The Leading Professional and Representative Body for the Real Estate Industry

The Leading Professional and Representative Body for the Real Estate Industry



Daily News – 23 Feb 2021 Tue)

Singapore Real Estate

Queen Astrid Gardens condominium relaunched for collective sale at S$123.8m
Queen Astrid Gardens has been relaunched for collective sale again with a lower reserve price of S$123.8 million, S$3 million less than the guide price listed in September 2020, exclusive marketing agent Knight Frank announced on Monday. The four-storey condominium sitting in the Queen Astrid Park Good Class Bungalow Area has a site area of approximately 5,782.6 square metres (sq m). This brings the property to a price of about S$1,989 per square foot (psf) on the land area.

Still Rd hotel and residential property on Koon Seng Road up for collective sale
Malacca Hotel along Still Road and a two-storey residential block on Koon Seng Road have been put up for collective sale, with an indicative price tag of S$21 million.The two properties will be sold as a bundle through a tender, which closes at 3pm on March 24. Malacca Hotel is a three-storey boutique hotel with 29 rooms. The Koon Seng Road property now does double duty as a workers’ quarters and as the administrative office of Malacca Hotel, said sole marketing agent CBRE on Monday.

7 workplace deaths this month ‘extremely alarming’
There have been seven deaths from workplace accidents this month alone, in what Senior Minister of State for Manpower Zaqy Mohamad has called an “extremely alarming” trend. Of the seven fatalities, the Workplace Safety and Health (WSH) Council said three workers fell from height, three were caught between objects and one was involved in a work-related traffic accident. In the wake of these incidents, the Singapore Contractors Association Ltd and WSH Council have issued a call for a safety time-out (STO) on the use of machinery.

JTC accepts supervisory responsibility for Kranji site
JTC Corporation has acknowledged that as the site developer, it has overall responsibility for the Kranji Road and Kranji Close site, where a large portion of woodland was “erroneously” cleared by its contractor. “We accept our supervisory responsibilities, and are currently in the process of investigating whether any parties in this incident have fallen short in their respective areas,” JTC said. Tan Boon Khai, JTC’s chief executive officer (CEO), noted during a virtual press briefing on Monday that the state-owned industrial property developer will not “run away from this responsibility”


Singapore Economy

Dell’s investment, jobs pledge can help grow S’pore as global innovation hub: Chan Chun Sing
Dell Technologies has pledged to invest over US$50 million and create more than 160 job opportunities in Singapore through its new Global Innovation Hub (GIH). This could help grow the city-state as a global technology and innovation hub, said Trade and Industry Minister Chan Chun Sing. “(The hub) will help catalyse and drive new innovations, as well as deepen collaboration between Dell and local players to uplift our local tech ecosystem.


Companies’ Brief

CDL acquires majority stake in Shenzhen tech park from Sincere Property, China Ping An units
Property developer City Developments Limited (CDL) is acquiring a 55 per cent stake in a Shenzhen technology park from its joint-venture investment Sincere Property Group and from two entities of China Ping An for RMB 850 million (about S$174 million). In an announcement on Monday, CDL said that it has entered into agreements with the three entities to acquire an 84.6 per cent stake in holding company Shenzhen Tusincere Technology Park Development Co, and will assume existing shareholders’ loan proportionately.

Haw Par’s FY2020 earnings slide 34% on weak consumer spending
Tiger Balm could not soothe the pain from the Covid-19 pandemic, as analgesic maker Haw Par Corporation saw earnings fall 34.3 per cent to S$119.8 million for FY2020 ended December. Revenue for the full-year plunged 54.5 per cent year-on-year to S$111.03 million, hit by weak consumer spending amid the Covid-19 outbreak, the company said in its results on Monday evening.


Views, Reviews, Forum & Others

Reframing for a stronger cross-sector perspective on company and workforce transformation
The Covid-19 pandemic has accelerated the urgency for companies to embark on digital transformation efforts to reimagine how their businesses operate and adapt to new opportunities. It has also exposed the vulnerability of employment and the close nexus between business and workforce transformation in order for companies and individuals to build resilience.

Surging towards a green economy
The idea of “environmental sustainability” is inextricably woven into the tapestry of Singapore’s development from a polluted island in the 1960s to one of the cleanest and greenest cities in the world. Accelerating Singapore’s ascent as a green economy, Budget 2021 promises to take the lead in green bond issuances and as a catalyst, identifies public sector green projects worth S$19 billion that are ripe for such financing.

There’s no time to waste in getting to net-zero emissions
While the consensus on climate change is stronger than ever, the world continues to underestimate how much innovation it will take to get to zero emissions. Bill Gates explains in an interview with former EU climate commissioner Connie Hedegaard why policy innovation will be as important as technological breakthroughs.


Global Economy & Global Real Estate

Cost of flood damage to US homes may rise to US$32b in 30 years

10 years after Christchurch quake, a hush where 8,000 homes once stood

Germany ‘looking towards recovery’ as industry drives up business morale

Australia’s NAB sees faster uptick in housing demand

Global scramble for chip supplies drives growth in Asia

China home prices shake off fresh curbs to resume faster growth

HK’s weekend home sales jump to eight-year high

PE firm Navis mulling sale of Malaysian supermarket owner

Protesters flood streets in Myanmar after deaths over weekend

Indonesia issues ‘priority’ investment list under new regulation

India to clear 45 investments from China as border tensions ease

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