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Thread: Leng Beng says S'pore real estate market sustainable

  1. #1
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    Default Leng Beng says S'pore real estate market sustainable

    http://www.businesstimes.com.sg/sub/...79470,00.html?

    Published May 16, 2008

    PROPERTY

    Leng Beng says S'pore real estate market sustainable

    CityDev boss sees further investment opportunities ahead

    By EMILYN YAP


    HOTEL and property tycoon Kwek Leng Beng believes Singapore's real estate market is sustainable and further investment opportunities lie ahead.

    'I am also waiting for the opportunity ... to go in and buy at the right time,' he said at a property conference yesterday.

    The executive chairman of City Developments said growth in Macau's gaming industry had driven up residential property prices there sharply. And with two integrated resorts and big events such as the Youth Olympics in the next few years, Mr Kwek reckons the future is bright for Singapore real estate.

    According to country head of Jones Lang LaSalle Singapore Christopher Fossick, the current slowdown in property demand is largely sentiment-driven, and many investors are probably waiting to purchase at better prices.

    In terms of office space, Mr Kwek said: 'There has been a lot of talk that by 2010 and 2011 there will be a lot of oversupply. I do not believe so because in the first place, construction is a problem here.'

    He cited rising construction costs as a reason for this view.

    While office rents have been rising, Mr Fossick does not see this as a major business concern. Sharing feedback from multinational companies, he said wages are a much larger component of the cost of doing business, compared with rents.

    Mr Kwek is also positive on the outlook for the hospitality real estate market. He believes the shortage of hotel rooms in Singapore and the rise in intra-regional travel will keep room rates on an uptrend.

    Although Mr Kwek is generally upbeat on prospects for local real estate, he did express one concern. While investments from institutional funds have helped steady the market, 'funds have a duration of life and will get out', he said.

    On the other hand, 'for the retail buyers, when they get out, they don't get out all at the same time'.

    Mr Kwek asked in a panel discussion why the recent boom in Singapore's property market did not attract many individual investors from the West, while funds showed huge interest. The director of property at Henderson Global Investors Asia, Chris Reilly, said this could be due to the lack of familiarity with Asian real estate among retail buyers in the West.

  2. #2
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    Default Re: Leng Beng says S'pore real estate market sustainable

    http://www.straitstimes.com/Money/St...ry_237903.html

    May 16, 2008

    CDL chief Kwek Leng Beng awaiting right time to buy

    By Joyce Teo


    PROPERTY tycoon Kwek Leng Beng has warned that most property investors follow the herd instinct and wait too long in a cautious market - then make a wrong move.

    The executive chairman of City Developments (CDL) said he remains upbeat about prospects for the real estate scene in Singapore, despite recent weak sales volumes.

    Mr Kwek, who was a panellist at the Financial Times Asia Property Summit held at his St Regis Hotel yesterday, said the property market is just consolidating.

    The mood in the Singapore property market is cautious in the wake of the United States sub-prime crisis, with many buyers and sellers preferring to remain on the sidelines.

    He said he was waiting for the opportunity to 'go in and buy at the right time, be a bottom fisher'.

    But most people will do the opposite, he said. 'You notice (people) will keep on waiting... until it's too late,' he said.

    'It's the herd instinct... the majority will be wrong.' A shrewd investor will act on his own, he said.

    If the casino-led boom in Macau's luxury homes market is anything to go by, Singapore will do even better as it will have two casinos and other major events, he said.

    'We are victims of our own success,' Mr Kwek.

    'In the old days, we had only regional investors from Indonesia, Malaysia, Taiwan... But today, we have big investors like Morgan Stanley, hedge funds.'

    Mr Christopher Fossick, Jones Lang LaSalle's managing director for South-east Asia, who was on the same panel, said there is now a higher proportion of investors than before, compared with occupiers.

    Investors tend to be more sensitive to market sentiment, he said.

    CDL, which has held back the launch of four residential projects because of poor sentiment, said in its recent earnings announcement that it plans to release them once sentiment improves and when pent-up demand can be realised.

    'In the first place, we were sick,' said Mr Kwek of the property market before its recent boom. 'But today, we have shifted to another platform. Instead of relying on technology, we are relying on our status as a global city.'

    He also told reporters yesterday that hotel rates will continue to rise this year because of short supply.

    The office market will also do well, though rent increases have moderated. As for the much talked-about office oversupply situation come 2010 or 2011, Mr Kwek thinks supply will not pose a problem then because the current construction boom will check that.

  3. #3
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    Default Re: Leng Beng says S'pore real estate market sustainable

    What else will he say? Didn't he asked that DPS be reinstated? When one bottom fishes his bottom fishing, he would have already made his bundle from you.

  4. #4
    Unreg¡stered Guest

    Default Re: Leng Beng says S'pore real estate market sustainable

    Quote Originally Posted by Pink4
    What else will he say? Didn't he asked that DPS be reinstated? When one bottom fishes his bottom fishing, he would have already made his bundle from you.
    If you are not happy with him, just show him you can do better than him lor. No point hide behind your pink ass and shout words at him.

  5. #5
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    Default Re: Leng Beng says S'pore real estate market sustainable

    When the market began to cool, he said, hold, don't sell. Holding is easy, but holder must have holding power. Next he said, global city need not be cheap, government should reinstate DPS. But for Singapore, where is the hinterland to serve? Singapore is only one red dot - too expensive, it becomes uncompetitive. Reinstate DPS - for more people to be caught? Now he says, go bottom fish. Prices sustainable. How? When rise in price has overtaken rise in wages. When there are news of expected retrenchments from top financial institutions.

  6. #6
    Unreg¡stered Guest

    Default Re: Leng Beng says S'pore real estate market sustainable

    Quote Originally Posted by Pink4
    When the market began to cool, he said, hold, don't sell. Holding is easy, but holder must have holding power. Next he said, global city need not be cheap, government should reinstate DPS. But for Singapore, where is the hinterland to serve? Singapore is only one red dot - too expensive, it becomes uncompetitive. Reinstate DPS - for more people to be caught? Now he says, go bottom fish. Prices sustainable. How? When rise in price has overtaken rise in wages. When there are news of expected retrenchments from top financial institutions.
    News of expected retrenchments from top financial institutions? Which one? Your own bank with you as the only employee?

    Citi is hiring in Singapore. UBS is hiring in Singapore. Now Merrill Lynch is also hiring a few hundreds. Who is retrenching?

    Just because you have a pink cunt doesn't mean you can irresponsibly utter rubbish out of it. What is your motive for spreading all these wild rumours?

    Quote Originally Posted by 彭博
    要扩展亚洲业务 美林将多聘请几百名员工
    彭博电
    新加坡
    2008-05-16

    美林(Merrill Lynch)计划扩展在亚洲的私人银行服务业务,因而将多聘请几百名员工。

    根据美林和凯捷顾问公司(Capgemini)去年发布的一项报告,亚太区高净值人士的财富预料在2011年增加8.5%至12万7000亿美元,涨幅仅次于财富增长最快速的中东。摩根士丹利同样看准该市场,准备多聘请员工。

    美林已在去年8月在印度开设财富管理中心。

    除了财富管理,公司也将加强在亚洲的企业财务和销售与交易业务。

    上个月宣布裁退多3000名员工的美林表示在亚洲的裁员行动已近尾声,受影响员工大多来自其日本的商业房地产抵押业务。

  7. #7
    Reuters Guest

    Default April Housing Starts Rise Best Since January 2006


    April housing starts rise best since January 2006
    Glenn Somerville
    Reuters
    Washington, D.C., U.S.
    Friday, 16 May 2008, 9:08am U.S. EDT

    Construction starts on new U.S. homes rose by a surprisingly strong 8.2% in April and applications for new building permits turned up for the first time in five months, the Commerce Department said on Friday in a report showing the hard-hit housing sector still had some spring vigor.

    Starts in April ran at a 1.032-million-unit annual rate, up from a revised 954,000-unit rate in March, while permits gained 4.9% to 978,000 a year from a revised 932,000 in March.

    Starts on multiple units buildings increase but single-family home starts fell.

    Nonetheless, it was a significantly stronger overall performance than anticipated by economists surveyed by Reuters who had forecast April starts at a 940,000-unit rate and permits at 920,000 rate.

    The jump in overall April starts was the biggest monthly increase since a 14% rise in January 2006, while the gain in permits was the largest since a 6.7% gain in December 2006.

    The brighter picture on housing activity sent stock futures soaring and caused a pickup in the dollar's value against other major currencies. Bond prices were broadly lower as investors bet it reduced chances for more cuts in official interest rates.

    "It's a nice upside surprise," said Joe Manimbo, a currency trader with Ruesch International in Washington, D.C. "Certainly it is the type of data that will back the view that U.S. interest rates have bottomed, supporting the dollar."

    New-home building has been in decline for months, partly because many builders are saddled with big inventories of unsold homes. But in addition, a wave of foreclosures against existing homes has caused many lenders to stiffen terms for making mortgage loans for both new and existing homes.

    The April building bounce occurred entirely in multiple-unit dwellings, while single-family home building declined to a rate of 692,000 from 704,000 -- the lowest monthly rate since 604,000 in January 1991.

    "Single-family starts continue to show weakness and (are) coming off a 17-year low," said George Adell, a fixed-income strategist with Commerce Capital Markets in Jupiter, Fla. "We can't say we've hit a bottom, but it's better than what we've seen."

    U.S. Treasury Secretary Henry Paulson and top Federal Reserve policy-makers have identified the housing downturn as the biggest single risk for the economy and Congress has been working feverishly on proposals for guaranteeing shaky mortgage loans to try to save homeowners from losing their homes.

    On Thursday night, housing industry sources indicated that leaders of the U.S. Senate Banking Committee had reached a deal on a broad housing rescue plan in which mortgage giants Fannie Mae and Freddie Mac will support a federal mortgage insurance fund.

    The $300 billion fund would be run by the Federal Housing Administration and would offer loan guarantees to help refinance distressed mortgages, with borrowers agreeing to forgive portions of troubled loans.

  8. #8
    AP Guest

    Default Henry Paulson: U.S. Economy Will Rebound In Second Half


    Henry Paulson: U.S. economy Will Rebound in Second Half
    Treasury secretary says markets are calmer now

    Martin Crutsinger
    Economics Writer
    Associated Press
    Washington, D.C., U.S.
    Friday, 16 May 2008, 12:24 pm U.S. EDT



    Treasury Secretary Henry Paulson said Friday that financial markets are "considerably calmer" now than they were two months ago. He predicted the economy will be rebounding by the second half of this year.

    In a speech to business executives in Washington, Paulson said the drag from housing, which he characterized as still the biggest risk to the economy, will soon be lessened by nearly $100 billion in economic stimulus payments to U.S. households.

    "The fiscal stimulus will provide support to the economy as we weather the housing correction, capital markets turmoil and higher energy and food prices," Paulson said in his prepared remarks.

    The economy has been pushed to the brink of a recession by a prolonged housing slump, a credit crisis, soaring energy prices and more than a quarter-million job layoffs over the past four months.

    In his remarks, Paulson never used the word recession, although many private economists believe the country is in one.

    But he did forecast that the stimulus checks going to 130 million households would help spur growth in the second half of the year. He said that those checks along with business tax breaks in the $168 billion stimulus package would add 500,000 jobs by the end of the year over what would have been created without the stimulus boost.

    "Although we are still working through housing and capital markets issues, and expect to be doing so for some time, we also expect to see a faster pace of economic growth before the end of the year," he said.

    Paulson said that both the ability to obtain loans and investor confidence are gradually improving, raising hopes that the financial market crisis which hit last August was beginning to recede.

    "We are seeing signs of progress as capital markets and credit markets stabilize," Paulson said. "The markets are considerably calmer now than they were in March."

    In March, the credit crisis claimed its biggest victim with the near-collapse of Bear Stearns, the country's fifth largest investment bank.

    Paulson said "some bumps in the road ahead" are to be expected, but that he believes significant progress in dealing with the credit crisis has been made.

    "In my judgment, we are closer to the end of the market turmoil than the beginning," he said. "Looking forward, I expect that financial markets will be driven less by the recent turmoil and more by broader economic conditions and, specifically, by the recovery of the housing sector."

  9. #9
    AFP Guest

    Default Singapore Exports Rebound In April


    Singapore exports rebound in April
    Agence France-Presse
    Singapore
    Friday, 16 May 2008



    Singapore's key exports grew 5.4% in April from the previous year, rebounding from a decline in March, driven by strong demand from the European Union, China and Indonesia, government data showed on Friday.

    Non-oil domestic exports (NODX) rose to 14.02 billion Singapore dollars (10.17 billion US), reversing a 5.9% annual contraction in March, the trade promotion body International Enterprise (IE) Singapore said.

    While NODX to the United States fell 17%, exports to the EU rose 17% turning around a 24% drop in March, IE Singapore said.

    Shipments to China and Indonesia expanded 19% and 20%, respectively, also swinging back from declines.

    'The top contributors to the NODX rise were the EU, China and Indonesia,' IE Singapore said in a statement.

    Non-electronics exports such as petrochemicals, pumps, metal manufactures and parts for tractors and motor vehicles grew 9.8%, while shipment of electronic products dipped 0.4% on weaker global demand.

    On a month-on-month seasonally adjusted basis, NODX gained 1.6%, compared with the previous month's 2.6% decline.

    Total trade climbed 21% to 82.30 billion dollars, faster than the 11% expansion in March.

    Mr Joseph Tan, a strategist at Fortis, commenting on the April exports, said: 'It's better than expected. I was looking for a negative number. Exports to the US continue to be in the doldrums but the EU and China are still strong. Singapore has been able to decouple from the US to some degree.

    'People are talking about strength in the electronics cycle but you are not seeing it in the Singapore numbers. Singapore exports are getting their strength from petrochenmicals, which is not that surprising given the high oil price environment.'

    Mr Vishnu Varathan, an economist at Forecast Ltd, added: 'It's probably a bit too early to call for a recovery. Electronics is still down year on year though not as bad as in March. While picking up quite a bit month-on-month, it doesn't point to a sustained recovery as yet.

    'Overall the support is still in non-electronics, notably in petrochemicals. But the picture is still one of softness ahead.'

    The Singapore dollar stood at 1.3736/48 against the US dollar versus 1.3737/49 before the announcement.

    The benchmark FTSE ST Index was up 0.91% at 3,236.48 points at the midday market break before the announcement.

  10. #10
    Bow Wow Guest

    Default Re: Leng Beng says S'pore real estate market sustainable

    "Stealth Layoffs" Sweep across Wall Street
    By Louise Story and Eric Dash The New York Times | 16 May 2008 | 05:14 AM ET

    People on Wall Street seem to be vanishing overnight.

    Thousands are losing their jobs as hard-pressed banks cut deep. But while layoffs are nothing new in the financial industry (they come with almost every downturn), this round seems different: it is eerily quiet.

    So quiet, in fact, that people refer to these cuts as stealth layoffs. Some bosses hardly say a word after people are fired. At Citigroup, Goldman Sachs Goldman Sachs Group and Morgan Stanley for example, the first clue that someone is gone can be e-mail messages that are returned to senders from a former colleague’s inactivated corporate address.

    While the financial markets have found a bit of a footing lately, banks are pushing ahead with plans for some of the deepest job reductions in years. Since last summer, banks worldwide have announced plans to cut 65,000 employees.


    But exactly how many jobs have been or will be eliminated is unclear. In the past, banks typically made sharp reductions all at once. After the 1987 stock market crash, for example, employees were herded into conference rooms and dismissed en masse.

    This time, companies are making many small cuts over the course of weeks or even months. Some people who have lost jobs, and many more struggling to hold them, say banks are keeping employees in the dark about the size and timing of layoffs.

    Citigroup, for example, said last year that it would eliminate 17,000 jobs, or about 5 percent of its work force. Then in January, Citi said it would dismiss 4,200 more people. In April, it said an additional 8,700 would go.

    By contrast, after the financial upheaval of 1998, when many Wall Street banks pared payrolls, Citigroup eliminated 10,600 jobs, or about 6 percent of its work force at the time.

    The idea that banks will slowly wield the knife again and again unnerves many employees. People know the cuts are coming — they just don’t know when or where.

    “Nobody knows who is coming in; nobody knows who is going out,” said JoAnne Kennedy, who was laid off by JPMorgan Chase this year. “They want to keep it all as quiet as possible.”

    To some bank workers, one round of layoffs seems to blur into the next. At Goldman Sachs, low performers were dismissed from January through March. A few weeks later, the bank quietly began letting more people go. All told, Goldman is axing about 8 percent of its work force, although incoming employees this summer will make up for some of that loss.

    At Merrill Lynch 1,100 people were laid off early this year, mostly in mortgage-related businesses. But in April, the firm announced 2,900 more cuts.

    JPMorgan Chase said last fall that it would lay off 100 people in its fixed-income division and then followed up with several smaller rounds of cuts in other parts of the bank. The casualties will keep mounting as JPMorgan melds with Bear Stearns, the troubled investment bank it is buying.

    Starting at the top, JPMorgan executives are eliminating jobs at their own bank, redeploying some people to other divisions and replacing others with Bear Stearns workers. As many as 5,500 Bear Stearns employees and 4,000 JPMorgan workers could lose their jobs before it is over.

  11. #11
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    Default Re: Leng Beng says S'pore real estate market sustainable

    Actually, Kwek Leng Beng has the ability to influence the market.

    All he needs to do to hold back his launches, and immediately the supply is decreased. Then buyers can only buy from the smaller developers, but since there is less supply now, the smaller developers have better bargaining power too.

    Kwek Leng Beng is the major shareholder of CDL himself hence he can afford to take a long-term view and ride out the market.

    Another developer who rode out the previous slump was SC Global's Simon Cheong. His Lincoln Modern has been selling since its launch in 2000. The price has gone up from $700+ psf to around $1400+ psf today.

    On the other hand, those developers whose management do not own the company would find it harder to justify to the board and shareholders why they are shutting down their showrooms.

    For these developers, the short to mid-term profitability of the company is more important. Hence it may be easier to extract discounts from these developers where the management are salaried staff.

  12. #12
    Unreg¡stered Guest

    Default Re: Leng Beng says S'pore real estate market sustainable

    Quote Originally Posted by Unreg¡stered
    News of expected retrenchments from top financial institutions? Which one? Your own bank with you as the only employee?

    Citi is hiring in Singapore. UBS is hiring in Singapore. Now Merrill Lynch is also hiring a few hundreds. Who is retrenching?

    Just because you have a pink cunt doesn't mean you can irresponsibly utter rubbish out of it. What is your motive for spreading all these wild rumours?
    Quote Originally Posted by 彭博
    要扩展亚洲业务 美林将多聘请几百名员工
    彭博电
    新加坡
    2008-05-16

    美林(Merrill Lynch)计划扩展在亚洲的私人银行服务业务,因而将多聘请几百名员工

    根据美林和凯捷顾问公司(Capgemini)去年发布的一项报告,亚太区高净值人士的财富预料在2011年增加8.5%至12万7000亿美元,涨幅仅次于财富增长最快速的中东。摩根士丹利同样看准该市场,准备多聘请员工。

    美林已在去年8月在印度开设财富管理中心。

    除了财富管理,公司也将加强在亚洲的企业财务和销售与交易业务。

    上个月宣布裁退多3000名员工的美林表示在亚洲的裁员行动已近尾声,受影响员工大多来自其日本的商业房地产抵押业务。
    OMG! Why so many hiring?

    Citi is hiring in Singapore. UBS is hiring in Singapore.
    Now Merill Lynch needs a few hundred more.

    Where to find so many bankers in Singapore?

  13. #13
    Anti-Maddog Guest

    Default Re: Leng Beng says S'pore real estate market sustainable

    Quote Originally Posted by Bow Wow
    "Stealth Layoffs" Sweep across Wall Street
    By Louise Story and Eric Dash The New York Times | 16 May 2008 | 05:14 AM ET

    People on Wall Street seem to be vanishing overnight.

    ....................
    ....................
    Maddog (aka Bow Wow), posting irrelevant news again?

    Merill Lynch is hiring a few hundred in Singapore. You didn't know it?

    Hahaha!

  14. #14
    English Guest

    Default Re: Leng Beng says S'pore real estate market sustainable

    Quote Originally Posted by Unregistered
    News of expected retrenchments from top financial institutions? Which one? Your own bank with you as the only employee?

    Citi is hiring in Singapore. UBS is hiring in Singapore. Now Merrill Lynch is also hiring a few hundreds. Who is retrenching?

    Just because you have a pink cunt doesn't mean you can irresponsibly utter rubbish out of it. What is your motive for spreading all these wild rumours?
    Quote Originally Posted by 彭博
    要扩展亚洲业务 美林将多聘请几百名员工
    彭博电
    新加坡
    2008-05-16

    美林(Merrill Lynch)计划扩展在亚洲的私人银行服务业务,因而将多聘请几百名员工

    根据美林和凯捷顾问公司(Capgemini)去年发布的一项报告,亚太区高净值人士的财富预料在2011年增加8.5%至12万7000亿美元,涨幅仅次于财富增长最快速的中东。摩根士丹利同样看准该市场,准备多聘请员工。

    美林已在去年8月在印度开设财富管理中心。

    除了财富管理,公司也将加强在亚洲的企业财务和销售与交易业务。

    上个月宣布裁退多3000名员工的美林表示在亚洲的裁员行动已近尾声,受影响员工大多来自其日本的商业房地产抵押业务。
    Quote Originally Posted by Unregistered
    OMG! Why so many hiring?

    Citi is hiring in Singapore. UBS is hiring in Singapore.
    Now Merill Lynch needs a few hundred more.

    Where to find so many bankers in Singapore?
    Interesting! Can someone translate this Bloomberg news into English?

  15. #15
    Join Date
    Apr 2008
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    1,286

    Default Re: Leng Beng says S'pore real estate market sustainable

    Quote Originally Posted by English
    Interesting! Can someone translate this Bloomberg news into English?
    No need to translate, just search Google with the following terms "bloomberg asian singapore merrill lynch hire india".

    Merrill to Expand Wealth Management in Asia, Hire `Hundreds'

    By Andrea Tan

    May 15 (Bloomberg) -- Merrill Lynch & Co., the world's third-largest manager of money for the rich, plans to expand its private banking business in Asia and hire hundreds of people.

    ``Our eyes are looking to grow in Asia, not to shrink,'' Jason Brand, president of Merrill Lynch Pacific Rim, said in an interview in Singapore today. ``Wealth management is one area we've identified for growth.''

    The securities firm and rivals including Morgan Stanley are increasing hiring in Asia to tap the region's rising affluence as incomes climb.

    The wealth of high net-worth individuals in the Asia-Pacific region may gain 8.5 percent a year to $12.7 trillion by 2011, the second-fastest climb after the Middle East, Merrill Lynch and Capgemini SA said in a 2007 report.

    Merrill Lynch, based in New York, opened a wealth management office in India in August. The investment bank also plans to expand its corporate finance and sales and trading divisions in Asia, Brand said.

    The company, which on April 17 said it will fire an additional 3,000 workers, has largely finished with job cuts in Asia with a ``small percentage'' being affected, Brand said, declining to give specific numbers. The cuts were mostly in Japan's commercial mortgage business, he said.

    Merrill is a passive, minority investor in Bloomberg LP, the parent of Bloomberg News.[/quote]

    http://www.bloomberg.com/apps/news?p...F4Ckc&refer=us

  16. #16
    Rent falling Guest

    Default Re: Leng Beng says S'pore real estate market sustainable

    GREAT....25% DROP IN RENTALS. PROPERTY SHOULD ALSO FALL AT THE SAME RATE.

  17. #17
    Join Date
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    Default Re: Leng Beng says S'pore real estate market sustainable

    Quote Originally Posted by jlrx
    Actually, Kwek Leng Beng has the ability to influence the market.

    All he needs to do to hold back his launches, and immediately the supply is decreased. Then buyers can only buy from the smaller developers, but since there is less supply now, the smaller developers have better bargaining power too.

    Kwek Leng Beng is the major shareholder of CDL himself hence he can afford to take a long-term view and ride out the market.

    Another developer who rode out the previous slump was SC Global's Simon Cheong. His Lincoln Modern has been selling since its launch in 2000. The price has gone up from $700+ psf to around $1400+ psf today.

    On the other hand, those developers whose management do not own the company would find it harder to justify to the board and shareholders why they are shutting down their showrooms.

    For these developers, the short to mid-term profitability of the company is more important. Hence it may be easier to extract discounts from these developers where the management are salaried staff.
    So, the developers are now like the petrol companies. An oligopoly that can hold consumers to ransom, by some unofficial agreement to withold launches indirectly fixing prices.

    Well, thankfully the government shows that where such oligopolies are stifling economic growth, they are willing to break big company complacency. eg. Singtel-Starhub stranglehold.

    With property and rental prices making Singapore less attractive to industries, Gov't has been concernedall along, and took numerous measures to limit price rises. It wouldn't be unreasonable to expect moves to break the developer-induced supply embargo if they keep holding out.

    At least, Singaporeans can still vote with their feet by refusing to pay high prices and opting for lower class but still big and decent HDB flats.


    BTW: the developers keep talking about pent-up demand... they fail to mention pent-up supply the longer they wait.

  18. #18
    Frustrated Guest

    Default Re: Leng Beng says S'pore real estate market sustainable

    Quote Originally Posted by 2ndTimeLucky
    So, the developers are now like the petrol companies. An oligopoly that can hold consumers to ransom, by some unofficial agreement to withold launches indirectly fixing prices.

    Well, thankfully the government shows that where such oligopolies are stifling economic growth, they are willing to break big company complacency. eg. Singtel-Starhub stranglehold.

    With property and rental prices making Singapore less attractive to industries, Gov't has been concernedall along, and took numerous measures to limit price rises. It wouldn't be unreasonable to expect moves to break the developer-induced supply embargo if they keep holding out.

    At least, Singaporeans can still vote with their feet by refusing to pay high prices and opting for lower class but still big and decent HDB flats.


    BTW: the developers keep talking about pent-up demand... they fail to mention pent-up supply the longer they wait.
    The more they open their mouth it shows the desperation of the developers in a slumping and crashing market.

  19. #19
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    48

    Default Re: Leng Beng says S'pore real estate market sustainable

    The sub-sale market is as good as dead. No response at all to advertisements.

  20. #20
    Agent Y Guest

    Default Re: Leng Beng says S'pore real estate market sustainable

    Closed yesterday.
    The Sail #22-20 closed at $2,068psf!
    Thanks for all the support.

  21. #21
    Agent X Guest

    Default Re: Leng Beng says S'pore real estate market sustainable

    The Sail #42-10 sold at $1,850psf yesterday.
    The seller flipped for a $88,000 profit within a day.

    Cheque collected for #4x-15 already.
    Thanks for all the support.

  22. #22
    Agent Z Guest

    Default Re: Leng Beng says S'pore real estate market sustainable

    Closed on Friday.
    Oceanfront #04-17 at $1,670psf.
    Thanks for all the support.

  23. #23
    Fedup! Guest

    Default Re: Leng Beng says S'pore real estate market sustainable

    Quote Originally Posted by Agent X
    The Sail #42-10 sold at $1,850psf yesterday.
    The seller flipped for a $88,000 profit within a day.

    Cheque collected for #4x-15 already.
    Thanks for all the support.
    Wah lau erh! Stupid flipper!
    Like that also can made $88k within a day!

    Now is the best time to make money. I wish I have more guts. Fedup!

  24. #24
    Fúck You Flipper! Guest

    Default Re: Leng Beng says S'pore real estate market sustainable

    Quote Originally Posted by Fedup!
    Wah lau erh! Stupid flipper!
    Like that also can made $88k within a day!

    Now is the best time to make money. I wish I have more guts. Fedup!
    Fúck you flipper!

  25. #25
    AFP Guest

    Default Worst May Be Over For U.S., Some Economists Say


    Worst may be over for US, some economists say
    Agence France-Presse
    Washington, D.C., U.S.
    Saturday, 17 May 2008, U.S. EDT

    A growing number of analysts are expressing confidence that the worst may be over for the US economy, even if it struggles for some time due to weak housing, tight credit and high energy costs.

    The latest data suggests the world's biggest economy may have averted a calamitous downturn, and could even escape recession, by the most common definition.

    'The US economy continues to labor under the averse effects of three powerful shocks: the housing slump, the credit crunch, and the spike in energy prices,' says Mr Josh Feinman, chief economist of Deutsche Bank's DB Advisors.

    'Remarkably, the economy has been able (barely) to keep its head above water despite all the negative shocks, a testament to its underlying resiliency, an aggressive policy response, and the relative strength of global growth.'

    Mr Feinman predicts the US economy, which saw sluggish growth at a 0.6% pace in the past two quarters, will see a pickup to a 1.0% pace in the Q2 and 2.0% in the Q3.

    He sees a softening to 1.5% expansion in the Q4 and then a return to 2.0% growth in the Q1 of 2009.

    Some of the recent economic reports have defied forecasts of a sharp decline in US growth. Retail sales fell 0.2% in April but, excluding vehicle sales, were up 0.5%, suggesting resilience in consumer spending, the backbone of US economic activity.

    'We think the economy is beginning to recover after a sharp two-quarter slowdown,' said Bear Stearns economist David Malpass.

    'We still don't expect a recession. We think consumer resilience, as shown in April's non-auto consumption and sales data, is likely, not the deeper slump assumed in recession forecasts.'

    Spending should get a further lift as the government sends out tax rebates of about US$107 billion (S$146 billion) in the coming weeks as part of a US$168-billion economic stimulus package.

    'The impact of fiscal stimulus is probably the most important issue in the US economic outlook during the summer months,' said Goldman Sachs economist Andrew Tilton.

    'A significant rebound in confidence and spending could fan hopes of a quicker recovery, while a failure of the economy to respond to the stimulus would be a significant disappointment to policymakers and the markets.'

    New home construction starts rose 8.2% in April to an annual rate of 1.032 million unit. Even though the gains were in the multifamily segment and single-family homes slumped, analysts said it was good news.

    'While we may not yet have absolutely hit bottom, it is beginning to look as if the end may be near,' said Mr Joel Naroff at Naroff Economic Advisors.

    The labour market has also held up better than expected, and increased exports helped by a weak dollar have underpinned growth.

    The broad US stock market has rebounded some 10% since mid-March, when the Federal Reserve helped support a rescue of investment giant Bear Stearns, which was widely seen as a turning point for the credit crisis and market confidence.

    Analysts credit the aggressive cuts in interest rates by the Fed along with efforts to boost liquidity to the troubled finance sector, as well as the government's stimulus package.

    Mr Nigel Gault, economist at Global Insight, said the US economy has shown resilience but that it 'is still too early to turn our thoughts away from recession and towards recovery.' Global Insight is predicting a contraction of 0.9% in the second quarter. Largely due to the impact of tax rebates, it sees 2.3% growth in the third quarter and overall yearly growth at a tepid 1.2%.

    'The worst of the financial turmoil may be behind us, but the impacts on the economy will linger,' Mr Gault said.

    Mr Paul Kasriel, director of economic research at Northern Trust, cautions against reading too much into recent data.

    'There seems to be sentiment developing that the US has weathered the worst of the current cyclical economic storm and blue skies are ahead. We disagree,' he said.

    'Any blue skies you see are likely to be short-lived. The economy is in the relative calm of the eye of the business-cycle hurricane. The mortgage credit problems are not over. And credit problems in other sectors are just beginning as the housing recession spreads to the rest of the economy.'

  26. #26
    Join Date
    Jun 2007
    Posts
    138

    Default Re: Leng Beng says S'pore real estate market sustainable

    Quote Originally Posted by Pink4
    The sub-sale market is as good as dead. No response at all to advertisements.
    I certainly did not experience that in fact I have been flooded with calls...

  27. #27
    Join Date
    Apr 2008
    Posts
    48

    Default Re: Leng Beng says S'pore real estate market sustainable

    Congratulations then. Hope you earn loads more.

  28. #28
    Unreg¡stered Guest

    Default Re: Leng Beng says S'pore real estate market sustainable

    Quote Originally Posted by Agent X
    The Sail #42-10 sold at $1,850psf yesterday.
    The seller flipped for a $88,000 profit within a day.

    Cheque collected for #4x-15 already.
    Thanks for all the support.
    Quote Originally Posted by Fedup!
    Wah lau erh! Stupid flipper!
    Like that also can made $88k within a day!

    Now is the best time to make money. I wish I have more guts. Fedup!
    Quote Originally Posted by Fúck You Flipper!
    Fúck you flipper!
    Wow! Flipping is back.
    This is a good sign.

  29. #29
    Unreg¡stered Guest

    Default Re: Leng Beng says S'pore real estate market sustainable

    Quote Originally Posted by mr funny
    http://www.straitstimes.com/Money/St...ry_238795.html

    May 19, 2008

    'CREDIT CRISIS ENDING SOON'

    US property to rebound this year: Deutsche chief


    ZURICH - THE end of the global credit crisis is getting closer and the United States real estate market should recover in the second half of the year, Deutsche Bank chief executive (CEO) Josef Ackermann said in a newspaper interview.

    'I think that we are getting closer to the end of the financial crisis,' he told the Swiss Sunday newspaper SonntagsBlick. 'It is not fully over yet, but the signs from the US are encouraging.'

    He said the pragmatic approach being taken in the US to resolve the crisis should start to pay off soon.

    'We should feel the effects in the second half of the year already and should see a strong recovery of the US real estate market,' he told the paper.

    His comments add to growing optimism among analysts who say the worst might be over for the US economy, even if it still struggles for some time because of weak housing, tight credit and high energy costs.

    The latest data suggests the world's largest economy might have averted a calamitous downturn and could even escape a recession, by the most common definition, Agence France-Presse reported.

    'Remarkably, the economy has been able (barely) to keep its head above water despite all the negative shocks - a testament to its underlying resiliency, an aggressive policy response and the relative strength of global growth,' said Mr Josh Feinman, the chief economist with Deutsche Bank's DB Advisors.

    He predicts the US economy, which saw sluggish growth at a 0.6 per cent pace in the past two quarters, will grow 1 per cent for the second quarter and 2 per cent for the July to September quarter.

    But Mr Paul Kasriel, the director of economic research at Northern Trust, cautions against reading too much into recent data.

    'Any blue skies you see are likely to be short-lived. The economy is in the relative calm of the eye of the business-cycle hurricane. The mortgage credit problems are not over. And credit problems in other sectors are just beginning as the housing recession spreads to the rest of the economy.'

    REUTERS, AGENCE FRANCE-PRESSE
    Wow!

    US GDP,
    0.6% growth in Q1,
    1.0% growth in Q2 and
    2.0% growth in Q3 ....

    OK what!

  30. #30
    Unreg¡stered Guest

    Default Re: Leng Beng says S'pore real estate market sustainable

    Quote Originally Posted by Unregistered
    Wow!

    US GDP,
    0.6% growth in Q1,
    1.0% growth in Q2 and
    2.0% growth in Q3 ....

    OK what!
    ok lah!
    Thing is not that bad, if not blown up last year, thing will be much better now. Kiasi spider really so sensitive, pull their nerve so tense all the time, live so stressful for what! Come to this world to suffer only.
    Quote Originally Posted by The Business Times

    Fears of US recession overblown: analyst
    Oh BoonPing
    The Business Times
    Monday, 19 May 2008

    The Federal Reserve is likely to cut interest rates by another 25 basis points, before pausing to monitor the key economic data in US, according to the National Australia Bank.

    However, its group chief economist Alan Oster felt that fears of a major US recession is overblown at present and forecast a US GDP growth of 1.2% this year and 1.7% next year.

    Since last September, the Fed has slashed its key interest rate by 3.25 percentage points to 2%.

    Mr Oster was speaking to BT on the sidelines of a lunch forum organised by the CPA Australia.

    On the issue of liquidity trap, Mr Oster said that: ‘Where the Fed is at right now, either they do one more or sit around for a while to see what the data says. We actually think they are very close to the bottom.’

    In his presentation, Mr Oster also said that a slowdown in US consumption is still to come in 2008, while recovery is expected in 2009.

    These forecasts are based on assumptions such as flat equity markets, 1.5% growth in real disposable income, and that oil prices peak at about US$120 before falling to US$90 by later this year.

    In Asia, growth is expected to slow only moderately as there are ‘enough dynamics’ in emerging economies of China and India.

    In China, he sees slower growth in exports of around 20%, while ‘retail also a touch lower - mainly in real terms given accelerating inflation’.

    Overall, Chinese economic growth is expected to slow moderately to 9.5% this year and about 8.9% in 2009.

    This year, India’s gross domestic product (GDP) could grow by 7.5%, but drop to 6.4% next year.

    He remains optimistic about the economic prospects in Singapore, as the city state largely ‘reflects what is happening in Asia’.

    This year’s GDP growth in Singapore is forecast at 5.2%, while next year’s could hit 5.8%.

    Globally, GDP growth is estimated at 3.4% and 3.2% next year.

    On the run-up in commodity prices, Mr Oster said that commodities are ‘close to the top ... And so our forecast is some of them are clearly going to go down, particularly the agricultural side. So the wheat and the rice prices are expected to come down.’

    ‘I am not sure if iron or coal is going to come down, but if China slows, they will.’

    The bank sees commodity prices falling 20% from current levels in two to three years’ time.

    Separately, Morgan Stanley said in a note yesterday that trade trends in Singapore are likely to continue to soften, while cyclical segments will likely face further pressures.

    This came after Singapore economy posted higher exports and non-oil domestic exports last month.

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