The Leading Professional and Representative Body for the Real Estate Industry

The Leading Professional and Representative Body for the Real Estate Industry



Daily News – 17 February 2022 (Thu)

Singapore Real Estate

With S$11m price tag, Ardmore Park unit is most profitable resale deal in Q4
2,885 square foot (sq ft) unit at luxury project Ardmore Park, which transacted in November last year was the most profitable deal in the resale market in the fourth quarter of 2021 as the seller walked away with a profit of S$6.725 million…

Residential assets grab spotlight in private-equity real estate market: panel
Investor interest is heating up in the private equity residential real estate markets, as these assets will likely remain a calculated hedge against inflation and pandemic-related volatility, several industry participants said at a panel discussion this week.

HDB launches second BTO project under prime location model in Kallang/Whampoa
Singapore – A total of 3,953 Build-To-Order (BTO) flats were launched for sale by the Housing Board on Thursday (Feb 17), including 398 units in Kallang/Whampoa – the second project under the prime location public housing (PLH) model – which comes with a 6 per cent subsidy clawback clause upon their resale.

Singapore Economy

Singapore 2021 GDP grew 7.6%, faster than advance estimates; MTI keeping 2022 forecast to 3-5%
Singapore’s economy in 2021 grew 7.6 per cent year-on-year, even faster than an earlier advance estimate of 7.2 per cent, according to data from the Ministry of Trade and Industry (MTI) on Thursday (Feb 17) morning.

Budget 2022: Follow ST’s live coverage on Finance Minister Lawrence Wong’s speech on Feb 18
Singapore – This year’s Budget – which will be unveiled by Finance Minister Lawrence Wong on Friday (Feb 18) – comes as Singapore prepares itself for a post-pandemic future. It will be the first time Mr Wong is delivering the Budget statement as finance minister, having taken over the portfolio from Deputy Prime Minister Heng Swee Keat in April.

MAS says next Singapore monetary policy decision will be at scheduled April review
Singapore – Singapore’s central bank will issue its next monetary policy statement in April as scheduled, when it will review its 2022 forecast for core inflation, Mr Edward Robinson, deputy managing director of economic policy at the Monetary Authority of Singapore (MAS), said on Thursday (Feb 17).

Singapore keeps 2022 export forecasts; 2021 NODX beats official estimates to grow 12.1%
Singapore has held the forecast for key exports in 2022, in the wake of downgrades to international economic and trade growth forecasts. The latest update came even as non-oil domestic exports (NODX) expanded by 12.1 per cent year on year in 2021, beating official estimates of a 9.5 per cent to 10 per cent increase.

Singapore exports up by 17.6% in January on growth in non-electronics shipments
Singapore exports opened the year on a strong note, with non-oil domestic exports (NODX) up by 17.6 per cent year on year in January. The latest trade print, which exceeded private-sector analysts’ forecast of 12.4 per cent, was mainly due to shipments of non-electronics such as ship structure, specialised machinery and petrochemicals, trade agency Enterprise Singapore (ESG) said on Thursday (Feb 17).

Companies’ Brief

Chip Eng Seng pares H2 loss to S$31.6m as revenue rises
Property player Chip Eng Seng stemmed some losses in the second half of the fiscal year 2021 ended December, paring its H2 net loss to S$31.6 million versus S$56.7 million in the comparable year-ago period. It registered a net profit of S$99,000 in H1.

Brokers’ take: UOBKH and CGS-CIMB positive on Lendlease Reit’s acquisition of Jem
UOB Kay Hian (UOBKH) and CGS-CIMB are positive on Lendlease Global Commercial Reit’s (LReit) acquisition of the remaining interest in Jem mall it did not yet own. This comes after the real estate investment trust (Reit) proposed to acquire the remaining 68.2 per cent stake in the prime Jurong property for a value of S$2.08 billion on Feb 15.

SGX approves Roxy-Pacific’s application to delist
The Singapore Exchange Securities Trading (SGX-ST) has approved the delisting application for Roxy-Pacific Holdings, as the residential property managing company’s free float has fallen below the 10 per cent threshold.

OUE C-Reit H2 DPU falls 4.2% to S$0.0137
OUE Commercial Real Estate Investment Trust on Wednesday (Feb 16) posted a distribution per unit of S$0.0137 for the second half of the fiscal year ended December 2021, down 4.2 per cent from DPU of S$0.0143 in the comparable year-ago period.

Views, Reviews, Forum & Others

Four tax measures to look out for in Singapore Budget 2022
On Feb 18, Finance Minister Lawrence Wong will deliver his first Budget Statement for the nation. We discuss here 4 tax measures that will most likely be addressed in his speech.

Singapore must do all it can to maintain status as global events hub
Slowly but surely, Singapore’s international events calendar – battered beyond recognition by the pandemic for much of the last couple of years – is coming back to life in 2022, and that is good news for numerous sectors of the economy, be it tourism and hospitality, food and beverage, services, retail and many others.

Update on COVID-19 (Coronavirus Disease 2019) Situation

16,689 new Covid-19 cases and 13 deaths reported in Singapore
[Singapore] The number of total Covid-19 cases reported on Wednesday (Feb 16) fell by 2,731 to 16,689 cases, the Ministry of Health (MOH) said in its daily update. There were 19,420 cases on Tuesday – the highest since the pandemic hit Singapore shores in January 2020.

No plans to require second Covid-19 booster shot in Singapore: Kenneth Mak
Singapore – Some countries are moving towards offering their citizens a second booster shoot, or a fourth dose of a Covid-19 vaccine, but there are no plans to do so here yet, said Singapore’s director of medical services Kenneth Mak.

Close contacts of Covid-19 cases to have shorter monitoring period of 5 days
Singapore – Close contacts of confirmed Covid-19 cases will no longer receive a health risk warning (HRW) from this Friday (Feb 18). Their self-monitoring period will be cut to five days from seven, said the Ministry of Health on Wednesday.

Singapore resets safe-distancing rules; safe-management measures distilled into 5 parameters
Safe-distancing rules will no longer be required in mask-on settings in Singapore, as the authorities seek to rationalise Covid-19 restrictions that they say have become “unwieldy” over time.

Singapore’s move to streamline Covid-19 rules signals confidence in living with virus: observers
Singapore’s move to streamline pandemic measures is an important road marker in its quest to live with Covid-19 as an endemic disease, and sets the stage for further relaxation eventually, observers told The Business Times.

Singapore to streamline Covid-19 recovery, testing protocols to ‘adapt to Omicron’
Singapore is simplifying its recovery and testing protocols for Covid-19 infections, with Health Minister Ong Ye Kung on Wednesday (Feb 16) also asking employers to accept HealthHub documentation in excusing staff from work.

VTL (Land) quota restored, measures for entry via Causeway streamlined
Singapore will restore the Vaccinated Travel Lane (Land) quota and streamline the measures for travellers under the quarantine-free travel arrangement via the Causeway, as the imported infections are now unlikely to affect the trajectory of local cases.

Singapore expands VTLs to new destinations
Singapore is introducing new Vaccinated Travel Lanes (VTLs) with countries such as Indonesia and the Philippines, and restoring quotas for existing ones – including the land link with Malaysia – as it presses on with border reopening.

Singapore to launch sea VTL with Bintan, Batam from Feb 25
Singapore – Fully vaccinated travellers from Batam and Bintan in Indonesia will be allowed to enter Singapore from Feb 25 without quarantine, the Maritime and Port Authority of Singapore (MPA) announced on Wednesday (Feb 16).

askST: Do I still need to take PCR tests to travel? What are S’pore’s latest border measures?
Singapore – Vaccinated travellers will be able to enter Singapore from more countries and with fewer Covid-19 tests as the country resumes its border reopening following a three-month pause. The Straits Times looks at the key changes in Singapore’s border restrictions:

Sports activities can resume in groups of 30 from Feb 25
Singapore – All sports activities can resume in groups of up to 30 fully vaccinated persons from Feb 25 at supervised or operated sports facilities, such as ActiveSG ones and approved private venues, the multi-ministry task force handling the pandemic announced on Wednesday (Feb 16).

*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 retail sales rise most in 10 months in broad-based rebound

US manufacturing output rises moderately in January

Blackstone expands further into rental housing in US

Disney to develop US residential communities, with local theme

UK inflation overshoot adds pressure for big BOE rate hike

Australia jobs growth slows in Jan as Omicron hits hours

Japan’s firms see one-time bonuses, not permanent increases, lifting pay: poll

Omicron surge was more deadly in Japan after booster delay, critics say

Hong Kong seeks property tycoons’ help to house Covid patients

Vietnam eyes full reopening to tourists from next month

Malaysia hits new daily Covid record as Omicron surge continues

Indonesia govt sets 5.3% to 5.9% GDP growth forecast for 2023

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