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 2022 (Wed)

Singapore Real Estate

Singapore new home sales sink 27% in February
New home sales sank in February in the absence of major new launches. Chinese New Year festivities and the declining inventory of unsold new homes also dampened sales during the month, analysts said.

Latest GLS tenders see firm land prices, keener interest from developers
The latest Government Land Sales (GLS) tenders for 2 99-year leasehold housing sites have drawn keen interest, reflecting developers’ hunger for land in the suburbs following strong sales last year. It also reflects their confidence that the segment will continue to post healthy demand from first-time homebuyers and HDB upgraders.

S$63 million to enhance Green Mark Incentive Scheme for Existing Buildings
The Green Mark Incentive Scheme for Existing Buildings will be enhanced to the tune of S$63 million, although applicants will now need to meet higher standards to qualify, Minister for National Development Desmond Lee said at his ministry’s Committee of Supply Debate on Tuesday (Mar 8).

HDB’s ethnic policy buyback scheme will level playing field: analysts
The Housing Board’s (HDB) new Ethnic Integration Policy (EIP) Buyback Assistance Scheme will level the playing field for EIP-constrained flat owners in the property market, analysts said. HDB will offer to buy back flats on a case-by-case basis for eligible owners who face “genuine difficulties” selling their homes due to the EIP, announced Minister for National Development Desmond Lee at the Committee of Supply (COS) Debate on Tuesday (Mar 8).

Singapore Economy

Singapore’s unemployment rates back to pre-pandemic levels in January
Singapore’s unemployment rates declined to pre-pandemic levels in January, according to the latest statistics released by the Ministry of Manpower on Tuesday (Mar 8). The overall unemployment rate declined to 2.3 per cent, from 2.4 per cent the month before.

Hotels get makeover before anticipated return of international visitors
Singapore hoteliers are seizing the downtime from the Covid-19 pandemic to invest in their properties and gear up for an anticipated return of international visitors. That’s even as some watchers flagged a potential over-supply of room stock, should the recovery in demand be slower than expected.

Companies’ Brief

Ascott Trust acquires 5 longer-stay lodging assets in Japan for 10.4b yen
Ascott Residence Trust (ART) is acquiring 4 rental housing properties and a student accommodation property in Japan for a total investment of 10.4 billion yen (S$125 million). In an announcement on Wednesday (Mar 9), the stapled group’s managers said they expect the latest acquisitions to be yield accretive, increasing ART’s pro forma FY2021 distribution per stapled security (DPSS) by 1.7 per cent with an average net operating income yield of about 4 per cent.

Singapore Budget 2022

Decisive net-zero shift will establish Singapore’s economic chops: Teo Chee Hean
Singapore now has more options that will let it reach a more ambitious target for net-zero carbon emissions, Senior Minister Teo Chee Hean told Parliament on Tuesday (Mar 8), after the goal moved up from the second half of the century to “by or around mid-century”.

All HDB car parks to have 3 EV charging points by 2025; Cat A COE for more EV models
From 2025, all Housing Board car parks will have at least 3 charging points for electric vehicles (EV), while more EV models will qualify for Category A Certificates of Entitlement (COE) in a nationwide push to cut land transport emissions by mid-century, Transport Minister S Iswaran said on Tuesday (Mar 8).

Budget debate: What is S’pore doing to meet its sustainability targets?
Singapore – On Tuesday (March 8), five ministries updated Parliament on their progress towards meeting the targets set out under the Green Plan 2030, Singapore’s blueprint for a more sustainable future. The targets will put the country in a better position to meet its climate goals. Gena Soh and Shabana Begum highlight some of them.

Budget debate: $30m grant for building owners to adopt technologies for facilities management
Singapore – Building owners and developers will later this year be able to tap a $30 million grant to help pay for adopting technologies as part of facilities management as well as the retrofitting costs.

Budget debate: Some public sector redevelopment projects likely to require in-depth heritage studies
Singapore – Large-scale public sector redevelopment projects may be subjected to in-depth heritage studies under a new framework to involve stakeholders and the public more in decision-making processes.

Budget debate: S’pore must sustain reopening momentum, 6 in 10 of pre-Covid-19 air links restored, says Iswaran
Singapore – Singapore must sustain its momentum in reopening its borders, with the world learning to live with Covid-19, said Transport Minister S. Iswaran on Wednesday (March 9). He noted during his ministry’s budget debate that Changi Airport is now linked to 58 per cent of cities it was connected to before the pandemic hit.

Update on COVID-19 (Coronavirus Disease 2019) Situation

Singapore reports 22,201 new Covid-19 cases with 1,499 patients hospitalised
[Singapore] Daily new Covid-19 infections and hospitalisations in Singapore rose on Tuesday (Mar 8), with the total number of new cases at 22,201 and 1,499 people hospitalised. There were 13,520 infections and 1,477 people hospitalised on Monday.

Covid-19 can hit more than once though reinfections tend to be milder: NCID
Singapore – People who have had Covid-19 can get it again as acquired immunity against the virus wanes over time, Professor Leo Yee Sin, executive director of the National Centre for Infectious Diseases (NCID) told The Straits Times on Tuesday (March 8).

Can I drive into Malaysia when it reopens its border from April 1?
Singapore – Malaysia will reopen its borders to international visitors from April 1, allowing travellers who are fully vaccinated against Covid-19 to enter the country without quarantine. Visitors will be required to undergo pre-departure tests (RT-PCR) and upon-arrival tests (RTK-Antigen under professional supervision) 24 hours after arrival.

*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 wholesale inventories increase unrevised in January

US trade deficit hits new record in January as exports fall

Inflation is the top issue for a record share of US small businesses

New UK legislation to crack down on money laundering, including property purchases

Australia floods leave A$1.5b of damage as thousands flee

Australian consumers turn glum on inflation, floods

China’s economic stability can support global growth amid Ukraine crisis: Citigroup

China’s February factory-gate prices rise at slowest pace in 8 months

Japan downgrades Q4 GDP on weaker consumer, business spending

Malaysia’s borders to reopen on April 1, no quarantine for fully vaccinated travellers


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