Southaven II For Sale Apartment / Condo, District 21 , 11.04.2008

Southaven II For Sale Apartment / Condo, District 21 , 11.04.2008

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

1841 sqf, ground floor with Patio

Full Condo Facilities

Near Bt TImah Nature Reserve

Free Air, Greenery

Shopping Centre and Courts Nearby

Accessible via PIE and BKE

Asking $1.5m
Call me now

Mindy Yong

(+65) 91002985

mindy@mindyyong.com
Type — C
District — 21
Street — SOUTHAVEN II, FLOWERPECKER BLK
Tenure — 999
Area — 1055
Age — 8
Room — 2
Psf — 872
PRICE$ — 920000
Type — C
District — 21
Street — SOUTHAVEN II, GOLDENBACK BLK
Tenure — 999
Area — 1539
Age — 08+
Room — 3
Psf — 780
PRICE$ — 1200000
Type — C
District — 21
Street — SOUTHAVEN II, GOLDENBACK BLK
Tenure — 999
Area — 1475
Age — 8
Room — 3
Psf — 847
PRICE$ — 1250000
Type — C
District — 21
Street — SOUTHAVEN II, GOLDENBACK BLK
Tenure — 999
Area — 958
Age — 8
Room — 2
Psf — 958
PRICE$ — 918000
Type — C
District — 21
Street — SOUTHAVEN II, GOLDENBACK BLK #02
Tenure — 999
Area — 1421
Age — 07+
Room — 3
Psf — 950
PRICE$ — 1350000
Type — C
District — 21
Street — SOUTHAVEN II, KINGFISHER BLK
Tenure — FH
Area — 958
Age — 10
Room — 2
Psf — 843
PRICE$ — 808000
Type — C
District — 21
Street — SOUTHAVEN II, KINGFISHER BLK
Tenure — 999
Area — 1055
Age — 8
Room — 2
Psf — 872
PRICE$ — 920000
Type — C
District — 21
Street — SOUTHAVEN II, KINGFISHER BLK
Tenure — 999
Area — 1539
Age — 07+
Room — 3
Psf — 0
PRICE$ — 0
Type — C
District — 21
Street — SOUTHAVEN II, KINGFISHER BLK
Tenure — 999
Area — 958
Age — 02+
Room — 2
Psf — 830
PRICE$ — 795000
Type — C
District — 21
Street — SOUTHAVEN II, KINGFISHER BLK
Tenure — 999
Area — 1485
Age — 06+
Room — 3
Psf — 1044
PRICE$ — 1550000
Type — C
District — 21
Street — SOUTHAVEN II, PARAKEET BLK #06
Tenure — 999
Area — 818
Age — 07+
Room — 1
Psf — 902
PRICE$ — 738000

Singapore Real Estate , Singapore Properties- Buy , Sell , Rent ,invest
Mindy Yong

(+65) 91002985

mindy@mindyyong.com

Southaven II at Hindhede Walk - Singapore - District 21

Southaven II at Hindhede Walk - Singapore - District 21

Southaven II had all qualities for a house where it could offer to people a chance to start to live in harmony.

The roomy, comfortable and good thought outside, all the apartments are proof that one can find the space, which increases its daily experiment. The fine tiles rayent the walls of the kitchens and the bathrooms. The decorated rooms to lay down outside with acclimatized teak add pleasant heat.

While one wanders by the quiet ways accompanied by the noise of overflowing water, the layer on the layer of gracious large trees and the coloured shrubs abundant indicate another world in miniature. The garden of word of Geomancers represents the larger world in miniature. At Southaven II, any good with the world.

SOUTHAVEN II is located along the walk of Hindhede who is in addition to higher road of Bukit Timah. It is said to him that the man functions better when its entourage increase is wellbeing. In north, hill of Bukit Timah, probably the reservation of the tropical forest oldest of the world, an image of can only how much better life would cost beside a so ideal normal site.

Southaven II is easily accessible by PIE. Social and commercial approvals can be found with the plaza close to the world of beauty or with the plaza of Bukit Timah. As favours additional, the educational establishment close like the Canadian international school and the technical school of teaching to Ngee Ann are right some of the options.

Name : Southaven Ii
Developer : Ho Bee Developments Pte Ltd
Tenure : 99
TOP : 2000
Type of property: CONDO
District : 21
Total number Units: 293

Available Unit Type:(Southaven Ii)

Goldenback, Kingfisher, Parakeet, Flowerpecker=Blk 31, 33, 35, 37, 39
Studio: 76 to 91 sq.m. (818 to 980 sq.ft.)
2 Rooms: 89 to 143 sq.m. (958 to 1539 sq.ft.)
3 Rooms: 121 to 285 sq.m. (1302 to 3068 sq.ft.)
4 Rooms: 212 to 223 sq.m. (2282 to 2400 sq.ft.)
Penthouse: 352 to 508 sq.m. (3789 to 5468 sq.ft.)

Facilities

Southaven Ii BBQ pits
Southaven Ii Covered car park
Southaven Ii Clubhouse
Southaven Ii Gymnasium room
Southaven Ii Playground
Southaven Ii Sauna
Southaven Ii 24 hours security
Southaven Ii Swimming pool
Southaven Ii Tennis courts

Singapore Real Estate , Singapore Properties- Buy , Sell , Rent ,invest
Mindy Yong

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mindy@mindyyong.com

http://www.hotvictory.com

Singapore HDB says BTO flats to constitute main supply going forward

Singapore HDB says BTO flats to constitute main supply going forward

By Hoe Yeen Nie,

SINGAPORE: The Housing and Development Board (HDB) said build-to-order (BTO) flats will constitute the main supply of new flats going forward.

HDB also plans to build another 5,000 units under this scheme, between now and September 2008.

The move comes as HDB’s stock of unsold flats is progressively being taken up.

During the days of excess supply of HDB flats, there were over 25,000 ready-built flats waiting for buyers. But now, that number has shrunk to about just 1,300 units.

To avoid an over-supply, HDB said it’s looking to the BTO scheme which was launched in 2001. So construction will begin only when the majority of planned units have been booked.

This means home-buyers will have to start planning ahead, as the flats take about 3 years before they are ready.

Between now and September, HDB plans to offer another 5,000 BTO flats. These will be in areas like Punggol, Sengkang, Woodlands and Bukit Panjang.

With the latest addition, the total number of such flats, for the first nine months of this year, will be increased to 6,100. This is higher than the number launched in each of the previous two years - 6,000 BTO flats in 2007 and 2,400 in 2006.

HDB will provide more details of these projects when they are launched.

As for the remainder of unsold flats, HDB said from July, these will be offered under a revised sales exercise under the combined balloting/walk-in system which will see more flats offered for sale in quarterly and half-yearly intervals.

All 4-room and bigger flats will also be pooled under a single launch. Sales of these units currently take place by sector - North & West, Northeast, and Established Towns. The timing of such exercises will also be changed so that more flats will be offered under each sale.

Unsold 3-room and smaller units will be released once a quarter, instead of once a month currently. Larger flats - 3-room premium and bigger - will be sold every six months starting this October, instead of bi-monthly.

Priority will be given to first-time homebuyers. 90 percent of unsold flats will be allocated to this group, which will also enjoy a double chance over regular applicants, for a place in the queue.

“This new scheme (does not) favour second-timers. So if I’m a second-timer, I’ll have very little chance if I go to the 6-monthly selection. So my only other chance is to go to the resale market to buy my flat,” said Eugene Lim, Assistant VP of ERA Realty Network.

But analysts said, with prices in the resale market still out of the reach for many home-buyers, BTO flats remain the cheapest option for them. - CNA /ac/ls

Source : Channel NewsAsia   - 11 April 2008

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Mindy Yong

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Singapore HDB gets 1,752 applications for 490 flats

Singapore HDB gets 1,752 applications for 490 flats

Board will restructure, re-time sale launches
By ARTHUR SIM
THE Housing and Development Board (HDB) launched 490 flats for sale in the North and West Zones through the bi-monthly sales exercise yesterday, receiving 1,752 applications on the same day.
HDB has also reviewed the bi-monthly and monthly sales exercises and said that the supply of unsold four-room and bigger flats, currently grouped under three sections, will be consolidated under a single launch.

The launches will also be restructured and re-timed to once every three months for the sale of three-room and smaller unsold flats, and once every six months for the sale of three-room premium, four-room and bigger flats.

On the first day of the February bi-monthly sales exercise, almost 10,000 people applied for just 278 flats in sought-after mature estates such as Toa Payoh, Tampines and Bedok.

Of the 490 flats offered for sale yesterday in the North and West Zones through the bi-monthly sales exercise, 1,752 applications were received on the same day.

Compared with February’s bi-monthly sales exercise, yesterday’s response - the first day of April’s bi-monthly sales exercise - was somewhat lukewarm. This could be because 377 units out of the 490 units offered are in Jurong West, an area that is not considered popular.
 
Of the flats in Jurong West, 333 units are five-room flats. A check with HDB’s website revealed that a 110 square metre unit on the second floor of Block 676B, Jurong West Street 64, costs $248,800 while a similar unit on the 16th floor of the same block costs $280,000.

PropNex CEO Mohamed Ismail said that he expects the current bi-monthly sales exercise to see at least a fivefold over-subscription eventually. ‘Especially because of the recent announcement of rejuvenating the area,’ he added.

For more demanding buyers, HDB had this to say: ‘Flat buyers who prefer to live in mature estates are also advised to consider resale flats. They should not rely on HDB’s sale exercises as there is limited land to build new HDB flats in these locations.’

From April to September, HDB will be offering 5,000 new Build-To-Order (BTO) flats in towns such as Punggol, Sengkang, Woodlands and Bukit Panjang. This will bring the total planned BTO supply for January-September to 6,100 units, updated from the earlier H1′08 estimate of 4,500 units.

However, HDB said: ‘To avoid over-building new HDB flats, the construction of BTO projects will only commence when a majority of the units have been booked.’

HDB also advised those who need flats urgently to consider resale flats on the open market.

Said ERA Singapore assistant vice-president Eugene Lim: ‘The resale market is still very active.’ This is despite the HDB resale price index rising 3.4 per cent in Q1′08 over Q4′07.

Mr Lim added: ‘HDB has indicated that most of the new flats will not be in mature estates due to limited land available. So those who want to live in mature estates will have to look at the resale market.’
Source : Business Times  - 11 April 2008

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Mindy Yong

(+65)91002985

mindy@mindyyong.com

Singapore Headhunting preferred method of recruitment

Singapore Headhunting preferred method of recruitment

57% of companies here find attracting talent remains a major challenge, survey shows
By LEE U-WEN

HEADHUNTING has emerged as the top method that Singapore companies are using to recruit new staff, and it’s not just senior executives that they are on the lookout for.
 
 
A new survey has showed that 72 per cent of companies here say headhunting is their preferred choice when looking for talent. Nearly a third of them turn to this technique to recruit junior officers, highlighting the intense competition for talent between employers, according to the latest employment trends survey by recruitment network Vedior Asia Pacific.

The annual survey polled a total of 1,044 respondents representing 23 industry sectors in three countries - Singapore, Australia and New Zealand. Vedior, however, could not provide the breakdown for Singapore by press time.

The survey found that headhunting was the No 1 approach to recruiting staff in Singapore, and was more popular here than in the other two markets, where online job boards and print advertising still remain the recruitment method of choice.

Overall, 57 per cent of firms here complained that attracting talent remains a big struggle for them, with 32 per cent saying that this would represent their biggest human capital challenge for the next 18 months.
‘The results reflect the overall climate of the continued shortage in skilled labour and the need to consider strategies to penetrate a relatively dense ‘passive’ candidate market.’
 
- Vedior’s chief executive officer Debbie Loveridge 
 
 
 
 
One in two Singapore companies plan to increase their headcount in the current year, said the survey, which suggests that the war for talent is set to intensify.

Vedior’s chief executive officer Debbie Loveridge said the results reflected the chronic talent shortage in the region.

‘The results reflect the overall climate of the continued shortage in skilled labour and the need to consider strategies to penetrate a relatively dense ‘passive’ candidate market,’ she said.

And with the power firmly in the candidate’s hands as to which company he or she wanted to join, the onus is now on companies to clearly define what it is that makes a career with them unique, Ms Loveridge added.

Labour shortages, meanwhile, only meant that employer branding is likely to wind up on the agenda of ‘every boardroom table in the country’, she said.

In Singapore, most companies (76 per cent) believe their employer brand was successful in attracting and retaining employees. A slightly higher number, 79 per cent, felt that they ought to do more work to improve their employer branding strategy.

One area that companies could focus more attention on to hire the right worker was the online and digital media, said Ms Loveridge.

The Vedior survey found that just 7 per cent of companies here are making use of online social networks such as Facebook and MySpace.

‘Employers might want to consider incorporating online networking into their long-term recruitment strategy. Online is a great opportunity to target different demographics and diverse talent pools. In the midst of such a shortage, it is a much under-utilised tool in Singapore,’ she said.
Source : Business Times  - 11 April 2008

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Mindy Yong

(+65)91002985

mindy@mindyyong.com

Singapore companies in no rush to draw down credit lines

Singapore companies in no rush to draw down credit lines

Their cash balances are at healthy levels, so liquidity concerns are limited: bankers
By CHOW PENN NEE
(SINGAPORE) Companies here do not see bank lending drying up any time soon and are not actively drawing down their credit lines, bankers say.
 
‘Singapore corporates, in general, continue to remain fundamentally strong given their record results.’
 
- Silas Lee, 
who heads corporate banking at Citi Singapore 
 
 
 
Unlike their US counterparts, which have been tapping existing lines of credit after banks tightened lending criteria, companies in Singapore still have access to cash - be it from their own operations, lending from banks or fund-raising from the capital markets.

In the United States, companies are clutching at whatever funding they can get, which includes credit lines earlier extended to them by banks.

Banks here say their corporate clients are not rushing to draw down credit lines for contingency but instead are using them in the normal course of business.

This is because Singapore companies have healthy cash balances, bankers say.

‘Singapore corporates, in general, continue to remain fundamentally strong given their record results,’ said Silas Lee, who heads corporate banking at Citi Singapore.

‘Cash balances are at record levels so liquidity concerns are limited,’ he said. ‘Correspondingly, we have not seen a significant increase in the drawdown of credit lines from our clients.’
 
It is the same refrain at other banks. ‘We have not experienced any discernible increase in the number of corporate customers drawing down their credit lines,’ said Samuel Tsien, global head of group business banking at OCBC Bank.

At United Overseas Bank, lending is still available and has not been tightened. ‘There is no undue disruption in the credit market insofar as availability of credit is concerned,’ a spokesman said. ‘The quality of credit has also not deteriorated to warrant any significant adjustment in the bank’s underwriting standard.’

The only significant development arising from the global credit turmoil is perhaps that banks have re-priced loans to achieve higher all-in yield, he explained. ‘That said, there is no rush by corporations to build up cash reserves.’

Kavita Bedi, general manager of SME banking at Standard Chartered Bank Singapore, concurred. ‘At this point, it appears to be business as usual,’ she said. ‘Loan volumes and requests are also running at normal levels.’

Tan Siew Meng, head of commercial banking at HSBC Singapore, said credit spreads - the extra interest that banks charge above benchmark interbank lending rates to reflect the risk of a borrower defaulting - have widened but customers are not rushing to draw down credit lines.

‘Apart from widening credit spreads, we have not seen anything out of the ordinary,’ she said. ‘Increased borrowings from customers are mainly to finance and support their planned business growth and expansion.’

Citi’s Mr Lee said the increase in credit spreads has been tempered by lower borrowing costs - due in part to lower Singapore interbank rates. ‘While bank liquidity has tightened over the last few months resulting in a significant increase in credit spreads, the mitigating factor is that general borrowing costs have remained acceptable as increase in credit spreads are being offset against lower benchmark borrowing rates.’

Singapore companies are also tapping the capital markets for funds. Indeed, in the past few months, companies like Noble Group, Olam International, K-Reit, OSIM and Parkway Holdings are among those that have raised money through private placements, share offerings and rights issues.

Not only that; bank lending to corporations seems to be continuing apace. The latest figures from the Monetary Authority of Singapore, for February, show total loans to businesses growing nearly 30 per cent over the year and 3.6 per cent over the month to $135.2 billion. The figures are ‘a reassuring indication’ that the tightening of credit in some parts of the US and Europe does not seem to be interfering with the availability of credit in Singapore’, David Cohen, an economist at Action Economics, told BT earlier.

He added that the healthy loans growth shows that financing of business activity here has not been affected yet.

Citi’s Mr Lee said Singapore is still looking to the US for signs but that general sentiment here remains alright.

‘People are confident about what’s happening in Singapore, with the integrated resorts and Formula One coming on board,’ he said. ‘We remain cautiously optimistic for the next six to nine months.’
 

Source : Business Times  - 11 April 2008

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Mindy Yong

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Singapore a strong US ally in war against terror, says Bush

Singapore a strong US ally in war against terror, says Bush

He and SM Goh say China must engage Dalai Lama; so must the Myanmar junta with the Opposition
By LEE U-WEN

SINGAPORE is regarded by the United States as a ’strong ally’ in the war against terror, US President George W Bush said in Washington on Wednesday.
 
Warm relations: SM Goh with President Bush at the White House in Washington on Wednesday. Mr Goh is on a four-day visit to the US capital 
Speaking to the media after a meeting at the White House with Senior Minister Goh Chok Tong - who is on a four-day visit to the US capital - Mr Bush praised the Republic, saying: ‘I do want to say . . . how much I appreciate your firm stance against extremists and radicals who use the tactics of murder and intimidation to advance their ideologies.’

The two leaders, who had private talks in the Oval Office, discussed a range of issues, such as the conflict in Tibet. On that subject, both are of the view that China’s leaders should begin talks with the Dalai Lama to resolve the unrest in the country.

Mr Bush said: ‘We both agree that it would stand the Chinese government in good stead if they would begin a dialogue with the representatives of the Dalai Lama.

‘If they ever were to reach out to the Dalai Lama, they’d find him to be a really fine man, a peaceful man, a man who is anti-violence, a man who is not for independence but for the cultural identity of the Tibetans being maintained.’

Echoing those sentiments, Mr Goh said: ‘The way forward will be for the Chinese leaders to talk to some representatives of the Dalai Lama. Better still if they can talk directly to the Dalai Lama. I think that’s the only way for them to contain this problem.’ China has accused the Dalai Lama of instigating last month’s protests in and around Tibet - the biggest in almost 20 years - and has alleged that his supporters are trying to sabotage this year’s Beijing Olympics.

An estimated 150 people have died in the Chinese crackdown on Tibet demonstrations.

Mr Bush and Mr Goh also discussed Myanmar, and both called on the country’s ruling military junta to begin talks with opposition forces. The junta has been condemned by world leaders after a massive crackdown last year in which many protesters were killed and arrested.

Mr Goh said: ‘I told (Mr Bush) that while the army is the problem, the army has to be part of the solution. Without the army playing a part in solving problems in Myanmar, there will be no solution.’

Mr Bush, meanwhile, said he is ‘disappointed’ with the progress made in Myanmar so far. ‘(The military) should not fear the voices of people. And yet they do,’ he said. ‘I would urge the military leadership there to open up and respond to the will of the people.’

Mr Goh, in Washington to attend the fifth meeting of the Commission on Growth and Development, has also had talks with US Vice-President Dick Cheney, former president Bill Clinton and World Bank president Robert Zoellick.
Source : Business Times  - 11 April 2008

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Mindy Yong

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Singapore MAS signals it will allow stronger Sing dollar to fight inflation

Singapore MAS signals it will allow stronger Sing dollar to fight inflation

Strong Q1 GDP numbers seen giving MAS more room to tackle price rises
By CONRAD TAN

(SINGAPORE) The Monetary Authority of Singapore (MAS) yesterday effectively gave a one-time boost to the Singapore dollar to fight inflation, surprising analysts who had expected the central bank to leave its stance on the currency unchanged.

The MAS said that it would re-centre its undisclosed policy band for the trade-weighted Sing dollar, or S$NEER, at the prevailing level of the S$NEER - widely believed to be near the top of the previous tolerated range - while leaving the slope and width of the band unchanged.

The shift would help to moderate inflation ‘while providing support for sustainable growth in the economy’, the MAS said in its closely watched twice-yearly monetary policy statement.
 
Currency strategists suggested that the government’s better-than-expected advance estimate of 7.2 per cent gross domestic product growth in the first quarter - also released yesterday - had temporarily relieved fears that a stronger currency would stifle economic growth and gave the MAS room to tackle rising inflation by nudging the Sing dollar higher.

Unlike the US Federal Reserve, which sets interest rate targets, the MAS implements its monetary policy by steering the exchange rate of the Sing dollar against the currencies of Singapore’s major trading partners.

Raising the policy band by setting its new mid-point at the prevailing level of the S$NEER is more abrupt than making the slope of the band steeper - as the MAS did last October - which would encourage a faster but gradual pace of currency appreciation.

The last time the central bank re-centred the policy band without changing its slope was in July 2003. In April 2004, it shifted from a neutral policy stance to the ‘gradual and modest’ appreciation stance that it has used since.

Analysts suggested that the MAS’s latest move - besides mitigating current inflation by lowering the price of imports - is also intended to arrest expectations of future inflation. If such expectations become entrenched, they could fuel a vicious cycle of wage and price increases that could spin out of control.

‘Immediate Sing dollar strengthening is the only possible intention,’ said HSBC economist Robert Prior-Wandesforde. The move ‘will serve to reinforce the bank’s anti-inflationary credibility’, he added.

Analysts at Goldman Sachs, HSBC and Standard Chartered Bank estimate that the move has lifted the policy band for the S$NEER by 1.5 per cent, consistent with an exchange rate of about S$1.35 to the US dollar.

But rising prices will remain a worry despite a stronger Sing dollar, which will not ease inflation pressure from domestic sources such as higher housing costs, analysts said. Most expect the S$NEER to trade near the top of the new policy band until the MAS issues its next monetary policy statement in October.

The MAS expects inflation this year - as measured by the consumer price index - to be in the upper half of its 4.5-5.5 per cent forecast range. But OCBC Bank analysts expect inflation to reach 6 per cent.

‘Given fresh record highs in many commodity prices, especially with food inflation which will hit developing countries more than the developed countries, we see little near-term relief on inflation,’ said OCBC analysts Selena Ling and Emmanuel Ng in a report.

Yesterday, the Sing dollar strengthened 1.8 per cent to a high of S$1.3567 in afternoon trading, before easing slightly to S$1.3572 at 7pm, according to Bloomberg data. Since the MAS’s statement on Oct 10, the Sing dollar has gained 7.4 per cent.

Goldman’s revised one-year forecast for the Sing dollar/US dollar exchange rate is S$1.32, while OCBC and Stanchart are forecasting an exchange rate of S$1.325 and S$1.35 at this year-end.
Source : Business Times  - 11 April 2008

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Mindy Yong

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Economy surprises with robust 7.2% Q1 growth - Singapore

Economy surprises with robust 7.2% Q1 growth - Singapore

But MAS says growth is likely to ease in next few quarters as global outlook dims
By ANNA TEO

(SINGAPORE) Inflationary concerns outweigh downside growth risks - for now anyway - as the economy rebounded strongly in the first quarter. But GDP growth is expected to ease in the months ahead.
 
Global growth prospects have worsened significantly of late, but regional resilience should continue to support S’pore’s growth.
 
 
 
 
 
 
The 7.2 per cent flash estimate of Q1 growth - against sub-6 per cent consensus forecasts, and up from the preceding Q4’s 5.4 per cent pace - mostly surprised on the upside. In annualised, adjusted terms, the economy - far from slipping into a technical recession, after a Q4 contraction - grew almost 17 per cent in Q1, according to the advance figures based only on January and February data.

Notably, the manufacturing sector roared back after the previous quarter’s flat performance. According to the Ministry of Trade and Industry, the sector’s 13.2 per cent recovery was due to a surge in the biomedical cluster and a better showing by mainly the electronics and chemicals industries.

Growth was fairly broad-based across the economy, with the services sector maintaining pace at 7.6 per cent, led by the financial services. Construction growth slowed, but to a still robust 14.6 per cent.

The Monetary Authority of Singapore - which unexpectedly tightened monetary policy yesterday - had rather a lot more to say about the growth outlook.

Singapore’s economic growth is likely to ease in the next few quarters, says the central bank in its monetary policy statement.
 
Global growth prospects have worsened significantly of late, but regional resilience should continue to support Singapore’s growth, MAS says.

And while maintaining the official forecast of 4-6 per cent growth for 2008, it adds: ‘A more severe global downturn cannot be ruled out if there is a further escalation of the financial crisis in the US. If this occurs, Singapore’s growth will be adversely affected.’
 

Meanwhile, global inflationary pressures remain high, and Singapore’s consumer price inflation is expected to remain elevated in the first half of 2008, MAS says.

It now projects Singapore’s 2008 inflation rate to come in at the upper half of the 4.5-5.5 per cent forecast range.

‘Against this backdrop of continuing external and domestic cost pressures, an upward shift of the policy band at this point will help to moderate inflation going forward,’ it says.

While surprised by the Q1 GDP figures, economists are a little divided about how much the economy will be hit by the US recession that will likely show its hand in Asia later in the year.

Standard Chartered Bank’s forecasts for Singapore see GDP growth slowing sharply to just 2.8 per cent by Q4, averaging 4.5 per cent for the year.

On the other hand, HSBC economist Robert Prior-Wandesforde maintains that ‘domestic fundamentals remain highly supportive of growth’ and is sticking to his forecast of 6 per cent growth for 2008. He also expects no reversal of the monetary tightening at the next review in October - and sees the inflation rate easing to about 3 per cent in Q1 2009.

For at least one economist, though, the Q1 7.2 per cent GDP growth is simply ‘not high enough’.

Given the robust flash estimates for manufacturing, services and construction, the numbers just do not ‘add up’, says Daiwa Institute of Research’s P K Basu, who had forecast 8.4 per cent GDP growth for the quarter.

Could there have been a ‘computation error’ somewhere, he wondered. Asked about this, an MTI officer ran through the data, and found nothing amiss.

The full details of Q1 economic performance, including March figures, will be released next month.
Source : Business Times  - 11 April 2008

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Mindy Yong

(+65)91002985

mindy@mindyyong.com

News Corp and AOL join in Microsoft-Yahoo fray - SAN FRANCISCO

News Corp and AOL join in Microsoft-Yahoo fray  - SAN FRANCISCO
 
SAN FRANCISCO - YAHOO, which was widely believed to be running out of alternatives to accepting Microsoft’s takeover offer, has become a target of two warring camps of technology giants and their media allies, sources said.
News Corp is considering joining Microsoft in a bid for Yahoo, which would bring in News Corp’s MySpace online social hang-out and create a more formidable rival to Internet juggernaut Google, newspaper reports said.

But Yahoo, which announced earlier on Wednesday that it plans to test Google search advertisements alongside Yahoo Web search services, is closing in on a deal with Time Warner to merge with its AOL unit.

Google is considered a secondary player unlikely to enter the merger bidding as its growing dominance in Web search and search-based advertising could be blocked by competition regulators.

‘There are so many pent-up moves for consolidation but it’s hard to say what moves will be successful,’ said Sanford C. Bernstein analyst Jeffrey Lindsay.

Reports were sketchy over how a Microsoft deal with News Corp might be structured, making Wall Street analysts reluctant to speculate on which combination might prove the superior offer. But several agreed that Yahoo has regained some of the negotiating power it had appeared to have lost with Microsoft.

Yahoo’s talks with Time Warner are getting near to a deal that would fold AOL’s business, excluding its dial-up Internet access operations, into a combined Yahoo company, a person familiar with the talks said. Such a deal would value AOL at US$10 billion, the person said.

Yahoo would receive cash from Time Warner in exchange for 20 per cent of a combined Yahoo-AOL, the source said. The Wall Street Journal cited sources saying that Yahoo would use the Time Warner cash and other funds to buy back several billion dollars worth of Yahoo stock.

The New York Times reported that Microsoft had begun talks to bring News Corp in on its effort to acquire Yahoo. This combination would bring together three of the biggest website publishers on the Internet: Yahoo, Microsoft’s MSN and News Corp’s MySpace, creating a formidable counterweight to Web pacesetter Google, but also drawing antitrust scrutiny.

Yahoo said it was beginning a two-week test on whether it can use Google to sell ads alongside Yahoo Web search services. The initial test is small, covering only 3 per cent of Yahoo Web searches, the companies said.

But sources familiar with the talks said the tests could lead Yahoo to a broader deal in which it lets Google sell search advertising for it in order for Yahoo to concentrate on online brand ads.

Mr Lindsay has estimated that, by turning over search ad sales to Google, Yahoo could boost its revenue by 10 per cent and free up money to invest in stronger businesses.

Microsoft had threatened on Saturday to launch a hostile bid for Yahoo and could lower its offer in three weeks. Yahoo argued that it is worth more than Microsoft’s US$42 billion (S$58 billion) bid.

REUTERS

Source : Straits Times  - 11 April 2008

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Singapore Construction cools unexpectedly on higher costs

Singapore Construction cools unexpectedly on higher costs 

By Fiona Chan 
 
GROWTH in the booming construction industry slowed unexpectedly in the first quarter, after racing along at a frenetic pace for much of last year.
The sector, tipped as one of the economy’s key growth drivers this year, grew by just 14.6 per cent in the first two months, down from more than 20 per cent for most of last year.

Economists were surprised by what they said amounted to a contraction in the industry, but they remained confident that growth was still healthy and in line with their forecasts for the year, which ranged from 10 per cent to 25 per cent.

Most suggested that profits in the construction sector could have been hit by higher raw material and labour costs. Construction costs have risen 40 per cent in the past two years and are expected to jump by another 15 per cent to 20 per cent this year.

United Overseas Bank economist Ho Woei Chen also said that after several successive quarters of strong growth, a slowdown in one quarter ‘is to be expected’.

She and other experts, however, are still positive over the sector because of major projects in the pipeline, such as the Sports Hub in Kallang, as well as the integrated resorts.

CIMB-GK economist Song Seng Wun expects the first-quarter figure released by the Government yesterday to be revised up when fuller data comes out next month.

He noted that the estimates covered only January and February, which included a break for the Chinese New Year holiday.

With last month included, the growth figure should go up, he said, adding that better performances should also come in for the later quarters this year.

‘The intention is to get everyone up and running as quickly as possible in an environment where cost continues to be an issue, so we should see accelerated activity in the sector as developers try to finish projects,’ said Mr Song.

Construction firms also expressed surprise at the figures.

‘Everyone’s still very busy, so right now, we should be at the peak for the sector,’ said Mr Goh Yeow Lian, the executive chairman and managing director of building contractor Wee Hur.
Source : Straits Times  - 11 April 2008

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Singapore MAS makes drastic move to fight inflation

Singapore MAS makes drastic move to fight inflation 

This comes as world oil prices hit a new record high of US$112 a barrel

By Bryan Lee, Economics Correspondent 
 
SINGAPORE has trained its sights squarely on inflation, as the Government moves with unprecedented aggression to curb escalating costs faced by households and businesses.
The Monetary Authority of Singapore (MAS) said yesterday it would allow an immediate jump in the value of the Singapore dollar by moving up the range in which it allowed the local currency to fluctuate.

Heightened inflation fears seemed to be in view, as the central bank narrowed its forecast for consumer price inflation - already at 26-year highs - to the ‘upper half’ of its 4.5 per cent to 5.5 per cent range.

The currency move, which came amid a new surge in oil and commodity prices, surprised most economists, who expected the MAS to stick with the status quo, given the uncertain economic outlook.

Economists also said the MAS had already made provisions for a stronger Singdollar, albeit less drastic ones, at its last review in October.

‘The manner in which they opted to tighten is aggressive. They do this sort of thing only in a crisis,’ said Fortis Bank senior strategist Joseph Tan, one of the few analysts expecting monetary tightening. ‘In my memory, there are only two other episodes when the MAS re-centred its policy band. On both occasions, they were downward moves.’

The MAS manages the value of the Singdollar against an undisclosed trade-weighted basket of currencies. The currency is allowed to trade freely, as long as its trade-weighted value remains within limits prescribed by the central bank’s ‘policy band’. This is Singapore’s main weapon for fighting inflation, as a stronger Singdollar helps offset costlier imported goods.

The last two band re-centrings occurred when Singapore’s economy faced severe downturns - during the 2003 Sars epidemic and after the dot.com bust in early 2002.

Both were downward moves to guide a Singdollar depreciation to make local exports more competitive.

‘A band re-centring is the most hawkish and least ambiguous of the likely possible policy moves. An immediate Singdollar strengthening is the only possible intention of this choice of policy,’ said HSBC economist Robert Prior-Wandesforde.

Indeed, the local currency rose 1.8 per cent to $1.3572 against the greenback yesterday. Experts now reckon that the Singdollar could reach $1.32 by year-end.

The move came as oil prices hit a new high of US$112 a barrel yesterday, and as commodities like soybeans, corn and copper traded just below their peaks. ‘The tipping point is likely to have been the spike in food prices in recent weeks, particularly rice prices,’ said Barclays Capital economist Leong Wai Ho.

OCBC Bank economist Selena Ling said the economy’s surprisingly strong growth of 7.2 per cent in the first quarter probably gave the MAS ‘comfort’ to prioritise inflation over growth concerns.

The MAS said in a statement that oil and food prices were likely to stay high for some time. ‘Domestic cost pressures will persist due to short-term capacity constraints in certain segments of the economy,’ it added.

Inflation is expected to moderate in the latter half of the year, but experts believe policymakers should consider moves beyond currency strengthening.

‘A stronger Singdollar cannot mitigate domestic sources of inflation like higher housing costs, wage costs and road usage costs,’ said Standard Chartered Bank economist Alvin Liew.
 
Source : Straits Times  - 11 April 2008

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Singapore HDB to sell unsold flats on a less frequent basis

Singapore HDB to sell unsold flats on a less frequent basis 

By Joyce Teo, Property Correspondent 
 
NOT so long ago, unsold Housing Board flats were so plentiful that home buyers could simply walk in and buy a completed unit.
But with fast dwindling stocks, the HDB is streamlining the system for launching batches of unsold flats.

Starting July 1, it will hold fewer launches - but each launch will boast more flats.

It will sell three-room and smaller unsold flats once every three months, instead of once a month. And the bigger flats - three-room premium and above - will be sold half-yearly starting Oct 10, instead of every two months.

Property market observers say this will make life easier for urgent home buyers.

PropNex chief executive Mohamed Ismail said it will help unsuccessful buyers avoid the anxiety of having to re-apply for a dwindling pool of unsold flats every month or two.

An economic downturn in the late 1990s resulted in the excess stock of unsold flats.

‘With the progressive clearance of these unsold flats, the number of ready-built flats available for sale will decline and the sales launches for unsold flats will become less frequent over time,’ said the HDB in a statement yesterday.

HDB launched the final bi-monthly sales exercise yesterday.

Already, demand is strong. As at 5pm, 1,752 applications had been made for 490 four-room and bigger flats in the north and west zones. The 76 four-room flats, 371 five-room flats and 43 executive flats are in various towns such as Bukit Batok, Jurong East and Yishun.

From now on, the board will also be consolidating the supply of unsold four-room and bigger flats in a single launch. They were previously grouped under three sectors - north and west, north-east and established towns.

There is also good news for first-time buyers. Responding to public feedback, the HDB will now set aside 90 per cent of the flat supply in these exercises for first-timer applicants, similar to its practice for the build-to-order (BTO) scheme.

They will also enjoy double the number of chances compared to regular applicants under the ballot to determine their queue position.

Still, HDB encourages those needing a flat urgently or wishing to live in mature estates to con- sider a resale flat.

But not all home-hunters can afford a resale flat as they cost more and typically, require a fairly large cash-over-valuation sum, agents said.

Serious buyers should look to the BTO system, where projects are built only when a majority of units are booked, as this will be the main way the HDB will sell new flats from now on.

The catch is that buyers have to wait about three years for their flats to be built.
Source : Straits Times  - 11 April 2008

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