Home loans harder to get as prices fall

Home loans harder to get as prices fall

Check if bank can meet unit’s valuation to avoid overpaying for the property

By Joyce Teo, Property Correspondent

A couple of telling anecdotes illustrate the unexpected glitches that home buyers can face as property prices start to fall.

A Spring Grove condominium unit owner was denied the chance to take advantage of lower interest rates by refinancing his devalued property without coughing up more hard-earned cash.

The owner had to make up the shortfall because the reduced value of the Grange Road unit meant the bank could not extend a large enough loan.

Another buyer had to cancel his purchase recently after he learnt that banks’ valuation of the property was less than what he was supposed to pay.

The banks could not offer him the loan he needed as the collateral was inadequate.

This is the brave new world of home loans as property values fall amid the global financial crisis and banks tighten lending.

Banks are still dishing out home loans but are much more selective these days, mortgage consultants said.

Banks can grant only up to 90 per cent of the purchase price or valuation, whichever is lower. So if the sale price of a property exceeds the valuation - which is determined by an independent professional - the buyer will have to make up the shortfall.

Amid poor demand and falling prices, banks are sticking to lower property valuations in anticipation of further price falls.

‘OCBC Bank engages independent, third-party valuers to determine the open market value of properties and there has been evidence of a fairly strong downward trend in property valuation,’ said its head of consumer secured lending Gregory Chan.

The buyer who cancelled his property deal realised that the yet-to-be-completed 1,000 sq ft condo unit was worth less than the $2 million he was going to pay.

‘No bank can match the property’s valuation as there was a recent sub-sale deal done at 15 per cent below the developers’ price of $2,000 per sq ft,’ said Mr Dennis Ng, spokesman for mortgage consultancy portal www.HousingLoanSG.com

Buyers can avoid overpaying for a property by checking to see if the banks can match the valuation to the property’s purchase price, he said.

In today’s market, those still keen on taking out a loan for a home they intend to live in should also know that most banks now prefer to offer up to only 80 per cent financing, said Ms Ally Yang, a chief mortgage consultant at www.homeloan.com.sg

OCBC Bank said it continues to offer housing loan packages for 80 per cent financing. It also offers 90 per cent financing on a case-by-case basis if the applicant meets its credit assessment criteria.

HSBC Singapore’s head of personal financial services, Mr Sebastian Arcuri, said: ‘Customers can still obtain home loans of up to 90 per cent valuation or purchase price if their financial profile can support it and their application meets the bank’s criteria.’

But there are signs that banks are starting to be more stringent in their credit criteria and they are very selective in granting a 90 per cent loan, said Mr Ng.

‘A 90 per cent home loan is now more selectively granted to consumers with very good profile who are buying a property as their first home.’

Investors will find it tougher to get a bigger loan these days. Banks used to offer more than 85 per cent financing for investment properties but all of them, except DBS Bank, no longer do so, said Ms Yang.

This means buyers have to be prepared to cough up more cash for investment property buys.

Those looking at refinancing may be in for a surprise if they bought their properties in last year’s booming market.

The Spring Grove unit in question was bought by a South Korean expatriate for $2.58 million or $1,442 per sq ft on a floating rate package.

He now pays 3.5 per cent interest on his 80 per cent loan and was looking to halve his interest payments by switching to a package pegged to the three- month Singapore Interbank Offered Rate, said Ms Yang.

But a check with two banks found that the valuation for his property was $2 million or $2.22 million. If he wants to refinance at these valuations, he would need to pay up to $180,000 to top up his loan, currently at $1.78 million.

Consumers seeking a loan for their property purchase should get prior approval or have more cash on hand. ‘They should approach a mortgage specialist for a joint assessment if they are unsure whether they can afford the home purchase,’ said OCBC’s Mr Chan.

‘Things are quite fluid these days so buyers should re-check their loan eligibility after one month,’ said Mr Ng.

Source : Straits Times - 16 Nov 2008

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10 tips to survive the downturn

10 tips to survive the downturn

The Sunday Times shows you how to insulate yourself from the impact of the economic crisis

By Lorna Tan, Financial Correspondent

We all know it’s getting ugly out there. Jobs are going, share prices have plummeted, year-end bonuses look shaky and anxiety levels are sky-high. Time, then, to batten down the hatches.

For many people, that means keeping their finances on track until the economy turns the corner.

Experts have various tips on how to do this, but they mostly boil down to belt-tightening and taking a hard look at expenses and liabilities.

Ms Anne Tay, OCBC Bank’s vice-president of group wealth management, encourages people to go back to basics and revisit some principles of managing wealth.

‘I agree that we are entering turbulent times now and cash is king. But bear markets or financial crises come and go and things will recover,’ she notes.

‘The real test is how long it will take and can we hold out that long. This is an opportunity to rethink our wealth-building strategy.’

Here are 10 tips to ride out the recession.

1 Take stock of your cash position

It is vital to get a handle on your cash flow - income versus expenses - so that you know how vulnerable you are if, say, you get retrenched.

Ms Janice Poon, Standard Chartered Bank’s general manager of wealth management, believes that managing cash flow is the first step towards planning for a rainy day and it could mean having enough cash for emergencies.

‘It’s something you should be doing all the time but it’s even more critical during a downturn,’ she says.

The chief executive of financial advisory firm New Independent, Mr Joseph Chong, says people must ensure they have enough emergency funds.

‘This should be in the region of six to 12 months of your monthly expenses. The downturn in the global and Singapore economies will see more layoffs and fewer hirings,’ he says.

2 Home loans

In this high-inflation, low-interest-rate environment, one of the best things you can do is to review your debts and refinance wherever possible.

It is crucial to prioritise your debts and manage them.

Your home loan should rank high in this scheme of things simply because it is a big-ticket item. This means it could provide the single biggest cost-saving option.

Consider moving to a variable rate mortgage pegged to the three-month Sibor or Singapore interbank offered rate. This rate fell to a near five-year low of 0.89 per cent on Tuesday and was 0.95 per cent on Friday.

Mr Chong notes that central banks around the world are slashing interest rates to head off a steep recession, so short-term rates are expected to stay low next year.

This means big savings for those on variable packages.

Alpha Financial Advisers’ chief executive, Mr Arthur Lim, suggests that home owners look for refinancing savings by checking out the different mortgage rates - but take into consideration any penalty charges.

3 Credit card debt

With hard times coming, consumers should be wary about credit card spending and unsecured debts such as credit lines.

‘The good times experienced by Singapore over the last few years have lulled individuals into complacency and some bad habits have been built up, such as not paying your credit card bills in full,’ says Mr Kuo How Nam, president of Credit Counselling Singapore (CCS), a non-profit group that advises debtors.

‘This is a good time to tighten their belts, pay off the unsecured consumer debts as fast as possible and build up a buffer fund as a cushion if something bad happens to their jobs and incomes.’

One way is to curb spending on non-essentials.

Ms Chenise Lim, vice-president at ipac financial planning Singapore, warns consumers that credit card debt is one of the most expensive loans available.

‘Don’t be taken in by the minimum payment option on your statement, as outstanding balances can attract an annual interest cost of up to 24 per cent. If you’re unable to pay your debt in full, try to pay as much as possible and then set aside your credit card and avoid using it until your debt is fully cleared,’ she says.

4 Consolidate your debts

As a guide, your monthly long-term debt commitments should not exceed 35 per cent of your monthly gross income.

Consider debt consolidation if you have outstanding balances with different credit card companies and have difficulty paying. CCS can negotiate with these banks and help restructure the repayment of these debts on your behalf.

Ms Poon suggests taking advantage of balance-transfer promotions offered with a lower interest rate to refinance your higher-cost debt.

5 Review insurance policies

Mr Chong urges people to ensure that their hospitalisation policies are in force.

‘Remember, you cannot rely on your company’s insurance coverage, especially in a downturn, as the company may not always be there,’ he says.

An exception is if you have a portable medical plan that follows you even when you leave your employer.

Check if your policies still meet your financial objectives. You may want to discontinue them if they are no longer necessary. Otherwise, it is prudent to take a policy loan, says Mr Lim.

This means you maintain your protection while you take a premium holiday.

During this period, premiums will be deducted against the policy’s cash value so you still enjoy your cover.

6 Review your investment portfolios

It is very likely that many investors’ portfolios have suffered big losses with gains wiped out and even the starting capital reduced.

Given that your objectives, time horizon and risk appetite remain unchanged, Mr Lim recommends restructuring the portfolio to cater for more risk.

But if taking on more risk is not consistent with your investment profile, then either moderate the target amount needed or extend your time horizon.

Here’s a suggestion from Mr Chong on how to restructure a portfolio: ‘At least rebalance your portfolio in accordance with your investment-risk profile. A 60 per cent equities and 40 per cent fixed income portfolio would probably need to be rebalanced by selling one-third of the fixed income and deploying the proceeds into equities.’

This discipline means you automatically buy cheap as equities now are at bargain prices with an average dividend yield of 4 per cent. ‘The economy and the stock market will eventually recover as global money supply is beginning to pick up in response to the aggressive central bank rate cuts,’ Mr Chong adds.

7 Investment checklist

If you are planning to enter the market, Ms Lim says you should ensure that your investment strategy is well diversified across asset classes, countries, sectors and stocks.

In addition, practise dollar-cost averaging, which involves buying into the market via a fixed sum regularly so when the prices are low, your money buys more units.

Over the long term, your portfolio will benefit as markets tend to trend upwards.

For stock traders, DMG & Partners head of research Terence Wong’s advice is to stay away if they need the cash in the next couple of months.

Enter only if you are willing and able to wait for the long haul. While stocks appear cheap now, he expects better opportunities next year as the negative sentiments are expected to weigh on the market.

8 Use of CPF top-ups

Enjoy tax relief on your income when you top up either your own CPF Minimum Sum or those of your immediate family members.

You can enjoy tax relief of up to $7,000 a year if you use cash to top up for yourself and/or receive cash top-ups from your employer.

You can enjoy an additional tax relief of up to $7,000 a year if you use cash to top up for your siblings, spouse, parents or grandparents.

Your siblings and/or spouse must have earned $2,000 or less in the preceding year to qualify for the tax relief.

The giver can claim tax relief in the following year’s tax assessment.

9 Use the Supplementary Retirement Scheme (SRS)

Contributions to the SRS account bring income-tax relief. You can contribute any amount each year subject to a cap of $11,475 for Singaporeans and permanent residents and $26,775 for foreigners.

Besides providing you with the discipline to save consistently for retirement, SRS gives an additional nest-egg on top of your CPF account.

Note that 50 per cent of your withdrawals from SRS is subject to tax at retirement. Withdrawals can be made over a period of 10 years. With lower or nominal income at retirement, you may end up paying little or no income tax.

10 Recession-proof your job

With job cuts reported more often now, this is not the time to take an extended holiday or sabbatical. Be visible, go beyond your basic responsibilities, upgrade yourself and continue to network.

Remember, no one will lay off a star performer.

But, update your resume just in case.

Source : Straits Times - 16 Nov 2008

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Tips to survive when it’s time to pack up

Tips to survive when it’s time to pack up

1 Handling the emotional shock

Shock and anger usually come immediately after a retrenchment, especially for those who’ve been with the company for long periods.

‘A sudden retrenchment can be quite shocking,’ said headhunter Adrian Choo. ‘Don’t bear the burden alone, keep your family engaged.’

Be honest with your family and let them know of the likely lifestyle changes needed.

Psychiatrist Simon Siew said retrenched high-fliers or sole breadwinners especially may become depressed or question their self-worth.

‘Being retrenched is not the end of the world, you’ll get through it and there will be jobs available,’ said GMP Group CEO Annie Yap.

2 Plan your finances

If you get a large severance package, don’t be tempted to splurge on holidays and a car.

‘You should save it or spend it on things which will make more money, like shop space to start a business,’ said Ms Siti Mastura, who was retrenched in 2004.

Be careful too with taking loans for big-ticket items like houses, cars and consumer electronics.

More importantly, ensure that you have medical coverage, apart from company benefits. The last thing you want is to be jobless and unable to pay sudden medical bills.

3 Get your skills assessed and go for necessary training

By assessing the skills you currently possess, you can decide which new skills you will need to land a new job.

Singapore Manufacturers Federation president Renny Yeo said: ‘The economy is changing tremendously. The only way to stay relevant is to retrain to suit the needs of new industries.’

Job-seekers can approach the Community Development Councils, the Singapore Professionals’ and Executives’ Cooperative at the Singapore Human Resources Institute and the National Trades Union Congress (NTUC) to get their skills assessed and to find suitable training regarding skills, interviews and resumes.

Ms Yap said: ‘It is fine to say you were retrenched on your resume so that you are not perceived as dishonest.

‘Retrenchment is very common right now and not performance- related, so it does not reflect badly.’

4 Stay positive

Those retrenched should give themselves six months to a year to find a new job.

‘It’s very important to stay connected with friends and ex-colleagues to network and to stay positive,’ said Ms Yap.

NTUC deputy secretary-general Heng Chee How advised those retrenched to be proactive and seek help from the NTUC and Workforce Development Agency to source for jobs across sectors.

Expect to have to go for multiple interviews before being offered a job.

‘Don’t get dispirited; employers can sense your low morale,’ said Mr Choo.

5 Be flexible

It’s highly possible for those retrenched to have to reinvent themselves and to find work in another industry.

‘People must accept the change and do what’s best when it comes to survival,’ said outplacement specialist Paul Heng. ‘There will be jobs; it just depends on how flexible and adaptable people are.’

Added Mr Chai Choo Sah, who was retrenched one month ago and now works in a different industry: ‘At the job interviews, there were only landscaping and security jobs available though I was previously a storekeeper.

‘You just have to get the relevant training and take whatever job you can get.’

Those retrenched should also be prepared for a pay cut.

‘You have to be open-minded. The cut may be only temporary and you should be able to catch up in one year,’ said Ms Yap.

Source : Straits Times - 16 Nov 2008

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Mindy Yong

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Help! Companies seek govt relief package to cope with downturn

Help! Companies seek govt relief package to cope with downturn
By Fiona Chan

As the economy takes a turn for the worse, companies are asking the Government for just one thing in next year’s Budget: Help them survive.
With sales and orders starting to slow, firms will need aid to cope with high operating costs, avoid retrenching staff and get easier access to the credit that will help them stay afloat in these turbulent times, say tax experts, business associations and chambers of commerce.

With the prospect of a global recession on the scale of the 1930s Great Depression, calls are being made to the Government to go beyond the short-term relief packages of past downturns and to introduce ‘extraordinary measures’ this time.

These include a reduction in the goods and services tax (GST) to encourage consumer spending.

‘Drastic times do call for extraordinary measures,’ said the Singapore Chinese Chamber of Commerce and Industry, which is recommending a cut in GST from 7per cent to 3 per cent.

Added PricewaterhouseCoopers Singapore’s tax partner David Sandison: ‘The Government has always aimed at a balanced Budget, based on the premise that there is a need to save for that rainy day. It is pouring at the moment.’

Ernst & Young’s partner for tax services, Mr Russell Aubrey, expects that there will be some quick relief injected in the form of a ‘Christmas Budget’ ahead of the annual Budget in February next year.

‘Singapore needs to be quick on its feet before the economy contracts too much. The sooner the better, or we’ll have to climb out from a deeper hole.’

High costs and cash-flow problems top the list of concerns that companies are voicing as Singapore enters a downturn.

The plea for aid is especially heartfelt from small- and medium-sized enterprises (SMEs). They are being squeezed by slower cash inflows and difficulties in obtaining the new financing they need.

‘More SMEs are reporting that their customers are taking a longer time to pay for goods and services,’ said Mr Lawrence Leow, president of the Association of Small and Medium Enterprises.

‘This is compounded by the tightening of credit facilities… banks are becoming extremely careful with lending and are, in some cases, pulling back credit facilities.’

He felt the Government could enhance some of its existing schemes to make it easier for SMEs to get loans.

At the same time, companies regardless of size are grappling with steep costs of operation, with property values still close to their peak and the recent electricity tariff hike.

Mr Dennis Ng, director for research and corporate communications at the Singapore Manufacturers’ Federation (SMa), cites the case of a local food manufacturer which has seen utility costs jump almost a third from about $30,000 a month to close to $40,000.

It requires 24-hour operation of a cold room and uses high-energy consumption ovens.

Companies said they would welcome rebates for utilities and transportation costs, such as road tax and Electronic Road Pricing charges.

To help with property costs, the Government could grant tax exemptions for unoccupied property and land under development, said Mr Leow. He urged government agencies like JTC Corporation and the HDB to reduce commercial and industrial rents.

Industries that will bear the brunt of the slowdown could do with more targeted aid, experts said. Tax rebates could be given to makers of consumer electronics and semiconductors, as well as logistics and transportation firms, offered Barclays economist Leong Wai Ho.

For sectors that are still hiring, such as construction and hospitality, a reduction in the foreign worker levy would be helpful, said Singapore Business Federation chief Teng Theng Dar.

Tax experts also recommended a slew of measures to reduce companies’ tax burdens. Deloitte Singapore’s director of corporate taxes Chan Huang Chay suggested increasing the minimum income that may be partially exempted from tax, which would bring some relief to SMEs.

More drastic cost-cutting steps would include a temporary cut in the corporate tax rate or a reduction in employers’ Central Provident Fund contributions.

Higher training grants to help staff become more productive will help too, said firms. Some 80 per cent of members surveyed by SMa said they would freeze headcount and focus on more training.

Source : Straits Times - 16 Nov 2008

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Mindy Yong

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Angry investors seek action

Angry investors seek action

By Nur Dianah Suhaimi

The latest news on Friday, that two more structured products sold to Singaporeans are very likely worthless now, saw an angry crowd of several hundreds at a rally yesterday demanding action from regulators.
They wanted the regulators to investigate the investment products sold by several banks and other financial institutions here.

Investment bank Morgan Stanley, which arranged the Pinnacle Notes Series 9 and 10, has indicated that these products are now worthless. Some 700 investors here had put up about $26 million for the products.

The news comes in the wake of the uncertain fate of similar products like Minibonds, with some 10,000 investors affected in all.

Yesterday’s rally at Hong Lim Park was the fifth organised by Mr Tan Kin Lian, former chief executive officer of NTUC Income.

One investor, Ms Lilian Tan, 54, a retired manager, said: ‘If I had been informed of the risks, I can accept that my money is now gone. But I was repeatedly told that the product is very safe.’

Although several institutions have announced they will be compensating vulnerable investors, Mr Tan said only 2 per cent of the 10,000 affected investors have received compensation.

At the rally yesterday was businessman Chang Foo Chon, 47. Together with several family members, he had invested $500,000 in Pinnacle Notes Series 10 and other shaky structured products.

Said Mr Chang in Mandarin: ‘I want to know which authority allowed for these flawed investment products to be sold. Someone has to be held accountable.’

The Monetary Authority of Singapore has advised investors to remain patient as it explores options to help them get their money back.

Source : Straits Times - 16 Nov 2008

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Mindy Yong

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Bosses, before you lay off staff…

Bosses, before you lay off staff…

New guidelines for employers to make sure any retrenchment is done responsibly

By Debbie Yong

With more retrenchments expected in the coming months, the Ministry of Manpower (MOM) is reviewing its guidelines for employers on how to handle excess manpower.
This includes informing MOM well before a company sends out termination letters so that the Workforce Development Agency can find alternative jobs for affected employees.

Employers can also send workers for NTUC-subsidised skills training courses to better prepare retrenched staff for transition to a new job.

The new guidelines will include more details about flexible wage systems and a shorter work week or temporary layoff schemes that companies can adopt to trim costs, rather than lay off workers.

Employers will also be encouraged to work with their workers’ unions to solicit support for any retrenchment plans.

A revised version is expected in the next few weeks, said Acting Minister for Manpower Gan Kim Yong, on the sidelines of a Chinese Development Assistance Council event yesterday.

He said the new guidelines will ’send a clear message to employers on the need to leverage on the tripartite framework’ between the Government, employers and workers’ unions, so that any retrenchment can be conducted in a ‘responsible manner’.

Minister in the Prime Minister’s Office and NTUC chief Lim

Swee Say, who was at the event, agreed with Mr Gan that retrenchment should be conducted in a ’socially responsible’ manner.

On Friday, he chastised the way DBS Bank axed 900 of its staff without first consulting its union.

Still, Mr Lim emphasised that workers must understand that ‘losing your job in Singapore is not a no-hope situation’. Citing labour demand in the childcare and service sectors as examples, he said the slowdown over the next two to three years should be viewed ‘as an opportunity to upgrade ourselves rather than as a crisis’.

‘Over the last three years, we’ve been running very fast, but there are also areas in our foundation that we have overlooked. Now is the time to focus on these areas.’

He also encouraged those at risk of retrenchment to adapt to career conversion by attending training courses to pick up expertise in fields outside their current ones.

‘Don’t focus only on looking for the same job and the same pay,’ he said.

Source : Straits Times - 16 Nov 2008

Singapore Property - Buy, Sell, Rent, Invest

Mindy Yong

(+65)91002985

mindy@mindyyong.com

G-20 leaders warm up to big push for recovery

G-20 leaders warm up to big push for recovery

Top on list: Global oversight of banks, an early warning system, more muscle for IMF, more public spending

By Bhagyashree Garekar, US Correspondent

Washington - Under pressure to produce a battle plan to retard a global slowdown, the leaders of the world’s top 20 economies are coalescing around a handful of big ideas.
Tighter patrolling of the world’s 30 biggest banks and financial institutions, an early warning system to guard against a financial tsunami and more firepower for the International Monetary Fund (IMF) are some of them.

A fourth ingredient - large amounts of public spending to revive flaccid economies - seemed to be also finding appreciation as presidents, prime ministers and finance ministers made their way through the foggy and clogged streets of Washington for a White House dinner that kicked off an unprecedented Group of 20 leaders’ summit. The mood was as gloomy as the weather.

Latest figures showed the world’s second-largest economic bloc, the euro zone, had officially slipped into a recession. The United States and Britain are not far behind.

The scenario confirmed expectations that the only source of growth for the world, at least in the first half of next year, will be the developing economies. In a historic first, these countries have front-row seats at a major economic brainstorming session, so far the preserve of the richest nations.

Chinese President Hu Jintao, the leader of the nation with the world’s largest pile of cash, commanded attention as he walked in for the closed-door talks.

The spotlight was also on French President Nicolas Sarkozy, who claims credit for urging the US to hold the summit together with British Prime Minister Gordon Brown, credited for nimbly saving the British banking system from keeling over.

The European big idea for a ‘college of supervisors’ to monitor the biggest financial institutions - a step below the ’super-regulator’ desired by Mr Sarkozy and closer to looser cooperation among national regulators favoured by the US and Canada - is finding wide acceptance at the summit which concludes today (4am Singapore time).

The final communique is likely to include this proposal, along with a call for the quick completion of the stalled Doha trade round and the early warning system aimed at detecting future meltdowns by flagging problems such as the overheated housing market and excessive risk-taking in the US that triggered the current crisis.

There is also wide consensus at the summit for a more muscular IMF, with Japanese Prime Minister Taro Aso pledging US$100 billion (S$152 billion) towards its resources and urging Beijing to do the same in return for a bigger say at the world body.

China is demurring and has indicated that its biggest contribution to global health may be marshalling its own growth through the big-bang stimulus package announced in the lead-up to the summit.

The stakes are high and progress is being made, as US President George W. Bush said yesterday. ‘Billions of hard-working people are counting on us to strengthen the financial system for the long term,’ he reminded the leaders.

But all said, the carefully formulated communique to be released today cannot but have an air of unreality.

US President-elect Barack Obama has deliberately distanced himself from the summit, and his administration is not hidebound by this summit’s outcome.

The real deal may be fleshed out only at a follow-up summit forecast for the first quarter of next year.

Signs of worsening crisis
European recession

Europe’s economy fell into its first recession in 15 years in the third quarter, paving the way for deeper cuts to interest rates and taxes. Gross domestic product in the 15 euro nations shrank 0.2 per cent from the previous three months, when it also contracted 0.2 per cent.

Dow Jones

The Dow Jones Industrial Average sank 337.94 points to 8,497.31 last Friday - handing back more than half of the previous day’s 552-point advance. The entire drop occurred in the final 45 minutes of trading.

Retail sales

The government said United States retail sales slid 2.8 per cent last month, the largest drop on record.

——————————————————————————–

FRESH MEASURES

Japan’s pledge

Japan pledged US$2 billion (S$3 billion) to a World Bank fund intended to help recapitalise struggling banks in developing countries.

Alarm system

The International Monetary Fund (IMF) and the Financial Stability Forum said on Friday they will cooperate to provide an early-warning system in an effort to prevent future financial crises. The forum is an international group that includes central banks, the IMF and other financial and regulatory bodies.

Pakistan’s loan

Pakistan announced yesterday it will receive a loan of at least US$7.6 billion from the IMF, the fund’s first rescue in Asia since the global financial crisis began.

The country has almost run out of foreign currency reserves to cover its import bill, the rupee has lost 25 per cent of its value this year and the stock market has dropped 35 per cent.

Source : Straits Times - 16 Nov 2008

Singapore Property - Buy, Sell, Rent, Invest

Mindy Yong

(+65)91002985

mindy@mindyyong.com