Chinese premier promises to cool down property prices
Dec 28, 2009 - PropertyGuru.com.sg
Chinese Premier Wen Jiabao said the Chinese government will cool down property prices, rest pressure for the yuan and keep inflation rates at “reasonable” levels.
“Property prices have risen too quickly in some areas and we should use taxes and loan interest rates to stabilize them,” Wen said in an interview yesterday, adding that China will “absolutely not yield” to calls for currency gains.
China’s property prices surged in November at the quickest pace since July 2008, adding concerns that inflows of money and lending records will trigger asset bubbles in the fastest-growing major economy in the world. Central bank adviser Fan Gang said China needs to be on alert for real-estate, commodity and stock bubbles as global capital flows into the emerging economies.
“It’s difficult to see how serious the government is about cooling the property market,” said former Morgan Stanley chief Asian economist, Andy Xie. “The issue isn’t about introducing new measures but enforcing existing measures.”
In November, property prices in over 70 major cities increased 5.7 percent from the previous year, compared with 3.9 percent in October. Wen emphasized plans to develop more low-cost housing and said the Chinese government would crack down on illegal activities like land hoarding that fuelled price increases.
Consumer prices increased 0.6 percent in November from the previous year, snapping a nine-month run of deflation.
The government will ensure a “moderately loose” monetary policy, as well as a “proactive” fiscal stance, said Wen, adding that withdrawing stimulus packages too quickly would be a big mistake.
About 9.2 trillion yuan ($1.3 trillion) of loans in the first 11 months of 2008 gave way to China’s recovery after the economic crisis cut down export demand. This also added the risk of bad loans. Wen said that it would be good if lending were not on a large scale.
The Premier noted the government’s move on the yuan after rejecting the call for a stronger currency by visiting European officials, including Jean-Claude Trichet, president of the European Central Bank. China held the yuan for about 6.83 per dollar since July 2007, shielding its exporters from the decline of global demand.
“Maintaining a stable yuan has made an important contribution globally,” Wen said. “We will absolutely not yield to pressure to appreciate.”
Tuesday, December 29, 2009
Rental rates in Taipei forecasted to increase
Rental rates in Taipei forecasted to increase
Dec 28, 2009 - PropertyGuru.com.sg
Rental rates and housing prices in Taipei City could continue to surge, according to real-estate brokers.
The latest list of Asia's most expensive places to live, which is published by Forbes magazine, showed that Taipei was ranked 16th with an average monthly rent of US$1,065 for a high-end two-bedroom apartment.
Tokyo topped the list at US$4,737, followed by Hong Kong with a monthly average rent of US$3,871, while Beijing was ranked 3rd at US$3,659.
Urban districts where prices increased the most include several financial hubs like Mumbai, Taipei and Singapore, according to the annual cost-of-living survey released by Mercer Consulting.
Despite the global crisis, rents are relatively high and prices of real estate are increasing in such cities, according to Forbes.
"In the past, we've seen Europe as the most expensive place. Over time, Asian cities have caught up quite a bit in terms of cost-of-living increases," said Mercer’s principal consultant, Cathy Loose. "Mainly because of the limited space, real estate in terms of demand versus supply is driving the rental price high." Huang Cheng-fu, assistant manager of Evertrust Rehouse – one of the top real estate brokers in Taiwan – said the US$1,065 monthly figure estimated by Mercer for a two-bedroom apartment in Hsinyi or Daan district in Taiwan is a reasonable price.
Compared to the US$3,871 average monthly rent for a two-room apartment in HK, housing prices and rental rates in Taipei are expected to continue to increase despite closer exchanges in the greater China area, noted Mr. Huang.
Sinyi Realty Estate manager, Su Chi-jung, said Taipei's ranking reflects its possibility to become more globalized, because its rental rates are closely related to international levels.
If there are more foreign business executives in a city, rental rates usually increase because of the foreign nationals rental of high-quality houses, said Mr. Su.
With Taiwan Strait exchanges continuing to grow, and more Chinese and foreign executives coming to Taiwan, Mr. Su predicted that the city will be leading the list in the near future.
But other locations in the country will not see a similar increase in property rental rates.
Dec 28, 2009 - PropertyGuru.com.sg
Rental rates and housing prices in Taipei City could continue to surge, according to real-estate brokers.
The latest list of Asia's most expensive places to live, which is published by Forbes magazine, showed that Taipei was ranked 16th with an average monthly rent of US$1,065 for a high-end two-bedroom apartment.
Tokyo topped the list at US$4,737, followed by Hong Kong with a monthly average rent of US$3,871, while Beijing was ranked 3rd at US$3,659.
Urban districts where prices increased the most include several financial hubs like Mumbai, Taipei and Singapore, according to the annual cost-of-living survey released by Mercer Consulting.
Despite the global crisis, rents are relatively high and prices of real estate are increasing in such cities, according to Forbes.
"In the past, we've seen Europe as the most expensive place. Over time, Asian cities have caught up quite a bit in terms of cost-of-living increases," said Mercer’s principal consultant, Cathy Loose. "Mainly because of the limited space, real estate in terms of demand versus supply is driving the rental price high." Huang Cheng-fu, assistant manager of Evertrust Rehouse – one of the top real estate brokers in Taiwan – said the US$1,065 monthly figure estimated by Mercer for a two-bedroom apartment in Hsinyi or Daan district in Taiwan is a reasonable price.
Compared to the US$3,871 average monthly rent for a two-room apartment in HK, housing prices and rental rates in Taipei are expected to continue to increase despite closer exchanges in the greater China area, noted Mr. Huang.
Sinyi Realty Estate manager, Su Chi-jung, said Taipei's ranking reflects its possibility to become more globalized, because its rental rates are closely related to international levels.
If there are more foreign business executives in a city, rental rates usually increase because of the foreign nationals rental of high-quality houses, said Mr. Su.
With Taiwan Strait exchanges continuing to grow, and more Chinese and foreign executives coming to Taiwan, Mr. Su predicted that the city will be leading the list in the near future.
But other locations in the country will not see a similar increase in property rental rates.
ST : 2 firms fined for safety lapses
Dec 29, 2009
2 firms fined for safety lapses
By Mavis Toh
TWO construction companies have been fined a total of $96,000 for worksite safety violations, which, in one case, resulted in one worker being injured.
The more severe of the two incidents happened on Oct 13 last year, when construction worker Ji Zhi Li fell while taking measurements at a staircase landing at a Sentosa Cove worksite.
Xuyi Building Engineering was on Tuesday fined $60,000 for not taking adequate measures to prevent falls at the worksite.
Investigations showed that while the worker was equipped with a safety belt, there were no anchor points or lifelines provided to secure the belt. There were also no barriers to prevent falls.
The company was charged under the Workplace Safety and Health Act for inadequate supervision and failing to provide proper fall protection measures, among other offences.
In a separate case, construction company Ho Pak Kim Realty was fined $36,000 last week for safety violations found during inspections by the Ministry of Manpower (MOM) at a Braddell Road worksite.
2 firms fined for safety lapses
By Mavis Toh
TWO construction companies have been fined a total of $96,000 for worksite safety violations, which, in one case, resulted in one worker being injured.
The more severe of the two incidents happened on Oct 13 last year, when construction worker Ji Zhi Li fell while taking measurements at a staircase landing at a Sentosa Cove worksite.
Xuyi Building Engineering was on Tuesday fined $60,000 for not taking adequate measures to prevent falls at the worksite.
Investigations showed that while the worker was equipped with a safety belt, there were no anchor points or lifelines provided to secure the belt. There were also no barriers to prevent falls.
The company was charged under the Workplace Safety and Health Act for inadequate supervision and failing to provide proper fall protection measures, among other offences.
In a separate case, construction company Ho Pak Kim Realty was fined $36,000 last week for safety violations found during inspections by the Ministry of Manpower (MOM) at a Braddell Road worksite.
ST : Electricity prices up again
Dec 29, 2009
Electricity prices up again
By Grace Chua
The electricity tariff is set to rise 5.4 per cent to 22.87 cents per kilowatt-hour (kWh) in the first quarter of the new year (2010). -- ST PHOTO: CHEW SENG KIM
ELECTRICITY prices are back on the rise for the fourth consecutive quarter.
The electricity tariff is set to rise 5.4 per cent to 22.87 cents per kilowatt-hour (kWh) in the first quarter of the new year (2010), electricity service provider SP Services announced on Tuesday.
That means the electricity bill for an average 4-room flat will go up by about $4.70 - from $87.20 to $91.90.
SP Services said the rate was based on the average fuel oil price for the last three months, which has gone up about 8 per cent to $99.38 per barrel.
Last year, fuel oil prices skyrocketed to about $155 per barrel, pushing electricity prices to 30.45 cents per kWh last October. During the global downturn, oil prices dropped and electricity rates followed.
But as economies recover, oil prices are going up again.
Electricity prices up again
By Grace Chua
The electricity tariff is set to rise 5.4 per cent to 22.87 cents per kilowatt-hour (kWh) in the first quarter of the new year (2010). -- ST PHOTO: CHEW SENG KIM
ELECTRICITY prices are back on the rise for the fourth consecutive quarter.
The electricity tariff is set to rise 5.4 per cent to 22.87 cents per kilowatt-hour (kWh) in the first quarter of the new year (2010), electricity service provider SP Services announced on Tuesday.
That means the electricity bill for an average 4-room flat will go up by about $4.70 - from $87.20 to $91.90.
SP Services said the rate was based on the average fuel oil price for the last three months, which has gone up about 8 per cent to $99.38 per barrel.
Last year, fuel oil prices skyrocketed to about $155 per barrel, pushing electricity prices to 30.45 cents per kWh last October. During the global downturn, oil prices dropped and electricity rates followed.
But as economies recover, oil prices are going up again.
ST : Know your estate through Facebook
Dec 29, 2009
Know your estate through Facebook
By Ang Yiying
Yew Tee resident Priscilla Chew, 49, will be keeping other residents who are not able to be present updated through live feeds on Facebook and Twitter. -- PHOTO: AP
YEW Tee resident Priscilla Chew, 49, has an important task during a ministerial community visit there next month.
She will be keeping other residents who are not able to be present updated through live feeds on Facebook and Twitter.
Ms Chew is among a team of about 10 'roving reporters' made up of grassroots volunteers and Republic Polytechnic students who will be on the ground during the visit by Minister for Law and Second Minister for Home Affairs K Shanmugam on Jan 17.
They will be taking photos, videos and posting short comments about the visit with iPhones. Some will also do live blogging during an hour-long dialogue session with the minister.
These plans and updates on the Yew Tee division were shared by Hong Kah GRC Member of Parliament and advisor to the division Yeo Cheow Tong on Tuesday.
Said Mr Yeo about using new media, 'While we've done a pretty good job of reaching out, it adds an additional dimension to our outreach.' He added that using new media was also in line with the composition of Yew Tee's residents, which are mostly young families.
Know your estate through Facebook
By Ang Yiying
Yew Tee resident Priscilla Chew, 49, will be keeping other residents who are not able to be present updated through live feeds on Facebook and Twitter. -- PHOTO: AP
YEW Tee resident Priscilla Chew, 49, has an important task during a ministerial community visit there next month.
She will be keeping other residents who are not able to be present updated through live feeds on Facebook and Twitter.
Ms Chew is among a team of about 10 'roving reporters' made up of grassroots volunteers and Republic Polytechnic students who will be on the ground during the visit by Minister for Law and Second Minister for Home Affairs K Shanmugam on Jan 17.
They will be taking photos, videos and posting short comments about the visit with iPhones. Some will also do live blogging during an hour-long dialogue session with the minister.
These plans and updates on the Yew Tee division were shared by Hong Kah GRC Member of Parliament and advisor to the division Yeo Cheow Tong on Tuesday.
Said Mr Yeo about using new media, 'While we've done a pretty good job of reaching out, it adds an additional dimension to our outreach.' He added that using new media was also in line with the composition of Yew Tee's residents, which are mostly young families.
ST : More BTO flats to come
Dec 29, 2009
More BTO flats to come
More flats in Choa Chu Kang, Hougang will be launched in a week's time
By Esther Teo
At Dawson, 6,015 applications were received for the 1,102 available four-room flats and 806 applications for the 270 three-room flats. --PHOTO: HDB
THE scramble for the Dawson HDB build-to-order (BTO) flats came to an end yesterday with some flats more than 11 times subscribed.
The two-week application window resulted in a flood of applications for five-room flats, which attracted 2,090 applications for the 176 available. There were 11.9 applications for each available unit.
But home seekers need not be discouraged by the daunting odds as the Housing Board on Tuesday announced that it will offer a fresh batch of BTO flats for sale next Tuesday.
Buyers can look forward to another 1,300 BTO flats in Choa Chu Kang and Hougang, the board said in a statement yesterday. 'HDB will continue to launch more BTO projects in 2010 if there is sustained demand for new flats.'
At Dawson, 6,015 applications were received for the 1,102 available four-room flats and 806 applications for the 270 three-room flats.
Demand for studio apartments outstripped supply by a factor of 10.7, with 429 applications for just 40 units.
More BTO flats to come
More flats in Choa Chu Kang, Hougang will be launched in a week's time
By Esther Teo
At Dawson, 6,015 applications were received for the 1,102 available four-room flats and 806 applications for the 270 three-room flats. --PHOTO: HDB
THE scramble for the Dawson HDB build-to-order (BTO) flats came to an end yesterday with some flats more than 11 times subscribed.
The two-week application window resulted in a flood of applications for five-room flats, which attracted 2,090 applications for the 176 available. There were 11.9 applications for each available unit.
But home seekers need not be discouraged by the daunting odds as the Housing Board on Tuesday announced that it will offer a fresh batch of BTO flats for sale next Tuesday.
Buyers can look forward to another 1,300 BTO flats in Choa Chu Kang and Hougang, the board said in a statement yesterday. 'HDB will continue to launch more BTO projects in 2010 if there is sustained demand for new flats.'
At Dawson, 6,015 applications were received for the 1,102 available four-room flats and 806 applications for the 270 three-room flats.
Demand for studio apartments outstripped supply by a factor of 10.7, with 429 applications for just 40 units.
ST : Carrefour goes to heartlands
Dec 28, 2009
Carrefour goes to heartlands
By Tessa Wong
Known for introducing the hypermarket concept to Singapore in 1997, the French company is set to open eight new supermarkets and one hypermarket, all in the heartland, over the next three years. -- ST PHOTO: ONG CHIN KAI
FRENCH cheeses and exotic wines will soon be at the doorsteps of residents in the north, north-east and west of the island as supermarket chain Carrefour looks to expand to these neighbourhoods.
Known for introducing the hypermarket concept to Singapore in 1997, the French company is set to open eight new supermarkets and one hypermarket, all in the heartland, over the next three years.
Announcing its expansion plan yesterday, Carrefour's assistant operations and merchandise director Siva Kumar Haridas said this was prompted by greater demand from customers who want its range closer to home.
Its two current hypermarkets are located downtown at Suntec City and Plaza Singapura in Orchard Road.
Carrefour is not the only player eager to go high-end in the heartland, as consumers develop a taste for finer foods.
Local chain FairPrice this month opened two upscale FairPrice Finest supermarkets - in Marine Parade and Tampines. Its first two Finest outlets are in Bukit Timah and Upper Thomson.
Carrefour goes to heartlands
By Tessa Wong
Known for introducing the hypermarket concept to Singapore in 1997, the French company is set to open eight new supermarkets and one hypermarket, all in the heartland, over the next three years. -- ST PHOTO: ONG CHIN KAI
FRENCH cheeses and exotic wines will soon be at the doorsteps of residents in the north, north-east and west of the island as supermarket chain Carrefour looks to expand to these neighbourhoods.
Known for introducing the hypermarket concept to Singapore in 1997, the French company is set to open eight new supermarkets and one hypermarket, all in the heartland, over the next three years.
Announcing its expansion plan yesterday, Carrefour's assistant operations and merchandise director Siva Kumar Haridas said this was prompted by greater demand from customers who want its range closer to home.
Its two current hypermarkets are located downtown at Suntec City and Plaza Singapura in Orchard Road.
Carrefour is not the only player eager to go high-end in the heartland, as consumers develop a taste for finer foods.
Local chain FairPrice this month opened two upscale FairPrice Finest supermarkets - in Marine Parade and Tampines. Its first two Finest outlets are in Bukit Timah and Upper Thomson.
ST " Govt cuts biz risk share
Dec 28, 2009
Govt cuts biz risk share
By Gabriel Chen
With the economy in better shape, the Government is cutting the share of the risk that it will bear in business loans under a key programme designed to get banks to lend to cash-strapped companies. -- ST PHOTO: SAMUEL HE
WITH the economy in better shape, the Government is cutting the share of the risk that it will bear in business loans under a key programme designed to get banks to lend to cash-strapped companies.
The loans are part of a larger assistance package introduced between November last year and early this year to help companies ride out the economic slowdown.
A key aspect of the initiative involved the Government taking on more risk in bank loans as well as helping out with financing international trade.
The initiatives, which fall under the Special Risk-Sharing Initiative (SRI), include the Loan Insurance Scheme, Local Enterprise Finance Scheme, Micro Loan Programme and the Bridging Loan. The changes, which kick in from Feb 1, are sweeping - loan quantums, tenures, and risk share for instance will be lowered.
Under the Bridging Loan Programme, for example, the loan quantum limit for firms seeking loans for working capital will be reduced from $5 million to $2 million - which will meet the needs of 98 per cent of SMEs.
The Government's share of the risk for this programme will also be adjusted from 80 per cent to 50 per cent, while the maximum loan tenure will be revised from four to two years.
Govt cuts biz risk share
By Gabriel Chen
With the economy in better shape, the Government is cutting the share of the risk that it will bear in business loans under a key programme designed to get banks to lend to cash-strapped companies. -- ST PHOTO: SAMUEL HE
WITH the economy in better shape, the Government is cutting the share of the risk that it will bear in business loans under a key programme designed to get banks to lend to cash-strapped companies.
The loans are part of a larger assistance package introduced between November last year and early this year to help companies ride out the economic slowdown.
A key aspect of the initiative involved the Government taking on more risk in bank loans as well as helping out with financing international trade.
The initiatives, which fall under the Special Risk-Sharing Initiative (SRI), include the Loan Insurance Scheme, Local Enterprise Finance Scheme, Micro Loan Programme and the Bridging Loan. The changes, which kick in from Feb 1, are sweeping - loan quantums, tenures, and risk share for instance will be lowered.
Under the Bridging Loan Programme, for example, the loan quantum limit for firms seeking loans for working capital will be reduced from $5 million to $2 million - which will meet the needs of 98 per cent of SMEs.
The Government's share of the risk for this programme will also be adjusted from 80 per cent to 50 per cent, while the maximum loan tenure will be revised from four to two years.
ST High demand for BTO flats
Dec 28, 2009
High demand for BTO flats
By Esther Teo
After almost two weeks of open applications, the scramble for the Dawson Housing Development Board (HDB) build-to-order (BTO) flats came to a close on Monday innundated by overwhelming demand - with some flats more than 11 times oversubscribed. -- ST PHOTO: LAU KENG SENG
AFTER almost two weeks of open applications, the scramble for the Dawson Housing Development Board (HDB) build-to-order (BTO) flats came to a close on Monday innundated by overwhelming demand - with some flats more than 11 times oversubscribed.
Five-room Dawson flats were the most popular with 2,090 applications received for 176 available flats - approximately 11.9 times oversubscribed - while four-room and three-room flats received 6,015 applications for the 1,102 flats and 806 applications for the 270 flats available respectively.
Studio apartments were also hot property with demand outstripping supply by a factor of 10.7; it had an impressive 429 applications for 40 spots.
Paired units under the multi-generational scheme similarly saw high demand with 379 applications for the 65 such flats available.
Despite such stiff competition, systems analyst Victoria Chew, 26, who had applied for a four-room paired unit under the scheme said that she was not worried.
Her fiancee and her plan to continue looking for a suitable four-room resale flat in the area while waiting for the balloted queue position to be announced in February next year. If successful, they were willing to forgo their Dawson application despite its resonable price and good location, Ms Chew said, citing the 2015 project completion date as a significant drawback.
High demand for BTO flats
By Esther Teo
After almost two weeks of open applications, the scramble for the Dawson Housing Development Board (HDB) build-to-order (BTO) flats came to a close on Monday innundated by overwhelming demand - with some flats more than 11 times oversubscribed. -- ST PHOTO: LAU KENG SENG
AFTER almost two weeks of open applications, the scramble for the Dawson Housing Development Board (HDB) build-to-order (BTO) flats came to a close on Monday innundated by overwhelming demand - with some flats more than 11 times oversubscribed.
Five-room Dawson flats were the most popular with 2,090 applications received for 176 available flats - approximately 11.9 times oversubscribed - while four-room and three-room flats received 6,015 applications for the 1,102 flats and 806 applications for the 270 flats available respectively.
Studio apartments were also hot property with demand outstripping supply by a factor of 10.7; it had an impressive 429 applications for 40 spots.
Paired units under the multi-generational scheme similarly saw high demand with 379 applications for the 65 such flats available.
Despite such stiff competition, systems analyst Victoria Chew, 26, who had applied for a four-room paired unit under the scheme said that she was not worried.
Her fiancee and her plan to continue looking for a suitable four-room resale flat in the area while waiting for the balloted queue position to be announced in February next year. If successful, they were willing to forgo their Dawson application despite its resonable price and good location, Ms Chew said, citing the 2015 project completion date as a significant drawback.
ST : Sengkang site for tender
Dec 28, 2009
Sengkang site for tender
THE Housing Board has accepted an application under the Reserve List System to put up a residential land parcel at Sengkang West Avenue/Fernvale Link for public tender.
The 16,998 sq metre site will be open for tender in two weeks' time if a developer commits to bid for the land parcel at the minimum offer price of $70 million or more.
The 99-year leasehold site is proposed for condominium housing.
Sengkang site for tender
THE Housing Board has accepted an application under the Reserve List System to put up a residential land parcel at Sengkang West Avenue/Fernvale Link for public tender.
The 16,998 sq metre site will be open for tender in two weeks' time if a developer commits to bid for the land parcel at the minimum offer price of $70 million or more.
The 99-year leasehold site is proposed for condominium housing.
ST : CPF scam warning
Dec 25, 2009
CPF scam warning
By Lorna Tan, Senior Correspondent
CENTRAL Provident Fund members have been warned they face fines of up to $10,000 if they take part in a scam that has just come to light.
The CPF Board issued the stern warning after a report in The Straits Times on Thursday exposing a practice adopted by unscrupulous financial advisers who plunder members' CPF investment funds.
Some CPF members who are desperate for fast cash have agreed to take part in the scam, which involves the rapid buying and selling - or 'churning' - of investment products using CPF money.
The members dip into their retirement savings to buy and sell investment products under the CPF Investment Scheme - and in doing so they become eligible for cash rebates used as a carrot by errant financial advisers. The advisers get to pocket healthy commissions.
CPF rules prohibit members from pocketing such cash rebates. All gains or rebates from CPF investments must be put back into members' CPF accounts, to ensure they have enough for their golden years.
A CPF Board spokesman said: 'CPF members found guilty of working with errant financial advisers to pocket cash rebates which amount to premature withdrawals of CPF monies may be fined up to $2,500. For second or subsequent convictions, the fine may be up to $10,000.'
CPF scam warning
By Lorna Tan, Senior Correspondent
CENTRAL Provident Fund members have been warned they face fines of up to $10,000 if they take part in a scam that has just come to light.
The CPF Board issued the stern warning after a report in The Straits Times on Thursday exposing a practice adopted by unscrupulous financial advisers who plunder members' CPF investment funds.
Some CPF members who are desperate for fast cash have agreed to take part in the scam, which involves the rapid buying and selling - or 'churning' - of investment products using CPF money.
The members dip into their retirement savings to buy and sell investment products under the CPF Investment Scheme - and in doing so they become eligible for cash rebates used as a carrot by errant financial advisers. The advisers get to pocket healthy commissions.
CPF rules prohibit members from pocketing such cash rebates. All gains or rebates from CPF investments must be put back into members' CPF accounts, to ensure they have enough for their golden years.
A CPF Board spokesman said: 'CPF members found guilty of working with errant financial advisers to pocket cash rebates which amount to premature withdrawals of CPF monies may be fined up to $2,500. For second or subsequent convictions, the fine may be up to $10,000.'
Thursday, December 24, 2009
ST : 6-year wait to come 'home'
Dec 24, 2009
6-year wait to come 'home'
THEY didn't have to think twice when deciding to purchase a four-room flat at The Pinnacle@Duxton.
After all, 35-year-old tutor Jean Tay and her brother, Sammi, 42, had lived at the very location the new housing development stands, between 1984 and 2004.
Having lived in the neighbourhood for over 20 years, the two grew a sentimental attachment to the place, counting favourite food haunts and old neighbours as a pull factor in moving back to Tanjong Pagar.
Giving RazorTV a tour of their new flat, Ms Tay also took a trip down memory lane, sharing with us her fondest memories growing up in the estate.
6-year wait to come 'home'
THEY didn't have to think twice when deciding to purchase a four-room flat at The Pinnacle@Duxton.
After all, 35-year-old tutor Jean Tay and her brother, Sammi, 42, had lived at the very location the new housing development stands, between 1984 and 2004.
Having lived in the neighbourhood for over 20 years, the two grew a sentimental attachment to the place, counting favourite food haunts and old neighbours as a pull factor in moving back to Tanjong Pagar.
Giving RazorTV a tour of their new flat, Ms Tay also took a trip down memory lane, sharing with us her fondest memories growing up in the estate.
ST : 6 sites ordered to stop work
Dec 24, 2009
6 sites ordered to stop work
Inspectors checked 29 construction sites and found safety lapses at all
By Jermyn Chow
Workers with Conquer Construction were exposed to falling hazards and sharp objects due to the lack of a proper walkway at the worksite. The company was ordered to stop all work after the Manpower Ministry's inspection blitz last week found 18 safety violations. -- PHOTO: MANPOWER MINISTRY
REPEATED warnings and reminders to keep worksites safe have gone unheeded - the latest check on 29 construction sites found safety lapses at all of them.
In a three-day blitz across the island last week, the Manpower Ministry (MOM) also ordered work to stop at six sites which were found to be too dangerous.
Tying for the most violations - 18 - at any site were two projects, by Conquer Construction and Matronic Roofing & Builders respectively.
Over the three days, contractors were given 72 warnings and served summons for 107 fines - the amounts have yet to be fixed, but the maximum fine for each violation is $5,000.
Dangerous worksites that were put on notice have up to three weeks to shape up before they are checked again.
MOM inspectors were looking for just one thing - safety lapses that could result in a worker falling from a height, which is the No. 1 cause of death at worksites here.
6 sites ordered to stop work
Inspectors checked 29 construction sites and found safety lapses at all
By Jermyn Chow
Workers with Conquer Construction were exposed to falling hazards and sharp objects due to the lack of a proper walkway at the worksite. The company was ordered to stop all work after the Manpower Ministry's inspection blitz last week found 18 safety violations. -- PHOTO: MANPOWER MINISTRY
REPEATED warnings and reminders to keep worksites safe have gone unheeded - the latest check on 29 construction sites found safety lapses at all of them.
In a three-day blitz across the island last week, the Manpower Ministry (MOM) also ordered work to stop at six sites which were found to be too dangerous.
Tying for the most violations - 18 - at any site were two projects, by Conquer Construction and Matronic Roofing & Builders respectively.
Over the three days, contractors were given 72 warnings and served summons for 107 fines - the amounts have yet to be fixed, but the maximum fine for each violation is $5,000.
Dangerous worksites that were put on notice have up to three weeks to shape up before they are checked again.
MOM inspectors were looking for just one thing - safety lapses that could result in a worker falling from a height, which is the No. 1 cause of death at worksites here.
No developers yet to venture into developing retirement villages
No developers yet to venture into developing retirement villages
Dec 23, 2009 - PropertyGuru.com.sg
The ageing population in Singapore indicates a rising need for better medical facilities and care for the elderly - not least of what would be a retirement village for the more independent-minded.
Retirement communities or villages are huge businesses in countries like Australia, the US and in Europe. It includes amenities like swimming pools, clubhouses and golf courses, as well as medical facilities within the site. However, Singapore developers are not keen on the concept.
The government seeks to encourage the development of a retirement community in Singapore. In fact, it released in February 2008 a parcel of land in Jalan Jurong Kechil, near the Bukit Timah Nature Reserve, with a lease period of 30 years, specifically for a retirement village. To date, no one has taken it up.
A quick check with several major property developers showed that none were willing to embark into retirement villages. Most cited high costs and unfamiliarity as barriers to their entry.
According to Ong Choon Fah, regional head of consulting for the global real estate consultant DTZ and executive director in Singapore, building a retirement village is not a straightforward task, as there are a lot of issues that still need to be resolved first.
“I think it's something that will happen in time to come. But, in the meantime, there are some issues that need to be addressed, issues which we've explored with several clients who have expressed an interest in developing retirement homes on the Jalan Jurong Kechil site,” she said.
“First, there's a question of the land. Most of our clients have expressed an interest in a freehold plot, rather than one with a use-by date.”
“A retirement village also differs from a normal property development because it has other amenities and may need some level of medical care on site. This makes the upkeep of the entire community rather expensive - and such a concept will most likely be targeted at the higher end of the market,” she added.
However, perhaps the most important issue that must be addressed is the legislative one. While there are laws governing home purchases in Singapore, there are none that relates to transactions in retirement communities - unlike in countries like the US, Europe and Australia, where well-established laws governing the business are available.
Mrs Ong says: “There's the question of the business model for the retirement village. Will residents buy or rent the units? If they buy it, will they be able to sell or will away their units to their children? Will young people be able to buy? An exit strategy is very important. And there are major issues that need to be worked out to ensure a win-win outcome for all stakeholders involved.”
Daniel Teo, property developer and former chief of Redas (Real Estate Developers' Association of Singapore) is up to the challenge. “I want to offer a better lifestyle to the elderly folk here, give them that companionship they need. Develop something that the ambulant can live in comfortably,” he said.
“But yes, there are issues that need to be worked out - laws that need to be developed. I think the government needs to take the lead in this.”
“Perhaps I can arm-twist them into developing such legislation when I build a retirement village,” he quips.
Mr. Teo has visited different retirement communities and villages worldwide to get ideas.
He said in an interview that he has already found “some 20 to 30” like-minded folk, who are also keen on developing a retirement village. These include lawyers, doctors, and even former Nominated Members of Parliament – “some of whom have even engaged their own consultants to draw up plans for a retirement village.”
“I hope this will be a reality in my lifetime,” he said.
Dec 23, 2009 - PropertyGuru.com.sg
The ageing population in Singapore indicates a rising need for better medical facilities and care for the elderly - not least of what would be a retirement village for the more independent-minded.
Retirement communities or villages are huge businesses in countries like Australia, the US and in Europe. It includes amenities like swimming pools, clubhouses and golf courses, as well as medical facilities within the site. However, Singapore developers are not keen on the concept.
The government seeks to encourage the development of a retirement community in Singapore. In fact, it released in February 2008 a parcel of land in Jalan Jurong Kechil, near the Bukit Timah Nature Reserve, with a lease period of 30 years, specifically for a retirement village. To date, no one has taken it up.
A quick check with several major property developers showed that none were willing to embark into retirement villages. Most cited high costs and unfamiliarity as barriers to their entry.
According to Ong Choon Fah, regional head of consulting for the global real estate consultant DTZ and executive director in Singapore, building a retirement village is not a straightforward task, as there are a lot of issues that still need to be resolved first.
“I think it's something that will happen in time to come. But, in the meantime, there are some issues that need to be addressed, issues which we've explored with several clients who have expressed an interest in developing retirement homes on the Jalan Jurong Kechil site,” she said.
“First, there's a question of the land. Most of our clients have expressed an interest in a freehold plot, rather than one with a use-by date.”
“A retirement village also differs from a normal property development because it has other amenities and may need some level of medical care on site. This makes the upkeep of the entire community rather expensive - and such a concept will most likely be targeted at the higher end of the market,” she added.
However, perhaps the most important issue that must be addressed is the legislative one. While there are laws governing home purchases in Singapore, there are none that relates to transactions in retirement communities - unlike in countries like the US, Europe and Australia, where well-established laws governing the business are available.
Mrs Ong says: “There's the question of the business model for the retirement village. Will residents buy or rent the units? If they buy it, will they be able to sell or will away their units to their children? Will young people be able to buy? An exit strategy is very important. And there are major issues that need to be worked out to ensure a win-win outcome for all stakeholders involved.”
Daniel Teo, property developer and former chief of Redas (Real Estate Developers' Association of Singapore) is up to the challenge. “I want to offer a better lifestyle to the elderly folk here, give them that companionship they need. Develop something that the ambulant can live in comfortably,” he said.
“But yes, there are issues that need to be worked out - laws that need to be developed. I think the government needs to take the lead in this.”
“Perhaps I can arm-twist them into developing such legislation when I build a retirement village,” he quips.
Mr. Teo has visited different retirement communities and villages worldwide to get ideas.
He said in an interview that he has already found “some 20 to 30” like-minded folk, who are also keen on developing a retirement village. These include lawyers, doctors, and even former Nominated Members of Parliament – “some of whom have even engaged their own consultants to draw up plans for a retirement village.”
“I hope this will be a reality in my lifetime,” he said.
Property sector in Vietnam to work on improving financial and legal frameworks
Property sector in Vietnam to work on improving financial and legal frameworks
Dec 23, 2009 - PropertyGuru.com.sg
Enhanced financial and legal frameworks are needed if Vietnam’s emerging real estate market is to grow into a sustained property environment.
Vietnam’s property sector will grow and attract investors next year, but several problems such as environmental pollution, rapid urbanization and low housing cost must be addressed.
Tran Kim Chung of the Central Institute for Economic Management said Vietnam’s real estate market recorded numbers of achievement in the past few years, especially on the country’s urbanization, raising the living standards and modernizing urban landscape.
Mr. Chung told the conference delegates at the Ho Chi Minh City that property market plays an important role in Vietnam’s economy and its growth has attracted more investment capitals. The economic growth of the country will stimulate and elevate other economic sectors, he said.
But the domestic real estate market still had several shortcomings, including a lack of legal framework for real estate bonds, for real estate investment, real estate saving funds and secondary real estate mortgages. Despite several banks granting credit to its clients, the market still needs more funding, said Mr. Chung.
He also said that another problem in the property sector was the lack of transparency, with buyers who do not have sufficient information on their purchases. He also called for the property regulation law to be improved and said issues regarding property information and property finance should also be examined.
Attracting foreign investment is also vital. “We will continue to gradually expand the range of foreign investors involved in the property market. This is one of the important tasks in attracting resources to the domestic property market,” Mr. Chung claimed.
Developers must support the move for change. Chairman and general director of Thu Duc Housing Development Corporation, Le Chi Hieu, said the new policies are vital for the property industry to move forward. “We need a stable and correct assessment of the real estate market and to concentrate more on developing suitable policies relating to the property sector and real estate trading.”
Former chairman of the International Real Estate Federation, Alan Tong, said the country could learn from other property markets in Asia such as Singapore and China to avoid mistakes.
Dec 23, 2009 - PropertyGuru.com.sg
Enhanced financial and legal frameworks are needed if Vietnam’s emerging real estate market is to grow into a sustained property environment.
Vietnam’s property sector will grow and attract investors next year, but several problems such as environmental pollution, rapid urbanization and low housing cost must be addressed.
Tran Kim Chung of the Central Institute for Economic Management said Vietnam’s real estate market recorded numbers of achievement in the past few years, especially on the country’s urbanization, raising the living standards and modernizing urban landscape.
Mr. Chung told the conference delegates at the Ho Chi Minh City that property market plays an important role in Vietnam’s economy and its growth has attracted more investment capitals. The economic growth of the country will stimulate and elevate other economic sectors, he said.
But the domestic real estate market still had several shortcomings, including a lack of legal framework for real estate bonds, for real estate investment, real estate saving funds and secondary real estate mortgages. Despite several banks granting credit to its clients, the market still needs more funding, said Mr. Chung.
He also said that another problem in the property sector was the lack of transparency, with buyers who do not have sufficient information on their purchases. He also called for the property regulation law to be improved and said issues regarding property information and property finance should also be examined.
Attracting foreign investment is also vital. “We will continue to gradually expand the range of foreign investors involved in the property market. This is one of the important tasks in attracting resources to the domestic property market,” Mr. Chung claimed.
Developers must support the move for change. Chairman and general director of Thu Duc Housing Development Corporation, Le Chi Hieu, said the new policies are vital for the property industry to move forward. “We need a stable and correct assessment of the real estate market and to concentrate more on developing suitable policies relating to the property sector and real estate trading.”
Former chairman of the International Real Estate Federation, Alan Tong, said the country could learn from other property markets in Asia such as Singapore and China to avoid mistakes.
Singapore shares ended 1.33% higher
Singapore shares ended 1.33% higher
Dec 23, 2009 - PropertyGuru.com.sg
Singapore shares ended 1.33 percent higher on Tuesday, with fund managers buying stocks for the year-end improvement, said an analyst.
Singapore’s Straits Times Index gained 37.01 points to 2,823.82. Share volumes totalled to 1.21 billion with gainers leading losers 256 to 172.
"Window dressing could turn out to be a self-fulfilling prophecy," said one trader with a local brokerage.
Among the banks, United Overseas Bank climbed 6 cents to S$19.32 while DBS moved 26 cents to S$14.82. Oversea-Chinese Banking Corp gained 26 cents to S$8.94.
Singapore Airlines gained 10 cents to S$14.28, while Singapore Telecom jumped 6 cents higher to S$3.03.
The property developer CapitaLand closed four cents higher at S$4.15.
Dec 23, 2009 - PropertyGuru.com.sg
Singapore shares ended 1.33 percent higher on Tuesday, with fund managers buying stocks for the year-end improvement, said an analyst.
Singapore’s Straits Times Index gained 37.01 points to 2,823.82. Share volumes totalled to 1.21 billion with gainers leading losers 256 to 172.
"Window dressing could turn out to be a self-fulfilling prophecy," said one trader with a local brokerage.
Among the banks, United Overseas Bank climbed 6 cents to S$19.32 while DBS moved 26 cents to S$14.82. Oversea-Chinese Banking Corp gained 26 cents to S$8.94.
Singapore Airlines gained 10 cents to S$14.28, while Singapore Telecom jumped 6 cents higher to S$3.03.
The property developer CapitaLand closed four cents higher at S$4.15.
GIC to pay A$260 million for retail stake in Perth
GIC to pay A$260 million for retail stake in Perth
Dec 23, 2009 - PropertyGuru.com.sg
GIC Real Estate, the global investment arm in Singapore, will purchase from Dexus Property Group a half stake in a regional shopping centre in Perth, the Australian Financial Review reported.
GIC will shell out A$260 million ($229 million) for the Whitford City property, making it the second largest deal for a shopping centre, the newspaper said.
Dec 23, 2009 - PropertyGuru.com.sg
GIC Real Estate, the global investment arm in Singapore, will purchase from Dexus Property Group a half stake in a regional shopping centre in Perth, the Australian Financial Review reported.
GIC will shell out A$260 million ($229 million) for the Whitford City property, making it the second largest deal for a shopping centre, the newspaper said.
Time to invest in mass market properties in Asia
Time to invest in mass market properties in Asia
Dec 23, 2009 - PropertyGuru.com.sg
Despite the recent rise in property prices in Hong Kong and Singapore, Managing Director Tim Murphy of IP Global Ltd is still optimistic on the sector, particularly in mass market property.
“If you want to make real money in real estate, you should be buying stuff which is at the mass market level, that's where the demand is in the region,” Mr. Murphy said on Asia Squawk Box of CNBC.
According to Mr. Murphy, the yields were better in smaller flats compared to homes that are worth a million dollars, fuelled by demands from new families.
“I'll be looking at areas with great transport links in actually the cheaper end of the market, not the stuff that makes the news,” he added.
“If you look at Hong Kong and Singapore, they've had an incredible run of maybe 3-6 months. Particularly at the high end, property markets have gone off the scales 20-30%," Murphy remarked. "But that's sort of media news."
He also noted that people are getting fixated on high-end numbers, especially in Singapore, where people have bought into the entire casino concept of Marina Bay.
“If you look at the mass market in both Singapore and Hong Kong, they've performed fairly steadily of about 10-15% these last 3-6 months. That's not even recouping some of the losses that we saw in 2007-2008, particularly in Singapore. So I think the fundamentals of these markets are still extremely strong.”
Dec 23, 2009 - PropertyGuru.com.sg
Despite the recent rise in property prices in Hong Kong and Singapore, Managing Director Tim Murphy of IP Global Ltd is still optimistic on the sector, particularly in mass market property.
“If you want to make real money in real estate, you should be buying stuff which is at the mass market level, that's where the demand is in the region,” Mr. Murphy said on Asia Squawk Box of CNBC.
According to Mr. Murphy, the yields were better in smaller flats compared to homes that are worth a million dollars, fuelled by demands from new families.
“I'll be looking at areas with great transport links in actually the cheaper end of the market, not the stuff that makes the news,” he added.
“If you look at Hong Kong and Singapore, they've had an incredible run of maybe 3-6 months. Particularly at the high end, property markets have gone off the scales 20-30%," Murphy remarked. "But that's sort of media news."
He also noted that people are getting fixated on high-end numbers, especially in Singapore, where people have bought into the entire casino concept of Marina Bay.
“If you look at the mass market in both Singapore and Hong Kong, they've performed fairly steadily of about 10-15% these last 3-6 months. That's not even recouping some of the losses that we saw in 2007-2008, particularly in Singapore. So I think the fundamentals of these markets are still extremely strong.”
London’s top-end residential market ends 2009 on a high
London’s top-end residential market ends 2009 on a high
Dec 23, 2009 - PropertyGuru.com.sg
Liam Bailey, Knight Frank’s head of residential research, has just presented the firm's Prime Central London Index for December 2009.
“The top-end of the London residential market saw a remarkable revival during 2009. With a strong 2.1% growth in December, prices have now risen 13.8% in the nine months since March, meaning prices are only 13.4% below the level they reached in March 2008,” he commented.
“In recent months the more expensive £5m-£10m and £10m+ price brackets have caught up with the price growth which initially began in the sub-£2.5m segment in the Spring. During December, the strongest market was the £5m-£10m sector with 2.6% growth.”
“The prime London market has been the strongest property sector in the UK this year, benefitting from substantial inward investment from overseas buyers looking to take advantage of the weak pound and lower overall prices. The number of buyers increased by 25% in the whole of 2009 compared to 2008. Led by interest from Russia, Europe (especially Italy) and the Middle East.”
“In more recent months the revival of the City economy has brought more traditional buyers from the banks, hedge funds and private equity houses back into the market. Locations such as Kensington, Notting Hill and Chelsea, the traditional stomping ground of financiers, have seen growth of 3% in the last month as this market comes back to life.”
“The Chancellor’s ‘bonus tax’, contained in the Pre-Budget Report, had the impact of hitting some junior bankers – we saw several £800,000 to £1m sales fall apart in the days immediately afterwards.”
On the other hand, it does not appear to have created so much impact on senior bank staff. Four of Knight Frank’s central London offices (Kensington, Belgravia, Mayfair, and Knightsbridge) recorded an extraordinary fuss of activity, seven days after the pre-budget report was presented.
“In summary the year is ending on a high note. With demand from new buyers almost 25% higher than a year ago, and supply around 18% lower over the same period - investors and occupiers are competing hard to uncover the best properties, and limited supply is leading to competitive bidding. The short term outlook looks positive, longer term market performance rather depends on the outcome of the election and next year’s emergency budget.”
Dec 23, 2009 - PropertyGuru.com.sg
Liam Bailey, Knight Frank’s head of residential research, has just presented the firm's Prime Central London Index for December 2009.
“The top-end of the London residential market saw a remarkable revival during 2009. With a strong 2.1% growth in December, prices have now risen 13.8% in the nine months since March, meaning prices are only 13.4% below the level they reached in March 2008,” he commented.
“In recent months the more expensive £5m-£10m and £10m+ price brackets have caught up with the price growth which initially began in the sub-£2.5m segment in the Spring. During December, the strongest market was the £5m-£10m sector with 2.6% growth.”
“The prime London market has been the strongest property sector in the UK this year, benefitting from substantial inward investment from overseas buyers looking to take advantage of the weak pound and lower overall prices. The number of buyers increased by 25% in the whole of 2009 compared to 2008. Led by interest from Russia, Europe (especially Italy) and the Middle East.”
“In more recent months the revival of the City economy has brought more traditional buyers from the banks, hedge funds and private equity houses back into the market. Locations such as Kensington, Notting Hill and Chelsea, the traditional stomping ground of financiers, have seen growth of 3% in the last month as this market comes back to life.”
“The Chancellor’s ‘bonus tax’, contained in the Pre-Budget Report, had the impact of hitting some junior bankers – we saw several £800,000 to £1m sales fall apart in the days immediately afterwards.”
On the other hand, it does not appear to have created so much impact on senior bank staff. Four of Knight Frank’s central London offices (Kensington, Belgravia, Mayfair, and Knightsbridge) recorded an extraordinary fuss of activity, seven days after the pre-budget report was presented.
“In summary the year is ending on a high note. With demand from new buyers almost 25% higher than a year ago, and supply around 18% lower over the same period - investors and occupiers are competing hard to uncover the best properties, and limited supply is leading to competitive bidding. The short term outlook looks positive, longer term market performance rather depends on the outcome of the election and next year’s emergency budget.”
Wednesday, December 23, 2009
ST : Nov inflation up slightly
Dec 23, 2009
Nov inflation up slightly
By Fiona Chan
Housing cost went up by 0.2 per cent in November on account of higher gas tariffs. -- ST PHOTO: ALPHONSUS CHERN
INFLATION in Singapore stayed largely flat last month, according to the latest figures released by the Department of Statistics (DOS) on Wednesday.
Consumer prices slid 0.2 per cent in November from a year ago, the eighth straight month of year-on-year decline.
The slip was largely due to the lower cost of electricity and gas tariffs, said DOS. But this was partly offset by higher prices for transport and communication, food, and healthcare.
On a month-on-month basis, the consumer price index (CPI) inched up 0.4 per cent between October and November. Adjusted for seasonal differences, the increase would have been 0.5 per cent.
This follows a 0.6 per cent rise between September and October, an uptrend that looks set to continue into next year, economists said.
Nov inflation up slightly
By Fiona Chan
Housing cost went up by 0.2 per cent in November on account of higher gas tariffs. -- ST PHOTO: ALPHONSUS CHERN
INFLATION in Singapore stayed largely flat last month, according to the latest figures released by the Department of Statistics (DOS) on Wednesday.
Consumer prices slid 0.2 per cent in November from a year ago, the eighth straight month of year-on-year decline.
The slip was largely due to the lower cost of electricity and gas tariffs, said DOS. But this was partly offset by higher prices for transport and communication, food, and healthcare.
On a month-on-month basis, the consumer price index (CPI) inched up 0.4 per cent between October and November. Adjusted for seasonal differences, the increase would have been 0.5 per cent.
This follows a 0.6 per cent rise between September and October, an uptrend that looks set to continue into next year, economists said.
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