$500 billion worth of US property values wiped off this year
Dec 14, 2009 - PropertyGuru.com.sg
About $500 billion has been wiped off the US residential property values this year, but this figure is less than the 2008 values. Research shows that almost one in three markets has seen price increases this year.
The recent Zillow Real Estate Markets Report showed that losses slowed significantly in 2009 from £3.6 trillion in the previous year when the property bubble burst.
But as property prices are now stabilizing, most areas see an increase of its market values.
The Boston metro area had the biggest gain with $23 billion and 48 out of 154 property markets showed an increase this year. Providence and Rhode Island had the second highest gain with an increase of $12.4 billion.
But single-family home owners, who have a higher mortgage obligation than the worth of their property had declined to 21 percent from last year’s 23 percent. Increasing mortgage rates and foreclosures will hold back the recovery of real estate market, said Zillow.
Zillow's chief economist, Stan Humphries said, “Most housing markets across the country had a good summer, spurred largely by the government's tax credits for homebuyers combined with very low mortgage rates.”
“Unfortunately, we believe that demand will come under downward pressure as mortgage rates creep back up after the first quarter and that housing supply will experience upward pressure as the volume of foreclosures continues to remain high.”
“Both these factors will challenge the recent stabilization of home prices,” he added.
Los Angeles accounted the worst decline in values of about $60.8 billion. Chicago’s values fell to $49.6 billion, NY’s property values slumped $49 billion while Miami-Fort Lauderdale saw values drop to $46 billion.
Meanwhile, property prices continued to drop in October, falling 0.5 percent across the country, according to the latest data showed by Integrates Asset Services.
IAS CEO and president, Dave McCarthy, said prices will continue to fall if the unemployment rate increases as more financially-stretched borrowers foreclose.
“There is potential for another wave of inventory next year, both from private sellers and banks,” said Mr. McCarthy
“The risk of renewed home price declines remains significant,” he added.
Monday, December 14, 2009
Singaporeans can expect more high-quality flats
Singaporeans can expect more high-quality flats
Dec 14, 2009 - PropertyGuru.com.sg
Minister Mentor Lee Kuan Yew said yesterday that more public housing of higher quality, like the landmark The Pinnacle@Duxton, will replace old flats. This will happen as long as the nation continues to perform well.
Prices of flats are then expected to continue rising as the economy of Singapore improves, he added.
The Singapore government will assist young couples to get their own flats and HDB will continue to build more affordable homes, so that "each generation of Singaporeans will continue to have a stake in the nation,” Mr. Lee said.
However, Singaporeans must not seek to make any speculative buys or make an immediate buck out of the resale of HDB flats.
Speaking at a ceremony of the turning over of keys to The Pinnacle@ Duxton flat residents, MM Lee regarded the 50-storey project with 1,800 units as a "significant milestone".
The Pinnacle@ Duxton is the tallest HDB development in Singapore and the first whose design was chosen through an international competition. It also happens to have one of the longest continuous sky gardens in the world, which is formed by 12 sky bridges connecting its seven blocks.
Situated in the city centre, the site could have been sold to develop private condos, but the government preferred to build public housing in the area to share "the growth of the city with the people who built the city," said MM Lee.
If not for home ownership, which is fundamental for creating a sense of belonging to the nation, Singapore would not have progress, stability and prosperity.
“It is critical for an immigrant community from all parts of the world, with no common history, to quickly establish their roots here. And you establish your roots when you own a new home,” he said.
The pride of the people in their homes has "prevented our estates from turning into slums, which is often the fate of public-housing estates in other countries," he added.
“The Pinnacle@Duxton is a strong testament to our tenacity and capabilities as a people, to get to where we (are today).”
“We have yet to reach the pinnacle of our growth. The future of Asia has never looked better. The growth potential for Singapore is tremendous if we stay united and work intelligently and hard.”
Dec 14, 2009 - PropertyGuru.com.sg
Minister Mentor Lee Kuan Yew said yesterday that more public housing of higher quality, like the landmark The Pinnacle@Duxton, will replace old flats. This will happen as long as the nation continues to perform well.
Prices of flats are then expected to continue rising as the economy of Singapore improves, he added.
The Singapore government will assist young couples to get their own flats and HDB will continue to build more affordable homes, so that "each generation of Singaporeans will continue to have a stake in the nation,” Mr. Lee said.
However, Singaporeans must not seek to make any speculative buys or make an immediate buck out of the resale of HDB flats.
Speaking at a ceremony of the turning over of keys to The Pinnacle@ Duxton flat residents, MM Lee regarded the 50-storey project with 1,800 units as a "significant milestone".
The Pinnacle@ Duxton is the tallest HDB development in Singapore and the first whose design was chosen through an international competition. It also happens to have one of the longest continuous sky gardens in the world, which is formed by 12 sky bridges connecting its seven blocks.
Situated in the city centre, the site could have been sold to develop private condos, but the government preferred to build public housing in the area to share "the growth of the city with the people who built the city," said MM Lee.
If not for home ownership, which is fundamental for creating a sense of belonging to the nation, Singapore would not have progress, stability and prosperity.
“It is critical for an immigrant community from all parts of the world, with no common history, to quickly establish their roots here. And you establish your roots when you own a new home,” he said.
The pride of the people in their homes has "prevented our estates from turning into slums, which is often the fate of public-housing estates in other countries," he added.
“The Pinnacle@Duxton is a strong testament to our tenacity and capabilities as a people, to get to where we (are today).”
“We have yet to reach the pinnacle of our growth. The future of Asia has never looked better. The growth potential for Singapore is tremendous if we stay united and work intelligently and hard.”
Higher prices for The Pinnacle@Duxton shows strong demand
Higher prices for The Pinnacle@Duxton shows strong demand
Dec 14, 2009 - PropertyGuru.com.sg
The higher prices achieved for The Pinnacle@Duxton on its second launch were a sign of strong demand, said Minister Mentor Lee Kuan Yew yesterday.
'Even though prices of the flats at the second launch in 2008 were higher, the demand for the flats was still very strong. The higher prices reflect the demand for the flats; they reflect the market demand,' said Mr. Lee during the hand over ceremony for The Pinnacle@Duxton.
The Pinnacle@Duxton is a 50-storey public housing project that was first launched in May 2004. Some of the remaining flats were re-launched in September 2008 and 111 five-room units were put up for sale at around $545,000 to $645,800.
When it was first introduced in 2004, four-room units were worth $289,200 while most of the five-room units were offered for about $439,400.
Mr. Lee said that pricing of HDB flats is very important as it reflects its true value.
“We cannot price a new flat in Punggol or Tanjong Pagar the same because when they are re-sold, we know there will be a tremendous difference in price,” he said.
“From the 1980s, we moved towards a market-based system. By liberalising the resale market and allowing HDB prices to move in tandem with the economy, we unlocked the value of HDB flats to allow citizens to share in the fruits of the nation's growth. Home ownership of a HDB flat is a store of value that can be monetised when need be.”
The development of The Pinnacle@Duxton, which is the tallest public housing project in the country, features 12 sky bridges that are linked in all seven buildings. The sky bridges will be launched on January 1.
The development also includes other amenities like a childcare centre, food court, basketball court and 800-metre jogging track.
The Pinnacle@Duxton houses a total of 1,848 flats. Its construction has been completed, except for some minor jobs such as the landscaping.
Dec 14, 2009 - PropertyGuru.com.sg
The higher prices achieved for The Pinnacle@Duxton on its second launch were a sign of strong demand, said Minister Mentor Lee Kuan Yew yesterday.
'Even though prices of the flats at the second launch in 2008 were higher, the demand for the flats was still very strong. The higher prices reflect the demand for the flats; they reflect the market demand,' said Mr. Lee during the hand over ceremony for The Pinnacle@Duxton.
The Pinnacle@Duxton is a 50-storey public housing project that was first launched in May 2004. Some of the remaining flats were re-launched in September 2008 and 111 five-room units were put up for sale at around $545,000 to $645,800.
When it was first introduced in 2004, four-room units were worth $289,200 while most of the five-room units were offered for about $439,400.
Mr. Lee said that pricing of HDB flats is very important as it reflects its true value.
“We cannot price a new flat in Punggol or Tanjong Pagar the same because when they are re-sold, we know there will be a tremendous difference in price,” he said.
“From the 1980s, we moved towards a market-based system. By liberalising the resale market and allowing HDB prices to move in tandem with the economy, we unlocked the value of HDB flats to allow citizens to share in the fruits of the nation's growth. Home ownership of a HDB flat is a store of value that can be monetised when need be.”
The development of The Pinnacle@Duxton, which is the tallest public housing project in the country, features 12 sky bridges that are linked in all seven buildings. The sky bridges will be launched on January 1.
The development also includes other amenities like a childcare centre, food court, basketball court and 800-metre jogging track.
The Pinnacle@Duxton houses a total of 1,848 flats. Its construction has been completed, except for some minor jobs such as the landscaping.
HDB flats will appreciate in value as long as economy grows
HDB flats will appreciate in value as long as economy grows
Dec 14, 2009 - PropertyGuru.com.sg
The value of public flats will continue to rise, as long as the Singapore economy continues to grow. With limited space, public housing appears all set to go up – with more skyscraper units to be launched.
According to Minister Mentor Lee Kuan Yew, The Pinnacle@Duxton is the tallest HDB development in Singapore with 50 storeys.
The first rental HDB blocks along Tanjong Pagar were constructed in 1963 on the site where Pinnacle@Duxton is situated. It is currently the tallest HDB project in Singapore.
Mr. Lee attributed the change to an early policy resolution to construct a home-owning society. It is what encourages Singaporeans to upgrade this asset for a better life, something which rental flats could not offer.
Moving forward, Mr Lee anticipates more of such flats to be launched.
“The Pinnacle@Duxton is therefore a good example that if the nation continues to do well, we can build more flats of this standard. But we should not make a quick profit from a resale of HDB flats,” he said.
“The rules on minimum occupation and requirement for family units nucleus are to discourage speculative purchases.”
The government could have built a condo in this central area but preferred to construct HDB flats and share the city’s growth with the people who had once rented flats in the area, said Mr. Lee in an interview.
In response to questions regarding young couples who are curious about the affordability of flats, he said that this is related to the growth of the country – if the country is performing well, prices of properties will increase.
However, if the economy declines, unemployment rate will rise but values of property and incomes will go down.
“Well, it's a very special problem we face because we can't expand the city laterally, we have to expand the city vertically. Yes, we can have more (land) reclamations but that's only about 10, 15 percent and we've reached the limit. he said. Therefore, I see more and more of the old blocks being demolished and new blocks like The Pinnacle@Duxton being built," he said.
Dec 14, 2009 - PropertyGuru.com.sg
The value of public flats will continue to rise, as long as the Singapore economy continues to grow. With limited space, public housing appears all set to go up – with more skyscraper units to be launched.
According to Minister Mentor Lee Kuan Yew, The Pinnacle@Duxton is the tallest HDB development in Singapore with 50 storeys.
The first rental HDB blocks along Tanjong Pagar were constructed in 1963 on the site where Pinnacle@Duxton is situated. It is currently the tallest HDB project in Singapore.
Mr. Lee attributed the change to an early policy resolution to construct a home-owning society. It is what encourages Singaporeans to upgrade this asset for a better life, something which rental flats could not offer.
Moving forward, Mr Lee anticipates more of such flats to be launched.
“The Pinnacle@Duxton is therefore a good example that if the nation continues to do well, we can build more flats of this standard. But we should not make a quick profit from a resale of HDB flats,” he said.
“The rules on minimum occupation and requirement for family units nucleus are to discourage speculative purchases.”
The government could have built a condo in this central area but preferred to construct HDB flats and share the city’s growth with the people who had once rented flats in the area, said Mr. Lee in an interview.
In response to questions regarding young couples who are curious about the affordability of flats, he said that this is related to the growth of the country – if the country is performing well, prices of properties will increase.
However, if the economy declines, unemployment rate will rise but values of property and incomes will go down.
“Well, it's a very special problem we face because we can't expand the city laterally, we have to expand the city vertically. Yes, we can have more (land) reclamations but that's only about 10, 15 percent and we've reached the limit. he said. Therefore, I see more and more of the old blocks being demolished and new blocks like The Pinnacle@Duxton being built," he said.
ST : Pinnacle of living in S'pore
Dec 14, 2009
Pinnacle of living in S'pore
By Shawn Lee Miller
MM Lee (extreme left) hands over keys to owners of new flats at the Pinnacle@Duxton. -- ST PHOTO: LAU FOOK KONG
WHAT better high for new house buyers than getting the keys to their new home?
But for Mr Venketroyalu, 38, welcoming Minister Mentor Lee Kuan Yew as the first house guest to his new flat was definitely the highest point of his day.
Mr Venketroyalu was among the first few home owners to receive the keys to his new apartment at Pinnacle@Duxton last Saturday.
Pinnacle@Duxton stands on the same plot of land where MM Lee, who was then MP for Tanjong Pagar, unveiled the first rental blocks in the Tanjong Pagar constituency in 1964.
MM Lee, who was there to visit the new crown jewel in Singapore's public housing programme, described the event as a symbolic milestone.
Mr Venketroyalu himself used to stay in the old rental flats back in 1977.
When asked about the difference between then and now, he said: 'When I walk down the street and look up, it doesn't look like Singapore. It's like I'm in New York. It's an amazing look, fantastic.'
A testament to the changing face of Singapore, the 50-storey high Pinnacle@Duxton also boasts a skygarden which offers a panaromic view of the Singapore skyline.
Members of the public can go up to the skygarden for $5 to admire the view, and will be able to ballot for a spot to catch special events like the NDP fireworks.
For more on what MM Lee had to say about the Pinnacle@Duxton and public housing in Singapore, visit RazorTV.
Pinnacle of living in S'pore
By Shawn Lee Miller
MM Lee (extreme left) hands over keys to owners of new flats at the Pinnacle@Duxton. -- ST PHOTO: LAU FOOK KONG
WHAT better high for new house buyers than getting the keys to their new home?
But for Mr Venketroyalu, 38, welcoming Minister Mentor Lee Kuan Yew as the first house guest to his new flat was definitely the highest point of his day.
Mr Venketroyalu was among the first few home owners to receive the keys to his new apartment at Pinnacle@Duxton last Saturday.
Pinnacle@Duxton stands on the same plot of land where MM Lee, who was then MP for Tanjong Pagar, unveiled the first rental blocks in the Tanjong Pagar constituency in 1964.
MM Lee, who was there to visit the new crown jewel in Singapore's public housing programme, described the event as a symbolic milestone.
Mr Venketroyalu himself used to stay in the old rental flats back in 1977.
When asked about the difference between then and now, he said: 'When I walk down the street and look up, it doesn't look like Singapore. It's like I'm in New York. It's an amazing look, fantastic.'
A testament to the changing face of Singapore, the 50-storey high Pinnacle@Duxton also boasts a skygarden which offers a panaromic view of the Singapore skyline.
Members of the public can go up to the skygarden for $5 to admire the view, and will be able to ballot for a spot to catch special events like the NDP fireworks.
For more on what MM Lee had to say about the Pinnacle@Duxton and public housing in Singapore, visit RazorTV.
ST : Home sales up but not in value
Dec 14, 2009
Home sales up but not in value
By Joyce Teo, Property Correspondent
ALMOST as many homes will be sold this year as in the previous boom of 2007, but the quantum of sales is still only at about 60 per cent of the previous peak.
This is because less high-end homes were sold this year, unlike in 2007 when these homes stole the limelight, according to a new report released on Monday by property consultancy CB Richard Ellis (CBRE).
The large-scale mass market projects that were either fully sold or nearly sold out this year include Caspian in Jurong, Double Bay Residences in Simei, Mi Casa in Choa Chu Kang, The Gale in Flora Road.
Successful mid-tier projects include The Arte and Vista Residences in Jalan Datoh.
Home sales up but not in value
By Joyce Teo, Property Correspondent
ALMOST as many homes will be sold this year as in the previous boom of 2007, but the quantum of sales is still only at about 60 per cent of the previous peak.
This is because less high-end homes were sold this year, unlike in 2007 when these homes stole the limelight, according to a new report released on Monday by property consultancy CB Richard Ellis (CBRE).
The large-scale mass market projects that were either fully sold or nearly sold out this year include Caspian in Jurong, Double Bay Residences in Simei, Mi Casa in Choa Chu Kang, The Gale in Flora Road.
Successful mid-tier projects include The Arte and Vista Residences in Jalan Datoh.
ST : Dubai govt statement on restructuring, aid
Dubai govt statement on restructuring, aid
THE following statement was issued by the government of Dubai:
STATEMENT FROM HH SHEIKH AHMAD BIN SAEED AL MAKTOUM,CHAIRMAN OF THE DUBAI SUPREME FISCAL COMMITTEE
Dubai - The Government of Dubai, acting through the Supreme Fiscal Committee ('SFC'), today announces a set of actions in relation to Dubai World: HH Sheikh Ahmad Bin Saeed Al Maktoum, Chairman of the Dubai Supreme Fiscal Committee said:
'Like other global financial centers, Dubai has faced recent market challenges driven by the global economic slowdown and a severe real estate market correction.
'Recently, Dubai World announced that it might not be able to commercially support its obligations. Since that time, the Government of Dubai has worked closely with the Abu Dhabi Government and the UAE Central Bank in addressing and assessing the impact of Dubai World on the UAE economy, banking system and investor confidence. The following provides a comprehensive set of actions:
'First, the Government of Abu Dhabi and the UAE Central Bank have agreed to provide important support. Specifically, the Government of Abu Dhabi has agreed to fund $10 billion to the Dubai Financial Support Fund that will be used to satisfy a series of upcoming obligations on Dubai World. As a first action for the new fund, the Government of Dubai has authorized $4.1 billion to be used to pay the sukuk obligations that are due today.
'The remaining funds would also provide for interest expenses and company working capital through April 30, 2010 - conditioned on the company being successful in negotiating a standstill as previously announced. In addition, the Government of Dubai is particularly focused on addressing the concerns of Dubai World trade creditors within the Emirate of Dubai.
To help address these concerns, today the Government of Dubai is announcing that the remainder of the funds provided will be used for the satisfaction of obligations to existing trade creditors and contractors. Discussions with affected contractors will begin in short order.
Next, the Central Bank is also prepared to provide support to local UAE banks. Finally, today the Government of Dubai will announce a comprehensive reorganization law, a framework that is based upon internationally accepted standards for transparency and creditor protection. This law will be available should Dubai World and its subsidiaries be unable to achieve an acceptable restructuring of its remaining obligations.
'Today's actions, taken together, demonstrate our strong commitment as a global financial leader to transparency, good governance, and market principles. There will certainly be challenges periodically, just as there are challenges in other major financial centers around the globe. We believe today's actions will best serve the interests of all stakeholders.
'We are here today to reassure investors, financial and trade creditors, employees, and our citizens that our government will act at all times in accordance with market principles and internationally accepted business practices. Dubai is, and will continue to be, a strong and vibrant global financial center. Our best days are yet to come.
'The Government of Dubai remains committed to its high standards and its obligations. We are confident in our economic model, and we are confident in the long-term health and outlook for our economy. The actions taken today are consistent with our market development, and we believe they are the actions that will best serve the interests of all stakeholders.' -- REUTERS
THE following statement was issued by the government of Dubai:
STATEMENT FROM HH SHEIKH AHMAD BIN SAEED AL MAKTOUM,CHAIRMAN OF THE DUBAI SUPREME FISCAL COMMITTEE
Dubai - The Government of Dubai, acting through the Supreme Fiscal Committee ('SFC'), today announces a set of actions in relation to Dubai World: HH Sheikh Ahmad Bin Saeed Al Maktoum, Chairman of the Dubai Supreme Fiscal Committee said:
'Like other global financial centers, Dubai has faced recent market challenges driven by the global economic slowdown and a severe real estate market correction.
'Recently, Dubai World announced that it might not be able to commercially support its obligations. Since that time, the Government of Dubai has worked closely with the Abu Dhabi Government and the UAE Central Bank in addressing and assessing the impact of Dubai World on the UAE economy, banking system and investor confidence. The following provides a comprehensive set of actions:
'First, the Government of Abu Dhabi and the UAE Central Bank have agreed to provide important support. Specifically, the Government of Abu Dhabi has agreed to fund $10 billion to the Dubai Financial Support Fund that will be used to satisfy a series of upcoming obligations on Dubai World. As a first action for the new fund, the Government of Dubai has authorized $4.1 billion to be used to pay the sukuk obligations that are due today.
'The remaining funds would also provide for interest expenses and company working capital through April 30, 2010 - conditioned on the company being successful in negotiating a standstill as previously announced. In addition, the Government of Dubai is particularly focused on addressing the concerns of Dubai World trade creditors within the Emirate of Dubai.
To help address these concerns, today the Government of Dubai is announcing that the remainder of the funds provided will be used for the satisfaction of obligations to existing trade creditors and contractors. Discussions with affected contractors will begin in short order.
Next, the Central Bank is also prepared to provide support to local UAE banks. Finally, today the Government of Dubai will announce a comprehensive reorganization law, a framework that is based upon internationally accepted standards for transparency and creditor protection. This law will be available should Dubai World and its subsidiaries be unable to achieve an acceptable restructuring of its remaining obligations.
'Today's actions, taken together, demonstrate our strong commitment as a global financial leader to transparency, good governance, and market principles. There will certainly be challenges periodically, just as there are challenges in other major financial centers around the globe. We believe today's actions will best serve the interests of all stakeholders.
'We are here today to reassure investors, financial and trade creditors, employees, and our citizens that our government will act at all times in accordance with market principles and internationally accepted business practices. Dubai is, and will continue to be, a strong and vibrant global financial center. Our best days are yet to come.
'The Government of Dubai remains committed to its high standards and its obligations. We are confident in our economic model, and we are confident in the long-term health and outlook for our economy. The actions taken today are consistent with our market development, and we believe they are the actions that will best serve the interests of all stakeholders.' -- REUTERS
ST : Dubai to pay $5.7b debt
Dec 14, 2009
Dubai to pay $5.7b debt
Abu Dhabi gives Dubai US$10b in bailout money
Dubai allocates $4.1b for immediate Dubai World debt
Dubai enacts new bankruptcy law
Abu Dhabi is the largest member of the United Arab Emirates federation and a big oil exporter. -- PHOTO: REUTERS
DUBAI - ABU Dhabi stepped in to help fellow United Arab Emirates member Dubai with a US$10 billion (S$14 billion) injection, of which $4.1 billion was allocated to troubled state-owned conglomerate Dubai World to pay immediate obligations, Dubai said on Monday.
The move was the least expected of all options Dubai had on the table after requesting a standstill on $26 billion in Dubai World debt on Nov 25, alarming markets and shaking the image of the emirate as a regional business hub.
'The government of Abu Dhabi has agreed to fund $10 billion to the Dubai Financial Support Fund that will be used to satisfy a series of upcoming obligations on Dubai World,' the chairman od the Dubai Supreme Fiscal Committee said in a statement. 'As a first action for the new fund, the government of Dubai has authorised $4.1 billion to be used to pay the sukuk obligations that are due today.'
Abu Dhabi is the largest member of the United Arab Emirates federation and a big oil exporter. 'We are here today to reassure investors, financial and trade creditors, employees, and our citizens that our government will act at all times in accordance with market principles and internationally accepted business practices,' Sheikh Ahmed bin Saaed al-Maktoum said in the statement.
'Dubai is, and will continue to be, a strong and vibrant global financial center. Our best days are yet to come.'
Excess funds would be used to cater to Dubai Worlds needs up until the end of April 2010, the statement said. Dubai has announced a bankruptcy law that it said could be used in case Dubai World and creditors failed to reach an agreement on debt maturing in the future. -- REUTERS
Dubai to pay $5.7b debt
Abu Dhabi gives Dubai US$10b in bailout money
Dubai allocates $4.1b for immediate Dubai World debt
Dubai enacts new bankruptcy law
Abu Dhabi is the largest member of the United Arab Emirates federation and a big oil exporter. -- PHOTO: REUTERS
DUBAI - ABU Dhabi stepped in to help fellow United Arab Emirates member Dubai with a US$10 billion (S$14 billion) injection, of which $4.1 billion was allocated to troubled state-owned conglomerate Dubai World to pay immediate obligations, Dubai said on Monday.
The move was the least expected of all options Dubai had on the table after requesting a standstill on $26 billion in Dubai World debt on Nov 25, alarming markets and shaking the image of the emirate as a regional business hub.
'The government of Abu Dhabi has agreed to fund $10 billion to the Dubai Financial Support Fund that will be used to satisfy a series of upcoming obligations on Dubai World,' the chairman od the Dubai Supreme Fiscal Committee said in a statement. 'As a first action for the new fund, the government of Dubai has authorised $4.1 billion to be used to pay the sukuk obligations that are due today.'
Abu Dhabi is the largest member of the United Arab Emirates federation and a big oil exporter. 'We are here today to reassure investors, financial and trade creditors, employees, and our citizens that our government will act at all times in accordance with market principles and internationally accepted business practices,' Sheikh Ahmed bin Saaed al-Maktoum said in the statement.
'Dubai is, and will continue to be, a strong and vibrant global financial center. Our best days are yet to come.'
Excess funds would be used to cater to Dubai Worlds needs up until the end of April 2010, the statement said. Dubai has announced a bankruptcy law that it said could be used in case Dubai World and creditors failed to reach an agreement on debt maturing in the future. -- REUTERS
HDB flat value will rise as long as economy grows: MM Lee
HDB flat value will rise as long as economy grows: MM Lee
By Asha Popatlal, Channel NewsAsia | Posted: 13 December 2009 2123 hrs
SINGAPORE: Public flats will continue to appreciate in value as long as the Singapore economy continues to grow. And with limited space, the future of public housing looks set to go up - with more skyscraper flats to be built.
Minister Mentor Lee Kuan Yew said this as he launched The Pinnacle@Duxton, which at 50 storeys, is the tallest HDB development in Singapore.
The first rental HDB blocks in Tanjong Pagar were built in 1963 on the site where The Pinnacle@Duxton stands. Today, it is the site of the tallest HDB in the country and the scene has changed significantly.
Mr Lee attributes the change to an early policy decision to build a home-owning society, which is what motivates Singaporeans to upgrade this asset for a better life, something which could not have happened with just rental flats.
Going forward, Mr Lee expects more of such flats to be built.
He said: "The Pinnacle@Duxton is therefore a good example that if the nation continues to do well, we can build more flats of this standard. But we should not make a quick profit from a resale of HDB flats.
"The rules on minimum occupation and requirement for family units nucleus are to discourage speculative purchases."
Mr Lee gave out keys to seven of the first families to move in and visited one family, whose father had rented a flat in the area previously.
Speaking to reporters later, he said the government could have built a condominium in its place but preferred to build public flats in this central area and share the growth of the city with the people who had rented flats in the area before.
Responding to questions later on about young couples who are concerned about flat affordability, Mr Lee said this is linked to the country's growth - if the country is doing well, property prices will go up.
But if the economy goes down, unemployment goes up but incomes and property values decline.
One thing that will be going up is the height of future public housing.
Mr Lee said: "Well, it's a very special problem we face because we can't expand the city laterally, we have to expand the city vertically. Yes, we can have more (land) reclamations but that's only about 10, 15 per cent and we've reached the limit.
"Therefore, I see more and more of the old blocks being demolished and new blocks like The Pinnacle@Duxton being built."
Units at The Pinnacle@Duxton cost an average of S$486,000 for a 4-room flat and S$590,000 for a 5-room flat, when the last of the units were released in October.
The 50th-storey skybridge will also be open to non-residents for a S$5 fee.
- CNA/ir
By Asha Popatlal, Channel NewsAsia | Posted: 13 December 2009 2123 hrs
SINGAPORE: Public flats will continue to appreciate in value as long as the Singapore economy continues to grow. And with limited space, the future of public housing looks set to go up - with more skyscraper flats to be built.
Minister Mentor Lee Kuan Yew said this as he launched The Pinnacle@Duxton, which at 50 storeys, is the tallest HDB development in Singapore.
The first rental HDB blocks in Tanjong Pagar were built in 1963 on the site where The Pinnacle@Duxton stands. Today, it is the site of the tallest HDB in the country and the scene has changed significantly.
Mr Lee attributes the change to an early policy decision to build a home-owning society, which is what motivates Singaporeans to upgrade this asset for a better life, something which could not have happened with just rental flats.
Going forward, Mr Lee expects more of such flats to be built.
He said: "The Pinnacle@Duxton is therefore a good example that if the nation continues to do well, we can build more flats of this standard. But we should not make a quick profit from a resale of HDB flats.
"The rules on minimum occupation and requirement for family units nucleus are to discourage speculative purchases."
Mr Lee gave out keys to seven of the first families to move in and visited one family, whose father had rented a flat in the area previously.
Speaking to reporters later, he said the government could have built a condominium in its place but preferred to build public flats in this central area and share the growth of the city with the people who had rented flats in the area before.
Responding to questions later on about young couples who are concerned about flat affordability, Mr Lee said this is linked to the country's growth - if the country is doing well, property prices will go up.
But if the economy goes down, unemployment goes up but incomes and property values decline.
One thing that will be going up is the height of future public housing.
Mr Lee said: "Well, it's a very special problem we face because we can't expand the city laterally, we have to expand the city vertically. Yes, we can have more (land) reclamations but that's only about 10, 15 per cent and we've reached the limit.
"Therefore, I see more and more of the old blocks being demolished and new blocks like The Pinnacle@Duxton being built."
Units at The Pinnacle@Duxton cost an average of S$486,000 for a 4-room flat and S$590,000 for a 5-room flat, when the last of the units were released in October.
The 50th-storey skybridge will also be open to non-residents for a S$5 fee.
- CNA/ir
ST : US jobs rate still important
Dec 13, 2009
US jobs rate still important
WASHINGTON - PRESIDENT Barack Obama's top economic aide Christina Romer said Sunday that the improving US economy is not yet out of recession, and will not turn the corner until the unemployment picture improves.
'The president has always said, and what I firmly believe, is you're not recovered until all of those people that want to work are back to work,' said Romer, who heads up the White House Council of Economic Advisers.
'For the people on Main Street and throughout this country, they are still suffering, the unemployment rate is still 10 percent,' she told NBC's 'Meet the Press' program according to excerpts released ahead of the broadcast.
'I'm not going to say the recession is over until the unemployment rate is down to normal levels... where we were before the recession - certainly in the five percent' range, Romer said. Her comments came with the US Congress poised later this week to take up a new jobs bill to confront the soaring US unemployment rate.
Obama and his Democratic allies, facing deep US public worry over unemployment running at a quarter-century high, have redoubled their efforts to tackle the problem ahead of the November 2010 mid-term elections.
Earlier this month, official figures showed the unemployment rate fell in November to 10.0 per cent from 10.2 per cent, suggesting the problems in the job market had peaked. -- AFP
US jobs rate still important
WASHINGTON - PRESIDENT Barack Obama's top economic aide Christina Romer said Sunday that the improving US economy is not yet out of recession, and will not turn the corner until the unemployment picture improves.
'The president has always said, and what I firmly believe, is you're not recovered until all of those people that want to work are back to work,' said Romer, who heads up the White House Council of Economic Advisers.
'For the people on Main Street and throughout this country, they are still suffering, the unemployment rate is still 10 percent,' she told NBC's 'Meet the Press' program according to excerpts released ahead of the broadcast.
'I'm not going to say the recession is over until the unemployment rate is down to normal levels... where we were before the recession - certainly in the five percent' range, Romer said. Her comments came with the US Congress poised later this week to take up a new jobs bill to confront the soaring US unemployment rate.
Obama and his Democratic allies, facing deep US public worry over unemployment running at a quarter-century high, have redoubled their efforts to tackle the problem ahead of the November 2010 mid-term elections.
Earlier this month, official figures showed the unemployment rate fell in November to 10.0 per cent from 10.2 per cent, suggesting the problems in the job market had peaked. -- AFP
ST : Flat prices still affordable
Dec 14, 2009
Flat prices still affordable
MM: Cost grows with economy, but Govt will help first-home buyers
By Zakir Hussain , POLITICAL CORRESPONDENT
MM Lee assured young couples that the Government will help them to own their first flats. -- ST PHOTO: FRANCIS ONG
SINGAPOREANS can expect the prices of HDB flats to keep on rising as long as the economy continues to grow, Minister Mentor Lee Kuan Yew said on Sunday.
However, he assured young couples that the Government will help them to own their first flats.
The Housing Board will also keep building affordable homes 'so that each generation of Singaporeans will continue to have a stake in the nation', he added.
Mr Lee gave the assurance when he visited the newly-completed crown jewel of Singapore's public housing, which he said is symbolic of the spectacular transformation of the country.
The Pinnacle@Duxton, rising 50 storeys high, stands on a plot that was occupied by the first rental blocks in Tanjong Pagar constituency, of which Mr Lee has been the MP for 54 years.
On Sunday, he recalled how he used the two Duxton Plain blocks then under construction in his 1963 election campaign, when the leftists were determined to win his seat.
MM Lee on the Pinnacle@Duxton's special location in the city centre.
We could easily have sold (the Duxton plot) and then a condominium would have stood in its place.
'But it would not have the same effect because here, we have kept the HDB residents in place, so we are sharing the growth of the city with the people who are of that class who built the city. We could have maximised the value by selling it off, and then a condo would have been built. We didn't do that.'
Flat prices still affordable
MM: Cost grows with economy, but Govt will help first-home buyers
By Zakir Hussain , POLITICAL CORRESPONDENT
MM Lee assured young couples that the Government will help them to own their first flats. -- ST PHOTO: FRANCIS ONG
SINGAPOREANS can expect the prices of HDB flats to keep on rising as long as the economy continues to grow, Minister Mentor Lee Kuan Yew said on Sunday.
However, he assured young couples that the Government will help them to own their first flats.
The Housing Board will also keep building affordable homes 'so that each generation of Singaporeans will continue to have a stake in the nation', he added.
Mr Lee gave the assurance when he visited the newly-completed crown jewel of Singapore's public housing, which he said is symbolic of the spectacular transformation of the country.
The Pinnacle@Duxton, rising 50 storeys high, stands on a plot that was occupied by the first rental blocks in Tanjong Pagar constituency, of which Mr Lee has been the MP for 54 years.
On Sunday, he recalled how he used the two Duxton Plain blocks then under construction in his 1963 election campaign, when the leftists were determined to win his seat.
MM Lee on the Pinnacle@Duxton's special location in the city centre.
We could easily have sold (the Duxton plot) and then a condominium would have stood in its place.
'But it would not have the same effect because here, we have kept the HDB residents in place, so we are sharing the growth of the city with the people who are of that class who built the city. We could have maximised the value by selling it off, and then a condo would have been built. We didn't do that.'
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