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 October 2021 (Sat, Sun & Mon)

Singapore Real Estate

Singapore’s CBD office rental market set to improve amid positive economic outlook, says commercial real estate services firm
Singapore – Even as many people continue to work from home, the office rental market in Singapore’s central business district (CBD) is expected to improve, although vacancies climbed in the last quarter.

Number of BTO projects completed this year set to exceed pre-pandemic levels
Singapore – The number of Build-To-Order (BTO) projects completed by the end of this year is expected to exceed pre-pandemic figures, said the Housing Board (HDB) on Saturday (Oct 9). This comes despite severe disruptions to the construction industry caused by the pandemic.

Indonesian tycoon Tahir enters into nearly S$260m purchase of strata units in freehold Robinson Road building
Indonesian tycoon Tahir is in the early stage of buying some 70,700 sq ft of freehold strata space – mostly offices – at Crown At Robinson for nearly S$260 million, The Business Times understands. The price reflects about S$3,650 per square foot on the strata space – comprising 65 strata office units and 8 F&B/shop units.

Dathena’s win against JustCo: Will it trigger more such cases?
Cybersecurity firm Dathena Science’s victory in its lawsuit against co-working operator JustCo (Singapore) has sparked chatter in the legal community and the commercial leasing scene. It stands out as possibly the first court case here that resulted from pandemic measures.


Singapore Economy

Singapore, US to deepen trade and business ties, will upgrade FTA: Gan Kim Yong
Singapore’s Minister for Trade and Industry Gan Kim Yong and US Trade Representative Katherine Tai had “substantive discussions” in Washington on Friday (Oct 8), on advancing collaboration in areas such as digital trade, environment and the green economy, supply-chain resilience and ways to support workers.

Rising prices despite uneven recovery put S’pore monetary policy decision on a cliffhanger
Singapore – Signals of rising inflationary pressures have provoked dissent against market consensus that the central bank will keep Singapore’s monetary policy easy well into next year amid an uneven and uncertain economic environment.


Companies’ Brief

CDL settles obligation for corporate guarantee relating to HCP Chongqing Property loan
City Developments (CDL) has fully settled an obligation for a corporate guarantee given by CDL to a financial institution in relation to a loan extended by the financial institution to HCP Chongqing Property Development (HK) Co.

Suburban-focused retail S-Reits average 7.6% in total returns YTD
At over 80 per cent of the population, Singapore has one of the highest Covid-19 vaccination rates globally. Booster shots are also underway as part of efforts towards a progressive full reopening and strategy to treat Covid-19 as endemic.


Views, Reviews, Forum & Others

Thrive and survive
This week’s topic: What is most critical in building enduring, resilient businesses?
This is Part 1 of the responses. Part 2 will be published on Oct 18.

The new law on foreign interference – what’s next for businesses?
The Foreign Interference (Countermeasures) Bill (Fica) was passed in Parliament on Monday after about 10 hours of impassioned debate. Despite the government agreeing to several amendments proposed by the Workers’ Party, the substance was not changed in any significant way.

The problem with corporate ‘values’
Corporate values sound really good. They’re positive, optimistic, and assert some sense of moral authority, which has become expected by consumers: A majority say they expect companies to take a stand on issues, whether they agree with the stand or not.

Dealing with, not fearing, Covid-19
Prime Minister Lee Hsien Loong’s address to the nation last Saturday gave a reasoned account of a strategy of living with the coronavirus pandemic, with a “new normal” expected to lie between three and six months away.

Early Christmas for VTL travellers? Daily arrivals cap could be the Scrooge
Airlines are seeing a surge in demand and interest as travel-starved consumers rush to lock in their travel plans, lured by the beguiling prospect of quarantine-free travel. However, in the face of pent-up demand and the upcoming festive season, capacity may be insufficient, given the daily cap of 3,000 arrivals across the Vaccinated Travel Lane (VTL) scheme.

GIC’s past, present and future are defined by a balancing act
There is a delicate balance demanded from GIC, the sovereign wealth fund birthed in 1981 to gird a young nation’s survival. Covid-19 has underscored that. As it is, refreshed social and geopolitical divides, as well as a low-returns future are assuredly in play, with returns from a broad range of asset classes expected by GIC to be low for the next five to 10 years.

Update on COVID-19 (Coronavirus Disease 2019) Situation

9 more Covid-19 deaths bring toll to 162 in Singapore; 2,809 new cases
[Singapore] Nine seniors aged between 70 and 88 died from complications linked to Covid-19, the Ministry of Health (MOH) said on Sunday (Oct 10). This takes Singapore’s death toll to 162. They were eight men and a woman, all Singaporeans.

Zero-Covid strategy no longer feasible due to highly infectious Delta variant: PM Lee
Singapore – A zero-Covid-19 strategy is no longer feasible given how infectious the Delta variant is, said Prime Minister Lee Hsien Loong as he set out the country’s situation and what has changed.

‘Covid-zero’ nations adjust to the Delta variant’s reality
More than an aviation hub, Singapore’s Changi airport is a tropical paradise featuring the world’s tallest indoor waterfall, a butterfly sanctuary, orchids and lush groves of fig trees – all under a soaring glass canopy. Beyond lies one of the world’s most open and competitive economies.

Those unvaccinated against Covid-19 can no longer eat at hawker centres, enter malls, from Oct 13
Singapore – Unvaccinated individuals will no longer be able to dine in, go to shopping malls, hawker centres and coffee shops, or visit attractions from next Wednesday (Oct 13). However, unvaccinated children who are 12 years old or below can still do so.

Grace period of one week to be given before entry rules on unvaccinated people kick in
[Singapore] There will be a one-week grace period from Oct 13 to Oct 19 for mall operators and others to become familiar with differentiated safe management measures to be implemented in malls. These include a framework to allow unvaccinated people from getting access to childcare and medical services in these buildings.

Covid-19 quarantine orders scrapped, simpler rules to be rolled out in Singapore from Oct 11
Singapore – A simpler set of rules for Covid-19 patients and their close contacts will be rolled out from Monday (Oct 11), bringing an end to quarantine orders and leave of absence notices. The aim is to make healthcare protocols easier to understand and reduce the burden on government resources, including phone operators and quarantine officers.

Home recovery the default Covid-19 care arrangement, except for certain groups
Singapore – The Covid-19 Home Recovery Programme (HRP) will be the default care arrangement for everyone, except certain groups, from Sunday (Oct 10). The following groups of people will be excluded from this arrangement:

askST: Do I still need to self-isolate in a room with an attached bathroom?
Singapore – The Health Ministry (MOH) has put out simpler rules for Covid-19 patients and those who have been in close contact with them. The aim is to make healthcare protocols easier to understand and reduce the burden on government resources, including phone operators and quarantine officers.

askST: What if I test positive for Covid-19 but feel well, and when can we stop wearing masks?
Singapore – Since new measures were announced by the multi-ministry task force tackling Covid-19 on Saturday (Oct 9), several readers have written in with questions regarding healthcare protocols and vaccine-differentiated measures.

Every S’pore household to receive 10 ART Covid-19 self-test kits: MOH
Singapore – The Health Ministry will be conducting another round of distribution of antigen rapid test (ART) kits, as Singapore heads towards a new normal where frequent testing for Covid-19 becomes common.

VTL with 9 more countries: What’s the Covid situation there?
In living with Covid-19, Singapore is taking concerted steps in opening travel lanes with more places where people can travel to and fro without quarantine, following the announcement of a Vaccinated Travel Lane (VTL) agreement with South Korea on Friday (Oct 8).

Singapore, South Korea to allow quarantine-free travel from Nov 15 for those vaccinated against Covid-19
Singapore – People vaccinated against Covid-19 will be able to travel between Singapore and South Korea without quarantine from Nov 15. The announcement by both countries means that Singapore residents now have a second option for leisure travel without quarantine, in addition to Germany.

askST: What do I need to travel to the 11 countries under the Vaccinated Travel Lane scheme?
Singapore – Travellers fully vaccinated against Covid-19 will be able to fly in and out of Singapore to nine more countries without quarantine and with fewer swab tests in the coming weeks. From Oct 19, vaccinated travellers from Canada, Denmark, France, Italy, the Netherlands, Spain, Britain and the United States will be able to enter Singapore without quarantine under the Vaccinated Travel Lane (VTL) scheme.

Why it makes sense to sharpen differentiated Covid-19 rules based on vaccination status
Singapore – Border requirements have been eased further with the Vaccinated Travel Lane (VTL) scheme now extended to nine more countries. In the coming weeks, fully vaccinated visitors from 11 countries only need to take the polymerase chain reaction test pre-departure and on arrival. Once they test negative, they do not need to isolate themselves.

*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

Goldman cuts US growth forecasts for 2021, 2022 on consumer spending

Markets mixed amid inflation concerns, disappointing US jobs report

US holiday purchases to be hit by delays, price hikes: Federal Reserve official

US commercial mortgage backed securities face crunch as US$40b of mall debt comes due

Tycoon behind a crisis-era property crash now mired in 8b euro debt morass 

UK September house prices post largest monthly increase since 2007

China’s developers priced for meltdown as contagion risk spreads

How Evergrande’s rags-to-riches founder is trying to save his empire

Malaysia to resume interstate travel, reopen international borders from Oct 11

Malaysia to begin interstate travel as 90% of adults fully jabbed

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