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, 13 & 14 June 2021 (Sat, Sun & Mon)

Singapore Real Estate

Singapore property agents expect to benefit from relaxed Covid measures
Singapore property agents are optimistic about the effects of relaxed Covid-19 measures. The Multi-Ministry Taskforce (MTF) announced on Thursday that social gathering group sizes will increase from two to five persons, effective June 14.

New private home sales take a hit in May on the back of heightened measures
Tighter restrictions to curb a resurgence in Covid-19 cases dampened new private home sales in May, although the impact wasn’t as severe as during the circuit breaker in the corresponding month last year. According to estimates from analysts (based on caveats lodged), developers sold 863 private homes in May

Striking a balance in building HDB flats in prime locations
“This is home, truly” – the lyrics of the National Day song Home are familiar to all. For Singaporeans, home is the place which anchors our emotional sense of belonging. This includes the homes we live in and own, where we have raised families and built strong communities.

Not all million-dollar resale flats located in central area
While The Pinnacle @ Duxton is arguably the “poster boy” for million-dollar Housing Board flats in Singapore, such flats are not exclusively located in the central area. Half of Singapore’s 24 Housing Board towns are home to million-dollar HDB flats, official HDB data shows.

Are $1m HDB resale flats going to be ‘normal’ from now on?
Singapore – A record number of Housing Board resale flats changed hands for at least $1 million so far this year – and we are only half way though 2021. This performance would have been remarkable in any year, let alone a pandemic-stricken one that saw an upswing in property prices, which has set off concerns about home affordability.


Singapore Economy

S’pore’s transition towards a sustainable economy requires a collective effort
Singapore – Policymakers worldwide have woken up to the costs that climate change will inflict and are trying to smoothen the transition to a green economy. Environmental scientists believe 2020 to 2030 is the decisive decade for climate change action.


Companies’ Brief

CapitaLand starts $50m fund to achieve 2030 green targets
CapitaLand, one of Asia’s largest real estate groups, is setting up a $50 million fund over five years to encourage more innovation and to achieve its 2030 sustainability targets, which include greening all its buildings in Singapore and around the world by that year.

LHN hits all-time intraday high of S$0.46 after fundraising announcement
Shares of LHN rose to an all-time high on Friday morning after the Catalist-listed property group announced plans to raise S$2.2 million through a private placement. As at 9.40am, the counter had climbed nine Singapore cents or 24.3 per cent to reach a historical peak of 46 cents before ending the day at 42.5 cents, up by 5.5 cents or 14.87 per cent.

Low Keng Huat to sell Westgate Tower stake, buy remaining 45% of Paya Lebar Square in shift to retail
Property player Low Keng Huat has entered agreements to sell its interests in Westgate Tower for S$97.1 million, while buying the remaining 45 per cent of Paya Lebar Square that it does not already own for S$90.5 million.

Retail and office S-Reits outperform despite tighter Covid-19 measures
On May 16, Singapore announced tighter measures to combat the increased number of local Covid-19 cases. The four weeks of tightened measures left malls, eateries and offices quieter as the country defaulted to working from home and dining-in at F&B establishments were prohibited.

Corporate digest


Views, Reviews, Forum & Others

Embarking on the green journey
Chia Ngiang Hong, President, Real Estate Developers’ Association of Singapore (REDAS)

Carbon trading essentially treats carbon as a commodity; and with proper market mechanism, sound regulation and appropriate pricing, it will provide a practical and progressive approach for businesses and stakeholders to contribute towards realising carbon-neutral and reduction goals.

Easing up towards a return to normality
After almost a month of tightened measures, Singaporeans will welcome the easing of some restrictions today following a steady drop in the number of Covid-19 community cases. If numbers stay low and stable, more activities can resume from next Monday – with appropriate safe management measures in place…

Work from home, but stay cyber-safe
The technology that enables people to work from home (WFH) can also be a handicap, as a day-long telco outage last week highlighted. Some 3 per cent of subscribers to Singtel’s fibre broadband service were affected and customers resorted to using mobile data to connect online.

How WFH is threatening iconic buildings
(Bloomberg) – When the Gherkin tower opened 17 years ago, its skyline-defining silhouette heralded a new era in the low-rise City of London. Now, a spate of new planned skyscrapers threaten to erase it from view and from relevance.

3 tips to gain most from WFH
Imagine you are a general about to order a final charge to take the enemy’s fort but you begin to have doubts over your soldiers’ loyalty: Will they get the job done or run at the first sign of trouble? If you ever feel this way, you should know that your mission is going to tank.

Start of long road to proposed G-7 tax reforms
Singapore – The Group of Seven leaders meeting in Britain will endorse US President Joe Biden’s proposal for a global minimum tax, the White House said on Friday (June 11). The proposed new tax rate by the G-7 countries will have minimal impact, if at all, on Singapore-based multinationals and Singapore companies.

More Singapore top bankers could fly to HK as business travel curbs ease
More Singapore-based senior bankers could potentially hop over to Hong Kong for business, spurred by the recent exemptions from the city’s lengthy quarantines, say industry watchers. This comes as the Greater Bay Area is set to be the next battleground for local banks’ expansion plans, with Hong Kong seen as a key gateway.

Navigating the data centre boom
IN an era of autonomous vehicles, 5G, and artificial intelligence, data is the new oil. And across the globe, data centres are being built at a fast clip and snapped up like hot cakes. Pitched as offering better-than-average yields compared to other real estate classes…

Golf club prices soar as Sentosa, SICC, TMCC lead the charge
Manpreet Singh is an avid golfer but does not own a club membership to indulge in his favourite sport. Back in the day, before the world knew about Covid-19, he enjoyed playing golf twice a week – either as an invited guest or courtesy of benefactors who welcomed him to take part in corporate events.

Update on COVID-19 (Coronavirus Disease 2019) Situation

Staff needn’t reveal jab status unless there is a business need, say experts
Employers here have no legal power to force staff to disclose their Covid-19 vaccination status or demand that they get inoculated. Experts and employers noted that while vaccination is strongly encouraged in Singapore, it remains voluntary, although there are several ways people can be encouraged to get a jab.

More in S’pore opting for Pfizer Covid-19 vaccine despite longer wait than for Moderna
Singapore – Slots at vaccination centres offering the Pfizer-BioNTech Covid-19 vaccine are being taken up more quickly than those for Moderna, after vaccination bookings were made available for those aged 12 to 39 on Friday (June 11).

Firm probed for making surgical masks with no licence
A local company is being investigated for manufacturing surgical masks here without a licence, the Health Sciences Authority (HSA) said yesterday. This is the first time a company here has been suspected of doing this.

Cap for larger events to go up to 250 from Monday
Live performances, wedding solemnisations, and congregational and other worship services will be capped at 250 people with pre-event testing (PET) from Monday, up from 100 people under the current restrictions.

Jewel to reopen but airport terminals to stay closed to public
Jewel Changi Airport will reopen on Monday, about a month after it was closed, as no new Covid-19 infections linked to a large cluster at Terminal 3 (T3) have been detected in the last three weeks. This comes as other measures in the past month’s heightened alert phase will also be eased…

New Covid-19 cluster at Bt Merah View Market and Food Centre
All visitors who went to the 115 Bukit Merah View Market and Food Centre between May 25 and June 12 will be offered free Covid-19 tests, after four more cases were linked to form a new cluster there. The Ministry of Health (MOH) on Sunday said all staff and tenants who had been working at the market from May 25 have been quarantined, and will be swabbed during quarantine.

9 new local infections; cleaner at Ion Orchard among 5 unlinked cases
A 45-year-old cleaner at Ion Orchard was one of five unlinked Covid-19 cases reported yesterday. The Chinese national, employed by the Hong Ye Group, was asymptomatic. Her infection was detected on Friday after she went for a test at her employer’s direction. Her serology result is pending.

Businesses in S’pore prepare for larger group sizes, higher capacity limits as Covid-19 rules eased
Singapore – Businesses are gearing up to welcome more customers, with the easing of Covid-19 restrictions from Monday (June 14), which includes an increase in the cap on social group sizes from two to five. Some are looking forward to welcoming more families for the remainder of the June school holidays.

157 suspected serious reactions to vaccines out of 3.7m doses here
There have been 157 reports here of suspected reactions to the Covid-19 vaccines severe enough to be life-threatening or result in hospitalisation, among other serious conditions. However, no deaths have been linked to the jab, the Health Sciences Authority (HSA) said last Friday.

Heart inflammation after Covid-19 jab rare: Experts
Heart conditions associated with the Covid-19 mRNA vaccines are extremely rare and it remains unclear if the vaccines are responsible for them, experts told The Straits Times after a handful of cases raised some concerns.

Can we pass Covid-19 to our pets?
There have been reports from numerous countries of animals, including pets, getting infected with Covid-19. Last week, an Asiatic lion at a zoo in India died from it. Its death prompted the testing of dozens of elephants at a forest reserve in the country. Tigers in India have also been tested.

Most major private healthcare firms seek to offer Sinovac jabs
Most major private healthcare institutions here have applied to be licensed providers of Sino-vac’s Covid-19 vaccine. This comes after the Ministry of Health (MOH) announced earlier this month that it would be inviting private healthcare institutions to provide the vaccine.

HSA nod for second breathalyser that detects Covid-19
A breath test that can accurately detect Covid-19 in two minutes received provisional authorisation from Singapore’s Health Sciences Authority (HSA) on May 27, the authority said on its website yesterday. This is the second such system to receive the HSA’s provisional authorisation.

What it is like to take a DIY Covid-19 test
From Wednesday, self-administered Covid-19 test kits will be sold in pharmacies here as increased testing becomes part of the “new normal” way of life with the coronavirus. Having previously undergone five different types of Covid-19 swabs, including one done by a robot…

Report shows infections fall in countries with higher vaccination rate
Data has shown that Covid-19 infection rates have come down in countries using the Moderna, Pfizer-BioNTech or AstraZeneca vaccines, but the efficacy of these vaccines shrinks substantially against the Beta variant of the coronavirus.

Covid-19 driving belief in multilateralism, Apec survey shows
A crisis usually impinges negatively on reasons for societies to reach out and conservatism usually becomes the norm. But the Covid-19 pandemic is instead encouraging global cooperation, with an overwhelming majority of people believing that it is important for economies to cooperate to solve global and regional challenges, even at the expense of domestic interests.

Stepping up inoculation
Last year, several countries in South-east Asia were among the poster boys for their deft handling of the Covid-19 pandemic. Now they are battling a resurgence in infections.

*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

G-7 pressed for details on climate finance aid for poorer countries

G-7 to donate 1 billion Covid-19 vaccine doses to poorer countries

Pandemic rush to buy second homes slows as more US offices reopen

Digital Realty weighs US$300m IPO of Singapore trust

After the pandemic, a wave of spending by older consumers

British restaurants battling a staff crisis, worsened by Brexit

UK economy grows 2.3% in April as lockdown eases

UK manufacturers report swift recovery, more investment

Victoria state in Australia set to further ease curbs as cases fall

S. Korea to exempt some people vaccinated abroad from quarantine

Malaysia extends nationwide lockdown by two weeks amid elevated Covid cases

Philippine builder Filinvest expects valuation boost after Reit IPO

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