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 February 2022 (Wed)

Singapore Real Estate

AEW selling 55 Market Street to Kajima unit for nearly S$287m
US-based real estate investment manager AEW is selling 55 Market Street to an indirect wholly-owned Singapore-based real estate unit of Tokyo-based Kajima Corporation, for nearly S$287 million, The Business Times understands.

JTC launches confirmed list site at Jalan Papan for tender
JTC has launched 1 site at Jalan Papan (Plot 4) for tender. The site is the first of 3 confirmed list sites for the first half of 2022 industrial government land sales programme. The land plot spans 0.56 hectare and has a 20-year tenure, JTC said in a press statement on Tuesday (Feb 22).


Companies’ Brief

Knight Frank expands private client advisory business to Singapore
Real estate consultancy Knight Frank has expanded its private client advisory business in Singapore, establishing its fourth private office globally, it said in a press statement on Tuesday (Feb 22).

LHN unit to purchase River Valley Road property for S$8.5m
Property company LHN announced on Tuesday (Feb 22) that its indirect wholly owned subsidiary is planning to purchase a property at River Valley Road for S$8.5 million. The subsidiary had entered into an option to purchase (OTP) with UOB for the proposed acquisition

Pan-United posts S$18.7m net profit for FY21
Producer of ready-mix concrete Pan-United Corporation on Tuesday (Feb 22) posted a net profit of S$18.7 million for the full year ended Dec 30, 2021, up from the S$1 million the previous year. Earnings were driven by the higher share of results of its associate of S$5.3 million.

Singapore Land’s net profit up 267% to S$331.2m on fair value and disposal gains
Real estate developer Singapore Land Group’s net profit was up 267 per cent to S$331.2 million for the full year ended Dec 31, 2021, largely due to the fair-value gain on investment properties and a one-off disposal gain.

APAC Realty H2 profit more than doubles to S$18 mil as property transactions surge
Mainboard-listed real estate services provider APAC Realty APAC saw its earnings jump 111.3 per cent to S$18.3 million for the second half ended Dec 31, 2021, from S$8.7 million in the corresponding period a year ago.


Views, Reviews, Forum & Others

Higher property taxes further dent investment case of Singapore private homes
In December 2021, potential home buyers were hit by property cooling measures that included higher Additional Buyer’s Stamp Duty (ABSD) rates for all home buyers except Singapore citizens and permanent residents (PRs) buying their first home.

Preparing for a post-Covid Asia-Pacific
Asia-Pacific business leaders and officials convened last week in Singapore to chart a path together towards a post-pandemic future. This meeting for the Apec Business Advisory Council (ABAC), which serves as the private-sector arm of the Asia Pacific Economic Cooperation (Apec), was a significant milestone.

In Singapore, capitalists gain from redistribution too
Making businesses pay their fair share. That’s one subject that the United States and China have found consensus on. Last October, both joined over 130 jurisdictions to ink the Base Erosion and Profit Shifting initiative (BEPS 2.0). Governments pledged to take on multinational enterprises (MNEs) charged with profiteering off workers, communities, and the environment.

An obscure corner of Wall Street is making billions trading inflation
Most of the world hates inflation. For Nikhil Choraria and a small band of traders, it’s an opportunity. The Goldman Sachs Group Inc partner is a leading practitioner of the obscure art of inflation trading, a niche business that’s exploded – very lucratively – for some of the world’s major banks and hedge funds.

10 things I learnt from owning Suntec Reit for 17 years
Every investor remembers their first stock. While I have bought many stocks over my investing career, there are a handful that I have held for over a decade. Suntec Reit (SGX: T82U) is one of them.

Oil, gold prices shoot up as Russia-Ukraine standoff deepens
The deepening crisis between Russia, an energy and metals powerhouse, and Ukraine has added fuel to the fire in a tight commodities market. Worries over supply cuts and sanctions have pushed oil prices to multi-year highs, while a flight to safety in volatile times has led safe-haven gold prices to an eight-month high.

Bitcoin extends dip below US$40,000 as Ukraine tensions boost gold
Singapore (Bloomberg) – Bitcoin dropped to a more than two-week low, tumbling along with stocks as escalating tensions between Russia and Ukraine weighed on risk appetite.

Firms welcome removal of entry approval requirement for eligible long-term pass holders
Singapore – The recent removal of the entry approval requirement for eligible fully vaccinated long-term pass holders, such as Employment Pass (EP) and student pass holders, is an encouraging move welcomed by the business community, said chambers and employers.


Singapore Budget 2022

The wealthy should not be expected to bear most or all of Singapore’s tax burden: Lawrence Wong
It is not feasible for Singaporeans to expect that most or all of the country’s tax burden should be the responsibility of the wealthiest people as this would be “grossly unfair” for them, said Finance Minister Lawrence Wong.

Government will do more to help Singaporeans if inflation is higher than expected: Lawrence Wong
Singapore – The Government will do more to help Singaporeans if inflation turns out to be higher than expected, said Finance Minister Lawrence Wong on Tuesday night (Feb 22).

S’pore committed to progressive tax structures beyond Budget 2022: Indranee
Singapore – The Singapore Government is committed to progressive tax structures, and the wealth tax measures rolled out in this year’s Budget are not “the be all and the end all of it”, said Minister in the Prime Minister’s Office and Second Minister for Finance Indranee Rajah on Tuesday (Feb 22).

Carbon tax hike a ‘strong signal’ Singapore is serious about green targets: Tan See Leng
Singapore’s carbon tax rate hike sends a strong signal to the world that the Republic “means business” about reaching its ambitious climate goal of achieving net zero emissions by or around the middle of the century, said Second Minister for Trade and Industry Tan See Leng on Monday (Feb 21).

Budget measures will make Singapore a more attractive ‘magnet global city’
While some measures in Budget 2022 will inevitably raise costs for businesses and households, this year’s Budget also seeks to strengthen and renew Singapore’s social compact and bring the country into a new phase where it can “fortify (its) resilience”, said Second Minister for Trade and Industry Tan See Leng.

Budget 2022 sets the pace for Singapore’s economic and social transformation
The need to be ready for the future is spoken of so often that it is easily taken for granted. Sometimes, it takes policy changes to focus minds and set things in motion.

Capitalising on opportunities for growth
Finance Minister Lawrence Wong delivered his maiden Budget speech in Parliament last Friday – a very bold and expansionary Budget, which he says is a first step in renewing and strengthening our social compact for a post-pandemic world. What are your main takeaways from the speech?


Update on COVID-19 (Coronavirus Disease 2019) Situation

Over 25,000 Covid-19 cases reported, public urged to visit hospitals only for emergencies
[Singapore] A record high of over 25,000 Covid-19 cases were reported on Tuesday (Feb 22), said the Ministry of Health (MOH). The previous highest number of cases recorded was 19,420 on Feb 15.

*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

Omicron variant no more severe than original strain: WHO

US home prices saw biggest jump in 34 years in 2021

US consumer confidence slips in February

Federal Reserve official says March rate hike will depend on data

Billionaire buys Paris mansion for 200m euros from Qatari prince

EU countries agree to admit travellers vaccinated with WHO-approved shots

China broadens real estate lending support to bigger cities

Hong Kong Budget: What to expect from vouchers to interest rates

Hong Kong to mass test city within 3 months to tame outbreak

Hong Kong finds Covid in samples from packaging of pork, beef imports

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