Singapore Real Estate
Developers, contractors battle labour crunch, supply shortage to meet deadlines
As Singapore’s construction industry grapples with a shortage of foreign workers, amid other headaches, further disruption to project timelines cannot be ruled out, construction firms said. Already, some construction companies allege their workers have been poached by other firms offering fatter pay cheques, even as they’ve hiked salaries to retain their workers.
Adieu to Tanglin Halt, one of Singapore’s oldest estates
Long-time residents are moving out as the estate is set to be rejuvenated as part of Sers project.
Living with Covid-19 plan paves way for stronger recovery in S’pore economy
Singapore – Singapore’s shift in policy emphasis, towards learning to live with Covid-19, has lit up the path to a stronger and broader economic recovery. Prime Minister Lee Hsien Loong said this week that if Covid-19 is here to stay, Singapore would have to learn to deal with it, just like it does with dengue or influenza.
Retail sales increase in April but takings below pre-pandemic levels
Retail sales in Singapore rebounded in April, but the jump was largely inflated by comparison with the low base a year ago, when the Republic entered its circuit breaker period and physical stores were closed for most of the month.
50k property tax accounts to get half-month rental relief
Eligible tenants under some 50,000 property tax accounts of qualifying commercial properties are expected to receive a half-month rental relief cash payout directly as part of the new rental support scheme announced last week.
Lian Beng aims to stay conservative as pandemic hits construction sector
Construction company Lian Beng Group has been in business for close to 50 years, and has weathered several storms – including the Asian financial crisis, the Sars epidemic and the Lehman Brothers collapse. But chairman and managing director Ong Pang Aik said those downturns can’t hold a candle to the challenges brought about by the current pandemic.
S-Reits’ YTD asset acquisitions exceed S$5 billion
Singapore real estate investment trusts (S-Reits) and property trusts continue to increase assets under management (AUMs). This year, 15 acquisitions have been announced valued at over S$5 billion. Of these, 11 were industrial and logistics-related properties.
UOB v Lippo Marina Collection lawsuit: Nothing improper about giving furniture rebates, says defence
Singapore – A bitter legal battle between an Indonesian developer and United Overseas Bank (UOB) over claims that a conspiracy was hatched among buyers of units on Sentosa to inflate about $182 million of home loans is nearing its final act.
Views, Reviews, Forum & Others
China’s new birth policy: Not as simple as one, two, three
Chia Ngiang Hong, President, Real Estate Developers’ Association of Singapore (REDAS)
The shift to a three-child policy in itself is not expected to have any immediate significant impact. More comprehensive measures like pro-birth policies and benefits, robust effort to change values and mindsets, pro-family infrastructure, legislation to promote gender equality, et cetera, will be needed to meaningfully shift the needle over the longer term.
Singapore’s two-front battle with water security and climate change
Too much, too little, and never quite enough – that sums up Singapore’s water challenge now compounded by climate change. As we mark World Environment Day today, it is timely to take stock of the existential challenge posed by climate change through the lens of water and what Singapore is doing to overcome that.
Vaccination drive key to safe opening up
It is heartening that seniors are responding to the Government’s decision to allow those aged 60 and above to walk in to any vaccination centre and get their Covid-19 jabs on the spot. Earlier, appointments were necessary for good logistical reasons.
Covid-19 fight is everyone’s business
The uneven results of the global response to the coronavirus pandemic which emerged last year hold an important lesson. Societies that are rational, scientific, reject fake news and are well-organised, disciplined and united have the best chance of emerging more intact from Covid-19 outbreaks.
5 things to know about inflation
(NYTimes) – To understand why inflation is so worrying to so many people, you could look at price charts for lumber or used cars or New York strip steaks. There is no doubt that the prices of many of the things that people buy are rising at an uncomfortably rapid rate.
Topics that are creating buzz among Singapore investors
The property market is red-hot again with people snapping up real estate left, right and centre, so it is no surprise that inquiries from home seekers about mortgages have gone through the roof as well.
Dow Chemical’s Asia-Pac president on the circular economy
Jon Penrice, Asia-Pacific president of The Dow Chemical Company, talks about the materials science MNC’s partnerships with governments and industries to close the loop on plastic waste.
Singapore’s digital banks on track to start up operations next year
Singapore’s digital banks are on track to set up shop early next year – around six months after the central bank announced its picks for the licences. Hiring is under way at some of the new lenders while products and services are being firmed up.
Asean, EU conclude negotiations on air transport agreement
ASEAN and the European Union (EU) have concluded negotiations for the world’s first bloc-to-bloc air transport agreement, liberalising aviation between the regions – though industry watchers say it may take a few years to assess the possible impact.
Update on COVID-19 (Coronavirus Disease 2019) Situation
Six community cases, lowest figure since May 10
There were 20 coronavirus cases reported yesterday, of which six are in the community and 14 imported. The sole unlinked community case yesterday is a 13-year-old student at Paya Lebar Methodist Girls’ School in Hougang.
Paya Lebar Methodist Girls’ School student is sole unlinked community case
The sole unlinked Covid-19 case on Sunday is a 13-year-old student at Paya Lebar Methodist Girls’ School in Hougang, said the Ministry of Health (MOH) on Sunday night. She was last in school on May 18. The student developed anosmia – or the loss of smell – on May 29 but did not seek medical treatment until last Friday.
One positive case on testing 828 from two Hougang blocks
One person had a positive result for Covid-19 out of 828 residents and visitors at Blocks 501 and 507 Hougang Avenue 8 tested, after viral fragments were detected in wastewater samples collected from these blocks. Mandatory testing for this group has concluded, said the Ministry of Health (MOH) yesterday.
New cluster at Bedok barber shop; all 13 community cases linked
A new Covid-19 cluster has been formed at a barber shop in Bedok, the Ministry of Health (MOH) announced last night. The cluster at Atatcutz Singapore has six people, four of whom were new cases announced yesterday.
Expert panel clears mRNA vaccines for those with allergies
Individuals with a history of anaphylaxis and allergic reactions to other drugs, food, insect stings or unknown triggers can safely have mRNA vaccines, the Ministry of Health (MOH) said yesterday. An expert committee on Covid-19 vaccination recommended letting this group of people receive mRNA vaccines…
askST: Can I mix and match different types of Covid-19 vaccines to get more protection?
Singapore – As more Covid-19 vaccines have been added to the World Health Organisation’s listing for emergency use, new questions have emerged on how these vaccines should be best deployed. For instance, some countries are planning to use different vaccines for first and second doses because of concerns over vaccine supply or side effects linked to a particular vaccine.
How to encourage more vaccinations
So far, about 31 per cent (or 1.77 million) of the resident population in Singapore has been vaccinated. As Singapore steps up its vaccination drive, what can economics tell us about the ways available to persuade people to get the jab?
Thin crowds as Jem, Westgate malls reopen
Dinner-time crowds were thin at Jem and Westgate yesterday, the first day the two malls in Jurong East reopened for business after a mandatory two-week closure. The two malls were linked to a Covid-19 cluster that numbered 63 cases as at Saturday.
S’pore to bar short-term visitors with travel history to Guangdong
All short-term travellers with an air travel pass who have travelled to Guangdong province in China within the last 21 days will be barred from entering Singapore from tomorrow. The Ministry of Health (MOH) said yesterday that the tightened border measures come amid a spike in Covid-19 cases in Guangzhou.
Scheme to train ‘ambassadors’ to tackle misinformation on vaccines
A public health ambassador programme was launched yesterday to train people to raise awareness of the importance of getting Covid-19 jabs. The initiative by international service organisation Rotary Club of Singapore (RCS) and the National University of Singapore’s (NUS) Saw Swee Hock School of Public Health was launched at a public forum to address vaccine hesitancy.
A future with Covid-19: What would life look like?
Singapore – You wake up with the slightest case of a runny nose. Mental note: Put on a mask before you leave for the airport – not that it’s a must, but just to be safe. After breakfast, you whip out Temasek’s newest do-it-yourself Covid-19 test kit, bought over the counter at Guardian pharmacy. Everyone at home breathes negative.
Pregnant women should get jab to protect themselves and baby: Specialists
Studies in other countries have shown that pregnant women who get Covid-19 are more likely to require intensive care or invasive ventilation, said Dr Lim Min Yu, president of OGSS. This puts the baby at higher risk of pre-term birth and stillbirth, and he or she may also need intensive care.
Global Economy & Global Real Estate
US inflation data for May set to take centre stage this week
US job growth picks up steam in May after disappointing April
Biden bars US investment in Chinese tech, defence companies
British PM calls on G-7 to vaccinate world by end-2022
Hot housing market creating risk to UK economy
UK businesses raise fears of future lockdowns as cases rise
In New York, buildings with sections that seem to float in midair
Implementation of G-7 agenda challenging
Olympics could be ‘show window’ for Tokyo’s booming real estate
Carpark space sells for HK$10 million in Hong Kong
Thailand to welcome vaccinated foreign visitors next month