View Full Version : Rental Yield?
Just wondering is there an official formula to calculate rental yield? What other costs should we take into consideration as well? Thanks! :beats-me-man:
Yield is normally expressed as a ratio of annual rental to purchase price.
Example:
Purchase price: $1,000,000
Monthly rental: $5,000
Annual rental = $5,000 x 12 = $60,000
Therefore, Yield = $60,000/$1,000,000 x 100% = 6%
I think yield of 4-5 % is considered very good.
Sometime, it is good to know the passive income from rental after deducting all the the expenses like maintenance fee, insurance, monthly mortgage repayment, etc.
rattydrama
22-08-10, 15:26
The misc deductions (loan interest, maintenance fees etc) is taken at 20% deduction from the gross rental income usually.
rattydrama
22-08-10, 15:27
May I know is for gross or net rental income?
Thanks
[
I think yield of 4-5 % is considered very good.[/QUOTE]
Hdb 20%! that's why i never give up my hdb. My privilage as a citizen!:D
nobrainer32007
22-08-10, 23:05
come on you need mark to market your so called hdb investment ! Like that yield can even be 50%. I buy without viewing if you can find me a hdb flat now with yield of 10%.
Hdb 20%! that's why i never give up my hdb. My privilage as a citizen!:D
devilplate
22-08-10, 23:53
come on you need mark to market your so called hdb investment ! Like that yield can even be 50%. I buy without viewing if you can find me a hdb flat now with yield of 10%.
can buy oredi good...i cant even buy!:(
in 07, resale 3rm flat only ard 150k...and rental can fetch 1.5k to even 2k!:scared-1:
and i can only urge ppl to buy at tat time:(
Yield is normally expressed as a ratio of annual rental to purchase price.
Example:
Purchase price: $1,000,000
Monthly rental: $5,000
Annual rental = $5,000 x 12 = $60,000
Therefore, Yield = $60,000/$1,000,000 x 100% = 6%
I think yield of 4-5 % is considered very good.
should expressed it in term of market value of the property and not the historical purchase price
rattydrama
23-08-10, 09:07
Singaporean should be entitled right? Unless you are single and below 35 of age?
can buy oredi good...i cant even buy!:(
in 07, resale 3rm flat only ard 150k...and rental can fetch 1.5k to even 2k!:scared-1:
and i can only urge ppl to buy at tat time:(
HDB rental is by far the best, if one can buy it or not sell it to jump onto the private property wagon.
Being more calculative, I use net rental yield and compare that to the mortgage rate to see if it's cashflow positive.
Net yield = (gross amt - all related expenses (prop tax, mcst fees, even depreciate the reno/curtain/lighting)) / total cost (purchase price+stamp+legal)
With this, some investments won't be too viable but then there is capital appreciation and bank deposits comparisons, which has driven the market.
rattydrama
23-08-10, 09:56
Back to the question of azeoprop, is this calculation the official formula? Streetsine calculation did not mention about the legal and stamp duty fees but I agree that it should be included as per your comment below.
HDB rental is by far the best, if one can buy it or not sell it to jump onto the private property wagon.
Being more calculative, I use net rental yield and compare that to the mortgage rate to see if it's cashflow positive.
Net yield = (gross amt - all related expenses (prop tax, mcst fees, even depreciate the reno/curtain/lighting)) / total cost (purchase price+stamp+legal)
With this, some investments won't be too viable but then there is capital appreciation and bank deposits comparisons, which has driven the market.
I have a different rental yield calculation as compared to conventional ones as the latter is assuming you paid your house fully 100% without any loan.
So my rental yield formula is:
[(Annual rental income) less (annual loan servicing i.e. interest + principal) less (annual property maintenance fee) less (tax on rental income) less (annual depreciation of appliances, furniture & fittings) less (annual property tax and annual TV license fee) less (agent fees paid amortised over the rent period)] divide by [downpayment paid for the property + stamp duty + legal fees] = x%
Oh yeah forget the agent fees.
I think the "Official" formula is the one that relates best to your investment strategy and philosophy.
Aggressive = don't care abt related cost, and probably more leveraged.
Official = probably gross yield formula
Conservative = nett of all expenses and included all cost.
I take the more conservative approach coz there are other investments eg dividend stocks etc that can pay me off without the hassel of dealing with tenants and agent. And I assess any investment unleveraged - coz it all can be very profitable - just ask Lehman Bros.
devilplate
23-08-10, 11:43
I have a different rental yield calculation as compared to conventional ones as the latter is assuming you paid your house fully 100% without any loan.
So my rental yield formula is:
[(Annual rental income) less (annual loan servicing i.e. interest + principal) less (annual property maintenance fee) less (tax on rental income) less (annual depreciation of appliances, furniture & fittings) less (annual property tax and annual TV license fee) less (agent fees paid amortised over the rent period)] divide by [downpayment paid for the property + stamp duty + legal fees] = x%
u make a big mistake here....u shdnt include principal component for the annual loan servicing(just nid to minus interest paid to bank)
by the way: ur calculation is actual ROI(factored in ltv ratio and mortgage rates)....and not rental yield:D
devilplate
23-08-10, 11:45
Oh yeah forget the agent fees.
I think the "Official" formula is the one that relates best to your investment strategy and philosophy.
Aggressive = don't care abt related cost, and probably more leveraged.
Official = probably gross yield formula
Conservative = nett of all expenses and included all cost.
I take the more conservative approach coz there are other investments eg dividend stocks etc that can pay me off without the hassel of dealing with tenants and agent. And I assess any investment unleveraged - coz it all can be very profitable - just ask Lehman Bros.
buy hse without loan lor...super conservative:D
buy hse without loan lor...super conservative:D
I knew that this response will come in.
But again, it's an investment vehicle so I compare all with the same standard. Apple to apple.
Eg I could pay-off a small MM unit in cash and then leverage my stock investment. Then my yield will look small on the property investment and hugh on the stock.
u make a big mistake here....u shdnt include principal component for the annual loan servicing(just nid to minus interest paid to bank)
by the way: ur calculation is actual ROI(factored in ltv ratio and mortgage rates)....and not rental yield:D
You are wrong. Loan principal repayment should be included in the formula if you are looking at total net returns on investment. Your assumption is that property value will stay put or even go up after a period of letting out but however, if you buy your property in a peak, you should factor in the potential cost of property price diving down! That is why so many pple commit suicide in a downturn bec they forgot to factor this in!
ROI is best in measuring returns and payback period. Rental yield is only a hoax for those who don't consider the capital returns factor.
devilplate
23-08-10, 12:17
You are wrong. Loan principal repayment should be included in the formula if you are looking at total net returns on investment. Your assumption is that property value will stay put or even go up after a period of letting out but however, if you buy your property in a peak, you should factor in the potential cost of property price diving down! That is why so many pple commit suicide in a downturn bec they forgot to factor this in!
ROI is best in measuring returns and payback period. Rental yield is only a hoax for those who don't consider the capital returns factor.
????:confused: i am not assuming anything....i am toking about actual return of investment...(NOT net rental after minusing ur loan, blah blah)
principle amount paid towards ur ppty...
if really wana go into details...shd also include number of days ur ppty is not rented out blah blah:D
mabe cannot rent out?!?! negative yield!!!:D
devilplate
23-08-10, 12:22
I knew that this response will come in.
But again, it's an investment vehicle so I compare all with the same standard. Apple to apple.
Eg I could pay-off a small MM unit in cash and then leverage my stock investment. Then my yield will look small on the property investment and hugh on the stock.
shdnt compare stocks with ppty....2 different animals
just like cannot compare stocks with forex too....
i tink ppty is more for wealth preservation....whereas, stocks/forex can really make u rich or bankrupt overnite:2cents:
One should follow the way it is reported to IRAS for rental income. You will be able to know the nett amount whether Postive or Negative. Use this value and divide by the purchase price of your property + (stamp fee and legal fee, if you want to) *100 to get the nett rental return.
Rental yield is really a interesting concept - official definition is meaningless to those who have their own measurement yardsticks.
But yes, no of days unrented is a factor for sure. Just the finer it becomes, the more painful it is to calculate.
Anyway, keep the comments coming - as I'm learning new things from you guys.
There are many ways to make $$ and to keep it or lose it - so I'm sure we can agree to disagree and move on. (How abt that poor rich soul who dropped like 15 condos to Resort World? )
????:confused: i am not assuming anything....i am toking about actual return of investment...(NOT net rental after minusing ur loan, blah blah)
principle amount paid towards ur ppty...
if really wana go into details...shd also include number of days ur ppty is not rented out blah blah:D
mabe cannot rent out?!?! negative yield!!!:D
You are wrong. Loan principal repayment should be included in the formula if you are looking at total net returns on investment. Your assumption is that property value will stay put or even go up after a period of letting out but however, if you buy your property in a peak, you should factor in the potential cost of property price diving down! That is why so many pple commit suicide in a downturn bec they forgot to factor this in!
ROI is best in measuring returns and payback period. Rental yield is only a hoax for those who don't consider the capital returns factor.
Your calculation is too conservative. Shouldn't include principal repayments as there won't be equal basis for comparison of a property. Principal repayment amount depends on the loan tenor. A 50 year old owner loan profile is different from a 20 year old.
Looks like it is not so easy to earn income from rental...so much hidden costs popping up from nowhere. :scared-3:
That's why better to go for Capital Gain. It is more substantial.
Yes - not so easy and even more so, if you don't have a good and trust-worthy agent. And don't forget the sometimes demanding and attention-seeking tenant. Repair cost and taking your time can be irritating.
So capital gain has to be there to make it all worthwhile.
But for the most part, Singapore is a safe way to make money in property.
Looks like it is not so easy to earn income from rental...so much hidden costs popping up from nowhere. :scared-3:
It helps with a stable economy, garment, no serious natural disaster (except for some flooding) and most importantly in the right part of the world in terms of growth. [P.S. I am not pro or against Papayas]
rattydrama
23-08-10, 21:26
One should follow the way it is reported to IRAS for rental income. You will be able to know the nett amount whether Postive or Negative. Use this value and divide by the purchase price of your property + (stamp fee and legal fee, if you want to) *100 to get the nett rental return.
can u provide an example for my easy understanding?
So when someone say 4% rental yield it can be meaningless cos we don't know what is the yardstick.
can u provide an example for my easy understanding?
So when someone say 4% rental yield it can be meaningless cos we don't know what is the yardstick.
Yah, thats what I wanted to know also. :beats-me-man:
So when someone say 4% rental yield it can be meaningless cos we don't know what is the yardstick. very much depends on who is that 'someone' lar...
if that someone is an agent who is marketing the unit, of coz quote the gross yield lar... mask all the other 'hidden' cost mah.... rite? :D
and if i'm the buyer, i definitely measure by nett yield! then tell agent actually not 4%, only 1% after all the taxes and expenses! can try to ask to lower the price pls? :tongue3:
in this case, we are both right... just different perspective? :doh: :confused:
Gross rental yield = Annual Rental income / Purchase price X 100%
Net rental yield = (Annual Rental income - All expenses such as Maintenance fees, Agent Comm + setup cost) / Purchase price X 100%
Setup cost = Curtains, Lighting, Furnitures, cleanning + etc...
If Net rental yield > monthly installment, then this is called "Money PRINTING MACHINE"... This is the ideal scenario for investment.
Your calculation is too conservative. Shouldn't include principal repayments as there won't be equal basis for comparison of a property. Principal repayment amount depends on the loan tenor. A 50 year old owner loan profile is different from a 20 year old.
his "calculation" is simply wrong, just as devil pointed out. and very misleading. hope no one takes it seriously. Your simple example shows how wrong it is (how can it "minus" the principal repayment ? :cool: )
there is no "official" formula for "rental yield". the only "official" one is the gross yield, that is simply gross rental over gross purchase price. This just gives u an idea of the fundamentals. So you can see roughly if the rental supports the purchase price. After that, the actual yield achieved by individual investor depends entirely on his individual situation. (tax status ? various fees ? etc)
For now, clearly prime area pty rentals do not support the price. So they are all gunning for capital gain. Whether this is logical/normal or not is your judgment. You make the call.
his "calculation" is simply wrong, just as devil pointed out. and very misleading. hope no one takes it seriously. Your simple example shows how wrong it is (how can it "minus" the principal repayment ? :cool: )
there is no "official" formula for "rental yield". the only "official" one is the gross yield, that is simply gross rental over gross purchase price. This just gives u an idea of the fundamentals. So you can see roughly if the rental supports the purchase price. After that, the actual yield achieved by individual investor depends entirely on his individual situation. (tax status ? various fees ? etc)
For now, clearly prime area pty rentals do not support the price. So they are all gunning for capital gain. Whether this is logical/normal or not is your judgment. You make the call.
His calculation to include principal repayments is for cash flow analysis based on individual basis. Ideally, the cash inflow should match the outflow, with no additional cash outlay or best with some cash leftover, the asset will then be deemed as cash generating (not just only income).
Gross rental yield = Annual Rental income / Purchase price X 100%
Net rental yield = (Annual Rental income - All expenses such as Maintenance fees, Agent Comm + setup cost) / Purchase price X 100%
Setup cost = Curtains, Lighting, Furnitures, cleanning + etc...
If Net rental yield > monthly installment, then this is called "Money PRINTING MACHINE"... This is the ideal scenario for investment.
I disagree with the last statement. If I take 40 yrs loan, it is easy for rental income to cover and exceed instalments (or say if one puts in 50% as downpayment and only borrows 50%)
Some parametes need to be put in place - eg borrow 80% over 20 years and if rental still exceeds instalment then that can be considered good...
devilplate
24-08-10, 09:55
I disagree with the last statement. If I take 40 yrs loan, it is easy for rental income to cover and exceed instalments (or say if one puts in 50% as downpayment and only borrows 50%)
Some parametes need to be put in place - eg borrow 80% over 20 years and if rental still exceeds instalment then that can be considered good...
calculate until like tat, dun nid to buy liao:p
I disagree with the last statement. If I take 40 yrs loan, it is easy for rental income to cover and exceed instalments (or say if one puts in 50% as downpayment and only borrows 50%)
Some parametes need to be put in place - eg borrow 80% over 20 years and if rental still exceeds instalment then that can be considered good...
To put in simply, if you include HL principal repayment, you are not calculating the yield or the returns of the investment, you are basically determining the cashflow and the affordability of the investment to you as an individual. Principal repayment is not fees or cost to you, it is still your money at the end of the day, but in the form of reducing the HL.
I disagree with the last statement. If I take 40 yrs loan, it is easy for rental income to cover and exceed instalments (or say if one puts in 50% as downpayment and only borrows 50%)
Some parametes need to be put in place - eg borrow 80% over 20 years and if rental still exceeds instalment then that can be considered good...
Just add another layer to calculate WACC to find the leverage...
should give a very conservative return % (especially for high loan % + high stressful mortgage interest rate % :eek:)
as stated by some, gross rental yield should be the general standard understood by every folks... Net yield depends on individual takes..
There is a trade off between capital appreciation and rental yield. Properties with higher rental yield tend to have lower capital appreciation, and vice versa.
Personally, the more important consideration in property investment is capital appreciation and not rental yield.
In fact, I have some properties with no rental yield but tremendous capital appreciation, and I find that even better as I don't have to deal with the tenants. The value of my time to settle a tenant's issues may already exceed the rental for the entire month. :doh:
devilplate
24-08-10, 18:32
There is a trade off between capital appreciation and rental yield. Properties with higher rental yield tend to have lower capital appreciation, and vice versa.
Personally, the more important consideration in property investment is capital appreciation and not rental yield.
In fact, I have some properties with no rental yield but tremendous capital appreciation, and I find that even better as I don't have to deal with the tenants. The value of my time to settle a tenant's issues may already exceed the rental for the entire month. :doh:
u owned many landed ppty and leave it vacant ar:scared-1:
Still must add repair cost, especially for landed property. Must also consider bad tenants who don't pay rent on time, damage your furniture or bring in illegal over-stayers. Buying for rental yield is simply not worth it in this market.
Why iin particular repair cost for landed property? Condo has repair cost too. Iti s not that substantial for landed property. The deposit is meant to cover the landlord for damages. Most of the time is minor works. Hence, it depends the profile of the tenants, type of condos (mass or prime market?), etc.
Still must add repair cost, especially for landed property. Must also consider bad tenants who don't pay rent on time, damage your furniture or bring in illegal over-stayers. Buying for rental yield is simply not worth it in this market.
There is a trade off between capital appreciation and rental yield. Properties with higher rental yield tend to have lower capital appreciation, and vice versa.
Personally, the more important consideration in property investment is capital appreciation and not rental yield.
In fact, I have some properties with no rental yield but tremendous capital appreciation, and I find that even better as I don't have to deal with the tenants. The value of my time to settle a tenant's issues may already exceed the rental for the entire month. :doh:
what is the logic for property with higher yield tend to have lower capital appreciation?? U mean a property with low yield is good to invest for capital appreciation??
rattydrama
24-08-10, 22:03
Just add another layer to calculate WACC to find the leverage...
should give a very conservative return % (especially for high loan % + high stressful mortgage interest rate % :eek:)
as stated by some, gross rental yield should be the general standard understood by every folks... Net yield depends on individual takes..
Love this forum.
So can anyone confirm this statement "gross rental yield of 4% is considered good?"
So essentially net rental yield will be very individual. Some paid in full while others took 80% loan and need to minus off the interest payment + all the miscs charges, taxes (streetsine say 20%) turn out to be 3% should be quite good in my opinion. (But not deducting principal repayment hor)
invest if you have spare cash and good cash flow reserve.;)
like that sure to support propertism.
devilplate
24-08-10, 22:12
Love this forum.
So can anyone confirm this statement "gross rental yield of 4% is considered good?"
So essentially net rental yield will be very individual. Some paid in full while others took 80% loan and need to minus off the interest payment + all the miscs charges, taxes (streetsine say 20%) turn out to be 3% should be quite good in my opinion. (But not deducting principal repayment hor)
invest if you have spare cash and good cash flow reserve.;)
like that sure to support propertism.
4% gross rental yield for FH ppty considered good in my book:cheers6:
rattydrama
24-08-10, 22:18
wat about Leasehhold property??
devilplate
24-08-10, 22:25
wat about Leasehhold property??
depends on age? anyw, 1-2bedders usually enjoy higher rental yield den bigger units?:2cents:
rattydrama
24-08-10, 22:28
Lets say below 20 years LH project.
Yep 1-2 bedder better rental yield = agree on this.
I disagree with the last statement. If I take 40 yrs loan, it is easy for rental income to cover and exceed instalments (or say if one puts in 50% as downpayment and only borrows 50%)
Some parametes need to be put in place - eg borrow 80% over 20 years and if rental still exceeds instalment then that can be considered good...
Well... Time is GOLD :)
devilplate
24-08-10, 22:34
Lets say below 20 years LH project.
Yep 1-2 bedder better rental yield = agree on this.
probably 4.5-5%?
rattydrama
24-08-10, 22:48
probably 4.5-5%?
Tanglin Regency can match. :-)
Tanglin Regency can match. :-)
What is an attractive rental yield depends a lot on the current interest rate, especially so if your HL amount is high. With a low current low HL interest rate of less than 2%, 4% yield is very good. But if the interest rate were to climb to 5%, essentially all the rental income is used to pay the bank to service the interest. In this case, u are only waiting to sell for capital gain.
So can anyone confirm this statement "gross rental yield of 4% is considered good?"
u should have asked "how many think..."...
for me, 4% very good already.
I'm doing 3% only. already contended.
devilplate
24-08-10, 23:46
What is an attractive rental yield depends a lot on the current interest rate, especially so if your HL amount is high. With a low current low HL interest rate of less than 2%, 4% yield is very good. But if the interest rate were to climb to 5%, essentially all the rental income is used to pay the bank to service the interest. In this case, u are only waiting to sell for capital gain.
for the past decade, mortgage rate was like 3.5% on average? shd be safe for 4% yield...and looks like US will keep the interest low for long....if US turns robust and up interest rates...ppty prices shd go up too...den can decide to sell too:2cents:
u owned many landed ppty and leave it vacant ar:scared-1:
Not just landed. When the property is old, firstly the rent is not high and secondly the types of tenants are more problematic. Then it's better to leave them vacant.
what is the logic for property with higher yield tend to have lower capital appreciation?? U mean a property with low yield is good to invest for capital appreciation??
The logic is that higher yield usually means either leasehold or new properties with lots of fixtures like branded ovens which depreciate very fast. Something is depreciating - either the lease or the fixtures.
On the other hand, old freehold properties especially landed or enblocable condos in very prime locations have hardly any depreciation in the lease or fixtures but also very low rental yield. You are essentially holding the land.
PROPERTISM Rule No. 2 - Land is more valuable than air.
I have two properties at opposite extremes. One gives me 8% rental yield but no capital appreciation; while the other gives 0% rental yield and has tripled in price! :scared-3:
That's why I say that capital appreciation beats rental yield. The reason is very simple. To play the capital appreciation market you need very deep pockets and holding power, hence there is less competition.
On the other hand, the rental yield market is accessible to anyone who can put down a downpayment. The competition is very tough and profit margins will be squeezed. Same as in any business.
for the past decade, mortgage rate was like 3.5% on average? shd be safe for 4% yield...and looks like US will keep the interest low for long....if US turns robust and up interest rates...ppty prices shd go up too...den can decide to sell too:2cents:
Can try to sell if interest rates go up, but property is not so liquid (unlike stock which you can dump) and selling during unrosy times can be challenging. Just have to ensure have enough holding power for few yrs even when interest goes up 5%. Better still, even if unit cannot be rented out.
With so many property launches in July/Aug (note ST article on Aug 24, 2010, Property launches picking up speed, Developers wary of looming market uncertainties: Wing Tai boss, By Robin Chan), if these new properties TOP in the next 1-3 years, then there could be a glut of MM units.
By then interest rate will go up and competition will increase, yield will definitely drop. Unless we have a very good economy to sustain (a big question mark). Already see quite a number of properties selling with tenancy. If the landlords are making $, why would kill the golden goose?
rattydrama
25-08-10, 09:12
With so many property launches in July/Aug (note ST article on Aug 24, 2010, Property launches picking up speed, Developers wary of looming market uncertainties: Wing Tai boss, By Robin Chan), if these new properties TOP in the next 1-3 years, then there could be a glut of MM units.
By then interest rate will go up and competition will increase, yield will definitely drop. Unless we have a very good economy to sustain (a big question mark). Already see quite a number of properties selling with tenancy. If the landlords are making $, why would kill the golden goose?
Well said. I fear this will happen as it has happened before. However, in the past downturns, there was no mm units. Will investors liquidate the bigger units and hold on to mm units since quantum is small? Or the other way round?
It is interesting to know.
devilplate
25-08-10, 09:33
With so many property launches in July/Aug (note ST article on Aug 24, 2010, Property launches picking up speed, Developers wary of looming market uncertainties: Wing Tai boss, By Robin Chan), if these new properties TOP in the next 1-3 years, then there could be a glut of MM units.
By then interest rate will go up and competition will increase, yield will definitely drop. Unless we have a very good economy to sustain (a big question mark). Already see quite a number of properties selling with tenancy. If the landlords are making $, why would kill the golden goose?
read tat article with a pinch of salt.....he got his own agenda if u read carefully and if u noe his 'position':D
devilplate
25-08-10, 09:42
Can try to sell if interest rates go up, but property is not so liquid (unlike stock which you can dump) and selling during unrosy times can be challenging. Just have to ensure have enough holding power for few yrs even when interest goes up 5%. Better still, even if unit cannot be rented out.
wat i am trying to say is: if US economy turns robust...sibor rate will increase and most likely ppty prices in SG will increase too(unless its stagflation scenerio)
in fact, i wish interest rate to go up....ppty go up further, i have the opportunity to cash in or if prices plunge, i can buy too! i love spikes or crash!:hell-hath-no-fury:
proud owner
25-08-10, 11:09
wat i am trying to say is: if US economy turns robust...sibor rate will increase and most likely ppty prices in SG will increase too(unless its stagflation scenerio)
in fact, i wish interest rate to go up....ppty go up further, i have the opportunity to cash in or if prices plunge, i can buy too! i love spikes or crash!:hell-hath-no-fury:
i am curious
under what situation will prices fall ??
US recovers, rates up, spore props up ..thats what i read here
US continues to fall, rates stay low , spore props still up ... thats what i also read in the forum ..
so spore prop price will never fall ???
rattydrama
25-08-10, 11:18
China continues, US recovers, SG property up.
China down, Us recovery delay, SG property down.
No need think so hard.
devilplate
25-08-10, 11:24
i am curious
under what situation will prices fall ??
US recovers, rates up, spore props up ..thats what i read here
US continues to fall, rates stay low , spore props still up ... thats what i also read in the forum ..
so spore prop price will never fall ???
which means: we shdnt be too bothered by interest rates(only for those who r overstretched)
Wild Falcon
25-08-10, 22:42
U mean Wing Tai boss? No need to read the article also can guess what he said. High end will huat and very robust. Mid and suburbs will suffer :) Same story every quarter. Sometimes I just wish they could be more subtle.
read tat article with a pinch of salt.....he got his own agenda if u read carefully and if u noe his 'position':D
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