URA mulls over monthly index on private home prices

[mr funny]

Published March 18, 2008

URA mulls over monthly index on private home prices

By KALPANA RASHIWALA


(SINGAPORE) The Urban Redevelopment Authority (URA) is mulling over the possibility of releasing the price index for private homes, at least for non- landed properties, on a monthly basis instead of just on a quarterly basis as it does currently, BT understands.

When contacted, a URA spokeswoman said: 'We are studying the possibility. We will let you know when a decision has been made.'

In the meantime, URA will issue the flash estimate for the Q1 2008 private home price index on April 1, as usual, the URA spokeswoman added.

Market watchers gave mixed reactions to the idea of URA releasing its private home price index every month. Some say this would complement the monthly developer sales data, while others suggest that the idea may not be such a good thing in today's quiet market.

'There may not be enough launches and property transactions to compute an index monthly in a quiet market,' said a seasoned property consultant. 'If the market turns, it may not be a good idea to keep reminding people every month that the index is going down or the volume of transactions is falling. That may accelerate the decline. It's psychological.'

But some players argued that this move could complement URA's monthly release of developers' sales data.

'The developer sales data shows a median price, which may not be reflective of the market since it depends on the type of units (including how they face and whether they have private enclosed spaces/ roof terraces) sold in a development in a particular month. Whereas the formula for a price index is more rigorous than a simple median price and provides a more accurate picture of actual price trends in the market,' says Colliers International's director of research and consultancy Tay Huey Ying.

She reckons that because an overall price index will be based on both primary and secondary market transactions, the volume of transactions should be enough for a monthly computation.

Currently URA publishes developers' private home sales data for each month in the middle of the following month on its website. However, if the authority decides to go ahead with issuing the price index for private homes on a monthly basis, it is likely that both information releases will be at the same time to avoid confusing the public, market watchers suggest.

They also say that if URA decides to go monthly with its price index, they would not be surprised if the Housing & Development Board also broadcasts its resale flat price index on a monthly basis.

[Unregistered]

If the number of transactions do not go up, i think is no point for such monthly index. Where are all the foreigners now, we need some activities here.

[Unregistered]

Published March 18, 2008

URA mulls over monthly index on private home prices

'If the market turns, it may not be a good idea to keep reminding people every month that the index is going down or the volume of transactions is falling. That may accelerate the decline. It's psychological.'

Oh dear , oh dear. Volumes down. Median prices down. Developers forced to hold back launches for fear of excaerbating the decline. US (our biggest export partner) getting worse by the month.

Go URA! Publish the monthly reports. Tip the balance! 'accelerate the decline'. Increase the speculators 'psychological' stress.

[Unregistered]

Oh dear , oh dear. Volumes down. Median prices down. Developers forced to hold back launches for fear of excaerbating the decline. US (our biggest export partner) getting worse by the month.

Go URA! Publish the monthly reports. Tip the balance! 'accelerate the decline'. Increase the speculators 'psychological' stress.


anything wrong with you?
today report stated, Feb price up 14.2% from Jan.
developers like CDL & UOL, they will hold back units for capital appreciation, they do not want to sell, rent out or lease out, the return is much better than sell now. Strong strategy & confidence in spore property market.

[Unregistered]

Oh dear , oh dear. Volumes down. Median prices down. Developers forced to hold back launches for fear of excaerbating the decline. US (our biggest export partner) getting worse by the month.

Go URA! Publish the monthly reports. Tip the balance! 'accelerate the decline'. Increase the speculators 'psychological' stress.

Sure to liao money. Last tender only $78 psf, developers shrink.

[Unregistered]

If the number of transactions do not go up, i think is no point for such monthly index. Where are all the foreigners now, we need some activities here.

Many foreigners already bought their units last year. When more units come on line in the next few years, rental rate will dip for sure and when it does, property price will come down....this is just like the cycle that pushed up the property price last two years, but just that it will be going into reverse direction this time...

[Unregistered]

Many foreigners already bought their units last year. When more units come on line in the next few years, rental rate will dip for sure and when it does, property price will come down....this is just like the cycle that pushed up the property price last two years, but just that it will be going into reverse direction this time...

So you agree that it has not happened yet?

[Unregistered]

So you agree that it has not happened yet?

Yes. Not happen yet. Because more foreigner will come, enbloc millionaire will buy. Less launches will mean supply will dip. Demand will increase, for sure price will go up. This is the property cycle and will go into reverse and heading UP.....

[Unregistered]

LOL.

This is the most funny website - comprising people who try to scare others with constant bad news, but are themselves constantly frustrated.


25 Feb 2008

Almost everyone is trying to take a slice of action at Marina Bay Financial Centre (MBFC) which will be fully completed by 2012.

American Express International (Amex) is the latest new tenant at Marina Bay Financial Centre (MBFC), which means that slightly more than half of the total 2.9 million square feet of offices in the entire development has been taken up.

Barclays is said to have agreed to lease about 100,000 sq ft or four floors in the tower, Icap is taking 35,000 sq ft and Pictet around 25,000 sq ft.

Standard Chartered is taking 24 floors or 508,298 sq ft out of its 600,000 sq ft of net lettable area at the first phase 33-storey Tower One.

Smaller tenants in that tower include French corporate and investment bank Natixis, which is taking 65,000 sq ft, and Wellington International Management Co (21,000 sq ft).

DBS has leased about 700,000 sq ft in MBFC's Tower 3 - which will be in the project's second phase and slated for completion by early 2012.

CBRE, the leasing agent of MBFC, said that Grade A office rents in Singapore rose 96.5% last year to hit $17.15 psf a month.

There is still much upside because of the severe shortage of available office space. But a sharp hike is unlikely given the current cautious moods among prospective tenants. A moderate growth in rent is a more likely scenario.

[Unregistered]

Yes. Not happen yet. Because more foreigner will come, enbloc millionaire will buy. Less launches will mean supply will dip. Demand will increase, for sure price will go up. This is the property cycle and will go into reverse and heading UP.....

With the number of enblocs transacted plus the govt aggressive land sale program for the past year, developer can only hold out the launch for so long..... The day will come when fire sale will begin....

[Unregistered]

25 Feb 2008

Almost everyone is trying to take a slice of action at Marina Bay Financial Centre (MBFC) which will be fully completed by 2012.

American Express International (Amex) is the latest new tenant at Marina Bay Financial Centre (MBFC), which means that slightly more than half of the total 2.9 million square feet of offices in the entire development has been taken up.

Barclays is said to have agreed to lease about 100,000 sq ft or four floors in the tower, Icap is taking 35,000 sq ft and Pictet around 25,000 sq ft.

Standard Chartered is taking 24 floors or 508,298 sq ft out of its 600,000 sq ft of net lettable area at the first phase 33-storey Tower One.

Smaller tenants in that tower include French corporate and investment bank Natixis, which is taking 65,000 sq ft, and Wellington International Management Co (21,000 sq ft).

DBS has leased about 700,000 sq ft in MBFC's Tower 3 - which will be in the project's second phase and slated for completion by early 2012.

CBRE, the leasing agent of MBFC, said that Grade A office rents in Singapore rose 96.5% last year to hit $17.15 psf a month.

There is still much upside because of the severe shortage of available office space. But a sharp hike is unlikely given the current cautious moods among prospective tenants. A moderate growth in rent is a more likely scenario.

I think everyone here should sit down calmly for a moment and ask yourself this question:

When the international banks start moving into this 2.9 million square feet of office space by 2012, who/what is going to move into these offices?

Robots who do not need a place to stay?

Labourers who earn $1,000 per month looking for HDB flats?

SMU fresh grads who earn $4,000 per month and still staying with their parents?

Or someone else?

Do you see the picture?

A tsunami is coming.

[Unregistered]

LOL.

This is the most funny website - comprising people who try to scare others with constant bad news, but are themselves constantly frustrated.

Think you are a bit late, half a year ago, this place was bombarded with good news. Funny indeed.

[Unregistered]

I think everyone here should sit down calmly for a moment and ask yourself this question:

When the international banks start moving into this 2.9 million square feet of office space by 2012, who/what is going to move into these offices?

Robots who do not need a place to stay?

Labourers who earn $1,000 per month looking for HDB flats?

SMU fresh grads who earn $4,000 per month and still staying with their parents?

Or someone else?

Do you see the picture?

A tsunami is coming.

The papers keep mentioning about shortages of office space, is it true? If it is true, these "companies" will replace these empty spaces.

[Unregistered]

Oh dear , oh dear. Volumes down. Median prices down. Developers forced to hold back launches for fear of excaerbating the decline. US (our biggest export partner) getting worse by the month.

Go URA! Publish the monthly reports. Tip the balance! 'accelerate the decline'. Increase the speculators 'psychological' stress.

Who told you the median prices have fallen? Go read the full report (e.g. in The Straits Times) before you make your wild statement.

Just to give you a hint, if you purposedly take the lowest set of median prices, the price dropped only by 0.4%. If you take the normal set of median prices, prices have continued to move up.

[Unregistered]

"For units sold in the Rest of Central Region (RCR), the lowest median price increased 14.2% from $765psf in January to $874psf in February."



not bad, price still up in Feb.

Prices went up by 14.2%?
Good! Keep it up!

[Unregistered]

Prices went up by 14.2%?
Good! Keep it up!

But still left behind by HK performance. Over there, the ppty prices hv already far exceeded the peak in 1997. Here, we are still 20% below the previous peak. In fact, we are going to hv 2 IR's, F1, YOG, better air quality and so on.

Something is wrong here, isn't it?

[Unregistered]

With the number of enblocs transacted plus the govt aggressive land sale program for the past year, developer can only hold out the launch for so long..... The day will come when fire sale will begin....

Fire sale ? Are you refering to the fire now burning up your ass for not investing earlier ? It's still not too late, you know. Buy before your ass is thoroughly burnt soot black !

[Unregistered]

But still left behind by HK performance. Over there, the ppty prices hv already far exceeded the peak in 1997. Here, we are still 20% below the previous peak. In fact, we are going to hv 2 IR's, F1, YOG, better air quality and so on.

Something is wrong here, isn't it?

Singapore property is dirt cheap in comparing to those in HK. One would expect folks in HK will queue up to buy Singapore property. Wrong! I was surprised to find out the other days that despite a surge of buying of Sinagpore property by foregniers last years, only 1% of total foreign buying were by folks from HK. Lesson: there is so such thing as cheap or expensive, investors only care about upside potential! Folks in HK are good at speculative activity and they just don't see great upside potential in SInagpore property!

[Unregistered]

Sure to liao money. Last tender only $78 psf, developers shrink.Why $78 psf is because this piece of land is in westwood 99yr lease, which is close to the foreign workers dormitory and chinese ,Malay tomb in Lim Chu Kang.No a very desirable site lah!

[Unregistered]

Why $78 psf is because this piece of land is in westwood 99yr lease, which is close to the foreign workers dormitory and chinese ,Malay tomb in Lim Chu Kang.No a very desirable site lah!
Remember good thing will not come cheap or cheap thing will not be ????????

[Unregistered]

Originally Posted by Unregistered
Sure to liao money. Last tender only $78 psf, developers shrink.


Why $78 psf is because this piece of land is in westwood 99yr lease, which is close to the foreign workers dormitory and chinese ,Malay tomb in Lim Chu Kang.No a very desirable site lah!

Aiyah ... I already said many times that this is the problem with construction costs.

The developers are being squeezed by construction costs.

If you look at transactions from www.nationproperty.sg around Westwood Avenue, Westwood Terrace and Westwood Drive, you find that the a typical 3-storey terrace of around 1800 sf sells for only $820,000 to $990,000.

If you go to URA website and check Masterplan 2003, the plot ratio at this Westwood Area is 2.8 so the build-up area for a plot area of 1800 sf is around 5000 sf of build up area.

The construction cost of landed property is higher than for condo because don't have economies of scale.

Even if we use a very low end mass market construction cost of $300 psf and apply to 5000 sf of build up area, the cost alone is $1.5 million !!!

Then add another $78 psf for the tender price. That comes to $1.89 million !!!

Who wants to pay $1.89 million for a terrace house in Jurong West?

You see the problem is the economics just isn't right.

If you work backwards, and take the current selling price of $990 k divide by 5,000 sf, the price is $198 psf.

This is even less than the construction cost !!!

The economics just isn't right.

The problem is that Jurong West is so far away from town that it's as good as staying in Johor Bahru.

But in Johor Bahru at least you can get much cheaper construction costs because they don't ban their own sand and their labourers are much cheaper. Hence Malaysian developers can still make money.

However, if you apply Singapore construction costs to a Johor Bahru or Jurong West house, then it just doesn't add up.

It's like asking a goldsmith to help you craft a piece of iron into a heart shape Valentine Day present for your girlfriend. The labour cost alone is even more than the cost of the iron. And then your girlfriend may not even appreciate the iron heart. Goldsmith's labour is expensive so should give him gold to craft and not iron.

[Unregistered]

Hong Kong people are generally smart and practical. Prior to 1997 few thought of migrating to Singapore and most especially the better educated went to other cities of big countries eg Vancouver, San Fran, NY, Sydney etc. Singapore was considered too small, lacked opportunities and over regulated. Their dismal score of 1% out of all foreign buyers of properties here is not surprising - they got it right anyway !!! too much interference of a free market they are accustomed to.

[Unregistered]

Singapore property is dirt cheap in comparing to those in HK. One would expect folks in HK will queue up to buy Singapore property. Wrong! I was surprised to find out the other days that despite a surge of buying of Sinagpore property by foregniers last years, only 1% of total foreign buying were by folks from HK. Lesson: there is so such thing as cheap or expensive, investors only care about upside potential! Folks in HK are good at speculative activity and they just don't see great upside potential in SInagpore property!
Yao mo gao chor ah. Market down 10 years. Go up few months and measures come out fast (land release, new enbloc regulations, dev charge).

[Unregistered]

Yao mo gao chor ah. Market down 10 years. Go up few months and measures come out fast (land release, new enbloc regulations, dev charge).


you are right, property down 10 years only up a few months, gov started cooling measure due to people complained, who want to invest here in this way?
everything also can complain to MP, bring into parliament, stock market down? did not kena 4D? .....real hopeless!

[Unregistered]

Also developers must submit monthly sales data. Now URA toying with monthly report instead of quarterly. Soon all the Westerners and Middle Easterners will pull out and buy HK & Tokyo.

[Unregistered]

Hong Kong people are generally smart and practical. Prior to 1997 few thought of migrating to Singapore and most especially the better educated went to other cities of big countries eg Vancouver, San Fran, NY, Sydney etc. Singapore was considered too small, lacked opportunities and over regulated. Their dismal score of 1% out of all foreign buyers of properties here is not surprising - they got it right anyway !!! too much interference of a free market they are accustomed to.

Not really true that Singapore is over regulated. In fact, Singapore is the second freest economy in the world, after Hong Kong.

http://app.mfa.gov.sg/pr/read_content.asp?View,6294,

To say that Singapore is over regulated just because it is number 2 compared to Hong Kong, is like saying that Bill Gates is poor because he is number 2 compared to Warren Buffett (yes, their position has interchanged this year).

Due to the sheer number of sour grapes in Singapore, the Government sometimes have no choice but to wayang wayang a bit.

However, if you seriously track the residential property price index of these two Asian economies, you will find that they are almost identical twins. Just go to the respective websites below and look at the charts.



Residential Price Index Comparison Between Singapore and Hong Kong between 1979 and 2004.

Year...........Singapore...........Hong Kong

1979................20...................20

1989................50...................50

1996(Peak)........185.................200

1998(Crash).......120.................120

2004(Pre-Boom)..110.................100

Sources:

Singapore 1960 to 2006
www.redas.com/einformation/mt/researchpaper/PPIGovtmeasures.pdf

Hong Kong 1979 to 2004
http://business.fullerton.edu/finance/jrel/papers/pdf/past/2005vol13n3/05.337_356.pdf

[Unregistered]

you are right, property down 10 years only up a few months, gov started cooling measure due to people complained, who want to invest here in this way?
everything also can complain to MP, bring into parliament, stock market down? did not kena 4D? .....real hopeless!
Hopeless for the speculator but good for Singapore's economy. We are driven by productivity not by speculation.

[Unregistered]

Sure to liao money. Last tender only $78 psf, developers shrink.


Why $78 psf is because this piece of land is in westwood 99yr lease, which is close to the foreign workers dormitory and chinese ,Malay tomb in Lim Chu Kang.No a very desirable site lah!

The Government did not award the Jurong West site lah.

The Government is also mindful to keep property prices buoyant otherwise if the Integrated Resorts open amidst a downturn in property market, not very good publicity for Singapore.


Business Times - 19 Mar 2008

Jurong West landed plot not awarded

THE government yesterday said that it's not awarding a landed housing parcel in Jurong West - because the bids were too low.

When the tender for the 151,759 square foot site closed this month, there were just two bids. And the higher of the two was a low $11.8 million - or just $77.80 per square foot - in what was taken as a sign of an uncertain property market. That bid, from Boon Keng Development, was significantly below the $200-$250 psf of land area that analysts reckoned the site could fetch.

The other bid came from Sunway Concrete Products, a unit of Malaysia-listed Sunway Holdings. It offered $10.3 million, or $68.10 psf of land area.

Property analysts said then that there was a chance the government would not award the site, as has happened before when the highest bid was too low.

In January, for example, the government decided not to sell a short-term office site at Aljunied because the sole bid was too low. The move followed a string of lower-than-expected offers for state land.

'The decision is expected on the Jurong site, as the top bid was well below the market rate,' Cushman & Wakefield managing director Donald Han said yesterday. 'It would not have been justifiable to award the site, as it would have been a shockwave in terms of market value in that area.'

It is estimated that 50 to 60 landed homes can be built on the 99-year leasehold site in Westwood Avenue.

Copyright © 2007 Singapore Press Holdings Ltd. All rights reserved.

[Unregistered]

The Government did not award the Jurong West site lah.

The Government is also mindful to keep property prices buoyant otherwise if the Integrated Resorts open amidst a downturn in property market, not very good publicity for Singapore.May be for short term it can re-tender out to build foreign workers dormitory.

[Unregistered]

The Government did not award the Jurong West site lah.

The Government is also mindful to keep property prices buoyant otherwise if the Integrated Resorts open amidst a downturn in property market, not very good publicity for Singapore.

Gahmen got load of cash, good price SELL, no good price WAIT. These developers want to try their luck (think it is like CEO, can bid $1 and hope to get it), wait long long.

As for many sellers, the same logic apply. Maybe a few need cash for other investments/purposes willing to lower the prices, for most who can hold, why sell? FD earns about 1% interest, net Rental yield easily in the range of 3% to 4%, mortgage rate about 2% (+-).

[Unregistered]

Hopeless for the speculator but good for Singapore's economy. We are driven by productivity not by speculation.

Don't use speculation as a scape goat lah. Govt won't be so stupid to swallow your "sour grape" once more. This time price increase is going to be purely fundamental.

[Unregistered]

Hopeless for the speculator but good for Singapore's economy. We are driven by productivity not by speculation.


Don't use speculation as a scape goat lah. Govt won't be so stupid to swallow your "sour grape" once more. This time price increase is going to be purely fundamental.

Singapore's property market is undergoing a very unique transformation. It is driven by neither "productivity" nor "speculation" nor "fundamental".

Singapore is transforming into a playground for the "rich and famous". The people moving into Orchard Road and Marina Bay now are not your run-of-the-mill CEOs and Company MDs. They are the bosses of the the CEOs and MDs.

These people, like Jim Rogers the legendary investor who co-founded to Quantum Fund together with George Soros, Jet Li the international filmstar, Sudhir Gupta the Indian-Born owner of Russian-listed Amtel-Vredestein, Satinder Garcha the internet-entrepreneur turned property developer, are now converging into Singapore because of its clean and safe image.

Is this due to "productivity"? No it's got nothing to do with productivity. How many disk drives our factory engineers produce will not affect Sudhir Gupta's ability to purchase high end properties because his business Amtel-Vredestein is based in Russia.

Is this due to "speculation"? No it's got nothing to do with speculation. Jim Rogers is a hedge fund speculator but he's not a property speculator. He moved to Singapore in order to provide his daughter a good education and also because our air here is clearner than Beijing or Hong Kong's.

Is this due to "fundamentals"? No it's got nothing to do with fundamentals. I don't think people will watch less of Jet Li's movies if the economy is bad.

These Ultra High Networth Individual (UHNI) are pushing out from Orchard Road the VHNI en blockers (e.g. doctors or lawyers staying there). (VHNI stands for Very High Networth Individuals).

They're virtually telling these professionals "Here, take the money and get the F*** out of my Orchard Road playground!"

So these VHNIs, after collecting their millions, go to the City Fringe like East Coast and Thomson and tell the HNI owners, e.g. retired school principals, "Here, take the money and get the F*** of East Coast!"

These HNIs then take their money to the HDB flats at Queenstown and tell the people there "Here, take the money and get the F*** out of Queenstown!"

And this goes on ...

[Unregistered]

Singapore property is dirt cheap in comparing to those in HK. One would expect folks in HK will queue up to buy Singapore property. Wrong! I was surprised to find out the other days that despite a surge of buying of Sinagpore property by foregniers last years, only 1% of total foreign buying were by folks from HK. Lesson: there is so such thing as cheap or expensive, investors only care about upside potential! Folks in HK are good at speculative activity and they just don't see great upside potential in SInagpore property!
The older HKees got burnt at 98' they need to have the confidence to come back again.

[Unregistered]

Singapore's property market is undergoing a very unique transformation. It is driven by neither "productivity" nor "speculation" nor "fundamental".

Singapore is transforming into a playground for the "rich and famous". The people moving into Orchard Road and Marina Bay now are not your run-of-the-mill CEOs and Company MDs. They are the bosses of the the CEOs and MDs.

These people, like Jim Rogers the legendary investor who co-founded to Quantum Fund together with George Soros, Jet Li the international filmstar, Sudhir Gupta the Indian-Born owner of Russian-listed Amtel-Vredestein, Satinder Garcha the internet-entrepreneur turned property developer, are now converging into Singapore because of its clean and safe image.

Is this due to "productivity"? No it's got nothing to do with productivity. How many disk drives our factory engineers produce will not affect Sudhir Gupta's ability to purchase high end properties because his business Amtel-Vredestein is based in Russia.

Is this due to "speculation"? No it's got nothing to do with speculation. Jim Rogers is a hedge fund speculator but he's not a property speculator. He moved to Singapore in order to provide his daughter a good education and also because our air here is clearner than Beijing or Hong Kong's.

Is this due to "fundamentals"? No it's got nothing to do with fundamentals. I don't think people will watch less of Jet Li's movies if the economy is bad.

These Ultra High Networth Individual (UHNI) are pushing out from Orchard Road the VHNI en blockers (e.g. doctors or lawyers staying there). (VHNI stands for Very High Networth Individuals).

They're virtually telling these professionals "Here, take the money and get the F*** out of my Orchard Road playground!"

So these VHNIs, after collecting their millions, go to the City Fringe like East Coast and Thomson and tell the HNI owners, e.g. retired school principals, "Here, take the money and get the F*** of East Coast!"

These HNIs then take their money to the HDB flats at Queenstown and tell the people there "Here, take the money and get the F*** out of Queenstown!"

And this goes on ...

Is this what experts say "climb up the value chain"? Very 'chim', indeed!

[Unregistered]

Singapore's property market is undergoing a very unique transformation. It is driven by neither "productivity" nor "speculation" nor "fundamental".

Singapore is transforming into a playground for the "rich and famous". The people moving into Orchard Road and Marina Bay now are not your run-of-the-mill CEOs and Company MDs. They are the bosses of the the CEOs and MDs.

These people, like Jim Rogers the legendary investor who co-founded to Quantum Fund together with George Soros, Jet Li the international filmstar, Sudhir Gupta the Indian-Born owner of Russian-listed Amtel-Vredestein, Satinder Garcha the internet-entrepreneur turned property developer, are now converging into Singapore because of its clean and safe image.

Is this due to "productivity"? No it's got nothing to do with productivity. How many disk drives our factory engineers produce will not affect Sudhir Gupta's ability to purchase high end properties because his business Amtel-Vredestein is based in Russia.

Is this due to "speculation"? No it's got nothing to do with speculation. Jim Rogers is a hedge fund speculator but he's not a property speculator. He moved to Singapore in order to provide his daughter a good education and also because our air here is clearner than Beijing or Hong Kong's.

Is this due to "fundamentals"? No it's got nothing to do with fundamentals. I don't think people will watch less of Jet Li's movies if the economy is bad.

These Ultra High Networth Individual (UHNI) are pushing out from Orchard Road the VHNI en blockers (e.g. doctors or lawyers staying there). (VHNI stands for Very High Networth Individuals).

They're virtually telling these professionals "Here, take the money and get the F*** out of my Orchard Road playground!"

So these VHNIs, after collecting their millions, go to the City Fringe like East Coast and Thomson and tell the HNI owners, e.g. retired school principals, "Here, take the money and get the F*** of East Coast!"

These HNIs then take their money to the HDB flats at Queenstown and tell the people there "Here, take the money and get the F*** out of Queenstown!"

And this goes on ...
What's the big deal? There're lots more in London, New York and Paris. Singapore cannot compare.

Your dream goes on ...

Meanwhile our government is still aiming to be productive, not aiming to serve the rich and famous.

[Unregistered]

Singapore's property market is undergoing a very unique transformation. It is driven by neither "productivity" nor "speculation" nor "fundamental".

Singapore is transforming into a playground for the "rich and famous". The people moving into Orchard Road and Marina Bay now are not your run-of-the-mill CEOs and Company MDs. They are the bosses of the the CEOs and MDs.

These people, like Jim Rogers the legendary investor who co-founded to Quantum Fund together with George Soros, Jet Li the international filmstar, Sudhir Gupta the Indian-Born owner of Russian-listed Amtel-Vredestein, Satinder Garcha the internet-entrepreneur turned property developer, are now converging into Singapore because of its clean and safe image.

Is this due to "productivity"? No it's got nothing to do with productivity. How many disk drives our factory engineers produce will not affect Sudhir Gupta's ability to purchase high end properties because his business Amtel-Vredestein is based in Russia.

Is this due to "speculation"? No it's got nothing to do with speculation. Jim Rogers is a hedge fund speculator but he's not a property speculator. He moved to Singapore in order to provide his daughter a good education and also because our air here is clearner than Beijing or Hong Kong's.

Is this due to "fundamentals"? No it's got nothing to do with fundamentals. I don't think people will watch less of Jet Li's movies if the economy is bad.

These Ultra High Networth Individual (UHNI) are pushing out from Orchard Road the VHNI en blockers (e.g. doctors or lawyers staying there). (VHNI stands for Very High Networth Individuals).

They're virtually telling these professionals "Here, take the money and get the F*** out of my Orchard Road playground!"

So these VHNIs, after collecting their millions, go to the City Fringe like East Coast and Thomson and tell the HNI owners, e.g. retired school principals, "Here, take the money and get the F*** of East Coast!"

These HNIs then take their money to the HDB flats at Queenstown and tell the people there "Here, take the money and get the F*** out of Queenstown!"

And this goes on ...



you are right, but these HNI people is much more humble than you.

[Unregistered]

What's the big deal? There're lots more in London, New York and Paris. Singapore cannot compare.

Your dream goes on ...

Meanwhile our government is still aiming to be productive, not aiming to serve the rich and famous.

Let me rephrase your statement:

"Our government is still aiming to be productive, in order to serve the rich and famous".

See article below. Take note of the part that I highlight in bold red colour.


The Business Times

29 Oct 2007

WDA to target bosses, senior execs in service excellence drive
By CHUANG PECK MING

(SINGAPORE) Bosses and management staff will be the target next month when the Workforce Development Agency (WDA) kicks off its latest campaign to drive service excellence.
This year's effort comes at a time when the local tourism landscape is shifting to higher ground as a record number of tourists has descended on Singapore, with more to come when the Formula One race and integrated resorts take off.
'The service industry is at a very exciting turning point,' says Ong Ye Kung, WDA's chief executive. 'Singapore now has a whole new tourism landscape. Someone described to me that we are now a playground of the rich and famous. Look at the property prices. I think they indicate that.'
There is a different look and feel about Singapore's tourism business now - and that is rubbing off on the retail trade and many others in the services sector, like healthcare and education.
'The sophistication of our service level must rise in tandem with the sophistication of demand we are now facing,' Mr Ong says.
As with the spike in property prices, the service standards here - going beyond 'greeting, smile and thanks' - are also set to rise, now that workers are more aware of the need to offer good service to customers - an indication that the 'Go-the-Extra-Mile -for-Service' (GEMS) movement has got its message through.
'There is a critical mass of workers who feel that they really have to give good service - that it is good professionalism, good for their careers,' Mr Ong told BT in a recent interview.
And according to him, the greater awareness is reflected in greater media coverage of service standards and in letters of complaints and praises written by the public to The Straits Times's Forum Page.
'When there is awareness, people seek to improve,' Mr Ong says. But he also points out that awareness is only the start - it has to be guided.
And that's where business leaders come in - they have to provide the training for workers; set up the standard operating procedures and system to ensure service delivery is consistent and reliable; and empower workers with the flexibility to act on the ground.
Singapore could do with more CEOs and senior executives taking the lead in raising service quality here.
According to a recent WDA poll of 1,623 executives, most know service is important but only half of them are ready to do anything about it.
And even though most bosses recognise service matters, Mr Ong says the number is still not large enough.
'The majority of CEOs think service is important but it's not a huge majority,' he says. 'The percentage is still less than the percentage for workers and the public.'
He finds this puzzling: 'CEOs should be the ones leading the thought process, asserting their thought leadership and they should have the highest percentage in terms of saying how important service level is.'
Like all changes in a company, Mr Ong says service improvement should also be driven from the top.
'When we first started the GEMS movement, our instinct was to say everyone has a part to play,' he says. 'Today we are in the next phase of the GEMS movement. I, WDA as well as our council members are beginning to have the feeling that CEOs play a particularly important role - and this year, in the next phase of GEMS movement, we want to focus on what CEOs can do.'
The WDA wants to go beyond the job of the CEOs and senior management in setting the tone, providing the tools to workers and putting in place what it takes to raise service quality.
'My hope is that we can create public discussions among CEOs and top (business) leaders, to discuss what really is their role as the CEO in shaping our service culture so that we can develop a unique brand of service for Singapore,' Mr Ong says.
Just being friendly is simply not enough. 'The foundation in good service is getting things done properly, consistently, according to customers' expectations and six sigma standards (perfection in quality), giving customers what they want,' Mr Ong stresses.
Perhaps, he says, bosses are reluctant to take on service improvement because they think it means extra cost - like offering gold-plated cutlery instead of cheaper stainless steel. This notion needs to be corrected.
'It's not very different from how a manufacturing company or factory works,' Mr Ong says. 'It's process-based, it's about being able to solve problems on the ground, empowerment. These are all good manufacturing practices which are applicable to service industries - and which will make good service.'
Putting bosses in the spotlight, WDA hopes to deepen its push for service quality. It also wants to extend the service message beyond the 'obvious industries' , to the logistics, banking, healthcare and transportation sectors.
'We have a lot of good things going for us in terms of standard operating procedures, discipline at the workplace,' Mr Ong says.
'We have a disciplined workforce that can follow the SOPs very well. That's half the battle won. The other half is adding in the smile, the empowerment. First the form, next is the passion and the sincerity. I think we can reach there.'
Copyright © 2007 Singapore Press Holdings Ltd. All rights reserved.

[Unregistered]

But in one fell swop last October the ppty market and enbloc died a writhling death.

[Unregistered]

you are right, but these HNI people is much more humble than you.

I think you have not really interacted much with HNI people.

Or perhaps you've only seen them on TV talking about how much they "care" for their employees and the environment.

There are two types of HNI individuals:

1. Those who've inherited their wealth are usually quite gracious and humble.

2. On the other hand, those who've built up their business from scratch are anything but gracious and humble.

A person who is gracious and humble doesn't get anywhere in life if he doesn't also happen to be born with a silver spoon in his mouth.

[Unregistered]

But in one fell swop last October the ppty market and enbloc died a writhling death.

It's taking a rest, after climbing up the stairs so fast in such a short time.