The Leading Professional and Representative Body for the Real Estate Industry

The Leading Professional and Representative Body for the Real Estate Industry



Daily News – 5 Nov 2020 (Thu)

Singapore Real Estate

Singapore real estate transactions double quarter-on-quarter in Q3: JLL
Signs of recovery were seen in the third quarter with real estate transactions in the Asia-Pacific gaining 35 per cent quarter-on-quarter, while volumes about doubled in Singapore. However, according to a report by real estate consultancy JLL, transaction volumes in the region were still down 19 per cent year-on-year at US$35 billion. Similarly, at US$2.89 billion, volumes in Singapore were 57 per cent lower vis-a-vis a year ago.

Singapore rides pan-Asian data centre trend
Private equity firms are pushing deeper into the data centre market in Singapore – as they are in other parts of the world – as Covid-19 prompt more companies to go digital. SpaceDC, a Singapore-headquartered data centre provider, is backed by the Republic’s sovereign wealth fund GIC. On Wednesday, it launched a premium data centre in Jakarta, Indonesia, catered for the Southeast-Asian (SEA) market.


Singapore Economy

Global economy at risk from divided US: Chan Chun Sing
Singapore (Bloomberg) – The US presidential election result may still be in doubt, but whoever emerges victorious will need to unite the country to adapt to the challenges of globalisation and digitisation or risk a backlash so severe it could damage the global economic system, Singapore’s Trade and Industry Minister Chan Chun Sing warned on Thursday (Nov 5).

Phase 3 could last for a year or more: Gan
Phase Three of Singapore’s reopening could last for more than a year, said Health Minister Gan Kim Yong in Parliament on Wednesday, replying to a question from Tampines Member of Parliament Cheng Li Hui. “To recap, Phase Three is not a return to the pre-Covid status quo, but a new normal which will last until such time the rest of the world also has the virus under tight control or when effective treatments or vaccines are widely available,” he said.


Companies’ Brief

CapitaLand, SP Group and Sembcorp to explore green data centres
Singapore (The Business Times) – CapitaLand, SP Group and Sembcorp Industries have tied up to jointly study the use of integrated energy solutions to power data centres. The integrated energy solutions will potentially include a combination of solar photovoltaic, green hydrogen and energy storage among others, the companies said on Thursday (Nov 5).

CapitaLand expects FY20 results to be ‘adversely impacted’
CapitaLand expects financial performance for FY2020 to be materially adversely impacted, notwithstanding “encouraging signs of recovery” in operating metrics for Q3, the group said on Tuesday. In its business update for the third quarter ended Sept 30, the property giant said: “Following significantly reduced profitability in H1 2020 and arising from a subdued operating environment…

CapitaLand chairman Ng Kee Choe to retire
Singapore (The Business Times) – Property giant CapitaLand announced Tuesday that its chairman, Ng Kee Choe, who has been on its board since April 2010, will be retiring. He will be succeeded by Mr Miguel Ko, the deputy chairman of the group.

CDL appoints Deloitte to evaluate investment in Sincere Property
Property giant City Developments Ltd (CDL) on Wednesday said it has appointed Deloitte & Touche Financial Advisory Services as its external financial adviser to assist in further evaluating and reviewing its investment in China-based Sincere Property Group.

Parkway Life Reit’s Q3 DPU rises 7.4% to 3.54 cents
Parkway Life Real Estate Investment Trust’s (Parkway Life Reit) distribution per unit (DPU) rose 7.4 per cent to 3.54 Singapore cents for its third quarter ended Sept 30, 2020, up from 3.3 cents a year ago. On an annualised basis, DPU for Q3 was up 7.4 per cent to 14.16 Singapore cents, from 13.2 cents a year.

EGMs, scheme meeting for proposed Sabana-ESR merger to convene on Dec 4
The extraordinary general meetings (EGMs) of ESR-Reit and Sabana Shari’ah Compliant Industrial Real Estate Investment Trust (Sabana Reit) for their proposed merger is expected to fall on Dec 4. Sabana Reit’s scheme meeting will also fall on the same date, the managers of both Reits said in a joint statement on Wednesday.


Views, Reviews, Forum & Others

Singapore’s current challenges need new ideas as old economic models fail
A tripartite work group is looking into ways to increase the wages of more low-income workers. Indeed, there should be new ideas and approaches to some of these longstanding socio-economic issues. It is unlikely that the deliberations of the Tripartite Workgroup on Lower-Wage Workers – chaired by Senior Minister of State for Manpower Zaqy Mohamad and which includes employers…

PDPA amendments could spur innovation in Singapore
The widely anticipated amendments of the Singapore Personal Data Protection Act were passed on Nov 2, 2020. The Singapore government, known for its rigour and openness, had run several consultations with the industry prior to making the changes. Why are the amendments significant?

Ten ways coronavirus crisis will shape world in long term
Covid-19 has had an immediate and massive impact. But how will it affect the longer term? That is far harder to tell. What do we already know, after 10 months of Covid-19? We know that the world was ill-equipped to cope with a pandemic.

Many Singapore investors in ‘state of shock’ over abrupt suspension of Ant Group’s US$37 billion IPO
Singapore – Investors in Singapore and globally were stunned by the abrupt suspension of Ant Group’s listing on the Shanghai Stock Exchange (SSE) less than two days before the world’s largest initial public offering was to take place in the Chinese city and in Hong Kong.

Ant’s Asean ambitions may take backseat to battles at home
South-east Asia could keenly feel the fallout from the regulatory brakes slammed on Ant Group’s US$34 billion initial public offering (IPO), a development which is expected to slow down the fintech giant’s global expansion efforts. The group’s portfolio companies in the region include Indonesia’s e-wallet Dana, e-commerce site Bukalapak, and, most recently, Wave Money in Myanmar.

Failed listing a cautionary tale: Observers
The abrupt thwarting of billionaire Jack Ma’s Ant Group’s US$37 billion (S$50.4 billion) dual listing is a stark reminder of the uncertainty and pitfalls of placing bets on Chinese firms, observers say.


Update on COVID-19 (Coronavirus Disease 2019) Situation

7 new cases in S’pore, none in the community
There were seven new coronavirus cases confirmed yesterday, taking Singapore’s total to 58,036. These included five imported cases who had been placed on stay-home notices on arrival here, said the Ministry of Health (MOH). There were no new cases in the community. Two were from workers’ dormitories.

Demand for TraceTogether tokens higher than expected
The surge in demand for TraceTogether tokens last month was higher than the Government had expected, said Senior Minister of State for Communications and Information Janil Puthucheary. He told the House yesterday that the Government had anticipated it would need to persuade more people to join the TraceTogether programme instead.
*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 mall shake-out begins as complex debt drowns owners; many face bankruptcy

Biden or Trump, there’s no reset for US-Asia policy

Economy, Covid-19 top concerns among US voters, exit poll shows

US vote result won’t impact trade with Europe: France

US finally exits global climate pact amid election uncertainty

US presidential election is a cliffhanger with record turnout and no clear outcome yet

UK heading for double-dip recession this winter

JPMorgan to send most workers home in latest UK lockdown

China’s service sector continues rebound in Oct as hiring picks up

Xi: China’s imports to exceed $30 trillion over next decade

Some tapped savings, borrowed heavily to get a piece of Ant IPO

Malaysia budget likely to be expansionary to support people, stimulate economy

GIC-backed Space DC launches premium data centre in Jakarta

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