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Weekly News Select
Mar 12, 2021 / Issue 10

Top News for the Week
• En bloc deals: Surrey Point sold for S$47.8m; Mt Emily Rd site fetches S$18m
• Kai Fook Mansion in Tiong Bahru launched for collective sale at S$123m
• Feb new home sales plunge 60% on lack of new launches
• GCB market continues to sizzle
• Private analysts raise GDP hopes to 5.8% for 2021, up by 0.3 point on earlier forecast
• Retail sales down 6.1% in Jan but economists see recovery ahead
• Business meeting facility at S'pore Expo gets first guests

Residential
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.
That price tag translates to a land rate of about S$1,434 per sq ft per plot ratio (psf ppr), based on
the total site area of 11,977 sq ft and gross plot ratio of 2.8, inclusive of development charge.
Separately, a trio of freehold, three-storey residential properties at 2, 4 and 6 Mount Emily Road
has changed hands for S$18 million.
This is the first collective sale in Singapore in 2021.
The buyer is ZACD Group, a Hong Kong-listed, Singapore-headquartered integrated asset
manager.
The sale price of S$18 million reflects a land rate of S$1,115 psf ppr, with no development charge
payable due to the high development baseline.

Link to the story:
https://www.businesstimes.com.sg/real-estate/en-bloc-deals-surrey-point-sold-for-s478m-mt-emily-rd-site-fetches-
s18m

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.
This translates to a land rate of S$2,463 per sq ft per plot ratio based on an existing total strata area
of 49,944 sq ft.
The 9,999-year leasehold site has a total land area of 15,896 sq ft and an allowable gross plot ratio
of 3.0. It is zoned for residential with commercial at the first storey use.
The land plot can be developed into a six-storey building comprising 41 residential apartments
with an average size of 915 sq ft each, as well as some 12,500 sq ft of potential commercial space.

Weekly News Select
Mar 12, 2021 / Issue 10

The commercial space can house a large hyper-mart, food and beverage outlets or co-working
spaces, subject to planning approval, Huttons said.
The public tender for Kai Fook Mansion closes on May 19, 12pm.

Links to the story:
https://www.businesstimes.com.sg/real-estate/kai-fook-mansion-in-tiong-bahru-launched-for-collective-sale-at-
s123m
https://www.edgeprop.sg/property-news/kai-fook-mansion-kim-tian-road-collective-sale-123-mil

2 freehold residential properties near Somerset put up for sale
Two residential properties in Devonshire Road - The Bayron, a condominium, and Devonshire
Apartment, a serviced apartment tower - have been put up for sale.
The guide prices for the two developments, which are next to each other, are $376 million for The
Bayron and $66 million for Devonshire Apartment.
Both freehold properties have been zoned for residential use under the Urban Redevelopment
Authority's Master Plan 2019.
The Bayron, which has dual addresses at 13 Devonshire Road and 49 Saint Thomas Walk, has 96
units spread over two blocks, with a total strata floor area of 112,300 sq ft. This brings its price
per square foot (psf) to approximately $2,377 per plot ratio.
With a plot ratio of 2.8 and a height control of up to 36 storeys, the site has a gross floor area of
159,893 sq ft, or 169,218 sq ft after taking into consideration the 7 per cent bonus gross floor area
for balconies.
The property is available via a public tender exercise, which will close at 3pm on April 6.
The eight-storey Devonshire Apartment at 17 Devonshire Road has an allowable plot ratio of 2.8.
With its $66 million guide price, the psf per plot ratio price is $2,356, based on the maximum
allowable gross floor area of 31,688 sq ft.
The apartment tower is available for sale via an expression of interest exercise, which closes at
3pm on April 6.

Link to the story:
https://www.straitstimes.com/business/property/2-freehold-residential-properties-near-somerset-put-up-for-sale

Feb new home sales plunge 60% on lack of new launches
New homes sales by developers plunged 60 per cent to 639 units in February from 1,609 in January
in the absence of new project launches and the Chinese New Year holidays.
This contrasted sharply in January, where just one new project, the 1,862-unit Normanton Park -
moved 625 units.
What is interesting is that amid the slower activity, some well-heeled buyers are showing a
preference for city fringe locations, in particular, the Katong area which was where the old rich
used to have their villas and mansions.
The URA will release the monthly sales data on March 15.

Link to the story:
https://www.businesstimes.com.sg/real-estate/feb-new-home-sales-plunge-60-on-lack-of-new-launches

Weekly News Select
Mar 12, 2021 / Issue 10

GCB market continues to sizzle
The creme de la creme of Singapore's landed housing market remains buoyant.
In the first two months of this year, some S$424 million of deals in Good Class Bungalow (GCB)
Areas have been transacted - nearly 40 per cent of the tally for the whole of last year.
Based on URA Realis' caveats data, the number of deals since the start of this year stands at 16,
with the latest transaction dated Feb 23.
Among recent transactions is a property in Peirce Road being sold for S$30.88 million or S$1,951
per square foot on a freehold land area of 15,826 sq ft.
A property along Old Holland Road is also changing hands for S$28 million or S$1,376 psf on
land area of 20,345 sq ft.

Link to the story:
https://www.businesstimes.com.sg/real-estate/gcb-market-continues-to-sizzle

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.
Both freeholds have a total site area of 32,800 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. This brings the average price per
square foot (psf) to about S$2,023 and S$2,000 respectively.
The adjoining bungalows are available via an expression of interest exercise which will close on
April 14 at 3pm. Buyers may bid for either one or both of the properties.

Link to the story:
https://www.businesstimes.com.sg/real-estate/two-adjoining-gcbs-on-ewart-park-and-holland-rd-for-sale-at-s35m-
and-s31m-respectively

Condo resale prices in Singapore rise for seventh straight month; up 1% in Feb: SRX
New condominium launches continued to drive demand in the secondary market in February.
Resale prices rose by 1 per cent in the month, climbing for the seventh straight month in Singapore.
Year on year, overall resale prices advanced 4.4 per cent, flash figures from a real estate portal
showed.
All regions saw price increases month on month. The core central region (CCR), rest of central
region (RCR) and outside of central region (OCR) gained 1.5 per cent, 0.7 per cent and 1.1 per
cent respectively.
On a year-on-year basis, prices in the CCR, RCR and OCR rose 2.7 per cent, 2.6 per cent and 5.8
per cent respectively.
Volumes edged up 0.4 per cent on the month, despite an expected slowdown due to the Chinese
New Year period. There were 1,399 units resold in February, compared with 1,394 units resold in
January.
Resale volumes were 126 per cent higher than in February 2020 and 101.9 per cent higher than the
five-year average volumes for the month of February.

Weekly News Select
Mar 12, 2021 / Issue 10

Links to the story:
https://www.businesstimes.com.sg/real-estate/condo-resale-prices-in-singapore-rise-for-seventh-straight-month-up-
1-in-feb-srx
https://www.straitstimes.com/singapore/housing/condo-resale-prices-rise-for-7th-consecutive-month-in-february

Condo, HDB rents rise again in Feb on lower volumes
Rents kept heading north last month for private apartments and Housing Board flats, as lease
numbers for both fell amid the double whammy of the Chinese New Year lull and Covid-19
restrictions.
Rents of condominiums and private apartments rose 1 per cent from January to February while
HDB rates increased 0.5 per cent, according to flash data from a real estate portal.
Condo rents were up for a second straight month and 1.2 per cent higher than in February last year,
but still 14 per cent lower than their peak in January 2013.
HDB rents have risen for eight straight months and are now up 5.2 per cent from June last year,
but still down 11.6 per cent from their peak in August 2013.

Link to the story:
https://www.straitstimes.com/business/property/condo-hdb-rents-rise-again-in-feb-on-lower-volumes

Commercial
Office rents may stay lower for longer
The recovery in office rents could be a protracted one as companies review their office space needs,
while rents at older buildings are expected to remain under pressure amid a flight to quality.
In the past, the finance and insurance as well as the real estate, professional services and
administrative and support services (FIRE) sectors have been seen as a key driver for office
demand in the Central Business District (CBD).
However, this hasn't been the case in Covid-19 times.
According to data collated, the finance and insurance sector recorded a marginal GDP decline as
the pandemic hit home. The information and communications (I&C) as well as the real estate,
professional services and administrative and support services sectors recorded falls in their
respective GDPs in H1 2020, and were impacted more adversely than the finance and insurance
sector.
And with the pandemic still raging on, firms may be hesitant to sign on the dotted line and commit
to office space, given the hazy outlook. In addition, many employees continue to work remotely.
Companies could also turn to co-working spaces to give them the flexibility to scale up or down,
in line with their needs.

Link to the story:
https://www.businesstimes.com.sg/real-estate/office-rents-may-stay-lower-for-longer

Weekly News Select
                                                                                                 Mar 12, 2021 / Issue 10

Government
Better targeted subsidies to those in greater need as healthcare spending likely to
continue rising over time: Gan Kim Yong
Singapore’s spending on healthcare has grown every year and is likely to continue rising, which
is why the country needs to be prudent and ensure support is targeted at those in greater need,
Health Minister Gan Kim Yong said.
He said that the government continues to bear a significant and growing share of the national health
expenditure, from 40 per cent in 2013 to 46 per cent in 2018.
Having better targeted subsidies is thus one of the three key thrusts when it comes to strengthening
Singapore's healthcare system for the long term, even as the nation is mobilised in fighting the
Covid-19 pandemic, the minister said.
Another key thrust is to continue to anchor care in the community by strengthening primary care,
the minister said, adding that 12 new polyclinics will be built, bringing the total to 32 by 2030.
The government is also committed to stretching Singaporeans' health dollar, said Mr Gan. This
will be done by leveraging risk pooling and by continuing to improve the healthcare system's cost
effectiveness and efficiency, through, for example, the Agency for Care Effectiveness and the
Agency for Logistics Procurement and Supply.
These initiatives are part of Singapore's care transformation journey.

Links to the story:
https://www.businesstimes.com.sg/government-economy/singapore-budget-2021/better-targeted-subsidies-to-those-
in-greater-need-as
https://www.straitstimes.com/singapore/health/spore-to-revamp-healthcare-subsidy-system
https://www.straitstimes.com/singapore/health/acute-hospitals-to-base-subsidies-on-per-capita-household-income

Singapore to reopen borders safely using four-pronged approach: Ong Ye Kung
Singapore will reopen its borders safely using a four-pronged approach, even as an immediate
recovery of the aviation sector this year is not in sight, Transport Minister Ong Ye Kung said.
He noted that it is not realistic to expect a V-shaped recovery in the aviation sector this year, given
how fluid the pandemic situation is. Still, as governments realise they cannot perpetually shut their
borders, and with Covid-19 vaccination being rolled out, Mr Ong expects some reopening of
borders, as well as some recovery this year.
And the government views the removal of quarantine measures and stay-home notice - which are
still in place - as key to reviving air travel.
Therefore, it will instead use these four methods - testing travellers, bubble-wrapping, reopening
borders to travellers from places that have controlled the virus, as well as less onerous requirements
for vaccinated inbound travellers that may even see the stay-home notice waived.

Links to the story:
https://www.businesstimes.com.sg/government-economy/singapore-budget-2021/singapore-to-reopen-borders-
safely-using-four-pronged
https://www.straitstimes.com/singapore/politics/aviation-sector-will-see-some-recovery-this-year-minister

                Huttons Asia Pte Ltd | L3008899K | ROC No. 200210087C | GST Reg No. 20-0210087-C
               3 Bishan Place #05-01, CPF Building, S (579838) | Tel. (65) 6253 0030 | Fax (65) 6253 0090
                                              www.huttonsgroup.com

Weekly News Select
                                                                                                 Mar 12, 2021 / Issue 10

Maritime sector set to get $20b boost, more new jobs by 2024
Singapore's maritime sector can expect $20 billion in business spending from industry players by
2024, which will create more jobs here, said Senior Minister of State for Transport Chee Hong
Tat.
He outlined three targets for the local maritime ecosystem to strive towards - to be integrated,
innovative and inclusive.
The Government plans to develop the Tuas South region for industrial use over the next two
decades, and will continue to explore viable transport options for workers there as well as increase
public housing options in the west, he added.
The Maritime and Port Authority (MPA) will add $15 million to the Maritime Innovation and
Technology Fund, bringing the total funds available for maritime research and development and
product development to $100 million.

Link to the story:
https://www.straitstimes.com/singapore/politics/maritime-sector-set-to-get-20b-boost-more-new-jobs-by-2024

S$20 million arts top-up includes new grant for freelancers
Arts freelancers and businesses in Singapore will get more support as the government has pledged
another S$20 million to help the sector tide over the coronavirus pandemic.
Minister for Culture, Community and Youth Edwin Tong announced a top-up to the Arts and
Culture Resilience Package (ACRP), which will cover the cost of new grants for self-employed
workers and business transformation, as well as the extensions of other support.
This brings the total package to S$75 million, he told Parliament during the debate on his ministry's
spending plans for the new financial year.
One new scheme is the Business Transformation Fund, which aims to help arts and culture
organisations become more efficient and sustainable.
Groups can apply for a Business Transformation Grant (BTG), which will defray the cost of
initiatives such as experimenting with new programmes or hiring consultants to develop ways of
monetising digital content.
Also unveiled was the Self-Employed Person (SEP) Grant for local freelancers and arts and culture
groups which collaborate with them.

Links to the story:
https://www.businesstimes.com.sg/government-economy/singapore-budget-2021/s20-million-arts-top-up-includes-
new-grant-for-freelancers
https://www.straitstimes.com/singapore/arts-sector-to-receive-another-20m-to-tide-over-crisis

Economy
Private analysts raise GDP hopes to 5.8% for 2021, up by 0.3 point on earlier forecast
Private sector watchers have raised estimates for full-year growth, even though the economy is
still expected to stay underwater in the first quarter.

                Huttons Asia Pte Ltd | L3008899K | ROC No. 200210087C | GST Reg No. 20-0210087-C
               3 Bishan Place #05-01, CPF Building, S (579838) | Tel. (65) 6253 0030 | Fax (65) 6253 0090
                                              www.huttonsgroup.com

Weekly News Select
Mar 12, 2021 / Issue 10

Singapore's gross domestic product (GDP) may grow by 5.8 per cent in 2021, before cooling to
3.8 per cent in 2022, according to the results of the latest quarterly survey from the Monetary
Authority of Singapore (MAS).
Analysts' forecast for 2021 is higher than the 5.5 per cent growth predicted in end-2020, and falls
within the government's official outlook range of 4 per cent to 6 per cent.
Watchers also tipped a 42 per cent chance that the economy could blow past official expectations.
That's an increase from results of the last survey, which pointed to a 38.2 per cent chance of the
economy surpassing 6 per cent growth.
The survey of professional forecasters, sent out on Feb 15, reflects the opinions of 24 economic
analysts and does not represent MAS's own views.

Links to the story:
https://www.businesstimes.com.sg/government-economy/private-analysts-raise-gdp-hopes-to-58-for-2021-up-by-
03-point-on-earlier
https://www.straitstimes.com/business/economy/singapore-economy-could-grow-58-in-2021-mas-survey

Retail sales down 6.1% in Jan but economists see recovery ahead
Although Singapore's retail sales declined further in January, economists see signs of improving
domestic demand - though year-on-year figures in upcoming months should be viewed in the
context of the low base effect from a year ago.
Retail sales fell 6.1 per cent year on year in January, figures from the Singapore Department of
Statistics (SingStat) showed. This steepened from December's 3.3 per cent fall, which was in turn
a worsening from November's improvement. January's steeper decline was due partly to Chinese
New Year (CNY)-linked sales in January 2020, said SingStat. The festival fell on February this
year.
The total retail sales value in January was S$3.8 billion, with online sales accounting for 10.3 per
cent.
Excluding motor vehicles, the total value was S$3.2 billion, down 8.4 per cent year on year. On a
seasonally adjusted month-on-month basis, retail sales fell 1.8 per cent, or 2.4 per cent excluding
motor vehicles.

Links to the story:
https://www.businesstimes.com.sg/government-economy/retail-sales-down-61-in-jan-but-economists-see-recovery-
ahead
https://www.straitstimes.com/business/economy/singapore-retail-sales-down-61-year-on-year-in-january

4,500 jobs, training roles in pre-school, social service sector
Around 4,500 jobs and skills training opportunities have been carved out or are in the pipeline for
Singaporeans in the early childhood and social service sectors, as well as for those with disabilities,
Minister for Social and Family Development Masagos Zulkifli said.
Helping individuals bounce back from the pandemic in a manner that builds resilience is among
the three key areas where the Ministry of Social and Family Development (MSF) plans to build a
stronger social compact, said Mr Masagos in the debate on his ministry's budget.
The other two areas are ensuring greater inclusivity and opportunities for all, and enabling the pre-
school and social service sectors to emerge stronger.

Weekly News Select
                                                                                                 Mar 12, 2021 / Issue 10

Link to the story:
https://www.straitstimes.com/singapore/politics/4500-jobs-training-roles-in-pre-school-social-service-sector

Potential wealth tax raises concern over Singapore's competitiveness as wealth hub
The imposition of wealth taxes, such as a reinstatement of estate duty and introduction of
investment-related taxation such as a capital gains tax, is widely expected to dent Singapore's
competitiveness as a wealth management hub.
The idea of wealth taxes, however, is increasingly under consideration as governments globally
are under pressure to find sources of revenue to shore up deficits which have deepened with the
pandemic.
Consultants and banks contacted by The Business Times believe that the impact - should various
forms of wealth taxation be introduced - is likely to be felt more among the high net worth (HNW)
cohort of individuals as opposed to the ultra wealthy and family offices. Banks typically classify
those with net assets of at least US$1 million as HNW; the ultra HNW net assets threshold may
start at US$30 million.

Link to the story:
https://www.businesstimes.com.sg/banking-finance/potential-wealth-tax-raises-concern-over-singapores-
competitiveness-as-wealth-hub

Over 1,500 tech-related jobs on offer at virtual fair
More than 1,500 technology related jobs across various sectors are on offer at a virtual career fair
that starts Mar 13.
Over 100 organisations are participating in the two-week Smart Nation and U: Virtual Career Fair,
including e-commerce platform Shopee and Standard Chartered Bank, as well as public agencies
such as the Government Technology Agency and the Infocomm Media Development Authority.
The positions offered vary from those that require deeper tech expertise, such as software
developers who need coding skills, to "tech-lite" roles that do not require a tech background but
may involve the use of tech on the job.

Link to the story:
https://www.straitstimes.com/tech/tech-news/over-1500-tech-related-jobs-on-offer-at-virtual-fair

Hospitality
Business meeting facility at S'pore Expo gets first guests
The first travellers to make use of a dedicated business meeting facility at Singapore Expo have
begun arriving from countries such as Germany, France, Indonesia, Japan and the United Arab
Emirates.
Connect@Changi said that these guests can meet both their Singapore-based counterparts and
guests from other countries safely, given its suite of specially designed meeting rooms that have
airtight glass panels.

                Huttons Asia Pte Ltd | L3008899K | ROC No. 200210087C | GST Reg No. 20-0210087-C
               3 Bishan Place #05-01, CPF Building, S (579838) | Tel. (65) 6253 0030 | Fax (65) 6253 0090
                                              www.huttonsgroup.com

Weekly News Select
Mar 12, 2021 / Issue 10

Connect@Changi declined to say how many reservations have been made since its official launch
on Feb 18 with 150 guest rooms.
The facility, the first of its kind in the world, is part of Singapore's efforts to position itself as a
global business hub for pandemic times.

Link to the story:
https://www.straitstimes.com/singapore/health/business-meeting-facility-at-spore-expo-gets-first-guests

Movement-tracking wristbands to be trialled at hybrid Mice event
Wristbands to track movements and partitioned meeting pods with microphones will be trialled as
Singapore looks to revive its battered meetings, incentives, conferences and exhibitions (Mice)
sector.
Almost 1,000 business visitors, delegates and speakers, comprising mostly locals, will try out these
new measures at the Geo Connect Asia 2021 event to be held at Marina Bay Sands on March 24
and 25.
Geo Connect Asia is the first large-scale hybrid Mice event this year and the second one - after the
TravelRevive trade show in November - since the Covid-19 pandemic decimated international air
travel.

Link to the story:
https://www.straitstimes.com/singapore/transport/movement-tracking-wristbands-to-be-trialled-at-hybrid-mice-
event

Shophouse
Pair of shophouses in Tanjong Pagar up for sale with S$15m guide price
A pair of shophouses at 16 and 18 Tanjong Pagar Road has been put up for sale via an expression
of interest (EOI) exercise with a guide price of S$15 million.
The shophouse pair spans a land area of 1,976 sq ft and a gross floor area (GFA) of about 4,090
sq ft, which includes an outdoor refreshment area.
Its tenure is 99 years with effect from 2000.
The EOI for 16 and 18 Tanjong Pagar Road will close on May 6, 2021 at 3pm.

Links to the story:
https://www.businesstimes.com.sg/real-estate/pair-of-shophouses-in-tanjong-pagar-up-for-sale-with-s15m-guide-
price
https://www.straitstimes.com/business/property/2-tanjong-pagar-shophouses-up-for-sale

Weekly News Select
                                                                                                                  Mar 12, 2021 / Issue 10

Contact:
Lee Sze Teck
Head, Research
(65) 6500 6510
szetecklee@huttonsgroup.com

This document has been prepared by Huttons Asia for general information only. Huttons Asia does not guarantee warrant or represent that the
information contained in this document is correct. Any interested party should undertake their own enquiries as to the accuracy of the information.
Huttons Asia excludes unequivocally all inferred or implied terms, conditions and warranties arising out of this document and excludes all liability
for loss and damage arising directly or indirectly there-from. All rights reserved.
*The Business Times (BT) Online and *The Straits Times (ST) Interactive are a subscribers-only website. As such, you will not be able to access
the URL link to the articles unless you are registered as a subscriber.

                     Huttons Asia Pte Ltd | L3008899K | ROC No. 200210087C | GST Reg No. 20-0210087-C
                    3 Bishan Place #05-01, CPF Building, S (579838) | Tel. (65) 6253 0030 | Fax (65) 6253 0090
                                                   www.huttonsgroup.com

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