For Sale Singapore Bungalow, Semi Detached, Landed House 25-03-2008

For Sale Singapore Bungalow, Semi Detached,Landed House 25-03-2008

Bungalow (B), Semi Detached (SD), Inter Terrace (IT) , Corner Terrace (CT) Price $K=In Thousand

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

Type — B
District — 4
Street — OCEAN DR, NO.xxx
Tenure — 99
Age — BN
Area — 5500
Land — 8000
stroey — 2.5
Room — 4
Psf — 1850
PRICE $ — 14800000
Type — B
District — 5
Street — FABER PK, NO.xxx
Tenure — FH
Age — 20+
Area — 4000
Land — 8200
stroey — 2
Room — 5
Psf — 793
PRICE $ — 6500000
Type — B
District — 10
Street — BELMONT RD, NO.xxx
Tenure — FH
Age — 03+
Area — 12000
Land — 22000
stroey — 2
Room — 8
Psf — 1273
PRICE $ — 28000000
Type — B
District — 10
Street — CORNWALL GDNS, NO.xxx
Tenure — FH
Age —
Area — 10000
Land — 24387
stroey — 2
Room — 6
Psf — 1148
PRICE $ — 28000000
Type — B
District — 10
Street — DUCHESS RD, NO.xxx
Tenure — FH
Age — BN
Area — 6200
Land — 4300
stroey — 3
Room — 6
Psf — 1674
PRICE $ — 7200000
Type — B
District — 10
Street — FIFTH AVE, NO.xxx
Tenure — FH
Age — 20+
Area — 0
Land — 26552
stroey — 2
Room — 4
Psf — 753
PRICE $ — 20000000
Type — B
District — 10
Street — JLN JELITA
Tenure — FH
Age —
Area — 0
Land — 6000
stroey — 1
Room — 4
Psf — 0
PRICE $ — 0
Type — B
District — 10
Street — OLD HOLLAND RD, NO.xxx
Tenure — FH
Age —
Area — 14000
Land — 20000
stroey — 2
Room — 5
Psf — 1500
PRICE $ — 30000000
Type — B
District — 10
Street — SWETTENHAM RD, NO.xxx
Tenure — FH
Age — BN
Area — 10000
Land — 15500
stroey — 2
Room — 7
Psf — 1613
PRICE $ — 25000000
Type — B
District — 10
Street — WILBY RD, NO.xxx
Tenure — FH
Age — 6
Area — 10500
Land — 21000
stroey — 2
Room — 7
Psf — 850
PRICE $ — 17850000
Type — B
District — 11
Street — TUDOR CL, NO.xxx
Tenure — FH
Age — 05+
Area — 4700
Land — 5500
stroey — 2.5
Room — 4
Psf — 0
PRICE $ — 0
Type — B
District — 14
Street — JLN SENANG, NO.xxx
Tenure — FH
Age —
Area — 2500
Land — 5000
stroey — 2
Room — 4
Psf — 0
PRICE $ — 0
Type — B
District — 14
Street — JLN SENTOSA, NO.xxx
Tenure — FH
Age —
Area — 3500
Land — 5000
stroey — 2
Room — 3
Psf — 0
PRICE $ — 0
Type — B
District — 15
Street — EAST COAST RD, NO.xxx
Tenure — FH
Age — 06+
Area — 6200
Land — 8200
stroey — 2.5
Room — 6
Psf — 829
PRICE $ — 6800000
Type — B
District — 15
Street — HARTLEY GR, NO.xxx
Tenure — FH
Age — 30
Area — 0
Land — 10500
stroey — 1
Room — 3
Psf — 752
PRICE $ — 7900000
Type — B
District — 15
Street — SIGLAP VALLEY, NO.xxx
Tenure — FH
Age — 40
Area — 3500
Land — 5200
stroey — 1
Room — 3
Psf — 0
PRICE $ — 0
Type — B
District — 21
Street — BINJAI PK, NO.xxx
Tenure — FH
Age — 10+
Area — 5000
Land — 15500
stroey — 1
Room — 4
Psf — 0
PRICE $ — 0
Type — SD
District — 5
Street — FABER DR, NO.xxx
Tenure — FH
Age —
Area — 3000
Land — 4700
stroey — 2.5
Room — 7
Psf — 830
PRICE $ — 3900000
Type — SD
District — 10
Street — CORONATION RD WEST, NO.xxx
Tenure — FH
Age —
Area — 3200
Land — 3200
stroey — 2
Room — 4
Psf — 1256
PRICE $ — 4020000
Type — SD
District — 10
Street — GREENLEAF GR, NO.xxx
Tenure — FH
Age —
Area — 3500
Land — 3630
stroey — 2
Room — 5
Psf — 1267
PRICE $ — 4600000
Type — SD
District — 10
Street — SIXTH AVE, NO.xxx
Tenure — FH
Age — 10
Area — 2800
Land — 3830
stroey — 2
Room — 4
Psf — 653
PRICE $ — 2500000
Type — SD
District — 11
Street — JLN UNGGAS, NO.xxx
Tenure — FH
Age — 40+
Area — 0
Land — 5000
stroey — 2
Room — 4
Psf — 1080
PRICE $ — 5400000
Type — SD
District — 13
Street — BRADDELL RD, NO.xxx
Tenure — FH
Age — 9
Area — 2682
Land — 2475
stroey — 3
Room — 5
Psf — 727
PRICE $ — 1800000
Type — SD
District — 13
Street — JLN GIRANG, NO.xxx
Tenure — FH
Age —
Area — 5000
Land — 3900
stroey — 2.5
Room — 4
Psf — 995
PRICE $ — 3880000
Type — SD
District — 13
Street — PUAY HEE AVE, NO.xxx
Tenure — FH
Age — BN
Area — 4200
Land — 0
stroey — 2.5
Room — 5
Psf — null
PRICE $ — 3150000
Type — SD
District — 14
Street — JLN GRISEK, NO.xxx
Tenure — FH
Age — BN
Area — 4800
Land — 2997
stroey — 3
Room — 6
Psf — 994
PRICE $ — 2980000
Type — SD
District — 14
Street — JLN SENANG, NO.xxx
Tenure — FH
Age — BN
Area — 4600
Land — 4012
stroey — 3
Room — 5
Psf — 935
PRICE $ — 3750000
Type — SD
District — 14
Street — JLN SINGA, NO.xxx
Tenure — FH
Age — 22
Area — 2400
Land — 3554
stroey — 2.5
Room — 4
Psf — 0
PRICE $ — 0
Type — SD
District — 15
Street — ARTHUR RD, NO.xxx
Tenure — FH
Age — 20
Area — 3800
Land — 4500
stroey — 2
Room — 5
Psf — 0
PRICE $ — 0
Type — SD
District — 15
Street — DUNMAN RD, NO.xxx
Tenure — FH
Age —
Area — 0
Land — 3242
stroey — 2
Room — 4
Psf — 0
PRICE $ — 0
Type — SD
District — 15
Street — JLN ULU SIGLAP, NO.xxx
Tenure — FH
Age — 10
Area — 2800
Land — 2200
stroey — 3
Room — 5
Psf — 1700
PRICE $ — 3740000
Type — SD
District — 15
Street — JLN WAKAFF, NO.xxx
Tenure — FH
Age — 30
Area — 3000
Land — 3300
stroey — 2.5
Room — 4
Psf — 758
PRICE $ — 2500000
Type — SD
District — 15
Street — MUGLISTON RD, NO.xxx
Tenure — FH
Age —
Area — 0
Land — 5467
stroey — 0
Room — 0
Psf — 512
PRICE $ — 2800000
Type — SD
District — 15
Street — SIGLAP CL, NO.xxx
Tenure — FH
Age — BN
Area — 2300
Land — 2515
stroey — 2
Room — 4
Psf — 883
PRICE $ — 2220000
Type — SD
District — 15
Street — SIGLAP RD, NO.xxx
Tenure — FH
Age — 49
Area — 3680
Land — 2954
stroey — 2
Room — 4
Psf — 711
PRICE $ — 2100000
Type — SD
District — 15
Street — TELOK KURAU LOR M, NO.xxx
Tenure — FH
Age — 07+
Area — 3500
Land — 2200
stroey — 4
Room — 4
Psf — 0
PRICE $ — 0
Type — SD
District — 15
Street — THIRD ST
Tenure — FH
Age — 10
Area — 2500
Land — 2680
stroey — 2
Room — 5
Psf — 840
PRICE $ — 2250000
Type — SD
District — 15
Street — THIRD ST, NO.xxx
Tenure — FH
Age — 10+
Area — 2500
Land — 2680
stroey — 2
Room — 5
Psf — 840
PRICE $ — 2250000
Type — SD
District — 16
Street — JLN ANGIN LAUT, NO.xxx
Tenure — FH
Age — 10
Area — 3000
Land — 3000
stroey — 2.5
Room — 4
Psf — 733
PRICE $ — 2200000
Type — SD
District — 16
Street — JLN PARI DEDAP, NO.xxx
Tenure — FH
Age —
Area — 2300
Land — 3275
stroey — 2
Room — 4
Psf — 598
PRICE $ — 1958000
Type — SD
District — 16
Street — LIMAU GDN, NO.xxx
Tenure — 99
Age — 12
Area — 3126
Land — 2831
stroey — 3
Room — 4
Psf — 0
PRICE $ — 0
Type — SD
District — 16
Street — LUCKY HGTS, NO.xxx
Tenure — FH
Age — 3
Area — 4000
Land — 3200
stroey — 3
Room — 5
Psf — 1056
PRICE $ — 3380000
Type — SD
District — 16
Street — LUCKY VIEW, NO.xxx
Tenure — FH
Age —
Area — 4500
Land — 3262
stroey — 0
Room — 5
Psf — 0
PRICE $ — 0
Type — SD
District — 16
Street — MERAGI RD, NO.xxx
Tenure — 999
Age — 10+
Area — 3800
Land — 4300
stroey — 2
Room — 6
Psf — 670
PRICE $ — 2880000
Type — SD
District — 16
Street — RIVIERA DR, NO.xxx
Tenure — FH
Age —
Area — 7600
Land — 8735
stroey — 3
Room — 0
Psf — 664
PRICE $ — 5800000
Type — SD
District — 17
Street — JLN KELEMPONG, NO.xxx
Tenure — FH
Age — BN
Area — 2300
Land — 3300
stroey — 2
Room — 3
Psf — 545
PRICE $ — 1800000
Type — SD
District — 17
Street — LOR MARIAM, NO.xxx
Tenure — FH
Age —
Area — 2300
Land — 3800
stroey — 2
Room — 5
Psf — 539
PRICE $ — 2050000
Type — SD
District — 17
Street — TOH CRES, NO.xxx
Tenure — FH
Age —
Area — 3900
Land — 4180
stroey — 2
Room — 5
Psf — 550
PRICE $ — 2300000
Type — SD
District — 19
Street — HILLSIDE DR, NO.xxx
Tenure — 999
Age — 20+
Area — 2500
Land — 5245
stroey — 2
Room — 3
Psf — 496
PRICE $ — 2600000
Type — SD
District — 19
Street — KANG CHOO BIN RD, NO.xxx
Tenure — 999
Age — 12
Area — 3400
Land — 2500
stroey — 3
Room — 4
Psf — 740
PRICE $ — 1850000
Type — SD
District — 19
Street — KENSINGTON PK RD, NO.xxx
Tenure — FH
Age — BN
Area — 4000
Land — 2700
stroey — 2.5
Room — 6
Psf — 944
PRICE $ — 2550000
Type — SD
District — 19
Street — LOR 1 REALTY PK, NO.xxx
Tenure — 999
Age — BN
Area — 4250
Land — 2201
stroey — 3
Room — 3
Psf — 909
PRICE $ — 2000000
Type — SD
District — 19
Street — LOR ONG LYE, NO.xxx
Tenure — FH
Age —
Area — 2800
Land — 3601
stroey — 2
Room — 5
Psf — 605
PRICE $ — 2180000
Type — SD
District — 20
Street — JLN ANGKLONG, NO.xxx
Tenure — FH
Age — BN
Area — 4500
Land — 3583
stroey — 2.5
Room — 6
Psf — 1019
PRICE $ — 3650000
Type — SD
District — 21
Street — LOR PISANG BATU, NO.xxx
Tenure — FH
Age — 10
Area — 2900
Land — 3000
stroey — 2.5
Room — 3
Psf — 1000
PRICE $ — 3000000
Type — SD
District — 21
Street — TOH YI RD, NO.xxx
Tenure — FH
Age — 20
Area — 5800
Land — 4000
stroey — 3
Room — 8
Psf — 800
PRICE $ — 3200000
Type — SD
District — 23
Street — BURGUNDY RISE, NO.xxx
Tenure — 99
Age — 9
Area — 3165
Land — 2260
stroey — 3
Room — 5
Psf — 655
PRICE $ — 1480000
Type — SD
District — 27
Street — JLN HIKAYAT, NO.xxx
Tenure — FH
Age — 6
Area — 2800
Land — 2400
stroey — 3
Room — 5
Psf — 750
PRICE $ — 1800000
Type — SD
District — 27
Street — JLN KERAYONG, NO.xxx
Tenure — FH
Age — 30+
Area — 1900
Land — 2100
stroey — 1.5
Room — 4
Psf — 548
PRICE $ — 1150000
Type — SD
District — 27
Street — JLN LENGKOK SEMBAWANG, NO.xxx
Tenure — 999
Age —
Area — 2000
Land — 4563
stroey — 1
Room — 3
Psf — 500
PRICE $ — 2281000
Type — SD
District — 27
Street — JLN SENDUDOK, NO.xxx
Tenure — FH
Age — BN
Area — 3000
Land — 2270
stroey — 3
Room — 5
Psf — 705
PRICE $ — 1600000
Type — SD
District — 27
Street — SEMBAWANG RD, NO.xxx
Tenure — FH
Age — 8
Area — 3320
Land — 3400
stroey — 3
Room — 5
Psf — 647
PRICE $ — 2200000
Type — SD
District — 27
Street — SEMBAWANG RD, NO.xxx
Tenure — FH
Age — 30+
Area — 2100
Land — 3300
stroey — 2
Room — 4
Psf — 500
PRICE $ — 1650000
Type — SD
District — 28
Street — GERALD CRES, NO.xxx
Tenure — FH
Age — 12
Area — 2600
Land — 1800
stroey — 2
Room — 4
Psf — 1028
PRICE $ — 1850000
Type — SD
District — 28
Street — JLN JARAK, NO.xxx
Tenure — 999
Age —
Area — 3780
Land — 3710
stroey — 2
Room — 5
Psf — 540
PRICE $ — 2003400
Type — SD
District — 28
Street — JLN LEBAT DAUN, NO.xxx
Tenure — 999
Age — 30
Area — 2500
Land — 3400
stroey — 2
Room — 3
Psf — 526
PRICE $ — 1790000
Type — SD
District — 28
Street — YIO CHU KANG RD, NO.xxx
Tenure — FH
Age —
Area — 4200
Land — 3900
stroey — 2
Room — 5
Psf — 718
PRICE $ — 2800000
Singapore Properties - Buy , Sell , Rent , Invest

Mindy Yong

(+65)91002985

mindy@mindyyong.com

Singapore HDB imposes checklists on resale flats

Singapore HDB imposes checklists on resale flats

By UMA SHANKARI

THE Housing and Development Board will introduce mandatory checklists for housing agents handling resale flat transactions from May 1 - a move welcomed by industry players.
The checklists cover key policies and procedures that housing agents will need to advise resale flat buyers and sellers on before they commit to a transaction, HDB said yesterday.

‘This is part of HDB’s ongoing efforts to ensure that buyers and sellers are aware of the relevant HDB purchase and financing policies when buying/selling an HDB flat,’ it said.

The move comes after a new scam involving HDB flats surfaced recently. Under the scam, a seller and buyer together report a falsely low sale price to HDB.

The buyer then pays the difference between the actual and declared price to the seller in cash, which means the seller has more cash in hand - rather than having any leftover money go back into his CPF account. To sweeten the deal, the seller usually gives the buyer a discount on the market value of the flat.

Under HDB’s new initiative, housing agents will have to submit a completed resale checklist to HDB with a resale application. Resale applications that do not comply with this requirement will be rejected and there will be ’serious penalties’ for false declarations.
 
Housing agents engaged by both sellers and buyers will have to go through a resale checklist with clients before an option to purchase (OTP) is granted or exercised.

Buyers and sellers who do not engage the services of housing agents need not submit a checklist.

PropNex, which says it has more than 40 per cent of the public housing resale market, welcomed HDB’s move.

Public housing has many policies and financing requirements that many may not be familiar with, said PropNex chief executive Mohamed Ismail.

Most buyers tend not to read the important notes attached to OTP, he said.

The new resale checklist for housing agents engaged by buyers, for example, will ensure that buyers are aware of their rights as well as of financing matters. It will also highlight to them the fact that any form of cashback arrangement, such as over or under declaration, is punishable by law.

Similarly, the checklist for sellers’ housing agents will ensure prospective sellers understand the various eligibility rules.

Mr Ismail said that while many agents already educate potential buyers and sellers, some may not, leaving them in the dark.

‘This initiative should lead to greater transparency for buyers and sellers, and ensure a consistently high level of professionalism amongst the agents,’ he said.
Source : Business Times - 25 March 2008

Singapore Property - Buy , Sell , Rent , Invest

Mindy Yong

(+65)91002985

mindy@mindyyong.com

Home, retail, office rental growth to ease - Singapore

Home, retail, office rental growth to ease - Singapore

Housing rentals to rise 5-15% year-on-year in 2008: Knight Frank
By UMA SHANKARI

PRIVATE housing rents are expected to grow at a slower pace this year than last year, Knight Frank said in a report yesterday.
 
Downward pressure: Knight Frank predicts that landlords could face stronger resistance from retailers to rising rents in the later part of 2008 as more space comes on stream 
The property consultancy firm expects a year-on-year rise of 5-15 per cent in 2008 - after a massive 40 per cent year-on-year increase in 2007.

Knight Frank’s estimates are based on the resistance of tenants and companies to even higher rents, and the limited availability of places at foreign schools for children of expatriates.

‘Due to the fact that foreign schools are full and there are long waiting lists faced by children of foreign families who relocated here, housing demand from new foreign family tenants is projected to decrease,’ Knight Frank said.

‘On top of this, foreign tenants as well as corporate HR (departments) have readjusted housing allowances this year, which constricts rental demand according to their budgets.’
‘Due to the fact that foreign schools are full and there are long waiting lists faced by children of foreign families who relocated here, housing demand from new foreign family tenants is projected to decrease.’
 
- Knight Frank 
 
 
 
 
Despite this, a demand-supply imbalance could still result in rental rises until a supply of new units is felt significantly from 2009.

About 8,400 new private homes will be completed this year. But the number will expand dramatically in the three years from 2009 to 2011, with an estimated 16,000 to 17,000 units completed each year.

This could put downward pressure on rents, Knight Frank said.

The same holds true for the retail sector. Knight Frank predicts that landlords could face stronger resistance from retailers to rising rents in the later part of 2008 as more space comes on stream.

‘Rents are forecast to maintain at their current level only until early 2008,’ it said. ‘Faced with a larger supply in the pipeline in the second half of 2008, island-wide prime retail rents are projected to appreciate by a relatively modest 5-10 per cent for entire 2008, compared to 22.1 per cent growth in 2007.’

Knight Frank also said growth in office rents and capital values in 2008 and 2009 will likely to be more moderate than in 2007. Office rents are forecast to rise 10-20 per cent year on year, while capital values are expected to increase 10-15 per cent year on year.
Source : Business Times - 25 March 2008

Singapore Property - Buy , Sell , Rent , Invest

Mindy Yong

(+65)91002985

mindy@mindyyong.com

Hotel room crunch? Stay in Singapore HDB, suggests NUS Biz team

Hotel room crunch? Stay in Singapore HDB, suggests NUS Biz team

Winning team in the Lee Kuan Yew Biz Plan gets US$20,000
THREE university freshmen believe they have the answer to help relieve the hotel room crunch.
The trio, from the National University of Singapore’s Business School, have come up with a plan to have travellers - especially the budget-conscious and those visiting long-term - stay in HDB flats instead of hotels.

The flats, which would offer services similar to bed and breakfasts overseas, would cost about $40 a night - and allow tourists to experience the ‘uniquely Singaporean way of life and culture’, according to team member Liew Foo Kin, 23.

‘We will target housewives and retirees who may have spare rooms for rent,’ he said. ‘This can help with the current hotel room shortage as well as give tourists a chance to see how Singaporeans live.’

With fellow budding entrepreneurs Chua Wen Ling and Chia Xiao Feng, both 20, Mr Liew is confident that his team’s plan - called ‘Be My Guest’ - can make it all the way to the finals of this year’s Lee Kuan Yew Global Business Plan competition.

The biennial competition, organised by Singapore Management University, aims to promote entrepreneurship. Students from any university, college or polytechnic worldwide are eligible to compete.
 
At a mentoring session hosted by HSBC yesterday morning, 19 industry leaders, including Sat Pal Khattar, chairman of Khattar Holdings, and Philip Ng, chief executive of Far East Organisation, were on hand to advise and critique projects.

Each leader was allotted two teams and given their business plans to read in advance. Each team was then given 20 minutes to discuss its plan and receive feedback.

Contestant Ms Chua said the session was a welcome chance to to get advice from a tourism industry veteran - Banyan Tree Holding’s group managing director Ariel Vera.

‘He suggested charging a seasonal, fluctuating rate, and to standardise amenities such as linen, towels and the breakfast provided so as to maintain a minimum level of quality,’ she said.

Mr Vera said: ‘Their plan could succeed - but they have to look at their expected returns on their investment. Perhaps they could have a tie-up with the Singapore Tourism Board to leverage on its brand name, maybe in the form of certification. That would help the students a lot.’

Other nifty ideas from the 43 shortlisted local teams include a device to allow credit card holders to set their own transaction limits, and a suitcase with a built-in weighing device to let travellers know exactly how much they are carrying to avoid excess baggage charges.

The winning team - to be announced in July - stands to pocket US$20,000 in prize money. The best Singapore team will also get to tap on a $100,000 youth enterprise fund set up by HSBC to invest in its business.
Source : Business Times - 25 March 2008

Singapore Property - Buy , Sell , Rent , Invest

Mindy Yong

(+65)91002985

mindy@mindyyong.com

Creative selling Singapore building for $250 million

Creative selling Singapore building for $250 million

It expects $200m gain from sale, but warns of Q3 operating loss
By ONG BOON KIAT
CREATIVE Technology could get a bumper cash infusion this June. The company said yesterday it has entered into an agreement with a buyer to sell and lease back its 11-year-old Singapore office building at International Business Park.
The sale price for the proposed transaction is $250 million. Creative will lease back the whole building for five years with an option for additional periods of three and two years, the company said in a statement, without disclosing the identity of the buyer.

Creative said it expects to make a gain of about $200 million from the transaction. It said that in accordance with US accounting standards, this amount will be treated as a deferred gain and will be amortised and recognised in the company’s income statements over the lease term of five years.

The deal, which is subject to regulatory and shareholder approval, is expected to be completed by end-June.

Creative has owned its flagship Singapore building - called Creative Resource - since it was completed in 1997. The MP3 player and PC sound card specialist moved into the building from its Ayer Rajah Industrial Estate premises that year.

Creative Resource houses the company’s headquarters operations and subsidiaries in Singapore.

In another announcement yesterday, Creative said its third-quarter revenue will be ‘below target’.

For its fiscal Q3 that ends on March 31, it expects a revenue of about US$150 million. Revenue in the same quarter last year was US$183.8 million.

As well, operating expenses in Q3 will be higher than the company had forecast. This is mainly due to currency exchange rates, it said.

Creative expects to report an operating loss for the quarter.

However, the company - which this year started selling subscription-based video-conferencing services - is still expecting overall profitability in the period. An investment gain of about US$20 million is expected to boost its bottom line in Q3.

Creative has posted successive profitable quarters for the year so far. In 2007 it posted revenue of US$914.9 million and net income of US$28.2 million, aided by a US$100 million paid-up licence from MP3 market leader Apple Inc.
Source : Business Times - 25 March 2008

Singapore Property - Buy , Sell , Rent , Invest

Mindy Yong

(+65)91002985

mindy@mindyyong.com

S’pore’s inflation hits 6.5% in Feb

S’pore’s inflation hits 6.5% in Feb

By LYNETTE KHOO
(SINGAPORE) The Consumer price index (CPI) rose 6.5 per cent in February from a year earlier - just shy of the 25-year high of 6.6 per cent reported in January - as the cost of housing, food, transport and communication increased, data released yesterday by the Department of Statistics (DOS) shows.
 
Paying more: Food prices rose 6.7 per cent in February on the back of higher prices for cooked food, milk products, fresh poultry, fruit and bread 
This prompted the Ministry of Trade and Industry to issue a second statement in two months saying that underlying inflation remains stable, as indicated by the three-month moving average (3MMA) CPI, which grew 0.8 per cent month- on-month in February.

It noted that 3MMA, which picked up in the middle of 2007, has stayed around 0.8 per cent since then.

‘The underlying inflation momentum is expected to decline during the course of the year,’ it said.

The ministry issued a similar statement in January when the CPI surged to a 25-year high.
‘The underlying inflation momentum is expected to decline during the course of the year.’
 
- Department of Statistics 
 
 
 
 
Led by more expensive accommodation and electricity tariffs, the cost of housing jumped 8.8 per cent in February from a year earlier.

Food prices rose 6.7 per cent on the back of higher prices for cooked food, milk products, fresh poultry, fruit and bread.

Higher petrol prices, taxi fares and car prices drove costs of transport and communication by 7.6 per cent year on year.

On a month-on-month seasonally adjusted basis, the CPI rose 0.2 per cent in February from January. For the first two months of this year, the CPI increased 6.6 per cent from a year earlier.

Economists note that while an upside risk to the CPI remains, an expected easing in the second half of this year will allow the index to fall within the government’s official forecast of 4.5-5.5 per cent. Hence, monetary tightening by the Monetary Authority of Singapore in April is unlikely, they say.

‘Clearly, the downside risk to growth is probably greater now,’ said Citi economist Kit Wei Zheng. ‘With policy makers being aware of that, I think further tightening is not the way to go.’

Mr Kit said he expects the CPI to stay above 6 per cent in the first half of this year before moderating to around 4 per cent in the second half when the effect of the two percentage point hike in goods and services tax wanes and the high base of comparison for commodity prices in the second-half 2007 kicks in.

‘While the year-on-year figure looks rather daunting, exaggerated by the low base a year ago, we can take comfort that the rate of growth is stable or slowing,’ added CIMB-GK regional economist Song Seng Wun.

CIMB-GK is keeping its full-year CPI forecast the same as the government’s estimated range, while Citi recently raised its projection from 5 per cent to 5.4 per cent.

Across different income groups, the top 20 per cent of households have felt the most heat from the higher inflation climate, according to DOS’s household survey.

The CPI for the top 20 per cent income group rose more sharply, from 0.4 per cent in 2006 to 2.3 per cent in 2007 on the back of higher costs of holiday travel, car and petrol, which have relatively larger weightings in this group than the lower-income groups.

This compares with a 2 per cent year-on-year increase in the CPI for the lowest 20 per cent income group and middle income group, from 1.8 per cent and 1.1 per cent in 2006.

For the whole of last year, the inflation rate for general households - the central 90 per cent of households by expenditure - was 2.1 per cent compared with one per cent for 2006, as the cost of food, holiday travel, accommodation (rented and owner-occupied), university tuition fees, taxi fares and petrol rose. The CPI rise also reflected a one-off increase in GST in July last year.
Source : Business Times - 25 March 2008

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Crunch time for private bankers as caution rules - Singapore

Crunch time for private bankers as caution rules - Singapore

This year’s challenges will sift the best from the rest as the industry braces for a slowdown
By SIOW LI SEN

(SINGAPORE) Anyone can rake in money when the markets are booming, but private bankers know that their true test starts only now.
 
Not so cozy nowadays: SocGen’s posh private banking hall in One Raffles Quay, with glass works by Aussie artists Tali Dalton and Matthew Curtis 
After a couple of years of easy pickings, they know that the uncertainty enveloping economies and industries will differentiate the very best from the rest. As nervous clients turn conservative and focus on preserving their wealth, 2008 presents the booming private banking business with its sternest examination.

On the surface, it is business as usual. The posh, minimalist private banking hall of Societe Generale on the 35th floor of One Raffles Quay - with glass works by Australian artists Tali Dalton and Matthew Curtis and a gorgeous woman in attendance - appears to cocoon the wealthy from their worries. But private banks know they have a challenge on their hands.

The good ones will be able to sniff out money- making opportunities, even in uncertain times. ‘You need an expert to tell you how (to make money) when markets are falling,’ said Pierre Baer, Societe Generale Private Banking chief executive for Singapore and South Asia.

They may suggest going short, for example.

He explained that investors are typically ‘long’ - that is, they buy assets, either stocks or property - and if they think assets are toppish, they sell out. But not all manage to sell in time to make a profit, as markets come down. That’s where the quality of the advice they receive will come in.

Steady heads are required now, said Peter Flavel, Standard Chartered Bank senior managing director and global head of private bank. ‘We ask people not to react to the moment, but to reflect on the various investment cycles and to make long-term decisions rather than short- term decisions,’ he said.

The private banks realise that their own fortunes could be tied to how they steer their clients through this rocky phase. Over the past five years, the major private banks in Asia have tripled assets under management from US$200 billion to US$600 billion today, according to Roman Scott, managing director of Calamander Capital, a Singapore-based investment and advisory firm. And while Asia continues to grow, the growth will be slower compared with previous years, private bankers said.

According to Barend Janssens, head of ABN Amro private banking Asia, ‘performance was easy to show during the last two years.

‘That now will change. Banks need to have products that can manage the swings in volatility for their ultra-high-net-worth clients, and in the high-net- worth sector, there is a realism that it is now time to protect wealth and be more conservative,’ he said.

Others agree with his prognosis amid anxious meetings with nervous clients in need of hand-holding. Cash levels are rising as investors become risk averse.

‘For investors generally, this year is about not losing money, rather than making money,’ said SocGen’s Mr Baer. ‘The financial market volatility will continue for a while - that’s quite unnerving for some investors.’

Some feel that both, the clients and the private banks, will have to change their mindset. Since the focus in many cases has been on the short term, private banking in Asia has seen a somewhat ‘brokerage style’ of business, said Mr Janssens.

‘Now clients are taking a longer-term view and that will call for a different type of product and method of dealing with them,’ he said.

Singapore, meanwhile, continues to attract new industry players. Macquarie Group is among the latest to set up shop here, with its first private bank outside Australia which will cater to the ultra-high-net-worth, that is those with at least US$30 million. But generally, there is a realisation that the industry will take a breather from its frantic growth in Asia.

Societe Generale does not expect a repeat of last year, when its income from the segment grew more than 60 per cent. Mr Baer would only say that he expects a ‘double-digit’ growth this year. The hiring spree in the industry may also ease.

‘We will see a slowdown on hiring teams. There is a sense that the frantic hires of last year now need to be digested,’ said Mr Janssens.

‘Those hires now need to be productive. Not everyone is going to be welcomed anymore,’ he said.

Mr Baer said that the past few years had seen an overextension of the business. ‘Car dealers and hairdressers, by nature of their networks, had been hired by private banks and trained to be private bankers,’ he said.

Standard Chartered, meanwhile, is on track to raise the number of its relationship managers to 450 over the next couple of years, said Mr Flavel. The bank has about 250 now.

The UK-listed bank, which is 19 per cent owned by Temasek Holdings, is also busy integrating the American Express private banking business it acquired last year. With its enlarged network of 33 offices in 16 markets, it is gunning for a significant slice of the private banking pie.

Other private banks, meanwhile, hope to preserve that pie by turning an uncertain year into a decent one.
Source : Business Times - 25 March 2008

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Singapore STI boosted by news that worst of credit crisis is over

Singapore STI boosted by news that worst of credit crisis is over 

Index rises 103 points on positive signs from global central banks, forex market

By Goh Eng Yeow, Markets Correspondent 
SINGAPORE share prices enjoyed their biggest one-day surge since January, as investors dared to believe that the worst might be over in the crisis afflicting global financial institutions.
The reason for the optimistic mood yesterday: Positive news on various fronts that emerged over the long Easter weekend.

For instance, hopes are rising that major central banks around the globe might be getting their act together to solve the global credit crisis by making large purchases of mortgage-backed securities that banks are refusing to accept as loan collateral.

The foreign exchange market also offered comforting signs. The ailing greenback steadied against the Japanese yen and other currencies such as the Singapore dollar.

With Hong Kong, Sydney and London still closed for the Easter holiday yesterday, Singapore and Taipei were the only two big regional bourses grabbing the attention of buyers. In particular, Taiwanese stocks had a great day as the Taiex Index gained 4 per cent.

That was after another piece of upbeat news: opposition candidate Ma Ying-jeou’s victory in Taiwan’s presidential election - set to ease tensions and boost business with mainland China.

In Singapore, DBS Group Holdings shot up 90 cents to $18 on a heavy volume of 6.7 million shares - making it the biggest gainer yesterday.

Other financials also benefited from the better market sentiment. United Overseas Bank rose 58 cents to $18.72, while OCBC Bank gained 11 cents to $7.86.

This enabled the benchmark Straits Times Index (STI) to rise 102.88 points to 2,927.79 - its biggest one-day gain since Jan 25. With that, the STI has now climbed back to its Feb 29 level.

Some big gainers yesterday were those which had initiated share buybacks as stock prices fell in the past two weeks. These were Singapore Airlines, up 54 cents at $15.02, SembCorp Marine, which was up 12 cents at $3.63, and SembCorp Industries, which advanced 24 cents to $4.10.

The only worry was the moderate turnover of 1.22 billion shares worth $1.49 billion, suggesting that many players are still adopting a wait-and-see attitude.

On the broader market, the FTSE ST China Index rose 6.9 per cent to 405.39 - its first gain in three session, unfazed by a 4.5 per cent drop in Shanghai.
Source : Straits Times - 25 March 2008

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Better eyesight for kids? Let them go out and play - Singapore

Better eyesight for kids? Let them go out and play  - Singapore
HEALTHY FUN: More than 4,000 children aged four to six are attending the outdoor activities organised by the Health Promotion Board during the Eye Care Week. The aim is to promote good vision among children. — ST PHOTO: ALAN LIM
 
STUDIES have shown that children who spend time outdoors have better eyesight than their computer-obsessed counterparts.
With that in mind, the government-run Health Promotion Board (HPB) has launched a new programme designed to detach children from video games and the television.

During this year’s Eye Care Week, which began yesterday, HPB is organising a slew of outdoor activities for about 4,000 children aged four to six.

Held next to the Singapore General Hospital, the activities are aimed at promoting good vision among children.

Preschoolers planted sunflower seeds in mini-flower pots, each bearing an eye-care message. They also played games that highlighted the outdoors as a fun alternative to computer games and television.

‘We feel that organising games and activities will make it more interesting for the children,’ said MrsCheong-Lim Lee Yee, deputy director of the preschool and primary school outreach department at the HPB.

Six-year-old Rachel Leow from kindergarten PCF Punggol South was happy to take part in the activities with her classmates.

When asked what she learnt,

she said: ‘We cannot play too much Game Boy or sit too close to the television.’

Data from studies in 2001 and 2004 found Chinese children in Singapore who spent much of their spare time indoors were more than four times more likely to develop myopia than kids from Sydney who went outside regularly.

JESSICA JAGANATHAN
 

Source : Straits Times - 25 March 2008

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Signs show parking lots in Singapore Marina Centre

Signs show parking lots in Singapore Marina Centre 

By Christopher Tan, Senior Correspondent 
 
FROM April 15, roadside electronic signboards will help motorists in the built-up Marina Centre area zero in on available parking lots.
The Land Transport Authority’s (LTA) parking guidance system will list the number of available lots in all major buildings in the area.

It is expected to cut down on the time drivers spend circling the area looking for parking.

This, in turn, should reduce traffic in the vicinity.

The LTA has started testing eight electronic panels in the Marina Centre area, including those located in front of Raffles City, Suntec City and along Nicoll Highway.

They will start operating on April 15.

The system will eventually be rolled out in other busy or built-up parts of Singapore, for example, around the Sentosa-HarbourFront area.

In Marina Centre, the panels will list available lots in Suntec City, Marina Square, Millenia Singapore, The Esplanade and Raffles City.

Although similar systems are increasingly common in carparks in commercial buildings, this is the first time a parking guidance system will be used on public roads here.

Roadside parking guidance systems are used fairly widely in Europe and North America.

The overseas systems usually come with directional arrows, so drivers who are unfamiliar with the area get a sense of where the buildings listed are.

Besides parking information, the LTA’s panels can be used to provide traffic advisories as well - like the expressway signboards.

The vendor for the maiden system is home-grown Wei Long Electronics Engineering, a 10-year-old company specialising in cashless parking systems.

It beat four other bidders to supply the system for around $700,000.

LTA chief executive Yam Ah Mee said: ‘We hope that the parking guidance system would help reduce the amount of circulating traffic, which will, in turn, lead to a more efficient use of our roads.’

Source : Straits Times - 25 March 2008

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