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 October 2021 (Fri)

Singapore Real Estate

Grand Building in Raffles Place up for collective sale with S$195m guide price
Grand Building, an office property in Raffles Place, is up for collective sale with a guide price of S$195 million, sole marketing agent Edmund Tie & Company said on Thursday (Oct 28).
The building is located at 17 Phillip Street in the central business district (CBD), sitting on a plot spanning 5,313 square feet.

UOL-SingLand JV to buy Watten Estate Condominium for S$550.8m
UOL Group and Singapore Land Group (SingLand) have clinched a tender to purchase Watten Estate Condominium (WEC) in what may be the biggest collective sale in Singapore’s residential market so far this year.  At the price tag of S$550.8 million, the deal is a 10.2 per cent premium to the S$500 million minimum price announced by the property’s marketing agent JLL in September 2021.

Singapore industrial property rents, prices extend rise in Q3: JTC
Singapore (The Business Times) – In line with the economy’s broad recovery, rents and prices of industrial space in Singapore rose for the fourth straight quarter, while delays in completion persisted. Occupancy in the July-September period was flat over the previous quarter at 90.1 per cent, although it improved by a mild 0.5 percentage point on a year-on-year basis, according to JTC Corp’s latest market report on Thursday (Oct 28). The rental index of all industrial properties rose 0.7 per cent from the second quarter. Year on year, rents grew 1.9 per cent.

Singapore Economy

Initiative rolled out in S’pore to help firms better tackle climate change at board level
Singapore – To help businesses weather climate change and accelerate transition to a climate-sustainable model, an initiative has been rolled out to help their boards of directors better understand the issues for decision making. The Singapore chapter of the Climate Governance Initiative was launched on Thursday (Oct 28) at the Singapore Management University (SMU) in a hybrid event attended by Minister for Sustainability and the Environment Grace Fu.

MAS expects slower but ‘above-trend’ growth in 2022
Singapore’s economic growth in 2022 is expected to be slower than in 2021, but still above trend, the Monetary Authority of Singapore (MAS) said in its latest Macroeconomic Review on Thursday (Oct 28). While the MAS did not put a number to “above-trend growth”, private-sector economists’ estimates of Singapore’s pre-Covid trend growth tend to land between 2 and 4 per cent. The MAS’ full-year growth expectation for 2021 remains at 6 to 7 per cent.

Jobs may stay below pre-Covid level even as labour market recovers: MAS
While tighter labour market conditions will fuel faster wage growth and the resident unemployment rate will keep improving, overall employment may remain below its pre-pandemic level even by end-2022, the Monetary Authority of Singapore said in its Macroeconomic Review on Oct 28. Strict border controls and foreign worker policies are likely to dampen the recovery in foreign employment next year, said Maybank Kim Eng senior economist Chua Hak Bin.

Hotel occupancy hits year-to-date high in September, still shy of pre-pandemic levels: STB
Hotel occupancies and revenue per available room (RevPAR) were at their highest all year in September, Singapore Tourism Board (STB) data showed. The latest uptick took overall hotel industry room revenue to S$79.1 million, up from S$68.6 million in August. International arrivals rose by 19.7 per cent month on month to 19,000 travellers – led by mainland China, which sent 8,950 visitors in September, against 8,900 in August.

Companies’ Brief

CDLHT posts 34.8% rise in Q3 net property income to S$20.5m
CDL Hospitality Trusts (CDLHT) saw a 34.8 per cent rise in net property income (NPI) to S$20.5 million for the third quarter ended Sep 30, from S$15.2 million the year before.  The managers noted that the improved NPI contribution was mainly from its New Zealand, UK, Germany and Italy hotels and from Angsana Velavaru in the Maldives. The increase, however, was offset by lower NPI from the stapled group’s Singapore and Australia hotels, which declined by S$3.4 million year on year for Q3.

Far East Hospitality Trust’s distributable income rises 12.5% for Q3
Far East Hospitality Trust’s (FEHT) income available for distribution rose 12.5 per cent year on year to S$13.5 million for Q3 2021. Net property income (NPI) for Q3 2021 was up by 2.6 per cent at S$18.3 million, said the stapled group’s managers in a business update on Friday (Oct 29) morning. This is due to 18 per cent lower finance expenses owing to lower fixed rates from the newer interest rate swap contracts, as well as 0.9 per cent lower Reit (real estate investment trust) manager fees due to the lower value of the deposited property, the managers noted.

Frasers Hospitality Trust posts 24.8% lower H2 DPS; to divest Sydney asset for A$315m
Frasers Hospitality Trust (FHT) saw its distribution per stapled security (DPS) for the half year ended Sep 30, 2021 fall 24.8 per cent on-year from its H2 FY2020 DPS of S$0.010695, announced managers of the stapled group on Friday (Oct 29). The decline was due to lower retained distributable income of S$4.3 million in H1 of FY2021, compared to S$22.3 million of distributable income retained in H1 FY2020. The distribution payment date will be on Dec 29.

Keppel back in the black for first 9 months; sharpens focus on sustainable urban solutions
Keppel Corporation Keppel Corp: BN4 -0.56% has seen signs of improvement in the jackup rig market, and increasing enquiries for its bareboat charters for its rig assets amid rising oil prices, but group chief executive Loh Chin Hua stressed that the conglomerate will not steer away from its shift to cleaner energy solutions.

Mapletree North Asia Commercial Trust’s H1 DPU up 19.1%
Mall and office landlord Mapletree North Asia Commercial Trust (MNACT) has increased its half-year distribution per unit (DPU) to 3.426 Singapore cents from 2.876 cents a year ago. The trust’s results were lifted by lower rental reliefs that were given out amid higher footfall and retail sales at Hong Kong’s Festival Walk mall, as well as by contributions from the acquisition of the Hewlett-Packard Japan Headquarters Building in Japan and The Pinnacle Gangnam in Korea.

Starhill Global Reits posts revenue and property income improvements on lower reliefs
Lower rental relief and costs helped boost the top line and net property income of Starhill Global Reit (real estate investment trust) for the first quarter of FY2022 to S$44.8 million and S$34.3 million respectively, up 4 per cent and 15.1 per cent year-on-year.

HPL, Ong Beng Seng, Temasek units CLA and Mapletree in rival offer for SPH
A consortium comprising Hotel Properties (HPL), HPL: H15 0% businessman Ong Beng Seng, and two Temasek-linked entities, CLA and Mapletree, are proposing to acquire Singapore Press Holdings (SPH) HPL: H15 0% at S$2.10 per share in cash.  In an announcement on Friday (Oct 29) before the market opened, the consortium announced it had on Thursday submitted to the SPH board a proposed acquisition for all the shares of SPH via a scheme of arrangement.

Second Chance Properties reports strong earnings, to pay record dividends after core business pivot
Singapore – Retail and property-based Second Chance Properties announced strong earnings and investment gains for the year ended Aug 31 and declared a record dividend payout of 5.5 cents per share.
Profit from operations rose 121 per cent to $9.82 million on the back of a 52.73 per cent rise in revenue to $36.58 million. In addition, the mainboard listed company also realised a gain of $4 million on its equity investments.

Views, Reviews, Forum & Others

Tighter rules for future prime HDB flats will weigh on windfalls from them
Singapore’s public housing is the envy of many countries. Provision of good quality affordable public housing has helped the nation achieve a high level of home ownership, thereby giving Singaporeans a stake in the nation’s prosperity.  Public housing estates are racially integrated. Typically, they are well maintained, well served by public transport and boast an array of amenities catering to all ages. Periodically, the estates benefit from upgrading programmes.

Apply some prime housing measures to current flat owners
I read with interest the new prime location public housing model announced by the Housing Board (Subsidy clawback, 10-year MOP for new prime location HDB flats to keep them affordable, inclusive, Oct 27). I applaud the authorities’ bold efforts in trying to keep HDB flats affordable. However, for the measures to be meaningful, some of them should apply to current home owners as well.

Why bar singles from buying prime location flats?
I refer to the recent announcement by the Ministry of National Development on the new prime location public housing model (Subsidy clawback, 10-year MOP for new prime location HDB flats to keep them affordable, inclusive, Oct 27). I feel this new policy discriminates against singles in Singapore. Prime locations are generally centres of economic activity and where offices are located, and it does not seem fair for singles to be excluded from buying a unit in a prime location public housing project.

Upcoming supply of Singapore industrial space may moderate price, rental growth
The significant supply pipeline of industrial properties in Singapore and ongoing economic and business risks may cap the strength of the sector’s recovery, at least for the rest of the year, analysts said.
This comes as JTC Corp’s latest market report showed that rents and prices of industrial space increased again for Q3 2021, marking the fourth straight quarter of marginal growth.

Acceleration to clean energy can fuel Asean’s economic growth
Of all the complex long-term issues facing the world, advancing the energy transition to a carbon-free future is arguably one of the most pressing. It is not just about saving the planet – economic growth is also at stake.

Despite vaccinated travel lanes, Singapore tourism recovery will be sluggish without China, India, Asean travel: Watchers
Quarantine-free border reopening to fully vaccinated arrivals from select markets could boost Singapore visitor numbers in the last quarter of the year – yet the recovery of the tourism sector will also hinge on openness to travel from nearby countries, watchers told The Business Times.

VTLs may hurt shopper traffic in short term, says Mapletree Commercial Trust manager
WHILE the opening of vaccinated travel lanes (VTLs) has raised hopes that an increase in visitors will bring retail sentiment a step closer to pre-Covid levels, Sharon Lim, the chief executive officer of the manager of Mapletree Commercial Trust (MCT), believes there could be a “net negative effect” on shopper footfall in Singapore malls in the short term.

Update on COVID-19 (Coronavirus Disease 2019) Situation

F1 Pit Building being converted into medical facility for Covid-19 patients
Singapore – The F1 Pit Building in Marina Bay is being converted into a medical facility for Covid-19 patients.
Dozens of people were seen walking inside the building when The Straits Times visited on Thursday (Oct 28) afternoon. A few were working on the facade of the building, while several others were wearing polo shirts with “security” printed on the back. Inside the facility, there were hundreds of beds already set up.

3,432 new Covid-19 cases in Singapore; 15 seniors die
[SINGAPORE] Fifteen people aged 62 to 98 have died of complications linked to Covid-19, the Ministry of Health (MOH) said on Thursday (Oct 28). All had various underlying medical conditions, said MOH in its daily virus update. It gave no further details. The new deaths take Singapore’s death toll to 364. Thursday marks the 39th day in a row that deaths from Covid-19 were reported here. There were 3,432 new Covid-19 infections reported in Singapore on Thursday by MOH.

38 people who are not fully vaccinated against Covid-19 caught dining in at hawker centres

Taxi and private-hire drivers must take weekly Covid-19 tests from Nov 1
Singapore – All taxi and private-hire drivers must undergo weekly Covid-19 testing from Nov 1, the Land Transport Authority (LTA) told The Straits Times on Thursday (Oct 28).
For practical reasons, they will be allowed to self-test using antigen rapid test (ART) kits at their convenience. Drivers are provided with the kits.

Malaysian minister to discuss dedicated air travel lane with Singapore
Kuala Lumpur (The Star/Asia News Network) – Malaysia and Singapore will discuss the reopening of borders through a dedicated air travel lane for vaccinated people, said Tourism, Arts and Culture Minister Nancy Shukri.  She said she will be meeting Singapore’s Trade and Industry Minister on Friday (Oct 29) to discuss the matter.

New Zealand announces phased easing of Covid-19 border curbs
Wellington (AFP) – New Zealand on Thursday (Oct 28) unveiled plans to tentatively reopen its borders amid growing pressure from New Zealanders stranded overseas by some of the world’s toughest pandemic travel restrictions.

UK cuts last countries from Covid travel ‘red list’
[London] The UK government is to remove all remaining countries from its travel “red list”, scrapping bans on foreigners travelling to England, Transport Secretary Grant Shapps said Thursday.

WHO keeping close eye on Delta subvariant
Geneva: The WHO said it was closely tracking a Delta subvariant to determine whether it was more transmissible than the original strain, as Covid-19 cases rise globally again.
It was also examining whether people were more resistant to the particular subvariant, called AY.4.2, which has been detected in at least 42 countries.

Some immunocompromised people in US may get 4th Covid-19 vaccine dose
Washington — Some US adults with weakened immune systems who received a third dose of either the Pfizer-BioNTech or Moderna coronavirus vaccine authorised just for them will become eligible for a fourth shot as a booster next year, according to updated guidelines from the Centers for Disease Control and Prevention.
Some immunocompromised people in US may get 4th Covid-19 vaccine dose – TODAY (

*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

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