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, 24 & 25 October 2021 (Sat, Sun & Mon)

Singapore Real Estate

Bukit Timah, Duke’s Road mixed-use sites relaunched for sale with lower S$53.8m guide price
Three adjoining mixed-use redevelopment sites at 551 to 553 Bukit Timah Road, 6 to 8 Duke’s Road and a driveway have been relaunched for sale with a lower guide price of S$53.8 million, sole marketing agent JLL said on Monday (Oct 25).

Golden Mile Complex gazetted for conservation with ‘refined’ incentives for potential buyers
The Urban Redevelopment Authority (URA) has “refined” the incentives offered to potential buyers of Golden Mile Complex, which has been gazetted for conservation. The building is the first modern, large-scale strata-title development to be granted conservation status in Singapore.

Median price of 5-room HDB resale flats in Queenstown now S$926,000 in record year for market
Housing Board resale flat prices hit a record high in the third quarter and saw the fastest 9-month climb in more than a decade, going by data released on Friday (Oct 22). Resale prices rose 2.9 per cent in the July to September period from the previous 3 months, higher than HDB’s flash estimate of 2.7 per cent, to exceed their previous peak in 2013 by 0.8 per cent.

Before you take the plunge into property . . .
Is home really where the wealth is? Against the backdrop of an already modest price growth in recent decades, Singapore’s changing demographics and potentially tighter government policies have injected fresh uncertainty into the property market.

Why it pays to invest in a place near a popular school
Properties near popular schools are highly sought after by both investors and parents. Many parents go to great lengths to secure a place in good schools by renting or paying top dollar for a nearby property. They believe that their chances of getting their children in the school of their choice will go up significantly by moving closer to these schools.

S’poreans suggest greener cooling with less reliance on air-con as part of long-term land use plans
Singapore – Ways to reduce reliance on air-conditioning systems or make cooling greener were among the ideas shared by participants at a discussion on Sunday (Oct 24) about Singapore’s long-term land use plans.

Companies’ Brief

CICT’s Q3 net property income more than doubles to S$242.6m, with room for retail recovery
CapitaLand Integrated Commercial Trust’s (CICT) net property income (NPI) more than doubled to S$242.6 million for Q3 ended Sept 30, from S$104.5 million previously, thanks to its enlarged portfolio from the merger of CapitaLand Mall Trust and CapitaLand Commercial Trust last year.

Pandemic nudging sustainability into the spotlight
The pandemic has sharpened the focus on sustainability amid shifting expectations and a growing realisation in the corporate sector that it can no longer be business as usual. In an interview with The Business Times, Ipshita Chaturvedi, partner at Dentons Rodyk, said: “Perhaps the main reason people have started thinking about sustainability during the pandemic is the realisation of how fragile and vulnerable our current systems are when faced with a formidable adversary.”

ARA Logos minorities may support merger with ESR-Reit, but not because it’s a good deal
Unitholders of ARA Logos Logistics Trust have no compelling reason to vote in favour of the proposed merger with ESR-Reit. ARA Logos’ market capitalisation just prior to the merger announcement stood at nearly S$1.4 billion – not that much smaller than ESR-Reit’s S$1.9 billion, and sufficiently large to independently pursue acquisitions.

Improved operating metrics and DPUs as S-Reits kick off reporting
Five S-Reits have kicked off this quarter’s reporting season with the release of financial results for the quarter or business updates, before the market opened last Friday.

Suntec Reit Q3 DPU rises 20.8%
SUNTEC real estate investment trust’s (Reit) distribution per unit (DPU) in Q3 rose 20.8 per cent to 2.232 Singapore cents from 1.848 cents a year earlier, its manager said in a business update filed on Friday (Oct 22).

Views, Reviews, Forum & Others

Manoeuvre with greater agility
Chia Ngiang Hong, President, Real Estate Developers’ Association of Singapore (REDAS)

Current widespread supply chain problems hasten the need for businesses to build in resilience to mitigate the impact of unexpected external changes on their operations. It underscores the importance of diversification of manufacturing locations and suppliers’ networks across different geographical regions and utilising different transportation modes and routes so as to avoid risks of excessive reliance on select few sources.

Adjusting HDB policy to ensure cohesion
The fact that over 80 per cent of Singaporeans live in public housing and 90 per cent of those residents own their homes is an oft-quoted and much-lauded statistic. This achievement is no mean feat, given that the United Nations estimates as many as 100 million people worldwide are homeless and some 1.6 billion lack adequate housing.

No letting up against a relentless virus
The extension of the Covid-19 stabilisation period until Nov 21, announced this week, reflects the critical need to ensure that the coronavirus pandemic does not overwhelm the healthcare system. That, unfortunately, is a real possibility.

Focus on transmission risks to unvaccinated and elderly could help justify curbs
Even as Covid-19 curbs on social gathering sizes have been extended, Singapore is moving ahead with Vaccinated Travel Lanes (VTLs) and the expansion of the community visit programme for migrant workers. At first glance, this might seem contradictory.

Delegates at Bloomberg forum in S’pore can dine in groups of 5 at specific venues
Singapore – Local and foreign delegates at the Bloomberg New Economy Forum (NEF) next month will be subject to strict measures, including being fully vaccinated to ensure their safety and well-being as well as that of the community, the authorities said on Sunday (Oct 24).

Tourism sector eyes long-term goal – recovery
Singapore – Zipping around town in a vintage Vespa sidecar; yacht trips to the pristine sands and relative quiet of Lazarus Island; and walking tours of under-the-radar neighbourhoods such as Balestier and Jalan Besar.

VTLs important milestone for S’pore, but no major recovery in inbound tourism expected yet
Singapore – It is unlikely that Singapore will see a major uptick in inbound tourism in the near future despite the launch of Vaccinated Travel Lanes (VTLs) for travellers from 11 countries. This is because the recovery of international travel around the world, especially longer-haul travel, will be gradual…

Time for change: Arthur Kiong, CEO, Far East Hospitality
Despite having been in the hospitality business for over three decades, the ongoing pandemic still keeps Arthur Kiong on his toes. “Every day I put on my suit, it is like dancing on a minefield,” says the chief executive of Far East Hospitality (FEH).

Bitcoin’s true believers scorn ETFs while welcoming validation
Despite the hoopla over the debut of the first Bitcoin-linked exchange-traded fund (ETF), tried-and-true crypto enthusiasts are not planning on buying shares anytime soon. The launch of the ProShares Bitcoin Strategy ETF, trading under the ticker BITO, on Oct 19 was a milestone for the asset management industry, integrating Bitcoin further into mainstream finance.

Can Singapore’s climate targets be more ambitious?
Singapore – It is T-minus seven days to COP26, and the British host of the United Nations climate talks is urging world leaders to arrive in Glasgow with bolder climate pledges. In the lead-up to the annual meeting – postponed by a year because of the Covid-19 situation last year…

Update on COVID-19 (Coronavirus Disease 2019) Situation

Singapore reports 15 more Covid-19 deaths, 3,383 new infections
[Singapore] Fifteen more people between the ages of 58 and 100 have died of complications linked to Covid-19. Eight of them were unvaccinated against the virus, 1 was partially vaccinated while 6 were vaccinated.

Most firms unfazed by rule that staff must be fully inoculated to return to workplace from Jan 1
Singapore – Businesses are largely unfazed by the requirement from Jan 1 for staff to be fully vaccinated to return to the workplace, given Singapore’s high inoculation rate. The new rules, announced by the Covid-19 multi-ministry task force on Saturday (Oct 23), will apply to all employees.

Sinovac added to S’pore national vaccination programme: 5 questions about the vaccine answered
Singapore – The Sinovac Covid-19 vaccine will be included in the national vaccination programme to cater to individuals aged 18 years and above who are unable or unwilling to take the Pfizer-BioNTech or Moderna mRNA vaccines.

117 patients, staff at Bukit Merah polyclinic given wrong, lower dose of Covid-19 vaccine
Singapore – A total of 117 patients and staff at a Bukit Merah polyclinic were given wrong doses of their Covid-19 vaccine, with only one-tenth of the recommended dosage, between Wednesday (Oct 20) and Friday.

Household members will be allowed to dine in groups of 5 if weekly infection growth rate falls: Lawrence Wong
Singapore – People from the same household will be allowed to dine out in groups of up to five if two conditions are met, said Finance Minister Lawrence Wong on Saturday (Oct 23).

S’pore cannot lock down indefinitely but also cannot ‘let things rip’ in Covid-19 fight: PM Lee
Singapore – While Singapore cannot go into an indefinite lockdown and stand still, it also cannot “simply let go and let things rip”, said Prime Minister Lee Hsien Loong in a Facebook post on Saturday night (Oct 23).

Be careful of misleading WhatsApp messages and ‘poor maths’: Ong Ye Kung
Singapore – Health Minister Ong Ye Kung has warned members of the public to be careful of misleading WhatsApp messages circulating that claimed Covid-19 vaccines do not work.

MOH releases two new daily charts to better reflect Covid-19 situation in S’pore
Singapore – Two new charts have been added to the daily Covid-19 updates that the Ministry of Health (MOH) issues every night. They are a chart of Singapore’s daily adult intensive care unit (ICU) bed utilisation, and another showing the ratio of community cases in the past week compared with the week before.

Moves to categorise Singapore as high-risk destination do not affect vaccinated travellers here: Ong Ye Kung
Singapore – The move by some countries to categorise Singapore as a high-risk destination due to its Covid-19 infection numbers does not affect vaccinated people living here. Health Minister Ong Ye Kung said on Saturday (Oct 23) that advisories issued by these countries are for their own citizens.

S’pore to resume travel from South Asia, eases measures for those from Malaysia, Indonesia
Singapore – Travellers from six countries that Singapore was previously closed off to will be allowed to enter here from Wednesday, as the nation continues to adjust border measures in response to the global Covid-19 situation.

Singapore kicks off distribution of Covid-19 ART kits to every household
Singapore – The nationwide distribution of antigen rapid test (ART) kits got off to a good start on Friday (Oct 22) morning. At a housing block in Compassvale Crescent, Ms Shirley Chee Bee Leng went around with a trolley stacked with 140 packages, each containing 10 kits.

Should I get a Covid-19 booster shot if I have cancer?
Singapore – Should cancer patients receive Covid-19 booster shots? Is it safe to mix Covid-19 vaccines? And when should those on immunosuppressive treatment get vaccinated? These questions were asked at a virtual forum on Covid-19 vaccination for cancer patients on Saturday (Oct 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 infrastructure deal close, corporate tax hikes unlikely: Biden

Yellen expects high inflation through mid-2022 before easing

Positive outcome essential at COP26 as planet heats up

Australia-Singapore travel bubble could be established within next week: PM Morrison

Chinese economy risks deeper slowdown than markets realise

Spillover from China’s property debt risks is controllable: Xinhua

China widens property tax trials with levy on home owners

China’s Evergrande resumes work on more than 10 projects

China tears up rule book in race to fix its energy crisis

Japan’s prices rise for first time in 18 months on higher energy costs

Malaysia may reopen to Singapore travellers ‘very soon’, says its Tourism Minister

Malaysia to open Langkawi to foreign tourists from Nov 15

KL-Johor Baru HSR route without Singapore not viable, says Umno leader

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