The Leading Professional and Representative Body for the Real Estate Industry

The Leading Professional and Representative Body for the Real Estate Industry



Daily News – 29 July 2021 (Thu)

Singapore Real Estate

Flynn Park in Pasir Panjang tries for en bloc sale again
Property consulting group Savills Singapore announced on Wednesday that it has launched the public tender of Flynn Park, located at 18 to 22 Yew Siang Road, a freehold elevated residential site about 350 metres from Pasir Panjang MRT station.

Singapore real estate agencies may consolidate further: IREUS
The Big Four real estate agencies in Singapore – PropNex Realty, ERA Realty Network, OrangeTee & Tie and Huttons Asia – are likely to continue attracting more salespersons, while smaller players face higher attrition rates and costs.


Singapore Economy

Punggol Digital District to house global companies; over 2,000 tech-related jobs to be created: Gan Kim Yong
Boston Dynamics, known for its robot dog Spot, is among the first batch of global companies which have confirmed their location in the upcoming Punggol Digital District (PDD). The PDD is set to be Singapore’s global hub for smart businesses and is expected to create over 2,000 tech-related jobs.


Companies’ Brief

CDL’s partnership with Hongkong Land may be better route for it to grow in China
Hongkong Land’s fully-owned subsidiary MCL Land and CityDev (CDL) seem to have formed an alliance of sorts. Since March 2019, the duo have teamed up to bid for more than half a dozen residential sites at Singapore Government Land Sales (GLS) tenders.

Aims Apac Reit posts 12.5% rise in Q1 DPU to 2.25 S cents
Aims Apac Reit AIMS APAC Reit: O5RU 0%’s distribution per unit (DPU) rose by 12.5 per cent to 2.25 Singapore cents for its first quarter ended June 30, 2021, from two cents for the same period a year ago. Gross revenue of the real estate investment trust (Reit) was up 16.8 per cent to S$31.8 million for the quarter, from S$27.2 million a year ago.

Ascendas India Trust H1 DPU down 9% to 4.20 Singapore cents, as exchange rate proves a drag
Business park landlord Ascendas India Trust will make a distribution per unit (DPU) of 4.20 Singapore cents for the first six months, the manager said on Wednesday. The payout was lower by 9 per cent on the previous year’s DPU of 4.64 cents, no thanks to a weaker rupee and a one-off reversal of a dividend distribution tax provision.

CICT posts H1 DPU of 5.18 Singapore cents; manager still sees interest for retail space
CapitaLand Integrated Commercial Trust (CICT), formerly known as CapitaLand Mall Trust, has posted a 75-per-cent increase in distribution per unit (DPU) to 5.18 Singapore cents for the first half ended June 30,  from 2.96 cents for the year-ago period.

Keppel Pacific Oak US Reit to acquire two US office buildings for US$105.1m
Keppel Pacific Oak US Reit (KORE) is proposing to acquire two office assets in the US for a total of US$105.1 million, the Reit manager announced on Wednesday morning. The properties are Bridge Crossing in Nashville, Tennessee, and 105 Edgeview in Denver, Colorado.


Views, Reviews, Forum & Others

Pasir Ris 8 frenzy raises policy risks for developers even as they eye richer margins
The Pasir Ris 8 project launched for sale just last weekend offers fresh evidence of continued strength in the Outside Central Region (OCR) segment for private homes. But with sales behind this project hitting fever pitch – alongside a marketing process that had units offloaded at unusually quick and large price jumps in a single day – some questions will be stirred on the level of froth in the property market.

Three reasons to assess climate risk
As the effects of climate change continue to exacerbate in recent years, the costs are quickly becoming clear: a report published recently by the Swiss Re Institute showed that Asia-Pacific was hit by 81 large catastrophic events in 2020, with only US$10 billion insured out of the total US$63 billion in economic losses caused by these events.

Affordable eco-housing would benefit millions in emerging Asia
About two billion people in the world do not have a proper home, including over half of Asia’s slum dwellers. Decent housing is a basic need, which impacts health and well-being. Yet affordable housing doesn’t get the attention it deserves in Asia’s emerging economies.

Covid-19 situation in region worrying
Images in the pages and website of this and other news organisations this week illustrate starkly the human cost and economic hardship exacted by the worsening pandemic in South-east Asia. In one, the coffin of a man who died of Covid-19 is carried by cemetery workers in Indonesia, where infections and deaths have soared, with more than 3.16 million cases and 83,000 deaths.

EU and Singapore: A shared vision to tackle global challenges
From forging trade links to working together on Covid-19 and climate change, the European Union’s outgoing Singapore ambassador recalls highlights of her time here… and, of course, the food.

Update on COVID-19 (Coronavirus Disease 2019) Situation

130 new locally transmitted Covid-19 cases; 27 linked to Jurong Fishery Port
[Singapore] There were 130 new locally transmitted coronavirus cases on Wednesday (July 28), including 27 cases from the cluster linked to Jurong Fishery Port. This brings the total number of cases there to 929 as at Wednesday noon. There were also two new cases linked to the KTV cluster, taking its total to 247 cases.

Five new clusters; bakery in Jurong to be closed for cleaning
Five new Covid-19 clusters have surfaced, one of which involves workers in a home-grown bakery in Jurong. The Ministry of Health (MOH) said in an update yesterday that six cases have been linked to a new cluster at the Home’s Favourite bakery at Jurong Food Hub and there is likely ongoing transmission at the premises.

Residents in 3 blocks in Ang Mo Kio and Clementi to undergo mandatory Covid-19 testing
Singapore – Residents living in three Housing Board blocks in Ang Mo Kio and Clementi will have to be tested for Covid-19 over the next two days after signs of transmission among the households were detected.

Safety measures stepped up at fishery ports
The Singapore Food Agency (SFA) will be enhancing Covid-19 measures at Senoko and Jurong fishery ports in the wake of an outbreak of cases at the latter. With 932 infections linked to it as at yesterday, Jurong Fishery Port has the largest active Covid-19 cluster in Singapore.

Singapore tightened Covid-19 restrictions to protect healthcare system: Ong Ye Kung
[Singapore] Singapore had to move back to phase two (heightened alert) and tighten Covid-19 restrictions to prevent the healthcare system from being overwhelmed, said Health Minister Ong Ye Kung. Mr Ong was addressing attendees in an opening speech at the Healthcare Scholarships Award Ceremony, which was held virtually on Wednesday (July 28). 

Over 225,000 Covid-19 self-test kits given out
More than 225,000 Covid-19 self-test kits have been distributed to residents and visitors who visited markets and food centres linked to the Jurong Fishery Port cluster. In response to queries from The Straits Times, the Ministry of Health (MOH) said it worked with the People’s Association to distribute these antigen rapid test (ART) kits between July 20 and 25.

China’s Sinopharm vaccine could soon be available here
China’s Sinopharm vaccine could soon be made available in Singapore, with several private healthcare groups already taking steps to secure doses of the jab. This will likely see it becoming the fourth Covid-19 vaccine available here…

Nikkei Asia commentary on KTV outbreak full of inaccuracies: MHA official
A recent opinion piece published by Nikkei Asia on the Government’s handling of the Covid-19 cluster linked to KTVs was “full of inaccuracies”, said a senior director from the Ministry of Home Affairs (MHA) yesterday.

*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

Most economists say inflation won’t last, but CEOs beg to differ

Federal Reserve says US economy showing progress but ‘not fully recovered’

US goods trade deficit widens in June

US CDC urges wearing of masks indoors in high-transmission areas

IMF raises growth outlook for rich nations

World economy at key juncture amid vaccine gap, IMF chief warns

British house prices fall in July as buyers’ tax break is scaled back

UK logs highest number of daily deaths and hospitalised cases since March

England to lift quarantine requirement for vaccinated visitors from US and EU

Australia’s April-June consumer prices rise at fastest clip since 2008 on Covid-19 jolt

Sydney extends lockdown by 4 weeks as cases grow

China’s housing crackdown nod to Xi’s new priority

Japan battles spike in cases amid Olympics

Crush at Thai jab centre sparks outbreak fears as daily cases hit new high

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