The Leading Professional and Representative Body for the Real Estate Industry

The Leading Professional and Representative Body for the Real Estate Industry



Daily News – 26 October 2021 (Tue)

Singapore Real Estate

Conservation of Golden Mile Complex paves way to protect S’pore’s modernist buildings
Singapore – Golden Mile Complex was gazetted for conservation last Friday (Oct 22), a year after the government announced its intention to do so. The 48-year-old building represents the architectural and engineering prowess of Singapore’s pioneer building professionals, and exemplifies Singapore’s urban renewal in the early independence years as one of the first high-rise mixed-use developments here.

Singapore Economy

Economists raise inflation forecasts after Sep core, headline inflation rates surprise on upside
Singapore’s core and headline inflation rates edged up marginally in September, surprising private-sector economists who had expected them to hold steady, and prompting some to revise inflation forecasts upwards.

Singapore to continue decarbonising electricity generation with new solutions
Singapore remains committed to decarbonising its power sector as it seeks to do its part in addressing climate change, according to Trade and Industry Minister Gan Kim Yong. The Republic is exploring solutions beyond its shores, namely importing electricity from low-carbon energy generators overseas.

Companies’ Brief

DBS appoints Soh Kian Tiong as chief risk officer
DBS Group on Monday (Oct 25) named career banker Soh Kian Tiong as its new chief risk officer (CRO) with effect from Nov 4, 2021. Reporting to the bank’s chief executive officer (CEO) Piyush Gupta, Soh will be taking over from current CRO Tan Teck Long, who will be leaving DBS to return to a customer-facing role, according to the bank.

Lendlease announces board changes effective Oct 26
Lendlease Global Commercial Trust Management which manages Lendlease Global Commercial real estate investment trust (Reit) announced changes to its board composition on Monday. Tony Lombardo will resign as non-independent, non-executive director of the company with effect from Tuesday (Oct 26).

CapitaLand China Trust’s 9M NPI up 81.1% on retail and business park assets
CapitaLand China Trust (CLCT) saw an 81.1 per cent year-on-year rise in net property income (NPI) for 9M 2021 to 903.4 million yuan (S$190.7 million), announced the China mall real estate investment trust’s (Reit) manager in a Q3 business update on Tuesday (Oct 26).

Keppel Reit’s distributable income for the first 9 months of 2021 up 20.8%
Keppel Reit in a Q3 business update on Tuesday (Oct 26) reported that its distributable income from operations for the first 9 months of 2021 rose 20.8 per cent year-on-year at S$159.9 million.

Keppel DC Reit Q3 DPU up 4.5 per cent to S$0.02462
Keppel Data Centre (DC) real estate investment trust (Reit) on Monday posted a distribution per unit (DPU) of S$0.02462 for its third quarter ended Sep 30, 2021, up 4.5 per cent from the S$0.02357 it posted a year ago.

Mapletree Logistics Trust posts Q2 DPU up 5.7% to S$0.02173; manager eyes ‘substantial’ acquisitions
The manager of Mapletree Logistics Trust (MLT) on Monday said total acquisition value for the FY21/22 ended March 2022 is expected to be “substantial” as the real estate investment trust (Reit) seeks to continue to fuel its growth.

Corporate Digest

Views, Reviews, Forum & Others

Pandemic stimulus has backfired in emerging markets
(Financial Times) – From the start of the coronavirus pandemic, many emerging nations watched the United States and other large developed countries “go big” on economic stimulus, and wished they could afford to follow. It turns out they were lucky if they couldn’t and wise if they chose not to.

Why South-east Asia must choose a renewable energy future
As leaders of Asean gather to discuss energy policy and climate action in the coming months, one thing must remain at the forefront of deliberations. This historic moment for change will slip through our fingers unless all countries collectively and wholeheartedly lean in to the energy transition.

Rebuilding Asean economies in a post-Covid-19 world
Public attention at today’s virtual Asean Summit will focus on Myanmar and on the identity of its non-political representative. Myanmar’s Foreign Ministry has rejected the Asean foreign ministers’ decision last week to exclude coup leader Min Aung Hlaing.

How your smartphone and face could be used in digital passports to clear immigration
Singapore – Even before the Covid-19 pandemic and talk of so-called “vaccine passports” that serve to digitally prove a person has been vaccinated against the coronavirus to facilitate travel between countries, work on a more all-encompassing digital passport had already begun.

Update on COVID-19 (Coronavirus Disease 2019) Situation

No jab, no job; companies can also let go of unvaccinated staff as last resort
Workers who refuse to disclose their Covid-19 vaccination status can be treated as unvaccinated, and companies can terminate those who do not comply with workforce vaccination measures as a last resort, according to the latest tripartite advisory.

Gan explains easing of dine-in rules for Bloomberg forum

Business networking is a key objective of the Bloomberg New Economy Forum (NEF), which is why Singapore authorities have decided to relax dine-in restrictions for forum delegates that do not extend to locals, Trade and Industry Minister Gan Kim Yong said.

14 deaths, 3,174 new Covid-19 cases in Singapore; weekly infection growth rate stands at 1.18
Singapore – Fourteen people between the ages of 60 and 93 have died of complications linked to Covid-19, the Ministry of Health (MOH) said on Monday (Oct 25). All of them had various underlying medical conditions, said MOH in its daily virus update. It gave no further details.

Covid-19 cluster emerges at IMH, operations unaffected
Singapore –  A Covid-19 cluster comprising 116 cases has emerged in the Institute of Mental Health (IMH). Eight cases were added on Monday (Oct 25) to the cluster, which now has 108 inpatients and eight staff infected.

74% of those given wrong Covid-19 vaccine dose at Bukit Merah Polyclinic have received replacement
Singapore – As at 4.30pm on Monday (Oct 25), 86 out of the 117 people who had received the wrong dose of Covid-19 vaccine at Bukit Merah Polyclinic have received their replacement dose, SingHealth Polyclinics’ chief executive Adrian Ee told The Straits Times.

askST: Can ivermectin protect me from Covid-19?
Singapore – Ivermectin, an anti-parasitic drug, has lately come under intense scrutiny as part of a government clampdown on its illegal distribution and false claims surrounding the pill as a cure for Covid-19.

*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

Moderna says Covid-19 shot for children aged 6-11 shows strong results

EU drug regulator backs Moderna’s Covid-19 booster vaccine for over-18s

Russian Covid cases hit new high as eastern Europe imposes fresh curbs

UAE begins probe into Dubai-based Union Properties

China on high alert as Covid-19 outbreaks linked to domestic tourists spread

Japan’s service prices rise for 7th straight month on freight cost gains

South Korea’s Q3 GDP growth slows, supply disruptions add pressure

Hong Kong property heirs have their future fortunes tied to common prosperity

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