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 Oct 2020 (Thu)

Singapore Real Estate

Fortuna Hotel up for sale with S$98.8m guide price
Fortuna Hotel at 2 Owen Road, just across the road from Mustafa Centre, has been launched for sale by tender with a guide price of S$98.8 million, sole marketing agent CBRE said on Wednesday. Its tender will close at 3pm on Dec 10.

JustCo to open co-working space at Razer HQ in 2021
Justco is set to open a new shared workspace within the South-east Asian headquarters of gaming hardware firm Razer, marking its 19th such facility in Singapore, the firm announced in a statement on Wednesday.

Smart-cities lab opens in Singapore Science Park
The Smart Urban Co-Innovation Lab, said to be the first industry-led lab in South-east Asia for smart cities solutions development, opened on Wednesday in CapitaLand’s 5G-enabled Singapore Science Park. The property giant and its industry partners have committed up to S$10 million as a start, for the development and deployment of solutions in Singapore and overseas.


Singapore Economy

Government’s operating revenue down S$12.6b in H1
The Singapore government’s operating revenue was S$12.6 billion lower in the first half of 2020 than in the year-ago period, said the half-yearly Macroeconomic Review of the Monetary Authority of Singapore (MAS) on Wednesday. About half of this difference was due to lower corporate income tax collections, resulting from Budget measures to aid firms with cashflow.

Singapore’s recovery to take longer than past recessions: MAS
The pace of Singapore’s recovery is expected to moderate in the quarters ahead, with this rebound likely to take longer than in past recessions, according to the Monetary Authority of Singapore’s (MAS) twice-yearly Macroeconomic Review on Wednesday.

Labour market recovery likely to be weak, uneven, gradual: MAS
Singapore’s labour market should gradually rebound as the economy re-opens – but recovery is likely to be weak, uneven and long-drawn, with unemployment expected to decline more gradually than it did following the Global Financial Crisis.

Analysts see positive growth next year, but warn Singapore economy not out of woods yet
The Monetary Authority of Singapore (MAS) made it clear that the economy is not out of the woods yet, even after a sharp jump in economic growth in the July to September period. Analysts agreed with the central bank’s assessment…

Singapore-Hong Kong travel may start next month
The planned air-travel bubble between Singapore and Hong Kong may start next month, Minister for Transport Ong Ye Kung said in response to queries from The Business Times (BT). The South China Morning Post (SCMP) on Tuesday reported Hong Kong chief executive Carrie Lam as having said that the bubble is expected to launch in November.


Companies’ Brief

Starhill Global Reit’s Q1 revenue down 10.3%
Starhill Global Real Estate Investment Trust’s (SGReit) revenue for the first quarter ended Sept 30 fell 10.3 per cent to S$43.1 million, while its net property income (NPI) dropped 19.2 per cent to S$29.8 million. The fall was mainly due to rental assistance doled out to eligible tenants affected by the pandemic, including allowance for rental arrears and rebates – which were mainly for its Australia properties.


Views, Reviews, Forum & Others

Cities must reassess what is needed post-pandemic
The Covid-19 pandemic has been a wake-up call for us on all fronts. It has shaken our confidence in cities to be resilient and sustainable. Across the globe, Covid-19 has threatened cities and communities, endangering not only public health, but also disrupting the economy and the fabric of society.

Data protection and privacy in three dimensions
It is becoming abundantly clear that there is a deep flaw in the idea of consent-driven frameworks concerning personal data. Some of the resultant issues have recently been highlighted and extrapolated upon – somewhat sensationally – in the Netflix documentary, The Social Dilemma. But it goes deeper than that.

Inequality: How you view it depends on what you’re told
Q Are our views on inequality and policy preferences affected by the information we consume?
A The 2,153 wealthiest individuals in the world are richer than 60 per cent of the global population, according to an Oxfam report this year.


Update on COVID-19 (Coronavirus Disease 2019) Situation

Seven new imported cases, none in community or dorms
A gym in Jurong West, an ice cream shop in the Upper Thomson area and a foodcourt in Changi Airport Terminal 3 were among the new places visited by infectious Covid-19 patients, the Ministry of Health (MOH) said yesterday.

Coronavirus: Relaxing curbs Arts venues among places that can host live performances from Nov 1
Live performances can be held at performing arts venues and the premises of orchestras, choirs, dance groups, and other arts and culture organisations come Sunday. Art galleries and some museums, as well as community centres and hotel ballrooms and function rooms are among venues permitted to resume live performances, according to the update by the National Arts Council (NAC) on its website yesterday.

TraceTogether tokens allegedly modified by some
Some users are allegedly breaking open their TraceTogether tokens, removing the battery and even swopping the QR code with that of another device. But doing so is not only a crime, it also puts Singapore at risk.
*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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Federal Reserve is really running out of firepower

Global economic rebound at risk from rising coronavirus cases

Japan PM Suga to announce plan for fresh stimulus package

Malaysian king calls for support of 2021 budget

As Manila’s online casinos flounder, their workers vacate homes, cooling property market

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