The Leading Professional and Representative Body for the Real Estate Industry

The Leading Professional and Representative Body for the Real Estate Industry



Daily News – 22 April 2020 (Wed)

Singapore Real Estate

Circuit breaker extension to hurt construction sector, shipyards
The extension of the circuit breaker till June 1 will mean an additional month of lost revenue as well as delays to project completion timelines for construction companies in Singapore. UOB economist Barnabas Gan estimates that the construction sector will contract by 15 per cent in the second quarter of 2020…


Singapore Economy

Crude futures plunge presages more oil woes in Singapore
The shock plunge of US crude futures into negative territory is unlikely to worsen the outlook for Singapore’s oil exports and petrochemical sectors, economic watchers have said. Yet the unprecedented overnight drop is another red flag in a market already under strain from low prices and plummeting demand for oil.


Companies’ Brief

Centurion offers early lease termination for UK students
Housing operator Centurion Corp on Monday said it will allow students residing at its UK accommodation the option of leaving their tenancies early for the current academic year. This is applicable for the remainder of the UK academic year 2019-2020 (AY19/20) from May 1 till the end of August.

Keppel DC Reit expects demand to hold up amid pandemic
The manager of Keppel DC Reit on Tuesday said that it expects demand for its service to hold up in the Covid-19 pandemic as data centres support mission-critical operations. It added that it expects higher data traffic as well as an accelerated pace of cloud and technological adoption, as more people work and transact from home.

Oxley’s The Addition condo in Potong Pasir obtains TOP
Real estate developer Oxley Holdings on Tuesday night announced that its freehold residential project The Addition has obtained the temporary occupation permit (TOP). Located at 21 Meyappa Chettiar Road, the eight-storey condominium has 26 apartments and is fully sold. It has a gross development value of S$36.8 million, Oxley said in a bourse filing.

SPH reports higher y-o-y bookings for UK student dorms
Singapore Press Holdings (SPH) on Tuesday reported a 60 per cent y-o-y increase in bookings for its purpose-built student accommodation (PBSA) properties in the UK. The bookings are for the academic year 2020/2021 (AY20/21), said the media and property group, which publishes The Business Times.

Suntec Reit Q1 DPU falls 27.7% to 1.76 S cents
Suntec Real Estate Investment Trust (Suntec Reit) on Wednesday posted a 27.7 per cent drop in distribution per unit to 1.76 Singapore cents for the first quarter ended March 31, 2020 from 2.192 cents a year ago.


Views, Reviews, Forum & Others

Could DBS Trustee have done more for EHT unitholders?
In what sounded like a reprimand, the Monetary Authority of Singapore (MAS) and the Singapore Exchange Regulation (SGX RegCo) on Monday directed DBS Trustee to set out the actions it will take to protect the interests of unitholders in Eagle Hospitality Trust (EHT).

As oil gets beaten down, analysts find reason to look up
While ravaged oil markets indicate the persistence of weak demand, market watchers are expecting recovery by the end of the year, though not at pre-crisis levels. Sharp production cuts and post-crisis demand recovery will lead the pick-up in oil prices, said Tan Min Lan, Asia-Pacific head of UBS’ chief investment office, at a media teleconference on Tuesday.

Weighing Singapore’s response to the Covid-19 pandemic
The plaudits had come early for Singapore in its fight against the coronavirus. Around the world, epidemiologists and media reports held the country up as a model to emulate for bringing the outbreak under control with a strategy of aggressive testing, meticulous contact tracing and strict isolation.


Singapore Budget 2020

S$3.8b in extended support amid tighter curbs against pandemic
With the four-week extension to the circuit-breaker measures, S$3.8 billion in extended support will be given to workers and businesses, said Deputy Prime Minister and Finance Minister Heng Swee Keat on Tuesday.

Over 62,000 employers start getting foreign worker levy rebates
Over 62,000 employers started getting their share of nearly $675 million in foreign worker levy rebates from yesterday, said the Ministry of Manpower (MOM). This comes as Deputy Prime Minister Heng Swee Keat said yesterday that he would extend these rebates by another month, to ease labour costs with the circuit breaker period getting extended.


Update on COVID-19 (Coronavirus Disease 2019) situation

Circuit breaker has seen some progress, but needs to be extended to June 1: PM Lee
Singaporeans will have to hunker down for a month longer than expected, after Prime Minister Lee Hsien Loong announced on Tuesday that the circuit breaker period – which was due to end on May 4 – has been extended by four weeks to June 1.

Coronavirus: PM Lee Hsien Loong outlines steps needed for gradual exit from circuit breaker
Lifting of measures to contain the Covid-19 outbreak will have to happen cautiously and incrementally, in conjunction with increased testing and better use of technology for contact tracing.Prime Minister Lee Hsien Loong yesterday outlined the steps needed for Singapore to open up again, even as he announced an extension to the period of safe distancing measures known as the circuit breaker.

Extended circuit breaker deals fresh blow to reeling businesses
Even as food and beverage (F&B) establishments and retailers are still reeling from the impact of the circuit breaker, Tuesday’s announcement that there will be cuts to businesses that currently qualify as “essential services” further tightened the noose around an already beleaguered group.

Keep grocery shopping, exercise a solo affair: Minister
If you are leaving the house to pick up essential items or to exercise, do it alone and don’t turn it into a family affair, National Development Minister Lawrence Wong said yesterday. But nothing beats staying home, he added. “Yes, we can take precautions like safe distancing and the wearing of masks, but the best way to beat the virus is to stay home.”

F&B outlets that sell mainly drinks, snacks and desserts to shut
All standalone food and beverage (F&B) outlets selling mainly drinks, snacks and desserts as well as hairdressing and barber shops will not be allowed to open from today until May 4. This is part of a further tightening of businesses deemed essential during the circuit breaker, which has now been extended until June 1.

Coronavirus: 10,000 workers in essential services moved out of dorms
About 10,000 foreign workers in essential services have been pulled out of dormitories while others staying in them have been barred from leaving the premises from yesterday until May 4. They cannot go out even for work, said Manpower Minister Josephine Teo at a virtual press conference yesterday.

Up to 3,000 coronavirus tests done daily, in ‘very strategic’ way
Singapore has been aggressively testing foreign workers for the coronavirus, even those who are well and have no symptoms, the multi-ministry task force told a press conference yesterday.The authorities  have opted to do targeted testing rather than testing every single person in the larger community, said Health Minister Gan Kim Yong, who co-chairs the task force.

Not moving workers out of dorms earlier not just about cost: Minister
Cost was not why foreign workers were not moved out of their dormitories earlier as part of efforts to curb the spread of the coronavirus, said Manpower Minister Josephine Teo yesterday. Rather, this could be done only in the context of wider measures to break the transmission, such as work stoppages, closing shopping areas and preventing people from socialising.

MOH tracks weekly coronavirus average for better sense of trends
A moving average figure has been adopted recently by the Ministry of Health (MOH) to describe Covid-19 cases in the country, a statistic more indicative of the trend than daily totals, experts said. Yesterday, Singapore reported a decrease in the number of new community cases, from an average of 39 per day in the week before, to an average of 28 per day in the past week.

LTA modifies MRT frequency to address crowding
Trains should be less crowded from this week, after the Land Transport Authority (LTA) “fine-tuned” service frequency on Monday following an outcry from commuters last week. The LTA said trains will now run every three minutes during peak hours, down from five minutes last Friday – the first day of adjustments made to reflect lower demand following heightened safe distancing measures.
*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 existing home sales tumble in March

US dollar surges, oil-linked currencies fall

Fed is buying US$41b of assets daily – and it is not alone

Businesses say big banks flouted ‘first come, first served’ for aid

Lord & Taylor explores bankruptcy: sources

Britain’s high street seeks government rent support

Mortgage payments paused or reduced for 3 million US households: survey

Australia’s GDP to fall 10%, jobless rate to hit 10% in first half: RBA

BOJ warns of potential financial system risks if pandemic extends

Hong Kong extends social distancing measures till May 7

Saudi Real Estate Refinance expects only temporary mortgage slowdown


Additional Articles of Interests – Local & Overseas Real Estate

Local & Overseas Real Estate – Full Article

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