The Leading Professional and Representative Body for the Real Estate Industry

The Leading Professional and Representative Body for the Real Estate Industry



Daily News – 3 Nov 2020 (Tue)

Singapore Real Estate

Some Covid-hit projects to get up to 122 days more for completion
Eligible construction projects will get an extension of up to 122 days for completion, under a Bill introduced in Parliament on Monday. Under certain circumstances, contractors may be able to claim some qualifying costs related to the longer completion period, from the party for which the work is being done.

Reit powerhouse Singapore in expansion mode again after pandemic’s global US$340b blow
Singapore has established itself as a hub for real estate investment trusts (Reits) in the past two decades. Now, following the initial blow from the Covid-19 outbreak, its Reits are slowly coming back to the market with a mission – to resume their global expansion.

Retail S-Reits in spotlight as Robinsons closure may herald exit of owner’s other brands: DBS
DBS Group Research on Monday noted that the fortunes of retail-focused Singapore-listed real estate investment trusts (S-Reits) are “closely tied” with that of beleaguered Robinsons Singapore’s owner. More brands under Dubai-based conglomerate Al-Futtaim, which owns the department-store operator that’s now in liquidation, may also follow suit with closures, the research team wrote.

Wildlife tour, five-star comfort – zoo, top hotels have you covered under staycation tie-up
Guests in Singapore can now book a staycation at a five-star hotel that includes a private buggy ride to explore the Singapore Zoo or a river safari to watch giant pandas. These are among the options rolled out by Marriott International and Wildlife Reserves Singapore (WRS), which have joined hands to launch what they dubbed as “wildlife staycation” bundles.


Singapore Economy

Trickle of visitors to Singapore improves to 9,500 in September
With the Covid-19 pandemic still weighing on global travel, Singapore saw only a modest month-on-month increase in arrivals in September. The continued gradual easing of border controls is expected to support growth in monthly visitor numbers, industry watchers have said.

Can’t hack it anymore? Smaller players can break contracts if renegotiation fails
Small and micro enterprises hit by Covid-19 will have a six-week window in which to renegotiate certain contracts, with no penalties for early termination if negotiations fail, under the new Re-Align Framework proposed in a Bill introduced in Parliament on Monday.

Tripartite Global-Asia Insurance Partnership to focus on pandemic and climate risks
Singapore has launched a tripartite platform to address structural protection gaps in insurance, with an initial focus on risks brought on by the Covid-19 pandemic and climate change. Launched by Deputy Prime Minister Heng Swee Keat, the Global-Asia Insurance Partnership (GAIP) is a three-cornered partnership among the global insurance industry, regulators and academia.


Views, Reviews, Forum & Others

Rehearsals, contingency planning prove key in running hybrid events
In the lead-up to Singapore International Energy Week (SIEW) – Singapore’s first large-scale hybrid event since the Covid-19 pandemic started – event organiser TRICOM Events ran multiple rehearsals and prepared contingency plans and holding statements for every scenario they could think of.

Heavier fines for companies under changes to laws
Companies will be penalised more heavily for data breaches under changes to Singapore’s data protection laws passed in Parliament yesterday. At the same time, they will also get more freedom to use personal data to innovate their business.

Tips to protect your online accounts after a data breach
Over the weekend, Internet users were alerted to two massive data breaches involving their personal details including names, e-mail addresses and phone numbers.


Update on COVID-19 (Coronavirus Disease 2019) Situation

Only one new Covid-19 case reported, lowest since Feb 25
The daily Covid-19 figure yesterday fell to a low that was last seen on Feb 25, when there was only one patient, too. The imported case this time was a 34-year-old work pass holder travelling from the Philippines, said the Ministry of Health (MOH) last night. She was asymptomatic when she tested positive while serving a stay-home notice.

Masks will remain mandatory even as curbs ease
Wearing a mask outside the home will remain mandatory, said Minister for Sustainability and the Environment Grace Fu in Parliament yesterday. This is despite the easing of Covid-19 measures as Singapore moves towards phase three of reopening.

$13.8m spent so far on SafeEntry, TraceTogether contact-tracing tools
A total of $13.8 million has been spent as at September on developing and acquiring the SafeEntry digital check-in system and TraceTogether app and tokens. Included in the cost of these digital contact-tracing tools is $2.4 million to develop the TraceTogether app, $5.2 million for developing SafeEntry, and $6.2 million for the development and procurement of the TraceTogether tokens.

Final phase of S’pore vaccine trial starting soon
The final phase of the clinical trial for the Covid-19 vaccine that was co-developed by Singapore scientists is likely to start here before the end of this year. Associate Professor Jenny Low, deputy clinical and scientific director at the SingHealth Investigational Medicine Unit, which is administering the trial, told The Straits Times:
*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

US economy under Trump: By the numbers

How a century of real estate tax breaks enriched Trump

US manufacturing near two-year high in October

UK retailers face Christmas nightmare with fresh lockdown

Construction spending rises less than expected in September

Australian home prices rise in Oct to snap five-month losing streak

China’s October PMI confirms solid rebound

South Korea’s inflation slows in Oct, core CPI declines at fastest pace in over 21 years

India’s October factory growth at decade high, but firms cut more jobs

Indonesia GDP expected to contract more than 3% in Q3

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