Singapore MAS likely to retain $ policy, or tighten it

Singapore MAS likely to retain $ policy, or tighten it

Currency strategists expect US$ to hit new all-time lows of S$1.32 to S$1.36 by end-2008
By LARRY WEE
(SINGAPORE) In response to strong price pressures at home and abroad, the Monetary Authority of Singapore is expected to maintain its current policy stance for the trade-weighted Singapore dollar or S$NEER, or even tighten it a notch further, when it issues its semi-annual monetary policy statement next month, say currency strategists.
 
 
In its last policy statement on October 10 last year, the MAS left intact its policy of a modest and gradual appreciation of the S$NEER, which has been in place since April 2004, but also decided to ‘increase slightly the slope of the S$NEER policy band’.

In practical terms, currency researchers estimate that this probably raised the annual rate of trend appreciation for the Sing dollar from 2 per cent to closer to 3 per cent currently.

But with price pressures at home and abroad now forcing consumer prices here to 25-year highs in the past two months, there’s a possibility that the MAS may even want to nudge such trend appreciation a notch higher - even if most don’t expect it to re-centre the mid-point of its undisclosed trading bands for the S$NEER, or make any changes to the width of those bands.

CPI readings for the Republic hit 6.6 and 6.5 per cent highs in January and February this year, compared to 4.4 per cent in December last year. And, compared to full-year rises of 1 and 2.1 per cent in 2006 and 2007, the Ministry of Trade and Industry raised its official 2008 forecast for headline CPI to a 4.5 to 5.5 per cent range last month, from an earlier estimate of 3.5 to 4.5 per cent.

Joseph Tan, a senior strategist at Fortis Bank here, sees the local CPI topping out closer to 7 per cent before falling back, but argues that the MAS may well want to raise trend appreciation for S$NEER a touch higher, to a 4 per cent annual rate. In currency terms, this could translate into another new all-time high of S$1.32 vis-a-vis the US dollar by the end of this year.

Explained Mr Tan: ‘I think there’s a real danger that food and energy prices will continue to remain at elevated levels this year; oil prices, for example, may continue to trade above US$100 a barrel even in H2.

‘We also have to remember that price pressures at home are not only coming from the effects of higher GST, but extends to the spillover effects from rising house prices and rentals. I think the MAS will need to check inflation there too - because if the US economy bottoms out later this year, we could well see house prices here shooting up again.’

Barclays Capital’s regional economist Leong Wai Ho concedes that such inflation concerns - and others - have also persuaded him to think in terms of a steady to firmer MAS stance next month.

‘I think it’s no longer just an inflation story, but an issue of cost competitiveness now - which renders policy decision-making even more difficult.’

Mr Leong, who expects the US dollar to finish 2008 closer to S$1.34, pointed to anecdotal evidence such as a Cushman & Wakefield report that Singapore’s office rentals had vaulted 10 notches higher in 2007, to seventh most expensive - surpassing even the rates charged in mid-town Manhattan.

On top of that, he warned, local price pressures have spilled over from the consumer to the production side as well, citing all-time highs in a Q4 2007 URA tender price index.

On balance, however: ‘It’s become less clear that the MAS can tighten further now that external forces have deteriorated faster than expected, due to a rapidly slowing US economy, so we expect them to maintain the current status quo without re-centring or changing the slope of the band,’ said Mr Ho.

Claudio Piron, JP Morgan’s head of Asia forex research, also believes the MAS is likely to retain its current status quo, and his firm is looking for the greenback to finish the year closer to S$1.36 - with risks to the downside of that.

He explained that for the moment, headline inflation remains high, domestic economic conditions are robust in terms of consumer demand and jobs, and external trade hasn’t fallen off a cliff. But should the US slowdown deepen, commodity price pressures could ease later this year.

‘The other thing to point out here is that the S$NEER is somewhat of a blunt tool that may not solve all the price pressure problems - so the authorities here may need to look at some other additional policies to alleviate the pressures faced by those worst-hit by rising prices at home - both on the business and individual level,’ he added.

Since the early 1980s, the MAS has adopted the S$NEER as its main monetary policy tool for offsetting imported price pressures in the very open local economy.

Estimates of the model employed by the MAS to fine-tune the local currency’s international value suggest its current policy of modest and gradual appreciation should translate into trend S$NEER appreciation of approximately 2.5 to 3 per cent per annum - fine-tuned by the local central bank inside estimated trading bands of between 1 and 2 per cent on either side of a gradually rising central value.

Source : Business Times  - 31 March 2008

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Singapore LTA to consider returning cash for scrapped cars

Singapore LTA to consider returning cash for scrapped cars 

Policy change may help people switch to public transport, says Transport Minister

By Christopher Tan, Senior Correspondent 

FOR years, the answer has been no.

Now Transport Minister Raymond Lim wants to know if it can be yes.

He has asked the Land Transport Authority (LTA) to see if motorists can get back cash when they scrap their cars.

By scrutinising this sacred cow, he is showing how serious he is about finding ways to persuade people to give up their cars.

He hopes that some who get their money back - and the amount could run to thousands of dollars per motorist - would choose not to buy a new car and switch to public transport instead.

Since 2003, around 80,000 passenger cars have been scrapped each year before turning 10 years old, with the Government refunding the so-called unused portions of the Additional Registration Fee and Certificate of Entitlement.
People have been known to scrap cars as new as two years old, though most do so only after the vehicles turn five years old.

At present, the refunds come as paper rebates which can be used only to buy another vehicle.

Given the number of vehicles scrapped and the youthfulness of many of the vehicles, a change in policy could see the Government refunding $2 billion each year.

Mr Lim said that the LTA would work with the Finance Ministry to see if the change could be made.

‘You have to look at our overall objective - to have a decisive shift towards public transport,’ he said. ‘So we should look at whether we can have any incentive to help people make the shift.’

He was speaking at the launch of the Land Transport Masterplan, a 101-page paper outlining the Land Transport Review which he announced in January. It called for an overhaul of the bus and train systems as well as major changes aimed at car owners.

‘As I said when we launched the Land Transport Review, we will leave no stone unturned,’ he said. ‘So this is one more stone that I’m turning up to have a look at, to see if it can be done.’

Motorists have long asked for rebates to be paid in cash, but the answer always been no. The reason usually given: The rebate is a discount on taxes paid upfront and not meant as a cash refund.

Mr Lim expects a decision on the change within six months.

Among motorists who welcomed the possible change was engineer Shreejit Changaroth, 51, who said: ‘I know people with old cars who are not scrapping them simply because they can’t use the rebates for anything else but to buy another car.’

Motor traders however, may lose a source of income, because they rake in a significant amount from trading the rebates between those who scrap and those who buy cars.

Mr Raymond Tang, managing director of used car trader Yong Lee Seng, said that this has been a ‘business opportunity’ for traders for years.

Singapore Vehicle Traders Association president Neo Nam Heng said that cash rebates would be ‘fair to car owners’, but the impact on traders would be clear only when details are out.
Keeping vehicles young
SINCE 1975, Singapore has aimed to keep the age of vehicles on the road down, to avoid jams caused by breakdowns.
So every new car has an initial 10-year lifespan. If it is scrapped before it turns 10, the owner gets back part of the taxes already paid.

At present, the refund can be used only to offset taxes when buying another car.

Anyone who does not want to buy another car can sell the rebate to motor traders, who usually take a cut of up to 10 per cent.
Source : Straits Times  - 31 March 2008

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SM Goh says Singapore has balanced political self-renewal system

SM Goh says Singapore has balanced political self-renewal system

By S Ramesh, 

SINGAPORE: Senior Minister Goh Chok Tong has described Singapore’s political self-renewal system as well-balanced, with a good mix of very experienced ministers and new ones who have been gradually tested.

However, Mr Goh said he does not see the need for a third deputy prime minister for Singapore presently.

Prime Minister Lee Hsien Loong announced several changes to his Cabinet on Saturday, including the appointment of top lawyer and Sembawang GRC MP K Shanmugam as law minister and second minister for home affairs.

He takes over from Deputy Prime Minister S Jayakumar at the Law Ministry.

Mr Lee also announced several promotions to senior minister of state and moved Manpower Minister Dr Ng Eng Hen to the Ministry of Education following Minister Tharman Shanmugaratnam’s relinquishment of the post to concentrate on the Finance Ministry.

Speaking to the media at the Kaki Bukit Town Carnival on Sunday, Mr Goh also emphasised the need to pay competitive salaries in order to attract the best talent from the private sector to join the government.

He explained that while the private sector is very challenging, entrepreneurial, and gives individuals the freedom to do what they want to advance their personal interest; in public service, people and the country come first.

“If the political leaders and civil servants are not well-paid, we don’t attract the best into the public service, the best will go into the private sector,” said the senior minister.

Kaki Bukit grassroots leaders have been sharing their views on the latest changes to Singapore’s Cabinet with Mr Goh and Dr Muhammad Faishal Ibrahim.

Dr Faishal said: “It’s a very systematic and careful approach of leadership renewal. This is very good for Singapore because our ministers are very important as they pursue the directions for Singapore, and with such an approach, I have spoken to the grassroots leaders and they feel reassured of Singapore’s future.”

Political watchers and some Singaporeans have observed that no woman has been appointed to the Cabinet and no Malay MP has been promoted. Mr Goh said Singapore’s system is not based on gender or race but the suitability of individuals for the ministries.

But he added that he believes it is a matter of time before a woman minister is appointed.

“Both Lim Hwee Hua and Grace Fu attend Cabinet meetings. So even though they may not be full ministers, they can give their views quite freely. In that sense, women are represented in Cabinet,” said Mr Goh.

Turning to the appointment of a second minister for home affairs, Mr Goh explained that the Law Ministry does not stretch Mr Shanmugam.

He said it is usual that the law minister is given another appointment and he feels it is very good for Mr Shanmugam to have actual experience on how law impacts society.

In an email response, Law Society President Michael Hwang said he expects the close relationship with the lawyers’ body and the government to continue under the new law minister.
- CNA/ac/so
Source : Channel NewsAsia  - 31 March 2008

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Former F1 world champion Hakkinen zooms into S’pore

Former F1 world champion Hakkinen zooms into S’pore

By Patwant Singh,
SINGAPORE: Once again, Singaporeans got an up-close experience of the power of a Formula One car at the Padang on Sunday. This is the second of such demonstration after Red Bull brought their car for the Chingay Parade earlier this year.

And showing the capabilities of the McLaren Mercedes MP4-22 was a man who twice lifted the F1 World Championship trophy, Mika Hakkinen.

The Finn hit about 150km to 180km in the car, over a 400-metre stretch of St Andrew’s Road.

The performance was also part of the “Never Drink and Drive” campaign by Johnnie Walker, one of the sponsors of the F1 team. Hakkinen is the Global Responsible Drinking Ambassador of the campaign.

Still on the issue of safety, the former McLaren driver, was concerned about the lighting for the upcoming Singapore F1 night race.

Hakkinen said: “The organisers should not make any kind of compromises in lighting. They should think of every possible angle simply because Singapore is hosting the Grand Prix for the first time. The whole world is watching the first night race with high interest.”

He added that drivers would find it harder to drive at night as they would be less physically alert.

Some McLaren technical crew witnessed the lighting demonstration conducted on Saturday by the Singapore race organisers.

Their latest trip to Singapore also helped them to gather valuable information about the Singapore circuit.

Neil Trundle, Special Projects, McLaren Racing, said: “We have taken the opportunity to take photos around the track and when we get back to England, we are going to put this on our simulator.”
- CNA/so
 
Source : Channel NewsAsia  - 31 March 2008

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For Rent - Citylights - District 08 -Singapore Apartment Condo Listing- 31.03.2008

For Rent - Citylights - District 08 -Singapore Apartment Condo Listing- 31.03.2008

TY : [C]ondo [D]uplex [H]iRise [L]oRise [T]ownHse [P]enthse [W]alkUp [M]asionette

TNR=Tenure, DT=District, BDRM=Bedroom, AREA=Built-In, STR=Storey, Price $K=In Thousand

Price are subject to changes , please call (+65) 91002985 for lastest update
Type — C
District — 8
Estate — CITYLIGHTS, BLK 80 #04
Area — 1300
Bedroom — 3
PSF — 5.77
Price$ — 7500
Type — C
District — 8
Estate — CITYLIGHTS, BLK 80 #06
Area — 1313
Bedroom — 3
PSF — 0
Price$ — 0
Type — C
District — 8
Estate — CITYLIGHTS, BLK 80 #34
Area — 1356
Bedroom — 3
PSF — 0
Price$ — 0
Type — C
District — 8
Estate — CITYLIGHTS, BLK 86 #08
Area — 689
Bedroom — 1
PSF — 6.53
Price$ — 4500
Type — C
District — 8
Estate — CITYLIGHTS, BLK 86 #16
Area — 560
Bedroom — 1
PSF — 8.93
Price$ — 5000
Type — C
District — 8
Estate — CITYLIGHTS, BLK 86 #31
Area — 560
Bedroom — 1
PSF — 7.14
Price$ — 4000
Type — C
District — 8
Estate — CITYLIGHTS, BLK 88 #28
Area — 721
Bedroom — 1
PSF — 0
Price$ — 0
Type — C
District — 8
Estate — CITYLIGHTS, BLK 88 #31
Area — 560
Bedroom — 1
PSF — 8.93
Price$ — 5000
Type — C
District — 8
Estate — CITYLIGHTS, BLK 88 #39
Area — 1900
Bedroom — 4
PSF — 0
Price$ — 0
Type — C
District — 8
Estate — CITYLIGHTS, BLK 90 #09
Area — 926
Bedroom — 2
PSF — 5.08
Price$ — 4700
Type — C
District — 8
Estate — CITYLIGHTS, BLK 90 #14
Area — 893
Bedroom — 2
PSF — 5.04
Price$ — 4500
Type — C
District — 8
Estate — CITYLIGHTS, BLK 90 #29
Area — 560
Bedroom — 1
PSF — 6.43
Price$ — 3600
Type — C
District — 8
Estate — CITYLIGHTS, BLK 90 #30
Area — 904
Bedroom — 2
PSF — 6.08
Price$ — 5500
Real estate in Singapore - property of Singapore, Buy, sales, rents, investment,

MINDY YONG

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For Rent - Icon - District 02 Singapore Apartment Condo Listing- 31.03.2008

For Rent - Icon - District 02 Singapore Apartment Condo Listing- 31.03.2008

TY : [C]ondo [D]uplex [H]iRise [L]oRise [T]ownHse [P]enthse [W]alkUp [M]asionette

TNR=Tenure, DT=District, BDRM=Bedroom, AREA=Built-In, STR=Storey, Price $K=In Thousand

Price are subject to changes , please call (+65) 91002985 for lastest update

Type — C
District — 2
Estate — ICON, #07
Area — 657
Bedroom — 1
PSF — 8.07
Price$ — 5300
Type — C
District — 2
Estate — ICON, #09
Area — 786
Bedroom — 1
PSF — 5.73
Price$ — 4500
Type — C
District — 2
Estate — ICON, #09
Area — 657
Bedroom — 1
PSF — 8.07
Price$ — 5300
Type — C
District — 2
Estate — ICON, #11
Area — 785
Bedroom — 1
PSF — 7.64
Price$ — 6000
Type — C
District — 2
Estate — ICON, #11
Area — 657
Bedroom — 1
PSF — 8.07
Price$ — 5300
Type — C
District — 2
Estate — ICON, #12
Area — 561
Bedroom — 1
PSF — 8.02
Price$ — 4500
Type — C
District — 2
Estate — ICON, #13
Area — 657
Bedroom — 1
PSF — 7.61
Price$ — 5000
Type — C
District — 2
Estate — ICON, #18
Area — 915
Bedroom — 2
PSF — 7.1
Price$ — 6500
Type — C
District — 2
Estate — ICON, #20
Area — 936
Bedroom — 2
PSF — 6.41
Price$ — 6000
Type — C
District — 2
Estate — ICON, #20
Area — 915
Bedroom — 2
PSF — 7.1
Price$ — 6500
Type — C
District — 2
Estate — ICON, #22
Area — 570
Bedroom — 1
PSF — 0
Price$ — 0
Type — C
District — 2
Estate — ICON, #23
Area — 700
Bedroom — 1
PSF — 6.71
Price$ — 4700
Type — C
District — 2
Estate — ICON, #23
Area — 700
Bedroom — 1
PSF — 8.57
Price$ — 6000
Type — C
District — 2
Estate — ICON, #24
Area — 560
Bedroom — 1
PSF — 10.71
Price$ — 6000
Type — C
District — 2
Estate — ICON, #25
Area — 786
Bedroom — 1
PSF — 7.63
Price$ — 6000
Type — C
District — 2
Estate — ICON, #28
Area — 570
Bedroom — 1
PSF — 0
Price$ — 0
Type — C
District — 2
Estate — ICON, #36
Area — 926
Bedroom — 2
PSF — 6.48
Price$ — 6000
Type — C
District — 2
Estate — ICON, #38
Area — 1259
Bedroom — 2
PSF — 5.56
Price$ — 7000
Type — C
District — 2
Estate — ICON, #40
Area — 1044
Bedroom — 2
PSF — 8.14
Price$ — 8500

Real estate in Singapore - property of Singapore, Buy, sales, rents, investment,

MINDY YONG

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Rental for warehouse Defu area 31-03-08

Rental for warehouse Defu area 31-03-08

35,000sqft Open Space Asking $0.90psf.
8000-10000sqft single storey, Can be used as car workshop & repair Asking $1.80psf
Warehouse Asking $1.70psf

1 or 2 yrs lease

Properties Buy Sell Rent Invest Singapore Property Singapore Real Estate

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Factory for Rent , 2 Storey @ Chin Bee Rd -31-08-08

Factory for Rent , 2 Storey @ Chin Bee Rd

Total Rented Area = 16,217sqft
High Ceiling
Ground floor, Warehouse cum office 13,258sqft
2nd floor, 2959sqft.

Rental $1.50psf for 2yrs lease
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Singapore HDB resale market healthy but prices rising at slower pace

Singapore HDB resale market healthy but prices rising at slower pace
 
Total sale prices likely to be steady or higher while upfront cash demands may continue to slide
By Joyce Teo, Property Correspondent 
HDB FLAT SELLERS HAVE BECOME MORE REALISTIC in asking for lower cash-over-valuation sums and those in prime areas such as Tiong Bahru may now ask for $35,000 to $60,000 cash, compared with about $80,000 to $100,000 last year. 
 
WHILE quiet may prevail in the private homes market, the resale market for HDB flats offers another picture - one filled with steady activities.
Still, a number of potential HDB resale flat buyers are kept out of the market by the high upfront cash sums that some sellers demand.

These cash sums are on top of the valuation price of a flat and can be paid only in cash.

Last year, when HDB resale prices rose 17.5 per cent in line with the private property boom, many sellers rode on the buying wave and started asking for cash- over-valuation sums ranging from $50,000 to more than $100,000.

For those who are holding off their HDB purchases for a lower price, property agents say cash- over-valuation amounts could continue to slide. But HDB resale flat prices are unlikely to tumble in the foreseeable future, they say.

‘The HDB market is still very healthy,’ said Mr Chris Koh, director of Dennis Wee Properties.

Resale prices are still rising - albeit at a slower rate than last year - as valuations have generally risen, property agents say.

Even if the cash-over-valuations are slightly lower than late last year, the total resale price will still be steady or higher.

ERA Realty Network’s assistant vice-president, Mr Eugene Lim, said his firm expects the first-quarter HDB resale price index to show a marginal rise of 3 per cent or less.

The resale price index increased by 5.7 per cent in the fourth quarter of last year.
Cash-rich en-bloc sellers

‘WE ARE still seeing en-bloc sellers downgrading to the bigger HDB flats such as the executive flats,’ said Mr Koh.

With their $2 million or so sales proceeds, some en-bloc sellers, especially the retired ones, prefer to buy an HDB flat to live in and a small private property for investment, he said.

Meanwhile, some of the HDB resale flat buyers are downgrading to smaller flats.

As a result, there is more sales activity among three- or five-room flats and executive flats, said Mr Koh.

He said some collective sale sellers are of the view that the private property market will fall some time down the road.

This group would buy an HDB resale flat to live in while they wait for a good time to enter the private property market, he said.

They need to live in their resale flats for only one year before they can sell them, if they are taking a bank loan for the purchase.

Those who take an HDB loan for a resale flat purchase have to live in it for 21/2 years before they can sell it.

While this group may not be big, they do help to prop up the HDB market to a certain extent.
Lower upfront demands

THE Government has increased the supply of HDB flats as its stock depletes, and has assured the public that it will boost supply when needed.

As buyers now have more choices, some agents are taking double the time to sell resale flats, compared with around one month on average late last year, said Mr Eric Cheng, executive director of HSR Property Group.

Because of the weak sentiment in the private homes market this year, HDB flat sellers have also become more realistic in asking for lower sums of cash, property agents say.

Today, sellers in prime areas like Holland and Tiong Bahru may ask for $35,000 to $60,000 cash, compared with maybe $80,000 to $100,000 last year, said Mr Cheng.

Mr Koh said cash-poor buyers need not consider only far-out areas like Marsiling. They can also look at towns such as Yishun, Tampines, or Pasir Ris, where sellers are now asking for less cash.

The HDB recently said its records for last month showed that about a quarter of the resale flats were transacted at prices not exceeding $10,000 above market valuation. These included those in more established towns such as Ang Mo Kio, Bedok, Tampines and Yishun.

Such cash-over-valuation levels of below $10,000 for flats in established towns are attractive in today’s market, said Mr Cheng.

Those who do not have an urgent need for a place to live in can wait a little longer to see if they can buy a resale flat with a smaller cash sum, say some property agents. But do not expect the valuation price to fall just yet.

Source : Straits Times  - 30 March 2008

Singapore Property - Buy , Sell , Rent , Invest

Mindy Yong

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For Rent - Casa Cairnhill - District 09 Singapore Apartment Condo Listing- 30.03.2008

For Rent - Casa Cairnhill - District 09 Singapore Apartment Condo Listing- 30.03.2008

TY : [C]ondo [D]uplex [H]iRise [L]oRise [T]ownHse [P]enthse [W]alkUp [M]asionette

TNR=Tenure, DT=District, BDRM=Bedroom, AREA=Built-In, STR=Storey, Price $K=In Thousand

Price are subject to changes , please call (+65) 91002985 for lastest update
Type — C
District — 9
Estate — CASA CAIRNHILL, #02-ABV
Area — 1572
Bedroom — 3
PSF — 4.58
Price$ — 7200
Type — C
District — 9
Estate — CASA CAIRNHILL, #08-ABV
Area — 1571
Bedroom — 3
PSF — 4.14
Price$ — 6500
Type — C
District — 9
Estate — CASA CAIRNHILL, #08-ABV
Area — 1560
Bedroom — 3
PSF — 3.85
Price$ — 6000
Type — C
District — 9
Estate — CASA CAIRNHILL, #09
Area — 1600
Bedroom — 3
PSF — 4.06
Price$ — 6500
Type — C
District — 9
Estate — CASA CAIRNHILL, #12-ABV
Area — 1560
Bedroom — 3
PSF — 3.53
Price$ — 5500
Type — C
District — 9
Estate — CASA CAIRNHILL, #16-ABV
Area — 3100
Bedroom — 3
PSF — 3.55
Price$ — 11000
Type — C
District — 9
Estate — CASA CAIRNHILL, #17-ABV
Area — 1600
Bedroom — 3
PSF — 4
Price$ — 6400
Type — C
District — 9
Estate — CASA CAIRNHILL, #17-ABV
Area — 3035
Bedroom — 3
PSF — 4.28
Price$ — 13000
Type — C
District — 9
Estate — CASA CAIRNHILL, #18
Area — 1560
Bedroom — 3
PSF — 4.17
Price$ — 6500

Real estate in Singapore - property of Singapore, Buy, sales, rents, investment,

MINDY YONG

( +65 ) 91002985

mindy@mindyyong.com ( email me )

For Rent - The Metz - District 09 Singapore Apartment Condo Listing- 30.03.2008

For Rent - The Metz - District 09 Singapore Apartment Condo Listing- 30.03.2008

TY : [C]ondo [D]uplex [H]iRise [L]oRise [T]ownHse [P]enthse [W]alkUp [M]asionette

TNR=Tenure, DT=District, BDRM=Bedroom, AREA=Built-In, STR=Storey, Price $K=In Thousand

Price are subject to changes , please call (+65) 91002985 for lastest update
Type — C
District — 9
Estate — THE METZ, #04-ABV
Area — 581
Bedroom — 1
PSF — 8.26
Price$ — 4800
Type — C
District — 9
Estate — THE METZ, #05-ABV
Area — 570
Bedroom — 1
PSF — 7.89
Price$ — 4500
Type — C
District — 9
Estate — THE METZ, #05-BELOW
Area — 1066
Bedroom — 2
PSF — 6.75
Price$ — 7200
Type — C
District — 9
Estate — THE METZ, #08-ABV
Area — 581
Bedroom — 1
PSF — 8.26
Price$ — 4800
Type — C
District — 9
Estate — THE METZ, #08-ABV
Area — 570
Bedroom — 1
PSF — 8.77
Price$ — 5000
Type — C
District — 9
Estate — THE METZ, #09
Area — 1023
Bedroom — 2
PSF — 7.33
Price$ — 7500
Type — C
District — 9
Estate — THE METZ, #09-ABV
Area — 570
Bedroom — 1
PSF — 8.42
Price$ — 4800
Type — C
District — 9
Estate — THE METZ, #09-ABV
Area — 581
Bedroom — 1
PSF — 9.98
Price$ — 5800
Type — C
District — 9
Estate — THE METZ, #09-ABV
Area — 1500
Bedroom — 3
PSF — 9.33
Price$ — 14000
Type — C
District — 9
Estate — THE METZ, #09-ABV
Area — 581
Bedroom — 1
PSF — 9.47
Price$ — 5500
Type — C
District — 9
Estate — THE METZ, #10-ABV
Area — 1055
Bedroom — 2
PSF — 7.11
Price$ — 7500
Type — C
District — 9
Estate — THE METZ, #12-ABV
Area — 581
Bedroom — 1
PSF — 9.47
Price$ — 5500
Type — C
District — 9
Estate — THE METZ, #15-ABV
Area — 1050
Bedroom — 2
PSF — 7.62
Price$ — 8000
Type — C
District — 9
Estate — THE METZ, #15-ABV
Area — 581
Bedroom — 1
PSF — 8.61
Price$ — 5000
Type — C
District — 9
Estate — THE METZ, #16-ABV
Area — 581
Bedroom — 1
PSF — 8.43
Price$ — 4900
Type — C
District — 9
Estate — THE METZ, #18-ABV
Area — 1496
Bedroom — 3
PSF — 8.02
Price$ — 12000
Type — C
District — 9
Estate — THE METZ, #19
Area — 581
Bedroom — 1
PSF — 9.47
Price$ — 5500
Type — C
District — 9
Estate — THE METZ, #22-ABV
Area — 581
Bedroom — 1
PSF — 9.64
Price$ — 5600
Type — C
District — 9
Estate — THE METZ, #22-ABV
Area — 1066
Bedroom — 2
PSF — 7.5
Price$ — 8000
Type — C
District — 9
Estate — THE METZ, #23-ABV
Area — 581
Bedroom — 1
PSF — 10.33
Price$ — 6000
Type — C
District — 9
Estate — THE METZ, #25-ABV
Area — 2450
Bedroom — 4
PSF — 10.2
Price$ — 25000
Type — C
District — 10
Estate — THE METZ, #14-ABV
Area — 581
Bedroom — 1
PSF — 9.47
Price$ — 5500
Real estate in Singapore - property of Singapore, Buy, sales, rents, investment,

MINDY YONG

( +65 ) 91002985

mindy@mindyyong.com ( email me )

Parking squeeze may take shine off new buildings - Singapore

Parking squeeze may take shine off new buildings - Singapore

Rules vastly reducing carpark lots in new office buildings and malls are poised to bite
By UMA SHANKARI

(SINGAPORE) New office buildings and shopping malls coming up in the central areas of Singapore - especially in new downtown Marina Bay - are likely to feel the full force of existing rules limiting the number of parking spots allowed for each building.
 
 
And with a whole slew of commercial buildings nearing completion over the next few years, a severe shortage of carpark lots is imminent. New ‘white’ sites, such as the Marina View land parcels, get just one carpark spot for every 425 sq m - or 4,575 sq ft - of commercial space. White sites can be developed into a combination of uses.

Developers are allowed to provide more spots, but at the expense of giving up office or retail space. As yields for commercial space are significantly higher than those for carpark lots, most will not do so.

What this translates to is quite startling - a company that takes up one entire floor in Marina Bay Financial Centre (MBFC) with a large floor plate of 25,000 sq ft could be entitled to just six carpark lots.

Similarly, in a medium- sized building, a company occupying an entire floor - or some 10,000 sq ft of space - will get just two parking spots.
‘Shopping centres without enough carpark lots will suffer. There will be a complete change in shopping patterns.’
 
 
And for the upcoming mega office building on the Marina View site, this means that the 1.7 million sq ft of office space the owner is required to provide would entitle the development to around just 380 parking spots.

While the rules have been in place for all new buildings since May 2002, the impact has not really been felt so far because in the old central business district (CBD), an excess of carpark lots in older buildings make up for the shortfall in newer ones.

Golden Shoe Car Park and Market Street Car Park also provide some much-needed supply.

But for new downtown Marina Bay, there will be no such buffers. Buildings in the area will mostly all be new - which means that they will not have excess carpark spaces.

‘The ruling is a bit harsh, especially if you look at all the big projects coming up in Marina Bay,’ said one local developer. ‘Those buildings will have thousands of workers, and only a few hundred carpark lots each.’

Singapore is trying to attract more financial institutions, which means that more professionals from the banking and financial services sectors are expected to relocate from abroad. But some of them may find that they cannot drive to work, the developer added.

Macquarie Global Property Advisors’ Marina View development - which combines two sites won in government land tenders - is one building that will likely be hit by the shortage, industry players said. The project is required to provide some 1.7 million sq ft of office space.

MBFC, on the other hand, is expected to fare slightly better. Although the building is a white site and therefore subject to the ‘one carpark lot for 425 sq m of commercial space’ rule, it also has ‘hub status’, which means that it is allowed to have slightly more carpark lots without having to sacrifice its commercial gross floor area (GFA). But while Marina Bay will likely be the first to be hit, the existing CBD is also going to face the same problem in the future, market watchers said.

‘Right now, the CBD is managing,’ said Nicholas Mak, director of research and consultancy at Knight Frank. ‘But if developers continue tearing down and then building new buildings, then we will have a problem.’ This is because new projects on the sites of old buildings are also subject to the newer guidelines.

For some of these buildings, the number of parking spots will be reduced from one for every 400 sq m (4,306 sq ft) of office space to one for every 425 sq m (4,575 sq ft). Parking space was a lot more liberal in some older buildings.

Adding to the woes of drivers is also the impending loss of Market Street Car Park. CapitaCommercial Trust (CCT) recently said that it has been granted planning permission to redevelop the building into an office tower.

Other than office buildings, any upcoming new shopping malls, hotels, cinemas, theatres, restaurants and bars will also be affected. The impact will be greatest in the central areas, but are also being felt elsewhere - especially for white sites.

A retail development slated for a plum white site above Serangoon MRT Station will have only slightly over 200 carpark spots - which Danny Yeo, Knight Frank’s deputy managing director, said would be a ‘tricky situation’. The mall has a maximum permissible GFA of 942,132 sq ft.

By contrast, Singapore’s now-largest suburban mall Causeway Point has a GFA of 629,160 sq ft of GFA and 915 carpark lots. Even then, it gets ‘pretty crowded’ during the weekends as the mall is the only shopping centre in Woodlands, a spokeswoman for Frasers Centrepoint said.

Industry players believe the squeeze is part of the government’s move to push more people to use public transport. But developers point out that the shortage of parking spaces will come at a time when the car population is climbing.

BT understands that for the Serangoon site, analysts recommended that the authorities provide close to 1,000 parking spots. But despite this, only over 200 units were allowed. ‘Shopping centres without enough carpark lots will suffer,’ said one property analyst. ‘There will be a complete change in shopping patterns.’

When contacted, the Land Transport Authority (LTA) said it currently regulates parking by stipulating the minimum number of car parking lots to be provided based on the given floor area of a development. ‘Developers may build more carpark lots but they have to balance them with the opportunity cost of the additional space.’
 
Source : Business Times  - 29 March 2008

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Mindy Yong

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1.2 billion - New funding for research

1.2 billion  - New funding for research

New ways to turn scientists into entrepreneurs
 
By Chang Ai-Lien, Science Correspondent 
OVER $1.2 billion will be pumped into efforts to boost research into cancer and natural disasters, and to help researchers turn their findings into money-spinners.
Prime Minister Lee Hsien Loong announced a host of initiatives yesterday, marking the third year running that the Research, Innovation and Enterprise Council (RIEC) handed out over $1 billion.

Previous years focused on the biomedical sciences, environmental and water technologies and interactive and digital media.

This time, the money goes to studying the No. 1 killer here, cancer, as well as to studying natural disasters and weather changes affecting the region and beyond.

Here is where the new funding will go.

$287m: Earth observatory

AN INTERNATIONAL team of scientists will set up a new centre to study nature’s triple threat of earthquakes, volcanoes and global warming.

Singapore offers the perfect stable spot from which to study highly volatile earthquake activity nearby, said Professor Kerry Sieh, who has come from the United States to head the new facility.

The region sees natural disasters regularly, including the 2004 tsunami which left 230,000 dead in the region.

‘We have the opportunity, with our work, to hopefully forecast disasters earlier, and avert disaster,’ Prof Sieh said. ‘This will affect hundreds of millions of people in South-east Asia in the coming century.’

$256m: for cancer

A NATIONAL University of Singapore facility will focus on cancers more common in Asians than Caucasians, and investigate how drugs work differently in Asians.

The Cancer Research Centre of Excellence, which will also aim to quickly transform discoveries into treatments, will be headed by Professor Daniel Tenen from the Harvard Medical School.

RIEC member Professor Paul Herrling said that government support, research facilities and a well-regulated health system give Singapore the edge to become a hub in cutting-edge cancer research among Asians.

$350m: Science business

A SLEW of schemes will help scientists turn their research into moneyspinners.

Aside from helping with funding for start-up companies, there is an innovation fund for universities to create ‘incubators’ with mentors-in-residence.

‘Not every scientist is a good businessman. In fact very few are,’ said PM Lee, explaining why the help is needed.

But the bottom line, he said, was having good ideas.

$360m: Research campus

THE CAMPUS for Research Excellence and Technological Enterprise will house research centres from the world’s top universities.

First in will be the Massachusetts Institute of Technology, and it will feature energy-efficient technologies for buildings in the tropics.

Architect Russell Drinker, who is leading the project’s planning and architectural design, said that he expected significant savings through the use of solar energy and clean power.

Even the narrowness of buildings, which allow more sunlight to penetrate, was designed to halve artificial lighting needs.
Source : Straits Times  - 29 March 2008

Singapore Property - Buy , Sell , Rent , Invest

Mindy Yong

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For Rent - UE Square - District 09 Singapore Apartment Condo Listing- 29.03.2008

For Rent - UE Square - District 09 Singapore Apartment Condo Listing- 29.03.2008

TY : [C]ondo [D]uplex [H]iRise [L]oRise [T]ownHse [P]enthse [W]alkUp [M]asionette

TNR=Tenure, DT=District, BDRM=Bedroom, AREA=Built-In, STR=Storey, Price $K=In Thousand

Price are subject to changes , please call (+65) 91002985 for lastest update
Type — C
District — 9
Estate — UE SQ, BLK A #02
Area — 1195
Bedroom — 2
PSF — 4.18
Price$ — 5000
Type — C
District — 9
Estate — UE SQ, BLK A #03
Area — 1600
Bedroom — 3
PSF — 3.13
Price$ — 5000
Type — C
District — 9
Estate — UE SQ, BLK A #03
Area — 1195
Bedroom — 2
PSF — 0
Price$ — 0
Type — C
District — 9
Estate — UE SQ, BLK A #03
Area — 850
Bedroom — 1
PSF — 5.06
Price$ — 4300
Type — C
District — 9
Estate — UE SQ, BLK A #05
Area — 1055
Bedroom — 2
PSF — 4.27
Price$ — 4500
Type — C
District — 9
Estate — UE SQ, BLK A #09
Area — 775
Bedroom — 1
PSF — 3.48
Price$ — 2700
Type — C
District — 9
Estate — UE SQ, BLK A #10
Area — 1065
Bedroom — 2
PSF — 4.69
Price$ — 5000
Type — C
District — 9
Estate — UE SQ, BLK A #10
Area — 506
Bedroom — 1
PSF — 6.52
Price$ — 3300
Type — C
District — 9
Estate — UE SQ, BLK A #10
Area — 506
Bedroom — 1
PSF — 6.92
Price$ — 3500
Type — C
District — 9
Estate — UE SQ, BLK A #11
Area — 1600
Bedroom — 3
PSF — 4.38
Price$ — 7000
Type — C
District — 9
Estate — UE SQ, BLK A #12
Area — 1076
Bedroom — 2
PSF — 5.58
Price$ — 6000
Type — C
District — 9
Estate — UE SQ, BLK A #13
Area — 1055
Bedroom — 2
PSF — 0
Price$ — 0
Type — C
District — 9
Estate — UE SQ, BLK B #02
Area — 1227
Bedroom — 2
PSF — 0
Price$ — 0
Type — C
District — 9
Estate — UE SQ, BLK B #03
Area — 1163
Bedroom — 2
PSF — 0
Price$ — 0
Type — C
District — 9
Estate — UE SQ, BLK B #03
Area — 1196
Bedroom — 2
PSF — 0
Price$ — 0
Type — C
District — 9
Estate — UE SQ, BLK B #04
Area — 1238
Bedroom — 2
PSF — 4.28
Price$ — 5300
Type — C
District — 9
Estate — UE SQ, BLK B #10
Area — 1076
Bedroom — 2
PSF — 4.65
Price$ — 5000
Type — C
District — 9
Estate — UE SQ, BLK B #11
Area — 1528
Bedroom — 3
PSF — 4.25
Price$ — 6500
Type — C
District — 9
Estate — UE SQ, BLK B #14
Area — 1900
Bedroom — 4
PSF — 3.68
Price$ — 7000
Real estate in Singapore - property of Singapore, Buy, sales, rents, investment,

MINDY YONG

( +65 ) 91002985

mindy@mindyyong.com ( email me )

Singapore to invest over S$1b to grow innovation & entrepreneurship

Singapore to invest over S$1b to grow innovation & entrepreneurship

By May Wong,

SINGAPORE: Singapore will invest over S$1 billion to grow innovation and entrepreneurship.

A national framework has also been set up, spelling out initiatives to advance R&D-based innovation and enterprise in Singapore.

Prime Minister Lee Hsien Loong said this after a three-day meeting by the Research, Innovation and Enterprise Council (RIEC).

Mr Lee is the chairman of RIEC, which comprises renowned academics and corporate leaders. The RIEC was set up to advise the Singapore government on national research policies and strategies.

One of the key objectives under the National Framework for Innovation and Enterprise (NFIE) is to make sure that research projects undertaken by local universities are commercially viable.

PM Lee said the R&D efforts should lead to consequences which are practical for the economy.

He said: “There is a process for this. From a bright idea to a workable product to a business proposition to a successful start-up, to an IPO, to become Google or Microsoft or Genintec…. You have to have many components of an eco system, so that you start with a good idea, somebody will work with you, take it the next step forward, develop it, get some venture capitalists interested, have a business plan, start the business going and feedback, update, upgrade and so on. Therefore you need a whole intermediate mechanism to make it flow, and that’s what we’re trying to build up.”

Some initiatives under this NFIE include a fund to be set up at each university, a new national centre for innovation studies and a technology incubation scheme.

As Singapore moves to grow entrepreneurship, some RIEC panel members believe it is important for companies and investors to state their needs more clearly.

This will then allow the researchers to be more precise in coming up with marketable solutions that can be applied in the real world.

The RIEC also observed that strategic research programmes, such as Environmental and Water Technologies, have made good progress over the last year.

The others are Biomedical Sciences Translational and Clinical Research and Interactive and Digital Media.

Success is seen in increased research activities, growing investments and new manufacturing plants.

Trade and Industry Minister, Lim Hng Kiang, said: “What we have arrived after three years is a more balanced and a more holistic framework that enables us to evolve our economic development strategy to a new platform and over 5-10, 15 years, our economy will be more resilient with all these work being done.”

One example is how Singapore attracted Norwegian company Renewable Energy Corporation (REC), that develops solar cells, to set up here last year.

PM Lee said: “After REC, we’ve had two or three more other projects come in last year… We’ve had other companies come in to do research in Singapore. So, I think, for something to get off the ground within one year and to reach this level is not bad. I wouldn’t claim for myself, first-class performance, but I’d pass the examination. Therefore I have confidence that for the next plans which we have put forward, we’ll spend the money sensibly and results will be achieved.”

Mr Lee also gave an update on the Campus for Research Excellence And Technological Enterprise. The design of the research facility will pioneer the use of environmental sustainability and energy efficient technologies in buildings.

The RIEC has so far approved over $4 billion to establish a strong research environment in Singapore. The RIEC is expected to meet again in 2010. - CNA/ir
Source : Channel NewsAsia  - 29 March 2008

Singapore Property - Buy , Sell , Rent , Invest

Mindy Yong

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