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Thread: HDB, private apartment rentals set to rise

  1. #1
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    Default HDB, private apartment rentals set to rise

    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

  2. #2
    Unregistered Guest

    Default Re: HDB, private apartment rentals set to rise

    Quote Originally Posted by 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
    congrat to those vested in these estates!

  3. #3
    Unregistered Guest

    Default Re: HDB, private apartment rentals set to rise

    Rentals climb, property prices also climb!

  4. #4
    Unregistered Guest

    Default Re: HDB, private apartment rentals set to rise

    Quote Originally Posted by Unregistered
    Rentals climb, property prices also climb!
    wah! some more motgage rate so low, price sure cheong one. Huat Ah!

  5. #5
    Unregistered Guest

    Default Re: HDB, private apartment rentals set to rise

    Quote Originally Posted by Unregistered
    Rentals climb, property prices also climb!
    SOON U SEE PEOPLE LIKE U CLIMB, CLIMD>>>>>TO JUMP

  6. #6
    Unregistered Guest

    Default Re: HDB, private apartment rentals set to rise

    Quote Originally Posted by 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.

  7. #7
    Unregistered Guest

    Default Re: HDB, private apartment rentals set to rise

    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.

  8. #8
    Unregistered Guest

    Default Re: HDB, private apartment rentals set to rise

    Quote Originally Posted by 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.

  9. #9
    Reuters Guest

    Default Asian Resource Stocks Gain; Dollar Also Firm


    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.

  10. #10
    Unregistered Guest

    Default Re: HDB, private apartment rentals set to rise

    Quote Originally Posted by Unregistered

    ... 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.

  11. #11
    Unregistered Guest

    Default Re: HDB, private apartment rentals set to rise

    Quote Originally Posted by 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

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

  12. #12
    Unregistered Guest

    Default Re: HDB, private apartment rentals set to rise

    Quote Originally Posted by 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

  13. #13
    Unregistered Guest

    Default Re: HDB, private apartment rentals set to rise

    Quote Originally Posted by Unregistered
    Moron, price high, wait la. only u jump. high or low or crash. stupid
    Retarded moron, ........... stupid

  14. #14
    Unregistered Guest

    Default Re: HDB, private apartment rentals set to rise

    Quote Originally Posted by Unregistered
    Aiyah, prediction by agents again....what's new???? Agents are always optimistic one...
    ya, dun ever believe in agents..

  15. #15
    Unregistered Guest

    Default Re: HDB, private apartment rentals set to rise

    Quote Originally Posted by Unregistered
    Aiyah, prediction by agents again....what's new???? Agents are always optimistic one ...
    Quote Originally Posted by Unregistered
    ya, dun ever believe in agents..
    Exactly.
    We should just read URA price indices or reports from independent research companies.

  16. #16
    Unregistered Guest

    Default Re: HDB, private apartment rentals set to rise

    Quote Originally Posted by Unregistered
    Retarded moron, ........... stupid
    Time to go back IMH., u been out whole afternoon.

  17. #17
    CSR Police Guest

    Default Re: HDB, private apartment rentals set to rise

    Quote Originally Posted by Unregistered
    Time to go back IMH., u been out whole afternoon.

  18. #18
    Unregistered Guest

    Default Re: HDB, private apartment rentals set to rise

    Quote Originally Posted by 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.

  19. #19
    Unregistered Guest

    Default Re: HDB, private apartment rentals set to rise

    Quote Originally Posted by CSR Police
    So its u. u are since yesterday, go home, IMH ur home.

  20. #20
    CSR Police Guest

    Default Re: HDB, private apartment rentals set to rise

    Quote Originally Posted by Unregistered
    So its u. u are since yesterday, go home, IMH ur home.

  21. #21
    Unregistered Guest

    Default Re: HDB, private apartment rentals set to rise

    Quote Originally Posted by 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 ....

  22. #22
    Unregistered Guest

    Default Re: HDB, private apartment rentals set to rise

    Quote Originally Posted by 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!

  23. #23
    AFP Guest

    Default Asian Resource Stocks Gain; Dollar Also Firm


    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.

  24. #24
    AFP Guest

    Default STI Closes Higher


    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.

  25. #25
    Unregistered Guest

    Default Re: HDB, private apartment rentals set to rise

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

  26. #26
    Unregistered Guest

    Default Re: STI Closes Higher

    Quote Originally Posted by AFP

    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.

  27. #27
    Unregistered Guest

    Default Re: STI Closes Higher

    Quote Originally Posted by AFP

    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?

  28. #28
    Unregistered Guest

    Default Re: HDB, private apartment rentals set to rise

    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.

  29. #29
    Unregistered Guest

    Default Re: HDB, private apartment rentals set to rise

    Quote Originally Posted by 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

  30. #30
    Unregistered Guest

    Default Re: HDB, private apartment rentals set to rise

    That is any piece of good news.Hurray.

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  2. Rentals for shoebox units on the rise
    By princess_morbucks in forum Singapore Private Condominium Property Discussion and News
    Replies: 11
    -: 14-11-13, 13:40
  3. Rentals keep up with rise in home prices
    By reporter2 in forum Singapore Private Condominium Property Discussion and News
    Replies: 1
    -: 28-01-13, 17:22
  4. Office vacancies rise, rentals fall despite positive take-up
    By mr funny in forum HDB, EC, commercial and industrial property discussion
    Replies: 0
    -: 25-10-09, 01:45
  5. Prices and rentals of landed homes set to rise
    By mr funny in forum Landed Property
    Replies: 1
    -: 27-03-08, 11:02

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