The Leading Professional and Representative Body for the Real Estate Industry

The Leading Professional and Representative Body for the Real Estate Industry



Daily News – 24 February 2022 (Thu)

Singapore Real Estate

Tanglin Shopping Centre sold for S$868m to Tanoto family’s Pacific Eagle Real Estate
The freehold Tanglin Shopping Centre has been sold for S$868 million or S$2,769 per square foot per plot ratio (psf ppr) assuming full commercial usage. The buyer is Pacific Eagle Real Estate (PER), a Singapore-based real estate investor and developer privately held by the Tanoto family, Savills Singapore, the exclusive marketing agent of Tanglin Shopping Centre, said in a release on Wednesday (Feb 23).

16 applicants vying for each 4-room BTO flat in Kallang/Whampoa under prime location model
The second Build-To-Order (BTO) project under the prime location public housing (PLH) model proved to be popular among home buyers, despite the strict buying and selling conditions, as all units have been oversubscribed.

SFA, SLA open tender for fish farming plots on Pulau Ketam
The Singapore Food Agency (SFA) and Singapore Land Authority (SLA) on Wednesday (Feb 23) launched a price-quality tender for a state land parcel in the east of Pulau Ketam, an island to the south of Pulau Ubin.


Singapore Economy

Singapore’s January core inflation hits 10-year high at 2.4%, headline inflation flat at 4%
Singapore’s core inflation rose to its highest level in nearly 10 years in January to 2.4 per cent year on year, on the back of rising food and energy prices, according to the Monetary Authority of Singapore (MAS) and the Ministry of Trade and Industry (MTI) on Wednesday (Feb 23).

Singapore’s core inflation could exceed 3% by Q2, further monetary policy tightening likely in April
After reaching a near-decade high in January, Singapore’s core inflation could possibly exceed 3 per cent by the second quarter of this year, making a second round of monetary policy tightening this year likely, economists said.

Singapore banks optimistic on global economic recovery, rate hikes
Singapore banks are sounding an optimistic note heading into 2022, with the global economic recovery and interest rates hikes among the bright spots. Their latest results also show growth in both customer loans and deposits, as well as higher CASA (current account and savings account) ratios, so analysts are forecasting better net interest margins (NI Ms) this year.

Singapore may join Russia sanctions; no major hit to trade sector, but risks remain
Singapore is not likely to take a direct economic hit from putting export curbs on Russia, observers said on Wednesday (Feb 23), amid media reports that the Republic may join international sanctions over a dispute involving Ukraine.

Singapore, India sign agreements to boost collaboration in technology, research
Singapore, a regional trade hub, and tech powerhouse India will be deepening their cooperation in science, technology and innovation. A memorandum of understanding inked between Singapore’s Ministry of Trade and Industry (MTI) and India’s Department of Science and Technology (DST) on Wednesday (Feb 23) will allow organisations in both countries more opportunities to collaborate in these areas.

Rising prices and volatility: How the Ukraine crisis could impact Singaporeans
Russia’s recognition of and ordering of troops into two separatist regions in Ukraine has led Western governments to retaliate with sanctions on the likes of those in Russia’s defence, banking and financial sector.

EDPR to invest S$10b to set up Asia-Pacific HQ in Singapore after S$1.1b Sunseap deal
EDP Renewables (EDPR), the world’s fourth-largest renewable energy producer, has stated plans to invest S$10 billion by 2030 to set up an industry-leading clean energy hub for the Asia-Pacific region in Singapore.


Companies’ Brief

Ho Bee Land buys London office tower The Scalpel for £718m
Ho Bee Land is purchasing a commercial skyscraper in London belonging to US insurance group WR Berkley for £718 million (S$1.3 billion). The real estate group on Thursday (Feb 24) said it had paid a deposit of £35.9 million, with the balance payable upon completion on Mar 7.£718m

Proposed merger with MNACT will address lack of growth: Mapletree Commercial Trust
While Mapletree Commercial Trust (MCT) is a Singapore-focused commercial real estate investment trust (Reit) which investors have rewarded for its stability, MCT unitholders had over the years been concerned about the Reit’s lack of growth.

PropNex Q4 profit soars 90.5% on higher commission income
Real estate agency PropNex on Thursday (Feb 24) posted a net profit of S$14.3 million for the fourth quarter of the financial year ended Dec 31, 2021, up 90.5 per cent year on year from S$7.5 million.

Singtel to redevelop its Comcentre HQ for more than S$2b
Singapore Telecommunications (Singtel) will jointly redevelop its Comcentre headquarters for an estimated cost of more than S$2 billion, including land costs, it said in a press statement on Wednesday (Feb 23).


Views, Reviews, Forum & Others

Carving a new growth engine while balancing environmental and economic concerns
Being green is often seen as a business cost. While the environmental and social benefits of sustainability best practices are plain to see, the financial and economic gains may not be so evident at first glance. But Singapore is betting that by accelerating its green plan, it will spark a multiplier effect that will create significant growth and job opportunities.

World awaits crucial climate report
The single biggest agenda-setting climate-science report of the year, which will be released at the end of this month, is the key business of this week’s session of the UN-convened Intergovernmental Panel on Climate Change (IPCC), which concludes Friday.


Singapore Budget 2022

Property tax increase not meant to be a cooling measure: ST-UOB panel
The newly announced increase in property tax based on the annual value of the properties should be taken in the spirit of a wealth tax and not as a cooling measure for the market, said UOB economist Barnabas Gan on Monday (Feb 21).

Two-stage GST hike has pros and cons for businesses: ST-UOB panel
Businesses will incur extra costs from an additional round of changes for a two-stage goods and services tax (GST) rate increase, but they will also appreciate the phased implementation as operating cost pressures add up, said panellists at a post-Budget round-table discussion on Monday (Feb 21).

Singapore to remain attractive as hub despite tax changes: ST-UOB panel
New tax measures and foreign worker policies announced in the Budget this year should not take away from Singapore’s status as a hub, as the country also relies on other factors to remain attractive to multinational enterprises, experts said.

New rules will ensure foreign workers of suitable quality are hired: ST-UOB panel
The new foreign worker policies announced during the Budget presentation will increase costs for businesses, but they will also help to ensure that foreign workers of the right quality are brought in to complement the Singapore core in the workforce, panellists said at a roundtable discussion.

Need for local workers to be trained to fill gaps in manpower as foreign worker policies tightened
Local workers need to be trained to fill the gaps in manpower, especially since foreign worker policies are being tightened, as announced in the recent Budget, panellists said at a roundtable discussion organised by The Straits Times and UOB.

Budget 2022: A strategic mind map to tackle the tax challenges ahead
Over the last decade or so, it is not often the case in Singapore that tax topics dominate the build-up to Budget Day; many practitioners including myself have generally paid more attention to the annexes that follow the full speech to decode the specific tax changes.

Calibrating the costs and benefits of Singapore’s carbon tax
In last week’s Budget speech, it was announced that Singapore’s carbon tax will be raised from the current $5 a tonne of emissions to between $50 and $80 by 2030. The large hike, which might have come as a surprise to many, is clearly indicative of Singapore’s resolve in transitioning into a green economy, even though we contribute a meagre 0.1 per cent to global greenhouse gas emissions.

Retail Reits get a boost from 2-step GST hike but still lack growth catalysts
Real estate investment trusts (Reits) with exposure to retail malls in Singapore are likely to find a spring in their steps, as the surprise 2-step increase for the Goods and Services Tax (GST) eases fears of a cut in consumer spending.


Update on COVID-19 (Coronavirus Disease 2019) Situation

20,312 new Covid-19 cases, 1,587 patients hospitalised
A total of 20,312 new Covid-19 cases were reported on Wednesday night (Feb 23), down from a record 26,032 infections on Tuesday. This is the second day in the row that daily new cases have exceeded the 20,000 mark.

High numbers indicate the Omicron wave will likely peak soon, say experts
Health Minister Ong Ye Kung’s comment to healthcare workers that the return to normalcy was within Singapore’s grasp, coming on the back of record high infection numbers topping 26,000 on Tuesday (Feb 22), took some people by surprise.

Two new Covid-19 ART kits available in stores from March
Two new antigen rapid test (ART) kits, AllTest and Indicaid, will be available in stores from March amid Singapore logging a record high of 26,032 Covid-19 cases on Tuesday (Feb 22). Medical device firm Alcotech told The Straits Times that it will be bringing in five million AllTest kits from China. These will be stocked by retailers including FairPrice, Guardian, Watsons, Shopee and Lazada.

Clinics hiring, staff working extra shifts in order to extend operating hours for Covid-19
Doctors at some Public Health Preparedness Clinics (PHPCs) are getting staff to perform additional shifts and hiring people in order to extend their operating hours and ease the strain on their colleagues in the healthcare system.

10 cases of children with serious side effects after more than 200,000 Covid-19 jabs: HSA
Singapore has seen 10 cases of children aged five to 11 with serious side effects after vaccination, out of a total of 238,253 doses administered to this age group as at Jan 31, said the Health Sciences Authority (HSA) in its latest vaccine safety update on Wednesday (Feb 23).

*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 mortgage businesses seen laying off thousands as volume drops

US home ownership jumps, but race gap widens: data report

To fill empty retail space, landlords in US tap doctors and dentists

UK pledges £160m to global vaccine drive£160m-to-global-vaccine-drive

Covid fraud will cost UK up to £15.7b: MPs £157b-mps

Australia housing to slow for ‘couple of years’, says Stockland‘couple-of-years’-says-stockland

Shimao misses payment as US$948m debt talks drag on

Most of S$139bn HK budget to fight Covid-19

Hong Kong raises property tax for owners of expensive homes

Hong Kong budget offers Covid relief with tax breaks, handouts

South Korean PM urges calm as Covid-19 daily cases hit another record

Thailand eases rules for foreign visitors to reboot tourism

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