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 April 2020 (Thu)


Singapore Real Estate

Million-dollar HDB resale flats facing downtrend
Some HDB resale transactions continue to bust the million dollar price tag even as Covid-19 rages on, with one sold last month for a record S$1.232 million. In March 2020, there were five HDB resale flats transacted for at least S$1 million, according to real estate portal SRX Property.


Companies’ Brief

Cromwell E-Reit proposes rent deferrals, monthly payments for tenants
Cromwell European Real Estate Investment Trust (Cromwell E-Reit) is proposing to offer tenants the option to pay their rent every month instead of every quarter. It may also allow payments to be deferred by one to three months in special cases, it said in a bourse filing on Wednesday.

Frasers Property temporarily shuts UK and Germany assets, some staff taking unpaid leave
Frasers Property has temporarily shut its three hotels in Germany and will also progressively close its 11 hospitality properties in the UK. In Australia, the real estate giant has closed all food and beverage (F&B) outlets at two hotels – one in Sydney and the other in Melbourne – in the interim.

Is KepLand ditching residences in Hoe Chiang Rd project?
AFfter putting it on the backburner, Keppel Land may finally be going ahead to redevelop its office asset in Hoe Chiang Road. The property comprises two towers – Keppel Towers and Keppel Towers 2 – that have been been vacated.

Savings from pay cuts at Starhill Reit to be passed on to unitholders
The board of directors and top executives at Starhill Global Reit (SGReit)’s manager will take pay cuts in light of the Covid-19 situation, the savings of which will be passed on to unitholders as part of a 10 per cent reduction in base management fees payable by SGReit for the next three months from April.

UOB CEO records S$10.75m total salary for 2019, up 1.8%
UOB will also defer its annual general meeting, slated originally for April 30, given the restrictions of mass gatherings due to the virus outbreak. At the shareholders’ meeting, investors were due to approve a final dividend payout of 55 Singapore cents per share, and a special dividend of 20 Singapore cents per share.

Family fortunes across Asia take a beating from $143b Reit rout
Value of holdings in investment trusts tumbles as coronavirus pandemic roils property market


Views, Reviews, Forum & Others

Collapse of Eagle Hospitality Trust warrants probe, regulatory reviews
Since its initial public offering (IPO) in May last year, Eagle Hospitality Trust (EHT) has not distributed a single cent to investors and lost more than 80 per cent of its market value. Trading in its units has been suspended, and it is now trying to repay a US$341 million loan – a sum that is nearly three times its market value of US$120 million.

IMF should promote global view on tackling crisis
The global economic outlook and financial stability discussion is the centrepiece of the International Monetary Fund’s (IMF) International Monetary and Financial Committee (IMFC). It allows ministers and central bank governors, often domestically focused, to hear from others about their challenges, responses and strategies for coping.

Driving critical mass in green financing within Singapore
Climate change is widely seen, not least in Singapore, as one of the gravest challenges facing humankind. Yet given the vastness and reach of the phenomenon, it can be very overwhelming for any nation, entity or individual to embark on efforts to combat it.

Light at the end of a long tunnel?
Notwithstanding the breadth and depth of policy responses thus far, the ongoing coronavirus pandemic has clearly emerged as the most dominant threat to the global economic landscape. But any attempt to pin down the severity and duration of the fallout at this time is extremely challenging insofar as we continue to grapple with the dynamics of the outbreak.

What Kazakhstan learnt from Singapore about crisis management
When the coronavirus was discovered in Wuhan late last year, officials in Kazakhstan began preparing for the inevitability that the disease would spread to their country. After all, Kazakhstan shares one of the longest land borders in the world with China, and is often used as a transit point for China-bound flights from Central Asia.

A digital future for work is already here
The circuit breaker measures taking effect this week aim to reduce the spread of the dreaded Covid-19 disease. At the heart of these measures is the closure of schools and workplaces, once unthinkable in a country whose business is business. Essential services aside, businesses must shift their operations from their office premises to telecommuting, with their employees working from home.

Long hard fight ahead against economic impact of pandemic
Singapore is digging in and bracing itself to fight off successive waves of turmoil, generated by the global coronavirus pandemic. But the shocks are overwhelming and economic recovery, whenever it begins, will likely be a lengthy and painful process.


Update on COVID-19 (Coronavirus Disease 2019) situation

10 businesses warned for operating even though they were non-essential
Some errant businesses may be attempting to dodge workplace suspension measures, which come as part of month-long “circuit breaker” measures that took effect on Tuesday. During enforcement checks on Tuesday, the authorities issued verbal warnings to 10 businesses that had remained open despite providing non-essential services.

All countries fighting same enemy and need to cooperate closely: PM Lee
While each country is facing a different set of circumstances amid the Covid-19 pandemic, they are all fighting a common enemy and should cooperate closely with each other, Prime Minister Lee Hsien Loong said on Wednesday.

Past crises not good indicators of coronavirus impact, says Indranee
Past crises are no longer good indicators of how the ongoing coronavirus outbreak will impact the global economy, and Singapore needs to be prepared for anything to happen, Minister in the Prime Minister’s Office Indranee Rajah said yesterday.

How circuit breaker helps to prevent spread of coronavirus
Singapore swung into full circuit-breaker mode yesterday, with schools closing as students moved to home-based learning a day after most workplaces in Singapore were shuttered. The aim? To contain the outbreak of Covid-19, or in statistical terms, to drive down R0 (pronounced R-naught).

What The Law Says
Under the Covid-19 (Temporary Measures) Act, people should stay home until May 4 and not go out unless they need to buy food or essential items, see a doctor, or are working in essential services. If they go out, they must keep a distance of 1m from others, even in open spaces, among other measures.

Coronavirus: All returnees to serve stay-home notice at dedicated facilities
From 11.59pm today, all travellers returning to Singapore from overseas will have to serve their 14-day stay-home notice (SHN) at dedicated facilities, such as hotels, instead of in their homes. The Ministry of Health (MOH) announced yesterday that the rule has now been extended to all Singaporeans, permanent residents and long-term pass holders, regardless of the country they are coming from.

Employers urged to avoid axing workers
Employers are strongly urged not to resort to retrenchment or prolonged no-pay leave to manage business costs during the circuit breaker month, said the Ministry of Manpower (MOM) in an advisory this week on salary and leave arrangements.

DBS, OCBC and UOB pledge no job cuts due to Covid-19
Singapore banks, which are major employers here, have pledged no retrenchments as a result of the novel coronavirus outbreak. In a statement, Piyush Gupta, CEO of Singapore’s largest bank DBS, said: “While these are clearly challenging times for all, DBS recognises the key role that we play in support of employees, customers, shareholders and the community. Our capital and liquidity positions are strong.
*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

Cell towers, warehouses look like safe plays in US real estate

Dollar firms on rising novel coronavirus crisis worries

Dow ends 3.4% higher after latest US coronavirus updates

Coronavirus: Fed officials agreed ‘forceful’ response to outbreak was needed

EU fails to agree on mitigation as divisions persist

France’s central bank estimates Q1 GDP shrunk 6% from previous quarter, possibly worst fall since WWII

Hong Kong unveils unprecedented HK$137b coronavirus relief package


Additional Articles of Interests – Local & Overseas Real Estate

Local & Overseas Real Estate – Full Article

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