The Leading Professional and Representative Body for the Real Estate Industry

The Leading Professional and Representative Body for the Real Estate Industry



Daily News – 30 Dec 2020 (Wed)

Singapore Real Estate

Single-owner plots, older CBD office sites in focus as home sales keep pace
Single-owner plots and older central business district (CBD) offices are now in the spotlight as residential property developers eye strong residential sales. Cushman & Wakefield (C&W) expects more buzz in residential investment activity in the early part of 2021 as residential sales continue to keep pace, it said in its market outlook 2021 series.

JTC launches site at Jalan Papan for tender
JTC on Tuesday launched an industrial site Plot 7 at Jalan Papan for tender, marking the last of three confirmed list sites under the second half of Singapore’s 2020 industrial government land sales programme. Spanning almost 0.9 hectare, the site has a gross plot ratio of 1.4 and comes with a 20-year tenure. It is zoned B2 for heavy industrial use.

Show-flat for first assisted living HDB units opens
A show-flat for Singapore’s first assisted-living public housing is now open at HDB Hub, a week ahead of schedule. To be located in Bukit Batok West Avenue 9, the Community Care Apartments are targeted at those aged 65 and above who wish to live on their own and yet enjoy some care, support and communal activities.


Singapore Economy

Short-term cost spike as foreign workers switch to employers starved of labour
Foreign workers in several industries are enjoying greater bargaining power due to a supply crunch caused by the Covid-19 pandemic, and employers said they are facing higher labour costs as new schemes allow those on work permits to move more easily from one employer to another. But industry players do not expect the situation to have a significant long-term impact on foreign worker salaries.

Aviation sector to get S$84 million extra support from Singapore government
As the aviation sector waits for the pandemic-induced turbulence to blow over, the government has earmarked S$84 million as additional aid to tide the sector through the winter. The Civil Aviation Authority of Singapore (CAAS), in a media statement on Tuesday, announced that S$39 million of the funding will go towards helping aviation players to defray increased costs of operations, S$20 million for retraining workers, and S$25 million for investing in productivity to position the sector for recovery.

Singapore, ILO extend agreement to promote decent work in S-E Asia
The International Labour Organization (ILO) and Singapore have extended an agreement to continue promoting decent work in South-east Asia, covering areas such as occupational safety and health, showed a joint statement on Tuesday.


Companies’ Brief

Building a stronger and better future
After 28 years in Singapore, it is timely that China Construction (South Pacific) Development Co (CCDC) publishes its first sustainability report here — a milestone that reflects its commitment to continually create greater economic, social and environmental values in the city state.

Chip Eng Seng wins S$32.9m contract for HDB upgrading projects
The Housing and Development Board (HDB) has awarded a S$32.9 million contract to Chip Eng Seng Corp’s wholly-owned subsidiary, CES Engineering & Construction. The contract relates to the design and build of upgrading projects for the following precincts in Singapore: Serangoon Avenue 1 / Central, Blocks 401 to 414 and Blocks 415 to 427; Lengkong Tiga, Blocks 101 to 116; and Ubi Avenue 1, Blocks 301, 302, 304, 305 and 306.

CDL director steps down over concerns with Sincere investment
Another director of City Developments Limited (CDL) has quit citing concerns over the company’s investment in Sincere Property Group. The stepping down of independent non-executive director Koh Thiam Hock, 70, was announced in a late night filing on Tuesday. He resigned with immediate effect from Dec 28, after more than four years on the property giant’s board.

Keppel Reit manager appoints Shirley Ng as deputy chief executive
The manager of Keppel Reit has appointed Shirley Ng as deputy chief executive officer with effect from Jan 1, 2021, as part of efforts to strengthen its leadership team and succession planning, it said on Tuesday. Ms Ng is Keppel Reit’s head of investments. She first joined the manager in June 2018 and has been instrumental in the Reit’s portfolio optimisation strategy, the manager said in a bourse filing.

Stamford Land to sell Perth commercial development for A$67.8m
Stamford Land Corporation will be divesting Stamford Green, a Grade A commercial development in Perth for A$67.8 million (S$68.3 million). Formerly known as Dynons Plaza, the property comprises a 14-storey office building and three adjacent heritage premises. It has been vacant since Chevron’s lease expired in April 2020, said Stamford Land on Wednesday.

EHT rejects Lendco’s allegations of false disclosures and bad faith conduct
Eagle Hospitality Trust (EHT) has rejected allegations by a lender, Lodging USA Lendco, and its affiliated entity Claydon Hill Investments, that EHT had falsely disclosed in a circular that Lendco had not demanded payment for an US$89 million unsecured loan.


Views, Reviews, Forum & Others

Bridging the distance between Singapore and Poland with a click
How far is it from Singapore to Poland? If you’re looking for a simple answer – ask Google. In 0.88th of a second, it will tell you there is exactly 9,518km between the two countries. That’s some pretty amazing technology. But – ironically – it is the technology that makes that answer not so much incorrect, as incomplete.

A 2021 wish list for the market: Looking to progress on key fronts
As dismal 2020 winds down to a close, many will be hoping that 2021 will see economies recovering and life returning to normal. Some might even draw up a wish list for the local stock market, given that even with a strong rally since November, the Straits Times Index is still down about 11 per cent for the year.

Vital for growth measures to include environmental damage
One flaw in widely used measures of country economic performance is their heavy reliance on short-term GDP growth, ignoring environmental and social impacts. A notable exception is the United Nations’ Human Development Index (HDI), combining income per capita with life expectancy and education attainments.

Asia on course to soon overtake the US on ESG adoption
For more than a decade, the vanguard of ESG (environmental, social and governance) awareness and adoption has been the Europeans, closely followed by the Americans. In the investment industry, the often main refrain from Asian investors was to “let the Europeans do good”. Investors in the Asia-Pacific region took the very pragmatic view that it was not an investor’s role to influence or impact society, but rather to achieve the highest possible returns.

Manulife expects K-shaped recovery, bullish on Asia equities
It is going to be a K-shaped recovery, and Asia equities which are generally trading at 30 per cent discount compared to those in developed markets will offer a higher chance for capturing alpha as the roll-out of the Covid-19 vaccines and reopening of borders will bring closer the normalisation of economies.

South-east Asian tech M&A may grow, but IPOs a wild card
Tech mergers and acquisitions (M&As) in South-east Asia could pick up in 2021, driven by Chinese firms’ growth appetite, as well as the pressure investors face to realise returns, industry players told The Business Times. Among the anticipated deals, all eyes are on how the reported merger effort plays out between Grab and Gojek, which are said to be valued at US$14 billion and US$10 billion respectively.


Update on COVID-19 (Coronavirus Disease 2019) Situation

Grab driver who tested positive temporarily suspended
The part-time Grab driver who was the sole Covid-19 community case on Monday has been temporarily suspended from the Grab platform, in line with the ride-hailing operator’s safety precaution measures. Grab said in a statement yesterday that it is working with the Ministry of Health to provide all necessary information on the man – who also works as a Singapore Airlines cabin crew member – for contact tracing purposes.

Can my family of more than 8 people dine out together?
As Singapore enters the third day of phase three of its reopening, more people are making plans to go out in larger groups of eight, up from the previous limit of five. But some are unclear if patrons are allowed to share tables when dining out, while keeping to the rule of eight. Here are answers to this and other questions.

NAC, STB accepting applications for larger outdoor show pilots
The National Arts Council (NAC) and Singapore Tourism Board (STB) will be accepting pilot applications for outdoor live performances for up to 250 audience members in zones of 50 each. Under phase three of Singapore’s reopening, audiences of up to 250 in groups of 50 are also allowed in indoor venues, NAC said in a statement, in response to Straits Times queries.

Covid-19 vaccination starts today with healthcare workers
Healthcare workers will be the first here to get vaccinated against Covid-19, as Singapore’s exercise begins today at the National Centre for Infectious Diseases (NCID). More healthcare institutions will follow in the coming weeks, with public healthcare institutions and private hospitals to arrange for their staff to be vaccinated progressively within their premises.
*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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