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 Dec 2020 (Thu)

Singapore Real Estate

GCB segment ends 2020 on high note; buoyant mood expected to continue
The Good Class Bungalow (GCB) segment appears poised for further increases in transaction volumes and prices, even after ending 2020 on a high note. Going by the viewing activity underway, agents whom The Business Times spoke to are sanguine about prospects for 2021.


Singapore Economy

Singapore’s core, headline inflation at -0.1% in November
Singapore’s deflation eased in November, with both core and headline inflation at -0.1 per cent year on year, compared to -0.2 per cent in October, showed Department of Statistics (Singstat) consumer price index (CPI) figures on Wednesday.

Singapore, India, Indonesia expected to be leaders in digital payments: study
India, Indonesia and Singapore are expected to lead the pack both in the absolute value of digital payments and the compound annual growth rate (CAGR) between 2020 and 2024, according to Deloitte and Inclusion Fintech Conference in their latest study of emerging digital life in South and South-east Asia.


Companies’ Brief

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. The agreed property value took into account two independent valuations by JLL and Cushman & Wakefield and represents around a 1.2 per cent and 1.5 per cent discount to the respective valuations with rental support as at Nov 30.

Ascendas Reit to acquire logistics property in Brisbane for A$70.3m
Ascendas Real Estate Investment Trust (Ascendas Reit) is proposing to acquire a new logistics property in Brisbane for A$70.3 million, or approximately S$70.94 million, the Reit manager announced on Wednesday. The property will be developed at 500 Green Road, Crestmead by Goodman Property Services (Aust) and is expected to be completed in the fourth quarter of 2021.

Still room for upside for hospitality Reits despite rally
The rollout of the first vaccine this month heralds the start of a recovery for the hospitality sector, but have hospitality Reits already rallied too far ahead? Units in Singapore-listed hospitality Reits leapt in November as news of successful vaccines by the likes of Pfizer/BioNTech and Moderna had investors betting that the green shoots were finally emerging for the tourism industry.

Corporate digest


Views, Reviews, Forum & Others

The next phase in fight against Covid-19
The arrival of the first batch of Covid-19 vaccines on Monday marks a decisive step in Singapore’s fight against the coronavirus pandemic. The vaccines, the first shipment from Pfizer-BioNTech to arrive in Asia, were carried by a Singapore Airlines freighter whose landing at Changi Airport was a symbolic milestone.

Why the past is not the future for Asian tourism
In the past, many of us would have been heading to the airport over the Christmas holidays and flying off to visit family, relax on the beach or hit the slopes. Very few of us will be doing so this year but, with Covid-19 vaccines set to be rolled out in Singapore and across the region next year, international travel will start to recover in 2021.

Asiapac social bonds closing in on US$10b; robust growth seen for 2021
The urgent need to fund Asia’s prolonged fight against the pandemic has spilled over into the region’s capital markets, via the issuance of social bonds that has more than tripled since the onset of Covid-19. This growth momentum is expected to prevail in 2021 as long-term impacts of the crisis play out in Asia, said analysts.

Fireworks at 11 heartland locations to ring in New Year
There will be no fireworks at this year’s Marina Bay New Year’s Eve countdown but Singaporeans can still catch them at 11 locations in the heartland to usher in 2021. Part of year-end events organised by the People’s Association (PA), fireworks displays will take place in Housing Board towns like Bedok, Tampines, Bishan and Yew Tee, and be live-streamed on the Facebook pages of the constituencies.


Update on COVID-19 (Coronavirus Disease 2019) Situation

UK strain found in Singapore
One imported Covid-19 patient in Singapore has been confirmed to be infected by a potentially more contagious strain of the coronavirus spreading in Britain. The Ministry of Health said there is currently no evidence that the strain is circulating in the community here.

Target for 70% of residents to use TraceTogether met
About 70 per cent of Singapore residents are now using the TraceTogether app or tokens, fulfilling a target that the authorities wanted to meet before the country entered phase three of its reopening. But TraceTogether SafeEntry will not be made mandatory until everyone has had the chance to collect the token or download the app, Minister-in-Charge of the Smart Nation Initiative Vivian Balakrishnan said yesterday.

Surge in demand for deep freeze solutions
Concerns have surfaced in many countries over looming shortages of dry ice needed to transport Covid-19 messenger RNA (mRNA) vaccines. In Singapore, demand has increased for ultra-low-temperature (ULT) freezing solutions. Dry ice companies believe they can ramp up enough supply to meet the increased demand.
*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 existing home sales fall more than expected in November

US consumer spending drops in Nov; weekly jobless claims fall

Trump threatens to not sign US$892b Covid-19 relief bill

US ghost kitchens thriving in pandemic

More UK retailers struggling to survive

Allianz bets on London’s West End with £401m office

British firms report deepening hit from renewed coronavirus curbs

Digital lives drive brick-and-mortar boom in data centres

Border closures may not stop spread of new strain: Experts

New virus mutation may already be spreading in America

EU, UK on verge of reaching post-Brexit trade deal

UK health service urges Brexit extension to avoid Covid-19 disaster

Sweden aims to convert empty stores and offices to plug housing shortfall

Swiss ski resort feels chill from British stayaway

More growth for China in 2021, but work needed to improve global image

China looks to tap digital ‘silver dollar’

Asiapac accounts for 41% of global equity capital market deals in 2020

HK signs deal with AstraZeneca; residents can choose from 3 vaccine options

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