrasts with many countries that have been slow to realise that we need to stop treating our precious atmosphere as a “free” dumping ground.

Robust increase in ultra-wealthy individuals in Singapore and globally in 2021: report
A surge in asset prices in 2021 boosted the number of ultra-high-net-worth individuals (UHNWIs) globally and in Singapore, despite ongoing Covid disruptions. Knight Frank’s latest 2022 edition of The Wealth Report found that globally, the UHNWI population rose by 9.3 per cent in 2021 to 51,000, compared to a growth of 2.4 per cent in 2020. UHNWIs are defined as those with net assets of at least US$30 million.


Singapore Budget 2022

Govt ‘will not hesitate’ to give more inflation-related help to businesses, workers
Singapore’s government will not hesitate to give more inflation-related help if needed, said Minister for Trade and Industry Gan Kim Yong said in Parliament on Monday (Feb 28). He was speaking on the first day of the Budget debate, which saw 24 Members of Parliament (MPs) raise concerns ranging from rising costs to climate change.

PAP MPs welcome deferment of GST hike, urge Government to do more to help people cope with living costs
Singapore – The deferring of the goods and services tax (GST) hike to 2023 and 2024, was welcomed by People’s Action Party (PAP) backbenchers on Monday (Feb 28), with many of them saying that it would assuage anxiety about soaring prices.

New OECD tax for MNCs can boost revenue but non-tax incentives needed to keep S’pore attractive: MPs
Singapore – Leveraging corporate tax, including the new global minimum tax for large multinational companies, can be a benefit in providing another revenue lever for Singapore, MPs said in Parliament on Monday (Feb 28).

MPs disagree over whether Singapore’s new wealth taxes go far enough
Singapore – The additional residential property taxes and additional registration fees for cars are token measures rather than meaningful wealth taxes, said Workers’ Party MP Louis Chua (Sengkang GRC) on Monday (Feb 28).


Update on COVID-19 (Coronavirus Disease 2019) Situation

Covid-19 cases fall for sixth consecutive day as S’pore records 13,544 new infections
Singapore – A total of 13,544 new Covid-19 cases were reported on Monday (Feb 28), down from 14,228 infections on Sunday. This is the sixth consecutive day that the number of daily new cases has fallen.

*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

US pending home sales unexpectedly fall by most in 11 months

Los Angeles counts its growing homeless population

Australia’s home price boom slows, Sydney takes a rare dip

Beijing focuses on low-cost housing in new land supply for rental homes

China factory growth picks up as demand improves but Ukraine crisis raises risks

After decades of flat pay, some Japan firms boost salaries to retain skilled staff

HK abandoning key Covid Zero measures as cases surge

Indonesia may see inflation spike, faster interest rate hikes: analysts

Scroll to Top