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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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Sers residents approve consultancy exercises

Sers residents approve consultancy exercises
EFFORTS to build more cohesive public housing communities seem to have paid off. Most of the 500-plus households involved in two recent consultation exercises deemed them effective, encouraging similar exercises in the future.
The consultations, announced in July last year by the Forum on HDB Heartware, were with selective en-bloc redevelopment scheme (Sers) residents on providing common facilities and enhancement of the joint selection scheme under Sers.

Ninety-four per cent of respondents felt the exercise was a useful and effective way to promote a closer-knit community and a greater sense of ownership of the new precinct.

In the first initiative, residents of selected blocks at Silat and Henderson roads were surveyed on a replacement site in Kim Tian Road to re-house them. HDB also organised a mini-exhibition and two briefing and feedback sessions.

Residents were given the opportunity to choose the name for the new precinct - Kim Tian Green - and discuss locations for facilities such as a family playground and an activity court.

The second initiative enables joint selection of replacement flats for neighbours on the same floor or related families for up to six Sers households instead of the current four.

The lessees of Blocks 9 to 12, 9A and 12A Ghim Moh Road will be the first to benefit from this.

Minister of State for National Development Grace Fu said the results of the consultation exercises were encouraging.

‘Consultation on the provision of common facilities will be carried out in future Sers replacement sites to enable residents to develop a precinct they can call their own,’ she said.
Source : Business Times - 08 Jan 2008

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Singapore occupancy costs up 106%

Singapore occupancy costs up 106%
This makes it 13th most expensive place to work in: DTZ report
By UMA SHANKARI
OCCUPANCY costs in Singapore have soared 106.4 per cent over the past year - among the highest increase across the 137 locations surveyed - according to a new report.

This means that Singapore is now the 13th most expensive place to work in globally, according to the report by property firm DTZ Debenham Tie Leung.

In 2007, Singapore was ranked 55th.

London’s West End continued to be the most expensive location globally, while Hong Kong retained its second position.

DTZ defines occupancy cost as the average total cost of leasing net usable space of 10,000 square feet within a prime CBD location.
While occupancy costs here are expected to continue climbing this year, the rate of increase will be slower than in 2007, experts said.

It includes rent and outgoings, such as maintenance costs and property tax, if these are normally payable by the occupier. Each city is then ranked on a ‘per workstation’ basis.

Occupancy cost in Singapore came to US$16,220 per workstation per year - more than double the occupancy cost recorded a year ago.

By comparison, occupancy cost in London’s West End is US$31,160 per workstation a year, while Hong Kong’s stands at US$27,540.

DTZ’s survey showed strong occupier demand across all key global regions - with Asia, central and eastern Europe and the Middle East leading the way despite fallout from the US sub-prime crisis.

In particular, cities in the Asia-Pacific region enjoyed a buoyant office market in 2007 - a trend that was especially evident in Singapore.

The uptrend, DTZ said, can be expected to continue going forward.

‘With no significant new supply till 2010 and the depletion of office stock in the CBD as several office buildings undergo redevelopment and/or upgrading, office occupancy cost is expected to rise further,’ said Angela Tan, DTZ South- East Asia’s executive director.

However, while occupancy costs here are expected to continue climbing this year, the rate of increase will be slower than in 2007, experts said. This is because office rentals are expected to climb at a slower rate in 2008.

‘Overall demand numbers for 2008 are not likely to match those for 2007 given the lower expectations for the economy, particularly as companies in the financial and business services (the major consumers of office space) could test their vulnerability against a potential global credit crunch situation in 2008,’ said DBS Group Research in a recent report.

Source : Business Times - 08 Jan 2008

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Tiger, Jetstar special offers to launch Singapore to KL flights

Tiger, Jetstar special offers to launch Singapore to KL flights
15,000 free seats on Tiger service; 1-for-1 offer for Jetstar’s 14-city network
By NISHA RAMCHANDANI

TIGER Airways is offering 15,000 free seats to kick off its Singapore-Kuala Lumpur service. And Jetstar Asia announced a one-for-one promotion for its entire network of 14 cities.

Raring to go: Tiger is seeking more S’pore-KL flights and is keen to operate services to other Malaysian cities such as Kuching and Penang
Tiger’s free seats - you still have to pay taxes and other fees - were up for grabs as of yesterday, for travel between Feb 1 and Oct 25. Taxes and fees will add up to about $100 for a round trip, says chief marketing officer Rosalynn Tay.

Until March 30, Tiger’s daily flight to and from the low-cost carrier terminal at KL International Airport, will leave Singapore at 10.50am. After March 30, the service will depart Singapore at 3.15pm.

Jetstar has been running a Singapore-KL promotion since Saturday, selling tickets for travel between Feb 1 and Oct 25 at 88 cents, excluding taxes and surcharges, each way.

Jetstar’s daily flights, to and from the main terminal at KL International Airport, will depart Singapore at 3pm. According to Jetstar, the response to the offer - which ends today - has been overwhelming.

Jetstar CEO Chong Phit Lian said yesterday: ‘Our buy-one-get-one-free initiative is to thank our passengers for their support and to celebrate the launch of our Singapore-KL service.’

The promotion, available only from Jan 9 to 11, applies to all flights between Jan 10 and Feb 3, with no black-out dates. Australia, Hong Kong, Macau and Thailand are among the 14 cities that the carrier flies to.

Last month, Tiger Airways and Jetstar were granted air-traffic rights to fly to KL from Feb 1, opening up the route which has been dominated by Singapore Airlines and Malaysia Airlines. Malaysia’s budget carrier AirAsia is expected to obtain the Malaysian rights.

Describing the liberalisation as a milestone in Asean’s aviation history, Tiger Airways CEO Tony Davis said affordable and convenient travel between the two cities will foster the development of trade and tourism.

Tiger is lobbying to operate more Singapore-KL flights and is keen to operate services to other Malaysian cities such as Kuching and Penang, said chief marketing officer Ms Tay.

Source : Business Times - 08 Jan 2008

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Two Singapore residential sites off Mandai Rd up for auction

Two Singapore residential sites off Mandai Rd up for auction

PROPERTY firm Colliers International yesterday announced the auction of two residential sites off Mandai Road. Both plots have 999-year leases from Oct 16, 1884. The sites are being sold on a non-vacant basis. This means the buyers will be responsible for vacating the tenants.

20-28 Meng Suan Rd: Expected to cost about $5.3m, including a development charge
The two sites are at 20-28 and 43-56 Meng Suan Road. Each is expected to go for about $250 per sq ft (psf), said Colliers auctioneer Grace Ng.

This means the smaller plot at 20-28 Meng Suan Road, which is 21,066 sq ft, will cost about $5.3 million including a development charge (DC). The site is now occupied by a row of nine single-storey terrace houses.

The larger plot at numbers 43-56, which is 31,043 sq ft, will cost about $7.8 million, also including a DC. The land is occupied by a row of 14 single-storey terrace houses.

‘The successful buyer can consider developing a row of 10 terrace houses on the smaller plot of land of about 1,938 sq ft each for the inter-terrace units and about 2,583 sq ft each for the corner units,’ said Ms Ng. ‘The larger plot of land can accommodate up to nine similar terrace houses, as well as four other semi-detached houses of about 2,583 sq ft each. Given the limited supply of land, freehold and 999-year leasehold, this is a rare opportunity for developers and investors to acquire two huge plots.’ And with the government about to release a 30-hectare site at Mandai for nature-themed attractions, the area will become more vibrant, she said.

The auction will be held on Jan 30 at Amara Hotel.

Source : Business Times - 08 Jan 2008

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Singaporeans take retirement as personal responsibility: AXA

Singaporeans take retirement as personal responsibility: AXA

But their CPF funds make up only 1/4 of what’s needed
By TAN SEO YEAN

SINGAPOREANS are ahead of people from 25 other countries in taking personal responsibility for retirement income, a global survey has found. It also shows Singaporeans are still heavily dependent on the Central Provident Fund for retirement funding - the very purpose for which the CPF was set up more than 50 years ago.

Long life: The top triggers for retirement planning among Singaporeans were having children, and reaching the ages of 40 and 50
Nine in 10 working Singaporeans and 85 per cent of retirees believe it is up to the individual to save for retirement, rather than relying on the government or employers.

The AXA Retirement Scope annual survey was started in 2004 and measures people’s perceptions and attitudes towards retirement. The latest survey was conducted between July and August last year.

It found that personal and employer contributions to the CPF were the top two sources of retirement funding for the 600 working and retired Singaporeans surveyed.

‘The heavy reliance on CPF savings for retirement is worrying, because these savings will only provide a quarter of the funds needed for the average Singaporean,’ said Annette King, chief marketing and strategy officer at AXA Life Insurance Singapore.

The survey revealed that on average, the retired group here had only $100 in disposable income after paying off all their household expenses.

This was a slightly better figure than those for most of the Asian markets surveyed, but it paled in comparison with the United States where retirees had an average excess income of $2,185.

Singaporeans also lagged behind Americans in retirement preparation.

About half of working Singaporeans surveyed had begun preparing for retirement, starting at an average age of 34.

This was still a significantly lower proportion than in the US, where 79 per cent of working Americans had started their planning, and from a younger age of 30. Within Asia, Filipinos began retirement planning the earliest, at 28 years old on average.

The top triggers for retirement planning among Singaporeans were having children, and reaching the ages of 40 and 50.

Interestingly, although the average working Singaporean wished to retire at age 55, some 44 per cent of them are in favour of raising the minimum retirement age to 64.

Ms King said: ‘The question arises if Singaporeans are seeking employment opportunities during retirement to keep themselves engaged or for financial reasons.

‘Unless there is a genuine passion for work, the latter scenario could be avoided with early retirement planning.’
Source : Business Times - 08 Jan 2008

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Means-testing may rest on patient’s income-Singapore

Means-testing may rest on patient’s income-Singapore

Those without income likely to be assessed based on housing type: Khaw
By CHEN HUIFEN

SOME details of how means-testing will be applied for subsidising health care were spelled out yesterday by Health Minister Khaw Boon Wan.
He said that the crucial figure would normally be a patient’s individual average monthly income rather than the income per head of the patient’s household. Mr Khaw said that using household income per head would be ‘too cumbersome’.

‘The simple way is, for those patients who are working, let’s just look at the patient’s income so that we don’t have to go and probe the rest of the family.

‘And anybody who feels that just by looking at his income, he is unfairly treated, then those exceptional cases, when they appeal, we can look at them, look at the whole family, if they want to.’

Retirees, children and those without income will be assessed by a different set of criteria, likely to be based on their housing type. Mr Khaw also revealed that the threshold for this category may be set higher so that more patients would continue to enjoy today’s level of subsidy.

‘We can be especially generous to those who are economically inactive,’ he said.

Mr Khaw was speaking to reporters following a speech he delivered at the Ministry of Health 2008 Healthcare Dialogue at Changi General Hospital. In his speech, he spoke of the five key principles that must underlie the means-testing framework.

For one, patients must retain the freedom to choose the type of ward to be admitted to. Even well-off people will have the option to be admitted to a subsidised ward.

Secondly, all patients from Class C and B2 wards will be subsidised, although in varying degrees.

‘Higher income patients will be subsidised less than lower income patients, but we will make sure that their bills will remain affordable to their income level,’ said Mr Khaw. ‘For example, a better off patient in Class B2 will still get higher subsidy than if he opts for Class B1, and should find his bill affordable.’

His third point was for the means assessment to be simple, and preferably automated based on objective evidence. One possibility would be through an individual’s income declaration to the Inland Revenue Authority of Singapore or the Central Provident Fund Board.

On top of that, he stressed that the means-testing framework would be ‘particularly sensitive to the circumstances of the retirees and others who are not working’. Also, no patient should be denied treatment because he cannot afford it.

‘We will be flexible in implementation so that at the margins, we will always give patients the benefit of the doubt,’ he added.

Mr Khaw declined to say when the new means-testing rules would start, as much work is still needed on the details. He said that he expects the topic to be an emotional issue, but hopes that all stakeholders will look at it in a rational manner.

Even with the implementation of means-testing, Mr Khaw expects health subsidies here to climb annually, as a result of the ageing population and patients’ higher expectations. In 2006, the total healthcare subsidy paid by the government amounted to $1.5 billion - and Mr Khaw said that health subsidies to Singaporeans exceeded that figure last year.

Source : Business Times - 08 Jan 2008

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Mindy Yong

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US firms likely to rethink capital spending plans

US firms likely to rethink capital spending plans

Recession prospects grow on housing woes, weak retail

(CHICAGO) As the spectre of recession in the United States looms because of the deteriorating housing market, weak retail sales and other economic worries, many US companies are expected to scale back capital expenditures.
‘It’s almost a perfect storm,’ Peter Morici, a professor at the University of Maryland School of Business said, referring to the combination of high oil prices, the credit crunch and the high US trade deficit. ‘Until now we’ve been able to avoid it, but now it looks like the private sector will scale back, and we’re going to end up in a recession.’ There is already evidence that US manufacturers are easing their spending.

The Institute for Supply Management’s manufacturing index, which had slipped considerably in the second half of 2007, plunged to 47.7 in December - its weakest since April 2003. A reading below 50 indicates contraction. New orders also fell sharply, which is a sign of softening demand.

‘The survey indicates that a significant inventory correction is under way in the factory sector, as demand for capital goods has weakened and uncertainty surrounding consumer demand remains high,’ Peter Kretzmer, senior economist at Bank of America, wrote in a research note after the data was released last Wednesday.

Data distributed last Friday by the US Labor Department showed that the US added 18,000 jobs in December and the unemployment rate hit a two-year high, rising to 5 per cent from 4.7 per cent in November - the largest monthly rise since October 2001 after the Sept 11 terror attacks.

‘There’s a general cautious attitude that is reflected in hiring and in capital spending,’ said Carl Camden, chief executive of Kelly Services, a global staffing services provider.

Major automakers reported lower US sales for December, closing out its weakest year in more than a decade and facing the prospect of deeper declines this year.

With fourth-quarter earnings season looming, most US companies are reluctant to discuss capital expenditures for 2008 and how their plans may be affected by the state of the US economy.

A sign of things to come may have been evident in December when FedEx Corp, when announcing its fiscal second-quarter 2008 earnings, said it had cut planned fiscal 2008 spending to US$3.1 billion from US$3.5 billion.

Pointing to fuel prices and continued weak US growth, FedEx said that additional reductions were possible as management continued to review the timing of capital outlays.

And Arctic Cat Inc (maker of all-terrain vehicles and snowmobiles, which are considered luxury items) said last Friday it planned to cut production about 10 per cent for the current quarter reflecting weaker demand.

Oil, which broke through US$100 a barrel last week, is seen as a major unknown because of the thirst developing countries such as China have for it, which could keep prices high.

Greg Swienton, chief executive of truck leasing company Ryder System Inc, noted that when oil prices rise rapidly, they have a ‘big impact on our customers’. ‘When you combine that with other issues such as access to capital and credit, people put off or delay investment decisions,’ Mr Swienton said. ‘What we’ve said in the past few quarters is that we’ve seen more and more customers holding off and delaying an investment until they are confident it will pay off.’ - Reuters

Source : Business Times - 08 Jan 2008

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Populist US poll campaign ups economic risks

Populist US poll campaign ups economic risks
(WASHINGTON) Could the US presidential race be bad for the world economy? That is a distinct possibility, according to some experts who believe a new mood of American isolationism could emerge from voter discontent over economic issues and the campaign rhetoric it has spawned.

Voter anxiety: Campaigns such as John Edwards’ condemnation of corporate greed are picking up on the uncertainties that Americans face in a globalised economy
From Democrat John Edwards’ condemnation of ‘corporate greed’ to the little-guy appeal of Republican Mike Huckabee, experts say the campaigns for the November election are picking up on the uncertainties that ordinary Americans increasingly face in the impersonal world of economic globalisation.

‘Globalisation has had a significant impact on public optimism about the economy and public confidence in the future. It’s given people the sense that their safety net’s been shredded,’ said Norman Ornstein, political analyst at the conservative American Enterprise Institute.

The result has been a long list of voter anxieties, including manufacturing job losses, stagnant wages, unsatisfactory healthcare benefits, illegal immigration, and dangerous Chinese imports.

‘We’re paying the price today for the overselling of globalisation: the fact that those who pushed globalisation in both parties were unwilling to face up to the downside risks and take actions to mitigate them,’ said Nobel Prize-winning economist Joseph Stiglitz.
‘We’re paying the price today for the overselling of globalisation: the fact that those who pushed globalisation in both parties were unwilling to face up to the downside risks and take actions to mitigate them.’

- Nobel Prize-winning economist Joseph Stiglitz

‘It also in part is a consequence of the failure of the Bush administration to put in place adequate regulatory standards in a host of areas,’ he said.

Souring public sentiment could mean a reduced US role in the global marketplace if voters start to demand a change in economic course, analysts say.

Eurasia Group, a New York consulting firm, on Monday named US resistance to globalisation as the greatest political risk for global markets in 2008 - topping Iran, Iraq and terrorism.

The firm, which evaluates political risk for its clients, warned that presidential campaign rhetoric could contribute to a dramatic increase in US protectionist sentiment if accompanied by a major recession.

‘What we’re seeing is that there is a broader (campaign) benefit from a populist, and frankly, a neo-isolationist streak,’ said Eurasia president Ian Bremmer.

‘We’re going to get the strongest sort of populism from people like John Edwards. But we’re also seeing it with the Huckabee campaign and the Ron Paul campaign,’ he added, referring to the long-shot Republican candidate.

Experts say voter discontent alone probably would not force a major turn toward protectionism but could make it more difficult for US politicians to agree to new trade deals.

Voters have already seen a lot of campaign talk about the perils of trade from Democrats including Hillary Clinton, who has pledged to review all existing trade pacts if elected.

But Mr Stiglitz said Democrats were likely to ease popular discontent by rebuilding the social safety net through health reform and other initiatives.

‘The danger I see is on the right,’ he said, explaining that a continuation of the conservative economic policies favoured by President George Bush risked raising discontent further.

‘If you go further down the Bush route, you will get a backlash because it’s not true that everybody’s better off,’ Mr Stiglitz said.

Mr Ornstein agreed that a dramatic economic deterioration could raise the odds of a protectionist backlash.

‘You might see a trade war developing. You could see other countries including China getting mad enough to take measures against us,’ he said. — Reuters

Source : Business Times - 08 Jan 2008

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Mindy Yong

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Singapore Design Studio confirms deals as shares surge

Singapore Design Studio confirms deals as shares surge

By VEN SREENIVASAN
DESIGN Studio shares surged in heavy trading yesterday amid rumours that it has secured significant new contracts, prompting a Singapore Exchange (SGX) query on the trading activity.
The mainboard-listed stock jumped as much as almost 10 per cent to a five-month high of 68 cents before closing the day at 65 cents for a three-cent gain or a rise of about 5 per cent, with 22.2 million units traded for the day.

After the market closed, the high-end furnishings and fixtures expert announced that it had secured new orders worth $52.2 million, bringing its order book as at Dec 31, 2007, to $152.4 million. And with new projects on the horizon, the order book looks set to increase this year, it added.

Design Studio said separately, in response to the SGX query, that other than the contracts it announced yesterday, it was not aware of any other possible information not previously released which might explain the trading volume.

Among the projects it secured were two high-end jobs in Dubai. These are the $9.4 million contract to supply and install doors, frames and wood panellings for the 899 apartments at the Burj Dubai, which is slated to be the world’s tallest building.

Its second project there is the $10.11 million contract to fit out the 465-unit Ritz-Carlton Hotel & Service Apartment development in the Dubai International Financial Centre (DIFC).

And at home in Singapore, the company has been chalking up new orders of luxury projects.

These include Marina Bay Residences in Marina Bay Financial Centre, Hilltop at Cairnhill, Goodwood Residences, the Marina Collection on Sentosa Island, and 1 Hillcrest.

With high-end property in Singapore in overdrive during the past year or so, Design Studio has been courted by developers of exclusive condos in prime districts.

Design Studio’s executive chairman and managing director Bernard Lim said the company is poised for stronger growth.

‘Opportunities for Design Studio’s contracts and interior fit-out solutions abound, as hospitality players in Singapore build new properties or refurbish present ones to cater to booming tourism bringing increasing tourist arrivals,’ he said. ‘The two upcoming integrated resorts in Singapore also present exciting openings for us. We will continue to tap these opportunities in Singapore and overseas, and look forward to more new projects ahead. With sentiment in the real estate market across Asia remaining cautiously optimistic, we are confident that our order book is set to increase in the coming year.’

Source : Business Times - 08 Jan 2008

Singapore Property - Buy , Sell , Rent , Invest

Mindy Yong

(+65)91002985

mindy@mindyyong.com

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