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 June 2021 (Wed)

Singapore Real Estate

Kampung Admiralty, Punggol among 4 S’pore projects lauded in region
Four Singapore projects have bagged one of the real estate industry’s most prestigious awards in the region. They were lauded for their excellent land use that can be replicated in other communities. Kampung Admiralty and Punggol town were hailed for their good planning, design and sustainable development, as well as for bringing the community together.

87 HDB flats sold for over $1m so far this year
A total of 87 Housing Board flats have changed hands for at least $1 million in the first five months of the year, surpassing the 82 units sold for at least that amount in the whole of last year. So far, this is the highest number of million-dollar flats sold in a year on record, since the first unit sold for more than $1 million in 2012.


Companies’ Brief

JustCo signs agreement with Ho Bee Land to manage space at The Metropolis
Co-working operator JustCo has inked an agreement with Ho Bee Land to manage about 35,000 square feet of The Metropolis office space in Buona Vista, Singapore. The JustCo-managed space, scheduled to open in the first quarter of 2022, will occupy two floors in The Metropolis Tower One.

More property firms secure green, sustainable finance
Keppel Land, the property arm of Keppel Corp: BN4 -0.19% , has secured its maiden five-year S$150 million sustainability-linked loan from DBS. The facility references the Singapore Overnight Rate Average (Sora), the first such loan for the group, said Keppel and DBS in a joint statement on Tuesday.

Wee Hur bags S$176.7m construction project from HDB
Mainboard-listed Wee Hur Holdings, through its wholly-owned unit Wee Hur Construction, has secured a new project worth S$176.7 million from the Housing and Development Board. In a regulatory filing on Tuesday, the group said the project covers building and contingency works in Bidadari.

Singapore’s Tiga Investments, KKR to acquire co-working office operator The Executive Centre
Singapore-based Tiga Investments has joined with private equity firm KKR to acquire a co-working office operator, The Executive Centre (TEC). The price was not disclosed. TEC is headquartered in Hong Kong. It is an office space provider operating in 14 markets, including Greater China, Japan, South Korea, Southeast Asia, Australia, India, Sri Lanka, and the Middle East.

EH-Reit gets court nod to sell 14 properties for US$481.9m; all objections overruled
Eagle Hospitality Reit (EH-Reit), which is a part of the beleaguered Eagle Hospitality Trust (EHT), has obtained approval from the United States Bankruptcy Court in the District of Delaware to sell off 14 properties of the debtor companies for a total price of US$481.9 million.

Yong Ying-I is next CPF Board chairman
The Central Provident Fund (CPF) Board will have a new chairman from July 1. Ms Yong Ying-I, Permanent Secretary for Communications and Information, will replace Mr Chiang Chie Foo, who has been the board’s chairman since July 2013, the Ministry of Manpower (MOM) said yesterday.

Corporate digest


Views, Reviews, Forum & Others

Omni-channel retail is key to survival, but retailers may not be ready
The return of tighter measures due to the recent surge in global Covid-19 cases has put the spotlight back on the transition to omni-channel strategies in retail, especially with retail among the sectors most impacted by closures or restrictions due to the pandemic.

Strengthening global efforts to deal with climate change impact
As countries around the world attempt to turn the corner on the Covid-19 crisis, the climate challenge looms ever larger as our next global reckoning. With the priority of economic repair and recovery across all major economies, it is heartening to see that vital momentum has been sustained in the transition towards a low-carbon future state.

The UN’s sustainable development goals are a pathway out of Covid-19
When it comes to “building back better” for the world, the most ambitious blueprint is the set of sustainable development goals (SDGs) established by the United Nations in 2015, which 193 member countries have endorsed. The idea was to tackle the world’s most pressing problems, such as poverty, inequality, climate change and access to education.

Decisive moves to deal with new normal
In a national broadcast on Monday, Prime Minister Lee Hsien Loong outlined the contours of a new normal in which Singaporeans will have to live – a world that has been battered and reshaped by the coronavirus pandemic. The strategy being adopted is to test the population, trace the spread of infections, and vaccinate people extensively and more quickly.

Singapore equities: Recovering, restructuring, rebalancing
The Singapore equity market’s ascent this year is set to continue, in our view. The MSCI Singapore index has outperformed MSCI AC Asia ex Japan year-to-date, reversing some of last year’s underperformance. Attractive stock valuations, a fast-recovering economy…

Update on COVID-19 (Coronavirus Disease 2019) Situation

Construction sites start pilot of DIY Covid-19 test kits
To further reduce the risk of Covid-19 transmission at worksites, the use of antigen rapid tests (ARTs) is being piloted at construction sites for workers who are not staying in dormitories. These tests will be done by the workers, using do-it-yourself (DIY) test kits, the Building and Construction Authority (BCA) said on Monday.

26 Hua Zai food outlets to close till June 14 over likely Covid transmission
The Ministry of Health (MOH) is investigating cases of Covid-19 infection among people who work at Hua Zai food outlets after finding likely ongoing transmission. To break any potential chain of transmission and enable deep cleaning of the premises, all 26 Hua Zai outlets, which sell roasted meat, will be closed to the public from Tuesday to June 14, said MOH.

Covid-19 vaccine could become like yearly flu shot, say experts on ST panel discussion
With the coronavirus that causes Covid-19 likely to become endemic, regular vaccination will be the new normal, experts said at a live panel discussion organised by The Straits Times yesterday. “At some point, we will see Covid-19 being included as part of our national immunisation schedule for both adults and children…

Will high vaccination rates remove need for contact tracing and testing?
As Singapore plans for the new normal with Covid-19 as an endemic disease, top experts speak to The Straits Times’ science correspondent Audrey Tan on how to live with the virus. Here are some questions answered:

Highly unlikely virus spread through sewage system, say experts
Debunking fears that the detection of the coronavirus in wastewater at residential blocks means that Covid-19 is being spread between blocks through the sewage system, infectious disease experts and national water agency PUB said yesterday it is highly unlikely that residents can catch Covid-19 via the wastewater system.

WHO approves China’s Sinovac Covid jab
The World Health Organization (WHO) on Tuesday approved the Sinovac Covid-19 vaccine for emergency use – the second Chinese jab to receive the WHO’s green light. The UN health agency signed off on the two-dose vaccine, which is already being deployed in several countries around the world. “WHO today validated the Sinovac-CoronaVac Covid-19 vaccine for emergency use,” it said in a statement.

Alexandra Hospital ward reopens 14 days after staff tests positive for Covid-19
A ward at Alexandra Hospital (AH) has reopened following 14 days of “lockdown” after a staff member tested positive for Covid-19. In a Facebook post yesterday, the hospital said no new cases have emerged for more than 14 days.

*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 manufacturing expansion hits one-year mark amid supply backlogs

Hamptons boom creates a new world of luxury problems

UK house prices jump by 10.9%, set to climb more

Europe’s factory activity racing but supply squeeze dims outlook

Australia GDP climbs 1.8% in Q1, back to pre-pandemic time

Australian home prices surge in May as sales race past supply

Growth in China home prices to sustain momentum in 2021: poll

Retail investors snap up China’s first batch of Reits

Olympic anxiety leaves Japanese sponsors counting the costs

South Korea’s inflation hits highest since 2012 as economy recovers

Malaysia’s Covid-19 surge douses hopes of economic recovery this year

Empty streets and malls as Malaysia locks down for two weeks

Thailand approves 140 billion baht in stimulus that includes cash handouts

Scroll to Top