The Leading Professional and Representative Body for the Real Estate Industry

The Leading Professional and Representative Body for the Real Estate Industry



Daily News – 4 Mar 2021 (Thu)

Singapore Real Estate

Fortune Park near Kovan MRT station up for collective sale
A freehold 10-storey residential block along Tampines Road has been put up for collective sale with an indicative price tag of between S$115 million and S$118 million, said its sole marketing agent ERA Realty Network. Fortune Park, comprising 68 apartments, has a land area of 44,878 square feet (sq ft); its price per square foot (psf) works out to between S$1,140 and S$1,170 after factoring a 7 per cent bonus gross floor area (GFA) scheme incentive.

Perennial-led group to develop project in Hangzhou’s ‘Silicon Valley’
Perennial Holdings, together with its partners, has won a tender to develop a plot of land adjacent to the south square of the upcoming Hangzhou West High Speed Railway (HSR) Station, The Business Times understands. The tender, priced at 2,873.28 million yuan (S$591.3 million), covers a total land area of approximately 96,931 square metres (sq m).

Industrial site in Kampong Ampat being sold for S$41m
For decades until late 2011, the main Mazda showroom used to be at 1 Kampong Ampat. In more recent times, until March last year, the site was a showroom and service centre for Volkswagen. The next change at the 67,000 sq ft site in MacPherson could well see a new light industrial building come up there. The property is freehold and its owner, an entity controlled by Phng Hooi Chay – a member of the family that held the Mazda distributorship in Singapore from 1964 to late-2011 – is selling a 41-year leasehold interest for S$41 million to Singapore-incorporated Woodlands Smartisan Pte Ltd.


Singapore Economy

Singapore’s unemployment rates continue to decline in January: MOM
Singapore’s overall and resident unemployment rates continued to fall in January, while citizen unemployment held steady, according to latest figures released by the Ministry of Manpower (MOM) on Wednesday. The overall unemployment rate edged down to 3.2 per cent, from 3.3 per cent in December, while the resident unemployment rate was 4.3 per cent, down from 4.4 per cent.

Raising of retirement, re-employment ages will go ahead as planned in 2022
[Singapore] Raising the statutory retirement age to 63 and the re-employment age to 68 will go ahead as planned on July 1 next year, said Manpower Minister Josephine Teo on Wednesday (March 3). The public service will also fulfil its earlier commitment to raise the ages a year ahead of legislation for its roughly 146,000 officers on July 1 this year, she added. “This will help to keep us on track to raise the retirement age to 65 and re-employment age to 70 by the end of this decade,” Mrs Teo said during the debate of her ministry’s budget.

Nearly 50 Mice events held in Singapore since last July
A business meeting by an American organisation was conducted in Singapore in January – one of close to 50 events which the meetings, incentives, conventions and exhibitions (Mice) sector has held since a framework to safely host such meetings here was announced in July last year. The Professional Convention Management Association Convening Leaders event was attended by about 3,000 online participants and 300 attendees at Marina Bay Sands.


Companies’ Brief

Emerging Towns & Cities suspends trading; to conduct review of Myanmar contract
Emerging Towns & Cities Singapore (ETC) has voluntarily converted its trading halt into a trading suspension, and will engage an independent professional to review some of its dealings in Myanmar. The review will also look at the group’s fund-raising efforts in recent years to provide stakeholders assurance over the group’s dealings, ETC said late on Tuesday.

GuocoLand’s Midtown Modern to draw more families, retirees into city area
Bigger apartments at GuocoLand’s upcoming Midtown Modern condominium will target owner-occupiers from a buyer pool wider than typically seen in Singapore’s central area. This goes towards the property developer’s long-term aspiration of creating a “very vibrant community” within its mega Guoco Midtown integrated development, said GuocoLand Singapore group managing director Cheng Hsing Yao.


Views, Reviews, Forum & Others

Sustainability: the rise of green agendas
Singapore is showing strong international leadership on its sustainability drive, with ambitious and concrete targets as part of a new initiative called the Singapore Green Plan 2030. Unveiled at the start of February, the plan is spearheaded by Minister for Sustainability and the Environment Grace Fu, and is seeking input from citizens, businesses, and communities.


Singapore Budget 2021

Hiring of local workers would have been slower without Jobs Growth Incentive: Josephine Teo
The movement of workers into growing firms and industries would likely have been slower without the Jobs Growth Incentive (JGI) “lubricating the process”, Manpower Minister Josephine Teo said. Speaking in Parliament during her ministry’s Committee of Supply debate on Wednesday, Mrs Teo signalled that unemployment will not come down and may even creep up again, with longer-term consequences.

$10m lift to help firms redesign jobs, transform business
Close to $10 million will be set aside over the next two years to create blueprints for job transformation in companies, said Manpower Minister Josephine Teo yesterday.Three of these Jobs Transformation Maps in human resources, logistics and financial services have already been completed. The ministry has plans for another 12, which cover wholesale trade, retail, food manufacturing, infocomm and media, supply chain management, accountancy, in-house finance and accounting functions, construction, facilities management, land transport, environmental services and tourism.

Skills funding to be tweaked as economy shifts post-pandemic
Government support for skills training schemes has been beefed up under the latest national Budget. But certain courses should be kept short, Minister of State for Education Gan Siow Huang said in Parliament on Wednesday, as she stressed that trainees can then “transition to employment quickly, with the support of our training partners”. Some observers hailed the plans to taper off support as signs of an economic and job-market recovery.

Dependant’s Pass holders need work passes from May
From May 1, 2021, Dependant’s Pass (DP) holders who wish to work in Singapore must apply for a relevant work pass, instead of being able to do so on a letter of consent (LOC), Manpower Minister Josephine Teo said in the Committee of Supply debate for her ministry on Wednesday. Singapore International Chamber of Commerce chief executive Victor Mills said that the impact will depend on how the move is operationalised: “While many will see this as a further tightening of the rules relating to Dependant Pass holders, others will see this as a logical step to harmonise their employment with a work pass.”

Committees to look into Progressive Wage Model for food services and retail sectors: Zaqy
Two tripartite cluster committees for the food services and retail sectors have been formed to look into implementing the Progressive Wage Model (PWM) for these sectors over the next two to three years, Senior Minister of State for Manpower Zaqy Mohamad said. This follows an agreement by the Tripartite Workgroup on Lower-Wage Workers, chaired by Mr Zaqy, to extend the PWM to the two sectors, which could cover up to 80,000 local workers.

Foreign Employees Dormitories Act to be reviewed to cover all dorms: Tan See Leng
The Foreign Employees Dormitories Act (FEDA) will be reviewed to cover all dormitories, regardless of size, to bring the regulation of all dormitories under a single Act, Second Minister for Manpower Tan See Leng said on Wednesday. The review of the act will also enable the Ministry of Manpower (MOM) to introduce housing standards and safe-living requirements in all dormitories through FEDA, he said.

MPs call for more clarity on S’pore’s great green transition
Singapore wants to recover from the economic fallout of Covid-19 in a sustainable way, but there are still plenty of unknowns surrounding this great green transition, especially on the employment front, MPs said yesterday. They said that it is not yet clear how jobs in Singapore will be affected by the global decarbonisation trend. There is also no clear definition on the type of work available in a green economy or how people can better equip themselves for such roles.


Update on COVID-19 (Coronavirus Disease 2019) Situation

82-year-old one of two unlinked community cases
An 82-year-old Singaporean who initially tested negative for Covid-19 was among two unlinked community cases announced yesterday. The retiree developed a runny nose, body aches and chills on Feb 14, and sought medical treatment at a general practitioner clinic on Feb 22, said the Ministry of Health (MOH). He was tested for the virus but the result came back negative.
*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 inflation expectations hit decade high as yields resurge

US proptech start-up in US$3b SPAC deal for IPO

Survey shows weaker than expected US private hiring in February

UK economy to regain pre-pandemic size earlier than forecast

Bank of England remit updated to include climate change

Federal Reserve says firms optimistic but jobs gaining only slowly

Aussie economy does better than forecast in Q4

China’s new policy direction will affect road maps of global economies

South Korea’s inflation picks up amid higher food, oil prices

Dubai developer Emaar to take over mall unit amid slump

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