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, 27 & 28 February 2022 (Sat, Sun & Mon)

Singapore Real Estate

Freehold Royal Hallmark 31% sold at launch as demand slows after cooling measures
Royal Hallmark, a boutique 32-unit freehold development in district 15, moved 10 units on Saturday (Feb 26) when it was launched for sale. According to price guides seen by The Business Times, units were sold at about S$2,100 to S$2,200 per square foot (psf) for the 3-bedroom units, about S$1,800 to S$1,900 psf for the 4-bedroom units and about S$1,700 to S$1,800 psf for the 5-bedroom units.

Thomson Grand’s MCST takes developer, two contractors to court over alleged defects
The Management Corporation Strata Title (MCST) of Thomson Grand has filed a lawsuit against a unit linked to Hong Kong developer CK Asset Holdings, a joint venture of construction firm Lian Beng, as well as Jinyue Aluminium Engineering over alleged defects at the condominium.

The complex yet rewarding path to greening the built environment
Buildings play a crucial role in the global campaign to avert a climate crisis and develop a more sustainable economy. With the built environment generating more than a third of the world’s carbon emissions, decarbonising it is believed to be one of the most cost-effective ways to mitigate climate change.

2 of 5 BTO projects affected by Greatearth liquidation completed
The wait is over, with work completed in 2 of the 5 Build-to-Order (BTO) projects affected by Great-earth Corporation and Greatearth Construction going bust, ahead of revised deadlines. The 782 owners of units in 3 blocks of flats in Senja – in Senja Ridges and Senja Heights – have begun to receive keys to their new homes.

Solar panels to be installed on 1,290 HDB blocks by 2025, bringing total to 8,400 blocks
Singapore – A total of 1,290 Housing Board (HDB) blocks managed by Bishan-Toa Payoh, Tanjong Pagar and Jurong-Clementi town councils will be installed with solar panels by the third quarter of 2025 in Singapore’s latest push to generate more clean energy.


Singapore Economy

BEPS 2.0 unlikely to hurt competitiveness, may net Singapore gains in tax revenue
The attractiveness of Singapore as a business hub is unlikely to be eroded by a global move to introduce a standardised minimum corporate tax rate, and the Republic could potentially make a net gain from higher tax revenues, watchers told The Business Times.

Singapore visitor arrivals fall month on month to 57,140
Singapore’s international visitor numbers tumbled in January on the month before, as border restrictions were tightened amid the spread of Omicron. Meanwhile, hotel revenue fell by 23.1 per cent month on month to S$101.2 million, from S$131.6 million previously – though industry takings were still up by 43.9 per cent year on year.

Singapore factory growth falls to single digits in January as high base starts to bite
Singapore’s manufacturing slowdown may have begun, with factory output coming in below forecast in January on the back of a high base from 2 bumper years. The linchpin electronics cluster is still expected to drive the factory sector in 2022…

Singapore services receipts up 15.4% in Q4
Singapore’s services industries saw business receipts rise 15.4 per cent year on year for the fourth quarter, said the Department of Statistics (Singstat) on Friday (Feb 25). Q4’s business receipts were even higher than in Q4 2019, before the Covid-19 pandemic, Singstat’s data showed. On a quarter-on-quarter, non-seasonally adjusted basis, business receipts were also up 7.2 per cent.


Companies’ Brief

CapitaLand Development inks MOU for S$1.3b Vietnam investment
CapitaLand Development (CLD), the development arm of CapitaLand Group, on Friday (Feb 25) announced that it has inked a memorandum of understanding (MOU) to explore the development of an industrial park, logistics park and township development in Vietnam, with a total projected investment value of S$1.3 billion.

Chip Eng Seng unit serves termination notice for Park Hotel Alexandra operator
Chip Eng Seng Corporation’s wholly-owned subsidiary CEL-Alexandra (CELA) served a termination notice on Park Hotel Group Management, the operator of the hotel that is fully owned by CELA. Park Hotel Alexandra is located at 323 Alexandra Road and has been in operation since 2015.

GIC-backed fund buys 17 properties from Brazil’s GPA for 1.2b reais
Brazilian retailer GPA has reached a deal to sell up to 17 of its properties to investment fund Barzel Properties for about 1.2 billion reais (S$315.6 million), it said in a securities filing on Friday (Feb 25).

Haw Par H2 earnings up almost 100% to S$57.1m; board proposes S$0.15 a share dividend
Mainboard-listed Haw Par Corporation saw its earnings for the second half of FY 2021 benefit from higher consumer spending and higher dividends from strategic investments, thereby almost doubling to S$57.1 million.

Hiap Hoe back in the black for H2 FY21; posts S$13.8m net profit
Property developer Hiap Hoe is back in the black for the 6 months ended Dec 31, 2021, with net profit coming in at S$13.8 million, compared to a loss of S$15.6 million in the year-ago period.

Hotel Properties returns to profit; Banyan Tree’s losses narrow in H2
Hotel Properties reversed into the black in the fiscal second half from a year ago as the group started seeing better performance from its resorts in Maldives, the company’s latest financials released on Friday (Feb 25) showed.

Hong Leong Asia H2 net profit falls 26% to S$19.4 million
Hong Leong Asia’s net profit fell 26 per cent year on year to S$19.4 million for the half year ended Dec 31, 2021, as its engine-making unit Yuchai faced a 21 per cent drop in sales volumes to 171,449 units due to lower truck engine sales.

Tuan Sing slips into loss in H2 2021 due to fair value adjustment
Mainboard-listed Tuan Sing Holdings Tuan Sing: T24 0% recorded a net loss of S$17.1 million for the 6 months ended Dec 31, 2021 on Friday (Feb 25), from a net profit of S$52.4 million it recorded a year earlier.

Yanlord H2 profit falls 13% despite 46% higher revenue
Yanlord Land posted a net profit of 1.83 billion yuan (S$394.4 million) for the second half of the financial year ended Dec 31, 2021, down 13 per cent year on year from 2.1 billion yuan. In its results on Sunday (Feb 27), the property developer said this was due to the decrease in other operating income, as well as other gains and fair value gain on investment property.

S-Reits remain optimistic about 2022 growth
The Straits Times Index (STI) gained more than 5 per cent in the 2022 year to date (YTD) till Feb 24, while the iEdge S-Reit Index declined close to 4 per cent during the same period amid expectations of rate hikes.

Multiple new permanent secretary appointments in Singapore; 2 veterans retire
Singapore – There will be a slew of new permanent secretary appointments in Singapore, as well as the retirement of two permanent secretaries who have served long years in the civil service, the Public Service Division said on Friday (Feb 25).


Views, Reviews, Forum & Others

Non-tax strengths will prevail
Chia Ngiang Hong, President, Real Estate Developers’ Association of Singapore (REDAS)
The impact of the proposed METR on Singapore’s international competitiveness is likely to be manageable and unlikely to lead to an exodus of MNEs. The initiative should help shift competition to be based more on sound business fundamentals rather than on low tax rates.

Tackling Covid-19 in changing times
The Ministry of Health (MOH) declared on Thursday that the implementation date for changes to existing Covid-19 safe management measures would be revised, with a new date to be announced shortly.

Residents of some Singapore condos feeling strain of surging electricity bills
Singapore – Residents of some condominiums can expect to fork out more for the maintenance of common areas due to surging electricity bills. The hardest-hit have been mid-sized private residential estates abandoned by electricity retailers and exposed to the volatile wholesale market, condominium managers and managing agent firms told The Straits Times.

Singapore firms stay keen on Vietnam amid pandemic
More Singapore companies are investing in Vietnam, with Singapore being its largest foreign investor in 2021, said Second Minister for Trade and Industry Tan See Leng on Friday (Feb 25). Singapore’s foreign direct investment into Vietnam amounted to nearly US$10.7 billion in 2021, which was 34.4 per cent of Vietnam’s total foreign capital investments that year, he said.

The economic consequences of the war in Ukraine
Over the past decade, intensifying geopolitical risk has been a constant feature of world politics, yet the world economy and financial markets have shrugged it off. From the contest between China and America to the rise of populist rulers in Latin America and tensions in the Middle East, firms and investors have carried on regardless, judging that the economic consequences will be contained.

S’pore headquartered firms halt Ukraine operations as Russian army advances
Singapore – Several Singapore-headquartered firms with business in Ukraine have suspended operations in Ukraine after Russia launched a military invasion into the country last week.


Singapore Budget 2022

Budget 2022 boosts Singapore’s green building efforts
As in many parts of the world, the built environment in Singapore plays a significant role in its decarbonisation efforts. Buildings in the city-state account for over 20 per cent of the country’s emissions and are responsible for over a third of its total electricity consumption.

Delayed GST hike a relief for businesses, with many already facing higher costs
Singapore – The delay of the goods and services (GST) tax hike to next year has given businesses here some breathing space as many are currently grappling with rising costs, business associations said.

Will higher costs of hiring foreigners spur employers in Singapore to hire more locals?
From September, employers who hire foreign workers on Employment Pass and S Pass will have to pay higher minimum salaries. Is it enough to nudge them to hire more locals or will it affect their business plans?

Salary cut-offs for Employment Pass, S Pass applicants raised thrice in less than 3 years
Singapore – Employers looking to hire foreign workers will – yet again – have to grapple with paying them higher minimum salaries, as Singapore bumps up salary thresholds for new Employment Pass (EP) and S Pass applicants for the third time in less than three years.

Rising labour costs, manpower shortage and expansion plans a concern for S’pore F&B owners
Singapore – Players in the food and beverage (F&B) sector are concerned about rising labour costs, labour shortage and their expansion plans, following the announcement during the Budget speech on Feb 18 that the minimum qualifying salaries for Employment Pass (EP) and S Pass holders will be raised from September this year.


Update on COVID-19 (Coronavirus Disease 2019) Situation

Covid-19 cases fall for fifth consecutive day in Singapore, 14,228 new infections reported
[Singapore] Covid-19 cases dropped for the fifth consecutive day on Sunday (Feb 27), as Singapore reported 14,228 new infections, down from 16,857 infections on Saturday. This is also the fourth successive day that the number of daily new cases has fallen below the 20,000 mark, after it exceeded that figure on Tuesday and Wednesday. 

Why did S’pore push back streamlining of Covid-19 measures if surge in cases was expected?
Singapore – Many have been left disappointed after the multi-ministry task force tackling Covid-19 (MTF) announced on Thursday (Feb 24) that the streamlining of safe management measures (SMM) has been postponed.

Singaporean expats, businesses welcome long-awaited VTLs with Qatar, UAE and Saudi Arabia
The launch of Singapore’s vaccinated travel lanes (VTLs) with Qatar, Saudi Arabia and United Arab Emirates (UAE) has come as a huge relief to Singaporean expatriates who now hope to fly home quarantine-free after two years.

*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 dollar retreats as risk appetite returns; US inflation dials back Fed view

US core capital goods orders, shipments increase solidly in January

US consumer spending beats expectations in January; inflation rises further

US eases Covid-19 indoor mask guidelines for most of country

UK house prices to continue rising even as BOE hikes rates

UK employers nudge up planned pay rises: Lloyds

Kiwi house price rises to halt this year, Australia to follow in 2023: survey

Putin’s plan for rapid invasion of Ukraine has not gone as expected

Russia faces major disruptions to oil, commodities flows without Swift  

Ukraine invasion likely has Fed on alert, but not changing course

How the West’s sanctions will affect Russia and everyone else

2 more Evergrande property assets taken over by state-owned firms

China’s property market expected to rebound this year: poll

Japan’s Jan factory output falls on car production cuts

Hong Kong’s tough anti-Covid-19 rules push Singaporeans living there to look for an exit

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