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 May 2020 (Thu)

Singapore Real Estate

REDAS donates 200,000 care packs, 800 fans to Migrant Workers Centre
National Trades Union Congress secretary-general Ng Chee Meng (second from right) graced an event on Wednesday as the Real Estate Developers Association of Singapore (Redas) presented a total of 200,000 care packs and 800 standing fans to the Migrant Workers Centre (MWC).

Developers get reprieve on completion, sale, ABSD, QC deadlines
Government grants temporary 6-month extension for project completion, sale relating to ABSD remission and project disposal under QC regime. The government has rolled out temporary relief measures for the property sector, giving developers much-needed breathing room as the Covid-19 pandemic disrupts construction timelines and dampens home sales.

More mortgagee listings go under hammer but buyers come up empty as sellers refuse to blink
Highly indebted owners continue to hold out even as more homes go under the hammer amid worsening economic conditions due to the Covid-19 pandemic. Only one property was sold at auction in Q1 2020 as sellers baulk at firesale prices. Auctioneers say prices may drop 5-8 per cent later when mortgage relief measures end by Dec 31, and hopefully more transactions can get done.


Singapore Economy

Emerging Stronger Taskforce names 15 business leaders as members
A government-led task force set up to guide Singapore’s economic growth beyond the pandemic, appointed 15 business leaders as members during its inaugural video conference meeting on Wednesday, where it also defined its areas of focus.


Companies’ Brief

Perennial, SPH consortium to sell half stake in AXA Tower to Alibaba
A consortium led by Perennial Real Estate will divest a half stake in Grade A office building AXA Tower to a subsidiary of Chinese e-commerce giant Alibaba Group Holding. The consortium will also transfer half of an outstanding shareholders’ loan to the subsidiary, Alibaba Singapore, Perennial Real Estate said on Wednesday without disclosing the size of the loan.

Coronavirus: SPH Reit to give eligible tenants full rental waiver for April and May on top of earlier rebates
Singapore – SPH Reit will extend more help to tenants in view of the extension of the circuit breaker period to June 1. It will give full rental waiver for April and May this year for eligible non-trading retail and medical tenants, the Reit said on Wednesday (May 6). Together with the rental rebates granted in February and March, total rebates will average 2.3 months and will be fully funded by the Reit.


Views, Reviews, Forum & Others

What Covid-19’s damage to emerging economies means
The novel coronavirus pandemic engulfing the world is creating impact globally in many sectors which had hitherto been unforeseen. Corporates initially bunkered down into crisis mode. However, depending on the location and the number of weeks spent in isolation, business is increasingly looking to the future to try to understand what the new world might look like.

Full extent of Covid-19 damage will emerge after relief measures expire
The Covid-19 (Temporary Measures) Act will help to support some companies here that would otherwise not survive the extended impact of the virus fallout. David Chew, partner at restructuring firm DHC Capital, says that the Act helps companies with liquidity problems to buy time to get through the crisis.

Regulators allow rights, takeover documents to disseminate electronically till Sept 30
The Monetary Authority of Singapore, the Securities Industry Council and the Singapore Exchange Regulation on Wednesday introduced measures that allow companies to temporarily do away with hardcopy offer documents for rights issues and takeover or merger transactions.

Cities step up bid for green pandemic recovery
Mayors from Seoul to Seattle are stepping up plans to make their cities greener and healthier as part of a global strategy to recover from the Covid-19 pandemic and fight climate change at the same time. Cities around the world are the single largest source of mankind’s greenhouse gas emissions heating up the planet. Many cities have already been investing in programmes to cut air pollution, such as tree planting, promoting more energy-efficient buildings and backing electric vehicles.


Update on COVID-19 (Coronavirus Disease 2019) situation

Two die of Covid-19 complications; 788 new cases here
Two more people have died of complications due to Covid-19, bringing the total number of deaths here to 20. In its daily update, the Ministry of Health (MOH) said yesterday that a 97-year-old Singaporean woman died on Tuesday night. She was confirmed to have the virus on April 7 and had a history of hypertension.

Coronavirus: New cloth masks for all residents as Singapore ramps up production
All residents are set to receive locally produced, reusable cloth masks in a third mask distribution exercise. The masks, whose production was ramped up recently, will be more comfortable to wear and have better filtration qualities. Singapore has been building up its supply of new cloth masks and will distribute them to all residents towards the end of the circuit breaker period, which ends on June 1, said Trade and Industry Minister Chan Chun Sing yesterday.

Singapore restarts mask production to secure supply for frontline medical staff
Singapore has restarted local production of medical-grade surgical face masks to ensure supply for its medical workers in the frontline fighting the Covid-19 pandemic, Trade and Industry Minister Chan Chun Sing said on Wednesday.

Coronavirus: Total cases in Singapore could hit 40,000 this month, say experts
The total number of coronavirus cases here could hit 30,000 or 40,000 this month, but containment measures will help to keep the situation from spiralling out of control, experts said. Associate Professor Alex Cook, vice-dean of research at the National University of Singapore’s (NUS) Saw Swee Hock School of Public Health, noted that while the total case counts have continued to rise, the numbers have recently started to stabilise.

MTI clarifies process for reopening of businesses
All businesses in approved categories – like cake shops and hair salons – will be granted class exemptions to reopen next week, and will not need to apply individually to the Ministry of Trade and Industry (MTI). MTI yesterday clarified the process for companies that had been uncertain whether they would be allowed to reopen from May 12.

HSA removes 1,700 listings making false Covid-19 claims
The authority has also issued more than 1,600 warning letters to sellers and companies hawking such goods, with observers noting that sellers were exploiting fears over the coronavirus pandemic. HSA said yesterday errant firms were found falsely advertising a range of general wellness goods – such as herbal remedies, probiotics and health supplements – as being “good for coronavirus”.
*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

Trump pivots to ‘phase two’ of reopening, risking more deaths to save economy

US, UK launch trade talks as virus ravages global economy

UK property sector seeks govt help to survive Covid-19 crisis

London’s best offices face 15% plunge in values from pandemic hit

Euro zone business activity grounds to near-halt in April

Bond-buying risks could outweigh rewards for emerging market central banks

Airbnb cuts 1,900 jobs in bid to ride out pandemic

Home-flipping startup Opendoor says time to resume buying

Most NZ businesses to reopen if restrictions eased next week

Australia ties up with airlines to carry produce, seafood to Asian markets

Australia targeting Covid-19-safe economy by July: Prime Minister

China’s exports unexpectedly rise even as coronavirus batters global demand

China’s services sector contracts for 3rd month as job losses hit record: Caixin PMI

Worst seen over for HK home prices: report

Philippine economy shrinks first time in two decades

India pledges easy access to land for factories leaving China


Additional Articles of Interests – Local & Overseas Real Estate

Local & Overseas Real Estate – Full Article


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