The Leading Professional and Representative Body for the Real Estate Industry

The Leading Professional and Representative Body for the Real Estate Industry



Daily News – 18 February 2022 (Fri)

Singapore Real Estate

Two 999-year strata office floors on Cecil Street put on market for S$30m
Two 999-year leasehold strata office floors at TPI building, a 6-storey office tower along Cecil Street, have been put up for sale via expression of interest, said CBRE in a press release on Thursday (17 Feb).

Singapore property executives see rising inflation and interest rates as top risk
Nine out of 10 senior executives in real estate companies in Singapore have flagged rising inflation and interest rates as the top potential risk factor which may adversely impact market sentiment in the next half year, poll findings showed.

Property agent commissions may not rise with higher developer ABSD: poll
Real estate honchos do not expect the latest hike in additional buyer’s stamp duty (ABSD) for developers to drive further increases in property agents’ commission rates, a survey by the National University of Singapore Real Estate (NUS+RE) has found.

Kallang PLH launch surprises with lower median pricing than nearby BTO flats
King George’s Heights, the second batch of public housing flats to be launched under the HDB’s new prime location housing (PLH) model, is expected to draw strong demand with its pricing pitched below previous build-to-order (BTO) launches in the area.

BTO flats near Redhill, Tiong Bahru MRT stations to be launched in May
Singapore – House hunters looking for a unit in Redhill and Tiong Bahru will be able to pick from two Build-To-Order (BTO) projects in the Housing Board’s (HDB) upcoming sales exercise in May.


Singapore Economy

Singapore poised for further recovery in 2022 amid external headwinds, inflation
Coming off a stellar rebound from the worst recession since independence, Singapore is poised for further recovery in 2022 although external headwinds continue to weigh on the outlook, economists said.

7 things to look out for in Budget 2022
Finance Minister Lawrence Wong will be delivering the 2022 Budget statement on Feb 18, his maiden Budget since becoming Finance Minister at the last Cabinet reshuffle. This year’s Budget is likely to roll back Covid-19 business support as the government plans for the post-pandemic era.

Key Covid-19 Budget measures in 2020 and 2021 prevented longer-term economic scarring: MOF
Singapore – Key Covid-19 Budget measures over 2020 and 2021 have enabled Singapore to continue to expand its resident employment and reduce loss to potential economic output, said the Ministry of Finance (MOF) in a paper.

Budget 2022 to chart Singapore’s ‘new way forward together’: Lawrence Wong
Singapore – Mr Lawrence Wong is already a familiar face to many Singaporeans, given his frequent appearances as co-chairman of the multi-ministry task force tackling the pandemic.

Covid-19 measures saved Singapore’s resident unemployment from reaching 7.5% in 2021
Covid-19 support measures boosted gross domestic product (GDP) in 2021 by 0.8 percentage points and kept resident unemployment 4 percentage points lower than it would have been otherwise in the same year, a paper by the Ministry of Finance (MOF) has found.


Companies’ Brief

Voluntary offer for Roxy-Pacific Holdings closes with 98.16% acceptances
The voluntary unconditional general offer for Roxy-Pacific Holdings closed on Thursday (Feb 17), with nearly 1.28 billion shares owned, controlled or agreed to be acquired by the offeror and its concert parties.

Sing Holdings H2 net profit falls 24.7%, maintains final dividend
Property development and investment group Sing Holdings reported on Thursday (Feb 17) a 24.7 per cent decline in net profit for its second half, despite higher revenue. Net profit for the six months ended Dec 31, 2021 fell to S$6.7 million from S$8.9 million in the prior-year period. On a per-share basis, earnings fell to S$0.0167 from S$0.0221.

Knight Frank launches Vietnam arm with focus on commercial real estate
Global real estate adviser Knight Frank has set up a joint venture (JV) in Vietnam to provide services including brokerage for office, industrial and logistics property, capital markets and investment property, as well as consultancy and research.

Sasseur Reit posts 1.8% drop in Q4 DPU to S$0.019 after retention
Sasseur Real Estate Investment Trust (Sasseur Reit) which owns outlet malls in China, posted a distribution per unit (DPU) of S$0.019 for the 3 months ended Dec 31, 2021, down 1.8 per cent from a record high of S$0.01935 in the year-ago period.


Views, Reviews, Forum & Others

How Budget 2022 can help the tourism and entertainment sectors
[Singapore] As we enter Year 3 of the Covid-19 pandemic, the tourism and entertainment sectors in Singapore are still struggling and the light at the end of the tunnel remains elusive. Towards the end of last year, the high vaccination rate and the opening of more Vaccinated Travel Lanes (VTLs) led to hope of a step forward; however, an initial surge in cases, followed by the international spread of the Omicron variant, tempered that optimism.


Update on COVID-19 (Coronavirus Disease 2019) Situation

18,545 new Covid-19 cases in Singapore, 1,472 patients hospitalised
[Singapore] The total number of Covid-19 cases reported on Thursday (Feb 17) rose by 1,662 to 18,545 cases, the Ministry of Health (MOH) said in its daily update. The number of patients hospitalised also rose to 1,472, from 1,352 the day before.

ST Explains: What is the significance of the new streamlined safe management measures?
Singapore – As part of a move to simplify Covid-19 rules, the Government announced on Wednesday (Feb 16) that some safe management measures – including unique rules for specific settings – will be relaxed or done away with entirely.

3,500 people get free Covid-19 swabs at test centres on first day of new scheme
Singapore – About 3,500 people took free supervised self-administered antigen rapid tests (ARTs) at Quick Test Centres (QTCs) and Combined Test Centres (CTCs) on Wednesday (Feb 16), the first day of a new scheme that aims to ease the load on general practitioner (GP) clinics and polyclinics.

Covid-19 measures in Singapore should ease once Omicron peaks, some curbs no longer effective: Experts
Singapore – Singapore should be able to ease restrictions further once the current Omicron surge peaks, said several experts. This is likely to be in about a month’s time.

Covid-19 ART kits released from govt stockpile to ease shortage among retailers
Singapore – The Government released supplies of antigen rapid test (ART) kits from its stockpile to retailers last week after a sudden surge in demand for them, said the Ministry of Health (MOH) on Thursday (Feb 17).

Covid-19 vaccines helped prevent 8,000 deaths in Singapore during Delta wave: MOF report
Singapore – The nationwide vaccine roll-out prevented around 8,000 Covid-19 deaths during the peak of the Delta wave last year. Vaccines also helped the country avoid 33,000 severe cases and 112,000 hospitalisations, according to a report on the impact of various measures in the past two Budgets, in 2020 and 2021, to mitigate the impact of the pandemic.

*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 housing starts fall in January amid freezing weather; permits surge

Mortgage rates in US soar to 3.92%, highest since May 2019

Covid funding is drying up, White House warns US lawmakers

US weekly jobless claims unexpectedly rise

Japan’s inflation slows toward zero as global price gap grows

Japan cuts economic assessment in Feb report as Omicron hits consumption

Japan eases strict border controls; tourists still banned

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