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 Dec 2020 (Wed)

Singapore Real Estate

Singapore launches 3.86 hectares of industrial land supply for H1 2021
The government has launched 3.86 hectares (ha) of industrial land across six sites under the industrial government land sales (IGLS) programme for the first half of 2021, the Ministry of Trade and Industry (MTI) announced on Tuesday.

Talk of en bloc fever flaring up again next year
Speculation is rife that the collective sale market could kick off again next year due to the continued drop in unsold inventory and a conservative slate of sites on the Government Land Sales (GLS) programme. The number of unsold units has dropped for six straight quarters, with new private home sales outperforming expectations despite the recession, global real estate services firm JLL said.


Singapore Economy

Jobs, businesses unlikely to fall off cliff when government aid ends
Government support and relief schemes have seen companies big and small through the worst of the pandemic’s impact for much of this year. But as these measures taper off into 2021, one worry is whether firms are strong enough to go it alone – or whether retrenchments and cessations were only delayed rather than avoided, and may now occur with a vengeance.

SMEs in Singapore wary of expanding and investing, even as sentiment improves: poll
Business sentiment among small and medium-sized enterprises (SMEs) in Singapore has eased off its record low, but firms are still expected to hold off expansion and capital investments for the first half of 2021. That’s according to the Singapore Business Federation (SBF) and information service Experian’s latest quarterly poll, where 2,100 SMEs across six sectors were surveyed between Oct 6 and Nov 13.

Covid-19 vaccine’s in town; will hospitality, aviation workers be next in line for jabs?
With the first batch of Covid-19 vaccines having arrived in Singapore on Monday night, attention has now turned to who are those likely to be inoculated first, given that “frontline” workers were mentioned as among the priority groups. Apart from healthcare, these could include staff at entry points such as the airport and sea ports, said economists and industry groups.

Singapore, Zhejiang to boost cooperation in areas like trade, innovation
Collaboration between Singapore and Zhejiang in eastern China will be stepped up in areas like trade and connectivity, innovation and sustainable urban management, Enterprise Singapore (ESG) said on Tuesday.

Fall in M&As, other deals in S’pore this year amid recession
Singapore saw fewer mergers and acquisitions (M&As) and other deals amid the coronavirus-induced recession this year, said a report yesterday. A total of 640 transactions worth US$65.3 billion (S$87 billion) – including M&As, initial public offerings (IPOs), and private equity and venture capital deals – were recorded between December last year to last month, the latest Duff & Phelps Transaction Trail Report showed.


Companies’ Brief

FCT to divest Anchorpoint shopping centre for S$110m
Frasers Centrepoint Trust (FCT) will divest Anchorpoint shopping centre for S$110 million to unrelated third parties, the manager said on Wednesday in a bourse filing. FCT’s trustee entered into two sale and purchase agreements with each of the undisclosed purchasers for the proposed sale of two strata lots (together with the accessory lots) to each buyer. These lots collectively comprise the shopping centre.

Keppel Land to divest Keppel Bay Tower to Keppel Reit at $657.2m valuation
Keppel Land is divesting its 100 per cent interest in Keppel Bay Tower to Keppel Reit (real estate investment trust), based on an agreed property value of S$657.2 million, inclusive of rental support of up to S$3.2 million, according to exchange filings on Wednesday morning.

Keppel Corp unit to embark on first solar farm project
A wholly-owned subsidiary of Keppel Corporation has entered into an agreement to undertake the development of its first solar farm project, Keppel Corp said on Tuesday. In the agreement signed through its wholly-owned subsidiary KRE Anchorage, Keppel Renewable Energy (KRE) agreed to pay a nominal sum of A$540 (S$545) for a 45 per cent stake in Harlin Solar Pty Ltd, a special purpose entity established in August 2020 to develop a large-scale greenfield solar farm in Queensland, Australia.

LHN obtains approval from controlling shareholder for acquisition of Balestier property
LHN Limited has obtained written approval from its controlling shareholder for its acquisition of a property in Balestier, it said in a filing to the Singapore Exchange on Tuesday. As a result, it will not hold an extraordinary general meeting to seek shareholder approval for the transaction.

GIC, ESR Cayman set up US$750m venture for real estate in India
Sovereign wealth fund GIC and ESR Cayman have entered into an 80:20 strategic partnership to establish a US$750 million joint venture (JV) to develop and acquire industrial and logistics assets in India. In a joint press statement on Tuesday, the companies said the JV will develop and own institutional-grade, “state-of-the-art” industrial and logistics facilities as well as acquire core assets, focusing on Tier 1 and Tier 2 cities across India.

Blackwells makes unsolicited offer for Monmouth Reit
Blackwells Capital has made an unsolicited proposal to acquire the portion of Monmouth Real Estate Investment Corp that it doesn’t already own in a transaction valued at about US$3.8 billion, including debt. The all-cash offer at US$18 a share was made Friday, and is the second time Blackwells has proposed acquiring the remaining interest in the industrial real estate investment trust, according to a statement on Monday that confirmed an earlier Bloomberg News report.

EH-Reit cites pandemic, market risks for dive in portfolio value
In a response to queries from the Singapore Exchange (SGX), Eagle Hospitality Reit (EH-Reit) on Tuesday attributed a nearly 40 per cent fall in its portfolio value since listing to a challenging outlook due to the Covid-19 pandemic, as well as comparatively higher risks in the markets where the properties are located.


Views, Reviews, Forum & Others

Looking back at 2020
It is the time of the year when commentators and analysts should think about revisiting the comments and analyses that they have proffered in the last 12 months. No one says that we should be right every time we put pen to paper. But we need to be held accountable for what we say.

Covid-19’s long-term impact on economies, markets and ESG
Covid-19 has been one of the biggest public health crises in more than a century. Unlike in other economic crises, the scale of closures across society – from shops, schools and restaurants to factories and offices – has been unprecedented, while travel has been restricted in ways that we have never previously experienced.


Update on COVID-19 (Coronavirus Disease 2019) Situation

29 new Covid-19 cases, all imported – highest daily figure in 3 months
There were 29 new coronavirus cases confirmed yesterday, of which all were imported, taking Singapore’s total to 58,461. They were placed on stay-home notice or isolated on arrival in Singapore, said the Ministry of Health (MOH). Yesterday’s imported figure is the highest since March 28, when there were 42 such cases.

Checks and enforcement to be boosted over festive period
With the festive season round the corner, the authorities will step up checks and enforcement on the next few weekends, Education Minister Lawrence Wong told the media yesterday. More safe distancing ambassadors will be deployed, and they will be at hot spots and popular areas around the island together with enforcement officers.

Identify, investigate, negotiate
Many things about the coronavirus were still unknown in the first half of the year, but Singapore knew it had to act fast to secure Covid-19 vaccine doses for its people. This was even though some solutions were as novel as the pathogen itself – a number of vaccine candidates were being developed with new technologies that had not been used in any other vaccines on the market.

Multiple measures in place to ensure safe roll-out of vaccines here: Experts
The urgency in tackling the Covid-19 pandemic has seen a quickened process in developing and approving a vaccine, but experts say multiple steps have been taken to ensure that any vaccine rolled out in Singapore is safe.

Singapore bars visitors from UK and New South Wales
Long-term pass holders and short-term visitors who have travelled to the United Kingdom within two weeks of leaving for Singapore, as well as short-term travellers with travel history to Australia’s New South Wales in the past fortnight, will be denied entry into Singapore.

Details of vaccine roll-out here likely to be out in Jan
More details of the effort to inoculate Singaporeans against Covid-19, including the different phases of the vaccination programme and who will go through them, will hopefully be released by as early as next month, said Education Minister Lawrence Wong yesterday.

No breach in operations found yet at Mandarin Orchard, says minister
No breach in operations has yet been discovered at the Mandarin Orchard Singapore hotel, where several Covid-19 cases who had served their stay-home notice (SHN) are suspected to be linked, said Minister for Education Lawrence Wong yesterday.
*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


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