Dec 19, 2009
CLOB SAGA AND AFTER...
Why investors won't bite yet
I REFER to Monday's report, 'Singaporeans told: Don't be put off by Clob', on the Malaysian bourse chief calling on investors not to let the 1998 saga deter them from investing in Malaysian companies.
To recap what happened, thousands of Singaporeans who invested in Malaysian shares via Singapore's Central Limit Order Book (Clob) system found their investments abruptly frozen.
In September 1998, Kuala Lumpur banned trading of Malaysian stocks outside the country and imposed widespread capital controls that affected thousands of investors here. This was at the height of the Asian financial crisis.
A few years of insults followed, including one offer to buy out the shares at a mere fraction of their pre-suspension market price which was rebuffed by almost all involved Singaporeans.
Finally, they paid to redeem their own shares which were released to them in instalments instead of in full.
To now tell us not to be put off is no compensation for the insults and financial loss suffered.
Further, under the Clob system, shares were registered in the investors' own names, and investors received annual reports and other announcements as well as dividends, rights and bonus entitlements direct from the companies.
Today, Singaporeans who wish to buy Malaysian shares must do so through Malaysian-based brokers with shares registered in the names of the brokers' nominee companies, which means they receive no annual reports and company announcements.
It is also necessary to hold a ringgit bank account in Malaysia to facilitate payments for purchases and receipt of proceeds of sales.
The bank in Johor Baru I visited to open an account handed me the relevant forms to complete but when I produced my Singapore passport, I was told I could not open an account because of Malaysian exchange control regulations.
Sorry, I must continue to give Malaysian shares a miss until trading becomes as convenient as it is in Singapore, or until they are listed on the Singapore Exchange.
Denis Distant
Saturday, December 19, 2009
Hong Leong, Far East and Frasers lead property market poll
Hong Leong, Far East and Frasers lead property market poll
Dec 18, 2009 - PropertyGuru.com.sg
Hong Leong Group, Frasers Centrepoint and Far East Organization have been the most active companies in the local property market this year.
The three companies most likely gained over $6 billion from selling more than 5,000 private homes, mostly from mid-tier and mass-market sites.
This data came from a quick poll by several developers. To highlight the results, there is a double-counting of sales in some cases due to several joint venture projects. However, not all the figures are exact.
Nevertheless, the three developers emerged as leaders. As of Tuesday this week, subsidiaries linked to Hong Leong – Hong Leong Holdings, TID and City Developments (CDL) – had sold nearly 2,122 units worth $2.39 billion in all.
Hong Leong Holdings alone sold 325 homes while TID sold 297 units. CDL sold about 1,500 homes worth $1.86 billion, including the launch of Hundred Trees, The Arte and Livia. Sales from a venture project, The Gale, are included in figures for both Hong Leong Holdings and CDL.
Far East sold 1,932 homes, valued at more than $2.34 billion. The company launched 11 projects in 2009. The five projects that gave the highest revenue are Mi Casa, Cyan, Vista Residences, Silversea and Waterfront Waves.
Included in the figures of Far East are sales from joint projects with Frasers Centrepoint, Orchard Parade Holdings and Wing Tai.
Frasers Centrepoint alone became a big winner with 1,852 units sold worth $2.17 billion. The output came from projects such as Caspian, 8@Woodleigh Woodsville 28 and Martin Place Residences. The figures of Frasers Centrepoint also include the sales from Waterfront Waves and Waterfront Key.
Coming behind the three companies is UOL, which sold 1,009 units for $1.2 billion, followed by CapitaLand with 535 homes sold worth $1 billion.
Dec 18, 2009 - PropertyGuru.com.sg
Hong Leong Group, Frasers Centrepoint and Far East Organization have been the most active companies in the local property market this year.
The three companies most likely gained over $6 billion from selling more than 5,000 private homes, mostly from mid-tier and mass-market sites.
This data came from a quick poll by several developers. To highlight the results, there is a double-counting of sales in some cases due to several joint venture projects. However, not all the figures are exact.
Nevertheless, the three developers emerged as leaders. As of Tuesday this week, subsidiaries linked to Hong Leong – Hong Leong Holdings, TID and City Developments (CDL) – had sold nearly 2,122 units worth $2.39 billion in all.
Hong Leong Holdings alone sold 325 homes while TID sold 297 units. CDL sold about 1,500 homes worth $1.86 billion, including the launch of Hundred Trees, The Arte and Livia. Sales from a venture project, The Gale, are included in figures for both Hong Leong Holdings and CDL.
Far East sold 1,932 homes, valued at more than $2.34 billion. The company launched 11 projects in 2009. The five projects that gave the highest revenue are Mi Casa, Cyan, Vista Residences, Silversea and Waterfront Waves.
Included in the figures of Far East are sales from joint projects with Frasers Centrepoint, Orchard Parade Holdings and Wing Tai.
Frasers Centrepoint alone became a big winner with 1,852 units sold worth $2.17 billion. The output came from projects such as Caspian, 8@Woodleigh Woodsville 28 and Martin Place Residences. The figures of Frasers Centrepoint also include the sales from Waterfront Waves and Waterfront Key.
Coming behind the three companies is UOL, which sold 1,009 units for $1.2 billion, followed by CapitaLand with 535 homes sold worth $1 billion.
ST : Prime home prices at high
Dec 18, 2009
Prime home prices at high
By Joyce Teo, Property Reporter
Outside the prime districts, the average price of freehold landed resale homes climbed 12.2 per cent this year to reach $860 psf. -- ST FILE PHOTO
PRICES of prime resale landed homes have risen 18.6 per cent this year to reach a new high of $1,447 per sq ft, said a report by DTZ Research on Friday.
It has easily surpassed the previous peak levels achieved in the first quarter of last year when prices of this segment reached $1,293 psf.
Outside the prime districts, the average price of freehold landed resale homes climbed 12.2 per cent this year to reach $860 psf.
This is 7.9 per cent higher than the $797 psf recorded in the first quarter of last year.
'As the Singapore economy has climbed out of recession, the outlook is more sanguine,' said Ms Chua Chor Hoon, head of DTZ South-east Asia Research.
'There would be less panic or euphoric buying in view of the price increases that had already taken place in 2009 and the possibility of more Government measures if prices run ahead of economic fundamentals.'
Prime home prices at high
By Joyce Teo, Property Reporter
Outside the prime districts, the average price of freehold landed resale homes climbed 12.2 per cent this year to reach $860 psf. -- ST FILE PHOTO
PRICES of prime resale landed homes have risen 18.6 per cent this year to reach a new high of $1,447 per sq ft, said a report by DTZ Research on Friday.
It has easily surpassed the previous peak levels achieved in the first quarter of last year when prices of this segment reached $1,293 psf.
Outside the prime districts, the average price of freehold landed resale homes climbed 12.2 per cent this year to reach $860 psf.
This is 7.9 per cent higher than the $797 psf recorded in the first quarter of last year.
'As the Singapore economy has climbed out of recession, the outlook is more sanguine,' said Ms Chua Chor Hoon, head of DTZ South-east Asia Research.
'There would be less panic or euphoric buying in view of the price increases that had already taken place in 2009 and the possibility of more Government measures if prices run ahead of economic fundamentals.'
ST : HDB flats for IR workers
Dec 18, 2009
HDB flats for IR workers
By Tessa Wong
Two blocks of Housing Board flats in Toa Payoh have been converted into worker dorms for foreign employees of integrated resort Resorts World at Sentosa. -- ST PHOTO: KEVIN LEONG
TWO blocks of Housing Board flats in Toa Payoh have been converted into worker dorms for foreign employees of integrated resort Resorts World at Sentosa.
Blocks 32 and 33 on Toa Payoh Lorong 6 were pending redevelopment until a few months ago, when Resorts World croupiers, hotel service staff and casino pit supervisors started moving in. It is estimated there are more than 300 units in the two blocks. Each flat houses four to six workers, who pay monthly rents ranging from $140 to $260 each.
On the lease tenure, the Housing Board would only say it is a private short-term arrangement between Resorts World and managing agent EM Services. Resorts World said it is providing accommodation for foreign employees 'to help reduce their stress and anxiety of relocating overseas' and to ensure they enjoy a similar lifestyle to their Singaporean staff.
When the Straits Times visited the blocks on Friday, the Toa Payoh flats looked clean with fresh coats of paint. Tenants said the flats come with basic furniture such as dining tables and beds, as well as appliances like washing machines and fridges. The bedrooms are also air-conditioned.
Many found the accommodation comfortable, and the central location convenient. They each pay about $100 per month for a daily return bus service that ferries them between home and Sentosa.
Most of the local residents interviewed said they did not mind the workers.
HDB flats for IR workers
By Tessa Wong
Two blocks of Housing Board flats in Toa Payoh have been converted into worker dorms for foreign employees of integrated resort Resorts World at Sentosa. -- ST PHOTO: KEVIN LEONG
TWO blocks of Housing Board flats in Toa Payoh have been converted into worker dorms for foreign employees of integrated resort Resorts World at Sentosa.
Blocks 32 and 33 on Toa Payoh Lorong 6 were pending redevelopment until a few months ago, when Resorts World croupiers, hotel service staff and casino pit supervisors started moving in. It is estimated there are more than 300 units in the two blocks. Each flat houses four to six workers, who pay monthly rents ranging from $140 to $260 each.
On the lease tenure, the Housing Board would only say it is a private short-term arrangement between Resorts World and managing agent EM Services. Resorts World said it is providing accommodation for foreign employees 'to help reduce their stress and anxiety of relocating overseas' and to ensure they enjoy a similar lifestyle to their Singaporean staff.
When the Straits Times visited the blocks on Friday, the Toa Payoh flats looked clean with fresh coats of paint. Tenants said the flats come with basic furniture such as dining tables and beds, as well as appliances like washing machines and fridges. The bedrooms are also air-conditioned.
Many found the accommodation comfortable, and the central location convenient. They each pay about $100 per month for a daily return bus service that ferries them between home and Sentosa.
Most of the local residents interviewed said they did not mind the workers.
ST : Strict rules at Serangoon dorm
Dec 18, 2009
Strict rules at Serangoon dorm
By Melissa Sim
THE new worker dormitory in Serangoon Gardens, called the Central Staff Apartments, has a provision shop, a canteen, and even a little barber shop.
There are about 100 residents at the moment, and the 600 bed-spaces should be filled by the middle of next year, said the dorm operator.
The residents have to abide by strict rules such as no loud music after 10.30pm, and no visitors except for the canteen area.
Strict rules at Serangoon dorm
By Melissa Sim
THE new worker dormitory in Serangoon Gardens, called the Central Staff Apartments, has a provision shop, a canteen, and even a little barber shop.
There are about 100 residents at the moment, and the 600 bed-spaces should be filled by the middle of next year, said the dorm operator.
The residents have to abide by strict rules such as no loud music after 10.30pm, and no visitors except for the canteen area.
ST : $900m Jobs Credit payout
Dec 18, 2009
$900m Jobs Credit payout
The fourth payment of Jobs Credit will be paid to more than 100,000 bosses, employing about 1.4 million local workers by Dec 24. -- ST PHOTO: JOYCE FANG
THE fourth payment of Jobs Credit will be paid to more than 100,000 bosses, employing about 1.4 million local workers by Dec 24.
Eligible employers will get a notification letter and the amount they will receive by Dec 22 from the Inland Revenue Authority of Singapore (IRAS), said a statement from the Ministry of Finance on Friday.
The Jobs Credit Scheme was introduced as part of the Resilience Package in Budget 2009 in response to the global economic crisis. With the economy now having stabilised, the Government announced in October it will phase out the Jobs Credit Scheme by providing another two, stepped-down payments in March and June next year.
The two additional payments, which will cost the Government $675 million, will be at stepped down rates as follows:
* March 2010 payment, based on 6 per cent of salary of employees on the payroll in January 2010.
* June 2010 payment, based on 3 per cent of salary of employees on the payroll in April 2010.
The first additional payment to be made in March will be computed based on employees on the CPF payroll for the month of January 2010. Employers must make their CPF contributions for October to December 2009 in order to qualify for this first extended payment of Jobs Credit. They have up to Feb 14 to do so.
$900m Jobs Credit payout
The fourth payment of Jobs Credit will be paid to more than 100,000 bosses, employing about 1.4 million local workers by Dec 24. -- ST PHOTO: JOYCE FANG
THE fourth payment of Jobs Credit will be paid to more than 100,000 bosses, employing about 1.4 million local workers by Dec 24.
Eligible employers will get a notification letter and the amount they will receive by Dec 22 from the Inland Revenue Authority of Singapore (IRAS), said a statement from the Ministry of Finance on Friday.
The Jobs Credit Scheme was introduced as part of the Resilience Package in Budget 2009 in response to the global economic crisis. With the economy now having stabilised, the Government announced in October it will phase out the Jobs Credit Scheme by providing another two, stepped-down payments in March and June next year.
The two additional payments, which will cost the Government $675 million, will be at stepped down rates as follows:
* March 2010 payment, based on 6 per cent of salary of employees on the payroll in January 2010.
* June 2010 payment, based on 3 per cent of salary of employees on the payroll in April 2010.
The first additional payment to be made in March will be computed based on employees on the CPF payroll for the month of January 2010. Employers must make their CPF contributions for October to December 2009 in order to qualify for this first extended payment of Jobs Credit. They have up to Feb 14 to do so.
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