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 May 2020 (Wed)

Singapore Real Estate

March retail sales down 13.3%; Worse dive expected for April, May
Singapore’s retail sales fell 13.3 per cent year on year in March – the sharpest fall in two decades – as the Covid-19 outbreak continued to take a toll, according to Department of Statistics (Singstat) figures on Tuesday. Deepening from -8.4 per cent in February, this was the worst fall since -16.9 per cent in September 1998.

Errant real estate agencies, agents face higher maximum fines
Errant real estate agencies and property agents will face higher maximum fines of S$200,000 and S$100,000 per case respectively for breaching industry guidelines under a Bill passed in Parliament on Tuesday.


Singapore Economy

Singapore had fourth record year for tourism in 2019
Before the Covid-19 pandemic devastated international travel, Singapore had its fourth consecutive record year for tourism in 2019, with healthy growth in the fourth quarter, a Singapore Tourism Board (STB) quarterly report on Tuesday showed. International visitor arrivals grew 6.9 per cent year on year in the fourth quarter of last year, to 4.8 million; tourism receipts rose 12.8 per cent to S$7.1 billion.


Companies’ Brief

ARA, John Lim’s family office venture into fintech with Minterest stake
ARA Asset Management chief executive officer (CEO) John Lim’s family office, JL Family Office, and the group’s property management arm have jointly acquired a 52.08 per cent stake in crowdfunding platform Minterest for an undisclosed sum. This is ARA’s entry into the fintech sector and is part of the group’s wider ambitions in the global real estate credit business.

CapitaLand’s jointly owned office building obtains TOP
Grade A office building 79 Robinson Road has received its temporary occupation permit (TOP) on April 28, property giant CapitaLand said on Tuesday in a regulatory update. The 29-storey office development has a net lettable area of 518,000 square feet (sq ft) and is jointly owned by CapitaLand, Japanese trading house Mitsui & Co and developer Tokyo Tatemono.

79 Robinson Road obtains temporary occupation permit
CapitaLand’s office development in the Central Business District (CBD) – the site of the former CPF Building – obtained its temporary occupation permit on April 28, it said yesterday. CapitaLand owns the 29-storey building called 79 Robinson Road with Japanese partners Mitsui & Co and Tokyo Tatemono Co.

Lendlease Global Reit’s Q3 DPU 0.7% higher than forecast
Lendlease Global Commercial Reit has posted a distribution per unit (DPU) of 1.28 Singapore cents for the third quarter ended March 31, 0.7 per cent higher than the manager’s initial public offering (IPO) forecast of 1.27 cents.

Moody’s cuts MCT outlook to negative amid pandemic
Moody’s Investors Service has lowered its outlook on Mapletree Commercial Trust (MCT) to negative from stable amid the novel corona-virus pandemic. The credit rating agency, however, affirmed the Baa1 issuer rating of the mainboard-listed real estate investment trust (Reit).

Post-merger OUE C-Reit posts 44.5% jump in Q1 amount available for distribution; virus impact still unclear
As the Covid-19 situation continues to evolve, its full impact on OUE Commercial Real Estate Investment Trust (OUE C-Reit) will depend on factors such as the duration of the pandemic, length of the circuit breaker and the trajectory of recovery when the pandemic is brought under control…


Views, Reviews, Forum & Others

Singapore corporate tax regime: What’s ahead?
Geopolitical uncertainties and protracted trade tensions over the past year, coupled with the devastating impact the Covid-19 situation has had on the global economy, have no doubt challenged businesses in Singapore. The Singapore economy is now projected to contract by between one and 4 per cent this year.

Welcome to world of stagflation
What we used to call the advanced world economies face a fateful combination of possible pandemic outcomes: depression, then (possibly) boom, with either inflation or deflation. My view is that, out of the different scenarios, we are heading for stagflation.

Sustainable infrastructure a key ingredient for a green economic recovery in Asean
As governments around the world reel from the impact of the coronavirus, the International Monetary Fund (IMF) has issued a bleak outlook for Asian economies: zero growth for 2020 – a first for the region in 60 years.

Pandemic response calls for digital and financial inclusion
The disruption forced by Covid-19 provides a rich opportunity for digital banking platforms, but also demonstrates how unequal access can deepen socio-economic and demographic divides. Effective and immediate crisis response relies on financial and digital inclusion.

Challenges and opportunities for S-E Asia in post-Covid-19 world
The world as we know it will never be the same again. In due course, Covid-19 will be brought under control but it would have left its mark on our way of life, on business and on how governments govern. While no one is able to grasp the full extent of the changes to come, some things are discernible at this stage. For South-east Asia, these are some key trends and issues that will have a bearing on its future and which its leaders would need to take heed of and address if the region is to successfully navigate the challenges ahead:


Update on COVID-19 (Coronavirus Disease 2019) situation

632 new Covid-19 cases in Singapore; nine new clusters
Foreign workers living in dormitories continue to make up the vast majority of new Covid-19 cases in Singapore, accounting for 605 of the 632 cases announced on Tuesday. This brings the total number of coronavirus cases in Singapore to 19,410.
*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

Tesla CEO puts two California homes on market

Airbnb slashes staff in effort to ride out pandemic

New Zealand Q1 jobless rate inches up but coronavirus shock to be reflected in next quarter

Australia seeks to re-start economy by July as Covid-19 curbs lift

Australia’s central bank sees steep contraction, keeps rates unchanged

Huge valuation mismatch for China’s Big Four banks despite headwinds amid Covid-19 

Malaysia’s central bank cuts key interest rate to 2%, lowest since 2009

Indonesia’s Q1 GDP growth is weakest since 2001, recession looms


Additional Articles of Interests – Local & Overseas Real Estate

Local & Overseas Real Estate – Full Article


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