The Leading Professional and Representative Body for the Real Estate Industry

The Leading Professional and Representative Body for the Real Estate Industry



Daily News – 12 May 2021 (Wed)

Singapore Real Estate

Singapore condo resale volumes hit 11-year high; prices up 1.5% in April: SRX
HDB upgraders were likely drivers of condominium resale transactions in April, property analysts noted after resale volumes hit an 11-year high according to flash figures from real estate portal SRX Property. There were 1,993 units resold in April 2021 – the highest monthly volume seen since April 2010.

Ji Liang Gardens in Marine Parade up for collective sale with S$18.6m reserve price
Ji Liang Gardens, a freehold residential development in Marine Parade, will be put up for collective sale on Wednesday via public tender with a reserve price of S$18.6 million.

Relief for construction industry to share Covid-19 impact
The construction industry has flagged the risks of disputes between longstanding partners, as industry players weigh the relationship costs of tapping latest relief measures made available to them. Industry players can now seek adjustments for higher foreign manpower costs from their contract partners, easing the impact from recent border restrictions to rein in the spread of Covid-19.


Singapore Economy

Bill allows for fairer sharing of burden of construction costs
Construction companies here can soon apply to the authorities for adjustments to contract sums, as the law has been amended so that project partners will more equitably share the burden of increased foreign manpower costs due to the Covid-19 pandemic.

Restrictions on foreign worker inflow to persist for some time: Tan See Leng
Restrictions on inflow of foreign workers from higher-risk countries are likely to persist for some time, as the authorities work towards managing the risk of Covid-19 community transmission in Singapore, Second Minister for Manpower Tan See Leng said in Parliament on Tuesday.

Help for firms affected by migrant worker restrictions
Help is being given to construction, marine and process companies that are affected by Covid-19 restrictions limiting the inflow of migrant workers, Second Minister for Manpower Tan See Leng said in Parliament yesterday.

Border measures have cascading effect on S’pore economy: Wong
Manpower shortages caused by tighter border controls will not be confined to the construction, marine and process (CMP) sectors, but will have a “cascading effect” on the Singapore economy, Education Minister Lawrence Wong told Parliament yesterday.


Companies’ Brief

CapitaLand reports improving operational performance for Q1
CapitaLand said its operational recovery across its portfolio asset classes has continued from the second half of 2020 into Q1 2021, albeit at a varied pace across geographies. In a business update on Wednesday morning, the property giant reported a recovery in its full suite of businesses in China…

Centurion posts 13% fall in Q1 revenue to S$30.7m
Centurion Corporation saw a 13 per cent decline in revenue year on year to S$30.7 million for the first quarter ended March 31, 2021. Revenue from the purpose-built student accommodation (PBSA) segment fell 38 per cent to S$7.7 million as travel restrictions impacted occupancy, especially in Australia.

Frasers Property H1 profit rises 18% to S$275.8m on change in use of industrial properties
Frasers Property posted an 18 per cent rise in net profit to S$275.8 million for the first half ended March 31, from S$233.8 million the previous year, although it saw revenue fall 26.6 per cent to S$1.57 billion, from S$2.13 billion. In a business update on Wednesday morning, the property giant reported a recovery in its full suite of businesses in China…

Surbana, ITE to set up built environment labs
Urban and infrastructure consulting firm Surbana Jurong will partner the Institute of Technical Education (ITE) to set up high-tech laboratories for built environment students and professionals. The parties signed a memorandum of understanding on Monday to advance the built environment industry by upskilling the workforce with the latest technology.

Time to consider better protections for minorities in privatisation bids
Investors have been getting some raw deals of late, and it may be time to consider tweaking the rules in order to better protect minority shareholders. A case in point: On April 30, Sukmawati Widjaja’s privately owned SW Investment Holding made an offer of S$0.39 per share for property group Top Global.

Local firms need to do better on corporate governance disclosures
Singapore-listed companies need to be more disciplined and be willing to disclose more if they want to achieve better corporate governance results, particularly as corporate governance becomes a more important measure for comparing companies across markets.

Cromwell E-Reit to pivot to logistics for growth
Cromwell European Reit (C-Reit) plans to rebalance its portfolio towards logistics properties, starting with acquiring warehouses in post-Brexit United Kingdom (UK), and also in less-traditional markets in Central Europe.

Corporate digest


Views, Reviews, Forum & Others

Singapore must adapt, adjust tax policies to fit into new tax world
The Organisation for Economic Cooperation and Development (OECD) has been working relentlessly towards achieving global consensus on the design of a new international tax architecture. On Oct 12, 2020, the OECD released its reports on the blueprints of the two-pillar approach to address the tax challenges arising from digitalisation of the economy (that is, the BEPS 2.0 project).

Turning investment theory into a successful value-oriented equity strategy
What is “value”? This is a pressing question for investors: Turning investment theory into a successful value-oriented equity strategy has proved challenging over the last decade. Tim Koller, Marc Goedhart, and David Wessels set out the core principles of valuation and offer a step-by-step guide to measuring the value of a company in the seventh edition of Valuation.

Navigating the independent wealth management landscape
Independent wealth managers (WMs) are seen as the new frontier of wealth management, but unlike the Wild West, there are no cowboys here. Up until recently, the concept of external asset managers (EAMs) or independent WMs was relatively unknown and less well-established in Asia’s wealth management landscape than in Europe and the US.

New ID term limit a catalyst for improving board performance
Come Jan 1, 2022, the SGX rule on term limits for independent directors (IDs) will come into effect. This term limit is set at nine years, beyond which an ID can no longer be considered independent unless that director passes a two-tier vote, of which the second tier comprises shareholders who are not the board directors and the chief executive officer, and their associates.

Budget to take up to maximum 50% of long-term expected returns: Wong
With a Budget deficit expected for this financial year, the Government plans on taking up to 50 per cent of the long-term expected returns from Singapore’s reserves, the maximum amount it can take into the Budget under the Net Investment Returns Contribution (NIRC).

Update on COVID-19 (Coronavirus Disease 2019) Situation

26 cases of reinfection detected in Singapore, says Health Minister
Singapore has seen 26 cases of Covid-19 reinfection as at Monday, Health Minister Gan Kim Yong said in a ministerial statement in Parliament yesterday. Such reinfections are known to be possible both overseas and here, he said, but it is still unclear why they occur.

30 who had serious side effects linked to vaccines qualify for financial help
There have been 104 applications for financial assistance submitted for those suffering from serious side effects related to Covid-19 vaccines, as at May 3. Of these, 30 qualified for compensation. Health Minister Gan Kim Yong told Parliament yesterday that out of the 30, 21 were cases of hypersensitivity or allergic reactions.

30 fully vaccinated individuals test positive for Covid-19, with mild to no symptoms: Gan Kim Yong
Among the 1.2 million individuals who have been fully vaccinated against Covid-19 in Singapore, 30 have so far tested positive for the coronavirus as of May 10, with the majority of them asymptomatic, Health Minister Gan Kim Yong said in Parliament on Tuesday.

Singapore on ‘knife’s edge’ in controlling Covid-19 situation: Lawrence Wong
Singapore is “now on the knife’s edge” in its efforts to control the Covid-19 situation, with the next few weeks being crucial, said Education Minister Lawrence Wong, who co-chairs the multi-ministry taskforce on Covid-19, in a ministerial statement in Parliament on Tuesday.

Office crowds thin as Singapore defaults to work from home
Peak-hour road traffic was lighter, there were fewer commuters on trains, and lunchtime crowds were smaller than usual for a working day at some places yesterday, the second weekday after Singapore’s return to phase two of its reopening.

Hotels being tapped to provide housing for shunned healthcare staff
The Ministry of Health and the multi-ministry task force tackling Covid-19 have been working together with hospitals here to support healthcare workers, including Tan Tock Seng Hospital (TTSH) staff, who have been shunned by Singaporeans, Health Minister Gan Kim Yong said yesterday.

Close to 28,000 tested as part of efforts to detect cases linked to TTSH Covid-19 cluster: Gan Kim Yong
Singapore – Close to 28,000 people have been tested in the effort to detect cases linked to a Covid-19 cluster at Tan Tock Seng Hospital (TTSH), said Health Minister Gan Kim Yong in Parliament on Tuesday (May 11).

HSA looking at whether Pfizer shot is safe for those aged 12 to 15
The Health Sciences Authority (HSA) is evaluating whether the Pfizer-BioNTech vaccine is safe and effective for those aged 12 to 15, Health Minister Gan Kim Yong told Parliament yesterday. He was responding to a question from Mr Louis Ng (Nee Soon GRC), who asked if those younger than 16 could be included in Singapore’s Covid-19 vaccination programme.

*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

New Yorkers start to return to offices; in hybrid mode for now

US Fed officials see strong job gains ahead despite April’s low figures

Australia uses big-spending budget to aid recovery, win over voters

Lockdowns put damper on S-E Asia’s economies

China’s surging factory prices add to global inflation risks

Ineffective messaging a factor in low vaccine take-up

Taiwan bans large gatherings following new cluster of cases

Malaysia’s economy shrinks less than expected in Q1, but Covid-19 surge adds pressure

No blanket loan moratorium for MCO 3.0: Bank Negara Malaysia

Philippines detects its first 2 cases of ‘double mutant’ Covid-19 variant

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