The Leading Professional and Representative Body for the Real Estate Industry

The Leading Professional and Representative Body for the Real Estate Industry



Daily News – 16 July 2021 (Fri)

Singapore Real Estate

Two bungalows in Cluny Road in early stage of being sold for S$91m
The buzz in the Good Class Bungalow market continues. The Business Times understands that recent deals include two adjacent old freehold bungalows on Cluny Road opposite the Singapore Botanic Gardens for which options to purchase have been granted by their respective owners at about S$3,000 per square foot on land area totalling about S$91 million.

Property agents’ share of pie shrinks as their ranks swell further
The total number of property agents in Singapore continued to rise last year, although on average they appeared to be closing fewer sales each. This came as some agents looked to diversify their income streams, such as by shifting their focus towards rental properties…

Singapore’s ‘nouveau riche’ drum up luxury home demand in first half of 2021
Demand for luxury and prime-area private housing picked up in the first half of this year, reflecting the gains from the nouveau riche in the finance, technology and pharmaceutical sectors, analysts said. Based on current numbers, some analysts expect overall sales volume for 2021 to cross the 10,000-mark.

Singapore shophouses up for sale
Another shophouse is being put on the market. A pair of adjoining freehold three-storey conservation shophouses located at 83 & 85 Keong Saik Road are for sale, said exclusive marketing agent CBRE on Thursday.

New private home sales dip in June amid viewing curbs
Sales of new private homes eased last month amid Covid-19 restrictions although demand is still holding up well, said market observers. Developers sold 872 units last month, down 2.6 per cent from 895 units in May, according to the Urban Redevelopment Authority (URA) yesterday.


Singapore Economy

Singapore exports up 15.9% in June on year-ago low base, with boost from semicon, petrochem demand
Key Singapore exports expanded for the seventh straight month, buoyed by specialised machinery and petrochemicals, as well as a year-ago low base. Non-oil domestic exports (NODX) jumped by 15.9 per cent year on year, handily beating the median 8 per cent forecast in a Bloomberg poll.

Higher S Pass salary alone won’t help local workers: economists
Raising the minimum salary for S Pass holders is unlikely to benefit local workers, unless more action is taken, economists have told The Business Times. Still, watchers welcomed the proposal as a necessary step to wean Singapore employers off lower-cost foreign labour, in the shift towards a higher-skilled economy.

Industry 4.0 technologies key to advancing Singapore’s manufacturing sector: Tan See Leng
The successful adoption of the Industry 4.0 technologies, and the development of a higher skilled workforce, are key to advancing Singapore’s goals of becoming the global innovation and talent hub for advanced manufacturing, said Manpower Minister Tan See Leng at a doorstop visit on Wednesday.

Asia’s air travel may take 3 years to recover from Covid-19
Asian air travel may take another three years to recover fully from the devastation wrought by the Covid-19 pandemic, lagging behind rebounds in other regions and offering a stern headwind for refiners making jet fuel.


Companies’ Brief

PropNex share price spike triggers SGX query; APAC Realty up 7.9%
Shares of mainboard-listed real estate service providers PropNex and APAC Realty surged on Thursday, even as fresh Urban Redevelopment Authority (URA) data showed a third consecutive month-on-month decline in new private home sales in June.

UOL’s The Watergardens at Canberra launches this month on hopes of ‘pent-up demand’
UOL Group is banking on pent up demand for its upcoming project along Canberra Drive, the 448-unit The Watergardens at Canberra, with prices to start from S$1,380 per square foot (psf). A two bedroom-unit will start from below S$920,000…

FLCT’s S$150m 2.18% sustainability notes due 2028 three times subscribed
A wholly-owned subsidiary of Frasers Logistics & Commercial Trust (FLCT) trustee has priced S$150 million of its maiden sustainability notes due 2028. The seven-year, fixed-rate notes carry a coupon of 2.18 per cent per annum and fall under FLCT’s S$1 billion multicurrency debt issuance programme.

EH-Reit stapled securityholders unlikely to see compensation from sales proceeds: trustee
Sales proceeds from the sale of Eagle Hospitality Trust (EHT) properties are unlikely to reach minority investors, DBS Trustee said in a release on Thursday. It had worked with the Securities Investors Association (Singapore) to produce a video presentation to update Eagle Hospitality Real Estate Investment Trust (EH-Reit) stapled securityholders and address their questions.

Brokers’ take: Analysts positive on PLife Reit’s master lease renewals, raise TPs
Analysts are positive on Parkway Life Real Estate Investment Trust’s (PLife Reit) proposed master lease renewals with sponsor IHH Healthcare and a S$150 million renewal capital injection to revamp three hospitals.


Views, Reviews, Forum & Others

Emerging markets need an inclusive approach to net-zero
Our firm is committed to achieving net-zero emissions by 2050. At the same time, we decline to pretend that decarbonising portfolios is the same as decarbonising the real world.

Recovery is on, but uncertainty ahead
Advance estimates for second-quarter GDP growth released on Wednesday suggest that Singapore’s economic recovery is progressing, but continues to be uneven. Moreover, with many key trading partners still struggling to control Covid-19 infections…

How Singapore can sharpen its innovative edge
Speaking at an Institute of Policy Studies lecture on Wednesday, Monetary Authority of Singapore managing director Ravi Menon focused on the reasons why the country needs to build up an innovative economy and some ways that can be done. Here are edited excerpts from his lecture.

Spikes in cases, slow vaccine roll-out hurting Asean economies
Tens of thousands of jobs at risk as curbs are extended, with tourism-reliant states badly affected

Hot-desking with the boss: Yea or nay?
In a somewhat desperate attempt at levelling the playing field between bossing and bossed, several businesses have recently announced that they will strip their top ranks of private office accommodation and make them sit at hot desks like everyone else.

Two CEOs, no drama – Ground rules for co-leadership
The co-leadership model is rare, but it can actually work. Here’s how.

Update on COVID-19 (Coronavirus Disease 2019) Situation

34 more cases in growing KTV cluster; Covid-19 task force considering extra curbs
Singapore – Another 34 cases were added to the growing cluster linked to KTV karaoke lounges on Thursday (July 15), as Singapore braces itself for what could be its biggest active cluster yet outside migrant worker dormitories.

Hawker centre closed after worker linked to KTV tests positive
A hawker centre at Block 75 Lorong 5 Toa Payoh underwent deep cleaning yesterday morning after a stall assistant was understood to have visited a KTV lounge at the weekend and tested positive for Covid-19. ST understands that the stall assistant is linked to the rapidly growing KTV lounge cluster, which now has 88 cases.

Two more KTV lounges to close; 42 new local cases
Two KTV lounges at Parklane Shopping Mall in Selegie will be closed until July 30, the Ministry of Health (MOH) said yesterday, in view of an outbreak linked to such venues. They are Las Vegas KTV and Tuberose KTV at 35 Selegie Road. The closures are to break any potential chain of transmission and enable deep cleaning, said MOH.

Some still keen to go on cruises despite recent Covid-19 case
The recent incident of a Covid-19 case on board a cruise ship has not deterred some holidaymakers, some of whom say they have no qualms about the safety of passengers on cruise ships. Mr Tok Soo Leng, 53, said he heard about an infected passenger on board the Dream Cruises’ World Dream from his friends on Wednesday, even before the news broke.

HSA evaluating additional data from Sinovac on its vaccine
China’s Sinovac has submitted more data about its Covid-19 jab to the Health Sciences Authority (HSA), which is currently in the midst of reviewing the vaccine for use here. HSA told The Straits Times yesterday that it had received the data from Sinovac on July 5, and will give an update following evaluation.

Singapore residents jabbed overseas can update vaccination records here
Singaporeans, permanent residents and long-term pass holders who received Covid-19 vaccinations overseas can update their vaccination records here. Those who were inoculated overseas with either the Pfizer-BioNTech/Comirnaty and Moderna vaccines…

Teen who suffered cardiac arrest after Covid-19 jab out of ICU
A 16-year-old boy who suffered a cardiac arrest after being given a Covid-19 vaccine has been transferred out of intensive care, and his medical condition remains stable, the Ministry of Health (MOH) said yesterday.

Half of hospitalised Covid-19 patients suffered at least one complication: UK study
Singapore – A large-scale study covering 302 hospitals in Britain has found that half the patients hospitalised for Covid-19 suffered at least one complication, with some possibly leading to long-term health problems such as kidney failure.

*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

US weekly jobless claims fall as expected

Manhattan’s apartment rebound means sweet deals are fading fast

Soho House entering a club of its own: The stock market

Second BOE official says time to slow stimulus may be near

12 million to stay home in Australia as Delta strain surges worldwide

China to order developers to disclose commercial paper debt every month: Sources

China home price growth slows for first time since Nov

China’s shaking skyscraper ‘safe to use’ after minor repairs

China growth slows to 7.9% in second quarter

China should provide raw data on Covid origins: WHO chief

HK’s booming IPO market set for boost from China curbs

Booming chip exports mask misery in Taiwan’s service sectors

Malaysia to stop using Sinovac vaccine after supply ends: health minister

Malaysia logs new high of 13,215 daily Covid-19 infections

Experts wary as Malaysian PM seeks to ease restrictions on fully-vaccinated people

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