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View Full Version : Shelford Suites (D11, Freehold, CDL)



richardsng_era
14-03-08, 23:42
Exquisite & located conveniently in Prime Area Bukit Timah & Dunearn Road. Minutes drive or bus ride to Orchard & Scotts Road.

Details: 3 blocks of 5-storey low rise condominium development

Location: 16, 16A & 16B Shelford Road

Total Units: 77 units

Tenure: Freehold

Unit Types:
2 Bdrm - 893 sqft (6 units)
3 Bdrm - 1227~1636 sqft (64 units)
4 Bdrm Penthouse - 2754~4110 sqft (6 units)
3 Bdrm Penthouse - 3583 sqm (1 unit)

Expected Date of TOP: TBA

Price: TBA

Facilities:
Guard House
Water Feature
Arrival Plaza
Foot Reflexology Walk
Fitness Area
Children Playground
Clubhouse (Function Room, Gymnasium, Lounge, Changing Rooms with Steam Rooms)
Garden Plaza
Children's Pool
Lap Pool
Pool Deck
Sun Deck
BBQ Terrace
Water Cascade
Spa Pool
Relaxation Plaza
Manicured Lawn Garden


Contact:
Richard Sng
ERA Singapore
HP: +65-92993342
Email: [email protected] ([email protected])
Home Page: http://www.homes88.net (http://www.homes88.net/)
My Space: http://richardsng-era.spaces.live.co (http://richardsng-era.spaces.live.com/)m

Very Keen
15-03-08, 20:51
Exquisite & located conveniently in Prime Area Bukit Timah & Dunearn Road. Minutes drive or bus ride to Orchard & Scotts Road.

Details: 3 blocks of 5-storey low rise condominium development

Location: 16, 16A & 16B Shelford Road

Total Units: 77 units

Tenure: Freehold

Unit Types:
2 Bdrm - 893 sqft (6 units)
3 Bdrm - 1227~1636 sqft (64 units)
4 Bdrm Penthouse - 2754~4110 sqft (6 units)
3 Bdrm Penthouse - 3583 sqm (1 unit)

Expected Date of TOP: TBA

Price: TBA

Facilities:
Guard House
Water Feature
Arrival Plaza
Foot Reflexology Walk
Fitness Area
Children Playground
Clubhouse (Function Room, Gymnasium, Lounge, Changing Rooms with Steam Rooms)
Garden Plaza
Children's Pool
Lap Pool
Pool Deck
Sun Deck
BBQ Terrace
Water Cascade
Spa Pool
Relaxation Plaza
Manicured Lawn Garden


Contact:
Richard Sng
ERA Singapore
HP: +65-92993342
Email: [email protected] ([email protected])
Home Page: http://www.homes88.net (http://www.homes88.net/)
My Space: http://richardsng-era.spaces.live.co (http://richardsng-era.spaces.live.com/)m

What is the average psf?

Unregistered
15-03-08, 22:38
What is the average psf?I guess should be @1800psf & above.

Unregistered
15-03-08, 23:33
still can get this price or not ,,,so ex !!!

Jardin has already having a very hard time selling at this rocket psf !!!

Unregistered
16-03-08, 00:08
still can get this price or not ,,,so ex !!!

Jardin has already having a very hard time selling at this rocket psf !!!Jardin is in dist 21 & not consider prime Dist but Shelford Suites is in Prime Dist 11.If Jardin can be sold @ 1800psf then Shelford Suites in Prime Dist 11 should be selling at least 2000psf.Moreover,the walking distance from the Shelford Suites to the botanic MRT station is only 8 minutes away.For Jardin is not eaily accessible to any MRT station or not MRT station near the vincinty at aii. Remeber property value is all about location,location or dist 9,10,11.

Unregistered
17-03-08, 15:58
Jardin is in dist 21 & not consider prime Dist but Shelford Suites is in Prime Dist 11.If Jardin can be sold @ 1800psf then Shelford Suites in Prime Dist 11 should be selling at least 2000psf.Moreover,the walking distance from the Shelford Suites to the botanic MRT station is only 8 minutes away.For Jardin is not eaily accessible to any MRT station or not MRT station near the vincinty at aii. Remeber property value is all about location,location or dist 9,10,11.
Yes, Jardin shouldn't be brought into the picture.

Unregistered
19-03-08, 21:51
it should be below $1500 after discount. It delayed to launch almost 5 months. Let's see when it will "really" launch.

Unregistered
20-03-08, 09:10
it should be below $1500 after discount. It delayed to launch almost 5 months. Let's see when it will "really" launch.Are you referring to US$1500psf ?

Unregistered
20-03-08, 09:13
it should be below $1500 after discount. It delayed to launch almost 5 months. Let's see when it will "really" launch.It delayed to launch because developer is unwilling to lower the price of this prime dist 11 project ?

Unregistered
20-03-08, 13:39
Leading Economic Indicators in U.S. Probably Fell in February

By Courtney Schlisserman

March 20 (Bloomberg) -- The index of U.S. leading economic indicators fell for a fifth month in February, reflecting mounting signs that a recession has begun, economists said before a report today.

The Conference Board's gauge, which points to the direction of the economy over the next three to six months, fell 0.3 percent last month, according to the median forecast in a Bloomberg News survey. The last time the index dropped for as many months was in 1990, when the economy was shrinking.

The leading index dropped as building permits, stock prices and consumer sentiment sank and first-time claims for jobless benefits jumped. Federal Reserve policy makers this week said risks to growth remain even after lowering the benchmark interest rate and making billions of dollars available to banks and securities firms to try to stabilize financial markets.

``A losing streak of five months is usually reserved for recessionary periods,'' said Jonathan Basile, an economist at Credit Suisse Holdings in New York. ``Once the labor market cracks, like it did last month, it shows the cycle is starting to turn down.''

The Conference Board, a New York-based non-profit research group, is scheduled to issue the report at 10 a.m. local time. The 58 estimates in the Bloomberg News survey ranged from a 0.7 percent decline to an increase of 0.2 percent.

Reports so far this month signal the leading index will keep falling. A report from the Labor Department due at 8:30 a.m. in Washington is forecast to show that initial jobless claims rose to 360,000 last week, according to the median survey projection.

Rising Claims

Applications for unemployment benefits last month averaged 359,200, compared with 326,500 in January, according to Labor Department figures.

A 10:00 a.m. report from the Fed Bank of Philadelphia is forecast to show manufacturing in the region contracted for a fourth month in March.

Seven of the 10 components of the leading index are known ahead of time: stock prices, jobless claims, building permits, consumer expectations, the yield curve, supplier delivery times and factory hours. The Conference Board estimates the remaining three: new orders for consumer goods, new orders for non-defense capital goods and the money supply.

Building permits for February fell 7.8 percent to an annual pace of 707,000, the lowest level in more than 16 years, the Commerce Department said on March 18.

The Reuters/University of Michigan index of consumer expectations dropped to the lowest level since 1992 last month and a preliminary reading for March, issued last week, showed the measure is still declining.

Spending Cools

Americans are spending less as pessimism grows. AnnTaylor Stores Corp., the clothing retailer geared toward women ages 25 to 55, last week reported a fourth-quarter loss and said same- store sales may decline in 2008.

The deteriorating economy had a ``major impact'' on store traffic, Chief Executive Officer Kay Krill said in a March 14 conference call.

``Downside risks to the economy remain,'' Fed policy makers said in a March 18 statement announcing the central bank lowered its target for the benchmark rate by three-quarters of a point to 2.25 percent. The Fed has cut the rate by three percentage points since September.

On March 16, the central bank also lowered the rate on direct loans to banks and said it will provide up to $30 billion to JPMorgan Chase & Co. to help finance the purchase of Bear Stearns Cos. after a run on the fifth-largest U.S. securities dealer.

More Funding

Less than a week earlier, the Fed said it would make up to $200 billion in Treasuries available through weekly auctions in exchange for other securities that for the first time will include those backed by mortgages issued by private lenders.

Companies are counting on gains overseas as the U.S. economy slows. General Electric Co. Chief Executive Officer Jeffrey Immelt told investors on March 13 that demand for the company's products from infrastructure projects and growth in Europe, Asia and Africa is helping offset any drag from a slump in the U.S.

``I still believe in the strength of the global economy now, but the U.S. consumer is in a tougher patch,'' Immelt said in a forum on the company's Web site.

Unregistered
20-03-08, 16:04
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Wall Street Jumps as Goldman Sachs and Lehman Brothers Beat Forecasts
Caroline Valetkevitch
Reuters
New York, New York, U.S.
10:25am U.S. ET

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Traders work on the floor of the New York Stock Exchange March 17, 2008. - Photo: Brendan McDermid, Reuters

Stocks jumped on Tuesday as stronger-than-expected earnings from Goldman Sachs Group Inc's and Lehman Brothers Holdings Inc provided some reassurance about the ailing financial sector.

All three major indexes were up close to 2%.

Investors also looked forward to what is expected to be a steep interest rate cut from the Federal Reserve's policy-setting committee around 2:15 pm U.S. Eastern Time on Tuesday.

Goldman and Lehman shares jumped in early trading, leading a rebound in financial stocks, which tumbled on Monday after JPMorgan Chase & Co's deal to buy struggling brokerage Bear Stearns at a rock-bottom price. A broker dealer index surged 5.9%.

"Today's a day for good news, with Goldman and Lehman results beating estimates. Right now the focus is that these earnings weren't as bad as they could have been," said Giri Cherukuri, head trader at OakBrook Investments LLC in Lisle, Illinois.

The Dow Jones industrial average rose 231.78 points, or 1.94%, to 12,204.03. The Standard & Poor's 500 Index gained 28.18 points, or 2.21%, to 1,304.78. The Nasdaq Composite Index jumped 44.25 points, or 2.03%, to 2,221.26.

Shares of Fannie Mae and Freddie Mac rose on expectations their regulator will ease restrictions on the government-chartered companies and help them increase spending in the U.S. housing market. Fannie was up 11.8% at $24.86, while Freddie Mac was up 12.3% at $23.15.

Shares of Goldman were up 8.5% at $163.70 while Lehman was up 17% at $37.12 after reporting results that beat Wall Street estimates.

On the Nasdaq, Yahoo Inc shares rose 4.7% to $27.07 after the Internet search company affirmed its outlook for the first quarter and full year.

Interest rate futures show investors are fully pricing in a one percentage-point cut in U.S. short-term rates, which would take the benchmark fed funds target rate down to 2%.

Over the weekend, the Fed made an emergency quarter-point cut to its discount rate to 3.25% and expanded lending to a wider range of big financial firms, in the first such move since the Great Depression of nearly 80 years ago.

Data before the opening on U.S. housing starts was stronger than expected, adding further support to the market.
Goldman, Lehman and whatman!

Unregistered
20-03-08, 16:07
Goldman, Lehman and whatman!
woooohahahaha

Unregistered
20-03-08, 16:10
woooohahahaha
Good right?

Unregistered
20-03-08, 16:10
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Morgan Stanley 1Q profit tops estimates
Joe Bel Bruno
Business Writer
Associated Press
Wednesday, 19 March 2008, 4:43 PM U.S. ET

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The Morgan Stanley headquarters is seen in New York 30 January 2008. - Photo: Shannon Stapleton, Reuters

Morgan Stanley posted better-than-expected quarterly earnings on Wednesday, joining those from two of its rivals and indicating that Wall Street may be getting a better grip on the credit crisis.

The nation's second-largest investment bank was able to parlay aggressive stock and bond trading into offsetting more losses linked to subprime mortgages. Morgan Stanley — like Lehman Brothers and Goldman Sachs on Tuesday — was also able to top Wall Street's reduced expectations by a wide margin.

Morgan Stanley's results came during a tumultuous week. Just a few days earlier, rival Bear Stearns Cos. sold itself at a fire-sale $2 per share price to JPMorgan Chase & Co. in order to avoid declaring bankruptcy. That sent a shockwave through Wall Street as investors wondered if other investment banks might be in the same predicament.

But the strong results from Morgan Stanley, Goldman and Lehman helped assuage fears of a wider meltdown in the financial system — at least for now.

"Fact is, like it or not, this is an inherently risky business where the returns will shift to those willing to take the most leverage," said Jack Ablin, chief investment officer of Harris Private Bank. "Expectations had us in a tailspin."

The earnings results not only helped shares of the investment banks recover from the lows they hit Monday in the aftermath of Bear's sale, but also backed claims by the companies' chief executives that they could take advantage of the market's dislocation.

John Mack, Morgan Stanley's CEO, said the investment house known for its trading prowess "effectively capitalized on market opportunities and aggressively managed our positions." The company had about $2.3 billion worth of write-downs linked to the credit and housing market crisis, but one of its best trading performances in history.

Morgan Stanley wrote down about $9.4 billion during last year's second half. Global banks and brokerages have so far claimed about $200 billion worth of write-downs since last year.

"While many of our businesses are facing challenging market conditions that we expect to continue in the months ahead, we are satisfied with how Morgan Stanley navigated the ongoing market turbulence," Mack said in a statement.

The company said it earned $1.53 billion after preferred dividends, or $1.45 per share, down 42% from $2.66 billion, or $2.17 per share, a year earlier. Revenue fell 17% to $8.3 billion from $10 billion a year earlier.

But the lower results easily topped analysts' expectations for a profit of $1.03 per share on $7.19 billion of revenue, according to Thomson Financial.

Its shares closed up 59 cents at $43.45, following a 17% gain in Tuesday's market rally.

Morgan Stanley's institutional securities business — which includes investment banking and trading — posted $6.2 billion of revenue. The results marked the division's third-best quarter ever.

Meanwhile, volatility in the bond market pushed fixed-income sales and trading revenue to their second-best showing with $2.9 billion of revenue.

Though offset by mortgage write-downs, Morgan Stanley relied on robust commodities and currency markets to drive results.

"We believe (Goldman and Morgan Stanley) have shown their ability to trade challenging markets this quarter," said Roger Freeman, an analyst with Lehman Brothers. "There is hope that the Federal Reserve's aggressiveness will begin to unclog the fixed-income markets. ... This could push the group still higher over the next few sessions."

Goldman Sachs, Lehman and Morgan Stanley said they began to test a new program this week that allows them to borrow directly from the central bank to help improve the financial market's liquidity. On Sunday the Fed gave investment banks permission to borrow from its discount window, which had previously been restricted to commercial banks.

The Fed also cut the rate at which financial institutions borrow at its "discount window" to 2.5 percent from 3.5 percent in two separate actions this week.

Though all seemed to be positive steps for Wall Street, that doesn't mean the concerns about the rest of the year have been alleviated.

The fiscal first-quarter for the three banks ended Feb. 29, before most of the market turbulence that rocked Bear Stearns last week. Investors are also still waiting for Merrill Lynch & Co. to finish its first quarter at the end of the month.

And then there's the biggest worry on investors' minds.

"We remain concerned with the deteriorating economy and its impact on the results at these firms, despite (the Fed's) aid with near-term funding," said Standard & Poor's equity analyst Matthew Albrecht.
Modern and steady!

Unregistered
20-03-08, 16:44
Modern and steady!
Fed Juggles Inflation, Sour Economy
Thursday March 20, 3:44 am ET
By Jeannine Aversa, AP Economics Writer
Divisions in Federal Reserve Make Chairman Ben Bernanke's Juggling Act Harder

WASHINGTON (AP) -- Ben Bernanke's juggling act has gotten harder. The Federal Reserve chairman has been taking extraordinary steps to prevent credit, financial and housing problems from driving the country into a deep recession. At the same time, he faces the danger that the very tonic to brace the sickly economy could bring about another dangerous ailment-- inflation.

And, rare divisions have surfaced among Bernanke and his central bank colleagues about just how aggressive the Fed should be in lowering interest rates to treat the wobbly economy.

Two of the Fed's members -- Charles Plosser, president of the Federal Reserve Bank of Philadelphia, and Richard Fisher, president of the Federal Reserve Bank of Dallas -- on Tuesday opposed cutting a key interest rate by a hefty three-quarters point. Instead, they favored a smaller reduction. It was a crack in the mostly unified front the Fed often shows the public. The last time there was a double dissent was in fall 2002 under chairman Alan Greenspan.

The reasons for the Plosser's and Fisher's dissenting votes weren't laid out in the statement explaining the Fed's action, although both men have a reputation for being especially vigilant about fighting inflation.

"Containing inflation is the purpose of the ship I crew for, and if a temporary economic slowdown is what we must endure while we achieve that purpose, then it is, in my opinion, a burden we must bear, however politically inconvenient," Fisher said in a speech earlier this month.

In fact, the Fed as a whole expressed concern on Tuesday about higher inflation -- something it didn't mention in the statement issued after its previous meeting, which concluded on Jan. 30.

"Inflation has been elevated, and some indicators of inflation expectations have risen," the Fed said Tuesday. Although policymakers were hopeful that prices would moderate in the coming quarters, they acknowledged that "uncertainty about the inflation outlook has increased."

Rising inflation, fueled in large measure by skyrocketing energy prices, complicates Bernanke's job of trying to get the economy back on firm footing.

The Fed started cutting rates last September and turned much more forceful this year. Those lower rates can aggravate inflation at a time when people and businesses already are smarting from high energy and food prices. The Fed's rate cuts also have weakened the dollar. That has raised the cost of imported goods coming into the U.S. and could lead American companies to raise their prices as foreign-made goods become more expensive.

If treating inflation were the priority, the Fed would take the opposite action and raise rates.

Fears have grown that the country could be headed for "stagflation," a toxic mix of stagnant economic activity and rising inflation not seen in three decades. "I don't anticipate stagflation," Bernanke told Congress last month. "I don't think we're anywhere near the situation that prevailed in the 1970s."

Oil prices, which have galloped to record highs in recent weeks, have eased but still top $104 a barrel. Gasoline prices have marched upward and are expected to hit $4 a gallon nationwide this spring.

"I think the threat of inflation is as high as it's been since the 1970s. Bernanke and the rest of them have a challenging task to navigate the economy away from recession and at the same time avoid inflation taking root," said Sean Snaith, economics professor at the University of Central Florida. "If Bernanke can do this, he'll look like a hero."

Snaith and other economists said that Tuesday's double dissents and the Fed's talk about inflation concerns could make it more difficult for Bernanke to build consensus around the Fed's next move on interest rates. "One more dissent would be an open revolt," said Ken Mayland, economist at ClearView Economics.

The Fed's next scheduled meeting on interest rates is April 29-30. Some believe the Fed might be more inclined to order a smaller rate cut at that time, depending on economic and financial conditions.

"Bernanke will have a tougher juggling act to do in the future," Mayland said. "It is a fine line that they are walking here between two troubles."

In slashing interest rates, the Fed has been squarely focused on rescuing the economy. At the same time, Bernanke has repeatedly said the Fed must be on guard for any inflation danger signs.

Why? Because once inflation gets a grip on the economy, it can be hard to break. A rapid rise in price erodes the purchasing power of people. It squeezes companies' profits, too, and can make them more reluctant to hire and expand. It eats into returns on investments. As people and companies hunker down, that further restrains overall economic growth.

Former Fed Chairman Paul Volcker ratcheted rates up to the highest levels since the Civil War to break inflation's hold. That jolt, however, plunged the country into the painful 1981-82 recession.

"There is increasing concern among some on the (Fed) that freewheeling rate cuts are creating a significant problem with the Fed's goal of anchoring inflation expectations," said Scott Anderson, senior economist at Wells Fargo Economics. If people, companies and investors believe inflation will pick up, he said, they will act in ways that can make inflation worse.

"It is important that inflation expectations remain stable. If those expectations become unhinged, they could rapidly fuel inflation," Plosser said in February. "Moreover, as we learned from the experience of the 1970s, once the public loses confidence in the Fed's commitment to price stability, it is very costly to the economy for the Fed to regain that confidence."

Let's Spoil The Forum
20-03-08, 16:59
Emerging markets in Asia to stay resilient despite US slowdown

By Timothy Ouyang, Channel NewsAsia | Posted: 18 March 2008 2112 hrs


SINGAPORE : Despite the US economic slowdown, emerging markets in Asia are expected to remain resilient.

And while China's economy is expected to continue booming along, some say India provides a good investment alternative.

Analysts say growing domestic demand and strong investment and consumption rates across Asia are helping to keep emerging markets buoyant. Of these, India and China's economies are expected to lead the region's growth.

But according to some analysts, India enjoys an important edge.

Glenn Maguire, Chief Economist - Asia Pacific, Societe Generale, said: "Economies in Asia that have a low export ratio to GDP and a relatively higher domestic demand share to GDP are probably economies that are likely to either display resilience or outperform in 2008 and 2009. And one of those economies is clearly India."

Currently, exports make up only 15 per cent of India's GDP, while exports account for between 35 and 40 percent of China's GDP.

The Indian economy is seen growing 7.5 percent in 2009, down from an estimated 8.5 per cent this year.

Mr Maguire said: "But those growth rates can be sustained... over the medium term. So, from a medium-term investment perspective, India is likely to remain one of the high growth economies in the globe."

Come 28 March, investors in Singapore will have greater access to the Indian market through an Indian ETF, or exchange traded fund, listed on the Singapore Exchange. The ETF tracks 50 of the largest stocks in India. - CNA/ch

Let's Spoil The Forum
20-03-08, 17:00
Published March 19, 2008

The contrarian strategy

Going against the crowd does lead to long-term results, GENEVIEVE CUA finds out


A VALUE investor who makes a call to pick up stocks now may be ridiculed as a fool - even if he or she has had a long track record of success.

Portfolio manager Mary Chris Gay of Legg Mason Capital Management, who works with legendary investor Bill Miller, says the time to buy is at the point of 'maximum pessimism' - and that applies particularly to financial stocks in which the fund is currently overweight.

This is a time, however, when bank strategists are calling an underweight in equities, even as the market is expecting the US Federal Reserve to cut interest rates by 100 basis points.

Ms Gay says: 'What we try to do is to maximise the discount between the underlying value of companies and what we believe they're worth on a risk adjusted basis. The potential upside of our portfolio today is as great as it has ever been.'

Ms Gay is referring to the firm's flagship Value Fund, run by Mr Miller himself, with US$40 billion in assets. Mr Miller has been variously described in the US media as one of the world's greatest investors. BusinessWeek, for instance, named him as one of the heroes of value investing, thanks to a 15-year winning streak by the Value Fund against the S&P500, after fees.

The fund, however, suffered a rout in 2006 and 2007, underperforming the S&P500 by about 2,000 basis points. This, as Mr Miller himself wrote in his fourth quarter commentary published last month, was the worst showing since 1989 and 1990, when the fund underperformed by 2,500 basis points.

The current rout, blamed partly on having missed out on commodities' meteoric rise, has spurred redemptions of some US$3 billion, according to Fortune magazine.

Ms Gay says: 'No manager has been able to avoid underperforming. Being contrarian means to go against the crowd. The crowd now wants commodities and things that have been going up. But we believe with fairly strong evidence that a strategy of going against the crowd does lead to long-term returns.

'Right now the contrarian view would be to sell energy and buy financials. . . Whether we're at the bottom, we're not smart enough to know. We're trying to populate the portfolio with things that reflect a very very difficult environment. We're definitely going to see more writedowns, but the changes in management in some of the big firms, their willingness to take the pain now - we think that's very healthy and may help set up a recovery at a faster rate.'

She says the firm passed on commodities in 2003, which was a mistake. But she likens buying resources now to buying Internet stocks in 1998 and 1999. 'There is a long term fundamental case for commodities, but their prices reflect and carry substantial risk. Overall, buying cheap assets and getting out of expensive ones is the way to go.'

But here's some background. The Value Fund invests in US large cap equities. It is a concentrated portfolio - as at end-December, it had less than 50 stocks. Its holdings may defy what many believe to be value, with names like Amazon.com, Google, Yahoo and Exxon Mobil.

Says Ms Gay: 'What we try to do is to buy at the point of maximum pessimism which is where we believe we're at for financials today. And if we truly believe in the underlying value and the price falls further, it increases the future rate of return and we average down.'

The fund's largest allocations are to consumer discretionary stocks (23 per cent); IT (22 per cent) and financials (18 per cent). She adds: 'Maybe we are in a recession; if we are it's too late to be defensive. The time to be offensive is when there is uncertainty, which is the time when the greatest opportunity presents itself.'

One of the metrics the group's analysts scrutinise is a stock's return on invested capital. To be considered attractive, a company must generate earnings above its cost of capital. Otherwise, it is destroying value. After all, the market is a discounting mechanism; and the snapback can be swift. Those who stay out of the market in troubled times may find that they are unable to get back in.

Ms Gay cites the record of financial stocks, which also slumped in the early 1990s with the savings and loan crisis. 'If you bought Citi stock in 1991, at that same year the stock was up 74 per cent. The market was up 30 per cent, but JP Morgan rose 100 per cent. Over a five-year period from 1991, financial stocks were up five times as much as the market.

'The bottom line is that for long-term investors, buying at a point of great uncertainty - especially for financials, buying at book value or below - has proven historically to be a very good strategy.' US financial stocks are trading at five to seven times earnings, and the S&P 500 at about 18 times. Based on consensus estimates for next year's earnings, the latter's multiple falls to about 11 times.

She tells investors to keep their eyes on their objectives, which typically comprises a long-term savings goal spanning 10 or even 20 years. And tune out the noise. 'Aligning yourself with someone who has an investment process that is also long-term oriented and focused on value leads to good returns over a long period. But the price of that is the willingness to withstand the volatility.

'Sometimes a good process leads to a bad outcome. That doesn't mean you have done anything wrong. Sometimes a bad process leads to a good outcome, and that's what you often see in trends and momentum. But over a long period of time a good process does lead to a good outcome.'

Let's Spoil The Forum
20-03-08, 17:01
Published March 20, 2008

Macquarie to start wealth business here

The private bank will be targeting ultra-high net worth individuals in Asia

By CHOW PENN NEE


PRIVATE banks are still bullish on Singapore and the region, with many of them continuing to hire or set up shop operations here.

Australia's Macquarie Group said yesterday it will launch an Asian private wealth business with its first office in Singapore - the private bank's first step outside Australia. The local operation will be headed by Joseph Poon, former head of South Asia at JP Morgan Private Bank.

Rather than capitalising on its Australian parentage and gunning for Australian expatriates living in Singapore, the bank will be looking at ultra-high net worth individuals (UHNWI) all over Asia.

Only those with more than US$30 million need apply. 'We will focus on UHNWI as we still see this segment growing strongly,' Guy Hedley, head of Macquarie Private Bank in Australia, said yesterday. 'They are not immune from the current market volatility but are less susceptible.'

Mr Poon said that there are also fewer players in the UHNWI space.

As for headcount, the operation will be staffed by 'experienced local advisers', said Mr Hedley, who did not give figures on how many will be hired. 'Hiring is fluid and driven by client needs, but we don't intend to be a big player, to have 100 or 1,000 relationship managers,' he said.

Macquarie's private bank niche, Mr Poon said, will come from leveraging on the bank's corporate finance advisory division. 'Our clients will have access to advice and deal flows. We can provide corporate advisory on infrastructure, real estate and commodities.'

The great majority of Asian UHNWIs run private or public businesses, and their wealth is derived from these businesses, he said. 'The links between private and business wealth are very close, so we can mobilise our institutional capabilities to help.'

The bank's corporate finance advisory business in Singapore is its largest in Asia, and it has 500 advisory staff across the Asian region.

Singapore, as the world's fastest growing private banking and wealth management centre, is set to become a regional hub for Macquarie private bank, Mr Hedley said. 'We intend to house our Australian back office for the private bank here.'

Singapore has experienced one of the greatest increases in high net worth individuals in the region, with their estimated wealth standing at US$323.73 billion, according to the Capgemini/Merrill Lynch 2007 Asia-Pacific Wealth Report.

Let's Spoil The Forum
20-03-08, 17:02
Published March 20, 2008

Housing boom still alive in some places in US

There are exclusive, desirable pockets with scarce land and robust demand


(ROSS, California) Even in the worst storms, there are pockets of calm, and the housing crisis gripping the US is no different.

While prices are falling and owners are losing their homes to foreclosure around the country, places like Ross, a wealthy, woodsy town 28 km north of San Francisco, still enjoy robust demand.

That demand is explained by the town's sleepy feel - the 2,300 residents have to collect their own mail from the post office - and its exclusivity. Actor Sean Penn and Grateful Dead bassist Phil Lesh live here.

'It's doing very well,' said real estate agent Tracy McLaughlin, whose offerings include a US$10 million estate. 'It's supply constrained. I can't think of one buildable lot in Ross.'

While Ross and surrounding Marin County may be a special case, a report last month by S&P/Case-Shiller showed that three metropolitan areas posted modest gains in home prices last year - Seattle; Portland, Oregon; and Charlotte, North Carolina.

Both Charlotte, a major financial centre, and Seattle, a high-tech hub, have low unemployment rates and all three are seen as desirable places to live.

But even in those three markets, average home prices declined in December from November, leading home owners and real estate agents to hope declines will be small.

Seattle's home prices may give up some gains - but not much, because 'they weren't as far out of kilter as in other places', said Glenn Crellin, director of the Washington Center for Real Estate.

Charlotte's home prices should hold much of their gains or only lose a bit of ground for the same reason, said real estate agent Mike Sposato of Carolina Realty Advisors.

'Maybe one year we had 10 to 12 per cent appreciation, but over the five-year period we had on average about 7 per cent,' he said.

Mark Jenkins and Linda Baker hope that Portland, like Seattle and Charlotte, holds relatively steady. They are looking to sell their home in Portland and buy a new one there.

'We are a little worried, but not terrified,' Baker said. 'We have been told by our broker that we have a good chance to sell at a reasonable price and in a reasonable amount of time.'

Similar sentiments hold in San Francisco, where real estate agents report that demand for homes still exceeds supply, especially for luxury properties, even though average prices fell there last year.

'There is a lot of wealth here . . . If they (buyers) want something better, they'll go for it,' Realtor Richard Weil said while showing a 10,000 square-foot home listed for sale at US$14.5 million in San Francisco's Presidio Heights neighbourhood.

Demand remains strong in San Francisco and nearby cities for less expensive homes, too.

Where home builders in many other markets have shelved blueprints, builders in the San Francisco Bay area's urban centres remain busy thanks to the region's wealth, scarce land for building and persistent demand.

'Would I like to sell more units at better prices in San Francisco, Oakland, Silicon Valley? Sure. But it's very insulated from what's going on in many places,' said Mike Ghielmetti, president of home builder Signature Properties.

By comparison, the median home price in Las Vegas, up at double-digit rates during the boom years, fell 5.6 per cent in January from December and 16.4 per cent from a year earlier, according to DataQuick Information Systems.

And the worst of the US housing slump is playing out just a two-hour drive east of the San Francisco Bay area in California's Central Valley, where affordable land, strong demand and easy credit fuelled a boom in construction.

As interest rates on adjustable-rate loans reset to higher levels, an increasing number of borrowers defaulted, sending foreclosures soaring. -- Reuters

Let's Spoil The Forum
20-03-08, 17:03
Published March 20, 2008

Stress test for builders as steel price soars

It has almost doubled in 15 months and is poised to keep rising this year

By UMA SHANKARI


(SINGAPORE) The price of steel has almost doubled since January 2007 and this could come in the way of the construction industry's quest to reduce its dependence on concrete.

In Singapore, industry players report that the price of both steel reinforcement bars (rebars) and structural steel has gone up by around 80-100 per cent over the past 15 months. This comes on the back of higher global demand and hikes in the costs of the raw materials used to make the metal.

The development is a setback for the construction industry, which was veering towards using more steel to reduce dependence on concrete, which is more prone to supply-side shocks.

'In the last 15 months, steel prices (steel rebars and structural steel) have gone up by about 80 per cent,' said Jackson Yap, chief executive of United Engineers.

Brandon Lye, assistant vice-president for Sembawang Engineers and Constructors, similarly said that steel prices have doubled over the past 18 months.

Data provided by industry regulator Building and Construction Authority (BCA) shows that the price of 20mm-high tensile steel was $752.50 a tonne in January 2007.

But by January 2008, the price had climbed to $1,235.46 a tonne - a rise of some 64 per cent. The price continued to climb in February and March, industry players said.

On the back of this, the proportion of steel cost against total construction cost has gone up from about 10 per cent to 15 per cent over the same period, Mr Yap said.

One reason for the steel price hike is increasing global demand, said Bernard Chung, second vice-president of the Singapore Structural Steel Society.

Macquarie Research's data shows that global steel consumption rose from 1.24 billion tonnes in 2006 to 1.33 billion tonnes in 2007. Demand is expected to continue growing in 2008 - Macquarie Research forecasts global steel demand of 1.43 billion tonnes for this year.

Mr Chung said the demand is being driven by developing economies such as Brazil, Russia, India and China. He said that these four countries alone accounted for about three-quarters of demand growth between 1997 and 2006.

Similarly, Macquarie Research said that China accounted for 62 per cent of world demand growth from 2000 to 2007.

Steel prices have also been pushed up by large rises in the costs of raw materials, industry players said.

'The cost of components used to make steel - iron ore, scrap, coking coal, coke, freight and electricity - have also gone up,' Mr Chung said.

Macquarie Research said that steel mills are expected to pass through large rises in raw material costs in 2008, which could add around US$150 per tonne to steel costs. Add this to price increases brought on by surging demand, and the overall price of steel could climb even more this year, analysts said.

In Singapore, increases in the price of steel could impact the industry's move towards using more steel for building.

BCA, for example, has been encouraging more extensive use of steel for construction since Indonesia banned the export of concreting sand in January 2007. Land sand is used to make concrete.

'Rising steel prices will slow down the drive towards the use of more steel for sustainable construction,' said United Engineers' Mr Yap.

BCA, however, pointed out that the prices for both ready-mixed concrete and steel have increased by about 60 per cent, which means that the situation has not changed that much in terms of cost competitiveness.

'However, steel is more readily available from many sources as compared to sand and granite,' a BCA spokeswoman said.

And where faster 'time-to-market' is required, developers will still continue to use steel, Mr Yap said.

Unregistered
20-03-08, 17:28
Fed Juggles Inflation, Sour Economy
Thursday March 20, 3:44 am ET
By Jeannine Aversa, AP Economics Writer
Divisions in Federal Reserve Make Chairman Ben Bernanke's Juggling Act Harder

WASHINGTON (AP) -- Ben Bernanke's juggling act has gotten harder. The Federal Reserve chairman has been taking extraordinary steps to prevent credit, financial and housing problems from driving the country into a deep recession. At the same time, he faces the danger that the very tonic to brace the sickly economy could bring about another dangerous ailment-- inflation.

And, rare divisions have surfaced among Bernanke and his central bank colleagues about just how aggressive the Fed should be in lowering interest rates to treat the wobbly economy.

Two of the Fed's members -- Charles Plosser, president of the Federal Reserve Bank of Philadelphia, and Richard Fisher, president of the Federal Reserve Bank of Dallas -- on Tuesday opposed cutting a key interest rate by a hefty three-quarters point. Instead, they favored a smaller reduction. It was a crack in the mostly unified front the Fed often shows the public. The last time there was a double dissent was in fall 2002 under chairman Alan Greenspan.

The reasons for the Plosser's and Fisher's dissenting votes weren't laid out in the statement explaining the Fed's action, although both men have a reputation for being especially vigilant about fighting inflation.

"Containing inflation is the purpose of the ship I crew for, and if a temporary economic slowdown is what we must endure while we achieve that purpose, then it is, in my opinion, a burden we must bear, however politically inconvenient," Fisher said in a speech earlier this month.

In fact, the Fed as a whole expressed concern on Tuesday about higher inflation -- something it didn't mention in the statement issued after its previous meeting, which concluded on Jan. 30.

"Inflation has been elevated, and some indicators of inflation expectations have risen," the Fed said Tuesday. Although policymakers were hopeful that prices would moderate in the coming quarters, they acknowledged that "uncertainty about the inflation outlook has increased."

Rising inflation, fueled in large measure by skyrocketing energy prices, complicates Bernanke's job of trying to get the economy back on firm footing.

The Fed started cutting rates last September and turned much more forceful this year. Those lower rates can aggravate inflation at a time when people and businesses already are smarting from high energy and food prices. The Fed's rate cuts also have weakened the dollar. That has raised the cost of imported goods coming into the U.S. and could lead American companies to raise their prices as foreign-made goods become more expensive.

If treating inflation were the priority, the Fed would take the opposite action and raise rates.

Fears have grown that the country could be headed for "stagflation," a toxic mix of stagnant economic activity and rising inflation not seen in three decades. "I don't anticipate stagflation," Bernanke told Congress last month. "I don't think we're anywhere near the situation that prevailed in the 1970s."

Oil prices, which have galloped to record highs in recent weeks, have eased but still top $104 a barrel. Gasoline prices have marched upward and are expected to hit $4 a gallon nationwide this spring.

"I think the threat of inflation is as high as it's been since the 1970s. Bernanke and the rest of them have a challenging task to navigate the economy away from recession and at the same time avoid inflation taking root," said Sean Snaith, economics professor at the University of Central Florida. "If Bernanke can do this, he'll look like a hero."

Snaith and other economists said that Tuesday's double dissents and the Fed's talk about inflation concerns could make it more difficult for Bernanke to build consensus around the Fed's next move on interest rates. "One more dissent would be an open revolt," said Ken Mayland, economist at ClearView Economics.

The Fed's next scheduled meeting on interest rates is April 29-30. Some believe the Fed might be more inclined to order a smaller rate cut at that time, depending on economic and financial conditions.

"Bernanke will have a tougher juggling act to do in the future," Mayland said. "It is a fine line that they are walking here between two troubles."

In slashing interest rates, the Fed has been squarely focused on rescuing the economy. At the same time, Bernanke has repeatedly said the Fed must be on guard for any inflation danger signs.

Why? Because once inflation gets a grip on the economy, it can be hard to break. A rapid rise in price erodes the purchasing power of people. It squeezes companies' profits, too, and can make them more reluctant to hire and expand. It eats into returns on investments. As people and companies hunker down, that further restrains overall economic growth.

Former Fed Chairman Paul Volcker ratcheted rates up to the highest levels since the Civil War to break inflation's hold. That jolt, however, plunged the country into the painful 1981-82 recession.

"There is increasing concern among some on the (Fed) that freewheeling rate cuts are creating a significant problem with the Fed's goal of anchoring inflation expectations," said Scott Anderson, senior economist at Wells Fargo Economics. If people, companies and investors believe inflation will pick up, he said, they will act in ways that can make inflation worse.

"It is important that inflation expectations remain stable. If those expectations become unhinged, they could rapidly fuel inflation," Plosser said in February. "Moreover, as we learned from the experience of the 1970s, once the public loses confidence in the Fed's commitment to price stability, it is very costly to the economy for the Fed to regain that confidence."
OH THE BOTTOM IS NOWHERE IN SIGHT. IT IS JUST BEGINNING THE SLIDE. LONG WAY TO GO. BE PRUDENT. BETTER SAFE THAN SORRY. BLOOD EVERYWHERE.

Unregistered
20-03-08, 17:36
OH THE BOTTOM IS NOWHERE IN SIGHT. IT IS JUST BEGINNING THE SLIDE. LONG WAY TO GO. BE PRUDENT. BETTER SAFE THAN SORRY. BLOOD EVERYWHERE.
OH THE BOTTOM IS HERE NOW AS SUPPORTED BY VIEW OF DAN FUSS, VICE CHAIRMAN OF LOOMIS SAYLES. IT IS JUST BEGINNING THE RISE. LONG WAY TO GO. BE FAST. BETTER NOT MISS THE BOAT AGAIN. PROFIT EVERYWHERE.

Unregistered
20-03-08, 17:38
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West Coast condo plot draws whopping 12 bids
Joyce Teo
The Straits Times
Thursday, 20 March 2008

Competitionwas brisk for a 99-year leasehold condominium site in West Coast Crescent, with 12 firms defying signs of a property slowdown to lodge bids.

The bidders included major and mid-sized developers and contractors, with a Hong Kong-linked firm emerging with the highest tender - but only just. Billion Rise, which is linked to the Cheung Kong group, bid $110.44 million for the site - $305 psf of gross floor area - to pip its nearest rival by 1 per cent.

Tian Hock Properties, which has Far East Organization chief executive Philip Ng as a shareholder, tendered $108.9 million or $301 psf. MCL Land was next with $103.5 million or $286 psf.

The response was strong, in contrast to the weak property market sentiment. One sign of that came on Tuesday when the Government decided not to award a leasehold landed plot in Westwood Avenue in Jurong West as the bids were too low.

Consultants pointed to differences between the two sites. They said the West Coast Crescent site's prime location had sparked the keen interest.

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Graphics: Tang Wee Cheow, ST.
Source: LTA

It suits a mass market condo project, which would be able to better weather any sector weakness, said Knight Frank director Nicholas Mak.

The Jurong West landed plot was in a less favourable spot and would have accommodated 99-year leasehold landed homes, which typically do not sell as well, he added.

The West Coast Crescent site can be built up to about 36 storeys. Some high-floor units would enjoy good views of the ocean and West Coast Park as surrounding buildings are mostly low- to medium-rise, he said.

This tender also reflects the current market situation as some bids came in relatively low. Industry sources say a few developers were trying their luck with opportunistic bids.

The lowest bid of $50 million, from Teambuild Construction's Scantech Development, works out to just $138 psf.

Other bidders included Sim Lian Land ($236 psf), Hoi Hup Realty ($235 psf), Frasers Centrepoint ($210 psf) and Allgreen Properties ($186 psf). City Developments' Sunny Vista Developments and TID also put in a bid of $180 psf.

Consultants said the top bid of $305 psf will translate into an estimated break-even price of $680 psf to $720 psf for new condos. Units could be sold at between $750 and $800 psf.

Units at nearby Blue Horizon were sold at about $750 psf in the resale market in January and February, while sub-sales of units in Varsity Park and Clementi Woods were done at $680 psf to $750 psf, according to CBRE Research.

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Oh no! CK is eating into our industry.

Unregistered
20-03-08, 17:39
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Fannie and Freddie bounce back
Investors pile into the stocks after the government frees the companies to load up on cheap triple-A mortgage bonds.
Colin Barr
Senior writer
Fortune
New York, New York, U.S.
Thursday, 20 March 2008: 12:55 AM Singapore Time

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Shares in both Freddie Mac and Fannie Mae are subject to wide market swings.

The government's efforts to thaw fearful credit markets are lighting a fire under Fannie Mae and Freddie Mac.

Shares in the government-sponsored mortgage companies rose sharply for the second straight day Wednesday. Investors rushed to buy the stock after the firms' regulator, the Office of Federal Housing Enterprise Oversight, eased some capital constraints on Fannie and Freddie in hopes of getting the market for mortgage-backed securities back on its feet. Wednesday's rally - which adds to a sharp run-up tied to Tuesday's Federal Reserve interest-rate cuts - puts the shares up more than 60% from their lows of last week.

After long keeping a tight rein on Fannie and Freddie following accounting scandals earlier this decade, Ofheo has now effectively allowed the firms to plow $200 billion into mortgage securities. Investors fled that market last month amid worries about the toll that falling U.S. house prices and rising mortgage defaults might exact on Fannie and Freddie. Widespread selling of triple-A-rated mortgage bonds, including those backed by Fannie and Freddie, helped lead to the collapse of Carlyle Capital, a heavily leveraged Amsterdam-listed fund that held some $21 billion of the bonds, and the near implosion of jumbo mortgage lender Thornburg Mortgage (TMA).

"This is an effort to prevent further Thornburgs and Carlyles," says Gary Gordon, an analyst at Portales Partners in New York.

The Ofheo decision isn't just good for the bond market. It's good for shareholders in Fannie (FNM) and Freddie (FRE, Fortune 500) because it gives the companies the power to scoop up highly rated mortgage-backed securities that have been trading at a discount. Gordon, who has a buy rating on Fannie and Freddie, says Wednesday's rally shows that investors are starting to appreciate the companies' growth prospects - which are bolstered by improving pricing in both its credit guarantee and mortgage investment businesses - after months of focusing solely on their credit risks.

"There are two issues with Fannie and Freddie," he says: the risk of credit losses, and the reward of strong revenue growth. "The market seems to focus on one or the other, which is why you get these big swings."

The swings in these stocks have been very large indeed. Fannie and Freddie traded in the high $60s last summer, before the full extent of the mortgage meltdown became apparent. Since then they have traded as low as the high teens amid concerns about their exposure to losses tied to the deteriorating U.S. housing market.

Those worries spiked over the past month after both firms reported multibillion-dollar losses for the fourth quarter, and President Bush signed into law a measure giving Fannie and Freddie ability to buy much bigger loans. That move aimed to support slipping house prices in high-cost areas where many mortgages were above Fannie and Freddie limits - but it caused investors to flee the stocks amid worries that bigger loans would mean hefty losses.

But Wednesday's statement from James Lockhart, Ofheo's director, is clearly intended to soothe those fears. Lockhart said Wednesday's decision will allow the companies to bolster the mortgage markets without causing undue strain on their balance sheets.

"Let me be clear - both companies have prudent cushions above the OFHEO-directed capital requirements and have increased their reserves," Lockhart said in a statement. "We believe they can play an even more positive role in providing the stability and liquidity the markets need right now."

Indeed, additional bond purchases by Fannie and Freddie should support prices in the mortgage bond market - which is good for institutions that hold Fannie and Freddie-backed bonds. Higher prices could also help Fannie and Freddie, which must mark-to-market the value of their mortgage portfolios each quarter. Gordon says a sustained rise in mortgage bond prices could allow Fannie and Freddie to reverse some of the hefty writedowns that contributed to their steep fourth-quarter losses.

Gordon also takes heart in Ofheo's stance on the companies' capital needs. "As a key part of this initiative," the Ofheo statement says, "both companies announced that they will begin the process to raise significant capital." Saying you'll begin the process of raising capital is very different from saying you're going to raise capital now, Gordon points out. He believes that if the markets for mortgage securities return to health, Fannie and Freddie may find their balance sheets bolstered by reversals of earlier mark-to-market writedowns.

If that happens, he says, "They just won't need to raise new capital."
Funny and funnier.

Unregistered
20-03-08, 17:39
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Bottoming process begins with Bear Sterns, not bear market
Jennifer Ablan
Reuters
New York, New York, U.S.
Wednesday, 19 March 2008, 9:20 pm U.S. EDT

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The Bear Stearns building in New York

Less than a week ago, it seemed like the sky was falling on Wall Street when the spectacular unravelling of investment bank Bear Stearns sent financial markets, in the United States and elsewhere, into panic mode.

Then the Federal Reserve swooped in. Its liquidity action and its brokering of a deal for JPMorgan Chase & Co. to take over Bear Stearns made investors less fearful about the probable crippling of the American banking system that could have occurred.

Bear Stearns' fall to the brink of bankruptcy and the aggressive moves by US policy makers have led many investors to believe that these events mark the beginning of a bottoming process.

For everyone who still thinks that stocks won't hit a bottom until the Standard & Poor's 500 falls into the bear market's grasp, never mind.

'We are in a bottoming process, but it will really be a 'process' because healing of this credit crisis does take time,' said Dan Fuss, vice chairman of Loomis Sayles, an investment company that oversees more than US$100 billion (S$139 billion) in fixed-income securities.

What gives Mr Fuss and other major investors reason to believe that a bottom is in the making is that in nearly every previous one, there typically has been a huge failure of an institution that has led to extreme policy responses.

Think Enron and WorldCom, Long-Term Capital Management and Orange County.

'It usually took a big entity to fall over for aggressive, creative regulatory policy to develop,' said Bob Doll, vice chairman and global chief investment officer of equities at BlackRock, which manages more than US$1.1 trillion in assets.

'That's what we saw with Bear Stearns collapsing and the Fed's extraordinary response to it. And that's why confidence is improving,' he added.

An avalanche of fear
Bear Stearns, which had been heavily exposed to the faltering mortgage market, faced a classic 'run on the bank' as the firm burned through cash and lost access to funding when clients furiously yanked assets and unwound trades.

To make matters worse, fears abounded that Lehman Brothers, the fourth-largest US investment bank, could suffer a similar fate as Bear, the fifth-largest.

'The Fed was trying to blunt what could have been a snowballing effect of a lack of faith in the financial system,' said Keith Wirtz, president and chief investment officer at Fifth Third Asset Management, which manages US$22.5 billion.

'The Fed saw that they had to do something absolute to stifle what could have been a developing crisis of a full-fledged lack of faith in the investment banking sector, which could have eventually crept into the commercial money banks as well,' Mr Wirtz said.

Before Monday, Lehman Brothers, Merrill Lynch, and even venerable Goldman Sachs watched their stocks get 'killed' last week, he added.

In fact, from the end of June 2007, which was the start of the credit turmoil, to March 14, 2008, before the Fed stepped in, Goldman's stock was down 28%, Lehman lost 48%, and Merrill also dropped 48 per cent.

Moreover, the Amex Securities Broker-Dealer Index was down 48%.

Pushing open the discount window
On Tuesday, the Fed cut interest rates by three-quarters of a percentage point, the sixth time it has slashed its fed funds rate target for overnight bank loans, to 2.25%.

It wasn't, however, what prevented a near meltdown in stock markets.

The Fed dusted off a Depression-era rule to let securities firms borrow directly from the Fed through its 'discount window' - and that helped restore investors' confidence. That decision was announced along with the Fed's promise to underwrite JPMorgan's takeover of Bear for the 'fire sale' price of US$2 a share. It helped turn the mood around on Wall Street.

From now on, any bank in a liquidity jam will be able to go directly to the Fed's discount window and trade in its hard-to-sell assets, such as mortgage bonds, as collateral for highly liquid government bonds or cash, which it can in turn use to fund its short-term liabilities and keep trading.

'The big news this week was not the Fed's 75 basis points on Tuesday,' Mr Doll said. 'It was what they did with opening the discount window .... that's a huge change.' This week, the Fed cut the discount rate twice - in an emergency move on Sunday night, when it unveiled JPMorgan's deal to buy Bear Stearns at the almost unthinkable price of US$2 a share and again on Tuesday at its regular meeting.

On Wednesday, the federal government came up with another tonic for troubled times. The regulator of Fannie Mae and Freddie Mac, the two biggest US home financing arrangement, relaxed their capital rules and gave them permission to pump US$200 billion more into the struggling US mortgage market.

Goldman shares are trading at US$166.49 per share, up from Friday's close of US$156.86, while Lehman is trading at US$42.23 per share, up from its Friday close of US$39.26.

As for Merrill, its shares closed at US$41.45, down from US$43.51 on Friday.

Letting some air out of oil and gold
Investors also believe the bottom has arrived for technical reasons. The Dow Jones industrial average and the S&P 500's have seen valuations that are much more subdued than when the markets had capitulated in the past.

'Everyone has been looking for the capitulation in the stock market, but they are looking at the wrong place,' Mr Wirtz said.

'Last week was very much a capitulation moment' in the financial sector, the root of the liquidity crisis, he added.

That's not all, folks.

Soon after the last bubble burst in technology and telecommunications stocks in March 2000, investors diversified away from US equities.

'They've been buying foreign stocks and hard assets like commodities and real estate,' Mr Wirtz added.

Now everything from oil to gold to wheat are suffering from what looks like the beginning of a huge downdraft in those leveraged assets. US crude for April delivery dropped nearly US$5 to US$104.48 a barrel, while gold tumbled 6% to a three-week low, under the US$1000 mark to US$940.40 an ounce.

'That's where all the leverage is coming out now, commodities,' Mr Fuss said. 'I think stocks and bonds have gone through their worst beating.' 'Down the road, last week will be looked at as an important moment in time for equity investors,' added Mr Wirtz of Fifth Third, who said the bottom is here.
Going up from here?

Unregistered
20-03-08, 20:53
Jobless Claims Up 22,000, More Than Expected
By Reuters | 20 Mar 2008 | 08:35 AM ET

The number of US workers applying for unemployment benefits climbed 22,000 last week to 378,000, government data showed on Thursday, but part of the larger-than-expected increase may have been due to layoffs caused by an auto industry strike.

Economists polled by Reuters had forecast initial jobless claims would increase to 360,000 in the week ending March 15, compared with a revised 356,000 the prior week. This initially had been estimated at 353,000 claims.

The four-week moving average of initial claims, which gives a better underlying signal on the state of the labor market, rose to 365,250, the highest level since October 2005 in the aftermath of Hurricane Katrina.


The number of workers remaining on jobless benefits increased 32,000 to 2.865 million in the week ending March 8, the most recent week for which the data was available, notching the highest reading since August 2004.

Economists had forecast these so-called continued claims to mount to 2.85 million.

Unregistered
20-03-08, 20:57
Citigroup Plans More Job Cuts in Securities Business
Reuters | 20 Mar 2008 | 08:20 AM ET

Citigroup, the largest US bank, plans further job cuts in its securities operations in a bid to cut costs after subprime mortgage and credit problems led to a record quarterly loss.

Any job losses would be on top of 4,200 cuts companywide announced in January by Chief Executive Vikram Pandit, and 17,000 announced last April by predecessor Charles Prince.

"Each year we identify the bottom 5 percent of performers in the institutional clients group, and some number of these people leave the firm," spokesman Adam Castellani said Thursday. "This year, we will have a larger number of reductions as we continue to strengthen the business and lower our expense base."

The institutional clients group includes investment banking and trading operations, as well as alternative investments, which offers hedge fund and private equity services.

According to the New York Times, citing people close to the situation, Citigroup plans to lay off 2,000 investment bankers and traders before the end of March. Most cuts will be in New York and London, though other markets in Europe and Asia will be affected, the newspaper said. Traders are more at risk given market conditions, the newspaper said.

The bank declined to confirm the report. Published reports have said Citigroup might cut tens of thousands of jobs. Pandit has been reviewing the bank's businesses worldwide to explore ways to boost profitability and efficiency.

In the fourth quarter, New York-based Citigroup suffered a $9.83 billion loss, hurt by $18.1 billion of write-downs largely tied to subprime mortgages and related securities.

Speaking on a Jan. 15 conference call discussing results, Chief Financial Officer Gary Crittenden called the 4,200 job cuts a "first installment" in what would likely be "a continual stream of efforts that we are making to reduce headcounts in nonproductive areas" and invest in stronger businesses.

Citigroup shares closed Wednesday at $20.41 on the New York Stock Exchange. They closed one year ago at $50.64. Citi shares gained less than 1 percent in premarket trading.

Unregistered
20-03-08, 21:14
Ebay Restructuring Worldwide, Cuts Jobs
By Reuters | 20 Mar 2008 | 08:19 AM ET
EBay is restructuring its operations worldwide which will lead to a small cut in global staffing levels but with some countries hit harder than others, a company spokeswoman said on Thursday.

"It's less than 1 percent globally," Sravanthi Agrawal told Reuters, adding the main regions and countries affected by the online auctioneer's job cuts were in North America, Belgium, Spain and Austria.

"We shared the news with the employees internally," she said, adding the company had not yet made an announcement to the media. "It's a globalisation and centralisation effort." restructuring was aimed at refocusing on its core business, Agrawal said.

Let's Spoil The Forum
20-03-08, 23:07
Mortgage war breaks out as DBS and UOB offer new rates

Banks focusing on specific targets, waging battles without fanfare

By Grace Ng, Finance Correspondent


THE mortgage war finally erupted, as Singapore banks responded to a dramatic rate cut by Maybank three weeks ago - with one even offering a zero per cent package.

That attractive deal comes from United Overseas Bank (UOB), which has relaunched a package with a teaser first-year rate at rock-bottom.

DBS Group Holdings has also rolled out new rates on several packages, including a fixed-rate deal that claims to be the lowest of its type here in Singapore.

Unlike the fanfare that marked the rate war in 2003, though, the battle now is focused on specific targets and is being kept under the radar.

Banks are quietly offering promotional rates on a case-by-case basis and tend to target clients with loans of well over $300,000. While the market for new mortgages has softened, banks are still busy.

'A lot of customers are looking to refinance their loans taken less than a year ago, when interest rates were much higher,' Mr Bryan Ong of mortgage consultancy bcgroup.com.sg said.

Maybank sparked the war with an aggressive three-year, fixed-rate package at 1.68 per cent for the first year. This promo, which ends on Monday, has sent customers 'rushing to submit loan applications', said Maybank consumer banking head Helen Neo.

About 80 per cent of the applications were for buying private properties with an average loan size of about $675,000. Maybank is now 'reviewing the rates'.

Other banks have not taken the move lying down. Most have tacitly matched - or undercut - Maybank's rates.

DBS has a new three-year, fixed-rate package with an aggregate rate of 7.64 per cent - lower than Maybank's 7.74 per cent. It offers a 1 per cent cash rebate in the first year.

UOB has revived its FirstZero Home Loan - a three-year, fixed-rate package available 'only for a limited period'. The bank launched this in 2003, but it was quietly taken off the market last year amid interest rate volatility.

FirstZero is now back with a zero per cent rate on the first year, 3.6 per cent on the second and 4.5 per cent on the third, making a three-year aggregate rate of 8.1 per cent.

It has hefty penalty charges and a three-year lock-in period.

Standard Chartered Bank (Stanchart) actually moved before Maybank, cutting its three-year, fixed-rate package from 3.58 per cent to 2.98 per cent in January. It also cut its two-year package by 0.55 of a percentage point to 2.88 per cent.

DBS countered this week with a 2.88 per cent average annual rate for a three-year package and a 1 per cent cash rebate on the first year.

This three-week promotion is only for customers with loan quantums of at least $300,000.

OCBC Bank had not joined the fray, with chief executive David Conner saying last month that a mortgage rate war was unlikely.

OCBC said 'from time to time, it offers loan packages with promotional rates that are highly competitive compared to other players'.

The most popular packages now are those linked to transparent rates, like the Singapore Interbank Offered Rate (Sibor) or swap offered rate (SOR), comprising the Sibor plus a bank's lending costs.

These are official, regularly published industry rates customers can check to see how their packages are structured.

Riding on this interest, DBS has just cut by half its rate for its 12-month, two-year, Sibor-linked loans to 0.5 per cent for the first year.

Nearly 80 per cent of Stanchart's new customers in recent months have taken up its package offering SOR plus 0.5 per cent for the first year.

The SOR has dropped from about 3 per cent last year to about 1.5 per cent currently.

Stanchart's head of consumer banking, Mr Ajay Kanwal, said: 'With the interest rate environment expected to soften further, customers of SOR-linked packages will benefit even more.'

[email protected]

Let's Spoil The Forum
20-03-08, 23:09
Published March 19, 2008

MGPA's Marina View project to cost $5b

Devt to have over 2.6m sq ft in two towers of more than 40 storeys each

By ARTHUR SIM


MACQUARIE Global Property Advisors (MGPA) will spend about $2 billion building a commercial complex on two development sites at Marina View that it clinched last year.

http://www.businesstimes.com.sg/mnt/media/image/launched/2008-03-19/BT_IMAGES_ASVIEW19.jpg
On the drawing board: Artist's impression of MGPA's Marina View project which will have a 250-room hotel

With the sites having cost close to $3 billion, the total investment will be around $5 billion.

MGPA bid for the two sites at separate public tenders just three months apart. It paid $1,409 per square foot per plot ratio (ppr) for the first parcel in September 2007 and $952.90 psf ppr for the second in November that year.

The second parcel does come with a requirement to provide a hotel component.

Speaking at the building agreement signing ceremony yesterday, MGPA CEO (Asia Investments) Simon Treacy said that there could be more bargains in the offing here.

'The next six to nine months will have even better pricing available,' he said.

Mr Treacy did not give details of future acquisitions here but was bullish on the office sector, where he believes rents can rise between 10 and 25 per cent this year.

MGPA's Marina View development is expected to have a total gross floor area (GFA) of more than 2.6 million sq ft in two 40-storey-plus towers with a 20-metre-high podium.

According to the conditions of the tender, at least 70 per cent of the GFA of the first site must be developed as office space. The second site must have at least 60 per cent office space.

Also speaking at yesterday's ceremony was MGPA CEO (Asia Developments) Michael Wilkinson, who revealed that there will be a 250-room luxury hotel. He also said that the retail podium is likely to have a significant number of F&B outlets to support the offices.

While a residential component is allowed, Mr Wilkinson said that this is not likely at the moment. However, he said that the design has not been finalised and MGPA is having 'extensive discussions' with the authorities to settle this.

MGPA has invested about $4.5 billion in Singapore over the last 15 months. Other major acquisitions include Temasek Tower, which it bought for $1.04 billion in March 2007.

Let's Spoil The Forum
20-03-08, 23:09
Macquarie Global Property unveils plans for Marina View land parcels

By Rachel Kelly, Channel NewsAsia | Posted: 18 March 2008 2157 hrs

http://www.channelnewsasia.com/imagegallery/store/phphGBQWY.jpg

SINGAPORE : Macquarie Global Property Advisors (MGPA) says it expects office rentals in Singapore to remain hot, jumping by 10 to 25 percent this year.

The Australian private equity real estate fund management firm is converting two plots of land at Marina View into twin office blocks. The two towers, expected to be completed in 2012, will also house a luxury five-star hotel.

These land parcels drew top dollars from Macquarie Global Property last year. Costing a total of S$3 billion, the sites will soon enjoy a S$5 billion makeover.

Site B, which Macquarie won last December for just under S$953 million, and Site A, for S$2 billion in September - are both on a 99-year lease.

Formerly known as Marina View Parcels A and B, the two-hectare site will be transformed into twin luxury office buildings, one of which will also house a 220-room five-star hotel.

Macquarie expects to announce in the next 3 to 4 months who they will be working with on the hotel.

It says the towers, due to be completed between 2011 and 2012, are well-timed to catch the growing demand for office space.

Simon Treacy, CEO, Asia Investments, MGPA, said: "I think around Asia, we are extremely busy - we see good value emerging around the region. In Singapore, we also think that there will be increased demand in the office sector - rents are likely to grow 10 to 25 percent this year.

"I think over the medium term, people will be surprised because they've underestimated the demand in Singapore for modern international grade office space.

"And we've seen that in Japan for 2003 and this year in Hong Kong. And, I think it's a reflection of the solid economy of Singapore and the ongoing growth in a lot of the financial service sectors and wealth management in particular."

The towers will be more than 40 storeys high and designed by Australian architect Denton Corker Marshall, who also designed the Melbourne Museum and the Australian Embassy in Beijing.

About 60 percent of both buildings will be set aside for office use: Tower A will house 130,000 square metres, and Tower B, 113,580 square metres.

Besides this project, Macquarie Global Property says it is looking out for other bargains.

Mr Treacy said: "I think over the last two years, a lot of investors have probably overlooked and undervalued Southeast Asia. I think now people are seeing very good fundamentals down here, and I think our timing was very good in making a number of acquisitions. We still think there is a very good value in buying... over the next 6-9 months."

Office rentals in Singapore have been surging because of growing demand and a lack of supply. But more office space is expected to enter the market.

The government is targeting to double office space in the Central Business District to an estimated 2.82 million square metres. - CNA/ch

Let's Spoil The Forum
20-03-08, 23:10
MGPA says S'pore office demand underestimated

Republic on new curve and will take capital market share from Tokyo, HK

By KALPANA RASHIWALA


MACQUARIE Global Property Advisors (MGPA), which has invested about $4.5 billion in Singapore real estate in the past 18 months, is optimistic about market prospects and reckons demand for office space is underestimated.

'Singapore is a primary market and we like it,' chief executive (Asia investments) Simon Treacy told BT in a recent interview. 'We're looking to invest in all sectors - residential, office, retail.'

Mr Treacy does not share the concern in some quarters that Singapore may face an over-supply of office space post-2010 because of the completion of several major projects.

'You can't look at the future of Singapore by looking at the rear-vision mirror,' he says. 'Singapore has moved into a different gear. It's got a more robust economic platform and there are new demand drivers that this market hasn't seen before.

'Wealth creation is one of those sectors that will continue to flourish very quickly. Even if Singapore picks up 10 per cent of Switzerland's wealth industry, there will be very significant growth in the size of the sector in Singapore.'

Another reason the office market will continue to experience strong take-up is that 'Singapore's capital markets will grow more than what could be expected by looking at previous trend lines', Mr Treacy says.

'It's now on a new curve. I think Singapore is going to take market share (in the capital markets) from Tokyo, Hong Kong.

'I see Singapore as being almost the jewel in the Asian crown at the moment. We like the corporate governance, the shifting of gear over the past couple of years to really make Singapore operate at a very different level.'

MGPA-managed funds were the biggest real estate investors in Singapore last year. Their acquisitions here to date include two land parcels at Marina View bought at Urban Redevelopment Authority land sales, 8 Shenton Way (formerly known as Temasek Tower), 12 floors of Springleaf Tower, which MGPA has since sold for a handsome gain, units at 8 Napier condo near the Botanic Gardens, and the Cascadia development in Bukit Timah.

Mr Treacy notes that prime-grade Singapore office rents are expected to appreciate between 10 and 25 per cent this year after last year's 80-90 per cent hike.

'I think businesses this year will be more careful over their decisions, but over the medium term, the average rent and take-up will be stronger and there will be ongoing rental growth in this market,' he says.

'It's important to point out that the sectors that are growing in Singapore are those that require international-grade office space and environments to attract the quality people, particularly expatriates, who are going to be required to fuel the growth in this economy.'

On prospects for the Singapore residential sector, he says: 'It's going through an interesting growth phase because there's a strong influx of expatriates. We've also got a lot of Singaporeans returning to live and work in the country. And you've got a generally positive workforce that's wanting to get ahead and move upstream. Affordability still seems to be in check. So fundamentally, the outlook is still quite solid.'

As for MGPA's likely target investments in the housing sector, Mr Treacy says: 'We target sweet spots. That might change over time, but we certainly see good demand for top-end, best-of-class residential. We also see demand at the top end of the mass market like Cascadia. Again, it's all about location, location, location.'

He acknowledges the current sub-prime jitters but views these as 'disruptions that will bring opportunities', saying: 'We think the economies that are well thought-through, and with good governance, will be the ones that will float through to the top quickest.'

Viewing Asia as the world's economic growth engine, MGPA particularly likes Singapore and Hong Kong for their transparency, maturity and growing capital markets.

MGPA is a private equity real estate fund management company that is 49 per cent owned by Macquarie Bank of Australia and 51 per cent owned by MGPA senior management including Mr Treacy. It has more than US$10 billion of assets under management and operations in Asia and Europe.

Overall, MGPA's leverage on a regional basis is 'quite conservative' at about 60 per cent.

On Marina View land parcels A & B in Singapore, Mr Treacy says there are no current plans to team up with joint-venture partners to develop them. Both plots have minimum stipulated office components and plot B also has a minimum hotel component.

'We've closed the purchase of the sites with debt from banks, including major Singaporean banks,' he says.

8 Shenton Way is being spruced up in phases to create more retail space and a new drop-off area, as well as upgrades to the lobby and entrance to Tanjong Pagar MRT Station.

'It's a long-term investment,' Mr Treacy says when asked if MGPA plans to sell the asset.

Asked whether MGPA has reached its allocation limit for Singapore real estate, he says: 'We have lots of allocation for the right investments'.

Unregistered
20-03-08, 23:39
you 2 idiots, post your news in the general section

Unregistered
20-03-08, 23:40
you 2 idiots, post your news in the general section

administrator, please do something to these news

richardsng era
20-03-08, 23:41
Exquisite & located conveniently in Prime Area Bukit Timah & Dunearn Road. Minutes drive or bus ride to Orchard & Scotts Road.

Details: 3 blocks of 5-storey low rise condominium development

Location: 16, 16A & 16B Shelford Road

Total Units: 77 units

Tenure: Freehold

Unit Types:
2 Bdrm - 893 sqft (6 units)
3 Bdrm - 1227~1636 sqft (64 units)
4 Bdrm Penthouse - 2754~4110 sqft (6 units)
3 Bdrm Penthouse - 3583 sqm (1 unit)

Expected Date of TOP: TBA

Price: TBA

Facilities:
Guard House
Water Feature
Arrival Plaza
Foot Reflexology Walk
Fitness Area
Children Playground
Clubhouse (Function Room, Gymnasium, Lounge, Changing Rooms with Steam Rooms)
Garden Plaza
Children's Pool
Lap Pool
Pool Deck
Sun Deck
BBQ Terrace
Water Cascade
Spa Pool
Relaxation Plaza
Manicured Lawn Garden


Contact:
Richard Sng
ERA Singapore
HP: +65-92993342
Email: [email protected] ([email protected])
Home Page: http://www.homes88.net (http://www.homes88.net/)
My Space: http://richardsng-era.spaces.live.co (http://richardsng-era.spaces.live.com/)m

Very Keen
20-03-08, 23:41
Exquisite & located conveniently in Prime Area Bukit Timah & Dunearn Road. Minutes drive or bus ride to Orchard & Scotts Road.

Details: 3 blocks of 5-storey low rise condominium development

Location: 16, 16A & 16B Shelford Road

Total Units: 77 units

Tenure: Freehold

Unit Types:
2 Bdrm - 893 sqft (6 units)
3 Bdrm - 1227~1636 sqft (64 units)
4 Bdrm Penthouse - 2754~4110 sqft (6 units)
3 Bdrm Penthouse - 3583 sqm (1 unit)

Expected Date of TOP: TBA

Price: TBA

Facilities:
Guard House
Water Feature
Arrival Plaza
Foot Reflexology Walk
Fitness Area
Children Playground
Clubhouse (Function Room, Gymnasium, Lounge, Changing Rooms with Steam Rooms)
Garden Plaza
Children's Pool
Lap Pool
Pool Deck
Sun Deck
BBQ Terrace
Water Cascade
Spa Pool
Relaxation Plaza
Manicured Lawn Garden


Contact:
Richard Sng
ERA Singapore
HP: +65-92993342
Email: [email protected] ([email protected])
Home Page: http://www.homes88.net (http://www.homes88.net/)
My Space: http://richardsng-era.spaces.live.co (http://richardsng-era.spaces.live.com/)m
What is the average psf?

Unregistered
20-03-08, 23:42
What is the average psf?
I guess should be @1800psf & above.

Unregistered
20-03-08, 23:42
still can get this price or not ,,,so ex !!!

Jardin has already having a very hard time selling at this rocket psf !!!

Unregistered
20-03-08, 23:42
still can get this price or not ,,,so ex !!!

Jardin has already having a very hard time selling at this rocket psf !!!
Jardin is in dist 21 & not consider prime Dist but Shelford Suites is in Prime Dist 11.If Jardin can be sold @ 1800psf then Shelford Suites in Prime Dist 11 should be selling at least 2000psf.Moreover,the walking distance from the Shelford Suites to the botanic MRT station is only 8 minutes away.For Jardin is not eaily accessible to any MRT station or not MRT station near the vincinty at aii. Remeber property value is all about location,location or dist 9,10,11.

Unregistered
20-03-08, 23:43
Jardin is in dist 21 & not consider prime Dist but Shelford Suites is in Prime Dist 11.If Jardin can be sold @ 1800psf then Shelford Suites in Prime Dist 11 should be selling at least 2000psf.Moreover,the walking distance from the Shelford Suites to the botanic MRT station is only 8 minutes away.For Jardin is not eaily accessible to any MRT station or not MRT station near the vincinty at aii. Remeber property value is all about location,location or dist 9,10,11.
Yes, Jardin shouldn't be brought into the picture.

Unregistered
20-03-08, 23:43
it should be below $1500 after discount. It delayed to launch almost 5 months. Let's see when it will "really" launch.

Unregistered
20-03-08, 23:43
it should be below $1500 after discount. It delayed to launch almost 5 months. Let's see when it will "really" launch.
Are you referring to US$1500psf ?

Unregistered
20-03-08, 23:44
it should be below $1500 after discount. It delayed to launch almost 5 months. Let's see when it will "really" launch.
It delayed to launch because developer is unwilling to lower the price of this prime dist 11 project ?

Unregistered
24-03-08, 12:51
Are you referring to US$1500psf ?
No, Euro. :)

jaded
29-05-08, 17:24
so wats the psf now?

paperplate
31-05-08, 03:38
so wats the psf now?

ST classifieds indicating relaunch from 1550psf up...

Personally, I think Shelford area only worth $1300psf now as it is still located at the fringe of D11. I think there are many better buy for eg. Park Infinia located in better prime D11 at around 1300-1400psf now which is close to Newton MRT...

However, if you fancy Shelford area, try to get a big unit or penthouse..It is more sellable over that area compared to 1/2 bedrooms. Resale price diff is about 10-20% between big and small units. Maybe it is due to good schools nearby.

get your facts right
31-05-08, 04:07
ST classifieds indicating relaunch from 1550psf up...

Personally, I think Shelford area only worth $1300psf now as it is still located at the fringe of D11. I think there are many better buy for eg. Park Infinia located in better prime D11 at around 1300-1400psf now which is close to Newton MRT...

However, if you fancy Shelford area, try to get a big unit or penthouse..It is more sellable over that area compared to 1/2 bedrooms. Resale price diff is about 10-20% between big and small units. Maybe it is due to good schools nearby.

Shelford is NOT, and I repeat NOT at the fringe of D11.

Shelford is located right smack in the middle of D11 Bukit Timah, just opposite D10 Coronation and Duchess area.

If you want to talk about fringe, then Swiss Club Road will be the fringe of D11 bordering D21.

Newton and Novena may be classified under D11, but in the past, when people talked about D10/11 prime property they were usually talking about the Bukit Timah/Dunearn/Stevens/Whitley/Trevose/Duchess/Shelford/Watten/Sixth Ave stretch. These were usually landed houses where the upper class lived, including several Mnisters, property magnate Mr Ng, banking tycoon Mr Wee, and the various prominent Tans, Lees and Lims. It was absolutely not a coincidence that all the elite schools were located here in D10/11 Bukit Timah as well.

It was only recently that Newton and Novena gained recognition as a "prime" D11 area, with condo-living becoming popular. In the past Newton and Novena was all ulu land prone to flooding (and thus rendered uninhabitable), before they expanded the canal to accomodate the floodwaters.

If you can match the old postal codes to the current locations, you may be able to better understand what Bukit Timah is all about. 1026, 1027, 1128, 1129, 1130. You know where 1130 is? Newton/Novena, which will be the nearest to District 12 Moulmein and Balestier.

1128 is the Swiss Club stretch down to Shelford. 1129 covers Adam, University Rd, Trevose Crescent, Whitley, Swiss Cottage. 1130 starts from Goldhill, Chancery onwards past Barker Rd to Newton/Novena....traditionally not a very prime area as it is close to the slums of KK Hospital, Moulmein, and Balestier.

Why did they zone it like that? It is obvious that 1128 is a continuation of 1027. Imagine you go up Bukit Timah to the Sixth Avenue entrance, past Tan Chong Motor then immediately make a U-Turn back across the canal along Dunearn Road at Swiss Club Rd, then down past Eng Neo, Hillcrest, NJC, Watten, then you enter the 1129 realm of Trevose and Whitley. This was the traditional prime stomping ground of the old upper and upper middle class.

You do not know what Prime is, my friend. Prime is not several generic tall glass buildings squeezed together like HDB blocks.

If you don't know what you are talking about then do us all a favour, shut up, and stop displaying your ignorance here.

get your facts right
31-05-08, 04:09
BTW, "close to MRT" has never been a criteria for the people who can afford prime properties. So what if Newton/Novena has an MRT? That area is a glorified HDB estate, in my book.

get your facts right!
31-05-08, 04:13
Typo: I forgot postal district 1025, one of the classic Bukit Timah neighbourhoods of the Balmoral stretching to Stevens Road area.

paperplate
31-05-08, 13:29
I admit I am not technically competent in district zoning....but I beg to differ...We should focus more on the type of properties are are talking about..I am refering to Condo/apt and not landed homes...And shelford suites is condo/apt...So you must compare apples with apples..

I could be wrong mentioning shelford area located on the fringe of D11. However, don't u think Shelford area is too close to Nexus, sterling etc which is under D21? Moreover, property value are getting more and more detached from district zoning nowadays. Many unpopular districts in the past for eg D8 are gaining their popularity due to IRs. I would generally comment that condo/apt projects nearer to amenities and public transport have a better appeal to the public now.

Most condo are bot for rental investment..u don't expect mid end expats with housing allowance of less den 5k to have car allowance. Of course if you are talking about landed properties, people generally are talking about eclusiveness and prestige whereas public transport is considered less impt. By the way, Shelford suites is condo/apartments and not landed...If u notice, marketing agts for shelford suites are using the future botanic gardens MRT as one of their selling points now. By the way, last time SG do not have MRT. Not to mentioned about projects like Citylights beside Lavender MRT which is nested in the smack of old HDB estates..but who really cares about it now...Their price have almost doubled since their initial launch and their rental yield is above 6%. It is like we are arguing over Freehold vs 99leasehold...Last time, people feels that 99leasehold is considered inferior...but now some argue location, rental yield is more important than anything else etc...Oh by the way, last time we do not have condo/apts...we only have landed and HDB housing...

Majority of what u mentioned is already a thing in the past. For eg. last time Katong area is the best prime area in D15 as its near to the seaside, but unfortunately govt reclaimed tanjong rhu, meyer road and results properties especially along meyer road to become the most expensive pte housing in D15 now. Meyer road area also can be considered as 'glorified HDB estate' according to ur dictionary...

I can also argue that last time properties in sentosa is very cheap...Who will want to stay there last time...but what happens now?

Novena is slated to become a medical hub...Well u can argue that it is a bad thing to be close to medical centres...but why? Can i say u r just being overly superstitious? I agree that most chinese don't like their homes to be close to hospitals etc...but do western expats and other races really care? From what I know, they actually find it a plus point to be located near to medical hub.

What I posted earlier is purely based on my personal opinions...I believe a condo/pte property value has to go according with the rental yield...I seriously do not think that shelford suites rental yield can justify for its pricing. Again, if you are talking about landed homes, it is very different as their value does not go according to rental yield..Most landed properties have a very miserable rental yield of 2%, but their values still appreciating.

Moreover, I think now is a better time to snatch some fire-sale subsale/resale units rather than buying direct from developers. Well again u can also argue that we should keep our hot cash in the banks and hoping the prices to drop furthermore etc..

Times have changed.....

are you fatbastardx?
31-05-08, 13:51
Shelford is NOT, and I repeat NOT at the fringe of D11.

Shelford is located right smack in the middle of D11 Bukit Timah, just opposite D10 Coronation and Duchess area.

If you want to talk about fringe, then Swiss Club Road will be the fringe of D11 bordering D21.

Newton and Novena may be classified under D11, but in the past, when people talked about D10/11 prime property they were usually talking about the Bukit Timah/Dunearn/Stevens/Whitley/Trevose/Duchess/Shelford/Watten/Sixth Ave stretch. These were usually landed houses where the upper class lived, including several Mnisters, property magnate Mr Ng, banking tycoon Mr Wee, and the various prominent Tans, Lees and Lims. It was absolutely not a coincidence that all the elite schools were located here in D10/11 Bukit Timah as well.

It was only recently that Newton and Novena gained recognition as a "prime" D11 area, with condo-living becoming popular. In the past Newton and Novena was all ulu land prone to flooding (and thus rendered uninhabitable), before they expanded the canal to accomodate the floodwaters.

If you can match the old postal codes to the current locations, you may be able to better understand what Bukit Timah is all about. 1026, 1027, 1128, 1129, 1130. You know where 1130 is? Newton/Novena, which will be the nearest to District 12 Moulmein and Balestier.

1128 is the Swiss Club stretch down to Shelford. 1129 covers Adam, University Rd, Trevose Crescent, Whitley, Swiss Cottage. 1130 starts from Goldhill, Chancery onwards past Barker Rd to Newton/Novena....traditionally not a very prime area as it is close to the slums of KK Hospital, Moulmein, and Balestier.

Why did they zone it like that? It is obvious that 1128 is a continuation of 1027. Imagine you go up Bukit Timah to the Sixth Avenue entrance, past Tan Chong Motor then immediately make a U-Turn back across the canal along Dunearn Road at Swiss Club Rd, then down past Eng Neo, Hillcrest, NJC, Watten, then you enter the 1129 realm of Trevose and Whitley. This was the traditional prime stomping ground of the old upper and upper middle class.

You do not know what Prime is, my friend. Prime is not several generic tall glass buildings squeezed together like HDB blocks.

If you don't know what you are talking about then do us all a favour, shut up, and stop displaying your ignorance here.

you must be fatbastardx... from the way you write. i recall some time back fatbastardx was singing the praises of newton/novena area and even encouraged that Park Infinia is a good buy (if i recall correctly, 3 of your friends grabbed a unit each at PI). well, now he has decided the area is a glorified hdb heartland.

Fair statement...
31-05-08, 18:40
Just called up CBRE to check on Shelford Suite. Average PSF: 1600. 5 Storey tall building. I passed by that place last month for another project's viewing over there, very exclusive and strategic hill-top area, problem is not sure whether current market sentiment is timely for me to enter...

Just wish to share about shelford area. It is a prime and established residential area, definitely no those fringe estates. In terms of convenience and amenities, there is a small lane that brings you to main junction i think several top primary schools are within 1km range, while HwaChong and Nanyang are also not far away. Coronation plaza and serene center are just across the BT road. Botanic garden mrt is just diagonally across and I understand that DTL will be stopping at BG mrt as well. Adam food center is just directly east facing...

On the other hand, I think Newton area is definitely prime, but not so sure about Novena. Novena is very convenient but a bit too close to TTSH, while some properties lie in balestiar area also claimed that they belongs to Novena...sigh

shelford is a nice area
31-05-08, 20:29
Just called up CBRE to check on Shelford Suite. Average PSF: 1600. 5 Storey tall building. I passed by that place last month for another project's viewing over there, very exclusive and strategic hill-top area, problem is not sure whether current market sentiment is timely for me to enter...

Just wish to share about shelford area. It is a prime and established residential area, definitely no those fringe estates. In terms of convenience and amenities, there is a small lane that brings you to main junction i think several top primary schools are within 1km range, while HwaChong and Nanyang are also not far away. Coronation plaza and serene center are just across the BT road. Botanic garden mrt is just diagonally across and I understand that DTL will be stopping at BG mrt as well. Adam food center is just directly east facing...

On the other hand, I think Newton area is definitely prime, but not so sure about Novena. Novena is very convenient but a bit too close to TTSH, while some properties lie in balestiar area also claimed that they belongs to Novena...sigh
the shelford area is actually very serene and especially at the top, very windy. for those devts at the top, they actually have a lovely panaromic view. if not for that side path to the main road, i really pity the residents who need to trudge up the long steep path to get home.

my main grouse though is that i need to travel quite some distance at bukit timah road just to make the u-turn to get into shelford road if i am on the wrong side of the road. otherwise, shelford's a very lovely place.

Toh Yi niah...
01-06-08, 11:06
the shelford area is actually very serene and especially at the top, very windy. for those devts at the top, they actually have a lovely panaromic view. if not for that side path to the main road, i really pity the residents who need to trudge up the long steep path to get home.

my main grouse though is that i need to travel quite some distance at bukit timah road just to make the u-turn to get into shelford road if i am on the wrong side of the road. otherwise, shelford's a very lovely place.

Used to give tuition at Shelford road. That place got lots of angmos and koreans, hilltop, quite upclass and serene. The path is ok lah, not too long (~100m) and not too steep, some more got stairs, but really a shortcut to main road. Thought that I can own a unit there, unfortunately still staying at Toh Yi HDB...:-(

get your facts right
01-06-08, 16:18
I could be wrong mentioning shelford area located on the fringe of D11. However, don't u think Shelford area is too close to Nexus, sterling etc which is under D21?

That is bullcrap. Are you stupid or what?

How the hell is the Shelford area near Nexus and Sterling?

Look at this map:
http://img90.imageshack.us/img90/6097/shelfordrdgt9.jpg

Are you next going to tell us that Queen Astrid Park, Sixth Avenue, Namly Avenue, etc are also located at the fringe of D10 near D21??

get your facts right
01-06-08, 16:24
you must be fatbastardx... from the way you write. i recall some time back fatbastardx was singing the praises of newton/novena area and even encouraged that Park Infinia is a good buy (if i recall correctly, 3 of your friends grabbed a unit each at PI). well, now he has decided the area is a glorified hdb heartland.

I dunno what fat shit bastard you're talking about. And you know what? A while back Newton and Novena WERE value for money good buys. That was, as you have correctly noted, SOME TIME BACK.

Most people who bought that Newton/Novena area SOME TIME BACK have already sold at sky high prices and have already laughed all the way to their banks several times over.

Tell me, would you pay that kind of money NOW at CURRENT market prices for that area?

get your facts right
01-06-08, 16:28
if not for that side path to the main road, i really pity the residents who need to trudge up the long steep path to get home.

The Shelford: no need to walk all the way in along the Shelford Road to enter the condo. Access is by Dunearn Road, as the estate covers the entire area stretching from Dunearn Rd all the way into SHelford Rd.

Shelford Suites: you WILL DEFINITELY have to walk 10 minutes in from Dunearn Road.

Lastly, most residents here have cars, except for the maids. So if you do not want to be mistaken as a maid or a low-end foreign talent, PLEASE BUY A NICE CAR for transport. Otherwise you can go stay in Newton or NOvena since you love MRT so much.

paperplate
01-06-08, 16:29
I dunno what fat shit bastard you're talking about. And you know what? A while back Newton and Novena WERE value for money good buys. That was, as you have correctly noted, SOME TIME BACK.

Most people who bought that Newton/Novena area SOME TIME BACK have already sold at sky high prices and have already laughed all the way to their banks several times over.

Tell me, would you pay that kind of money NOW at CURRENT market prices for that area?

Nobody is stopping u to buy shelford suites

Passing by
01-06-08, 19:43
[QUOTE=paperplate] However, don't u think Shelford area is too close to Nexus, sterling etc which is under D21? QUOTE]

Can tell that you do not know Bt Timah very well....Try jog to and fro bet. Shelford and Nexus frequently, can soon get 400 from IPPT

19 shelford
01-06-08, 19:48
The Shelford: no need to walk all the way in along the Shelford Road to enter the condo. Access is by Dunearn Road, as the estate covers the entire area stretching from Dunearn Rd all the way into SHelford Rd.

Shelford Suites: you WILL DEFINITELY have to walk 10 minutes in from Dunearn Road.

Lastly, most residents here have cars, except for the maids. So if you do not want to be mistaken as a maid or a low-end foreign talent, PLEASE BUY A NICE CAR for transport. Otherwise you can go stay in Newton or NOvena since you love MRT so much.

Not really, i walk to dunearn road in 3 min from the small lane at the end of Shelford Road...very convenient. Not to mention that MRT station will be ready in 1-2 years' time. No doubt that shelford is a nice and convenient place.

paperplate
01-06-08, 23:55
I think everyone got sidetracked...i started the topic by mentioning shelford suites may not worth to buy at 1.5-1.6k psf...

My family owns a unit at the sterling and the shelford last time and they sold both of them mid last yr...

To me, I dont really care much about district zoning. What I care is the accessibility, closeness to amenities and most imptly rental yield.
Based on my experience, most tenants will not pay extra buck for an apt at shelford area jus becoz its property vaue is more den sterling, maplewoods etc.

If you really love shelford area, pls go ahead to purchase shelford suites for self stay..if it is for investment, think twice and try to go for bigger units or penthouse if u have the capital.

By the way, if u were to compare Jardin vs shelford suites...i will go for the latter.

However, I could be wrong at my analysis...so feel free to comment if u feels shelford suites is a good buy at 1.6k psf and kindly state ur supporting reasons.

paperplate
02-06-08, 00:10
[quote=paperplate] However, don't u think Shelford area is too close to Nexus, sterling etc which is under D21? QUOTE]

Can tell that you do not know Bt Timah very well....Try jog to and fro bet. Shelford and Nexus frequently, can soon get 400 from IPPT

It is very subjective as in how close and far...I just feel that most ppl buy into bukit timah and shelford area becoz it is near to gd schools...And I seriously do not think they will top up a premium for shelford apts just becoz shelford is in D11.

Anyway love is blind. Shelford area has it's own uniqueness and charm..
Alot of things cannot be measured by monetary value. So, if u love it, i strongly recommend u to buy it and stay there happily. :)

For eg. I bot a plc at Jalan Loyang Besar for self stay which I know that plc cannot fetch high rental yield and have limited capital appreciation. However, I still buy becoz it is the plc and kind of lifestyle i pursue.

For those who loves the charm of jalan loyang besar area, feel free to visit my thread 'JLB residences-999leasehold'

Unregistered.....
02-06-08, 14:45
What will happen to those people who bought duchess residences at upto 2200 psf if shelford is only selling @ 1600psf?

Unregistered2
02-06-08, 17:38
I was actually looking to buying a unit there sometime beginning of this year so that my girl could enter RGPS but there was no launch though there were rumours of it ...

paperplate
03-06-08, 02:12
What will happen to those people who bought duchess residences at upto 2200 psf if shelford is only selling @ 1600psf?

Similar cases like those who bought Rochester, Riverine by the Park, One shenton etc...

paperplate
03-06-08, 02:17
I was actually looking to buying a unit there sometime beginning of this year so that my girl could enter RGPS but there was no launch though there were rumours of it ...

Maybe you should try to hunt for a unit at 'The shelford' instead? It may be a better buy at around 1.3k psf. I think The Shelford has a better location and larger landscaping and facilities. The security over there is quite tight too. However, they do not have balconies which is the 'In' thing now.

value for money
03-06-08, 09:30
Maybe you should try to hunt for a unit at 'The shelford' instead? It may be a better buy at around 1.3k psf. I think The Shelford has a better location and larger landscaping and facilities. The security over there is quite tight too. However, they do not have balconies which is the 'In' thing now.

19 shelford is on hill-top and even cheaper; good view as only 3th storey can have city view already, but only have badminton court instead of tennis court....

Unregistered2
03-06-08, 11:36
19 shelford is on hill-top and even cheaper; good view as only 3th storey can have city view already, but only have badminton court instead of tennis court....

unfortunately a bit too late now ... anyway i have already purchased another unit at Tanjong Rhu so my hands are tied ...what is the rental like for a 1-2 bedroom around that area?

Check
03-06-08, 18:43
unfortunately a bit too late now ... anyway i have already purchased another unit at Tanjong Rhu so my hands are tied ...what is the rental like for a 1-2 bedroom around that area?

about 3k for a 1+1 unit, and 3.5-4k for a 2+1unit...

Hype Hype
04-06-08, 00:27
unfortunately a bit too late now ... anyway i have already purchased another unit at Tanjong Rhu so my hands are tied ...what is the rental like for a 1-2 bedroom around that area?
Untie your hands. Dump now before your hands and legs tied forever. Lol mine tied too since I bought 3 units. Dumping 2 now.

Unregistered2
04-06-08, 09:39
Untie your hands. Dump now before your hands and legs tied forever. Lol mine tied too since I bought 3 units. Dumping 2 now.

haha ... don't worry i bought my units at a very cheap price (one less than $600 psf and the other less than <$800) ... and i can sustain them for a long time ... haha .. just waiting for the price to peak which i believe will eventually happen when all the development (IR, Garden By the Bay, Kallang Reservoir, New Stadium, River Taxi, MRT) around the area is completed. There is a lot going around the area ... so if can hold, should hold.

mr funny
12-06-08, 11:21
http://www.straitstimes.com/Money/Story/STIStory_246963.html

June 12, 2008

Prices of some new properties coming down

Move may signal end of months-long stand-off between buyers and sellers

By Fiona Chan, Property Reporter

http://www.straitstimes.com/STI/STIMEDIA/image/20080611/ST_IMAGES_FIOLAUNCH.jpg
# Shelford Suites (above) Sold in March for: $1,869 psf - $1,905 psf
# Current price: $1,600 psf

Dakota Residences
# Planned price: $1,000 psf - $1,100 psf
# Current price: $950 psf -- PHOTO: CITY DEVELOPMENTS


GOOD news for homebuyers: The prices of some new developments are finally starting to come down.

At least two new projects have been tagged with prices below what they were expected to fetch just months ago.

This may be because developers are faced with no sign of improvement in the cooling property market, consultants say. They may be choosing to move units by making their projects more affordable rather than continuing to wait out the gloomy sentiment.

One example is Dakota Residences in Dakota Crescent, a 99-year leasehold project by Ho Bee Investment and NTUC Choice Homes.

Sales of its 348 units will start next Saturday at an average of about $950 per sq ft (psf) - below the $1,000 psf to $1,100 psf that Ho Bee had previously targeted.

This means a 1,300 sq ft three-bedroom unit would cost about $1.24 million, down from as much as $1.43 million previously.

'After the land cost and building cost, the break-even price is actually almost $900 psf,' said a property agent, who asked not to be named.

The Straits Times understands that about 120 units will be released in the first phase, and prices may go up by at least 5 per cent for the remaining units, depending on demand.

For now, the two- and three-bedroom units that face away from Geylang River are said to cost $950 psf to $970 psf, while the bigger four-bedroom units facing the river will go for $1,000 psf.

City Developments' (CDL) Shelford Suites in Shelford Road has also started previews for its 77 units at about $1,600 psf on average.

Market watchers said this was lower than expected, as two units were sold in March for $1,869 psf and $1,905 psf.

Shelford Suites' launch had been delayed for months as CDL waited for sentiment to improve.

Property consultants say the act of lowering prices may be the beginning of the end of a months-long stand-off between homebuyers and home sellers that has led to a slump in transactions.

Would-be buyers have proved strongly resistant to current property prices, which have jumped 36 per cent in the last five quarters, while sellers have refused to reduce their prices until now.

But while lowering prices may jump-start the market, a one-off reduction may not be enough to sustain sales, said Mr Colin Tan, the head of research and consultancy at Chesterton International.

'Developers will have to continue to reduce prices if they want to maintain sales, as many projects are still out of the reach of owner-occupiers,' he said.

Meanwhile, developers are gearing up to launch more mid-tier projects for an increasingly price-sensitive market.

East Bay, a 40-unit condominium at Tay Lian Teck Road off Upper East Coast Road, will be on sale in the coming weeks. Prices average $1,100 psf, starting at about $600,000.

Also in the east, Ivory at Ceylon Road has sold about five of its 28 units. Prices start at $558,000 for a 640 sq ft two-bedroom apartment, averaging $800 psf.

At 353 Pasir Panjang Road, a 19-unit boutique project will be completed soon, though sales have just started. A handful of units have been sold so far, with one-bedroom apartments going for $550,000, and three-bedroom units priced at $1.4 million to $1.5 million.

[email protected]


ONE-TIME PRICE CUT NOT ENOUGH

'Developers will have to continue to reduce prices if they want to maintain sales, as many projects are still out of the reach of owner-occupiers.'

MR COLIN TAN, head of research and consultancy at Chesterton International, who thinks one-off price reductions may not be enough to sustain sales

Unregistered Guy
18-06-08, 15:08
What will happen to those people who bought duchess residences at upto 2200 psf if shelford is only selling @ 1600psf?

Actually, the 2 developments are not directly comparable. Different location, different unit sizes and different absolute land area (Duchess' land size is twice as big as Shelford Suites but just 50% more units). Furthermore, if you check the caveats, not too many people paid 2000 to 2200psf for a unit at Duchess.

Showroom Visitor
18-06-08, 15:50
I visited the Shelford Suites showroom recently, would like to share some facts (hopefully without bias):

Pros:

Shelford Suites will block some of the view of units at Shelford 19, thus, explaining the much lower price of that development, in addition to its age.

Most of the units are 3 bedrooms and almost all of them will have panaromic views of the city (for 3rd floor onwards, majority of which are east facing). these views are likely to be around for a long time as it is situated on a hill while everything else that it faces is on lower ground.

The 3 bedroom units are 1270 sq ft, thus, affordable at around $2m for a 3 bedroom unit.

There is a small walkway down to Dunearn Road and to Botanical Gardens MRT/Serene Centre/Coronation Plaza/Adam Food Centre so it is convenient to walk to the amenities.

Neutral:

I was quoted 1600psf which I think is neither cheap nor expensive, pretty fair. The price should be at a slight discount to Duchess Residences (median price of 1800+) as the sentiment was much stronger then and the Duchess area is truly a more exclusive area (as earlier posts have discussed about the branded cars and the no need for mrt).

Compared to the D21 prices for Cascadia, Floridian and Jardin which are being sold at equal if not higher prices, this developement can probably be considered cheaper.

Cons:

For those who drive, it is indeed a little troublesome to be on the "wrong" side of Bukit Timah Road as we really need to do a U-turn quite far down when returning home from the city.

At 1270 sq ft and balconies in living and all bedrooms, the remaining space is a tad small with one of the bedrooms smaller than the other.

There are 2 other negatives but both correctable with air-con:

The trade off of having panaromic views is that beyond the pool, its some churches followed by busy Adam Road and that is a source of some noise.

The east-west facing means that 2 of the bedrooms faces the hot west sun.

Nonetheless, these are just small negatives which probably does not apply to prime areas where view and air-con overwhelms. The development is also rare for the Shelford area as the 2 other developments are really very small developments.

Unregistered999
20-06-08, 13:27
R u a window showflat shopper?

Or same as others waiting for prices to dip further or hunting for fire sales now?

For those who oredi vested are hoping prices to rebound.
For those who miss the boat are hoping for prices to dip more.
For those who dun have $ to buy are hoping prices to crash!

Potential Buyer
20-06-08, 14:14
I visited the Shelford Suites showroom recently, would like to share some facts (hopefully without bias):

Pros:

Shelford Suites will block some of the view of units at Shelford 19, thus, explaining the much lower price of that development, in addition to its age.

Most of the units are 3 bedrooms and almost all of them will have panaromic views of the city (for 3rd floor onwards, majority of which are east facing). these views are likely to be around for a long time as it is situated on a hill while everything else that it faces is on lower ground.

The 3 bedroom units are 1270 sq ft, thus, affordable at around $2m for a 3 bedroom unit.

There is a small walkway down to Dunearn Road and to Botanical Gardens MRT/Serene Centre/Coronation Plaza/Adam Food Centre so it is convenient to walk to the amenities.

Neutral:

I was quoted 1600psf which I think is neither cheap nor expensive, pretty fair. The price should be at a slight discount to Duchess Residences (median price of 1800+) as the sentiment was much stronger then and the Duchess area is truly a more exclusive area (as earlier posts have discussed about the branded cars and the no need for mrt).

Compared to the D21 prices for Cascadia, Floridian and Jardin which are being sold at equal if not higher prices, this developement can probably be considered cheaper.

Cons:

For those who drive, it is indeed a little troublesome to be on the "wrong" side of Bukit Timah Road as we really need to do a U-turn quite far down when returning home from the city.

At 1270 sq ft and balconies in living and all bedrooms, the remaining space is a tad small with one of the bedrooms smaller than the other.

There are 2 other negatives but both correctable with air-con:

The trade off of having panaromic views is that beyond the pool, its some churches followed by busy Adam Road and that is a source of some noise.

The east-west facing means that 2 of the bedrooms faces the hot west sun.

Nonetheless, these are just small negatives which probably does not apply to prime areas where view and air-con overwhelms. The development is also rare for the Shelford area as the 2 other developments are really very small developments.

Does this development have Baywindows? If there are build in area should be discounted by at least 10 pct. How about planters? Do they have these as well? Also who is the developer? Freehold?

Guards
20-06-08, 14:17
Does this development have Baywindows? If there are build in area should be discounted by at least 10 pct. How about planters? Do they have these as well? Also who is the developer? Freehold?
just go and visit the showflat and find out......

bargain hunter
20-06-08, 16:22
Does this development have Baywindows? If there are build in area should be discounted by at least 10 pct. How about planters? Do they have these as well? Also who is the developer? Freehold?

The 3 bedrooms have no bay windows because all 3 bedrooms have balconies in addition to bigger one in the living room. There are only 6 2 bedrooms which have bay windows but these bay windows either face a wall or the development next door (still in the planning stage).

I am a "missed the boat" so turned window shopper. Looking for fire sales but on enquiries found that there are very few fire sales for desirable units in the secondary market. So currently just waiting unless a good fire sales deal comes along.

bargain hunter
20-06-08, 16:24
In case anyone is confused by my reply above, showroom visitor is officially registered as bargain hunter.

Meesiam08
20-06-08, 18:43
The 3 bedrooms have no bay windows because all 3 bedrooms have balconies in addition to bigger one in the living room. There are only 6 2 bedrooms which have bay windows but these bay windows either face a wall or the development next door (still in the planning stage).

I am a "missed the boat" so turned window shopper. Looking for fire sales but on enquiries found that there are very few fire sales for desirable units in the secondary market. So currently just waiting unless a good fire sales deal comes along.

I don't think there is any fire sales for you. Market is heading northward now, bro.

IMF has just adjusted up economy growth in 2008 for China from 9.4% to 9.8%. US has confirmed to escape from recession. These lethal combination are going to boost our economy performance this year and next.

Some top ppty executives hv bought big and accumulated their company stocks in the last few days. All signs are pointing to a strong market rebound in the coming weeks.

Get ready for good news and make wise decision.

bargain hunter
20-06-08, 20:57
I don't think there is any fire sales for you. Market is heading northward now, bro.

IMF has just adjusted up economy growth in 2008 for China from 9.4% to 9.8%. US has confirmed to escape from recession. These lethal combination are going to boost our economy performance this year and next.

Some top ppty executives hv bought big and accumulated their company stocks in the last few days. All signs are pointing to a strong market rebound in the coming weeks.

Get ready for good news and make wise decision.

That's fine. There are still bargains in the stock market, make money there then come back and buy property. :)

Meesiam08
20-06-08, 21:40
That's fine. There are still bargains in the stock market, make money there then come back and buy property. :)

I think you hv made a big mistake here. There are no such thing as bargain in stock market due to its high volatility.

While, the benefit of investing in ppty is clear. Lower in volatility and higher in stability as income producing assets.

Think about it, bro. It's always good to invest wisely.

Run Run
21-06-08, 00:14
I don't think there is any fire sales for you. Market is heading northward now, bro.

IMF has just adjusted up economy growth in 2008 for China from 9.4% to 9.8%. US has confirmed to escape from recession. These lethal combination are going to boost our economy performance this year and next.

Some top ppty executives hv bought big and accumulated their company stocks in the last few days. All signs are pointing to a strong market rebound in the coming weeks.

Get ready for good news and make wise decision.


Buyers forfeit deposits to exit deals
Developers left facing unsold inventory as tighter loans and falling markets hit sentiment

Yvonne Liu
Jun 18, 2008 , SCMP


Growing numbers of would-be home buyers in Beijing and Shenzhen are choosing to forfeit their deposits and withdraw from offers to buy homes as the uncertain outlook for the mainland property market erodes confidence.
Home buyers in Beijing have the right not to proceed with purchases and return properties to developers during a "cooling-off" period of seven days, but any deposits that typically range from 20,000 yuan (HK$22,668) to 30,000 yuan will be lost.


In Shanghai, where agents said buyers had also begun cancelling deals since last month, the cooling-off period is two days and if buyers withdraw from their contracts within this period their deposits are returned.

While the system gives buyers a second chance to reconsider their investments, it may become a nightmare for developers.

According to data compiled by the Beijing local government and quoted in the Beijing Morning Post, 0.72 per cent to 3.92 per cent of buyers of four large residential projects in Beijing did not proceed with their purchases since early this year.

The situation has since worsened, said Li Wenjie, the general manager of Centaline (China) in the city. "Investors have lost money on the stock market and now they worry that property prices will drop further because of the falls on the stock market," he said.

Ten new residential projects in Beijing received sale consents in April and last month and data shows that 2.8 per cent to 8.72 per cent of the buyers did not proceed with their purchases and returned the properties to the developers, Mr Li said.

"However, it would be unusual to see the percentage increase by much more than this, or, say, to more than 5 per cent [on average]," he added.

Many of the buyers now withdrawing from proposed deals were middle-income investors who had suffered the most as a result of the declines in share prices. Most had bought properties around the Fifth Ring Road for 10,000 yuan per square metre, he added.

In Shanghai, Jessica Jiang, a deputy manager at Century 21, said the situation was not as bad as Beijing as property prices did not rise sharply last year. "Property prices remained stable after the cooling measures in October last year. And the price war in the primary market is not as serious as Beijing or Shenzhen," she said.

However, in Shenzhen and Guangzhou property prices retreated sharply after the cooling measures. According to a research report by DTZ, property prices in Shenzhen and Guangzhou dropped 7.3 per cent and 3.3 per cent respectively in the first quarter. But prices in Beijing and Shanghai rose 2.7 per cent and 1.8 per cent respectively.

Andy Lee, the general manager for Centaline (China) in Shenzhen, said that the city did not offer cooling-off periods for buyers. About 5 per cent of those who bought properties in the peak seasons of last year were in default for units recently, he said.

He estimated more than 50 per cent of the buyers during the February, March, June and July peak seasons were investors.

New home prices in Shenzhen have dropped 25 per cent to 30 per cent since October last year. A project in Nanshan district in Shenzhen even cut prices by more than 40 per cent to about 12,000 yuan per square metre since the fourth quarter of last year.

Mr Lee said many investors expected the consolidation in the property market would continue.

"They expect the price war in the primary market will continue as tighter conditions on property loans and weak buying sentiment force developers to adopt aggressive price discounting to lure buyers," he said. "Now they are trying to stop their losses."

In Guangzhou, Centaline (China) general manager Ellis Wong Hin-ming said a similar situation had arisen where more than 30 per cent of buyers at Evergrande Royal Scenic Peninsula developed by Evergrande Real Estate Group (SEHK: 3333) had returned the units to developers.

However, the situation was better than in Shenzhen as the growth in Guangzhou property prices last year was lower than in Shenzhen, Mr Wong said.

Haha do you live on Mars? Market is headed down down...rather is tumbling in several places. Check out Shenzen which climbed last year. Already down 30% in 6 months. Forget everything and take the bitter pill brother.

bargain hunter
21-06-08, 11:11
runrun is trying to talk down the market again. he/she has posted this article on almost every thread. aren't u tired? shenzhen market has several different dynamics (earlier ppty bull run, more abundant land etc)so i don't think its comparable. i hate disruptive noise in this market, it only widens the stalemate and does not cause market to fall.

Unregistered999
21-06-08, 11:39
Shenzhen down, doesnt mean the whole world must follow..If only life is so simple....

Unregistered999
21-06-08, 18:18
....but a 40% drop is simple too based on market outlook.

Unregˇstered
21-06-08, 22:27
Haha do you live on Mars? Market is headed down down...rather is tumbling in several places. Check out Shenzen which climbed last year. Already down 30% in 6 months. Forget everything and take the bitter pill brother.
Haha you are living on Mars. URA price index is showing up. Yet you are saying down. Anyway, anybody can also talk cock. It's free!

Kwek Leng Beng says..
17-08-08, 01:04
If Mr Kwek is still so bullish about the health of the property market, why then does Thakral Land(a wholly owned unit of Hong Leong Asia/Mr Kwek Leng Beng) want to dispose of the all the balance 17 units of The Sovereign it owns?

Thakral Land has been keeping the 17 units of The Sovereign since TOP more than a decade ago. So why sell now?

There is redevelopment potential as the site’s current Masterplan plot ratio - ratio of maximum potential gross floor area to land area - is 2.8, which is higher than the 1.8 plot ratio tapped by the existing property. So why should Mr Kwek sell now?

Is Mr Kwek saying one thing and doing the contrary?

bargain hunter
17-08-08, 12:34
If Mr Kwek is still so bullish about the health of the property market, why then does Thakral Land(a wholly owned unit of Hong Leong Asia/Mr Kwek Leng Beng) want to dispose of the all the balance 17 units of The Sovereign it owns?

Thakral Land has been keeping the 17 units of The Sovereign since TOP more than a decade ago. So why sell now?

There is redevelopment potential as the site’s current Masterplan plot ratio - ratio of maximum potential gross floor area to land area - is 2.8, which is higher than the 1.8 plot ratio tapped by the existing property. So why should Mr Kwek sell now?

Is Mr Kwek saying one thing and doing the contrary?

I think you are mistaken with regards to Thakral Land. Thakral Land is a wholly owned unit of SGX listed Thakral Holdings. On 3 June 2008, Thakral announced that its Chief Operating Officer, Mr. Sherman Kwek Eik Tse has resigned "to pursue other business interest". Mr. Sherman Kwek is the son of Mr. Kwek Leng Beng. Even though Hong Leong Asia is a substantial shareholder in Thakral, it is insignificant in the context of the entire assets of Hong Leong Asia and when you compare this stake with Mr. Kwek's total stake in the entire privately owned Hong Leong, listed CDL and its hotel group M&C, it is even more insignificant and almost totally immaterial. It is clear that Mr. Kwek has lost interest in Thakral and is deploying his son to a more significant position within his Hong Leong stable of companies.

Thakral has net cash holdings of slightly above $100m. It is probably in the daily course of business that the 17 units of The Sovereign is on the market as the group seeks to reposition itself with a Pan Asian real estate focus. $100m is probably insufficient capital in the regional context if it wants to make an impact for a few projects as a foreign investor.

While, I would not say whether Mr. Kwek's comments are right or wrong, I think we should just take things easy, let prices cool over the next 1 year or so and just buy when you are more comfortable, there is no need to try to anticipate and be either short term bullish or bearish on the property market.

Am I wrong?
17-08-08, 15:28
Dear Bargain Hunter,
I got my facts from Straits Times story published on 4 Jun 2008. It is clearly stated that '...Thakral is a unit of listed Hong Leong Asia, itself a company in the Hong Leong stable.' See below. Is ST wrong then?



Source : Straits Times - 4 Jun 2008

"THE son of property tycoon and City Developments executive chairman Kwek Leng Beng has quit as chief operating officer of Thakral Corporation.

Mr Sherman Kwek, 32, who was appointed in June 2006, ran the day-to-day operations of the property firm and set its strategic direction.

It was announced yesterday that he would be resigning ‘to pursue other business interests’. His last day will be on Sept 1.

Thakral is a unit of listed Hong Leong Asia, itself a company in the Hong Leong stable. Hong Leong Asia triggered a mandatory general offer for Thakral after it converted its bonds into shares.

Mr Kwek’s departure raised speculation that he could be taking a more high-profile role at some of the larger Hong Leong companies, such as City Developments, Singapore’s No. 2 property developer.

It is also possible, however, that he is planning to spend more time on the business of listed HL Global Enterprises, the former LKN-Primefield, where he is already a director.

HL Global operates hotels and also has property interests in Singapore, Malaysia and China. Its market capitalisation is about $150 million.

Mr Kwek could be tasked with growing this company to be a key part of the Hong Leong Group."

bargain hunter
17-08-08, 22:27
Dear Bargain Hunter,
I got my facts from Straits Times story published on 4 Jun 2008. It is clearly stated that '...Thakral is a unit of listed Hong Leong Asia, itself a company in the Hong Leong stable.' See below. Is ST wrong then?



Source : Straits Times - 4 Jun 2008

"THE son of property tycoon and City Developments executive chairman Kwek Leng Beng has quit as chief operating officer of Thakral Corporation.

Mr Sherman Kwek, 32, who was appointed in June 2006, ran the day-to-day operations of the property firm and set its strategic direction.

It was announced yesterday that he would be resigning ‘to pursue other business interests’. His last day will be on Sept 1.

Thakral is a unit of listed Hong Leong Asia, itself a company in the Hong Leong stable. Hong Leong Asia triggered a mandatory general offer for Thakral after it converted its bonds into shares.

Mr Kwek’s departure raised speculation that he could be taking a more high-profile role at some of the larger Hong Leong companies, such as City Developments, Singapore’s No. 2 property developer.

It is also possible, however, that he is planning to spend more time on the business of listed HL Global Enterprises, the former LKN-Primefield, where he is already a director.

HL Global operates hotels and also has property interests in Singapore, Malaysia and China. Its market capitalisation is about $150 million.

Mr Kwek could be tasked with growing this company to be a key part of the Hong Leong Group."

Yes you have. A "unit" does not equate a wholly owned 100% subsidiary. From Thakral's annual report, you can see that Hong Leong Holdings only owns 34.42% of the publicly listed Thakral.

bargain hunter
17-08-08, 22:43
The Straits Times is clearly not wrong to refer to Thakral as a unit of Hong Leong asia. A mandatory takeover offer was also triggered because HL Asia converted the bonds into a stake and crossed the regulatory 30% mark. It was clearly not the intention of Hong Leong to privatise Thakral and make it a 100% subsidiary as it did not offer a price higher than their conversion price (which was lower than the market price prevailing then). HL Asia subsequently got few acceptances and ended up with a 34.42% stake.

xnanas
28-08-08, 22:59
i heard prices drop few mths after launched... i sold to one indonesian, n nw price drop. haiz, wat to do..

Arclotus
14-11-08, 00:33
Check out all info could be found here http://assetomgt.com/realty/property/projects/Shelford%20Suites

moonk123
24-11-08, 10:07
Project Name-Shelford Suites
Developer-City Developments Ltd
Property Type-Condominium
Tenure - Freehold
Total Units - 77
Completion Date - est 30jun 2011
District - 11

http://www.virtualhomes.sg/FileUpload/Project/2775/Images/main2.jpg

http://www.virtualhomes.sg/FileUpload/Project/2775/Images/floor_typeA.jpg

http://www.virtualhomes.sg/FileUpload/Project/2775/Images/floor_typeB1g1.jpg

http://www.virtualhomes.sg/FileUpload/Project/2775/Images/elevation.jpg

http://www.virtualhomes.sg/FileUpload/Project/2775/Images/site.jpg

more from:
http://www.virtualhomes.sg/shelfordsuites

moneyspinner
09-09-09, 19:26
Notice there is a relaunch of unsold units of this project. What do you guys think will be a reasonable psf at this time for this development?

teddybear
09-09-09, 20:53
Won't buy this project, almost 70% units all direct West-East facing! Will be hotter than hell in already hot Singapore!


Notice there is a relaunch of unsold units of this project. What do you guys think will be a reasonable psf at this time for this development?

chenjdd
09-09-09, 21:15
location is in one of my target areas but this project is a bit small. went to its showroom during earlier launch, don't like its' long shape design, no window at bathroom (can't remember 1 or 2 of them), unless at corner.

See more and more such design nowadays, any one has experience with no-window toilet? a problem or not?

Understand new launch price is 1500+psf, a bit too much imo. --one of reasons we turned to VIVA: Same price for more convenient location and much bigger land size/facilities.