The Leading Professional and Representative Body for the Real Estate Industry

The Leading Professional and Representative Body for the Real Estate Industry



Daily News – 9, 10 & 11 April 2022 (Sat, Sun & Mon)

Singapore Real Estate

Workspaces near home, vibrant CBD, flexible land use among strategies for S’pore’s future
Singapore – Having workspaces near home, short-term lease sites and a more vibrant central business district (CBD) are among the strategies that can shape Singapore’s future as a place to work.

Singapore reopening to put wind in sails of real estate investment
Investment activity in the property sector is expected to pick up further this year as Singapore re-opens and the economy gets back on its feet, with the office market poised to shine thanks to rental growth and spillover demand following the cooling measures.

Freehold Joo Chiat commercial building for sale at indicative price of S$50 million
A 4-storey freehold commercial development at 381 Joo Chiat Road that comes with an attic and basement carpark, has been put up for sale at an indicative price of S$50 million. Zoned commercial under the Master Plan 2019 with a plot ratio of 3.0, the sale of the 5,708 square foot (sq ft) site will be conducted through an expression of interest exercise.

Haig Road flats sold en bloc above owners’ asking price at S$49.3m on 3rd attempt
A freehold residential site comprising a 4-storey block of 24 apartments on Haig Road has been sold for S$49.3 million, above the owners’ asking price of S$48 million, said sole marketing agent Colliers on Friday (Apr 8).

HDB flat buyers in 3 BTO projects frustrated by fresh delays just months before completion
Singapore – Flat buyers in at least three Build-to-Order (BTO) projects have been informed by the Housing Board of further delays to their homes just months before they were due to be completed.

Singapore Economy

Will a labour shortage crimp Singapore’s post-pandemic recovery?
Singapore – After 18 months under what he felt were stifling restrictions in Singapore, German hospitality professional Andre Alexy decided to leave the Republic in July last year for a plum position in Dubai.

Major sports events back in S’pore, bringing business to SMEs
Singapore – The return of major sports events to Singapore this year could see the recovery of the event ecosystem happening sooner than expected. Millions will be spent organising such events, generating business activities, creating jobs and giving a boost to the economy.

Companies’ Brief

Frasers Hospitality Trust up by more than 5% on talks of privatisation
Talk of a possible privatisation have sent the stapled securities of Frasers Hospitality Trust (FHT) climbing. It closed at S$0.60, up S$0.03 or 5.3 per cent at the end of Friday’s (Apr 8) trade. The price had shot up as high as S$0.615 at 1.18 pm, an increase of S$0.045 or 7.9 per cent over its last closing price, with close to 5.2 million securities changing hands.

Hong Fok continues buybacks as joint-CEO raises stake
On Apr 1, Hong Fok Corporation executive director and joint-CEO Cheong Sim Eng acquired 80,000 shares of the listed company for a consideration of S$70,400 at an average price of 88.0 cents per share. He maintains a 20.08 per cent total interest in Hong Fok, gradually increasing his total interest in the property developer from 19.06 per cent as at the end of 2018.

Hotel Properties to book S$29m gain from disposal of stake in 2 JV companies
Hotel Properties has, through its 80 per cent-owned joint venture (JV) company HPL Olympia, entered into a share purchase agreement with an unrelated party to sell its entire 100 per cent stake in the share capital of 2 JV companies – HPL (Olympia) and Maple Olympia Propco 4 S.à.r.l.

Tan Swee Yiow to succeed Penny Goh as Keppel Reit Management chairman
Longtime Keppel executive Tan Swee Yiow will assume chairmanship of Keppel Reit Management from June 1, taking over from Penny Goh, who retires on May 31, the company said in a statement on Friday (Apr 8).

Savills appoints managing director of industrial and commercial leasing services
Savills Singapore on Monday (Apr 11) announced the appointment of Sally Tan as managing director of its industrial and commercial leasing services. The move is part of the firm’s strategic vision to grow its sales and leasing capabilities in the industrial market and elevate its service offering to occupiers in the office sector.

Surbana Jurong Group CEO Wong Heang Fine to retire, successor search underway
Surbana Jurong Group (SJ Group) today announced that its group chief executive officer (CEO), Wong Heang Fine, 64, will be retiring on Sep 30. Wong joined SJ Group as its founding Group CEO in June 2015. Under his leadership, the group has grown its revenue from S$320 million in 2015 to S$1.8 billion in 2021.

Apple buys UE BizHub Central in Ang Mo Kio for S$55m
Tech giant Apple has bought UE BizHub Central at 12 Ang Mo Kio Street 64 for S$55 million from United Engineers, part of Yanlord Land Group. This is a part 4-storey, part-7 storey high-specification facility with about 388,000 sq ft gross floor area (GFA) on a site of some 259,150 sq ft with 22 years’ balance lease. The reversionary owner of the site is JTC Corporation.

Keppel DC Reit targets Asia-Pac data centre hubs
Keppel DC Reit may be headed for more equity fund-raising, as the data centre investor looks to pick up more assets after an active acquisition spree in the past year. “Anything above S$100 million would be a nice deal size, and the larger it is, of course, it would be a lot more needle-moving,” Anthea Lee, chief executive of the manager, told The Business Times.

Data centre S-Reits committed to sustainable growth
The data centre industry has experienced tremendous growth in the past 2 years, as businesses are faced with a sudden and increased need for greater cloud capacity to enable work-from-home arrangements.

S-Reits punching above their weight in the global arena
Singapore Real Estate Investment Trusts (Reits) are turning the corner with the recent announcements to lift Covid-19 restrictions.

Views, Reviews, Forum and Others

Prepping for an upswing in tourism
Singapore’s borders have reopened to vaccinated travellers. Large-scale business and leisure events, from business conferences to the Formula 1 Singapore Grand Prix, are primed for a comeback this year.

World needs new rules for global trade, says PM Lee
Singapore – The International Monetary Fund (IMF) and the World Bank were set up at a time when the United States was dominant, and allowing the status quo to remain when the balance of the world economy has changed could result in questions about their legitimacy, said Prime Minister Lee Hsien Loong.

Crowded trains sway people’s decision to work from home: Study
Singapore – People are more likely to want to return to their workplaces rather than continue logging in from home if MRT trains are, firstly, less crowded and, secondly, journey times are shorter.

Update on COVID-19 (Coronavirus Disease 2019) Situation

Eligible persons should get 4th Covid-19 vaccine dose for protection against severe illness: Experts
[Singapore] Those here who are eligible for a fourth dose of the Covid-19 vaccine should get it, as it has been shown to protect against severe illness, say experts. This comes after a recent study from Israel found that a second booster shot of Pfizer-BioNTech’s Covid-19 vaccine helped provide additional protection against infection with the Omicron variant, as well as severe illness among older adults.

Ahead of reopening, nightlife players fret over lease renewals, uncertainty of operations
Despite nightlife businesses finally being given the greenlight to reopen, it may be a case of “too little, too late” for existing and former operators, some of whom have given up their spaces and remain cautious about future Covid-19 waves that could shut out the embattled industry here once again.

*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

The luxury business comes back to the US

US wholesale inventories revised higher in February

A toxic mix of recession risks hangs over the world economy

War to slash Ukraine’s GDP output by over 45%, World Bank forecasts

World food prices hit record high over Ukraine war: FAO

Toronto turning into new Silicon Valley

China’s pick for next HK chief vows to protect hub status

China inflation rises more than expected on oil, Covid-19 disruptions

‘No plans for now’ for Japan to open up to foreign leisure tourists: PM Kishida

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