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, 17 & 18 October 2021 (Sat, Sun & Mon)

Singapore Real Estate

99% of units launched for sale at Jervois Mansion in District 10 snapped up by buyers
Singapore – Kimen Group has sold 104 of the 105 units launched for sale at its Jervois Mansion condominium project, with Singaporeans making up the majority of buyers. Twenty-five of the 130 units in the freehold project in Jervois Close in the River Valley area have been retained by the niche property developer for long-term investment.

New attraction to be developed in Somerset; part of broader plan to rejuvenate Orchard Road
Singapore – A new attraction in Somerset will be developed on a vacant plot of land next to the existing skate park opposite Orchard Gateway. The authorities are seeking proposals from developers to offer “an attraction concept with differentiated and immersive experiences” for the site, as part of plans announced in 2019 to rejuvenate Orchard Road – Singapore’s prime shopping belt.

Living with birds and bees: 16 HDB projects lauded for good design, construction
Singapore – A Housing Board project in Queenstown is also home to peaceful solitary bees and small birds such as the oriental magpie-robin, thanks to insect hotels, hanging drilled wood logs and nest boxes that recreate habitats for a thriving local biodiversity.

Singapore Economy

Businesses may be forced to raise consumer prices amid continued surge in costs
Subdued sentiment has kept retailers as well as food and beverage (F&B) players reluctant to raise prices, but this might change if mounting cost pressures do not ease, firms told The Business Times. Food ingredients, labour and freight are major areas where firms are feeling the sting, with freight costs in particular having multiplied amid a global cargo crunch.

Singapore exports up 12.3% in September to extend 10-month winning streak
Singapore exports rose for the 10th straight month in September, beating private-sector analysts’ expectations to expand by 12.3 per cent year on year. Non-oil domestic exports (NODX) growth picked up from the 2.7 per cent expansion in August and also came in ahead of the estimate of 8.7 per cent in a Bloomberg poll, data from government agency Enterprise Singapore (ESG) showed on Monday (Oct 18).

Raising tax revenue the ‘sustainable and responsible’ way to fund Singapore’s expenditures: Lawrence Wong
The sustainable and responsible way to fund Singapore’s recurrent expenditures is to raise tax revenue and to do so with a fair and progressive tax system, Finance Minister Lawrence Wong said on Friday (Oct 15). “Healthcare alone will demand an additional 3 per cent of gross domestic product (GDP) in spending over the next 10 years.

Construction to outstrip growth in manufacturing globally over the next 10 years: report
The construction industry is set to lead global economic recovery from the Covid-19 pandemic, overtaking growth in the manufacturing sector in the decade to 2030. According to Future of Construction, a forecast produced by Oxford Economics and Marsh McLennan companies Marsh and Guy Carpenter…

Companies’ Brief

Chip Eng Seng chair builds stake, CLI conducts buybacks
For the five trading sessions that spanned Oct 8 to 14, the Straits Times Index (STI) gained 2.1 per cent, with the FTSE China A50 Index rising 2.3 per cent, the Hang Seng Index adding 1.0 per cent and FTSE Bursa Malaysia KLCI gaining 1.7 per cent.

Hong Lai Huat enters JV to explore, mine mineral resources in Cambodia
Property developer Hong Lai Huat Group has inked a joint venture (JV) agreement with HSC Group to explore and mine mineral resources at the former’s mixed-use agricultural hub in Cambodia.

Eagle Hospitality Trust’s US units file liquidation plan, bulk of proceeds to go to bank lenders
Units of the beleaguered Eagle Hospitality Trust (EHT) in the US have filed for liquidation, with the trust’s bank lenders set to mop up the bulk of the proceeds, court documents lodged on Oct 14 showed. The documents said that proceeds of US$481.9 million were raised.

Hospitality S-Reits taking off with more travel lanes
Singapore continues to pursue a “Living with Covid-19” strategy, with anticipation to transit to a “new normal” in three to six months. In the move to reopen borders and re-establish the country’s status as a global hub, Singapore has extended its Vaccinated Travel Lane (VTL) scheme to eight more countries.


Views, Reviews, Forum & Others

Blending purpose and profit (This is Part 2 of the responses)
Chia Ngiang Hong, President, Real Estate Developers’ Association of Singapore (REDAS)
Relentless focus on good corporate governance demonstrates a company’s direction and business integrity and helps businesses build trust with investors and the community as well as to ensure sustainability. Financial resilience with a social mission is critical to keep business going, maintaining operations while protecting employees and growing value.

Reality check for Singapore property as retirement asset
It is often said that Singaporeans have an enduring love affair with property, with many looking to sell or downsize their homes to enhance their retirement kitties in their golden years. But that passion for property is in for a reality check – and this is a good thing.

Why all roads lead to home, even in VTL season
Much has been written on travel bubbles, green lanes, rapid antigen tests and vaccine passports. The English language has been greatly enriched by terms like PCR and PPE, both among the latest acronyms now resolutely lodged in our befuddled vocabulary.

Digitalisation continues to transform lives
Widespread recognition of the crucial role of digitalisation for economic recovery has emerged as one of the key findings of one of the largest surveys of Asean youth conducted by the World Economic Forum and Singapore-based Sea, which owns e-commerce platform Shopee and digital financial services firm SeaMoney.

Optimism for approval of first Bitcoin ETF hits fever pitch in industry
Optimism is sky-high in the US$6.7 trillion exchange-traded fund (ETF) industry that after nearly a decade, the first US Bitcoin fund could begin trading next week. The Securities and Exchange Commission (SEC) is poised to allow the first US Bitcoin futures exchange-traded fund to begin trading in a watershed moment for the cryptocurrency industry, according to people familiar with the matter.

S’pore property agents go big on YouTube, TikTok to get eyeballs as Covid-19 curtailed viewings
Singapore – Property agent Jen Tan needed seven hours to shoot her first video that featured a new condominium project she was marketing. Memorising the script was the main hurdle but Ms Tan got her lines down eventually.

How a 31-year-old in Singapore uses social media to earn $2 million
Singapore – Selling property is a tried and true process honed over many decades but entrepreneur Nick Tan is using his digital savvy, creative juices and slick delivery skills to add a Hollywood-style twist to the old formula – but it doesn’t come cheap.

Tips to help sell your properties
Singapore – You may have a good property for sale, but you are unlikely to find a buyer if your asking price is way off the charts. Of course, that doesn’t deter some owners from asking for prices hundreds of thousands more than similar properties in the same location.

Singapore households wealthiest per capita in Asia: Allianz report
Singapore has overtaken Japan to be the richest Asian economy in financial assets on per capita terms, according to a global wealth report by financial services provider Allianz.

Update on COVID-19 (Coronavirus Disease 2019) Situation

9 more Singaporeans die of Covid-19; 3,058 new infections
[Singapore] Nine Singaporeans aged between 57 and 100 have died from complications linked to Covid-19, taking Singapore’s virus death toll to 233. Six were men and three were women, said the Ministry of Health (MOH) on Sunday (Oct 17).

S’pore’s Covid-19 strategy not a ‘flip-flop’, helps prevent massive number of deaths: Ong Ye Kung
Singapore – In managing the Covid-19 pandemic, Singapore did not take a purist “zero-Covid” or “living with Covid” approach, but adopted an eradication strategy when the population was vulnerable before opening up progressively after vaccination had given Singaporeans a protective shield.

What we know about the Covid-19 deaths in S’pore among adults under 60 years old
Singapore – The 23-year-old and 34-year-old Singaporeans reported on Thursday (Oct 14) to have died of Covid-19 complications were among the youngest deaths in Singapore. Neither was fully vaccinated, and both had multiple pre-existing health conditions, the Ministry of Health (MOH) said.

Young adults should not delay Covid-19 vaccination, especially if they have underlying medical conditions: Experts
Singapore – Young adults with underlying health conditions such as obesity, heart disease, diabetes, high blood pressure and high cholesterol should get vaccinated against Covid-19, experts said. This is to reduce their risk of severe illness and death if they get infected.

*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

Global economy caught in perfect storm as prices soar

Secret listing fever amid US property boom

US to lift curbs from Nov 8 for vaccinated foreign travellers: White House

Back-to-office plans collide with shortage of supplies

Economists split on global growth amid Covid, energy crisis and supply logjams

Fallout from the energy crisis: dirtier trains, less newsprint and production cuts for metals

ECB’s Lagarde says inflation spike is ‘largely transitory’

Cities might be back, but Aspen real estate is still booming

UK finance chiefs fear supply chain drag for at least another year

Less product, same price: companies use ‘shrinkflation’ to hide price increases

More solo travellers in US joining group tours after months of isolation due to Covid-19

New Zealand Q3 inflation rises to highest in over a decade

Canada’s tight housing market posts first sales gain in 6 months

Australia’s Qantas to sell land for A$802m to cushion pandemic blow

World’s toughest travel curbs falling to reopening pressure

Russian billionaire eyes modular housing take-off

These homes are built with big 3D printers

China eases mortgages for rest of year on Evergrande contagion worries

China Q3 GDP growth seen hitting 1-year low, raising heat on policymakers

China could widen property tax trial: official media outlet

China developers seek steps to ease sector’s trouble

Behind the sizzle of Dubai home boom, key vulnerability persists

Most Thais against reopening country, fear tourists will bring in new Covid-19 cases

Quarantine for fully vaccinated travellers entering Malaysia cut to 7 days from Monday

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