Still bullish on Singapore property

[mr funny]

Published April 5, 2008

Still bullish on Singapore property


DESPITE the US subprime crisis, which will have a cyclical impact, Liew Mun Leong remains bullish on Singapore's property market in the medium term.

'Main street America is suffering from the sins and mistakes of Wall Street,' he says. 'And when main street gets hit, that will affect Asia, we can't run away from it.'

However, Singapore's property market has some strong underpinnings, he maintains. Most importantly, the drivers of Singapore's property market have changed in recent years. 'The rise in property prices since 2002 is no longer due to domestic policy changes such as the liberalisation of CPF and the HDB sub-sale policy.

'It is driven by the remaking of Singapore. Singapore as a global city, as a gateway to Asia, the integrated resorts, plus the displacement demand from en-bloc sales.'

The change in the number and profile of foreign buyers is also notable, he points out. 'In the past foreign buyers were mainly from Malaysia and Indonesia. But now, there are big buyers from at least 12 countries.'

The proportion of foreign buyers for private properties has also risen from 13.7 percent of the total in 1996 to 25 per cent in 1997. And the number of foreign professionals coming to live in Singapore has tripled over that period, as has foreign direct investment.

At the same time, the affordability of private residential properties as measured by mortgage payments as a percentage of household income has improved, going from around 46 per cent to 36 per cent.

And then Mr. Liew points to the big picture: 'Singapore has 700 sq km, with 4.5 million people. The population is projected to grow to more than 6 million, but the city cannot grow. If we reclaim another 11 per cent we'll be in international waters already.'

'Another point, I tell foreigners. Compare putting $5 million in a house in Singapore with putting $5 million in a house in, say, Bangkok or Jakarta. In Singapore, the government provides so much support in the form of infrastructure. What infrastructure support would you get in Bangkok or Jakarta? This is an important issue when you buy property. Investors realise this.

'So, if you analyse all the fundamentals, Singapore as a global city is a winning formula. And I'm not saying this because I'm selling property.'

[Unregistered]

Published April 5, 2008

Still bullish on Singapore property


DESPITE the US subprime crisis, which will have a cyclical impact, Liew Mun Leong remains bullish on Singapore's property market in the medium term.

'Main street America is suffering from the sins and mistakes of Wall Street,' he says. 'And when main street gets hit, that will affect Asia, we can't run away from it.'

However, Singapore's property market has some strong underpinnings, he maintains. Most importantly, the drivers of Singapore's property market have changed in recent years. 'The rise in property prices since 2002 is no longer due to domestic policy changes such as the liberalisation of CPF and the HDB sub-sale policy.

'It is driven by the remaking of Singapore. Singapore as a global city, as a gateway to Asia, the integrated resorts, plus the displacement demand from en-bloc sales.'

The change in the number and profile of foreign buyers is also notable, he points out. 'In the past foreign buyers were mainly from Malaysia and Indonesia. But now, there are big buyers from at least 12 countries.'

The proportion of foreign buyers for private properties has also risen from 13.7 percent of the total in 1996 to 25 per cent in 1997. And the number of foreign professionals coming to live in Singapore has tripled over that period, as has foreign direct investment.

At the same time, the affordability of private residential properties as measured by mortgage payments as a percentage of household income has improved, going from around 46 per cent to 36 per cent.

And then Mr. Liew points to the big picture: 'Singapore has 700 sq km, with 4.5 million people. The population is projected to grow to more than 6 million, but the city cannot grow. If we reclaim another 11 per cent we'll be in international waters already.'

'Another point, I tell foreigners. Compare putting $5 million in a house in Singapore with putting $5 million in a house in, say, Bangkok or Jakarta. In Singapore, the government provides so much support in the form of infrastructure. What infrastructure support would you get in Bangkok or Jakarta? This is an important issue when you buy property. Investors realise this.

'So, if you analyse all the fundamentals, Singapore as a global city is a winning formula. And I'm not saying this because I'm selling property.'

This is vintage Liew Mun Leong. Singapore as a evolving Global City is getting so attractive that I am holding on to all my investment properties for another 5-10 and maybe 15 years to realise the true potential from this amazing transformation.

[Unregistered]

MASSIVE OVERSUPPLY. GOOD NEWS. PRICES WOULD FALL TO REALISTIC LEVELS.

[Unregistered]

first class sour grapes in denial despite real changes in our city state transformation.

[Unregistered]

Published April 5, 2008

JURONG LAKE DISTRICT

Mah disagrees with suggestions on land sales, deferred payment scheme


NATIONAL Development Minister Mah Bow Tan yesterday disagreed with suggestions by property tycoon Kwek Leng Beng on the need for the government to review its first-half 2008 land sales programme and rethink its decision to scrap the deferred payment scheme.

Mr Mah said the government can be nimble on state land sales because the programme is reviewed every six months, depending on changes in the market.

But the H1 2008 programme will not be changed midstream, he said. 'We should be careful of knee-jerk reactions. You can't adjust it just because something is happening yesterday and then we change things today. We've got to take a longer-term view.'

Mr Mah was speaking at a media briefing after he delivered the keynote address at Urban Redevelopment Authority's Corporate Plan seminar at Grand Copthorne Waterfront Hotel.

In an interview published by BT this week, Mr Kwek had urged the government to review its H1 2008 land sale programme, which was fixed last year when the property market was buoyant compared with today.

On the decision announced in October last year to scrap the deferred payment scheme, Mr Mah said yesterday it was carefully considered, taken 'after a lot of thought, deliberation'.

'The objective was two-fold,' he said. 'One, to remove excessive speculation from the market. And two, to make sure there is financial prudence - that people make decisions and don't over-commit themselves.

'These are two very important objectives and they are still relevant today - in fact, probably more so in today's kind of market. I don't see any need for us to change our decision on that.'

Mr Kwek had suggested the deferred payment scheme could be revived, but this time with a higher initial payment of 30 per cent instead of 20 per cent previously. He also said that if a developer wants to extend a deferred payment scheme to a buyer, perhaps the developer's bank might be in a better position to assess viability, while keeping an eye on prudence.

Mr Kwek also made a suggestion he said could make housing more affordable for young Singaporeans, including singles. The government could build more public housing units and lease them to young first-time buyers with an option to buy the flats within 10 years at fixed prices, he said.

Responding yesterday, Mr Mah said he disagreed with the premise that young couples cannot afford to buy an HDB flat.

'The average amount of money they need to put up for monthly mortgage payments is well within their means, something like 20 per cent. This is quite affordable,' he said.

'If you were to rent, they will probably be paying as much, if not more, in rental, than to buy the flat. It doesn't make sense to rent when you can buy using your CPF. You rent, you can't use your CPF.

'When you buy, you actually buy a place you can call your own. It's an investment. When you rent, it's not yours.

'Our home ownership policy with all the generous housing subsidies that we have given actually allows most Singaporeans, young couples, to be able to buy their own homes.

'If you look at the numbers, you'll find that suggestion (by Mr Kwek) does not quite make sense.'
The minister is right. Else it will just be a bubble forming.

[Unregistered]

'So, if you analyse all the fundamentals, Singapore as a global city is a winning formula. And I'm not saying this because I'm selling property.'

Liew Mun Leong

[Unregistered]

This is vintage Liew Mun Leong. Singapore as a evolving Global City is getting so attractive that I am holding on to all my investment properties for another 5-10 and maybe 15 years to realise the true potential from this amazing transformation.

I disagree with you. Why should your investment timeframe be limited to only 10-15 years?

Properties should only be bought and never sold, and passed from one generation to another, as it will become more valuable over time.

Where today can you buy bungalows for $50,000? Which was possible during our grandparents' generation.

If you sell off your properties after 15 years, what will happen to your children?

Your children will end up as the future sour grapes, while the sour grapes' children could end up as the future property owners.

[Unregistered]

I disagree with you. Why should your investment timeframe be limited to only 10-15 years?

Properties should only be bought and never sold, and passed from one generation to another, as it will become more valuable over time.

Where today can you buy bungalows for $50,000? Which was possible during our grandparents' generation.

If you sell off your properties after 15 years, what will happen to your children?

Your children will end up as the future sour grapes, while the sour grapes' children could end up as the future property owners.
Look at Tampines hub lah. Give me a break. One good thing it will do is bring down property prices due to excess supply.

[Unregistered]

April 5, 2008

HDB reviewing application process


THE Housing Board is in the process of reviewing its current application process, National Development Minister Mah Bow Tan disclosed yesterday.

This follows recent public concerns that the thousands of applications that pour in for an HDB project bear little relation to the actual take-up rate of flats.

HDB's latest condo-like flats, City View @ Boon Keng, for example, sold only 250 or so out of 714 units, despite receiving 3,500 applications.

Eligible buyers pay $10 to enter a ballot for HDB's sales exercises. This assigns them a queue number to select a flat in a particular sales project.

Mr Mah acknowledged it was frustrating for some couples in the queue - who might have missed out on selecting a flat because of the high numbers - and said there was a need to address it.

'I've asked HDB to study this to discourage people from giving up their flats, or chance, so easily.'

The idea is to have a queue that ensures that when buyers get to the front, they book the flat, said Mr Mah.

'That will be fair to people in the queue, and good for HDB, to get some certainty about the supply and demand situation.'

More details on the review will come at a later date, he said.

JESSICA CHEAM
Still no takers!

[Unregistered]

I disagree with you. Why should your investment timeframe be limited to only 10-15 years?

Properties should only be bought and never sold, and passed from one generation to another, as it will become more valuable over time.

Where today can you buy bungalows for $50,000? Which was possible during our grandparents' generation.

If you sell off your properties after 15 years, what will happen to your children?

Your children will end up as the future sour grapes, while the sour grapes' children could end up as the future property owners.

Moron, If everybody hold properties and dun sell, then wat is value?
A $50,000.00 bungalow is also A $50,000.00 bungalow now. moron.

Also, u dun sell now, later ur children will start selling the moment u died.
ur children will then enjoy himself, moron

[Unregistered]

Moron, If everybody hold properties and dun sell, then wat is value?
A $50,000.00 bungalow is also A $50,000.00 bungalow now. moron.

Also, u dun sell now, later ur children will start selling the moment u died.
ur children will then enjoy himself, moron
No point screaming moron. Market going down. So why scream now. We will think of it when market recovers.

[Unregistered]

No point screaming moron. Market going down. So why scream now. We will think of it when market recovers.

Whu scream? Moron scream, u are the moron. When market recovered, u should be either dead or IMH liao. stupid

[Unregistered]

Dearer Home Loans For Halifax Customers
Updated:15:39, Friday April 04, 2008

In a further sign of the global economic slowdown, Britain's biggest mortgage lender - the Halifax - has announced plans to charge more for home loans.
Under the changes customers with deposits of at least 25% will typically pay 0.1% less.

But customers with smaller deposits will be hit with higher rates of interest.

Someone borrowing between 90% and 95% of their home's value will pay up to 0.35% more than now.

Those borrowing between 10% and 24.9% will pay around 1.4% more.

Halifax says it will no longer advance mortgages of up to 97% of a property's value.

The new tiers will apply to the group's entire mortgage range, with its current 136 deals being replaced with 201 new ones.

Advertisement

It is also launching a new range of loans specifically aimed at first-time buyers, including a five-year fixed-rate deal of 5.69%.

Halifax said it had introduced the changes in response to market conditions and to reward people for being prudent.

The changes will also apply to Bank of Scotland and Intelligent Finance.

They come at the end of a week that has seen the number of different mortgage products available fall by 13%.

Lenders including the Co-operative Bank have withdrawn deals that were attracting too much business, while others have left the market altogether.

They blame the global credit squeeze which has made borrowing a lot more difficult.

[Unregistered]

Published April 5, 2008

Still bullish on Singapore property


'Another point, I tell foreigners. Compare putting $5 million in a house in Singapore with putting $5 million in a house in, say, Bangkok or Jakarta. In Singapore, the government provides so much support in the form of infrastructure. What infrastructure support would you get in Bangkok or Jakarta? This is an important issue when you buy property. Investors realise this.

'So, if you analyse all the fundamentals, Singapore as a global city is a winning formula. And I'm not saying this because I'm selling property.'


Singapore may have limited land supply, but the air space supply is unlimited.

Do houses in these countries cost so much? With S$5m, one can almost buy a whole island! Can build own infrastructure, etc., etc. But, for a S$5m house in Singapore, should deflation set in, still can see at least S$3m, however in other countries, may see nothing back if there is unrest. So, S$2m for the stability, cheap lah.

[Unregistered]

I believe our ppty upside potential is still immense. Just simply compared with French, for exmple. A wooden house in Saint-Denis, outside Paris, is already going for 150k euros (S$330k), not incl the land it sits on. That's a house for the lowest income family in French.

That makes our ppty prices cost a peanut, literally.

[Unregistered]

There are indeed no reason for not being bullish.

US is facing the greatest exodus of their ppl in history right now. Many are dumping their houses and migrate to Asia and Australia. Singapore is one of their top destinations. They come and buy houses. There are no better time for Singapore to reap the world top talent massively.

I read a news yesterday that Australia rent is projected to jump up by another 50% this year. But, I don't know how much Singapore rental will increase this year. Any comment?

[Unregistered]

There are indeed no reason for not being bullish.

US is facing the greatest exodus of their ppl in history right now. Many are dumping their houses and migrate to Asia and Australia. Singapore is one of their top destinations. They come and buy houses. There are no better time for Singapore to reap the world top talent massively.

I read a news yesterday that Australia rent is projected to jump up by another 50% this year. But, I don't know how much Singapore rental will increase this year. Any comment?

You must be dumb. After dumping their property, u think many people still got moneys? I think u must be dumped also.

[Unregistered]

Oh any comments on this observation from the expats forum? Seems a knowledgeable chap. Thanks buddy for educating us. I will delay my buying.



I Re: Apartment sales slowing?
« Reply #389 on: 18 March 2008, 23:13:57 PM » Quote

--------------------------------------------------------------------------------
Quote from: Kubes.SG on 18 March 2008, 23:04:49 PM

The reason I am looking for some rational data-based economic basis for why values will boom again soon in Singapore is because I get nothing but the following soft baseless reasons, that don't link to any meaningful data:

IRs are coming. Rich people will discover Singapore
Singapore Flyer/Eye
F1
Youth Olympics
Singapore Hub for everything
Inflation is high and increasing in Singapore
SGD is rising against USD
India and China booming ecomony
Singapore has limited land
Population will increase to 6.5mln
Financial/Media/Health Hub

My points are the following:

Singapore prime property is grossly overvalued, by historical and global standards - (don't look at the 1996 peak as the benchmark, look at the average of the last 20 years)

Singapore's property cycle is 1-2 years of boom, followed by 1-2 years of decline then 2-5 years of stagnation

About 30,000 new prime properties are booked to be completed by 2010, exceeding demand

Possibly 50% of those were purchased by investors/speculators, many though DPS

DPS entirely skewed the market by allowing speculators/developers/realtors to rapidly pump-up prices with very small financial commitment (2%-20%)

Many of the speculators never planned to own the apartments they bought, but to flip them quickly

With negagitve equity and being highly leverage speculators will be under massive stress. Some will walk, some will sell. Further reducing market prices and sentiment.

Singapore's leadership are publicly bearish on the prime property market declaring prices will decline

Sales of prime properties have collapsed over the in Jan and Feb to the lowest levels in 5 years (BT and ST this week)

Market sentiment is at panic levels. External negative economic pressures and credit crunch is underway now in all developed economies - strong and weak. These will impact Singapore too.

Asia has not "de-coupled" its economies from the US or WE. Singapore's exports indirectly still go mainly to the US. Consumption is till very low in Chinda. With recession in the US the reduced demand will still hit Singapre. Chinda owe Singapore nothing.

Singapore's 2007Q4 GDP shrank 4.8% I fully expect that the SG.gov is currently pumping the local economy hard to avoid a technical recession.

Singapore's productivity rates in 2007 declined by 0.9% - the greatest decline on record

Latest population target is 5.5mln by 2040, or about 10,000 HH per year.

Given current mix that means about 2,000 prime properties required per year

Jobs growth is good, but it is largely at the lowest levels. In coming workers will not be able to live in prime property. Many incoming professionals will not be able to afford prime property rentals without correction

Adam Smith's invisible hand of capitalism will play an influencing role in equalizing the balance

[Unregistered]

Oh any comments on this observation from the expats forum? Seems a knowledgeable chap. Thanks buddy for educating us. I will delay my buying.


all these are pure rubbish.
Consider govt throw in all the infrastructure cost, almost $100Bil to re-make Spore, all these are to appreciate your property in long term.
Plus all the high rental yield you are getting, low loan rate, high material cost, property is the best investment in long term in Spore.
That guys in expat forum if he is not happy with the rental, go Jakarta or Bangkok & work tomorrow, we don't need such expat in Spore.
Ler his famiy worry of their security day & night, let their kids have that kind of education standard & system there, hygiene & environment of their water, air & pollution, medical care when they have illness, corruption govt whenthey want to have their permit or visa or tax done, language, transport convenience, global exposure, opportunity, advanced & modernised......
ask him to leave & move on to these country tomorrow.

[Unregistered]

Singapore may have limited land supply, but the air space supply is unlimited.

Do houses in these countries cost so much? With S$5m, one can almost buy a whole island! Can build own infrastructure, etc., etc. But, for a S$5m house in Singapore, should deflation set in, still can see at least S$3m, however in other countries, may see nothing back if there is unrest. So, S$2m for the stability, cheap lah.

Why BMW cost $200K+, Mercedes cost $200K-$500K while they cost only 1/3 of the price in 1st world countries (US, AU, NZ etc) yet our roads are flooded with so many of them. Why?

[Unregistered]

Why BMW cost $200K+, Mercedes cost $200K-$500K while they cost only 1/3 of the price in 1st world countries (US, AU, NZ etc) yet our roads are flooded with so many of them. Why?


we sold almost 200 Bentley, Ferrari, Porsche, Mesaratti & Lambogini in last 3 months.
If in next 24 months, we can sell another 2000 of these cars, each one cost >$700k, that is the future of spore.

[Unregistered]

Why BMW cost $200K+, Mercedes cost $200K-$500K while they cost only 1/3 of the price in 1st world countries (US, AU, NZ etc) yet our roads are flooded with so many of them. Why?

Yeah...why huh ??

[evelyn (ex) owner]

i believe in the singapore govt's ability to manage the economy thru rough waters.i believe in the long term story of singapore. i believe in the remaking of singapore am heavily invested in property myself.

unfortunately because of our size, our economy is very susceptible to the vagaries of the world and i'm afraid the turmoil that is going on around the world will affect our economy and asset prices.

there has not been a time when the singapore stock market fell alot w/o a corresponding fall in property. eg 1973, 1985, 1997, 2000, ...

so while i believe in our economy long term, i am bearish stocks & property short to medium term. i see property falling half of stocks. so if the STI falls 40% (the min in every past correction) property will fall at least 20%.

[Unregistered]

i believe in the singapore govt's ability to manage the economy thru rough waters.i believe in the long term story of singapore. i believe in the remaking of singapore am heavily invested in property myself.

unfortunately because of our size, our economy is very susceptible to the vagaries of the world and i'm afraid the turmoil that is going on around the world will affect our economy and asset prices.

there has not been a time when the singapore stock market fell alot w/o a corresponding fall in property. eg 1973, 1985, 1997, 2000, ...

so while i believe in our economy long term, i am bearish stocks & property short to medium term. i see property falling half of stocks. so if the STI falls 40% (the min in every past correction) property will fall at least 20%.


what 40%?
DOW is 10% below historical high now.
STI is 18% below historical high now, may have a minor correction soon. In May, STI may be 5-10% below historical high.
Let see in 1 month time.

[Unregistered]

Quote from Post 18:

Quote:The reason I am looking for some rational data-based economic basis for why values will boom again soon in Singapore is because I get nothing but the following soft baseless reasons, that don't link to any meaningful data:

IRs are coming. Rich people will discover Singapore
Singapore Flyer/Eye
F1
Youth Olympics
Singapore Hub for everything
Inflation is high and increasing in Singapore
SGD is rising against USD
India and China booming ecomony
Singapore has limited land
Population will increase to 6.5mln
Financial/Media/Health Hub

Unquote

I am not FT but I had the same feeling. Just like I had with the dot.com concept years ago. No basis to support claims. Soon it will be doggone.

[Unregistered]

Quote from Post 18:

Quote:The reason I am looking for some rational data-based economic basis for why values will boom again soon in Singapore is because I get nothing but the following soft baseless reasons, that don't link to any meaningful data:

IRs are coming. Rich people will discover Singapore
Singapore Flyer/Eye
F1
Youth Olympics
Singapore Hub for everything
Inflation is high and increasing in Singapore
SGD is rising against USD
India and China booming ecomony
Singapore has limited land
Population will increase to 6.5mln
Financial/Media/Health Hub

Unquote

I am not FT but I had the same feeling. Just like I had with the dot.com concept years ago. No basis to support claims. Soon it will be doggone.



data as below,


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.

Link: 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.

Link: 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."
Link: 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.

Link: 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."

Link: 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]

Yeah...why huh ??
Cos' they are quite affordable lah.

[Unregistered]

http://www.straitstimes.com/STI/STIMEDIA/common/mast_home.gif
Jurong to transform from industrial zone to Lake District
Jessica Cheam
The Straits Times
Saturday, 5 April 2008

http://www.straitstimes.com/STI/STIMEDIA/image/20080404/jurongoone.jpg
An impression of Jurong Lake District in the future. -- Photo: URA

http://www.straitstimes.com/STI/STIMEDIA/image/20080404/lakeside2.jpg
Lakeside, will provide attractions with an education element to attract families. -- Photo: URA

Mention Jurong now and it conjures images of industrial land and sleepy suburban homes - but within the next decade, this district will get a stunning makeover that will transform it into Singapore's only lakeside destination to live, play and work.
The blueprint for Jurong - to be re-branded Jurong Lake District - was unveiled by National Development Minister Mah Bow Tan on Friday at the Urban Redevelopment Authority's (URA) annual seminar for industry players.

The ambitious plan, to be developed over the next 10 to 15 years, involves enlarging waterways, building 1,000 new private homes, 2,800 hotel rooms and adding 500,000 sq m of office space. New tourist attractions, public parks and water activities will also add sparkle to the rejuvenated town.

Jurong Lake District will consist of two complementary precincts - Jurong Gateway and Lakeside - around the Jurong East MRT Station and Jurong Lake in the west region of Singapore.

New homes, offices and retail space will sprout around the Jurong East MRT Station, to be known as Jurong Gateway, making it an attractive commercial hub serving the west region, outside the city centre.

Next to it, a unique leisure destination, Lakeside, will provide attractions with an education element to attract families.

Located around the Jurong East MRT Station, the new plans for the 70 ha Jurong Gateway is to develop it into a vibrant commercial hub with a good mix of office, retail, residential, hotel, entertainment, food & beverage and other complementary uses.

It will be the biggest commercial hub outside the city centre. New waterways and pedestrian linkages will provide seamless connections between the two precincts.

An integrated network of pedestrian walkways between buildings and public facilities will also be created. New landscaped open spaces and park connectors at the street-level and skyrise greenery in buildings will add to the already lush and scenic areas.

Speaking to a 500-strong audience, Mr Mah said Jurong East is perceived by many Singaporeans as a suburban residential and industrial area 'located far away from the citiy centre'. 'However, Jurong is a gem that has yet to be uncovered and refined,' he said.

URA's chief executive Mrs Cheong Koon Hean added: 'Jurong Gateway and Lakeside are precious gems which offer exciting opportunities for the development of leisure attractions and the biggest commercial hub outside the city centre.'

'To realise this vision, the planners have developed strategies that capitalise on the wonderful assets these areas have. These include building upon the strategic location of Jurong Gateway which is well served by road and rail, and in the midst of a large population and customer catchment.

'The lake and its greenery are also unique features which can be enhanced. We would like to bring about a transformed image for this area. The Jurong Lake District will become a much sought after lakeside destination for business and leisure.'

The total potential area for development is 360 ha, close to the size of Marina Bay. The existing Chinese and Japanese Gardens will have added new facilities and activities to make them more attractive for both residents and tourists.

URA said all the attractions around the Jurong Lake will be developed with 'a sensitive approach to the surrounding environment and natural greenery'.

http://i266.photobucket.com/albums/ii268/kcc0002/JurongLakeDistrictMap1.jpg
Site Plan Of Jurong Lake District

http://i266.photobucket.com/albums/ii268/kcc0002/JurongLakeDistrictMap2.jpg
Jurong Lake DIstrict In The Future

Blueprint for Jurong Lake District unveiled
Jurong Gateway: Biggest commercial hub outside the city



Located around the Jurong East MRT Station, the new plans for the 70 ha Jurong Gateway is to develop it into a vibrant commercial hub with a good mix of office, retail, residential, hotel, entertainment, food & beverage and other complementary uses. It will be the biggest commercial hub outside the city centre.

Jurong Gateway is one of the three regional centres identified under the Concept Plan 1991, as part of a decentralisation strategy to sustain Singapore's growth. While Marina Bay and the city remain as the main commercial centres, new commercial hubs like Jurong Gateway will also be developed outside the city centre to provide more choices of attractive business locations and bring jobs closer to homes. The other two regional centres are Tampines and Woodlands.

Jurong Gateway offers a highly attractive location outside the Central Business District for company headquarters, business services as well as companies in the science and technology sectors. Companies that set up their offices at Jurong Gateway will be able to:
- gain ready access to a large labour and customer pool from more than one million residents in the surrounding towns of Clementi, Bukit Batok, Jurong East and Jurong West.

- enjoy the close proximity to a substantial cluster of multinational and global businesses of more than 3,000 companies around the International Business Park and the Jurong and Tuas Industrial Estates.

- tap on a large talent pool from the many surrounding tertiary institutions and research hubs like the Nanyang Technological University, National University of Singapore, One-North and the Science Park 11 Jurong Gateway is already a major transport hub.

The Jurong East MRT station is the interchange station for the East-West and North-South MRT lines. It is well served by three MRT stations and a bus interchange. Jurong Gateway is also well connected to the rest of the island by two major expressways. It is only about 20 minutes away from the city centre by car or train and just 15 minutes to the Second Link.

More new spaces to come

With more than 50 ha of vacant land available for development, Jurong Gateway will provide about 750,000 sq m of commercial space, more than two and a half times the size of Tampines Regional Centre today.

The 750,000 sq m of commercial space consist of:
- 500,000 sq m of office space and

- 250,000 sq m of retail, food & beverage and entertainment space.

About 2,800 hotel rooms will also be introduced at the fringe of Jurong Gateway, next to Lakeside, to meet the increasing demand for hotel rooms and to cater to the new leisure attractions and businesses that will be introduced around Jurong Lake and Jurong Gateway.

In addition to the commercial space, at least 1,000 new homes will be added around the Jurong East MRT station, providing more opportunities to live and work in the area.

Seamless connections, more greenery

Singaporeans and visitors can look forward to seamless connections and more greenery at Jurong Gateway.

From Jurong East MRT station, pedestrians can walk conveniently and comfortably to most developments and public facilities around the area through an extensive network of walkways. They can also stroll to attractions at Jurong Lake area through a new pedestrian walkway.

There will be an experience of lush greenery with new landscaped open spaces and park connectors introduced at the street-level. Skyrise and rooftop greenery will also be encouraged on many of the buildings in the area.

Key buildings will have scenic views of the lake. For example, buildings around the Jurong East MRT station will step down towards the lake, allowing most developments to have panoramic views of the lake.

Lakeside: New waterfront playground

Jurong Lake and the area around it, known as Lakeside, is the other area in the Jurong Lake District. Spread over 220 ha of land and 70 ha of water, Lakeside is envisaged to be developed into a major leisure destination for Singaporeans and tourists.

The attractions at Jurong Lake will be differentiated from others located in Marina Bay, Southern Waterfront and Mandai.

Singaporeans can look forward to enjoy greater access to the lake with additional green spaces and new attractions around the lake for the whole family.

Bringing the lake closer

There will be greater access to the lake from Jurong Gateway. One idea is to create new waterways to bring the experience of the lake closer to the main commercial hub. Another idea is to create a landscaped walkway from Jurong Gateway to the Lakeside.

New green spaces, better access to the lake

A new public park will be developed at the western edge of Jurong Lake, next to Lakeside MRT station. The waterfront promenade along Jurong Lake will be enhanced as well, making it easier and more pleasant for residents and visitors to enjoy breathtaking views of the lake.

New water activities like kayaking and dragon-boating will be introduced in the lake by the end of 2008 as part of Public Utilities Board (PUB)'s Active Beautiful Clean programme. PUB will also be implementing more public amenities such as boardwalks, fishing points, wetlands and water features at selected stretches of the lake by the end of 2009 to allow people to enjoy more of the lake.

New attractions around the lake

Land is available for four to five attractions around the lake catering to families with young children. Possible attractions could be those with edutainment theme or nature-based attractions leveraging on the lake, or attractions with hotels, food & beverage and retail uses.

They will complement the attractions that are already in Jurong, for example, the Jurong Bird Park, Science Centre and Singapore Discovery Centre. Blending in with the garden and lake settings, these new attractions will offer fresh recreational opportunities around the lake.

The first anchor attraction is the new world class Science Centre. It will be moved next to the Chinese Garden MRT station. The new Science Centre will not only be bigger and more accessible, the new location also provides exciting opportunities to extend the learning experiences beyond the centre to the lake and surrounding green spaces.

A new lakeside village will be created next to the Jurong Lake. Just 10 minutes walking distance away from Jurong Gateway, the village offers an alternative shopping and dining experience, with food & beverage, retail and entertainment uses and boutique hotels by the lakeside.

This village will be connected to Jurong Gateway through a network of walkways, making it a natural gathering place for residents, visitors and people working nearby.
Still bullish? That's good.

Anyway, Jurong Lake District is even more bullish now.

[Unregistered]

Still bullish? That's good.

Anyway, Jurong Lake District is even more bullish now.
Wait till May, then we will get to know of other plans in the MasterPlan 2008.

[Unregistered]

Quote from Post 18:

Quote:The reason I am looking for some rational data-based economic basis for why values will boom again soon in Singapore is because I get nothing but the following soft baseless reasons, that don't link to any meaningful data:

IRs are coming. Rich people will discover Singapore
Singapore Flyer/Eye
F1
Youth Olympics
Singapore Hub for everything
Inflation is high and increasing in Singapore
SGD is rising against USD
India and China booming ecomony
Singapore has limited land
Population will increase to 6.5mln
Financial/Media/Health Hub

Unquote

I am not FT but I had the same feeling. Just like I had with the dot.com concept years ago. No basis to support claims. Soon it will be doggone.
yOU MEAN LIKE DOT.COM, PROPERTY.COM ALSO WOULD BE GONE?

[Unregistered]

Wait till May, then we will get to know of other plans in the MasterPlan 2008.
Great which means the CCR would be cheaper soon with most rushing to Jurong. Thumbs up.

[Unregistered]

Re: when will the property price debate on this b oard ever end?
« Reply #14 on: 05 April 2008, 18:46:43 PM » Quote

--------------------------------------------------------------------------------
According to quite a few "experts" on this board the cannons are still booming. I just hope they are not confusing it with the big thuds of speculators jumping from high rises.
wooooooooooooohahahaha

[Unregistered]

yOU MEAN LIKE DOT.COM, PROPERTY.COM ALSO WOULD BE GONE?
No. You will be gone.

[Unregistered]

I LIKE THE ELEVATED PEDESTRIAN WALKWAYS SHOWN IN THE PICTURE. IT SURE IS AN ATTRACTION.

[Unregistered]

No. You will be gone.
yes gone to dubai to invest. triple profits in 5 years. you will still be around posting. all the best.

[Unregistered]

yes gone to dubai to invest. triple profits in 5 years. you will still be around posting. all the best.
wooooohahahahahaha

[Unregistered]

I LIKE THE ELEVATED PEDESTRIAN WALKWAYS SHOWN IN THE PICTURE. IT SURE IS AN ATTRACTION.
no i like the 'possible new scenic road'. would be relaxing to drive on the scenic road. go jurong go.

[Unregistered]

Great which means the CCR would be cheaper soon with most rushing to Jurong. Thumbs up.
Check your facts before making conclusion.

Jurong Lake District came about because of space shortage in ShentonWay/MBFC/Suntec for MNCs' HQs.

The plan is to move manufacturer HQs out of ShentonWay/MBFC/Suntec to Jurong Lake District so that banking & finance HQs can take over ShentonWay/MBFC. Infocomm/IT HQs are still in Suntec. If required, they may have to move out to another location too.

There will still be a shortage of space, so the new Paya Lebar Business Hub will complement ShentonWay/MBFC/Suntec.

Tampines Regional Centre and Changi Business Hub will continue to be the Backend Offices of these HQs.

[Unregistered]

Check your facts before making conclusion.

Jurong Lake District came about because of space shortage in ShentonWay/MBFC/Suntec for MNCs' HQs.

The plan is to move manufacturer HQs out of ShentonWay/MBFC/Suntec to Jurong Lake District so that banking & finance HQs can take over ShentonWay/MBFC. Infocomm/IT HQs are still in Suntec. If required, they may have to move out to another location too.

There will still be a shortage of space, so the new Paya Lebar Business Hub will complement ShentonWay/MBFC/Suntec.

Tampines Regional Centre and Changi Business Hub will continue to be the Backend Offices of these HQs.
Even without Jurong there is an oversupply. Have to wait for the next up cycle in 6 years for that. Before that with the slowdown occupancy will fall to 70% from 95% in the CBD.

[Unregistered]

Even without Jurong there is an oversupply. Have to wait for the next up cycle in 6 years for that. Before that with the slowdown occupancy will fall to 70% from 95% in the CBD.
Hello Sotong. If occupancy will drop to 70% in CBD, why the government needs to panic and start working on Jurong Lake District, Paya Lebar Business Hub, etc.? Too much time and money to spend?

[Unregistered]

Hello Sotong. If occupancy will drop to 70% in CBD, why the government needs to panic and start working on Jurong Lake District, Paya Lebar Business Hub, etc.? Too much time and money to spend?
To be ready for the next upcycle. The hubs and buildings wont spring up overnight you moron.

[Unregistered]

To be ready for the next upcycle. The hubs and buildings wont spring up overnight you moron.
k.n.n., upcycle yet occupany drop ??
you wat lan ?? mulan ??

[Unregistered]

k.n.n., upcycle yet occupany drop ??
you wat lan ?? mulan ??
Moron between up cycles there is always a BIG downcycle....almost like the vacuum in your head.

[Unregistered]

Moron between up cycles there is always a BIG downcycle....almost like the vacuum in your head.
you bo lan, must be mulan
tok cock with your c.b.

[Unregistered]

you bo lan, must be mulan
tok cock with your c.b.
Maybe shemale? Ha ha ha!

[Unregistered]

Cos' they are quite affordable lah.
I don't that rich. May just settle for a GT-R to enjoy speed.

[Unregistered]

'So, if you analyse all the fundamentals, Singapore as a global city is a winning formula. And I'm not saying this because I'm selling property.'

Liew Mun Leong

This person is obviously slapping his own mouth.

[Unregistered]

Published April 5, 2008

Still bullish on Singapore property


DESPITE the US subprime crisis, which will have a cyclical impact, Liew Mun Leong remains bullish on Singapore's property market in the medium term.

'Main street America is suffering from the sins and mistakes of Wall Street,' he says. 'And when main street gets hit, that will affect Asia, we can't run away from it.'

However, Singapore's property market has some strong underpinnings, he maintains. Most importantly, the drivers of Singapore's property market have changed in recent years. 'The rise in property prices since 2002 is no longer due to domestic policy changes such as the liberalisation of CPF and the HDB sub-sale policy.

'It is driven by the remaking of Singapore. Singapore as a global city, as a gateway to Asia, the integrated resorts, plus the displacement demand from en-bloc sales.'

The change in the number and profile of foreign buyers is also notable, he points out. 'In the past foreign buyers were mainly from Malaysia and Indonesia. But now, there are big buyers from at least 12 countries.'

The proportion of foreign buyers for private properties has also risen from 13.7 percent of the total in 1996 to 25 per cent in 1997. And the number of foreign professionals coming to live in Singapore has tripled over that period, as has foreign direct investment.

At the same time, the affordability of private residential properties as measured by mortgage payments as a percentage of household income has improved, going from around 46 per cent to 36 per cent.

And then Mr. Liew points to the big picture: 'Singapore has 700 sq km, with 4.5 million people. The population is projected to grow to more than 6 million, but the city cannot grow. If we reclaim another 11 per cent we'll be in international waters already.'

'Another point, I tell foreigners. Compare putting $5 million in a house in Singapore with putting $5 million in a house in, say, Bangkok or Jakarta. In Singapore, the government provides so much support in the form of infrastructure. What infrastructure support would you get in Bangkok or Jakarta? This is an important issue when you buy property. Investors realise this.

'So, if you analyse all the fundamentals, Singapore as a global city is a winning formula. And I'm not saying this because I'm selling property.'

A question to all of you,
with $5 million, what type of house can buy in Singapore, Bangkok and Jakarta?

[Unregistered]

This person is obviously slapping his own mouth.


he is correct, you slap your own face better.

[Unregistered]

Wait till May, then we will get to know of other plans in the MasterPlan 2008.

Let me give you a hint, West Coast!!!!

[Unregistered]

Let me give you a hint, West Coast!!!!

R u going to buy up all of west coast?

[Unregistered]

Let me give you a hint, West Coast!!!!
East is better than West!!!!

[Unregistered]

EAST WEST CENTRAL NORTH ALL GOING DOWN. WITH YOUR 5M$ U CAN BUY CENTRAL TOO.

[Unregistered]

According to quite a few "experts" on this board the cannons are still booming. I just hope they are not confusing it with the big thuds of speculators jumping from high rises.

[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]

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

Another sign is speculators jumping off MRT tracks

[Unregistered]

Another sign is speculators jumping off MRT tracks
Agree. They shouldn't have speculated that SIBOR will go up and property prices would come down in Q1 08.

[Unregistered]

EAST WEST CENTRAL NORTH ALL GOING DOWN. WITH YOUR 5M$ U CAN BUY CENTRAL TOO.
EAST WEST CENTRAL NORTH ALL GOING UP. WITH YOUR 5M$ U CAN'T BUY MUCH.

[Unregistered]

According to quite a few "experts" on this board the cannons are still booming. I just hope they are not confusing it with the big thuds of speculators jumping from high rises.
This blurr cock is repeating his cork in this thread too.

[Unregistered]

data as below,

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.

Link: 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.

Link: 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."
Link: 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.

Link: 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."

Link: 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."?
Ha ha ha! Cool!

[Unregistered]

According to quite a few "experts" on this board the cannons are still booming. I just hope they are not confusing it with the big thuds of speculators jumping from high rises.


This blurr cock is repeating his cork in this thread too.

Can you tell me this "blurr cock" is from which part of Singapore hah?

How come still so sour leh?

At first I thought this "blurr cock" stays in ulu ulu areas like Jurong. But now it seems that even when the Government wants to enhance the Jurong area, he is still not happy.

The Government has already invested here and invested there, to enhance the value of assets of every one.

The East Coast Marine Parade area is going to get a $10 billion MRT line. The West side now getting this Jurong redevelopment programme. The north side getting another $10 billion Thomson Line. The North East has the Changi Industrial Park project ...

Everywhere the Government is investing lots of money in infrastructure and projects. Billions of dollars here and billions of dollars there ... and yet the sour "blurr cock" is not happy.

Can you tell me where is "blurr cock" staying. I've really run out of ideas already.

[Unregistered]

Can you tell me this "blurr cock" is from which part of Singapore hah?

How come still so sour leh?

At first I thought this "blurr cock" stays in ulu ulu areas like Jurong. But now it seems that even when the Government wants to enhance the Jurong area, he is still not happy.

The Government has already invested here and invested there, to enhance the value of assets of every one.

The East Coast Marine Parade area is going to get a $10 billion MRT line. The West side now getting this Jurong redevelopment programme. The north side getting another $10 billion Thomson Line. The North East has the Changi Industrial Park project ...

Everywhere the Government is investing lots of money in infrastructure and projects. Billions of dollars here and billions of dollars there ... and yet the sour "blurr cock" is not happy.

Can you tell me where is "blurr cock" staying. I've really run out of ideas already.
Christmas' Island.

[Unregistered]

Christmas' Island.
So he is an Aussie? What is he doing here in SingaporeCONDO.com?

[Unregistered]

So he is an Aussie? What is he doing here in SingaporeCONDO.com?
Hello! It's CONDOsingapore.com.

He's here to mess up the forum.

[Unregistered]

No need to mess around anymore.

It's a buyers market. We are all eyeing our favourite spot and watching the prices closely.

Yippeeeeee ....

[Unregistered]

No need to mess around anymore.

It's a buyers market. We are all eyeing our favourite spot and watching the prices closely.

Yippeeeeee ....
That's good.

Remember to make the URA price index increase bigger.

[Unregistered]

That's good.

Remember to make the URA price index increase bigger.
What you want? 4.2% per quarter is OK lah.

[Unregistered]

That's good.

Remember to make the URA price index increase bigger.
What's that?

Like some kind of body fat index, where you get different values by measuring different places?

[Unregistered]

What's that?

Like some kind of body fat index, where you get different values by measuring different places?
Shit! How come small boy participate in this forum?

[Unregistered]

Can you tell me this "blurr cock" is from which part of Singapore hah?

How come still so sour leh?

At first I thought this "blurr cock" stays in ulu ulu areas like Jurong. But now it seems that even when the Government wants to enhance the Jurong area, he is still not happy.

The Government has already invested here and invested there, to enhance the value of assets of every one.

The East Coast Marine Parade area is going to get a $10 billion MRT line. The West side now getting this Jurong redevelopment programme. The north side getting another $10 billion Thomson Line. The North East has the Changi Industrial Park project ...

Everywhere the Government is investing lots of money in infrastructure and projects. Billions of dollars here and billions of dollars there ... and yet the sour "blurr cock" is not happy.

Can you tell me where is "blurr cock" staying. I've really run out of ideas already.
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
Totally agree.

You think so easy to get price to increase by 42%? In your dream!

Too bad for you. Price only went up 4.2%!

[Unregistered]

Totally agree.

You think so easy to get price to increase by 42%? In your dream!

Too bad for you. Price only went up 4.2%!
But for this sour grape price went down. The 4.2% is not related to him. So he is pissssssed.
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]

Totally agree.

You think so easy to get price to increase by 42%? In your dream!

Too bad for you. Price only went up 4.2%!

But for this sour grape price went down. The 4.2% is not related to him. So he is pissssssed.
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
these 2 have gone mad

one says prices went up 4.2%
the other says +4.2% is down

siao liao !!

[Unregistered]

these 2 have gone mad

one says prices went up 4.2%
the other says +4.2% is down

siao liao !!
HISTORY REPEATING. REPEAT FO THE 1996/97 CRASH. OHHH SPECULATORS HAVE RUN OUT OF TIME AND IDEAS. HAVE RESIGNED TO THEIR FATE. OHH THUD THUD THUD...SPLASH SPLASH SPLASH.....THUD SPLASH THUD....SSO MANY JUMPING...OHHH POOR THINGS.

[Unregistered]

HISTORY REPEATING. REPEAT FO THE 1996/97 CRASH. OHHH SPECULATORS HAVE RUN OUT OF TIME AND IDEAS. HAVE RESIGNED TO THEIR FATE. OHH THUD THUD THUD...SPLASH SPLASH SPLASH.....THUD SPLASH THUD....SSO MANY JUMPING...OHHH POOR THINGS.
HISTORY REPEATING. ANOTHER PEAK IS COMING. OHHH SOUR GRAPES WHO HAVE MISSED THE BOATS ARE OUT OF TIME AND IDEAS. HAVE RESIGNED TO THEIR FATE. OHH THUD THUD THUD...SPLASH SPLASH SPLASH.....THUD SPLASH THUD....SSO MANY LOSING OUT...OHHH POOR THINGS.

[Unregistered]

HISTORY REPEATING. ANOTHER PEAK IS COMING. OHHH SOUR GRAPES WHO HAVE MISSED THE BOATS ARE OUT OF TIME AND IDEAS. HAVE RESIGNED TO THEIR FATE. OHH THUD THUD THUD...SPLASH SPLASH SPLASH.....THUD SPLASH THUD....SSO MANY LOSING OUT...OHHH POOR THINGS.
OHHHH LOVE THAT. SOUR GRAPES HAVE RESIGNED TO COPYING AND PASTING. HOPING NUMBERS GO UP. SPLASSSSSSSSSSSSSSSSSSUDDDDDDDDDD OHHH THAT WAS ONE WHO JUMPED IN THE WATER BUT LANDED OUTSIDE IT...PHEWWW!!!

[Unregistered]

these 2 have gone mad

one says prices went up 4.2%
the other says +4.2% is down

siao liao !!
Cos' that sour grape has bad eyesight. Can't see +4.2%. Thought it was -4.2%.
That's why still shouting -4.2% everywhere in this forum.

[Unregistered]

[QUOTE=Unregistered]
There will still be a shortage of space, so the new Paya Lebar Business Hub will complement ShentonWay/MBFC/Suntec.
QUOTE]
I don't think Paya Lebar hub is planned to alleviate office space problem. The minister has mentioned before that Paya Lebar hub is good to serve as a centrally located logistics hub. Unlike commercial, services, regional or IT offices, logistics involves the real dimensions of space, time and distance. As Paya Lebar already has many existing warehouses, and well connected to the North, South, East and West, I envision the Paya Lebar hub to be developed into a state of the art logistics centre with megawarehouses. However, the question is how the government will tackle the congestion and pollution problems from heavy vehicles.

[Unregistered]

Cos' that sour grape has bad eyesight. Can't see +4.2%. Thought it was -4.2%.
That's why still shouting -4.2% everywhere in this forum.
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]

[QUOTE=Unregistered]
There will still be a shortage of space, so the new Paya Lebar Business Hub will complement ShentonWay/MBFC/Suntec.
QUOTE]
I don't think Paya Lebar hub is planned to alleviate office space problem. The minister has mentioned before that Paya Lebar hub is good to serve as a centrally located logistics hub. Unlike commercial, services, regional or IT offices, logistics involves the real dimensions of space, time and distance. As Paya Lebar already has many existing warehouses, and well connected to the North, South, East and West, I envision the Paya Lebar hub to be developed into a state of the art logistics centre with megawarehouses. However, the question is how the government will tackle the congestion and pollution problems from heavy vehicles.
How is the soil in Paya Lebar? Maybe the hub can have underground warehousing like storing ammo.

[Unregistered]

Totally agree.

You think so easy to get price to increase by 42%? In your dream!

Too bad for you. Price only went up 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
these 2 have gone mad

one says prices went up 4.2%
the other says +4.2% is down

siao liao !!

[Unregistered]

these 2 have gone mad

one says prices went up 4.2%
the other says +4.2% is down

siao liao !!
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]

There will still be a shortage of space, so the new Paya Lebar Business Hub will complement ShentonWay/MBFC/Suntec.

I don't think Paya Lebar hub is planned to alleviate office space problem. The minister has mentioned before that Paya Lebar hub is good to serve as a centrally located logistics hub. Unlike commercial, services, regional or IT offices, logistics involves the real dimensions of space, time and distance. As Paya Lebar already has many existing warehouses, and well connected to the North, South, East and West, I envision the Paya Lebar hub to be developed into a state of the art logistics centre with megawarehouses. However, the question is how the government will tackle the congestion and pollution problems from heavy vehicles.

How is the soil in Paya Lebar? Maybe the hub can have underground warehousing like storing ammo.
Did the minister said that? I thought it was speculated by some property consultant.

IT HQs are mostly based in Suntec while their backoffices and data centres are in Tampines Regional Centre and Changi Business Park.

Quote a number of logistic HQs and warehouses are based in Changi South.

I believed the "logistic" and "IT" you mentioned are not logistic and IT companies but logistic, IT and backoffice of banking & finance MNCs that have HQs in Marina Bay.

[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
siao erh ?? OK boh ??

[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

Dear Sour Grape,

If you had listened to your mom and become a doctor or lawyer, instead of a poet, then you will be living in a prime bungalow and not become a sour grape today.

With Love,

Mom

[Unregistered]

Dear Sour Grape,

If you had listened to your mom and become a doctor or lawyer, instead of a poet, then you will be living in a prime bungalow and not become a sour grape today.

With Love,

Mom
Dear Mad Dog,
If you had listened to your Dad and become a sportsman, instead of a mad dog, then you would have reached the exits faster than the rest of the crowd and would have salvaged something more out of the shack you own.

[Unregistered]

My phone was ringing all weekend from eager buyers wanting to cash in on the future Jurong landscape. I guess I can ask 20% more now. Is this estimate less or should I be asking for more?

[Unregistered]

Too little. $5m about right.

[Unregistered]

The security and stability in Singapore is priceless. Even if the physical apartment is worth $700k, the $4.3m from the asking of $5m is cheap. Imagine a family of 5, each life is certainly worth more than $1m each.

Do not sell unless you get $5m.

[Unregistered]

Dear Mad Dog,
If you had listened to your Dad and become a sportsman, instead of a mad dog, then you would have reached the exits faster than the rest of the crowd and would have salvaged something more out of the shack you own.
Don't get confused.
Maddog/tigersee is the foreigner who is priced out of the condo market. He is quite pissed and sour now and keep shouting "Crash Crash Crash".

Maddog is running to the nearest showroom to grab a unit? But can he afford it?

[Unregistered]

My phone was ringing all weekend from eager buyers wanting to cash in on the future Jurong landscape. I guess I can ask 20% more now. Is this estimate less or should I be asking for more?
Can't advise you lah.

Where is your property?
In Jurong Lake District? Outside JLD?

[Unregistered]

Did the minister said that? I thought it was speculated by some property consultant.

IT HQs are mostly based in Suntec while their backoffices and data centres are in Tampines Regional Centre and Changi Business Park.

Quote a number of logistic HQs and warehouses are based in Changi South.

I believed the "logistic" and "IT" you mentioned are not logistic and IT companies but logistic, IT and backoffice of banking & finance MNCs that have HQs in Marina Bay.
They better make sure they could solve the space problem in Shenton Way area. The banks need the space.

Ask the non-banking MNCs' HQs (such as manufacturing's, logistic's, etc.) to move to other hubs (e.g. Changi Business Park, one-north, Changi South, Selatar Aerospace Hub, etc.).

[Unregistered]

Not fair to these 60 buyers of CV@BK and perhaps the 520 buyers of CV@BK in general.

Those who know they aren't qualified should not hog the queue.

Those who are keen have been denied of their chance.
Well said!

The same thing happened at tour fairs. People just grab a queue number for all the tour packages even though they may just buy 1 of the packages. People should just queue up for what they want instead of queuing up for the sack of queuing.

Anyway, I hope the authority will make sure the remaining 194 units do not get "blocked" by those who have no interest to buy. This is unfair to those keen buyers.

[Unregistered]

Dear Sour Grape,

If you had listened to your mom and become a doctor or lawyer, instead of a poet, then you will be living in a prime bungalow and not become a sour grape today.

With Love,

Mom


Dear Mom,

If you had listened to your Grandpa and become a Minister, instead of a nagger, then you will be living in a prime bungalow and not become a eye sore today.

With Love,

Grandpa

[Unregistered]

Well said!

The same thing happened at tour fairs. People just grab a queue number for all the tour packages even though they may just buy 1 of the packages. People should just queue up for what they want instead of queuing up for the sack of queuing.

Anyway, I hope the authority will make sure the remaining 194 units do not get "blocked" by those who have no interest to buy. This is unfair to those keen buyers.
Don't worry! These 194 buyers/families will be given a fair chance to buy.
The authority has learned their lesson. They are doing something about it.

[Unregistered]

They better make sure they could solve the space problem in Shenton Way area. The banks need the space.

Ask the non-banking MNCs' HQs (such as manufacturing's, logistic's, etc.) to move to other hubs (e.g. Changi Business Park, one-north, Changi South, Selatar Aerospace Hub, etc.).
Haha with the sub prime mess and the down turn banks would move out to Jurong.

[Unregistered]

Haha with the sub prime mess and the down turn banks would move out to Jurong.
Another sweeping statement .....

The fact is banks are hiring and seeking more spaces in Singapore and Asia Pacific.

[Unregistered]

Don't get confused.
Maddog/tigersee is the foreigner who is priced out of the condo market. He is quite pissed and sour now and keep shouting "Crash Crash Crash".

Maddog is running to the nearest showroom to grab a unit? But can he afford it?
Don't get confused.
Maddog/tigersee is the local who is priced out of the condo market. He is quite pissed and sour now and keep shouting "Boom Boom Boom" so that he can recover what he lost in D23.

[Unregistered]

Dear Mom,

If you had listened to your Grandpa and become a Minister, instead of a nagger, then you will be living in a prime bungalow and not become a eye sore today.

With Love,

Grandpa

Dear Grandpa,

Wish I had listened to you. I lost big time since the market has cooled down. My son keeps trying to talk up the market but to no avail. He tried jumping off one of the high rises but luckily for him he landed on one of his fellow speculators who was fleeing for the exits.
My eyes are sore and I am worried for my son who wakes up in the middle of the night saying shouting "Boom Boom Boom" saying market is up up up. I tried everything and even bought him a monopoly set so that he can buy low and sell high although in real life he bought high and now...... Please pray for him earnestly.

With Love,
Mom

[Unregistered]

Don't get confused.
Maddog/tigersee is the local who is priced out of the condo market. He is quite pissed and sour now and keep shouting "Boom Boom Boom" so that he can recover what he lost in D23.
Maddog/tigersee, the foreigner, is confused.

".. priced out of the condo market .." means can't afford condo right?
If can't afford condo, then where to get a condo in D23?
Ha ha ha!

Anyway, D23 has one of highest increase in price recently. Good news? Ha ha ha!

[Unregistered]

Maddog/tigersee, the foreigner, is confused.

".. priced out of the condo market .." means can't afford condo right?
If can't afford condo, then where to get a condo in D23?
Ha ha ha!

Anyway, D23 has one of highest increase in price recently. Good news? Ha ha ha!
Maddog/tigersee, the local, is confused.
Priced out could mean for buying or selling.
Hahaha he is a bit poor in English although it is not his fault. His Mom didnt listen to Grandpa and send him to an english medium school.

[Unregistered]

Maddog/tigersee, the local, is confused.
Priced out could mean for buying or selling.
Hahaha he is a bit poor in English although it is not his fault. His Mom didnt listen to Grandpa and send him to an english medium school.
Maddog/tigersee, the foreigner, is really confused now.

The other guy said he is your mom. Why reply me on his subject? Ha ha ha!

[Unregistered]

ANZ Increases Bad-Debt Provisions to A$975 Million

By Stuart Kelly

April 7 (Bloomberg) -- Australia & New Zealand Banking Group Ltd. increased bad-debt provisions by 71 percent, joining Commonwealth Bank of Australia in predicting rising defaults this year as higher interest rates curb economic growth.

ANZ tumbled 4.9 percent at 12:54 p.m. in Sydney. The Melbourne-based bank, the country's third largest, set aside about A$975 million ($895 million) in the six months ended March 31 to cover potential non-performing loans, compared with A$567 million for all of fiscal 2007, it said in a statement today.

Bigger rivals Commonwealth Bank and National Australia Bank Ltd. also fell today, reflecting concern that the global credit crisis and higher interest rates will spark more defaults and cut profits. Lehman Brothers Holdings Inc. in February said the nation's four largest banks may need to triple provisions for bad debts as companies face the highest borrowing costs in 13 years.

``Bad-debt provisions have been at the lowest that I can remember for so long, and that's starting to change for the banks now as repeated interest rate increases start to bite their customers,'' said Hans Kunnen, head of investment market research at Sydney-based Colonial First State Global Management, which oversees $128 billion of assets.

ANZ's provision for bad debts reflects rating downgrades in commercial property and broking industries, increased asset growth as customers returned to banks as their main source of funding, and allowances for the impact of the global credit squeeze.

Allco, Centro

Australia's banks face rising provisions as customers including Allco Finance Group Ltd., Centro Properties Group and MFS Ltd. have struggled to repay loans amid the global credit crisis. Lenders raised interest rates faster than the central bank this year to pass on increased wholesale funding costs.

The nation's four biggest banks booked a combined A$2.27 billion of provisions for bad debts in their 2007 fiscal year, and lent an estimated A$6.53 billion to troubled companies, Lehman analysts said in a Feb. 29 note.

ANZ said it's taking a ``conservative approach'' when reviewing possible provisions. It sold half of the assets it seized from collapsed stockbroker Opes Prime Group Ltd. to recover its money, an executive from appointed receivers Deloitte Touche Tomatsu said on April 6. ANZ also funded Centro Properties, the Australian property trust now struggling to refinance A$4.9 billion of debt.

``As turmoil in global markets and the slowing of the U.S. economy plays out and the Australian economy slows due to tighter monetary conditions, there are likely to be flow-on effects for the commercial portfolios,'' Chief Executive Officer Mike Smith said in the statement.

Rivals Suffer

National Australia fell 2.8 percent in Sydney and Commonwealth Bank slid 3.2 percent. The S&P/ASX 200 Banks Index, consisting of seven Australian banking stocks, has declined 17 percent this year.

ANZ is scheduled to report earnings on April 23. Smith on Feb. 18 said provisions will ``offset'' forecast profit growth of 12 percent in the year ending Sept. 30.

Commonwealth Bank in February posted the slowest profit growth in more than three years as provisions for bad debts jumped 71 percent and its bad-loan ratio increased. Westpac Banking Corp. said Feb. 5 that rising short-term borrowing charges will cost it about A$85 million in the first half.

National Australia, the nation's biggest bank, in February said most of its A$221 million gain from shares received in Visa Inc.'s initial public offer will be used to offset a one-off bad debt provision.

[Unregistered]

Maddog/tigersee, the foreigner, is really confused now.

The other guy said he is your mom. Why reply me on his subject? Ha ha ha!
Maddog/tigersee, the local is really confused now.
The other guy said he is your mom. Why reply back to me on his subject? Ha ha ha!

[Unregistered]

Dear Grandpa,

Wish I had listened to you. I lost big time since the market has cooled down. My son keeps trying to talk up the market but to no avail. He tried jumping off one of the high rises but luckily for him he landed on one of his fellow speculators who was fleeing for the exits.
My eyes are sore and I am worried for my son who wakes up in the middle of the night saying shouting "Boom Boom Boom" saying market is up up up. I tried everything and even bought him a monopoly set so that he can buy low and sell high although in real life he bought high and now...... Please pray for him earnestly.

With Love,
Mom

Dear Mom and Grandpa and Dead Brother,

I am sad that property prices in Hell has fallen by 500%.

I just went to a medium in the temple and she showed me that your www.Hell-URA.gov.sg residential property index has fallen by 500%. You must have lost a lot of money.

Up here in Singapore, our URA residential property index has just gone up by 4.2% this latest quarter. I don't know whether your Hell internet can access our website but here is the URL http://www.ura.gov.sg/pr/text/2008/pr08-35.html.

Please tell brother it is useless to jump out of high rises because he is already dead and will not die again. Also all of you are already in the 18th Level of Hell so that is the lowest level, it just can't go lower anymore.

Rest assured I will pray for him earnestly.

I will also pray for Grandpa and you.

I will also you burn you some Hell currency to make up for your losses.

With Love,

Still Alive Son

[Unregistered]

Another sign is speculators jumping off MRT tracks

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]

Another sign is speculators jumping off MRT tracks

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
Heartless souls. Crack joke on the dead.

[Unregistered]

Dear Mom and Grandpa and Dead Brother,

I am sad that property prices in Hell has fallen by 500%.

I just went to a medium in the temple and she showed me that your www.Hell-URA.gov.sg residential property index has fallen by 500%. You must have lost a lot of money.

Up here in Singapore, our URA residential property index has just gone up by 4.2% this latest quarter. I don't know whether your Hell internet can access our website but here is the URL http://www.ura.gov.sg/pr/text/2008/pr08-35.html.

Please tell brother it is useless to jump out of high rises because he is already dead and will not die again. Also all of you are already in the 18th Level of Hell so that is the lowest level, it just can't go lower anymore.

Rest assured I will pray for him earnestly.

I will also pray for Grandpa and you.

I will also you burn you some Hell currency to make up for your losses.

With Love,

Still Alive Son

Oh Maddog/Tigersee, we feel sorry for your brother. Please listen to Grandpa and sell now before you suffer the same fate as your brother. And if you are ready to go to where your brother is plan on investing in Vampire Court, Blood valley, Satanic towers and Devil gardens there. Grandpa wont make it there but you can start afresh and speculate all over again.

With love,
Grandpa

[ObserverII]

Property mkt only started to pick up in mid/late 2005. Now only 1st half of 2008. Property cycle last much longer than this.
This current quiet mkt is reflecting that it is only taking a breather. Just like the stock mkt, it can't go up all the time, though maintaining its uptrend, it will bound to retreat (breather) for a period before making a new high.
If this is the case, our property mkt has been taking its breather since Nov07 and till date it is almost 6 mths of rest after 3 yrs uptrend. Based on this, it is likely property mkt will start picking up very soon and how long the next uptrend, no one knows. Watch for this phenomenom.

[Unregistered]

Heartless souls. Crack joke on the dead.

Not heartless, remind people not too be complacent, things happens.

[Unregistered]

Not fair to these 60 buyers of CV@BK and perhaps the 520 buyers of CV@BK in general.

Those who know they aren't qualified should not hog the queue.

Those who are keen have been denied of their chance.

Well said!

The same thing happened at tour fairs. People just grab a queue number for all the tour packages even though they may just buy 1 of the packages. People should just queue up for what they want instead of queuing up for the sack of queuing.

Anyway, I hope the authority will make sure the remaining 194 units do not get "blocked" by those who have no interest to buy. This is unfair to those keen buyers.

Don't worry! These 194 buyers/families will be given a fair chance to buy.
The authority has learned their lesson. They are doing something about it.
What have they done? Nothing!
It's a lousy and unfair system.

[Unregistered]

Not heartless, remind people not too be complacent, things happens.
MRT is complacent? Then crack joke on MRT in the transport-related thread.

Don't crack joke on this guy. I's not saying he did the right thing but don't pass judgement on him. Especially in relationship problems, there is no right or wrong.

[Unregistered]

Oh Maddog/Tigersee, we feel sorry for your brother. Please listen to Grandpa and sell now before you suffer the same fate as your brother. And if you are ready to go to where your brother is plan on investing in Vampire Court, Blood valley, Satanic towers and Devil gardens there. Grandpa wont make it there but you can start afresh and speculate all over again.

With love,
Grandpa

Now finally I know where all these Sour Grapes are staying.

Sour Grapes are staying in Vampire Court, Blood valley, Satanic towers and Devil gardens.

Now I know why no matter which part of Singapore the Government tries to invest and enhance the infrastructure, the Sour Grapes in this forum are not happy.

When the Government tried to rejuvenate and beautify Orchard Road, Sour Grapes are not happy but remain sour. http://app.stb.gov.sg/asp/new/new03a.asp?id=7843

Hence Sour Grapes can't be staying in the Central Orchard Area.

When the Government invest billions in Marina Bay, Sour Grapes are still not happy but remain sour.
http://www.pmo.gov.sg/News/Speech+by+MM+Lee+at+the+Tanjong+Pagar+Chinese+New+Year+Dinner.htm

Hence Sour Grapes can't be staying in the Southern Marina Bay Area.

When the Government wants to extend MRT to Marine Parade via the Eastern Region Line, Sour Grapes are still not happy but remain sour. http://en.wikipedia.org/wiki/Eastern_Region_MRT_Line

Hence Sour Grapes can't be staying in the East.

When the Government wants to extend MRT to the North via the Thomson Line, Sour Grapes are still not happy but remain sour.

http://en.wikipedia.org/wiki/Thomson_MRT_Line

Hence Sour Grapes can't be staying in the North.

When the Government wants to beautify the North-East Region via the Punggol 21-plus Plan, the Sour Grapes are still not happy but remain sour.

http://en.wikipedia.org/wiki/Punggol_New_Town

Hence Sour Grapes can't be staying in the North-East.

Finally this week, the Government announced the Jurong Redevelopment Plan, the Sour Grapes are still not happy but remain sour.

http://www.todayonline.com/articles/246705.asp

Hence Sour Grapes can't be staying in the West.

Every where the Government throws money, it did not hit the Sour Grapes.

The only region where the Government has so far not reached is the North-West Region. The Lim Chu Kang Cemetery.

Vampire Court
No. 2, Lim Chu Kang Lorong 3.
Blood valley
No. 71, Lim Chu Kang Lorong 6.
Satanic towers
No. 666, Lim Chu Kang Lorong 666.
Devil gardens
No. 666A, Lim Chu Kang Lorong 666.

This confirms my suspicion that all the sour grapes in this forum are not Singaporeans.

In fact, they are not even from this world.

They are 冤鬼 (ghosts) staying in 十八层地狱 (18th level of Hell).

That's why their 地狱 www.Hell-URA.gov.sg shows the Hell property prices has plunged by 500% whereas our 人间 www.ura.gov.sg shows property prices has increased by 4.2%.

Different world, different index.

[Unregistered]

Now finally I know where all these Sour Grapes are staying.

Sour Grapes are staying in Vampire Court, Blood valley, Satanic towers and Devil gardens.

Now I know why no matter which part of Singapore the Government tries to invest and enhance the infrastructure, the Sour Grapes in this forum are not happy.

When the Government tried to rejuvenate and beautify Orchard Road, Sour Grapes are not happy but remain sour. http://app.stb.gov.sg/asp/new/new03a.asp?id=7843

Hence Sour Grapes can't be staying in the Central Orchard Area.

When the Government invest billions in Marina Bay, Sour Grapes are still not happy but remain sour.
http://www.pmo.gov.sg/News/Speech+by+MM+Lee+at+the+Tanjong+Pagar+Chinese+New+Year+Dinner.htm

Hence Sour Grapes can't be staying in the Southern Marina Bay Area.

When the Government wants to extend MRT to Marine Parade via the Eastern Region Line, Sour Grapes are still not happy but remain sour. http://en.wikipedia.org/wiki/Eastern_Region_MRT_Line

Hence Sour Grapes can't be staying in the East.

When the Government wants to extend MRT to the North via the Thomson Line, Sour Grapes are still not happy but remain sour.

http://en.wikipedia.org/wiki/Thomson_MRT_Line

Hence Sour Grapes can't be staying in the North.

When the Government wants to beautify the North-East Region via the Punggol 21-plus Plan, the Sour Grapes are still not happy but remain sour.

http://en.wikipedia.org/wiki/Punggol_New_Town

Hence Sour Grapes can't be staying in the North-East.

Finally this week, the Government announced the Jurong Redevelopment Plan, the Sour Grapes are still not happy but remain sour.

http://www.todayonline.com/articles/246705.asp

Hence Sour Grapes can't be staying in the West.

Every where the Government throws money, it did not hit the Sour Grapes.

The only region where the Government has so far not reached is the North-West Region. The Lim Chu Kang Cemetery.

Vampire Court
No. 2, Lim Chu Kang Lorong 3.
Blood valley
No. 71, Lim Chu Kang Lorong 6.
Satanic towers
No. 666, Lim Chu Kang Lorong 666.
Devil gardens
No. 666A, Lim Chu Kang Lorong 666.

This confirms my suspicion that all the sour grapes in this forum are not Singaporeans.

In fact, they are not even from this world.

They are 冤鬼 (ghosts) staying in 十八层地狱 (18th level of Hell).

That's why their 地狱 www.Hell-URA.gov.sg shows the Hell property prices has plunged by 500% whereas our 人间 www.ura.gov.sg shows property prices has increased by 4.2%.

Different world, different index.

Is this a property forum or what? Have you gone nuts? Dont distort URA website url. It is a serious matter.

[Unregistered]

Now finally I know where all these Sour Grapes are staying.

Sour Grapes are staying in Vampire Court, Blood valley, Satanic towers and Devil gardens.

Now I know why no matter which part of Singapore the Government tries to invest and enhance the infrastructure, the Sour Grapes in this forum are not happy.

When the Government tried to rejuvenate and beautify Orchard Road, Sour Grapes are not happy but remain sour. http://app.stb.gov.sg/asp/new/new03a.asp?id=7843

Hence Sour Grapes can't be staying in the Central Orchard Area.

When the Government invest billions in Marina Bay, Sour Grapes are still not happy but remain sour.
http://www.pmo.gov.sg/News/Speech+by+MM+Lee+at+the+Tanjong+Pagar+Chinese+New+Year+Dinner.htm

Hence Sour Grapes can't be staying in the Southern Marina Bay Area.

When the Government wants to extend MRT to Marine Parade via the Eastern Region Line, Sour Grapes are still not happy but remain sour. http://en.wikipedia.org/wiki/Eastern_Region_MRT_Line

Hence Sour Grapes can't be staying in the East.

When the Government wants to extend MRT to the North via the Thomson Line, Sour Grapes are still not happy but remain sour.

http://en.wikipedia.org/wiki/Thomson_MRT_Line

Hence Sour Grapes can't be staying in the North.

When the Government wants to beautify the North-East Region via the Punggol 21-plus Plan, the Sour Grapes are still not happy but remain sour.

http://en.wikipedia.org/wiki/Punggol_New_Town

Hence Sour Grapes can't be staying in the North-East.

Finally this week, the Government announced the Jurong Redevelopment Plan, the Sour Grapes are still not happy but remain sour.

http://www.todayonline.com/articles/246705.asp

Hence Sour Grapes can't be staying in the West.

Every where the Government throws money, it did not hit the Sour Grapes.

The only region where the Government has so far not reached is the North-West Region. The Lim Chu Kang Cemetery.

Vampire Court
No. 2, Lim Chu Kang Lorong 3.
Blood valley
No. 71, Lim Chu Kang Lorong 6.
Satanic towers
No. 666, Lim Chu Kang Lorong 666.
Devil gardens
No. 666A, Lim Chu Kang Lorong 666.

This confirms my suspicion that all the sour grapes in this forum are not Singaporeans.

In fact, they are not even from this world.

They are 冤鬼 (ghosts) staying in 十八层地狱 (18th level of Hell).

That's why their 地狱 www.Hell-URA.gov.sg shows the Hell property prices has plunged by 500% whereas our 人间 www.ura.gov.sg shows property prices has increased by 4.2%.

Different world, different index.

HAHA FIND IT HARD TO BELIEVE THAT SINGAPOREANS COULD BE WASTING SO MUCH PRODUCTIVE TIME. YOUR PAY SHOULD BE CUT 50%.

[Unregistered]

Not fair to these 60 buyers of CV@BK and perhaps the 520 buyers of CV@BK in general.

Those who know they aren't qualified should not hog the queue.

Those who are keen have been denied of their chance.

Well said!

The same thing happened at tour fairs. People just grab a queue number for all the tour packages even though they may just buy 1 of the packages. People should just queue up for what they want instead of queuing up for the sack of queuing.

Anyway, I hope the authority will make sure the remaining 194 units do not get "blocked" by those who have no interest to buy. This is unfair to those keen buyers.

Don't worry! These 194 buyers/families will be given a fair chance to buy.
The authority has learned their lesson. They are doing something about it.

What have they done? Nothing!
It's a lousy and unfair system.
Don't waste time saying fair or unfair lah.
60 units sold during weekends. Only 194 units left.
If you are interested, quickly grab one before they are gone.

[Unregistered]

Don't waste time saying fair or unfair lah.
60 units sold during weekends. Only 194 units left.
If you are interested, quickly grab one before they are gone.
Wah! Cheong liao lor!

[The Straits Times]

http://www.straitstimes.com/STI/STIMEDIA/common/mast_home.gif
Bank savings earn less interest as key rate plunges
Banks trim rates on deposits as they struggle to maintain margins
Gabriel Chen
The Straits Times
Monday, 7 April 2008

Savers are again feeling the pinch as interest rates continue to fall, further squeezing what meagre returns they might get on bank deposits.

Citibank, Maybank and Standard Chartered Bank (Stanchart) have all trimmed rates for their high interest savings accounts given the fall in the rate banks pay each other to borrow cash.

This rate - the Singapore Interbank Offered Rate (Sibor) - hit a 12-month low of 1.25% last month. It has fallen steadily from 2.88% a year ago, and economists say it will drop further.

With their own margins under pressure, banks have responded by trimming rates for customers.

Maybank has cut rates for iSAVvy, an online savings account, from 1.08 per cent to 0.88% a year for a daily balance of $5,000 to $50,000.

Stanchart's rate for its eSaver online savings product is 1.08% a year, down a tad from a month ago when it paid 1.2% for deposits from $50,000 to $199,999.

The base rate for Citibank's Step-Up Interest Account - it pays progressively higher rates as the monthly balance increases - has fallen by more than half to 0.3% a year.

Mr Robin Chua, the head of deposits at Citibank Singapore, said the revised rate of 0.3% is competitive compared with rates for other typical savings accounts.

'The maximum Step-Up interest rate, at 1.2% a year, is actually in line with what the industry offers on a Singdollar, 12-month time deposit,' he added.

DBS Group Holdings, United Overseas Bank and OCBC Bank have also adjusted some of their fixed deposit rates downwards.

For instance, the three banks recently lowered their 12-month fixed deposit rate for amounts between $50,000 and $1 million to 1.2% a year from 1.4% earlier this year.

The leaner interest rates have prompted some consumers to shop around for the best offers in town.

Client servicing staff Mak Wei Jiat recently closed her eSaver account at Stanchart and moved the money to a Maybank iSAVvy account.

'It may be only a small change in interest rates, but it can add up to a lot when you're factoring in a big sum,' she said.

IT operations manager Calvin Chin said with inflation climbing and interest rates declining, he will be earning less on his savings.

Meanwhile, with the share market so volatile, people like himself will be cautious about committing themselves to risky investments.

'For the man in the street, besides keeping cash at home, the option available to him is to continue to keep savings in a bank,' complains the unhappy 38-year-old.

Economists believe saving rates here could head lower in the near term, partly because of interest rate cuts in the United States and a strengthening Singapore dollar.

'We think Sibor will trend below 1% by the second half of the year, and stay low for a while,' said Stanchart economist Alvin Liew, who also believes the US will be in for a protracted recession.

OCBC Bank economist Selena Ling feels any turnaround in Sibor is likely to come only when there is greater clarity over the US recession, what end-point the Federal Reserve sets for its rate-cutting cycle and what monetary policy expectations Singapore's central bank has.

http://i266.photobucket.com/albums/ii268/kcc0002/OnADowntrend.jpg

[Unregistered]

Wah lau! 1.25, still dropping. No hope already lah.

[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]

Don't waste time saying fair or unfair lah.
60 units sold during weekends. Only 194 units left.
If you are interested, quickly grab one before they are gone.

I though Sour Grapes said that there are "No Buyers" in the market?

How come got 60 sold during the weekends? Huh?

I suspect hor ... it's the sour grapes who secretly bought them.

I told you the sour grapes are up to no good.


The Straits Times

April 7, 2008

Another 60 units sold at City View

CITY View @ Boon Keng, a condo-like Housing Board project, has sold an additional 60 units under a walk-in selection process that ended yesterday.
In all, almost 520 units out of 714 have been sold, a spokesman for Hoi Hup Sunway Development told The Straits Times.

As for the remaining 190-odd units, the developer will decide how best to sell them. Meanwhile, the project is still open to the public for sale, he added.

Some 460 units were sold earlier under a different process that required balloting, as applications had outnumbered the units available. As it turned out, many successful applicants got cold feet, and there were excess units left after all buyers had been given a chance to buy the flats they wanted.

City View boasts condo-like features, such as timber floors, built-in wardrobes and air-conditioning. But they do not have more expensive common facilities like swimming pools.

The project, which comprises 72 three-room flats, 168 four-room flats and 474 five-room flats, can be bought only by families earning no more than $8,000 a month.

The units cost between $349,000 and $727,000 each.

The take-up for City View has been a major talking point because the overwhelming response from potential home buyers has not translated into actual sales.

About 3,500 applications for the flats were received by the time registration closed in January.

[Unregistered]

Don't waste time saying fair or unfair lah.
60 units sold during weekends. Only 194 units left.
If you are interested, quickly grab one before they are gone.

I though Sour Grapes said that there are "No Buyers" in the market?

How come got 60 sold during the weekends? Huh?

I suspect hor ... it's the sour grapes who secretly bought them.

I told you the sour grapes are up to no good.

The Straits Times

April 7, 2008

Another 60 units sold at City View

CITY View @ Boon Keng, a condo-like Housing Board project, has sold an additional 60 units under a walk-in selection process that ended yesterday.
In all, almost 520 units out of 714 have been sold, a spokesman for Hoi Hup Sunway Development told The Straits Times.

As for the remaining 190-odd units, the developer will decide how best to sell them. Meanwhile, the project is still open to the public for sale, he added.

Some 460 units were sold earlier under a different process that required balloting, as applications had outnumbered the units available. As it turned out, many successful applicants got cold feet, and there were excess units left after all buyers had been given a chance to buy the flats they wanted.

City View boasts condo-like features, such as timber floors, built-in wardrobes and air-conditioning. But they do not have more expensive common facilities like swimming pools.

The project, which comprises 72 three-room flats, 168 four-room flats and 474 five-room flats, can be bought only by families earning no more than $8,000 a month.

The units cost between $349,000 and $727,000 each.

The take-up for City View has been a major talking point because the overwhelming response from potential home buyers has not translated into actual sales.

About 3,500 applications for the flats were received by the time registration closed in January.

... that 60 not counted ... they are stupid ... fools are not counted ...

[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]

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.
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]

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

YES YES I SAW THE RUSH. THOUGHT IT WAS DRIVERS TRYING TO BEAT THE ERP TIME .....BUT NOOOOO WAS SPECULATORS FLEEING AS FAST AS THEY COULD.

[Unregistered]

YES YES I SAW THE RUSH. THOUGHT IT WAS DRIVERS TRYING TO BEAT THE ERP TIME .....BUT NOOOOO WAS SPECULATORS FLEEING AS FAST AS THEY COULD.

Oh I saw that. I thought that it was a practice session for the Olympics. Oh boy they were sweating profusely as they fled past me.

[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.

Analysts say private home sales have peaked

By Ng Baoying, Channel NewsAsia | Posted: 07 April 2008 2347 hrs


SINGAPORE: Sales of private properties have been sliding amid a standoff between buyers and sellers, say market watchers.

In February, sales for new launches were only one tenth of the record numbers seen in August last year......................................................

Last year, property launches drew a crowd despite the extravagant price tags. But now, the market is paying for it in more ways than one. Prices are coming off their highs, leaving some buyers with significant losses........

................................................................

While URA flash estimates showed private property prices increased 4.2 per cent in the first quarter, the rise was only for a handful of properties.

...................................................................................

Oh the 4.2% deceives some speculators........

[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.

This period, with very low interest rates, is actually very favourable to properties.

Anyone with some basic knowledge of economics will know that.

In fact, the US housing bubble formed because of extremely low interest rate environment of around 1% (similar to Singapore's situation today) that the Americans now blamed on Alan Greenspan.

Read the following article from today's Business Times (8 Apr 2008).


Business Times - 08 Apr 2008

Greenspan says unfairly blamed, has no regrets: WSJ

SINGAPORE - Critics say Mr Greenspan, under whom US rates went from 6.5 per cent in late 2000 to 1 per cent in mid-2003, eased policy too much and then took too long to tighten again. That, they say, spurred excessive mortgage borrowing and stoked the housing bubble that is now the root cause of the credit crisis.

http://www.businesstimes.com.sg//mnt/media/image/launched/donotdelete/alangreenspan1.jpg

[Unregistered]

This period, with very low interest rates, is actually very favourable to properties.

Anyone with some basic knowledge of economics will know that.

In fact, the US housing bubble formed because of extremely low interest rate environment of around 1% (similar to Singapore's situation today) that the Americans now blamed on Alan Greenspan.

Read the following article from today's Business Times (8 Apr 2008).


Mr Economist, can i ask you some basic questions? If the properties prices go down by half and the interest rate double, is it still favourable to buy properties? Have you worked out the cross elasticity of property and interest rate? Would you buy an overpriced car if the petrol price drop? The low interest rate is more favourable to refinance your existing properties and not to instil consumer confidence in this market situation.

[Unregistered]

It is true that low bank interests is good for property purchase. But whatever gains that could be had from low interests can be negated if property was bought at the peak.

[Unregistered]

April 8, 2008

Fewer home loans taken up as property market cools further

By Grace Ng, Finance Correspondent


THE number of home loans taken up has fallen sharply in recent months as the property market continues to contract.

Only 4,200 new home loans were approved in January, up about 13 per cent on the 3,722 in December but down 21 per cent from the peak of 5,319 last August.

The Credit Bureau of Singapore figures also show that 2,544 second mortgages were taken up in January, a 31 per cent drop from the high of 3,698, also last August.

'We expect the growth in new mortgages to slow further this year,' said Credit Bureau general manager Mark Rowley.

Inquiries for new home loans have also dropped, down to 8,923 in February, the lowest since April 2006.

Mr Gregory Chan, OCBC Bank's head of consumer secured lending, said: 'We have observed that property buyers are becoming more cautious in their purchase decisions.'

United Overseas Bank's (UOB's) head of loans, Mr Kevin Lam, said that 'in line with property sales transactions, our loan applications were slower in January and February' but there was 'a pick-up in market activity at the end of March'.

His counterpart at HSBC Singapore, Ms Alice Chia, said the bank has 'seen a reduction in applications for new home loans, which is reflective of sentiment towards the property market'.


THERE GOES THE PROPERTY MARKET....ILL, DEAD AND BURIED. REST IN PEACE.

[Unregistered]

Only 4,200 new home loans were approved in January, up about 13 per cent on the 3,722 in December but down 21 per cent from the peak of 5,319 last August.

United Overseas Bank's (UOB's) head of loans, Mr Kevin Lam, said that 'in line with property sales transactions, our loan applications were slower in January and February' but there was 'a pick-up in market activity at the end of March'


THERE GOES THE PROPERTY MARKET....ILL, DEAD AND BURIED. REST IN PEACE.
The property market still very healthy wat ...

Got 4,200 home loans approved in January, only 21% below the "peak of 5,319 last August".

Unlike what the sour grapes here kept saying "No Buyers".

Furthermore, there is a 'a pick-up in market activity at the end of March'.

Looks like the property market will bury the sour grapes yet again.

[Unregistered]

Mr Economist, can i ask you some basic questions? If the properties prices go down by half and the interest rate double, is it still favourable to buy properties? Have you worked out the cross elasticity of property and interest rate? Would you buy an overpriced car if the petrol price drop? The low interest rate is more favourable to refinance your existing properties and not to instil consumer confidence in this market situation.

The effect of interest rates on the housing market is well documented.

Central banks regularly use interest rates to boost/tame the housing market.

The following Straits Times article will explain much better.


The Straits Times

Feb 3, 2008

US interest rate cuts fuel HK property boom

HONG KONG - WHEN first-time buyer Judy Kwan heard a flat was for sale in a street she admired in Hong Kong's Wanchai district, she snapped it up within 24 hours without even seeing it, inheriting a tenant she had never met.

Now she wants to buy another as the property market surges from a strong economy and mortgages become cheap as local interest rates drop in line with rates cuts in the United States. Ms Kwan hopes property investment will allow her to retire in five years' time, aged 50.

'The price was right and the market's going up,' said Ms Kwan, an accountant, who paid US$282,000 (S$399,283) for the boxing ring-sized flat in November.

The apartment's value has risen 10 per cent since then and analysts predict that falling interest rates and rising salaries will propel prices back to a heady 1997 peak.

Hong Kong's economy is riding on the coat-tails of China's boom, but its currency peg with the US dollar forces the territory to officially track US interest rate cuts. Local banks have more leeway but have still slashed rates by 100 basis points in the past two weeks as the US federal funds rate has fallen to 3 per cent.

So the housing downturn and mortgage crisis that threatens the US economy has indirectly bolstered Hong Kong property.

Monthly transactions for mass market housing in the final three months of last year were on average 63 per cent higher than in the rest of 2007, hitting their highest level for a decade.

Real Hong Kong mortgage rates are now negative, below inflation of 3.8 per cent and it has become cheaper to buy than rent, analysts say.

On fire

A Merrill Lynch property analyst has predicted a 50 per cent rally in property prices in the next two years, prompting several Hong Kong employees at the bank to go on an apartment hunting spree. UBS has the same forecast.

Geoff Lewis, head of investment services at JF Asset Management, said the property might 'catch fire'.

For Judy Kwan, buying an apartment allows her to diversify out of a Hong Kong stock market that surged 39 per cent in 2007, and get a yield on her investment of 5.6 per cent a year.

Bank deposit rates range between 0.75 per cent and zero.

'I don't believe in putting money in the bank, inflation is rising,' said Ms Kwan, who has doubled her money on some mutual fund investments over the past four years.

'You need to diversify your investments and rental income will cover my mortgage. It's a win-win situation.' -- REUTERS

[Unregistered]

THERE GOES THE PROPERTY MARKET....ILL, DEAD AND BURIED. REST IN PEACE.
WOW HIGH END CONDOS CRASHING TOO...OMG

[Unregistered]

The property market still very healthy wat ...

Got 4,200 home loans approved in January, only 21% below the "peak of 5,319 last August".

Unlike what the sour grapes here kept saying "No Buyers".

Furthermore, there is a 'a pick-up in market activity at the end of March'.

Looks like the property market will bury the sour grapes yet again.
HEALTHY HEALTHY HEALTHY
SCREAMS THE NOT SO WEALTHY
SAYS CRASHED BY 21% ONLY
SOMETIMES THE MORONS ARE VERY FUNNY
THE WISE SAY NO BUYERS ALREADY
AND MARKET GOING DOWN UNDER VERILY
SITUATION BY THE DAY GETTING MORE DEADLY
FINALLY...MORONS WILL DIE SCREAMING HEALTHY HEALTHY HEALTHY
BECAUSE UNITS OUT THERE WITH NO BUYERS IN PLENTY!!!

[Unregistered]

April 9, 2008

Prices of high-end condos starting to fall as sales dwindle
Downward trend may continue for next few quarters, experts predict
By Fiona Chan, Property Reporter

HOME prices are starting to fall, as several high-end properties begin to feel the squeeze of retreating buyers.
Sales of Singapore's most expensive condominiums - all the rage last year - have dwindled to just a trickle this year.

And with plunging sales, prices have also started to dip, although official figures have yet to reflect this trend.

Early signs of the slide lie in the handful of caveats filed involving many luxury projects in the first quarter. These showed prices fell from the previous quarter, in some cases by up to 20 per cent.

In Districts 9 to 11, Singapore's creme de la creme of residential locations covering Orchard, Holland and Bukit Timah, average prices have fallen by about 30 per cent since the beginning of the year, according to caveats.

They dropped to an average of $1,564 per sq ft (psf) between January and March from $2,023 psf in the preceding three months.

FEELING THE SQUEEZE
In luxury island enclave Sentosa Cove, almost all condos posted drops in average psf prices, ranging from 2 per cent for the Marina Collection to 23 per cent for The Azure.

Property experts say this could be because luxury home buyers are now selecting only the most competitively priced properties.

'Market activity is very slow now, so any transactions that do take place are likely to be from people who have found attractive buys,' said Mrs Ong Choon Fah, the executive director at property firm DTZ Debenham Tie Leung.

She said high-end properties in the traditional prime districts were more dependent on investor buying, so they could be more affected by the current global credit crunch and weaker sentiment.

'A lot of people who bought luxury homes are also 'specuvestors', so they may be happy making just a small profit and selling quickly,' Mrs Ong explained.

The Government estimated last week that private home prices continued to climb in the first three months of the year, albeit at a slower pace. They rose 4.2 per cent, down from 6.8 per cent in the previous three months.

In the priciest segment, the core central region, the price gain dropped to 4.4 per cent from 7.5 per cent in the previous quarter. This region covers Districts 9 to 11, the Marina Bay area and Sentosa.

Anecdotal evidence from property insiders and caveats lodged, however, showed that prices at many projects fell rather than rose this year. At Scotts Square in Scotts Road, only two units have been sold so far this year - at an average price of $3,700 psf, down from $4,000 psf for 42 units in last year's fourth quarter.

Similarly, at The Oceanfront @ Sentosa Cove, the most recent deals were in February, where three units were sold at $1,720 to $1,751 psf. Just six months before that, 15 units were sold at an average price of $2,480 psf.

Other high-profile, pricey condos, such as the Marina Bay Residences and The Marq on Paterson Hill, have yet to see a single caveat lodged this year.

But the story is not all bad. The Orchard Residences, which holds the title of Singapore's most expensive condo, has sold only one unit this year - but at $4,700 psf, higher than most of its other sales.

Other older condos in areas such as Cavenagh or Balmoral may also be trading at higher prices from their previously low base, pushing up the overall prices for the whole district, suggested Mr Ku Swee Yong, director of marketing and business development at Savills Singapore.

But he said the price index for high-end homes may be under pressure in the next two quarters, now that 'everyone wants a bargain'.

'You only need developers to start giving discounts or people starting to buy lower-

floor units instead of penthouses. That will push the index down and put pressure on prices.'

[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.
Childish moron.

[Unregistered]

Published April 9, 2008

Private bankers upbeat despite credit crunch

By GENEVIEVE CUA


(SINGAPORE) The world may be mired in a credit crunch, economic slowdown and rocky stock markets. But bankers catering to the well-heeled in Asia expect growth almost akin to that of last year, as they hunker down to squeeze yet more productivity out of their relationship managers.

Credit Suisse managing director and head of private banking Marcel Kreis, for instance, says revenues and assets under management have been growing by 20-30 per cent annually. 'Our Asia Pacific private banking operations have been enjoying very strong momentum and this is expected to continue in the next two years, with the objective of doubling the Asian business.'

Merrill Lynch head of global wealth management (Asia Pacific) Rahul Malhotra says the bank saw growth of 30-40 per cent in assets last year. 'I would be surprised if we didn't see those numbers this year . . . There is growth overall in Asian economies. Even with what is happening in the US, inherently we will see growth come through.'

Private banks' relatively low penetration of Asian markets presents opportunities, says Tjun Tang, Boston Consulting Group director. BCG is currently compiling data for its annual wealth survey. 'We're seeing assets sitting in private banks of less than US$1 trillion. But household wealth across Asia comes to US$16 trillion . . . Many banks are growing 20-30 per cent a year. If the underlying wealth is growing at an 8 per cent rate, there must be an increasing penetration of services.'

Market volatility, however, could impact banks' revenue streams as a substantial proportion comprises income that is transactional in nature. 'In Asia, a lot of revenues are generated through private banks selling transactional products. Now that there is less of a single directional trend, one risk is that private banking income may decline or be less stable,' says Mr Tang.

Still, he expects margins in Asia to remain healthy. 'We're still fairly bullish on Asia despite compensation levels having gone up a lot. Pre-tax margins are still in good territory.'

On the hiring front, the appetite for junior bankers appears to have abated, but almost all the banks say they are on the lookout for mature bankers with a book of business.

Nick Hughes of Fox Partnership, which specialises in placing top-level hires in wealth management, says: 'A bank may suffer sub-prime woes. But if there is a strong banker talent, he or she is an asset, regardless of the current situation.' Banks, he adds, will demand more accountability.

The firm continues to work on a number of 'interesting' projects, which includes placing Asian bankers in posts in Switzerland, for instance, to serve Asia from Europe, as well as the reverse - the hiring of European bankers for Asia.

On investments, bank strategists continue to see opportunities in emerging markets, particularly the Middle East and Latin America, and selected Asian markets. JP Morgan Private Bank chief investment strategist Ivan Leung believes regional stock markets are 'excellent long- term investments'. He singles out Thailand and Taiwan, which have underperformed Asia ex-Japan for four years, but are at the start of a domestic turnaround. Singapore and Korea are cheap, he adds, 'but will likely require some patience'.

On a 12-month view, Deutsche Bank Private Wealth Management forecasts a return of 10-16 per cent for US equities; 8-13 per cent for Euroland; and a higher 10-17 per cent for Latin America and Asian equities due to higher growth and earnings.
Stop wasting your time on the forum. The forum will not make you rich.
Have a break. Let me buy you a cup of coffee.

- Your private banker

[Unregistered]

Stop wasting your time on the forum. The forum will not make you rich.
Have a break. Let me buy you a cup of coffee.

- Your private banker
How much must I invest?

[Unregistered]

Childish 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]

YES . Still Bullish as bought property last week .

[Unregistered]

YES . Still Bullish as bought property last week .

huh going against trend

[Unregistered]

YES . Still Bullish as bought property last week .
Headstart in setting the trend?

[Unregistered]

YES . Still Bullish as bought property last week .

haha.....talk is free, so do paper trade.....

[Unregistered]

haha.....talk is free, so do paper trade.....
haha.....talk is free, but can you talk more please.....

[Unregistered]

haha.....talk is free, but can you talk more please.....
what you want him to talk about ??

[Unregistered]

what you want him to talk about ??
Anything lah.

[Unregistered]

Anything lah.
Cocks talking cork again.

[Unregistered]

Can you guys ps stop the nonsense and get on with some constructive contributions.......

There will always be two sides to the coin and that is an accepted fact, whether you are an optimist or sourgrape, its good to hear both sides and one has to eventually make a decision.....

I feel the property market is taking a minor correction which is healthy for the longer term interest, prices have to stabilise before a new peak can be achieved, this is the process......

I am still vested and am quite confident sentiments will improve sooner than later and as long as prices and returns are sustainable, the market activity will pick up.........

My two cents worth....

[Unregistered]

Oh the 4.2% deceives some speculators........
I would like to know what this figure of 4.2% is.
Is it the PPI as defined here
http://app.mti.gov.sg/data/article/353/doc/ESS_2001Q1_PropertyIncome.pdf

if it is , and before everyone starts jumping, I'm not sure it is......... (are we clear?)

the formula is NOT based on actual property transactions!
figure is based on GDP, interest rates and stockmarket index. and apparently uses 12 quarters of data.

If this is the way the index is calculated, then you can see it is possible for this index to rise, even if actual property transactions fall.

Read the article , I would love to see the most recent data plotted this way, you can clearly see if we are experiencing a bubble or if prices are justified. Nice, non emotional , data driven.

[Unregistered]

IMF predicts global economic gloom

Story Highlights

IMF forecasts a slide into a recession in the U.S. amid global slowdown

IMF's World Economic Outlook predicts U.S. economic growth to slow to 0.5 percent

The organization also trimmed its projection for France, Britain, Germany and Japan

WASHINGTON (AP) -- The world economy will slow sharply this year, according to an International Monetary Fund forecast, with the United States sliding into a recession amid housing, credit and financial slumps.

The IMF, in a World Economic Outlook released Wednesday, slashed growth projections for the United States -- the epicenter of the woes -- and the global economy as a whole.

Economic growth in the United States is expected to slow to a crawl of just 0.5 percent this year, which would mark the worst pace in 17 years, when the country last suffered through a recession, the IMF said. The United States won't fare much better next year; the IMF projected the U.S. economy will grow by a feeble 0.6 percent in 2009.

"The U.S. economy will tip into a mild recession in 2008 as the result of mutually reinforcing cycles in the housing and financial markets," the IMF said.

Many private economists and members of the U.S. public believe the country has already fallen into its first recession since 2001. For the first time, Federal Reserve Chairman Ben Bernanke acknowledged last week that a recession was possible.

An increasing number of analysts think the U.S. economy, which grew by 2.2 percent in 2007, started shrinking in the first three months of this year and is still contracting. Under one rough rule, if the economy contracts for six straight months it is considered to be in a recession. A panel of experts at the National Bureau of Economic Research that determines when U.S. recessions begin and end, however, uses a broader definition, taking into account income, employment and other barometers.

To limit the damage, the Federal Reserve has been slashing interest rates since last September and has taken a number of extraordinary measures to avert a financial meltdown, which would have dire consequences for the U.S. economy.

"The financial market crisis that erupted in August 2007 has developed into the largest financial shock since the Great Depression," the IMF declared.

Looking at other countries, the IMF trimmed its projection for Germany, with economic growth slowing to 1.4 percent this year and weakening to 1 percent in 2009. In Britain, growth will slow to 1.6 percent this year and next. France also will see growth decelerate to 1.4 percent this year and 1.2 percent next year.

Japan's economy will expand by 1.4 percent this year and 1.5 percent next year, which would mark a loss of momentum from last year. Canada's growth would slow to 1.3 percent this year and pick up slightly to 1.9 percent next year.

Global powerhouse China, which barreled ahead at an 11.4 percent pace last year, would see growth moderate to 9.3 percent this year and then strengthen a bit to 9.5 percent next year. India, which grew by a blistering 9.2 percent last year, is expected to grow by 7.9 percent this year and 8 percent next year. Russia, which logged growth of 8.1 percent last year, will see growth moderate to 6.8 percent this year and then 6.3 percent next year.

Problems started in the United States with risky "subprime" mortgages made to people with blemished credit and quickly spread into other areas, hitting more creditworthy borrowers. Foreclosures in the U.S. hit record highs and financial companies racked up multibillion-dollar losses as mortgage-backed investments soured with the collapse of the U.S. housing market.

The fallout gripped investors on Wall Street and in other countries, creating a panicky atmosphere that threatened to paralyze financial markets in the United States and beyond.

Against that backdrop, the IMF now expects the world economy, which grew by a hardy 4.9 percent last year, to lose considerable momentum. The fund is projecting the global economy to grow by 3.7 percent this year and 3.8 percent next year.

"The global expansion is losing speed in the face of a major financial crisis," the IMF said.

There's a risk that things could turn worse, it cautioned.

"The IMF now sees a 25 percent chance that global growth will drop to 3 percent or less in 2008 and 2009 -- equivalent to a global recession," the fund said. "The greatest risk comes from the still-unfolding events in financial markets, particularly the potential for deep losses" on complex investments linked to the U.S. subprime mortgage market, the IMF said.

While the IMF is worried about the dangers of weakening global economic growth, it also expressed concern about the potential for inflation to heat up around the world, given sharp increases in energy and other commodity prices. "Risks related to inflationary pressures have risen," the fund said.

[Unregistered]

you 2 idiots, stop posting the same message multiple times

[Unregistered]

you 2 idiots, stop posting the same message multiple times
administrator, please do something to these messages

[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
Looking back I regret having ridiculed you and not having followed your advice to get out of the market back in October. I am trying to get whatever is left since I trust that you are good at predicting about the market. Back in August you said it was falling and I didn't trust you then. See what bad state I am in today. Please send me contact detail so I can take some advice. Once again thank you so much.

[Unregistered]

Looking back I regret having ridiculed you and not having followed your advice to get out of the market back in October. I am trying to get whatever is left since I trust that you are good at predicting about the market. Back in August you said it was falling and I didn't trust you then. See what bad state I am in today. Please send me contact detail so I can take some advice. Once again thank you so much.
Don't reply your own message. You can't afford anyway.

[AFP]

http://www.afp.com/english/home/imgs/logo.gif
Singapore's GDP Rebounds By 16.9% In Q1
MAS moves to curb inflation as growth rebounds
Agence France-Presse
Singapore
Thursday, 10 April 2008

Singapore's central bank unexpectedly further tightened monetary policy on Thursday, pushing the Singapore dollar to a record high against the U.S. dollar, in a move aimed at keeping a lid on soaring prices.

Singapore's economy grew at an annualised, seasonally adjusted rate of 16.9% in the first quarter, beating economists' expectations, government data showed on Thursday, after a surprise 4.8% contraction in the fourth quarter of 2007.

The data beat a median forecast from economists polled by Reuters for growth of 11.5% because of a recovery in pharmaceutical and electronics manufacturing.

"The GDP figures were stronger than what the market had predicted and that gave the Monetary Authority confidence to tighten the policy," said Joseph Tan, an economist at Fortis.

"Strength of GDP quarter-on-quarter came from domestic sources. Where we go from here is a step in time approach but the one-up shift of the band, as opposed to the steepening of the Singapore dollar, shows that MAS recognises inflation is an imminent danger."

The Monetary Authority of Singapore conducts policy through the exchange rate, steering the Singapore dollar within a secret trade-weighted band against a basket of currencies, rather than by adjusting interest rates.

Growth Support

"Against backdrop of continuing external and domestic cost pressures, an upward shift of the policy band at this point will help to moderate inflation going forward, while providing support for sustainable growth in the economy," the central bank said in a twice-yearly monetary policy statement.

"MAS will therefore re-centre the exchange rate policy band at the prevailing level of the S$NEER. There will be no change to the slope or width of the policy band."

The Singapore dollar hit a record high, up 0.9% on the news to 1.3683 per U.S. dollar. The currency has gained around 5% this year.

Ten out of the 12 economists polled by Reuters had expected the MAS to refrain from tightening monetary policy due to concerns about slower economic growth.

The other two had expected the MAS to tighten policy to fight inflation, which stood at 6.5% in February. In January it hit 6.6%, the highest since March 1982.

The MAS said it expected inflation in the upper half of its 4.5% to 5.5% forecast range this year.

Singapore is one of the first Asian countries to report GDP data each quarter. The health of its exports is seen by analysts as a barometer of demand for Asian goods.

Despite concern about slower global growth, most central banks in Asia have refrained from easing monetary policy due to high inflation.

Some analysts said a stronger Singapore dollar would further cut demand for the island's exports by making them more expensive at a time when demand in the key U.S. market is weakening.

They also said a stronger Singapore dollar may not be as effective as before in reining in inflation because domestic factors such as a tight labour market, high wages and elevated property prices were factors as well.

The MAS tightened policy slightly at its last meeting in October as asset prices spiralled higher.

Singapore's economic growth is largely fuelled by manufacturing of products such as electronics, pharmaceuticals and oil rigs. However, the economy also relies increasingly on tourism, financial services and construction.

[Unregistered]

YES . Still Bullish as bought property last week .
You said bullish thousands say bearish. Who wants to follow you????

[Unregistered]

You said bullish thousands say bearish. Who wants to follow you????
Another ten thousands say bullish. It's OK lah. Anyway, economy is doing well. Just look at the GDP figure in Q1.

[Unregistered]

Another ten thousands say bullish. It's OK lah. Anyway, economy is doing well. Just look at the GDP figure in Q1.
Are you sure it is doing well?

If it is so, then why they say Q4'07 down, Q1'08 will also down, so got technical recession due to 2 Qs down?

Can you explain why?

[Unregistered]

Are you sure it is doing well?

If it is so, then why they say Q4'07 down, Q1'08 will also down, so got technical recession due to 2 Qs down?

Can you explain why?


They are comparing sequential instead of QTQ.
we should compare same quarter last year & this yearn due to seasonal adjustment, weather, holiday, number of days.......eg. Q1 to Q1.
They are comparing Q3 to Q4, then Q4 to Q1....for adsolute price increased yes.
But for growth has to be QTQ.

[Unregistered]

They are comparing sequential instead of QTQ.
we should compare same quarter last year & this yearn due to seasonal adjustment, weather, holiday, number of days.......eg. Q1 to Q1.
They are comparing Q3 to Q4, then Q4 to Q1....for adsolute price increased yes.
But for growth has to be QTQ.
So are we having a recession or a high growth?

[Unregistered]

So are we having a recession or a high growth?
Stupid question.

[Unregistered]

Are you sure it is doing well?

If it is so, then why they say Q4'07 down, Q1'08 will also down, so got technical recession due to 2 Qs down?

Can you explain why?
Why stock market red if news so oooooooo good?

[AFP]

http://www.afp.com/english/home/imgs/logo.gif
US at odds with IMF's 'unduly pessimistic' outlook
Agence France-Presse
Washington, D.C., U.S.
Wednesday, 10 April 2008, U.S. EDT

The United States and IMF are at odds over the global economic outlook, with a top US official arguing the organisation's projections are 'unduly pessimistic.' Treasury Under Secretary for International Affairs David McCormick told journalists that President George W. Bush's administration does not share the view expressed in the IMF semiannual World Economic Outlook (WEO).

'We remain positive about the long-term resilience of the global economy, as well as the long-term resilience of the US economy, and we believe that the IMF's latest WEO projections are unduly pessimistic,' Mr McCormick said.

The IMF on Tuesday cut growth projections for virtually every major economy, and for the US projected 0.5% growth in 2008, with a 'mild recession' this year, followed by a slow recovery that will drag on growth into 2009.

The IMF cut growth for Japan, the eurozone and Britain and slashed its global growth forecast to 3.7%.

Mr McCormick did not offer any more specific growth numbers but said the US believes the IMF projections are 'significantly below consensus.' He also said the administration hopes a faster recovery in 2008 and a 'steeper growth curve' in 2009.

He declined to say whether the administration sees a recession or not at any point this year.

'I don't think it matters what you call it right now, or the degree to which the actual definition (of recession) holds true,' he said. 'I think the US is suffering through a significant downturn in its growth.' Mr McCormick acknowledged problems in the US and elsewhere but said the outlook was not as grim as portrayed by the IMF.

'As you know, the global economy was exceptionally strong the last four years, averaging nearly five per cent growth annually,' he said.

'It was perhaps inevitable that some slowdown would occur but the financial headwinds and other adjustments underway pose significant challenges to the outlook for 2008,' he said.

He added that while there are still 'significant downside risks to the outlook,' the US has taken many steps aimed at mitigating these risks.

These include the pending economic stimulus tax-rebate checks and efforts to coordinate the lending industry's response to a wave of foreclosure threats that could drive the housing market down even further.

He said Treasury Secretary Henry Paulson would deliver the message to his counterparts at Friday's meeting of G7 finance ministers.

'Secretary Paulson will tell them that the housing correction, financial market turmoil, and high energy prices are weighing on US economic growth,' Mr McCormick said.

'Since last August, markets have been re-pricing and reassessing risk and there will be more bumps in the road.'

[AFP]

http://www.afp.com/english/home/imgs/logo.gif
Japan current account surplus up 2.9%
Agence France-Presse
Tokyo, Japan
Thursday, 10 April 2008

Japan's current account surplus grew 2.9% in February from a year earlier, as higher income on overseas investments offset slower exports to the US, the government said on Thursday.

The nation with the world's second-largest economy had a surplus of 2.47 trillion yen (S$33.6 billion) in February in the current account, the broadest measure of trade in goods and services, the finance ministry said.

The figure was in line with market expectations.

The trade balance alone fell 6.6% to 1.03 trillion yen. Exports rose 9.0% to 6.67 trillion yen, while imports increased 12.5% to 5.63 trillion yen.

Although exports to the United States have been curbed by the US economic turmoil, shipments to Europe and the rest of Asia remain robust, the government said.

The services account deficit widened to 152.0 billion yen from 84.5 billion yen from a year earlier.

The surplus in the income account increased to almost 1.68 trillion yen from 1.47 trillion yen, as firms and households enjoyed higher returns on overseas investments.

The capital and financial account, which measures international fund flows, registered an outflow of 2.62 trillion yen compared to 1.76 trillion yen a year earlier.

Historically, Japan has run a large surplus in its current account, which measures the flow of goods, services and investment income.

Although Japan's economy was seen recovering from a slump stretching back more than a decade, sluggish consumer spending and fallout from the US credit market crisis is expected to slow Asia's largest economy this year.

[AFP]

http://www.afp.com/english/home/imgs/logo.gif
Singapore's Q1 GDP grows 7.2% year-on-year
Agence France-Presse
Tokyo, Japan
Thursday, 10 April 2008

http://www.channelnewsasia.com/imagegallery/store/php4hIp61.jpg

Singapore's economy grew an annual 7.2% in the first quarter, faster than the 5.4% expansion recorded in the previous three months, the government said Thursday.

Last quarter's performance was also better than economists' average growth forecast of 6.4% expansion.

On a quarter-on-quarter seasonally adjusted annualised basis, real gross domestic product for the first quarter of this year expanded by 16.9% after dropping 4.8% in the fourth quarter last year, the trade ministry said.

Growth in the first quarter was powered by the manufacturing sector which expanded an annual 13.2%, picking up sharply from the 0.2% recorded in the previous quarter, the ministry said.

"This was largely due to a surge in the output of the biomedical manufacturing cluster, following its contraction in the previous quarter," it said.

The construction sector also posted double-digit year-on-year growth of 14.6% in the first quarter although the pace was slower than the previous quarter's 24.3%, the ministry said.

For the services-related sector, growth was estimated at an annual 7.6%, slightly slower than the previous quarter's 7.7%, it said.

"All in all, a good start to the year, but with demand in OECD countries likely to soften in the coming months, Singapore's growth could moderate going into the second-half," said Song Seng Wun, an economist with CIMB-GK Research.

He was referring to the Organisation for Economic Cooperation and Development, whose members include major industrialised countries.

Any slowdown in the world's major economies will affect Singapore because of its dependency on external trade which is more than three times the size of its gross domestic product valued at 243.17 billion Singapore dollars (179 billion US) last year.

The global economic outlook is increasingly grim, the International Monetary Fund (IMF) said Wednesday.

It said global expansion is set to slow to 3.7% in 2008 amid an unfolding crisis that began in the United States whose economy, the world's biggest, is likely in a "mild recession".

Singapore and other "newly industrialised economies" should see 4.0% growth, the IMF said.

According to government projections, Singapore's economy is targeted to grow between 4.0 and 6.0% for the full year, slower than the 7.7% of 2007.

The advance GDP estimates for the first quarter are based largely on January and February data. More detailed figures are due to be released next month.

[RTT]

http://www.rttnews.com/images/rttlogo.jpg
Singapore's Q1 GDP Expands At Faster-than-Anticipated Pace
RealTimeTraders
Thursday, 10 April 2008, 9:10:40am Singapore Time

Singapore's real Gross Domestic Product grew 7.2% year-on year in the first quarter of 2008, a report published by Singapore's Ministry of Trade and Industry said. The first quarter growth was quicker than the 6.4% growth estimated by economists. The growth was spearheaded by strong growth in manufacturing sector, which in turn benefited from a rebound in the output of the bio-medical cluster.

Advance estimates showed that GDP grew 7.2% in the first quarter of 2008 compared to the 5.4% growth in the fourth quarter. The real GDP rose a seasonally adjusted 16.9% on a quarterly basis after falling 4.8% in the previous quarter.

The manufacturing sector grew at a faster pace of 13.2% in the first quarter compared to the 0.2% growth in the previous quarter. The growth in this sector was due to an expansion in the output of the biomedical-manufacturing cluster compared to a contraction in the previous quarter. The transport engineering sectors and precision engineering sectors grew moderately during this period.

The construction sector grew at slower pace of 14.6% compared to the 20.3% growth in the previous quarter.

The services producing industries rose 7.6% in the fourth quarter compared to the 7.7% growth in the previous quarter. In the services sector, financial services was the fastest growing sectors in the fourth quarter.

The report indicated that the preliminary estimates for the first quarter including the performance of various sectors would be released in May 2008.

[Unregistered]

IMF predicts global economic gloom

Story Highlights

IMF forecasts a slide into a recession in the U.S. amid global slowdown

IMF's World Economic Outlook predicts U.S. economic growth to slow to 0.5 percent

The organization also trimmed its projection for France, Britain, Germany and Japan

WASHINGTON (AP) -- The world economy will slow sharply this year, according to an International Monetary Fund forecast, with the United States sliding into a recession amid housing, credit and financial slumps.

The IMF, in a World Economic Outlook released Wednesday, slashed growth projections for the United States -- the epicenter of the woes -- and the global economy as a whole.

Economic growth in the United States is expected to slow to a crawl of just 0.5 percent this year, which would mark the worst pace in 17 years, when the country last suffered through a recession, the IMF said. The United States won't fare much better next year; the IMF projected the U.S. economy will grow by a feeble 0.6 percent in 2009.

"The U.S. economy will tip into a mild recession in 2008 as the result of mutually reinforcing cycles in the housing and financial markets," the IMF said.

Many private economists and members of the U.S. public believe the country has already fallen into its first recession since 2001. For the first time, Federal Reserve Chairman Ben Bernanke acknowledged last week that a recession was possible.

An increasing number of analysts think the U.S. economy, which grew by 2.2 percent in 2007, started shrinking in the first three months of this year and is still contracting. Under one rough rule, if the economy contracts for six straight months it is considered to be in a recession. A panel of experts at the National Bureau of Economic Research that determines when U.S. recessions begin and end, however, uses a broader definition, taking into account income, employment and other barometers.

To limit the damage, the Federal Reserve has been slashing interest rates since last September and has taken a number of extraordinary measures to avert a financial meltdown, which would have dire consequences for the U.S. economy.

"The financial market crisis that erupted in August 2007 has developed into the largest financial shock since the Great Depression," the IMF declared.

Looking at other countries, the IMF trimmed its projection for Germany, with economic growth slowing to 1.4 percent this year and weakening to 1 percent in 2009. In Britain, growth will slow to 1.6 percent this year and next. France also will see growth decelerate to 1.4 percent this year and 1.2 percent next year.

Japan's economy will expand by 1.4 percent this year and 1.5 percent next year, which would mark a loss of momentum from last year. Canada's growth would slow to 1.3 percent this year and pick up slightly to 1.9 percent next year.

Global powerhouse China, which barreled ahead at an 11.4 percent pace last year, would see growth moderate to 9.3 percent this year and then strengthen a bit to 9.5 percent next year. India, which grew by a blistering 9.2 percent last year, is expected to grow by 7.9 percent this year and 8 percent next year. Russia, which logged growth of 8.1 percent last year, will see growth moderate to 6.8 percent this year and then 6.3 percent next year.

Problems started in the United States with risky "subprime" mortgages made to people with blemished credit and quickly spread into other areas, hitting more creditworthy borrowers. Foreclosures in the U.S. hit record highs and financial companies racked up multibillion-dollar losses as mortgage-backed investments soured with the collapse of the U.S. housing market.

The fallout gripped investors on Wall Street and in other countries, creating a panicky atmosphere that threatened to paralyze financial markets in the United States and beyond.

Against that backdrop, the IMF now expects the world economy, which grew by a hardy 4.9 percent last year, to lose considerable momentum. The fund is projecting the global economy to grow by 3.7 percent this year and 3.8 percent next year.

"The global expansion is losing speed in the face of a major financial crisis," the IMF said.

There's a risk that things could turn worse, it cautioned.

"The IMF now sees a 25 percent chance that global growth will drop to 3 percent or less in 2008 and 2009 -- equivalent to a global recession," the fund said. "The greatest risk comes from the still-unfolding events in financial markets, particularly the potential for deep losses" on complex investments linked to the U.S. subprime mortgage market, the IMF said.

While the IMF is worried about the dangers of weakening global economic growth, it also expressed concern about the potential for inflation to heat up around the world, given sharp increases in energy and other commodity prices. "Risks related to inflationary pressures have risen," the fund said.
Its time to exit property for sure.

[Unregistered]

http://www.afp.com/english/home/imgs/logo.gif
US at odds with IMF's 'unduly pessimistic' outlook
Agence France-Presse
Washington, D.C., U.S.
Wednesday, 10 April 2008, U.S. EDT

The United States and IMF are at odds over the global economic outlook, with a top US official arguing the organisation's projections are 'unduly pessimistic.' Treasury Under Secretary for International Affairs David McCormick told journalists that President George W. Bush's administration does not share the view expressed in the IMF semiannual World Economic Outlook (WEO).

'We remain positive about the long-term resilience of the global economy, as well as the long-term resilience of the US economy, and we believe that the IMF's latest WEO projections are unduly pessimistic,' Mr McCormick said.

The IMF on Tuesday cut growth projections for virtually every major economy, and for the US projected 0.5% growth in 2008, with a 'mild recession' this year, followed by a slow recovery that will drag on growth into 2009.

The IMF cut growth for Japan, the eurozone and Britain and slashed its global growth forecast to 3.7%.

Mr McCormick did not offer any more specific growth numbers but said the US believes the IMF projections are 'significantly below consensus.' He also said the administration hopes a faster recovery in 2008 and a 'steeper growth curve' in 2009.

He declined to say whether the administration sees a recession or not at any point this year.

'I don't think it matters what you call it right now, or the degree to which the actual definition (of recession) holds true,' he said. 'I think the US is suffering through a significant downturn in its growth.' Mr McCormick acknowledged problems in the US and elsewhere but said the outlook was not as grim as portrayed by the IMF.

'As you know, the global economy was exceptionally strong the last four years, averaging nearly five per cent growth annually,' he said.

'It was perhaps inevitable that some slowdown would occur but the financial headwinds and other adjustments underway pose significant challenges to the outlook for 2008,' he said.

He added that while there are still 'significant downside risks to the outlook,' the US has taken many steps aimed at mitigating these risks.

These include the pending economic stimulus tax-rebate checks and efforts to coordinate the lending industry's response to a wave of foreclosure threats that could drive the housing market down even further.

He said Treasury Secretary Henry Paulson would deliver the message to his counterparts at Friday's meeting of G7 finance ministers.

'Secretary Paulson will tell them that the housing correction, financial market turmoil, and high energy prices are weighing on US economic growth,' Mr McCormick said.

'Since last August, markets have been re-pricing and reassessing risk and there will be more bumps in the road.'
It's time to exit property for sure.

[Unregistered]

http://www.afp.com/english/home/imgs/logo.gif
Singapore's GDP Rebounds By 16.9% In Q1
MAS moves to curb inflation as growth rebounds
Agence France-Presse
Singapore
Thursday, 10 April 2008

Singapore's central bank unexpectedly further tightened monetary policy on Thursday, pushing the Singapore dollar to a record high against the U.S. dollar, in a move aimed at keeping a lid on soaring prices.

Singapore's economy grew at an annualised, seasonally adjusted rate of 16.9% in the first quarter, beating economists' expectations, government data showed on Thursday, after a surprise 4.8% contraction in the fourth quarter of 2007.

The data beat a median forecast from economists polled by Reuters for growth of 11.5% because of a recovery in pharmaceutical and electronics manufacturing.

"The GDP figures were stronger than what the market had predicted and that gave the Monetary Authority confidence to tighten the policy," said Joseph Tan, an economist at Fortis.

"Strength of GDP quarter-on-quarter came from domestic sources. Where we go from here is a step in time approach but the one-up shift of the band, as opposed to the steepening of the Singapore dollar, shows that MAS recognises inflation is an imminent danger."

The Monetary Authority of Singapore conducts policy through the exchange rate, steering the Singapore dollar within a secret trade-weighted band against a basket of currencies, rather than by adjusting interest rates.

Growth Support

"Against backdrop of continuing external and domestic cost pressures, an upward shift of the policy band at this point will help to moderate inflation going forward, while providing support for sustainable growth in the economy," the central bank said in a twice-yearly monetary policy statement.

"MAS will therefore re-centre the exchange rate policy band at the prevailing level of the S$NEER. There will be no change to the slope or width of the policy band."

The Singapore dollar hit a record high, up 0.9% on the news to 1.3683 per U.S. dollar. The currency has gained around 5% this year.

Ten out of the 12 economists polled by Reuters had expected the MAS to refrain from tightening monetary policy due to concerns about slower economic growth.

The other two had expected the MAS to tighten policy to fight inflation, which stood at 6.5% in February. In January it hit 6.6%, the highest since March 1982.

The MAS said it expected inflation in the upper half of its 4.5% to 5.5% forecast range this year.

Singapore is one of the first Asian countries to report GDP data each quarter. The health of its exports is seen by analysts as a barometer of demand for Asian goods.

Despite concern about slower global growth, most central banks in Asia have refrained from easing monetary policy due to high inflation.

Some analysts said a stronger Singapore dollar would further cut demand for the island's exports by making them more expensive at a time when demand in the key U.S. market is weakening.

They also said a stronger Singapore dollar may not be as effective as before in reining in inflation because domestic factors such as a tight labour market, high wages and elevated property prices were factors as well.

The MAS tightened policy slightly at its last meeting in October as asset prices spiralled higher.

Singapore's economic growth is largely fuelled by manufacturing of products such as electronics, pharmaceuticals and oil rigs. However, the economy also relies increasingly on tourism, financial services and construction.
OMG! 16.9%? Beautiful!

[Unregistered]

OMG! 16.9%? Beautiful!
Poor Moron.

[Unregistered]

Credit Crisis to Worsen Before Improving, Soros Says

By Patricia Kuo and Bei Hu

April 10 (Bloomberg) -- Billionaire George Soros said the global credit crisis will get worse before it gets better.

Soros, who said lack of oversight is partly responsible for problems in the financial markets, criticized regulators and the U.S. administration for not ``responding fully enough.'' He was speaking on a teleconference call with reporters today.

The world's biggest banks have recorded $232 billion in asset writedowns and credit losses since the beginning of 2007, including reserves set aside for bad loans. The Federal Reserve has engaged in the most aggressive rate cuts in the past 40 years in an attempt to forestall losses in the credit and equity markets.

``Authorities have not accepted the responsibilities to try to control asset bubbles from going too far,'' Soros said. Recently established markets, including for credit-default swaps, are ``totally unregulated, that's the cause of the troubles.''

Credit-default swaps, contracts designed to protect investors against default and used to speculate on credit quality, grew 49 percent to cover a notional $43 trillion of debt in the six months ended June 30, according to the Bank for International Settlements.

The market for derivatives grew at the fastest pace in at least nine years to $516 trillion in the first half of 2007, the BIS said in a report. Money at risk through credit-default swaps increased 145 percent from last year to $721 billion, according to the BIS, which was formed in 1930 to monitor financial markets and regulate banks.

``I think it's a pretty accurate estimate of the loan losses,'' Soros said. ``But we have not yet seen the full effect of possible recession.''

Mistrust in Markets

Uncertainty about the ability of investors and traders to meet contract obligations is creating ``mistrust'' in the markets that ``will not be fully cleared up until you have a regulated delivery mechanism and oversight over this market,'' he said.

Morgan Stanley Chief Executive Officer John Mack said on April 8 that the credit crisis will last a couple of quarters longer and that the markets are facing the most difficult conditions he's seen in 40 years.

Soros said the crisis will last longer than authorities predict.

``They claim that there will be a pickup in the second half of the year,'' he said. ``I cannot believe that. I don't see any reason to believe it because it will take much longer for the full effect of the decline in the housing market to be felt.''

Total losses for banks, hedge funds, pension funds, insurance companies, and sovereign wealth funds may swell to $945 billion, the International Monetary Fund said in a report on April 8.

``This is a man-made crisis and it's made by this false belief that markets correct their own excesses,'' Soros said. ``That's the job of the regulators. And the regulators failed to perform their job.''

Separately, Soros said China was not immune to worldwide market conditions. China's inflation has peaked and may be abating, he said.

[Unregistered]

Credit Crisis to Worsen Before Improving, Soros Says

By Patricia Kuo and Bei Hu

April 10 (Bloomberg) -- Billionaire George Soros said the global credit crisis will get worse before it gets better.

Soros, who said lack of oversight is partly responsible for problems in the financial markets, criticized regulators and the U.S. administration for not ``responding fully enough.'' He was speaking on a teleconference call with reporters today.

The world's biggest banks have recorded $232 billion in asset writedowns and credit losses since the beginning of 2007, including reserves set aside for bad loans. The Federal Reserve has engaged in the most aggressive rate cuts in the past 40 years in an attempt to forestall losses in the credit and equity markets.

``Authorities have not accepted the responsibilities to try to control asset bubbles from going too far,'' Soros said. Recently established markets, including for credit-default swaps, are ``totally unregulated, that's the cause of the troubles.''

Credit-default swaps, contracts designed to protect investors against default and used to speculate on credit quality, grew 49 percent to cover a notional $43 trillion of debt in the six months ended June 30, according to the Bank for International Settlements.

The market for derivatives grew at the fastest pace in at least nine years to $516 trillion in the first half of 2007, the BIS said in a report. Money at risk through credit-default swaps increased 145 percent from last year to $721 billion, according to the BIS, which was formed in 1930 to monitor financial markets and regulate banks.

``I think it's a pretty accurate estimate of the loan losses,'' Soros said. ``But we have not yet seen the full effect of possible recession.''

Mistrust in Markets

Uncertainty about the ability of investors and traders to meet contract obligations is creating ``mistrust'' in the markets that ``will not be fully cleared up until you have a regulated delivery mechanism and oversight over this market,'' he said.

Morgan Stanley Chief Executive Officer John Mack said on April 8 that the credit crisis will last a couple of quarters longer and that the markets are facing the most difficult conditions he's seen in 40 years.

Soros said the crisis will last longer than authorities predict.

``They claim that there will be a pickup in the second half of the year,'' he said. ``I cannot believe that. I don't see any reason to believe it because it will take much longer for the full effect of the decline in the housing market to be felt.''

Total losses for banks, hedge funds, pension funds, insurance companies, and sovereign wealth funds may swell to $945 billion, the International Monetary Fund said in a report on April 8.

``This is a man-made crisis and it's made by this false belief that markets correct their own excesses,'' Soros said. ``That's the job of the regulators. And the regulators failed to perform their job.''

Separately, Soros said China was not immune to worldwide market conditions. China's inflation has peaked and may be abating, he said.


###############################################
GEORGE SOROS
And the worst financial market crisis in 60 years
by Clif Droke
March 12, 2008

"Blood in the streets” is the central theme of the financial news lately. Barely a day goes by without a barrage of bad news hitting investors like a runaway freight train. In just the past few weeks in the Financial Times newspaper we see the following headlines:

These are a mere sampling of the bearish media sentiment out there right now.

My favorite of these headlines as shown in the above “fear collage” is the one that says, “The worst market crisis in 60 years.” It was written by George Soros of Soros Fund fame. I consider this a key sentiment indicator, for whenever the mainstream financial press trots out the big dogs like Soros, Buffett, et al, to remind us all of the obvious – after the trend has pretty much played out – it’s time to start looking in the other direction.

This time is no exception as Soros has told us nothing that virtually everyone has already has been told by the media ad nauseum, namely: the credit expansion got out of hand and resulted in a real estate bust, “market-neutral hedge funds turned out to be not market-neutral and had to be unwound,” credit expansion “must now be followed by a period of contraction,” “Investment banks’ commitments to leverage buyouts became liabilities,” “the U.S. Federal Reserve…may no longer be in a position to [avoid a recession],” “If federal funds were lowered beyond a certain point, the dollar would come under renewed pressure and long-term bonds would actually go up in yield,” “a recession in the developed world is now more or less inevitable,” “China, India and some of the oil-producing countries are in a very strong countertrend,” and finally, “The danger is that the resulting political tensions…may disrupt the global economy and plunge the world into recession or worse.” (I like his use of the term “recession or worse.” Kind of remind me of the famous phrase, “We could all be killed…or worse!”)

Well, Mr. Soros, are there any other media-propagated myths and clichés you’d care to throw our way to enlighten us poor peasants? I couldn’t help but chuckle after reading this editorial: it’s like reading every bearish editorial and article of the past year all rolled up into a single unit. If any of you would like a re-cap of the past year’s fears, I highly recommend reading Mr. Soros’ editorial. (Who knows, you may even become a convert to the Financial Armageddon Now! cause yourself.)

Of course it would be foolish to suggest that Soros is less than informed on the true state of affairs within the U.S. financial system. One doesn’t become a billionaire by being financially inept. What I am suggesting is that Soros is being less than truthful. A poker player doesn’t reveal his hand for all to see. A financier doesn’t make is billions by telling everyone what he’s betting his money on. Poker players are masters of the art of bluffing and so is Soros. If Soros is telling the world that he’s taking the bearish bet, you can bet your bottom dollar he has a bullish ace in the hole he’s not telling you about. This is how the game is played, my friends.

Fundamental and technical analysts and financial pundits of all stripes are busy wracking their brains trying to analyze the deluge of negative news. Yet the single most reliable method of news analysis is being grossly ignored by almost everyone. The analysis I’m referring to is what I like to call “Granville analysis.” Granville analysis is based on Joe Granville’s classic observation, “The obvious is obviously wrong.”

It’s so simple to perform Granville analysis that anyone with a modicum of common sense can do it. Here’s how it works: simply make a list of all the bearish or super pessimistic news headlines concerning the economic and financial market outlook. Instead of taking these headlines at face value, make a cumulative index and add together all the headlines from the mainstream media that agree with each other. Then apply Granville’s Golden Rule to each one. Each time you see a super bearish headline, remind yourself that everyone else already knows and believes this to be true and the value of commonly believed information is exceedingly small. Remember at all times Granville’s Golden Rule, “The obvious is obviously wrong.”

Another way of phrasing this observation is found in Laszlo Birinyi’s famous “Cyrano Principle,” which states: “If the concerns of the market are as obvious as the nose on your face, the market and monetary policy makers will have an amazing ability to adapt and adjust.”

Next we have the weekend edition of the Financial Times, dateline Jan. 27. The front page proclaims, “The week that shook the world: How the markets went to hell and back.” This immediately brings to mind the same exact terminology used during the last major correction low on August 16, 2007. I remember reading an article in the Times from that correction bottom in August and a New York floor trader was quoted as saying, “It’s like the market went screaming into hell, then turned back after it didn’t like what it saw.” It would seem then that whenever the use of the highly emotive term “hell” is used in connection with a financial crisis, an internal market low has been reached.

Here are some more headlines from recent editions of the Times to underscore the emotional nature of this panic bottom: “Five days of turmoil and more volatility to come,” “’It felt like the market had fallen off a cliff’,” and “Potential for more thrills and spills.”

Several super bearish headline stories have already appeared on the front covers of the major U.S. news magazines. These are the type of stories that appear only once every few years, not just at short-term lows. They mark significant intermediate-to-longer-term lows.

One of the best measures of contrarian sentiment I’ve seen yet is found in a recent issue of Business Week. It shows page after page of cartoon graphics featuring a bear, implying that we’re in a bear market. On page 24 the feature article begins, “How real was the prosperity?” It shows a picture of an over-inflated Uncle Sam character, representing the U.S. economy and stock market, being attacked by an angry bear with his claws bared.

On page 28 the headline reads, “What could cage the bear?” The graphic depicts Uncle Sam trying to push the defiant bear into a cage. On page 32 we are greeted by the headline, “Too big to fail” in reference to the banks. The cartoon shows Uncle Sam trying desperately to keep a bank building from being toppled by the angry bear, who has the upper hand in the struggle.

The headline on page 36 is “Looking for a quick fix” and shows Uncle Sam grappling with the bear. In reference to this question, BW responds “What would Washington’s consumer stimulus package buy? Not much more than a little time.”

Last week I received the following e-mail:

“He was just spotted by me on the cover of CBS Marketwatch homepage Fri 523P CST. Will he make to the cover of Time, Newsweek , or Biz Week for Monday?”

The reference was to this growling grizzly shown below. It couldn’t have come at a better time (from a contrarian’s perspective)!



So there you have it, mainstream media sentiment in microcosm. The sentiment couldn’t be any more bearish right now. Everyone is talking about recession and more financial turmoil as if it’s inevitable. That by itself is an indication that the stock market has already priced in the worst and an interim bottoming process is well underway.


© 2008 Clif Droke
Editorial Archive

Clif Droke
P.O. Box 3401
Topsail Beach, N.C. 28445-9831 USA
Website l Email

[Unregistered]

###############################################
GEORGE SOROS
And the worst financial market crisis in 60 years
by Clif Droke
March 12, 2008

"Blood in the streets” is the central theme of the financial news lately. Barely a day goes by without a barrage of bad news hitting investors like a runaway freight train. In just the past few weeks in the Financial Times newspaper we see the following headlines:

..........
..........

So there you have it, mainstream media sentiment in microcosm. The sentiment couldn’t be any more bearish right now. Everyone is talking about recession and more financial turmoil as if it’s inevitable. That by itself is an indication that the stock market has already priced in the worst and an interim bottoming process is well underway.


© 2008 Clif Droke
Editorial Archive

Clif Droke
P.O. Box 3401
Topsail Beach, N.C. 28445-9831 USA
Website l Email
Interim bottoming process is well underway. Cool!

[Unregistered]

An interim bottoming process is well underway? Cool!
Of course! Look! GDP Rebounded by 16.9%!


http://www.afp.com/english/home/imgs/logo.gif
Singapore's GDP Rebounds By 16.9% In Q1
MAS moves to curb inflation as growth rebounds
Agence France-Presse
Singapore
Thursday, 10 April 2008

Singapore's central bank unexpectedly further tightened monetary policy on Thursday, pushing the Singapore dollar to a record high against the U.S. dollar, in a move aimed at keeping a lid on soaring prices.

Singapore's economy grew at an annualised, seasonally adjusted rate of 16.9% in the first quarter, beating economists' expectations, government data showed on Thursday, after a surprise 4.8% contraction in the fourth quarter of 2007.

The data beat a median forecast from economists polled by Reuters for growth of 11.5% because of a recovery in pharmaceutical and electronics manufacturing.

"The GDP figures were stronger than what the market had predicted and that gave the Monetary Authority confidence to tighten the policy," said Joseph Tan, an economist at Fortis.

"Strength of GDP quarter-on-quarter came from domestic sources. Where we go from here is a step in time approach but the one-up shift of the band, as opposed to the steepening of the Singapore dollar, shows that MAS recognises inflation is an imminent danger."

The Monetary Authority of Singapore conducts policy through the exchange rate, steering the Singapore dollar within a secret trade-weighted band against a basket of currencies, rather than by adjusting interest rates.

Growth Support

"Against backdrop of continuing external and domestic cost pressures, an upward shift of the policy band at this point will help to moderate inflation going forward, while providing support for sustainable growth in the economy," the central bank said in a twice-yearly monetary policy statement.

"MAS will therefore re-centre the exchange rate policy band at the prevailing level of the S$NEER. There will be no change to the slope or width of the policy band."

The Singapore dollar hit a record high, up 0.9% on the news to 1.3683 per U.S. dollar. The currency has gained around 5% this year.

Ten out of the 12 economists polled by Reuters had expected the MAS to refrain from tightening monetary policy due to concerns about slower economic growth.

The other two had expected the MAS to tighten policy to fight inflation, which stood at 6.5% in February. In January it hit 6.6%, the highest since March 1982.

The MAS said it expected inflation in the upper half of its 4.5% to 5.5% forecast range this year.

Singapore is one of the first Asian countries to report GDP data each quarter. The health of its exports is seen by analysts as a barometer of demand for Asian goods.

Despite concern about slower global growth, most central banks in Asia have refrained from easing monetary policy due to high inflation.

Some analysts said a stronger Singapore dollar would further cut demand for the island's exports by making them more expensive at a time when demand in the key U.S. market is weakening.

They also said a stronger Singapore dollar may not be as effective as before in reining in inflation because domestic factors such as a tight labour market, high wages and elevated property prices were factors as well.

The MAS tightened policy slightly at its last meeting in October as asset prices spiralled higher.

Singapore's economic growth is largely fuelled by manufacturing of products such as electronics, pharmaceuticals and oil rigs. However, the economy also relies increasingly on tourism, financial services and construction.

[The Straits Times]

http://www.straitstimes.com/STI/STIMEDIA/common/mast_home.gif
Singapore's Economy Rebounds
The Straits Times
Friday, 12 April 2008

http://www.viploan.co.uk/viparticlesimage/singapore_economy_060103.jpg

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% on a year-on-year basis in the first quarter, faster than the 5.4% gain in the final quarter of 2007.
Link: http://www.mti.gov.sg/

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

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

The manufacturing sector expanded 13.2% in the first quarter, compared with a 0.2% 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%, after a 24.3% gain in the preceeding quarter.

The services producing industries grew steadily at 7.6%. 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]

Lehman Says It Liquidated Three Investment Funds

By Ambereen Choudhury

April 10 (Bloomberg) -- Lehman Brothers Holdings Inc., the fourth-largest U.S. securities firm, said it liquidated three investment funds because of ``market disruptions.''

The funds' assets, valued at $1 billion on Feb. 29, were taken onto Lehman's balance sheet, the New-York-based firm said in a Securities and Exchange Commission filing. The firm also bought ``certain deteriorated assets,'' with a value of $800 million, from other unidentified funds, Lehman said.

``The funds used the cash received from the company to either redeem investors in the funds or make alternative asset investments,'' Lehman said in the filing yesterday.

More than 45 of the world's biggest banks, including Citigroup Inc. and UBS AG, have recorded a combined $232 billion in asset writedowns and credit losses since the beginning of 2007, including reserves set aside for bad loans. Falling U.S. house prices and rising delinquencies may lead to $565 billion in residential mortgage-market losses, the International Monetary Fund said in its annual Global Financial Stability report on April 8. Total losses, including those tied to commercial real estate, may reach $945 billion, the fund said.

Lehman was little changed at $40.52 by 11:26 a.m. in Frankfurt trading, after closing at $40.54 in New York yesterday. The stock has dropped 38 percent this year.

The liquidation of the funds was reported by the Wall Street Journal earlier today.

Further Writedowns Seen

Lehman may write down $2 billion in the second quarter and will face ``difficult'' market conditions this year, according to analysts at Deutsche Bank AG.

``While liquidity seems okay, we continue to expect more writedowns to equity and tougher revenues this year,'' analysts led by New York-based Mike Mayo wrote in a research note yesterday. Deutsche Bank rates the firm ``buy.''

Revenue at Lehman will decline to about the level of 2005, when it totaled $14.6 billion, Mayo wrote. The 2007 net revenue was $19.3 billion. Lehman plans to reduce risk by selling 20 percent of its $75 billion in mortgage assets and cut leverage by the same amount, according to Deutsche Bank.

[Unregistered]

Interim bottoming process is well underway. Cool!
Loss getting smaller and smaller. Growth getting bigger and bigger.

[Thomson Financial]

http://www.thomson.com/images/misc/logo_thomson.gif
Singapore's Q1 GDP growth beats forecast on strong manufacturing sector
Thomson Financial
Singapore
Thursday, 10 April 2008, 02:44 GMT

Singapore's economy expanded at a forecast-beating 7.2% in the first quarter from a year earlier, led by a double-digit rebound in manufacturing, advance estimates by the Ministry of Trade and Industry (MIT) showed Thursday.

Economists polled by Thomson Financial were expecting an average 6.4% rise in the first quarter, with forecasts ranging from 5.2% to 7.8%. Growth in the fourth quarter was at 5.4%.

Seasonally adjusted, growth was much more robust at 16.9%, rebounding from the fourth quarter's 4.8% contraction, the ministry said.

"This was line with expectations of a rebound after weakness in the fourth quarter, which has been concentrated in manufacturing. They were assuming healthy manufacturing numbers in March but this does not alter the basic story [that there will be] moderation in growth in 2008," said David Cohen, chief economist at Action Economics.

The advance estimates by the ministry were based on available economic data for the first two months of the quarter.

According to the estimates, the manufacturing sector expanded by 13.2% in the first quarter from a year ago, sharply higher than the 0.2% growth in the fourth quarter, with biomedical output recovering from a slump.

"The rest of the manufacturing clusters also enjoyed a better performance in the first quarter, with the exception of the transport engineering and precision engineering clusters, where growth moderated," the government said.

Activity in the construction sector gained pace to double-digit levels but is expected to moderate from the strong fourth quarter.

The construction sector expanded by 14.6%, compared with 24.3% growth in the fourth quarter.

Growth in service industries continued to expand, led by financial services, but may have slightly moderated to 7.6% from 7.7% in the fourth quarter based on MTI's estimates.

The strong GDP numbers provided the Monetary Authority of Singapore (MAS), the city-state's de facto central bank, the leeway to tighten its foreign exchange policy to tackle soaring inflation.

The consumer price index (CPI) in Singapore was up 6.6% in January, a 25-year high, with just a slight moderation to 6.5% in February.

The MAS said on Thursday it is re-centering its policy band at the current strong level of the Singapore dollar nominal effective exchange rate (NEER).

"They [MAS] seem like they are pretty confident that things are holding up nicely," said Cohen.

The MAS is still predicting GDP growth this year of between 4% and 6%, although growth is expected to ease in the next few quarters, while inflation is expected to be at the upper end of the central bank's forecast range of 4.5% to 5.5%.

"The [economic] outlook is still dependent on the global picture, which remains uncertain. Everyone is still nervous about the U.S. economy and how much it will drag down global demand," said Cohen.

[Unregistered]

That's the way it should be.

[Unregistered]

Last year Spore GDP up 7.7%, property up 31%.
Q1 GDP is out this morning, up 7.2%, very closed to last year growth.

The signal is very clear, but still, not all will catch it right.

[Reuters]

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]

Wah! Dow Jones also cheong. Swee!

[Unregistered]

Wah! Dow Jones also cheong. Swee!
DOW WOW WOW
SAID THE MORON NOW
LITTLE DOES HE KNOW
THAT EVERYTHING GOING LOW
JAPAN US AND CHINA SINK
BUT THE MORON CAN HE THE NEWS LINK?
HAD A CHANCE TO DUMP AND RUN
BUT HE HANGS AROUND TO WATCH THE FUN
O LORD SAVE HIM FROM THE MISERY
BECAUSE HE IS ON A SLOPE SLIPPERY
CRASH CRASH SPLASH SPLASH THUD THUD
WHAT MORE CAN WE SAY ABOUT THE DUD!!!

[Unregistered]

DOW WOW WOW
SAID THE MORON NOW
LITTLE DOES HE KNOW
THAT EVERYTHING GOING LOW
JAPAN US AND CHINA SINK
BUT THE MORON CAN HE THE NEWS LINK?
HAD A CHANCE TO DUMP AND RUN
BUT HE HANGS AROUND TO WATCH THE FUN
O LORD SAVE HIM FROM THE MISERY
BECAUSE HE IS ON A SLOPE SLIPPERY
CRASH CRASH SPLASH SPLASH THUD THUD
WHAT MORE CAN WE SAY ABOUT THE DUD!!!
Ha ha! Maddog/tigersee, the foreigner who can't afford condo, has gone mad!

[Unregistered]

Ha ha! Maddog/tigersee, the foreigner who can't afford condo, has gone mad!
MADDOG, TIGERSEE, FOREIGNER
WHO KNOWS THIS GOD SENT MESSENGER?
CAME AS AN ANGEL OF LIGHT
TO WARN US OF THE MARKETS COMING PLIGHT
RIDICULED BY FREAKS AND MORONS
YET HE GIVES ADVICE WISER THAN SOROS
LET US GIVE GIVE HIM THREE CHEERS
INSTEAD OF THE MANY JEERS
KEEP ON THE GOOD WORK DEAR!!!

[Unregistered]

MADDOG, TIGERSEE, FOREIGNER
WHO KNOWS THIS GOD SENT MESSENGER?
CAME AS AN ANGEL OF LIGHT
TO WARN US OF THE MARKETS COMING PLIGHT
RIDICULED BY FREAKS AND MORONS
YET HE GIVES ADVICE WISER THAN SOROS
LET US GIVE GIVE HIM THREE CHEERS
INSTEAD OF THE MANY JEERS
KEEP ON THE GOOD WORK DEAR!!!
Ha ha ha! Maddog/tigersee, the foreigner who can't afford condo, has gone madder this time!
He thinks he is an angel and wiser than anybody else! Ha ha ha!

[Unregistered]

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Technology and retail stocks fuel rally
Kevin Plumberg
Reuters
New York, New York, U.S.
Thursday, 10 April 2008, 4:31PM EDT

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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.
Up wah! Why they say down?

[Unregistered]

MADDOG, TIGERSEE, FOREIGNER
WHO KNOWS THIS GOD SENT MESSENGER?
CAME AS AN ANGEL OF LIGHT
TO WARN US OF THE MARKETS COMING PLIGHT
RIDICULED BY FREAKS AND MORONS
YET HE GIVES ADVICE WISER THAN SOROS
LET US GIVE GIVE HIM THREE CHEERS
INSTEAD OF THE MANY JEERS
KEEP ON THE GOOD WORK DEAR!!!
Thank you angel.
Last yer u warn me of market crash and it huppen in 6 month. now u say will come more down I sold my condo and thanks again for the edvice.

[Unregistered]

MADDOG, TIGERSEE, FOREIGNER
WHO KNOWS THIS GOD SENT MESSENGER?
CAME AS AN ANGEL OF LIGHT
TO WARN US OF THE MARKETS COMING PLIGHT
RIDICULED BY FREAKS AND MORONS
YET HE GIVES ADVICE WISER THAN SOROS
LET US GIVE GIVE HIM THREE CHEERS
INSTEAD OF THE MANY JEERS
KEEP ON THE GOOD WORK DEAR!!!

Thank you angel.
Last yer u warn me of market crash and it huppen in 6 month. now u say will come more down I sold my condo and thanks again for the edvice.
Ha ha! Maddog/tigersee, the foreigner who can't afford condo, is really mad this time. He posts peoms in this forum and yet reply to his own peoms!

[Unregistered]

TANGLIN RD, ST REGIS RESIDENCES, Flr: 349.02529999999998673587686681685227085836231708526611328125sqmt/3757sqft, BEST PRICE!! ST Regis $2900psf. 3757 sqft. High flr, poolview. JANET LIM 9108 5488, AGT, 91085488 (2008-04-09)


See... sell cheap cheap already.
Record high was about $5000+

[Unregistered]

TANGLIN RD, ST REGIS RESIDENCES, Flr: 349.02529999999998673587686681685227085836231708526611328125sqmt/3757sqft, BEST PRICE!! ST Regis $2900psf. 3757 sqft. High flr, poolview. JANET LIM 9108 5488, AGT, 91085488 (2008-04-09)


See... sell cheap cheap already.
Record high was about $5000+

Wah so low......MARKET SINKING? Ohhhhhhh people scrambling for exits? Ohhh avoid Tanglin area today.....Mad rush you may get trampled. Bolood Blood.

[Unregistered]

TANGLIN RD, ST REGIS RESIDENCES, Flr: 349.02529999999998673587686681685227085836231708526611328125sqmt/3757sqft, BEST PRICE!! ST Regis $2900psf. 3757 sqft. High flr, poolview. JANET LIM 9108 5488, AGT, 91085488 (2008-04-09)


See... sell cheap cheap already.
Record high was about $5000+
Yes, $5000+ is the penthouse.
You buying this lousier unit? Why don't buy the penthouse? Nice view!
Anyway, try calling her. See if her owner is selling or she is selling.

[Unregistered]

TANGLIN RD, ST REGIS RESIDENCES, Flr: 349.02529999999998673587686681685227085836231708526611328125sqmt/3757sqft, BEST PRICE!! ST Regis $2900psf. 3757 sqft. High flr, poolview. JANET LIM 9108 5488, AGT, 91085488 (2008-04-09)


See... sell cheap cheap already.
Record high was about $5000+
Down so fast meh? Cannot believe the price? Am I dreaming? Let me go call her and find out.

[Unregistered]

Wah so low......MARKET SINKING? Ohhhhhhh people scrambling for exits? Ohhh avoid Tanglin area today.....Mad rush you may get trampled. Bolood Blood.
Why maddog/tigersee, the foreigner who can't afford condo? You bleeding now? Ha ha ha! Pathetic!

Market is sinking with a 4.2% price increase? Ha ha ha! More pathetic!

[Unregistered]

Down so fast meh? Cannot believe the price? Am I dreaming? Let me go call her and find out.
Just called. She recommended another lower-floor unit.

[Unregistered]

Just called. She recommended another lower-floor unit.
Oh! So bullshit one lah.

[Unregistered]

Yes, $5000+ is the penthouse.
You buying this lousier unit? Why don't buy the penthouse? Nice view!
Anyway, try calling her. See if her owner is selling or she is selling.

Its high floor and facing pool. Its a good unit. even if it is not penthouse, the difference wont be that much!!!
considering non penthouse selling at $4000 high last year, $2900 is still so cheap!!

[Unregistered]

Just called. She recommended another lower-floor unit.
Dont mislead the forum. Which floor is it? You could be sude for giving wrong information. Some serious buyer may lose out.

[Unregistered]

Its high floor and facing pool. Its a good unit. even if it is not penthouse, the difference wont be that much!!!
considering non penthouse selling at $4000 high last year, $2900 is still so cheap!!
Called. $2,900psf for lower-floor unit.

[Unregistered]

Dont mislead the forum. Which floor is it? You could be sude for giving wrong information. Some serious buyer may lose out.
You call her now. Sue me if I am wrong. Sue yourself if you are wrong.

[Unregistered]

Called. $2,900psf for lower-floor unit.
THIS IS MAD DOG. I CAN AFFORD ONLY 10 SQ FT AT THAT PRICE.

[The Straits Times]

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Singapore economy grows 7.2% on strong showing in manufacturing
Nicholas Fang
The Straits Times
Friday, 11 April 2008

Singapore's economy turned out to be surprisingly resilient in the first quarter, easily beating market expectations with strong growth of 7.2%.

The advance estimates issued by the Ministry of Trade and Industry (MTI) reported yesterday were a marked improvement over the 5.4% posted in the final quarter of last year.

Earlier reports had suggested market expectations of 5.9% growth.

On a seasonally adjusted annualised basis, the economy grew at a breakneck rate of 16.9% quarter-on-quarter. It shrank 4.8% in the final three months of last year.

However, economists do not believe the strong performance signifies an uptrend for the rest of the year. They point to a potential recession in the United States and rising global inflation.
The advance estimates are based largely on data from the first two months of the quarter and are intended as an early indication of growth. They are subject to revision when more comprehensive data is available, MTI said.

It said manufacturing and services were contributors to the better-than-expected first quarter growth.

Manufacturing is estimated to have expanded by 13.2% in the first quarter, compared to a mere 0.2% rise in the previous three months.

It was also considerably higher than the 3.9% registered in the first three months of last year.

'This was largely due to a surge in the output of the biomedical manufacturing cluster, following its contraction in the previous quarter,' MTI said.

'The rest of the manufacturing clusters also enjoyed better performances ...with the exception of the transport engineering and precision engineering clusters, whose growth moderated.'

Another highlight was the services- producing industries which held steady at 7.6%, similar to the 7.7% in the previous quarter as well as in the corresponding period last year.

'Financial services continued to be the fastest-growing among the services sectors,' MTI said.

However, the figure for the slowing construction sector was less rosy with growth slipping to 14.6% from 24.3% in the preceding quarter.

United Overseas Bank economist Ho Woei Chen said this was disappointing, given the sector's strong run of late. 'It was a bit of a disappointment after three quarters of growth above 20%.'

But she still expected the sector to contribute to growth this year, on the back of infrastructure projects such as the integrated resorts and the proposed Sports Hub in Kallang.

Citigroup economist Chua Hak Bin said the overall growth figure for the first quarter was slightly below the bank's expectations of 7.8%, but he was surprised at the strength of the services sector. 'I thought services might have softened but it is holding up fairly well.'

He was less positive about the rest of this year, saying that the first-quarter figures were unlikely to provide a telling picture of what lies ahead. 'A US recession is in the works and chances are it could be a prolonged one.

'This will affect exports and add to the credit stress facing Singapore companies, which are already finding it harder to secure financing from banks, which are more careful with lending in the wake of the global credit crunch.'

CIMB-GK economist Song Seng Wun said that rising inflation, especially for food prices, will be a major concern.

'People are focusing on issues such as the rising price of rice and this is something that could persist for the rest of the year.'

None of the economists interviewed was inspired to revise full-year growth forecasts, which range from 4.7% to 5.5%. MTI has forecast a range of 4% to 6% for the year.

[Unregistered]

http://www.straitstimes.com/STI/STIMEDIA/common/mast_home.gif
Singapore economy grows 7.2% on strong showing in manufacturing
Nicholas Fang
The Straits Times
Friday, 11 April 2008

Singapore's economy turned out to be surprisingly resilient in the first quarter, easily beating market expectations with strong growth of 7.2%.

The advance estimates issued by the Ministry of Trade and Industry (MTI) reported yesterday were a marked improvement over the 5.4% posted in the final quarter of last year.

Earlier reports had suggested market expectations of 5.9% growth.

On a seasonally adjusted annualised basis, the economy grew at a breakneck rate of 16.9% quarter-on-quarter. It shrank 4.8% in the final three months of last year.

However, economists do not believe the strong performance signifies an uptrend for the rest of the year. They point to a potential recession in the United States and rising global inflation.
The advance estimates are based largely on data from the first two months of the quarter and are intended as an early indication of growth. They are subject to revision when more comprehensive data is available, MTI said.

It said manufacturing and services were contributors to the better-than-expected first quarter growth.

Manufacturing is estimated to have expanded by 13.2% in the first quarter, compared to a mere 0.2% rise in the previous three months.

It was also considerably higher than the 3.9% registered in the first three months of last year.

'This was largely due to a surge in the output of the biomedical manufacturing cluster, following its contraction in the previous quarter,' MTI said.

'The rest of the manufacturing clusters also enjoyed better performances ...with the exception of the transport engineering and precision engineering clusters, whose growth moderated.'

Another highlight was the services- producing industries which held steady at 7.6%, similar to the 7.7% in the previous quarter as well as in the corresponding period last year.

'Financial services continued to be the fastest-growing among the services sectors,' MTI said.

However, the figure for the slowing construction sector was less rosy with growth slipping to 14.6% from 24.3% in the preceding quarter.

United Overseas Bank economist Ho Woei Chen said this was disappointing, given the sector's strong run of late. 'It was a bit of a disappointment after three quarters of growth above 20%.'

But she still expected the sector to contribute to growth this year, on the back of infrastructure projects such as the integrated resorts and the proposed Sports Hub in Kallang.

Citigroup economist Chua Hak Bin said the overall growth figure for the first quarter was slightly below the bank's expectations of 7.8%, but he was surprised at the strength of the services sector. 'I thought services might have softened but it is holding up fairly well.'

He was less positive about the rest of this year, saying that the first-quarter figures were unlikely to provide a telling picture of what lies ahead. 'A US recession is in the works and chances are it could be a prolonged one.

'This will affect exports and add to the credit stress facing Singapore companies, which are already finding it harder to secure financing from banks, which are more careful with lending in the wake of the global credit crunch.'

CIMB-GK economist Song Seng Wun said that rising inflation, especially for food prices, will be a major concern.

'People are focusing on issues such as the rising price of rice and this is something that could persist for the rest of the year.'

None of the economists interviewed was inspired to revise full-year growth forecasts, which range from 4.7% to 5.5%. MTI has forecast a range of 4% to 6% for the year.

Ohh so much for confidence.......

[Unregistered]

[/b][/color][/size]

Ohh so much for confidence.......
Exactly!
They have so much confidence that it will be 5% GDP growth for Q1.
Yet turned out to be ...

[Unregistered]

Exactly!
They have so much confidence that it will be 5% GDP growth for Q1.
Yet turned out to be ...

Like I said before, Singapore is transforming itself differently this time around. We have so many growth engines coming up in the next few years and I am cautiously confident nothing can really stop us from leaping ourself into a different league. We have so much to provide FTs to come and take up residency, bring up their family where Singapore is going to provide foreigners, a safe and sustainable growth environment.

I just don't understand why there are still alot of pessimist who still think we cannot achieve what we have set out for, they talk down on our property market, they talk bad about our economy. I am proud to proclaim that our govt's plans will be for the longer term growth which many of us cannot appreciate it at this point in time. Just look at T3, few years back, I was pretty concern about it. But now I knew how far sighted our govt was. Look at the record no. of tourist coming here, look at the occupancy rate for hotels, look at the restaurants on weekdays, its packed and everywhere I go is full of vibrancy. Even if US economy goes down, we will be affected but I think Singapore can ride it out on its own.

[Unregistered]

But... have you look at the growing number of people asking for food aid, or the number of un(der)employed locals?

[Unregistered]

Like I said before, Singapore is transforming itself differently this time around. We have so many growth engines coming up in the next few years and I am cautiously confident nothing can really stop us from leaping ourself into a different league. We have so much to provide FTs to come and take up residency, bring up their family where Singapore is going to provide foreigners, a safe and sustainable growth environment.

I just don't understand why there are still alot of pessimist who still think we cannot achieve what we have set out for, they talk down on our property market, they talk bad about our economy. I am proud to proclaim that our govt's plans will be for the longer term growth which many of us cannot appreciate it at this point in time. Just look at T3, few years back, I was pretty concern about it. But now I knew how far sighted our govt was. Look at the record no. of tourist coming here, look at the occupancy rate for hotels, look at the restaurants on weekdays, its packed and everywhere I go is full of vibrancy. Even if US economy goes down, we will be affected but I think Singapore can ride it out on its own.
.... but hotel is a problem .... not enough rooms .... need to bring somr tourists to stay in JB hotels ....

[Unregistered]

But... have you look at the growing number of people asking for food aid, or the number of un(der)employed locals?
Got WorkFare for them.

[Unregistered]

But... have you look at the growing number of people asking for food aid, or the number of un(der)employed locals?

In any country, there will always be a group of people who unfortunately, will be left behind, be it fate or reasons that will be hard to explain. Why don't we compare ourselves with our neighbouring countries and we should be thankful and be fortunate that we have a roof over our head and we don't have to worry about our 3 meals.

I have travelled frequently and many a time, the locals never fail to praise us that we are very fortunate in many ways, be it security, merit, . I guess its mother nature that we as humans always take things for granted and we expect better things to come our way.

[Unregistered]

.... but hotel is a problem .... not enough rooms .... need to bring somr tourists to stay in JB hotels ....

Actually hor, army barracks also not a bad place to stay. How about Tekong camp, quite a nice resort.

[Unregistered]

OHHH HOW THE POOR MORONS DONT REALISE WHAT IS COMING. GOD SAVE THEM.

[Unregistered]

Actually hor, army barracks also not a bad place to stay. How about Tekong camp, quite a nice resort.
Got protocols to follow. JB hotels is the easier option.

[Unregistered]

OHHH HOW THE POOR MORONS DONT REALISE WHAT IS COMING. GOD SAVE THEM.
OHHH HOW THIS MORON, MADDOG/TIGERSEE, REFUSES TO ACCEPT THE REAL FIGURES AND FACTS. GOD SAVE HIM.

[Unregistered]

In any country, there will always be a group of people who unfortunately, will be left behind, be it fate or reasons that will be hard to explain. Why don't we compare ourselves with our neighbouring countries and we should be thankful and be fortunate that we have a roof over our head and we don't have to worry about our 3 meals.

I have travelled frequently and many a time, the locals never fail to praise us that we are very fortunate in many ways, be it security, merit, . I guess its mother nature that we as humans always take things for granted and we expect better things to come our way.
All the better things have already done with. You have to look at what is coming your way. 3 meals would be soon a thing of the past. When countries refuse to export what will you buy? Cannot eat bricks. Sure the less fortunate people in some countries may not have the plush condos but have all the food. Oh starvation will come for sure and then you will change your opinion of people from poor neighbouring countries who may not have a proper shelter but have ample food and land to cultivate.

[Unregistered]

Philippines Seeks Wheat Supplies After China Rebuff

By Clarissa Batino and William Bi

April 11 (Bloomberg) -- The Philippines said China turned down a request to supply wheat, adding to concern that the world faces a worsening shortage of staple foods that has already driven grain prices to records.

``China politely turned us down, saying they also need to stock up,'' Trade Secretary Peter Favila said in a telephone interview today. ``We've alerted all our trade attaches to find out where we can source wheat, so as not to cause shortages.''

The rebuff follows a struggle this year by the Philippines to secure supplies of rice, of which it is the largest importer. Wheat has more than doubled in the last year to a record and rice is up 94 percent, triggering riots from Egypt to the Ivory Coast.

China ``is tightly controlling exports'' through permits and taxes to secure grain supplies, Xu Fan, an analyst at China International Futures Co., said by phone from Shenzhen.

Global food prices gained 57 percent last month from a year earlier, according to the United Nations' Food and Agriculture Organization, or FAO. There were ``very limited supplies'' of rice available given export restrictions, the FAO said on April 2.

`Self Interest'

Grain-producing countries ``are definitely putting self interest ahead of exports because so much of disposable incomes gets spent on food,'' said Luke Chandler, senior analyst at Rabobank Group, based in Sydney.

The Philippine Star reported earlier today that the government asked China to provide 200,000 metric tons of milling wheat, equivalent to about 10 percent of annual consumption. Favila said that his request to Beijing didn't specify any volume.

China has as much as 200 million tons of grain reserves, Premier Wen Jiabao said April 6. Still, China International's Zhu said that while 200,000 tons may be small relative to the stockpiles, China was unlikely to issue any export permits soon.

``We've asked Australia. I've also contacted the U.S. because the ambassador has assured us they will help with the supply,'' said Favila, adding that the Philippines was looking at coconut and vegetable flour as potential substitutes for wheat. ``Prices of bread will go up. Either that or the size would shrink.''

Rising food prices and the difficulties in gaining imports pose political and economic challenges for Philippine President Gloria Arroyo, who said this week she was ``leading the charge'' against hoarders.

`Politically Sensitive'

``Domestic food inflation and food security are obviously very politically sensitive issues,'' said Chandler, the senior analyst at Rabobank. ``We're likely to see governments come in and place bans on exports.''

China started to tax wheat exports at a rate of 20 percent this year, according to a Dec. 30 statement from the Finance Ministry. The tax for corn and rice was set at 5 percent.

The U.S. ambassador to the Philippines pledged this week to ensure that the Asian country, a former colony, would be supplied with as much rice as the nation of 91 million needs. The country was ``assured absolutely'' of supply, Kristie Kenney said April 9.

Rice, the staple food for half the world, has almost doubled in price in the past year as China, Vietnam and India cut sales abroad and the Philippines tried to secure shipments. The price traded at a record $21.60 per 100 pounds on the Chicago Board of Trade on April 8.

Wheat futures in Chicago reached a record $13.495 a bushel on Feb. 27 on forecasts global demand will exceed output for the seventh time in eight years. The contract traded at $9.365 today.

``In the early part of the year, people weren't talking about shortage,'' said Joric Nazario, treasurer at Philippine Veterans Bank in Manila. `` Now everybody's talking about it.''

Philippine inflation accelerated at 6.4 percent in March, the fastest pace in 20 months as food and fuel costs gained. Crude oil traded at a record $112.21 a barrel on April 9.

``Food inflation could surmount oil prices as the major threat,'' Vishnu Varathan, a regional economist at Forecast Singapore Pte., said in an interview. ``It could spill over to the early part of next year. This would be the making of a storm you wouldn't want to be in, especially with the global slowdown.''

The food-import situation ``would affect inflation,'' Favila said. ``But what good are the numbers if the people are hungry?''

[Reuters]

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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.

[Reuters]

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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.

[Unregistered]

GE Profit Sharply Misses Forecasts

Reuters | 11 Apr 2008 | 06:58 AM ET

General Electric (GE is the parent company of CNBC) reported Friday an unexpected 6 percent drop in profit, as the slumping U.S. economy and credit crunch drove down profits at its financial, industrial and healthcare units.

It also lowered its earnings forecast for the year.

"These results confirm that the slowdown is widespread and beginning to impact capex (capital expenditures) and longer-cycle businesses," said Stephen Surpless, senior analyst at Cantor Fitzgerald in London.

"While the credit crisis might be nearer to the end than the beginning, according to some, the impact on the real economy is taking place and is unlikely to abate in 2008," he added.

The second-largest U.S. company by market capitalization, which also has media and finance arms, reported profit of $4.3 billion, or 43 cents per diluted share, compared with $4.57 billion, or 44 cents per diluted share, a year earlier.

Profit from continuing operations of 44 cents per share compared with analysts' average forecast of 51 cents, according to Reuters Estimates.

Revenue rose 7.8 percent.

The company cut its full-year profit forecast from continuing earnings to a range of $2.20 to $2.30 per share.

The new full-year earnings forecast, which calls for profit to be flat to up 5 percent, compares with an earlier view of "at least" 10 percent.

Many on Wall Street had viewed that as a conservative forecast.

"The extraordinary disruption in the capital markets in March affected our ability to complete asset sales and resulted in higher mark-to-market losses and impairments," said Jeff Immelt, chairman and chief executive, in a statement.

shares are down less than 1 percent, less of a drop than the 5 percent slide in the Dow Jones industrial average, of which GE is a component.

Shares were down more than 6 percent in Frankfurt and almost 4 percent in pre-market trade

[Unregistered]

GE Profit Sharply Misses Forecasts

Reuters | 11 Apr 2008 | 06:58 AM ET

General Electric (GE is the parent company of CNBC) reported Friday an unexpected 6 percent drop in profit, as the slumping U.S. economy and credit crunch drove down profits at its financial, industrial and healthcare units.

It also lowered its earnings forecast for the year.

"These results confirm that the slowdown is widespread and beginning to impact capex (capital expenditures) and longer-cycle businesses," said Stephen Surpless, senior analyst at Cantor Fitzgerald in London.

"While the credit crisis might be nearer to the end than the beginning, according to some, the impact on the real economy is taking place and is unlikely to abate in 2008," he added.

The second-largest U.S. company by market capitalization, which also has media and finance arms, reported profit of $4.3 billion, or 43 cents per diluted share, compared with $4.57 billion, or 44 cents per diluted share, a year earlier.

Profit from continuing operations of 44 cents per share compared with analysts' average forecast of 51 cents, according to Reuters Estimates.

Revenue rose 7.8 percent.

The company cut its full-year profit forecast from continuing earnings to a range of $2.20 to $2.30 per share.

The new full-year earnings forecast, which calls for profit to be flat to up 5 percent, compares with an earlier view of "at least" 10 percent.

Many on Wall Street had viewed that as a conservative forecast.

"The extraordinary disruption in the capital markets in March affected our ability to complete asset sales and resulted in higher mark-to-market losses and impairments," said Jeff Immelt, chairman and chief executive, in a statement.

shares are down less than 1 percent, less of a drop than the 5 percent slide in the Dow Jones industrial average, of which GE is a component.

Shares were down more than 6 percent in Frankfurt and almost 4 percent in pre-market trade

OH IT IS GETTING WORSE....

[Unregistered]

http://l.yimg.com/us.yimg.com/i/us/nws/p/reuters_logo_94.png
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.
Wow! Such a positive outlook.
This is getting better by the day.

[联合早报]

http://www.zaobao.com//images1/zblogo.gif
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。

[Unregistered]

So many good news. Buy, buy, buy!

But what happens when the Singapore $ continues to appreciate against other currencies? Does it make Singapore a cheaper or more expensive place to be in?

[Unregistered]

http://www.zaobao.com//images1/zblogo.gif
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。

can some kind soul provide a brief translation in english. thanks.

[Unregistered]

Nevermind. Dow Jones just dropped 1% because of GE.

Look out for Monday.

[Unregistered]

can some kind soul provide a brief translation in english. thanks.
... 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 ...

[Unregistered]

So many good news. Buy, buy, buy!

But what happens when the Singapore $ continues to appreciate against other currencies? Does it make Singapore a cheaper or more expensive place to be in?
Singapore currency strong?
Are you kidding?

Did you not read the Chinese news above?
Singapore is dirt cheap.

Look at the way they buy things in Singapore. They behaves like they have just been released from the cell with loads of money.

We should seriously worry about inflation because of them.


... 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 ...

[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.''

[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.

[hbytre]

thank you for your work, <a href="http://index8.pekomanik.com">video store bandung</a>, http://index8.pekomanik.com video store bandung, :-(((,

[Unregistered]

Published April 5, 2008

Still bullish on Singapore property


DESPITE the US subprime crisis, which will have a cyclical impact, Liew Mun Leong remains bullish on Singapore's property market in the medium term.

'Main street America is suffering from the sins and mistakes of Wall Street,' he says. 'And when main street gets hit, that will affect Asia, we can't run away from it.'

However, Singapore's property market has some strong underpinnings, he maintains. Most importantly, the drivers of Singapore's property market have changed in recent years. 'The rise in property prices since 2002 is no longer due to domestic policy changes such as the liberalisation of CPF and the HDB sub-sale policy.

'It is driven by the remaking of Singapore. Singapore as a global city, as a gateway to Asia, the integrated resorts, plus the displacement demand from en-bloc sales.'

The change in the number and profile of foreign buyers is also notable, he points out. 'In the past foreign buyers were mainly from Malaysia and Indonesia. But now, there are big buyers from at least 12 countries.'

The proportion of foreign buyers for private properties has also risen from 13.7 percent of the total in 1996 to 25 per cent in 1997. And the number of foreign professionals coming to live in Singapore has tripled over that period, as has foreign direct investment.

At the same time, the affordability of private residential properties as measured by mortgage payments as a percentage of household income has improved, going from around 46 per cent to 36 per cent.

And then Mr. Liew points to the big picture: 'Singapore has 700 sq km, with 4.5 million people. The population is projected to grow to more than 6 million, but the city cannot grow. If we reclaim another 11 per cent we'll be in international waters already.'

'Another point, I tell foreigners. Compare putting $5 million in a house in Singapore with putting $5 million in a house in, say, Bangkok or Jakarta. In Singapore, the government provides so much support in the form of infrastructure. What infrastructure support would you get in Bangkok or Jakarta? This is an important issue when you buy property. Investors realise this.

'So, if you analyse all the fundamentals, Singapore as a global city is a winning formula. And I'm not saying this because I'm selling property.'
That's better!

[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.
Keep the outlook positive.

[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.
Surge 2%. That's cool!

[Unregistered]

thank you for your work, <a href="http://index8.pekomanik.com">video store bandung</a>, http://index8.pekomanik.com video store bandung, :-(((,
hello get lost !!

[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 here to buy buy buy.
We have better buy buy buy before they try try try.

[Unregistered]

AIYAH!!!

No need to argue lah! The property market is going up!

See the following article by Straits Times Senior Writer Chua Mui Hoong.

She said "Sentiment is a strange thing. And maybe it's the bonus-effect, with lots of people getting their annual bonus payments in the first quarter, but I do think the tide in the property market is shifting. There's a barely discernible lift.

I base this on nothing more than cursory looks at asking prices in classified advertisements and on looking at the handful of developments I keep an eye out for. And on that touchstone of sentiment: my own itch factor.

So when figures for 2Q 2008 show a slight uptrend, remember it wasn't an expert who told you so, but a reporter whose hobby is reading property classifieds.

And if it doesn't?

I retreat to that old excuse: I was ahead of the curve. The market will improve in the following quarter. Or the next."

Does that sound familar? Predicting property trends by looking at asking prices in Straits Times Classifieds. Same as what some sour grapes are doing here. Except she is the Straits Times Senior Writer.

And then what if she is not correct? Then she will use the SAME OLD EXCUSE: The market will improve in the following quarter. Or the next.

HAHAHA!!! Talk exactly like sour grapes.

Except her predictions are opposite to sour grapes - she predict property market goes up; sour grapes predict goes down.

But then hor ... she is STRAITS TIMES SENIOR WRITER who is writing an article for the Straits Times, so she must have done more research, and read more property classifieds, than sour grapes who come here to this forum to anyhow talk cock for leisure.

http://www.straitstimes.com/Insight/Story/STIStory_225913.html


April 11, 2008

FRIDAY MATTERS

Property market headed for a lift?

By Chua Mui Hoong

WATCHING the property market is a hobby of many Singaporeans, not all of whom are savvy investors. It's an exercise replete with intellectual challenge, emotional ups and downs, and lots of human interest.
The human-drama element has been high in recent months, with court cases, lost deposits and challenges to collective sales.

The property market also allows scope to exercise one's mental muscle.

Which direction is it heading now, with uncertainties over the financial impact of the United States sub-prime crisis pulling the market down, but with strong fundamentals in Singapore pushing trend prices up?

Property analysts and players have different takes on the property market.

One view, expressed by Mr Liew Mun Leong of CapitaLand, in a Business Times interview last weekend, is that fundamentals remain strong, especially in view of Singapore's push to be a global city with a bigger population.

Another more nuanced perspective is that uncertainty remains, and the turn of the market depends on how its major players react.

This was CDL's Kwek Leng Beng's take when he suggested that the Government review its land-sales programme, and consider reintroducing a modified version of the deferred payment scheme - suggestions dismissed by National Development Minister Mah Bow Tan.

What are potential investors to make of things when experts, and those in the know, come up with different views on the direction of the market?

This will be a dilemma familiar to most investors, and in fact to anyone who has ever relied on

'expert advice' for anything, whether it's to buy a new cellphone, sign up for a series of new beauty treatments, or decide what one's dream job is.

Is expert advice worth the paper it's written on?

Financial advisers say yes - their advice is worth the weight of the paper in gold at least.

They can draw up charts showing how well their managed portfolios perform relative to MSCI or other global, regional or local indices. They can churn out spreadsheets showing how their portfolios are robust, and risk-adjusted, with high Sharpe ratios, and the correct level of variance, correlation, or whatnots.

I must confess to being sceptical of, yet sneakily susceptible to, jargon and impressive-looking charts I need an adviser to talk me through.

But does expert advice turn out to be a more accurate predictor of reality than the advice of your grand-uncle - or his maid?

University of California Berkeley professor and political psychologist Philip Tetlock tracked the predictions of 284 experts and forecasters of political and global events over 20 years to assess their validity. He then asked the forecasters what they thought of the quality of their judgments.

He found that more qualified people didn't make better predictions. Professors did no better than undergraduates - or journalists.

More interestingly, those whose predictions turned out wrong, didn't think their judgment was at fault.

They argued that their prediction was in the right direction anyway. Or that time would prove them right. Or that their judgment was right, but the final outcome was an outlier - 'I was right on the basics, but this was an exception.'

Insead decision sciences professor Spyros Makridakis led an international team that looked at the accuracy of econometric predictions over a 25-year period. They were trying to see what kind of statistical method proved most accurate. The authors of the study concluded that 'statistically sophisticated or complex methods do not necessarily provide more accurate forecasts than simpler ones'.

The above survey of the failure of forecasting is courtesy of an entertaining book by Nassim Nicholas Taleb, The Black Swan, which warns against the hubris of thinking one can predict the future, especially using methods like regression and trend lines, which assume the future unfolds at a predictable, steady trot.

It's a useful reminder to bear in mind in a country like Singapore which has got so used to success, its citizens may take steady-state reality as the natural order of events. (And forget that outlier shockers derail life. Like Sars. Or a terrorist event.)

But back to the property market.

Given that Singapore's property market is as much driven by sentiment as by fundamentals, one can argue that a layman's take is as good as the take of real-estate experts.

Like Mr Kwek, whose pronouncements on the property market I take with the same seriousness a forex trader treats pronouncements from the Fed, I think how the property market pans out depends on how people react.

If buyers believe fundamentals are strong and that prices are due to head north, then those who have remained in the margin will be tempted to come in now when prices are stabilising, in anticipation of firmer prices after the worst of the sub-prime crisis is over.

Sentiment is a strange thing. And maybe it's the bonus-effect, with lots of people getting their annual bonus payments in the first quarter, but I do think the tide in the property market is shifting. There's a barely discernible lift.

I base this on nothing more than cursory looks at asking prices in classified advertisements and on looking at the handful of developments I keep an eye out for. And on that touchstone of sentiment: my own itch factor.

I'm fully aware that my view has no statistical basis since I used neither regression analysis, nor the Box-Jenkins method nor the Bayesian estimator. (Don't ask. I just parrot these phrases without much understanding, like the exam-oriented student I once was).

Having familiarised myself with psychology works on the errors the human mind commits in decision-making, I am also aware that I am guilty of confirmation bias, recency, anchoring, loss-aversion and whatnots (Okay, these you can ask).

But if prediction is as much an art as a science, then your guess is as good as mine - or any PhD's or CEO's.

So when figures for 2Q 2008 show a slight uptrend, remember it wasn't an expert who told you so, but a reporter whose hobby is reading property classifieds.

And if it doesn't?

I retreat to that old excuse: I was ahead of the curve. The market will improve in the following quarter. Or the next.

[Unregistered]

Singapore currency strong?
Are you kidding?

Did you not read the Chinese news above?
Singapore is dirt cheap.

Look at the way they buy things in Singapore. They behaves like they have just been released from the cell with loads of money.

We should seriously worry about inflation because of them.
Yes, they are crazy. Rushing to buy things everywhere.

[Unregistered]

AIYAH!!!

No need to argue lah! The property market is going up!

See the following article by Straits Times Senior Writer Chua Mui Hoong.

She said "Sentiment is a strange thing. And maybe it's the bonus-effect, with lots of people getting their annual bonus payments in the first quarter, but I do think the tide in the property market is shifting. There's a barely discernible lift.

I base this on nothing more than cursory looks at asking prices in classified advertisements and on looking at the handful of developments I keep an eye out for. And on that touchstone of sentiment: my own itch factor.

So when figures for 2Q 2008 show a slight uptrend, remember it wasn't an expert who told you so, but a reporter whose hobby is reading property classifieds.

And if it doesn't?

I retreat to that old excuse: I was ahead of the curve. The market will improve in the following quarter. Or the next."

Does that sound familar? Predicting property trends by looking at asking prices in Straits Times Classifieds. Same as what some sour grapes are doing here. Except she is the Straits Times Senior Writer.

And then what if she is not correct? Then she will use the SAME OLD EXCUSE: The market will improve in the following quarter. Or the next.

HAHAHA!!! Talk exactly like sour grapes.

Except her predictions are opposite to sour grapes - she predict property market goes up; sour grapes predict goes down.

But then hor ... she is STRAITS TIMES SENIOR WRITER who is writing an article for the Straits Times, so she must have done more research, and read more property classifieds, than sour grapes who come here to this forum to anyhow talk cock for leisure.

http://www.straitstimes.com/Insight/Story/STIStory_225913.html

April 11, 2008

FRIDAY MATTERS

Property market headed for a lift?

By Chua Mui Hoong

WATCHING the property market is a hobby of many Singaporeans, not all of whom are savvy investors. It's an exercise replete with intellectual challenge, emotional ups and downs, and lots of human interest.
The human-drama element has been high in recent months, with court cases, lost deposits and challenges to collective sales.

The property market also allows scope to exercise one's mental muscle.

Which direction is it heading now, with uncertainties over the financial impact of the United States sub-prime crisis pulling the market down, but with strong fundamentals in Singapore pushing trend prices up?

Property analysts and players have different takes on the property market.

One view, expressed by Mr Liew Mun Leong of CapitaLand, in a Business Times interview last weekend, is that fundamentals remain strong, especially in view of Singapore's push to be a global city with a bigger population.

Another more nuanced perspective is that uncertainty remains, and the turn of the market depends on how its major players react.

This was CDL's Kwek Leng Beng's take when he suggested that the Government review its land-sales programme, and consider reintroducing a modified version of the deferred payment scheme - suggestions dismissed by National Development Minister Mah Bow Tan.

What are potential investors to make of things when experts, and those in the know, come up with different views on the direction of the market?

This will be a dilemma familiar to most investors, and in fact to anyone who has ever relied on

'expert advice' for anything, whether it's to buy a new cellphone, sign up for a series of new beauty treatments, or decide what one's dream job is.

Is expert advice worth the paper it's written on?

Financial advisers say yes - their advice is worth the weight of the paper in gold at least.

They can draw up charts showing how well their managed portfolios perform relative to MSCI or other global, regional or local indices. They can churn out spreadsheets showing how their portfolios are robust, and risk-adjusted, with high Sharpe ratios, and the correct level of variance, correlation, or whatnots.

I must confess to being sceptical of, yet sneakily susceptible to, jargon and impressive-looking charts I need an adviser to talk me through.

But does expert advice turn out to be a more accurate predictor of reality than the advice of your grand-uncle - or his maid?

University of California Berkeley professor and political psychologist Philip Tetlock tracked the predictions of 284 experts and forecasters of political and global events over 20 years to assess their validity. He then asked the forecasters what they thought of the quality of their judgments.

He found that more qualified people didn't make better predictions. Professors did no better than undergraduates - or journalists.

More interestingly, those whose predictions turned out wrong, didn't think their judgment was at fault.

They argued that their prediction was in the right direction anyway. Or that time would prove them right. Or that their judgment was right, but the final outcome was an outlier - 'I was right on the basics, but this was an exception.'

Insead decision sciences professor Spyros Makridakis led an international team that looked at the accuracy of econometric predictions over a 25-year period. They were trying to see what kind of statistical method proved most accurate. The authors of the study concluded that 'statistically sophisticated or complex methods do not necessarily provide more accurate forecasts than simpler ones'.

The above survey of the failure of forecasting is courtesy of an entertaining book by Nassim Nicholas Taleb, The Black Swan, which warns against the hubris of thinking one can predict the future, especially using methods like regression and trend lines, which assume the future unfolds at a predictable, steady trot.

It's a useful reminder to bear in mind in a country like Singapore which has got so used to success, its citizens may take steady-state reality as the natural order of events. (And forget that outlier shockers derail life. Like Sars. Or a terrorist event.)

But back to the property market.

Given that Singapore's property market is as much driven by sentiment as by fundamentals, one can argue that a layman's take is as good as the take of real-estate experts.

Like Mr Kwek, whose pronouncements on the property market I take with the same seriousness a forex trader treats pronouncements from the Fed, I think how the property market pans out depends on how people react.

If buyers believe fundamentals are strong and that prices are due to head north, then those who have remained in the margin will be tempted to come in now when prices are stabilising, in anticipation of firmer prices after the worst of the sub-prime crisis is over.

Sentiment is a strange thing. And maybe it's the bonus-effect, with lots of people getting their annual bonus payments in the first quarter, but I do think the tide in the property market is shifting. There's a barely discernible lift.

I base this on nothing more than cursory looks at asking prices in classified advertisements and on looking at the handful of developments I keep an eye out for. And on that touchstone of sentiment: my own itch factor.

I'm fully aware that my view has no statistical basis since I used neither regression analysis, nor the Box-Jenkins method nor the Bayesian estimator. (Don't ask. I just parrot these phrases without much understanding, like the exam-oriented student I once was).

Having familiarised myself with psychology works on the errors the human mind commits in decision-making, I am also aware that I am guilty of confirmation bias, recency, anchoring, loss-aversion and whatnots (Okay, these you can ask).

But if prediction is as much an art as a science, then your guess is as good as mine - or any PhD's or CEO's.

So when figures for 2Q 2008 show a slight uptrend, remember it wasn't an expert who told you so, but a reporter whose hobby is reading property classifieds.

And if it doesn't?

I retreat to that old excuse: I was ahead of the curve. The market will improve in the following quarter. Or the next.
Should base on URA price index.

How can base on asking/bidding price!
How can base on hear say!

[Unregistered]

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.
OH THIS ISNT GETTING ANY BETTER. SOON ALL ECONOMIES WOULD GO DOWN THE DRAIN.

[jlrx]

Even in the financial world, the top brass cannot agree whether the world economy is going up or down.

Goldman Sachs versus George Soros
:millie:


The Straits Times

April 12, 2008

GOLDMAN CEO LLOYD BLANKFEIN:

Credit markets more than halfway to recovery :gun3:

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NEW YORK - GOLDMAN Sachs chief executive officer (CEO) Lloyd Blankfein said markets are probably in the late stages of the global credit crisis that began last summer, but he would not say when it will end.

Mr Blankfein's views carry a lot of weight in the market, as Goldman navigated last year's choppy waters and delivered record results.

'We're closer to the end than the beginning,' Mr Blankfein said at the bank's annual shareholder meeting on Thursday. 'I think we're getting to that point where people are seeing the light at the end of the tunnel.'


The Straits Times

April 12, 2008

BILLIONAIRE INVESTOR GEORGE SOROS: :gun1:
Financial pain has only just begun

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NEW YORK - MR GEORGE Soros, one of the world's most successful investors and richest men, has always been a controversial figure.

But he is becoming more so with a new, dire forecast for the world economy. Last week, he rushed out a book - his 10th - warning that the financial pain has only just begun.

At the age of 77, Mr Soros leapt out of retirement last summer to safeguard his fortune and legacy. Alarmed by the unfolding crisis in financial markets, he once again began trading for his giant hedge fund - and won big while so many others lost.

'I consider this the biggest financial crisis of my lifetime,' Mr Soros said during an interview on Monday. A 'superbubble' that has been swelling for a quarter of a century is finally bursting, he said.

Mr Soros is busy promoting his book, The New Paradigm For Financial Markets, which goes on sale next month.

And yet, this is not the first time that Mr Soros has prophesied doom.

In 1998, he published a book predicting a global economic collapse that never came. Mr Soros thinks that this time, he is right. He has been worrying about the fragile state of the markets for years. But last summer, at a luncheon with 20 prominent financiers, he struck an unusually bearish note.

[Reporter]

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US March retail sales rebound 0.2%
Agence France-Presse
Washington, D.C., U.S.
Monday, 14 April 2008, 9:15am U.S. EDT

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Shoppers at a store in North Miami, Florida last month. US retail sales rebounded 0.2% in March after declining sharply in the prior month as consumers appeared to step up spending despite swirling economic pressures, a government report showed. - Photo: Joe Raedle, AFP

US retail sales rebounded 0.2% in March after declining sharply in the prior month as consumers appeared to step up spending despite swirling economic pressures, a government report showed Monday.

Core retail sales, which exclude auto sales, rebounded by 0.1%, the Commerce Department said in a monthly snapshot.

The 0.2% headline increase was a notch better than most analysts' consensus forecasts which called for a 0.1% rise.

The government revised its February retail sales readings to a decline of 0.4% for the overall index and to a fall of 0.1% for core sales, compared with initial estimates showing a decline of 0.6% and 0.2% respectively.

The latest retail sales survey showed an improved picture compared with February, but analysts say consumers are still being pressured by the housing slump, a related credit squeeze and rocketing gasoline prices.

Economists track retail sales closely because consumer spending accounts for around two-thirds of all US economic growth.
The gains in the headline and core indexes were the strongest since January.

The overall gain last month was stoked by gasoline station sales, which rose 1.1%, and internet retailing, as online retail sales increased 2.1%.

Americans meanwhile appeared to regain some of their appetite for eating out as restaurant and cafe sales rebounded to show a gain of 0.3% compared with a sales decline of 0.2% in February.

But the lingering housing market downturn seemed to be still weighing on consumers as home furniture store sales declined 0.3% while gardening store sales dropped 0.1%.

US economic growth has slowed dramatically in recent months and a growing number of economists believe the world's largest economy will experience a recession during the first half of 2008.

The Federal Reserve has aggressively cut interest rates since September in a bid to shore up growth and avert a worsening of the credit crisis ravaging the banking and financial sector.

In the year to March, overall sales were up 2% while sales excluding autos had gained 3.3%.

[Reporter]

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China says impact from US sub-prime crisis less than expected
Agence France-Presse
Shanghai, China
Monday, 14 April 2008

China's economy has weathered the US financial crisis better than expected but many external concerns remain, the country's central bank chief said in comments reported on Monday.

'The negative impact of the US sub-prime crisis on the domestic economy seems so far smaller than originally expected,' Dr Zhou Xiaochuan said, according to the Shanghai Securities News.

Restructuring in the financial system has made China's financial institutions more healthy and losses caused by the US credit crunch were 'controllable and digestible', he said.

But Dr Zhou, who made the remarks during an International Monetary Fund meeting in Washington over the weekend, warned China's economy is faced with mounting external uncertainties, which makes it harder for policy decisions.


Factors clouding the outlook of the global economy this year include turmoil in financial markets due to the US sub-prime crisis, inflation pressure and rising protectionism in some developed countries, he said.

Preventing runaway inflation and overheating in the domestic economy remained the two key tasks for the Chinese authorities, he said.

China is scheduled to release key economic data for the first quarter on Thursday.

Dr Zhou also repeated that exchange rates had only limited effects in easing trade imbalances and their role should not be overplayed, amid the continued push by the US for China to end controls on its currency, the yuan.

'The role of exchange rates in solving the imbalance in global trade is limited. Exaggerating their effects is unrealistic and will mislead the rebalancing process,' he was quoted as saying.