The Balmoral For Sale Apartment / Condo, District 10 , 28.12.2007

The Balmoral For Sale Apartment / Condo, District 10 , 28.12.2007

TY : [C]ondo [D]uplex [H]iRise [L]oRise [T]ownHse [P]enthse [W]alkUp [M]asionette

TNR=Tenure, DT=District, BDRM=Bedroom, AREA=Built-In, STR=Storey, Price $K=In Thousand

Price are subject to changes , please call (+65) 91002985 for lastest update
Type — C
District — 10
Street — THE BALMORAL SPRING, #03 ABOVE
Tenure — FH
Area — 1076
Age — 7
Room — 3
Psf — 1747
PRICE$ — 1880000
Type — C
District — 10
Street — THE BALMORAL SPRING, #05 ABOVE
Tenure — FH
Area — 1280
Age — 05+
Room — 3
Psf — 1600
PRICE$ — 2048000
Type — C
District — 10
Street — THE BALMORAL, BLK 14 #03 BELOW
Tenure — FH
Area — 7553
Age — 12+
Room — 4
Psf — 1390
PRICE$ — 10500000
Type — C
District — 10
Street — THE BALMORAL, BLK 16 #05 BELOW
Tenure — FH
Area — 2750
Age — 20
Room — 4
Psf — 1455
PRICE$ — 4000000
Type — C
District — 10
Street — THE BALMORAL, BLK 18 #03
Tenure — FH
Area — 2660
Age — 20+
Room — 4
Psf — 2556
PRICE$ — 6800000

Singapore Real Estate - Buy , Sell , Rent ,invest Singapore Property

Buy, sell and rent Singapore real estate: private property, residential apartments, commercial and industrial properties. HDB flats for sale and rental. Foreign investors, buyers, tenants or relocating expats can easily find their ideal landed house, bungalow, semi-d, terrace, condominium, townhouse, private apartment, HDB, HUDC, office, shop, factory, warehouse & land right here.

MINDY YONG

( +65 ) 91002985

mindy@mindyyong.com ( email me )

http://www.hotvictory.com

Tanglin Regency For Sale Apartment / Condo, District 10 , 28.12.2007

Tanglin Regency For Sale Apartment / Condo, District 10 , 28.12.2007

TY : [C]ondo [D]uplex [H]iRise [L]oRise [T]ownHse [P]enthse [W]alkUp [M]asionette

TNR=Tenure, DT=District, BDRM=Bedroom, AREA=Built-In, STR=Storey, Price $K=In Thousand

Price are subject to changes , please call (+65) 91002985 for lastest update
Type — C
District — 10
Street — TANGLIN REGENCY, TWR A #05 ABOVE
Tenure — 99
Area — 850
Age — 10
Room — 2
Psf — 1412
PRICE$ — 1200000
Type — C
District — 10
Street — TANGLIN REGENCY, TWR A #05 BELOW
Tenure — 99
Area — 850
Age — 10
Room — 2
Psf — 1118
PRICE$ — 950000
Type — C
District — 10
Street — TANGLIN REGENCY, TWR A #08 ABOVE
Tenure — 99
Area — 1291
Age — 08+
Room — 3
Psf — 1007
PRICE$ — 1300000
Type — C
District — 10
Street — TANGLIN REGENCY, TWR A #08 ABOVE
Tenure — 99
Area — 883
Age — 06+
Room — 2
Psf — 906
PRICE$ — 800000
Type — C
District — 10
Street — TANGLIN REGENCY, TWR A #08 ABOVE
Tenure — 99
Area — 1292
Age — 8
Room — 3
Psf — 1045
PRICE$ — 1350000
Type — C
District — 10
Street — TANGLIN REGENCY, TWR A #08 ABOVE
Tenure — 99
Area — 1292
Age — 03+
Room — 3
Psf — 1084
PRICE$ — 1400000
Type — C
District — 10
Street — TANGLIN REGENCY, TWR A #09
Tenure — 99
Area — 1259
Age — 09+
Room — 3
Psf — 1250
PRICE$ — 1573750
Type — C
District — 10
Street — TANGLIN REGENCY, TWR A #10 ABOVE
Tenure — 99
Area — 1292
Age — 08+
Room — 3
Psf — 0
PRICE$ — 0
Type — C
District — 10
Street — TANGLIN REGENCY, TWR A #13
Tenure — 99
Area — 980
Age — 07+
Room — 2
Psf — 1010
PRICE$ — 990000
Type — C
District — 10
Street — TANGLIN REGENCY, TWR B #01 ABOVE
Tenure — 99
Area — 1000
Age — 20+
Room — 2
Psf — 1000
PRICE$ — 1000000
Type — C
District — 10
Street — TANGLIN REGENCY, TWR B #02 ABOVE
Tenure — 99
Area — 850
Age — 12
Room — 2
Psf — 847
PRICE$ — 720000
Type — C
District — 10
Street — TANGLIN REGENCY, TWR B #04 BELOW
Tenure — 99
Area — 710
Age — 11
Room — 2
Psf — 1014
PRICE$ — 720000
Type — C
District — 10
Street — TANGLIN REGENCY, TWR B #04 BELOW
Tenure — 99
Area — 600
Age — 10
Room — 2
Psf — 1833
PRICE$ — 1100000
Type — C
District — 10
Street — TANGLIN REGENCY, TWR B #04 BELOW
Tenure — 99
Area — 850
Age — 09+
Room — 2
Psf — 906
PRICE$ — 770000
Type — C
District — 10
Street — TANGLIN REGENCY, TWR B #05 ABOVE
Tenure — 99
Area — 710
Age — 10
Room — 2
Psf — 1197
PRICE$ — 850000
Type — C
District — 10
Street — TANGLIN REGENCY, TWR B #05 ABOVE
Tenure — 99
Area — 850
Age — 08+
Room — 2
Psf — 800
PRICE$ — 680000
Type — C
District — 10
Street — TANGLIN REGENCY, TWR B #05 BELOW
Tenure — 99
Area — 1109
Age — 8
Room — 2
Psf — 676
PRICE$ — 750000
Type — C
District — 10
Street — TANGLIN REGENCY, TWR B #05 BELOW
Tenure — 99
Area — 710
Age — 9
Room — 2
Psf — 1100
PRICE$ — 781000
Type — C
District — 10
Street — TANGLIN REGENCY, TWR B #05 BELOW
Tenure — 99
Area — 800
Age — 05+
Room — 2
Psf — 985
PRICE$ — 788000
Type — C
District — 10
Street — TANGLIN REGENCY, TWR B #06 ABOVE
Tenure — 99
Area — 850
Age — 10+
Room — 2
Psf — 776
PRICE$ — 660000
Type — C
District — 10
Street — TANGLIN REGENCY, TWR B #06 ABOVE
Tenure — 99
Area — 850
Age — 10
Room — 2
Psf — 1247
PRICE$ — 1060000
Type — C
District — 10
Street — TANGLIN REGENCY, TWR B #06 BELOW
Tenure — 99
Area — 990
Age — 10
Room — 2
Psf — 1010
PRICE$ — 1000000
Type — C
District — 10
Street — TANGLIN REGENCY, TWR B #07 ABOVE
Tenure — 99
Area — 882
Age — 11
Room — 2
Psf — 1134
PRICE$ — 1000000
Type — C
District — 10
Street — TANGLIN REGENCY, TWR B #07 ABOVE
Tenure — 99
Area — 850
Age — 13
Room — 2
Psf — 1153
PRICE$ — 980000
Type — C
District — 10
Street — TANGLIN REGENCY, TWR B #08 ABOVE
Tenure — 99
Area — 1292
Age — 08+
Room — 3
Psf — 697
PRICE$ — 900000
Type — C
District — 10
Street — TANGLIN REGENCY, TWR B #14 ABOVE
Tenure — 99
Area — 1410
Age — 9
Room — 3
Psf — 1277
PRICE$ — 1800000

Singapore Real Estate - Buy , Sell , Rent ,invest Singapore Property

Buy, sell and rent Singapore real estate: private property, residential apartments, commercial and industrial properties. HDB flats for sale and rental. Foreign investors, buyers, tenants or relocating expats can easily find their ideal landed house, bungalow, semi-d, terrace, condominium, townhouse, private apartment, HDB, HUDC, office, shop, factory, warehouse & land right here.

MINDY YONG

( +65 ) 91002985

mindy@mindyyong.com ( email me )

http://www.hotvictory.com

Tanglin Hill For Sale Apartment / Condo, District 10 , 28.12.2007

Tanglin Hill For Sale Apartment / Condo, District 10 , 28.12.2007

TY : [C]ondo [D]uplex [H]iRise [L]oRise [T]ownHse [P]enthse [W]alkUp [M]asionette

TNR=Tenure, DT=District, BDRM=Bedroom, AREA=Built-In, STR=Storey, Price $K=In Thousand

Price are subject to changes , please call (+65) 91002985 for lastest update
Type — C
District — 10
Street — TANGLIN HILL CONDO
Tenure — FH
Area — 2917
Age — 20
Room — 4
Psf — 1714
PRICE$ — 5000000
Type — C
District — 10
Street — TANGLIN HILL CONDO
Tenure — FH
Area — 1636
Age — 25
Room — 3
Psf — 2200
PRICE$ — 3600000
Type — C
District — 10
Street — TANGLIN HILL CONDO
Tenure — FH
Area — 3315
Age — 20+
Room — 4
Psf — 1961
PRICE$ — 6500000
Type — C
District — 10
Street — TANGLIN HILL CONDO, #02
Tenure — FH
Area — 1636
Age — 20
Room — 3
Psf — 2445
PRICE$ — 4000000
Type — C
District — 10
Street — TANGLIN HILL CONDO, #04 BELOW
Tenure — FH
Area — 2045
Age — 20
Room — 3
Psf — 2103
PRICE$ — 4300000
Type — C
District — 10
Street — TANGLIN HILL MEADOWS, #02 ABOVE
Tenure — FH
Area — 1680
Age — 10
Room — 3
Psf — 0
PRICE$ — 0
Type — C
District — 10
Street — TANGLIN HILL MEADOWS, #02 ABOVE
Tenure — FH
Area — 1700
Age — 10
Room — 3
Psf — 1765
PRICE$ — 3000000
Type — C
District — 10
Street — TANGLIN HILL MEADOWS, #04 BELOW
Tenure — FH
Area — 1787
Age — 10
Room — 3
Psf — 1623
PRICE$ — 2900000
Type — C
District — 10
Street — TANGLIN HILL MEADOWS, #04 BELOW
Tenure — FH
Area — 1818
Age — 10
Room — 3
Psf — 1650
PRICE$ — 3000000
Type — L
District — 10
Street — TANGLIN HILL CONDO, #04 BELOW
Tenure — FH
Area — 2884
Age — 26+
Room — 4
Psf — 1976
PRICE$ — 5700000
Singapore Real Estate - Buy , Sell , Rent ,invest Singapore Property

Buy, sell and rent Singapore real estate: private property, residential apartments, commercial and industrial properties. HDB flats for sale and rental. Foreign investors, buyers, tenants or relocating expats can easily find their ideal landed house, bungalow, semi-d, terrace, condominium, townhouse, private apartment, HDB, HUDC, office, shop, factory, warehouse & land right here.

MINDY YONG

( +65 ) 91002985

mindy@mindyyong.com ( email me )

http://www.hotvictory.com

St Martin Residence For Sale Apartment / Condo, District 10 , 28.12.2007

St Martin Residence For Sale Apartment / Condo, District 10 , 28.12.2007

TY : [C]ondo [D]uplex [H]iRise [L]oRise [T]ownHse [P]enthse [W]alkUp [M]asionette

TNR=Tenure, DT=District, BDRM=Bedroom, AREA=Built-In, STR=Storey, Price $K=In Thousand

Price are subject to changes , please call (+65) 91002985 for lastest update
Type — C
District — 10
Street — ST MARTIN RESIDENCE, BLK 2 #01 ABV
Tenure — FH
Area — 592
Age — 05+
Room — 1
Psf — 2196
PRICE$ — 1300000
Type — C
District — 10
Street — ST MARTIN RESIDENCE, BLK 2 #01 ABV
Tenure — FH
Area — 1302
Age — 4
Room — 2
Psf — 2296
PRICE$ — 2990000
Type — C
District — 10
Street — ST MARTIN RESIDENCE, BLK 2 #01 ABV
Tenure — FH
Area — 603
Age — 7
Room — 1
Psf — 2703
PRICE$ — 1630000
Type — C
District — 10
Street — ST MARTIN RESIDENCE, BLK 2 #01 ABV
Tenure — FH
Area — 624
Age — 05+
Room — 1
Psf — 2244
PRICE$ — 1400000
Type — C
District — 10
Street — ST MARTIN RESIDENCE, BLK 2 #01 ABV
Tenure — FH
Area — 549
Age — 05+
Room — 1
Psf — 2550
PRICE$ — 1400000
Type — C
District — 10
Street — ST MARTIN RESIDENCE, BLK 2 #01
Tenure — FH
Area — 872
Age — 05+
Room — 1
Psf — 1800
PRICE$ — 1569600
Type — C
District — 10
Street — ST MARTIN RESIDENCE, BLK 2 #02 ABV
Tenure — FH
Area — 592
Age — 05+
Room — 1
Psf — 1689
PRICE$ — 1000000
Type — C
District — 10
Street — ST MARTIN RESIDENCE, BLK 2 #02 ABV
Tenure — FH
Area — 1087
Age — 02+
Room — 2
Psf — 2576
PRICE$ — 2800000
Type — C
District — 10
Street — ST MARTIN RESIDENCE, BLK 2 #02 ABV
Tenure — FH
Area — 2121
Age — 6
Room — 2
Psf — 1405
PRICE$ — 2980000
Type — C
District — 10
Street — ST MARTIN RESIDENCE, BLK 2 #02 ABV
Tenure — FH
Area — 2121
Age — 06+
Room — 2
Psf — 1414
PRICE$ — 3000000
Type — C
District — 10
Street — ST MARTIN RESIDENCE, BLK 2 #02 ABV
Tenure — FH
Area — 592
Age — 6
Room — 1
Psf — 1622
PRICE$ — 960000
Type — C
District — 10
Street — ST MARTIN RESIDENCE, BLK 2 #02 ABV
Tenure — FH
Area — 624
Age — 05+
Room — 1
Psf — 2324
PRICE$ — 1450000
Type — C
District — 10
Street — ST MARTIN RESIDENCE, BLK 2 #03 BEL
Tenure — FH
Area — 1442
Age — 06+
Room — 2
Psf — 2705
PRICE$ — 3900000
Type — C
District — 10
Street — ST MARTIN RESIDENCE, BLK 2 #03 BEL
Tenure — FH
Area — 786
Age — 05+
Room — 1
Psf — 2226
PRICE$ — 1750000
Type — C
District — 10
Street — ST MARTIN RESIDENCE, BLK 2 #04 BEL
Tenure — FH
Area — 1500
Age — 02+
Room — 3
Psf — 2533
PRICE$ — 3800000
Type — C
District — 10
Street — ST MARTIN RESIDENCE, BLK 2 #04 BEL
Tenure — FH
Area — 872
Age — 06+
Room — 1
Psf — 0
PRICE$ — 0
Type — C
District — 10
Street — ST MARTIN RESIDENCE, BLK 2 #04 BEL
Tenure — FH
Area — 548
Age — 03+
Room — 1
Psf — 2600
PRICE$ — 1424800
Type — C
District — 10
Street — ST MARTIN RESIDENCE, BLK 6 #01 ABV
Tenure — FH
Area — 2121
Age — 5
Room — 2
Psf — 1367
PRICE$ — 2900000
Type — C
District — 10
Street — ST MARTIN RESIDENCE, BLK 6 #03 BEL
Tenure — FH
Area — 2131
Age — 5
Room — 3
Psf — 2018
PRICE$ — 4300000
Type — C
District — 10
Street — ST MARTIN RESIDENCE, BLK 6 #04 BEL
Tenure — FH
Area — 1163
Age — 7
Room — 2
Psf — 1849
PRICE$ — 2150000
Type — C
District — 10
Street — ST MARTIN RESIDENCE, BLK 6 #07 ABV
Tenure — FH
Area — 2982
Age — 6
Room — 3
Psf — 2398
PRICE$ — 7150000
Type — C
District — 10
Street — ST MARTIN RESIDENCE, BLK 8 #02 ABV
Tenure — FH
Area — 2885
Age — 05+
Room — 3
Psf — 2184
PRICE$ — 6300000
Type — C
District — 10
Street — ST MARTIN RESIDENCE, BLK 8 #02 ABV
Tenure — FH
Area — 2885
Age — 05+
Room — 3
Psf — 2253
PRICE$ — 6500000
Type — C
District — 10
Street — ST MARTIN RESIDENCE, BLK 8 #02 ABV
Tenure — FH
Area — 2885
Age — 06+
Room — 3
Psf — 1664
PRICE$ — 4800000
Type — C
District — 10
Street — ST MARTIN RESIDENCE, BLK 8 #02
Tenure — FH
Area — 1528
Age — 03+
Room — 3
Psf — 2180
PRICE$ — 3331040
Type — C
District — 10
Street — ST MARTIN RESIDENCE, BLK 8 #03 ABV
Tenure — FH
Area — 630
Age — 06+
Room — 1
Psf — 2778
PRICE$ — 1750000
Singapore Real Estate - Buy , Sell , Rent ,invest Singapore Property

Buy, sell and rent Singapore real estate: private property, residential apartments, commercial and industrial properties. HDB flats for sale and rental. Foreign investors, buyers, tenants or relocating expats can easily find their ideal landed house, bungalow, semi-d, terrace, condominium, townhouse, private apartment, HDB, HUDC, office, shop, factory, warehouse & land right here.

MINDY YONG

( +65 ) 91002985

mindy@mindyyong.com ( email me )

http://www.hotvictory.com

For sale: Singapore Amber Park at $750m

For sale: Singapore Amber Park at $750m

By QUAH CHIN CHIN

A FREEHOLD residential redevelopment site on the east coast has been put up for sale for $750 million or $1,234 per square foot per plot ratio.

On the market: Amber Park comprises two 26-storey tower blocks that contain 192 apartments and eight penthouses. Sole marketing agent First Tree Properties says the site can be redeveloped into a high-rise condominium; this could yield about 375 apartments with an average size of 1,600 sq ft
Amber Park, in Amber Gardens, Katong, is on 213,673 sq ft of land and has an approved gross floor area of 607,601 sq ft.

It comprises two 26-storey tower blocks that contain 192 apartments and eight penthouses.

Sole marketing agent First Tree Properties says the site can be redeveloped into a high-rise condominium, subject to planning approval.

This could yield about 375 apartments with an average size of 1,600 sq ft.

According to First Tree, there will be no development charge based on the existing plot ratio of 2.843, which is slightly higher than the 2003 Master Plan plot ratio of 2.8.

The site is close to Joo Chiat, Marine Parade and East Coast Park. The nearest MRT station is Paya Lebar.

Other nearby amenities include Parkway Parade Shopping Centre, Katong Shopping Centre, eateries in the Katong vicinity, Tao Nan School, Tanjong Katong School, Chung Cheng High School and Dunman High School.

The tender for Amber Park closes on Feb 1, 2008, at 3pm.

Source : Business Times - 28 Dec 2007

Singapore Property - Buy , Sell , Rent , Invest

Mindy Yong

(+65)91002985

mindy@mindyyong.com

http://www.hotvictory.com

Singapore HDB households to receive $138m utility rebates in 2008

Singapore HDB households to receive $138m utility rebates in 2008
ELIGIBLE HDB households will receive the second instalment of utilities rebates in January to cushion the impact of the two percentage point hike in the Goods and Services Tax (GST).

More than 760,000 HDB households will benefit.

The first Utilities-Save (U-Save) rebates were given to eligible low and middle-income households in July as part of the $4 billion GST offset package announced in the Budget statement in February this year.

Next month, eligible households will each receive $50 to $110 of U-Save rebates, depending on flat type, with smaller flats getting bigger rebates.

Including a further instalment to be given in July next year that will range from $40 to $110, the rebates for 2008 will cost the government $138 million.

‘SP Services will notify all eligible households of their U-Save rebates in their January 2008 bill. U-Save rebates will be used to offset utility bills directly,’ the ministry of finance said yesterday.

More than 760,000 HDB households will benefit from $550 million of U-Save rebates that will be given over five years from April 2007 to March 2012.

Source : Business Times - 28 Dec 2007

Singapore Property - Buy , Sell , Rent , Invest

Mindy Yong

(+65)91002985

mindy@mindyyong.com

http://www.hotvictory.com

Singapore HDB launches two new BTO projects in Punggol and Yishun

Singapore HDB launches two new BTO projects in Punggol and Yishun

Sources say demand is expected to be strong for the flats
By UMA SHANKARI
THE Housing and Development Board (HDB) yesterday launched two new projects - Damai Grove at Punggol and Jade Spring @ Yishun - under its Build- To-Order (BTO) system.
Some 1,122 new flats, comprising 110 three-room and 1,012 four-room flats, will be offered. And sources say demand is expected to be strong.

In a recent sale exercise, 5,147 applications were made for just 316 new HDB flats at Hougang, Punggol and Sengkang. The numbers work out to 16 would-be buyers for every flat.

ERA Singapore’s assistant vice-president Eugene Lim reckons the Punggol project, because of its proximity to the LRT network, is expected to be the more sought-after of the two developments put on the market yesterday.

The Punggol flats may also represent more value for money, he says. For example, the 676 four-room flats in Damai Grove have an indicative price range of $195,000-$240,000.

But four-room resale flats in the area are going for $250,000-$300,000.

For the Yishun flats, the difference between the cost of the new flats and homes in the resale market is not as great, says Mr Lim.

The 336 four-room flats in Jade Spring @ Yishun have an indicative price range of $183,000- $246,000.

This is comparable to four-room resale flats in the area which are going for $190,000-$230,000.

However, demand for flats in Jade Spring is still likely to be strong because of the current shortage of HDB flats, according to Mr Lim.

Chris Koh, director of Dennis Wee Properties, says both locations are good and the prices are reasonable. Many resale flat owners are asking for high amounts of cash over valuation, which makes new flats more attractive, he says.

The presence of three-room flats also shows HDB is looking to cater to lower-income people, Mr Koh says.

Source : Business Times - 28 Dec 2007

Singapore Property - Buy , Sell , Rent , Invest

Mindy Yong

(+65)91002985

mindy@mindyyong.com

http://www.hotvictory.com

Singapore Local law firms rosy on outlook for 2008

Singapore Local law firms rosy on outlook for 2008

Industry source says biggest costs for law firms are salaries, rent and costs of IT
By WEE LI-EN

THE market outlook for next year may be uncertain but the large local law firms are confident that they will continue to do well, saying that their practices are comprehensive enough to weather market volatility.
Rajah & Tann (R&T) partner Quentin Loh said: ‘We’ve got a corporate and capital markets practice, a business finance and insolvency practice and litigation and international arbitration practice. When one part goes down, other parts go up.’

A partner at another large law firm said: ‘The infrastructure of the full service law firms is such that boom or bust we will still be fine.’

Law firms say the two main challenges they face next year are how to grow their practices in the face of soaring office rents, and how to attract and retain talent.

Helen Yeo, managing partner of Rodyk & Davidson (R&D), said: ‘Dealing with shortage of premises in a high rental costs market is stomach churning.’

Firms like R&T and WongPartnership (WP) have recently opened second offices in Singapore in the Raffles Place area.

Market watchers say that legal bills are likely to go up by about 20 per cent next year as the law firms grapple with high rent and issues of how to attract and retain talent - but the major law firms themselves declined to comment on billing rates.
Law firms say that they support the liberalisation of the legal sector but are concerned about the increased competition for legal talent that they already face.

The government said this month that up to five foreign law firms will be allowed to hire local lawyers to practise Singapore law.

Dilhan Pillay, managing partner of WP, said: ‘A very significant part of our management focus is on human capital issues. This is an issue that Alvin Yeo, our senior partner, and I devote a lot of our attention to.’

An industry source says that the biggest costs for law firms are salaries, rent and costs of information technology (IT).

‘If salaries rise by 10 to 20 per cent, rent by 20 per cent and IT costs by 3 to 4 per cent, then costs may rise by about 15 per cent. But law firms also need to grow and overlay a margin on top of that, so legal bills may rise by about 20 per cent,’ the source said.

But the local law firms are confident of competing with the foreign law firms for work.

R&T’s Mr Loh said: ‘We have already met the international law firms in arbitrations in countries like Paris, Hong Kong, London and China.’

And WP’s Mr Pillay said: ‘We have already established ourselves in the market here and our reputation outside Singapore is good too.’

Local law firms expect to continue to grow their regional practices and hire more foreign lawyers next year.

Mrs Yeo says that R&D, which set up alliances with law firms in China and Indonesia this year, expects to expand its regional teams this year.

And a partner at a large law firm says it is likely to double the number of foreign lawyers in the firm next year from countries like New Zealand, Australia, India and China.

Currently about 8 per cent of the firm’s lawyers are foreign - and that figure excludes Malaysians.

‘There is a shortage of lawyers here and law firms are increasingly hiring foreign lawyers from the top universities in the region. They can’t advise clients on their own, but today practice groups work in teams,’ he said.

‘Having more foreign lawyers also helps the firm to become more regional.’

Source : Business Times - 28 Dec 2007

Singapore Property - Buy , Sell , Rent , Invest

Mindy Yong

(+65)91002985

mindy@mindyyong.com

http://www.hotvictory.com

A rare opportunity for Temasek

A rare opportunity for Temasek

By SIOW LI SEN
ON THE same day that Temasek Holdings bought a stake of just under 10 per cent in Merrill Lynch, its 28 per cent-owned DBS Group Holdings said that it would not take up its rights in TMB, Thailand’s sixth largest bank. Analysts believe that DBS’s latest move sets the final stage for it to exit from a 10-year torturous involvement which has cost it at least $1 billion.
It would be unfair to compare Temasek’s investment in Merrill Lynch to DBS’s ill-fated venture in what was initially Thai Danu Bank. In 1998, in the aftermath of the Asian financial crisis, DBS decided to increase its small stake in Thai Danu to more than 50 per cent and gain entry into Thailand’s banking market. Instead, DBS found basically a bottomless pit of loan losses at Thai Danu which swallowed up expensive capital injections. TMB resulted from the merger of Thai Military Bank, DBS Thai Danu Bank and Industrial Finance Corp of Thailand.

Merrill Lynch, by contrast, is a US powerhouse in the broking, investment banking and wealth management businesses.

But some insiders in the West are saying that what’s happening among some of the biggest global financial institutions is akin to the Asian financial crisis. They say that these giant financial institutions - without major capital infusions - are essentially in deep trouble. No one knows how much more mortgage-related and other corporate loans will go belly up but some observers expect the recent round of capital injections to be the first of more to come.

The difference with the Asian financial crisis is that banks such as Citigroup, Merrill Lynch, UBS, Morgan Stanley and Bear Stearns are better capitalised and have attracted white knights in the form of sovereign wealth funds. In addition, they operate in markets with strong regulators and robust rule of law with demonstrated capability to effect rescues.

This month, as the liquidity squeeze continued, the US Federal Reserve provided banks with US$40 billion through two auctions while the European Central Bank pumped in US$500 billion.

Temasek is also regarded as an experienced investor. It has built up a wealth of knowledge through investing in financial institutions beginning in 1975 with DBS. It also went through the Asian financial crisis, picking up two Indonesian banks (Bank Danamon and Bank Internasional Indonesia) and turning them around.

Financial institution investments made up 38 per cent of Temasek’s US$164 billion portfolio as at March 31, 2007. The one-year return on its financial institutions go as high as almost 50 per cent.

Teng Ngiek Lian, who manages US$3 billion at Target Asset Management, said it is a rare opportunity to be able to take significant stakes at reasonable valuations in established top-class investment banks such as Merrill and UBS. Temasek paid US$48 a share for Merrill Lynch or more than 13 per cent below the stock’s close last Friday.

Earlier this month, the Government of Singapore Investment Corporation (GIC), in a surprise move, invested 11 billion Swiss francs (S$13.8 billion) in UBS notes, which pay an annual return of 9 per cent and could convert to a stake of up to 9 per cent in the Swiss bank. The proceeds of the notes will count as Tier 1 capital for UBS to meet its capital adequacy ratio. That’s an 18 per cent return for two years - some 10 per cent more than ordinary UBS investors would get in terms of dividends, Mr Teng noted.

Existing UBS shareholders who will get to vote on the deal in mid-February have complained about the terms that GIC got. But if the global economy crumbles next year, and with the US sub-prime mortgage problems likely to get worse, Temasek and GIC’s investments could look expensive. And if more capital injections are required, their stakes could get diluted.

Whether GIC and Temasek have jumped in too early, only time will tell. What caught people’s eye was that Warren Buffett - called the ‘Oracle of Omaha’ for his sharp eye in picking undervalued but well managed companies - has so far stayed out.

In a CNBC Boxing Day interview, he said he has rebuffed US financial firms that approached him recently about buying stakes in their companies. Mr Buffett, 77, is not unfamiliar with Wall Street; he injected US$700 million into Salomon Inc in 1987 to help the firm head off a takeover attempt by financier Ronald Perelman. But Mr Buffett is also known to dislike derivatives, calling them ‘financial weapons of mass destruction’ - that would harm not only their buyers and sellers but the whole economic system.

‘People know our phone number, and we haven’t seen anything we wanted to move on,’ he told CNBC. ‘That doesn’t mean we won’t in the next six months.’ Mr Buffett said, however, that because of the credit market turmoil, it’s ‘certainly possible the big banks are not going to hit their highs on earnings for a few years’.

His Berkshire Hathaway ended Q3 with US$47.08 billion in cash, allowing him to make some pretty big acquisitions - when he sees something he’d like ‘to move on’.

Source : Business Times - 28 Dec 2007

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Singapore Alexandra Road site draws six bids

Singapore Alexandra Road site draws six bids

Top bid of $288.4m made jointly by Wing Tai Holdings, United Engineers
By UMA SHANKARI

A RESIDENTIAL site at Alexandra Road saw a bullish six bids and a top bid of $288.4 million - or $639 per square foot per plot ratio (psf ppr) - at the tender’s close yesterday.
The top bid for the 92,100 sq ft site was jointly put in by Wing Tai Holdings and United Engineers (UE).

Other bidders include familiar names such as Singapore’s Hong Leong Group, GuocoLand and Frasers Centrepoint, as well as mainboard-listed Lafe Technology, which designs and manufactures computer magnetic heads.

‘This price is bullish and shows that developers have not lost their appetite for good quality plots of land,’ said Ku Swee Yong, director of marketing and business development at Savills Singapore.

The site is conveniently located along Alexandra Road and less than five minutes’ walk away from Redhill MRT station.

Nicholas Mak, director of research and consultancy at Knight Frank said: ‘The relatively high level of developers’ interest and the strong bids reflect that developers are still bullish on the Singapore property market in 2008.’

Leonard Tay, director of research at CB Richard Ellis (CBRE), pointed out that the top bid is 31 per cent above the reserve price of $489 psf ppr and 83 per cent above the price of $350 psf ppr paid for the adjacent The Metropolitan site in November 2005.

‘This price of $639 psf ppr will translate into an estimated breakeven price of about $1,000 psf for the future condominium project to be built on this site, and it is likely that units will sell between $1,100 and $1,200 psf,’ Mr Tay said.

Sub-sales of units at The Metropolitan are currently at around $900-1,100 psf, CBRE said.

The 99-year leasehold site has a maximum gross floor area of 451,400 sq ft. The site could yield about 360 to 400 condominium units, said Knight Frank’s Mr Mak.

Market watchers said that the upcoming development could see strong demand from occupiers of older private residential projects - especially home owners who had benefited from collective sales.

There might also be some potential for upgraders from the HDB estates in the vicinity, as HDB flats in the Bukit Merah and Queenstown area typically sell for among the highest prices in the HDB resale market, CBRE’s Mr Tay said.

According to HDB’s data for the third quarter of 2007, five-room flats in Bukit Merah have a median resale price of $530,000, while five-room and executive flats in Queenstown have median resale prices of $603,000 and $719,000 respectively.

Wing Tai and UE’s bid is 6 per cent higher than the second highest bid of $602 psf ppr put in by Lafe Technology.

The partners’ bid is also 28 per cent higher than the lowest bid of $501 psf ppr put in by GuocoLand.
Source : Business Times - 28 Dec 2007

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Buffett rebuffs advances from distressed financial firms

Buffett rebuffs advances from distressed financial firms

Says so far he’s seen no deal that would make him salivate
(NEW YORK) Billionaire Warren Buffett, the chairman of Berkshire Hathaway Inc, has said that he rebuffed US financial firms that approached him recently about buying stakes in their companies.

‘People know our phone number, and we haven’t seen anything we wanted to move on. That doesn’t mean we won’t in the next six months.’

- Mr Buffett

‘We’ve seen some deals as you can imagine in this period’, when banks and securities firms have been hit by sub-prime mortgage losses, Mr Buffett, based in Omaha, Nebraska, said on Wednesday in an interview on CNBC.

‘So far, we have not seen a deal that causes me to start salivating,’ he said. He did not say which firms approached him.

Merrill Lynch & Co, Citigroup Inc, Morgan Stanley and Bear Stearns Cos moved to shore up capital in the past three months as the value of mortgage- related assets plummeted. The New York-based firms struck agreements to obtain a total of US$18.5 billion from state-owned companies in Singapore, China and Abu Dhabi.

Mr Buffett on Oct 18 denied a New York Times report that he might buy as much as 20 per cent of Bear Stearns.

Mr Buffett, 77, has invested in Wall Street before. He injected US$700 million into Salomon Inc in 1987 to help the firm head off a takeover attempt by financier Ronald Perelman.

‘People know our phone number, and we haven’t seen anything we wanted to move on,’ he said on Wednesday. ‘That doesn’t mean we won’t in the next six months.’

Mr Buffett said that because of credit market turmoil, it is ‘certainly possible the big banks are not going to hit their highs on earnings for a few years’.

Merrill Lynch, the third-largest US securities firm, said on Dec 24 that it would receive a cash infusion of as much as US$6.2 billion from Singapore investment company Temasek Holdings Pte and mutual fund manager Davis Selected Advisors LP.

Merrill, which posted a US$2.2 billion third- quarter loss on US$8.4 billion of writedowns, may be forced to take another US$8.6 billion charge next month, according to David Trone, an analyst at Fox-Pitt Kelton Cochrane Caronia Waller. Merrill is a passive, minority investor in Bloomberg LP, the parent of Bloomberg News.

Citigroup said on Nov 27 that Abu Dhabi’s sovereign wealth fund would invest US$7.5 billion, after the biggest US bank estimated at least US$9 billion of fourth-quarter writedowns. State-controlled China Investment Corp is injecting US$5 billion into Morgan Stanley after the second-biggest US securities firm wrote down US$9.4 billion of mortgage-related debt.

Bear Stearns, the fifth-largest, struck an agreement in October with China’s government- controlled Citic Securities Co for a US$1 billion cross-investment. The company announced a US$1.9 billion writedown on Dec 20. — Bloomberg

Source : Business Times - 28 Dec 2007

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Singapore Property sales under the hammer hit high notes

Singapore Property sales under the hammer hit high notes

Auctions dominated by owners seeking good deals - not bank foreclosure
By KALPANA RASHIWALA
(SINGAPORE) The value of properties sold at auctions in 2007 was the highest in eight years - and the second best showing ever. But property consultants reckon that this is about as good as things will get for now. Next year could see a slowdown led by the high-end residential sector, a star performer this year.

Colliers said that the value of properties sold at auctions conducted by private auction houses in 2007 reached $407.4 million, up 28.2 per cent from last year and just a tad shy of the $409.5 million achieved in 1999, when the market was recovering after the Asian Financial Crisis. Similarly, Knight Frank’s research showed the value of properties transacted at auctions rose 32 per cent to $422 million this year.

‘The big difference between 1999 and 2007 was that the record auction sales in 1999 was dominated by mortgagee sales as valuations had fallen a fair bit from the high in 1996 and this drew buyers. Whereas this year, auction sales were predominantly by property owners themselves who took advantage of the auction method to extract the best price, after two years of steep price appreciation,’ observes Colliers’ deputy managing director and auctioneer Grace Ng.

She expects the value of properties sold at auctions to fall by about 25 per cent to $300 million in 2008 as fewer high-end homes as well as fewer older apartments with en bloc potential may be put under the hammer. Ms Ng also expects the number of properties transacted at auctions to fall to about 160-170 next year from 204 this year.

Knight Frank’s executive director (auctions) Mary Sai too predicts a ‘cautious buying mood’ at auctions next year, citing stock market uncertainty and ‘exceptionally high price expectations from some owners’.
‘Amidst the property boom this year, more owners turned to auction to attempt to achieve the best price for their properties.’

- Grace Ng,
Colliers

But assuming that the economy remains in fine fettle, Ms Sai expects strong demand for properties in mass-market developments, especially those near MRT stations or good schools. Auctions will also be a popular hunting ground for those who’ve sold their homes in collective sale and are looking for replacement properties within a short span of time, Ms Sai reckons.

The increase in value of properties transacted at auctions this year was achieved despite a drop in the total number of properties put up for auction, from 2,018 last year to 1,456 this year, going by Colliers’ figures.

The drop was due to a 54.4 per cent decline in the number of properties put under the hammer by mortgagees/banks in cases where borrowers defaulted on their property loan repayments.

The value of mortgagee properties sold at auctions this year fell 24.2 per cent to $143 million, while the value of properties sold by property owners themselves through auction nearly doubled to $265 million in 2007. Colliers attributed the nosedive in mortgagee sales to a vibrant economy and high employment situation which resulted in a lower (mortgage) default rate.

And even in instances where borrowers were facing difficulty servicing their property loans, the robust property market enabled them to sell their properties in the open market - instead of waiting for bank foreclosure.

On the other hand, 810 properties were put up for auction this year by their owners - up 35 per cent from last year and the highest in 10 years, according to Colliers.

This reflects the continuing trend of auction losing its stigma among property sellers, market watchers say. ‘Amidst the property boom this year, more owners turned to auction to attempt to achieve the best price for their properties,’ Ms Ng said.

There was a strong deceleration of auction sales in second-half 2007 - as the mood in auction halls became more subdued amidst US sub-prime mortgage woes, stock market turmoil, as well as stricter collective sales rules, hikes in development charges and withdrawal of the deferred payment scheme. After seeing 131 properties changing hands for $263 million in H1 2007, the market slowed to just 73 deals worth $144 million in H2, based on Colliers’ analysis.

The strong full-year auction sales in 2007 was buoyed by the vibrant residential market in the first half of this year, when sales were dominated by high- end residential condominiums and old apartments with potential for collective sale. The year also saw keen interest in shops/shophouse properties amidst the office supply crunch, as well as development sites put up for auction.

The value of non-landed residential properties sold at auction more than doubled to $109.5 million this year, from $41.5 million in 2006 - helped by the sale of 12 apartments at Tuan Sing’s Botanika development at Napier Road, which fetched a total $52.92 million. The value of shops/shophouses sold at auctions jumped 172 per cent, to slightly over $78 million this year, from only $28.9 million in 2006.

Source : Business Times - 28 Dec 2007

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CDL, Metro and Isetan yet to use up tax credits - Singapore

CDL, Metro and Isetan yet to use up tax credits - Singapore

Shareholders could miss out on these refunds as Dec 31 deadline draws near

By Gabriel Chen
CUT-OFF DATE SOON: Retail groups Metro and Isetan look likely to let their remaining Section 44 tax credits expire by the year-end. — ST PHOTOS: LAU FOOK KONG
IT LOOKS as though time has run out for City Developments (CDL) shareholders hoping that the cash-rich property developer would dish out some goodies ahead of a Dec 31 deadline.
These goodies are Section 44 tax credits - a hangover from the previous tax system - which give some shareholders a tax refund via dividends paid by companies using the accumulated credits.

CDL distributed some of its tax credits via a 50 cents per share special cash dividend three years ago, but industry watchers believe it is still sitting on a few hundred million dollars in unused Section 44 tax credits.

These credits allow investors whose tax rate is lower than the corporate tax rate to get a refund on the tax if their personal tax rate is below the corporate rate.

The refund is the difference between the individual’s tax rate and the corporate income tax rate, which is currently 18 per cent.

Companies had been given five years’ notice back on Jan 1, 2003 to use up their Section 44 tax credits as part of a transition to a new tax system.

It is not mandatory for listed companies to disclose their Section 44 credits but the Securities Investors Association of Singapore (Sias) has encouraged firms to include them in annual reports.

‘Companies must not miss the deadline unless they have very good reasons for doing so,’ Sias president David Gerald told The Straits Times.

CDL declined to comment on queries on the tax credit issue.

Two other companies, Metro Holdings and Isetan Singapore, also appear likely to let their remaining Section 44 tax credits expire by the year-end.

‘Those who have not used their credits, it is too late to do anything anyway. Different companies have different reasons for not utilising their tax credits,’ said Mr Owi Kek Hean, the head of tax services at KPMG Singapore.

Metro said in a statement to the Singapore Exchange that it is letting the rest of its Section 44 tax credits - about $8.2 million worth - expire because of ‘business, financial and accounting constraints’.

Isetan Singapore said earlier that it had not fully paid out its tax credits, as its largest shareholder, Isetan Tokyo, probably did not wish to bear the Japanese tax burden arising from any big dividend payout related to the disposal of the tax credits.

In January, more than 200 disgruntled Isetan shareholders turned up at a meeting to vent their frustrations over the issue at the retail group’s directors.

While Isetan announced in February that it was paying out a gross dividend of $1.50 per share to its shareholders, there is still much more in the coffers, given the estimated $60 million worth of tax credits it had around the end of last year, say shareholders.

Analysts said it would not be fair to fault all companies, as some of the smaller ones may have held off because they are reluctant to drain their cash reserves through a dividend payout.

‘If companies are willing to take on debt for the cash, that would be detrimental to shareholders too, right?’ asked DMG & Partners’ head of research, Mr Terence Wong.

Still, the bonus for shareholders in terms of tax credit payouts is nearly over, marking the end of an era of sorts.

‘It will sway me towards more equities that have cash-growth potential rather than those that are dividend-paying,’ said retail investor Peter Ang.

The 32-year-old consultant, who received nearly $100 in tax credits last year, holds stocks such as Singapore Press Holdings, OCBC Bank and Fraser & Neave.

Source : Straits Times - 28 Dec 2007

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Singapore Home auction sales at eight-year high

Singapore Home auction sales at eight-year high

A WHOPPING $407 million worth of properties was auctioned off this year - the highest figure in eight years.
This was just shy of the $409 million worth of sales in 1999, figures from Colliers International show.

This year’s strong showing came despite an unexpected fall in the number of properties put up for auction. The total was 1,294 properties, down from 1,814 properties in 2006, said Knight Frank.

‘If not for the sub-prime crisis, which hit the market from August, more properties would have been put up for auction and more sales would have been done,’ said Knight Frank’s executive director (auctions), Ms Mary Sai.

The number of properties put up for auction by owners reached a 10-year high of 810. The value of the properties sold shot up to $264.7 million from $129.5 million last year.

Colliers International’s deputy managing director and auctioneer, Ms Grace Ng, said this year’s strong sales were due to the ‘extremely vibrant’ residential market in the first half of the year.

Sales were largely dominated by high-end residential condominiums and old apartments with potential for going en bloc, she added.

This year, the number of mortgagee’s sales fell by 56 per cent. It was a different story in 1999, when the auction market was dominated by mortgagee sales.

Source : Straits Times - 28 Dec 2007

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Singapore Residential site in Alexandra Road attracts strong bids

Singapore Residential site in Alexandra Road attracts strong bids

Wing Tai teams up with Greatearth Construction for $288m top offer

By Tan Hui Yee, Housing Correspondent

A RESIDENTIAL plot in Alexandra Road has attracted a bullish top bid of $288.4 million despite recent talk of a cooling market.
Developer Wing Tai Land teamed up with building company Greatearth Construction to submit the top bid for the plum site near Redhill MRT Station and just outside the Central Business District.

The bid works out to $639 per sq ft (psf) per plot ratio (ppr), which broadly refers to the amount of floor space.

The site - which is likely to feature a mid-market condominium - has a gross floor area of 451,428 sq ft, which consultants estimate will yield about 400 homes in blocks of up to 40 storeys high.

At the close of the tender yesterday, the 0.86ha, 99-year leasehold site had attracted five other bids from big players including Frasers Centrepoint, GuocoLand and Billion Rise - believed to be linked to Hong Kong giant Cheung Kong Holdings.

A joint bid was made by Sunny Vista Developments and TID. The second-highest bid of $271.6 million, or $602 psf ppr, came from a relative unknown - Lafe Development, a unit of listed manufacturer Lafe Technology. The tender will be awarded later.
In November 2005, an adjacent residential plot - where The Metropolitan is being built - fetched $350 psf ppr.

Property consultants said the strong response to this latest tender bodes well for the market. Knight Frank’s head of consultancy and research, Mr Nicholas Mak, said: ‘It gives a certain indication of how developers feel about the market in the coming 12 months or so. They expect current prices to continue to grow, especially in the mid-tier segment.’

Sluggish results for recent land sales had fuelled talk that developers were turning cautious because of the United States sub-prime crisis.

Two residential plots in Enggor Street in Tanjong Pagar recently drew no more than three bids and lower-than-expected prices, while another in Marina View attracted just two interested parties. In Tampines, a transitional office site drew only one offer.

Savills Singapore’s director of marketing and business development, Mr Ku Swee Yong, said: ‘It’s a good closing to the year. It means the year didn’t end on a whimper.’

Both Mr Ku and Mr Mak felt the Wing Tai-Greatearth team had been able to pip the rest of the field because they could rein in building costs with the latter aboard.

Surging construction costs had recently forced the Government to delay at least $2 billion worth of public sector projects to ease the pressure on building resources.

CB Richard Ellis’ director of research, Mr Leonard Tay, expects the Alexandra project to benefit from ‘potentially strong demand’ from residents living in older private homes on the city fringes, especially those who have just sold their homes collectively.

‘There might also be some potential for upgraders from the HDB estates in the vicinity, as HDB flats in the Bukit Merah and Queenstown areas typically sell for among the highest prices in the HDB resale market,’ he added.

In the July to September period, five-room flats in Queenstown were going for a median price of $603,000.

Mr Tay and Mr Ku both estimated a breakeven price of about $1,000 psf for the future condo on the Alexandra plot, which would mean the future units could sell for $1,100 psf to $1,200 psf.

Mr Mak put his estimate of the breakeven cost at $1,020 to $1,100, which could mean a three-bedroom unit would go for $1.5 million.
Source : Straits Times - 28 Dec 2007

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