The Leading Professional and Representative Body for the Real Estate Industry

The Leading Professional and Representative Body for the Real Estate Industry



Daily News – 31 July, 1 & 2 August 2021 (Sat, Sun & Mon)

Singapore Real Estate

DBSS flat in Bishan sold for record $1.295m
A five-room Housing Board flat in Bishan has changed hands for a record $1.295 million this month, smashing the previous high of $1.268 million lodged just last month.

Experts, residents cheer HDB decision to retain half of Dover Forest
The Housing Board’s decision not to develop half of Dover Forest for now and instead safeguard it as a nature park is a win not just for nature groups and nature, but also for present and future Singaporeans, said conservation experts and Dover residents.


Singapore Economy

Economists upbeat on Q3 labour outlook despite Q2 setback
Though tighter Covid-19 curbs took a toll on Singapore’s total employment in the second quarter, the labour situation is expected to improve in Q3, said economists, who were responding to Ministry of Manpower (MOM) flash figures on Friday.

Optimism for next six months cools for Singapore’s manufacturing sector
Optimism in Singapore’s manufacturing sector for the next six months has cooled, while positive sentiment for the services sector has plateaued, according to quarterly surveys released on Friday. The data does not come as a surprise given the Republic’s return to Phase 2 (Heightened Alert) in late July amid an uptick in the Delta variant of the coronavirus both locally and in our major trading partners…

Challenges and opportunities in S’pore’s post-pandemic recovery
Singapore – Covid-19 has wreaked havoc on almost every economy, but those that take the opportunity to adapt and transform will emerge stronger, Trade and Industry Minister Gan Kim Yong told Parliament on Monday (July 26).

S’pore’s total employment in Q2 falls amid Covid-19 curbs
The heightened Covid-19 restrictions in May and June to curb coronavirus infections have taken a toll on Singapore’s labour market. The number of workers employed fell in the second quarter of this year, after registering its first increase in the previous quarter following declines last year, the Ministry of Manpower (MOM) said yesterday.


Companies’ Brief

Keppel makes surprise S$2.2b bid to privatise SPH
Keppel Corp has launched a S$2.2 billion bid to privatise Singapore Press Holdings (SPH) ex-media, describing the deal as a “rare” and “unique” opportunity to tap SPH’s “quality portfolio” and speed up growth, scale up and gain capabilities in its key focus areas from asset management, urban development to connectivity.

Warehouse giant GLP sees frothy valuations in certain logistics assets
Warehouse giant GLP has observed asset values soaring ever higher in the global logistics sector and compressing cap rates, as a flood of new entrants and investment capital jostle for limited supply.Over the last 12 months, prices have risen in most of the group’s markets…

Elite Commercial Reit posts H1 DPU of 2.63 pence, 8.7% above IPO projection
Elite Commercial Reit distribution per unit (DPU) rose by 34.9 per cent to 2.63 pence for the six-month period ended June 30, from 1.95 pence a year ago. The DPU was also 8.7 per cent higher than the 2.42 pence the real estate investment trust had forecast upon its initial public offering (IPO)…

Industrial S-Reits confident on resiliency
Despite challenges in the global economy brought about by the Covid-19 pandemic over the past 18 months, Industrial Reits, among Reit sub-segments, have remained one of more resilient and relatively sheltered Reit sectors.


Views, Reviews, Forum & Others

Wealth tax – use ‘shock therapy’ cautiously
Chia Ngiang Hong, President, Real Estate Developers’ Association of Singapore (REDAS)

As a small and open city-state, Singapore’s light-touch tax regime has been our competitive advantage. Keeping, attracting and growing the wealth pool is important as it helps to expand the economy, boost consumption and contribute to the tax coffers.

Balancing environment and housing needs
Singaporeans will welcome the Housing Board’s announcement that it has revised plans for the 33ha Dover Forest, with public housing expected to be launched in the eastern half next year while the western half is to be left to preserve its biodiversity.

A public housing approach for the future
The Housing Board’s plans to sustain the supply of Build-To-Order flats must be welcome news for young people with marriage and family plans. The strong demand for BTO flats and the trend of more multi-generational families seeking to live in proximity should give HDB and urban planners some pointers about future land use plans.

What if the unvaccinated cannot be persuaded to take the shots?
(Nytimes) – I hate that I believe the sentence I’m about to write. It undermines much of what I spend my life trying to do. But there is nothing more overrated in politics – and perhaps in life – than the power of persuasion.

Solo dining may be the sweet spot for Covid-19 safety, eatery income
Solo diners have always known the private pleasure of eating alone. But during the pandemic, its public value shines in terms of safety and mental wellness for the community, and possibly economic ways for eateries.

June bank lending sees fastest monthly growth since 2018
Singapore bank lending in June logged the fastest monthly growth since March 2018, up 1.5 per cent to S$703.92 billion as business loans gain further momentum. On Friday, data from the Monetary Authority of Singapore showed that business loans grew at a faster pace in June, up 1.9 per cent to S$436.76 billion as compared to the 0.2 per cent increase seen in May and a flattish performance in April.

All eyes on dividend payout from banks in Q2
Wth regulatory caps on their dividends now lifted, the three Singapore banks are widely expected to lift their payouts when they report their second-quarter results. This is especially so as the lenders are expected to continue riding a post-pandemic recovery, with the new social restrictions in Singapore posing just a slight and temporary blip, analysts said.

Poll: Young adults here still investing despite pandemic
Young adults here are continuing to invest despite the pandemic, according to a survey out today. It found that 80 per cent of about 500 young adults surveyed are already investors, while 88 per cent are considering investing in at least one product in the next year.

Update on COVID-19 (Coronavirus Disease 2019) Situation

113 new locally transmitted Covid-19 cases in Singapore
There were 113 new locally transmitted coronavirus cases on Sunday. Of the locally transmitted cases, 70 were linked to previous cases and had already been quarantined, while another five linked cases were detected through surveillance.

Yishun Community Hospital, Mandai workers’ dorm among 10 new clusters
There were 10 new Covid-19 clusters reported yesterday, including those at Yishun Community Hospital and Westlite Mandai Dormitory. The hospital cluster has two new cases, bringing its total to four. The Mandai dormitory cluster, which is the second active cluster at a dorm owned by Westlite Accommodation, after the Juniper dormitory, has five cases, with four reported yesterday.

4 Catholic churches visited by Covid-19 cases from July 18-25
Four Catholic churches here have been visited by people who tested positive for Covid-19, the Roman Catholic Archdiocese of Singapore said on its website on Thursday. They are: the Church of the Holy Spirit, the Church of the Holy Cross, the Church of the Immaculate Heart of Mary and St Anne’s Church.

8 new virus clusters, with one at Selarang work release centre
There were eight new Covid-19 clusters yesterday, including one at Institution S2 Selarang Park Complex. It is a work release centre, managed by the Singapore Prison Service, housing supervisees who are serving the tail end of their sentences on community-based programmes.

Smooth entry at hawker centres, markets with TraceTogether
Patrons queued and waited patiently yesterday morning to enter markets and hawker centres, which now require TraceTogether for entry. SafeEntry Gateway readers have been set up at entrances for patrons, stallholders and stall assistants to check in with their TraceTogether token or app.

Jurong Fishery Port reopens for tenants under watchful eyes
After closing for two weeks because of the Covid-19 outbreak on its premises, the Jurong Fishery Port finally started seeing signs of activity yesterday. The Sunday Times (ST) observed nine people – believed to be employees of the port’s tenants – at the port’s entrance between 6am and 10am.

Singapore team finds drug cocktail effective against Covid-19 Delta variant
Singapore – Researchers here have found a combination of drugs which can be used to treat Covid-19 patients with mild to moderate disease. The drug cocktail has also shown promising results in terms of effectiveness against the Beta and Delta variants of the virus.

Will new variants lead to more severe outbreaks? Experts say chances low
Covid-19 infections and deaths worldwide have been increasing significantly, with the numbers in Singapore appearing to grow in tandem. The latest figures from the World Health Organisation showed that the number of global infections had increased by 8 per cent in the week of July 19 to 25 over the previous week, while deaths had jumped 21 per cent over the same period.

Vaccines best weapon as Delta variant threatens efforts: WHO
The world is at risk of losing ground in the fight against Covid-19 because of the highly contagious Delta variant of the coronavirus, but vaccines remain the most effective weapon against it, the World Health Organisation (WHO) has warned.

Private healthcare providers set to offer Sinopharm vaccine
The Health Sciences Authority (HSA) has approved 11 applications for private hospitals and clinics to import China’s Sinopharm vaccine under the Special Access Route (SAR). This means that the risks of using such vaccines are “fully borne by the doctor and vaccine recipient”, an HSA spokesman said yesterday.

S’pore tightens curbs for travellers recently in Australia or China’s Jiangsu
Singapore will tighten border measures for travellers who had recently been in Australia or China’s Jiangsu province after an increase in Covid-19 cases in those places, the Ministry of Health (MOH) said yesterday. The new measures will kick in tomorrow at 11.59pm.

Households affected by Covid-19 to get more help
Lower-income households that have been directly affected by Covid-19 can now get additional financial support from a fund, to help them cope with the protracted pandemic which has impacted many livelihoods.

*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 debt ceiling suspension ends, Congress unclear on next step

US pending home sales decline in June as prices climb

Millions of Americans risk losing their homes as virus cases surge

US cities try to head off eviction wave as federal ban expires

US authorities scramble, trade blame as millions face eviction

Flexi-work leaves San Francisco trailing NYC in office comeback

Amazon faces more than slowing sales growth – it needs more warehouses

New York facing rental slump

Work from home is spurring some to retire early

Goldman Sachs bets on city bounceback with Paris real estate deal

From miners to Big Oil, the great commodity cash machine is back

Luxury looks homeward as Covid curtails travel

Australia home prices keep rising even as Sydney locks down

China’s new home price growth slows in July: private survey

Chinese cities test millions, impose new travel curbs as virus cases surge

Beijing’s crackdown ruins July for investors everywhere

China’s factory activity weakens in July

Debt-laden China Evergrande hit by lawsuit over late construction payment

As Covid cases hit record high in Tokyo, can the Olympic bubble hold?

South Korea’s July exports jump to record though growth pace slows

Thailand extends curbs, expands lockdown zone as infections surge



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