The Leading Professional and Representative Body for the Real Estate Industry

The Leading Professional and Representative Body for the Real Estate Industry



Daily News – 22, 23 & 24 May 2021 (Sat, Sun & Mon)

Singapore Real Estate

Option granted to buy Cluny Hill property at record $4,291 psf
A freehold property in Cluny Hill near the Singapore Botanic Gardens, with a bungalow under construction, is in the early stages of a sale for $63.7 million. That translates to a record $4,291 per square foot (psf) on 14,843 sq ft of land area – exceeding the $4,005 psf high set earlier this year for an existing bungalow in Nassim Road on a much larger area of 32,159 sq ft.

Demand for luxury penthouses holds steady despite pandemic
Despite the pandemic and ongoing border closures, demand for penthouses has proven firm, with nine transactions so far this year. While the recent surge in the number of community cases is a temporary setback, demand for luxury homes could gather pace again in the near future, especially as travel restrictions are eased, consultants said, pointing to interest from ultra-high-net-worth individuals (UHNWI) and foreign investors.

Good Class Bungalow prices keep rising
Prices in Good Class Bungalow (GCB) Areas continue to rise – fuelled by strong demand from well-heeled Singaporeans, low interest rates and the scarcity of properties available for sale, especially brand-new bungalows near the Botanic Gardens. A local tech entrepreneur in his thirties, who recently sold a startup firm, is in the early stages of buying a freehold bungalow under construction along Cluny Hill for S$63.7 million, or a record S$4,291 per square foot on 14,843 sq ft land area.

Companies’ Brief

FLCT proposes to acquire six Europe properties for S$548.7m, four from sponsor
The manager of Frasers Logistics & Commercial Trust (FLCT) has proposed to acquire six freehold properties in Germany, the Netherlands and the UK for an agreed property price of S$548.7 million. Four of the properties, three located in Germany and one in the Netherlands, will be injected into the real estate investment trust (Reit) by sponsor Frasers Property.

Growing sustainably with Frasers’ S-Reits
Frasers Property is one of Singapore’s largest property groups with S$39.2 billion in total assets as at March 31, 2021. The group develops, owns and manages an integrated portfolio of properties across residential, hospitality, retail, commercial and business parks, and in industrial and logistics sectors across Asia, Australia, Europe, the Middle East and Africa, and China.

Construction blues
A small army of about 380 construction workers should be hammering away as the luxury condominium Meyer House nears completion, but the shortfall in foreign labour has left the site with just 230 men on the job. Shortages are just one of the challenges facing main contractor Unison Construction as it strives to get the 56-unit block finished.

Corporate digest


Views, Reviews, Forum & Others

Agility and resilience to hurdle ahead
Chia Ngiang Hong, President, Real Estate Developers’ Association of Singapore (REDAS)

The onset of the pandemic has prompted many businesses to rethink and re-strategise their business continuity/contingency plans, but the question is how to execute effectively? Apart from reviewing and managing financial resources and cashflow positions closely and prudently to ensure sustainability, bearing in mind it could be a long-drawn recurring affair, and beefing up core capabilities, companies should also look at diversification towards digital economy and product/services differentiation to cater to future demand from new growth areas like green economy.

An extended gap for better protection
Singapore’s vaccination strategy has worked on the principle of a phased roll-out for all Singaporeans and long-term residents to receive the maximum protection in the form of two shots delivered three to four weeks apart. The approach has now been tweaked so the maximum number of people can get good protection by scheduling the vaccine’s second dose six to eight weeks after the first

Covid-19 wave makes clear the world cries out for moral leadership
Singapore – A tragedy of epic scale is unfolding before our eyes as deaths due to Covid-19 soar in poor and lower-income countries. Those of us in the rich world are mistaken if we think we can shut out the horror playing out in India and other parts of South Asia, and even nearer to home, in parts of South-east Asia.

When the vaccine factory of the world fails to deliver
NYtimes – India reported that 4,529 people had died from Covid-19 on Tuesday alone. That’s the highest official daily death count for any country since the beginning of the pandemic, and the real toll is thought to be even higher. More than 25 million cases of infection have been recorded there to date. Given the scale of the crisis, it’s imperative that the Indian government vaccinate its people and stave off future waves of infection.

Procedures in place to prevent misuse of NRIC data: Recruitment firms
Singapore – There are proper procedures in place to ensure identity card details of job seekers here are not misused, recruitment firms said. Some said they seldom obtain scanned copies of the applicants’ national registration identity cards (NRICs), and even then, only upon the hiring company’s request.

Singapore a popular base for China tech firms
Four years ago, when Derek Wang, general manager of Alibaba Cloud arrived in Singapore, he was among the company’s first employees to be posted overseas, and only one of a handful of top executives from a China tech company to be posted here. But these days, he meets more and more of his industry peers from China here.

Wanted: Ideas for facilities at new Bukit Timah park
Singapore – Members of the public can have a say in deciding the kind of facilities the upcoming linear park along Bukit Timah Canal will have. A six-week public consultation process by the National Parks Board (NParks) is under way, as part of efforts to gather ideas from the public about the design and management of the Bukit Timah-Rochor Green Corridor.

Update on COVID-19 (Coronavirus Disease 2019) Situation

Ring-fencing intensified to avoid a second circuit breaker here
Ring-fencing strategies that aim to limit Covid-19 transmissions and contain their spread have been intensified recently, helping Singapore stave off a second circuit breaker for now. Experts note that larger areas are now being closed off and more people made to undergo swab testing.

No sharp rise in new cases with stricter curbs: Ong Ye Kung
New Covid-19 cases in Singapore have not shot up in the past week thanks to the stricter precautions that the country has taken, said Health Minister Ong Ye Kung yesterday. Singapore tightened its safety measures last Sunday, including banning dining in eateries and restricting social gatherings.

MTI asks business owners to declare on-site staff numbers
Business owners have been asked by the Ministry of Trade and Industry (MTI) to provide updates on their on-site staff numbers. This is to enable the Government to monitor the number of people not working from home as Singapore tackles the spread of Covid-19 during its current period of heightened alert.

Two more cases detected during testing at Hougang Ave 8 block
Two people have tested positive for Covid-19 during a mandatory testing exercise for residents and visitors at Block 506 Hougang Avenue 8. Nine cases were earlier identified by the Ministry of Health (MOH), bringing the total number of cases to 11 people across at least four different households so far.

All 243 residents of Pasir Ris block told to take swab test
All 243 residents of a Housing Board block in Pasir Ris have been asked to undergo swab tests after four Covid-19 cases were detected in two different households there. Pasir Ris-Punggol GRC MP Desmond Tan said in a Facebook post yesterday morning that this was a precautionary measure to ensure the safety and well-being of the residents of Block 559 Pasir Ris Street 51.

Singapore’s largest active Covid-19 cluster: What went wrong at Changi Airport?
Singapore – In less than a month, the Covid-19 cluster at Changi Airport has swelled to more than 100 people, including airport workers whose jobs did not require them to interact with passengers, family members of front-line staff and visitors.

25 new Covid-19 cases in S’pore, including 21 in community and 1 in workers’ dorm
Singapore – There were 25 new coronavirus cases as at noon on Sunday (May 23), including 21 in the community and one in a workers’ dormitory. The Ministry of Health (MOH), in its afternoon update, said three of the new local patients are unlinked. Of the other 19 linked local cases, 12 were already in quarantine when they tested positive.

Jem and Westgate become new Covid-19 cluster with four community cases
[Singapore] The adjacent malls of Jem and Westgate in Jurong East were declared the centre of a new community cluster on Sunday (May 23), with four cases now linked to them. Giving details of these as well as others in the 21 community cases announced on Sunday, the Ministry of Health said the four included a music teacher at Yamaha Music School who developed a fever and sought treatment five days later.

Two vaccination teams start giving shots at home
Two home vaccination teams have started providing Covid-19 jabs to people who are housebound, the Ministry of Health (MOH) said on Friday. Ten people had been vaccinated as at last Wednesday, in the pilot project between MOH and the Health Promotion Board.

25 passengers arrive in Singapore from India every day, 180 fly back on repatriation flights
Singapore – An average of 25 passengers arrive in Singapore from India on flights every day, with the vast majority returning Singapore citizens and permanent residents. There are an average of 180 passengers departing on flights back to India from Singapore every day.

Family that seeded airport cluster didn’t arrive on a flight from India
The family that is suspected to have seeded the Covid-19 cluster at Changi Airport Terminal 3 did not arrive on a flight from India. This is because India has banned all international commercial services to and from Singapore since March last year.

80% of cases in Singapore’s current Covid-19 outbreak not vaccinated: Ong Ye Kung
Singapore – There are 78 vaccinated individuals who have been infected with Covid-19 in the current outbreak in Singapore, compared with about 300 unvaccinated cases, Health Minister Ong Ye Kung said on Sunday (May 23). This means close to 80 per cent of recent cases involve those who have not been vaccinated.

Covid-19 pandemic preventable? S’pore experts weigh in on global report
Singapore – The suffering and the millions of lives lost due to Covid-19 could have been prevented if many countries around the world had not taken a wait-and-see approach in the early days, said local experts, weighing in after the recent release of a scathing report on the handling of Covid-19.

Children not more prone to current virus strains: Experts
There is little to suggest that the coronavirus strains currently circulating are more likely to infect children, experts said, even as more than 40 students and pupils from about 30 schools have come down with Covid-19 in the past month.

Pfizer Covid-19 vaccine safe for those aged 12 to 15, says expert panel
The Pfizer-BioNTech vaccine is safe and effective for children aged 12 to 15, the Expert Committee on Covid-19 Vaccination said last night in response to an open letter penned by some doctors which was later retracted. “The Pfizer-BioNTech vaccine is currently the only Covid-19 vaccine anywhere in the world that has been authorised for use in adolescents aged 12 to 15 years,” said the committee.

*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

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Venice Architecture Biennale explores post-pandemic living

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Fears in India of potential third wave affecting kids

China’s scrutiny of shadow debt bites developers like Evergrande

China should let yuan strengthen to offset imported price rises: central bank official

Wuhan lab staff sought hospital care before Covid-19 outbreak disclosed: WSJ

Japan’s consumer prices in April down for 9th straight month as cellphone fee cuts offset input costs

Japan expands state of emergency to Okinawa; approves two more vaccines

Moderna, Novavax to make Covid-19 vaccines in S. Korea

JD Logistics poised to raise US$3.2 billion in Hong Kong IPO

HK pushing people to get jabs before vaccine expires

Taiwan promises quick fix to Covid testing issue after criticism

Malaysia to impose tighter MCO enforcement as daily Covid-19 cases remain above 6,000

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