The Leading Professional and Representative Body for the Real Estate Industry

The Leading Professional and Representative Body for the Real Estate Industry



Daily News – 20 October 2021 (Wed)

Singapore Real Estate

OK Lim’s Second Avenue bungalow being sold for S$33.39m
Beleaguered Hin Leong group founder Lim Oon Kuin and his wife are selling their freehold bungalow in Second Avenue near Sixth Avenue MRT station for nearly S$33.39 million. The price works out to almost S$1,671 per square foot (psf) on the land area of 19,984 square feet (sq ft).

As foreign buyers return, residential projects in Core Central Region could be back in vogue
As easing travel restrictions bring travel flows back to the city-state, developers with projects in the Core Central Region (CCR) should benefit from a pick-up in demand. This comes as strict border curbs over the last 18 months or so have largely kept foreign buyers at bay…

Singapore Economy

Solar power, imported cleaner energy among focus of Singapore’s low-carbon future
Singapore is looking at various strategies to decarbonise its electricity grid, including increasing solar power and importing low-carbon energy from the region, said Minister for Trade and Industry Gan Kim Yong.

Singapore rises to second in talent competitiveness globally, and to top spot in Apac
City-state Singapore moved up one spot to clinch second position in the 2021 global talent competitiveness index (GTCI) report, falling behind only Switzerland, and achieving the top position in the Asia-Pacific region.

Companies’ Brief

Oei Hong Leong declares sale of S$2.7m worth of shares in Raffles Education
A regulatory filing by tycoon Oei Hong Leong on Tuesday (Oct 19) showed that he had sold S$2.7 million worth of Raffles Education shares the day before (Oct 18), paring his stake in the company from 10.16 per cent to 7.34 per cent.

Ascendas Reit posts 3.7% rental reversion in Q3
Ascendas real estate investment trust (Reit) posted a positive rental reversion of 3.7 per cent for lease renewals in the third quarter ended September, down from 8.9 per cent in the second quarter, it announced in a quarterly business update on Tuesday (Oct 19).

Views, Reviews, Forum & Others

Asia making encouraging progress in building a sustainable future
The upcoming 26th United Nations Climate Change Conference of the Parties (COP26) is a crucial milestone in the global fight against climate change as countries gradually recover from the Covid-19 pandemic. This year’s summit in Glasgow is anchored by 4 overarching goals:

Cautious moves towards Covid-19 resilience
The past few weeks, since Singapore’s Covid-19 stabilisation phase kicked in on Sept 27, have shown some encouraging signs that the current strategy of fighting the coronavirus pandemic is working. The feared possibility that Singapore could see 5,000 new Covid-19 cases a day by mid-October…

Broken supply chains: Why a US$648 bike costs US$477 to ship to Singapore
Over the weekend, I wanted to order a mid-range bicycle from Amazon – the Schwinn GTX Comfort Adult Hybrid bike, which costs US$648 (S$872), way more than I expected. I thought I would get it in about three weeks, as is usually the case. But to my surprise, I found I might have to wait till after Christmas – more than two months, in other words.

How investing sustainably helps to address the climate crisis
Last year, as Covid-19 ravaged the world, there was something of a silver lining for climate change, albeit short-lived. Global greenhouse gas emissions fell by around 6 per cent in 2020, thanks to pandemic-induced lockdowns. But emissions are expected to soar again in 2021 – to worrying levels.

Singapore retailers rush advance orders to fill Christmas stockings on time
Retailers here started stocking up their inventories as early as June amid port congestion and supply chain disruptions that are threatening to stymie the anticipated spike in demand ahead of the Christmas and festive season.

Update on COVID-19 (Coronavirus Disease 2019) Situation

7 more Covid-19 deaths in Singapore; 3,994 new infections
[Singapore] Seven Singaporeans, aged 57 to 90, have died from complications linked to Covid-19, taking Singapore’s virus death toll to 246. Five were men and two were women, the Ministry of Health (MOH) said on Tuesday (Oct 19).

Over 800 diners unvaccinated against Covid-19 found eating at hawker centres in past week: NEA
Singapore – More than 800 people were found to have been eating at hawker centres in the past week despite not being fully vaccinated against Covid-19, ahead of enforcement action against such diners kicking in from Wednesday (Oct 20).

Covid-19 Home Recovery Survival Guide: How to disinfect your room and other precautions
Singapore – Home recovery is now the default care management model for people infected with Covid-19 who have mild or no symptoms. While those on the Home Recovery Programme (HRP) must isolate themselves in a room and refrain from interacting with anyone…

Half-truths and lies: How Covid-19 misinformation spreads in S’pore
Singapore – When Mr Jeswant Singh, 68, wants the latest update on the Covid-19 pandemic, he scrolls through his mobile phone for WhatsApp messages from his friends. He showed The Straits Times messages he received with charts, videos and big words.

US prof keen to work with S’pore on app that warns users before they are exposed to Covid-19
Singapore – Since the pandemic began, Covid-19 contact-tracing apps have become widely used around the world, and mostly work the same way by alerting users who have been exposed to a confirmed case.

US raises Covid-19 travel alert for S’pore to highest risk level
The US Centres for Disease Control and Prevention (CDC) has added Singapore to its list of “very high” risk travel destinations. Under its Travel Notices, the CDC raised Singapore to Level 4, its highest risk category, from Level 3 previously.

*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; permits hit 1-year low as shortages bite

Vaccine access widening gap between Asia’s advanced and developing economies: IMF

Britain announces £9.7b of green investment at global summit

UK homebuilder Bellway posts surge in profit, sees 10% rise in output

New Zealand plans new housing density laws to tame red-hot property market

Zillow won’t buy your home, but rival Opendoor might

Australia moves to reopen foreign travel but states all have plans of their own

China’s new home prices stall amid crackdown on speculation

China’s property sector shrinks for 1st time since pandemic

GLP raises 311 billion yen for biggest Japan-focused private real estate fund

Japan exports hit by supply snags hurting global trade

IMF cuts Asia’s growth forecast, warns of supply chain risks

Even as borders reopen, Indonesia’s tourism players look to domestic market for growth

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