The Leading Professional and Representative Body for the Real Estate Industry

The Leading Professional and Representative Body for the Real Estate Industry



Daily News – 28 May 2021 (Fri)

Singapore Real Estate

URA, HDB release Jalan Tembusu, Tampines Street 62 residential sites for saleThe Urban Redevelopment Authority (URA) and the Housing & Development Board (HDB) on Thursday released residential land parcels in Jalan Tembusu and Tampines Street 62 for sale.  The sites, which have a lease period of 99 years, are on the reserve list in the first half 2021 government land sales programme. They are available for application and can yield about 1,340 residential units, URA and HDB said in a joint statement.


Singapore Economy

Fall in Singapore’s services revenue eases further to -1.5% in Q1
The decline in receipts for Singapore’s services industries eased further in the first quarter of this year, with a dip of 1.5 per cent year on year, data from the Department of Statistics (SingStat) showed on Thursday.  This is an improvement from the revised 7.6 per cent decline seen in the fourth quarter.  Quarter on quarter, overall business receipts fell 0.6 per cent, with performance mixed across the various industries.


Companies’ Brief

Edmund Tie appoints Desmond Sim as deputy CEO
Desmond Sim will take on the role of deputy chief executive officer with effect from June 1, before taking the reins as chief executive from July onwards, Edmund Tie & Company (SEA) announced on Thursday.  Mr Sim will take over from current chief executive Ong Choon Fah, who has been the real estate consulting firm’s CEO since May 2015.  The Business Times had reported the potential move earlier in March, after Mr Sim had left CBRE in February.

Lendlease Global Commercial Reit issues S$200m in perpetual securities at 4.2% per annum
Lendlease Global Commercial Real Estate Investment Trust (Reit) has issued S$200 million in perpetual securities at 4.20 per cent per annum, for the financing of potential investment opportunities among several other uses.  Lendlease Global Commercial Trust Management, the Reit’s manager, in a regulatory filing on Thursday, announced that the issuance under Lendlease Global Commercial Reit’s S$1 billion multicurrency debt-issuance programme will bear an initial rate of distribution of 4.20 per cent per
annum for the first five years.

Ready, set, restructure: Singapore large caps clean house to woo investors
“Business as usual” is so pre-pandemic. In these extraordinary times, Singapore’s corporate stalwarts are tuning out legacy assets and channelling hot trends such as clean energy and digitalisation as they hunt for growth and repackage themselves. Their common goal: to unlock value.  This rising trend of “new-wave” revamps to win investor’s hearts – different from past cost-cut-centric restructurings which markets have become tone deaf to – began last year, but has lately picked up speed among blue chips, many of which are linked to Temasek Holdings.


Views, Reviews, Forum & Others

Brent nudges towards US$70 on rosy US data, oil demand outlook
[Singapore] Oil prices pushed higher on Friday, supported by firm US economic data and expectations of a strong rebound in global fuel demand in the third quarter, while concerns eased about the impact of any return of Iranian supplies.  Brent crude futures for July gained 16 cents, 0.2 per cent, to US$69.62 a barrel by 0050 GMT while US West Texas Intermediate crude for July was at US$67.17 a barrel, up 32 cents, or 0.5 per cent.

Update on COVID-19 (Coronavirus Disease 2019) Situation

GovTech employee, 4 cleaners among 14 Covid-19 community cases
A GovTech employee and four cleaners are among 14 cases in the community reported by the Ministry of Health (MOH) on Thursday night.  The GovTech employee is one of three unlinked cases, and was last at work on May 7. She developed a fever, runny nose and body aches on Monday and sought medical treatment at a general practitioner clinic the next day.

14 new Covid-19 community cases and one in workers’ dorm in Singapore
[Singapore] There were 24 new coronavirus cases confirmed at noon on Wednesday (May 26), taking Singapore’s total to 61, 940.  Fourteen of them are community cases, and one of them is a case in a migrant workers’ dormitory.  Twelve of the community cases have been linked to previous cases, with three unlinked. The twelve linked cases had already been quarantined.  There were also nine imported cases who have already been placed on Stay- Home Notice or isolated upon arrival in Singapore. Of these, seven are returning Singaporeans or permanent residents.

Lucky Plaza, NEX visited by COVID-19 cases during infectious period
Singapore: Lucky Plaza and the FairPrice Xtra supermarket at NEX were on Thursday (May 27) added to a list of public places visited by COVID-19 community cases during their infectious period.  Eateries FLNT at 1-ATICO in ION Orchard, The Social Alley at NTP+ and Al Forno at East Coast Road were also added to the list, said the Ministry of Health (MOH).

2 kindergartens at Grace Assembly sites will stay open; church premises to be disinfected
The two Grace House kindergartens at the Grace Assembly of God church premises will continue to remain open as the pastor from the church who tested positive for Covid-19 had no contact with the schools.  Arrangements have been made to clean and disinfect all the church premises as a precautionary measure, including the kindergartens, though a church spokesman could not confirm when this will be carried out.

Haj deferred for Singapore pilgrims for second year over COVID-19 concerns
Singapore: The Haj plans for Muslim pilgrims from Singapore has been deferred for the second year in a row due to concerns over the ongoing COVID-19 pandemic, the Islamic Religious Council of Singapore (MUIS) announced on Thursday (May 27).  “The COVID-19 pandemic situation around the world remains dynamic and of significant concern, with the spread of new variants of the virus in recent months,” said MUIS in a news release.

Singapore tightens travel rules following Melbourne case surge
Singapore’s Ministry of Health will require travellers from the state of Victoria in Australia to serve a seven day stay-home notice (SHN).  This is part of tightened border control measures given the increase in Covid-19 cases in Victoria. The rules will take effect from 11.59 pm on Saturday.  Singapore citizens, Permanent Residents (PRs) and Long-Term Pass holders entering Singapore with a travel history in Victoria within the last 21 days before departing for Singapore will be subject to a Covid-19 polymerase chain reaction (PCR) test on arrival.

Singapore’s Covid-19 testing labs operating at over 80% capacity amid surge
[Singapore] Laboratories in Singapore are operating at over 80 per cent capacity to meet the recent demand for polymerase chain reaction (PCR) tests amid the surge in Covid-19 testing.  As of May 25, there are 27 testing laboratories that conduct Covid-19 tests in Singapore, which can do up to 70,000 tests daily, the Ministry of Health (MOH) said.  They support the Covid-19 PCR testing requirements in the hospitals, clinics, Regional Screening Centres (RSCs), dormitories and all testing operations mounted
for active case finding, and screening purposes. Many also support Covid-19 serological testing.

Singapore battling more variants but it has a firmer grip on things
A fresh wave of Covid-19 infections is sweeping the globe, with several countries in the region, including Malaysia, Indonesia and the Philippines, getting badly hit.  Singapore has not been spared. In the fortnight till May 26, it has seen between 19 and 38 new community cases diagnosed each day. This compares with the one to 16 cases a day in the previous fortnight – despite tighter safety measures.  To some, this evokes memories of the days leading up to the circuit breaker last year, when case numbers were rising.

Melbourne in 7-day lockdown as outbreak spurs vaccination drive
Melbourne, Australia’s second-largest city, entered a strict seven-day lockdown at midnight as a fast-moving Covid-19 outbreak prompted renewed border closures and appeared set to energise the nation’s vaccination drive.  The state of Victoria imposed the lockdown after 12 new locally transmitted cases of Covid-19 were recorded yesterday, bringing the total number in the current cluster of community cases to 26.

India scraps local trials for Covid-19 shots as it battles second wave
[New Delhi] India scrapped local trials for “well-established” foreign coronavirus vaccines on Thursday as it tries to accelerate the vaccination rollout to counter the world’s worst surge in infections.  India this month recorded its highest Covid-19 death toll since the pandemic began last year, accounting for just over a third of the overall total.  Only about 3 per cent of the country’s 1.3 billion people have been fully vaccinated, the lowest rate among the 10 countries with the most cases.

Japan to extend virus emergency until a month before Olympics
[Johannesburg] The Japanese government recommended extending a state of emergency that includes Tokyo and other major cities, trying to rein in coronavirus infections ahead of the capital hosting the Olympics in less than two months.  Economy Minister Yasutoshi Nishimura, the government’s point man for virus policy said Friday the emergency that was due to end on May 31 would be extended to June 20, a little more than a month before the Tokyo Olympics start on July 23.

Govts in region scramble to deal with new Covid-19 wav
Asia-Pacific’s resurgent Covid-19 wave claimed new records across the region yesterday as governments scrambled to impose new restrictions and ramp up vaccination drives.  Malaysia reported 7,857 new patients, its third straight day of record highs, as its largest state finally succumbed and joined the nationwide movement control order (MCO).

Pandemic puts Malaysia’s underemployment problem under the spotlight
The ongoing Covid-19 pandemic has pushed Malaysia’s jobless rate to a 27-year high in 2020, but it is underemployment arising from structural issues in the economy that could be a bigger problem that the country must tackle, according to analysts and government authorities.

Muhyiddin faces renewed pressure as anger builds on Covid-19 surge
Malaysian Prime Minister Muhyiddin Yassin is facing renewed pressure to allow Parliament to reconvene, as his move to suspend democracy in January is failing to contain the Covid-19 outbreak amid rising public anger.  Malaysians’ vaccine hesitancy is one of the many indicators that the people have lost confidence in the government, said Azalina Othman Said, Deputy Speaker of the House of Representatives and member of the ruling United Malays National Organisation. Public mistrust must be handled via public debate through Parliament, she wrote on Twitter on Thursday.

Quarantine curbs in Metro Manila, nearby provinces may be eased
Manila • Quarantine restrictions in Metro Manila and its four adjacent provinces are likely to be relaxed next month, the Philippine presidential palace said yesterday.  This is based on the current two-week attack rate, daily attack rate, and hospital care utilisation rate in these areas, which are the basis used in deciding quarantine classifications, presidential spokesman Harry Roque said in a briefing.

Taiwan faces more pressure to work with China to secure vaccines
Taipei (BLOOMBERG) – Taiwan’s government faces mounting pressure to work with China to obtain Covid-19 vaccines, a politically unpalatable option for officials in Taipei struggling with an outbreak that risks disrupting tech supply chains.  President Tsai Ing-wen’s administration this week ruled out attempts by some local officials to directly obtain Pfizer-BioNTech SE vaccines from Shanghai Fosun Pharmaceutical Group.

Thai princess allows new vaccine imports as slow rollout prompts anger
[Bangkok] The Thai king’s sister has approved coronavirus vaccine imports by an institution she sponsors, bypassing the government as it deals with surging infections and growing public anger over a slow and chaotic rollout.  The secretary-general of the Chulabhorn Royal Academy wrote on Facebook that the “alternative vaccines” would supplement the government campaign until it could meet the country’s needs.

*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

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US luxury home builder raises profit forecasts despite higher costs all round

US pending home sales decline unexpectedly on lean inventory

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Gold at Bank of England commands high premium, signalling Central Bank buying

US unemployment filings reach new pandemic low

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