Foreigners snap up homes as rents start to bite

[Unregistered]

Rich actors/actresses have the moolah. Where there will be more moolah to be made they will be there to make. Nothing unusual about rich Jacky Chan, or Jet Li. In fact, Carina Lau already has property here even before this boom. So did Jacky Chan.

If more foreigners are buying for own stay, those who bought hoping for rental income will be very anxious. Certainly do not hope to see 20 migrant workers sharing a $8k a month house, or 25 ladies of the night sharing $25k a month high class residents, or even 12 unkempt, noisy students sharing $4k a month apartment. There were certainly such incidents back in 2004/5.

[Unregistered]

April 9, 2008

Prices of high-end condos starting to fall as sales dwindle
Downward trend may continue for next few quarters, experts predict
By Fiona Chan, Property Reporter

HOME prices are starting to fall, as several high-end properties begin to feel the squeeze of retreating buyers.
Sales of Singapore's most expensive condominiums - all the rage last year - have dwindled to just a trickle this year.

And with plunging sales, prices have also started to dip, although official figures have yet to reflect this trend.

Early signs of the slide lie in the handful of caveats filed involving many luxury projects in the first quarter. These showed prices fell from the previous quarter, in some cases by up to 20 per cent.

In Districts 9 to 11, Singapore's creme de la creme of residential locations covering Orchard, Holland and Bukit Timah, average prices have fallen by about 30 per cent since the beginning of the year, according to caveats.

They dropped to an average of $1,564 per sq ft (psf) between January and March from $2,023 psf in the preceding three months.

FEELING THE SQUEEZE
In luxury island enclave Sentosa Cove, almost all condos posted drops in average psf prices, ranging from 2 per cent for the Marina Collection to 23 per cent for The Azure.

Property experts say this could be because luxury home buyers are now selecting only the most competitively priced properties.

'Market activity is very slow now, so any transactions that do take place are likely to be from people who have found attractive buys,' said Mrs Ong Choon Fah, the executive director at property firm DTZ Debenham Tie Leung.

She said high-end properties in the traditional prime districts were more dependent on investor buying, so they could be more affected by the current global credit crunch and weaker sentiment.

'A lot of people who bought luxury homes are also 'specuvestors', so they may be happy making just a small profit and selling quickly,' Mrs Ong explained.

The Government estimated last week that private home prices continued to climb in the first three months of the year, albeit at a slower pace. They rose 4.2 per cent, down from 6.8 per cent in the previous three months.

In the priciest segment, the core central region, the price gain dropped to 4.4 per cent from 7.5 per cent in the previous quarter. This region covers Districts 9 to 11, the Marina Bay area and Sentosa.

Anecdotal evidence from property insiders and caveats lodged, however, showed that prices at many projects fell rather than rose this year. At Scotts Square in Scotts Road, only two units have been sold so far this year - at an average price of $3,700 psf, down from $4,000 psf for 42 units in last year's fourth quarter.

Similarly, at The Oceanfront @ Sentosa Cove, the most recent deals were in February, where three units were sold at $1,720 to $1,751 psf. Just six months before that, 15 units were sold at an average price of $2,480 psf.

Other high-profile, pricey condos, such as the Marina Bay Residences and The Marq on Paterson Hill, have yet to see a single caveat lodged this year.

But the story is not all bad. The Orchard Residences, which holds the title of Singapore's most expensive condo, has sold only one unit this year - but at $4,700 psf, higher than most of its other sales.

Other older condos in areas such as Cavenagh or Balmoral may also be trading at higher prices from their previously low base, pushing up the overall prices for the whole district, suggested Mr Ku Swee Yong, director of marketing and business development at Savills Singapore.

But he said the price index for high-end homes may be under pressure in the next two quarters, now that 'everyone wants a bargain'.

'You only need developers to start giving discounts or people starting to buy lower-

floor units instead of penthouses. That will push the index down and put pressure on prices.'

[Unregistered]

NO SIGN OF THE SPECULATORS.....THEY ARE FINISHED!!! MAD RUSH AT THE EXITS....OTHERS PLEASE AVOID THE EXITS....SPECULATORS FLEEING...WATCH OUT FOR YOUR OWN SAFETY.

[Unregistered]

NO SIGN OF THE SPECULATORS.....THEY ARE FINISHED!!! MAD RUSH AT THE EXITS....OTHERS PLEASE AVOID THE EXITS....SPECULATORS FLEEING...WATCH OUT FOR YOUR OWN SAFETY.

Childish moron.

[Unregistered]

Published April 9, 2008

Private bankers upbeat despite credit crunch

By GENEVIEVE CUA


(SINGAPORE) The world may be mired in a credit crunch, economic slowdown and rocky stock markets. But bankers catering to the well-heeled in Asia expect growth almost akin to that of last year, as they hunker down to squeeze yet more productivity out of their relationship managers.

Credit Suisse managing director and head of private banking Marcel Kreis, for instance, says revenues and assets under management have been growing by 20-30 per cent annually. 'Our Asia Pacific private banking operations have been enjoying very strong momentum and this is expected to continue in the next two years, with the objective of doubling the Asian business.'

Merrill Lynch head of global wealth management (Asia Pacific) Rahul Malhotra says the bank saw growth of 30-40 per cent in assets last year. 'I would be surprised if we didn't see those numbers this year . . . There is growth overall in Asian economies. Even with what is happening in the US, inherently we will see growth come through.'

Private banks' relatively low penetration of Asian markets presents opportunities, says Tjun Tang, Boston Consulting Group director. BCG is currently compiling data for its annual wealth survey. 'We're seeing assets sitting in private banks of less than US$1 trillion. But household wealth across Asia comes to US$16 trillion . . . Many banks are growing 20-30 per cent a year. If the underlying wealth is growing at an 8 per cent rate, there must be an increasing penetration of services.'

Market volatility, however, could impact banks' revenue streams as a substantial proportion comprises income that is transactional in nature. 'In Asia, a lot of revenues are generated through private banks selling transactional products. Now that there is less of a single directional trend, one risk is that private banking income may decline or be less stable,' says Mr Tang.

Still, he expects margins in Asia to remain healthy. 'We're still fairly bullish on Asia despite compensation levels having gone up a lot. Pre-tax margins are still in good territory.'

On the hiring front, the appetite for junior bankers appears to have abated, but almost all the banks say they are on the lookout for mature bankers with a book of business.

Nick Hughes of Fox Partnership, which specialises in placing top-level hires in wealth management, says: 'A bank may suffer sub-prime woes. But if there is a strong banker talent, he or she is an asset, regardless of the current situation.' Banks, he adds, will demand more accountability.

The firm continues to work on a number of 'interesting' projects, which includes placing Asian bankers in posts in Switzerland, for instance, to serve Asia from Europe, as well as the reverse - the hiring of European bankers for Asia.

On investments, bank strategists continue to see opportunities in emerging markets, particularly the Middle East and Latin America, and selected Asian markets. JP Morgan Private Bank chief investment strategist Ivan Leung believes regional stock markets are 'excellent long- term investments'. He singles out Thailand and Taiwan, which have underperformed Asia ex-Japan for four years, but are at the start of a domestic turnaround. Singapore and Korea are cheap, he adds, 'but will likely require some patience'.

On a 12-month view, Deutsche Bank Private Wealth Management forecasts a return of 10-16 per cent for US equities; 8-13 per cent for Euroland; and a higher 10-17 per cent for Latin America and Asian equities due to higher growth and earnings.

Stop wasting your time on the forum. The forum will not make you rich.
Have a break. Let me buy you a cup of coffee.

- Your private banker

[Unregistered]

Stop wasting your time on the forum. The forum will not make you rich.
Have a break. Let me buy you a cup of coffee.

- Your private banker

You should stop wasting your time on the forum and focus on giving proper advices to your clients instead.

They need you to advise them on how they could capitalise on:
1. This 16.9% GDP rebound.
2. The strengthening SGD.
............

They don't need you to drink coffee and surf forum.

April 10, 2008

S'pore moves to curb inflation as growth rebounds


SINGAPORE - SINGAPORE'S central bank unexpectedly further tightened monetary policy on Thursday, pushing the Singapore dollar to a record high against the US 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 per cent in the first quarter, beating economists' expectations, government data showed on Thursday, after a surprise 4.8 per cent contraction in the fourth quarter of 2007.

The data beat a median forecast from economists polled by Reuters for growth of 11.5 per cent 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 (MAS) 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 (the) 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 per cent on the news to 1.3683 per US dollar. The currency has gained around 5 per cent 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 per cent in February. In January it hit 6.6 per cent, the highest since March 1982.

The MAS said it expected inflation in the upper half of its 4.5 per cent to 5.5 per cent 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 US 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. -- REUTERS

[Unregistered]

Credit Crisis to Worsen Before Improving, Soros Says

By Patricia Kuo and Bei Hu

April 10 (Bloomberg) -- Billionaire George Soros said the global credit crisis will get worse before it gets better.

Soros, who said lack of oversight is partly responsible for problems in the financial markets, criticized regulators and the U.S. administration for not ``responding fully enough.'' He was speaking on a teleconference call with reporters today.

The world's biggest banks have recorded $232 billion in asset writedowns and credit losses since the beginning of 2007, including reserves set aside for bad loans. The Federal Reserve has engaged in the most aggressive rate cuts in the past 40 years in an attempt to forestall losses in the credit and equity markets.

``Authorities have not accepted the responsibilities to try to control asset bubbles from going too far,'' Soros said. Recently established markets, including for credit-default swaps, are ``totally unregulated, that's the cause of the troubles.''

Credit-default swaps, contracts designed to protect investors against default and used to speculate on credit quality, grew 49 percent to cover a notional $43 trillion of debt in the six months ended June 30, according to the Bank for International Settlements.

The market for derivatives grew at the fastest pace in at least nine years to $516 trillion in the first half of 2007, the BIS said in a report. Money at risk through credit-default swaps increased 145 percent from last year to $721 billion, according to the BIS, which was formed in 1930 to monitor financial markets and regulate banks.

``I think it's a pretty accurate estimate of the loan losses,'' Soros said. ``But we have not yet seen the full effect of possible recession.''

Mistrust in Markets

Uncertainty about the ability of investors and traders to meet contract obligations is creating ``mistrust'' in the markets that ``will not be fully cleared up until you have a regulated delivery mechanism and oversight over this market,'' he said.

Morgan Stanley Chief Executive Officer John Mack said on April 8 that the credit crisis will last a couple of quarters longer and that the markets are facing the most difficult conditions he's seen in 40 years.

Soros said the crisis will last longer than authorities predict.

``They claim that there will be a pickup in the second half of the year,'' he said. ``I cannot believe that. I don't see any reason to believe it because it will take much longer for the full effect of the decline in the housing market to be felt.''

Total losses for banks, hedge funds, pension funds, insurance companies, and sovereign wealth funds may swell to $945 billion, the International Monetary Fund said in a report on April 8.

``This is a man-made crisis and it's made by this false belief that markets correct their own excesses,'' Soros said. ``That's the job of the regulators. And the regulators failed to perform their job.''

Separately, Soros said China was not immune to worldwide market conditions. China's inflation has peaked and may be abating, he said.

[Unregistered]

Credit Crisis to Worsen Before Improving, Soros Says

By Patricia Kuo and Bei Hu

April 10 (Bloomberg) -- Billionaire George Soros said the global credit crisis will get worse before it gets better.

Soros, who said lack of oversight is partly responsible for problems in the financial markets, criticized regulators and the U.S. administration for not ``responding fully enough.'' He was speaking on a teleconference call with reporters today.

The world's biggest banks have recorded $232 billion in asset writedowns and credit losses since the beginning of 2007, including reserves set aside for bad loans. The Federal Reserve has engaged in the most aggressive rate cuts in the past 40 years in an attempt to forestall losses in the credit and equity markets.

``Authorities have not accepted the responsibilities to try to control asset bubbles from going too far,'' Soros said. Recently established markets, including for credit-default swaps, are ``totally unregulated, that's the cause of the troubles.''

Credit-default swaps, contracts designed to protect investors against default and used to speculate on credit quality, grew 49 percent to cover a notional $43 trillion of debt in the six months ended June 30, according to the Bank for International Settlements.

The market for derivatives grew at the fastest pace in at least nine years to $516 trillion in the first half of 2007, the BIS said in a report. Money at risk through credit-default swaps increased 145 percent from last year to $721 billion, according to the BIS, which was formed in 1930 to monitor financial markets and regulate banks.

``I think it's a pretty accurate estimate of the loan losses,'' Soros said. ``But we have not yet seen the full effect of possible recession.''

Mistrust in Markets

Uncertainty about the ability of investors and traders to meet contract obligations is creating ``mistrust'' in the markets that ``will not be fully cleared up until you have a regulated delivery mechanism and oversight over this market,'' he said.

Morgan Stanley Chief Executive Officer John Mack said on April 8 that the credit crisis will last a couple of quarters longer and that the markets are facing the most difficult conditions he's seen in 40 years.

Soros said the crisis will last longer than authorities predict.

``They claim that there will be a pickup in the second half of the year,'' he said. ``I cannot believe that. I don't see any reason to believe it because it will take much longer for the full effect of the decline in the housing market to be felt.''

Total losses for banks, hedge funds, pension funds, insurance companies, and sovereign wealth funds may swell to $945 billion, the International Monetary Fund said in a report on April 8.

``This is a man-made crisis and it's made by this false belief that markets correct their own excesses,'' Soros said. ``That's the job of the regulators. And the regulators failed to perform their job.''

Separately, Soros said China was not immune to worldwide market conditions. China's inflation has peaked and may be abating, he said.

###############################################
GEORGE SOROS
And the worst financial market crisis in 60 years
by Clif Droke
March 12, 2008

"Blood in the streets” is the central theme of the financial news lately. Barely a day goes by without a barrage of bad news hitting investors like a runaway freight train. In just the past few weeks in the Financial Times newspaper we see the following headlines:

These are a mere sampling of the bearish media sentiment out there right now.

My favorite of these headlines as shown in the above “fear collage” is the one that says, “The worst market crisis in 60 years.” It was written by George Soros of Soros Fund fame. I consider this a key sentiment indicator, for whenever the mainstream financial press trots out the big dogs like Soros, Buffett, et al, to remind us all of the obvious – after the trend has pretty much played out – it’s time to start looking in the other direction.

This time is no exception as Soros has told us nothing that virtually everyone has already has been told by the media ad nauseum, namely: the credit expansion got out of hand and resulted in a real estate bust, “market-neutral hedge funds turned out to be not market-neutral and had to be unwound,” credit expansion “must now be followed by a period of contraction,” “Investment banks’ commitments to leverage buyouts became liabilities,” “the U.S. Federal Reserve…may no longer be in a position to [avoid a recession],” “If federal funds were lowered beyond a certain point, the dollar would come under renewed pressure and long-term bonds would actually go up in yield,” “a recession in the developed world is now more or less inevitable,” “China, India and some of the oil-producing countries are in a very strong countertrend,” and finally, “The danger is that the resulting political tensions…may disrupt the global economy and plunge the world into recession or worse.” (I like his use of the term “recession or worse.” Kind of remind me of the famous phrase, “We could all be killed…or worse!”)

Well, Mr. Soros, are there any other media-propagated myths and clichés you’d care to throw our way to enlighten us poor peasants? I couldn’t help but chuckle after reading this editorial: it’s like reading every bearish editorial and article of the past year all rolled up into a single unit. If any of you would like a re-cap of the past year’s fears, I highly recommend reading Mr. Soros’ editorial. (Who knows, you may even become a convert to the Financial Armageddon Now! cause yourself.)

Of course it would be foolish to suggest that Soros is less than informed on the true state of affairs within the U.S. financial system. One doesn’t become a billionaire by being financially inept. What I am suggesting is that Soros is being less than truthful. A poker player doesn’t reveal his hand for all to see. A financier doesn’t make is billions by telling everyone what he’s betting his money on. Poker players are masters of the art of bluffing and so is Soros. If Soros is telling the world that he’s taking the bearish bet, you can bet your bottom dollar he has a bullish ace in the hole he’s not telling you about. This is how the game is played, my friends.

Fundamental and technical analysts and financial pundits of all stripes are busy wracking their brains trying to analyze the deluge of negative news. Yet the single most reliable method of news analysis is being grossly ignored by almost everyone. The analysis I’m referring to is what I like to call “Granville analysis.” Granville analysis is based on Joe Granville’s classic observation, “The obvious is obviously wrong.”

It’s so simple to perform Granville analysis that anyone with a modicum of common sense can do it. Here’s how it works: simply make a list of all the bearish or super pessimistic news headlines concerning the economic and financial market outlook. Instead of taking these headlines at face value, make a cumulative index and add together all the headlines from the mainstream media that agree with each other. Then apply Granville’s Golden Rule to each one. Each time you see a super bearish headline, remind yourself that everyone else already knows and believes this to be true and the value of commonly believed information is exceedingly small. Remember at all times Granville’s Golden Rule, “The obvious is obviously wrong.”

Another way of phrasing this observation is found in Laszlo Birinyi’s famous “Cyrano Principle,” which states: “If the concerns of the market are as obvious as the nose on your face, the market and monetary policy makers will have an amazing ability to adapt and adjust.”

Next we have the weekend edition of the Financial Times, dateline Jan. 27. The front page proclaims, “The week that shook the world: How the markets went to hell and back.” This immediately brings to mind the same exact terminology used during the last major correction low on August 16, 2007. I remember reading an article in the Times from that correction bottom in August and a New York floor trader was quoted as saying, “It’s like the market went screaming into hell, then turned back after it didn’t like what it saw.” It would seem then that whenever the use of the highly emotive term “hell” is used in connection with a financial crisis, an internal market low has been reached.

Here are some more headlines from recent editions of the Times to underscore the emotional nature of this panic bottom: “Five days of turmoil and more volatility to come,” “’It felt like the market had fallen off a cliff’,” and “Potential for more thrills and spills.”

Several super bearish headline stories have already appeared on the front covers of the major U.S. news magazines. These are the type of stories that appear only once every few years, not just at short-term lows. They mark significant intermediate-to-longer-term lows.

One of the best measures of contrarian sentiment I’ve seen yet is found in a recent issue of Business Week. It shows page after page of cartoon graphics featuring a bear, implying that we’re in a bear market. On page 24 the feature article begins, “How real was the prosperity?” It shows a picture of an over-inflated Uncle Sam character, representing the U.S. economy and stock market, being attacked by an angry bear with his claws bared.

On page 28 the headline reads, “What could cage the bear?” The graphic depicts Uncle Sam trying to push the defiant bear into a cage. On page 32 we are greeted by the headline, “Too big to fail” in reference to the banks. The cartoon shows Uncle Sam trying desperately to keep a bank building from being toppled by the angry bear, who has the upper hand in the struggle.

The headline on page 36 is “Looking for a quick fix” and shows Uncle Sam grappling with the bear. In reference to this question, BW responds “What would Washington’s consumer stimulus package buy? Not much more than a little time.”

Last week I received the following e-mail:

“He was just spotted by me on the cover of CBS Marketwatch homepage Fri 523P CST. Will he make to the cover of Time, Newsweek , or Biz Week for Monday?”

The reference was to this growling grizzly shown below. It couldn’t have come at a better time (from a contrarian’s perspective)!



So there you have it, mainstream media sentiment in microcosm. The sentiment couldn’t be any more bearish right now. Everyone is talking about recession and more financial turmoil as if it’s inevitable. That by itself is an indication that the stock market has already priced in the worst and an interim bottoming process is well underway.


© 2008 Clif Droke
Editorial Archive

Clif Droke
P.O. Box 3401
Topsail Beach, N.C. 28445-9831 USA
Website l Email

[Unregistered]

You should stop wasting your time on the forum and focus on giving proper advices to your clients instead.

They need you to advise them on how they could capitalise on:
1. This 16.9% GDP rebound.
2. The strengthening SGD.
............

They don't need you to drink coffee and surf forum.

Why STI down on a 16.9% GDP rebound? Should have been up 100 pts. Lost on property now losing on stocks too. Poor me. When will the pain end?

[Unregistered]

Why STI down on a 16.9% GDP rebound? Should have been up 100 pts. Lost on property now losing on stocks too. Poor me. When will the pain end?

Don't be too fast to say how STI is going, ST tracks Dow. If Dow goes up, STI will rebound (just like Q1 08 GDP).

[Unregistered]

###############################################
GEORGE SOROS
And the worst financial market crisis in 60 years
by Clif Droke
March 12, 2008

"Blood in the streets” is the central theme of the financial news lately. Barely a day goes by without a barrage of bad news hitting investors like a runaway freight train. In just the past few weeks in the Financial Times newspaper we see the following headlines:

..........
..........

So there you have it, mainstream media sentiment in microcosm. The sentiment couldn’t be any more bearish right now. Everyone is talking about recession and more financial turmoil as if it’s inevitable. That by itself is an indication that the stock market has already priced in the worst and an interim bottoming process is well underway.


© 2008 Clif Droke
Editorial Archive

Clif Droke
P.O. Box 3401
Topsail Beach, N.C. 28445-9831 USA
Website l Email

An interim bottoming process is well underway? Cool!

[Unregistered]

An interim bottoming process is well underway? Cool!

Of course! Look! GDP Rebounded by 16.9%!

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]

Don't be too fast to say how STI is going, ST tracks Dow. If Dow goes up, STI will rebound (just like Q1 08 GDP).

GUYS WE ARE IN FOR A LONG HAUL. HOLD TIGHT FOR 2 YEARS. EVERYTHING IS SINKING. YOUR STOCKS TOUR PROPERTY EVERYTHING.

[Unregistered]

GUYS WE ARE IN FOR A LONG HAUL. HOLD TIGHT FOR 2 YEARS. EVERYTHING IS SINKING. YOUR STOCKS TOUR PROPERTY EVERYTHING.

Talking rubbish with baseless weeping statement.

Everything you have is sinking.
The rest are rising, like URA's Q1'08 price index and Q1'08 GDP.

[Unregistered]

Talking rubbish with baseless weeping statement.

Everything you have is sinking.
The rest are rising, like URA's Q1'08 price index and Q1'08 GDP.

Yes Yes Yes but Sales are a handful of units. Everything dropping at a furious pace. 30% more will drop.

[Unregistered]

Yes Yes Yes but Sales are a handful of units. Everything dropping at a furious pace. 30% more will drop.

... but the price will continue to move up.

[Unregistered]

... but the price will continue to move up.

People can dream during the day too

[Unregistered]

People can dream during the day too

Totally agree.
Index shows price is up but these people keep dreaming that price is down.

HDB And Private Property Prices Up In Q1 Flash Estimate
Channel NewsAsia
Tuesday, 1 April 2008, 1345 hrs

Private residential property prices in Singapore rose 4.2% in the first quarter this year, according to the latest preliminary estimates from the Urban Redevelopment Authority.

The pace was slower than the 6.8% clip recorded in the fourth quarter of last year.

On a quarter-on-quarter basis, the biggest rise in property prices for non-landed properties came from outside central region - up 4.8% in the January-March quarter compared with the October-December period.

Properties in the prime districts of 9, 10 and 11, as well as the downtown area and Sentosa, rose 4.4% on quarter.

Prices in the rest of the central region increased 3.9% in the first quarter from the previous three months.

The preliminary estimates were based on transaction prices given in caveats lodged during the first 10 weeks of the quarter, as well as the number of new units sold.

Meantime, the Housing and Development Board (HDB) said prices of HDB resale flats rose 3.4% in the January to March period over the previous three months. This was lower than the 5.7% increase in the fourth quarter.

Both the URA and HDB will release final figures at the end of April.

The URA said that as at 4th Quarter 2007, there are about 64,900 private residential units in the pipeline, of which about 56,100 new private housing units are expected to be completed between 2008 and 2011.

There are also some 38,300 units that have yet to be put on sale by developers.

As for the supply of government flats, the HDB said it had made available in the first quarter of this year some 1,100 new flats in two Build-To-Order (BTO) projects in Punggol and Yishun.

It said that depending on demand, there could be another 5,000 new BTO flats in towns such as Punggol, Sengkang, Woodlands and Bukit Panjang.

The total planned BTO supply of 6,100 new flats for January till September 2008 will surpass the annual BTO flat supply in 2007 and 2006.

This new supply of flats will be in addition to those offered under Balloting Exercises for surplus replacement SERS and other flats, as well as the planned release of three Design-and-Build sites in Simei, Toa Payoh and Bedok with some 1,500 flats in the first half of 2008.

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Peaked Peaked Peaked
Analysts say it has peaked
Desperate flippers get freaked
Because they realised that the news has leaked
Now on to the exits as fast as they could bolt
Beacuse no question of their units ever being sold
Mayhem all over as they rush
Fellow flippers will they crush?
Thud Thud Thud Splash Splash Splash
It is all over in a flash

I agree with the poet!

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I agree with the poet!

We agree you are the poet!

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Singapore's Economy Rebounds
The Straits Times
Friday, 12 April 2008



Singapore's economy picked up speed in the first quarter of this year, rebounding from a contraction as pharmaceutical factories produced more.

A release from the Ministry of Trade and Industry on Thursday said the gross domestic product rose 7.2% on a year-on-year basis in the first quarter, faster than the 5.4% gain in the final quarter of 2007.
Link: http://www.mti.gov.sg/

The Advance GDP estimates also revealed that the annualised, seasonally adjusted rate of 16.9% in the first quarter beat economists' expectations. It had declined 4.8% in the previous quarter.

The median forecast from economists polled by Reuters was for growth of 11.5% after a recovery in pharmaceutical and electronics manufacturing, after an unexpected 4.8% contraction in the economy in the fourth quarter of 2007.

The manufacturing sector expanded 13.2% in the first quarter, compared with a 0.2% growth in the previous quarter. MTI said a surge in the output of biomedical manufacturing cluster helped boost the sector.

The rest of the manufacturing clusters also enjoyed better performance except ofr transport engineering and precision engineering clusters whose growth moderated.

The construction sector expanded by 14.6%, after a 24.3% gain in the preceeding quarter.

The services producing industries grew steadily at 7.6%. Financial services continued to be the fastest growing among the services sectors.

The advance estimate, based largely on data from January and February, gives an early indication of the economy's performance in the January to March period.

The GDP estimates for the first three months in this year will be released in May in the Economic Survey of Singapore.

We agree the rebound is very strong!

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We agree the rebound is very strong!

We agree that the global recession will be the biggest after tha Great Depression.

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We agree that the global recession will be the biggest after tha Great Depression.

We agree that there will be no recession this year.

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We agree that the global recession will be the biggest after tha Great Depression.

We agree that there will be no recession this year.

2 cocks taking cork here with baseless sweeping statements.

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Singapore's Q1 GDP Expands At Faster-than-Anticipated Pace
RealTimeTraders
Thursday, 10 April 2008, 9:10:40am Singapore Time

Singapore's real Gross Domestic Product grew 7.2% year-on year in the first quarter of 2008, a report published by Singapore's Ministry of Trade and Industry said. The first quarter growth was quicker than the 6.4% growth estimated by economists. The growth was spearheaded by strong growth in manufacturing sector, which in turn benefited from a rebound in the output of the bio-medical cluster.

Advance estimates showed that GDP grew 7.2% in the first quarter of 2008 compared to the 5.4% growth in the fourth quarter. The real GDP rose a seasonally adjusted 16.9% on a quarterly basis after falling 4.8% in the previous quarter.

The manufacturing sector grew at a faster pace of 13.2% in the first quarter compared to the 0.2% growth in the previous quarter. The growth in this sector was due to an expansion in the output of the biomedical-manufacturing cluster compared to a contraction in the previous quarter. The transport engineering sectors and precision engineering sectors grew moderately during this period.

The construction sector grew at slower pace of 14.6% compared to the 20.3% growth in the previous quarter.

The services producing industries rose 7.6% in the fourth quarter compared to the 7.7% growth in the previous quarter. In the services sector, financial services was the fastest growing sectors in the fourth quarter.

The report indicated that the preliminary estimates for the first quarter including the performance of various sectors would be released in May 2008.

Just simply amazing and beyond everyone's expectations.

[Unregistered]

Just simply amazing and beyond everyone's expectations.

In 2 quarters we will see a truly amazing feat.

[Unregistered]

Lehman Says It Liquidated Three Investment Funds

By Ambereen Choudhury

April 10 (Bloomberg) -- Lehman Brothers Holdings Inc., the fourth-largest U.S. securities firm, said it liquidated three investment funds because of ``market disruptions.''

The funds' assets, valued at $1 billion on Feb. 29, were taken onto Lehman's balance sheet, the New-York-based firm said in a Securities and Exchange Commission filing. The firm also bought ``certain deteriorated assets,'' with a value of $800 million, from other unidentified funds, Lehman said.

``The funds used the cash received from the company to either redeem investors in the funds or make alternative asset investments,'' Lehman said in the filing yesterday.

More than 45 of the world's biggest banks, including Citigroup Inc. and UBS AG, have recorded a combined $232 billion in asset writedowns and credit losses since the beginning of 2007, including reserves set aside for bad loans. Falling U.S. house prices and rising delinquencies may lead to $565 billion in residential mortgage-market losses, the International Monetary Fund said in its annual Global Financial Stability report on April 8. Total losses, including those tied to commercial real estate, may reach $945 billion, the fund said.

Lehman was little changed at $40.52 by 11:26 a.m. in Frankfurt trading, after closing at $40.54 in New York yesterday. The stock has dropped 38 percent this year.

The liquidation of the funds was reported by the Wall Street Journal earlier today.

Further Writedowns Seen

Lehman may write down $2 billion in the second quarter and will face ``difficult'' market conditions this year, according to analysts at Deutsche Bank AG.

``While liquidity seems okay, we continue to expect more writedowns to equity and tougher revenues this year,'' analysts led by New York-based Mike Mayo wrote in a research note yesterday. Deutsche Bank rates the firm ``buy.''

Revenue at Lehman will decline to about the level of 2005, when it totaled $14.6 billion, Mayo wrote. The 2007 net revenue was $19.3 billion. Lehman plans to reduce risk by selling 20 percent of its $75 billion in mortgage assets and cut leverage by the same amount, according to Deutsche Bank.

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In 2 quarters we will see a truly amazing feat.

Yup! More growth in Q2.

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Singapore's Q1 GDP growth beats forecast on strong manufacturing sector
Thomson Financial
Singapore
Thursday, 10 April 2008, 02:44 GMT

Singapore's economy expanded at a forecast-beating 7.2% in the first quarter from a year earlier, led by a double-digit rebound in manufacturing, advance estimates by the Ministry of Trade and Industry (MIT) showed Thursday.

Economists polled by Thomson Financial were expecting an average 6.4% rise in the first quarter, with forecasts ranging from 5.2% to 7.8%. Growth in the fourth quarter was at 5.4%.

Seasonally adjusted, growth was much more robust at 16.9%, rebounding from the fourth quarter's 4.8% contraction, the ministry said.

"This was line with expectations of a rebound after weakness in the fourth quarter, which has been concentrated in manufacturing. They were assuming healthy manufacturing numbers in March but this does not alter the basic story [that there will be] moderation in growth in 2008," said David Cohen, chief economist at Action Economics.

The advance estimates by the ministry were based on available economic data for the first two months of the quarter.

According to the estimates, the manufacturing sector expanded by 13.2% in the first quarter from a year ago, sharply higher than the 0.2% growth in the fourth quarter, with biomedical output recovering from a slump.

"The rest of the manufacturing clusters also enjoyed a better performance in the first quarter, with the exception of the transport engineering and precision engineering clusters, where growth moderated," the government said.

Activity in the construction sector gained pace to double-digit levels but is expected to moderate from the strong fourth quarter.

The construction sector expanded by 14.6%, compared with 24.3% growth in the fourth quarter.

Growth in service industries continued to expand, led by financial services, but may have slightly moderated to 7.6% from 7.7% in the fourth quarter based on MTI's estimates.

The strong GDP numbers provided the Monetary Authority of Singapore (MAS), the city-state's de facto central bank, the leeway to tighten its foreign exchange policy to tackle soaring inflation.

The consumer price index (CPI) in Singapore was up 6.6% in January, a 25-year high, with just a slight moderation to 6.5% in February.

The MAS said on Thursday it is re-centering its policy band at the current strong level of the Singapore dollar nominal effective exchange rate (NEER).

"They [MAS] seem like they are pretty confident that things are holding up nicely," said Cohen.

The MAS is still predicting GDP growth this year of between 4% and 6%, although growth is expected to ease in the next few quarters, while inflation is expected to be at the upper end of the central bank's forecast range of 4.5% to 5.5%.

"The [economic] outlook is still dependent on the global picture, which remains uncertain. Everyone is still nervous about the U.S. economy and how much it will drag down global demand," said Cohen.

Cheong ah!

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Last year Spore GDP up 7.7%, property up 31%.
Q1 GDP is out this morning, up 7.2%, very closed to last year growth.

The signal is very clear, but many stubborn folks will still miss the boat again and again.