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, 6 & 7 February 2022 (Sat, Sun & Mon)

Singapore Real Estate

No certainty that Orchard Towers’ potential S$1.6b collective sale will proceed: Hiap Hoe
Property developer Hiap Hoe, which owns 21 shops and 38 offices at Orchard Towers, has reiterated to its shareholders that there is no certainty that the mixed-use development’s intended collective sale will proceed or be completed.

Singapore Economy

Singapore retail sales up 11.1% in 2021 after year-end rise in December
Singapore retail sales surged by 11.1 per cent year on year in 2021, reversing the previous year’s 15.3 per cent decline and snapping a 3-year losing streak. Full-year growth was supported by annual improvements in discretionary segments such as motor vehicles, clothes and shoes, watches and jewellery, and recreational goods.

What is inflation and why are prices rising?
Inflation is once again on the rise around the world and Singapore has not been spared. The Straits Times answers three big questions about the forces driving up prices. Baking a cake or making a cup of tea has become more expensive over the years if you use fresh milk.

Managing the pressure of inflation: How bad will it get and should you be worried?
Singapore – Despite efforts to bring down prices, inflation has continued to rise. The core inflation rate, which the Government has said is a more accurate gauge for locals, hit 2.1 per cent last December, year on year.

Does inflation mean consumers have to keep paying more?
Singapore – Inflation does not mean consumers have to accept higher prices and resign themselves to having lower purchasing power. Hedging against inflation is easier said than done but people can take a multi-pronged approach to protect themselves, said Singapore Management University (SMU) assistant professor of finance Aurobindo Ghosh.


Companies’ Brief

ERA launches new business unit for capital markets, investment sales
Real estate agency ERA Singapore on Friday (Feb 4) announced the inception of a new business unit to deal with big-ticket assets of high-net-worth individuals (HNWI), family offices, developers, institutional investors and real estate investment trusts (Reits).

GIC in final talks to buy Seibu’s properties in Japan for $1.75 billion: Reports
Seibu Holdings is in final talks with Singapore sovereign wealth fund GIC to sell some 30 properties in Japan in deals worth about 150 billion yen (S$1.75 billion), according to media reports.

Keppel’s remaking of itself a work in progress
Keppel Corp was one of the first Singapore-listed companies I ever researched. It was back in early 2002, and its shares were soaring on excitement about the group’s efforts to refocus itself around 3 divisions: offshore and marine (O&M), infrastructure, and property development.

Kheng Leong bags Gilstead Road site for S$70m
A couple of freehold residential redevelopment sites in Gilstead Road in district 11 are being sold. Peak Vista, fully owned by Kheng Leong Company, is paying S$70 million for 2 bungalows in Gilstead Road with a total freehold land area of 43,457 square feet.

S-Reits with Singapore office assets sanguine on rental outlook
According to data from the Urban Redevelopment Authority (URA), office rental prices in Q4 2021 have improved by 0.9 per cent quarter on quarter. The improvement in Q4 2021 comes after a decline of 3.5 per cent in the previous quarter.

Lendlease Reit raises H1 DPU to S$0.024, revenue dips 5.8%
Lendlease Global Commercial Reit’s (LReit) distribution per unit (DPU) rose by 2.6 per cent to S$0.024 for its first half ended Dec 31, 2021, from S$0.0234 a year ago. The amount distributable to unitholders was S$28.6 million, growing by 3.8 per cent year on year from S$27.5 million.


Views, Reviews, Forum & Others

Green issues top of mind as industry leaders eye Budget
Singapore’s upcoming national Budget should offer businesses grants and other support to promote environmental, social, and governance (ESG) issues, industry leaders have said.  Chia Ngiang Hong, president of the Real Estate Developers’ Association of Singapore, called for extensions of grants or incentives for the real estate and built environment sector, to support productivity, resilience and sustainability.

Inclusive growth for all
This week’s topic: What Budget measures are needed as the focus shifts from emergency support back to growth? This is Part 2 of the responses.

GST hike: Relook timetable in the light of Covid-19 pandemic?
It is true that there is never a good time to increase taxes, but are there times that you die, die should not? Is Singapore in such a time? I think this is the dilemma that the Government faces as it decides when to raise the goods and services tax from 7 per cent to 9 per cent…

Not the time to take eye off Omicron
General practitioner clinics that remained open over the Chinese New Year holiday saw a surge in walk-in patients, some with acute respiratory infections. Others saw a spike in positive antigen rapid test (ART) cases.

Asian commercial property will continue to roar in the Year of the Tiger
For many markets across Asia, the Year of the Tiger is set to see a few speed bumps throughout the course of 2022. Intense competition pushing up capital values in a market flush with liquidity and the possibility of another Covid-19 variant emerging are some of the many risks facing investors.

Risks to global recovery grow as central banks fight inflation
Singapore – The year is only a month old yet downgrades and risk warnings on global growth are already pouring in. After a year of strong lift-off from the depths of the downturn wrought by the pandemic in 2020, the world economy seems to be heading towards a rather chaotic phase of recovery.

S’pore firms confident despite Omicron wave, plan to make hybrid work permanent
Singapore – Companies here are taking the surge in Covid-19 cases fuelled by the Omicron variant in their stride as they remain confident of their ability to stay flexible and responsive to the fluid pandemic situation.

Growing ESG regulation: What should businesses be prepared for?
As interest in environmental, social and governance (ESG) issues continues to grow, so have the expectations of corporate conduct in these matters – and companies need to be prepared for the increased compliance and regulatory obligations in the years ahead.

MAS to publish framework on sharing liability for scam losses in next 3 months
Singapore – All parties – banks and customers alike – should shoulder the responsibility for fighting scams, the Monetary Authority of Singapore (MAS) asserted on Friday (Feb 4).


Update on COVID-19 (Coronavirus Disease 2019) Situation

Employees should prepare to work longer hours to cover colleagues as Omicron cases spike: Tripartite advisory
Firms should prepare for workers having to put in longer hours to cover for absent colleagues, as Covid-19 Omicron cases rise, the tripartite partners said in an advisory on Friday (Feb 4). To minimise business disruptions…

Many new Covid-19 patients in S’pore say they have mild flu-like symptoms
Singapore – With the highly contagious Omicron variant of Covid-19 spreading through the community here, it seems that everywhere you look, there is someone who knows another person who has caught the coronavirus.

Experts attribute Friday’s spike in Covid-19 cases to backlog during CNY period
Singapore – Experts have called for calm after the tripling of locally transmitted Covid-19 cases on Friday (Feb 4) to 13,046 positive cases, putting it down to a backlog during the festive Chinese New Year period, when clinics were closed and people found it inauspicious to seek medical diagnosis.

7,639 new local Covid-19 cases in Singapore; 1,074 patients hospitalised
[Singapore] The total number of locally transmitted Covid-19 cases in Singapore fell to 7,639 on Sunday (Feb 6), down from 10,208 the day before. However, the number of people hospitalised with Covid-19 rose to 1,074 cases, up 6 from the 1,068 cases on Saturday, said the Ministry of Health in its daily update.

MOH probe death of 103-year-old woman erroneously given fourth Covid-19 vaccine shot
[Singapore] The Health Ministry (MOH) is investigating the death of a 103-year-old woman who was erroneously given a fourth dose of the Covid-19 vaccine by a mobile vaccination team. The woman, a nursing home resident, was admitted to Changi General Hospital on Dec 16 – three days after receiving the extra dose.

Covid-19 hospitalisations in S’pore cross 1,000
Singapore – There were 1,068 hospitalised Covid-19 cases on Saturday (Feb 5), up from 998 the day before.  The last time Singapore had more than 1,000 people hospitalised for Covid-19 was on Dec 1 last year.

More Covid-19 patients requesting MCs as Omicron spreads, despite guidelines showing no need for one
Singapore – General practitioners (GPs) are seeing an uptick in Covid-19 patients requesting medical certificates (MCs) to cover their absence from work, despite official guidelines indicating no need for one.

Covid-19 recovery memo from GP not needed to return to work or school: Govt
Singapore – Employees and students who have recovered from Covid-19 do not need a letter or memo to certify their recovery before returning to work or school. General practitioners (GPs) have reported a surge in patients with no or mild symptoms visiting their clinics just to obtain such memos.

*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 added far more jobs than expected in January, defying Omicron

Interest rates may have to rise sharply to fight inflation

Global food prices hit 2-decade high, threatening world’s poorest

Johnson’s future still in limbo; UK economy heads for another recession

They rushed to buy in pandemic; Here’s what they regret

Australian retail sales surge record 8.2% in Q4

Australian PM signals reopening borders to tourists ‘not far away’

China sees low inflation based on Western monetary moves

Big China-backed London development on brink of collapse

China services activity expands at slowest rate in 5 months in January

Thailand’s central bank awaits tourism revival, to hold rates for another year: poll


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