Property Boom in Singapore

1 . PROPERTY BOOM in Singapore

THE property sector waited 10 long years for a proper recovery. This year, new all-time highs were set in so many categories, so often, that people lost count.
The year saw the sale of the most expensive apartment in Orchard Residences (both in absolute cost and per square foot terms), the priciest collective sale (Westwood Apartments in Orchard Boulevard) and the most expensive HDB flat and coffee shop (in Marine Parade and Jurong respectively).
The early boom in luxury properties filtered down to suburban condos and HDB flats. Latest figures show that nearly every single HDB flat sold these days goes at a price above market valuation.
The exuberance of the first six months has given way to a more cautious outlook since the Government stepped in to calibrate the market’s rise.
The removal of the deferred payment scheme, introduction of guidelines on transparency of transacted prices and the release of more land have all served to take the froth off what the Global Property Monitor has termed the world’s hottest property market in 2007.
Market watchers are already tipping 2008 to be a great year for mid-to-low priced homes, but the euphoria that marked most of 2007 will be hard to replicate for many years to come.

2 U.S. SUB-PRIME CRISIS

AT THE start of this year, no one really understood, or cared to understand, the obscure ’sub-prime’ mortgage market.
Now, the chiefs of some of the world’s largest banks - Citigroup, Merrill Lynch and UBS - have lost their jobs because of it.
And banks have been forced to write down a staggering US$50 billion (S$72.6 billion) in losses, with experts estimating another US$200 billion to come.
Economists have been fretting for some time now over when and how the next global financial crisis will occur, and signs of the current implosion emerged in the summer of this year.
Sub-prime lenders had been loaning billions of dollars at low rates to home buyers with dodgy credit histories in the United States and elsewhere.
Banks then repackaged these mortgages with sounder loans into complex securities called collateralised debt obligations (CDOs), selling them to other investors in the financial markets.
As property prices stopped rising and promotional low rates expired, these loans turned sour and CDOs backed by them became worthless.
No one knows how deep the troubles go, and experts warn that the world is only seeing the start of a full-fledged financial crisis.

3 SOVEREIGN WEATH FUNDS

GLOBAL consultancy McKinsey recently hailed them as one of the world’s new ‘power brokers’.
And indeed, the world’s sovereign wealth funds (SWFs) - investment companies and funds owned by governments - have in recent weeks been flexing their financial muscle on Wall Street.
Abu Dhabi Investment Company bought 4.9 per cent of Citigroup for US$7.5 billion and the China Investment Corporation has spent US$8 billion on sizeable stakes in Morgan Stanley and Blackstone Group.
The Government of Singapore Investment Corporation bought up to 9 per cent of UBS for S$14 billion and Temasek Holdings has invested up to US$5 billion in Merrill Lynch.
With Asian governments steadily running surpluses and chalking up reserves, and oil money pouring into Middle Eastern states, some estimate the total size of SWFs will reach US$12-15 trillion by the next decade.
This sort of power is making policymakers in the developed world nervous, and there have been calls for the World Bank and the International Monetary Fund to develop a set of guidelines for the world’s SWFs.
The outcome will be closely watched, not least by Singapore, which is home to two of the world’s ‘Super Seven’ SWFs and has been a prime beneficiary of free and open investment rules thus far.

4 FOREX LOSSES

IN A year that ought to have seen rig builder SembCorp Marine celebrate record high oil prices, the company hit the headlines for all the wrong reasons.
It shocked the corporate sector in October when it revealed that finance director Wee Sing Guan - a 33-year veteran of the company and described as ‘quiet and unassuming’ - was responsible for losses of $439 million following a series of disastrous foreign exchange trades.
The scandal underlined the dangers of companies dabbling in currency trading in a year that saw the US dollar tumble to record lows against major currencies like the euro.
SembCorp Marine was not alone. A week after its announcement, shipbuilder Labroy Marine said it had racked up $209 million in forex losses and was bought by Dubai Drydocks World for US$1.63 billion.

Source : Straits Times - 29 Dec 2007

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Mindy Yong

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More legislation needed to protect S’pore condo owners who do not wish to join en-bloc sale

More legislation needed to protect S’pore condo owners who do not wish to join en-bloc sale

I HOPE there can be some preventive measures to protect owners of condominiums which have failed in an en-bloc sale, or those who have spent substantial funds on upgrading.
In my condo in Clementi Park, there is renewed dissent by residents against the forming of yet another committee to try again for another en-bloc sale. Owners recently banded together to form an anti-en-bloc group called Save Clementi Park and have launched a website www.saveclementipark.com to save the condo. The web site features many pictures of the condo.
The en-bloc sale attempt last year failed to receive even 50 per cent of the vote. Immediately after this failed attempt, one committee was disbanded, but another one was formed in November this year. This has unsettled many of the residents and such social upheaval is becoming all too common in Singapore.
As a resident of the condo, I am not in favour of an en-bloc sale. En-bloc processes, to say the very least, are disruptive. Moreover, our condo is in the process of upgrading at a cost of $2 million. An en-bloc attempt after a majority of us have voted to upgrade would be a sheer waste of owners’ funds. Our upgrading will only complete around mid-2008.
There is no mechanism in place to deal with this. This is harmful to our societal psyche as stated by Mr Waleed Hanafi in his many website articles on en-bloc madness. Perhaps a time ban of, say, 15 years could be put in place for condos which have spent more than $500,000 for upgrading. Some balancing mechanism to reflect and honour decisions made by subsidiary proprietors should also be in place.
The en-bloc law needs to be reviewed.
Source : Straits Times - 29 Dec 2007

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Mindy Yong

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Singapore URA to launch industrial site at Playfair Rd

Singapore URA to launch industrial site at Playfair Rd

By UMA SHANKARI
THE Urban Redevelopment Authority (URA) yesterday said it will put up an industrial site at Playfair Road for public tender in about two weeks’ time after it received an application from a developer committed to bid at least $12 million for the site.
The price works out to about $52 per sq ft per plot ratio (psf ppr). But the site could fetch $80-90 psf ppr in the public tender, market watchers said. This works out to $18.6-20.9 million.

The 60-year leasehold site in the Paya Lebar area has a land area of 92,900 sq ft and a 2.5 plot ratio, giving it a maximum gross floor area of 232,200 sq ft. The site is zoned for ‘Business 1′ use and can be developed for a range of clean and light industrial uses and warehouses.

The site was made available for sale through the government’s reserve list system. Under this system, a site is only offered for public tender if the government receives an application from a developer who commits to bid for the site at a price deemed acceptable.

URA yesterday said it will launch the public tender for the site in about two weeks. The launch date will be announced later, it said. A tender period of about four weeks will be allowed for the site.

Demand for industrial space is expected to be strong going forward, analysts say. Rents and occupancy rates for industrial space are expected to continue growing in 2008.
Source : Business Times - 29 Dec 2007

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Mindy Yong

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Pay rise for Singapore teachers in new scheme

Pay rise for Singapore teachers in new scheme

Increments pegged to performance, potential, market wage movements
By CHEN HUIFEN

THE Ministry of Education (MOE) yesterday announced an improvement to the pay and career package for teachers, with the goal of making the profession more attractive.

Pay attention: Educators attending a Teacher’s Day Rally; eligible teachers can expect a 4% rise in salary
The new Grow 2.0 package builds on the Grow package announced in September last year. Topping the list of changes are a new remuneration scheme from next April, an increment to the Outstanding Contribution Award and greater support for post-graduate studies.

Announced by Education Minister Tharman Shanmugaratnam at an annual principals’ appointment ceremony yesterday, the new salary scheme will peg teachers’ increments to their performance and potential, and to market wage movements. It replaces the current scheme, which has fixed annual increments. With this revision, eligible teachers can expect a one-off pay rise of up to 4 per cent.

Even before the scheme is rolled out, teachers who have been graded outstanding, very good, or good performers can expect a performance bonus top-up of 1.25 months’, one month’s or half-a-month’s pay respectively. The top-ups will be made in March next year.

Following the implementation of the new scheme, good performers can receive up to a month more in performance bonus. Very good and outstanding performers can respectively receive 1.5 months and 2.25 months more.

The changes will result in an increase of up to 12 per cent in the annual salary package of good performing teachers, according to the MOE, while pay for better performers will increase by up to 18 per cent.

‘For a classroom teacher with three years of teaching experience on the General Education Officer (GEO) 1A1 grade, the annual pay package will increase from $52,000 to $58,000 for a good performer and from $55,000 to $65,000 for an outstanding performer,’ the MOE said in a statement.

‘For an experienced principal on the Senior Education Officer (SEO) Superscale ‘H’, the annual pay package will increase from $168,000 to $193,000 for a good performer and from $185,000 to $218,000 for an outstanding performer.’

MOE said that it will also raise the Outstanding Contribution Award amount by $3,000 per school. The programme, which allows schools to recognise significant contributions made by individual staff members and teams, is given a budget of $3,000 to $10,000 a year. The higher amount will enable schools to reward more individuals who have made value-added contributions, the Ministry said.

Apart from monetary gains, teachers can also look forward to enhanced financial support and leave schemes when they upgrade themselves. Various packages, offering different combinations of interest-free loans, study grants, full-pay leave and no-pay leave will be offered next year.

The MOE will also be expanding its part-time teaching programmes, and offering more career development opportunities for teachers at various levels. The policies on unpaid leave for childcare will be extended to male teachers.

The changes have met with positive response from the Singapore Teachers’ Union (STU).

‘The STU is glad that MOE adopts a holistic approach in making the teaching profession better and more attractive with a comprehensive package for teachers,’ it said in a statement. ‘Besides enhancing the remuneration package and providing better career development prospects, it also focuses on an issue that is close to teachers’ hearts - greater work flexibility for better work-life harmony.’

The STU added that, at a time of robust economic growth and stiff talent competition, the overall remuneration package for teachers must stay competitive and keep pace with the private sector.
Source : Business Times - 29 Dec 2007

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Mindy Yong

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Property group Roxy-Pacific eyes mainboard listing - Singapore

Property group Roxy-Pacific eyes mainboard listing - Singapore

Net proceeds from IPO expected to exceed $30m
By QUAH CHIN CHIN

HOME-GROWN property group Roxy-Pacific Holdings plans to raise capital through a listing on the Singapore Exchange mainboard.
The group lodged its preliminary prospectus with the Monetary Authority of Singapore yesterday, with plans for an initial public offering of 160 million shares, including 32 million vendor shares.

Roxy-Pacific was established in 1967. Besides being a residential property developer, it owns the Grand Mercure Roxy Hotel in Marine Parade and a number of shop units in Roxy Square Shopping Centre.

The issue price is not known yet but based on the prospectus, the net proceeds are expected to exceed $30 million, with about $15 million earmarked for expansion of its property development business.

It plans to develop smaller to medium-sized land plots for ‘home buyers who are HDB-flat upgraders, and the middle to upper-middle income families’.

Another $10 million will go towards enhancing the Grand Mercure hotel, while $5 million will be used to repay bank loans.

Roxy-Pacific believes the outlook for the Singapore property market is positive. It said that, based on Urban Redevelopment Authority flash estimates, prices of private residential properties rose by 8.3 per cent in 3Q07 over the preceding quarter.

The hotel industry is also expected to continue booming, with the Singapore Tourism Board looking for $13.6 billion in tourism receipts this year and $30 billion by 2015.

The company recorded a net profit of $4.84 million for FY2006, up from $1.94 million for FY2005.

Its net asset value, as at Dec 31, 2006, was $252.7 million.

Hong Leong Finance is the issue manager for the IPO.
Source : Business Times - 29 Dec 2007

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Mindy Yong

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Let’s hear it for a year of Singapore property records

Let’s hear it for a year of Singapore property records

It has been a spectacular year for the property market. The boom, after a long lull and slow recovery, was fast and furious as one mind-boggling record after another was set. JOYCE TEO recounts the record-busters

CapitaLand pays $1.339b for Farrer Court

CAPITALAND made history in June when it announced it was paying $1.339 billion for the former HUDC estate Farrer Court in a collective sale. This remains the biggest lump sum ever shelled out for a residential site in Singapore.

The sale is also the largest collective one ever in terms of land area and the number of units. Farrer Court has 618 units. Owners of each unit will get about $2.15 million depending on the size of their flats. The development sits on 838,500 sq ft of land near the junction of Farrer and Holland roads.

The sale propelled relatively small- sized Credo Real Estate into the big league of property firms.

The sale may have been the biggest lump sum paid, but Westwood Apartments - which was sold by Savills Singapore late last month - took the record in terms of the price per sq ft (psf) of potential gross floor area, at $2,525.

In all, about $12.5 billion worth of collective sales was done, 50 per cent more than last year’s $8.2 billion and far exceeding the $1.99 billion total in 2005.

This has made millionaires out of many. Some lucky owners got more than a few million dollars. Owners of the 24 units at The Ardmore, for instance, received about $11 million each. Owners of the two penthouses at Westwood will each get a whopping $17 million.

Horizon Towers hearing that went on and on

THE acrimonious $500 million Horizon Towers collective sale went through possibly the longest Strata Titles Board (STB) hearing ever before it was approved.

What was meant to be just another collective sale descended into a drawn-out, and at times dramatic, fight between the supporters and opponents of the sale, and the developers wanting to buy the plot.

The sale was thrown out by the STB over a technicality, making it one of the few applications ever rejected. It was then taken to the High Court, which granted the owners’ appeal, paving the way for the STB to approve the sale.

The Horizon Towers case involved an array of top lawyers. Majority owners knew they faced an unprecedented lawsuit for breach of contract by the developer if the sale had ultimately failed.

A group of objecting minority owners spent millions fighting the sale. But the estate was eventually sold to Hotel Properties and its partners Morgan Stanley Real Estate and Qatar Investment Authority, a year after they had inked the deal.

Marine Parade unit sold for $750,888

THIS title, for mainstream flats, was claimed by a five-room unit on the 23rd floor in Marine Parade that offers an unblocked view of the sea. The 32-year-old flat in a prized ‘point block’ right across from the East Coast Park was sold for $750,888 last month.

That is significantly more than the median price of a five-room flat in Marine Parade - $560,000 in the third quarter, up from $485,000 in the second quarter.

Still, higher absolute prices have been paid for executive flats, which are bigger and not as common as five-room flats. One of these, a 156 sq m high floor unit in Mei Ling Street, sold for $780,000 but cost less than the Marine Parade flat on a psf basis.

Property agents say such high-priced flats need to have the ‘X-factor’ in terms of surrounding amenities, views and so on.

Also, buyers willing to pay such big amounts are not your typical HDB flat dwellers or buyers. They are cash-rich and include home hunters flush with the proceeds of a collective sale, as well as those who have just collected their pension payout.

Orchard Residences home went for over $5,600 psf

THIS slice of downtown luxury is a penthouse unit at The Orchard Residences, the 175-unit leasehold condominium that is being built above the Orchard MRT Station.

The 53rd floor, 5,048 sq ft unit went for $5,600 per sq ft in October, or slightly more than $28 million.

This year, condo prices crossed the $4,000 psf mark and surged past the $5,000 psf mark for the very first time.

In comparison, last year’s price record - set in December by a unit in Marina Bay Residences - was only $3,450 psf.

It is not just units at The Orchard Residences that have scaled such stratospheric highs.

Other developments that have registered sales of above $4,000 psf include Hilltops, Ritz-Carlton Residences and Scotts Square.

Sentosa Cove, Nassim Road plots scale new highs

GOOD-CLASS bungalows have always been considered the creme de la creme of landed homes. That is, until the waterfront homes in Sentosa Cove came along.

Last month, two seafront bungalow plots in 99-year leasehold Sentosa Cove sold for a high of $1,696 psf.

Good-class bungalows, which need to be at least 15,070 sq ft in size and be located in gazetted areas have sold for up to about $1,300 psf.

However, even the heady heights of Sentosa Cove were topped in October when a bungalow that is smaller than a good-class bungalow in the posh precinct of Nassim Road was sold for a high of $1,899 psf, or $25.5 million in total.

Raffles Place rentals soar to $19.80 psf a month

ASKING rents at Republic Plaza in Raffles Place have reportedly hit a whopping $19.80 psf a month amid tight supply, up from just above $13 psf a year ago.

Cushman & Wakefield data showed that prime achievable office rents are now slightly above $16 psf a month on average, compared with around $8.50 psf per month a year ago.

Supply of office space was so tight that the Government came up with transitional sites to cater to demand. Sales of office units also rose.

Foreigners, PRs account for a quarter of total sales

FOREIGNERS and permanent residents went on a buying spree, sometimes scooping up nearly a whole residential project.

Knight Frank data showed that they chalked up 7,902 sales from January to November, which accounted for 24.9 per cent of total sales. These figures, said the firm’s research and consultancy head Nicholas Mak, are the highest in 13 years, thanks to healthy regional economic conditions, an increase in the number of expatriates as well as other factors.

Thai tycoon Charoen Sirivadhanabhakdi, for instance, bought 47 out of 48 apartments at Hoi Hup’s Suites @ Cairnhill for $205 million, or about $2,550 psf.

He also purchased four floors of apartments at The Orchard Residences for $135 million, or about $3,600 psf.

Institutional investors also entered the market in a big way, picking up anything from several units to whole condo blocks and even development sites. They include Macquarie Global Property Advisors, Goldman Sachs and United States-based Wachovia Development.

Source : Straits Times - 29 Dec 2007

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Mindy Yong

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Google search for possible technology tie-ups here - Singapore

Google search for possible technology tie-ups here  - Singapore

S’pore well-placed to test new services due to wired-up society and compact size

By Grace Chng, Deputy News Editor
KEY HUB: While Singapore has grown beyond being a hub of the world’s shipping lanes, Mr Schmidt says companies such as Google also need such hubs and exchange points to handle data traffic.

SINGAPORE’S wired-up society and its compact size make the nation a good choice to try out new computer search technology or services.
That is why search engine giant Google’s chief executive officer, Mr Eric Schmidt, is in the Republic to explore possible technology collaboration.

Speaking to The Straits Times yesterday at Google’s office at One Raffles Quay, he said Singapore’s importance had grown from being a hub of the world’s shipping lanes.

‘The Internet, too, needs such hubs,’ said Mr Schmidt, 52, who is in town for a short visit. ‘Exchange points exist on the Net as well and we need these hubs too’.

Singapore, he explained, could be such an exchange point for networks, allowing data to be redirected from one point to another.

Mr Schmidt is also eyeing Singapore’s iN2015 infocomm master plan. Unveiled last year, the plan of action, among other things, painted a vision in which everyone, both at home and in the office, will be connected to an islandwide ultra-fast broadband network.

It is these speedy networks that have piqued Google’s interest. Fast networks are pivotal to Google’s search technology. When someone types in a search item, the response is almost instantaneous. This is because the answers, found by Google’s banks of computers located across the world, travel over private but super-fast fibre optic networks to their destination.

Google opened its South-east Asian office in Singapore in May to handle its online advertising business in the region. Headquartered in Mountain View, California, the company derives its revenue from two sources: search services and online advertising.

Nielsen/NetRatings says searches on Google in February hit 3.6 billion, up 40 per cent from a year earlier.

Recently, Google created headlines with a move to allow news sources to comment on stories in which they are quoted. This led to concerns that it could result in a dilution of news, as newsmakers unhappy with unfavourable reports could post longish comments that may thin the impact of the story.

Mr Schmidt said the Comments From People In The News feature gave greater transparency to reports. ‘It is better to have more voices. There are many people who believe they have been misrepresented by people who are more powerful.’

So the new feature, which is still experimental, attempts to balance this. ‘There may be cranks out there who will try to skew the news but I believe that the vast majority of people and society will sieve out the cranks and know what is the truth, ‘ he said.

This feature, which was released earlier this year, started when Google co-founder Larry Page directed a technical team to come up with a solution to enable more voices other than newsmakers to be heard on Google News, which aggregates news from wire agencies and newspapers.

‘This is still an experiment, we don’t know whether it’ll work, it’s too new and we may come up with other solutions,’ Mr Schmidt said.
Source : Straits Times - 29 Dec 2007

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Mindy Yong

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Singapore En bloc sales result in rewarding year for property consultants

Singapore En bloc sales result in rewarding year for property consultants

Mega deals move some smaller firms and new entrants into new league

By Fiona Chan, Property Reporter

THE collective sale euphoria this year has swept in windfalls not only for home sellers, but also for the companies that brokered the sales.
Most property consultancies in Singapore have logged their best-ever year for such deals, pocketing record sums in related fees.

The run of ‘mega deals’ has also catapulted smaller property firms into the same league as the big boys.

Credo Real Estate, for instance, shot to the top of the pack this year by landing the $1.34 billion sale of Farrer Court in Farrer Road.

The local firm, started in 2002, specialises in collective sales. Bigger players like DTZ Debenham Tie Leung and Knight Frank also handle areas such as investment sales and office leasing.

In all, Credo sold $2.17 billion worth of collective sale sites this year. That is 20 per cent more than the next best performer: DTZ with $1.8 billion.
But DTZ also turned in a record year, said Mr Shaun Poh, the consultancy’s director of investments and auctions. ‘In terms of fee income, it was a fantastic year for us, the best year so far.’

The consultancies all declined to reveal how much they had earned from collective sales this year, but Mr Poh helped shed some light.

For smaller projects that sell for less than $50 million, most firms charge 0.75 per cent to 1 per cent of the sale price, he said. Bigger projects worth at least $300 million bring in about 0.5 per cent.

Some firms impose extra charges if they find buyers willing to go well above the reserve price, Mr Poh added.

In third place was Savills Singapore, another relatively new entrant to this segment. It only ‘really got into the business last year’, said investment sales director Steven Ming. It more than doubled last year’s sales with deals such as Tulip Gardens and Westwood Apartments.

Next came Knight Frank, which also had a ‘record year’, with 10 deals totalling $1.2 billion, said investment sales head Foo Suan Peng.

Heavyweight CB Richard Ellis, last year’s number one, weighed in at fifth place with four deals, including the $625 million sale of Grangeford Apartments.

Knight Frank’s Mr Foo said the collective sales market had never been so active. He noted: ‘All kinds of records were broken: sale price per sq ft, sale price quantum, number of transactions, size of development.’

This stellar performance also prompted agencies ‘not traditionally in this market’ to try their luck, he added.

Newman & Goh, which started marketing collective sale sites only in October 2005, was able to gain a solid foothold. ‘It was a great year,’ said investment sales head Jeffrey Goh.

Even agencies better known for individual home sales, such as Dennis Wee Group and Ivy Lee Realty, jumped on the bandwagon.

Dennis Wee helped to sell Tampines Court for $405 million, while Ivy Lee brokered the $131.5 million sale of Hong Leong Gardens in the West Coast. Both deals were done in March.

But even in the midst of popping the champagne, the consultants agree next year’s outlook is rather less rosy.

Continuing concerns over the United States sub-prime mortgage crisis might discourage buyers, while a new set of collective sale rules could obstruct the path for sellers.
Source : Straits Times - 29 Dec 2007

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Mindy Yong

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Some concerns raised about grading system - Singapore

Some concerns raised about grading system - Singapore

By Jane Ng
MAKING THE GRADE: Some teachers worry performance appraisals may be affected by personal relationships or unrealistic expectations, but principals say checks are in place to ensure fairness. — ST FILE PHOTO

WHILE teachers cheered the new move to link salaries more closely to work performance, some raised concerns that the appraisal system should be fair and transparent to ensure that people are not wrongly penalised.
With new bonuses and increments, a typical classroom teacher will see his annual pay package increase by 8 to 12 per cent, while an outstanding teacher may get up to 18 per cent more.

Pasir Ris Secondary principal Cheng Hwee Yeang said the increase reaffirms the hard work that teachers put in.

She also noted, along with other school heads, that the appraisal system is not ‘hush-hush’.

There is a goal-setting meeting at the start of the year, a mid-year review to ensure that the teacher is on track and then a final appraisal at the end of the year.

Schools follow guidelines set by the Education Ministry, though actual implementation may differ from school to school.

St Andrew’s Secondary principal Belinda Charles said that an under-performer in her school would know this by March and be advised on ways to improve.

But ample warning aside, some teachers felt that appraisals could be affected by poor personal relationships and unrealistic expectations.

A mother tongue teacher, who said she had clashed with her new head of department, felt that it had resulted in her poor banding.

‘I’ve never had a D grade before this year, so it came as a shock. The school must ensure teachers are not penalised unfairly,’ she said.

But principals said there are checks to ensure that the system is fair. For instance, the head of department will meet the principal for a discussion if the teacher’s performance is assessed and found to be poor. Also, the superintendent of the school cluster will see the final appraisal as well.

Others have said that appraisals can sometimes focus too much on what teachers do outside a classroom than in it.

Ms Teo S.L, 28, resigned after teaching for six years at a primary school because she felt the school was more interested in getting her to organise events, something which she felt interfered with her ability to teach.

But for most principals, teaching is still the mainstay.

Mrs Belinda Charles said: ‘Teaching is our core business. Being good in co-curricular activities will carry less weight than teaching when it comes to appraisals.’

Overall, principals welcomed the changes.

‘Teachers have to continuously upgrade and find ways to engage students in the classroom. They have to be the designers of the curriculum and all these take a lot of time,’ said Huamin Primary principal William Pushpam.

Singapore Teachers’ Union president Mike Thiruman said the new package is ‘competitive’ and will strengthen the teaching service and retain talent.

Parents also felt teachers should be well rewarded.

Mr V. Balan, 48, a businessman with two school-going children, said: ‘Have you seen how hard our teachers work? When I go in the evenings to pick up my kids after their CCA, their teachers are still there and they started at 6am.

‘They deserve to be paid a whole lot more.’

Source : Straits Times - 29 Dec 2007

Singapore Property - Buy , Sell , Rent , Invest

Mindy Yong

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mindy@mindyyong.com

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More help for Singapore teachers to upgrade themselves

More help for Singapore teachers to upgrade themselves

Better financing options plus wider range of courses

By Ho Ai Li

TEACHERS will get the chance to learn more, earn more - and gain more time too, to upgrade themselves.
To encourage more of the teaching profession to be ‘a learning profession’, the Ministry of Education (MOE) is offering five ‘professional development packages’ to those pursuing bachelor’s, master’s and doctorate degrees.

These range from interest-free loans, to grants and reimbursements, to full sponsorship of course fees.

Teachers will be able to borrow more for their studies: $6,000 a year for a full-time local course, up from $4,500.

Or they can get 80 per cent of their course fees, capped at $6,000, reimbursed by MOE. This is an increase from the current 50 per cent, capped at $3,000.

Other options include a new study grant of $9,000 to $12,000 a year, as well as postgraduate scholarships.

Currently, 75 per cent of the 28,000 teachers here are graduates; about 8 per cent of them have master’s degrees.

Non-graduate teachers seeking a degree while continuing to teach will also have more courses to choose from.

Previously, they were limited to 27 part-time courses in teaching subjects at SIM University (UniSIM) and courses offered by the National Institute of Education.

They can now take up part-time on-campus courses at UniSIM, the National University of Singapore and Nanyang Technological University. They are also no longer restricted to studying teaching subjects.

On completion, they may be considered for placement on the graduate scale.

In addition, to free up time for teachers to go for postgraduate studies, up to five more teacher posts will be given to each of the 28 school clusters.

Previous MOE initiatives to help boost teachers’ professional development have gone down well.

A scheme which allows experienced teachers to take up to 10 weeks of paid leave to attend courses or go on attachments has enabled many to broaden their horizons.

One of them is Mrs Catherine Yeo, 59, from Commonwealth Secondary, who took professional development leave to spend six weeks in Germany this summer to see how schools there teach environmental science.

‘I came back feeling I’ve accomplished a lot,’ she said.

Now she is helping to design an environment course for students and hopes to have them ‘get their hands dirty’ building a garden.

Meanwhile, at a principals’ appointment ceremony yesterday, a booklet titled Anchored In Values And Purpose, which outlines key principles for school leaders, was given out to principals.

Source : Straits Times - 29 Dec 2007

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Workfare payout going out to 287,000 - Singapore

Workfare payout going out to 287,000  - Singapore

By Goh Chin Lian

SOME 287,000 low-wage workers will usher in the new year with the first of two payouts from the Government, to supplement their income.
The payouts on Jan 1 to employees will be in the form of cash credited into their bank accounts and deposits into their Central Provident Fund (CPF) accounts.

But the self-employed and casual workers such as cleaners and hawker assistants - all of whom must have contributed to Medisave - will have payments credited entirely into their Medisave accounts.

A second payout from the Workfare Income Supplement (WIS) scheme will be made to employees in April, while the self-employed and casual workers will receive payments in May.

In all, employees will each get between $180 and $2,400 in the course of next year based on their age and the income they earned this year.

The self-employed and casual workers will receive between $120 and $1,600.

The January payout is for work done in the first half of this year.

But the Manpower Ministry said in a statement yesterday that once work for the whole of this year is taken into account, it expects that more workers will receive the second and final payout.

The January payment will be a boon for hawker assistant Yeo Jee See, 52, who earns $1,000 a month and lives in a three-room HDB flat in Whampoa.

A sole breadwinner, she is already dipping into her savings to look after her 79-year-old mother, who is recovering from breast cancer, and a 13-year-old son.

She expects to receive about $400 in her Medisave account on Jan 1.

‘I can use it to pay for my mother’s medical bills. She has a check-up in two months that will cost over $200,’ she said.

The WIS scheme replaces the one-off Workfare Bonus that was given over two years to workers aged 40 and above and who earned $1,500 and below.

Some 340,000 workers received the Workfare Bonus last year and about 362,000 did so this year.

The WIS, announced as a permanent scheme in February this year, covers workers aged 35 and above and forms the fourth pillar of Singapore’s social security net.

The others are the CPF scheme, home ownership, and the 3Ms: Medi- save, MediShield, and Medifund.

The WIS is intended to make up for the cut in CPF contribution rates for older low-wage workers which took effect this July. That move was taken to improve their employability.

The Jan 1 payout will cost the Government $146 million.

In a separate announcement on Thursday, the Government said it will also be giving out $138 million in utility rebates in January and July.

To qualify for the WIS, a person must have worked at least three months in any six-month period this year, or for six months this year.

Self-employed or casual workers who did not register with the CPF Board or make Medisave contributions can do so by March 31 to receive their full WIS in May.
Source : Straits Times - 29 Dec 2007

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Singapore Teachers’ pay linked closely to performance

Singapore Teachers’ pay linked closely to performance

Annual increments and bonuses to vary according to merit and potential

By Sandra Davie, Education Correspondent
CLASS ACT: The new career package for teachers was announced at the annual principals’ appointment ceremony yesterday. School principals (from left) Sabrina James of Hougang Primary, Wai Yin Pryke of St Andrews’ Junior, Martin Tan of Anderson Primary, Clifford Chua of Kuo Chuan Presbyterian Primary and Zainal Sapari of Mayflower Primary performed a skit at the event.

OUTSTANDING teachers and principals will get better pay and bonuses from next year, when their salaries are pegged more closely to their performance.
From April, annual increments will no longer be fixed at 3 per cent. Instead, the 29,000 officers in the education service can expect up to a 5 per cent increment depending on their performance and potential.

Bonuses based on merit will also vary according to whether teachers are graded ‘good’, ‘very good’, or ‘outstanding’. ‘Good’ performers will receive a bonus of up to two months’ extra pay, while those who are ‘very good’ will get up to 3.25 months. ‘Outstanding’ performers can take home up to 4.25 months’ more.

Typically, 85 per cent of teachers and school heads can expect to be graded good or very good, while 5 per cent to 10 per cent will be deemed outstanding.

Everyone, however, will gain from the bigger annual deposits that the Ministry of Education (MOE) will put into a gratuity programme for teachers, the Connect Plan.

The ministry deposits a sum every year for each teacher, who can withdraw a part of the money every three to five years.
With the increase, the total gratuity that a graduate teacher can withdraw after 30 years will be $168,800. Currently, it is $158,400.

Announcing the changes yesterday, Education Minister Tharman Shanmugaratnam said: ‘Quality teachers and quality school leaders are quite simply what has brought us to where we are as a leading education system and what will take us forward.’

He said the MOE was mindful of the tight labour market and determined to ensure that the education service continues to attract fresh graduates and working people looking for a challenging new career. The MOE’s target is to recruit 30,000 teachers by 2010.

But it realises that competitive salaries alone are not enough to attract and retain the best teachers, he said.

Also important are opportunities for professional development, and work-life balance. To encourage the former, the ministry is increasing the amount of loans and grants teachers can tap to upgrade themselves.

Teachers who want to become specialists in certain subjects in the curriculum will also have more positions open to them. As for work-life balance, male teachers will now be able to take no-pay leave to stay home with their children and part-time teaching positions will be extended to more teachers.

To keep them in service longer, most teachers who reach the age of 62 will be offered re-employment up to 65.

Teachers agreed that pegging pay to performance was fair. It gives them incentive to put in the extra mile, like Riverside Secondary’s head of music Ho Hui Ping, 33, who received extra bonuses last year for helping her school build up its niche areas in dance and music.

Said Madam Ho, who has been teaching for a decade: ‘It was good to have the extra money, but especially the recognition. Pegging teacher’s pay to performance will motivate teachers further.’

Several other teachers noted, however, that for the scheme to be fair, appraisals should be conducted in a just and transparent manner.

Mr Mike Thiruman, president of the Singapore Teachers’ Union agreed that with pay pegged more closely to performance, principals must ensure that yearly appraisals are done properly.
Source : Straits Times - 29 Dec 2007

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S’pore Red Cross has given out $83m

S’pore Red Cross has given out $83m

Its next focus: to help affected people generate their own income

By David Boey

THREE years after the Boxing Day tsunami, money donated by people in Singapore to the earthquake and tsunami survivors continues to bring cheer and a fresh start to people in the region.
Homes, fishing boats, schools and even brick- making factories are among the projects that $88 million in donations have paid for, said the Singapore Red Cross (SRC) on Thursday.

The organisation spearheaded donations to the Tidal Waves Asia Fund after the double whammy of the earthquake and tsunami struck on Dec 26, 2004.

The outpouring of public sympathy - some 60.5 per cent came from individuals - has paid for reconstruction work in Indonesia, Sri Lanka and the Maldives.

Among other things, the donations have funded 2,771 houses, 325 fishing boats, 118 water treatment units, nine schools and five brick-making factories to help rebuild communities.

The natural disaster claimed some 250,000 lives in the region.

With some 54 per cent of the projects already completed, and the rest being ‘work-in- progress’ set for completion next December, the SRC said it will stop disbursing the money to charities overseas.

Mr Christopher Chua, secretary-general of the SRC, said some $83 million has already been disbursed for a variety of projects.

These focused on rebuilding or restoring communities, housing infrastructure, health and education facilities, as well as promoting economic recovery in the three countries.

Mr Chua said the remaining $5 million ‘will be set aside for maintenance of the existing projects and cover any potential project cost overruns’.

‘As has been the case in some of the projects, inflation has caused the prices of material and goods to soar, so we need to have some reserves,’ Mr Chua explained.

He said the organisation is, meanwhile, working on an ‘exit strategy’ that will help affected communities ‘generate their own source of income’.

He added: ‘We expect most, if not all, of the balance money to be utilised. None of it will be used for our local Red Cross operations.’

In a separate statement, the SRC said it will contribute RM30,000 (S$13,084) to flood relief assistance in peninsula Malaysia through the Malaysian Red Crescent Society. The money will be used mainly to purchase relief items for people affected by the floods.
Source : Straits Times - 29 Dec 2007

Singapore Property - Buy , Sell , Rent , Invest

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Bukit Panjang / Bukit Batok/ Choa Chu Kang HDB Flat for Sales - 29.12.2007

Bukit Panjang / Bukit Batok/ Choa Chu Kang HDB Flat for Sales - 29.12.2007

TYPE : [2]Rm [3]Rm [4]Rm [5]Rm [EA]Ex Apt [EM]Ex Mais [6]Rm

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 — 3A
District — 23
Estate — BT BATOK, BLK 205 #02
Area — 785
Age — 22
Bedroom — 2
Psf — 248
PRICE$ — 195000
Type — 3A
District — 23
Estate — PENDING RD, BLK 118 #06
Area — 785
Age — 22
Bedroom — 2
Psf — 236
PRICE$ — 185000
Type — 3N
District — 23
Estate — BT BATOK, BLK 148 #02
Area — 732
Age — 28
Bedroom — 2
Psf — 280
PRICE$ — 205000
Type — 3N
District — 23
Estate — BT BATOK, BLK 252 #03
Area — 742
Age — 22
Bedroom — 2
Psf — 263
PRICE$ — 195000
Type — 3N
District — 23
Estate — BT BATOK, BLK 259 #09
Area — 721
Age –
Bedroom — 2
Psf — 305
PRICE$ — 220000
Type — 3S
District — 23
Estate — BT BATOK, BLK 314 #03
Area — 0
Age — 20+
Bedroom — 2
Psf — null
PRICE$ — 190000
Type — 4
District — 23
Estate — BT BATOK, BLK 183 #10
Area — 1001
Age –
Bedroom — 3
Psf — 290
PRICE$ — 290000
Type — 4
District — 23
Estate — CHOA CHU KANG, BLK 244 #04
Area — 0
Age –
Bedroom — 3
Psf — null
PRICE$ — 300000
Type — 4A
District — 23
Estate — BANGKIT RD, BLK 257 #12 ABOVE
Area — 1119
Age — 18
Bedroom — 3
Psf — 250
PRICE$ — 280000
Type — 4A
District — 23
Estate — BT BATOK, BLK 211 #09
Area — 1119
Age –
Bedroom — 3
Psf — 340
PRICE$ — 380000
Type — 4A
District — 23
Estate — BT BATOK, BLK 288D #11
Area — 0
Age –
Bedroom — 0
Psf — null
PRICE$ — 305000
Type — 4A
District — 23
Estate — BT BATOK, BLK 384 #18
Area — 0
Age –
Bedroom — 3
Psf — null
PRICE$ — 0
Type — 4A
District — 23
Estate — BT BATOK, BLK 385 #23
Area — 989
Age –
Bedroom — 3
Psf — 0
PRICE$ — 0
Type — 4A
District — 23
Estate — CASHEW RD, BLK 132 #09
Area — 0
Age –
Bedroom — 4
Psf — null
PRICE$ — 250000
Type — 4A
District — 23
Estate — CHOA CHU KANG, BLK 297A #05 ABOVE
Area — 1130
Age –
Bedroom — 3
Psf — 0
PRICE$ — 0
Type — 4A
District — 23
Estate — CHOA CHU KANG, BLK 438 #09
Area — 0
Age — 15
Bedroom — 3
Psf — null
PRICE$ — 280000
Type — 4A
District — 23
Estate — CHOA CHU KANG, BLK 763 #13
Area — 1141
Age — 11
Bedroom — 3
Psf — 234
PRICE$ — 267000
Type — 4N
District — 23
Estate — BT BATOK, BLK 313 #09
Area — 1054
Age –
Bedroom — 3
Psf — 247
PRICE$ — 260000
Type — 4N
District — 23
Estate — TECK WHYE, BLK 17 #03
Area — 1001
Age –
Bedroom — 3
Psf — 190
PRICE$ — 190000
Type — 5
District — 23
Estate — BT BATOK, BLK 385 #28
Area — 1237
Age — 3½
Bedroom — 3
Psf — 403
PRICE$ — 499000
Type — 5
District — 23
Estate — BT BATOK, BLK 625 #03
Area — 1280
Age — 12
Bedroom — 3
Psf — 375
PRICE$ — 480000
Type — 5
District — 23
Estate — CHOA CHU KANG, BLK 444 #12
Area — 1291
Age — 10
Bedroom — 3
Psf — 325
PRICE$ — 420000
Type — 5
District — 23
Estate — CHOA CHU KANG, BLK 551 #04
Area — 1312
Age –
Bedroom — 3
Psf — 221
PRICE$ — 290000
Type — 5
District — 23
Estate — CHOA CHU KANG, BLK 627 #10
Area — 0
Age –
Bedroom — 3
Psf — null
PRICE$ — 395000
Type — 5
District — 23
Estate — SEGAR RD, BLK 474 #04
Area — 1184
Age — 4½
Bedroom — 3
Psf — 0
PRICE$ — 0
Type — 5
District — 23
Estate — SENJA LINK, BLK 652 #14
Area — 1184
Age — 6
Bedroom — 3
Psf — 0
PRICE$ — 0
Type — 5
District — 23
Estate — SENJA RD, BLK 625 #24
Area — 1184
Age — 4
Bedroom — 3
Psf — 279
PRICE$ — 330000
Type — 5
District — 23
Estate — SENJA RD, BLK 656 #03
Area — 1184
Age –
Bedroom — 3
Psf — 252
PRICE$ — 298000
Type — 5
District — 23
Estate — TECK WHYE, BLK 13 #02
Area — 0
Age –
Bedroom — 3
Psf — null
PRICE$ — 300000
Type — 5A
District — 23
Estate — BT BATOK, BLK 111 #16
Area — 0
Age –
Bedroom — 3
Psf — null
PRICE$ — 0
Type — 5A
District — 23
Estate — BT BATOK, BLK 117 #23
Area — 1442
Age — 18+
Bedroom — 3
Psf — 333
PRICE$ — 480000
Type — 5A
District — 23
Estate — BT BATOK, BLK 171 #08 ABOVE
Area — 0
Age –
Bedroom — 3
Psf — null
PRICE$ — 400000
Type — 5A
District — 23
Estate — BT BATOK, BLK 202 #02
Area — 1603
Age –
Bedroom — 3
Psf — 287
PRICE$ — 460000
Type — 5A
District — 23
Estate — CHOA CHU KANG, BLK 502 #02
Area — 1419
Age — 13
Bedroom — 3
Psf — 247
PRICE$ — 350000
Type — 5I
District — 23
Estate — CHOA CHU KANG, BLK 484B #11
Area — 1259
Age –
Bedroom — 3
Psf — 251
PRICE$ — 316000
Type — 5I
District — 23
Estate — CHOA CHU KANG, BLK 562 #07
Area — 1388
Age — 11
Bedroom — 3
Psf — 259
PRICE$ — 360000
Type — 5I
District — 23
Estate — CHOA CHU KANG, BLK 684B #04
Area — 1189
Age –
Bedroom — 3
Psf — 278
PRICE$ — 330000
Type — 5I
District — 23
Estate — JLN TECK WHYE, BLK 154 #12
Area — 0
Age — 10
Bedroom — 3
Psf — null
PRICE$ — 325000
Type — EA
District — 23
Estate — BT BATOK, BLK 141 #02
Area — 1600
Age –
Bedroom — 2
Psf — 250
PRICE$ — 400000
Type — EA
District — 23
Estate — BT BATOK, BLK 214 #02
Area — 0
Age — 10+
Bedroom — 3
Psf — null
PRICE$ — 360000
Type — EA
District — 23
Estate — BT BATOK, BLK 290B #10 ABOVE
Area — 1516
Age –
Bedroom — 4
Psf — 396
PRICE$ — 600000
Type — EA
District — 23
Estate — BT BATOK, BLK 290B #15
Area — 1527
Age — 9
Bedroom — 3
Psf — 347
PRICE$ — 530000
Type — EA
District — 23
Estate — CHOA CHU KANG, BLK 297A #10
Area — 1516
Age — 9
Bedroom — 3
Psf — 0
PRICE$ — 0
Type — EA
District — 23
Estate — CHOA CHU KANG, BLK 553 #07
Area — 0
Age — 12+
Bedroom — 3
Psf — null
PRICE$ — 450000
Type — EA
District — 23
Estate — CHOA CHU KANG, BLK 559 #04
Area — 1582
Age –
Bedroom — 3
Psf — 253
PRICE$ — 400000
Type — EA
District — 23
Estate — CHOA CHU KANG, BLK 602 #08
Area — 0
Age –
Bedroom — 4
Psf — null
PRICE$ — 460000
Type — EA
District — 23
Estate — CHOA CHU KANG, BLK 663 #04
Area — 1516
Age –
Bedroom — 5
Psf — 0
PRICE$ — 0
Type — EA
District — 23
Estate — CHOA CHU KANG, BLK 674A #07
Area — 1500
Age –
Bedroom — 3
Psf — 320
PRICE$ — 480000
Type — EA
District — 23
Estate — CHOA CHU KANG, BLK 753 #05
Area — 1571
Age — 11
Bedroom — 4
Psf — 0
PRICE$ — 0
Type — EA
District — 23
Estate — JELAPANG RD, BLK 520 #15
Area — 0
Age –
Bedroom — 4
Psf — null
PRICE$ — 450000
Type — EM
District — 23
Estate — BT BATOK, BLK 120 #10
Area — 0
Age –
Bedroom — 4
Psf — null
PRICE$ — 450000
Type — EM
District — 23
Estate — BT BATOK, BLK 120 #16
Area — 0
Age — 20+
Bedroom — 3
Psf — null
PRICE$ — 550000
Type — EM
District — 23
Estate — BT BATOK, BLK 121 #14
Area — 1600
Age –
Bedroom — 3
Psf — 0
PRICE$ — 0
Type — EM
District — 23
Estate — BT BATOK, BLK 125 #14
Area — 0
Age –
Bedroom — 3
Psf — null
PRICE$ — 480000

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.

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This year’s Christmas season in Singapore the best retailers have seen in years

This year’s Christmas season in Singapore the best retailers have seen in years

By Hasnita A Majid
SINGAPORE : The Christmas season is always associated with shopping, and retailers have said that this year’s season is one of the best they have seen in recent years.

It is the season for shopping, and this year, retailers said shoppers seemed to have returned with a vengeance.

Isetan, for example, said that usual sales figures for the festive season can go up to twice its monthly earnings.

With its current post-Christmas sale, it is expecting more good tidings.

Gerard Soh, Sales Promotion Manager, Isetan Singapore, said, “Generally, (sales) have been improving for the entire year and we hope to see a better response next year. That is more challenging though. But with good economic growth, yes we are seeing good customer response”.

IKEA said some 850,000 people have walked through its stores in Alexandra and Tampines since its Christmas campaign was launched on November 16.

That is a 25 percent increase compared to an average month.

Lars Svensson, Country Marketing Manager, IKEA, said, “We have the best traffic we have ever had, but this is also possibly due to the fact that we opened a new store last year on 30 November. So if we compare with only one store, definitely we have the best year ever.”

The increase in traffic has translated to better sales for the store.

Its Swedish Food market too had better-than-expected demand, and many products were sold out before Christmas.

The home furnishing retailer also tries to marry consumerism with green practices, offering a S$10 voucher for every live Swedish Christmas tree that is returned to the store.

The trees will be sent to a recycling company and processed as wood chips for the soil.

Last year, of the 1,500 trees sold, about 50 were returned.

IKEA hopes to double the number of trees returned this year.

Retailers said the good year-end performance is on top of a 10 percent growth that they have seen so far this year, and the strong purchasing power is expected to continue till next year. - CNA/ms
Source : Channel NewsAsia - 29 Dec 2007

Singapore Property - Buy , Sell , Rent , Invest

Mindy Yong

(+65)91002985

mindy@mindyyong.com

http://www.hotvictory.com