The Leading Professional and Representative Body for the Real Estate Industry

The Leading Professional and Representative Body for the Real Estate Industry



Daily News – 15 April 2020 (Wed)


Singapore Real Estate

Condo resales rise 17% in March, but slowdown expected in April
Private non-landed home resales rose 17 per cent in March over the previous month while prices barely moved, according to flash data from real estate portal SRX Property on Tuesday.However, compared to a year ago…

Unsold condos and ABSD: Time for review?
Faced with the double whammy of a weakening economy and the ongoing circuit breaker, developers are expected to see slower sales in the near term, with some making the case for an extension to the additional buyer’s stamp duty (ABSD) deadline.

Despite problems, it’s still best for malls to stay in private hands
The recent challenge faced by the Singapore government in getting retail landlords to pass on property tax rebates in full to tenants has begged the question of whether retail space in Singapore is better off in private or public hands.

Covid-19 will shake up dorm market for workers: analysts
They add that tougher rules and higher costs may force consolidation among operators and clients, and a further shift towards purpose-built housing


Singapore Economy

Global recession to be worst since Great Depression: IMF
The global economy is expected to contract sharply by 3 per cent in 2020 due to the Covid-19 pandemic, in what is likely to be the worst recession since the Great Depression, said the International Monetary Fund (IMF) on Tuesday.

Asean must mount united response to pandemic, says PM Lee
Asean has to mount a united response to the coronavirus pandemic as the region is deeply connected and interdependent, said Prime Minister Lee Hsien Loong on Tuesday. He suggested that countries can work together by sharing information, collaborating to keep trading routes and supply lines open…


Companies’ Brief

CapitaLand bags 2 green loans worth S$400m
CapitaLand has obtained two green loans amounting to S$400 million to “catalyse greening of the group’s global portfolio by 2030”, the property giant said on Wednesday. A S$150 million four-year green loan is provided by DBS Bank, while a S$250 million three-year multi-currency green loan is provided by The Hongkong and Shanghai Banking Corporation – Singapore branch.

Chip Eng Seng subsidiary raises its stake in Invictus International School for S$10.3m
CES WL’s stake in Invictus has increased to about 39.7%, while White Lodge Education Group Services reduced its stake to 43.4%. CES WL, a wholly-owned subsidiary of mainboard-listed property developer Chip Eng Seng Corp, has raised its stake in Invictus International School for some $10.3 million.

Fitch cuts CDL H-Reit outlook; sees Ascott Reit as less vulnerable
Fitch Ratings has lowered its outlook on CDL Hospitality Real Estate Investment Trust (CDL H-Reit) to negative from stable, even as it affirmed the trust’s long-term issuer default rating at BBB-. The rating agency said the Singapore-based real estate investment trust (Reit)…

S&P downgrades FCT’s ratings on cash flow impact from Covid-19
S&P Global Ratings has lowered Frasers Centrepoint Trust’s (FCT) long-term issuer credit rating to BBB from BBB+ as it believes FCT’s cash flow will be hit hard by the coronavirus pandemic, it said on Monday. Correspondingly, S&P also lowered the rating on senior unsecured notes issued by FCT MTN and guaranteed by FCT to BBB from BBB+.

Manulife US Reit to get slight lift in reverting to previous group structure
Manulife US Reit is reverting to a group structure largely similar to the one it adopted at the time of its listing in 2016 after ascertaining it will suffer no meaningful adverse impact stemming from changes in the US tax regulations.

Soilbuild Reit sells Loyang property for S$33.1m
Soilbuild Business Space Reit (Soilbuild Reit) on Tuesday said it has completed the divestment of its property at 72 Loyang Way and the mechanical and electrical equipment within, for about S$33.1 million.  The purchaser is an unrelated third party, Kim Hock Enterprise.


Views, Reviews, Forum & Others

Taxing digital giants: Countries move ahead
During the 2020 Singapore Budget, Finance Minister Heng Swee Keat stated that Singapore continues to actively participate in discussions at the Organisation for Economic Co-operation and Development (OECD) on a global solution to an update of the international tax rules in an increasingly digital world.

Can we kick-start the economy despite Covid-19?
With Covid-19 still raging, social distancing, which has been tightened with the circuit breaker measures, is unavoidable. But it is causing immense damage to the economy by destroying demand because people can’t go out and consume, and crippling supply because people also can’t go out and produce.

Coronavirus: Global leaders need to coordinate exit from lockdowns
Covid-19 is a global crisis. Yet the international responses thus far have been mostly at the country or city level, in part because pandemic preparedness planning and implementation have largely been the responsibility of individual governments.

SGX-listed firms adapt to updated guidelines for virtual meetings
A NUMBER of listed companies are making changes to their annual general meeting (AGM) plans following the release of detailed guidelines from the regulators: Some are opting to defer their AGMs to dates beyond the circuit-breaker period, others have announced new arrangements involving webcasts.

No more finger or thumb scanning; Covid-19 makes facial recognition and thermal scans the way to go
Beyond the work-from-home orders to millions of office workers around the world, another major shift has impacted work trends following the Covid-19 health scare – the sudden avoidance and even abandonment of finger- and thumb-biometric scanning to mark staff attendance and ensure workplace security and hygiene.

Coronavirus: Vote of confidence for Singapore’s adaptability to online work, school
The business and education continuity plans over the circuit breaker period to cope with the coronavirus pandemic requires the workforce to work from home for most businesses and students to have home-based learning.


Singapore Budget 2020

Ministry warns of scammers posing as govt officials for Solidarity Payment
Scammers are pretending to be Ministry of Finance (MOF) or government officials to trick the public into disclosing bank account details purportedly to register for the Solidarity Budget payout. The ministry issued a warning about the scammers in a Facebook post on Monday.


Update on COVID-19 (Coronavirus Disease 2019) situation

Singapore has not changed approach to tackling Covid-19
Singapore has not changed its strategy or approach in the battle against Covid-19, said National Development Minister Lawrence Wong yesterday. “It is one of constantly looking at the environment internationally and in Singapore, and then constantly adjusting and updating our posture and our measures, (anticipating) in a very proactive way, and then anticipating also what can happen in the future,” said Mr Wong, who co-chairs the multi-ministry Covid-19 task force.

Coronavirus: Life will not go back to normal after end of circuit breaker period, says Gan Kim Yong
Life in Singapore will not “revert to normal” when the circuit breaker period ends on May 4, Health Minister Gan Kim Yong said yesterday. If necessary, it would be extended, he told reporters at a virtual press conference.

List of essential services to be cut back to curb worker commute
The multi-ministry taskforce tackling the Covid-19 outbreak is looking to reduce the number of services considered essential in a bid to further minimise movement and keep people at home. According to National Development Minister Lawrence Wong, about 20 per cent of workers in the essential workforce category still commute daily.

Frequency of trains, buses to be cut as public ridership plunges
Trains and buses are to run at reduced frequency as ridership on public transport has seen a “significant drop” during the current circuit breaker period. Starting from Wednesday, buses will run at longer intervals, while train service will be similarly adjusted from Friday.

Coronavirus: Masks must now be worn in public, as infection cases rise
Singapore registered another steep rise in its number of coronavirus cases and mandated that everyone will now have to wear a face mask when they leave their homes, as part of stricter measures announced yesterday to curb the spread.

Coronavirus: Requirement to wear masks not a green light to go out, says minister
Making mask-wearing mandatory does not give people the green light to go out unnecessarily, National Development Minister Lawrence Wong said yesterday. They should continue to stay home as much as possible, but don a face mask when they need to go out to buy groceries or other essentials, he said at a media conference.

Why washing hands with soap is critical in battling Covid-19
Masks are now a must for anyone stepping out, and safe distancing measures are in full throttle, but washing your hands properly remains a cornerstone of the battle against the coronavirus. An experiment conducted by The Straits Times has shown that doing this thoroughly with soap makes a critical difference.
*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

Coronavirus lockdown: End or extend?

US banking regulators temporarily defer real estate appraisal requirements

Pain will persist for US economy long after lockdowns end

Virus spurs jump in US mortgage loan forbearances

How the virus transforms the way Americans spend money

US food supply chain is strained as virus spreads

UK GDP could ‘fall 13%’ in 2020 as virus death toll climbs

Dollar down against most major currencies

G-20 meet to discuss global actions against virus

EU leaders balance need to halt economic damage against risk of resurgence in easing lockdown

China trade beats expectations in March as economy picks up

Japan’s 2018/19 greenhouse emissions fall 3.9% to record low


Additional Articles of Interests – Local & Overseas Real Estate

Local & Overseas Real Estate – Full Article


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