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 Jun 2020 (Tue)

Singapore Real Estate

Two strata office floors at GB Building for sale with S$11.9m, S$12.7m guide prices
Two strata office floors in GB Building in the central business district (CBD) will be up for sale via expression of interest (EOI) on Tuesday, exclusive marketing agent CBRE announced on Monday. Level 16 of GB Building has an indicative price of S$11.9 million, or about S$2,200 per square foot (psf) on the strata area; Level 23 has an indicative price of S$12.7 million, which works out to about S$2,350 psf on the strata area, CBRE said.

2 Geylang condos up for collective sale
Adjacent condominiums Wing Fong Mansions and Wing Fong Court go on the market today. The combined estates have an indicative land rate of $1,280 per sq ft per plot ratio (psf ppr), marketing agent PropNex Realty said, without disclosing reserve prices.

Some new Quick Build Dorms can be completed in four months
Instead of the one or two years that will typically be required for a building project of similar scale, some of the new Quick Build Dormitories (QBDs) announced by the multi-ministry Covid-19 task force can be completed in about three to four months.


Companies’ Brief

Over 280 online merchants sign up on CapitaLand’s digital platforms
CapitaLand’s e-commerce platform eCapitaMall and food-ordering platform Capita3Eats have signed on more than 280 online merchants from the property giant’s retail ecosystem. Both platforms are on track to onboard 500 online merchants by end-2020, CapitaLand announced on Tuesday.

China Maple Leaf nears deal for Singapore’s Canadian School: sources
[Singapore] China Maple Leaf Educational Systems is close to acquiring one of the largest international schools in Singapore in a deal valued at about S$700 million, according to people with knowledge of the matter.

Keppel FELS issues notice of termination of Awilco rig-building contract
Rig maker Keppel FELS has issued a notice of termination with regard to its contract with Awilco and has commenced arbitration to enforce its rights against the company, Keppel Corp said in a bourse filing on Monday evening.

Knight Frank hires 2 property veterans in senior positions
Knight Frank Singapore has hired property veterans Alice Tan as its head of consultancy, and Leonard Tay as its head of research, it said on Monday. Mr Tay was appointed in May, while Ms Tan will rejoin the firm in August to take over from Tay Kah Poh, who is retiring this year.

Mapletree Industrial Trust to buy 60% stake in 14 data centres for US$210.9m
The manager of Mapletree Industrial Trust (MIT) on Tuesday said it has entered into agreements to purchase the remaining 60 per cent interest in 14 data centres in the US from its sponsor, for some US$210.9 million.

Nam Lee buys 4 Gul Way property as new headquarters for S$18mNam Lee Pressed
Metal Industries on Monday evening said it has entered into a property sale agreement to acquire the leasehold interests in the whole of 4 Gul Way from an unrelated party, National-Oilwell, for S$18 million.

Oxley inks agreements to sell retail, commercial units at former Chevron House
Oxley Holdings and Oxley Beryl, which owns the former Chevron House, have entered into property sale agreements for the retail and commercial units in the 30 Raffles Place development for a total of some S$315 million.


Views, Reviews, Forum & Others

After the Covid-19 reset, time to pull together to shape Singapore’s future
In June last year, Deputy Prime Minister Heng Swee Keat launched the Singapore Together movement – an initiative of leadership centred on partnership – and invited all Singaporeans to work with the Government and one another to shape our future.

Hotel sector needs to get creative as travellers take a break
Against a backdrop of unprecedented border restrictions, local hotel operators will need to come up with some new and better revenue generation ideas if they hope to improve their dismal numbers for the year. Under Phase 2 of Singapore’s reopening, which kicked in on Friday, spas and restaurants are now re-opening.

Building more sustainable small businesses for a more resilient future
The Covid-19 global crisis has been disruptive on many fronts. Aside from being a public health issue, it has also had serious economic, social and political consequences that we will experience for months, even years, to come.

Over 500 SMEs get digital access to new markets overseas
Despite the Covid-19 pandemic, more than 500 small and medium-sized enterprises (SMEs) in Singapore were able to access new markets overseas through e-commerce platforms under the Grow Digital scheme.

Talks on rail link with JB still ongoing
Discussions with Malaysia about the construction of a cross-border Rapid Transit System (RTS) Link are still ongoing ahead of a final deadline of July 31, Transport Minister Khaw Boon Wan said yesterday. The rail line project – which would connect Woodlands North station on Singapore’s Thomson-East Coast MRT line to Bukit Chagar in Johor Baru – has been suspended since April last year to allow Malaysia to review the project and suggest changes for Singapore’s consideration.


Update on COVID-19 (Coronavirus Disease 2019) Situation

218 new Covid-19 cases; some patients visited supermarkets in Jalan Kayu, Serangoon North and Jurong West
Two Sheng Siong supermarkets and an NTUC FairPrice outlet have been added to the list of public places visited by Covid-19 patients while they were still infectious. An infected patient was at the Sheng Siong supermarket at 7 Jurong West Avenue 5 on June 9 from 7.50am to 8.20am.

Experts warn against excessive mixing and mingling during phase 2 of S’pore’s reopening
Experts warn that restrictions may have to be reimposed if the “exuberance” of the first weekend of phase two of the post-circuit breaker reopening continues. In the light of second waves of Covid-19 infection seen in other countries that have eased lockdown measures, experts have expressed concern over the way people have been going out and about since last Friday, behaving as though the pandemic is over.

Coronavirus cases surge worldwide as people let their guard down
The Covid-19 pandemic shows no signs of flagging, with cases worldwide breaching the nine million mark and infection numbers hitting a new daily high. In a clear sign that the coronavirus continues to rage across the globe, flare-ups occurred in the United States and new cases hit Germany and Australia, while countries such as Brazil and India continued to see the number of cases soar.

Resilient supply chains come from greater connectivity: MAS chief
Countries should resist the temptation to retreat behind respective borders, even as Covid-19 has revealed how dependent – and vulnerable – countries are on global supply chains, said Ravi Menon, managing director of the Monetary Authority of Singapore (MAS) on Monday.

How Singapore can stay relevant in divided, disrupted world: Vivian
Amid a more dangerous, divided and disrupted world, Singapore has to continually reconstruct itself to maintain its relevance. And to do so, foreign policy must begin at home, said Foreign Minister Vivian Balakrishnan.

Coronavirus: Foot traffic at popular malls surges by up to 80% on weekend
Shopper traffic at popular malls jumped by as much as 80 per cent during the first weekend of the reopening of Singapore’s economy, although many did not linger unnecessarily. Malls and retailers told The Straits Times that they were encouraged by the turnout on Saturday and Sunday – the first weekend they were allowed to open since Singapore went into a circuit breaker mode on April 7.

FairPrice freezes prices of 100 daily essentials till year-end
Prices of 100 daily essential items sold under the FairPrice house brand will be frozen until the end of the year, as part of a support package to help Singaporeans manage the cost of living during the coronavirus pandemic.
*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 housing set to ride out economic storm

US existing home sales drop 9.7% in May

US insurers eye Legionnaires’ disease safeguards as buildings reopen

BOE governor signals dramatic shift towards stimulus

China home prices to pick up, but outlook remains soft

China’s economy will resume growth this quarter, economists say

Pandemic keeps Japan’s June manufacturing activity pinned at 11-year low: PMI

Hong Kong economy gets a boost from staycations, dining deals

Saudi developer Jabal Omar posts third straight quarterly loss

Indonesia’s jobless rate could hit decade-high, ministers warn


Additional Articles of Interests – Local & Overseas Real Estate

Local & Overseas Real Estate – Full Article

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