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Thread: Private fund buys remaining 53 Grange Infinite units

  1. #1
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    Default Private fund buys remaining 53 Grange Infinite units

    Published March 14, 2008

    Private fund buys remaining 53 Grange Infinite units

    Average price for the units, bought for $400m, is said to be $2,600-$2,700 psf

    By KALPANA RASHIWALA


    A PRIVATE fund managed by ARA Asset Management group is believed to have bought the remaining 53 units at Chip Eng Seng's and Citadel's Grange Infinite freehold condo project for almost $400 million.

    Savills Singapore is believed to have brokered the latest bulk deal. The 68-unit condo is now fully sold.

    The average price for typical three and four-bedroom units in the transaction is believed to be about $2,900 per square foot (psf).

    However, for all 53 units sold under the deal, the average price is said to be slightly lower, at $2,600-$2,700 psf, as the three penthouses and other larger units included in the transaction were priced lower.

    This marks a reversal of the previous trend, which set in around late-2006, of bigger units fetching higher psf prices than smaller ones.

    'Now people are more wary and start to get concerned if the overall purchase quantum reaches a very high level, so the tendency is to pay lower psf prices for bigger units,' a property consultant said.

    Another interesting feature of the bulk sale at Grange Infinite is that it is priced lower than individual units sold earlier in the project.

    The initial 15 units in the condo fetched a median price of $3,201 psf in September, according to Urban Redevelopment Authority data.

    The 15 apartments were sold at prices ranging from $3,025 to $3,299 psf.

    This too marks a reversal of what was happening in December, when a Kuwait Finance House (KFH) unit bought 97 apartments at Guocoland's Goodwood Residence in the Bukit Timah/Scotts Road area for a median price of $3,200 psf - about 25-30 per cent above the $2,500 psf average price that Sui Generis was fetching at nearby Balmoral Crescent at the time.

    GuocoLand said this week that KFH is letting the options on that purchase lapse, but added that the two sides are in talks with 'a view to a grant of fresh options for units in the development'.

    A seasoned market watcher said overseas funds, particularly from Europe and Asia, remain interested in bulk purchases in Singapore condo projects - but only at fair valuations, that is, at a discount to the prices at which the units would be sold to individual investors.

    'Right now, such investors are looking for mid to long-term plays. The mood for short-term play is not so positive,' said the market watcher.

    'Of course, some developers may not want to sell units at a discount, unless sentiment in the market weakens, like now.'

    The 36-storey Grange Infinite condo will come up on the former Grange Tower site next to the Indian High Commission.

    The property launch scene has generally been quiet lately, as buyers adopt a wait-and-see approach amid US sub-prime jitters in the stock market.

    However, some developers have been quietly releasing projects.

    Frasers Centrepoint has sold 30 units at its freehold Martin Place Residences in the Kim Yam Road area since mid-January through private previews.

    The 30 units were sold at an average price of about $1,800 psf after discounts.



  2. #2
    Unregistered Guest

    Default Re: Private fund buys remaining 53 Grange Infinite units

    finally big bulk buying spree kick start again.
    Let hope to see more of such long term investors take up more units in bulk. IR is getting closer, more such purchase will be seen. Foreigners believe in Spore transformation story, let them make big money in long run.
    Local think otherwise, let it be, later they will complain to govt on unaffordable again, real born loser, always want easy way out, do not want to fight for their life, want thing for granted.

  3. #3
    Unregistered Guest

    Default Re: Private fund buys remaining 53 Grange Infinite units

    Quote Originally Posted by Unregistered
    finally big bulk buying spree kick start again.
    Let hope to see more of such long term investors take up more units in bulk. IR is getting closer, more such purchase will be seen. Foreigners believe in Spore transformation story, let them make big money in long run.
    Local think otherwise, let it be, later they will complain to govt on unaffordable again, real born loser, always want easy way out, do not want to fight for their life, want thing for granted.

    Yes, BUY BUY BUY, anything you see just grab.

  4. #4
    Unregistered Guest

    Default Re: Private fund buys remaining 53 Grange Infinite units

    Quote Originally Posted by Unregistered
    finally big bulk buying spree kick start again.
    Let hope to see more of such long term investors take up more units in bulk. IR is getting closer, more such purchase will be seen. Foreigners believe in Spore transformation story, let them make big money in long run.
    Local think otherwise, let it be, later they will complain to govt on unaffordable again, real born loser, always want easy way out, do not want to fight for their life, want thing for granted.
    yeah, buy and let the option lapse, like the Kuwait's case...

  5. #5
    Unregistered Guest

    Default Re: Private fund buys remaining 53 Grange Infinite units

    Quote Originally Posted by Unregistered
    yeah, buy and let the option lapse, like the Kuwait's case...

    why so frustrated? furious? panic? worry?
    easy, take it or leave it. Responsible to your own decision, don't have to complain to MP, gov.....
    option money is $mil to 10th of $mil....
    market is coming back soon. Oil & gold is going to plunge, stock & US$ going to rise.....the result of all these is US economy is going to grow soon, bad news is ending, all the good news is in pipeline, you decide, wait or buy or sell.

  6. #6
    Unregistered Guest

    Default Re: Private fund buys remaining 53 Grange Infinite units

    Quote Originally Posted by Unregistered
    why so frustrated? furious? panic? worry?
    easy, take it or leave it. Responsible to your own decision, don't have to complain to MP, gov.....
    option money is $mil to 10th of $mil....
    market is coming back soon. Oil & gold is going to plunge, stock & US$ going to rise.....the result of all these is US economy is going to grow soon, bad news is ending, all the good news is in pipeline, you decide, wait or buy or sell.
    Dream will always come true, may be in 10 years time.

  7. #7
    Unregistered Guest

    Default Re: Private fund buys remaining 53 Grange Infinite units

    Quote Originally Posted by Unregistered
    Dream will always come true, may be in 10 years time.

    yes, those wait to buy cheap, may be 50 yrs.

  8. #8
    Unregistered Guest

    Default Re: Private fund buys remaining 53 Grange Infinite units

    Wah ... they bought at big discount, more than 40%.

    Prices have really come down already.

  9. #9
    Unregistered Guest

    Default Re: Private fund buys remaining 53 Grange Infinite units

    Quote Originally Posted by Unregistered
    Wah ... they bought at big discount, more than 40%.

    Prices have really come down already.
    your math is K1 standard?
    or you are spreading rumour in internet?

  10. #10
    Unregistered Guest

    Default Re: Private fund buys remaining 53 Grange Infinite units

    a lot of unregister are spreading rumours in this forum

    can the admim do something about them

    ?

    hopefully not to see another case of being hack by those

    sour grape eaters again

  11. #11
    Unregistered Guest

    Default Re: Private fund buys remaining 53 Grange Infinite units

    Quote Originally Posted by Unregistered
    a lot of unregister are spreading rumours in this forum

    can the admim do something about them

    ?

    hopefully not to see another case of being hack by those

    sour grape eaters again
    Today's Straits Times reported that "Jail may be norm for false online postings on firms".

    However, Whitley Road Detention Centre may be the only chance for sour grapes to live in a prime district in their entire life.

    The Straits Times

    March 14, 2008

    Jail may be norm for false online postings on firms

    By Alvin Foo

    LEGAL experts have warned people to be careful about what they say online about listed companies after a landmark judgment in Singapore.
    Former share trader Able Wang Ziyi was jailed six months earlier this week for posting false, price-sensitive information online about Singapore-listed tech firm Datacraft Asia.

    In 2004, he spread a rumour on a popular investor forum that the Commercial Affairs Department had raided Datacraft's offices.

    He was charged and acquitted in 2006 but the prosecution appealed, and the verdict was overturned in favour of a guilty one by the High Court last November. Wang did not gain financially from spreading the rumour, although Datacraft stock closed 10 US cents down at US$1.38 that day.

    Justice V.K. Rajah said in his ruling that it was especially important to penalise the spreading of false information, given 'the legislative and regulatory shift to a disclosure-based regime'.

    He added: 'A fine would be inappropriate for offences such as the present one, where the potential harm caused can be enormous and devastating.'

    Lawyers told The Straits Times that the case was significant on two counts - it was the first of its kind to result in a jail term and the first such case to reach the High Court.

    Mr Nish Shetty, a partner at WongPartnership, said: 'The possibility of jail terms will be more readily accepted in future. It'll set a precedent at the sub courts for jail terms involving such cases.'

    Another lawyer added: 'This sends a strong deterrent message. If you post anything factual, you have got to ensure that the facts are correct. If you post and it turns out to be wrong, you may be hauled up because you've posted recklessly.'

    A stock-market analyst agreed: 'The authorities are sending out a strong message that they are treating market manipulation seriously. People will be scared to make such postings now.'

    Wang was charged under Section 199 of the Securities and Futures Act. The maximum penalty he could have received was seven years' jail and a $250,000 fine.

    The case has raised questions among industry players as to what constitutes a legal breach and where the line is drawn on Internet share forums.

    Mr Shetty explained: 'Good news may also induce people to buy or sell shares. It's not an answer or a defence if you give good news that is false because it is still market manipulation. What matters is whether the news is accurate.'

    In 2001, a securities dealer was fined $80,000 for posting a bogus notice on a financial website about a purported takeover of Venture Corp, then called Venture Manufacturing.

    The use of online forums to discuss stocks has caught on in recent years. Shareinvestor's forum, for example, gets more than 1,000 posts a day. ShareJunction and Stocklion are also popular forums.

    The Able Wang case has led to calls for such forums to be screened. Securities Investors Association of Singapore president David Gerald said: 'Owners of these sites must also exercise diligence and be responsible enough to disallow posting of such irresponsible statements on their sites.'

    However, Shareinvestor chief executive Christopher Lee said: 'It doesn't make commercial sense for us to screen all the postings. We'll act only if a user complains.'

    He added that the site went from being an open forum to a closed one about three years ago to 'develop and promote a community of responsible users'.

    Mr Shetty's advice to investors?

    'Behave responsibly - ensure any information disseminated is accurate. If there's any possibility of inaccuracy, then it's wise not to post it,' he said.

    [email protected]



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


    STRONG DETERRENT

    'This sends a strong deterrent message. If you post anything factual, you have got to ensure that the facts are correct. If you post and it turns out to be wrong, you may be hauled up because you've posted recklessly.'

    A LAWYER, on the jail sentence Able Wang received for posting false information on an online forum

  12. #12
    Unregistered Guest

    Default Re: Private fund buys remaining 53 Grange Infinite units

    Quote Originally Posted by Unregistered
    a lot of unregister are spreading rumours in this forum

    can the admim do something about them

    ?

    hopefully not to see another case of being hack by those

    sour grape eaters again
    Ya delete their posts, i only want to hear good news, not bad news.

  13. #13
    Unregistered Guest

    Default Re: Private fund buys remaining 53 Grange Infinite units

    Quote Originally Posted by Unregistered
    Ya delete their posts, i only want to hear good news, not bad news.
    delete "your" posts, you mean?

  14. #14
    Unregistered Guest

    Default Re: Private fund buys remaining 53 Grange Infinite units

    Quote Originally Posted by Unregistered
    Wah ... they bought at big discount, more than 40%.

    Prices have really come down already.
    Quote Originally Posted by Unregistered
    your math is K1 standard?
    or you are spreading rumour in internet?
    One thing I notice about sour grapes, is that they're not very knowlegeable people.

    I wonder which is the cause, and which the effect.

    It's quite normal for bulk purchases to be done at a discount, whether for properties or other types of goods and services. In this case, an average price of $2650 psf versus a median price of $3201 psf for individual transacted units represents a 17.2% discount.

    Even in July 2007, during the peak of the red hot property market, tycoon Ong Beng Seng's Hotel Properties Limited (HPL) purchased from Li Kashing's Japura Development an entire block of Costa Del Sol for an average price of $800 psf, even though the transacted price at that time for individual units was around $1000 psf. This represented a 20% discount.

    I remember another sour grape confusing the two developments "Bayshore Park" and "The Bayshore". He claimed that no developer would want to buy Bayshore Park en bloc because it was blocked by Costa Del Sol and hence had no seaview, when in fact the development that was blocked was "The Bayshore".

    The sour grapes may not be aware that they are making a fool of themselves discussing issues in an area in which they have little knowledge.

  15. #15
    Unregistered Guest

    Default Re: Private fund buys remaining 53 Grange Infinite units

    Quote Originally Posted by Unregistered
    One thing I notice about sour grapes, is that they're not very knowlegeable people.

    I wonder which is the cause, and which the effect.

    It's quite normal for bulk purchases to be done at a discount, whether for properties or other types of goods and services. In this case, an average price of $2650 psf versus a median price of $3201 psf for individual transacted units represents a 17.2% discount.

    Even in July 2007, during the peak of the red hot property market, tycoon Ong Beng Seng's Hotel Properties Limited (HPL) purchased from Li Kashing's Japura Development an entire block of Costa Del Sol for an average price of $800 psf, even though the transacted price at that time for individual units was around $1000 psf. This represented a 20% discount.

    I remember another sour grape confusing the two developments "Bayshore Park" and "The Bayshore". He claimed that no developer would want to buy Bayshore Park en bloc because it was blocked by Costa Del Sol and hence had no seaview, when in fact the development that was blocked was "The Bayshore".

    The sour grapes may not be aware that they are making a fool of themselves discussing issues in an area in which they have little knowledge.
    Its happening now sentiment going down the drain by the day. Huge correction is coming. Watch out.

  16. #16
    Unregistered Guest

    Default Re: Private fund buys remaining 53 Grange Infinite units

    Quote Originally Posted by Unregistered
    One thing I notice about sour grapes, is that they're not very knowlegeable people.

    I wonder which is the cause, and which the effect.
    "Not very knowlegeable" is the cause; while "sour grapes" is the effect.

    If they are knowlegeable people, they won't end up as sour grapes in the first place.

  17. #17
    Unregistered Guest

    Default Re: Private fund buys remaining 53 Grange Infinite units

    Quote Originally Posted by Unregistered
    Its happening now sentiment going down the drain by the day. Huge correction is coming. Watch out.
    The fact that you use the word "is coming" means that the correction is not here yet. This explains why the sour grapes are so sour.

    The stock market has come down around 30% since the sub-prime started, but the property market has hardly moved.

    Sour grapes have no money to invest in properties, so they invest in shares. However, the stock market has gone down a lot and so the sour grapes have lost a lot of money. I know that because my portfolio of shares has gone down by 30% from $300,000 to $210,000.

    So I've lost $90,000 in the stock market since the sub-prime started, and I expect the sour grapes to have suffered the same fate as me where the share market is concerned.

    However, $90,000 is a small proportion of my networth as I have around $4 million worth of properties. The stock market might have gone down 30% but the price of properties are still holding quite well.

    So the sour grapes are fuming mad that they have lost so much money, while those who have invested in properties have not lost a single cent so far. So they are hoping that the property market will collapse as well.

    They desperately need the property market to correct around 30% before they will feel the sun come out in their life again.

    I can understand their psychology.

  18. #18
    Unregistered Guest

    Default Re: Private fund buys remaining 53 Grange Infinite units

    Quote Originally Posted by Unregistered
    The fact that you use the word "is coming" means that the correction is not here yet. This explains why the sour grapes are so sour.

    The stock market has come down around 30% since the sub-prime started, but the property market has hardly moved.

    Sour grapes have no money to invest in properties, so they invest in shares. However, the stock market has gone down a lot and so the sour grapes have lost a lot of money. I know that because my portfolio of shares has gone down by 30% from $300,000 to $210,000.

    So I've lost $90,000 in the stock market since the sub-prime started, and I expect the sour grapes to have suffered the same fate as me where the share market is concerned.

    However, $90,000 is a small proportion of my networth as I have around $4 million worth of properties. The stock market might have gone down 30% but the price of properties are still holding quite well.

    So the sour grapes are fuming mad that they have lost so much money, while those who have invested in properties have not lost a single cent so far. So they are hoping that the property market will collapse as well.

    They desperately need the property market to correct around 30% before they will feel the sun come out in their life again.

    I can understand their psychology.
    Haha what a moron..talking abt 4M$. What is 4M$ now? Just one property would have appreciated to that value unless you are in the mass market. Empty vessels make the most noise. Haha have to blow and scream about 4M$ lol...never seen such a pathetic moron.

  19. #19
    Unregistered Guest

    Default Re: Private fund buys remaining 53 Grange Infinite units

    Quote Originally Posted by Unregistered
    The fact that you use the word "is coming" means that the correction is not here yet. This explains why the sour grapes are so sour.

    The stock market has come down around 30% since the sub-prime started, but the property market has hardly moved.

    Sour grapes have no money to invest in properties, so they invest in shares. However, the stock market has gone down a lot and so the sour grapes have lost a lot of money. I know that because my portfolio of shares has gone down by 30% from $300,000 to $210,000.

    So I've lost $90,000 in the stock market since the sub-prime started, and I expect the sour grapes to have suffered the same fate as me where the share market is concerned.

    However, $90,000 is a small proportion of my networth as I have around $4 million worth of properties. The stock market might have gone down 30% but the price of properties are still holding quite well.

    So the sour grapes are fuming mad that they have lost so much money, while those who have invested in properties have not lost a single cent so far. So they are hoping that the property market will collapse as well.

    They desperately need the property market to correct around 30% before they will feel the sun come out in their life again.

    I can understand their psychology.
    YES WE UNDERSTAND YOUR SICK PSYCHOLOGY.

  20. #20
    Unregistered Guest

    Default Re: Private fund buys remaining 53 Grange Infinite units

    Quote Originally Posted by Unregistered
    Its happening now sentiment going down the drain by the day. Huge correction is coming. Watch out.
    Yes brother BS in dire straits. Others would follow I am sure. Credit markets will drive away buyers. Big Big correction already has arrived. Kuwait Finance is smart to cut losses.

  21. #21
    Unregistered Guest

    Default Re: Private fund buys remaining 53 Grange Infinite units

    Bear Stearns Gets Emergency Funds From JPMorgan, Fed

    By Yalman Onaran

    March 14 (Bloomberg) -- Bear Stearns Cos., teetering on the brink of collapse from a lack of cash, got emergency funding from the Federal Reserve and JPMorgan Chase & Co. in the largest government bailout of a U.S. securities firm.

    After denying earlier this week that access to capital was at risk, Bear Stearns Chief Executive Officer Alan Schwartz said today that the 85-year-old company's cash position had ``significantly deteriorated'' in the past 24 hours. The central bank agreed to provide financing through JPMorgan for up to 28 days, the bank said in a statement today.

    A person close to JPMorgan said the bank, led by Chief Executive Officer Jamie Dimon, would be interested in buying Bear Stearns's prime brokerage unit, which provides loans and processes trades for hedge funds.

    The Fed acted to prevent the failure of the second-biggest underwriter of U.S. mortgage bonds and forestall a potential market panic as losses by banks and brokers reached $195 billion and stocks plunged for a third day this week. JPMorgan, which has suffered fewer losses than rivals during the credit crisis, may end up owning all or part of Bear Stearns, analysts speculated.

    ``I don't think they can afford to let Bear go,'' said Charles Geisst, the author of ``100 Years on Wall Street,'' referring to the New York Fed bailout. ``At this particular moment in time, it would be a devastating blow to the markets.''

    `Market Rumors'

    Bear Stearns, founded in 1923, acted in response to ``market rumors'' of a liquidity crisis, CEO Schwartz, 57, said in a separate statement. He said earlier this week that the company's ``liquidity cushion'' was sufficient to weather the credit-market contraction. Traders have been reluctant to engage in long-term transactions with Bear Stearns as the counterparty, the Wall Street Journal reported yesterday.

    ``We have tried to confront and dispel these rumors and parse fact from fiction,'' Schwartz, who was named CEO less than three months ago, said in the New York-based company's statement today. ``Nevertheless, amidst this market chatter, our liquidity position in the last 24 hours had significantly deteriorated.''

    The announcement caused financial shares to plunge, with Bear Stearns tumbling a record 47 percent to $30 at 4 p.m. in New York Stock Exchange composite trading. The stock has lost 66 percent of its value this year. Lehman Brothers Holdings Inc., Citigroup Inc. and Bank of America Corp. also led declines as all 10 industry groups in the Standard & Poor's 500 Index fell. Lehman, the biggest underwriter of U.S. mortgage bonds, said it obtained a $2 billion, three-year credit line from 40 banks.

    Hedge Fund Failure

    Bear Stearns's long-term counterparty credit rating was reduced three levels to BBB by Standard & Poor's. The rating may be cut further, New York-based S&P said. It lowered the short- term rating to A3 from A1. Moody's Investors Service also downgraded the company's long-term rating to Baa1 from A2.

    Bear Stearns, which first sold shares to the public in 1985, helped trigger a crash in the market for home loans to borrowers with blemished credit histories after two of its hedge funds collapsed in July. The failure of the two funds, which invested in securities linked to subprime mortgages, prompted a sell-off of the assets, which in turn led investors to shun other high-yield debt.

    Schwartz, an executive with more than 30 years of experience at Bear Stearns, was the hand-picked choice of his predecessor, James ``Jimmy'' Cayne, 74, who remains non- executive chairman of the firm. Cayne stepped down after reporting an $854 million fourth-quarter loss, the first in the company's history.

    For Sale

    On a conference call with analysts and investors after today's announcement, Schwartz said the company's book value was ``fundamentally'' unchanged. Clients have continued to withdraw funds today, he said.

    The firm has retained investment bank Lazard Ltd. to seek ``strategic alternatives,'' Schwartz said. Bear Stearns said it's also in talks with New York-based JPMorgan about long-term funding.

    Steven Black, JPMorgan's co-head of investment banking, said on Feb. 27 that the bank was considering acquiring a prime brokerage that was for sale then. He didn't name the seller. Bank of America, based in Charlotte, North Carolina, said on Jan. 15 that it planned to sell its prime brokerage.

    ``There happens to be one for sale and we are looking at it,'' Black said at a JPMorgan investor conference in New York.

    The Bear Stearns bailout was announced hours before President George W. Bush delivered a speech on the U.S. economic outlook.

    `Good Pockets'

    ``Our economy obviously is going through a tough time,'' Bush said to business and finance leaders at the Economic Club of New York. ``In the long run, I'm confident our economy will continue to grow because the foundation is solid.''

    Bear Stearns led Wall Street shares lower this year as the world's largest lenders and securities firms wrote down assets linked to the subprime mortgage market. Analysts in the past month have lowered expectations for earnings in the first quarter. JPMorgan has posted $3.7 billion in writedowns, a fraction of the $22.4 billion reported by Citigroup, the biggest U.S. bank by assets.

    ``JPMorgan is not loaded up with bad mortgage debt,'' said Vincent Farrell, principal at Scotsman Capital Management. ``Bear has a couple of very good pockets that any other firm would want to have if you can clear up the balance-sheet issue.''

    Lewis's Bet

    About a sixth of the firm's income came from packaging and trading mortgage bonds, a market that has been almost completely frozen since July.

    ``The future for Bear will be found in a forced marriage,'' said Charles Peabody, an analyst at Portales Partners LLC in New York who rates the stock a ``sell.'' ``Their business model is broken. They don't have the ability to go it alone.''

    Joseph Lewis, the second-largest shareholder in Bear Stearns Cos., wasn't planning to reduce his stake, a person close to him said March 11. Lewis, a 71-year-old billionaire, views his 9.4 percent investment as long-term, the person said.

    The Fed is taking on the credit risk from collateral supplied by Bear Stearns, which approached the central bank for emergency funds, Fed staff officials said today.

    The Fed, under Chairman Ben S. Bernanke, voted unanimously to lend the funds through JPMorgan because it would be operationally simpler than a direct loan to Bear Stearns, the staff said on condition of anonymity. The regulator invoked a little-used law that allows it to make loans to corporations and private partnerships, which required a Board vote, according to the staffers.

    Feather in the Cap

    The Fed said it was ``monitoring market developments closely and will continue to provide liquidity as necessary to promote the orderly functioning of the financial system.''

    The senior staffers declined to describe how large the loan to Bear Stearns was, and declined to say whether a private- sector bailout was attempted before the Fed extended credit through JPMorgan.

    ``The issue now is whether Bear Stearns customers will stick around,'' said Bruce Foerster, president of South Beach Capital Markets and a former Wall Street executive. ``Some others have gotten through the same kind of troubles, some ended up being shut down or sold. I'm hoping Bear can get past it.''

    JPMorgan's participation in the bailout follows a long tradition at the bank of stepping in to rescue financial markets from crisis, according to Geisst, the Wall Street historian.

    The bank has also profited from others' crises. JPMorgan got at least $725 million of revenue for taking on half the energy trades from collapsed hedge fund Amaranth Advisors LLC in 2006.

    ``It may be a feather in JPMorgan's cap that they're considered able to do this,'' Geisst said. ``The Fed could have chosen any number of banks to do this, and they chose JPMorgan.''

  22. #22
    Unregistered Guest

    Default Re: Private fund buys remaining 53 Grange Infinite units

    Lehman Brothers Obtains $2 Billion Bank Credit Line

    By Andrew Frye

    March 14 (Bloomberg) -- Lehman Brothers Holdings Inc. obtained a $2 billion credit line as the investment bank tried to blunt the stock's worst drop in almost eight years and assure investors the firm isn't short on cash.

    The unsecured, three-year facility from 40 banks replaces an existing credit line, New York-based Lehman said today in a statement. JPMorgan Chase & Co. and Citigroup Inc., also based in New York, led the effort, the firm said.

    Lehman announced the financing hours after Bear Stearns Cos. said it agreed to an emergency bailout by JPMorgan Chase and the New York Federal Reserve. Bear Stearns, which fell 47 percent in New York trading, said its cash position had ``significantly deteriorated'' in the past 24 hours, raising concern among investors that more financial firms may face a liquidity shortage.

    ``Nothing speaks like cash in a crisis, and they have the cash,'' said James Ellman, president of San Francisco-based Seacliff Capital LLC, which has about $150 million under management. ``In these financial markets, locking in three-year money is long-term. Usually we call it medium-term, but now that's very long-term.''

    Lehman fell $6.73, or 15 percent, to $39.26 at 4:15 p.m. in New York Stock Exchange composite trading, the most since April 2000, leaving the stock down 40 percent this year.

    ``We are extremely pleased with the success of the syndicated facility and view this as a strong signal from the market and our key bank relationships,'' said Paolo Tonucci, Lehman's global treasurer, in the statement.

  23. #23
    Unregistered Guest

    Default Re: Private fund buys remaining 53 Grange Infinite units

    YES MORE COMING. ITS JUST THE TIP OF THE ICEBERG.

  24. #24
    Unregistered Guest

    Default Re: Private fund buys remaining 53 Grange Infinite units

    Harvard's Feldstein Says U.S. Economy in a Recession

    By Matthew Leising and Steve Matthews

    March 14 (Bloomberg) -- Harvard University economist Martin Feldstein, a member of the group that dates business cycles in the U.S., said the nation has entered a recession that could be the worst since World War II

    ``I believe the U.S. economy is now in recession,'' Feldstein, president of the National Bureau of Economic Research, told the Futures Industry Association conference in Boca Raton, Florida. ``Could this become the worst recession we have seen in the postwar period? I think the answer is yes. I would emphasize the word `could.' ''

    Feldstein's remarks represent the first time that a member of the NBER's business-cycle dating committee has publicly described the current downturn as a recession. The economy may not respond quickly to Federal Reserve interest-rate cuts, and a package of tax rebates and investment incentives will offer only a temporary boost, he said.

    Investors today raised their bets that the Fed will slash interest rates by a full percentage point next week after the central bank and JPMorgan Chase & Co. agreed to provide emergency funding to Bear Stearns Cos., the fifth-largest U.S. securities firm.

    Bush administration officials including Treasury Secretary Henry Paulson have avoided saying the economy is in a recession.

    ``We have slowed down very significantly,'' Paulson said in a National Public Radio interview yesterday. ``I'm not getting into'' whether it is a recession.

    The economy expanded 0.6 percent at an annualized pace last quarter, and economists surveyed by Bloomberg News this month predicted the pace will slow to 0.1 percent in January to March.

    Job Losses

    The U.S. unexpectedly lost jobs in February for the second consecutive month, a government report showed on March 7. A private report today showed consumer sentiment this month sank to a 16-year low.

    ``By almost every measure the U.S. economy is moving sideways or slightly down for the last few months,'' said Feldstein, who in January put the odds of a recession at more than 50 percent.

    The collapse of the market for subprime loans, those given to borrowers with the weakest credit, has cost global financial companies $195 billion in asset writedowns and credit losses since the beginning of 2007. The losses have caused liquidity in financial markets to dry up.

    Financial markets are exhibiting a pervasive ``unwillingness to trade'' and are suffering a ``loss of confidence'' about valuations of assets, said Feldstein, who is retiring as NBER president this year.

    Rate-Cut Odds

    Traders are betting there's a 50 percent chance the Federal Open Market Committee will cut its benchmark rate by a percentage point to 2 percent on March 18, according to trading in federal funds futures. That's up from a zero probability yesterday. The central bank has cut rates from 5.25 percent in August.

    ``Monetary policy is not likely to have the favorable traction in this slowdown that it has had in the past, in part because of what is happening in housing and in credit markets,'' Feldstein said.

    A fiscal-stimulus package will help growth in the second half of the year, though that is ``not very likely to do more than cause a pause'' in the downturn, he said.

    Revised Data

    Committee members say any formal determination of a recession may still be months away, in part because economic data is frequently revised.

    Feldstein said that while some data may be updated, it is ``very likely'' that reports will confirm a recession this year.

    The Cambridge, Massachusetts-based bureau defines a recession as a ``significant'' decrease in activity over a sustained period of time. The declines would be visible in gross domestic product, payrolls, production, sales and incomes.

    The committee says it usually determines a recession six to 18 months after one begins. It last declared a contraction officially in November 2001 that started in March of that year.

    The U.S. has had 10 recessions since 1945 that have averaged about 10 months each. The longest lasted 16 months in 1981 and 1982 when the Federal Reserve, under Chairman Paul Volcker, raised interest rates to as much as 20 percent to battle soaring inflation.

    ``Given the retrospective nature of our process, no determination of a peak in activity is likely in the next few months,'' Robert Hall, a Stanford University economist who leads the NBER's business-cycle dating committee, said March 7.

    ``There is a good chance that when all the data are in they will show that we entered a recession in the first months of 2008,'' Harvard University economics professor Jeffrey Frankel, another member of the committee, said in an interview on March 12.

  25. #25
    Unregistered Guest

    Default Re: Private fund buys remaining 53 Grange Infinite units

    OH THATS A BAD SCENARIO. WHY IS THE OTHER MORON BRAGGING ABOUT PROPERTY. IS HE TRYING TO TALK IT UP? IT WONT WORK. FACTS ARE THERE TO SEE. IT IS GOING TO TAKE A HIT I AGREE.

  26. #26
    Unregistered Guest

    Default Re: Private fund buys remaining 53 Grange Infinite units

    all above talked so negative about economy & recession, sell your property away today or tomorrow, buy back at cheaper price later, sell fast fast.

    Stock market is going to have a strong rally in few weeks time, I don't think all of you deserve to enjoy such economy fruits & result.

    Just like in election, you vote opposition, yet you still want to get all the good thing from winner. You should pay for your wrong believe, decision & view.

    Like in the war, lots of life gone, loser still got shame to survive?

  27. #27
    Unregistered Guest

    Default Re: Private fund buys remaining 53 Grange Infinite units

    These politicians, so funny. So scared to admit recession. 'Slow down'... 'difficult times'.... anything but the dreaded 'R'-word. They are so scared of Recession, macham like Voldermort, they'll use all kinds of other words to say 'he who must not be named'.

    In Singapore property market. Already slowed down, correction round the corner, but people don't dare to say.... use 'consolidation', 'breather' etc.
    Wait till it hits you in the face and drags you under.

  28. #28
    Unregistered Guest

    Default Re: Private fund buys remaining 53 Grange Infinite units

    Sigh.... i have been hearing of this price drop for the past many many months but i have not yet to see it....

    Conclusion: PLEASE DON'T BULLSHIT AND KEEP YELLING ABOUT PRICE CORRECTIONS WHEN THERE IS NONE !!!!!


    Hahahahahahaha........

  29. #29
    Unregistered Guest

    Default Re: Private fund buys remaining 53 Grange Infinite units

    I wanted so so badly for prices to come down so that I can sell my condos to this bunch of sour grapes to let them benefit a bit but I don't see it happening. I cannot sell them now, at a discount, to avoid spoiling the market. I got no choice but to continue waiting for market to come down so that I can sell them at the "so-called" market price.
    So tough to be a nice guy nowadays....

  30. #30
    Unregistered Guest

    Default Re: Private fund buys remaining 53 Grange Infinite units

    Quote Originally Posted by Unregistered
    These politicians, so funny. So scared to admit recession. 'Slow down'... 'difficult times'.... anything but the dreaded 'R'-word. They are so scared of Recession, macham like Voldermort, they'll use all kinds of other words to say 'he who must not be named'.

    In Singapore property market. Already slowed down, correction round the corner, but people don't dare to say.... use 'consolidation', 'breather' etc.
    Wait till it hits you in the face and drags you under.

    You are naive.
    People is helping you, you just stubbornly holding wrong view.
    Just wait for 2-3 weeks, by early Apr, look at global stock market, you will be shocked, mark my words.
    In 2-3 months, property market will not be the same again.
    Just watch multi-US$Trillion parking outside now, rush into global stock market, will be interesting. Just watch, don't have to do anything.

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