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

Singapore Property - Buy , Sell , Rent , Invest

Mindy Yong

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mindy@mindyyong.com

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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

Singapore Property - Buy , Sell , Rent , Invest

Mindy Yong

(+65)91002985

mindy@mindyyong.com

http://www.hotvictory.com