The Leading Professional and Representative Body for the Real Estate Industry

The Leading Professional and Representative Body for the Real Estate Industry



Daily News – 9 Mar 2021 (Tue)

Singapore Real Estate

Two adjoining GCBs on Ewart Park and Holland Rd for sale at S$35m and S$31m respectively
Two adjoining Good Class Bungalows (GCBs) on Ewart Park and Holland Road have been put up for sale with an indicative price tag of S$35 million and S$31 million respectively, said sole marketing agent Edmund Tie on Monday. Both freeholds have a total site area of 32,800 square feet (sq ft) – the GCB on Ewart Park occupies an area of 17,300 sq ft, while the Holland Road GCB spans 15,500 sq ft.

Kai Fook Mansion in Tiong Bahru launched for collective sale at S$123m
Kai Fook Mansion, a walk-up apartment located at Kim Tian Road, is up for collective sale via public tender with an asking price of S$123 million, said sole marketing agent Huttons Asia on Monday. This translates to a land rate of S$2,463 per square foot per plot ratio based on an existing total strata area of 49,944 square feet (sq ft).

En bloc deals: Surrey Point sold for S$47.8m; Mt Emily Rd site fetches S$18m
Activity is picking up in Singapore’s en bloc property market – two deals were announced this week, including the year’s first collective sale. An Amara Holdings joint venture (JV) has agreed to acquire freehold residential development Surrey Point for S$47.8 million, the mainboard-listed property developer and hotelier said in a bourse filing on Thursday evening.

Istana to be restored, Malay Heritage Centre revamped
The Istana and the former Istana Kampong Glam are up for restoration. Works will begin next year on Istana Kampong Glam, a former Malay palace, and the Istana in 2023, Minister for Culture Community and Youth Edwin Tong announced in Parliament on Monday. These restorations are part of regular efforts to preserve Singapore’s national monuments, he said during the debate on his ministry’s spending.


Companies’ Brief

Can the 3 big listed property groups overturn their underperformance?
Banking and property have historically been major sectors of focus for equity investors in Singapore. Over the last five years, however, the share price performance of Singapore’s three listed local banks has diverged sharply from that of the three largest listed local developers. Shareholders of the largest bank by market capitalisation, DBS, have seen their shares roughly double over the five-year period to end-February. Shares of the the largest developer by market cap, CapitaLand, have gained just 8 per cent.

Frasers Property: S$1.28b rights issue to build resilience
The main goals of Frasers Property’s S$1.18-per-share rights issue, set to raise up to S$1.28 billion, are to boost its business resilience through continued exposure to industrial, logistics and business park assets, build financial agility and strengthen its balance sheet for flexibility. The equity fundraising exercise “is really not meant to address just the free float”, as “there are many other things we’re looking to address”, said Uten Lohachitpitaks, group chief investment officer, during a virtual briefing on Monday evening.

Brokers’ take: JPMorgan says industrial Reits ‘most vulnerable’ amid S-Reit headwinds
Investors should brace for a correction ahead among Singapore real estate investment trusts (S-Reits), analysts at JPMorgan reckon, as they issued a non-consensus “underweight” on industrial Reits. JPMorgan is expecting a “period of volatility” for S-Reits due to the recent steepening of the yield curve. Historically, a steeper yield curve has led to a 16 per cent correction in S-Reits.

Corporate digest


Views, Reviews, Forum & Others

Businesses should consider social factors
The Covid-19 pandemic has brought about widespread disruption across the world. Indeed, the impacts of the Covid-19 pandemic extend far beyond the financial. The phalanx of public measures that were imposed to curb the spread of the virus, such as safe-distancing, nationwide lockdowns and remote working arrangements, impede traditional business operations. It is undeniable that it is the social aspect of businesses that face the greatest disruption during these trying times.


Singapore Budget 2021

Parliament must choose between what is popular and what is right as spending needs grow
[Singapore] Parliament on Monday (Mar 8) approved the government’s S$107 billion spending plans for the coming financial year, following nine days of debate on the national Budget where hot-button issues featured prominently on the agenda. These included sustainability, industry transformation, job security and mental health. Capping the debate, Leader of the House Indranee Rajah reminded MPs that Singapore may face difficult choices ahead as its spending needs grow despite a tight fiscal situation.

Transforming S’pore for a post-Covid-19 future
Parliament’s annual debate on the spending plans of the Government and various ministries ended yesterday. Here are 11 key themes which emerged.

Budget debate: Of fiscal stability and stronger social safety nets
Singapore – The nine-day-long debate on the Government and ministries’ spending plans threw up an alphabet soup of support schemes. As can be expected with an annual exercise of this magnitude, many details will be lost on the public. But there are two key takeaways.


Update on COVID-19 (Coronavirus Disease 2019) Situation

13 new Covid-19 cases in Singapore, all imported
Thirteen new coronavirus cases were confirmed yesterday, taking Singapore’s total to 60,046. All the cases are imported and they were on stay-home notice or had been isolated upon arrival, said the Ministry of Health (MOH). They include two permanent residents who returned from India and Malaysia, a dependant’s pass holder and a long-term visit pass holder from India, and a work pass holder from the Philippines.

Singapore’s Covid-19 vaccination drive brought forward for seniors, extended to teachers, postmen, migrant workers
The nation’s Covid-19 vaccination drive has been brought forward for all seniors, and will also be extended to more high-risk groups and essential workers, including teachers, postmen and migrant workers. This is possible because more supplies of the vaccine have arrived, said the Health Ministry (MOH) on Monday. As at Sunday, more than 596,000 doses of the Covid-19 vaccine have been administered.

SIA trials app for Covid-19 test result and check-in
Travellers flying with Singapore Airlines (SIA) will be able to view their Covid-19 test results and use them to check in at Changi Airport with a single app, potentially paving the way for travel without stay-home notices and quarantine. The software has been developed by the International Air Transport Association (IATA) to make travel more seamless amid the pandemic. It works by integrating Covid-19 testing with passengers’ boarding credentials.
*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

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Canada home prices are boiling over, but policymakers downplay need for action

New Zealand manufacturing sales rise in fourth quarter

China looks to drive up domestic consumption

Online funerals, Zen apps keep Japan’s Buddhist temples afloat

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