Using psychology to drive business strategy

Using psychology to drive business strategy

Trust is the key, says consultancy firm

By TIMOTHY SEOW

A ‘trust’ model may not sound like a novel way to boost your company’s sales performance, but add psychology to the mix, and you may just be onto something new.

‘I think we’re the only company that actually uses psychological insight to drive business strategy,’ says Alan Fairnington, managing partner of Mext, which started here in Singapore last July.

‘Trust,’ Mr Fairnington says, ‘is based on what we call psychological tensions. We have an understanding of what these tensions are, so we are able to define people’s trust relationships with the company.’

The trust model is based on a modern branch of psychology called ‘morphology’ that tries to map the tensions in human decision-making.

The father of morphology is Wilhelm Salber, an ex-market researcher who went into academia. Dr Salber apparently became frustrated because the tools used for market research were more for clinical psychology and not geared towards the market, says Mr Fairnington.

‘So he started an investigation to try and understand the decision making process in the mind, and what the factors were and so on, and he called it Morphology,’ Mr Fairnington adds.

‘Basically what we have developed and refined over the last few years is a model which defines the key attributes of trust. If you are weak in a certain area, we can help you strengthen that area so it guides the company in understanding how they can improve the level of trust and loyalty.’

Since Mext was set up in Singapore in mid-2009, the consultancy has worked with a number of notable companies such as M1, Crabtree & Evelyn, Yellow Pages and Qatar Airways.

‘In most cases our work involves some in-depth consumer research. We have our own psychologist on staff, and they actually conduct the in-depth interviews which take about 90 minutes with every respondent,’ Mr Fairnington explains.

Mext’s research also aims at depth rather than breadth, which Mr Fairnington illustrates by drawing an analogy with cars.

‘It’s a little bit like doing research about motor cars. What you really want to understand is how the cars work - so we lift the hood of the car and try and take the engine apart and see how it works.’

In the case of companies, the key is also to interview customers, he adds. For example, in the M1 project, Mext interviewed not just M1’s customers, but also those of its rivals.

The ex-CEO of advertising firm Bateys says too many companies have a ‘top-down’ approach, whether driven by the CEO’s vision (’which is often his own gut feel’), or input of branding consultants.

‘Nobody has actually talked to the customers, so we are doing everything from the bottom up, from the customer’s perspective,’ he says.

Mr Fairnington does not believe the trust model should be regarded only as purely a branding solution.

‘You can develop marketing strategy, communication strategy, sales strategy and a promotional strategy,’ he says.

‘You can use the trust model to drive the entire business.’

Source : Business Times - 15 March 2010

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Red Shirts issue election ultimatum to Abhisit

Red Shirts issue election ultimatum to Abhisit

Protesters will fan out to key locations if demands not met

By LEE U-WEN
IN BANGKOK

WHAT first started out as a planned three-day rally to force the Thai government to call for fresh elections has now escalated into a full-fledged fight to the finish.

‘We will hold out here and wait for an answer within 24 hours.’

- Key Red Shirt leader Veera Musikapong delivering a fiery speech in which he called on his fellow protesters to force the government to ‘return power to the people’

Bangkok was awash in a sea of red yesterday as over 100,000 red-shirted supporters of fugitive former Thai prime minister Thaksin Shinawatra gathered to deliver an ultimatum to current leader Abhisit Vejjajiva: Dissolve parliament by noon today (1pm Singapore time) and call for fresh polls, or the protesters will fan out to more key locations across the Thai capital until their demands are met.

Standing on a newly built stage at the Phan Fa Bridge along Ratchadamnoen Avenue, key Red Shirt leader Veera Musikapong delivered a fiery speech in which he called on his fellow protesters to force the government to ‘return power to the people’.

‘We will hold out here and wait for an answer within 24 hours,’ he told the cheering hordes in front of him, many huddled under red umbrellas as they battled the sweltering 36 degree Celsius heat.

The Red Shirts - so-called because of the colour they wear - are part of the pro-Thaksin United Front for Democracy against Dictatorship (UDD) movement.

They are upset that Dr Thaksin, 60, was convicted last month of corruption during his five years in power from 2001 to 2006, arguing that the charges were rigged in an attempt to keep him from returning to politics. In a controversial ruling on Feb 26, the Supreme Court seized 46.4 billion baht (S$2 billion) of Dr Thaksin’s wealth, frozen after he was ousted in a military coup in 2006.

Dr Thaksin, who has lived in self-imposed exile since then, surprised many of his supporters with a 10-minute telephone address on Saturday night, thanking them for their efforts and asking them to persevere on the streets until the Abhisit government bows to their demands.

The protests have been largely peaceful since the demonstrations first began last Friday. There has been a carnival-like atmosphere as men, women and children - almost all wearing the signature red garb, waving flags and making noise with clappers - arrived in Bangkok, some having made 12-hour journeys from the kingdom’s many provinces.

The demonstrations have brought about the usual entrepreneurial spirit among the Thais. At one major intersection in the heart of Bangkok, a woman was weaving through traffic peddling black ski masks and gloves to protesters. Others were setting up makeshift stalls selling everything from barbecued food to cold drinks, while some protesters were spotted getting foot massages on deck chairs. Yet another group was busy making signs that screamed anything from ‘Abhisit, Get Out’ to ‘We Want Democracy’. But Mr Abhisit is not budging under the immense pressure on his shoulders. Yesterday, in his weekly television address, he said that there were no plans to dissolve the House.

‘Dissolution and calls for resignations are normal in a democratic system. But we have to make sure the dissolution of Parliament will solve the problem and won’t make the next election troublesome,’ he said, adding that he would not impose a state of emergency as the rallies have been ‘peaceful and orderly’ so far. Mr Abhisit said that he came to power in a constitutional manner, giving him the right to complete a full term as prime minister.

The protests are wreaking havoc with businesses, especially those near the rally venues as many shopkeepers have opted not to open their doors for fear that things may turn violent at any time.

Yesterday, Bank of Thailand deputy governor Krirk Vanikkul said that the central bank and commercial banks would open as usual today, but those branches near protest venues have the option to temporarily suspend their services if it is deemed necessary.

Stock Exchange of Thailand president Patareeya Benjapolchai announced yesterday that the bourse would open today as well since the rallies have remained non-violent and have no impact on the stock market.

Thailand’s security forces, however, will stay on the highest level of alert for now, said the National Security Council secretary-general Thawil Pliensri.

‘It may get more volatile after a few days as the protest leaders step up their measures and people are tired and frustrated,’ he said. ‘We have to make sure that there is no damage.’

Source : Business Times - 14 March 2010

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Marina Bay Sands covers its bets

Marina Bay Sands covers its bets

Fengshui master says the integrated resort has many auspicious elements going for it

By Tan Dawn Wei
Singapore-born Louisa Ong-Lee, a US-based fengshui master, took over the Marina Bay Sands project from her master Chong Swan Lek when he died in 2008.

When Marina Bay Sands (MBS) won the bid to build an integrated resort (IR) in 2006, geomancers had nothing very nice to say about its architecture, courtesy of world-famous designer Moshe Safdie.

The 55-storey towers look like ancestral tablets, some argued. The SkyPark is like a blade, cutting into the surrounding buildings, while the water features on top of the park will ‘drown’ the buildings.

But ask Mrs Louisa Ong-Lee and she will pooh-pooh all this talk by her colleagues. ‘They saw only photos of it, which are in 2-D,’ she said. They did not see that the back of the three towers is actually curved, she said.

The SkyPark is curved too.

‘Planes that come around will see a smile from their bird’s eye view,’ she said. Plus, the SkyPark boasts different layers while a blade is flat, she argued.

The Singapore-born, United States-based fengshui master is now in charge of the $5.5 billion mammoth and much-watched IR. She took over when her master, Mr Chong Swan Lek, also a Singaporean, died of lung cancer in 2008.

Right from the beginning, Mr Chong had worked with Mr Safdie to incorporate good fengshui elements into the resort’s design, said MBS spokesman Val Chua. Casinos are big customers of fengshui masters in Asia and around the world.

Australia’s Crown Casino, for instance, called in three fengshui experts when designing its hotel tower and the casino’s internal layout.

Punters are equally serious about fengshui: Last year, a Taiwanese man threatened to sue The Venetian in Las Vegas after he lost US$2 million (S$2.8 million), which he blamed on bad fengshui in his hotel room. He said the casino-hotel dug a square hole on the wall of the suite he was staying in and covered it with a black cloth, which symbolises death.

While The Venetian shares the same parent company as MBS - Las Vegas Sands Corp - the three towers at Marina Bay Sands have nothing to do with ancestral tablets, and hence, death.

‘They can represent three mountains or three warriors guarding the gateway to Singapore,’ said Mrs Ong-Lee, who is in her 50s.

The SkyPark is like a scholar’s hat, symbolising new skills being acquired, while the three domes in front symbolise three coins, which stand for prosperity.

Its turtle-shell shape is also a common symbol of longevity.

The lotus-shaped Art Science Museum is designed like an open palm, a gesture of giving and welcoming, and the calmness associated with it is ‘a quiet balance to all the buzz and activity’, she said.

Then, there is a commissioned stand-alone art piece of swirling water called Vortex, near the event plaza, which creates an energy force that is like wealth being collected.

Still, despite fengshui being open to so many interpretations, Mrs Ong-Lee insisted there are rules and principles to the practice, which are guided by the so-called balance of the five elements.

In the case of MBS, its silvery white facade represents metal, while other businesses in the IR represent fire. Wood is represented in the landscaping and greenery, while water is all around.

It bodes especially well for MBS, too, that the IR is built on reclaimed land, or ‘new land’ which comes with no baggage. ‘If you start off on a good footing, nothing much needs to be done,’ she said.

Over at Resorts World Sentosa (RWS), which consulted Hong Kong-born Victor Li, 49, the island is apparently already blessed with good ‘qi’, or energy, which flows from the Malay Peninsula. The bridges from the main island to Sentosa also bring in the good energy.

‘When I first saw a plan of (RWS), my first impression was that it is shaped like a bat, which is an auspicious symbol in fengshui,’ he said.

Water also features prominently at this IR, with fountains, a lake, a marine life park and Waterworld at the Universal Studios theme park.

A park at the centre of the IR is also shaped like the Chinese symbol for yin and yang, which is meant to bring good fortune to people coming to the area.

These fengshui practitioners are called on not just for aesthetic elements, but also in choosing auspicious dates. The casino at RWS opened its doors to punters at 12.18pm on the first day of Chinese New Year. In Cantonese, 12.18 sounds like ’surely will win’.

Mrs Ong-Lee also picked an auspicious day - March 8 - last week for operations staff to move into MBS.

But as architect Richard Hassell puts it, fengshui’s mix of knowledge and beliefs means some of it makes design sense while others are purely symbolic and iconographical.

‘Because of this mix of domains of knowledge, it can be many things to many people,’ he said.

So whether these fengshui masters deserve their pay cheque is something that remains to be seen.
Source : ChannelNewsasia - 14 March 2010

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HDB takes action against 56 flat owners for illegal sub-letting

HDB takes action against 56 flat owners for illegal sub-letting

By Mustafa Shafawi

SINGAPORE : The Housing and Development Board (HDB) has taken action against 56 flat owners for illegal sub-letting between January 2008 and December last year.

Most were fined between S$1,000 and S$21,000.

One owner had his flat repossessed for blatantly flouting HDB’s sub-letting rules.

Giving details of the case, HDB said it first received feedback on the unauthorised sub-letting of a unit in Block 336 Bukit Batok Street 32 on November 11 last year.

The flat was bought by Poh Boon Kay, who is a registered real estate agent. His wife was listed as an occupier.

He purchased the four-room flat from the open market in June 2007 without any loan.

HDB said the couple are also owners of five private properties. Its investigations found that the flat was sublet without its prior approval to three couples.

Mr Poh and his family did not live in the flat.

He was informed on November 25 to take immediate steps to evict the unauthorised sub-tenants, failing which HDB would take compulsory acquisition action.

However, the subtenants continued to occupy the flat. A notice to compulsorily acquire the flat was then served on December 23.

Mr Poh informed HDB on the same day that the sub-tenants had signed an undertaking to vacate the flat by the end of December.

A day later, the couple appealed. He claimed that the sub-tenant needed time to work out his finances before buying over the flat from Mr Poh.

He had therefore decided to rent out the flat to the sub-tenants in the interim.

On January 5, when the couple was interviewed by HDB, they claimed they did not know that they needed to seek the board’s prior approval before subletting the flat.

They also claimed that they were not aware of the policy for flat owners to fulfil the Minimum Occupation Period (MOP) of three years before they were eligible to sublet the whole flat.

HDB’s further investigations have shown that Mr Poh is also related to two other cases of unauthorised subletting at Bukit Batok and Telok Blangah.

With these further instances of unauthorised subletting related to Mr Poh, his claims that he is “unaware” of HDB rules cannot be substantiated.

HDB said as he has blatantly flouted HDB’s rules, there are no grounds for leniency and legal action has been taken to compulsorily acquire the flat.

HDB will also be taking legal action to compulsorily acquire the other two flats.

HDB would like to emphasise the severity of unauthorised subletting. HDB flats are meant for owner occupation. Flat owners who wish to sublet their whole flat must obtain approval from HDB and fulfil the MOP.

The current MOP for the subletting of flats is as follows:

*Flats bought directly from HDB - 5 years

*Resale flats purchased with CPF Housing Grant - 5 years

*Resale flats purchased without CPF Housing Grant - 3 years

- CNA/ms

Source : ChannelNewsasia - 13 March 2010

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URA to launch sale of residential site

URA to launch sale of residential site

By Mustafa Shafawi

SINGAPORE: Another Reserve List site has been triggered.

The Urban Redevelopment Authority (URA) said it will launch for sale a residential site at the junction of Upper Changi Road North and Flora Drive in two weeks’ time.

It said a developer has committed to bid no less than S$82 million for the three-hectare site. The minimum price is acceptable to the government.

URA said the land parcel can yield 390 units.

Some analysts said the top bid for the Upper Changi Road North site could range between S$160 million and S$185 million.

That would translate to about S$350 to S$400 per square foot per plot ratio.

A residential site at Sengkang West Avenue has already been sold via the Reserve List in February.

Together these two sites can potentially yield about 855 residential units.

There are another 16 residential sites remaining on the Reserve List of the first half of 2010 Government Land Sales (GLS) Programme that can potentially be triggered for sale.

- CNA/sc/ms

Source : ChannelNewsasia - 13 March 2010

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Luxury condominium at West Coast sells out all 100 units reserved for opening sale

Luxury condominium at West Coast sells out all 100 units reserved for opening sale

By Ryan Huang

SINGAPORE: The luxury seafront condominium The Vision at the West Coast has received good response.

All of the 100 units allocated for its first phase of sale on the opening day of its private preview have been sold.

Prices for the two-bedroom to four-bedroom units range from around S$1,000 to S$1,2000 per square foot.

All the penthouse units have also been snapped up fetching S$3.6 million each.

The 99-year leasehold condominium by Hong Kong developer Cheung Kong offers a rare mix of strata terraces and 281 apartments.

Nearly half of the 14 strata terrace units were sold with the highest going for S$3.2 million.

Cheung Kong said that over 60 per cent of the buyers were home upgraders while the remaining were long-term investors in the property leasing market.

In view of the strong demand, it will be release 20 specially selected units for sale this weekend on a first-come-first-served basis.

These will comprise two-bedroom to four-bedroom units. - CNA/vm

Source : ChannelNewsasia - 13 March 2010

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Over 97% of elderly HDB households satisfied with flats

Over 97% of elderly HDB households satisfied with flats

By OLIVIA HO

MORE than 97 per cent of elderly households in HDB estates are satisfied with their flats, according to a Housing & Development Board survey.

The Sample Household Survey (SHS) is conducted every five years by HDB. And in the latest one, almost 8,000 households were interviewed.

It showed that 98.5 per cent of elderly households were happy with their flats in 2008, up from 97.9 per cent in 2003. An elderly household is a household in which the head is aged 65 years or older.

Ninety-seven per cent of elderly households also indicated overall satisfaction with their neighbourhood. The elderly voted location, transport networks and estate facilities as the top three aspects of HDB living.

The common facilities most popular with elderly households were the support handbars in lifts and corridors, along with bird-singing corners.

The proportion of elderly households participating in community activities increased significantly to 46.9 per cent in 2008, from just 16.8 per cent in 1998. More elderly also interacted socially with their neighbours.

About 81 per cent of the elderly said that their sources of income were sufficient to cover their daily expenses. The remaining 19 per cent complained about the high costs of living and healthcare, as well as insufficient incomes.

Meanwhile, 81.5 per cent of elderly households said they were proud of their homes, with 93 per cent agreeing that their flats are ‘value for money’.

Eighty-five per cent do not intend to move in the next five years.

Source : Business Times - 13 March 2010

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HDB steps up enforcement on illegal subletting

HDB steps up enforcement on illegal subletting

Action taken against 56 owners from January 2008 to December last year

By UMA SHANKARI

THE Housing & Development Board yesterday said it has stepped up enforcement action against home-owners who illegally sub-let their government-subsidised flats. The move comes weeks after HDB unveiled policy changes designed to hurt speculators, including increases to the minimum occupation period (MOP).

STEPPING UP
Minimum occupation period increased to deter speculators
HDB said that from January 2008 to December last year, it took enforcement action against 56 flat owners. They faced penalties that ranged from fines of $1,000 to $21,000, to repossession of their flats.

In particular, HDB shared details of a case in which a Bukit Batok flat owned by Poh Boon Kay and his wife Khoo Kim Cheng was repossessed after there was ‘blatant flouting of sub-letting rules’.

Mr and Mrs Poh own five private properties and Mr Poh is also a registered real estate agent. The couple did not fulfil the MOP of three years, which is required under HDB’s rules before a whole flat can be sub-let. They claimed that they were not aware of this policy. Further investigations showed that Mr Poh was related to two other cases of unauthorised sub-letting, at Bukit Batok and Telok Blangah. HDB will also take legal action to compulsorily acquire those two flats.

It reiterated yesterday that owners who wish to sub- let their whole flat must obtain approval from HDB and fulfil the MOP. The MOP for sub-letting is now five years for flats bought direct from HDB and resale flats bought with any CPF housing grant, and three years for resale flats bought without the CPF housing grant.

Home-owners must also comply with HDB rules regarding the maximum number of sub-tenants allowed for the flat’s size.

Source : Business Times - 13 March 2010

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All units in phase1 of The Vision sold out

All units in phase1 of The Vision sold out

Buyers pay $1,332 psf for two penthouses

By EMILYN YAP

HONG Kong developer Cheung Kong has set record selling prices for residential projects in the West Coast area.

The Vision will have 281 apartments and 14 strata terrace units altogether. In view of strong demand, the developer will release another 20 units of two to four-bedders for sale this weekend
It managed to sell all 100 units released in the first phase of sale for the 99-year-leasehold The Vision yesterday. Of these, two penthouses went for $3.6 million each, which works out to around $1,332 per square foot (psf).

Buyers paid around $1,000-$1,200 psf for two, three and four-bedroom units, which start from 818 sq ft in size. Cheung Kong also sold several strata terrace units, and the highest price fetched was $3.2 million.

According to the developer’s sales manager Cannas Ho, upgraders made up more than 60 per cent of the buyers, and investors accounted for the remainder.

The Vision will have 281 apartments and 14 strata terrace units altogether. In view of the strong demand, the developer will release another 20 units of two to four-bedders for sale this weekend. Cheung Kong had planned to start the second phase of sale by Q4 this year. Whether it brings the release forward will depend on market response to the project, Ms Ho said.

Take-up so far surprised some market watchers, given that The Vision’s asking prices are higher than those of other developments nearby.

One of the newer launches in the area, City Developments’ Hundred Trees, achieved prices of above $1,100 psf in recent months. But those transactions involved mainly smaller units measuring 484 sq ft, and the project has a 956-year lease.

The robust take-up of units at The Vision ’shows the strong underlying demand for mass-market homes’, said Colliers International research and advisory director Tay Huey Ying. The prices achieved could raise the value of homes in the vicinity, and provide a guide for future launches, she added.

Cheung Kong’s Ms Ho attributed The Vision’s attractiveness to ‘good location and first-class amenities’. The site is across the road from West Coast Park and the sea.

Another developer felt that prices at The Vision are not that staggering, considering the attributes of the site, and that West Coast is home to several private housing estates. The market should not see the prices as signs of a bubble forming, he said.

Nevertheless, observers will be keeping watch on prices of upcoming launches nearby. Far East Organization’s Horizon Residences, a freehold 72-unit project in the Pasir Panjang area, could be previewed in the next few weeks.

Elsewhere, the buzz is starting for property agents promoting 76 Shenton Way. Some will be presenting information on the 99-year-leasehold 202-unit project to potential buyers today. Asking prices are said to range from $1,600 psf to above $2,000 psf, depending on the level of the units.

Agents are also gathering interest for Fragrance Group’s 161-unit Parc Elegance in Telok Kurau and Novelty Group’s Primo Residences near Kovan MRT station.

Source : Business Times - 13 March 2010

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Reserve list plot triggered by $82m offer

Reserve list plot triggered by $82m offer

But top bids seen reaching $300-$400 psf ppr, far from the $177 psf ppr minimum pitch

By KALPANA RASHIWALA

DEVELOPERS continue to hunger for land. The Urban Redevelopment Authority has announced that a private housing site at Upper Changi Road North/Flora Drive, next to Edelweiss Park Condominium, has been triggered for release from the government’s reserve list.

An unnamed developer has agreed to bid at least $82 million or $177.37 per square foot of potential gross floor area.

The 99-year leasehold plot is next to the Japanese School (Primary) and a stone’s throw from Changi Prison. It is nestled amid several large condominiums developed by the Hong Leong Group over the years on a huge tract of land acquired mostly in the 1970s by the group. The most recent of these projects is The Gale, which was launched last year. Earlier releases include Azalea, Ballota, Carissa, Dahlia, Edelweiss and Ferraria Park condos.

Property consultants polled by BT estimate that the latest plot on offer could fetch top bids of $300-400 psf per plot ratio (psf ppr).

Knight Frank managing director (advisory services) Lydia Sng estimates that a $320-350 psf ppr land bid would translate to a breakeven cost of $580-600 psf and a target average selling price of about $730 psf for the 99-year leasehold project.

In the first two months of this year, units at the freehold Gale and Ferraria Park - the two most recent projects in the area - have changed hands at a median price of about $740 psf, according to caveat data, she notes. The Gale is under construction, while Ferraria Park was completed last year. There’s typically a 15 per cent price difference between freehold and 99-year properties.

DTZ’s South-east Asia research head Chua Chor Hoon reckons that the highest offers for the Flora Drive site will be around $300-350 psf ppr, and the average selling price for the project around $700-750 psf. ‘As it’s not close to any MRT station, the unit land price will be lower,’ she says. ‘The developer can target the mass-market segment, in which there is strong demand.’

Real estate lecturer Nicholas Mak says that the site could draw 6-10 bids, with the highest around $350-400 psf ppr.

Chesterton Suntec International head of research and consultancy Colin Tan suggests that developers may be ‘pretty aggressive’ with their bids.

Most developers have reported excellent results and are sitting on a pile of cash, Mr Tan notes. ‘If the market is hot, you’re running out of land and you need to bid aggressively to get some land, it’s better to do so at the earlier stage of the up-cycle. As time passes by and the market gets closer to the correction point, the risks get higher.’

URA said yesterday that following the triggering of the Flora Drive housing site, another 16 residential plots remain on the first half 2010 reserve list that can potentially be triggered for launch. These include three executive condo (EC) plots and two mixed-use sites where private homes can be built. The 16 land parcels can potentially generate a total of 6,770 private homes.

The H1 2010 confirmed list has eight residential sites that can yield 2,925 units. Of these, four plots have been launched - EC sites near Buangkok MRT Station and at Yishun Avenue 11, the Ten Mile Junction plot and a site at Tampines Ave 1/10 fronting Bedok Reservoir. Two choice sites - one near Lakeside MRT Station and Jurong Lake, and the other diagonally opposite Simei MRT Station - will be launched from the confirmed list before the month runs out.

This week, National Development Minister Mah Bow Tan said that the H2 2010 government land sales (GLS) programme will have a ‘larger supply and wider variety of sites’ on the reserve list to give developers more choice.

DTZ executive director Ong Choon Fah suggests that the H2 2010 GLS Programme may feature more private housing sites further from the city, even if they are near MRT stations, as well as plots near HDB estates such as Choa Chu Kang, Yishun, Sengkang and Simei, where there is strong upgrader demand.

Such sites will hopefully sell at a lower unit land price and translate to more affordably-priced housing for end-buyers - compared with plum sites near MRT stations and closer to the city.

‘I think the affordable price range for private home buyers in the mass market is still $700-800 psf,’ Mrs Ong says.

In the meantime, developers are expected to continue triggering sites from the current H1 reserve list. ‘Developers need to replenish their landbanks and there’s a lot of choice now. So if they like something, why wait?’ says DTZ’s Ms Chua.

Source : Straits Times - 13 March 2010

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