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 June 2021 (Tue)

Singapore Real Estate

Code of conduct for fairer landlord-tenant lease negotiations in S’pore accepted by major retail and all govt landlords
Singapore – Six major retail landlords from the private sector and all government landlords have committed to abide by a new code of conduct for the leasing of retail premises in Singapore. The code is aimed at making lease negotiations between landlords and retail tenants fairer and balanced.

Portfolio of 29 cloud kitchen units at Lavender Street served up for sale
Design and construction firm Chiu Teng Group is understood to be selling its portfolio of 29 ground-floor cloud kitchen units at CT Hub 2 via expression of interest. Also known as ghost or dark kitchens, cloud kitchens are centralised kitchens where food is prepared primarily to cater to food delivery. In some cases, a small area is set aside for dining-in.

As developers brace for tighter margins, it’s time to rethink their traditional business models
The latest Government Land Sales (GLS) tender closings point to a continuation of thin profit margins in the Singapore residential property development business. The tenders for a private condo plot along Ang Mo Kio Avenue 1 and the maiden executive condominium (EC) housing plot in the Tengah estate drew intense competition from developers who are running out of land amid healthy home sales.

Is Singapore residential development a viable business?
Developers’ profit margins from Singapore private housing development projects have thinned with net margins for some private housing projects estimated to be around 10 per cent or less. While home prices are buoyant, increases in construction costs, land costs and agent commissions have squeezed margins.

Strong demand for 4-room BTO flats in Telok Blangah
Home seekers made a rush for the four-room Build-To-Order (BTO) flats in Telok Blangah, the most expensive in the Housing Board’s sales exercise last month, contributing to one of the highest application rates in recent years.

Online survey to get public’s views on prime housing model
Singapore residents can share their views on the new public housing model for flats located in prime locations by participating in an online survey by the Ministry of National Development (MND) from yesterday.


Singapore Economy

Reassuring to plan a future in which Covid 19 is endemic, say economists
While living with Covid-19 as an endemic disease is not the cheeriest future, the long-term scenario painted by Prime Minister Lee Hsien Loong on Monday – on how Singapore can still thrive in such a new normal – should provide some reassurance to businesses, economists say.

Singapore on track to ease tightened Covid-19 curbs after June 13: PM Lee
While Covid-19 is likely to become endemic and circulate for years to come, living with the virus does not mean Singapore will completely close its borders, said Prime Minister Lee Hsien Loong on Monday. And barring any super-spreader events or large clusters forming, the country should be “on track” to bring the outbreak under control, and that…

Commodity-linked products seen as suitable hedge as inflation fears take hold of markets
Inflation fears have been sweeping over markets, as countries around the world begin reopening their economies after the Covid-19 pandemic. Some market strategists say commodities could be a suitable hedge in an investor’s portfolio, and could even be entering a supercycle fuelled by structural demand. But there are also warnings of risks from volatility as well as the still-uncertain longevity of present inflationary pressures.

IRAS withholds S$85m in JSS, JGI payouts to 2,600 employers, pending checks
The Inland Revenue Authority of Singapore (IRAS) has withheld S$85 million in the March 2021 Jobs Support Scheme (JSS) and Jobs Growth Incentive (JGI) payouts to investigate gaming and the authenticity of employers’ claims.


Companies’ Brief

Ascott Residence Trust to buy three Japan rental housing assets for 6.78b yen
Ascott Trust: HMN +0.5% (ART) will acquire three rental housing properties in Japan for 6.78 billion yen (S$85.2 million), it said on Tuesday. The properties – City Court Kita 1 jo, Big Palace Minami 5 jo and Alpha Square Kita 15 jo – have a total of 411 units and are located in central Sapporo.

Lendlease Global Reit’s Singapore MD to replace outgoing chairman from June 1
Lendlease Global Commercial Reit’s (Lendlease Global Reit) manager on Tuesday announced that its chairman, Anthony Lombardo, has stepped down to serve as Lendlease group chief executive officer (CEO) and managing director with effect from June 1.

Corporate digest


Views, Reviews, Forum & Others

Developers can shape urban environments to achieve sustainability
With World Environment Day round the corner, there has never been a more poignant time than now amid the Covid-19 pandemic to appreciate what this means to corporates and individuals globally. This year’s theme on ‘Ecosystem Restoration’ coincides with the launch of the United Nations Decade on Ecosystem Restoration.

Singapore and Covid-19 – adjusting to the new normal
In a nationally broadcast address yesterday, Prime Minister Lee Hsien Loong spoke about the latest Covid-19 containment efforts and living with an endemic virus. Here’s the edited text of his speech.

Global powers face mega climate, economic dilemma
The United States doesn’t do crises well – 2008 and 2020 attest to that – but it does do recoveries well. China took a leap forward last year; this year is the US’ turn. Their growth differential is likely to restabilise. It is premature, though, to radically adjust expectations of when the US and China economies will converge.

Probing Covid-19 origins to stave off, as long as possible, the next pandemic
The idea that Covid-19 might have leaked from a research laboratory in Wuhan has recently been revived, with United States President Joe Biden ordering intelligence officials to step up efforts to investigate the potential origins of the virus – including the laboratory theory – and giving them three months to report back.

Update on COVID-19 (Coronavirus Disease 2019) Situation

Good moves to protect S’poreans, but some tweaks may be in order
Singapore is not out of the woods yet, but the statistics shared by Health Minister Ong Ye Kung yesterday look promising. Not only were the absolute infection numbers lower last week than in the previous one – dropping from 182 cases to 136 – but, more importantly, the number of unlinked cases has come down.

Covid-19 measures could be eased after June 13 if situation improves further
Singapore should be able to relax tightened restrictions on social gatherings after June 13 if the Covid-19 situation continues to improve and there are fewer community cases, said Prime Minister Lee Hsien Loong yesterday.

23 Covid cases confirmed on Monday; 2 more Foodfare staff test positive
Two more Covid-19 patients have been linked to the NTUC Foodfare cluster, while another four have been linked to the Hong Ye Group cluster, said the Ministry of Health (MOH) on Monday. This brings the number of patients in the NTUC Foodfare cluster up to nine, while the Hong Ye Group cluster now numbers 21. The new cases in the NTUC Foodfare cluster are

Singapore residents can get more types of Covid-19 jabs – but at their own cost and risk
Healthcare  providers are keeping an eye on the decision to make more types of Covid-19 vaccines available through the private sector. That is as the Ministry of Health (MOH) announced on Monday that even vaccines without the Health Sciences Authority (HSA)’s approval can be used here under the Special Access Route (SAR), as long as they have been green-lit for emergency use by the World Health Organization (WHO).

Routine, regular testing to be part of new normal
Routine and regular testing for Covid-19 in places like malls, schools and workplaces will be part of the new normal as Singapore shifts towards testing as part of a preventive strategy. “Fast and easy” tests will become part of everyday life for people who appear well, to make work…

Residents in Yishun, Hougang blocks face swab tests
All residents of a Housing Board block in Yishun and two blocks in Hougang have been asked to go for swab tests after surveillance measures and wastewater testing detected likely cases of Covid-19 transmission there.

Residents queue to get tested following news of Anchorvale cluster
After the announcement on Sunday of a Covid-19 cluster with five new cases at the NTUC Foodfare at Block 308 Anchorvale Road, residents queued to get tested at a clinic next to the foodcourt yesterday. Dozens of people – some with children in tow – were seen waiting outside Healthway Medical Clinic to take a Covid-19 swab test.

Household members of close contacts of a case must self-isolate
Entire households will now be required to self-isolate at home should one member be identified as a close contact of a Covid-19 case. This precautionary measure is being put in place as Singapore’s experience has shown that an infected person is quite likely to pass the virus on to others in the same household…

Those 39 and below can register for vaccines from mid-June
Young adults aged 39 and below should be able to start getting Covid-19 jabs from the middle of this month, if vaccine supplies continue to arrive as planned. The Ministry of Health (MOH) yesterday said Singapore citizens will be invited to register their interest and make appointments for their vaccinations two weeks before bookings are opened to others in this “very big” age group.

Above 60? Just walk into any vaccination centre for your jabs
Seniors in Singapore who are above 60 years old will be able to walk into any vaccination centre and get their Covid-19 jabs on the spot, said Prime Minister Lee Hsien Loong yesterday. There will be no need for this group to register or book an appointment in advance.

Safety of Pfizer jab for teens similar to results reported for adults
The safety and efficacy of the Pfizer-BioNTech Covid-19 vaccine among those aged 12 to 16 years have been found to be consistent with the results reported in the adult vaccinated population. Based on the ongoing phase three studies that involve nearly 2,300 adolescents between the ages of
12 and 16…

MOH to allow special access to other Covid-19 vaccines through private sector to boost coverage
Singapore – The Ministry of Health (MOH) will allow access to other Covid-19 vaccines under the Special Access Route (SAR) in order to enhance the overall vaccination coverage. These vaccines include the ones from Johnson & Johnson, Oxford-AstraZeneca and Sinopharm, and will be made available through the private healthcare sector.

8% of those unvaccinated had more severe form of Covid-19
Eight per cent of unvaccinated Covid-19 patients here in the past seven weeks had their condition worsen to the point of requiring supplemental oxygen, said Health Minister Ong Ye Kung yesterday. In contrast, during the same period, only one out of 93 – slightly over 1 per cent…

Ample supplies of food and essentials, but buy only what you need: Gan
There are ample supplies of food and essential items but people should buy only what they need, said Trade and Industry Minister Gan Kim Yong yesterday. During a virtual press conference, he said Singapore is working with Malaysia to ensure the continued flow of essential supplies between the two countries as…

Overseas travel will still depend on risk profile of countries: Wong
A risk-based approach will be taken in allowing travel for Singaporeans in the coming months, even as more of Singapore’s population gets vaccinated, said Finance Minister Lawrence Wong yesterday. This means that people coming from countries designated as safe…

Insufficient data to determine if variant found in Vietnam is circulating in S’pore
There is not enough information on the new “Vietnam variant” of the coronavirus to tell if it is circulating here, Singapore’s director of medical services said yesterday. Speaking as part of the multi-ministry task force tackling the pandemic…

Apply for temporary Covid-19 grant from Thursday
Applications for the Covid-19 Recovery Grant (Temporary) will begin on Thursday and end a month later on July 2. The grant, announced last Friday, is meant to assist lower-to middle-income workers who have been financially impacted by the latest Covid-19 restrictions.

*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 developers can’t keep with demand as buyers move out of urban core

Resurgent world economy may fuel inequalities: OECD

WHO faces potential shake-up over slow handling of pandemic

Australian home prices surge in May as sales race past supply

Australia’s Victoria Covid-19 cluster swells to 51, next few days ‘critical’

China’s factory activity grows at slower pace as raw materials costs surge

China limits issuance in 407b yuan mortgage-backed debt market

Infections surge in China’s south, triggering flight cancellations

HK dangles days off for civil servants to boost vaccination rate

Taiwan approves $20 billion in new spending to deal with Covid-19 impact

Malaysia fails to meet WHO threshold for testing rate

Malaysia to rollout RM40b more in stimulus as Covid-19 spreads

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