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The Leading Professional and Representative Body for the Real Estate Industry



Daily News – 2 Mar 2021 (Tue)

Singapore Real Estate

Number of ultra-rich living in Singapore rose last year despite pandemic: Knight Frank
Singapore’s number of ultra-wealthy people continued growing strongly in the 2019-2020 period despite the pandemic, making it the Asian country with the second highest rate of growth in this segment. The number of ultra high net worth individuals (UHNWI) in the city-state rose 10.2 per cent or by 345 to 3,732 in 2020, says The Wealth Report 2021 put out by Knight Frank. The report defines UHNWIs as those with net worth of at least US$30 million…


Singapore Economy

Demand for hospitality courses rises as workers, companies eye recovery
The tourism industry has been hard-hit by Covid-19, with higher-than-average unemployment and depressed wages in travel-related sectors such as accommodation services. But that has not deterred Singapore residents from enrolling in training courses – although it has been a divergent path between the polytechnics, which are seeing stable enrolment, and the private education providers that rely on foreign students.

Singapore business loans in January up for 2nd month
Business loans in Singapore picked up for the second straight month in January as the economy gradually recovers from Covid-19 this year. On Monday, data from the Monetary Authority of Singapore showed that loans to businesses grew 0.9 per cent month on month to S$422.73 billion in January.

Fall in Singapore’s January arrivals attributed to fresh flare-up of Covid-19 pandemic, seasonal factors
Singapore has recorded its first month-on-month decline in international arrivals since the Covid-19 pandemic hammered global travel last year. Some 23,150 visitors showed up in January, going by recent Singapore Tourism Board (STB) data. In a setback to hopes of a travel recovery, the figure marks a 3.6 per cent dip from December’s 24,010 arrivals.

Staying relevant and principled in a world of constant change
Singapore must keep up with change and remain relevant to the world, even as it maintains a consistent and principled approach. This was the common thread running through yesterday’s debates on the budgets of three ministries: Defence, Foreign Affairs, and Home Affairs. Defence Minister Ng Eng Hen spoke of how sharpening strategic rivalry between the United States and China will lead to a shift of military assets to the region.


Companies’ Brief

UIC secures green, sustainability-linked loans worth S$300m
United Industrial Corporation Ltd (UIC) announced on Monday that it has secured its first green and sustainability-linked loans amounting to S$300 million from UOB and DBS. They comprise a S$200 million sustainability-linked loan and a S$100 million green loan. The green loan will be used to fund major upgrading works at the Singapore Land Tower, which is owned by UIC.


Views, Reviews, Forum & Others

Which vaccine should you get?
The one-dose coronavirus vaccine developed by Johnson & Johnson was reviewed on Friday by an advisory committee for the US Food and Drug Administration (FDA), and authorised over the weekend. The FDA approved the emergency use of the vaccine, which has been shown to strongly protect recipients against severe disease and death from the coronavirus.

Climate issues ‘heat up’ in boardrooms and remuneration committees
Climate change is among the most pressing issues facing the world. In 2018, the Intergovernmental Panel on Climate Change warned that to avoid the catastrophic impacts of climate change, global warming must not exceed 1.5 deg C. To achieve this, greenhouse gas (GHG) emissions must halve by 2030 and drop to net-zero by 2050.

Bitcoin cannot replace the banks
For several hours last Wednesday, the digital services that the US Federal Reserve uses to clear transfers between banks were offline due to an “operational error”. Bitcoin holders crowed about the reliability of their payments network, distributed among all the computers mining coins. Zac Prince, chief executive of BlockFi, a crypto lending company, showed more restraint, pointing out on Twitter merely that payments over crypto “continue to operate normally”.

Iras to send tax bills directly to some taxpayers instead of filing notices
The Inland Revenue Authority of Singapore (Iras) will be sending tax bills directly to selected taxpayers instead of filing notices this tax season. The vast majority of taxpayers who are already on No-Filing Service (NFS) – which means they are not required to file a tax return – do not make any adjustments to their income, deductions and reliefs when they receive their NFS notice before their tax bill, Iras said in a statement yesterday.


Update on COVID-19 (Coronavirus Disease 2019) Situation

12 new Covid-19 cases in Singapore – all imported
There were 12 new coronavirus cases confirmed at noon yesterday, all of whom were imported. This takes Singapore’s total to 59,948. The imported cases comprise one permanent resident, two work pass holders and nine work permit holders.

Safe-management measures for workplace to be reviewed after Chinese New Year period
Safe-management measures for the workplace may be adjusted, as Singapore’s Covid-19 task force monitors the situation after the Chinese New Year period, Senior Minister of State for Manpower Zaqy Mohamad said. “Adjustments to safe-management measures for the workplace will consider the public health risk, level of community cases, as well as employee and business interest,” he told Parliament on Monday in response to an MP’s question.

No plans to impose vaccination as condition for entry into S’pore
There are no plans to require travellers to be vaccinated against Covid-19 to enter Singapore, said Transport Minister Ong Ye Kung in Parliament yesterday. “Instead, we will continue to use tests and stay-home notice (SHN) requirements to ensure that travellers do not bring the virus into our communities,” he said, noting that the Republic has been able to allow in some travellers over the past year without requiring them to be vaccinated.

Latest free-mask distribution by Temasek kicks off
Singapore residents have begun collecting their masks from vending machines located at more than 800 locations islandwide, including community centres and residents’ committee centres. The two-week mask distribution exercise, which began yesterday, is the fourth one by Temasek Foundation. The double-layered mask has dual protection, with a water-repellent antimicrobial layer on the outside, and an antibacterial treatment on the inner layer that kills bacteria from the wearer’s saliva, according to a Facebook post by Temasek chief executive Ho Ching on Feb 19.

*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

Pent-up demand driving global factory revival in February

Construction spending hits record high in January

US manufacturing expands most in three years as prices climb

UK mortgage approvals ease as end of tax relief approaches

UK top firms not cutting carbon emissions enough: survey

New Zealand central bank in no hurry to remove stimulus, RBNZ official says

Australian home prices surge at fastest pace since 2003

China Feb home price growth cools, finds survey

Japan’s Q4 capex down for third straight quarter, jobless rate steady

South Korea’s factory activity expands at fastest pace in almost 11 years

Hong Kong’s Rosewood Hotel Group to file for SPAC listing, say sources

Thailand sees at least 300b baht investment in Eastern Economic Corridor this year

Johor seeks nod for those inoculated to travel to S’pore


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