HDB, private apartment rentals set to rise

[mr funny]

HDB, private apartment rentals set to rise

By Wong Siew Ying, Channel NewsAsia | Posted: 03 April 2008 0050 hrs


SINGAPORE : Rentals for HDB and mass market private apartments are set to rise in the coming years, with more foreign workers heading for Singapore.

Property agents expect rents to climb by about 10 percent this year.

They say HDB flat-owners could gain from the spike in demand.

Singapore's two integrated resorts will be ready in the next two years.

Besides attracting more tourists, they are also expected to draw thousands of foreign workers to the city state.

Resorts World at Sentosa says it will be hiring 10,000 people directly.

And 40 percent of these jobs will go to foreigners, in view of the manpower crunch in Singapore.

Property agents say some of the foreign workers, especially higher-ranking staff, will have the means to purchase private residential properties.

But they expect the bulk of the workers to tap into the rental market for their housing needs. And this will push prices up in the short-term as supply plays catch up.

On average, monthly rentals for private apartments range between $2,500 and $3,500 dollars.

This may be too much for some workers.

Mohamed Ismail, CEO of PropNex, said: "The public housing becomes next best alternative where today people are still able to rent at $1,500 to $2,000. I expect this trend to continue, as far as estates that will have a greater demand ... such as those in Telok Blangah, Bukit Merah, Bishan, Toa Payoh. Anything that is not too far away from town or to the integrated resorts will definitely have greater take-up rates."

Industry players say private residential properties currently enjoy a rental yield of some 5 percent, while that of HDB flats is between 8 and 10 percent - among the highest ever in Singapore for public housing.

All in, agents expects rentals to climb by some 10 percent in the next two years. - CNA/de

[Unregistered]

HDB, private apartment rentals set to rise

By Wong Siew Ying, Channel NewsAsia | Posted: 03 April 2008 0050 hrs


SINGAPORE : Rentals for HDB and mass market private apartments are set to rise in the coming years, with more foreign workers heading for Singapore.

Property agents expect rents to climb by about 10 percent this year.

They say HDB flat-owners could gain from the spike in demand.

Singapore's two integrated resorts will be ready in the next two years.

Besides attracting more tourists, they are also expected to draw thousands of foreign workers to the city state.

Resorts World at Sentosa says it will be hiring 10,000 people directly.

And 40 percent of these jobs will go to foreigners, in view of the manpower crunch in Singapore.

Property agents say some of the foreign workers, especially higher-ranking staff, will have the means to purchase private residential properties.

But they expect the bulk of the workers to tap into the rental market for their housing needs. And this will push prices up in the short-term as supply plays catch up.

On average, monthly rentals for private apartments range between $2,500 and $3,500 dollars.

This may be too much for some workers.

Mohamed Ismail, CEO of PropNex, said: "The public housing becomes next best alternative where today people are still able to rent at $1,500 to $2,000. I expect this trend to continue, as far as estates that will have a greater demand ... such as those in Telok Blangah, Bukit Merah, Bishan, Toa Payoh. Anything that is not too far away from town or to the integrated resorts will definitely have greater take-up rates."

Industry players say private residential properties currently enjoy a rental yield of some 5 percent, while that of HDB flats is between 8 and 10 percent - among the highest ever in Singapore for public housing.

All in, agents expects rentals to climb by some 10 percent in the next two years. - CNA/de

congrat to those vested in these estates!

[Unregistered]

Rentals climb, property prices also climb!

[Unregistered]

Rentals climb, property prices also climb!

wah! some more motgage rate so low, price sure cheong one. Huat Ah!

[Unregistered]

Rentals climb, property prices also climb!

SOON U SEE PEOPLE LIKE U CLIMB, CLIMD>>>>>TO JUMP

[Unregistered]

congrat to those vested in these estates!

Thanks for your congrats.

Prices will surely rise because the country's largest property developer is now on our side.

The Housing and Development Board (HDB).

HDB had learnt a lesson in the 1997 because they built too many flats and when there was a downturn, they couldn't sell off their flats, resulting in an oversupply situation.

In the end, it caused many years of trouble for HDB to sell off the excess flats, even to the extent of engaging property agents to help them sell off the excess flats.

Now HDB has learnt a lesson and implemented this Built-To-Order (BTO) scheme.

With this BTO scheme, got order got build; no order no build. This limits the supply but causes a lot of unhappiness amongst applicants due to the long wait.

However, HDB has realised it is better for the applicants to experience trouble, than for itself to experience trouble.

HDB therefore forms a bed rock which supports the whole property market.

It is important to know who is on your side, and who is against you. Always side with the more powerful side, then you will become a winner in life.

[Unregistered]

Continue from my post above about being on the side of the more powerful ...

This is a different topic - the American economy.

Don't worry, we have the FED and Bernanke on our side.

They will step in everytime there is problem.

The Central Bank can flood the whole market with US dollars because they have the ability to print infinite amounts of money.

The victims are those who hold US currency, which will keep plunging and plunging. Don't worry. Most of those who hold US currency are the American people. However, Americans are just suffering their just retribution for their overspending years.

Soon, the situation will correct itself because as the USD gets cheaper and cheaper, more and more people will buy American goods and go to America to tour. Then their economy will pick up again.

We have Bernanke on our side, so we're safe.

[Unregistered]

SOON U SEE PEOPLE LIKE U CLIMB, CLIMD>>>>>TO JUMP
Why jump? Prices too high, you can't take it?
Just follow him and climb lah. It's better this way.

[Reuters]

http://l.yimg.com/us.yimg.com/i/us/nws/p/reuters_logo_94.png
Asian resource stocks gain; dollar also firm
Rafael Nam
Reuters
Hong Kong SAR
Thursday, 3 April 2008

Asian stocks rose to their highest in a month on Thursday as a rally in gold and oil lifted resource shares, while a surprisingly optimistic indicator for U.S. jobs raised hopes of a milder U.S. economy recession than previously feared.

The U.S. private sector added 8,000 jobs in March, according to a report on Wednesday by ADP Employer Services, confounding economist expectations and taking some of the sting off the Federal Reserve Chairman Ben Bernanke's warning that the U.S. economy may slip into recession, his first such concession.

The U.S. dollar recovered from early weakness to hit a three-week high against the yen as some bet the worst of the global credit crunch could be over, despite warnings from some analysts and executives that there is more pain to come in both the U.S. economy and the financial sector.

That appeared to be the cue taken by European shares, which were set to open slightly lower according to financial bookmakers, pausing after a two-day rally.

"We are at an interesting juncture where we've got negative forces like the U.S. credit and subprime problems and positive forces from all the demand for resources," said Peter Vann, head of investment research at Constellation Capital Management in Australia.

"Investors certainly don't like to hear the word 'recession' but there was nothing new there because most commentators have been talking about a strong likelihood of a U.S. recession. Bernanke was just giving further credence to that."

The Fed Chairman had told a congressional panel on Wednesday the U.S. economy may slip into recession, but said growth should pick up later this year as the impact of U.S. interest rate cuts and other emergency steps take root.

The MSCI's measure of Asian stocks outside Japan rose 1.3% by 0630 GMT, hitting its highest level since early March.

The prospects of a U.S. recession and the global financial crisis have dented Asian shares this year, with the MSCI index still down 10.6% in 2008.

But in what some investors see as hints of a recovery, the index rose 2.9% on Wednesday after write-downs and capital raisings by global investment banks such as UBS was seen as an attempt to get a handle on the soured subprime-related portfolios.

"Investors are now focused on potentially positive factors rather than negative factors, as was seen in the recent relief rally after huge writedowns by UBS for instance," said Lee Sun-yeon, a market analyst at Goodmorning Shinhan Securities in Seoul.

"Also the view is that the U.S. economic slowdown will not be as sharp as previously feared," he added.

Australian shares rose 1.9%, hitting a five-week high, boosted by gains in heavyweight resource firms such as BHP Billiton Ltd and Woodside Petroleum.

Japan's Nikkei average .N225, which suffered heavily in the first quarter, rose 1.5%.

Shares in South Korea , Hong Kong and Singapore were also up over 1% each.

POSCO surged 6.2% after the South Korean steel maker said it was considering raising steel prices.

Shares in Shanghai gained 2.3%, recovering from a 7% drop over the previous two sessions. Markets in Taiwan and India were little changed.

Still, economists and organisations such as the Asian Development Bank have this week warned of slower growth in the region as exports to the United States are likely to slow at a time of rising inflationary pressures.

The chairman of South Korea's Hyundai Motor Co, Chung Mong-koo, expressed his worries over demand in the United States citing the rising fuel prices, according to a statement from the auto maker on Thursday.

Meanwhile, Japan's Sony Corp said on Thursday it would cut costs and attract more orders to offset the negative impact of the yen's strength on its profit, following the drop in the U.S. dollar this year.

In a reprieve to Asian exporters, the dollar hit a three-week high of 102.85 yen, while also climbing about 0.4% against the euro on the back of strong buying from hedge funds and investors at the start of Japan's fiscal year.

The dollar's climb failed to dent commodity prices. U.S. crude futures CLc1 steadied at $104.53 a barrel a day after oil prices surged almost $4 following U.S. government data showing a sharp drawdown in refined fuel stocks.

The gains in oil helped gold rise to $902.10/903.00 an ounce from $898.00/898.80 in late U.S. trade on Wednesday, still more than $100 an ounce off last month's record high of $1,030.80.

[Unregistered]

http://i266.photobucket.com/albums/ii268/kcc0002/CIMB.jpg
... but the latest index is based on 10 weeks only leh ... we still need to add 2 more weeks of prices to it to complete the picture ...
Just add the additional price growth onto the 4.2% lor.

[Unregistered]

HDB, private apartment rentals set to rise

By Wong Siew Ying, Channel NewsAsia | Posted: 03 April 2008 0050 hrs


SINGAPORE : Rentals for HDB and mass market private apartments are set to rise in the coming years, with more foreign workers heading for Singapore.

Property agents expect rents to climb by about 10 percent this year.

They say HDB flat-owners could gain from the spike in demand.

Singapore's two integrated resorts will be ready in the next two years.

Besides attracting more tourists, they are also expected to draw thousands of foreign workers to the city state.

Resorts World at Sentosa says it will be hiring 10,000 people directly.

And 40 percent of these jobs will go to foreigners, in view of the manpower crunch in Singapore.

Property agents say some of the foreign workers, especially higher-ranking staff, will have the means to purchase private residential properties.

But they expect the bulk of the workers to tap into the rental market for their housing needs. And this will push prices up in the short-term as supply plays catch up.

On average, monthly rentals for private apartments range between $2,500 and $3,500 dollars.

This may be too much for some workers.

Mohamed Ismail, CEO of PropNex, said: "The public housing becomes next best alternative where today people are still able to rent at $1,500 to $2,000. I expect this trend to continue, as far as estates that will have a greater demand ... such as those in Telok Blangah, Bukit Merah, Bishan, Toa Payoh. Anything that is not too far away from town or to the integrated resorts will definitely have greater take-up rates."

Industry players say private residential properties currently enjoy a rental yield of some 5 percent, while that of HDB flats is between 8 and 10 percent - among the highest ever in Singapore for public housing.

All in, agents expects rentals to climb by some 10 percent in the next two years. - CNA/de


Aiyah, prediction by agents again....what's new???? Agents are always optimistic one...

[Unregistered]

Why jump? Prices too high, you can't take it?
Just follow him and climb lah. It's better this way.

Moron, price high, wait la. only u jump. high or low or crash. stupid

[Unregistered]

Moron, price high, wait la. only u jump. high or low or crash. stupid
Retarded moron, ........... stupid

[Unregistered]

Aiyah, prediction by agents again....what's new???? Agents are always optimistic one...

ya, dun ever believe in agents..

[Unregistered]

Aiyah, prediction by agents again....what's new???? Agents are always optimistic one ...

ya, dun ever believe in agents..
Exactly.
We should just read URA price indices or reports from independent research companies.

[Unregistered]

Retarded moron, ........... stupid

Time to go back IMH., u been out whole afternoon.

[CSR Police]

Time to go back IMH., u been out whole afternoon.
:****you: :asshole: :please-die:

[Unregistered]

Exactly.
We should just read URA price indices or reports from independent research companies.
URA says price index went up by 4.2%.
CIMB report is posted in this page.

[Unregistered]

:****you: :asshole: :please-die:

So its u. u are since yesterday, go home, IMH ur home.

[CSR Police]

So its u. u are since yesterday, go home, IMH ur home.
:****you: :asshole: :please-die:

[Unregistered]

URA says price index went up by 4.2%.
CIMB report is posted in this page.
So prices went up right?

Those agents .... some says up .... some says down .... ask all of them to keep quiet .... just follow URA index will do ....

[Unregistered]

So prices went up right?

Those agents .... some says up .... some says down .... ask all of them to keep quiet .... just follow URA index will do ....
Yap! STI also went up!

[AFP]

http://www.afp.com/english/home/imgs/logo.gif
Asian resource stocks gain; dollar also firm
Agence France-Presse
Hong Kong SAR
Thursday, 3 April 2008

Asia stocks rose to their highest in a month on Thursday as a rally in gold and oil lifted resource shares, while a surprisingly optimistic indicator for US jobs raised hopes of a milder US economy recession than previously feared.

Tokyo
Japanese share prices rose 1.5% to a 1-month high on Thursday as financial firms extended gains, dealers said.

The benchmark Nikkei index was up 200 points at 13,389.90 at the close of trade.

The broader Topix index of all first-section shares rose 1.4% to 1,299.64.

Kuala Lumpur
Malaysian share prices closed 1.1% lower on Thursday amid political uncertainties in the country, with construction and palm oil stocks leading the fall, dealers said.

The Kuala Lumpur Composite Index (KLCI) ended 14.07 points lower at 1,225.58, off a low of 1,219.97.

Hong Kong
Hong Kong stocks rose to a 5-week closing high on Thursday after an upbeat US jobs indicator calmed nerves about a US recession sparked by comments by Federal Reserve Chairman Ben Bernanke.

Traders said Hong Kong received an extra boost of optimism from an afternoon rally in China's main index in Shanghai, which bounced back 2.94% after recent lows.

The benchmark Hang Seng Index ended up 1.64% at 24,264.63 points, with financial and property stocks such as Ping An and Chinese Overseas Land & Investment Ltd among the top gainers.

The China Enterprises Index of Hong Kong-listed mainland companies, or H shares, rose 2.58% to 13,137.57 on Shanghai's rally.

Shanghai
Chinese share prices closed 2.94% higher on Thursday as bargain hunters continued to snap up oversold financials and large caps after a string of recent sharp losses, dealers said.

The benchmark Shanghai Composite Index, which covers A and B shares, closed up 98.36 points at 3,446.24 on turnover of 66.4 billion yuan (S$13 billion).

The Shanghai A-share Index rose 103.41 points or 2.94% to 3,616.38 on turnover of 66.2 billion yuan. The Shenzhen A-share Index was up 27.28 points or 2.65% at 1055.41 on turnover of 28.9 billion yuan.

[AFP]

http://www.afp.com/english/home/imgs/logo.gif
STI Closes Higher
Agence France-Presse
Singapore
Thursday, 3 April 2008

Singapore shares ended higher on Thursday with the benchmark Straits Times Index up 46.94 points or 1.48% to 3,171.55.

Up to 1.68 billion shares exchanged hands.

Gainers beat losers, 374 to 284.

'Most people are actually saying that the US is already in recession. I don't think it came as a shock to anybody,' said Chan Tuck Sing, dealing director at UOB Kay Hian.

He said there are also 'hopes that people have factored in the worst' of the turmoil which has roiled global financial markets.

Banking shares advanced, with DBS Group up 24¢ at S$19.82, United Overseas Bank up 16¢ at S$20.34 and Oversea-Chinese Banking Corp gaining 7¢ to S$8.53.

City Developments led property gainers, rising 48¢ to S$12.40. Keppel Land closed up 17¢ at S$6.20 and CapitaLand gained 12¢ to S$6.80.

Singapore Airlines rose 12¢ to S$16.06 and Singapore Telecommunications finished 7¢ higher at S$4.02.

[Unregistered]

ONLY PANICKY AGENTS SAYING RENTS RISING. GO OUT AND CHECK.

[Unregistered]

http://www.afp.com/english/home/imgs/logo.gif
STI Closes Higher
Agence France-Presse
Singapore
Thursday, 3 April 2008

Singapore shares ended higher on Thursday with the benchmark Straits Times Index up 46.94 points or 1.48% to 3,171.55.

Up to 1.68 billion shares exchanged hands.

Gainers beat losers, 374 to 284.

'Most people are actually saying that the US is already in recession. I don't think it came as a shock to anybody,' said Chan Tuck Sing, dealing director at UOB Kay Hian.

He said there are also 'hopes that people have factored in the worst' of the turmoil which has roiled global financial markets.

Banking shares advanced, with DBS Group up 24¢ at S$19.82, United Overseas Bank up 16¢ at S$20.34 and Oversea-Chinese Banking Corp gaining 7¢ to S$8.53.

City Developments led property gainers, rising 48¢ to S$12.40. Keppel Land closed up 17¢ at S$6.20 and CapitaLand gained 12¢ to S$6.80.

Singapore Airlines rose 12¢ to S$16.06 and Singapore Telecommunications finished 7¢ higher at S$4.02.

Yes more and more being sucked in to doom.

[Unregistered]

http://www.afp.com/english/home/imgs/logo.gif
STI Closes Higher
Agence France-Presse
Singapore
Thursday, 3 April 2008

Singapore shares ended higher on Thursday with the benchmark Straits Times Index up 46.94 points or 1.48% to 3,171.55.

Up to 1.68 billion shares exchanged hands.

Gainers beat losers, 374 to 284.

'Most people are actually saying that the US is already in recession. I don't think it came as a shock to anybody,' said Chan Tuck Sing, dealing director at UOB Kay Hian.

He said there are also 'hopes that people have factored in the worst' of the turmoil which has roiled global financial markets.

Banking shares advanced, with DBS Group up 24¢ at S$19.82, United Overseas Bank up 16¢ at S$20.34 and Oversea-Chinese Banking Corp gaining 7¢ to S$8.53.

City Developments led property gainers, rising 48¢ to S$12.40. Keppel Land closed up 17¢ at S$6.20 and CapitaLand gained 12¢ to S$6.80.

Singapore Airlines rose 12¢ to S$16.06 and Singapore Telecommunications finished 7¢ higher at S$4.02.

Wah only 374 to 284 advancers to decliners...so poor?

[Unregistered]

U.S. Initial Jobless Claims Rose 38,000 to 407,000

By Bob Willis

April 3 (Bloomberg) -- The number of Americans filing first-time claims for unemployment benefits unexpectedly increased last week and total benefit rolls rose to the highest level since July 2004.

Initial jobless claims increased by 38,000 in the week that ended March 29 to 407,000, the highest since just after Hurricane Katrina in September 2005, the Labor Department said today in Washington. The number of people remaining on benefit rolls jumped by 97,000 to 2.937 million in the prior week.

The biggest housing recession in a generation, coupled with mounting losses in financial markets, is prompting companies to sack workers and consumers to slow their spending. The Labor Department may report tomorrow the U.S. lost jobs in March for a third month, according to economists surveyed.

``It is reflecting a fundamental weakening in the labor market,'' said Dana Saporta, an economist at Dresdner Kleinwort in New York. ``People that are already unemployed are finding it more difficult to find new jobs. All of this data is consistent with a rising unemployment rate.''

Treasury securities rose and stock market futures dropped following the report. The yield on the 10-year Treasury note fell to 3.56 percent at 8:40 a.m. in New York from 3.60 percent late yesterday.

Economists surveyed by Bloomberg News had forecast initial claims would remain unchanged at 366,000, according to the median of 40 estimates. Estimates ranged from 350,000 to 386,000.

Four-Week Average

The four-week moving average, a less volatile measure, rose to 374,500 from 358,750. Last week's claims may have been pushed higher as some state unemployment offices processed a backlog from the prior week, which included the Good Friday holiday, a Labor Department spokesman said.

The unemployment rate among people eligible for benefits, which tends to track the U.S. jobless rate, rose to 2.2 percent from 2.1 percent. These data are reported with a one-week lag.

Twenty-two states and territories reported an increase in new claims, while 31 reported a decrease, today's Labor report said.

Initial jobless claims reflect weekly firings and tend to rise as job growth -- measured by the monthly non-farm payrolls report -- slows.

Job losses, falling home prices and slowing retail sales are indicating a worsening economy. Federal Reserve Chairman Ben S. Bernanke this week acknowledged for the first time that a U.S. recession is possible.

`Contract Slightly'

``It now appears likely that real gross domestic product will not grow much, if at all, over the first half of 2008 and could even contract slightly,'' Bernanke said in testimony to Congress on April 2. He said he expected unemployment to move ``somewhat higher'' in line with data showing a ``softer labor market.''

The Labor Department tomorrow may report the economy lost 50,000 jobs in March, following a decline of 63,000 jobs in February that was the largest loss in five years, according to a Bloomberg survey of economists. Unemployment rose to 5 percent from 4.8 percent, the economists forecast.

A strike at auto-parts supplier American Axle & Manufacturing Holdings Inc. is contributing to falling jobs at vehicle and parts makers. The walkout has closed or idled 30 plants at GM, affecting almost half of the automaker's workforce.

Housing-Related Firings

Homebuilders and housing-related businesses, including lenders and financial service companies with exposure to mortgage-backed securities, are also stepping up firings.

Wall Street banks hit by mortgage losses and writedowns have cut more than 34,000 jobs in the past nine months, the most since the dot-com boom fizzled in 2001, according to the Securities Industry and Financial Markets Association.

This year, banks including Lehman Brothers Holdings Inc., Citigroup Inc. and Morgan Stanley have been reducing staff in fixed income trading, securitization and investment banking. So far, Lehman has eliminated 18 percent of its workforce, Morgan Stanley has cut 6 percent, and Merrill Lynch & Co. has trimmed 4.5 percent, according to the association.

[Unregistered]

U.S. Initial Jobless Claims Rose 38,000 to 407,000

By Bob Willis

April 3 (Bloomberg) -- The number of Americans filing first-time claims for unemployment benefits unexpectedly increased last week and total benefit rolls rose to the highest level since July 2004.

Initial jobless claims increased by 38,000 in the week that ended March 29 to 407,000, the highest since just after Hurricane Katrina in September 2005, the Labor Department said today in Washington. The number of people remaining on benefit rolls jumped by 97,000 to 2.937 million in the prior week.

The biggest housing recession in a generation, coupled with mounting losses in financial markets, is prompting companies to sack workers and consumers to slow their spending. The Labor Department may report tomorrow the U.S. lost jobs in March for a third month, according to economists surveyed.

``It is reflecting a fundamental weakening in the labor market,'' said Dana Saporta, an economist at Dresdner Kleinwort in New York. ``People that are already unemployed are finding it more difficult to find new jobs. All of this data is consistent with a rising unemployment rate.''

Treasury securities rose and stock market futures dropped following the report. The yield on the 10-year Treasury note fell to 3.56 percent at 8:40 a.m. in New York from 3.60 percent late yesterday.

Economists surveyed by Bloomberg News had forecast initial claims would remain unchanged at 366,000, according to the median of 40 estimates. Estimates ranged from 350,000 to 386,000.

Four-Week Average

The four-week moving average, a less volatile measure, rose to 374,500 from 358,750. Last week's claims may have been pushed higher as some state unemployment offices processed a backlog from the prior week, which included the Good Friday holiday, a Labor Department spokesman said.

The unemployment rate among people eligible for benefits, which tends to track the U.S. jobless rate, rose to 2.2 percent from 2.1 percent. These data are reported with a one-week lag.

Twenty-two states and territories reported an increase in new claims, while 31 reported a decrease, today's Labor report said.

Initial jobless claims reflect weekly firings and tend to rise as job growth -- measured by the monthly non-farm payrolls report -- slows.

Job losses, falling home prices and slowing retail sales are indicating a worsening economy. Federal Reserve Chairman Ben S. Bernanke this week acknowledged for the first time that a U.S. recession is possible.

`Contract Slightly'

``It now appears likely that real gross domestic product will not grow much, if at all, over the first half of 2008 and could even contract slightly,'' Bernanke said in testimony to Congress on April 2. He said he expected unemployment to move ``somewhat higher'' in line with data showing a ``softer labor market.''

The Labor Department tomorrow may report the economy lost 50,000 jobs in March, following a decline of 63,000 jobs in February that was the largest loss in five years, according to a Bloomberg survey of economists. Unemployment rose to 5 percent from 4.8 percent, the economists forecast.

A strike at auto-parts supplier American Axle & Manufacturing Holdings Inc. is contributing to falling jobs at vehicle and parts makers. The walkout has closed or idled 30 plants at GM, affecting almost half of the automaker's workforce.

Housing-Related Firings

Homebuilders and housing-related businesses, including lenders and financial service companies with exposure to mortgage-backed securities, are also stepping up firings.

Wall Street banks hit by mortgage losses and writedowns have cut more than 34,000 jobs in the past nine months, the most since the dot-com boom fizzled in 2001, according to the Securities Industry and Financial Markets Association.

This year, banks including Lehman Brothers Holdings Inc., Citigroup Inc. and Morgan Stanley have been reducing staff in fixed income trading, securitization and investment banking. So far, Lehman has eliminated 18 percent of its workforce, Morgan Stanley has cut 6 percent, and Merrill Lynch & Co. has trimmed 4.5 percent, according to the association.
OMGGGGGGG JOB CUTS MORE AND MORE...HIGHEST SINCE 2004

[Unregistered]

That is any piece of good news.Hurray.

[Unregistered]

OMGGGGGGG JOB CUTS MORE AND MORE...HIGHEST SINCE 2004
You are right. My agent called me and said rents dropping. In Oct asked 4K. Now 2.8K.

[Unregistered]

You are right. My agent called me and said rents dropping. In Oct asked 4K. Now 2.8K.

Bullshit!!!! Dun mislead owners here,
Moron no 3. catch

[Unregistered]

http://www.afp.com/english/home/imgs/logo.gif
STI Closes Higher
Agence France-Presse
Singapore
Thursday, 3 April 2008

Singapore shares ended higher on Thursday with the benchmark Straits Times Index up 46.94 points or 1.48% to 3,171.55.

Up to 1.68 billion shares exchanged hands.

Gainers beat losers, 374 to 284.

'Most people are actually saying that the US is already in recession. I don't think it came as a shock to anybody,' said Chan Tuck Sing, dealing director at UOB Kay Hian.

He said there are also 'hopes that people have factored in the worst' of the turmoil which has roiled global financial markets.

Banking shares advanced, with DBS Group up 24¢ at S$19.82, United Overseas Bank up 16¢ at S$20.34 and Oversea-Chinese Banking Corp gaining 7¢ to S$8.53.

City Developments led property gainers, rising 48¢ to S$12.40. Keppel Land closed up 17¢ at S$6.20 and CapitaLand gained 12¢ to S$6.80.

Singapore Airlines rose 12¢ to S$16.06 and Singapore Telecommunications finished 7¢ higher at S$4.02.
wooohahahaha people can be happy over a DEAD CAT BOUNCE

[Unregistered]

OMGGGGGGG JOB CUTS MORE AND MORE...HIGHEST SINCE 2004
5% unemployment already? Are you joking?

[Unregistered]

Bullshit!!!! Dun mislead owners here,
Moron no 3. catch
Go and find out yrself.

[Unregistered]

You are right. My agent called me and said rents dropping. In Oct asked 4K. Now 2.8K.
Also because many enblocs failing. Many developers who bought also dont want to tear down buildings now.

[Unregistered]

Late Payments on Consumer Loans Highest Since 1992, ABA Says

By Hugh Son

April 3 (Bloomberg) -- Consumers fell behind on car, credit-card and home-equity loans at the highest level in 15 years during the fourth quarter, another sign the U.S. economy is slowing, according to an American Bankers Association survey.

Payments at least 30 days past due increased across all eight categories of loans tracked, the Washington-based group said today in a statement. Late loans climbed 21 basis points to 2.65 percent of all accounts in a consumer-loan index created by the group.

``The rise in consumer credit delinquencies is consistent with a rapidly slowing economy,'' ABA chief economist James Chessen said in the statement. ``Stress in the housing market still dominates the story, but it's a broader tale.''

Lenders including American Express Co., the third-biggest credit-card network, and Capital One Financial Corp. doubled reserves for soured U.S. debt in the fourth quarter. Overdue bank-card accounts reached 4.38 percent in the quarter, according to the ABA, as the slowing economy made it harder for consumers to repay debt.

The overall increase was driven by late payments for car loans, which make up two-thirds of all closed-end consumer installment loans, Chessen said. Auto loan delinquencies rose to 1.9 percent from 1.81 percent. Overdue mobile home payments rose to 2.92 percent from 2.87 percent.

Federal Reserve Chairman Ben S. Bernanke acknowledged for the first time yesterday that a U.S. recession is possible because consumer spending, employment and homebuilding will deteriorate this year.

The U.S. economy grew at an annual pace of 0.6 percent from October to December. Growth probably slowed to a 0.2 percent annual rate in the first quarter, according to the median estimate of analysts surveyed by Bloomberg News.

`Anemic' Income Growth

Rising late payments will continue in the first half of this year, as ``food and gas prices remain stubbornly high and income growth is anemic,'' Chessen said.

MasterCard Inc. Chief Executive Officer Robert Selander said in a March 11 interview that U.S. consumers are spending more on gasoline and food, crimping spending for luxury items. MasterCard is the second-biggest payment-card network after Visa Inc.

``What we see is a mix change in how consumers are spending,'' Selander said in the Bloomberg Radio interview. ``With the price of gasoline up approximately 30 percent from where it was a year ago, with commodities prices up and working their way into prices at the supermarkets, consumers are spending more of their money now on gas and groceries.''

[Unregistered]

Late Payments on Consumer Loans Highest Since 1992, ABA Says

By Hugh Son

April 3 (Bloomberg) -- Consumers fell behind on car, credit-card and home-equity loans at the highest level in 15 years during the fourth quarter, another sign the U.S. economy is slowing, according to an American Bankers Association survey.

Payments at least 30 days past due increased across all eight categories of loans tracked, the Washington-based group said today in a statement. Late loans climbed 21 basis points to 2.65 percent of all accounts in a consumer-loan index created by the group.

``The rise in consumer credit delinquencies is consistent with a rapidly slowing economy,'' ABA chief economist James Chessen said in the statement. ``Stress in the housing market still dominates the story, but it's a broader tale.''

Lenders including American Express Co., the third-biggest credit-card network, and Capital One Financial Corp. doubled reserves for soured U.S. debt in the fourth quarter. Overdue bank-card accounts reached 4.38 percent in the quarter, according to the ABA, as the slowing economy made it harder for consumers to repay debt.

The overall increase was driven by late payments for car loans, which make up two-thirds of all closed-end consumer installment loans, Chessen said. Auto loan delinquencies rose to 1.9 percent from 1.81 percent. Overdue mobile home payments rose to 2.92 percent from 2.87 percent.

Federal Reserve Chairman Ben S. Bernanke acknowledged for the first time yesterday that a U.S. recession is possible because consumer spending, employment and homebuilding will deteriorate this year.

The U.S. economy grew at an annual pace of 0.6 percent from October to December. Growth probably slowed to a 0.2 percent annual rate in the first quarter, according to the median estimate of analysts surveyed by Bloomberg News.

`Anemic' Income Growth

Rising late payments will continue in the first half of this year, as ``food and gas prices remain stubbornly high and income growth is anemic,'' Chessen said.

MasterCard Inc. Chief Executive Officer Robert Selander said in a March 11 interview that U.S. consumers are spending more on gasoline and food, crimping spending for luxury items. MasterCard is the second-biggest payment-card network after Visa Inc.

``What we see is a mix change in how consumers are spending,'' Selander said in the Bloomberg Radio interview. ``With the price of gasoline up approximately 30 percent from where it was a year ago, with commodities prices up and working their way into prices at the supermarkets, consumers are spending more of their money now on gas and groceries.''

OH MORE PAIN ON THE WAY..........STUCKKKKKKKK OHHHHHH STUCKKKK

[Unregistered]

You are right. My agent called me and said rents dropping. In Oct asked 4K. Now 2.8K.
Wah Great Singapore Sale! Please inform me the project name because i want to rent it for my china mei mei.Thks.

[Unregistered]

You are right. My agent called me and said rents dropping. In Oct asked 4K. Now 2.8K.

Please don't spread lies no matter how sour your grapes are.

If your property was offered 4K last Oct (and you can prove it), I will offer you NOT LESS than 4K NOW. Just send a note to my email at [email protected]

[Unregistered]

Continue from my post above about being on the side of the more powerful ...

This is a different topic - the American economy.

Don't worry, we have the FED and Bernanke on our side.

They will step in everytime there is problem.

The Central Bank can flood the whole market with US dollars because they have the ability to print infinite amounts of money.

The victims are those who hold US currency, which will keep plunging and plunging. Don't worry. Most of those who hold US currency are the American people. However, Americans are just suffering their just retribution for their overspending years.

Soon, the situation will correct itself because as the USD gets cheaper and cheaper, more and more people will buy American goods and go to America to tour. Then their economy will pick up again.

We have Bernanke on our side, so we're safe.


In addition to your above two postings, you may like to know of another source which would be beneficial to Singapore.

I have received a number of enquiries, and increasing by the day, from both foreign investors (of Malaysian properties) and Malaysians themselves about Singapore properties. Why? They all want to abandon ship and sail to Singapore before the big fight. And what's the big fight that is brewing?

First, the weakening UMNO is getting from bad to worse with Dr. M trying to split UMNO by intensifying his attack on Abdullah. He introduced a rule to stop UMNO members from challenging him, but now he wants to remove this rule so that Abdullah can be challenged -- a true hipo!

Then there's Anwar definitely coming in next month in a by-election and he has already persuaded the DAP and PAS to join forces, and once he can get some BN MPs to defect, Anwar wants to be the next PM, and when he gets to be the new PM, he will defintely go all out to gun down Dr. M and his family purely for revenge.

At that stage, riots may start, violence may be the order of the day. If you own a property in Malaysia, would your property be save? And would you be save?

The exchange rate has already spoke for itself: RM2.27 before the elction and RM2.31 to the S$1 AFTER THE Election and is poised to drop to the RM 2.60 to RM2.70 range before the end of the year.

Singapore, with it political stability, would be the obvious choice for Malaysian property owners.......

This is what the Malaysian property owners have forecasted, not ours.

[Cheh-Cha]

In addition to your above two postings, you may like to know of another source which would be beneficial to Singapore.

I have received a number of enquiries, and increasing by the day, from both foreign investors (of Malaysian properties) and Malaysians themselves about Singapore properties. Why? They all want to abandon ship and sail to Singapore before the big fight. And what's the big fight that is brewing?

First, the weakening UMNO is getting from bad to worse with Dr. M trying to split UMNO by intensifying his attack on Abdullah. He introduced a rule to stop UMNO members from challenging him, but now he wants to remove this rule so that Abdullah can be challenged -- a true hipo!

Then there's Anwar definitely coming in next month in a by-election and he has already persuaded the DAP and PAS to join forces, and once he can get some BN MPs to defect, Anwar wants to be the next PM, and when he gets to be the new PM, he will defintely go all out to gun down Dr. M and his family purely for revenge.

At that stage, riots may start, violence may be the order of the day. If you own a property in Malaysia, would your property be save? And would you be save?

The exchange rate has already spoke for itself: RM2.27 before the elction and RM2.31 to the S$1 AFTER THE Election and is poised to drop to the RM 2.60 to RM2.70 range before the end of the year.

Singapore, with it political stability, would be the obvious choice for Malaysian property owners.......

This is what the Malaysian property owners have forecasted, not ours.

How easy to get a PR?
Open a deposit? Buy a property? Both? What amount?

[Unregistered]

How easy to get a PR?
Open a deposit? Buy a property? Both? What amount?
you "run road" ah ??
dun come to singapore, wait umno come here and gun you down

[Unregistered]

How easy to get a PR?
Open a deposit? Buy a property? Both? What amount?

you "run road" ah ??
dun come to singapore, wait umno come here and gun you down
Don't listen to him. Come to Singapore please! It's safer here.

[Unregistered]

Don't listen to him. Come to Singapore please! It's safer here.
Yes yes! Please bring your wealth here too. We will protect it.

[Unregistered]

Yes yes! Please bring your wealth here too. We will protect it.
Wait! Don't come first. Let me buy first. Thanks!

[Unregistered]

Wait! Don't come first. Let me buy first. Thanks!
Wah lau! So kiasu for what?

[Unregistered]

HDB, private apartment rentals set to rise

By Wong Siew Ying, Channel NewsAsia | Posted: 03 April 2008 0050 hrs


SINGAPORE : Rentals for HDB and mass market private apartments are set to rise in the coming years, with more foreign workers heading for Singapore.

Property agents expect rents to climb by about 10% this year.

They say HDB flat-owners could gain from the spike in demand.

Singapore's two integrated resorts will be ready in the next two years.

Besides attracting more tourists, they are also expected to draw thousands of foreign workers to the city state.

Resorts World at Sentosa says it will be hiring 10,000 people directly.

And 40% of these jobs will go to foreigners, in view of the manpower crunch in Singapore.

Property agents say some of the foreign workers, especially higher-ranking staff, will have the means to purchase private residential properties.

But they expect the bulk of the workers to tap into the rental market for their housing needs. And this will push prices up in the short-term as supply plays catch up.

On average, monthly rentals for private apartments range between $2,500 and $3,500 dollars.

This may be too much for some workers.

Mohamed Ismail, CEO of PropNex, said: "The public housing becomes next best alternative where today people are still able to rent at $1,500 to $2,000. I expect this trend to continue, as far as estates that will have a greater demand ... such as those in Telok Blangah, Bukit Merah, Bishan, Toa Payoh. Anything that is not too far away from town or to the integrated resorts will definitely have greater take-up rates."

Industry players say private residential properties currently enjoy a rental yield of some 5%, while that of HDB flats is between 8 and 10% - among the highest ever in Singapore for public housing.

All in, agents expects rentals to climb by some 10% in the next two years. - CNA/de
Shit! 40% of the jobs go to foreigners.

[Unregistered]

Shit! 40% of the jobs go to foreigners.
Why "shit"?
But these foreigners pay you rental every month.
You should thank them.

[Unregistered]

Interesting analysis from Singapore expat forum. What do you guys say? Any views?



Posted: Sat Mar 29, 2008 8:54 pm Post subject: Singapore Property Going Down The Tubes?

--------------------------------------------------------------------------------

I sent my buddy an e-mail asking if it was a good time to buy property in Singapore...

He's a Hong Kong based Asia property analyst for a small successful private investment bank.
He sent me this....(don't shoot me, I'm just the messenger.)

Quote:
Well...I would wait at least another 6 months to a year.

We told clients and investors to sell all Singapore holdings (property, stocks and everything else) in June 2007. We determined that prices would never, ever be higher and were predicting a 15% drop in pricing by March 2008 and 25% drop by June 2008.

Rationale was simple and not rocket science.

#1. There was no demand for housing when the boom started.
The vacancy rates on existing housing were above New York, London, Hong Kong, Tokyo and other major urban market levels. A Singapore property boom made no sense at all.

#2. Singapore GDP...nice impressive numbers. But the growth was 99% construction related. There is no economic growth when the construction boom ends and those numbers are subtracted from the total.

#3. The existing luxury housing vacancy levels in Singapore were adequate to fill the needs of Singaporeans and any possible influx of new senior executives for the next 5 years. Thus, there was no demand for executive luxury housing in the market.

#4. Value for money on Singapore property for foreign investors is not good when compared to other projected growth economies. (several factors are weighed including psf, quality of workmanship, size of economy, projected growth of economy, lifestyle and culture of the market.)

#4. The targeted future population numbers of Singapore are pie in the sky and completely without substance. Singaporeans are not having kids and the demand for jobs in Singapore will be service led lower paying jobs to supply the planned tourism developments. Non of these new inhabitants will be buying or renting condo's, especially in the high-end. And tourists visit, they don't buy or rent.

#5. Singapore is not a supply/demand driven economy. It is a small, managed economy. Thus, the property development plans were lofty, risky, and not based on future real supply/demand realities.

#6. There is a lack of real, transparent, objective information available in the Singapore market about the Singapore market. This leads to investors belief in hype and speculation rather than economic principles.

#7. Global money supplies and markets are taking a beating and will continue to take a beating. The second call on the sub prime products happens this June so more big losses are expected. This will stall or even damage the Singapore economy.

We expect distress sales in the property market to start soon. The high-end rental market is non-existent and the higher % of all unit sales were high-end investment property, speculator driven.
These buyers need "wealthy" renters to subsidize the million dollar mortgages. Most locals cannot afford the rents the market is demanding.
Surveys of multinational companies and banks have indicated that there is no boat-load of expats with a big housing allowance arriving at the Singapore port anytime soon. The new owner is now stuck with 100% of a very expensive monthly mortgage.

Here is an example of one major high-end development I'm following to prove the point. These are some very telling numbers.
600+ units launched
20+ remaining at $2,000 per square foot via the developer.
100+ units previously sold are now for sale privately less than 7 months after launch for $1,300 to $1,600 per square foot.
The reason...no rental income.
That tells me that property owners are willing to admit that market prices are down 25%+ already. Unfortunately, even at a 25% discount, there are no buyers.

Existing Singapore residents are keeping the rental market buoyant due to the fact they sold their old places and are waiting for the prices to drop...OR...waiting for their new unit to be completed. These people are relatively small in overall numbers and definitely not going to rent high end luxury units. They are driving HDB, middle priced housing rents up right now. They are also demanding 12 month leases or even less if they can get it proving that they are waiting to move or sitting on the sidelines waiting for prices to drop.

The Singapore property market is massively oversupplied today and more units are on the way. This is not good. This is should be extremely troublesome to anyone who owns property anywhere in that market. The potential valuation losses in the property market could be enormous, especially at the high-end. Overall prices could sink well below SARS levels and this could happen within 6 months to a year.

The short lived property boom was very much like a pyramid scheme.
It was all hype and no substance.
The first guys in are now smoking big cigars.
The last guys in are now left holding the ashtray.

[Unregistered]

Interesting analysis from Singapore expat forum. What do you guys say? Any views?



Quote:
Originally Posted by Unregistered
Posted: Sat Mar 29, 2008 8:54 pm Post subject: Singapore Property Going Down The Tubes?

--------------------------------------------------------------------------------

I sent my buddy an e-mail asking if it was a good time to buy property in Singapore...

He's a Hong Kong based Asia property analyst for a small successful private investment bank.
He sent me this....(don't shoot me, I'm just the messenger.)

Quote:
Well...I would wait at least another 6 months to a year.

We told clients and investors to sell all Singapore holdings (property, stocks and everything else) in June 2007. We determined that prices would never, ever be higher and were predicting a 15% drop in pricing by March 2008 and 25% drop by June 2008.

Rationale was simple and not rocket science.

#1. There was no demand for housing when the boom started.
The vacancy rates on existing housing were above New York, London, Hong Kong, Tokyo and other major urban market levels. A Singapore property boom made no sense at all.

#2. Singapore GDP...nice impressive numbers. But the growth was 99% construction related. There is no economic growth when the construction boom ends and those numbers are subtracted from the total.

#3. The existing luxury housing vacancy levels in Singapore were adequate to fill the needs of Singaporeans and any possible influx of new senior executives for the next 5 years. Thus, there was no demand for executive luxury housing in the market.

#4. Value for money on Singapore property for foreign investors is not good when compared to other projected growth economies. (several factors are weighed including psf, quality of workmanship, size of economy, projected growth of economy, lifestyle and culture of the market.)

#4. The targeted future population numbers of Singapore are pie in the sky and completely without substance. Singaporeans are not having kids and the demand for jobs in Singapore will be service led lower paying jobs to supply the planned tourism developments. Non of these new inhabitants will be buying or renting condo's, especially in the high-end. And tourists visit, they don't buy or rent.

#5. Singapore is not a supply/demand driven economy. It is a small, managed economy. Thus, the property development plans were lofty, risky, and not based on future real supply/demand realities.

#6. There is a lack of real, transparent, objective information available in the Singapore market about the Singapore market. This leads to investors belief in hype and speculation rather than economic principles.

#7. Global money supplies and markets are taking a beating and will continue to take a beating. The second call on the sub prime products happens this June so more big losses are expected. This will stall or even damage the Singapore economy.

We expect distress sales in the property market to start soon. The high-end rental market is non-existent and the higher % of all unit sales were high-end investment property, speculator driven.
These buyers need "wealthy" renters to subsidize the million dollar mortgages. Most locals cannot afford the rents the market is demanding.
Surveys of multinational companies and banks have indicated that there is no boat-load of expats with a big housing allowance arriving at the Singapore port anytime soon. The new owner is now stuck with 100% of a very expensive monthly mortgage.

Here is an example of one major high-end development I'm following to prove the point. These are some very telling numbers.
600+ units launched
20+ remaining at $2,000 per square foot via the developer.
100+ units previously sold are now for sale privately less than 7 months after launch for $1,300 to $1,600 per square foot.
The reason...no rental income.
That tells me that property owners are willing to admit that market prices are down 25%+ already. Unfortunately, even at a 25% discount, there are no buyers.

Existing Singapore residents are keeping the rental market buoyant due to the fact they sold their old places and are waiting for the prices to drop...OR...waiting for their new unit to be completed. These people are relatively small in overall numbers and definitely not going to rent high end luxury units. They are driving HDB, middle priced housing rents up right now. They are also demanding 12 month leases or even less if they can get it proving that they are waiting to move or sitting on the sidelines waiting for prices to drop.

The Singapore property market is massively oversupplied today and more units are on the way. This is not good. This is should be extremely troublesome to anyone who owns property anywhere in that market. The potential valuation losses in the property market could be enormous, especially at the high-end. Overall prices could sink well below SARS levels and this could happen within 6 months to a year.

The short lived property boom was very much like a pyramid scheme.
It was all hype and no substance.
The first guys in are now smoking big cigars.
The last guys in are now left holding the ashtray.

++++++++++++++++++++++++++++++++++++
Excellent post and thanks for this , I am cancelling my plans to buy property this year!!!!!!!

[Unregistered]

Interesting analysis from Singapore expat forum. What do you guys say? Any views?



Quote:
Originally Posted by Unregistered
Posted: Sat Mar 29, 2008 8:54 pm Post subject: Singapore Property Going Down The Tubes?

--------------------------------------------------------------------------------

I sent my buddy an e-mail asking if it was a good time to buy property in Singapore...

He's a Hong Kong based Asia property analyst for a small successful private investment bank.
He sent me this....(don't shoot me, I'm just the messenger.)

Quote:
Well...I would wait at least another 6 months to a year.

We told clients and investors to sell all Singapore holdings (property, stocks and everything else) in June 2007. We determined that prices would never, ever be higher and were predicting a 15% drop in pricing by March 2008 and 25% drop by June 2008.

Rationale was simple and not rocket science.

#1. There was no demand for housing when the boom started.
The vacancy rates on existing housing were above New York, London, Hong Kong, Tokyo and other major urban market levels. A Singapore property boom made no sense at all.

#2. Singapore GDP...nice impressive numbers. But the growth was 99% construction related. There is no economic growth when the construction boom ends and those numbers are subtracted from the total.

#3. The existing luxury housing vacancy levels in Singapore were adequate to fill the needs of Singaporeans and any possible influx of new senior executives for the next 5 years. Thus, there was no demand for executive luxury housing in the market.

#4. Value for money on Singapore property for foreign investors is not good when compared to other projected growth economies. (several factors are weighed including psf, quality of workmanship, size of economy, projected growth of economy, lifestyle and culture of the market.)

#4. The targeted future population numbers of Singapore are pie in the sky and completely without substance. Singaporeans are not having kids and the demand for jobs in Singapore will be service led lower paying jobs to supply the planned tourism developments. Non of these new inhabitants will be buying or renting condo's, especially in the high-end. And tourists visit, they don't buy or rent.

#5. Singapore is not a supply/demand driven economy. It is a small, managed economy. Thus, the property development plans were lofty, risky, and not based on future real supply/demand realities.

#6. There is a lack of real, transparent, objective information available in the Singapore market about the Singapore market. This leads to investors belief in hype and speculation rather than economic principles.

#7. Global money supplies and markets are taking a beating and will continue to take a beating. The second call on the sub prime products happens this June so more big losses are expected. This will stall or even damage the Singapore economy.

We expect distress sales in the property market to start soon. The high-end rental market is non-existent and the higher % of all unit sales were high-end investment property, speculator driven.
These buyers need "wealthy" renters to subsidize the million dollar mortgages. Most locals cannot afford the rents the market is demanding.
Surveys of multinational companies and banks have indicated that there is no boat-load of expats with a big housing allowance arriving at the Singapore port anytime soon. The new owner is now stuck with 100% of a very expensive monthly mortgage.

Here is an example of one major high-end development I'm following to prove the point. These are some very telling numbers.
600+ units launched
20+ remaining at $2,000 per square foot via the developer.
100+ units previously sold are now for sale privately less than 7 months after launch for $1,300 to $1,600 per square foot.
The reason...no rental income.
That tells me that property owners are willing to admit that market prices are down 25%+ already. Unfortunately, even at a 25% discount, there are no buyers.

Existing Singapore residents are keeping the rental market buoyant due to the fact they sold their old places and are waiting for the prices to drop...OR...waiting for their new unit to be completed. These people are relatively small in overall numbers and definitely not going to rent high end luxury units. They are driving HDB, middle priced housing rents up right now. They are also demanding 12 month leases or even less if they can get it proving that they are waiting to move or sitting on the sidelines waiting for prices to drop.

The Singapore property market is massively oversupplied today and more units are on the way. This is not good. This is should be extremely troublesome to anyone who owns property anywhere in that market. The potential valuation losses in the property market could be enormous, especially at the high-end. Overall prices could sink well below SARS levels and this could happen within 6 months to a year.

The short lived property boom was very much like a pyramid scheme.
It was all hype and no substance.
The first guys in are now smoking big cigars.
The last guys in are now left holding the ashtray.

++++++++++++++++++++++++++++++++++++
Excellent post and thanks for this , I am cancelling my plans to buy property this year!!!!!!!

I have cancelled mine too

[Unregistered]

Friday, April 4, 2008

Property fever here starting to cool


More signs of Singapore's property market slowing: Tenders for a plot of government development land have closed, attracting one of the lowest bids in recent years.

The residential site bordering Choa Chu Kang Road and Woodlands Road on offer attracted just two bids. The highest offer came from an arm of Peak Properties, which is controlled by the Wee family. It offered $61 million, which works out to just $162 per sq ft (psf) per plot ratio.

Knight Frank research head Nicholas Mak said: "The current bid is one of the lowest in recent years."

The low point came last month when just $78 psf was offered for land in Westwood Avenue. This was rejected by the Urban Redevelopment Authority (URA).

The last time residential land bids fell below $200 psf was between 2000 and 2002, at the height of Singapore's decade-long property slump. It is not yet known whether the URA will accept the Peal Properties' offer.

The Choa Chu Kang Road site can be potentially used to develop up to 240 condominium units or serviced apartments.

This tender may serve as a good benchmark for another nearby site in Choa Chu Kang Drive. Bids for this site close in May. Prices of completed units in nearby Maysprings condominium recently transacted at an average price of $530 to $630 psf.

oh not again. only 2 bidders for 10 mile site.

[Unregistered]

Economy Loses 80,000 Jobs, Worse Than Expected
By Reuters | 04 Apr 2008 | 08:32 AM ET

US employers cut payrolls for a third month in a row in March, slashing 80,000 jobs for the biggest monthly job decline in five years as the economy headed into a downturn, government data on Friday showed.


The Labor Department revised the first two months of the year's job losses to a total of 52,000 from a previous estimate of 85,000. The March unemployment rate jumped to 5.1 percent from 4.8 percent, the highest since a matching rate in September 2005.

The March job report was more bleak than expected.

Economists polled ahead of the report forecast a decline of 60,000 in non-farm payrolls and a rise in the unemployment rate to 5 percent.

"It's not a good number, clearly," said David Bianco, chief US equity strategist at UBS. "But the market has been braced for a bad number. Almost every investor equity and otherwise would acknowledge that we are in a recession but we still think it is a mild recession and we are going to have pretty good profit conditions in the S&P 500 for this quarter and for the rest of the year."

During the first quarter of this year job losses averaged 77,000 a month, compared to average monthly gains of 76,000 in the last half of 2007, according to Keith Hall, Bureau of Labor Statistics Commissioner.

Job losses were widespread during the month, with the biggest losses in the construction and manufacturing sectors.

[Unregistered]

HDB, private apartment rentals set to rise

By Wong Siew Ying, Channel NewsAsia | Posted: 03 April 2008 0050 hrs


SINGAPORE : Rentals for HDB and mass market private apartments are set to rise in the coming years, with more foreign workers heading for Singapore.

Property agents expect rents to climb by about 10 percent this year.

They say HDB flat-owners could gain from the spike in demand.

Singapore's two integrated resorts will be ready in the next two years.

Besides attracting more tourists, they are also expected to draw thousands of foreign workers to the city state.

Resorts World at Sentosa says it will be hiring 10,000 people directly.

And 40 percent of these jobs will go to foreigners, in view of the manpower crunch in Singapore.

Property agents say some of the foreign workers, especially higher-ranking staff, will have the means to purchase private residential properties.

But they expect the bulk of the workers to tap into the rental market for their housing needs. And this will push prices up in the short-term as supply plays catch up.

On average, monthly rentals for private apartments range between $2,500 and $3,500 dollars.

This may be too much for some workers.

Mohamed Ismail, CEO of PropNex, said: "The public housing becomes next best alternative where today people are still able to rent at $1,500 to $2,000. I expect this trend to continue, as far as estates that will have a greater demand ... such as those in Telok Blangah, Bukit Merah, Bishan, Toa Payoh. Anything that is not too far away from town or to the integrated resorts will definitely have greater take-up rates."

Industry players say private residential properties currently enjoy a rental yield of some 5 percent, while that of HDB flats is between 8 and 10 percent - among the highest ever in Singapore for public housing.

All in, agents expects rentals to climb by some 10 percent in the next two years. - CNA/de
Swee liao lor!
Huat ah! Huat ah!

[Unregistered]

#1. There was no demand for housing when the boom started.
The vacancy rates on existing housing were above New York, London, Hong Kong, Tokyo and other major urban market levels. A Singapore property boom made no sense at all.

#2. Singapore GDP...nice impressive numbers. But the growth was 99% construction related. There is no economic growth when the construction boom ends and those numbers are subtracted from the total.

#3. The existing luxury housing vacancy levels in Singapore were adequate to fill the needs of Singaporeans and any possible influx of new senior executives for the next 5 years. Thus, there was no demand for executive luxury housing in the market.

#4. Value for money on Singapore property for foreign investors is not good when compared to other projected growth economies. (several factors are weighed including psf, quality of workmanship, size of economy, projected growth of economy, lifestyle and culture of the market.)

#4. The targeted future population numbers of Singapore are pie in the sky and completely without substance. Singaporeans are not having kids and the demand for jobs in Singapore will be service led lower paying jobs to supply the planned tourism developments. Non of these new inhabitants will be buying or renting condo's, especially in the high-end. And tourists visit, they don't buy or rent.

#5. Singapore is not a supply/demand driven economy. It is a small, managed economy. Thus, the property development plans were lofty, risky, and not based on future real supply/demand realities.

#6. There is a lack of real, transparent, objective information available in the Singapore market about the Singapore market. This leads to investors belief in hype and speculation rather than economic principles.

#7. Global money supplies and markets are taking a beating and will continue to take a beating. The second call on the sub prime products happens this June so more big losses are expected. This will stall or even damage the Singapore economy.
I have some questions for Mr. Hong Kong Property Analyst, can you be my "messenger" as well.

#1. ChannelNewsAsia on 27 February 2008 reported that "Last year, Singapore saw over 63,000 new PRs, an 11-per-cent increase from 2006; and the city-state also welcomed more than 17,000 new citizens, a 30-per-cent jump."

Every year, we have 63,000 + 17,000 = 80,000 new immigrants, that is not including foreigners who come here on employment pass (but not taking up citizenships or PRs).

What do you mean "no demand for housing"? May I know where these 80,000 people are going to stay? Inside the canals?

In case you are not familiar with Singapore, here is the news URL to our government broadcasting station regarding the news I quoted above.

http://www.channelnewsasia.com/stories/singaporelocalnews/view/331492/1/.html

#2. ChannelNewsAsia reported on 10 August 2007 that Singapore's "Financial services expanded by 17 per cent in the second quarter, up from 14 per cent growth in the first quarter, while the construction sector grew by 18 per cent, the strongest growth in almost 10 years. Growth in the manufacturing sector picked up pace to 8.3 per cent."

No matter how I calculate, I don't know how you arrived at the figure that "growth was 99% construction related."?

In case you are not familiar with Singapore, here is the news URL to our government broadcasting station regarding the news I quoted above.

http://www.channelnewsasia.com/stories/singaporebusinessnews/view/293171/1/.html

#3. You said "The existing luxury housing vacancy levels in Singapore were adequate to fill the needs of Singaporeans and any possible influx of new senior executives for the next 5 years. Thus, there was no demand for executive luxury housing in the market."

Then may I ask you what about this person called Jet Li?

Your Hong Kong magazine wrote "Actor Jet Li moved to Singapore last year for his daughters’ education, reported Hong Kong’s Next Magazine recently ... he bought a S$7mil (RM16.1mil) unit at nearby Ardmore Park condominium."

Is Jet Li a "senior executive" from some Multinational Company? Must luxury housing be only for "senior executives"?

Is Jet Li's purchase of Armore Park luxury condominium illegal? Since he is not a "senior executive"?

#4. Can you explain why our "projected growth of economy" is no good?

A MasterCard International survey showed that"Being often touted recently as the next unexplored, potential-filled Asian emerging economy, Vietnam unsurprisingly registered, among the 13 nations surveyed, the highest score of 94.3 points in the MasterIndex of Consumer Confidence (MCC), which ranges from 0 to 100 points, with Taiwan posting the lowest at 29.7 points. Hong Kong came in second position with a score of 85.9 points, closely followed by China and Singapore, which posted 85.5 and 83.6 points, respectively." http://news.cens.com/cens/html/en/news/news_inner_22113.html

Singapore is ranked fourth, after Vietnam (94.3 points), Hong Kong (85.9 points), China (85.5 points) and Singapore (83.6 points).

Singapore is ranked 4th and just 2.3 points behind Hong Kong as the next unexplored, potential-filled Asian emerging economy, why is that considered "no good"?

#4 (You've got two points #4 and this is the second one) You said "Non of these new inhabitants will be buying or renting condo's, especially in the high-end."

Then what about Dr. Sudhir Gupta, "Born in India, moved to Russia to get Ph.D. in agricultural chemistry. Started tire company in Moscow ... Escaped assassination attempt in Moscow 4 years ago; now shuttles between that city and Singapore, where he's a citizen.

http://www.forbes.com/lists/2006/79/06singapore_Sudhir-Gupta_AHUD.html

He bought a luxury bungalow at Binjai Park for $12.55 million and 22 apartments, including the 63rd-storey penthouse, in the second tower of The Sail @ Marina Bay condo for a total $31 million.

Aren't these properties considered "high end", can you define what is meant by "high end"?

#5. I don't understand your this statement at all "Singapore is not a supply/demand driven economy. It is a small, managed economy. Thus, the property development plans were lofty, risky, and not based on future real supply/demand realities."

This statement totally confounds me so I need you to explain what you mean?

#6. Why do you say that Singapore lacks "real, transparent, objective information available"?

According to Jones Lang LaSelle report on Global Real Estates Transparency, "Highly Transparent countries for the first time in 2006 are Hong Kong, Sweden, France and Singapore, each having jumped to Tier 1 from Tier 2 since the 2004 survey."

http://www.joneslanglasalle.com/en-GB/news/2006/Global+Real+Estate+Markets+Trans.htm

Singapore and Hong Kong both have been promoted from Tier 2 to Tier 1 as "Highly Transparent Countries", together with Sweden and France.

So can you please explain your statement "There is a lack of real, transparent, objective information available in the Singapore market about the Singapore market."?

#7. You predicted that "Global money supplies and markets are taking a beating and will continue to take a beating. The second call on the sub prime products happens this June so more big losses are expected. This will stall or even damage the Singapore economy."

I want to ask, if you are so good at predicting, then last June (just before the sub-prime) did you go short-sell USD100 billion worth of US stock futures contracts through leveraged margin-trading account? Especially short Bear-Stearns shares, then you would be a multi-billionaire by now.

Then why are you still working as a "Asia property analyst for a small successful private investment bank."?

[Unregistered]

I have some questions for Mr. Hong Kong Property Analyst, can you be my "messenger" as well.

#1. ChannelNewsAsia on 27 February 2008 reported that "Last year, Singapore saw over 63,000 new PRs, an 11-per-cent increase from 2006; and the city-state also welcomed more than 17,000 new citizens, a 30-per-cent jump."

Every year, we have 63,000 + 17,000 = 80,000 new immigrants, that is not including foreigners who come here on employment pass (but not taking up citizenships or PRs).

What do you mean "no demand for housing"? May I know where these 80,000 people are going to stay? Inside the canals?

In case you are not familiar with Singapore, here is the news URL to our government broadcasting station regarding the news I quoted above.

http://www.channelnewsasia.com/stories/singaporelocalnews/view/331492/1/.html

#2. ChannelNewsAsia reported on 10 August 2007 that Singapore's "Financial services expanded by 17 per cent in the second quarter, up from 14 per cent growth in the first quarter, while the construction sector grew by 18 per cent, the strongest growth in almost 10 years. Growth in the manufacturing sector picked up pace to 8.3 per cent."

No matter how I calculate, I don't know how you arrived at the figure that "growth was 99% construction related."?

In case you are not familiar with Singapore, here is the news URL to our government broadcasting station regarding the news I quoted above.

http://www.channelnewsasia.com/stories/singaporebusinessnews/view/293171/1/.html

#3. You said "The existing luxury housing vacancy levels in Singapore were adequate to fill the needs of Singaporeans and any possible influx of new senior executives for the next 5 years. Thus, there was no demand for executive luxury housing in the market."

Then may I ask you what about this person called Jet Li?

Your Hong Kong magazine wrote "Actor Jet Li moved to Singapore last year for his daughters’ education, reported Hong Kong’s Next Magazine recently ... he bought a S$7mil (RM16.1mil) unit at nearby Ardmore Park condominium."

Is Jet Li a "senior executive" from some Multinational Company? Must luxury housing be only for "senior executives"?

Is Jet Li's purchase of Armore Park luxury condominium illegal? Since he is not a "senior executive"?

#4. Can you explain why our "projected growth of economy" is no good?

A MasterCard International survey showed that"Being often touted recently as the next unexplored, potential-filled Asian emerging economy, Vietnam unsurprisingly registered, among the 13 nations surveyed, the highest score of 94.3 points in the MasterIndex of Consumer Confidence (MCC), which ranges from 0 to 100 points, with Taiwan posting the lowest at 29.7 points. Hong Kong came in second position with a score of 85.9 points, closely followed by China and Singapore, which posted 85.5 and 83.6 points, respectively." http://news.cens.com/cens/html/en/news/news_inner_22113.html

Singapore is ranked fourth, after Vietnam (94.3 points), Hong Kong (85.9 points), China (85.5 points) and Singapore (83.6 points).

Singapore is ranked 4th and just 2.3 points behind Hong Kong as the next unexplored, potential-filled Asian emerging economy, why is that considered "no good"?

#4 (You've got two points #4 and this is the second one) You said "Non of these new inhabitants will be buying or renting condo's, especially in the high-end."

Then what about Dr. Sudhir Gupta, "Born in India, moved to Russia to get Ph.D. in agricultural chemistry. Started tire company in Moscow ... Escaped assassination attempt in Moscow 4 years ago; now shuttles between that city and Singapore, where he's a citizen.

http://www.forbes.com/lists/2006/79/06singapore_Sudhir-Gupta_AHUD.html

He bought a luxury bungalow at Binjai Park for $12.55 million and 22 apartments, including the 63rd-storey penthouse, in the second tower of The Sail @ Marina Bay condo for a total $31 million.

Aren't these properties considered "high end", can you define what is meant by "high end"?

#5. I don't understand your this statement at all "Singapore is not a supply/demand driven economy. It is a small, managed economy. Thus, the property development plans were lofty, risky, and not based on future real supply/demand realities."

This statement totally confounds me so I need you to explain what you mean?

#6. Why do you say that Singapore lacks "real, transparent, objective information available"?

According to Jones Lang LaSelle report on Global Real Estates Transparency, "Highly Transparent countries for the first time in 2006 are Hong Kong, Sweden, France and Singapore, each having jumped to Tier 1 from Tier 2 since the 2004 survey."

http://www.joneslanglasalle.com/en-GB/news/2006/Global+Real+Estate+Markets+Trans.htm

Singapore and Hong Kong both have been promoted from Tier 2 to Tier 1 as "Highly Transparent Countries", together with Sweden and France.

So can you please explain your statement "There is a lack of real, transparent, objective information available in the Singapore market about the Singapore market."?

#7. You predicted that "Global money supplies and markets are taking a beating and will continue to take a beating. The second call on the sub prime products happens this June so more big losses are expected. This will stall or even damage the Singapore economy."

I want to ask, if you are so good at predicting, then last June (just before the sub-prime) did you go short-sell USD100 billion worth of US stock futures contracts through leveraged margin-trading account? Especially short Bear-Stearns shares, then you would be a multi-billionaire by now.

Then why are you still working as a "Asia property analyst for a small successful private investment bank."?
Mr Sour Grape, are you taking all these questions and answers to Mr Hong Kong Property Analyst in SingaporeExpat forum?

[Unregistered]

http://www.straitstimes.com/STI/STIMEDIA/common/mast_home.gif
Jurong's massive makeover
Area the size of Marina Bay will be transformed with homes, hotels, shops, eateries and offices linked to MRT via walkways and waterways
Jessica Cheam
The Straits Times
Saturday, 5 April 2008

http://www.straitstimes.com/STI/STIMEDIA/image/20080404/JLD_anno.jpg

Extreme makeovers do not come more dramatic than this.
In an ambitious plan unveiled yesterday, a large swathe of Jurong will be redeveloped and rebranded the Jurong Lake District.

The 350ha area affected is similar in size to Marina Bay, and will boast all the elements of a vibrant mini-metropolis.

That means new high-rises, hotels, apartments, shops, food places and offices as well as no end of water-related recreational pursuits, with everything linked to MRT stations via walkways and waterways.

Unveiling the plans yesterday, National Development Minister Mah Bow Tan described Jurong as somewhat under-recognised, 'a gem yet to be uncovered and refined'.

Among Singapore's public housing estates, Jurong has been something of an ugly duckling, its factories giving the place a decidedly industrial-town feel. This is an image it will shed in the next 10 to 15 years as the new plans come to life.

Reinventing Jurong is a challenge, Mr Mah acknowledged. 'But we want to show that this is not pie in the sky, it's something real,' he said.

http://i266.photobucket.com/albums/ii268/kcc0002/JurongLakeDistrict.jpg
Just look at the new Jurong Lake District.
One thing for sure. Rental here will rise.

[Unregistered]

Just look at the new Jurong Lake District.
One thing for sure. Rental here will rise.
HYPE HYPE HYPE. I AM GLAD THOUGH THAT DIDT 9,10,11 WILL BE CHEAPER SINCE ALL WILL RUSH TO JURONG. WAH.

[Unregistered]

HYPE HYPE HYPE. I AM GLAD THOUGH THAT DIDT 9,10,11 WILL BE CHEAPER SINCE ALL WILL RUSH TO JURONG. WAH.
Another cock here talking cork.

[Unregistered]

I have some questions for Mr. Hong Kong Property Analyst, can you be my "messenger" as well.

#1. ChannelNewsAsia on 27 February 2008 reported that "Last year, Singapore saw over 63,000 new PRs, an 11-per-cent increase from 2006; and the city-state also welcomed more than 17,000 new citizens, a 30-per-cent jump."

Every year, we have 63,000 + 17,000 = 80,000 new immigrants, that is not including foreigners who come here on employment pass (but not taking up citizenships or PRs).

What do you mean "no demand for housing"? May I know where these 80,000 people are going to stay? Inside the canals?

In case you are not familiar with Singapore, here is the news URL to our government broadcasting station regarding the news I quoted above.

http://www.channelnewsasia.com/stories/singaporelocalnews/view/331492/1/.html

#2. ChannelNewsAsia reported on 10 August 2007 that Singapore's "Financial services expanded by 17 per cent in the second quarter, up from 14 per cent growth in the first quarter, while the construction sector grew by 18 per cent, the strongest growth in almost 10 years. Growth in the manufacturing sector picked up pace to 8.3 per cent."

No matter how I calculate, I don't know how you arrived at the figure that "growth was 99% construction related."?

In case you are not familiar with Singapore, here is the news URL to our government broadcasting station regarding the news I quoted above.

http://www.channelnewsasia.com/stories/singaporebusinessnews/view/293171/1/.html

#3. You said "The existing luxury housing vacancy levels in Singapore were adequate to fill the needs of Singaporeans and any possible influx of new senior executives for the next 5 years. Thus, there was no demand for executive luxury housing in the market."

Then may I ask you what about this person called Jet Li?

Your Hong Kong magazine wrote "Actor Jet Li moved to Singapore last year for his daughters’ education, reported Hong Kong’s Next Magazine recently ... he bought a S$7mil (RM16.1mil) unit at nearby Ardmore Park condominium."

Is Jet Li a "senior executive" from some Multinational Company? Must luxury housing be only for "senior executives"?

Is Jet Li's purchase of Armore Park luxury condominium illegal? Since he is not a "senior executive"?

#4. Can you explain why our "projected growth of economy" is no good?

A MasterCard International survey showed that"Being often touted recently as the next unexplored, potential-filled Asian emerging economy, Vietnam unsurprisingly registered, among the 13 nations surveyed, the highest score of 94.3 points in the MasterIndex of Consumer Confidence (MCC), which ranges from 0 to 100 points, with Taiwan posting the lowest at 29.7 points. Hong Kong came in second position with a score of 85.9 points, closely followed by China and Singapore, which posted 85.5 and 83.6 points, respectively." http://news.cens.com/cens/html/en/news/news_inner_22113.html

Singapore is ranked fourth, after Vietnam (94.3 points), Hong Kong (85.9 points), China (85.5 points) and Singapore (83.6 points).

Singapore is ranked 4th and just 2.3 points behind Hong Kong as the next unexplored, potential-filled Asian emerging economy, why is that considered "no good"?

#4 (You've got two points #4 and this is the second one) You said "Non of these new inhabitants will be buying or renting condo's, especially in the high-end."

Then what about Dr. Sudhir Gupta, "Born in India, moved to Russia to get Ph.D. in agricultural chemistry. Started tire company in Moscow ... Escaped assassination attempt in Moscow 4 years ago; now shuttles between that city and Singapore, where he's a citizen.

http://www.forbes.com/lists/2006/79/06singapore_Sudhir-Gupta_AHUD.html

He bought a luxury bungalow at Binjai Park for $12.55 million and 22 apartments, including the 63rd-storey penthouse, in the second tower of The Sail @ Marina Bay condo for a total $31 million.

Aren't these properties considered "high end", can you define what is meant by "high end"?

#5. I don't understand your this statement at all "Singapore is not a supply/demand driven economy. It is a small, managed economy. Thus, the property development plans were lofty, risky, and not based on future real supply/demand realities."

This statement totally confounds me so I need you to explain what you mean?

#6. Why do you say that Singapore lacks "real, transparent, objective information available"?

According to Jones Lang LaSelle report on Global Real Estates Transparency, "Highly Transparent countries for the first time in 2006 are Hong Kong, Sweden, France and Singapore, each having jumped to Tier 1 from Tier 2 since the 2004 survey."

http://www.joneslanglasalle.com/en-GB/news/2006/Global+Real+Estate+Markets+Trans.htm

Singapore and Hong Kong both have been promoted from Tier 2 to Tier 1 as "Highly Transparent Countries", together with Sweden and France.

So can you please explain your statement "There is a lack of real, transparent, objective information available in the Singapore market about the Singapore market."?

#7. You predicted that "Global money supplies and markets are taking a beating and will continue to take a beating. The second call on the sub prime products happens this June so more big losses are expected. This will stall or even damage the Singapore economy."

I want to ask, if you are so good at predicting, then last June (just before the sub-prime) did you go short-sell USD100 billion worth of US stock futures contracts through leveraged margin-trading account? Especially short Bear-Stearns shares, then you would be a multi-billionaire by now.

Then why are you still working as a "Asia property analyst for a small successful private investment bank."?

Good post..have a good grasp of Singapore real estate dynamics

[Unregistered]

HYPE HYPE HYPE. I AM GLAD THOUGH THAT DIDT 9,10,11 WILL BE CHEAPER SINCE ALL WILL RUSH TO JURONG. WAH.
Yes today Jurong up 10% agents saying. Rush before too late.

[Unregistered]

Good post..have a good grasp of Singapore real estate dynamics
Good post. Unfortunately we have all changed mind due to the prevailing market conditions.

[Unregistered]

Yes today Jurong up 10% agents saying. Rush before too late.
Forget it lah. Invest in India and Dubai. Growth many times higher. Dynamic and vibrant centres. Singapore highly vested in these places. If there was no growth forecast there why would we go there.
Dubai is the place. Even airlines will move hub there for Euro - Aus flights.
300K Dhm flat 2 years ago now 900K. But look at the development in Ras asl Khaimah. New investment opportunities.

[Unregistered]

Forget it lah. Invest in India and Dubai. Growth many times higher. Dynamic and vibrant centres. Singapore highly vested in these places. If there was no growth forecast there why would we go there.
Dubai is the place. Even airlines will move hub there for Euro - Aus flights.
300K Dhm flat 2 years ago now 900K. But look at the development in Ras asl Khaimah. New investment opportunities.
I AGREE WITH YOU. DUBAI SHOULD BE WHERE WE SHOULD GO. IN ASIA BANGKOK AND HO CHI MINH. NO OTHER PLACE CAN GIVE RETURNS.

[Unregistered]

Forget it lah. Invest in India and Dubai. Growth many times higher. Dynamic and vibrant centres. Singapore highly vested in these places. If there was no growth forecast there why would we go there.
Dubai is the place. Even airlines will move hub there for Euro - Aus flights.
300K Dhm flat 2 years ago now 900K. But look at the development in Ras asl Khaimah. New investment opportunities.
jurong better than dubai what. see the picture in todays paper. where jurong where dubai. also so many attractions. i prefer jurong over dubai. 3 mrt stations also what. maybe mosquitos more but with development they will move to woodlands side.

[Unregistered]

http://www.straitstimes.com/STI/STIMEDIA/common/mast_home.gif
Jurong to transform from industrial zone to Lake District
Jessica Cheam
The Straits Times
Saturday, 5 April 2008

http://www.straitstimes.com/STI/STIMEDIA/image/20080404/jurongoone.jpg
An impression of Jurong Lake District in the future. -- Photo: URA

http://www.straitstimes.com/STI/STIMEDIA/image/20080404/lakeside2.jpg
Lakeside, will provide attractions with an education element to attract families. -- Photo: URA

Mention Jurong now and it conjures images of industrial land and sleepy suburban homes - but within the next decade, this district will get a stunning makeover that will transform it into Singapore's only lakeside destination to live, play and work.
The blueprint for Jurong - to be re-branded Jurong Lake District - was unveiled by National Development Minister Mah Bow Tan on Friday at the Urban Redevelopment Authority's (URA) annual seminar for industry players.

The ambitious plan, to be developed over the next 10 to 15 years, involves enlarging waterways, building 1,000 new private homes, 2,800 hotel rooms and adding 500,000 sq m of office space. New tourist attractions, public parks and water activities will also add sparkle to the rejuvenated town.

Jurong Lake District will consist of two complementary precincts - Jurong Gateway and Lakeside - around the Jurong East MRT Station and Jurong Lake in the west region of Singapore.

New homes, offices and retail space will sprout around the Jurong East MRT Station, to be known as Jurong Gateway, making it an attractive commercial hub serving the west region, outside the city centre.

Next to it, a unique leisure destination, Lakeside, will provide attractions with an education element to attract families.

Located around the Jurong East MRT Station, the new plans for the 70 ha Jurong Gateway is to develop it into a vibrant commercial hub with a good mix of office, retail, residential, hotel, entertainment, food & beverage and other complementary uses.

It will be the biggest commercial hub outside the city centre. New waterways and pedestrian linkages will provide seamless connections between the two precincts.

An integrated network of pedestrian walkways between buildings and public facilities will also be created. New landscaped open spaces and park connectors at the street-level and skyrise greenery in buildings will add to the already lush and scenic areas.

Speaking to a 500-strong audience, Mr Mah said Jurong East is perceived by many Singaporeans as a suburban residential and industrial area 'located far away from the citiy centre'. 'However, Jurong is a gem that has yet to be uncovered and refined,' he said.

URA's chief executive Mrs Cheong Koon Hean added: 'Jurong Gateway and Lakeside are precious gems which offer exciting opportunities for the development of leisure attractions and the biggest commercial hub outside the city centre.'

'To realise this vision, the planners have developed strategies that capitalise on the wonderful assets these areas have. These include building upon the strategic location of Jurong Gateway which is well served by road and rail, and in the midst of a large population and customer catchment.

'The lake and its greenery are also unique features which can be enhanced. We would like to bring about a transformed image for this area. The Jurong Lake District will become a much sought after lakeside destination for business and leisure.'

The total potential area for development is 360 ha, close to the size of Marina Bay. The existing Chinese and Japanese Gardens will have added new facilities and activities to make them more attractive for both residents and tourists.

URA said all the attractions around the Jurong Lake will be developed with 'a sensitive approach to the surrounding environment and natural greenery'.

http://i266.photobucket.com/albums/ii268/kcc0002/JurongLakeDistrictMap1.jpg
Site Plan Of Jurong Lake District

http://i266.photobucket.com/albums/ii268/kcc0002/JurongLakeDistrictMap2.jpg
Jurong Lake DIstrict In The Future

Blueprint for Jurong Lake District unveiled
Jurong Gateway: Biggest commercial hub outside the city



Located around the Jurong East MRT Station, the new plans for the 70 ha Jurong Gateway is to develop it into a vibrant commercial hub with a good mix of office, retail, residential, hotel, entertainment, food & beverage and other complementary uses. It will be the biggest commercial hub outside the city centre.

Jurong Gateway is one of the three regional centres identified under the Concept Plan 1991, as part of a decentralisation strategy to sustain Singapore's growth. While Marina Bay and the city remain as the main commercial centres, new commercial hubs like Jurong Gateway will also be developed outside the city centre to provide more choices of attractive business locations and bring jobs closer to homes. The other two regional centres are Tampines and Woodlands.

Jurong Gateway offers a highly attractive location outside the Central Business District for company headquarters, business services as well as companies in the science and technology sectors. Companies that set up their offices at Jurong Gateway will be able to:
- gain ready access to a large labour and customer pool from more than one million residents in the surrounding towns of Clementi, Bukit Batok, Jurong East and Jurong West.

- enjoy the close proximity to a substantial cluster of multinational and global businesses of more than 3,000 companies around the International Business Park and the Jurong and Tuas Industrial Estates.

- tap on a large talent pool from the many surrounding tertiary institutions and research hubs like the Nanyang Technological University, National University of Singapore, One-North and the Science Park 11 Jurong Gateway is already a major transport hub.

The Jurong East MRT station is the interchange station for the East-West and North-South MRT lines. It is well served by three MRT stations and a bus interchange. Jurong Gateway is also well connected to the rest of the island by two major expressways. It is only about 20 minutes away from the city centre by car or train and just 15 minutes to the Second Link.

More new spaces to come

With more than 50 ha of vacant land available for development, Jurong Gateway will provide about 750,000 sq m of commercial space, more than two and a half times the size of Tampines Regional Centre today.

The 750,000 sq m of commercial space consist of:
- 500,000 sq m of office space and

- 250,000 sq m of retail, food & beverage and entertainment space.

About 2,800 hotel rooms will also be introduced at the fringe of Jurong Gateway, next to Lakeside, to meet the increasing demand for hotel rooms and to cater to the new leisure attractions and businesses that will be introduced around Jurong Lake and Jurong Gateway.

In addition to the commercial space, at least 1,000 new homes will be added around the Jurong East MRT station, providing more opportunities to live and work in the area.

Seamless connections, more greenery

Singaporeans and visitors can look forward to seamless connections and more greenery at Jurong Gateway.

From Jurong East MRT station, pedestrians can walk conveniently and comfortably to most developments and public facilities around the area through an extensive network of walkways. They can also stroll to attractions at Jurong Lake area through a new pedestrian walkway.

There will be an experience of lush greenery with new landscaped open spaces and park connectors introduced at the street-level. Skyrise and rooftop greenery will also be encouraged on many of the buildings in the area.

Key buildings will have scenic views of the lake. For example, buildings around the Jurong East MRT station will step down towards the lake, allowing most developments to have panoramic views of the lake.

Lakeside: New waterfront playground

Jurong Lake and the area around it, known as Lakeside, is the other area in the Jurong Lake District. Spread over 220 ha of land and 70 ha of water, Lakeside is envisaged to be developed into a major leisure destination for Singaporeans and tourists.

The attractions at Jurong Lake will be differentiated from others located in Marina Bay, Southern Waterfront and Mandai.

Singaporeans can look forward to enjoy greater access to the lake with additional green spaces and new attractions around the lake for the whole family.

Bringing the lake closer

There will be greater access to the lake from Jurong Gateway. One idea is to create new waterways to bring the experience of the lake closer to the main commercial hub. Another idea is to create a landscaped walkway from Jurong Gateway to the Lakeside.

New green spaces, better access to the lake

A new public park will be developed at the western edge of Jurong Lake, next to Lakeside MRT station. The waterfront promenade along Jurong Lake will be enhanced as well, making it easier and more pleasant for residents and visitors to enjoy breathtaking views of the lake.

New water activities like kayaking and dragon-boating will be introduced in the lake by the end of 2008 as part of Public Utilities Board (PUB)'s Active Beautiful Clean programme. PUB will also be implementing more public amenities such as boardwalks, fishing points, wetlands and water features at selected stretches of the lake by the end of 2009 to allow people to enjoy more of the lake.

New attractions around the lake

Land is available for four to five attractions around the lake catering to families with young children. Possible attractions could be those with edutainment theme or nature-based attractions leveraging on the lake, or attractions with hotels, food & beverage and retail uses.

They will complement the attractions that are already in Jurong, for example, the Jurong Bird Park, Science Centre and Singapore Discovery Centre. Blending in with the garden and lake settings, these new attractions will offer fresh recreational opportunities around the lake.

The first anchor attraction is the new world class Science Centre. It will be moved next to the Chinese Garden MRT station. The new Science Centre will not only be bigger and more accessible, the new location also provides exciting opportunities to extend the learning experiences beyond the centre to the lake and surrounding green spaces.

A new lakeside village will be created next to the Jurong Lake. Just 10 minutes walking distance away from Jurong Gateway, the village offers an alternative shopping and dining experience, with food & beverage, retail and entertainment uses and boutique hotels by the lakeside.

This village will be connected to Jurong Gateway through a network of walkways, making it a natural gathering place for residents, visitors and people working nearby.
Why suddenly Jurong Lake District is like a Marina Bay?

[Unregistered]

Why suddenly Jurong Lake District is like a Marina Bay?
Marina Bay lose value for sure. I am laughing my self to the bank now. All flock to Jurong.

[Unregistered]

Marina Bay lose value for sure. I am laughing my self to the bank now. All flock to Jurong.
COME ON LAH. TAMPINES ALSO WAS HUB. WHAT HAPPENED THERE? VALUE HERE ONLY FOR 9,10 DISTRICTS.

[Unregistered]

COME ON LAH. TAMPINES ALSO WAS HUB. WHAT HAPPENED THERE? VALUE HERE ONLY FOR 9,10 DISTRICTS.
My phone hasnt stopped ringing since morning with agents asking how much I want for my flat in the Lakeside area. Any advice how much more I should ask?

[Unregistered]

My phone hasnt stopped ringing since morning with agents asking how much I want for my flat in the Lakeside area. Any advice how much more I should ask?
Really? So much demand huh already?? Will take 5 years atleast for even some digging to start I think. Any views.

[Unregistered]

Forget it lah. Invest in India and Dubai. Growth many times higher. Dynamic and vibrant centres. Singapore highly vested in these places. If there was no growth forecast there why would we go there.
Dubai is the place. Even airlines will move hub there for Euro - Aus flights.
300K Dhm flat 2 years ago now 900K. But look at the development in Ras asl Khaimah. New investment opportunities.

But we not Blanga leh.............................................

[Unregistered]

My phone hasnt stopped ringing since morning with agents asking how much I want for my flat in the Lakeside area. Any advice how much more I should ask?

Agents all want to F**k ur ass.

[Unregistered]

Marina Bay lose value for sure. I am laughing my self to the bank now. All flock to Jurong.

No, u should be laughing all the way to...............IMH

[Unregistered]

jurong better than dubai what. see the picture in todays paper. where jurong where dubai. also so many attractions. i prefer jurong over dubai. 3 mrt stations also what. maybe mosquitos more but with development they will move to woodlands side.

Jurong is for Singaporean.........Dubai for Blanga........

[Unregistered]

Oh any comments on this observation from the expats forum? Seems a knowledgeable chap. Thanks buddy for educating us. I will delay my buying.



I Re: Apartment sales slowing?
« Reply #389 on: 18 March 2008, 23:13:57 PM » Quote

--------------------------------------------------------------------------------
Quote from: Kubes.SG on 18 March 2008, 23:04:49 PM

The reason I am looking for some rational data-based economic basis for why values will boom again soon in Singapore is because I get nothing but the following soft baseless reasons, that don't link to any meaningful data:

IRs are coming. Rich people will discover Singapore
Singapore Flyer/Eye
F1
Youth Olympics
Singapore Hub for everything
Inflation is high and increasing in Singapore
SGD is rising against USD
India and China booming ecomony
Singapore has limited land
Population will increase to 6.5mln
Financial/Media/Health Hub

My points are the following:

Singapore prime property is grossly overvalued, by historical and global standards - (don't look at the 1996 peak as the benchmark, look at the average of the last 20 years)

Singapore's property cycle is 1-2 years of boom, followed by 1-2 years of decline then 2-5 years of stagnation

About 30,000 new prime properties are booked to be completed by 2010, exceeding demand

Possibly 50% of those were purchased by investors/speculators, many though DPS

DPS entirely skewed the market by allowing speculators/developers/realtors to rapidly pump-up prices with very small financial commitment (2%-20%)

Many of the speculators never planned to own the apartments they bought, but to flip them quickly

With negagitve equity and being highly leverage speculators will be under massive stress. Some will walk, some will sell. Further reducing market prices and sentiment.

Singapore's leadership are publicly bearish on the prime property market declaring prices will decline

Sales of prime properties have collapsed over the in Jan and Feb to the lowest levels in 5 years (BT and ST this week)

Market sentiment is at panic levels. External negative economic pressures and credit crunch is underway now in all developed economies - strong and weak. These will impact Singapore too.

Asia has not "de-coupled" its economies from the US or WE. Singapore's exports indirectly still go mainly to the US. Consumption is till very low in Chinda. With recession in the US the reduced demand will still hit Singapre. Chinda owe Singapore nothing.

Singapore's 2007Q4 GDP shrank 4.8% I fully expect that the SG.gov is currently pumping the local economy hard to avoid a technical recession.

Singapore's productivity rates in 2007 declined by 0.9% - the greatest decline on record

Latest population target is 5.5mln by 2040, or about 10,000 HH per year.

Given current mix that means about 2,000 prime properties required per year

Jobs growth is good, but it is largely at the lowest levels. In coming workers will not be able to live in prime property. Many incoming professionals will not be able to afford prime property rentals without correction

Adam Smith's invisible hand of capitalism will play an influencing role in equalizing the balance

[Unregistered]

I have some questions for Mr. Expat Forum, can any kind soul here help me to convey?

Singapore prime property is grossly overvalued, by historical and global standards - (don't look at the 1996 peak as the benchmark, look at the average of the last 20 years)
I don't know what you mean by "overvalued". If you look at the average of the last 20 years, almost all global cities have gone up tremendously, not just Singapore.

Bombay, Shanghai, London, New York, Hong Kong.

If you look at Hong Kong's property market here:
http://business.fullerton.edu/finance/jrel/papers/pdf/past/2005vol13n3/05.337_356.pdf

and Singapore's property market here:
www.redas.com/einformation/mt/researchpaper/PPIGovtmeasures.pdf

You can see that both Singapore and Hong Kong have gone up almost synchronously.

London's property prices have also gone up by 279% in the last 10 years.
http://www.easier.com/view/House_Prices/article-109868.html

Hence can you tell me which major international city is not "overvalued" compared to their historical value?

(Please exclude cities like Yangon, Kabul and Baghdad).

Singapore's property cycle is 1-2 years of boom, followed by 1-2 years of decline then 2-5 years of stagnation
Where did you get this idea from?

Look at the following residential price chart from 1960 to 2006

www.redas.com/einformation/mt/researchpaper/PPIGovtmeasures.pdf

Did you see the continuous climb all the way from Q2 1986 (Index at 33.5 points) all the way to Q2 1996 (Index at 181.4 points). Exactly 10 years and a rise of 440%. Bull-run of the decade!

What do you mean by 1-2 years of boom, followed by 1-2 years of decline?

About 30,000 new prime properties are booked to be completed by 2010, exceeding demand
Can you tell me how do you know that this supply of 30,000 has exceeded the demand?

How did you work out the demand? What are the formulae and data you used to work out the demand?

What exactly is the demand?

Possibly 50% of those were purchased by investors/speculators, many though DPS

DPS entirely skewed the market by allowing speculators/developers/realtors to rapidly pump-up prices with very small financial commitment (2%-20%)

Many of the speculators never planned to own the apartments they bought, but to flip them quickly

With negagitve equity and being highly leverage speculators will be under massive stress. Some will walk, some will sell. Further reducing market prices and sentiment.
Why should the speculators be under "massive stress"? The apartments can easily be rented out.

Don't forget that all the projects coming up TOP this year were bought in 2005, when the price was only 50% of what it is today.

With a rental yield of around 5% (based on current prices) and a mortgage interest rate of only 3%, the bank is subsidising borrowers to the tune of 2% p.a.

For those who've bought 3 years ago at half price (compared to today), that's a yeild of 10% versus a mortgage interest of 3%, the bank is subsidising borrowers to the tune of 7%.

Furthermore, rentals are expected to continue to rise due to the influx of foreingers. Read the following article:

"HDB, private apartment rentals set to rise

By Wong Siew Ying, Channel NewsAsia | Posted: 03 April 2008 0050 hrs
SINGAPORE : Rentals for HDB and mass market private apartments are set to rise in the coming years, with more foreign workers heading for Singapore."

If it looks familiar, it's because it's the title for one of the threads in this forum. Go and read the full article over there.

Please explain where is the "massive stress" coming from?

Is getting 7% p.a. from the bank stressful? Are you referring to the "massive stress" of having too much money?

Singapore's leadership are publicly bearish on the prime property market declaring prices will decline
That is really strange!

MM Lee just said during Chinese New Year on 11 Feb 2008 that "By 2011, the Marina Bay Area will be splendid, especially a water plaza, surrounded by a promenade fronting financial centres, integrated resorts, residential condominiums, food and beverages outlets, an enchanting sight to behold. It will be a unique city centre. We will not leave our heartlands behind. All new towns will be upgraded and beautified. The massive new investments in infrastructure and beautification, plus a steadily growing economy, with higher incomes, will keep property values going up."

You can read his full speech here:

http://app.sprinter.gov.sg/data/pr/20080211985.htm

May I ask whether MM Lee is considered part of "Singapore's leadership"?

Sales of prime properties have collapsed over the in Jan and Feb to the lowest levels in 5 years (BT and ST this week)

Market sentiment is at panic levels. External negative economic pressures and credit crunch is underway now in all developed economies - strong and weak. These will impact Singapore too.[QUOTE]
If sentiment is at "panic level", why then does the URA property price index rise 6.6% in Q4 2007 and then another 4.2% in Q1 2008?

http://www.ura.gov.sg/pr/text/2008/pr08-35.html

Remember that all these happened after the U.S. subprime had started.

If sentiment is at "panic level", then prices should decrease, instead of increase. Are you referring to "panic level" of the buyers, or "panic level" of the sellers?
[QUOTE]Asia has not "de-coupled" its economies from the US or WE. Singapore's exports indirectly still go mainly to the US. Consumption is till very low in Chinda. With recession in the US the reduced demand will still hit Singapre. Chinda owe Singapore nothing.

Singapore's 2007Q4 GDP shrank 4.8% I fully expect that the SG.gov is currently pumping the local economy hard to avoid a technical recession.

Singapore's productivity rates in 2007 declined by 0.9% - the greatest decline on record
According to the Ministry of Trade and Industry, "Singapore growth slows to 6.0% in fourth quarter"

Even "On a quarter-on-quarter seasonally adjusted annualised basis, real GDP fell by 3.2 per cent in the quarter compared with a 4.4 per cent gain in the preceding quarter, reflecting a slowdown in the manufacturing sector".

May I known where did you get the figure "shrank 4.8%" from?

http://www.channelnewsasia.com/stories/singaporebusinessnews/view/320244/1/.html

Latest population target is 5.5mln by 2040, or about 10,000 HH per year.

Given current mix that means about 2,000 prime properties required per year

Jobs growth is good, but it is largely at the lowest levels. In coming workers will not be able to live in prime property. Many incoming professionals will not be able to afford prime property rentals without correction

Adam Smith's invisible hand of capitalism will play an influencing role in equalizing the balance
What you mean by "Jobs growth is good, but it is largely at the lowest levels. In coming workers will not be able to live in prime property. Many incoming professionals will not be able to afford prime property rentals"?

Read the following article:

Steaming demand for senior private bankers
7 February 2007

UBS isn't the only one beefing up its senior private banking ranks in Singapore.

The Swiss bank relocated Carlo Grigioni, its formerly Swiss-based global head of private wealth management, to Singapore this month.

Pay for these top individuals is generous – the salary for the average private banker is around S$300k (US$195k). But it can reach considerably more than that. "Last year we came across a few candidates who will hit S$700k to $800k in total compensation," says Koh.

http://news.efinancialcareers.sg/NEWS_ITEM/newsItemId-9212

Do you think that with a salary of S$300k to $800k per year, these "low level workers" will be able to live in prime properties?

[Unregistered]

Obviously the expat forumer doesn't understand Singapore well enough and quoting economic data out of context or even outright wrongly interpreting them. If an expat is not vested, of course it will be in his interest for rents and property prices here to be capped.

[Unregistered]

My phone hasnt stopped ringing since morning with agents asking how much I want for my flat in the Lakeside area. Any advice how much more I should ask?


$5million, no less.

[Unregistered]

No, u should be laughing all the way to...............IMH
He laughing all the way to visit you? What happened?

[Unregistered]

Obviously the expat forumer doesn't understand Singapore well enough and quoting economic data out of context or even outright wrongly interpreting them. If an expat is not vested, of course it will be in his interest for rents and property prices here to be capped.
What can you expect from Foreign Thrash?

[Unregistered]

My phone hasnt stopped ringing since morning with agents asking how much I want for my flat in the Lakeside area. Any advice how much more I should ask?

Dont be too happy. Jurong is still Jurong, polluted and far from city. Unless govt move industrial estate to elsewhere, it will be still polluted. I've worked my life in jurong. My black car is tainted with chemical white dot paint and I can't get rid of it.

[Unregistered]

According to quite a few "experts" on this board the cannons are still booming. I just hope they are not confusing it with the big thuds of speculators jumping from high rises.

[Unregistered]

April 6, 2008

PROPERTY

7 signs of a property slowdown

Buyers seem to be gaining ground again in the private homes market but consultants say it's far from crashing yet

By Joyce Teo, Property Correspondent


After rocketing to dizzying heights last year, the private homes market has stalled because of the global credit crunch - an external factor that took the market by surprise.

The withdrawal of the deferred payment scheme last year has also dampened demand somewhat.

Sales volumes and interest have fizzled out just as quickly as the market surged last year.

While many players hang on to the notion that strong fundamentals - low interest rates, for instance - will support the market, sentiment has fast melted away.

Is the property market slowing to a crawl? We examine the mounting evidence.

1 Growth in home prices weakens

The Urban Redevelopment Authority's (URA's) early estimate of first-quarter data showed a 4.2 per cent rise in private home prices against 6.8 per cent in the previous quarter and 31 per cent last year.

Consultants expect price growth to weaken. Prices, especially for high-end homes, might fall but not significantly as sellers are still reluctant to accept lower prices, said a seasoned property agent. 'There's no urgency to do so.'

2 Launches are held back

Developers have ample properties to sell but most continue to hold back launches. Some small ones have gone ahead but the response has been unimpressive.

With buyers and sellers choosing to remain on the sidelines as the global impact of a slowing United States economy remains uncertain, the market is largely quiet.

URA data showed that only 185 new private homes were sold in February, down from 328 in January. Last year, developers sold 14,811 new homes.

3 Collective sales have died down

This market is dead, for now at least, as developers stay away and new rules make it tougher for owners to sell en bloc.

So far this year, only one sale has been done compared with 26 in the first quarter of last year.

And one potential sale - that of Makeway View in Newton - was cancelled after the buyer, Bravo Building Construction, said it had found out that it would have to pay a higher-than-expected development charge.

Owners of some estates are starting to lower their price expectations.

Pinetree Condominium in Balmoral Park, for instance, was recently relaunched at a lower indicative price of $128 million - down from around $145 million last September, but still well above the 2006 price tag of $59 million.

4 Investor funds pull out or hold off

Islamic investment bank Kuwait Finance House, which agreed last December to buy 97 Goodwood Residence units for $818.4 million from GuocoLand, allowed the purchase option to lapse.

Both parties said last month that they were still in talks but did not provide clear reasons for the pullout. Industry sources had speculated that the fund's price - a record for the condo's area - was too high.

A recent DTZ Research report said some funds are holding off making investments, at least for the first half of this year, until the extent of the US slowdown and its global impact become clearer.

5 Sellers hand out discounts galore

In the resale market, sellers are getting more flexible. There are more desperate sellers in the market this year, property agents said.

Some want to sell one or two of their properties because they had bought some units under the deferred payment scheme, and payment is due in six months to a year, one agent said.

For new launches or sales of new units, some developers are also willing to give discounts when asked, while others offer stamp duty rebates to attract buyers.

6 Agents less sought after, ads dwindle

Property agents have more free time and are taking out fewer advertisements because of the poor response.

Last year, a seller's unit could be marketed by five to six agents, with the deal going to the agent who garnered the best price.

But this year, a seller might go with one agent, said HSR Property Group's executive director, Mr Eric Cheng.

On average, an ad for a reasonably priced unit could attract 12 to 15 calls last year. That is now down by half, he said. Prime, high-end homes have it worse, he added, noting that there could be no calls at all for some ads.

'I have not been advertising since Nov 15 because I could see sales volume falling,' said agent Andrew Soh.

7 Buyers toss in low bids to test the waters

Some developers have offered rather low bids in recent land tenders, which signals a slowing property market.

The Government in mid-March decided not to award a landed housing site in Jurong West as the bids were too low.

Then, the lowest bid for a Yishun condo site came in at just $95 per sq ft of potential gross floor area.

'The developers are pricing in the risks of falling prices,' said Knight Frank's director for consultancy and research, Mr Nicholas Mak.

'Given thin volume, they could also be hoping that there is no competition.'

Going forward, optimistic players are waiting for the market to regain some of its former glory in the next six months.

The pessimistic ones are prepared to ride out the whole year and possibly the next.

'If volume remains thin, there is a chance that private home prices might weaken this year, but the market is not expected to crash,' said Mr Mak.


The 8th sign is the loud thuds heard due to speculators jumping off high rises.

[Unregistered]

According to quite a few "experts" on this board the cannons are still booming. I just hope they are not confusing it with the big thuds of speculators jumping from high rises.
Another cock talking cork again.

[Unregistered]

I have some questions for Mr. Expat Forum, can any kind soul here help me to convey?



I don't know what you mean by "overvalued". If you look at the average of the last 20 years, almost all global cities have gone up tremendously, not just Singapore.

Bombay, Shanghai, London, New York, Hong Kong.

If you look at Hong Kong's property market here:
http://business.fullerton.edu/finance/jrel/papers/pdf/past/2005vol13n3/05.337_356.pdf

and Singapore's property market here:
www.redas.com/einformation/mt/researchpaper/PPIGovtmeasures.pdf

You can see that both Singapore and Hong Kong have gone up almost synchronously.

London's property prices have also gone up by 279% in the last 10 years.
http://www.easier.com/view/House_Prices/article-109868.html

Hence can you tell me which major international city is not "overvalued" compared to their historical value?

(Please exclude cities like Yangon, Kabul and Baghdad).



Where did you get this idea from?

Look at the following residential price chart from 1960 to 2006

www.redas.com/einformation/mt/researchpaper/PPIGovtmeasures.pdf

Did you see the continuous climb all the way from Q2 1986 (Index at 33.5 points) all the way to Q2 1996 (Index at 181.4 points). Exactly 10 years and a rise of 440%. Bull-run of the decade!

What do you mean by 1-2 years of boom, followed by 1-2 years of decline?



Can you tell me how do you know that this supply of 30,000 has exceeded the demand?

How did you work out the demand? What are the formulae and data you used to work out the demand?

What exactly is the demand?

Why should the speculators be under "massive stress"? The apartments can easily be rented out.

Don't forget that all the projects coming up TOP this year were bought in 2005, when the price was only 50% of what it is today.

With a rental yield of around 5% (based on current prices) and a mortgage interest rate of only 3%, the bank is subsidising borrowers to the tune of 2% p.a.

For those who've bought 3 years ago at half price (compared to today), that's a yeild of 10% versus a mortgage interest of 3%, the bank is subsidising borrowers to the tune of 7%.

Furthermore, rentals are expected to continue to rise due to the influx of foreingers. Read the following article:

"HDB, private apartment rentals set to rise

By Wong Siew Ying, Channel NewsAsia | Posted: 03 April 2008 0050 hrs
SINGAPORE : Rentals for HDB and mass market private apartments are set to rise in the coming years, with more foreign workers heading for Singapore."

If it looks familiar, it's because it's the title for one of the threads in this forum. Go and read the full article over there.

Please explain where is the "massive stress" coming from?

Is getting 7% p.a. from the bank stressful? Are you referring to the "massive stress" of having too much money?

That is really strange!

MM Lee just said during Chinese New Year on 11 Feb 2008 that "By 2011, the Marina Bay Area will be splendid, especially a water plaza, surrounded by a promenade fronting financial centres, integrated resorts, residential condominiums, food and beverages outlets, an enchanting sight to behold. It will be a unique city centre. We will not leave our heartlands behind. All new towns will be upgraded and beautified. The massive new investments in infrastructure and beautification, plus a steadily growing economy, with higher incomes, will keep property values going up."

You can read his full speech here:

http://app.sprinter.gov.sg/data/pr/20080211985.htm

May I ask whether MM Lee is considered part of "Singapore's leadership"?
[QUOTE]Sales of prime properties have collapsed over the in Jan and Feb to the lowest levels in 5 years (BT and ST this week)

Market sentiment is at panic levels. External negative economic pressures and credit crunch is underway now in all developed economies - strong and weak. These will impact Singapore too.[QUOTE]
If sentiment is at "panic level", why then does the URA property price index rise 6.6% in Q4 2007 and then another 4.2% in Q1 2008?

http://www.ura.gov.sg/pr/text/2008/pr08-35.html

Remember that all these happened after the U.S. subprime had started.

If sentiment is at "panic level", then prices should decrease, instead of increase. Are you referring to "panic level" of the buyers, or "panic level" of the sellers?

According to the Ministry of Trade and Industry, "Singapore growth slows to 6.0% in fourth quarter"

Even "On a quarter-on-quarter seasonally adjusted annualised basis, real GDP fell by 3.2 per cent in the quarter compared with a 4.4 per cent gain in the preceding quarter, reflecting a slowdown in the manufacturing sector".

May I known where did you get the figure "shrank 4.8%" from?

http://www.channelnewsasia.com/stories/singaporebusinessnews/view/320244/1/.html

What you mean by "Jobs growth is good, but it is largely at the lowest levels. In coming workers will not be able to live in prime property. Many incoming professionals will not be able to afford prime property rentals"?

Read the following article:

Steaming demand for senior private bankers
7 February 2007

UBS isn't the only one beefing up its senior private banking ranks in Singapore.

The Swiss bank relocated Carlo Grigioni, its formerly Swiss-based global head of private wealth management, to Singapore this month.

Pay for these top individuals is generous – the salary for the average private banker is around S$300k (US$195k). But it can reach considerably more than that. "Last year we came across a few candidates who will hit S$700k to $800k in total compensation," says Koh.

http://news.efinancialcareers.sg/NEWS_ITEM/newsItemId-9212

Do you think that with a salary of S$300k to $800k per year, these "low level workers" will be able to live in prime properties?
Wah lau! Enough enough!

[Unregistered]

Dont be too happy. Jurong is still Jurong, polluted and far from city. Unless govt move industrial estate to elsewhere, it will be still polluted. I've worked my life in jurong. My black car is tainted with chemical white dot paint and I can't get rid of it.

Ya just like telling people that Singapore is building a Disneyland on Jurong Island, What a joke. The next development will be at Senoko, city views as well but is JB city views.

[Unregistered]

Ya just like telling people that Singapore is building a Disneyland on Jurong Island, What a joke. The next development will be at Senoko, city views as well but is JB city views.
If you it should not be in Jurong lake, can you let us know where should this district be instead? Thanks.

[Unregistered]

According to quite a few "experts" on this board the cannons are still booming. I just hope they are not confusing it with the big thuds of speculators jumping from high rises.

This is really strange.

I'd thought that "sour grapes" are people who stay in outlying areas like Jurong.

Hence with the Government's move to enhance the Jurong area and cause property prices there to rise, I would think that all the sour grapes in this forum will disappear.

Seems like that is not the case, and the sour grapes are still so sour.

Where exactly do these sour grapes stay?

Hmmm ... that's really a mystery.

[Unregistered]

The Jurong Lake District is targetted at the thousands of engineers working on Jurong Island so that they have a nice home to come home to. It's not meant to be a crowd-puller or the new property hot-spot. People have been reading too much into it.

Anyway with the current sentiments, I doubt if developers want to jump in and bid high. There's too much speculative froth clouding the real fundamentals.

[Unregistered]

The Jurong Lake District is targetted at the thousands of engineers working on Jurong Island so that they have a nice home to come home to. It's not meant to be a crowd-puller or the new property hot-spot. People have been reading too much into it.

Anyway with the current sentiments, I doubt if developers want to jump in and bid high. There's too much speculative froth clouding the real fundamentals.
I am not vested in Jurong area but we should have a constructive discussion. Please read MBT's Jurong Lake District MasterPlan 2008 before continuing any further discussion. Your assumption that the District is meant only for engineers doesn't help.

[Unregistered]

I am not vested in Jurong area but we should have a constructive discussion. Please read MBT's Jurong Lake District MasterPlan 2008 before continuing any further discussion. Your assumption that the District is meant only for engineers doesn't help.

may be 80% for engineers ?

[Unregistered]

The Jurong Lake District is targetted at the thousands of engineers working on Jurong Island so that they have a nice home to come home to. It's not meant to be a crowd-puller or the new property hot-spot. People have been reading too much into it.

Anyway with the current sentiments, I doubt if developers want to jump in and bid high. There's too much speculative froth clouding the real fundamentals.

These thousands of engineers better vote for PAP or else this whole damm thing will be scrapped. Punggol 21 is a good damm example.

[Unregistered]

These thousands of engineers better vote for PAP or else this whole damm thing will be scrapped. Punggol 21 is a good damm example.

what do you mean Punggol 21 is scrapped now ?

[Unregistered]

may be 80% for engineers ?
The Jurong Lake District is meant to house manufacturing HQs relocated from Shenton Way, MBFC and Suntec areas, so that these areas can be freed to serve the banking & finance HQs. Please note the word here is manufacturing HQs - not manufacturing plants. I think you guys should know many MNCs' regional HQs are based in Singapore.

The houses/apartments in this district will serve the housing needs of this district. Just like those in Marina Bay district would serve those in that district.

More districts will be coming out in MasterPlan 2008.

[Unregistered]

These thousands of engineers better vote for PAP or else this whole damm thing will be scrapped. Punggol 21 is a good damm example.

what do you mean Punggol 21 is scrapped now ?
He is not from Singapore so he is isn't sure of Punggol 21.

Anyway, watch the full details of Punggol Plan in MasterPlan 2008 in May.

[Unregistered]

what do you mean Punggol 21 is scrapped now ?

I guess you must be very young, PAP intend to scrap the whole Punggol 21 if they lose in this GRC during the second last election.

[Unregistered]

He is not from Singapore so he is isn't sure of Punggol 21.

Anyway, watch the full details of Punggol Plan in MasterPlan 2008 in May.

Wow lau, another young chap.

[Unregistered]

Wow lau, another young chap.
Wah lau! Semi-retired already but still classified as young? That's just cool!

[Unregistered]

Wah lau! Semi-retired already but still classified as young? That's just cool!
Haven't reached 50, so still considered young.

[Unregistered]

He is not from Singapore so he is isn't sure of Punggol 21.

Anyway, watch the full details of Punggol Plan in MasterPlan 2008 in May.
Swee lah! Huat ah!

[Unregistered]

What can you expect from Foreign Thrash?
What are these FTs doing here?

[Unregistered]

What can you expect from Foreign Thrash?

What are these FTs doing here?
Messing up the place. What else?

[Unregistered]

Messing up the place. What else?
Then, we don't need them.

[Unregistered]

Re: Singapore Property Prices Increasing
« Reply #43 on: Today at 08:05:52 PM » Quote

--------------------------------------------------------------------------------
Here's my reply to Well:

The bull run on property started well before 1996 around the same time when our then PM Mr Goh said to more good years and enhancing our assets and increase value. Of course, it actually started in 1993 before it accelerated and perked in 1996. Just when everyone seemed to be celebrating, in 1997 came the crash due to the Asian Financial Crisis. It didnt take the usual whole 10 year cycle, mind you. Dont forget that we have the sub-prime crisis in America now beside the high escalating food prices. We cant deny that everybody's pocket is hurting! I believe you will agree that food on the table is more important than committing a large sum of money into property now. That's what I am talking about. The present property run started in 2004 or 2005 and in my opinion, it has had already perked. Well, fyi, I have just bought my replacement unit after a year of hunting and am very happy with my choice. I have almost given up and would have resorted to renting if I have not found this gem (in fact, I wont have got it if the owner has not rejected higher offers. In the end he was too happy to sell it to me even though my offer is much lower than what he has hoped for). My point is, if I am not an enbloc seller, I won't have bought and paid a 'premium' for the property at this time. As for the owner, he foresees that there wont be any other offer in the short term esp after he has been marketing it for the past 4 months! You cant deny that property prices are heading south. I do not advise anybody to buy at this time if there is no necessity to do so. Mark my words, I think it's better to rent for a year cos when the price moves further south, one can save a lot. I am just sharing my own experience.
Wow good deal. He dropped his offer? Great!!! Already panic has set in.

[Unregistered]

Wow good deal. He dropped his offer? Great!!! Already panic has set in.
If you believe him, you will also buy a condo now just like what he did.

[Unregistered]

If you believe him, you will also buy a condo now just like what he did.

Exactly. A wolf in a sheep coat. This 'saint' probably waiting for his chance to buy and discourage others so as not to compete with him head on. Only fool will believe him.

[Unregistered]

Re: Singapore Property Prices Increasing
« Reply #43 on: Today at 08:05:52 PM » Quote

--------------------------------------------------------------------------------
Here's my reply to Well:

The bull run on property started well before 1996 around the same time when our then PM Mr Goh said to more good years and enhancing our assets and increase value. Of course, it actually started in 1993 before it accelerated and perked in 1996. Just when everyone seemed to be celebrating, in 1997 came the crash due to the Asian Financial Crisis. It didnt take the usual whole 10 year cycle, mind you. Dont forget that we have the sub-prime crisis in America now beside the high escalating food prices. We cant deny that everybody's pocket is hurting! I believe you will agree that food on the table is more important than committing a large sum of money into property now. That's what I am talking about. The present property run started in 2004 or 2005 and in my opinion, it has had already perked. Well, fyi, I have just bought my replacement unit after a year of hunting and am very happy with my choice. I have almost given up and would have resorted to renting if I have not found this gem (in fact, I wont have got it if the owner has not rejected higher offers. In the end he was too happy to sell it to me even though my offer is much lower than what he has hoped for). My point is, if I am not an enbloc seller, I won't have bought and paid a 'premium' for the property at this time. As for the owner, he foresees that there wont be any other offer in the short term esp after he has been marketing it for the past 4 months! You cant deny that property prices are heading south. I do not advise anybody to buy at this time if there is no necessity to do so. Mark my words, I think it's better to rent for a year cos when the price moves further south, one can save a lot. I am just sharing my own experience.

Wow good deal. He dropped his offer? Great!!! Already panic has set in.

If you believe him, you will also buy a condo now just like what he did.
The writer has just bought.
Come! Let's follow him and buy too.

[Unregistered]

The writer has just bought.
Come! Let's follow him and buy too.
Wah! Like dat cheong liao lor! Huat ah!

[Unregistered]

Re: Singapore Property Prices Increasing
« Reply #43 on: Today at 08:05:52 PM » Quote

--------------------------------------------------------------------------------
Here's my reply to Well:

The bull run on property started well before 1996 around the same time when our then PM Mr Goh said to more good years and enhancing our assets and increase value. Of course, it actually started in 1993 before it accelerated and perked in 1996. Just when everyone seemed to be celebrating, in 1997 came the crash due to the Asian Financial Crisis. It didnt take the usual whole 10 year cycle, mind you. Dont forget that we have the sub-prime crisis in America now beside the high escalating food prices. We cant deny that everybody's pocket is hurting! I believe you will agree that food on the table is more important than committing a large sum of money into property now. That's what I am talking about. The present property run started in 2004 or 2005 and in my opinion, it has had already perked. Well, fyi, I have just bought my replacement unit after a year of hunting and am very happy with my choice. I have almost given up and would have resorted to renting if I have not found this gem (in fact, I wont have got it if the owner has not rejected higher offers. In the end he was too happy to sell it to me even though my offer is much lower than what he has hoped for). My point is, if I am not an enbloc seller, I won't have bought and paid a 'premium' for the property at this time. As for the owner, he foresees that there wont be any other offer in the short term esp after he has been marketing it for the past 4 months! You cant deny that property prices are heading south. I do not advise anybody to buy at this time if there is no necessity to do so. Mark my words, I think it's better to rent for a year cos when the price moves further south, one can save a lot. I am just sharing my own experience.

Wow good deal. He dropped his offer? Great!!! Already panic has set in.

If you believe him, you will also buy a condo now just like what he did.

The writer has just bought.
Come! Let's follow him and buy too.
Alright man! Finally someone sitting on the bench has bought. Let's buy!

[Unregistered]

I hv saved for years and paid up for my only retired asset, a ppty. But, inflation has eaten up it's value and ruin my retirement plan.

I hope govt can boost the ppty prices so I can hv enough money to retire. I heard that in Dubai ppty prices has increased by more than 10 folds since 2002 until today. Beijing, Shanghai, HK and many part of South East Asia hv also increased many many folds since early 2000 until now.

Then, why our ppty prices increased so slow and little in Singapore? How can the retirees survive in this high inflationary environment with so little amount of money?

I read from this forum some ppl said that our ppty prices was intentionally kept low so we can attract foreign talent. Is that true? I hope not.

[Unregistered]

I hv saved for years and paid up for my only retired asset, a ppty. But, inflation has eaten up it's value and ruin my retirement plan.

I hope govt can boost the ppty prices so I can hv enough money to retire. I heard that in Dubai ppty prices has increased by more than 10 folds since 2002 until today. Beijing, Shanghai, HK and many part of South East Asia hv also increased many many folds since early 2000 until now.

Then, why our ppty prices increased so slow and little in Singapore? How can the retirees survive in this high inflationary environment with so little amount of money?

I read from this forum some ppl said that our ppty prices was intentionally kept low so we can attract foreign talent. Is that true? I hope not.

Dear Retiree,

Rest assured that your worries are unfounded.

On the contrary, the Government continously invests billions throughout the island to enhance the values of assets owned by all Singaporeans.

Read the following speech by none other than our MM Lee.

"Singapore is undergoing a transformation. The Marina Barrage is completed. From next year 2009, saline water will be drained out and we will have a fresh water lake. PUB will make sure that the lake is free of debris and pollution. All streams, canals and monsoon drains will become the recreation waterways and be greened up and fitted with board water. This requires complex engineering task and also needs the cooperation of our people to keep our drains and waterways free of plastic and other waste.

By 2011, the Marina Bay Area will be splendid, especially a water plaza, surrounded by a promenade fronting financial centres, integrated resorts, residential condominiums, food and beverages outlets, an enchanting sight to behold. It will be a unique city centre. We will not leave our heartlands behind. All new towns will be upgraded and beautified. The massive new investments in infrastructure and beautification, plus a steadily growing economy, with higher incomes, will keep property values going up."

The full text of his speech can be found here:

http://www.pmo.gov.sg/News/Speech+by+MM+Lee+at+the+Tanjong+Pagar+Chinese+New+Year+Dinner.htm

[Transformer]

Dear Retiree,

Rest assured that your worries are unfounded.

On the contrary, the Government continously invests billions throughout the island to enhance the values of assets owned by all Singaporeans.

Read the following speech by none other than our MM Lee.

"Singapore is undergoing a transformation. The Marina Barrage is completed. From next year 2009, saline water will be drained out and we will have a fresh water lake. PUB will make sure that the lake is free of debris and pollution. All streams, canals and monsoon drains will become the recreation waterways and be greened up and fitted with board water. This requires complex engineering task and also needs the cooperation of our people to keep our drains and waterways free of plastic and other waste.

By 2011, the Marina Bay Area will be splendid, especially a water plaza, surrounded by a promenade fronting financial centres, integrated resorts, residential condominiums, food and beverages outlets, an enchanting sight to behold. It will be a unique city centre. We will not leave our heartlands behind. All new towns will be upgraded and beautified. The massive new investments in infrastructure and beautification, plus a steadily growing economy, with higher incomes, will keep property values going up."

The full text of his speech can be found here:

http://www.pmo.gov.sg/News/Speech+by+MM+Lee+at+the+Tanjong+Pagar+Chinese+New+Year+Dinner.htm
Well said!

[Unregistered]

Dear Retiree,

Rest assured that your worries are unfounded.

On the contrary, the Government continously invests billions throughout the island to enhance the values of assets owned by all Singaporeans.

Read the following speech by none other than our MM Lee.

"Singapore is undergoing a transformation. The Marina Barrage is completed. From next year 2009, saline water will be drained out and we will have a fresh water lake. PUB will make sure that the lake is free of debris and pollution. All streams, canals and monsoon drains will become the recreation waterways and be greened up and fitted with board water. This requires complex engineering task and also needs the cooperation of our people to keep our drains and waterways free of plastic and other waste.

By 2011, the Marina Bay Area will be splendid, especially a water plaza, surrounded by a promenade fronting financial centres, integrated resorts, residential condominiums, food and beverages outlets, an enchanting sight to behold. It will be a unique city centre. We will not leave our heartlands behind. All new towns will be upgraded and beautified. The massive new investments in infrastructure and beautification, plus a steadily growing economy, with higher incomes, will keep property values going up."

The full text of his speech can be found here:

http://www.pmo.gov.sg/News/Speech+by+MM+Lee+at+the+Tanjong+Pagar+Chinese+New+Year+Dinner.htm

Thanks. What a relief!

I will not cash in my ppty for now. I will hold and continue to hold until the price increase by at least another 300%.

Retiree.

[Unregistered]

Thanks. What a relief!

I will not cash in my ppty for now. I will hold and continue to hold until the price increase by at least another 300%.

Retiree.
Good move!

[Unregistered]

Good move!
Huat ah!!!

[Unregistered]

Just add the additional price growth onto the 4.2% lor.
I would like to know what this figure of 4.2% is.
Is it the PPI as defined here
http://app.mti.gov.sg/data/article/353/doc/ESS_2001Q1_PropertyIncome.pdf

if it is , and before everyone starts jumping, I'm not sure it is......... (are we clear?)

the formula is NOT based on actual property transactions!
figure is based on GDP, interest rates and stockmarket index. and apparently uses 12 quarters of data.

If this is the way the index is calculated, then you can see it is possible for this index to rise, even if actual property transactions fall.

Read the article , I would love to see the most recent data plotted this way, you can clearly see if we are experiencing a bubble or if prices are justified. Nice, non emotional , data driven.

[Unregistered]

I would like to know what this figure of 4.2% is.
Is it the PPI as defined here
http://app.mti.gov.sg/data/article/353/doc/ESS_2001Q1_PropertyIncome.pdf

if it is , and before everyone starts jumping, I'm not sure it is......... (are we clear?)

the formula is NOT based on actual property transactions!
figure is based on GDP, interest rates and stockmarket index. and apparently uses 12 quarters of data.

If this is the way the index is calculated, then you can see it is possible for this index to rise, even if actual property transactions fall.

Read the article , I would love to see the most recent data plotted this way, you can clearly see if we are experiencing a bubble or if prices are justified. Nice, non emotional , data driven.
So? What is the conclusion?

[Unregistered]

I would like to know what this figure of 4.2% is.
Is it the PPI as defined here
http://app.mti.gov.sg/data/article/353/doc/ESS_2001Q1_PropertyIncome.pdf

if it is , and before everyone starts jumping, I'm not sure it is......... (are we clear?)

the formula is NOT based on actual property transactions!
figure is based on GDP, interest rates and stockmarket index. and apparently uses 12 quarters of data.

If this is the way the index is calculated, then you can see it is possible for this index to rise, even if actual property transactions fall.

Read the article , I would love to see the most recent data plotted this way, you can clearly see if we are experiencing a bubble or if prices are justified. Nice, non emotional , data driven.
If you believe the trend shown in the Graph 1, then you see that at no time did the PPI fall below the Real GDP line. So any sharp rise is speculation and external factor driven, and will one day revert to the underlying trend.

Extrapolating to the current situation, there IS a bubble about to burst.

[Unregistered]

Thanks. What a relief!

I will not cash in my ppty for now. I will hold and continue to hold until the price increase by at least another 300%.

Retiree.

U are retired. u sure u can hold until price increased? i think u died before tat.

[Unregistered]

I would like to know what this figure of 4.2% is.
Is it the PPI as defined here
http://app.mti.gov.sg/data/article/353/doc/ESS_2001Q1_PropertyIncome.pdf

if it is , and before everyone starts jumping, I'm not sure it is......... (are we clear?)

the formula is NOT based on actual property transactions!
figure is based on GDP, interest rates and stockmarket index. and apparently uses 12 quarters of data.

If this is the way the index is calculated, then you can see it is possible for this index to rise, even if actual property transactions fall.

Read the article , I would love to see the most recent data plotted this way, you can clearly see if we are experiencing a bubble or if prices are justified. Nice, non emotional , data driven.

So what is the conclusion?
The conclusion is property price went up 4.2% in Q1.
And GDP went up 16.9% in Q1.

http://www.afp.com/english/home/imgs/logo.gif
Singapore's GDP Rebounds By 16.9% In Q1
MAS moves to curb inflation as growth rebounds
Agence France-Presse
Singapore
Thursday, 10 April 2008

Singapore's central bank unexpectedly further tightened monetary policy on Thursday, pushing the Singapore dollar to a record high against the U.S. dollar, in a move aimed at keeping a lid on soaring prices.

Singapore's economy grew at an annualised, seasonally adjusted rate of 16.9% in the first quarter, beating economists' expectations, government data showed on Thursday, after a surprise 4.8% contraction in the fourth quarter of 2007.

The data beat a median forecast from economists polled by Reuters for growth of 11.5% because of a recovery in pharmaceutical and electronics manufacturing.

"The GDP figures were stronger than what the market had predicted and that gave the Monetary Authority confidence to tighten the policy," said Joseph Tan, an economist at Fortis.

"Strength of GDP quarter-on-quarter came from domestic sources. Where we go from here is a step in time approach but the one-up shift of the band, as opposed to the steepening of the Singapore dollar, shows that MAS recognises inflation is an imminent danger."

The Monetary Authority of Singapore conducts policy through the exchange rate, steering the Singapore dollar within a secret trade-weighted band against a basket of currencies, rather than by adjusting interest rates.

Growth Support

"Against backdrop of continuing external and domestic cost pressures, an upward shift of the policy band at this point will help to moderate inflation going forward, while providing support for sustainable growth in the economy," the central bank said in a twice-yearly monetary policy statement.

"MAS will therefore re-centre the exchange rate policy band at the prevailing level of the S$NEER. There will be no change to the slope or width of the policy band."

The Singapore dollar hit a record high, up 0.9% on the news to 1.3683 per U.S. dollar. The currency has gained around 5% this year.

Ten out of the 12 economists polled by Reuters had expected the MAS to refrain from tightening monetary policy due to concerns about slower economic growth.

The other two had expected the MAS to tighten policy to fight inflation, which stood at 6.5% in February. In January it hit 6.6%, the highest since March 1982.

The MAS said it expected inflation in the upper half of its 4.5% to 5.5% forecast range this year.

Singapore is one of the first Asian countries to report GDP data each quarter. The health of its exports is seen by analysts as a barometer of demand for Asian goods.

Despite concern about slower global growth, most central banks in Asia have refrained from easing monetary policy due to high inflation.

Some analysts said a stronger Singapore dollar would further cut demand for the island's exports by making them more expensive at a time when demand in the key U.S. market is weakening.

They also said a stronger Singapore dollar may not be as effective as before in reining in inflation because domestic factors such as a tight labour market, high wages and elevated property prices were factors as well.

The MAS tightened policy slightly at its last meeting in October as asset prices spiralled higher.

Singapore's economic growth is largely fuelled by manufacturing of products such as electronics, pharmaceuticals and oil rigs. However, the economy also relies increasingly on tourism, financial services and construction.

[Unregistered]

The conclusion is property price went up 4.2% in Q1.
And GDP went up 16.9% in Q1.
Swee! Cheong ah! Huat ah!

[Unregistered]

Swee! Cheong ah! Huat ah!
Cheong what? Dow Jones cheong?


http://l.yimg.com/us.yimg.com/i/us/nws/p/reuters_logo_94.png
Technology and retail stocks fuel rally
Kevin Plumberg
Reuters
New York, New York, U.S.
Thursday, 10 April 2008, 4:31PM EDT

http://d.yimg.com/us.yimg.com/p/nm/20080410/2008_04_09t064848_450x327_us_markets_stocks.jpg
Traders on the floor of the New York Stock Exchange, 18 March 2008. - Photo: Brendan McDermid, Reuters

Stocks rose on Thursday after a brokerage upgrade of chip makers lifted technology stocks and on optimism that poor March sales may have been the low point for retailers this year.

Intel Corp shares jumped 3% and helped lift all three major U.S. stock indexes after Banc of America Securities upgraded the U.S. semiconductor sector, saying a modest inventory buildup has eased.

Retail shares rose as investors bet the business environment will improve should the current downturn reverse as expected in the second half of the year. The sector posted its weakest March monthly sales results for U.S. retailers in 13 years.

Shares of Wal-Mart climbed 1% after the world's largest retailer raised its outlook, citing expense controls and fewer markdowns. The stock gained in spite of Wal-Mart posting March same-store sales growth that fell short of Wall Street's expectations.

Tech shares also got a lift after JPMorgan Securities raised its profit forecasts on Apple Inc. The iPod maker's stock rose 2% and contributed the most to the Nasdaq 100's advance.

"If you're optimistic about growth in the second half, then what is tied to growth and most successful in times of growth? Technology," said Marc Pado, U.S. market strategist at Cantor Fitzgerald & Co in San Francisco.

The Dow Jones industrial average was up 54.72 points, or 0.44%, ending the day at 12,581.98. The Standard & Poor's 500 Index was up 6.06 points, or 0.45%, finishing at 1,360.55. The Nasdaq Composite Index was up 29.58 points, or 1.27%, at 2,351.70.

General Electric Co rose 0.9% and was the second-biggest boost to the S&P on expectations that economic strength outside the United States would support the conglomerate's bottom line. GE closed at $36.75 on the NYSE.

An easing in lending markets since mid-March when the Federal Reserve backed JPMorgan Chase's takeover of Bear Stearns has comforted investors, who have been slowly regaining confidence in stocks.

Many investors have become more certain that the U.S. economy would slip into a recession during the first six months of 2008, but this has actually helped the stock market to recover.

"It is good because we have moved from totally unknown territory to one where we think we know what is going on," said Jan Loeys, global head of asset allocation with JPMorgan, on a conference call.

Wal-Mart's stock ended at $54.66, up 52 cents, or 1% on the New York Stock Exchange.

The Dow industrials also benefited from a positive outlook from an economic bellwether, DuPont Co.

DuPont's stock climbed 1.2% to $49.64 on the New York Stock Exchange after the chemical company raised its profit outlook and said strong growth in its agriculture businesses and emerging markets should help offset weakness in U.S. housing and automotive markets. For details, see

Adding to investor confidence, Goldman Sachs Group Inc Chief Executive Lloyd Blankfein said on Thursday that financial markets are likely in the late stages of the credit crisis that began last summer.

Intel's stock gained 3.1% to $22.08 on the Nasdaq.

Apple shares rose 2.1% to $154.55 after JPMorgan Securities raised its second-quarter and 2008 estimates for the company.

Volume on the New York Stock Exchange was modest with 1.29 billion shares changing hands, down from last year's daily average of 1.90 billion shares. On Nasdaq, 2.20 billion shares traded, slightly above last year's daily average of 2.17 billion.

Advancers beat decliners by a ratio of about 5 to 3 on the NYSE. On Nasdaq, about three stocks rose for every two that fell.

[Unregistered]

Cheong what? Dow Jones cheong?
oh ... err ... also can ...

[Unregistered]

oh ... err ... also can ...
Now our turn.

[Unregistered]

Cheong what? Dow Jones cheong?
DOW WOW WOW
SAID THE MORON NOW
LITTLE DOES HE KNOW
THAT EVERYTHING GOING LOW
JAPAN US AND CHINA SINK
BUT THE MORON CAN HE THE NEWS LINK?
HAD A CHANCE TO DUMP AND RUN
BUT HE HANGS AROUND TO WATCH THE FUN
O LORD SAVE HIM FROM THE MISERY
BECAUSE HE IS ON A SLOPE SLIPPERY
CRASH CRASH SPLASH SPLASH THUD THUD
WHAT MORE CAN WE SAY ABOUT THE DUD!!!

[Unregistered]

DOW WOW WOW
SAID THE MORON NOW
LITTLE DOES HE KNOW
THAT EVERYTHING GOING LOW
JAPAN US AND CHINA SINK
BUT THE MORON CAN HE THE NEWS LINK?
HAD A CHANCE TO DUMP AND RUN
BUT HE HANGS AROUND TO WATCH THE FUN
O LORD SAVE HIM FROM THE MISERY
BECAUSE HE IS ON A SLOPE SLIPPERY
CRASH CRASH SPLASH SPLASH THUD THUD
WHAT MORE CAN WE SAY ABOUT THE DUD!!!
Ha ha! Maddog/tigersee, the foreigner who can't afford condo, has gone mad!

[Unregistered]

Ha ha! Maddog/tigersee, the foreigner who can't afford condo, has gone mad!
Yeah! This maddog/tigersee is an attention seeker. Quite pathetic!

[Unregistered]

Ha ha! Maddog/tigersee, the foreigner who can't afford condo, has gone mad!
MADDOG, TIGERSEE, FOREIGNER
WHO KNOWS THIS GOD SENT MESSENGER?
CAME AS AN ANGEL OF LIGHT
TO WARN US OF THE MARKETS COMING PLIGHT
RIDICULED BY FREAKS AND MORONS
YET HE GIVES ADVICE WISER THAN SOROS
LET US GIVE GIVE HIM THREE CHEERS
INSTEAD OF THE MANY JEERS
KEEP ON THE GOOD WORK DEAR!!!

[Unregistered]

MADDOG, TIGERSEE, FOREIGNER
WHO KNOWS THIS GOD SENT MESSENGER?
CAME AS AN ANGEL OF LIGHT
TO WARN US OF THE MARKETS COMING PLIGHT
RIDICULED BY FREAKS AND MORONS
YET HE GIVES ADVICE WISER THAN SOROS
LET US GIVE GIVE HIM THREE CHEERS
INSTEAD OF THE MANY JEERS
KEEP ON THE GOOD WORK DEAR!!!
Ha ha ha! Maddog/tigersee, the foreigner who can't afford condo, has gone madder this time!
He thinks he is an angel and wiser than anybody else! Ha ha ha!