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Weekly News Select
Jan 8, 2021 / Issue 1
Top News for the Week
• Singapore private home prices may rise in 2021 amid reviving economy
• HDB resale prices up 2.9% in Q4 2020 - the biggest quarterly rise in 9 years
• HSR termination could slow increase in Jurong property prices
• Economy stabilising, but not yet out of the woods: PM Lee
• HSR termination a setback for economic co-operation
• Economists maintain outlook despite better-than-expected 2020 GDP data
• Singapore PMI still rising, but factory growth momentum expected to ease in 2021
• Economists look to growth in Singapore retail sales by Q1 2021
Residential
Singapore private home prices may rise in 2021 amid reviving economy
Private home prices in Singapore could climb again this year as a recovering economy lifts
sentiment after the private residential property index shrugged off the impact of a global pandemic
to clock a 2.2 per cent gain in 2020.
According to the Urban Redevelopment Authority's (URA) flash estimate, prices of private homes
in Singapore rose 2.1 per cent quarter-on-quarter in Q4 2020 in the highest quarterly increase since
the 3.4 per cent notched in Q2 2018 before the last round of cooling measures kicked in. This
comes on the heels of a 0.8 per cent increase in Q3 2020.
In 2019, the private residential property index grew by 2.7 per cent.
The surprising turnaround in the private property market comes in a year where the local economy
contracted by 5.8 per cent, based on the government's advance estimates.
Huttons Asia's director of research Lee Sze Teck expects private home prices to rise by up to 3 per
cent in 2021, with up to 20 new projects to launch in H121. He said: "Selling prices are expected
to edge up because of recent firm land tender prices and higher construction costs because of
Covid-19 safety management measures."
Links to the story:
https://www.businesstimes.com.sg/real-estate/singapore-private-home-prices-may-rise-in-2021-amid-reviving-
economy
https://www.straitstimes.com/business/property/private-home-prices-up-21-in-third-straight-quarterly-gain
Surrey Point in Newton up for collective sale with S$55m guide price
Surrey Point, a freehold residential development along Newton Road, is up for collective sale via
public tender with a guide price of S$55 million.
The guide price works out to a land rate of about S$1,661 per sq ft per plot ratio based on an 11,977
sq ft site with a gross plot ratio of 2.8, inclusive of development charge.
The land plot is zoned for residential use with a maximum permissible gross floor area of about
35,882 sq ft, inclusive of the additional 7 per cent bonus gross floor area for balconies.
The public tender exercise for Surrey Point will close on Feb 9 at 3pm.
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Link to the story:
https://www.businesstimes.com.sg/real-estate/surrey-point-in-newton-up-for-collective-sale-with-s55m-guide-price-
0
Haidilao family gets option to buy S$42m bungalow in Gallop Road
The family of the Haidilao hotpot chain co-founder Zhang Yong is in the initial stages of buying
a bungalow in Gallop Road next to the family's existing villa.
BT understands that an option to purchase the property was granted last month to Mr Zhang's son
at S$42 million. This works out to S$1,940 per sq ft based on the freehold land area of 21,647 sq
ft. On the site is an old house that is ripe for redevelopment.
Links to the story:
https://www.businesstimes.com.sg/real-estate/haidilao-family-gets-option-to-buy-s42m-bungalow-in-gallop-road
https://www.straitstimes.com/business/property/son-of-haidilao-co-founder-buys-42m-property
House at centre of Yang Yin saga on sale again, for $25m
The house that former China tour guide Yang Yin nearly cheated from a rich Singaporean widow
is up for sale again, at a lower price of $25 million, or about $785 per sq ft (psf) on land area.
The bungalow in Gerald Crescent, off Yio Chu Kang Road, sits on a 31,882 sq ft plot of land -
about the size of half a football field. It has a 999-year lease that began in 1879.
Tender for the land near Yio Chu Kang Road will close on Feb 9 at 3pm.
Link to the story:
https://www.straitstimes.com/singapore/house-at-centre-of-yang-yin-saga-on-sale-again-for-25m
Tough 2021 for residential landlords as rent budgets, foreign workforce shrink
It’s going to be another gloomy year for private residential landlords as cuts to tenants' rental
budgets continue while more foreigners lose their jobs in Singapore.
And don't hold out for the Chinese tech companies which are expanding in Singapore to fill the
increasing number of empty homes, as it's far from clear how many expats they will send here.
The vacancy rate is estimated to rise to 7 per cent and 8-9 per cent for full-year 2020 and 2021,
respectively.
At end-Q3 2020, the vacancy rate was 6.2 per cent, and there were 23,171 units of vacant private
residential units (both landed and non-landed). It was up from 5.4 per cent in Q2 2020 and 20,182
vacant units.
Link to the story:
https://www.businesstimes.com.sg/real-estate/tough-2021-for-residential-landlords-as-rent-budgets-foreign-
workforce-shrink
Normanton Park in Kent Ridge to open for preview
Almost two years after its developer was slapped with a no-sale licence, the Normanton Park
private residential project can now proceed to market.
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Jan 8, 2021 / Issue 1
However, there are several conditions tied to the sale of its units, to protect the interests of
homebuyers, the Urban Redevelopment Authority (URA) told The Business Times (BT).
The development, situated in District 5 and next to Kent Ridge Park, will open for public preview
on Jan 2, 2021, said Kingsford Huray Development in a statement.
Normanton Park will likely be the largest project launch in 2021, going by its total of 1,862
residential units, which are equipped with smart-home features, the Chinese property developer
added.
It is expected to obtain its temporary occupation permit (TOP) in 2023.
Link to the story:
https://www.businesstimes.com.sg/real-estate/normanton-park-in-kent-ridge-to-open-for-preview
HSR termination could slow increase in Jurong property pricesx
The lack of a major catalyst like the Kuala Lumpur-Singapore High Speed Rail (HSR) project
which was terminated on Jan 1 may help slow the increase in property prices in the Jurong area,
but experts are choosing to focus on the broader plans to decentralise the central business district
(CBD) and longer-term outlook for the area.
The termination of the project could ease off pressure on prices in the region, and have trickle-
down effects on the rest of Singapore.
With the HSR project axed, some might worry if plans to rejuvenate Jurong Lake District could
also be shelved, which could trigger a correction in property prices as buyers turn their attention
to other residential areas.
Links to the story:
https://www.businesstimes.com.sg/government-economy/hsr-termination-could-slow-increase-in-jurong-property-
prices
https://www.straitstimes.com/singapore/politics/no-hsr-but-little-change-to-other-plans-for-jurong-experts
https://www.straitstimes.com/singapore/politics/hsr-termination-will-not-affect-overall-plans-for-jurong-ong
HDB resale prices up 2.9% in Q4 2020 - the biggest quarterly rise in 9 years
The Housing and Development Board (HDB) resale market has remained strong despite
macroeconomic uncertainties caused by the Covid-19 pandemic and an increasing supply of flats.
HDB resale prices rose 2.9 per cent in the fourth quarter of 2020, up from a 1.5 per cent increase
from the previous three months, said the latest HDB flash estimates.
It is the third consecutive quarter of increase and the biggest quarterly increase in nearly 10 years;
the last high recorded was in Q3 2011, when these resale prices climbed 3.8 per cent over three
months.
For the whole of 2020, resale prices rose 4.8 per cent - higher than the 0.1 per cent growth in 2019
and the 0.9 per cent decline in 2018.
Links to the story:
https://www.businesstimes.com.sg/real-estate/hdb-resale-prices-up-29-in-q4-2020-the-biggest-quarterly-rise-in-9-
years
https://www.straitstimes.com/business/property/hdb-resale-prices-up-29-biggest-quarterly-rise-in-over-nine-years
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Jan 8, 2021 / Issue 1
Zoning stays but 'no immediate need' for housing there
Clementi Forest will continue to be earmarked for residential use, but there is "no immediate need"
to develop the site for housing, said National Development Minister Desmond Lee.
In a written response to Dr Tan Wu Meng (Jurong GRC), Mr Lee noted that the site has been zoned
for residential use since 1998.
"We will... retain the zoning of the site, while giving our future generations the option of deciding
whether to use it for housing, if the need arises," he said.
Link to the story:
https://www.straitstimes.com/singapore/politics/zoning-stays-but-no-immediate-need-for-housing-there
82 HDB resale flats sold for at least S$1m in 2020: SRX
The number of Housing and Development Board (HDB) resale flats sold for at least S$1 million
hit a new high last year, amid a strong showing by the market despite the Covid-19 pandemic,
flash data from a real estate portal indicated.
There were 82 million-dollar flats transacted in 2020, up from 64 the year before, with December
adding 10 more of such transactions.
These transactions accounted for about 0.35 per cent of the total number of HDB resale flats sold
last year.
The flash estimates for December also reveal that overall HDB resale prices rose for the sixth
consecutive month, bringing the total price rise for 2020 to 6.4 per cent, much more than the 0.3
per cent recorded in 2019.
Links to the story:
https://www.businesstimes.com.sg/real-estate/82-hdb-resale-flats-sold-for-at-least-s1m-in-2020-srx-0
https://www.straitstimes.com/singapore/housing/82-million-dollar-hdb-resale-flats-sold-last-year-in-new-high
Commercial
LHN to launch Keppel Road mixed-use development by mid-Feb
Real estate management services group LHN plans to launch a mixed-use development at 1557
Keppel Road by mid-February 2021.
The integrated space, located on the fringe of the central business district (CBD), will be used for
commercial and residential purposes.
Link to the story:
https://www.businesstimes.com.sg/real-estate/lhn-to-launch-keppel-road-mixed-use-development-by-mid-feb
CBD Grade A office rents to continue slide in 2021, but less sharply than in 2020
Grade A office rentals in the Central Business District (CBD) are generally expected to remain
under pressure in 2021, say property consultants, as companies scale back on space amid economic
headwinds.
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Jan 8, 2021 / Issue 1
CBD Grade A office rents are expected to fall in 2021, although the decline could moderate to
about half the 9.3 per cent pullback seen in 2020 as the economy gets back on track.
Banks such as Japanese lender Mizuho Financial Group and Citigroup are already trimming office
space - both are doing so at Asia Square - and other companies could follow suit when their leases
expire. Amazon is poised to take over some of the space being vacated by Citi at Asia Square
Tower 1 as the e-commerce giant is reportedly set to lease around 90,000 square feet across three
floors.
Analysts expect the main drivers for office demand in 2021 to stem from firms in the tech, social
media and fintech sectors.
Link to the story:
https://www.businesstimes.com.sg/real-estate/cbd-grade-a-office-rents-to-continue-slide-in-2021-but-less-sharply-
than-in-2020
Retail
Retail sector to see slow, steady growth in 2021
Incremental growth is on the cards for the retail sector in 2021, as Singapore cautiously reopens
its borders to stimulate the economy while containing the risks of a Covid-19 resurgence.
According to Singstat data, retail sales recovery has moderated in the second half of 2020,
improving 0.2 per cent month-on-month in October though the index was still down 11.2 per cent
year-on-year.
Most of the consultants The Business Times spoke to do not expect retail sales to experience a
surge like the one seen at the start of Phase 2 in June, when retail sales jumped 51.1 per cent month-
on-month.
Link to the story:
https://www.businesstimes.com.sg/government-economy/retail-sector-to-see-slow-steady-growth-in-2021
Eateries see surge in bookings over year-end period
While Covid-19 might have dented the food and beverage business last year, eateries enjoyed a
burst of activity in December, with more bookings made compared with a year ago before the
pandemic struck.
Food and beverage players said it reflects a recovery in consumer confidence and is likely a result
of Covid-19 affecting year-end plans, including travel.
This also comes as people were allowed to eat out in larger groups of up to eight after phase three
of Singapore's reopening kicked in on Dec 28. The previous limit was five people.
Link to the story:
https://www.straitstimes.com/singapore/consumer/eateries-see-surge-in-bookings-over-year-end-period
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Jan 8, 2021 / Issue 1
Government
Economy stabilising, but not yet out of the woods: PM Lee
After experiencing the "most severe downturn" since independence 55 years ago, Singapore's
economy is on track for a rebound in 2021, said Prime Minister Lee Hsien Loong.
He cautioned, however, that the recovery will be uneven and activity will likely stay below pre-
Covid levels "for some time".
Mr Lee said the government "has gone all out" to support workers and companies in order to
prevent huge job losses and business failures.
He noted that five Budgets were passed in 2020, totalling nearly S$100 billion. The government
had to dig deep into the country's past reservers to help companies and workers via initiatives such
as the Jobs Support Scheme, the Self-Employed Persons Income Relief Scheme, and the Covid-
19 Support Grant.
With Singapore now in Phase 3 and the vaccination process already under way, Mr Lee stressed
that "it will still take some time" for enough people to be inoculated before the country is safe from
another major uncontrolled outbreak.
Links to the story:
https://www.businesstimes.com.sg/government-economy/economy-stabilising-but-not-yet-out-of-the-woods-pm-lee
https://www.straitstimes.com/singapore/spore-should-meet-2021-with-confidence-hope-pm
Singapore Budget 2021 set for Feb 16
The Singapore Budget will be delivered in Parliament on Feb 16, 2021, the Ministry of Finance
said in a statement.
Deputy Prime Minister Heng Swee Keat's upcoming national spending plan comes hot on the heels
of an extraordinary year for fiscal policy amid the Covid-19 pandemic in 2020.
The government is accepting public feedback on the Budget at go.gov.sg/budget2021views and
other channels until Jan 8, 2021.
Links to the story:
https://www.businesstimes.com.sg/government-economy/singapore-budget-2021-set-for-feb-16
https://www.straitstimes.com/singapore/budget-2021-to-be-unveiled-on-feb-16-0
Relief period for events contracts extended
Individuals and companies who have signed contracts for such activities as wedding celebrations,
conferences and holiday tours, have been given another month to apply for protection from legal
action for failing to fulfil their contractual obligations.
The relief period for these contracts was scheduled to have ended Dec 31, but the Ministry of Law
(MinLaw) has extended the deadline to Jan 31.
It said that, in the light of further easing of restrictions under phase three of Singapore's reopening,
"there will be more scope to make alternative arrangements and adjustments to the original contract
terms".
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Jan 8, 2021 / Issue 1
Link to the story:
https://www.straitstimes.com/business/relief-period-for-events-contracts-extended
HSR termination a setback for economic co-operation
The termination of the Kuala Lumpur-Singapore High Speed Rail (HSR) project is a lose-lose
situation for Singapore and Malaysia, given the mutual benefits for various economic sectors and
potential for the exchange of ideas, said observers.
But despite both governments failing to reach an agreement by the Dec 31 deadline, the project's
termination is unlikely to have a significant impact on bilateral ties. Observers noted the two
countries' deep interdependency and positive signals from the coordinated efforts during the
Covid-19 pandemic.
Links to the story:
https://www.businesstimes.com.sg/government-economy/hsr-termination-a-setback-for-economic-co-operation
https://www.straitstimes.com/singapore/politics/spore-malaysia-terminate-high-speed-rail-project
https://www.straitstimes.com/asia/se-asia/hsr-project-without-spore-stop-is-redundant-say-experts
https://www.businesstimes.com.sg/government-economy/removal-of-hsr-assets-company-could-not-be-accepted
https://www.straitstimes.com/singapore/politics/spore-could-not-accept-kls-proposal-to-remove-assetsco
S'pore to bar foreign travellers who have recently been to South Africa
Foreign travellers who have recently visited South Africa will be barred from entering Singapore
from midnight owing to the risk of spreading a new coronavirus strain.
Long-term pass holders and short-term visitors who have been there in the past 14 days will not
be allowed to enter or transit through the Republic.
The measure, which starts from 11.59pm Jan 3, follows news of a potentially more contagious
strain circulating in South Africa.
Singaporeans and permanent residents returning from South Africa are allowed entry on condition
that they are tested on arrival, and again towards the end of their 14-day stay-home notice (SHN).
Link to the story:
https://www.straitstimes.com/singapore/spore-to-bar-foreign-travellers-who-have-recently-been-to-s-africa
Singapore seeks to enable digitalisation of key documents
Singapore is looking to be one of the first countries to enable the digitalisation of key trade
documents via the adoption of the Model Law on Electronic Transferable Records (2017)
(MLETR) as part of efforts to shore up the Republic's position as a leading maritime and trade
hub.
This follows the introduction of the amendment to the Electronic Transactions Act by Minister for
Communications and Information and Minister-in-charge of Trade Relations S Iswaran in
Parliament.
The proposed changes to the law also seeks to, among other things, digitalise important documents
like a Lasting Power of Attorney (LPA).
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Jan 8, 2021 / Issue 1
Links to the story:
https://www.businesstimes.com.sg/government-economy/singapore-seeks-to-enable-digitalisation-of-key-documents
https://www.straitstimes.com/singapore/politics/proposed-changes-to-electronic-transactions-law
Border measures still apply for vaccinated travellers: Lawrence Wong
Singapore will take a "more cautious approach" with Covid-19 vaccinated travellers for now, with
such travellers remaining subject to prevailing border measures and stay-home notice (SHN)
requirements, said Minister for Education Lawrence Wong in Parliament.
However, he said, the government will "carefully study" the effectiveness of vaccinations in
reducing the risk of Covid-19 transmissions, and fine-tune its approach over time.
"The main benefit of the vaccine is that it offers protection to the vaccinated individual. It is likely
that the vaccination can also reduce the risk of transmission of the virus. But at present we still do
not know the extent of the reduction," said Mr Wong, who co-chairs the Covid-19 multi-ministry
task force.
Pointing to ongoing studies, he added: "If there is clear evidence that transmission risks can be
lowered significantly, then we will certainly consider some relaxation to the SHN regime for
vaccinated travellers."
Links to the story:
https://www.businesstimes.com.sg/government-economy/border-measures-still-apply-for-vaccinated-travellers-
lawrence-wong
https://www.straitstimes.com/singapore/politics/stay-home-measures-to-remain-for-now-for-vaccinated-travellers
Vaccinations a key focus for S'pore this year: Gan
The national effort to vaccinate the population will require considerable resources and will be one
of Singapore's key focus areas this year, said Health Minister Gan Kim Yong as he fleshed out the
country's vaccination strategy yesterday.
"Vaccinations will be a key enabler allowing us to return to normalcy," he told Parliament
yesterday. He said this is a new line of defence that Singapore must put in place while the global
situation remains volatile, and it involves a massive logistical exercise.
"We have secured enough vaccines for the whole population. Every vaccine approved for use will
meet all our safety and efficacy requirements," he said.
Sharing some details of the programme, Mr Gan said people will need to make a booking before
visiting vaccination centres for the Covid-19 shot, and will not get to choose the vaccine they want.
Vaccinated individuals will get a physical card, but can also check their vaccination status online.
Link to the story:
https://www.straitstimes.com/singapore/health/vaccinations-a-key-focus-for-spore-this-year-gan
KTV outlets can apply to reopen sans Covid-19 tests
Selected karaoke outlets may be allowed to reopen without their customers needing to take a
Covid-19 swab test as part of a pilot programme, the Ministry of Home Affairs (MHA) has said.
But these outlets must observe a different set of rules - such as a maximum group size of two and
a ban on liquor consumption, an MHA spokesman told The New Paper.
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No changes will be allowed once an outlet receives approval for the option it chose. The pilot
scheme is expected to start in January.
Link to the story:
https://www.straitstimes.com/singapore/consumer/ktv-outlets-can-apply-to-reopen-sans-covid-19-tests
Economy
Economists maintain outlook despite better-than-expected 2020 GDP data
It’s the worst recession on record, but Singapore's 2020 economic contraction has turned out to be
slightly milder than expected at 5.8 per cent year on year - just a notch lower than the official
forecast of a 6 to 6.5 per cent contraction.
Still, it's not quite enough for most economists to revise their 2021 outlook, even though advance
estimates of Q4's gross domestic product (GDP) outperformed their expectations by close to a
percentage point, shrinking 3.8 per cent.
Instead, many are projecting a long and uneven recovery that will hinge on vaccine rollout.
Most economists agree that much of the recovery is likely to gain momentum only in the second
half of the year, with the first half looking gradual and uneven.
Link to the story:
https://www.businesstimes.com.sg/government-economy/economists-maintain-outlook-despite-better-than-
expected-2020-gdp-data
https://www.straitstimes.com/business/economy/spore-economy-shrinks-less-than-expected
Singapore PMI still rising, but factory growth momentum expected to ease in 2021
Singapore’s factory sector continued its growth in December, as sentiment picked up on the month
before, a survey showed.
The Purchasing Managers' Index (PMI) rose to 50.5 points, up by 0.1 point from November,
according to the Singapore Institute of Purchasing and Materials Management (SIPMM).
The uptick in overall PMI, which marked manufacturing's sixth straight month of expansion, was
attributed to faster pick-up in new orders, factory output and inventory.
Meanwhile, the PMI for Singapore's linchpin electronics cluster grew for the fifth straight month,
adding 0.1 point to 51.2 points - its highest level since September 2018.
Links to the story:
https://www.businesstimes.com.sg/government-economy/singapore-pmi-still-rising-but-factory-growth-momentum-
expected-to-ease-in-2021
https://www.straitstimes.com/business/economy/singapore-factory-activity-expanded-for-sixth-month-in-december
A full jobs recovery only likely after next June, say economists
The worst may be over but a full recovery of the labour market is only likely after next June,
according to private sector economists.
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With the Covid-19 vaccines rolling out, boosting business confidence, the earliest the economy
can pick up is only in the first half of 2021, they say. And, as it usually has been, it will take the
jobs market around two quarters to catch up.
Link to the story:
https://www.businesstimes.com.sg/government-economy/a-full-jobs-recovery-only-likely-after-next-june-say-
economists
Economists look to growth in Singapore retail sales by Q1 2021
Singapore’s retail sales could return to positive growth as early as the first quarter of this year, said
economists encouraged by the slowing decline seen in November's data.
Overall takings at the till fell 1.9 per cent in November, a surprising improvement over October's
8.5 per cent contraction and one that the Department of Statistics (SingStat) attributed to multiple
mega sales events such as Singles' Day and Black Friday as well as new mobile phone launches.
On a seasonally adjusted basis, retail sales grew 7.3 per cent in November compared to the previous
month.
The estimated total retail sales value was about S$3.6 billion, of which 14.3 per cent came from
online retail sales, up from the 10.5 per cent seen in October.
Links to the story:
https://www.businesstimes.com.sg/government-economy/economists-look-to-growth-in-singapore-retail-sales-by-
q1-2021
https://www.straitstimes.com/business/economy/mega-sales-events-helped-lift-spore-retail-industry-in-nov
Hospitality
2020 has been 'a write-off for the hospitality sector', says analyst
International visitor arrivals came to roughly 14,700 in November, up by 9.5 per cent month on
month but down sharply from 1.53 million in the year prior, according to fresh Singapore Tourism
Board (STB) figures.
Meanwhile, hotel room revenue stood at S$66.3 million, down by 0.6 per cent on the previous
month and lower by 82 per cent year on year.
More than one-quarter of November's arrivals hailed from mainland China, where visitors who
test negative for Covid-19 have been able to enter Singapore since Nov 6 without serving a Stay-
Home Notice (SHN).
Still, with border controls still in effect, hotels' average occupancy was 53.8 per cent in November
- down by 3.8 percentage points month on month and 35.1 points year on year.
Meanwhile, standard average room rates increased to S$144.6 in November from S$138.2 in
October, although they were down by 33.2 per cent from the year before. Revenue per available
room was S$77.80 in November against S$79.70 in October, a fall of 59.6 per cent on year.
Links to the story:
https://www.businesstimes.com.sg/government-economy/2020-has-been-a-write-off-for-the-hospitality-sector-says-
analyst
https://www.straitstimes.com/singapore/nearly-14700-travellers-visited-singapore-in-november-stb
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www.huttonsgroup.comWeekly News Select
Jan 8, 2021 / Issue 1
WEF annual meeting in S'pore moved to May 25 to 28
The World Economic Forum (WEF) annual meeting will now take place in Singapore from May
25 to 28, nearly two weeks later than previously stated.
This is according to an update on the WEF's website. The conference, which gathers top political,
business and academic leaders to discuss pressing global issues, was originally scheduled to be
held from May 13 to 16.
Link to the story:
https://www.straitstimes.com/singapore/politics/wef-annual-meeting-in-spore-moved-to-may-25-to-28
Shophouse
Singapore shophouse market stays on hot streak with three new sales
The buzz in the Singapore shophouse market continues, with the sector attracting high-net-worth
individuals (HNWIs) and families here and from abroad, in addition to property investment groups.
The latest deals include three adjoining conservation shophouses at 8, 9 and 10 Craig Road which
went for S$29.28 million. Singapore-based property investment group 8M Real Estate is buying
the three-storey shophouses from Hong Kong-based Harilela Group, founded by businessman and
philanthropist Hari Harilela.
An analysis of URA Realis caveats data downloaded on Jan 6 shows that nearly S$862 million
worth of shophouse deals transacted in 2020 - not a bad showing for the pandemic-struck year.
The quarterly breakdown was S$152 million in the first quarter, S$117 million in Q2, S$179.9
million in Q3, and S$413 million in Q4.
With the strong recovery in the second half of the year, the full-year figure was just 6 per cent shy
of the S$916 million total reached in 2019.
Link to the story:
https://www.businesstimes.com.sg/real-estate/singapore-shophouse-market-stays-on-hot-streak-with-three-new-sales
Contact:
Lee Sze Teck
Head, Research
(65) 6500 6510
szetecklee@huttonsgroup.com
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