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 April, 1, 2 ,3 & 4 May 2022 (Sat, Sun, Mon, Tue & Wed)

Singapore Real Estate

SO/ Singapore hotel opposite Lau Pa Sat being sold at S$1.8m per room, say sources
A new benchmark in per-room pricing may have been set in the Singapore hotel market: The 134-room SO/ Singapore, which sits opposite Lau Pa Sat in the Central Business District (CBD), is being sold for about S$1.8 million per key, making for a total price of some S$240 million.

Home prices, rental rates likely to keep rising amid construction cost pressures
Singapore – An extra $2 million: that is how much main contractor Unison Construction has forked out in the past two years to meet the soaring cost of steel rebar alone for one ongoing construction project.

Many who secured Rochor BTO project flats say they plan to stay for long haul
Singapore – Freelance investor Jamie Ng can currently look into her neighbours’ homes from her parents’ unit in Bukit Panjang, but in six years’ time, she will trade it for a view of the Central Business District and Marina Bay Sands.

Prices of popular condos creep up in the suburbs
Singapore home prices soared more than 10 per cent to a record high last year. Housing supply shortages, the low interest-rate environment and rising demand from HDB upgraders fuelled a rally in home prices.

Singapore Economy

Ultra-rich families racing to park wealth in Singapore under enhanced investment scheme
The recent tightening of regulations for family offices in Singapore does not seem to have dissuaded wealthy investors, with a growing number anecdotally pursuing this route to permanent residency after the Global Investor Programme (GIP) scheme was expanded in 2020 to include them.

Rising property prices, GST hike top concerns of young investors: Survey
Singapore – Singapore’s planned goods and services tax (GST) hike starting next year and rising property prices were among the top concerns of investors in their 20s, according to a survey released by Singapore-based digital wealth adviser Endowus.

Singapore’s next-decade roadmap to be charted in ‘Forward Singapore’ agenda: Lawrence Wong
Singapore’s roadmap for the next decade and beyond will be outlined in a “Forward Singapore” agenda that its fourth-generation (4G) leadership will develop to refresh the Republic’s social compact, said Finance Minister Lawrence Wong.

Singapore must transform for ‘troubled environment’, with risk of global recession in next two years: PM Lee
Singapore cannot escape global headwinds from developments such as the Russia-Ukraine crisis, and must instead transform itself to make a living even in such circumstances, said Prime Minister Lee Hsien Loong, warning that soaring global oil prices may cost Singapore an additional S$8 billion a year, or 1.5 per cent of gross domestic product.

May Day Rally: S’poreans must be prepared for more economic challenges in the year ahead, says PM Lee
Singapore – Singaporeans must be prepared for more economic challenges in the year ahead even as the Government does all it can to cushion the impact of the Russia-Ukraine war, especially on the cost of living, said Prime Minister Lee Hsien Loong on Sunday (May 1).

Singapore services expected to stay optimistic, as cheer in factory sector cools
Singapore’s services sector has stayed rosy on the 6-month outlook, but manufacturing sentiment is softening on rising costs, official business surveys indicated on Friday (Apr 29). Despite the expected uplift from the broad domestic and border reopening, the divergent trend is expected to continue as Singapore’s recovering economy normalises, analysts told The Business Times.

Singapore manufacturers turn more cautious on rising costs, supply issues: Surveys
Singapore – While Singapore manufacturers turned more cautious about business outlook amid the fallout from the war in Ukraine, business expectations among firms in the services sector stayed more upbeat with the expected easing of Covid-19 restrictions.


Companies’ Brief

Keppel Corp sells S$11.1 million worth of Keppel Reit units
Keppel Real Estate Investment Trust (Reit) Management, the manager of Keppel Reit has sold S$11.1 million worth of Keppel Reit units on Friday (Apr 29), Keppel Corp announced after market close. This decreased the company’s interest in the Reit to 46.68 per cent from its previous 46.92 per cent.

Genting Singapore appoints new CEO
Genting Singapore has appointed its president and chief operating officer (COO) Tan Hee Teck as the company’s chief executive officer (CEO) with immediate effect, the integrated resort operator announced on Sunday (May 1). Tan will concurrently cease to be president and COO, positions he has held since 2010, upon the new appointment.

Singapore Reit ETFs holding up amid global Reits rout
Exchange-traded funds (ETFs) with significant exposure to Singapore-listed real estate investment trusts (S-Reits) are outperforming their peers amid a rout in the global Reits market. Of the 5 Reit ETFs listed on the Singapore Exchange (SGX), the 3 with a higher allocation of S-Reits have seen flattish share price returns in the year to date.

Hospitality S-Reits see higher RevPAR as borders reopen
Twenty Three S-Reits and property trusts have reported financial results or business updates this reporting season. All pure-play hospitality Reits with Singapore assets have reported, and they are: Ascott Residence Trust, CDL Hospitality Trusts, Far East Hospitality Trust, and Frasers Hospitality Trust. These 4 averaged 23.4 per cent total returns in the year to date.

ARA H-Trust Q1 net property income jumps to US$5.3m on recovery across portfolio
ARA US Hospitality Trust (ARA H-Trust) posted a net property income of US$5.3 million for its first quarter ended Mar 31, jumping from US$0.4 million a year ago. Gross revenue was also 68 per cent higher at US$32.8 million for the quarter, from US$19.6 million a year earlier.

CICT posts 0.5% rise in Q1 NPI to S$248.3 million
CapitaLand Integrated Commercial Trust’s net property income (NPI) inched up 0.5 per cent year on year in the first quarter of 2022 to S$248.3 million, the real estate investment trust’s (Reit) manager announced on Friday (Apr 29) after market close.

LMIR Trust posts 12.5% increase in Q1 DPU to S$0.0009
The manager of Lippo Malls Indonesia Retail Trust (LMIR Trust) on Friday (Apr 29) reported distribution per unit (DPU) of S$0.0009 for the first quarter ended March, up 12.5 per cent from DPU of S$0.0008 in the corresponding quarter a year ago.


Views, Reviews, Forum and Others

Homeownership: Buying a BTO flat is the optimal choice
Some people may choose to buy an HDB resale flat, an executive condominium unit or a private home instead. Buying a resale HDB or private home allows one to move in fairly quickly, versus waiting several years to secure and move into a BTO flat.

Did bearishness about the property sector prompt Northstar to divest Apac Realty at steep discount?
APAC Realty which provides real estate agency services under the ERA brand, had a change of majority ownership recently – with the divestment happening even as it reported a stellar financial performance for FY2021.

How can we green our grid to green Singapore’s real estate?
As the climate crisis rages on, countries around the world are committing to net-zero goals to keep the worst effects of global warming at bay. A large part of meeting these targets hinges on the very buildings that we live and work in.

MAS should adopt higher-profile approach to enforcement – being feared is not a bad thing
Investors who lost money when Noble Group imploded some years ago might have been heartened to learn this past week that the Monetary Authority of Singapore (MAS) expects investigations into the once-high-flying commodities supplier to reach a conclusion in the third quarter this year.

The shadow cast by the Ukraine war over Singapore’s outlook
Prime Minister Lee Hsien Loong spoke on the far-reaching impact of Russia’s invasion of Ukraine on the world, and on Singapore, in his May Day speech yesterday. Here are edited excerpts from his speech.

A new normal: Working from anywhere
The coronavirus pandemic has changed employees’ attitudes towards work and their workplaces. It is important for employers, in turn, to keep in step with that change so that the new normal benefits both workers and companies.

Why tax needs to feature prominently on the ESG agenda
Interest in environmental, social and governance (ESG) issues has grown exponentially over the last 2 years, notably catalysed by the Covid-19 pandemic that has exposed the vulnerabilities and inequalities in economies and societies.

Creating a pathway for sustainable data centres in Singapore
The twin transitions of digitalisation and decarbonisation are not mutually exclusive, but in fact can be mutually beneficial. Singapore joins a growing list of countries seeking to turn these parallel challenges into mutual opportunities by harnessing the demand for digitalisation to meet pressing climate commitments.

Fed needs to do more than raise interest rates
With so many analysts, not to mention market pricing, having settled on a 50-basis-point interest rate increase by the Federal Reserve this week, it would be understandable to assume that it’s a “done deal” when it comes to what the central bank will announce at the conclusion of its policy meeting on Wednesday (May 4). The situation could not be further from the truth.

Europe’s gas woes a headache for Asia
Europe maintains it won’t blink first in the staring contest with Russia over gas supplies. European Commission President Ursula von der Leyen has asked member nations not to bend before Russian demands that customers settle their gas bills in roubles, not US dollars or euros.

BT Explains: How to price climate risks and opportunities
By virtue of its geographical location, Singapore’s economy is expected to be the hardest hit globally if the earth warms up 3.2 degrees Celsius by mid-century. This is according to a Swiss Re Institute study, which also projected that the island nation’s gross domestic product (GDP) may shrink up to 46.4 per cent under the scenario, while the world’s biggest polluter, China, is likely to see a 23.5 per cent fall at most.

Singapore data centre players worry about feasibility of new standards ahead of lifting of moratorium
New data centre standards proposed by the government have raised concerns among industry players, who say the standards may be difficult to meet and less cost-efficient for them. This comes after Janil Puthucheary, Senior Minister of State for Communications and Information, said in March that a call for application (CFA) for new data centres with an emphasis on environmental sustainability standards would be made in the second quarter of this year.

4 tips to help home owners avoid money problems
Singapore – Buying a new home is usually an exciting and happy affair, but it became something of a horror story for a group of owners here who have seen a large chunk of their hard-earned money go down the drain.

Freight rates may stay high, even after China lifts Covid-19 restrictions, says shipbuilder
Singapore – With global inflation at its highest levels in years, some shipping insiders say freight rates could stay elevated, even after Covid-19 restrictions are lifted in China and disruptions to the global supply chain have eased.

Singapore companies pivot amid shifting sands in the Middle East
Enterprise Singapore may have closed some operations in the Middle East, but that does not necessarily mean a fall in coverage or interest, with 2 remaining locations – in Riyadh, Saudi Arabia; and Dubai, in the United Arab Emirates (UAE) – still serving the whole region.

South-east Asia travel is catching up at last as Covid-19 curbs ease
London/Singapore (Bloomberg) – South-east Asia is finally, tentatively throwing off the shackles of Covid-19 and reopening for travel, with airlines filling an increasing number of seats as holiday-starved masses arrange overseas vacations for the first time in two years.

Business travel on the rise again with eased Covid-19 border restrictions worldwide
Singapore – A growing number of people are travelling in and out of Singapore for business trips, with Covid-19 border measures now lifted in most parts of the world. Several industry players have, however, said that full recovery will likely be off the cards for a while, given that China’s borders are not yet opened and the normalisation of virtual meetings.


Update on COVID-19 (Coronavirus Disease 2019) situation

1,508 new local Covid-19 cases in S’pore, continuing decline since Feb
Singapore – Daily Covid-19 cases in Singapore continued to decline, with 1,508 local cases reported on Tuesday (May 3), said the Ministry of Health (MOH) in an update on its website. This was lower than the 3,633 local cases reported last Tuesday (April 26) and the 4,544 on April 19.

Two Singapore Covid-19 cases infected with new sub-variant of Omicron BA.2.12.1
Two local Covid-19 cases have been confirmed to be infected with a new Omicron sub-variant called BA.2.12.1 – a descendant of the BA.2 version of Omicron, which drove Singapore’s Omicron wave.

*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

Pfizer says Covid-19 treatment Paxlovid fails to prevent infection of household members

The Fed wants to cool the US housing market. Here’s what that feels like

Rising rates discourage potential US home buyers

The extraordinary wealth created by the pandemic housing market

Redfin settles suit by fair-housing groups over ‘minimum price policy’

US Treasury sees economy still expanding in 2022 despite Q1 GDP drop

US job openings rose unexpectedly to record 11.5 million

US trade chief Tai says all tools on table to beat inflation, tariffs not top of list

Powell’s Fed set to go big and keep going until inflation tamed

Opportunities amid uncertainty over impacts of Fed action

Is the Fed behind the curve?

Growth in world’s biggest economies slows to a crawl under grip of war and Covid-19

Airbnb bets on summer of travel to drive revenue growth

Soaring UK finance salaries ramp up inequality: study

UK shop prices rise at fastest rate since 2011: BRC

After a two-year dip, evictions accelerate in New York

Europe inflation seen surpassing US for first time in a decade

KKR raising new European real estate fund for long-term bets

Euro holds near 5-year low as potential Fed hike nears

Russian central bank slashes key interest rate again

Australia home prices keep rising even as Sydney, Melbourne cool

Australia’s bigger than expected rate hike sends currency higher

Australia’s Woolworths says inflation its main concern as Q3 sales jump

Odds shift for global banks’ Asia wealth bets in China’s slower-growth reality

Slower gains for China’s new home prices in April: private survey

China’s hotels brace for May holiday bust as Covid lockdowns weigh

China’s factory activity contracts at steepest rate in 26 months: Caixin PMI

Beijing tourist sites empty in Covid-stalked public holiday

Beijing tightens Covid curbs, hard-hit Shanghai sees signs of life

Global problems may exacerbate shortages in North Korea’s isolated economy

Hong Kong’s GDP falls more than expected on Covid curbs, trade

Hong Kong to accelerate reopening from this week as cases fall

End of easy money could bring a US$410 billion global financial shock

Taiwan will not ‘cruelly’ lock down like China: premier

More Malaysian tenants expected to give up their rooms in S’pore with Causeway reopening

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