Asian real estate body sets up S’pore chapter

Asian real estate body sets up S’pore chapter

The country could become a major Reit centre for the region
By ARTHUR SIM

THE Asian Public Real Estate Association (Aprea), which represents and promotes publicly traded Asia- Pacific real estate, has set up a Singapore chapter, following those set up in Hong Kong/Macau, and Japan.
Aprea CEO Peter Mitchell said: ‘Singapore’s listed real estate market is one of the most exciting and fastest-growing in the world. Our new chapter reflects the increasing interest of the participants and investor community in this vibrant market.’

Mr Mitchell highlighted that market capitalisation of Singapore’s Reit market of US$21.6 billion is only second to Japan, which has a Reit market capitalisation of US$46 billion.

The third-largest Reit market is Hong Kong with a market capitalisation of US$8.5 billion, followed by Taiwan (US$1.7 billion), Malaysia (US$1.6 billion), Thailand (US$1.5 billion) and South Korea (US$0.6 billion).

Aprea was established in mid-2005. Founding members include ARA Trust Management, Ascendas-MGM Funds Management, Westfield Group, Macquarie Bank and Hongkong Land. To date, it has 125 members.

Mr Mitchell believes that Singapore has the potential to be a major cross-border Reit centre for the region, citing reports of upcoming Japan, India, Indonesia and China Reits being listed here.

‘We want to make sure our members are fully supported in achieving this goal,’ he added.
 
While projections of a further 10 Reits being listed here this year may be seen as ‘a bit optimistic’ in the wake of the US sub-prime crisis and global credit crunch, Mr Mitchell believes there are still opportunities in the Asian real estate sector.

‘For some players, 2008 will present a period of good opportunities for companies that are well capitalised and don’t rely on credit,’ he said.

He added that those players who are not, ‘will find it hard to compete and face some difficulties’.

Describing the Reit sectors in Japan, Hong Kong and Singapore as ‘mature’, he also said the general downturn in the economy could see a return to ‘fundamentals’. ‘We have seen the end to financial engineering,’ he said.

Aprea seeks to create a market based on international best practice standards.

It will sponsor and publish research and analysis and assist with education and training within the industry.

Source : Straits Times  - 26 Feb 2008

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CapitaLand targets Vietnam amid demand for homes - Singapore

CapitaLand targets Vietnam amid demand for homes - Singapore

It’s biggest market potential for group in S-E Asia outside S’pore, says CEO

(SINGAPORE) CapitaLand Ltd, South-east Asia’s biggest developer, is turning to Vietnam as growth slows in its home market of Singapore, after apartments at the company’s first project in Ho Chi Minh City sold out in a day last June.
New playing field: Demand for homes in Vietnam has soared as foreign companies moved into the country after it joined the World Trade Organization last year 
Demand for homes in the country of 85 million people is ‘great’ and supply isn’t keeping up, CapitaLand chief executive officer Liew Mun Leong said.

CapitaLand, with residential projects in 10 countries including China and Australia, is developing four sites in Vietnam, where it expects to build as many as 2,800 homes.

‘Vietnam will be what I saw in China 10 years ago,’ Mr Liew said in an interview in Singapore.

‘The total picture in terms of economic growth is very, very strong. I’d say it’s the biggest market potential for me in South-east Asia outside Singapore,’ he said.

CapitaLand last week said fourth-quarter profit jumped 49 per cent, led by home sales in its three biggest markets: China, Australia and Singapore.

The developer is turning to fast-growing markets with slowing economic expansion back home where Singapore faces the risk of a recession this year.

Demand for homes in Vietnam has soared as overseas companies moved into the South-east Asian country after it joined the World Trade Organization in January 2007.

Foreign direct investment commitments increased to US$20 billion last year, from US$12 million in 2006, helping boost economic growth to the fastest in more than a decade.

‘Vietnam is currently going through a huge growth in the economy, the government has been very pro- business and is welcoming foreign developers, so prospects are quite exciting,’ said Wilson Liew, an analyst with Kim Eng Securities Pte in Singapore. ‘The impact would be even more visible in the next few years.’

CapitaLand said in June more than 400 people lined up for 273 units on offer at The Vista, a 750-home project in Ho Chi Minh City. The apartments were sold by 2pm local time that day.

The second set of apartments released for sale at the development also sold out within a day, the company said. The homes were priced at between US$1,200 and US$1,600 a square metre.

CapitaLand said last year it may increase the number of homes it is building in Vietnam to 6,000 in the next three years. The company also may consider developing offices, shopping malls and leisure centers.

CapitaLand shares closed 12 cents, or 1.9 per cent, up to close at S$6.30, the highest in a week, after rising as much as 2.9 per cent. The Straits Times Index gained 0.6 per cent.

The Singapore-based developer also has expanded abroad by investing in a Tokyo project worth as much as US$1.5 billion with Mitsubishi Estate Co.

CapitaLand has spent 32 billion yen (S$417 million) for a 20 per cent stake in the project to build a 35-storey office tower and a 20-storey condominium, CEO Liew said on Feb 22 at a presentation.

Mitsubishi Estate, Japan’s biggest builder by market worth, is leading the development at a golf driving range near the country’s busiest train station, where construction is set for completion by 2011. Heiwa Real Estate Co also is taking part in the project.

CapitaLand is seeking to expand abroad as price gains in Singapore are expected to slow.

The government cut the city’s 2008 economic growth forecast to 4 to 6 per cent earlier this month, from 4.5 to 6 per cent previously.

CapitaLand plans to offer at most 1,000 homes in Singapore this year, down from the 1,430 it sold last year. — Bloomberg

Source : Straits Times  - 26 Feb 2008

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Singapore January inflation rate rises to hit 6.6%

Singapore January inflation rate rises to hit 6.6%

But economists don’t expect further monetary tightening in April
By ANNA TEO

(SINGAPORE) The inflation rate surged to another 25-year high of 6.6 per cent in January - and is not expected to ease for a while yet.
 
What goes up: Higher costs of food, along with housing and transport, weighed on the consumer price index 
Still, most economists do not expect further monetary tightening in April, citing growing concern on the government’s part about the impact of an overly-strong Singapore dollar on exports. Instead, the Monetary Authority of Singapore (MAS) is expected to maintain a ‘modest and gradual appreciation’ of the trade-weighted nominal exchange rate at its next policy review.

Higher costs of not only food but also housing and transport weighed on the consumer price index (CPI) last month, according to figures released yesterday.
The latest data prompted the Ministry of Trade and Industry (MTI) to issue a statement saying that the 6.6 per cent jump in the CPI - up from December’s 4.4 per cent, which was also a 25-year high then - is ‘consistent’ with the official inflation forecast of 4.5 to 5.5 per cent for 2008 as a whole.

The January high not only comes off revised annual values of HDB flats, it also reflects a low base 12 months earlier in January 2007 when the inflation rate was only 0.3 per cent.

According to MTI, the month-on-month CPI numbers - particularly when smoothed out to remove the monthly volatility - give a better picture of the underlying trend.

And the three-month moving average of the month-on-month inflation rates has hovered around 0.8 per cent since picking up sharply last July when the Goods and Services Tax (GST) rate was raised by two percentage points.

January’s 0.8 per cent pace by this measure largely reflects the global inflation in food and energy prices that has persisted through the past seven months, MTI says.

Maintaining that there has been no surge in the core rate of inflation since last July, MTI says: ‘Inflation momentum has neither accelerated nor abated in January 2008.’

The year-on-year inflation rate should ‘moderate significantly’ in the second half of 2008 as the effects of the low base and one-off factors wear off, but underlying inflation will likely ease more gradually, pending external price trends, it says.

But economists track the standard year-on-year CPI measure, and most see inflation staying high in the near term.

DBS Bank economist Irvin Seah reckons that even with the GST effect out of the picture from the second half onwards, fundamental price pressures will remain.

Apart from high food and oil prices, domestic price pressures will be kept high by short-term job market tightness and with rising rents, Mr Seah writes in a recent report.

He forecasts: ‘Inflation now looks set to average 5 per cent in 2008, with core inflation lifted to 3.7 per cent.’

Despite the uptick, Mr Seah and other economists - taking a cue from Finance Minister Tharman Shanmugaratnam’s remarks about Singapore’s inflation strategy in his recent Budget statement - do not think that MAS will further increase the Sing dollar appreciation slope at the next review.

One exception is Goldman Sachs economist Mark Tan. He thinks that the recent fiscal easing and falling interest rates will provide a buffer to economic growth and has given MAS room to further tighten its policy stance.
Source : Straits Times  - 26 Feb 2008

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Singapore Temasek may sell stake in Indonesia’s BII

Singapore Temasek may sell stake in Indonesia’s BII

Company could be eyeing new opportunities elsewhere: analyst
(SINGAPORE/JAKARTA) Singapore investment company Temasek Holdings said yesterday it may sell its stake in Bank Internasional Indonesia (BII), Indonesia’s sixth-biggest lender.
The sale is intended to comply with the Indonesian central bank’s single presence policy, which takes effect by the end of 2010 and is designed to promote consolidation among the country’s 130 banks.

Temasek’s unit Fullerton owns a 75 per cent stake in Sorak Financial, which in turn owns a controlling 55.78 per cent stake in BII. This effectively values Temasek’s stake at around US$700 million based on current share price.

Analysts had long expected that Temasek, which faces problems over its telecoms holdings in Indonesia, would look at a merger of its Indonesian banking interests. Temasek also controls Indonesia’s fifth-largest lender, PT Bank Danamon.

‘We have evaluated our options under the single presence policy in Indonesian banking and are exploring the sale of our investment in Bank Internasional Indonesia,’ Myrna Thomas, managing director for corporate affairs at Temasek, said in an emailed statement.

‘Our final decision will be based on what optimises value for our shareholders. We remain optimistic about the prospects of the Indonesian financial services sector,’ the statement said.
 
BII said in a separate statement that Fullerton Financial Holdings is expected to complete the sale before December 2010.

Bank Danamon also issued a statement yesterday in which it said that Fullerton had decided not to pursue a merger option between BII and Danamon.

Danamon shares ended 0.71 per cent lower yesterday at 6,950 rupiah (S$1.06), while BII’s shares jumped more than 3 per cent on reports of a divestment. The Indonesia Stock Exchange index finished 0.39 per cent higher.

‘The bigger picture appears to be that Temasek is shuffling its portfolio to take advantage of the opportunities created by the sub-prime crisis,’ said Simon Tay, an analyst at the Singapore Institute of International Affairs.

‘Why would Temasek want to expose itself to immature and geo-politically-riskier emerging markets if there are opportunities in mature and stable markets in Europe and America?’ he added.

The Wall Street Journal reported yesterday that potential bidders for Temasek’s stake include cash-rich Chinese banks, adding that Industrial and Commercial Bank of China, China’s biggest bank, had purchased a 90 per cent stake in Indonesia’s PT Bank Halim in December 2006.

ICBC declined to comment.

Temasek, which invested heavily in Indonesia after the Asian financial crisis in 1997/98, has encountered a nationalist backlash in the region.

In recent months, Temasek has diverted its attention toward Western banks, which were looking for lifelines to shore up their capital after losing billions from the US sub-prime mortgage crisis. — Reuters
Source : Straits Times  - 26 Feb 2008

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Major govt IT project hits a road bump - Singapore

Major govt IT project hits a road bump - Singapore

Differences over processes and systems have surfaced between the companies behind one of the leading consortiums, say sources
By AMIT ROY CHOUDHURY

(SINGAPORE) An ambitious $1.5 billion plan to outsource the front-end information technology (IT) requirements of public sector departments has hit a last-minute hitch, according to sources familiar with the deal.
 
With the outsourcing of its front-end IT requirements to vendors, the government expects to shave 30 per cent from its annual IT costs.
 
 
 
BT understands that a major difference of opinion has cropped up between the companies behind one of the four consortiums, called One Team.

The four consortiums had been short-listed by the Infocomm Development Authority of Singapore (IDA) in a preliminary selection process for the Standard Operating Environment (SOE) tender.

The government announced in October last year that the winner of the SOE tender, which covers all government departments - except for schools under the Ministry of Education and the Ministry of Defence and its associated organisations - would be announced by the end of this month.

The One Team consortium is led by local systems integrator NCS with IBM as the major partner. NCS is a wholly owned subsidiary of Singapore Telecommunications (SingTel).

BT understands that the two companies disagreed on some systems and processes to be offered should they win the contract.
 
When contacted, both NCS and IBM declined to confirm or deny the rumours. While a spokeswoman of NCS told BT: ‘We respect that the SOE tender is still undergoing evaluation and, as such, it is not appropriate for NCS to comment at this point.’

An IBM spokeswoman’s response was similar: ‘We are unable to comment on your specific questions about our participation in the SOE tender while the outcome is still pending.’

It is learnt that the differences of opinion between NCS and IBM centred on, among other things, which email and messaging system would be offered by the One Team consortium if it won the SOE contract.

According to BT’s sources, while NCS wants to offer a choice of either IBM’s Lotus Notes or Microsoft’s Exchange system, IBM wants Lotus Notes to be the only system on offer. Lotus Notes is currently used by the government.

When specifically asked about this, both NCS and IBM again declined comment.

Given the track record of both these firms, One Team was considered by industry watchers to be a strong candidate in the race for the SOE contract.

Apart from One Team, the other consortiums in the bid are iN’spire, comprising Hewlett-Packard (HP) and local firm ST Electronics; One Meridian, comprising EDS and local firm Singapore Computer Systems (SCS); and NexGenea, comprising NEC and Computer Science Corporation.

When contacted by BT, an IDA spokeswoman also declined to comment, saying that ‘as the SOE tender evaluation is in the process of being finalised, it is not appropriate for us to elaborate on details now’.

Speaking to BT, the IBM spokeswoman reiterated her company’s ’strong commitment to helping the Singapore government and governments in other countries build open standards-based infrastructure conducive to transformation, economic growth and collaborative innovation’.

She added: ‘We firmly believe that open systems are critical to enable inter-operability in a globally networked world.’

The IBM spokeswoman went on to add that the company has been a leader in adopting open systems and open technologies. ‘We have been working with governments around the world and the private sector to encourage collaborative innovation and adapt its policies, regulations and systems to enable markets and people to engage in cross-organisational, cross-border, cross-disciplinary innovation.’

She noted that IBM is the leading provider of business and technology solutions and ‘has helped thousands of clients throughout the globe to realise the value of the technology investments’.

The SOE, which involves outsourcing 60,000 seats or computers, was announced by the IDA in April 2005.

The idea is quite revolutionary in the sense that with the outsourcing of its front-end IT requirements to vendors, the government expects to shave 30 per cent from its annual IT costs.

This is the first time in the world that the front-end IT needs of the entire public sector of a country are being outsourced.

As things stand now, if indeed the SOE contract winner is announced by the end of this week, the first agency is expected to go live in mid-2009 and all agencies would be fully converted by end-2010.

It remains to be seen if the SOE tender awarding deadline can be met in view of the problems being faced by the One Team consortium.

When asked about the timelines for the SOE, the IDA spokeswoman noted that the SOE project is on schedule for full implementation by 2010.

She added that major SOE implementation milestones have remained unchanged although there were some adjustments to the timeline to take into account the delay in awarding it.

‘In particular, the transition schedule of agencies has been adjusted to ensure that the implementation workload is evenly redistributed. The participating consortia have been consulted in the revision of the schedule.’
Source : Straits Times  - 26 Feb 2008

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Adjust Singapore tax laws ‘to retain foreign talent for long term’

Adjust Singapore tax laws ‘to retain foreign talent for long term’ 

By Grace Ng 
REASONS TO STAY: Give expats longer periods of tax breaks and amend laws to encourage firms to develop private pension plans for their foreign staff, says Mr Banerjee. — ST FILE PHOTO
 
AS SINGAPORE becomes increasingly reliant on foreigners for its economic success, more measures should be taken to encourage this group to stay here for the long term.
Nominated MP Gautam Banerjee urged the Government to explore the use of a simple pension scheme to help attract and retain foreign talent, which comprise more than 30 per cent of the country’s workforce.

He suggested that Singapore may be a ‘less attractive tax environment than some of its competitors’ as it is encumbered by existing tax rules such as the Not Ordinarily Resident (NOR) scheme.

This is intended to attract talent but actually deters them from staying for the long term, he said.

Locally employed expatriates are not allowed to make contributions to the Central Provident Fund (CPF) and typically cannot participate in the pension schemes in their own country, as Singapore is considered their home country.

Under the NOR scheme, foreigners enjoy tax breaks initially - but only for the first five years.

Participating in the Budget debate, Mr Banerjee said this five-year time limit should be removed to provide longer-term incentives for foreigners to stay in Singapore.

He also suggested that Section 5 of the Singapore Income Tax Act be made more expat-friendly.

This section allows tax-free employer contributions to a pension plan, without differentiating between Singaporeans and foreigners. But the catch is that employees themselves cannot contribute to this plan and will also be taxed on the final payout that they withdraw on retirement.

In recent years, organisations such as the Singapore International Chamber of Commerce have been lobbying the Government to amend tax laws to encourage companies to develop private pension savings plans for their foreign employees.

Mr Banerjee suggested that both employers and employees be permitted to contribute to Section 5 pension plans.

He also advocated that the gains and investment income earned within the Section 5 pension plan be made tax-free when expats withdraw their final payout.
Source : Straits Times  - 26 Feb 2008

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Singapore MPs: More can be done to help firms fight rising costs

Singapore MPs: More can be done to help firms fight rising costs
 
Some suggestions: corporate tax rebate, cut in foreign worker levy and rental relief

By Alvin Foo 
 
THE issue of rising business costs could have been more adequately addressed in the recent Budget, said several MPs during yesterday’s Budget debate.
The Budget offered tax incentives to help firms with renovations, and to foster research and development, they said. However, more could have been done to help businesses cope with rising costs such as rentals and salaries.

‘I think the [Finance] Minister (Tharman Shanmugaratnam) missed addressing a very significant issue of rapidly rising costs, which is threatening many of our companies,’ said Mr Inderjit Singh (Ang Mo Kio GRC).

This could affect Singapore’s competitiveness, he said. ‘The Government should not ignore the immediate threats to our economy and companies caused by the rapid cost increases. This is the biggest problem for our businesses today.

‘My fear is that local as well as multinational companies might accelerate moving their operations to lower-cost destinations.’

He cited a recent survey on office rental costs in which Singapore had risen from being the world’s 17th most expensive city to the seventh in just a year, due to escalating property prices and rentals.

Mr Singh called for a constant long-term land release policy from the Government to help businesses cope with red-hot property demand.

He said under the current policy, the timing of government land releases depends on tenders that meet its reserve price for given sites.

Mr Singh added: ‘This policy has had a significant impact in fuelling rapid property price increases a well as creating a severe shortage in office space.’

A policy for ongoing release would make land release predictable, so the market could make adjustments, he said.

He offered other suggestions including a corporate tax rebate, a cut in the foreign worker levy and a property tax rebate to help companies.

The issue of rental costs was also touched upon by Mr Michael Palmer (Pasir Ris-Punggol GRC).

He noted that office rents went up ‘an astounding’ 56.1 per cent from end-2006 to end-2007. Private residential rentals surged 41.2 per cent during the same period.

Mr Palmer advocated the provision of tax reliefs for rents to companies, noting that ’such relief need not be permanent, and can be reviewed annually’.

He added: ‘It would give a much-needed boost to businesses at a time when they need to stay competitive.’

Ms Jessica Tan (East Coast GRC) said: ‘Given the quantum of the cost increases businesses are facing, our small businesses, especially, are seeking help to manage the rapidly rising cost.’

She suggested a rental rebate or even a reduction of the workers’ levy to help provide some direct relief for businesses.

Ms Tan said: ‘Considering that SMEs (small and medium-size enterprises) form 99 per cent of all enterprises in Singapore and employ 62 per cent of our workforce, any such benefit would have had significant impact.’

Business costs were also mentioned by Senior Parliamentary Secretary (Environment and Water Resources) Amy Khor, who noted calls by companies for the Government to look into short-term measures to help them manage costs.

She said: ‘These could include rebates on property tax for owner-occupied commercial and industrial premises given the steep increases in occupancy costs, which have led to the upward revision in annual values of many properties.’

Source : Straits Times  - 26 Feb 2008

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An idea to clear gridlock: How about Singapore Govt buying back cars?

An idea to clear gridlock: How about Singapore Govt buying back cars? 
MORE INCENTIVES NEEDED: Mr Inderjit Singh suggested that the Government implement a car buy-back scheme and get more people to switch to using weekend cars and taxis. — TNP FILE PHOTO
 
TO CUT down the number of cars on the roads, the Government should implement an ‘attractive’ car buy-back scheme.
This is one of three suggestions Mr Inderjit Singh (Ang Mo Kio GRC) gave to reduce road congestion and, at the same time, help middle-class Singaporeans suffering from rising costs of living.

The other two are: getting Singaporeans to convert to weekend cars, and to view taxis as a viable form of mass transport.

He said: ‘Because of past policies, there are too many cars on the road while the road network did not grow.

‘Reducing certificates of entitlement (COEs) and increasing Electronic Road Pricing (ERP) charges and gantries will not solve this problem. If you want to see fast results, we need to convince people to switch from cars to public transport.’

This is what he suggested:

First, offer people cash for their cars.

‘Government sponsored buy-back schemes have been applied with some success to reduce undesirable goods circulating in society, such as guns in Australia and fishing boats in Norway and the European Union,’ Mr Singh said.

Currently, Singapore has a scheme to compensate people for scrapping their cars. However, the payout is in the form of a voucher which consumers can redeem only if they buy another car.

‘For such a scheme to be attractive, cash payouts should be offered,’ he said.

A second way is to offer more attractive incentives for people to convert their cars to weekend cars.

And finally, a mindset shift to consider taxis as a serious option of mass public transport. ‘They are presently viewed as a luxury item and taxed accordingly,’ he noted.

Instead, taxis should be made an affordable alternative to private cars, in a way that would not eat into taxi drivers’ incomes.

Said Mr Singh: ‘I would suggest the Government halve the ERP charges on taxis or impose only a concessionary rate.’
Source : Straits Times  - 26 Feb 2008

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Indranee: More rental Singapore flats to help low-income

Indranee: More rental Singapore flats to help low-income 
 
THE Government should allocate more resources for rental housing, which seems to be in short supply, urged Ms Indranee Rajah (Tanjong Pagar GRC) during yesterday’s Budget debate.
This would alleviate the needs of the lower-income group and the elderly.

She said: ‘They don’t have the money to buy a house, their only option is rental housing and they can’t afford to rent private property.’

Ms Indranee referred to the trickle-down effect of rising rents, starting with the higher-end properties.

She said: ‘You have this effect where slowly, people are pushed out, and it goes all the way down along the line until you get to the person who has nowhere else to go except an HDB rental flat.”

Ms Indranee recounted two incidents of residents asking her for help.

She said: ‘I had one resident approaching me for a rental flat because he has been living in a bin centre.

‘He didn’t have a roof over his head, he was staying in that open area where the dustbins were; he had nowhere else to go.’

Another case involved a family whose members had to live apart because they could not get a rental home.

She recalled: ‘One child was with one relative, another child was with another relative, and they said sometimes they went to the beach to stay.’

Ms Indranee urged the Government to conduct a comprehensive review of rental housing here, and to analyse supply and demand.

She said: ‘There seems to be an acute shortage of HDB rental housing.

‘The waiting list at the moment seems to be like nearly up to eight to nine months and in some cases nearly a year.’

Ms Indranee also called for the HDB to reconsider the policy of requiring at least two people to live in a rental flat.

Source : Straits Times  - 26 Feb 2008

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Call to up $8,000 income ceiling for 1st-time Singapore home buyers

Call to up $8,000 income ceiling for 1st-time Singapore home buyers 

By Alvin Foo 
PRICED OUT: First-time home buyers have been scorched by last year’s trailblazing property prices, says MP Christopher de Souza. — TNP FILE PHOTO
 
THE $8,000 income ceiling for first-time buyers of public housing should be raised to help middle-income households.
That is because of rising resale and private property prices, and the growing number of households which earn $8,000 or more per month.

These points were raised by MP Christopher de Souza (Holland-Bukit Timah GRC) during yesterday’s Budget debate.

He said raising the income ceiling was one of three ways which the Budget could ‘achieve a better and more equitable distribution of our nation’s wealth without discarding the tenets of workfare and meritocracy’.

The other two ways were investing resources into beautifying Singapore’s common spaces, and making the Workfare Income Supplement scheme more sensitive to inflation.

Mr de Souza noted that it has been 14 years since the HDB last raised the income ceiling, from $7,000 to $8,000.

He added: ‘The trailblazing prices of 2007 have scorched young first-time buying couples enough to jolt an increase in the income ceiling.’

The General Household Survey, he added, also shows that the proportion of resident households earning $8,000 and above a month has nearly doubled, from 10.85 per cent in 1995 to 19.9 per cent in 2005.

He said: ‘Granted, these statistics do not show the age of residents in each household at the time their income exceeds $8,000.

‘Nonetheless, the figures do show that a household income of $8,000 per month is becoming less exclusive.’
Source : Straits Times  - 26 Feb 2008

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