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 March 2022 (Sat, Sun & Mon)

Singapore Real Estate

Transaction volumes at Sentosa Cove may moderate after ABSD hike
After deals picked up in tandem with the buoyant property market in 2021, transaction volumes for luxury homes on Sentosa may ease this year following the property cooling measures in December.

Fewer buyers ask to cancel BTO flat bookings in past 2 years compared with pre-Covid-19 years
Singapore – Fewer home buyers requested to cancel their Build-To-Order (BTO) flat applications in 2020 and 2021, despite facing a longer wait for the flats, compared with pre-Covid-19 years.

4,500 families in public rental flats became HDB home owners over past 5 years
Singapore – About 4,500 families in public rental flats here, or about 9 per cent of all rental households, have become owners of Housing Board (HDB) flats over the past five years through various housing schemes and grants.

Singapore Economy

Pre-CNY shopping fuels rise in Jan retail sales of 11.8%
Singapore’s retail sales rose 11.8 per cent year on year in January, following the previous month’s 6.7 per cent rise, coming in as the fifth consecutive month of growth. The improvement in retail sales performance in January 2022 was mainly attributed to increased spending prior to Chinese New Year (CNY) which was in early February…

Singapore imposes sanctions on 4 Russian banks; export of certain goods also banned
[Singapore] Banks and other financial institutions here will be banned from doing business with 4 Russian banks, as part of sanctions the Republic is imposing to hit the Russian economy for the invasion of Ukraine.

Companies’ Brief

Mapletree to pick banks for US$1b Singapore Reit IPO, sources say
Mapletree Investments Pte Ltd, a Singapore-based property developer and manager, has selected advisers for a potential initial public offering (IPO) of a student housing real estate investment trust (Reit) that could raise about US$1 billion, according to people familiar with the matter.

Institutional investors continue to net buy S-Reits
The iEdge S-Reit Index recovered 2.5 per cent in total returns over the past 5 sessions (Feb 25, 2022 through to Mar 3, 2022), after a 2 per cent decline seen last Thursday (Feb 24) as global markets saw major moves amid the market volatility.

Retail in the doldrums even as S-Reits see recovery in rental reversions
Disruptions due to Covid-19 are starting to fade into the rearview mirror for Singapore-listed real estate investment trusts (S-Reits) and business trusts, with more optimism washing over the sector.

Views, Reviews, Forum & Others

Six ways US can deepen regional economic ties with South-east Asia
The Biden administration is expected to roll out its Indo-Pacific Economic Framework in the coming weeks, following the recent release of its full Indo-Pacific strategy. As it does so, there are several approaches Washington can undertake to deepen its economic commitment to South-east Asia.

Streamlined entry rules for new construction, shipyard, process staff
To ease the labour crunch in the construction, marine shipyard and process (CMP) sectors, the entry requirements for vaccinated new work permit holders with in-principle approval will be streamlined from Mar 13.

Singapore to pilot data centre call for application in Q2 with focus on sustainability
Public agencies in Singapore will launch a call for application for data centres with an emphasis on meeting environmental sustainability standards. The Infocomm Media Development Authority and the Economic Development Board will pilot the call for application by the second quarter of this year.

Singapore Budget 2022

Singapore Economy 2030 vision aims to create export value of at least S$1 trillion
Singapore has unveiled what Trade and Industry Minister Gan Kim Yong called a “collective vision for the economy”, with goals such as reaching an export value of at least S$1 trillion by 2030.

More ‘targeted approach’ taken to help firms with urgent foreign manpower needs: Tan
The government will adopt a more “targeted approach” to help firms with urgent foreign manpower needs, such as giving flexibilities to businesses which contribute to Singapore’s economic priorities and in jobs where there are few locals taking up the roles.

Budget 2022: Firms to be allowed to hire workers on work permits instead of S Passes in 7 jobs
Singapore – Employers in the services and manufacturing sectors will be able to hire foreign workers under work permits instead of S Passes from next year. Currently, some employers hire manual workers on S Passes instead of work permits due to restrictions on the countries where work permit holders can be hired.

New point-based system for EP applicants, including local employment, firm diversity criteria
A new points-based system will assess Employment Pass (EP) applicants and their employers on a set of 6 criteria, ranging from salary and qualifications to the share of local professionals, managers, executives and technicians (PMETs) in the firm.

New EP framework provides clarity – now firms have to act on this knowledge
By showing explicitly and transparently how Employment Pass (EP) applications might succeed or fail, the new points-based system addresses concerns of both local workers who fear unfair competition, and firms who face uncertainty over access to talent.

New S$70m scheme for eateries, retailers; S$50m campaign for heartland shops
The retail and food and beverage (F&B) industries are set to get S$70 million more in business support, said Minister of State for Trade and Industry Low Yen Ling. Heartland enterprises, as well as trade associations and chambers (TACs), are other intended beneficiaries of initiatives that she announced on Friday (Mar 4) at the Ministry of Trade and Industry’s Committee of Supply debate.

Government may extend Temporary Electricity Contracting Support Scheme
The government may extend the Temporary Electricity Contracting Support Scheme (TRECS) beyond May, amid concerns about the impact of the Russia-Ukraine war on the energy market, said Second Minister for Trade and Industry Tan See Leng on Friday (Mar 4).

Update on COVID-19 (Coronavirus Disease 2019) Situation

Singapore reports 13,158 new Covid-19 cases with 1,437 patients hospitalised
[Singapore] The total number of daily Covid-19 cases and those in hospital continued to fall on Sunday (Mar 6), with 13,158 total cases and 1,437 people hospitalised. This is down from 16,274 infections and 1,559 hospitalisations a day earlier.

No changes to Covid-19 curbs for now but Govt monitoring situation closely: MOH
Singapore – There will be no changes to safe management measures for now, given the high number of daily local Covid-19 cases in the past week, but the authorities are monitoring the situation.

SD Biosensor, Flowflex Covid-19 test kits fit for use in S’pore despite warnings in the US: HSA
Singapore – The Health Sciences Authority (HSA) said SD Biosensor and Flowflex antigen rapid test (ART) kits involved in a recall in the United States are safe and fit for use in Singapore.

Covid-19 reinfection in Omicron patients unlikely for now: Experts
Singapore – The chances of someone who had the Omicron variant of Covid-19 getting reinfected are quite slim at present, experts told The Straits Times. The experts also said that reinfection in someone who had Omicron is less likely than in someone who had another, earlier variant of the virus, and that time plays an important factor in determining reinfection risk.

Singapore VTLs to take in Vietnam, extend to Penang, Bali and all India cities
New Vaccinated Travel Lanes (VTLs) will be launched for Greece and Vietnam from as early as Mar 16, 2022, announced the Civil Aviation Authority of Singapore (CAAS) on Friday (Mar 4). Travellers from both countries may enter Singapore under these VTLs on or after Mar 16, while Vaccinated Travel Pass (VTP) applications for these countries will open on Mar 13, 2022 from 10 am.

Operators of coffee shops and canteens now have 3 VDS options: Amy Khor
Singapore – Coffee shops and canteens will have three options from Monday (March 7) on how vaccination-differentiated safe management measures (VDS) will be implemented to control groups of up to five fully vaccinated diners entering their premises.

What not to eat when you are down with Covid-19
Singapore – Your head is pounding, your throat is sore. You have a persistent cough and feel very fatigued. You might not be able to smell and taste your food. Yes, you are one of tens of thousands of people in Singapore who have come down with Covid-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

Western businesses pull out of Russia

IMF: war will have ‘severe impact’ on global economy

Los Angeles mega-mansion sells for US$141m at auction

New loan models for home ownership

China to set up financial stability fund, keep home prices stable

China targets slower GDP growth of around 5.5% amid economic headwinds

Hong Kong residents escape to Singapore as Covid lockdown looms

Quarantine-free plan for Bali tourists to launch one week early


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