The Leading Professional and Representative Body for the Real Estate Industry

The Leading Professional and Representative Body for the Real Estate Industry



Daily News – 7 January 2022 (Fri)

Singapore Real Estate

Bishan HDB resale flat hits new record price of S$1.36m; million-dollar deals jump 3 times in 2021
The number of Housing Board (HDB) resale flats transacted for at least S$1 million continued to rise in December 2021 to 38, surpassing the 29 transactions recorded in November – the previous record high. A 5-room DBSS HDB unit located at Bishan’s Natura Loft fetched the highest price in December at S$1.36 million – the highest transacted price ever for a resale flat.

Brokers’ Take: Steep valuation discount of Singapore property plays ‘too good to ignore’, says DBS
With the latest property cooling measures, Singapore property players are currently trading at steep discounts, said DBS Group Research, which recommends that investors accumulate on the price weakness, because it believes that the market has already priced in the measures.

DWS, Hines poised to buy ramp-up industrial building for S$93.8m
German asset management company DWS Group and Houston-based privately-owned global property investment firm Hines are understood to be teaming up to buy a 9-storey ramp-up light industrial building in Bukit Batok for S$93.8 million.


Singapore Economy

Pandemic has shown need for more cooperation, collective action: Teo Chee Hean
Singapore – The lessons of the past few years are that countries need to work together out of enlightened – and not narrow – self-interest for the world to be a less dysfunctional place, said Senior Minister Teo Chee Hean on Thursday (Jan 6).

Singapore’s unemployment rates continue declining in November
Singapore’s unemployment rates continued to decline in November, according to Manpower Ministry statistics on Thursday (Jan 6). The overall unemployment rate declined to 2.5 per cent, from 2.6 per cent the month before.


Companies’ Brief

Pan-United to provide sustainable concrete solutions to Vietnam’s Novaland
Concrete and cement provider Pan-United Corporation has signed a cooperation agreement with Novaland Group for its subsidiary, FiCO Pan-United Concrete Joint Stock Company (FiCO PanU), to provide sustainable concrete solutions to the Vietnam property company for over 2 years.

SLB expects ‘significant’ rise in H1 profit; parent Lian Beng still weighed by construction challenges
Property player SLB Development anticipates a “significant” year-on-year increase in net profit for H1 2022 ended November, the Catalist-listed company announced in a Thursday bourse filing. This is mainly due to substantial sales of units in its projects, with contributions recognised as construction progressed.

First Reit independent directors recommend green-lighting Japan nursing home purchase
The independent directors of the manager of First Reit (real estate investment trust) have recommended that unitholders vote in favour of the acquisition of 12 nursing homes in Japan from OUE Lippo Healthcare and a separate S$30.6 million settlement for cancelled works.

Corporate digest


Views, Reviews, Forum & Others

Tempering exuberance on the economy
With Singapore’s gross domestic product growth having come in at 7.2 per cent last year – slightly above the official forecast of around 7 per cent, some economists have turned more optimistic about the prospects for 2022, with some even raising their forecasts for the year above the upper end of the Government’s projection of 3 per cent to 5 per cent.

Aggrieved Laguna noteholders to launch class-action suit against Peter Kwee this month
Over 200 aggrieved debenture holders and pioneer members of the Laguna National golf club have raised about S$1.1 million to launch a collective action suit against the club and its owner Peter Kwee. Lim How Teck, who chairs a committee building the noteholders’ case, said he will be among the 5 members acting as representative plaintiffs. The suit will be launched “no later than end January 2022”, he told The Business Times on Wednesday (Jan 5), after a meeting with about 120 noteholders where he presented this proposal.


Update on COVID-19 (Coronavirus Disease 2019) Situation

813 new Covid-19 cases in Singapore; weekly infection growth rate rises to 1.5
[Singapore] The weekly Covid-19 infection growth rate on Thursday (Jan 6) was 1.5, up from Wednesday’s 1.28, said Singapore’s Ministry of Health (MOH). The rate, which has increased for the 13th consecutive day, refers to the ratio of community cases for the past week over the week before.

Covid-19 boosters: When will your fully vaccinated status expire?
Singapore – With Singapore bracing itself for a large Omicron infection wave, a person’s fully vaccinated status will lapse nine months after the last dose of his primary vaccination series, in a new policy shift announced on Wednesday (Jan 5). The Straits Times answers some questions.

US to revise Singapore travel advisory after Covid data flap
[Singapore] The US Centers for Disease Control and Prevention (CDC) said in an emailed statement to Bloomberg Thursday (Jan 6) it is working with Singapore’s Ministry of Health regarding the country’s Covid-19 testing data and will update its Travel Health Notice for the South-east Asian state accordingly.

Can Singapore handle the Omicron wave?
Singapore – The multi-ministry task force tackling the Covid-19 pandemic has warned that an Omicron wave is imminent and that Singapore needs to be prepared. Meanwhile, the daily number of new Covid-19 cases globally topped 1.6 million for the first time on Dec 29, and numbers have remained above a million a day since then. They crossed the two million mark on Wednesday and hit 2.5 million on Thursday (Jan 5 and 6).

New reusable masks from Temasek Foundation can be collected from Jan 10
Singapore – Temasek Foundation will offer every resident in Singapore a reusable mask in its sixth distribution exercise to protect residents against Covid-19. It said on Thursday (Jan 6) that the MaskPure AIR+ mask can be collected from 10am next Monday (Jan 10) to 11.59pm on Jan 23 at #StayMasked vending machines.

*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

Omicron may be less severe, but not ‘mild’, say WHO officials

US weekly jobless claims increase moderately

US trade deficit widens as imports surge to a record

A record 4.5 million Americans quit their jobs in November

Omicron pushes UK services PMI to 10-month low: IHS Markit

Supply chain woes prompt new push to revive US factories

German industrial orders bounce back on strong foreign demand

Australia’s most populous state to reinstate some Covid-19 curbs: report

Australia suffers record Covid-19 cases, straining supply chains

China says stable economy is ‘crucial’ political issue in 2022

China property tax trial likely delayed during real estate slump

Japan household spending extends declines, raises recovery doubts

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