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 July 2022 (Thu)


Large GLS residential sites may help tame land prices, but also heighten risks for developers
When the second half 2022 Government Land Sales (GLS) programme was unveiled on Jun 7, observers were generally not surprised that the authorities had raised the supply of private housing units (including executive condominium or EC units) from the confirmed-list sites by 26 per cent versus H1.

Ho Bee-IOI’s Sentosa Cove project sells 50% of units put up for sale on launch day
Cape Royale, the first large-scale launch at Sentosa Cove in over a decade, is said to have moved about 50 per cent of the 50 units* put up for sale on its first day of bookings on Wednesday (Jul 6). Its 3-bedroom units were understood to be sold at a median price of S$4 million, while 4-room apartments went for a median S$5.5 million.

People’s Park Centre could spur Chinatown rejuvenation if sold
The en bloc sale of People’s Park Centre, if successful, could help rejuvenate the Chinatown area, but buying interest is likely to be limited to consortiums, given the high ticket price, consultants have said.



Australia, Singapore working on next steps towards green economy deal
Singapore – Australia and Singapore are working towards the next milestone in a path-breaking green economy deal which will strengthen Australia’s position as a reliable supplier of non-polluting energy to the Republic.

Australia, Singapore to explore boosting supply chain resilience: Vivian
Singapore – Australia and Singapore will seek to draw on the huge reservoir of strategic trust between them to strengthen supply chains that could withstand future crises, said Foreign Minister Vivian Balakrishnan on Wednesday (July 6).

Singapore, UK working on Investment Protection Agreement to ‘provide certainty and clarity’ for investors: Iswaran
Singapore and the UK are working towards a new and modern UK-Singapore Investment Protection Agreement that would “provide certainty and clarity” for investors, said Minister-in-charge of Trade Relations S Iswaran on Wednesday (Jul 6).

Recession risk climbs for some Asian economies, survey shows
The risk of recession in a handful of Asian economies is rising as higher prices spur central banks to accelerate the pace of their interest rate hikes, according to the latest Bloomberg survey of economists.

Food inflation fears abate as prices of cooking oils and grains plummet
Singapore (Bloomberg) – Worries over surging global food costs are easing as prices of everything from cooking oils to wheat and corn slump to the lowest levels in months on increasing physical supplies and as investors cut their bullish bets on futures markets.

International Valuation Standards Council launches Asia office in S’pore, first outside Europe
Singapore – The valuation industry in Singapore received a boost on Wednesday (July 6) when the International Valuation Standards Council launched its Asia office here. Singapore is the first base for the Council outside Europe, meant to help it drive its advocacy efforts in the region.

Green recovery in Asean to generate over 30m jobs, US$172b in capital investment: ADB
A green recovery from the Covid-19 pandemic in South-east Asia could create US$172 billion in investment opportunities annually and generate more than 30 million jobs by 2030.



IReit CFO resigns to ‘pursue other opportunities’
Europe-focused real estate investment trust IReit Global’s manager announced on Wednesday (Jul 6) that its chief financial officer, Choo Boon Poh, will step down on Aug 22, 2022, when his replacement will join the company. Choo will remain employed with the company until Sep 9, 2022.

Sabana Reit’s manager appoints Elaine Lim as independent director
Sabana Industrial Real Estate Investment Trust’s (Sabana Reit) manager announced in a bourse filing on Wednesday (Jul 6) that it has appointed Elaine Lim as an independent non-executive director.

Chua Hwee Song resigns from SPH Reit’s board
SPH Reit on Wednesday (Jul 6) announced that SPH chief financial officer Chua Hwee Song will resign from SPH, the real estate investment trust’s (Reit) sponsor on Friday. According to a separate internal email seen by The Business Times, SPH said that he is leaving the company to pursue his personal interests.



Optimising supply chains for the post-pandemic world
Industry players embrace technology and diversification for supply chain resilience.

Only 28% of data centres in Asia-Pacific know how their energy is utilised: JLL
Even though sustainability goals are becoming more important for data centres, only 28 per cent of them located in Asia-Pacific have access to key energy efficiency metrics, said real estate consultant JLL in a report on Wednesday (Jul 6).

Singapore confirms first local monkeypox case
The Ministry of Health (MOH) has confirmed the first local case of monkeypox infection in Singapore. The patient is a 45 year-old male Malaysian national who resides in Singapore., who tested positive for monkeypox on Wednesday (July 6).

WHO to reconvene monkeypox emergency committee
The World Health Organization will reconvene its monkeypox experts to decide if the worsening outbreak now constitutes a global public health emergency, its chief said Wednesday (July 6). The UN health agency’s director-general Tedros Adhanom Ghebreyesus said he would hold a second meeting of the emergency committee on monkeypox, with more than 6,000 cases now confirmed in 58 countries.

Singapore riding current Covid-19 wave without heightened measures: Ong Ye Kung
Singapore – For the first time, Singapore will be going through a wave of Covid-19 infections without heightened measures. This means healthcare workers have primarily shouldered the burden, Health Minister Ong Ye Kung said on Wednesday (July 6) as he recognised and thanked the efforts of nurses at the Nurses’ Merit Award event held at Suntec.



Omicron sub-variants BA.4, BA.5 make up 70% of Covid-19 variants in US: CDC

Europe is at centre of new wave of Covid-19 infections, WHO says

Wall Street says a recession is coming; consumers say it’s already here

Federal Reserve’s fear of entrenched high inflation fueled big rate hike: minutes

As Biden weighs China tariff options, any move unlikely to ease inflation in a big way

IMF chief says ‘cannot rule out’ possible global recession

US job openings dip slightly to 11.3 million, remain near record

US service sector index at 2-year low, employment shrinks: ISM survey

After top ministers quit, defiant Johnson stays on despite louder calls to resign

UK home sellers bring more properties to market, Rightmove says

Airbnb London prices soar as UK eyes curbs for tourist hotspots

Now labour unrest is disrupting supply chains from sky to sea

Shimao creditors get organised after US$1b bond default

China’s debt to climb to record in 2022, government adviser says

China starts to pull cash in pivot from crisis policy easing

Hong Kong health officials warn city’s outbreak is worsening

Vietnam, South Korea aim to boost trade to US$100b next year

Malaysia raises interest rate to 2.25% amid ‘positive growth prospects’ for economy

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