The Leading Professional and Representative Body for the Real Estate Industry

The Leading Professional and Representative Body for the Real Estate Industry



Daily News – 27 Nov 2020 (Fri)

Singapore Real Estate

URA, HDB release Ang Mo Kio condo plot and Tengah EC site
The Urban Redevelopment Authority (URA) and the Housing & Development Board (HDB) on Thursday released two residential land parcels under the second half of the 2020 government land sales (GLS) programme, and analysts are expecting keen bidding from developers.

Lee Foundation unit sells Haig Road property
Casuarina Properties, controlled by the Lee Foundation and members of the Lee family, has sold 11 landed homes on 25,054 sq ft of freehold land at the Haig Road/Haig Lane corner for S$32.8 million. Located opposite Tanjong Katong Secondary School, the District 15 plot can be redeveloped into a low-rise apartment project with up to 32 units of an average size of 100 square metres gross floor area (GFA).


Singapore Economy

Singapore’s 2019 income gap improves, but could widen in 2020 due to Covid-19
Although Singapore’s Gini coefficient, a measure of income inequality, dipped below 0.4 for the first time in at least a decade in 2019, economists caution that the income gap could again widen this year due to severe disruption from the Covid-19 pandemic. A Gini coefficient above 0.4 is widely considered to indicate a large income gap.

Singapore October industrial output falls 0.9%
Singapore’s factory output fell 0.9 per cent year on year in October with a decline in electronics output and poorer biomedical performance, confounding economists’ expectations of a 7.3 per cent growth, Singapore Economic Development Board figures showed on Thursday.

Singapore’s financial sector is hiring, but tech skills are key
Singapore’s financial services sector has held steady against the economic toll of the pandemic, creating some 1,900 net jobs for Singaporeans in the first half of the year. But this trend may not be here to stay, as rising demand for tech roles in the industry continues to outstrip the ability to build up the relevant skills, said Ravi Menon, managing director of the Monetary Authority of Singapore (MAS), at a webinar hosted by MAS and the Institute of Banking and Finance (IBF) Singapore on Thursday.

Thailand beats S’pore again as top IPO market in South-east Asia
Thailand’s initial public offering market has chalked up another stellar performance, beating Singapore for the second year running as the top IPO market in South-east Asia by value of funds raised, according to research from professional services firm Deloitte.


Companies’ Brief 

CDL venture Sincere sees recovery in sales at Chengdu project
China-based property developer Sincere Property Group on Thursday posted 150 million yuan (S$30.6 million) in sales for the first day of its third phase launch of its TianFengHe Mansion project in Chengdu, Sichuan province in China.

Keppel O&M unit secures S$100m contract for FPSO project
A subsidiary of Keppel Offshore & Marine (Keppel O&M) has won a contract worth about S$100 million from a repeat customer for fabrication and integration work on a floating production storage and offloading vessel (FPSO).

Lendlease targets absolute-zero carbon emissions by 2040
Sydney-based Lendlease, which manages Singapore-listed Lendlease Global Commercial Reit, has pledged new sustainability goals. In a press statement, the property and infrastructure group said it is committed to becoming a 1.5 degrees Celsius-aligned company.

OUE C-Reit confirms talks with Allianz entity for OUE Bayfront deal
The manager of OUE Commercial Real Estate Investment Trust (OUE C-Reit) on Thursday noted that there is no certainty any transaction will materialise with regard to its Grade A office asset OUE Bayfront. The Business Times (BT) had reported on Thursday that an entity linked to Allianz Real Estate was in exclusive due diligence with a view to buying a partial stake in the building.

SPH plans to increase recurring income from property segments
Singapore Press Holdings (SPH) is looking to increase recurring income from its property segments, which include the retail and purpose-built student accommodation (PBSA) businesses. This income will be complemented by growth in the aged care and digital media businesses, the group said in response to questions from shareholders ahead of its annual general meeting taking place on Friday.

SPH Reit to focus on ‘providing sustainable rental income’
SPH Reit will now focus on providing “sustainable rental income” by minimising vacancies for FY2021, it said at an annual general meeting (AGM) on Wednesday. It added that the Reit manager is committed to supporting tenants through this challenging Covid-19 period, so as to position assets to be ready to capture business opportunities when recovery begins.

Sabana Reit’s proposed merger with ESR-Reit
In the run-up to the extraordinary general meetings of Sabana Shari’ah Compliant Industrial Real Estate Investment Trust (Sabana Reit) and ESR-Reit on Dec 4, where unitholders will vote on the proposed merger of the two Reits, The Business Times posed questions to the manager of Sabana Reit and to activist fund managers Quarz Capital and Black Crane Capital − which are objecting to the merger. Below is a summary of their responses.

Sabana Reit sheds new light on ID’s dealings with ESR group
Sabana Reit offered new information last Sunday about its independent director Ng Shin Ein’s dealings with ESR group in 2018 and 2019. These have been a sticking point for activist funds Quarz Capital and Black Crane, which are opposed to a merger between Sabana and ESR-Reit.

Credit Bureau Asia to sell 58m shares at S$0.93 each in mainboard flotation
Credit Bureau Asia (CBA) on Thursday lodged its final prospectus for an initial share offering that will raise S$53.9 million. This comprises an offering of 28.5 million placement shares, 1.5 million public offering shares and 28 million cornerstone shares at an offer price of S$0.93.


Views, Reviews, Forum & Others

Tempering expectations of a recovery
There appears to be cautious optimism on the prospects for the Singapore economy going forward. While there is some justification for this, the emphasis should be on the word “cautious”. The growth numbers for the third quarter were encouraging.

France, Singapore adopt roadmap to deeper AI cooperation
Ministers too watch Black Mirror. Then they turn off the TV and think about ways to shape technologies for the common good. This is why, on Monday, Minister for Communications and Information S Iswaran and his French counterpart, Minister of State Cédric O, adopted a roadmap for deepening cooperation in artificial intelligence (AI).

Shift from saving today’s jobs to helping workers prepare for new ones
Singapore looks set to emerge from Covid-19 gloom and chalk up a good rate of growth next year, according to Ministry of Trade and Industry data on Monday. The economy is forecast to expand by 4 per cent to 6 per cent next year. Third quarter growth was stronger than expected, at 9.2 per cent compared with the second quarter – an improvement from the 13.2 per cent decline in the second quarter, when most offices and shops were closed due to the circuit breaker lockdown.

LTA awards S$932.8m contract for Johor Bahru-Singapore RTS Link
Singapore’s Land Transport Authority (LTA) has awarded the first of two civil contracts for the construction of a long-awaited cross-border train service between the city-state and Malaysia’s Johor Bahru.


Update on COVID-19 (Coronavirus Disease 2019) Situation

S’porean man is first Covid-19 community case in 16 days
Singapore’s first Covid-19 community case in 16 days is a Singaporean who works as a service engineer and had dinner with 12 family members at Seoul Garden in Tampines Mall last Saturday, the Ministry of Health (MOH) said yesterday.

Third mask distribution exercise by Temasek kicks off on Monday
Temasek Foundation will launch its third nationwide reusable mask distribution exercise on Monday, and it will last until Dec 13, the foundation said in a statement yesterday. All Singapore residents with a government-issued ID can collect one free mask kit each – containing two black masks and three filters – from 10am on Nov 30 at around 1,200 vending machines islandwide.
*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 new home sales dip in Oct; Sept figures revised higher

Struggling retailers rack up US$52 billion in missed rents

Tokyo’s core consumer prices post biggest annual drop in over 8 years

Evergrande’s Hong Kong IPO meets with lukewarm reception, raises US$1.8 billion

Malaysia PM wins budget vote, survives key leadership test

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