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Singapore property firms face setback as workers stay at home

Bloomberg
Bloomberg2/3/2021 9:20 AM GMT+08  • 4 min read
Singapore property firms face setback as workers stay at home
Prime grade office rents in the Raffles Place and Marina Bay precincts shrank about 10% in 2020.
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Singapore’s battered property firms are hitting a snag in their recovery after rising coronavirus infections led to an extension of remote work in the city-state.

Shares of commercial developers and real estate investment trusts have fallen since authorities announced last month that working from home will remain the default arrangement. The government is trying to minimise the risk of transmission at offices after some cases in the workplace led to community clusters.

The move adds to headwinds for developers and REITs, amid questions over what the future holds for offices worldwide even after the pandemic. It will be harder to lease out vacancies and there will be pressure to lower rents if the work-from-home arrangement persists, said Terence Chua, an analyst at Phillip Securities Research.

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