Home prices surpass 1996 levels

[mr funny]

Published March 27, 2008

Home prices surpass 1996 levels

Even if the US sub-prime problem drags on, mid and mass market homes would still see price increases this year, says HAN HUAN MEI


RESIDENTIAL property prices in Singapore saw phenomenal growth in 2006-7. Robust economic growth of about 7-8 per cent in the past three years, a growing number of millionaires and anticipated spinoffs from the integrated resorts ignited the high-end segment before finally filtering down to the mid and mass markets in the second quarter of 2007.

By the end of 2007, prices in dollar terms had surpassed the levels in 1996, although the Urban Redevelopment Authority (URA) private residential price index had yet to hit the peak of 181.4 points achieved in Q2 1996. This is especially the case for new projects. For example, units in luxury projects like Cliveden at Grange, Hilltops and The Orchard Residences were selling at above $3,500 per sq ft compared with those in Ardmore Park, which were selling above $1,800 psf in 1996.

In the mid-tier segment, units in projects like Aalto, Jardin and Zenith were selling above $1,600 psf in 2007, compared to 1 King Albert Park and Trellis Tower, which were sold at $900-$1,100 psf in 1996. As for mass market projects, 2007 saw units in projects like Fontaine Parry, Hillvista and Oasis Garden being sold at $850-$1,000 psf while in 1996, units in Hazel Park, Ballota Park and Sherwood Condominium were sold at $680 psf-$850 psf.

In the last two years, the URA price index showed that prices of landed homes rose by 32 per cent while those of non-landed homes (apartments and condominiums) rose by 47 per cent. Furthermore, within the non-landed segment, prices of uncompleted homes (mostly new launches and developers' sales) grew by 53 per cent whereas those of completed homes (existing stock, resale transactions) rose 45 per cent.

Based on URA price indices by region for uncompleted non-landed properties, the Core Central Region (CCR, districts 9, 10, 11 and Downtown Core and Sentosa) took the lead with a 67 per cent growth followed by the Rest of Central Region (RCR, Central Region outside the core region) with a 41 per cent growth and the Outside Central Region (OCR), with a 35 per cent growth.

For non-landed homes in the resale market, the price increase was 45 per cent over the last two years, driven mostly by transactions in the CCR. Prices there rose by 43 per cent, followed by 31 per cent for those in the RCR and 28 per cent for those in the OCR.

A comparison of median prices in Q4 2007 showed an interesting geographical shift across the island from Q4 2006. For simplicity, we have confined our analysis to non-landed homes.

For the new homes sold as at Q4 2006, the highest price band was $1,500-$2,000 psf for properties in districts 1, 2 and 4. Examples of new projects in these districts in 2006 would include Marina Bay Residences, Lumiere, and The Coast and The Oceanfront at Sentosa Cove.

Properties in the lowest band - below $700 psf - were found in districts 5, 8, 12, 13, 14, 16, 17, 19, 22, 23, 6 and 27. Examples of new launches at that time included Ferraria Park, One St Michael's, The Infiniti, The Quartz and The Stellar. Most of these are 99-year leasehold projects catering to the mass market. However, by Q4 2007, the highest price band moved up to over $3,000 psf for properties in districts 9 and 10 for projects like 8 Napier, Cliveden At Grange, Scotts Square and The Orchard Residences. Similarly, the lowest band was raised to $700 psf to $1,000 psf for projects in districts 3, 5, 8, 12, 13, 17, 19 and 22, reflective of prices of Casa Fortuna, Fontaine Parry, Oasis Garden and The Lakeshore.

As for properties in the popular East Coast area, their prices have moved up from $700-$1,000 psf to $1,000-$1,500 psf for district 15. In district 16, they moved from below $700 psf to $700-$1,000 psf over the same period.

In the resale market, there was a lag in price growth because this sector involved basically older properties which lacked the aesthetic appeal and quality of new properties. As at Q4 2006, among the properties that were sold, only those in district 9 made it to the top of the range for the price band of $1,000-$1,500 psf. These included properties like Aspen Heights, Cairnhill Crest, The Claymore and The Pier At Robertson. However, a year on, the price band moved up to $1,500-$2,000 psf. Transactions in district 10 joined this category, involving units in Ardmore Park, Draycott Eight and The Tessarina.

With the exception of districts 4, 9, 10 and 11, resale transactions in the rest of the island were largely below $700 psf in Q4 2006, the price band for mass market properties. Similarly, in Q4 2007, property prices in the more popular districts (1, 2, 3, 5, 7, 8, 12, 15, 16 and 21) moved up to the $700-$1,000 psf price band.

Notably, prices of properties in districts 1 and 3 as well as 11 moved up to the $1,000-$1,500 psf band in Q4 2007 from previous price bands of below $700 psf and $700-$1,000 psf respectively.

Last year ended on a cautious note as the sub-prime mortgage crisis in the US had a somewhat negative effect on global financial markets and the economy. Most home buyers have been infected by the current mood and have turned cautious. Should the US enter a mild recession in the first six months of 2008 and the sub-prime problems clear up so that sentiment improves after June this year, the private residential market should continue where it left off in the third quarter of 2007.

Luxury prices would remain firm, mid-market homes would be expected to rise by 5 to 10 per cent while mass market home prices could grow by 10 to 15 per cent in 2008, once the situation becomes more positive.

In the worst case scenario, where the US sub-prime problem drags on to the end of the year and beyond, prices of luxury properties may ease marginally, while mid- and mass market homes would still see price increases, albeit at one to 2 per cent and 3 to 5 per cent respectively.

Han Huan Mei is an associate director, CBRE Research, CB Richard Ellis.

[mr funny]

http://www.businesstimes.com.sg/mnt/media/image/launched/2008-03-26/BT_IMAGES_SUPPHOMEPRICE.jpg

http://www.businesstimes.com.sg/mnt/media/image/launched/2008-03-26/BT_IMAGES_SUPPHOMEPRICE1.jpg

[Unregistered]

notice that D1 price still stays around the same range ..

[Unregistered]

notice that D1 price still stays around the same range ..

Also notice that D11 is very undervalued comparing to D9 & D10 in 2006price..
Newton & Novena is undervalued now..huge potential there..

[Unregistered]

Also notice that D11 is very undervalued comparing to D9 & D10 in 2006price..
Newton & Novena is undervalued now..huge potential there..

Agreed. Especially Novena, very short distance to Orchard yet selling at 1/2 of Orchard's price.

[Unregistered]

Agreed. Especially Novena, very short distance to Orchard yet selling at 1/2 of Orchard's price.
True. Somemore within Novena MRT.

[Unregistered]

Was the same in US 3 years ago and now drop worst in 40 years. It could happen anywhere. Sell and park money in food commodities. Man can survive without condo but not without food.

[Unregistered]

Was the same in US 3 years ago and now drop worst in 40 years. It could happen anywhere. Sell and park money in food commodities. Man can survive without condo but not without food.
Let's buy more food then so that the food producers and traders can buy more condos.

[Unregistered]

Was the same in US 3 years ago and now drop worst in 40 years. It could happen anywhere. Sell and park money in food commodities. Man can survive without condo but not without food.


you still need a warehouse to store your commodity.
joke aside, commodity is on the way down, don't touch, buy property is better now.
Soya bean, coffee, sugar, oil, gold, silver, wheat.....all drop 10-20% last week. Stabilising now before the next wave of sell down again. Down trend is on now, big traders are taking profit & pump into equity now.
In spore, you will see stock followed by property market flying soon.

[Unregistered]

True. Somemore within Novena MRT.
Tatally agreed! Medical hub, secondary CBD... Novena has huge potential there and Soleil is the best choice!

[Unregistered]

Within next 12 months, you will see DOW at 16000, STI at 4500, spore property will easily >60% of today's price.
No need to buy or sell, sit tight & watch.



MARK HULBERT: Dow Heading For 16,000, Richard Band Says Rolling Eyes

March 28, 2008: 12:58 AM EST



ANNANDALE, Va. (Dow Jones) -- Richard Band is not someone who makes outlandish predictions just to get headlines.

So I sat up and took notice earlier this week when he wrote to subscribers of his Profitable Investing newsletter that the stock market was ready to "rocket higher" in an "uptrend that could carry the blue chip indexes to all-time highs by late 2008 or early 2009. Dow 16,000 here we come!"

The Hulbert Financial Digest (HFD) has been tracking Band's newsletter since the beginning of 1991. Over the subsequent 17 years, his recommended portfolio has been 35% less volatile than the overall stock market, as measured by relative volatilities. To use a baseball analogy, this shows that Band is more inclined to try to get a base hit than he is to attempt to belt a home run.

Band's conservative approach is crucial to properly interpreting his newsletter's performance. According to the HFD, the newsletter's model portfolios on average have produced an 8.6% annualized return since the beginning of 1991, in contrast to 10.9% annualized for the Dow Jones Wilshire 5000 index (DWC). But with only two thirds as much risk, we should expect some below-market return.

It turns out that, upon risk-adjusting his newsletter's performance, it equals that of the market itself. That's good enough to place it in the upper echelon of newsletters over this period, and another reason to give weight to his forecast.

Technical factors appear to have led Band to make such a bold prediction, which amounts to a 33% return for the overall market over the next 12 months.

The first has to do with the stock market's internal characteristics when it hit a low earlier this month. Band argues that that low possessed "many striking technical resemblances to the great bear market bottoms of the past."

To be sure, Band wrote that on Tuesday night, and since then the Dow Jones Industrial Average (DJI) has dropped 230 points.

But Band says he is not particularly worried. On Thursday night, he told subscribers not to let "Mr. Market wear you out!"

Band continued: "We're in a critical stage for stocks right now, what technical analysts call the 'right shoulder' of a head-and-shoulders bottom. The left shoulder formed on March 10, when the Standard & Poor's 500 index (SPX) touched its closing low for the year (so far) at 1273.37. The upside-down head came on March 17, when the index broke to a new low intraday but finished at 1276.60, slightly above the March 10 close. Now we're sliding down again to complete the right shoulder of the pattern. If all goes well, the S&P should remain comfortably above the two previous closing lows. Then we can rocket higher in April."

Band adds that when the right shoulder of a head-and-shoulders bottom is forming, "the biggest temptation for investors is to throw up their hands and say, 'This market will never go up. It's doomed.' Don't make that mistake. A very powerful and durable rally is in the works. But it may need another couple of days to lift off. Hold the fort and keep the faith!"

Band is recommending several exchange-traded funds and one open-end mutual fund for subscribers who want to increase their equity exposure: The iShares Russell 1000 Growth Fund (IWF), the iShares MSCI Emerging Markets Index Fund ( EEM), and Selected American Shares (SLASX).

[Unregistered]

i have viewed 25 plus units for resale in last 3 months ,and hv not finalized yet . but noticed that none of them got sold all on market but asking prices are down..but then my offer price is also down lah ;-) . so its look-see-look-see

[Unregistered]

i have viewed 25 plus units for resale in last 3 months ,and hv not finalized yet . but noticed that none of them got sold all on market but asking prices are down..but then my offer price is also down lah ;-) . so its look-see-look-see

quit funny huh

[Unregistered]

Within next 12 months, you will see DOW at 16000, STI at 4500, spore property will easily >60% of today's price.
No need to buy or sell, sit tight & watch.


http://www.dowjones.com/DJCom/Images/LogoHome.gif
Dow Heading For 16,000, Richard Band Says Rolling Eyes
Mark Hulbert
Dow Jones
Anandale, Virginia, U.S.
Friday, 28 March 2008, 12:58 AM U.S. EST

Richard Band is not someone who makes outlandish predictions just to get headlines.

So I sat up and took notice earlier this week when he wrote to subscribers of his Profitable Investing newsletter that the stock market was ready to "rocket higher" in an "uptrend that could carry the blue chip indexes to all-time highs by late 2008 or early 2009. Dow 16,000 here we come!"

The Hulbert Financial Digest (HFD) has been tracking Band's newsletter since the beginning of 1991. Over the subsequent 17 years, his recommended portfolio has been 35% less volatile than the overall stock market, as measured by relative volatilities. To use a baseball analogy, this shows that Band is more inclined to try to get a base hit than he is to attempt to belt a home run.

Band's conservative approach is crucial to properly interpreting his newsletter's performance. According to the HFD, the newsletter's model portfolios on average have produced an 8.6% annualized return since the beginning of 1991, in contrast to 10.9% annualized for the Dow Jones Wilshire 5000 index (DWC). But with only two thirds as much risk, we should expect some below-market return.

It turns out that, upon risk-adjusting his newsletter's performance, it equals that of the market itself. That's good enough to place it in the upper echelon of newsletters over this period, and another reason to give weight to his forecast.

Technical factors appear to have led Band to make such a bold prediction, which amounts to a 33% return for the overall market over the next 12 months.

The first has to do with the stock market's internal characteristics when it hit a low earlier this month. Band argues that that low possessed "many striking technical resemblances to the great bear market bottoms of the past."

To be sure, Band wrote that on Tuesday night, and since then the Dow Jones Industrial Average (DJI) has dropped 230 points.

But Band says he is not particularly worried. On Thursday night, he told subscribers not to let "Mr. Market wear you out!"

Band continued: "We're in a critical stage for stocks right now, what technical analysts call the 'right shoulder' of a head-and-shoulders bottom. The left shoulder formed on March 10, when the Standard & Poor's 500 index (SPX) touched its closing low for the year (so far) at 1273.37. The upside-down head came on March 17, when the index broke to a new low intraday but finished at 1276.60, slightly above the March 10 close. Now we're sliding down again to complete the right shoulder of the pattern. If all goes well, the S&P should remain comfortably above the two previous closing lows. Then we can rocket higher in April."

Band adds that when the right shoulder of a head-and-shoulders bottom is forming, "the biggest temptation for investors is to throw up their hands and say, 'This market will never go up. It's doomed.' Don't make that mistake. A very powerful and durable rally is in the works. But it may need another couple of days to lift off. Hold the fort and keep the faith!"

Band is recommending several exchange-traded funds and one open-end mutual fund for subscribers who want to increase their equity exposure: The iShares Russell 1000 Growth Fund (IWF), the iShares MSCI Emerging Markets Index Fund (EEM), and Selected American Shares (SLASX).

Goodness! 16,000!!!!!
Do you know the implication on our market if Dow hit 16,000?
I don't want to think about it.

[Unregistered]

Goodness! 16,000!!!!!
Do you know the implication on our market if Dow hit 16,000?
I don't want to think about it.
Yes the implications are that we would have reached the end of the age. And who knows where you would be.

[Unregistered]

Home-Equity Loans May Be Next Round in Credit Crisis

By Vikas Bajaj The New York Times | 27 Mar 2008 | 10:48 AM ET


Little by little, millions of Americans surrendered equity in their homes in recent years. Lulled by good times, they borrowed — sometimes heavily — against the roofs over their heads.

Now the bill is coming due. As the housing market spirals downward, home equity loans, which turn home sweet home into cash sweet cash, are becoming the next flash point in the mortgage crisis.
Americans owe a staggering $1.1 trillion on home equity loans — and banks are increasingly worried they may not get some of that money back.

To get it, many lenders are taking the extraordinary step of preventing some people from selling their homes or refinancing their mortgages unless they pay off all or part of their home equity loans first. In the past, when home prices were not falling, lenders did not resort to these measures.

Such tactics are impeding efforts by policy makers to help struggling homeowners get easier terms on their mortgages and stem the rising tide of foreclosures. But at a time when each day seems to bring more bad news for the financial industry, lenders defend the hard-nosed maneuvers as a way to keep their own losses from deepening.

It is a remarkable turnabout for the many Americans who have come to regard a home as an A.T.M. with three bedrooms and 1.5 baths. When times were good, they borrowed against their homes to pay for all sorts of things, from new cars to college educations to a home theater.

Lenders also encouraged many aspiring homeowners to take out not one but two mortgages simultaneously — ordinary ones plus “piggyback” loans — to avoid putting any cash down.
The result is a nation that only half-owns its homes. While homeownership climbed to record heights in recent years, home equity — the value of the properties minus the mortgages against them — has fallen below 50 percent for the first time, according to the Federal Reserve.

Lenders holding first mortgages get first dibs on borrowers’ cash or on the homes should people fall behind on their payments. Banks that made home equity loans are second in line. This arrangement sometimes pits one lender against another.

When borrowers default on their mortgages, lenders foreclose and sell the homes to recoup their money. But when homes sell for less than the value of their mortgages and home equity loans — a situation known as a short sale — lenders with first liens must be compensated fully before holders of second or third liens get a dime.

In places like California, Nevada, Arizona and Florida, where home prices have fallen significantly, second-lien holders can be left with little or nothing once first mortgages are paid.

In December, 5.7 percent of home equity lines of credit were delinquent or in default, up from 4.5 percent in 2006, according to Moody’s Economy.com.
Lenders and investors who hold home equity loans are not giving up easily, however. Instead, they are opposing short sales. And some banks holding second liens are also opposing refinancings for first mortgages, a little-used power they have under the law, in an effort to force borrowers to pay down their loans.

“Acknowledging a loss is the most difficult thing to do,” said Micheal Thompson, the executive director of the Iowa Mediation Service, which has been working with delinquent borrowers and lenders. “You have to deal with the reality of what you are facing today.”

While he has been able to strike some deals, Mr. Thompson said that many mortgage companies he talks with refuse to compromise. Holders of second mortgages often agree to short sales and other changes only if first-lien holders pay them a small sum, say $10,000, or 10 percent, on a $100,000 debt.
Disagreements arise when the first and second liens are held by different banks or investors. If one lender holds both debts, it is in their interest to find a solution.

When deals cannot be worked out, second-lien holders can pursue the outstanding balance even after foreclosure, sometimes through collection agencies. The soured home equity debts can linger on credit records and make it harder for people to borrow in the future.

Experts say it is in everyone’s interest to settle these loans, but doing so is not always easy. Consider Randy and Dawn McLain of Phoenix. The couple decided to sell their home after falling behind on their first mortgage from Chase and a home equity line of credit from CitiFinancial last year, after Randy McLain retired because of a back injury. The couple owed $370,000 in total.

After three months, the couple found a buyer willing to pay about $300,000 for their home — a figure representing an 18 percent decline in the value of their home since January 2007, when they took out their home equity credit line. (Single-family home prices in Phoenix have fallen about 18 percent since the summer of 2006, according to the Standard & Poor’s Case-Shiller index.)
CitiFinancial, which was owed $95,500, rejected the offer because it would have paid off the first mortgage in full but would have left it with a mere $1,000, after fees and closing costs, on the credit line. The real estate agents who worked on the sale say that deal is still better than the one the lender would get if the home was foreclosed on and sold at an auction in a few months.

“If it goes into foreclosure, which it is very likely to do anyway, you wouldn’t get anything,” said J. D. Dougherty, a real estate agent who represented the buyer on the transaction.
Mark Rodgers, a spokesman for CitiFinancial, declined to comment on the McLains’ situation, citing privacy considerations.

“We strive to find solutions that are acceptable to the various parties involved,” he said but two lenders can “value the property differently.”
Other lenders like National City, the bank based in Cleveland, have blocked homeowners from refinancing first mortgages unless the borrowers pay off the second lien held by the bank first. But such tactics carry significant risk, said Michael Youngblood, a portfolio manager and analyst at Friedman, Billings, Ramsey, the securities firm. “It might also impel the borrower to file for bankruptcy,” and a judge could write down the value of the second mortgage, he said.

A spokeswoman for National City, Kristen Baird Adams, said the policy applied only to home equity loans originated by mortgage brokers.
Underscoring the difficulties likely to arise from home equity loans, a Democratic proposal in Congress to refinance troubled mortgages and provide them with government backing specifically excludes second liens. Lenders holding a second lien would be required to write off their debts before the first loan could be refinanced. That could leave out a significant number of loans, analysts say.

People with weak, or subprime, credit could be hurt the most. More than a third of all subprime loans made in 2006 had associated second-lien debt, up from 17 percent in 2000, according to Credit Suisse. And many people added second loans after taking out first mortgages, so it is impossible to say for certain how many homeowners have multiple liens on their properties.
“This is turning out to be a real impediment to solving this problem,” said Mark Zandi, chief economist at Economy.com, “at least, solving it quickly.”

[Unregistered]

i have viewed 25 plus units for resale in last 3 months ,and hv not finalized yet . but noticed that none of them got sold all on market but asking prices are down..but then my offer price is also down lah ;-) . so its look-see-look-see
Yes its look-see-look-see for the buyer and hope-sweat-panic-hope for seller.

[Unregistered]

i have viewed 25 plus units for resale in last 3 months ,and hv not finalized yet . but noticed that none of them got sold all on market but asking prices are down..but then my offer price is also down lah ;-) . so its look-see-look-see
Did you notice the sellers faces? I called on the same one after about 3 months and noticed that he looked older by about 10 years. Effect of panic then high BP. Like your style look - see- look - see.

[Unregistered]

House price growth is weakest since 1996
Steve Hawkes
House prices are rising at the slowest rate for 12 years in a blow that could force the Bank of England to bring forward an interest rate cut to April, Britain’s second biggest mortgage lender said today.

Figures from the Nationwide showed that the price of a typical house dropped 0.6 per cent - or nearly £250 - in March to an average of £179,100.
The drop means the annual rate of house price inflation is now 1.1 per cent - the lowest since March 1996.

She said: "The outlook for UK house prices is clearly more downbeat. Some of the downside risks we idenitfied in November have become a reality - most notably the continued turmoil in the financial markets."

She added that in light of the collapse of Bear Stearns in the US and the rumours over the health of HBoS, the Bank of England could put aside fears over inflation and cut rates next month to "loosen conditions in financial markets".
A survey yesterday suggested inflation could spiral to 3.6 per cent over the next 12 months.

Ms Earley said: “We think these latest developments, along with the continued weakening in the housing market, will mean that the will bring forward its rate cut to April.”

Nationwide was one of two major lenders to put up its mortgage rates yesterday to close the door to all but the most creditworthy customers.
The building society said that it did not want to take on many more customers as it would add to much risk.

Within hours of the announcement, Norwich & Peterborough Building Society said that it was increasing its mortgage rates by up to half a percent.
[b]Howard Archer, chief economist at Global Insight, warned there was now the real possibility of a "sharp correction" in the property market. He has been predicting a 5 per cent fall in both 2008 and 2009.

He said: "We believe the downside for house prices will be limited to some extent by the rising number of households, an overall shortage of supply, high employment, further gradual but steady interest rate cuts over the coming year and the fact that few vendors are currently having to sell for "distressed' reasons.

Nevertheless, the current escalation of the credit crunch means that there is an increased risk that a significantly sharper housing market correction could occur."

[Unregistered]

Yes the implications are that we would have reached the end of the age. And who knows where you would be.
End of whose age?
Yours? So soon?
We still have many good years to go.

[Unregistered]

Within next 12 months, you will see DOW at 16000, STI at 4500, spore property will easily >60% of today's price.
No need to buy or sell, sit tight & watch.


http://www.dowjones.com/DJCom/Images/LogoHome.gif
Dow Heading For 16,000, Richard Band Says Rolling Eyes
Mark Hulbert
Dow Jones
Anandale, Virginia, U.S.
Friday, 28 March 2008, 12:58 AM U.S. EST

Richard Band is not someone who makes outlandish predictions just to get headlines.

So I sat up and took notice earlier this week when he wrote to subscribers of his Profitable Investing newsletter that the stock market was ready to "rocket higher" in an "uptrend that could carry the blue chip indexes to all-time highs by late 2008 or early 2009. Dow 16,000 here we come!"

The Hulbert Financial Digest (HFD) has been tracking Band's newsletter since the beginning of 1991. Over the subsequent 17 years, his recommended portfolio has been 35% less volatile than the overall stock market, as measured by relative volatilities. To use a baseball analogy, this shows that Band is more inclined to try to get a base hit than he is to attempt to belt a home run.

Band's conservative approach is crucial to properly interpreting his newsletter's performance. According to the HFD, the newsletter's model portfolios on average have produced an 8.6% annualized return since the beginning of 1991, in contrast to 10.9% annualized for the Dow Jones Wilshire 5000 index (DWC). But with only two thirds as much risk, we should expect some below-market return.

It turns out that, upon risk-adjusting his newsletter's performance, it equals that of the market itself. That's good enough to place it in the upper echelon of newsletters over this period, and another reason to give weight to his forecast.

Technical factors appear to have led Band to make such a bold prediction, which amounts to a 33% return for the overall market over the next 12 months.

The first has to do with the stock market's internal characteristics when it hit a low earlier this month. Band argues that that low possessed "many striking technical resemblances to the great bear market bottoms of the past."

To be sure, Band wrote that on Tuesday night, and since then the Dow Jones Industrial Average (DJI) has dropped 230 points.

But Band says he is not particularly worried. On Thursday night, he told subscribers not to let "Mr. Market wear you out!"

Band continued: "We're in a critical stage for stocks right now, what technical analysts call the 'right shoulder' of a head-and-shoulders bottom. The left shoulder formed on March 10, when the Standard & Poor's 500 index (SPX) touched its closing low for the year (so far) at 1273.37. The upside-down head came on March 17, when the index broke to a new low intraday but finished at 1276.60, slightly above the March 10 close. Now we're sliding down again to complete the right shoulder of the pattern. If all goes well, the S&P should remain comfortably above the two previous closing lows. Then we can rocket higher in April."

Band adds that when the right shoulder of a head-and-shoulders bottom is forming, "the biggest temptation for investors is to throw up their hands and say, 'This market will never go up. It's doomed.' Don't make that mistake. A very powerful and durable rally is in the works. But it may need another couple of days to lift off. Hold the fort and keep the faith!"

Band is recommending several exchange-traded funds and one open-end mutual fund for subscribers who want to increase their equity exposure: The iShares Russell 1000 Growth Fund (IWF), the iShares MSCI Emerging Markets Index Fund (EEM), and Selected American Shares (SLASX).

Goodness! 16,000!!!!!
Do you know the implication on our market if Dow hit 16,000?
I don't want to think about it.

Aiyah! Why worry about the implication of Dow hitting 16,000.
Most important thing is that everyone will be shouting "Huat Ah!".

[Reuters]

http://l.yimg.com/us.yimg.com/i/us/nws/p/reuters_logo_94.png
Stocks rise on hope Asia can withstand slowdown
Louise Heavens
Reuters
Singapore
Friday, 28 March 2008

Asian stocks staged a tentative recovery before the end of the quarter, and bonds fell as investors gauged that concerns about the impact of a U.S. recession and a global credit crunch on Asia were overdone.

But European markets were poised to open lower, weighed down by worries the credit crisis may yet claim more victims on Wall Street following market rumours that Lehman Brothers could be the next bank to fall, rumours Lehman said were "totally unfounded".

Financial bookmakers in London forecast Britain's FTSE 100 index will open 0.2% lower, and Germany's DAX and France's CAC 40 will open 0.5% lower.

Caution over the U.S. economic outlook took its toll on oil prices, which fell $1 a barrel. The U.S. currency was also on the back foot.

MSCI's index of Asian shares outside Japan rose 0.5% by 0603 GMT. The benchmark down almost 14% this year and is heading for its biggest quarterly fall in 5-½ years on nagging worries about the health of the global financial system, rising inflation, and a murky outlook for corporate profits.

But as the quarter drew to a close, optimism mounted that profits could shrug off the worst of the U.S. economic and credit problems

Tokyo's Nikkei .N225 recovered from an earlier fall to close 1.7% higher. Seoul's KOSPI managed to shrug off news of the test firing of missiles in North Korea to post a 1.5% gain, helped by technology stocks, such as Samsung Electronics.

"The electronics sector is forecast to report stronger-than-expected earnings thanks to good handset and LCD sales," said John Park, an analyst at Daishin Securities in Seoul.

"Product pricing has been steady while demand was also relatively strong, helping firms keep their profit margins at good levels," Park added.

Financials Mixed

Australia's S&P/ASX 200 index fell 0.4% , with Australia and New Zealand Banking Group Ltd down 2.8%. The bank is a secured lender to local margin lender Opes Prime Group, which was earlier placed under receivership.

Banks were also dented by fresh fears about the health of investment bank Lehman Brothers. Worries that it could suffer a fate similar to the near collapse of Bear Stearns pushed Lehman's shares down almost 9% in New York on Thursday. But New Zealand shares were another bright spot, with the NZX-50 index up 1.2% after economic growth beat expectations.

The dollar fell was on the back foot on worries about the health of the world's top economy.

The U.S. currency fell to 99.68 yen, staying in sight of a 13-year low of 95.77 yen.

The yen showed little reaction to news that Japan's core consumer inflation in February rose more than expected and scored the biggest increase in a decade.

The euro edged up to $1.5787 from around $1.5766 in late U.S. trade on Thursday, turning back towards a record high of $1.5905 after making a pause from sharp gains earlier this week.

U.S. Treasuries edged lower, with June T-note futures TYv1 down 4/32 to 118-7.5/32, although trading was light.

U.S. crude CLc1 fell 62 cents to $106.82 a barrel, easing on concerns about demand from top user, the United States. But prices were still within $6 of a record after a bomb attack on Thursday on a major Iraqi crude pipeline slashed exports for the first time in years.

Gold fell to $944.80/945.60 an ounce from $951.80/952.60 an ounce late in New York.

[Unregistered]

http://www.mypaper.com.sg/images/mypaper-logo.gif
Jobs slashed in the US, but jobs aplenty in Asia
Claire Huang
我报
Thursday, 13 March 2008

http://business.asiaone.com/a1media/business/11Nov07/20071127.105401_caltexhse_workers_350x175.jpg

While the weakening United States' economy saw 63,000 jobs slashed last month, Asia Pacific is troubled by a talent crunch.

The Robert Walters Global Survey released yesterday showed that even as salaries increase regionally, there is still a shortage of middle to senior level candidates.

Mr Mark Ellewood, managing director of recruitment specialist Robert Walters Singapore, said that the US recessio is starting to affect Europe, but he said as long as it does not spread to China and India, the bullish job trend will remain.

It is an observation echoed by Mr James Koh, director of global staffing firm Aquent Singapore.

He said: "Market sentiment is still strong in this part of the world and companies are still bullish in their outlook."

However, he added that companies "are taking the US situation into consideration" and "making sure the business is prepared to weather any tremors".

The Robert Walters survey says that on average, the various sectors in Singapore raised their total hiring by 15 to 20% last year.

Still, there is a local shortage and it has resulted in "companies looking overseas to recruit foreign talent, particularly from Europe and Australia", Mr Ellewood said.

For every one local hire in the energy sector, for example, two are foreigners. These include engineers and technicians from countries such as the Philippines, India and Myanmmar.

The banking and financial sector saw an increase of at least 30% in foreign hires last year, compared to 2006.

The talent crunch is also not helped by government projects planned by countries in this region.

Malaysia's Multimedia Super Corridor and its 9th Malaysian Plan, for example, have contributed to the high demand for information technology talent, the survey says.

In Hong Kong, companies are resorting to guaranteed bonuses and buy-out notice periods to lure the top brains. In New Zealand, some candidates are hired before they arrive in the country to prevent them from being poached.

The Robert Walters survey was based on the salaries of the employees it hired in 2007, across all sectors and countries within which it operates.
Jobs, jobs, jobs, .... so many ... take your time to choose ...

[Unregistered]

http://l.yimg.com/us.yimg.com/i/us/nws/p/reuters_logo_94.png
Want to earn more? British professionals move abroad
Reuters
London, U.K.
Friday, 28 March 2008, Singapore Time

http://business.asiaone.com/a1media/business/01Jan08/images/20080122.165935_workers_350x175.jpg

British professionals could earn an average 40% more by relocating abroad, research shows.

The average professional expatriate earns 67,000 pounds (S$185,328), compared to a UK average of 47,000 pounds - 42.6% less, according to NatWest International.

Its 'wealth ranking survey', undertaken with the Centre of Future Studies think-tank, shows that the United Arab Emirates tops the charts, with professionals netting an average annual salary of 79,000 pounds.

Even Portugal, at the lower end, comes in with a respectable average annual wage of 58,000 pounds.

However, when the cost of living is taken into account Spain (with an average expat salary of 65,000 pounds) and Italy (76,000 pounds) jumped up the table.

Mr David Isley, head of personal banking at NatWest International, said: 'The wage packets of expats are very encouraging for people who are looking to move abroad.

'People who are willing to move abroad not only benefit from bigger earnings in countries such as Spain and Italy, but also have the advantage of a lower cost of living.' Overall, 68% of those surveyed found that the cost of living abroad to be lower than in the UK, which lead to 90% considering themselves financially better off.

Almost 70% also said they felt healthier living abroad.

Mr Isley said: 'Expats who have moved abroad appear to be wealthier, healthier and happier and all these factors have contributed to a better quality of life.

'It seems as if expats have not only found their pot of gold abroad, but are able to enjoy themselves and feel healthier for having made the move.'

The global survey also revealed the countries with the highest proportion of Britons working in certain occupations.

Canada had the most engineers, medical personnel, academics and teachers. IT professionals seemed to flock to Sweden; economists and accountants to Singapore; scientists to New Zealand; financial services workers to the UAE; and marketing and sales professionals to Portugal.

The research looked at expats in the following 10 countries: Canada, France, Italy, New Zealand, Norway, Portugal, Singapore, Spain, Sweden and the UAE.

A total of 1,399 expats were surveyed. The report was also based on a range of data including figures from the Office for National Statistics, International Passenger Survey, the Organisation for Economic Co-operation and Development and the World Values Survey.
Wah! UK expats like to come to work in Singapore so much meh?

Come lor. The more the merrier!

[Unregistered]

Jobs, jobs, jobs, .... so many ... take your time to choose ...

seems you are not doing a regular job . go and check people are scared because of cut down on projects ..go and check in offices so many consulting companies asked to reduce their staffing levels

[AFP]

http://www.afp.com/english/home/imgs/logo.gif
Singapore shares close 0.22% higher
Agence France-Presse
Singapore
Friday, 28 March 2008

http://farm1.static.flickr.com/144/350299905_782a8feaf9.jpg

Singapore share prices closed 0.22% higher Friday after investors shook off initial worries over Wall Street's overnight decline and picked up attractively priced blue chips,dealers said.

The Straits Times Index rose 6.70 points to 3,031.90.

[Unregistered]

i have viewed 25 plus units for resale in last 3 months ,and hv not finalized yet . but noticed that none of them got sold all on market but asking prices are down..but then my offer price is also down lah ;-) . so its look-see-look-see

This is Sour Grape Paradox 2 (SGP2).

Why would the sour grape want to view 25+ units at today's price, when he could have easily gotten a condo at half the price 3 years ago, before the market shot up?

If he was a serious property investor, he would have gotten a unit anytime between 1998 to 2004. There were 8 years for him to view not just 25 units, but 2,500 units if he wanted to, all at very low price.

If after 8 years of viewing 2,500 units at half of today's price, he still couldn't buy a condo, do you think he can ever have enough money to buy a condo?

This is SGP2 (the Sour Grape Paradox 2).

[Unregistered]

This is Sour Grape Paradox 2 (SGP2).

Why would the sour grape want to view 25+ units at today's price, when he could have easily gotten a condo at half the price 3 years ago, before the market shot up?

If he was a serious property investor, he would have gotten a unit anytime between 1998 to 2004. There were 8 years for him to view not just 25 units, but 2,500 units if he wanted to, all at very low price.

If after 8 years of viewing 2,500 units at half of today's price, he still couldn't buy a condo, do you think he can ever have enough money to buy a condo?

This is SGP2 (the Sour Grape Paradox 2).

Kiasi, kiasu and no balls = SGP2

[Unregistered]

This is Sour Grape Paradox 2 (SGP2).

Why would the sour grape want to view 25+ units at today's price, when he could have easily gotten a condo at half the price 3 years ago, before the market shot up?

If he was a serious property investor, he would have gotten a unit anytime between 1998 to 2004. There were 8 years for him to view not just 25 units, but 2,500 units if he wanted to, all at very low price.

If after 8 years of viewing 2,500 units at half of today's price, he still couldn't buy a condo, do you think he can ever have enough money to buy a condo?

This is SGP2 (the Sour Grape Paradox 2).

True Sour Grape Paradox. Try try no one offering the sour grape the price. Sour Grape instead of selling in October waited toooooooo long.

[Unregistered]

i have viewed 25 plus units for resale in last 3 months ,and hv not finalized yet . but noticed that none of them got sold all on market but asking prices are down..but then my offer price is also down lah ;-) . so its look-see-look-see

Well, no harm window shopping around. Make sure you be able to react fast enough when the market turn bull (I quite doubtful you could). If not, you will became Mr. Sourest Grape.

[Unregistered]

Well, no harm window shopping around. Make sure you be able to react fast enough when the market turn bull (I quite doubtful you could). If not, you will became Mr. Sourest Grape.
Don't think I can be fooled into buying your D22 property. Sour grape cant sell and so talking up the market in the hope of finding a buyer.

[Unregistered]

Don't think I can be fooled into buying your D22 property. Sour grape cant sell and so talking up the market in the hope of finding a buyer.
What D22?
D24 lah. Selling in Geyland and Rochor.

[Unregistered]

Don't think I can be fooled into buying your D22 property. Sour grape cant sell and so talking up the market in the hope of finding a buyer.

I thought D22 is where all the sour grapes stay?

The Seaview at Tuas.

The sour grapes are so sour because property prices in other parts of Singapore have gone up so much, but D22 had gone up so little.

But then sour grapes are still better off than the ghosts in D24 (Lim Chu Kang cemetery).

That district 24, the price didn't go up at all. Or maybe it went up in "Hell" currency that's why the data was not captured by the URA.

So sour grapes are still slightly better off compared to ghosts.

Sour grapes are the second lowest class of citizen in Singapore.

[Unregistered]

What D22?
D24 lah. Selling in Geylang and Rochor.
Don't mix property district with durian leh.

[Unregistered]

No lah. Haven't reached 1996 level yet lah.

[Unregistered]

Interesting analysis from Singapore expat forum. What do you guys say? Any views?



Posted: Sat Mar 29, 2008 8:54 pm Post subject: Singapore Property Going Down The Tubes?

--------------------------------------------------------------------------------

I sent my buddy an e-mail asking if it was a good time to buy property in Singapore...

He's a Hong Kong based Asia property analyst for a small successful private investment bank.
He sent me this....(don't shoot me, I'm just the messenger.)

Quote:
Well...I would wait at least another 6 months to a year.

We told clients and investors to sell all Singapore holdings (property, stocks and everything else) in June 2007. We determined that prices would never, ever be higher and were predicting a 15% drop in pricing by March 2008 and 25% drop by June 2008.

Rationale was simple and not rocket science.

#1. There was no demand for housing when the boom started.
The vacancy rates on existing housing were above New York, London, Hong Kong, Tokyo and other major urban market levels. A Singapore property boom made no sense at all.

#2. Singapore GDP...nice impressive numbers. But the growth was 99% construction related. There is no economic growth when the construction boom ends and those numbers are subtracted from the total.

#3. The existing luxury housing vacancy levels in Singapore were adequate to fill the needs of Singaporeans and any possible influx of new senior executives for the next 5 years. Thus, there was no demand for executive luxury housing in the market.

#4. Value for money on Singapore property for foreign investors is not good when compared to other projected growth economies. (several factors are weighed including psf, quality of workmanship, size of economy, projected growth of economy, lifestyle and culture of the market.)

#4. The targeted future population numbers of Singapore are pie in the sky and completely without substance. Singaporeans are not having kids and the demand for jobs in Singapore will be service led lower paying jobs to supply the planned tourism developments. Non of these new inhabitants will be buying or renting condo's, especially in the high-end. And tourists visit, they don't buy or rent.

#5. Singapore is not a supply/demand driven economy. It is a small, managed economy. Thus, the property development plans were lofty, risky, and not based on future real supply/demand realities.

#6. There is a lack of real, transparent, objective information available in the Singapore market about the Singapore market. This leads to investors belief in hype and speculation rather than economic principles.

#7. Global money supplies and markets are taking a beating and will continue to take a beating. The second call on the sub prime products happens this June so more big losses are expected. This will stall or even damage the Singapore economy.

We expect distress sales in the property market to start soon. The high-end rental market is non-existent and the higher % of all unit sales were high-end investment property, speculator driven.
These buyers need "wealthy" renters to subsidize the million dollar mortgages. Most locals cannot afford the rents the market is demanding.
Surveys of multinational companies and banks have indicated that there is no boat-load of expats with a big housing allowance arriving at the Singapore port anytime soon. The new owner is now stuck with 100% of a very expensive monthly mortgage.

Here is an example of one major high-end development I'm following to prove the point. These are some very telling numbers.
600+ units launched
20+ remaining at $2,000 per square foot via the developer.
100+ units previously sold are now for sale privately less than 7 months after launch for $1,300 to $1,600 per square foot.
The reason...no rental income.
That tells me that property owners are willing to admit that market prices are down 25%+ already. Unfortunately, even at a 25% discount, there are no buyers.

Existing Singapore residents are keeping the rental market buoyant due to the fact they sold their old places and are waiting for the prices to drop...OR...waiting for their new unit to be completed. These people are relatively small in overall numbers and definitely not going to rent high end luxury units. They are driving HDB, middle priced housing rents up right now. They are also demanding 12 month leases or even less if they can get it proving that they are waiting to move or sitting on the sidelines waiting for prices to drop.

The Singapore property market is massively oversupplied today and more units are on the way. This is not good. This is should be extremely troublesome to anyone who owns property anywhere in that market. The potential valuation losses in the property market could be enormous, especially at the high-end. Overall prices could sink well below SARS levels and this could happen within 6 months to a year.

The short lived property boom was very much like a pyramid scheme.
It was all hype and no substance.
The first guys in are now smoking big cigars.
The last guys in are now left holding the ashtray.

[Unregistered]

#1. There was no demand for housing when the boom started.
The vacancy rates on existing housing were above New York, London, Hong Kong, Tokyo and other major urban market levels. A Singapore property boom made no sense at all.

#2. Singapore GDP...nice impressive numbers. But the growth was 99% construction related. There is no economic growth when the construction boom ends and those numbers are subtracted from the total.

#3. The existing luxury housing vacancy levels in Singapore were adequate to fill the needs of Singaporeans and any possible influx of new senior executives for the next 5 years. Thus, there was no demand for executive luxury housing in the market.

#4. Value for money on Singapore property for foreign investors is not good when compared to other projected growth economies. (several factors are weighed including psf, quality of workmanship, size of economy, projected growth of economy, lifestyle and culture of the market.)

#4. The targeted future population numbers of Singapore are pie in the sky and completely without substance. Singaporeans are not having kids and the demand for jobs in Singapore will be service led lower paying jobs to supply the planned tourism developments. Non of these new inhabitants will be buying or renting condo's, especially in the high-end. And tourists visit, they don't buy or rent.

#5. Singapore is not a supply/demand driven economy. It is a small, managed economy. Thus, the property development plans were lofty, risky, and not based on future real supply/demand realities.

#6. There is a lack of real, transparent, objective information available in the Singapore market about the Singapore market. This leads to investors belief in hype and speculation rather than economic principles.

#7. Global money supplies and markets are taking a beating and will continue to take a beating. The second call on the sub prime products happens this June so more big losses are expected. This will stall or even damage the Singapore economy.
I have some questions for Mr. Hong Kong Property Analyst, can you be my "messenger" as well.

#1. ChannelNewsAsia on 27 February 2008 reported that "Last year, Singapore saw over 63,000 new PRs, an 11-per-cent increase from 2006; and the city-state also welcomed more than 17,000 new citizens, a 30-per-cent jump."

Every year, we have 63,000 + 17,000 = 80,000 new immigrants, that is not including foreigners who come here on employment pass (but not taking up citizenships or PRs).

What do you mean "no demand for housing"? May I know where these 80,000 people are going to stay? Inside the canals?

In case you are not familiar with Singapore, here is the news URL to our government broadcasting station regarding the news I quoted above.

http://www.channelnewsasia.com/stories/singaporelocalnews/view/331492/1/.html

#2. ChannelNewsAsia reported on 10 August 2007 that Singapore's "Financial services expanded by 17 per cent in the second quarter, up from 14 per cent growth in the first quarter, while the construction sector grew by 18 per cent, the strongest growth in almost 10 years. Growth in the manufacturing sector picked up pace to 8.3 per cent."

No matter how I calculate, I don't know how you arrived at the figure that "growth was 99% construction related."?

In case you are not familiar with Singapore, here is the news URL to our government broadcasting station regarding the news I quoted above.

http://www.channelnewsasia.com/stories/singaporebusinessnews/view/293171/1/.html

#3. You said "The existing luxury housing vacancy levels in Singapore were adequate to fill the needs of Singaporeans and any possible influx of new senior executives for the next 5 years. Thus, there was no demand for executive luxury housing in the market."

Then may I ask you what about this person called Jet Li?

Your Hong Kong magazine wrote "Actor Jet Li moved to Singapore last year for his daughters’ education, reported Hong Kong’s Next Magazine recently ... he bought a S$7mil (RM16.1mil) unit at nearby Ardmore Park condominium."

Is Jet Li a "senior executive" from some Multinational Company? Must luxury housing be only for "senior executives"?

Is Jet Li's purchase of Armore Park luxury condominium illegal? Since he is not a "senior executive"?

#4. Can you explain why our "projected growth of economy" is no good?

A MasterCard International survey showed that"Being often touted recently as the next unexplored, potential-filled Asian emerging economy, Vietnam unsurprisingly registered, among the 13 nations surveyed, the highest score of 94.3 points in the MasterIndex of Consumer Confidence (MCC), which ranges from 0 to 100 points, with Taiwan posting the lowest at 29.7 points. Hong Kong came in second position with a score of 85.9 points, closely followed by China and Singapore, which posted 85.5 and 83.6 points, respectively." http://news.cens.com/cens/html/en/news/news_inner_22113.html

Singapore is ranked fourth, after Vietnam (94.3 points), Hong Kong (85.9 points), China (85.5 points) and Singapore (83.6 points).

Singapore is ranked 4th and just 2.3 points behind Hong Kong as the next unexplored, potential-filled Asian emerging economy, why is that considered "no good"?

#4 (You've got two points #4 and this is the second one) You said "Non of these new inhabitants will be buying or renting condo's, especially in the high-end."

Then what about Dr. Sudhir Gupta, "Born in India, moved to Russia to get Ph.D. in agricultural chemistry. Started tire company in Moscow ... Escaped assassination attempt in Moscow 4 years ago; now shuttles between that city and Singapore, where he's a citizen.

http://www.forbes.com/lists/2006/79/06singapore_Sudhir-Gupta_AHUD.html

He bought a luxury bungalow at Binjai Park for $12.55 million and 22 apartments, including the 63rd-storey penthouse, in the second tower of The Sail @ Marina Bay condo for a total $31 million.

Aren't these properties considered "high end", can you define what is meant by "high end"?

#5. I don't understand your this statement at all "Singapore is not a supply/demand driven economy. It is a small, managed economy. Thus, the property development plans were lofty, risky, and not based on future real supply/demand realities."

This statement totally confounds me so I need you to explain what you mean?

#6. Why do you say that Singapore lacks "real, transparent, objective information available"?

According to Jones Lang LaSelle report on Global Real Estates Transparency, "Highly Transparent countries for the first time in 2006 are Hong Kong, Sweden, France and Singapore, each having jumped to Tier 1 from Tier 2 since the 2004 survey."

http://www.joneslanglasalle.com/en-GB/news/2006/Global+Real+Estate+Markets+Trans.htm

Singapore and Hong Kong both have been promoted from Tier 2 to Tier 1 as "Highly Transparent Countries", together with Sweden and France.

So can you please explain your statement "There is a lack of real, transparent, objective information available in the Singapore market about the Singapore market."?

#7. You predicted that "Global money supplies and markets are taking a beating and will continue to take a beating. The second call on the sub prime products happens this June so more big losses are expected. This will stall or even damage the Singapore economy."

I want to ask, if you are so good at predicting, then last June (just before the sub-prime) did you go short-sell USD100 billion worth of US stock futures contracts through leveraged margin-trading account? Especially short Bear-Stearns shares, then you would be a multi-billionaire by now.

Then why are you still working as a "Asia property analyst for a small successful private investment bank."?

[Unregistered]

April 6, 2008

PROPERTY

7 signs of a property slowdown

Buyers seem to be gaining ground again in the private homes market but consultants say it's far from crashing yet

By Joyce Teo, Property Correspondent


After rocketing to dizzying heights last year, the private homes market has stalled because of the global credit crunch - an external factor that took the market by surprise.

The withdrawal of the deferred payment scheme last year has also dampened demand somewhat.

Sales volumes and interest have fizzled out just as quickly as the market surged last year.

While many players hang on to the notion that strong fundamentals - low interest rates, for instance - will support the market, sentiment has fast melted away.

Is the property market slowing to a crawl? We examine the mounting evidence.

1 Growth in home prices weakens

The Urban Redevelopment Authority's (URA's) early estimate of first-quarter data showed a 4.2 per cent rise in private home prices against 6.8 per cent in the previous quarter and 31 per cent last year.

Consultants expect price growth to weaken. Prices, especially for high-end homes, might fall but not significantly as sellers are still reluctant to accept lower prices, said a seasoned property agent. 'There's no urgency to do so.'

2 Launches are held back

Developers have ample properties to sell but most continue to hold back launches. Some small ones have gone ahead but the response has been unimpressive.

With buyers and sellers choosing to remain on the sidelines as the global impact of a slowing United States economy remains uncertain, the market is largely quiet.

URA data showed that only 185 new private homes were sold in February, down from 328 in January. Last year, developers sold 14,811 new homes.

3 Collective sales have died down

This market is dead, for now at least, as developers stay away and new rules make it tougher for owners to sell en bloc.

So far this year, only one sale has been done compared with 26 in the first quarter of last year.

And one potential sale - that of Makeway View in Newton - was cancelled after the buyer, Bravo Building Construction, said it had found out that it would have to pay a higher-than-expected development charge.

Owners of some estates are starting to lower their price expectations.

Pinetree Condominium in Balmoral Park, for instance, was recently relaunched at a lower indicative price of $128 million - down from around $145 million last September, but still well above the 2006 price tag of $59 million.

4 Investor funds pull out or hold off

Islamic investment bank Kuwait Finance House, which agreed last December to buy 97 Goodwood Residence units for $818.4 million from GuocoLand, allowed the purchase option to lapse.

Both parties said last month that they were still in talks but did not provide clear reasons for the pullout. Industry sources had speculated that the fund's price - a record for the condo's area - was too high.

A recent DTZ Research report said some funds are holding off making investments, at least for the first half of this year, until the extent of the US slowdown and its global impact become clearer.

5 Sellers hand out discounts galore

In the resale market, sellers are getting more flexible. There are more desperate sellers in the market this year, property agents said.

Some want to sell one or two of their properties because they had bought some units under the deferred payment scheme, and payment is due in six months to a year, one agent said.

For new launches or sales of new units, some developers are also willing to give discounts when asked, while others offer stamp duty rebates to attract buyers.

6 Agents less sought after, ads dwindle

Property agents have more free time and are taking out fewer advertisements because of the poor response.

Last year, a seller's unit could be marketed by five to six agents, with the deal going to the agent who garnered the best price.

But this year, a seller might go with one agent, said HSR Property Group's executive director, Mr Eric Cheng.

On average, an ad for a reasonably priced unit could attract 12 to 15 calls last year. That is now down by half, he said. Prime, high-end homes have it worse, he added, noting that there could be no calls at all for some ads.

'I have not been advertising since Nov 15 because I could see sales volume falling,' said agent Andrew Soh.

7 Buyers toss in low bids to test the waters

Some developers have offered rather low bids in recent land tenders, which signals a slowing property market.

The Government in mid-March decided not to award a landed housing site in Jurong West as the bids were too low.

Then, the lowest bid for a Yishun condo site came in at just $95 per sq ft of potential gross floor area.

'The developers are pricing in the risks of falling prices,' said Knight Frank's director for consultancy and research, Mr Nicholas Mak.

'Given thin volume, they could also be hoping that there is no competition.'

Going forward, optimistic players are waiting for the market to regain some of its former glory in the next six months.

The pessimistic ones are prepared to ride out the whole year and possibly the next.

'If volume remains thin, there is a chance that private home prices might weaken this year, but the market is not expected to crash,' said Mr Mak.


The 8th sign is the loud thuds heard due to speculators jumping off high rises.

[Unregistered]

But Novena still lags the market. In fact, the latest Q108 numbers show that Novena area appreciate the LEAST. I think the hospital hub image is bad.
Agreed. Especially Novena, very short distance to Orchard yet selling at 1/2 of Orchard's price.

[Unregistered]

The chart not accurate one. Since when is D23 median price between 1000 to 1500 psf? Something wrong with the chart lah.

notice that D1 price still stays around the same range ..

[blackjack21trader]

The 8th sign is the loud thuds heard due to speculators jumping off high rises.

How can you be so cruel ? Are you no longer human?

[Unregistered]

Agree this kinda of cruel remark is unwarranted.

[Unregistered]

But Novena still lags the market. In fact, the latest Q108 numbers show that Novena area appreciate the LEAST. I think the hospital hub image is bad.
There's nothing wrong with being a medical hub. You need time for buyers to see Novena/Newton as an alternative to Orchard.

[Unregistered]

There's nothing wrong with being a medical hub. You need time for buyers to see Novena/Newton as an alternative to Orchard.
not enough done to promote the area

[Unregistered]

The 8th sign is the loud thuds heard due to speculators jumping off high rises.


How can you be so cruel ? Are you no longer human?

Can anyone enlighten me where this "cruel" person is from?

At first I thought that all these sour grapes are from outlying areas like Jurong.

But now even the Jurong area is going to get redeveloped, there shouldn't be any sour grapes left in this forum.

Yet this person is so "sour" and "cruel".

Which part of Singapore he stays? I can't think of any area.

Jurong is the last frontier.

[Unregistered]

Can anyone enlighten me where this "cruel" person is from?

At first I thought that all these sour grapes are from outlying areas like Jurong.

But now even the Jurong area is going to get redeveloped, there shouldn't be any sour grapes left in this forum.

Yet this person is so "sour" and "cruel".

Which part of Singapore he stays? I can't think of any area.

Jurong is the last frontier.

Your eyesores on sour grapes is a great sense of humour. Continue thinking and let us know.

[Unregistered]

How can you be so cruel ? Are you no longer human?
No. A robot.

[Unregistered]

Sour and cruel are those speculators who drive up the market and add to secondary inflation. They do not add to economic growth but make life diffiicult for the toiling ordinary folks.

So the Robin Hoods cheer when they see justice.

[Unregistered]

Sour and cruel are those speculators who drive up the market and add to secondary inflation. They do not add to economic growth but make life diffiicult for the toiling ordinary folks.

So the Robin Hoods cheer when they see justice.
You are talking about speculators in private condo market right?
You are talking about the toiling ordinary folks staying in public flats right?

[Unregistered]

Can anyone enlighten me where this "cruel" person is from?

At first I thought that all these sour grapes are from outlying areas like Jurong.

But now even the Jurong area is going to get redeveloped, there shouldn't be any sour grapes left in this forum.

Yet this person is so "sour" and "cruel".

Which part of Singapore he stays? I can't think of any area.

Jurong is the last frontier.
Oh you sour grape. Price falling and u stuck stuck. Jurong lake not deep enogh for you to jump. Speculators panicking rushing to the exits. All exits blocked. Huge jam there. Trampling stampede. oh my my. In between thuds heard. But softer since those jumping off high rises land on fleeing specualtors. Blood blood. Oh poor speculators.

[Unregistered]

There's nothing wrong with being a medical hub. You need time for buyers to see Novena/Newton as an alternative to Orchard.


Nothing wrong at all, i still remember the times that those heros at the TTSH had gone through during the SARS period. Salute to these Unsung Heros.

[Unregistered]

Oh you sour grape. Price falling and u stuck stuck. Jurong lake not deep enogh for you to jump. Speculators panicking rushing to the exits. All exits blocked. Huge jam there. Trampling stampede. oh my my. In between thuds heard. But softer since those jumping off high rises land on fleeing specualtors. Blood blood. Oh poor speculators.
Then can you explain why the URA residential price index still rose 4.2% in Q1 2008?

You sour grapes have been predicting "rush for exits" since the sub prime problem started around July last year.

Reminder. Now is April 2008, in another three months we're going to celebrate 1st anniversay of sub prime.

That means you sour grapes have been saying the "crash" for almost one anniversary already ...

[Unregistered]

You are talking about speculators in private condo market right?
You are talking about the toiling ordinary folks staying in public flats right?
No corelation leh.

[Unregistered]

You are talking about speculators in private condo market right?
You are talking about the toiling ordinary folks staying in public flats right?

No corelation leh.
That's mean he is talking rubbish lor!

[Unregistered]

Then can you explain why the URA residential price index still rose 4.2% in Q1 2008?

You sour grapes have been predicting "rush for exits" since the sub prime problem started around July last year.

Reminder. Now is April 2008, in another three months we're going to celebrate 1st anniversay of sub prime.

That means you sour grapes have been saying the "crash" for almost one anniversary already ...
Maddog/tigersee won't explain one lah. He has been shouting baseless "down down down" for almost a year now.

[Unregistered]

Maddog/tigersee won't explain one lah. He has been shouting baseless "down down down" for almost a year now.
Ignore maddog/tigersee, that foreigner.

[Unregistered]

No. A robot.
A robot who is programmed to be a sour grape?

[Unregistered]

The 8th sign is the loud thuds heard due to speculators jumping off high rises.

MRT service disrupted

Singaporeans once again faced MRT service disruption as they headed for work this Monday morning, when a man was found dead on the train track at the Choa Chu Kang MRT Station.

Police received a call at 8 am that a man had fallen onto the track. The man, a Chinese in his mid-40s, was pronounced dead at 8.30 am.

A portion of the North-South line was affected. According to signs flashed at MRT stations, there was no train service from Yew Tee station to Bukit Gombak station towards Jurong East station.




Trains running on this line had to turn around.

SMRT deployed a dozen buses to the station to bring the stranded commuters to the connecting stations shortly after 8 am.

Normal train services resumed at about 8.50 am after the body of the man was removed from the track.

A shopkeeper in the station said he heard commuters saying that the man had jumped onto the track.

Singapore Civil Defence Force and Singapore Police Force personnel were seen at the scene, which has been cordoned off. Police are now investigating the case

[Unregistered]

MRT service disrupted

Singaporeans once again faced MRT service disruption as they headed for work this Monday morning, when a man was found dead on the train track at the Choa Chu Kang MRT Station.

Police received a call at 8 am that a man had fallen onto the track. The man, a Chinese in his mid-40s, was pronounced dead at 8.30 am.

A portion of the North-South line was affected. According to signs flashed at MRT stations, there was no train service from Yew Tee station to Bukit Gombak station towards Jurong East station.




Trains running on this line had to turn around.

SMRT deployed a dozen buses to the station to bring the stranded commuters to the connecting stations shortly after 8 am.

Normal train services resumed at about 8.50 am after the body of the man was removed from the track.

A shopkeeper in the station said he heard commuters saying that the man had jumped onto the track.

Singapore Civil Defence Force and Singapore Police Force personnel were seen at the scene, which has been cordoned off. Police are now investigating the case
Oh so serious?

[Unregistered]

The 8th sign is the loud thuds heard due to speculators jumping off high rises.

MRT service disrupted

Singaporeans once again faced MRT service disruption as they headed for work this Monday morning, when a man was found dead on the train track at the Choa Chu Kang MRT Station.

Police received a call at 8 am that a man had fallen onto the track. The man, a Chinese in his mid-40s, was pronounced dead at 8.30 am.

A portion of the North-South line was affected. According to signs flashed at MRT stations, there was no train service from Yew Tee station to Bukit Gombak station towards Jurong East station.




Trains running on this line had to turn around.

SMRT deployed a dozen buses to the station to bring the stranded commuters to the connecting stations shortly after 8 am.

Normal train services resumed at about 8.50 am after the body of the man was removed from the track.

A shopkeeper in the station said he heard commuters saying that the man had jumped onto the track.

Singapore Civil Defence Force and Singapore Police Force personnel were seen at the scene, which has been cordoned off. Police are now investigating the case.
Can't believe people can be so heartless and crack joke on the dead!

[Unregistered]

Can't believe people can be so heartless and crack joke on the dead!
I agree. People here are so captivated by money and greed that they have lost all human feelings and emotions. It is rightly said "money is the root of all evil". They can sell or betray anyone for making that extra cent.

[hayata1972]

Home prices that have not surpass 1996 levels are right now still moving up, thus, having the 4.2% growth in overall property market in SG. In fact if you guys monitor closely, CCR, OCR and RCR areas are already correcting itself for the 1st quarter 08' if not for the mass market and certain developments by FEO, the report should actually be in negative territory already.

But, those who are still waiting for the right time better start hunting now.

The market may be down now, but, just remember IR will be in operations by 2009.:)

[Unregistered]

Agreed. The chart is freaking inaccurate! Since when is D21 between 1500-2000psf? Since when is D23 (Choa Chu Kang?) between 1000-1500psf? Whoever who did the chart should be fired for publishing such misleading info..... URA price index is better indication of whether avg prices have exceeded 1996 peak and the answer is unequivocally NO.


Home prices that have not surpass 1996 levels are right now still moving up, thus, having the 4.2% growth in overall property market in SG. In fact if you guys monitor closely, CCR, OCR and RCR areas are already correcting itself for the 1st quarter 08' if not for the mass market and certain developments by FEO, the report should actually be in negative territory already.

But, those who are still waiting for the right time better start hunting now.

The market may be down now, but, just remember IR will be in operations by 2009.:)

[Unregistered]

Home prices that have not surpass 1996 levels are right now still moving up, thus, having the 4.2% growth in overall property market in SG. In fact if you guys monitor closely, CCR, OCR and RCR areas are already correcting itself for the 1st quarter 08' if not for the mass market and certain developments by FEO, the report should actually be in negative territory already.


But, those who are still waiting for the right time better start hunting now.

The market may be down now, but, just remember IR will be in operations by 2009.:)
Stop usual talk about IR and F1. Market conditions world wide would influence prices. Not gambling.

[Unregistered]

Agreed. The chart is freaking inaccurate! Since when is D21 between 1500-2000psf? Since when is D23 (Choa Chu Kang?) between 1000-1500psf? Whoever who did the chart should be fired for publishing such misleading info..... URA price index is better indication of whether avg prices have exceeded 1996 peak and the answer is unequivocally NO.
Are you sure?
It is stated in the chart that it is based on info from URA.


District . Project Name .. Price ........... Area ....... Unit Price . Date
23 ......... Park Natura ...... $1,847,100 . 1,744sqft . $1,059psf . Feb 08
.....
.....
23 ......... Park Natura ...... $1,704,220 . 1,410sqft . $1,209psf . Dec 07
.....
.....
23 ......... Park Natura ...... $1,179,440 . 1,012sqft . $1,166psf . Nov 07


District . Project Name .. Price ........... Area ....... Unit Price . Date
21 ......... Jardin ................ $2,041,095 . 1,206sqft . $1,693psf . Feb 08
.....
.....
21 ......... Jardin ................ $3,420,000 . 1,776sqft . $1,926psf . Jan 08
.....
.....
21 ......... Jardin ................ $3,679,000 . 1,787sqft . $2,059psf . Dec 07

In fact they need to correct their figure.
$2,059psf is higher than $2,000psf.


http://www.businesstimes.com.sg/mnt/media/image/launched/2008-03-26/BT_IMAGES_SUPPHOMEPRICE.jpg

[Unregistered]

Are you sure?
It is stated in the chart that it is based on info from URA.


District . Project Name .. Price ........... Area ....... Unit Price . Date
23 ......... Park Natura ...... $1,847,100 . 1,744sqft . $1,059psf . Feb 08
.....
.....
23 ......... Park Natura ...... $1,704,220 . 1,410sqft . $1,209psf . Dec 07
.....
.....
23 ......... Park Natura ...... $1,179,440 . 1,012sqft . $1,166psf . Nov 07


District . Project Name .. Price ........... Area ....... Unit Price . Date
21 ......... Jardin ................ $2,041,095 . 1,206sqft . $1,693psf . Feb 08
.....
.....
21 ......... Jardin ................ $3,420,000 . 1,776sqft . $1,926psf . Jan 08
.....
.....
21 ......... Jardin ................ $3,679,000 . 1,787sqft . $2,059psf . Dec 07

In fact they need to correct their figure.
$2,059psf is higher than $2,000psf.
Alamak! So the chart is correct lah!

[Unregistered]

Alamak! So the chart is correct lah!
All history now. They are looking at changing the colors in the map.

[Unregistered]

D5 is already blue going purple

[Unregistered]

D5 is already blue going purple
Looks like you are color blind.

[Unregistered]

Alamak! So the chart is correct lah!
Of course correct. Who dare to misrepresent URA data?

[Unregistered]

Of course correct. Who dare to misrepresent URA data?
Agree. Agree.

[Unregistered]

Are you sure?
It is stated in the chart that it is based on info from URA.


District . Project Name .. Price ........... Area ....... Unit Price . Date
23 ......... Park Natura ...... $1,847,100 . 1,744sqft . $1,059psf . Feb 08
.....
.....
23 ......... Park Natura ...... $1,704,220 . 1,410sqft . $1,209psf . Dec 07
.....
.....
23 ......... Park Natura ...... $1,179,440 . 1,012sqft . $1,166psf . Nov 07


District . Project Name .. Price ........... Area ....... Unit Price . Date
21 ......... Jardin ................ $2,041,095 . 1,206sqft . $1,693psf . Feb 08
.....
.....
21 ......... Jardin ................ $3,420,000 . 1,776sqft . $1,926psf . Jan 08
.....
.....
21 ......... Jardin ................ $3,679,000 . 1,787sqft . $2,059psf . Dec 07

In fact they need to correct their figure.
$2,059psf is higher than $2,000psf.

Alamak! So the chart is correct lah!

Of course correct. Who dare to misrepresent URA data?
Wah! No joke man! D23 is now at $1,000-1,500psf.

[Unregistered]

Wah! No joke man! D23 is now at $1,000-1,500psf.
D21 at $1,500-2,000psf!

[Unregistered]

Of course correct. Who dare to misrepresent URA data?

Sour grapes of course.

Sour grapes dare to misrepresent URA data.

URA says that the property market up 4.2% but sour grapes say it is down 500%.

[Unregistered]

Sour grapes of course.

Sour grapes dare to misrepresent URA data.

URA says that the property market up 4.2% but sour grapes say it is down 500%.
Pissed Pissed Pissed
Those stuck are pissed
Thought market would go up
and they could flip
But ended up getting the whip.
Ohhh pissed pissed pissed
Speculators are pissed

[Unregistered]

Pissed Pissed Pissed
Those stuck are pissed
Thought market would go up
and they could flip
But ended up getting the whip.
Ohhh pissed pissed pissed
Speculators are pissed
Of course they are pissed.

They think they can get the price to increase by 42%? They must be dreaming!

Too bad for them. Price only went up a pathetic 4.2%!

[Unregistered]

I hv saved for years and paid up for my retired asset, a ppty. But, inflation has eaten up it's value and ruin my retirement plan.

I hope govt can boost the ppty prices so I can hv enough money to retire. I heard that in Dubai ppty prices has increased more than 10 folds since 2002 until today. Beijing, Shanghai, HK and many part of South East Asia hv also increased many many folds since early 2000 until now.

Then, why our ppty prices increase was so short and so little compared to other major city in Asia? How can the retirees survive in this high inflationary environment with so little amount of money?

I read from this forum some ppl said that our ppty prices was intentionally kept low so we can attract foreign talent. Is that true? I hope not.

[Unregistered]

I hv saved for years and paid up for my retired asset, a ppty. But, inflation has eaten up it's value and ruin my retirement plan.

I hope govt can boost the ppty prices so I can hv enough money to retire. I heard that in Dubai ppty prices has increased more than 10 folds since 2002 until today. Beijing, Shanghai, HK and many part of South East Asia hv also increased many many folds since early 2000 until now.

Then, why our ppty prices increase was so short and so little compared to other major city in Asia? How can the retirees survive in this high inflationary environment with so little amount of money?

I read from this forum some ppl said that our ppty prices was intentionally kept low so we can attract foreign talent. Is that true? I hope not.
Dear Retiree,

Rest assured that your worries are unfounded.

On the contrary, the Government continously invests billions throughout the island to enhance the values of assets owned by all Singaporeans.

Read the following speech by none other than our MM Lee.

"Singapore is undergoing a transformation. The Marina Barrage is completed. From next year 2009, saline water will be drained out and we will have a fresh water lake. PUB will make sure that the lake is free of debris and pollution. All streams, canals and monsoon drains will become the recreation waterways and be greened up and fitted with board water. This requires complex engineering task and also needs the cooperation of our people to keep our drains and waterways free of plastic and other waste.

By 2011, the Marina Bay Area will be splendid, especially a water plaza, surrounded by a promenade fronting financial centres, integrated resorts, residential condominiums, food and beverages outlets, an enchanting sight to behold. It will be a unique city centre. We will not leave our heartlands behind. All new towns will be upgraded and beautified. The massive new investments in infrastructure and beautification, plus a steadily growing economy, with higher incomes, will keep property values going up."

The full text of his speech can be found here:

http://www.pmo.gov.sg/News/Speech+by+MM+Lee+at+the+Tanjong+Pagar+Chinese+New+Year+Dinner.htm

[Unregistered]

Of course they are pissed.

They think they can get the price to increase by 42%? They must be dreaming!

Too bad for them. Price only went up a pathetic 4.2%!
Pissed Pissed Pissed
Those stuck are pissed
Thought market would go up
and they could flip
But ended up getting the whip.
Ohhh pissed pissed pissed
Speculators are pissed

[Unregistered]

Dear Retiree,

Rest assured that your worries are unfounded.

On the contrary, the Government continously invests billions throughout the island to enhance the values of assets owned by all Singaporeans.

Read the following speech by none other than our MM Lee.

"Singapore is undergoing a transformation. The Marina Barrage is completed. From next year 2009, saline water will be drained out and we will have a fresh water lake. PUB will make sure that the lake is free of debris and pollution. All streams, canals and monsoon drains will become the recreation waterways and be greened up and fitted with board water. This requires complex engineering task and also needs the cooperation of our people to keep our drains and waterways free of plastic and other waste.

By 2011, the Marina Bay Area will be splendid, especially a water plaza, surrounded by a promenade fronting financial centres, integrated resorts, residential condominiums, food and beverages outlets, an enchanting sight to behold. It will be a unique city centre. We will not leave our heartlands behind. All new towns will be upgraded and beautified. The massive new investments in infrastructure and beautification, plus a steadily growing economy, with higher incomes, will keep property values going up."

The full text of his speech can be found here:

http://www.pmo.gov.sg/News/Speech+by+MM+Lee+at+the+Tanjong+Pagar+Chinese+New+Year+Dinner.htm
Thanks. What a relief!

I will not cash in my ppty for now. I will hold and continue to hold until the price increase by at least another 300%.

Retiree.

[Unregistered]

Dear Retiree,

Rest assured that your worries are unfounded.

On the contrary, the Government continously invests billions throughout the island to enhance the values of assets owned by all Singaporeans.

Read the following speech by none other than our MM Lee.

"Singapore is undergoing a transformation. The Marina Barrage is completed. From next year 2009, saline water will be drained out and we will have a fresh water lake. PUB will make sure that the lake is free of debris and pollution. All streams, canals and monsoon drains will become the recreation waterways and be greened up and fitted with board water. This requires complex engineering task and also needs the cooperation of our people to keep our drains and waterways free of plastic and other waste.

By 2011, the Marina Bay Area will be splendid, especially a water plaza, surrounded by a promenade fronting financial centres, integrated resorts, residential condominiums, food and beverages outlets, an enchanting sight to behold. It will be a unique city centre. We will not leave our heartlands behind. All new towns will be upgraded and beautified. The massive new investments in infrastructure and beautification, plus a steadily growing economy, with higher incomes, will keep property values going up."

The full text of his speech can be found here:

http://www.pmo.gov.sg/News/Speech+by+MM+Lee+at+the+Tanjong+Pagar+Chinese+New+Year+Dinner.htm
SINGAPORE HAS ALREADY UNDERGONE THE TRANSFORMATION WITH MORE MORONS JUMPING OFF HIGH RISES. GOOD RIDDANCE.

[Unregistered]

SINGAPORE HAS ALREADY UNDERGONE THE TRANSFORMATION WITH MORE MORONS JUMPING OFF HIGH RISES. GOOD RIDDANCE.
And you, maddog/tigersee, is one of those morons. Goodbye! Ha ha ha!

[Unregistered]

Are you sure?
It is stated in the chart that it is based on info from URA.


District . Project Name .. Price ........... Area ....... Unit Price . Date
23 ......... Park Natura ...... $1,847,100 . 1,744sqft . $1,059psf . Feb 08
.....
.....
23 ......... Park Natura ...... $1,704,220 . 1,410sqft . $1,209psf . Dec 07
.....
.....
23 ......... Park Natura ...... $1,179,440 . 1,012sqft . $1,166psf . Nov 07


District . Project Name .. Price ........... Area ....... Unit Price . Date
21 ......... Jardin ................ $2,041,095 . 1,206sqft . $1,693psf . Feb 08
.....
.....
21 ......... Jardin ................ $3,420,000 . 1,776sqft . $1,926psf . Jan 08
.....
.....
21 ......... Jardin ................ $3,679,000 . 1,787sqft . $2,059psf . Dec 07

In fact they need to correct their figure.
$2,059psf is higher than $2,000psf.

Alamak! So the chart is correct lah!

Wah! No joke man!

D23 is now at $1,000-1,500psf.

D21 at $1,500-2,000psf!
Ha ha! Even D23 is between $1.0k to $1.5k psf. Impressive!

[Unregistered]

Ha ha! Even D23 is between $1.0k to $1.5k psf. Impressive!
Pissed Pissed Pissed
Those stuck are pissed
Thought market would go up
and they could flip
But ended up getting the whip.
Ohhh pissed pissed pissed
Speculators are pissed

[Unregistered]

Pissed Pissed Pissed
Those stuck are pissed
Thought market would go up
and they could flip
But ended up getting the whip.
Ohhh pissed pissed pissed
Speculators are pissed
Of course they are pissed.

They think they can get the price to increase by 42%? They must be dreaming!

Too bad for them. Price only went up a pathetic 4.2%!

[Unregistered]

Of course they are pissed.

They think they can get the price to increase by 42%? They must be dreaming!

Too bad for them. Price only went up a pathetic 4.2%!

42%? Why not? It's coming very soon. Check out how our stock market rally lately. A wise guy should hv known what is going to happen next. Too bad that you are not wise enough, moron!

[Unregistered]

42%? Why not? It's coming very soon. Check out how our stock market rally lately. A wise guy should hv known what is going to happen next. Too bad that you are not wise enough, moron!
Pissed Pissed Pissed
Those stuck are pissed
Thought market would go up
and they could flip
But ended up getting the whip.
Ohhh pissed pissed pissed
Speculators are pissed

[Unregistered]

Thanks. What a relief!

I will not cash in my ppty for now. I will hold and continue to hold until the price increase by at least another 300%.

Retiree.

300%? I am not too sure how long you can hold.

[Unregistered]

Of course they are pissed.

They think they can get the price to increase by 42%? They must be dreaming!

Too bad for them. Price only went up a pathetic 4.2%!

Haha this is damm funny.

[Unregistered]

Peaked Peaked Peaked
Analysts say it has peaked
Desperate flippers get freaked
Because they realised that the news has leaked
Now on to the exits as fast as they could bolt
Beacuse no question of their units ever being sold
Mayhem all over as they rush
Fellow flippers will they crush?
Thud Thud Thud Splash Splash Splash
It is all over in a flash

[Unregistered]

300%? I am not too sure how long you can hold.
He is right. He can hold on to the door and never let go. Doesnt matter what the price is. woooohahahahahaha

[Unregistered]

NO SIGN OF THE SPECULATORS.....THEY ARE FINISHED!!! MAD RUSH AT THE EXITS....OTHERS PLEASE AVOID THE EXITS....SPECULATORS FLEEING...WATCH OUT FOR YOUR OWN SAFETY.

[Unregistered]

NO SIGN OF THE SPECULATORS.....THEY ARE FINISHED!!! MAD RUSH AT THE EXITS....OTHERS PLEASE AVOID THE EXITS....SPECULATORS FLEEING...WATCH OUT FOR YOUR OWN SAFETY.

Very very few property transactions only.nobody fleeinglah,
see ghost or what...?

[Unregistered]

Of course they are pissed.

They think they can get the price to increase by 42%? They must be dreaming!

Too bad for them. Price only went up a pathetic 4.2%!
Haha this is damm funny.
What's so funny?
Price went up only 4.2%.
It's pathetic - not funny.

[Unregistered]

What's so funny?
Price went up only 4.2%.
It's pathetic - not funny.
Ha ha ha!!!!

[Unregistered]

Dear Retiree,

Rest assured that your worries are unfounded.

On the contrary, the Government continously invests billions throughout the island to enhance the values of assets owned by all Singaporeans.

Read the following speech by none other than our MM Lee.

"Singapore is undergoing a transformation. The Marina Barrage is completed. From next year 2009, saline water will be drained out and we will have a fresh water lake. PUB will make sure that the lake is free of debris and pollution. All streams, canals and monsoon drains will become the recreation waterways and be greened up and fitted with board water. This requires complex engineering task and also needs the cooperation of our people to keep our drains and waterways free of plastic and other waste.

By 2011, the Marina Bay Area will be splendid, especially a water plaza, surrounded by a promenade fronting financial centres, integrated resorts, residential condominiums, food and beverages outlets, an enchanting sight to behold. It will be a unique city centre. We will not leave our heartlands behind. All new towns will be upgraded and beautified. The massive new investments in infrastructure and beautification, plus a steadily growing economy, with higher incomes, will keep property values going up."

The full text of his speech can be found here:

http://www.pmo.gov.sg/News/Speech+by+MM+Lee+at+the+Tanjong+Pagar+Chinese+New+Year+Dinner.htm
You mentioned ".. plus a steadily growing economy .." in your posting. Is that a guess or you actually know it?

If the analysts and economists can predict it wrongly, I don't you know the answer.

You must have made a wild guess about the rebound. Let's be honest. No one would have thought of 16.9%. Agree?


April 10, 2008

S'pore economy rebounds on growth in drugs output


SINGAPORE - SINGAPORE'S economy picked up speed in the first quarter of this year, rebounding from a contraction as pharmaceutical factories produced more.

A release from the Ministry of Trade and Industry on Thursday said the gross domestic product rose 7.2 per cent on a year-on-year basis in the first quarter, faster than the 5.4 per cent gain in the final quarter of 2007.

The Advance GDP estimates also revealed that the annualised, seasonally adjusted rate of 16.9 per cent in the first quarter beat economists' expectations. It had declined 4.8 per cent in the previous quarter.

The median forecast from economists polled by Reuters was for growth of 11.5 per cent after a recovery in pharmaceutical and electronics manufacturing, after an unexpected 4.8 per cent contraction in the economy in the fourth quarter of 2007.

The manufacturing sector expanded 13.2 per cent in the first quarter, compared with a 0.2 per cent growth in the previous quarter. MTI said a surge in the output of biomedical manufacturing cluster helped boost the sector.

The rest of the manufacturing clusters also enjoyed better performance except ofr transport engineering and precision engineering clusters whose growth moderated.

The construction sector expanded by 14.6 per cent, after a 24.3 per cent gain in the preceeding quarter.

The services producing industries grew steadily at 7.6 per cent. Financial services continued to be the fastest growing among the services sectors.

The advance estimate, based largely on data from January and February, gives an early indication of the economy's performance in the January to March period.

The GDP estimates for the first three months in this year will be released in May in the Economic Survey of Singapore.

[Unregistered]

You mentioned ".. plus a steadily growing economy .." in your posting. Is that a guess or you actually know it?

If the analysts and economists can predict it wrongly, I don't you know the answer.

You must have made a wild guess about the rebound. Let's be honest. No one would have thought of 16.9%. Agree?
Don't guess. It's up!


http://l.yimg.com/us.yimg.com/i/us/nws/p/reuters_logo_94.png
Technology and retail stocks fuel rally
Kevin Plumberg
Reuters
New York, New York, U.S.
Thursday, 10 April 2008, 4:31PM EDT

http://d.yimg.com/us.yimg.com/p/nm/20080410/2008_04_09t064848_450x327_us_markets_stocks.jpg
Traders on the floor of the New York Stock Exchange, 18 March 2008. - Photo: Brendan McDermid, Reuters

Stocks rose on Thursday after a brokerage upgrade of chip makers lifted technology stocks and on optimism that poor March sales may have been the low point for retailers this year.

Intel Corp shares jumped 3% and helped lift all three major U.S. stock indexes after Banc of America Securities upgraded the U.S. semiconductor sector, saying a modest inventory buildup has eased.

Retail shares rose as investors bet the business environment will improve should the current downturn reverse as expected in the second half of the year. The sector posted its weakest March monthly sales results for U.S. retailers in 13 years.

Shares of Wal-Mart climbed 1% after the world's largest retailer raised its outlook, citing expense controls and fewer markdowns. The stock gained in spite of Wal-Mart posting March same-store sales growth that fell short of Wall Street's expectations.

Tech shares also got a lift after JPMorgan Securities raised its profit forecasts on Apple Inc. The iPod maker's stock rose 2% and contributed the most to the Nasdaq 100's advance.

"If you're optimistic about growth in the second half, then what is tied to growth and most successful in times of growth? Technology," said Marc Pado, U.S. market strategist at Cantor Fitzgerald & Co in San Francisco.

The Dow Jones industrial average was up 54.72 points, or 0.44%, ending the day at 12,581.98. The Standard & Poor's 500 Index was up 6.06 points, or 0.45%, finishing at 1,360.55. The Nasdaq Composite Index was up 29.58 points, or 1.27%, at 2,351.70.

General Electric Co rose 0.9% and was the second-biggest boost to the S&P on expectations that economic strength outside the United States would support the conglomerate's bottom line. GE closed at $36.75 on the NYSE.

An easing in lending markets since mid-March when the Federal Reserve backed JPMorgan Chase's takeover of Bear Stearns has comforted investors, who have been slowly regaining confidence in stocks.

Many investors have become more certain that the U.S. economy would slip into a recession during the first six months of 2008, but this has actually helped the stock market to recover.

"It is good because we have moved from totally unknown territory to one where we think we know what is going on," said Jan Loeys, global head of asset allocation with JPMorgan, on a conference call.

Wal-Mart's stock ended at $54.66, up 52 cents, or 1% on the New York Stock Exchange.

The Dow industrials also benefited from a positive outlook from an economic bellwether, DuPont Co.

DuPont's stock climbed 1.2% to $49.64 on the New York Stock Exchange after the chemical company raised its profit outlook and said strong growth in its agriculture businesses and emerging markets should help offset weakness in U.S. housing and automotive markets. For details, see

Adding to investor confidence, Goldman Sachs Group Inc Chief Executive Lloyd Blankfein said on Thursday that financial markets are likely in the late stages of the credit crisis that began last summer.

Intel's stock gained 3.1% to $22.08 on the Nasdaq.

Apple shares rose 2.1% to $154.55 after JPMorgan Securities raised its second-quarter and 2008 estimates for the company.

Volume on the New York Stock Exchange was modest with 1.29 billion shares changing hands, down from last year's daily average of 1.90 billion shares. On Nasdaq, 2.20 billion shares traded, slightly above last year's daily average of 2.17 billion.

Advancers beat decliners by a ratio of about 5 to 3 on the NYSE. On Nasdaq, about three stocks rose for every two that fell.

[Unregistered]

GE Says Profit Fell, Citing Finance; Forecast Reduced

By Rachel Layne

April 11 (Bloomberg) -- General Electric Co. unexpectedly reported its first quarterly profit decline since 2003, sending U.S. and European stocks lower, as the credit market's seizure spread to the world's third-largest company by market value.

GE dropped as much as 12 percent in New York trading, the most since the October 1987 market crash. The decline wiped out as much as $42.2 billion in market capitalization, or more than the 2006 gross domestic product of Ecuador.

Chief Executive Officer Jeffrey Immelt cut the annual forecast he had once told investors was ``in the bag'' for 2008 and repeated as recently as March 13. GE now says capital markets seized up just days later, forcing it to cut the value of some securities in the last two weeks of the quarter and blocking some asset sales. The Federal Reserve's March 14 move to help rescue Bear Stearns Cos. created ``a different world,'' he said today.

``We hate disappointing investors,'' Immelt said on the GE- owned CNBC television network. ``It's not part of the company. It's not part of the culture. We take accountability for that.''

Profit from continuing operations dropped to $4.36 billion, or 44 cents a share, from $4.93 billion, or 48 cents, a year earlier. Revenue rose 8 percent to $42.2 billion, less than GE's prediction of about $44 billion. GE was expected to earn 51 cents a share, the average of 15 analyst estimates in a Bloomberg poll.

``You're shocked'' by such results, Benjamin Pace, chief investment officer of Deutsche Bank Private Wealth Management in New York, told Bloomberg Television.

Shares Plummet

The stock dropped $4.23, or 12 percent, to $32.52 at 11:25 a.m. in New York Stock Exchange composite trading. The shares had fallen less than 1 percent this year compared with a 7.3 percent decline in the Standard & Poor's 500 index.

On a conference call today, analysts demanded that Immelt explain why he told retail investors on a March 13 Webcast that Fairfield, Connecticut-based GE would likely meet its annual forecast of at least $2.42 a share.

``Two days after the Webcast, the Bear Stearns situation took place,'' Immelt said. ``The last two weeks in March were a different world in financial services.''

The market turmoil also prevented GE from selling some finance assets, Immelt said. GE put its U.S. credit card business and Japanese consumer finance units up for sale last year. The health-care unit also trailed expectations.

The U.S. may be near a recession because of a slump in housing prices and a tightening of credit markets. Some members of the Fed's rate-setting Open Market Committee said at their March 18 meeting that they saw the risk of a ``prolonged and severe downturn'' in the U.S. economy, the world's largest.

`Biggest Misses'

``This is one of the biggest misses that GE's had in quite some time,'' said Nicholas Heymann, an analyst with Sterne Agee & Leach Inc., in an interview today. ``The pressure is on like it's never been on before for all senior management at GE.''

GE missed its own forecasts for its commercial and consumer finance units. That cut per-share profit by 5 cents and resulted in a lowered full-year forecast of $2.20 to $2.30 a share, down from the previous forecast of at least $2.42. Immelt had told investors in December that $2.42 a share was ``in the bag.''

``The quarter was disappointing,'' James Hardesty, president of Hardesty Capital Management in Baltimore, told Bloomberg Television. ``It does reflect a rather sharp economic slowdown that seems to be occurring in the U.S.''

Finance units may have a profit decline of 5 percent to 10 percent this year and non-financial units will increase 10 percent to 15 percent. That makes total profit little-changed to up 5 percent, GE said in its statement.

Didn't See It Coming

``This is something that we clearly didn't see until the end of the quarter,'' Immelt said on the conference call. ``What we did is try to reflect on that, not make excuses and take appropriate actions. The company's fundamentals remain strong. We believe that the strategy and the fundamentals remain strong.''

GE Healthcare, the world's biggest maker of medical imaging equipment, had a profit decline of 17 percent, below the predicted 5 percent rise. GE hasn't shipped its OEC X-ray machines from a plant for 20 months as it works to comply with an FDA consent decree. That cost about 1 cent a share, Immelt said.

GE Infrastructure, the largest of the six main segments, has units that focus on oil and gas equipment, jet engines, locomotives, power-turbines, water-treatment and aircraft leasing. Its revenue climbed 23 percent, more than forecast, driving a 17 percent increase in earnings, which matched GE's prediction.

Downgrades

Analysts at Goldman Sachs Group Inc. and Credit Suisse Group both cut GE's rating to ``neutral'' today. Fourteen analysts recommend buying the stock, and six suggest holding it. None recommend selling. Before today's earnings announcement, 16 analysts rated the stock a ``buy'' and four rated it ``hold.''

``There's probably a very good buy in here,'' Joseph Keating, chief investment officer of First American Asset Management in Birmingham, Alabama, said in an interview with Bloomberg Television. His firm manages $3 billion, including GE shares. ``They have a worldwide franchise in industrial products and with the decline of the dollar, their products are competitive worldwide.''

The cost of protecting bonds of GE, the biggest U.S. corporate borrower, reached the highest in almost two weeks. Credit-default swaps on GE's General Electric Capital Corp. increased 10 basis points to 131 basis points, according to broker Phoenix Partners Group in New York. The contracts have about doubled this year as the credit-turmoil that started in the U.S. housing market led investors to flee everything from commercial paper to leveraged loans.

Investors and analysts asked Immelt to assure them that GE's ability to forecast, and strategy as a whole, remained intact and whether this surprise decline eroded GE's reputation as a safe investment.

``I understand your frustration,'' Immelt said. ``I'm not going to be defensive about it, this is a company that's delivered for a long time. The franchise of the company is very strong. And I feel the same about the strategy of the company.''
Wow what did you just say?
GE had the biggest fall since 1987? You can't be kidding. GE is all about world economy. You mean eqvivalent amount to Equador's GDP wiped out in a few minutes? Tell me you are kidding....for God's sake. I have a weak heart.

[Unregistered]

Published March 27, 2008

Home prices surpass 1996 levels

Even if the US sub-prime problem drags on, mid and mass market homes would still see price increases this year, says HAN HUAN MEI


RESIDENTIAL property prices in Singapore saw phenomenal growth in 2006-7. Robust economic growth of about 7-8 per cent in the past three years, a growing number of millionaires and anticipated spinoffs from the integrated resorts ignited the high-end segment before finally filtering down to the mid and mass markets in the second quarter of 2007.

By the end of 2007, prices in dollar terms had surpassed the levels in 1996, although the Urban Redevelopment Authority (URA) private residential price index had yet to hit the peak of 181.4 points achieved in Q2 1996. This is especially the case for new projects. For example, units in luxury projects like Cliveden at Grange, Hilltops and The Orchard Residences were selling at above $3,500 per sq ft compared with those in Ardmore Park, which were selling above $1,800 psf in 1996.

In the mid-tier segment, units in projects like Aalto, Jardin and Zenith were selling above $1,600 psf in 2007, compared to 1 King Albert Park and Trellis Tower, which were sold at $900-$1,100 psf in 1996. As for mass market projects, 2007 saw units in projects like Fontaine Parry, Hillvista and Oasis Garden being sold at $850-$1,000 psf while in 1996, units in Hazel Park, Ballota Park and Sherwood Condominium were sold at $680 psf-$850 psf.

In the last two years, the URA price index showed that prices of landed homes rose by 32 per cent while those of non-landed homes (apartments and condominiums) rose by 47 per cent. Furthermore, within the non-landed segment, prices of uncompleted homes (mostly new launches and developers' sales) grew by 53 per cent whereas those of completed homes (existing stock, resale transactions) rose 45 per cent.

Based on URA price indices by region for uncompleted non-landed properties, the Core Central Region (CCR, districts 9, 10, 11 and Downtown Core and Sentosa) took the lead with a 67 per cent growth followed by the Rest of Central Region (RCR, Central Region outside the core region) with a 41 per cent growth and the Outside Central Region (OCR), with a 35 per cent growth.

For non-landed homes in the resale market, the price increase was 45 per cent over the last two years, driven mostly by transactions in the CCR. Prices there rose by 43 per cent, followed by 31 per cent for those in the RCR and 28 per cent for those in the OCR.

A comparison of median prices in Q4 2007 showed an interesting geographical shift across the island from Q4 2006. For simplicity, we have confined our analysis to non-landed homes.

For the new homes sold as at Q4 2006, the highest price band was $1,500-$2,000 psf for properties in districts 1, 2 and 4. Examples of new projects in these districts in 2006 would include Marina Bay Residences, Lumiere, and The Coast and The Oceanfront at Sentosa Cove.

Properties in the lowest band - below $700 psf - were found in districts 5, 8, 12, 13, 14, 16, 17, 19, 22, 23, 6 and 27. Examples of new launches at that time included Ferraria Park, One St Michael's, The Infiniti, The Quartz and The Stellar. Most of these are 99-year leasehold projects catering to the mass market. However, by Q4 2007, the highest price band moved up to over $3,000 psf for properties in districts 9 and 10 for projects like 8 Napier, Cliveden At Grange, Scotts Square and The Orchard Residences. Similarly, the lowest band was raised to $700 psf to $1,000 psf for projects in districts 3, 5, 8, 12, 13, 17, 19 and 22, reflective of prices of Casa Fortuna, Fontaine Parry, Oasis Garden and The Lakeshore.

As for properties in the popular East Coast area, their prices have moved up from $700-$1,000 psf to $1,000-$1,500 psf for district 15. In district 16, they moved from below $700 psf to $700-$1,000 psf over the same period.

In the resale market, there was a lag in price growth because this sector involved basically older properties which lacked the aesthetic appeal and quality of new properties. As at Q4 2006, among the properties that were sold, only those in district 9 made it to the top of the range for the price band of $1,000-$1,500 psf. These included properties like Aspen Heights, Cairnhill Crest, The Claymore and The Pier At Robertson. However, a year on, the price band moved up to $1,500-$2,000 psf. Transactions in district 10 joined this category, involving units in Ardmore Park, Draycott Eight and The Tessarina.

With the exception of districts 4, 9, 10 and 11, resale transactions in the rest of the island were largely below $700 psf in Q4 2006, the price band for mass market properties. Similarly, in Q4 2007, property prices in the more popular districts (1, 2, 3, 5, 7, 8, 12, 15, 16 and 21) moved up to the $700-$1,000 psf price band.

Notably, prices of properties in districts 1 and 3 as well as 11 moved up to the $1,000-$1,500 psf band in Q4 2007 from previous price bands of below $700 psf and $700-$1,000 psf respectively.

Last year ended on a cautious note as the sub-prime mortgage crisis in the US had a somewhat negative effect on global financial markets and the economy. Most home buyers have been infected by the current mood and have turned cautious. Should the US enter a mild recession in the first six months of 2008 and the sub-prime problems clear up so that sentiment improves after June this year, the private residential market should continue where it left off in the third quarter of 2007.

Luxury prices would remain firm, mid-market homes would be expected to rise by 5 to 10 per cent while mass market home prices could grow by 10 to 15 per cent in 2008, once the situation becomes more positive.

In the worst case scenario, where the US sub-prime problem drags on to the end of the year and beyond, prices of luxury properties may ease marginally, while mid- and mass market homes would still see price increases, albeit at one to 2 per cent and 3 to 5 per cent respectively.

Han Huan Mei is an associate director, CBRE Research, CB Richard Ellis.
What? Good good!

[Unregistered]

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http://www.businesstimes.com.sg/mnt/media/image/launched/2008-03-26/BT_IMAGES_SUPPHOMEPRICE1.jpg
Yes! That's the way!

[Unregistered]

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Nikkei ends up 2.9%, led by Retailers on Positive Outlooks
Taiga Uranaka
Reuters
Tokyo, Japan
Friday, 11 April 2008

Japan's Nikkei average rose 2.9% on Friday, snapping a three-day losing streak, with retailers Fast Retailing Co and Seven & I Holdings jumping on solid profit outlooks.

Japan's second-largest bank Mizuho Financial Group extended gains after disclosing additional subprime-related trading losses.

"Mizuho shares were bought as investors saw negative news as having run its course for the time being. The market had priced in subprime problems to a considerable degree," said Harushige Kobayashi, head of the research department at Maruwa Securities.

High-tech shares such as Advantest Corp advanced after their U.S. peers lifted Wall Street on a brokerage upgrade of chip makers.

"The previous three days' losses were caused by trades in connection with SQ. Now, with that over, the lid on the market is off," said Katsuhiko Kodama, senior strategist at Toyo Securities.

The closely watched settlement price, known in Japan as the special quotation or "SQ", is calculated from the opening prices of the 225 shares on the Nikkei average on the second Friday of the month.

The price for options contracts expiring in April is likely to have come to 13,129.58, according to market sources.

The benchmark Nikkei ended up 2.9% at 13,323.73. The index gained 0.2 percent for the week.

The broader TOPIX index added 2.5% to 1,278.62.

Retailers High

Shares of Fast Retailing jumped 5.2% to 10,100 yen, the biggest contributor to the Nikkei, after the retailer raised its full-year operating profit forecast by 10% to 80.1 billion yen on the back of a recovery at its Uniqlo casual-clothing chain.

Seven & I Holdings shot up 11.6% to 2,895 yen after Japan's largest retailer said it would buy back and cancel up to 170 billion yen of its shares and Mitsubishi UFJ Securities lifted its rating on the stock to "1" from "2", saying the shares are cheap considering an expected improvement in return on assets.

Seven & I posted its first drop in full-year operating profit in six years, hit by weak consumer spending and tough competition, but it forecast a recovery this year as it closes unprofitable outlets.

Daiei Inc jumped 13.7% to 631 yen after the supermarket operator said it expects its operating profit this business year to rise 24.6% to 18 billion yen, better than a forecast of 13.6 billion yen in a poll of three analysts by Reuters Estimates.

"Investors' buying interest is turning towards domestic, non-manufacturing sectors since they're less affected by the stronger yen," said Maruwa's Kobayashi.

Mizuho extended gains, ending up 5.2% at 407,000 yen, after the banking group said during the midday break that it expected 400 billion yen ($3.9 billion) of subprime-related trading losses at its unlisted brokerage, Mizuho Securities, for the year ended in March.

The bank said it now expects a net profit of 310 billion yen ($3.1 billion) for the year to March 2008, down nearly 60% from its original estimate of 750 billion yen.

Takeda Pharmaceutical Co Ltd fell 2% to 5,300 yen, becoming the biggest drag on the Nikkei 225, after news of its $8.8 billion acquisition of U.S. biotech company Millennium Pharmaceuticals Inc in the biggest overseas buyout by a Japanese drugmaker.

Technology shares gained, with Advantest, the world's largest maker of microchip testers, up 5.3% at 2,795 yen.

On Thursday, Intel Corp shares jumped and helped lift all three major U.S. stock indexes after Banc of America Securities upgraded the U.S. semiconductor sector, saying a modest inventory buildup has eased.

Trade was moderate on the Tokyo exchange's first section, with 2 billion shares changing hands, compared with last week's daily average of 1.9 billion.
Outlook positive is good what.

[Unregistered]

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HK shares jumps 2% to 2-month high as Chinese banks lead way
Judy Hua
Reuters
Hong Kong SAR
Friday, 11 April 2008

Hong Kong stocks rose 2% to a 2-month closing high on Friday, tracking higher overseas markets, with financial plays leading the gains as Chinese banks flagged rosy profit forecasts.

Investors are cautious, however, as they await key economic data from China and the United States, as well as quarterly results from major U.S. financial institutions next week to gauge the outlook for the global economy.

"China's stock market is still soft and lacks momentum even though it has stablised," said KGI Asia Ltd associate director Ben Kwong. "Investors are waiting for major economic data to assess if there is further need for tightening."

"Technically, the (Hong Kong) market is quite resilient," he said, adding that he expected short-term support at 23,900.

The benchmark Hang Seng Index ended 480.69 points higher at 24,667.79. The China Enterprises Index of Hong Kong-listed mainland companies , or H shares, gained 2.76% to 13,357.12.

Mainboard turnover rose to HK$77.14 billion ($9.9 billion) from HK$74.81 billion.

Chinese banks jumped after they estimated sharply higher first-quarter earnings due to higher interest on consumer lending as Beijing grants lenders more flexibility in pricing loans.

China Merchants Bank closed up 4.6% at HK$29.85 after it estimated that net profit surged at least 140% in the first quarter of this year.

China Construction Bank rose nearly 2.8% as investors expect it to post strong earnings after the market close.

Industrial and Commercial Bank of China, the country's largest bank and the most active stock for the day, climbed 2.8%, while smaller rival Bank of Communications soared 5%.

Another bright spot was China Coal Energy, the country's No.2 coal producer, which jumped more than 5% to HK$15.94 after Citigroup upgraded it to buy from hold as it plans to sell more coal on domestic spot market this year, which should drive margins.

Offshore oil specialist CNOOC Ltd rose 4.6% and its bigger rival PetroChina climbed 2.8% after they signed landmark deals to buy liquefied natural gas from top LNG exporter Qatar.

TPV Technology, the world's largest maker of PC monitors, jumped 4%to HK$5.24 after JP Morgan upgraded it to overweight from neutral on margin improvement and likely market share gain.

But mobile phone and electronics components maker BYD bucked the broad market trend, tumbling as much as 12% to close at HK$12.90 after its Taiwanese rival, Hon Hai Precision Industry, said BYD's vice president Xia Zuoquan had been detained.

CLSA downgraded BYD to underperform from buy, citing accelerating legal disputes between BYD and Foxconn International over alleged patent infringement. Foxconn jumped 7.3% to HK$11.70.

Kingdee International Software Group Ltd, China's second-largest designer of software, fell 11 percent to HK$6.84 after the company and its chairman sold up to $21.5 million worth of shares.
Wow! Jumped up 2%?

[Unregistered]

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中国一游客用银联卡 一天在本地消费60万元 ($600,000)
联合早报
2008-04-11

人民币不断升值，鼓励越来越多中国旅客出境旅游。接受银联卡消费，将成为本地商家提升业绩的“润滑剂”。中国银联人士透露，有中国游客一天内在新加坡用多张银联卡消费了60万新元(S$600,000)！

中国银联国际业务总部副总裁黄兴海昨天在第13届卡和付费亚洲峰会（Cards & Payments Asia）指出，人民币缓慢增值的趋势，意味着人民币越来越值钱，也促进中国居民出境旅游和消费。“我认为这完全是好现象，因为中国旅客带来的商机很大，对新加坡旅游业、银行、商户都是好事情。”

尽管没有具体数据能说明自“破八”（跌破一美元兑八元人民币心理关卡）以来，人民币升值在多大程度上使银联卡业务受惠，黄兴海承认，中国银联是人民币升值的受益者，“对我们肯定有利”。

香港、澳门、新加坡是中国旅客的主要旅游地，这些以华人为主的城市对银联卡的接受度要高于欧美城市。目前，每年到访新加坡的中国旅客都超过100万人次，是新加坡第二大外国旅客来源，每年消费额超过18亿新元。根据保守估计，未来十年中国旅客出境旅游人数，每年将以10.4％速度增长。

中国银联自2005年1月开始，与星网电子付款公司（NETS）成为合作伙伴，目前本地星展银行、大华银行及花旗银行的自动提款机，都接受银联卡提款交易，覆盖率近100％。

中国银联新加坡代表处首席代表杨建民说，过去，中国游客经常随身携带大量现金，在外国匪徒眼里是“流动提款机”，经常遭抢劫。使用银联卡，既方便又安全。

中国银联新加坡高级市场代表刘裕德指出，中国政府规定出境不能携带超过两万元人民币或6000美元的现金，而信用卡又有消费额度限制。

“银联卡提供另一种消费渠道。如果商户不接受银联卡，顾客走进他们商铺的消费能力，就取决于身上的现金有多少；如果可以使用银联卡，他们的消费能力就无限扩大。比如，一名顾客要买一件昂贵的商品，只要一通电话让亲友把钱存入他的银行账户，马上就可以转账。”

杨建民透露，去年到访新加坡的中国旅客比前年增加了9万人次，但通过银联卡消费的业绩却上升了近80％。该公司的消费记录显示，曾有一名中国旅客刷银联卡，买走了一只价值20万新元的名贵手表。“还有人通过两、三张银联卡，一天之内就在乌节路上多家商场消费了60万元。”

中国银联成立于2002年3月，总部设在上海，是全中国统一的银行卡跨行交易清算系统。截至2007年底，中国境内发卡机构有150多家，发卡总量超15亿张，同时在中国旅客常去的26个国家和地区获得接纳。

... China RMB getting very very strong ... Chinese getting very very rich
... Singapore getting very cheap ... Singapore goods are very reliable
... so record number of Chinese tourists come to Singapore

... they keep buying things like there is no tomorrow ...
... tourism receipts from Chinese tourist is at record high ...

... one Chinese tourist spent S$600,000 in one day ...
They are coming to buy buy buy.
We better buy buy buy first.