The Leading Professional and Representative Body for the Real Estate Industry

The Leading Professional and Representative Body for the Real Estate Industry



Daily News – 6 April 2022 (Wed)

Singapore Real Estate

No significant disruptions to supply of construction materials, BTO projects due to Ukraine crisis: Desmond Lee
There have been no significant further disruptions to the supply of construction materials arising from the Russia-Ukraine conflict thus far, and the progress of HDB Build-To-Order (BTO) projects has not been affected, said Minister for National Development Desmond Lee.

Industrial building at Leng Kee area on sale for S$19 million
An industrial building located at the Leng Kee car showroom belt is for sale for S$19 million via an expression of interest exercise, said its marketing agent JLL on Tuesday (Apr 5). The expression of interest will launch on Wednesday and close on May 18 this year.

Historic National Aerated Water Building on sale for S$18.9m
The National Aerated Water Building, which is a partially conserved historic building, has been relaunched for sale at an indicative price of S$18.9 million, said its marketing agent CBRE on Tuesday (April 5). 

Reebonz Building put on the market for undisclosed sum
The building which served as Reebonz’s headquarters has been put on the market for an undisclosed amount. The move comes about half a year since the troubled luxury marketplace went into creditors’ voluntary liquidation.

First Reit prices S$100m of guaranteed bonds due 2027 at 3.25%
First Reit’s trustee, Perpetual (Asia), has priced S$100 million of guaranteed healthcare social bonds due in 2027 at 3.25 per cent, the manager of the real estate investment trust (Reit) said on Friday (Apr 1).


Singapore Economy

Over 990 locals, 140 companies to benefit from Capability Transfer Programme: Tan See Leng
More than 140 companies and over 990 local employees across at least 20 sectors have benefited or are expected to benefit from the Capability Transfer Programme (CTP) since its introduction in October 2017, said Manpower Minister Tan See Leng in Parliament on Tuesday (Apr 5).

Singapore sets aside close to $500m to kick-start tourism recovery from Covid-19
Close to half a billion dollars have been set aside to kick-start Singapore’s tourism sector and bring travellers back as the Covid-19 pandemic comes under control and borders reopen.

STB to focus on business tourism as part of strategy to recapture tourism demand
Singapore will strengthen its position as a global hub for business tourism as part of its strategy to win back international visitors, as S$500 million has been set aside to support the sector in the coming years.

Many gig workers support mandatory CPF, citing housing, retirement needs
A sizeable number of ride-hailing and food delivery workers support mandatory contributions to the Central Provident Fund (CPF), a nationwide consultation thus far indicates. This is contrary to what some private surveys said in recent weeks.

Singapore retail sales down 3.4% ending 5-month growth streak
Singapore’s retail sales fell 3.4 per cent year on year in February, reversing from last month’s 12 per cent increase and snapping a 5-month growth streak. The decline in February was attributed partly to lower sales compared to a year ago when sales were boosted by pre-Chinese New Year (CNY) spending, said the Department of Statistics (SingStat) on Tuesday (Apr 5).

‘Buy now, pay later’ schemes to come under new code of conduct
The “buy now, pay later” (BNPL) trend does not pose a significant risk as yet to consumer debt levels in Singapore, but a code of conduct for the industry will be launched in the second half of this year, the House was told on Tuesday (Apr 5).

Parliament passes Bill that consolidates and expands MAS’ financial regulatory powers
An Omnibus Bill that consolidates and expands on the Monetary Authority of Singapore’s (MAS) regulatory powers was passed on Tuesday (Apr 5), with parliamentarians largely supporting it amid the digitalisation of financial services – in particular, the growing prevalence of digital token services such as cryptocurrencies. 

US sanctions on Singapore-based Alexsong a warning to all firms to stay compliant
The United States has designated Singapore-based electronics wholesaler, Alexsong Pte Ltd, among those that have breached its sanctions against Russia, a case which serves to remind businesses that they must have robust sanction compliance policies.


Companies’ Brief

CapitaLand Investment to issue S$400m worth of notes due 2027 at 3.33%
CapitaLand Investment will be issuing S$400 million worth of senior notes at a fixed rate of 3.33 per cent that are due in 2027.

Chip Eng Seng unit to acquire minority interest in Shenton Way property for S$2.1m
Property player Chip Eng Seng Corporation is planning to acquire a minority stake in a property located at 8 Shenton Way, also known as AXA Tower, for S$2.1 million.

DBS initiates GuocoLand with ‘buy’ on company’s strength in property development
DBS Group Research has initiated coverage on GuocoLand with a “buy” call, noting that the property developer is a play into future-ready living with its high-end residential projects and its growing portfolio of quality investment properties.

Oxley issues third tranche of notes due 2024 at 6.9%
Property developer Oxley Holdings has issued S$50 million worth of notes with a fixed interest rate of 6.9 per cent that are due in July 2024. These notes are its third tranche in a series, issued under a US$1 billion guaranteed euro medium term note programme, said the company in a bourse filing on Tuesday (Apr 5) evening.

Hatten Land’s new partnership starts operations ahead of schedule
Hatten Land’s new partner has already delivered 80 per cent, or 40 of the pilot batch of 50 Bitmain Antminer S19J Pro crypto mining rigs originally due end-April.


Views, Reviews, Forum and Others

Post-Ukraine invasion: Energy realism and the implications for Singapore
The terrible events of the Russian invasion of Ukraine have forced us all to be concerned about what is really important. The invasion constituted the largest military attack of one state against another in Europe since the Second World War.

Keppel Infrastructure Trust’s proposal to align fee structure
We refer to the Mark to Market column “Keppel Infrastructure Trust should get its DPU on strong upward trajectory before revising fees” (The Business Times, Apr 4 2022). The article argues that the proposal might have the investors of Keppel Infrastructure Trust (KIT) “feeling that the new fee structure is less about the trustee-manager aligning its interests with those of unitholders than it is about the trustee-manager simply lining its own pockets”.

Novel vaccination technologies to combat Covid-19 and future pandemics
Global Covid-19 protocols have largely shifted towards endemic living and life is returning to normal in many parts of the world. Singapore is on its way there as well, despite the daily number of infections reaching into the thousands over the first few months of 2022 largely due to Omicron.

Pacific Alliance FTA is finally signed and delivered; here is why it matters
In January this year, Singapore became the first country with whom the Pacific Alliance (PA) countries have collectively signed a free trade agreement (FTA). The signing of the Pacific Alliance-Singapore FTA (PASFTA) came after 4 years of negotiations, and before other countries that would be perceived to be much closer to the Pacific Alliance, both geographically and economically.

Inflation may pave the way to a new era of globalisation
Today’s pick-up in inflation was initially driven by large fiscal packages and supply chain disruptions during the pandemic. It is now certain to last much longer because of military conflict and additional disruption of supply chains. Food and fuel price rises are likely to spark discontent, protests and even revolutions across the world.

Value-unlocking still a key theme in the local market despite the pandemic-recovery rally
The global economic recovery, inflationary pressures and interest rate hikes may well be the most potent drivers of the market at the moment, but investors hunting for opportunity should not ignore the evergreen theme of value unlocking.

How travel businesses can capitalise on revenge travel
After being cooped up for 2 years and having our wings severely clipped, the global pandemic has amplified our wanderlust. With improving vaccination rates and opening borders, a travel-deprived frustration is responsible for many beginning to book both local getaways and those long awaited international dream holidays.


Update on COVID-19 (Coronavirus Disease 2019) Situation

6,341 new Covid-19 cases in Singapore, 518 patients in hospital
The number of daily new Covid-19 infections in Singapore climbed to 6,341 on Tuesday (April 5), up from the 3,334 cases the day before.

Over 8,800 cases of Covid-19 reinfection detected in S’pore since last November
Some 8,845 cases of Covid-19 reinfection were detected here from the start of last November to March 25 this year, Health Minister Ong Ye Kung said on Tuesday (April 5).

Singapore-bound travellers from all countries can now take virtually supervised ART for Covid-19
All travellers, except short-term visitors, flying into Singapore from any country can now fulfil their pre-departure Covid-19 test requirements through a virtually supervised antigen rapid test (ART).

Itching to travel amid pandemic? Pick a ‘safe’ destination, take precautions
Those planning to travel soon and want to play it safe should pick a country with high Covid-19 vaccination and booster rates, suggests Associate Professor Lim Poh Lian.

Alcohol suppliers, distributors rush to meet demand ahead of Apr 19 nightlife reopening
Alcohol distributors in Singapore are scrambling to meet the surge in demand for booze from nightlife businesses, after the government’s surprise announcement on Monday (Apr 4) that the sector can fully reopen from April 19.


*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

Manhattan homebuyers see more bidding wars in still-hot market

Deutsche Bank predicts US recession in 2023 as Fed boosts rates

US trade gap stays close to record as services surplus narrows

Toronto home prices dip as new listings close the gap with sales

Tencent-backed UK startup achieves fusion breakthrough

China holiday travel slumps after Covid outbreaks: state media

Shanghai’s new Covid-19 cases surge to more than 13,000

World Bank cuts East Asia’s 2022 GDP forecast on Ukraine war

Malaysia’s real estate market expected to recover following reopening of borders

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