The Leading Professional and Representative Body for the Real Estate Industry

The Leading Professional and Representative Body for the Real Estate Industry



Daily News – 2 Feb 2021 (Tue)

Singapore Real Estate

The Reef at King’s Dock sells over 90% of 300 units
About 280 of the 300 residential units offered at The Reef at King’s Dock were sold over the Jan 30-31 weekend launch, joint developers Mapletree Investments and Keppel Land said on Sunday. Prices ranged from S$2,000 per square foot (psf) to S$2,800 psf, with an average price at S$2,330 psf. Neighbouring luxury condo Corals at Keppel Bay is priced at an average of S$2,067 psf, while Reflections at Keppel Bay is priced at an average of S$1,590 psf.

PGIM eyes Singapore, Tokyo offices and China logistics for APAC value-add fund
The fourth in PGIM Real Estate’s series of Asia-Pacific value-add funds has raised US$970 million, and is in advanced discussions for additional commitments that would take the capital raise to over US$1 billion. The fund, AVP IV, had an original target of 650 million euros or about US$789 million, said Benett Theseira, head of Asia-Pacific for PGIM Real Estate, in an interview with The Business Times (BT).


Singapore Economy

STB sees tourism arrivals and receipts remaining weak in 2021
After the toughest year on record, Singapore’s tourism arrivals and receipts are still expected to remain weak in 2021, said the Singapore Tourism Board (STB) in a statement on Monday. “Even with the development of several vaccines, it will take time for mass leisure travel and traveller confidence to return,” it noted.

Businesses use slowdown in tourism to spruce up attractions
Several businesses in the hospitality industry are using the slowdown in tourist arrivals to spruce up their attractions in preparation for a future upswing, said the Singapore Tourism Board (STB). For example, Haw Par Villa closed its doors from October last year for STB to conduct upgrading works, which are expected to be completed next month.

Singapore seeking frontier firms for ‘Manufacturing 2030’
Singapore wants to attract companies at the frontier of manufacturing, to secure the Republic’s spot in global value chains, said Trade and Industry Minister Chan Chun Sing on Monday. He added that to do so, the government would continue to invest in the manufacturing ecosystem, build research capabilities, and promote Industry 4.0 adoption.


Companies’ Brief

Brokers’ take: CDLHT downgraded to ‘hold’, ‘neutral’ as it trades closer to long-term mean
Analysts from CGS-CIMB and RHB have downgraded CDL Hospitality Trusts (CDLHT) to “hold” and “neutral” respectively as the stapled group trades closer to its long-term mean. CGS-CIMB downgraded CDLHT to “hold” from “add”, with a raised target price (TP) of S$1.24 from S$1.16. It believes recovery remains volatile, and valuation has recovered back to a near five-year mean of 0.97 times price to book (P/BV).

PropNex to sell entire stake in property management arm PPMC
Real estate agency PropNex on Monday announced that it is looking to sell its stake in its property management arm for S$1,018,000. PropNex Realty – along with shareholder Lawrence February Mila Manalac – entered into a sale and purchase agreement with Newman & Goh Property Consultants, to dispose its entire shareholding interest in PropNex Property Management Consultants (PPMC).

SPH and Temasek to merge MICE units
Singapore Press Holdings (SPH) and Temasek have entered into an agreement to merge their meetings, incentives, conventions and exhibitions (MICE) subsidiaries, an exchange filing on Monday showed. Temasek’s wholly-owned subsidiary SingEx Holdings and Sphere Exhibits, which is wholly-owned by SPH, will merge to form SingEx-Sphere Holdings.

Elite Commercial Reit posts 2.49 pence H2 DPU with full occupancy as at Dec 31
Elite Commercial Reit posted its H2 distribution per unit (DPU) at 2.49 pence (4.5 Singapore cents) on Monday, 2.9 per cent higher than its initial public offering (IPO) forecast of 2.42 pence, with occupancy at 100 per cent as at Dec 31 last year despite the UK’s nationwide lockdown. The Reit (real estate investment trust), listed on the Singapore Exchange in February 2020, reported a post-tax profit of £19.5 million for H2, which was almost treble its IPO forecast of £6.9 million.


Views, Reviews, Forum & Others

Driving productivity using remote working
Before the Covid-19 pandemic, long-term trends such as the proliferation of new digital technologies, evolving demographics and rising social concerns about inequality and the environment were already changing the way work is done, by whom and where. The global pandemic served as an accelerator and forced the vast majority of employers in Singapore to adopt remote working arrangements as an emergency measure to continue operating.

Digital connectivity: a catalyst for growth, inclusion, prosperity
Digital connectivity – including wireless, wired, and satellite technologies – is the utility of the 21st Century. It drives all aspects of smart and future cities, and key components of economies and societies. Digital connectivity is also a crucial tool in the context of Covid-19 response and recovery – including enabling remote working and learning, e-commerce, and critical communications.

Covid-19: How close is the light at the end of the tunnel?
Will it ever end? In November, we were celebrating the announcement that the BioNTech/Pfizer vaccine seemed to be highly effective against Covid-19, followed with bewildering speed by similar claims for the Sputnik V, Moderna and Oxford/AstraZeneca vaccines. Nearly three months later, hospitals are overwhelmed and the global death toll is climbing twice as fast as in the worst days of the first wave.

The beleaguered Games: Should the show go on, amid a pandemic?
There was a whiff of bravado last week when Olympics supremo Thomas Bach proclaimed that his organisation was working on plans on how the postponed 2020 Games will take place; not if the Games would go ahead in July-August.

Feedback period for Dover Forest extended to March 1
The public consultation period on the fate of the site known as Dover Forest will be extended by four weeks till March 1, said National Development Minister Desmond Lee yesterday. He gave this update in response to questions filed by MPs, following recent public concern over the forest patch in the central Ulu Pandan area being zoned for residential use.

Green Plan 2030 to see S’pore set new sustainability targets
Singapore will ramp up its sustainability drive, with agencies across ministries setting “ambitious and concrete targets” under a new initiative called the Singapore Green Plan 2030. The plan will be continually refined as circumstances change, new opportunities emerge, and input is sought from citizens, businesses and communities, Minister for Sustainability and the Environment Grace Fu told Parliament yesterday.

Balancing stewardship of green spaces with land constraints
Singapore is committed to stewarding and protecting its green spaces, but the country’s physical constraints mean that some undeveloped sites will have to be tapped to meet land use needs. National Development Minister Desmond Lee said this in Parliament yesterday as he outlined Singapore’s approach to planning for land use and urban development.


Singapore Budget 2020

Heng gives breakdown of Budget allocations to combat pandemic
A total of $13.8 billion was allocated for Covid-19 response operations by the Government in last year’s Budget – one of three major areas of spending to protect lives and livelihoods in the pandemic, said Deputy Prime Minister Heng Swee Keat yesterday. In a written reply to Ms Foo Mee Har (West Coast GRC), Mr Heng said another $73.5 billion was set aside to give support for workers and businesses, while $10 billion went towards social and household support.


Update on COVID-19 (Coronavirus Disease 2019) Situation

9-year-old Indian national among 29 new Covid-19 cases, all imported
Singapore – A nine-year-old girl from India was among the 29 coronavirus cases confirmed by the Ministry of Health (MOH) on Monday (Feb 1). They were all imported. This takes the total number of Covid-19 cases in Singapore to 59,565. The dependant’s pass holder was asymptomatic.

Benefits of jab outweigh risks – 4 who had severe allergic reactions have recovered
There were four people who experienced a rapid onset of severe allergic reactions after receiving their Covid-19 shots, but all have recovered, with none needing intensive care unit (ICU) support. Responding in Parliament yesterday to questions from several MPs about the supply and side effects of the vaccines, Senior Minister of State for Health Janil Puthucheary provided this update about the four people and said the benefits of getting vaccinated outweigh the risks.

Over 155,000 here have had first dose of vaccine
More than 155,000 people have received their first dose of the coronavirus vaccine as at Sunday, Senior Minister of State for Health Janil Puthucheary told Parliament yesterday. He said Singapore will have the capacity and capability to have its population vaccinated by the third quarter of this year, although it might take until the end of the year to do so.

Singapore can vaccinate about 80,000 a day when all 40 centres are up
Singapore would be able to immunise about 80,000 individuals a day once it sets up all 40 Covid-19 vaccination centres across the island, Senior Minister of State for Health Janil Puthucheary said on Monday. These vaccination centres will be located in high population catchment areas and along public transport routes for greater accessibility, he told Parliament in response to a slew of questions surrounding Covid-19 vaccines.

Bill introduces stiffer penalties for unauthorised use of contact-tracing data
Penalties for the unauthorised use or disclosure of personal contact-tracing data will be more severe than in prevailing laws governing public-sector data, under an amendment Bill introduced in Parliament on Monday. The Bill amends the Covid-19 (Temporary Measures) Act, to formalise the government’s earlier assurances that TraceTogether data may be accessed by the police only for specified serious offences.

Migrant workers in higher-risk dorms to be vaccinated first: Tan See Leng
Migrant workers in dormitories will be vaccinated by the end of this year – the same timeline as for the rest of Singapore, Second Minister for Manpower Tan See Leng said in Parliament yesterday. The workers – among the priority groups for vaccination – will be vaccinated based on the risk level of the dorms they reside in, with those at higher risk to go first, said Dr Tan.

Mentally incapacitated and without kin? Docs will take jab decision for them
Without any known next of kin, and with cognitive impairment, Madam Tan (not her real name), 73, poses a quandary for her carers. She has dementia, previously had a stroke, and lacks the mental capacity to make her own decisions, Thye Hua Kwan Nursing Home @ Hougang told The Straits Times. So, when the Covid-19 vaccine is made available to the nursing home, who decides whether she should receive it?
*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 economic growth to hit 4.6% in 2021

US manufacturing remains robust while price pressures build

Factories give mixed showing as pandemic’s impact lingers

US hotels try to woo guests with rooms that look like Netflix sets

Millennials are changing luxury real estate market

SPACs eye Asia as next hunting ground for takeover target

Growth in China’s home prices to cool in 2021

China’s impatient about the new China policy but US is in no rush

High-rise offices lose lustre as Japan works at home

Evergrande unit gains most in two weeks after buying rival

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