The Leading Professional and Representative Body for the Real Estate Industry

The Leading Professional and Representative Body for the Real Estate Industry



Daily News – 20, 21 & 22 November 2021 (Sat, Sun & Mon)

Singapore Real Estate

Any capital gains tax may hit Singapore mass-market condos the most: survey
If Singapore starts taxing all gains from selling properties or reintroduces an inheritance tax, demand for mass-market condominiums is expected to be dampened the most, a survey found. A dip in foreign buying activity is also likely, although only a minority of Singaporean investors may decide to focus more on overseas markets, real estate executives said in a poll by the National University of Singapore Real Estate (NUS+RE).

CanningHill Piers’ S$1.18b of sales in one weekend underscore hot demand for luxury condos
A sprawling penthouse unit atop the luxury residential condominium CanningHill Piers fetched S$48 million during its launch weekend, a testament to the red-hot demand for high-end real estate in Singapore. The price tag for the 8,956 square foot apartment – set to be the highest unit atop the tallest residential development along the Singapore River – translates to about S$5,360 per square foot (psf).

‘Mispriced’ UK retail parks win favour with Savills IM, John Lim’s family office
A bright spot in the form of out-of-town, big-box retail parks in the United Kingdom may have been overshadowed by the gloom in the broader retail landscape, but a group of Singapore-based investors and Savills Investment Management (Savills IM) are paying attention.

Thiam Siew Ave freehold sites sold for S$815m; it’s biggest housing site sale since 2018 cooling measures
Two freehold development land parcels at Thiam Siew Avenue, a residential street of landed homes adjacent to Tanjong Katong Road, have been sold for S$815 million to a joint venture between Hoi Hup Realty and Sunway Developments.

Dyson moving into new global HQ at St James Power Station
British technology company Dyson has completed the first phase of the restoration of the historic St James Power Station, and on Friday (Nov 19) it began the move into its new global headquarters. The firm – founded by billionaire industrial designer and inventor James Dyson and known for its bagless vacuum cleaners – said it plans to hold an official opening ceremony in March next year.

Demand for BTO HDB flats jumped 70% in 2020, with 87,800 applications
Singapore – Demand for Build-To-Order (BTO) flats jumped 70 per cent in 2020 with some 87,800 applications, driven by marriage and family formation and as multigenerational living loses popularity. Comparatively, 51,400 BTO applications were made in 2019, and 38,500 applications in 2018, said the Housing and Development Board on Sunday (Nov 21).


Singapore Economy

Asean inflation below global levels, but region still vulnerable to rising prices
The latest spike in global factory gate prices is unlikely to alter investment flows into South-east Asia despite the risk of cost pass-through from major world economies such as the United States and China. Cost pressures have been rearing their head in Asia, with the Chinese producer price index (PPI) reporting a 26-year high in October.

Covid-19 support measures for businesses, individuals to be lessened as S’pore eases curbs
Singapore – Support measures for businesses and individuals will be tapered off as Singapore exits its stabilisation phase and eases more Covid-19 curbs from Monday (Nov 22). Wage support will still be provided for firms in sectors that are significantly affected by the continued measures to curb the spread of the coronavirus under the extended Jobs Support Scheme (JSS), but will be lowered from the current 25 per cent to 10 per cent.


Companies’ Brief

Cuscaden Peak gets regulatory approval from MAS, IMDA for SPH bid
Cuscaden Peak, a group backed by Hotel Properties (HPL) property magnate Ong Beng Seng and 2 Temasek-linked units CLA and Mapletree, has secured most of the regulatory approvals needed for its takeover offer for Singapore Press Holdings (SPH) further cementing its advantage in a bidding contest for the media company’s property assets.

Liquidators of Park Hotel Management succeed in winding up unit over $6.3 million debt
Singapore – The High Court ruled on Friday (Nov 19) that the liquidators of Park Hotel Management (PHM) can wind up its wholly-owned subsidiary Park Hotel CQ over $6.3 million in debt. The debt includes $5.92 million owed by former tenant Park Hotel CQ to Ascendas Hospitality Reit, the landlord of the former Park Hotel Clarke Quay.

Daiwa House Logistics Trust to raise S$575.5m in IPO, selling units at S$0.80 each
Daiwa House Logistics Trust (DHLT) is rolling into the Singapore market as the first real estate investment trust (Reit) with significant exposure to logistics and industrial properties in Japan. But for sponsor Daiwa House Industry Co (DHI), a property developer and real estate fund manager listed on the Tokyo Stock Exchange (TSE), DHLT represents its move to capture growth opportunities in the wider Asian market.

S-Reits make maiden forays into new segments
S-Reits have announced asset acquisitions exceeding S$9 billion in total purchase consideration over the past 10 months of 2021. In the month of October, most acquisitions were in logistics and grocery-anchored retail assets and include several maiden acquisitions or forays into new market segments.

Prime US Reit reaches agreement with WeWork to terminate lease agreement
Prime US Reit has reached an agreement with tenant WeWork to terminate its lease in Tower 1 at Emeryville, a Class A office property in California. In a bourse filing on Friday (Nov 19), the real estate investment trust (Reit) manager said that in accordance with the terms of the agreement, the Reit’s security package has been converted into a termination fee that has been received.

From mixing concrete to developing green property
Back in 1984, 19-year-old Arthur Aw spent his post A-level break moving cement bags, mixing concrete and tiling roofs for Jervois Mansions, Kimen Group’s first real estate development. While he did so mainly to build his physical fitness, his father, the founder of Kimen Group, saw it as a chance to impart humility, gratitude and a strong work ethic.


Views, Reviews, Forum & Others

Strategy trumps size
Chia Ngiang Hong, President, Real Estate Developers’ Association of Singapore (REDAS)

The demerger trend will likely continue, driven by rapidly evolving technology, shorter product cycles, more intense competition and activist shareholders’ demand for higher and quicker returns. A spin-off’s value proposition can be quite compelling. Demergers can resolve many issues associated with huge conglomerates such as excessive bureaucracy, lack of nimbleness, and poor capital allocation.

Does a family of 4 really need $6,426 a month for a basic standard of living? It depends
Singapore – A family of four needs at least $6,426 a month to afford a basic standard of living, according to a study released in October. Put together by a group of researchers from the National University of Singapore’s Lee Kuan Yew School of Public Policy and Nanyang Technological University, the study caused a stir and even drew a response from the Finance Ministry.

5 things to note about Spacs
Any time over the next few weeks, the first special purpose acquisition company or Spac is expected to list on the Singapore Exchange (SGX). This was recently disclosed by SGX chief executive officer Loh Boon Chye and comes after the SGX introduced new rules in September to enable the listing of this new type of initial public offering (IPO).

How can you cut expenses to boost savings? Here are 4 tips
Singapore – The pandemic has been a struggle for everyone, but it has at least given us three valuable insights as to why everyone needs to take financial planning seriously. This is especially so when many people don’t keep tabs on their expenses and end up not saving enough for the long term.

SIA and Scoot see high demand for Singapore-KL VTL flights; tickets sold out for some flights
Singapore – Travellers scrambled to book seats on quarantine-free flights between Singapore and Malaysia on the first day of such bookings, with Singapore Airlines (SIA) and its budget arm Scoot reporting high demand.


Update on COVID-19 (Coronavirus Disease 2019) Situation

1,670 new Covid cases, 8 deaths in Singapore on Sunday
[Singapore] There were 1,670 new Covid-19 infections reported in Singapore on Sunday (Nov 21), down from 1,931 on Saturday (Nov 20), said the Ministry of Health (MOH) in its nightly update. The Covid-19 weekly infection growth rate stood at 0.81, slightly up from 0.78 on Saturday.

Booster shots standardised to 5 months after last shot for all age groups
Booster vaccinations for all age groups will now be standardised to 5 months after the last shot, Health Minister Ong Ye Kung said on Saturday (Nov 20). The new arrangement is effective from Nov 24. “There is an emerging view among the clinical and scientific communities globally that this is really a 3-dose vaccine, just like Hepatitis B,” Ong said during a multi-ministry taskforce press briefing.

MOH in advanced talks with AstraZeneca on potential purchase of Covid-19 treatment drug
Singapore – The Ministry of Health (MOH) is in advanced talks with AstraZeneca on the potential purchase of its antibody drug for Covid-19 treatment. MOH said on Friday (Nov 19), in response to queries from The Straits Times, that it closely tracks the progress of Covid-19 therapeutics candidates under development globally.

Trend of kids in Singapore getting Covid-19, vaccines should be available from January
Singapore – Covid-19 vaccines for children aged five to 11 should hopefully be available from January, said Singapore’s director of medical services Kenneth Mak on Saturday (Nov 20). “We will continue to work with our Expert Committee on Covid-19 Vaccination on extending the national programme to cover children between five and 11 to reduce their risk of getting infected and getting bad outcomes,” he added.

More data needed before Singapore can decide on easing Covid measures: Gan Kim Yong
Government officials in Singapore still need “a few more days” before they can decide whether to relax strict Covid-19 curbs that have lasted for nearly 2 months, Trade and Industry Minister Gan Kim Yong said on Friday (Nov 19) at the Bloomberg New Economy Forum.

S’pore to consider next Covid-19 steps around end Dec: Lawrence Wong
Singapore – Singapore is unlikely to further ease Covid-19 restrictions next month, with Finance Minister Lawrence Wong saying on Saturday (Nov 20) that the country will consider its next steps “around the end of December” if all goes well.

No ‘big bang’ easing of Covid-19 restrictions in Singapore ahead of year-end festivities
Singapore is not taking a “big bang approach” to relax Covid-19 restrictions, Lawrence Wong, co-chair of the multi-ministry taskforce on Covid-19 (MTF), said on Saturday (Nov 20). The country is instead focusing on “one key parameter” – raising group sizes for social gatherings and dine-in – as it exits the Stabilisation Phase on Nov 21, said the finance minister.

Experts question relevance of SafeEntry, TraceTogether amid endemic Covid-19
Singapore – Infectious diseases experts have questioned the need for continued widespread enforcement of TraceTogether and SafeEntry rules as Singapore moves towards more targeted contact tracing and living with endemic Covid-19.

Dining, social gathering rules relaxed to allow groups of 5 from Nov 22; JSS support tapered to 10%
Groups of up to 5 fully vaccinated people will be allowed to dine out together at food and beverage (F&B) establishments from Nov 22, even if they are not from the same household, the Ministry of Health (MOH) announced on Saturday (Nov 20).

11 hawker centres to allow groups of 5 from different households to dine in from Nov 23
[Singapore] Eleven hawker centres and seven coffee shops will allow groups of up to 5 vaccinated people from different households to dine in from Tuesday (Nov 23). These establishments have been identified as being able to control access as well as conduct checks on the vaccination status of their customers…

Singapore-Malaysia land VTL could be launched by end-November: Gan Kim Yong
The highly anticipated land vaccinated travel lane (VTL) between Malaysia and Singapore could come as soon as the end of November, Minister for Trade and Industry Gan Kim Yong said on Saturday (Nov 20). Speaking at a press conference by the multi-ministry taskforce for the Covid-19 pandemic…

66 inmates with Covid-19 housed in Selarang Park Complex quarantine centre
Singapore – There are 66 inmates with Covid-19 at a quarantine centre in Selarang Park Complex as at Nov 18, the Singapore Prison Service (SPS) told The Straits Times on Friday (Nov 19). In response to queries from ST, SPS said that some inmates across all prison facilities who test positive for the virus are taken to the centre, which began operating in April last year.

Travelling to Singapore: In which scenarios would I have to foot my Covid-19 medical bills?
Singapore – Travellers who have been vaccinated against Covid-19 will be able to fly between Singapore and Malaysia’s Kuala Lumpur without quarantine when the vaccinated travel lane (VTL) between the countries opens on Nov 29.

*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

Manhattan’s former Sony Building lands Chubb as anchor tenant

New York City hotel hot spot NoMad will become outpost of London’s Ned

Australia house prices hugely outpace wage gains: CoreLogic

China property moguls use billions of their own cash on rescues

China cities ease land bidding rules as property stress spreads

HK bourse CEO says China expansion will bring ‘big bang of finance’

Hong Kong authorises Sinovac vaccine for children aged 3-17

Move to tax foreign-sourced income in Malaysia not a surprise

Malaysia says Singapore has returned US$16.3m in 1MDB funds

Day trips to Johor unlikely for some time even as S’pore, Malaysia plan land borders reopening


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