Singapore CPF Life: Make sure ‘birthday boys’ don’t miss the party

Singapore CPF Life: Make sure ‘birthday boys’ don’t miss the party 

By Li Xueying 
 
IMAGINE spending weeks planning the perfect surprise birthday party - but the birthday boy does not show up.
This is how Mr Zainudin Nordin (Bishan-Toa Payoh GRC) described a possible pitfall of the new national annuities scheme, CPF Life.

He and fellow MP Amy Khor (Hong Kah GRC) yesterday identified low-wage casual workers and housewives as two groups who need the scheme the most - and yet may not come on board.

The reason: insufficient money in their Central Provident Fund (CPF) Minimum Sum balances.

Both MPs, at the outset, applauded the annuities scheme, which gives a lifelong monthly income to Singaporeans in return for premiums paid from their Minimum Sum.

Said Mr Zainudin: ‘I believe the CPF Life scheme will give you peace of mind, and that is priceless.’

THE BEST BET
‘So is it better to spend 30 minutes standing in a 4-D queue for a very small chance of winning something? or 30 minutes queuing in a CPF branch for a 100 per cent certainty of getting $4,000?’
MR ZAINUDIN NORDIN, an MP for Bishan-Toa Payoh GRC, on how early adopters of the CPF Life scheme can get up to $4,000 in bonus top-ups from the Government in their CPF accounts. 
However, the CPF Board ‘can do more’, he added.

The compulsory scheme, which starts in 2013, exempts those with a Minimum Sum of less than $40,000.

This would include more than 100,000 casual, self-employed and contract workers who have no or little CPF money. A Life Bonus, given to older and lower-wage workers, may encourage them to opt in.

But Finance Minister Tharman Shanmugaratnam, in his Budget Statement, had said they must first make a ‘reasonable contribution’ to their Minimum Sum account and accept lower monthly payouts.

Said Dr Khor yesterday: ‘If this amount is deemed too onerous, it would be difficult to get this group on board, and it is precisely this group that are most likely to need the CPF Life for their old age.’

Added Mr Zainudin: ‘Some of them may decide to do their own top-up but only if they have the means to dig deeper into an already very shallow pocket.

‘Still, they are luckier than others such as cleaners, shop assistants and house help, who will never be able to accumulate the eligibility sum using their own earnings.

‘I therefore appeal to (CPF Board) to give these workers proper advice on how to plan for their sunset years.’

One group, meanwhile, is getting some help.

Taxi operator ComfortDelGro is passing on the savings from the reduction in road tax to their 15,000 hirers who have CPF. Some $2.7 million - about $180 each - will be paid into their CPF accounts, boosting their Minimum Sum.

In highlighting the plight of housewives, Dr Khor said a new tax relief of up to $7,000 could encourage a husband to contribute to his wife’s Minimum Sum account.

Such contributions are crucial as one in three women mid-lifers has never worked. Also, women live longer than men.

Both MPs stressed the need to avoid what happened with the Workfare Income Supplement, where only 9,000 out of 112,000 people who qualify have signed up.

Using the birthday party analogy, Mr Zainudin said: ‘Why? Because you forgot to send out his invitation card. Or maybe you did send it to him but in a language he couldn’t understand.’

Thus, the importance of a relevant outreach campaign.

Using say, newspapers and TV may not be effective. The use of dialects over radio may be more direct, he suggested.

Ensure that the CPF hotline is manned by staff able to counsel the elderly on their annuity plans, added Dr Khor. ‘As the scheme is a complex one…the Government would have to spare no expense in embarking on an appropriate educational campaign.’

But Mr Seng Han Thong (Yio Chu Kang), a member of the committee that drafted the scheme, said its underlying principle is simple: No matter what package you choose, it’s life-long.

Source : Straits Times  - 26 Feb 2008

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Hongbao in Budget may breed ‘gimme’ mentality - Singapore

Hongbao in Budget may breed ‘gimme’ mentality  - Singapore

MP suggests links to growth so S’poreans will better appreciate handouts

By Lynn Lee 
 
A SIMPLE and direct formula that links goodies dished out in the Budget and economic performance could help Singaporeans better appreciate the handouts that they receive, Mr Baey Yam Keng (Tanjong Pagar GRC) said yesterday.
The Government is ‘the only one in the world that gives out cash hongbao on its Budget Day’, he said, even as he asked if this was breeding unhealthy expectations of handouts every year.

Mr Baey, speaking during the

debate on the Government’s Budget for the new fiscal year, supported the principle of targeting more help for the lower-income and elderly - society’s most vulnerable.

But he said that people also tended to see the handouts as an annual cash windfall. Some people, for instance, spend what they had received to offset the hike in the goods and services tax (GST), and then ‘continue to complain about the 2 percentage point increase’ in GST.

Mr Baey said he was concerned that Singaporeans were beginning to take such hongbao for granted.

‘I am worried if people just look at the dollar figure they receive, rejoice when it is more than last year’s, and become disappointed if it is a smaller windfall,’ he said.

Perhaps the Government could draw up a formula for handing out goodies in the same way that bonuses for top people in the Administrative Service are determined - by pegging it to economic growth.

‘We should also retain the priority towards the needy and elderly who will receive more,’ he explained.

‘Perhaps we can add the size of the Budget surplus as another factor, so that people are able to see the basis of the hongbao and the direct linkage between the state of the economy and their benefit.

‘With a formula, there will be less debate on the quantum of the money given out, lower expectation and hopefully less unhappiness.’

The Government, on Feb 15, announced a Budget surplus of $6.4 billion, as well as $1.8 billion in benefits to Singaporeans in the form of Growth Dividends, income tax rebates and health-care and education-related top-ups.

Mr Baey said another way to share part of the Budget surplus was to hand out goodies just before the Government’s term ends - just before a General Election.

‘Some people will accuse this of being a pre-GE sweetener, but I see this as a reasonable way to end a term of government and to share part of whatever surpluses before closing the books,’ he noted.

‘Sometimes we take a good government for granted and give it less credit than it deserves.’

Like him, Mr Sam Tan (Tanjong Pagar GRC) was also worried that the Budget handouts of the past few years had raised expectations.

Already, he was hearing reactions: that the goodies this year were helpful, but not enough.

What would happen then, if there was a Budget deficit and the Government could not return anything to the people? Would they despair? he asked rhetorically in Mandarin.

So, it was necessary to manage people’s expectations of the yearly Budget bonuses, he said, adding his voice to a view that had been made previously by Senior Minister Goh Chok Tong.

Said Mr Tan: ‘The people lack self-examination. I hope that the Government can, through national education, educate our people…so they can have realistic expectations of the Budget.’

This would ensure continued growth for Singapore and teach its citizens how to prepare for rainy days, he added.

Source : Straits Times  - 26 Feb 2008

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The Singapore Finance Minister is not the God of Fortune

The Singapore Finance Minister is not the God of Fortune 

By Chua Mui Hoong, Senior Writer 
 
MOST governments and citizens would be happy to have a national Budget that yielded a surplus of $6.4 billion.
But in Singapore, the size of the surplus has become an item the Finance Minister has to account for.

Indeed, a few MPs and commentators have said it was ‘embarrassing’ to have such a huge surplus, when a deficit of $0.7 billion had been projected.

As the surplus came on the back of a 2 percentage point hike in the goods and services tax (GST) to 7 per cent, it is understandable that people are asking if the Government was being hasty, or worse, exploitative, in raising the GST in a year when global forces already led to high inflation in Singapore.

The point was made yesterday when the House sat to debate this year’s Budget, presented by Finance Minister Tharman Shanmugaratnam on Feb 15.

Two non-PAP MPs - NMP Gautam Banerjee and opposition MP Low Thia Khiang - wanted the hike reversed.

GOING EASY ON MILO
‘A tin of cooking oil was $4.30 and I did not know that a large tin of Milo would cost $11.65. Well, I guess I’m not really going to be having a lot of Milo Dinosaur from now on.
NOMINATED MP EUNICE OLSEN on the price of house brand products at NTUC FairPrice. Milo Dinosaur is a cup of Milo with an extra heap of Milo powder.
SIMPLER IS NOT DOWNGRADING
‘Simpler living is not necessarily the same as downgraded living. It can bring you much financial freedom. It can even bring you a little bit more peace of mind.’
MR HENG CHEE HOW, an MP for Jalan Besar GRC, on how people can relook their spending patterns to cope with the rising cost of living.
Other MPs, such as Mr Seng Han Thong and Dr Amy Khor, thought surpluses were to be celebrated, not apologised over.

After all, if the Government had projected a deficit, but the economy rebounded and its coffers overflow: that is good news.

And if the state shares its surplus in a smart way with more going to the needy, that is a win-win-win outcome, since citizens, businesses and the state all benefit.

As Dr Khor noted, some Singaporeans think the Government is being kiam siap (Hokkien for tight-fisted) in sharing $1.8 billion of a $6.4 billion surplus.

But then, this sum does not include another $1.6 billion to top up endowment funds for workers, the poor and the elderly: $800 million to the Lifelong Learning Fund, $400 million to the Eldercare Fund and $200 million each to MediFund and the ComCare Fund.

As for the argument that the Government should refine its forecasting methods, let us just remember that a forecast is just plain guesswork based on the state of knowledge at any one time.

A year ago, the property market was in the doldrums. No one could have predicted its dramatic recovery. And who can say what the market will be like 12 months hence?

The fiscal conservative in me often gets an airing this time of the year, with the need to counter the rising wave of expectation of greater bounty from the state.

In fact, as MP Baey Yam Keng noted, the timing of the Budget near the Chinese New Year may have created an expectation that the Budget equals hongbao-giving time.

On this, Mr Seng Han Thong had the response I found most sensible: If surpluses accrue, hongbao should be given out, but only to those who need them.

He cited the old Chinese saying that wealth does not last three generations. It is worth noting that this Government is being led by the third generation of leaders.

Can Singapore become poor again, one student asked at a dialogue session on the Budget.

With its hundreds of billions in reserves and investments and a PAP Government that keeps tight control on spending, it may be hard to fathom such an eventuality.

But the political pressure to over-spend cannot be underestimated.

MP Sam Tan warned of the political power of the ‘grey’ lobby, citing the case of Israel, where the Pensioners Party won broad-based support on the back of pension promises.

There are also soft-hearted (or soft-headed depending on your point of view) liberals on both sides of the political fence in Singapore.

Many Singaporeans support the increases in spending on the bottom 20 per cent in the last five years.

But others favour increased spending on all social services. Yet others, including PAP MPs, want subsidies for the middle-income.

One MP yesterday argued that even the high-income deserved subsidised housing.

MP Christopher de Souza, 32, spoke up for young couples when he argued for a rise in the income ceiling to buy subsidised Housing Board flats, to accommodate young couples whose hard work and rapid promotions put their incomes just beyond $8,000 a month.

They needed subsidised HDB flats as they could not afford ‘pricey’ resale flats or private condominiums, he said.

Two counters to this argument: First, $8,000 a month puts such couples in the top tier of their age group.

Second, it is fallacious to say they cannot afford resale flats. A loan of $300,000 will buy them a four-room flat in most estates. Repayment over 25 years at 3.5 per cent is $1,500, less than their combined Central Provident Fund contributions.

It is a sad day when bright young professionals develop a sour-grapes mentality to subsidies and demand a share of state funds they do not need.

That, to me, is an argument to tighten subsidies so that only the needy get them, not an argument to liberalise them further.

I would prefer subsidies to go to those such as MP Indranee Rajah’s Henderson constituents. One lives in a bin centre, where dustbins are stored. Another family was split up, children farmed out to different relatives, because they had lost their family home.

Her plea: Raise the supply of subsidised HDB rental flats for the low-income.

As Parliament debates the Budget over the next two weeks, more MPs will call for increased government spending on pet projects: on health care, for the needy, for the disabled, for the old, for the young, for the arts, or to promote family ties.

It is timely to recall that the Finance Minister is not the God of Fortune and that not all calls for spending have merit. Even if there is a $6.4 billion surplus.

Source : Straits Times  - 26 Feb 2008

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More Budget extras for the needy, Singapore MPs urge

More Budget extras for the needy, Singapore MPs urge 

By Lee Siew Hua 
MORE HELP: MPs were vocal about digging deeper into the Budget to help the needy. An inflation relief fund and taxi allowances were among the suggestions. — ST PHOTO: DESMOND LIM
 
SINGAPORE can afford to do more to lift the poor up in these days of rising prices, said MPs, outlining their wishlist for the needy.

A Workfare Income Supplement scheme that takes inflation into account and a transport allowance were among the ideas they contributed liberally to the Budget debate yesterday.

But even as they called for extra help for the lower-income, they were quick to add the importance of keeping the spirit of self-reliance alive.

More than half of the 19 MPs who spoke on the subject began by praising the Budget’s far-sightedness and its focus on immediate help for the needy, before launching into ideas for additional aid.

MP Michael Palmer (Pasir Ris-Punggol GRC) captured a major point of the debate when he asked: ‘Can we afford to give Singaporeans a little more help? With the surplus we have, the answer should be yes.’

Plan an inflation relief fund, he said. ‘Of the $6.4 billion surplus, we should earmark…enough for a contingency fund to provide inflation relief packages, similar to the GST Offset Package.’

Target the fund at the low- to middle-income tiers, he said.

Inflation was also on the mind of Mr Christopher de Souza. The MP for the Holland-Bukit Timah GRC asked for an inflation-sensitive Workfare Income Supplement, or WIS.

The WIS is a payout that the Government gives twice yearly to older, low-wage earners.

It is uniquely direct in growing a person’s wage in hand, Mr de Souza said.

‘He is able to predict how much he will receive from month to month; this is to be contrasted to one-off dividend pay-outs,’ the MP added, referring to the Growth Dividends that Singaporeans will receive following the handsome Budget surplus.

Focusing on at-risk workers, Mr Zainudin Nordin (Bishan-Toa Payoh GRC), mayor of the Central Singapore district, began by portraying the everyday pain of food inflation: ‘In January last year, I could buy chicken, milk and bread for just under $10.

‘Today, I can still buy my chicken, milk, but, oh wait, I can no longer afford my bread!’

Cleaners were among the most at-risk casual and contract workers, he noted: ‘Businesses, which have deeper pockets and resources, must look beyond the cheapest bid when outsourcing.

‘Instead, choose the service provider based on their employment practices,’ he said, mentioning his work at the NTUC’s Unit for Casual and Contract Workers.

Meanwhile, teach at-risk workers to ’stand up for themselves’, he said. If they were exploited, let them complain to the Manpower Ministry without fearing reprisal, he added.

MP Inderjit Singh (Ang Mo Kio GRC) called the Budget ‘far-sighted’ and noted, too, that it addressed the immediate and long-term needs of the lower-income.

But, surveying the wider policy landscape, he noted that Singapore had been pursuing the ‘grow-at-all-costs’ policy even if ‘a certain quarter of Singaporeans would not be able to keep up’.

Like several speakers, he touched on how WIS recipients could enjoy extras to fight inflation.

The ceiling for the WIS should go up from $1,500 to $1,800 a month, he said.

Payouts should come every three months, not at intervals of six months as ‘cash flow is the big problem,’ he said.

A transport allowance for the elderly and disabled was highlighted as a possible extra by Dr Teo Ho Pin (Bukit Panjang), mayor of the North West district. He said the elderly take taxis to medical appointments and cab fares had risen since late last year.

While some MPs, including Mr Baey Yam Keng (Tanjong Pagar GRC), wondered if Singapore was stirring unhealthy expectations of Budget hongbaos, the dominant argument was that Singapore could do more.

As Mr Palmer said: ‘We should not shy away from helping those in need when we can have the resources to do so because we are afraid that we will create the expectation of handouts.’
Source : Straits Times  - 26 Feb 2008

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Singapore High Court dismisses bid to save temple site

Singapore High Court dismisses bid to save temple site 

Jin Long Si has two months to relocate to site offered by Govt; acquired land to be used for homes

By Peh Shing Huei 
RELOCATION: The Government will resume discussions with the Jin Long Si Temple trustees on the move from its current site off Bartley Road to a temporary one, likely to be in Tai Seng Avenue.
 
A LEGAL bid by three devotees to save their 65-year-old Buddhist temple site from government acquisition was dismissed by the High Court yesterday.
The Jin Long Si Temple, off Bartley Road, now has two months to move to a temporary site, likely to be in Tai Seng Avenue in Paya Lebar.

The devotees of the temple had filed a suit last month against the acquisition, alleging that it is in violation of the Constitution.

The case was heard in chambers, behind closed doors, on Jan 29, and the court ruled yesterday that the devotees had no standing to make the application.

Even if they did, Justice Tan Lee Meng said, the Government did not breach the Constitution.

The site was acquired by the Government in 2003 as part of redevelopment plans in conjunction with the construction of the Circle Line’s Bartley station.

The wood-walled, zinc-roofed temple was given a five-year period, up to Jan 31 this year, to relocate.

But because of the lawsuit, the move was postponed.

The Government had offered the temple alternative sites and discussions were underway for the direct alienation of these sites to the temple late last year, said the Law Ministry in a statement.

The temple’s land is to be merged with state land next to it, where the Millennia Institute used to be, so that more homes can be built there.

The plot is scheduled for sale in the second half of this year.

Now that the devotees’ application has been dismissed, the Government will resume discussions with the temple trustees on the move to a temporary site, and subsequently to a permanent home.

The trustees and key committee members have indicated their preference for a site in Tai Seng Avenue.

Temple president Tan Poh Heong declined comment yesterday, saying he has to consult the temple’s lawyers.

Source : Straits Times  - 26 Feb 2008

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6.6% - Housing, transport, food prices fuel Jan inflation - Singapore

6.6% - Housing, transport, food prices fuel Jan inflation - Singapore

By Bryan Lee, Economics Correspondent
 
INFLATION accelerated last month to a 26-year high of 6.6 per cent with housing, food and transport costs registering steep increases over the past year.
The January figure picks up pace from December’s 4.4 per cent jump - itself the biggest rise since April 1982 - as external and local factors added further upward momentum to consumer prices.

The big surge was largely anticipated by economists, who said inflation rates in the coming months are unlikely to rise much more from the current levels.

Still, the spike seems to have prompted an unprecedented move by the Ministry of Trade and Industry (MTI), which issued a statement on the inflation data as it was published yesterday by the Department of Statistics.

Seemingly looking to quell fears of spiralling living costs, the MTI said that while the jump in consumer prices last month was high, this was consistent with the official full-year inflation forecast of 4.5 to 5.5 per cent.

It said the spike was bumped up by several one-off factors, adding that price pressures should subside later in the year.
The surge in last month’s consumer price index (CPI) was driven largely by an 11.1 per cent jump in housing costs.

Much of this came from the Government’s one-off revision of the annual values of public flats. The annual value is the theoretical rental income that a house could fetch in a year.

‘As has been explained in Parliament, this does not actually affect expenditures of most Singaporeans, who own the homes they live in,’ said the MTI statement.

The ministry also pointed out that price levels were especially low in January last year, due in part to service and conservancy rebates given out that month. Such rebates were not given last month as they were already doled out in December.

Less theoretical were the hikes in food and transport costs, the two biggest components of the CPI.

Driven by global prices, costs of raw food such as dairy products, cooking oil and meat surged, which in turn made dining out more expensive, said the Department of Statistics in its monthly statement.

High oil prices made driving more costly, while car prices and taxi fares rose, it added.

Some of the increase would have been the result of last July’s goods and services tax hike, which continues to inflate year-on-year CPI figures even though it is no longer raising price levels from one month to the next.

The MTI said looking at price rises between consecutive months would indicate inflation momentum better. Taking three-month averages to smooth out monthly volatility, it said inflation momentum picked up last July but has stayed constant since then.

Still, if headline inflation figures, which use year- on-year comparisons, remain high, inflation expectations may rise, warned Citigroup economist Kit Wei Zheng. This may prompt workers to demand higher wages to compensate for rising living costs.

Experts also said the CPI probably underestimates the pace at which living costs for foreign workers are rising, and hence the rate at which Singapore’s edge in the global competition for international talent is being eroded.

CIMB-GK economist Song Seng Wun noted that expatriates are likely to face much higher hikes in private home rentals and international school fees than what the CPI indicates.

Source : Straits Times  - 26 Feb 2008

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Rising costs, price hikes top concerns of Singapore MPs

Rising costs, price hikes top concerns of Singapore MPs
 
They back strategies to keep inflation in check but say individuals and businesses need help to cope

By Lydia Lim, Senior Political Correspondent 

RISING costs and their impact on people’s ability to make ends meet dominated the start of this year’s parliamentary debate on the Government’s Budget.
Many of the 19 MPs who spoke during the five-hour session praised the Budget for being forward-looking and generous, but 13 also voiced concern over a slew of recent price hikes.

MPs from the People’s Action Party, Mr Inderjit Singh and Mr Michael Palmer, recited a litany of these increases in the past year alone.

Taking last December as an example, Mr Palmer said: ‘The price of luncheon meat went up from $1 to $3, taxi fares went up, school bus fares went up and even the opposition’s Potong Pasir Town Council added to the list with an increase in its service and conservancy charges.’

MPs said that businesses have been hard hit by steep hikes in office rents, and asked for tax reliefs to help them cope.

For individuals, Mr Palmer suggested that part of the Budget surplus of $6.45 billion be used to set up a contingency fund to help low-income families should inflation worsen.

Mr Singh, who chairs the Government Parliamentary Committee for Finance and Trade and Industry, urged a review of the Government’s avowed strategy to grow the economy as fast as possible in good years. This had contributed to the current situation of overheating and high prices, he said.

‘The ‘grow-at-all-costs’ policy, with the cost increases triggered or allowed by the Government, have worsened the income divide,’ he said.

At the same time, MPs threw their support behind the Government’s five strategies to keep inflation in check.

These include allowing a gradual appreciation of the Singapore dollar to rein in imported inflation, and growing the economy so that wages for most workers go up by more than costs.

Nominated MP Cham Hui Fong of the National Trades Union Congress pointed out that last year had indeed been a good year for workers.

Those in the unionised sector enjoyed the highest bonuses since 1990 and the lowest retrenchment rate since 1994, she said.

But fellow NMP Eunice Olsen stressed that in tackling inflation, ‘preaching’ to Singaporeans to buy cheaper house brands was not a solution, as many people were already buying the lowest-priced options available.

Four MPs - Workers’ Party chief Low Thia Khiang, NMPs Gautam Banerjee and Ms Olsen, and Mr Singh - took issue with the wide gap between the Government’s projected $0.7 billion deficit and the actual $6.45 billion surplus.

This showed that the Government’s ‘Budget marksmanship’ had worsened, said Ms Olsen.

The four MPs also questioned whether the Government had been hasty in raising the Goods and Services Tax (GST) from 5 per cent to 7 per cent last July, since it did not really need the revenue it generated.

Both Mr Low and Mr Banerjee asked for the GST to be restored to 5 per cent.

But Senior Parliamentary Secretary for the Environment and Water Resources Amy Khor warned against assuming that the economy would prosper and produce a surplus every year.

She said: ‘The Finance Minister has been judicious in balancing competing priorities and seeking to invest in the medium- and long-term future, while dealing with the immediate concerns of citizens.’

More than 20 MPs are expected to speak when the debate resumes today.

Source : Straits Times  - 26 Feb 2008

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Vanadium - Singapore - District 08

Vanadium - Singapore - District 08

Smart, elegant and sophisticated as you be. The interiors speak for. With its model of minimalist and clean lines, the apartments are accentuated with windows of floor-with-ceiling. Simplicity and the improvement go in concert, just as the provisions and the functional completions of quality. Oozing with the contemporary model, the choice of 2 and the apartments of 3-rooms to be slept, like 3 and apartments terraces of 4-rooms to be slept with attics, proves clearly that smart comfort can indeed be relished.

Name : Vanadium
Developer : Novelty Brothers Pte Ltd
Tenure : FH
Property Type : APT
District : 8

Unit Info:
Total Units: 35 in two 5-storey blocks
7, 9 Hertford Rd
2 Rooms:
3 Rooms:
3 Rooms Penthouse with attic:
4 Rooms Penthouse with attic:
Facilities:
Swimming pool
wadding pool
BBQ

The real estate of Singapore - purchase, sales, rents, investment, properties of Singapore

The purchase of property, sales, rents, investment, real estate of Singapore: Private property, placing the patent rights of condo apartment, commercial and. Sales of feasts of apartment of HDB with the hiring. The foreign investor, the purchaser or replace expats to easily be able to discover their ideal house of ground, the landed house,semi-finale-D, large balcony, apartment, including the house, private apartment, HDB, HUDC, office, store, factory, land property of the ground of warehouse here.

MINDY YONG

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http://www.hotvictory.com

Le Merritt - Singapore - District 15

Le Merritt - Singapore - District 15

Le Merritt - the modern urban paradise.

With that many units is priviledged minority, Le Merritt adopts
philosophy “is more”. In the facade and the room designs decorates a
contemporary concept to contain smoothly, the clean construction form.

The buyer can choose from various fashionable apartment from two pairs
of three bedroom apartments and the attic house. An equally happy
water trough basin and gymnastics service lets you enjoy the healthy
body and relax in yours door step.
Unit Info:(Le Merritt)
Total Units: 23 in a 5-storey block.
3 Rooms with PES (1 unit): 114 sq.m. (1227 sq.ft.)
3 Rooms with balcony (15 unit): 88 to 92 sq.m. (947 to 990 sq.ft.)
2 Rooms with balcony (3 unit): 81 sq.m. (872 sq.ft.)
2 Rooms penthouse with balcony and roof terrace (1 unit): 101 sq.m. (1087 sq.ft.)
3 Rooms penthouse with roof terrace (3 unit): 115 to 130 sq.m. (1238 to 1399 sq.ft.)
Facilities:(Le Merritt)
Sunken swimming pool
wading pool
jacuzzi
water features
pool deck
gym
roof garden
The Singapore real estate - purchase, sells, rents, investment,Singapore properties

The property purchase, sells, rents, investment, Singapore real estate: Private property, housing apartment, commercial and industrial property. The HDB flat treats sells with the rental. The foreign investor, the buyer, the boarder or relocates expats to be able easily to discover their ideal land house, one-story house, semi-d, big balcony, apartment, including house, private apartment, HDB, HUDC, office, store, factory, warehouse earth land ownership here.
MINDY YONG

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mindy@mindyyong.com ( email me )

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Singapore REITs still dominant in Asia despite current market conditions

Singapore REITs still dominant in Asia despite current market conditions

By Pamela Almeda,

SINGAPORE : Singapore’s real estate investment trust (REIT) market is holding up, despite the current weak market conditions, according to the Asian Public Real Estate Association.

It said that Singapore REITs are attractive to investors because of their well-diversified and cross-border assets as well as the good regulatory framework here.

Singapore is a key player in Asia’s REIT space. Together with Japan and Hong Kong, it accounts for over 90 percent of the REIT market in the region.

Singapore ranks Number 2 next to Japan, and has a market capitalisation of US$21.6 billion as at January 2008.

According to the Asian Public Real Estate Association, there are good reasons why Singapore REITs are attractive.

Peter Mitchell, CEO, Asian Public Real Estate Association, said: “The fact that there is no restriction on investing on offshore assets; that the withholding tax for corporate non-resident investors is 10 percent, which is very competitive; that the REIT is not taxed at the REIT level so the income flows down on a gross basis to investors… so it’s a very attractive proposition.”

The Association also noted that as a group, Singapore REITs are well-diversified, with interests in the retail, industrial and the office sectors, as well as hospitality and healthcare.

And apart from Hong Kong REITs which invest in China, Singapore REITs are the only Asian property trusts with assets offshore. They have interests in more than 10 countries.

Mr Mitchell said: “Singapore has done a great job in establishing itself as a cross-border REIT centre in Asia. I think (it’s a) combination of favourable tax legislation, good regulation and the way in which these regulations are managed by the authorities.”

Amid the current market volatility, the Association said there are opportunities for REITs with excess capital.

Mr Mitchell said: “What that means is that some players may not have excess capital as a result. Others that are well cashed up or modestly geared will have capital supply lines and will be able to compete on a cost of capital basis. And because those fundamentals are good, they stand to see some wonderful opportunities in front of them in 2008.

“Because the real estate fundamentals generally in the region are good, it’s very hard in the Singapore context to identify any one sector (which) is presenting more opportunities in the listed space than the other.”

There are 20 listed REITs in Singapore and according to some estimates, this may hit 30 by the end of the year. - CNA/ms
 
Source : Channel NewsAsia  - 26 Feb 2008

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