Monday, October 1, 2007
Withdrawal Of Hotel Site At Balestier Road / Ah Hood Road From Reserve List
Source : Urban Redevelopment Authority (URA) News Release, 1 October 2007
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The Urban Redevelopment Authority (URA) today announced that it has decided to withdraw the hotel site at Balestier Road/Ah Hood Road from the Reserve List of the Government Land Sales (GLS) Programme for the second half of 2007 with immediate effect.
Under the Reserve List, the Government will only release a site for sale if an interested party submits an application for the site to be put up for tender with an offer of a minimum purchase price that is acceptable to the Government.
The Balestier Road/Ah Hood Road site has been placed on the Reserve List since 26 Oct 2006. It was planned to be developed for hotel use on a 99-year lease. Annex A shows the location of the site.
URA is withdrawing the site from the Reserve List with immediate effect, as it is reviewing the land use plan of the site together with the other vacant land in the vicinity.
For media enquiries, please contact:
Ms Serene Tng
Manager, Public Relations
DID: 6329 3224
Email: serene_tng@ura.gov.sg
+Logo.gif)
The Urban Redevelopment Authority (URA) today announced that it has decided to withdraw the hotel site at Balestier Road/Ah Hood Road from the Reserve List of the Government Land Sales (GLS) Programme for the second half of 2007 with immediate effect.Under the Reserve List, the Government will only release a site for sale if an interested party submits an application for the site to be put up for tender with an offer of a minimum purchase price that is acceptable to the Government.
The Balestier Road/Ah Hood Road site has been placed on the Reserve List since 26 Oct 2006. It was planned to be developed for hotel use on a 99-year lease. Annex A shows the location of the site.
URA is withdrawing the site from the Reserve List with immediate effect, as it is reviewing the land use plan of the site together with the other vacant land in the vicinity.
For media enquiries, please contact:
Ms Serene Tng
Manager, Public Relations
DID: 6329 3224
Email: serene_tng@ura.gov.sg
OCBC's Bold Plan
Source : TODAY, Monday, October 1, 2007
OCBC Embarks On Bold Plan To Rejuvenate Image
Restructures, streamlines processes to provide better service
STAYING ENGAGED: OCBC staff find out more about the bank’s bold transformation plans from innovative boxes given out by the bank’s management ahead of OCBC’s “Stay Curious” campaign.
In a fundamental move to change its business culture and rejuvenate its conservative image, OCBC Bank has embarked on a bold corporate restructuring plan.
The transformation kicked off with a S$5 million corporate campaign last week which spans Singapore and Malaysia.
Called "Stay Curious", the campaign has made its presence felt across the island when the bank released bright red balls of different shapes and sizes in open spaces in the central business district.
The bank has also taken out full-page advertisements in the print media.
New television commercials have also been rolled out and will last till the end of this month — OCBC's first broadcast commercials since 2000.
But the changes go beyond glitzy advertising gimmicks, right down to the way the bank operates, said executive vice-president Teng Soon Lang.
As part of the OCBC's strategic direction "New Horizons II" for the next four years, the bank has realigned its entire organisational structure and streamlined its internal processes to provide a seamless flow for customer service, Mrs Teng said.
For example, the bank has pledged to cut the red-tape and offer hassle-free account opening for corporate customers.
Instead of having to produce multiple documents, potential corporate customers opening an account need only produce their identity cards or passports.
Bank staff will download all the other necessary documents through relevant government agencies such as the Accounting and Corporate Regulatory Authority.
"We make it so easy for customers to do business with us — we just give them a cheque book and tell them they can use it now," Mrs Teng said. "That really required us to build up a whole organisation infrastructure to support our promise."
Other services that the bank has added since last year include the opening of 10 Sunday branches across Singapore.
OCBC will also be investing an additional $150 million in revamping its 89 branches in Malaysia and Singapore over the next year – four branches have been completed so far.
OCBC's spokeswomen Koh Ching Ching said the campaign was aimed at bringing in more customers.
"Our research has shown that those who use our services are very happy with OCBC, but those who don't, don't really know about us", she said.
"So we want to use this campaign to create public excitement and interest in the bank."
Ms Koh added that the results so far have been encouraging, with double the number of business term loan sign-ups year-on-year and a 3-per-cent growth in the bank's customer base in Singapore and Malaysia. - TODAY/ra
OCBC Embarks On Bold Plan To Rejuvenate Image
Restructures, streamlines processes to provide better service
STAYING ENGAGED: OCBC staff find out more about the bank’s bold transformation plans from innovative boxes given out by the bank’s management ahead of OCBC’s “Stay Curious” campaign.In a fundamental move to change its business culture and rejuvenate its conservative image, OCBC Bank has embarked on a bold corporate restructuring plan.
The transformation kicked off with a S$5 million corporate campaign last week which spans Singapore and Malaysia.
Called "Stay Curious", the campaign has made its presence felt across the island when the bank released bright red balls of different shapes and sizes in open spaces in the central business district.
The bank has also taken out full-page advertisements in the print media.
New television commercials have also been rolled out and will last till the end of this month — OCBC's first broadcast commercials since 2000.
But the changes go beyond glitzy advertising gimmicks, right down to the way the bank operates, said executive vice-president Teng Soon Lang.
As part of the OCBC's strategic direction "New Horizons II" for the next four years, the bank has realigned its entire organisational structure and streamlined its internal processes to provide a seamless flow for customer service, Mrs Teng said.
For example, the bank has pledged to cut the red-tape and offer hassle-free account opening for corporate customers.
Instead of having to produce multiple documents, potential corporate customers opening an account need only produce their identity cards or passports.
Bank staff will download all the other necessary documents through relevant government agencies such as the Accounting and Corporate Regulatory Authority.
"We make it so easy for customers to do business with us — we just give them a cheque book and tell them they can use it now," Mrs Teng said. "That really required us to build up a whole organisation infrastructure to support our promise."
Other services that the bank has added since last year include the opening of 10 Sunday branches across Singapore.
OCBC will also be investing an additional $150 million in revamping its 89 branches in Malaysia and Singapore over the next year – four branches have been completed so far.
OCBC's spokeswomen Koh Ching Ching said the campaign was aimed at bringing in more customers.
"Our research has shown that those who use our services are very happy with OCBC, but those who don't, don't really know about us", she said.
"So we want to use this campaign to create public excitement and interest in the bank."
Ms Koh added that the results so far have been encouraging, with double the number of business term loan sign-ups year-on-year and a 3-per-cent growth in the bank's customer base in Singapore and Malaysia. - TODAY/ra
Singapore's Q3 Private Property Prices Rise 8.0%: URA
Source : Channel NewsAsia, 01 October 2007
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Prices of private residential properties in Singapore rose 8.0 percent in the three months to September and more land may be released for development if demand stays strong, the Urban Redevelopment Authority (URA) said Monday.
The September quarter's price rise, based on preliminary data, followed an 8.3 percent increase in the June quarter, added the URA, which is responsible for land use planning in the Republic.
"The government will continue to monitor prices closely," the URA said.
The government will make available more sites for private residential development next year if demand remained strong.
Singapore's property market is booming after years of weakness following a regional financial crisis, which began in mid-1997.
A strong domestic economy and efforts by the wealthy city-state to raise its competitiveness, including a decision to build two multi-billion-dollar integrated resorts, have helped perk up the property market. - AFP/ch
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Prices of private residential properties in Singapore rose 8.0 percent in the three months to September and more land may be released for development if demand stays strong, the Urban Redevelopment Authority (URA) said Monday. The September quarter's price rise, based on preliminary data, followed an 8.3 percent increase in the June quarter, added the URA, which is responsible for land use planning in the Republic.
"The government will continue to monitor prices closely," the URA said.
The government will make available more sites for private residential development next year if demand remained strong.
Singapore's property market is booming after years of weakness following a regional financial crisis, which began in mid-1997.
A strong domestic economy and efforts by the wealthy city-state to raise its competitiveness, including a decision to build two multi-billion-dollar integrated resorts, have helped perk up the property market. - AFP/ch
Singapore Botanic Gardens To Get New Attractions
Source : Channel NewsAsia, 01 October 2007
More land has been set aside for the Singapore Botanic Gardens as part of the National Parks Board (NParks)'s redevelopment master plan.
The Jacob Ballas Children's Garden, named after a late philanthropist, can be used to cultivate an appreciation of the environment among the young.
NParks said about S$100 million has been spent since the master plan started in 1990. Tanglin Core opened last year and the Evolution Garden opened two years ago.
"We have just inherited another 11 hectares of land and there will be new gardens in the next three to four years. They will be built on the land," said Ng Lang, CEO of NParks.
More details are expected later this month.
For now, the public can learn about the environment at the Jacob Ballas Children's Garden.
At the garden, an exhibit explains the process of photosynthesis which plants go through to produce oxygen and food.
"It can teach me... plants need photosynthesis early in the morning," said Clementi Primary School student Lawson Kwek.
Minister for the Environment and Water Resources Dr Yaacob Ibrahim also touched on the topic of gas emissions at the opening of the Jacob Ballas Children's Garden.
He said the Clean Development Mechanism (CDM) should be supported as it is already in place and provides a balance.
But he said the mechanism still needs to be tweaked.
His comments came as a new media report suggested that Singapore may venture into its first CDM project in bio-waste management.
The CDM allows developed countries to carry out projects that reduce greenhouse gas emissions in developing countries as an alternative to more expensive emission reduction in their own countries. - CNA/ac
More land has been set aside for the Singapore Botanic Gardens as part of the National Parks Board (NParks)'s redevelopment master plan. The Jacob Ballas Children's Garden, named after a late philanthropist, can be used to cultivate an appreciation of the environment among the young.
NParks said about S$100 million has been spent since the master plan started in 1990. Tanglin Core opened last year and the Evolution Garden opened two years ago.
"We have just inherited another 11 hectares of land and there will be new gardens in the next three to four years. They will be built on the land," said Ng Lang, CEO of NParks.
More details are expected later this month.
For now, the public can learn about the environment at the Jacob Ballas Children's Garden.
At the garden, an exhibit explains the process of photosynthesis which plants go through to produce oxygen and food.
"It can teach me... plants need photosynthesis early in the morning," said Clementi Primary School student Lawson Kwek.
Minister for the Environment and Water Resources Dr Yaacob Ibrahim also touched on the topic of gas emissions at the opening of the Jacob Ballas Children's Garden.
He said the Clean Development Mechanism (CDM) should be supported as it is already in place and provides a balance.
But he said the mechanism still needs to be tweaked.
His comments came as a new media report suggested that Singapore may venture into its first CDM project in bio-waste management.
The CDM allows developed countries to carry out projects that reduce greenhouse gas emissions in developing countries as an alternative to more expensive emission reduction in their own countries. - CNA/ac
New York Mayor Predicts Global Economic Downturn
Source : The Business Times, October 1, 2007
BLACKPOOL, England : New York City Mayor Michael Bloomberg warned Sunday a global economic downturn was looming, triggered by the "lunacy" of public debt.
Bloomberg, one of the world's richest people, blamed a crisis of confidence for what he said would be either a brief dip or a nosedive.
Advocating fiscal conservatism, Bloomberg said governments should build up a surplus to fall back on during economic slides.
"Being a fiscal conservative means preparing for the inevitable economic downturns - and by all indications, we've got one coming," he told the annual conference of Britain's main opposition Conservative Party in Blackpool, north-west England.
The founder of financial news and data giant Bloomberg said administrations had to create the conditions for markets to work and bore a responsibility to pay their own way.
Bloomberg said this month's "debacle" at troubled British bank Northern Rock was merely the latest evidence of turmoil in the financial markets.
He said the crisis was only partially due to the collapse of the sub-prime mortgage sector in the United States.
"The fact is, this is not a mortgage crisis - it's a crisis in confidence and we're all in it together," he told delegates.
"It is being driven by rational expectations of a worsening credit crunch - which is a self-fulfilling prophecy."
Bloomberg said it was not yet known whether the downturn would be a "dip or a dive," but governments could not stop the business cycle.
He said fiscal conservatism meant balancing budgets rather than running deficits the next generation could not afford - which would make forthcoming downturns easier to manage by preparing for them.
That depended on improving efficiency, cutting taxes when possible and "when you run a surplus you save it, you don't squander it."
The tycoon blasted some US conservatives, saying: "Too many of them want to run up enormous deficits and hope that some way, somehow - someone else will pay for it. That's not conservatism - that's alchemy, or, if you like, lunacy."
The 65-year-old added: "In New York, the economic uncertainty our two countries face today is beginning to feel similar to the economic downturn we experienced six years ago - but this time, the stakes are higher because more people owe more debt and so do our governments.
"The sun is rising on our borrowing bacchanalia and pretending otherwise will only make the recovery slower and more painful."
He said his principles of governmental economic management required a four-part approach.
"First, improve the quality of life that residents and visitors experience. Second, stick to fiscally responsible principles.
"Third, invest in projects that will unleash and incentivise private sector investment - and that will both leverage and diversify the economy.
"And fourth, provide strong leadership that is based on independent problem-solving, not partisan politics, and that is not afraid to tackle the toughest problems." - AFP/ch
BLACKPOOL, England : New York City Mayor Michael Bloomberg warned Sunday a global economic downturn was looming, triggered by the "lunacy" of public debt. Bloomberg, one of the world's richest people, blamed a crisis of confidence for what he said would be either a brief dip or a nosedive.
Advocating fiscal conservatism, Bloomberg said governments should build up a surplus to fall back on during economic slides.
"Being a fiscal conservative means preparing for the inevitable economic downturns - and by all indications, we've got one coming," he told the annual conference of Britain's main opposition Conservative Party in Blackpool, north-west England.
The founder of financial news and data giant Bloomberg said administrations had to create the conditions for markets to work and bore a responsibility to pay their own way.
Bloomberg said this month's "debacle" at troubled British bank Northern Rock was merely the latest evidence of turmoil in the financial markets.
He said the crisis was only partially due to the collapse of the sub-prime mortgage sector in the United States.
"The fact is, this is not a mortgage crisis - it's a crisis in confidence and we're all in it together," he told delegates.
"It is being driven by rational expectations of a worsening credit crunch - which is a self-fulfilling prophecy."
Bloomberg said it was not yet known whether the downturn would be a "dip or a dive," but governments could not stop the business cycle.
He said fiscal conservatism meant balancing budgets rather than running deficits the next generation could not afford - which would make forthcoming downturns easier to manage by preparing for them.
That depended on improving efficiency, cutting taxes when possible and "when you run a surplus you save it, you don't squander it."
The tycoon blasted some US conservatives, saying: "Too many of them want to run up enormous deficits and hope that some way, somehow - someone else will pay for it. That's not conservatism - that's alchemy, or, if you like, lunacy."
The 65-year-old added: "In New York, the economic uncertainty our two countries face today is beginning to feel similar to the economic downturn we experienced six years ago - but this time, the stakes are higher because more people owe more debt and so do our governments.
"The sun is rising on our borrowing bacchanalia and pretending otherwise will only make the recovery slower and more painful."
He said his principles of governmental economic management required a four-part approach.
"First, improve the quality of life that residents and visitors experience. Second, stick to fiscally responsible principles.
"Third, invest in projects that will unleash and incentivise private sector investment - and that will both leverage and diversify the economy.
"And fourth, provide strong leadership that is based on independent problem-solving, not partisan politics, and that is not afraid to tackle the toughest problems." - AFP/ch
US Outlook Worries Continue To Weigh On Greenback
Source : The Business Times, October 1, 2007
(HONG KONG) Asian currencies ended last week mostly higher against the US dollar, amid continuing worries over the US outlook.
Japanese yen: The yen eased against the dollar last week, but market worries over the US outlook weighed on the US currency, dealers said. The yen fell to 115.11 against the dollar in Tokyo on Friday from 114.83 a week ago.
Dealers said that the market was cautious ahead of the Bank of Japan's closely watched Tankan survey of business sentiment due today. 'The yen will not move before (traders) see the Tankan figures,' said HSBC currency expert Kosuke Hanao.
The lingering problem with the US mortgage sector kept investors wary of the dollar. 'Market sentiment towards the dollar is still very weak and the overall trend is to sell the greenback,' said Marito Ueda, a currency trader at FX Prime.
Dealers said the Japanese ruling party's choice of moderate veteran Yasuo Fukuda as prime minister had little impact on the yen.
There were signs the new government would take a more relaxed attitude to fiscal consolidation than the previous one, which would be positive for the yen in the short term because of higher economic growth and interest rates, according to Barclays Capital analysts.
Australian dollar: The Australian dollar is likely to continue to strengthen this week and could break the 89 US cents level, dealers said. The Australian dollar ended last week at a two-month high, trading at 88.26 US cents at 5pm, well above the previous week's 86.83 US cents. Dealers said the 'Aussie' was supported by high commodity prices and a widening interest rate differential with the US.
New Zealand dollar: The New Zealand dollar ended last week at 75.70 US cents, up from 74.42 the previous Friday. The New Zealand dollar has risen 14 per cent since Aug 17, recovering from the global market turmoil over fears of a global credit squeeze.
Hong Kong dollar: The US-pegged Hong Kong dollar ended the week at 7.758 to the US unit, from 7.786 a week earlier.
Chinese yuan: The yuan closed at 7.5055 to the dollar last Friday on the exchange-traded market, compared to Thursday's close of 7.5126, and a closing price of 7.5020 to the dollar the week before. On the over-the-counter market, it ended at 7.5061 to the dollar against 7.5146 the previous day.
Indonesian rupiah: The rupiah ended last week trading at 9,145/9,150 to the dollar, compared to 9,165/9,170 to the dollar a week earlier.
Philippine peso: The peso traded higher at 45.04 to the dollar on Friday afternoon, from 45.310 to the dollar on Sept 21.
Singapore dollar: The US dollar was at S$1.4903 on Friday from S$1.5033 the previous week.
South Korean won: The won strengthened for five consecutive days against the dollar, as the greenback has been under heavy selling pressure abroad following the US rate cuts of the previous week. The South Korean currency was at 915.10 won to the dollar on Friday, compared with 921.10 won a week ago.
Taiwan dollar: The Taiwan dollar rose 1.13 per cent to close at 32.580 against the US dollar. The local currency closed at 32.953 a week earlier.
Thai baht: The Thai baht changed little against the dollar last week as investors stayed on the sidelines amid growing speculation over a rate cut at the central bank's policy meeting early this month, dealers said. The Thai currency closed at 34.26-27 to the dollar, against 34.22-24 a week earlier. -- AFP
(HONG KONG) Asian currencies ended last week mostly higher against the US dollar, amid continuing worries over the US outlook. Japanese yen: The yen eased against the dollar last week, but market worries over the US outlook weighed on the US currency, dealers said. The yen fell to 115.11 against the dollar in Tokyo on Friday from 114.83 a week ago.
Dealers said that the market was cautious ahead of the Bank of Japan's closely watched Tankan survey of business sentiment due today. 'The yen will not move before (traders) see the Tankan figures,' said HSBC currency expert Kosuke Hanao.
The lingering problem with the US mortgage sector kept investors wary of the dollar. 'Market sentiment towards the dollar is still very weak and the overall trend is to sell the greenback,' said Marito Ueda, a currency trader at FX Prime.
Dealers said the Japanese ruling party's choice of moderate veteran Yasuo Fukuda as prime minister had little impact on the yen.
There were signs the new government would take a more relaxed attitude to fiscal consolidation than the previous one, which would be positive for the yen in the short term because of higher economic growth and interest rates, according to Barclays Capital analysts.
Australian dollar: The Australian dollar is likely to continue to strengthen this week and could break the 89 US cents level, dealers said. The Australian dollar ended last week at a two-month high, trading at 88.26 US cents at 5pm, well above the previous week's 86.83 US cents. Dealers said the 'Aussie' was supported by high commodity prices and a widening interest rate differential with the US.
New Zealand dollar: The New Zealand dollar ended last week at 75.70 US cents, up from 74.42 the previous Friday. The New Zealand dollar has risen 14 per cent since Aug 17, recovering from the global market turmoil over fears of a global credit squeeze.
Hong Kong dollar: The US-pegged Hong Kong dollar ended the week at 7.758 to the US unit, from 7.786 a week earlier.
Chinese yuan: The yuan closed at 7.5055 to the dollar last Friday on the exchange-traded market, compared to Thursday's close of 7.5126, and a closing price of 7.5020 to the dollar the week before. On the over-the-counter market, it ended at 7.5061 to the dollar against 7.5146 the previous day.
Indonesian rupiah: The rupiah ended last week trading at 9,145/9,150 to the dollar, compared to 9,165/9,170 to the dollar a week earlier.
Philippine peso: The peso traded higher at 45.04 to the dollar on Friday afternoon, from 45.310 to the dollar on Sept 21.
Singapore dollar: The US dollar was at S$1.4903 on Friday from S$1.5033 the previous week.
South Korean won: The won strengthened for five consecutive days against the dollar, as the greenback has been under heavy selling pressure abroad following the US rate cuts of the previous week. The South Korean currency was at 915.10 won to the dollar on Friday, compared with 921.10 won a week ago.
Taiwan dollar: The Taiwan dollar rose 1.13 per cent to close at 32.580 against the US dollar. The local currency closed at 32.953 a week earlier.
Thai baht: The Thai baht changed little against the dollar last week as investors stayed on the sidelines amid growing speculation over a rate cut at the central bank's policy meeting early this month, dealers said. The Thai currency closed at 34.26-27 to the dollar, against 34.22-24 a week earlier. -- AFP
HSBC First Foreign Bank To Get UAE Trading Licence
Source : The Business Times, October 1, 2007
(DUBAI) HSBC Holdings has become the first international bank to get a licence to trade shares on the United Arab Emirates' two domestic stock exchanges as it seeks to expand in the second-biggest Arab economy. 'The Middle East is high on the radar of institutional investors around the world,' Neil Foster, the bank's head of global markets for the Middle East, told a press conference yesterday.
HSBC Middle East Securities, 49 per cent owned by HSBC, the maximum permissible under UAE law, plans to start buying and selling shares on the Abu Dhabi Securities Market and the Dubai Financial Market this year. It will trade for institutional clients before adding services for retail customers next year.
The UAE.'s two domestic exchanges have a combined market value of US$161 billion, bigger than Ireland, as the federation's economy expands nearly 10 per cent a year, data compiled by Bloomberg show. Regulators allow companies including Emaar Properties, the Middle East's biggest developer, to sell stakes of as much as 49 per cent to international investors.
HSBC already buys and sells shares in 10 Middle Eastern markets for its institutional clients through third-party brokerages, although a local licence gives it 'greater control' of such operations, Mr Foster said. HSBC aims to turn this 'into a regional business' and is speaking to regulators in other countries for similar permits.
Investors from Latin America to Japan are seeking to buy Persian Gulf stocks to tap the region's petrodollar-fuelled economic growth, Guillaume Hannebelle, Citigroup's head of Middle East equities distribution, said in a June interview. Two years ago, international interest in the stocks was 'virtually zero' because few were open to foreign buyers and information disclosure was limited, he said.
Institutional investors hold about 30 per cent of the shares in Middle Eastern stock markets, which have a combined value of about US$1 trillion, Irfan Muzzammil, chief executive officer of HSBC Securities, told reporters. - Bloomberg
(DUBAI) HSBC Holdings has become the first international bank to get a licence to trade shares on the United Arab Emirates' two domestic stock exchanges as it seeks to expand in the second-biggest Arab economy. 'The Middle East is high on the radar of institutional investors around the world,' Neil Foster, the bank's head of global markets for the Middle East, told a press conference yesterday.HSBC Middle East Securities, 49 per cent owned by HSBC, the maximum permissible under UAE law, plans to start buying and selling shares on the Abu Dhabi Securities Market and the Dubai Financial Market this year. It will trade for institutional clients before adding services for retail customers next year.
The UAE.'s two domestic exchanges have a combined market value of US$161 billion, bigger than Ireland, as the federation's economy expands nearly 10 per cent a year, data compiled by Bloomberg show. Regulators allow companies including Emaar Properties, the Middle East's biggest developer, to sell stakes of as much as 49 per cent to international investors.
HSBC already buys and sells shares in 10 Middle Eastern markets for its institutional clients through third-party brokerages, although a local licence gives it 'greater control' of such operations, Mr Foster said. HSBC aims to turn this 'into a regional business' and is speaking to regulators in other countries for similar permits.
Investors from Latin America to Japan are seeking to buy Persian Gulf stocks to tap the region's petrodollar-fuelled economic growth, Guillaume Hannebelle, Citigroup's head of Middle East equities distribution, said in a June interview. Two years ago, international interest in the stocks was 'virtually zero' because few were open to foreign buyers and information disclosure was limited, he said.
Institutional investors hold about 30 per cent of the shares in Middle Eastern stock markets, which have a combined value of about US$1 trillion, Irfan Muzzammil, chief executive officer of HSBC Securities, told reporters. - Bloomberg
S'pore's Private Home Prices Rise 8% In Q3
Source : The Business Times, October 1, 2007
Singapore private home prices climbed 8.0 per cent between July and September to their highest level in a decade, early government estimates showed on Monday.
According to the URA, the price index for private residential homes rose to 159.6 for the three months ended September, from 147.8 in the previous three-month period.
The Urban Redevelopment Authority (URA) said the price index for private residential homes rose to 159.6 for the three months ended September, from 147.8 in the previous three-month period.
The third-quarter gain follows a 8.3 per cent rise in the April-June period and comes after moves by the Government to cool the property market, including redevelopment-charge hikes and the tightening of rules on collective home sales that have seen firms such as CapitaLand and City Developments tear down older buildings to replace them with new projects.
The advance estimates are compiled from transaction prices lodged during the first 10 weeks of the quarter as well as data from new apartments that have been booked.
The URA will release the official price index on Oct 26. -- REUTERS
Singapore private home prices climbed 8.0 per cent between July and September to their highest level in a decade, early government estimates showed on Monday.
According to the URA, the price index for private residential homes rose to 159.6 for the three months ended September, from 147.8 in the previous three-month period.The Urban Redevelopment Authority (URA) said the price index for private residential homes rose to 159.6 for the three months ended September, from 147.8 in the previous three-month period.
The third-quarter gain follows a 8.3 per cent rise in the April-June period and comes after moves by the Government to cool the property market, including redevelopment-charge hikes and the tightening of rules on collective home sales that have seen firms such as CapitaLand and City Developments tear down older buildings to replace them with new projects.
The advance estimates are compiled from transaction prices lodged during the first 10 weeks of the quarter as well as data from new apartments that have been booked.
The URA will release the official price index on Oct 26. -- REUTERS
Keppel Land In US$136m Vietnam JV
Source : The Business Times, October 1, 2007
Keppel Land said on Monday it would take a 60 per cent stake in a Vietnam residential property project expected to cost about US$136 million.
The firm said its 5.1-ha waterfront project in Ho Chi Minh City with local Vietnamese developer Hong Quang Co would be launched for sale in early 2009.
The project will be Keppel Land's fifth residential development in Vietnam.
'We will continue to be on the lookout for more prime residential sites in Vietnam,' said Ang Wee Gee, Keppel Land's regional investments director. -- REUTERS
Keppel Land said on Monday it would take a 60 per cent stake in a Vietnam residential property project expected to cost about US$136 million.The firm said its 5.1-ha waterfront project in Ho Chi Minh City with local Vietnamese developer Hong Quang Co would be launched for sale in early 2009.
The project will be Keppel Land's fifth residential development in Vietnam.
'We will continue to be on the lookout for more prime residential sites in Vietnam,' said Ang Wee Gee, Keppel Land's regional investments director. -- REUTERS
HDB Resale Prices Up By 6.5% In Q3: HDB's Flash Estimate
Source : Channel NewsAsia, 01 October 2007
Public housing resale prices went up by 6.5 percent in the third quarter of this year, compared to the previous three months.
According to HDB's flash estimate, the Resale Price Index (RPI) stood at 115.0 in the third quarter, an increase of 6.5 percent over the second quarter.
The RPI for the full quarter and more detailed public housing data will be released at the end of October.
HDB says, in tandem with the improved market conditions, it has observed good response for new flats offered under its recent sales exercises.
To meet demand from households, it plans to offer about 4,500 units under the Build-to-Order (BTO) system over the next six months.
It also plans to release three new sites under the Design Build and Sell Scheme (DBSS) with a combined yield of about 1,500 units in central and eastern Singapore over the same period.
The board says the plans are subject to market demand, and the details of the BTO and DBSS sites will be released when they are ready for launch. - CNA/ch
Public housing resale prices went up by 6.5 percent in the third quarter of this year, compared to the previous three months. According to HDB's flash estimate, the Resale Price Index (RPI) stood at 115.0 in the third quarter, an increase of 6.5 percent over the second quarter.
The RPI for the full quarter and more detailed public housing data will be released at the end of October.
HDB says, in tandem with the improved market conditions, it has observed good response for new flats offered under its recent sales exercises.
To meet demand from households, it plans to offer about 4,500 units under the Build-to-Order (BTO) system over the next six months.
It also plans to release three new sites under the Design Build and Sell Scheme (DBSS) with a combined yield of about 1,500 units in central and eastern Singapore over the same period.
The board says the plans are subject to market demand, and the details of the BTO and DBSS sites will be released when they are ready for launch. - CNA/ch
Private Home Prices In Q3 Up By 8%: URA Flash Estimate
Source : Channel NewsAsia, 01 October 2007
The prices of private residential property in Singapore increased by eight per cent in the third quarter of this year, compared to the previous three months, according to the flash estimate by the Urban Redevelopment Authority.
Based on the estimated price index of private residential property, it said prices rose from 147.8 points in the 2nd quarter to 159.6 points in the 3rd quarter.
This represents an increase of 8.0 per cent, compared with the 8.3 per cent rise in the previous quarter.
According to geographical regions, prices of non-landed private residential properties in the Core Central Region increased the most - by 8.3 per cent.
Meanwhile, those in the Outside Central Region went up by 8.1 per cent and in the rest of the Central Region by 7.7 percent.
Related Video Link - http://tinyurl.com/3dt7ld
Private home prices in Q3 up by 8%: URA flash estimate
The flash estimates are compiled based on transaction prices given in caveats lodged during the first ten weeks of the quarter, supplemented by information on the number of new units sold.
The information will be updated four weeks later when the URA releases the full 3rd Quarter 2007 real estate statistics.
The URA said the government will continue to monitor prices closely.
It is currently reviewing the Government Land Sales (GLS) Programme for the first half of 2008 and will announce the details at the end of the year.
More sites for private residential development will be made available next year if the demand continues to remain strong.
Currently, about 43,000 new units of private housing are expected to be completed from the second half of this year to 2010.
URA said about 19,900 units or 46 per cent of these have not yet been sold by developers.
Property consultant Knight Frank, responding to URA's 3rd quarter flash estimate released on Monday, said that for the whole of 2007, private home prices could increase by between 23 and 32 per cent.
It noted that the Singapore property market is still going strong. This is especially in the private suburban residential property market segment, where average prices only started to rise significantly in 2007.
In the third quarter, the increase in the price level was at almost the same rate as that in the prime areas.
As for the HDB market, it expects the average resale flat prices to rise by 13 per cent to 20 per cent year on year.
CB Richard Ellis said the URA's preliminary estimate shows the confidence in the residential market was unshaken despite periods of volatility in the worldwide stock markets caused by the sub-prime mortgage problems during the third quarter.
The property consultant expects the upward trend in high-end market to continue as there are more high-end projects to be rolled out in the fourth quarter.
Barring any unforeseen circumstances, it says residential prices may rise by a total of 25 per cent to 30 per cent for the whole year.
In total, the residential price index rose by 22.6 per cent in the first nine months of 2007, following a 10.2 per cent increase in 2006. - CNA/vm/ch
The prices of private residential property in Singapore increased by eight per cent in the third quarter of this year, compared to the previous three months, according to the flash estimate by the Urban Redevelopment Authority. Based on the estimated price index of private residential property, it said prices rose from 147.8 points in the 2nd quarter to 159.6 points in the 3rd quarter.
This represents an increase of 8.0 per cent, compared with the 8.3 per cent rise in the previous quarter.
According to geographical regions, prices of non-landed private residential properties in the Core Central Region increased the most - by 8.3 per cent.
Meanwhile, those in the Outside Central Region went up by 8.1 per cent and in the rest of the Central Region by 7.7 percent.
Related Video Link - http://tinyurl.com/3dt7ld
Private home prices in Q3 up by 8%: URA flash estimate
The flash estimates are compiled based on transaction prices given in caveats lodged during the first ten weeks of the quarter, supplemented by information on the number of new units sold.
The information will be updated four weeks later when the URA releases the full 3rd Quarter 2007 real estate statistics.
The URA said the government will continue to monitor prices closely.
It is currently reviewing the Government Land Sales (GLS) Programme for the first half of 2008 and will announce the details at the end of the year.
More sites for private residential development will be made available next year if the demand continues to remain strong.
Currently, about 43,000 new units of private housing are expected to be completed from the second half of this year to 2010.
URA said about 19,900 units or 46 per cent of these have not yet been sold by developers.
Property consultant Knight Frank, responding to URA's 3rd quarter flash estimate released on Monday, said that for the whole of 2007, private home prices could increase by between 23 and 32 per cent.
It noted that the Singapore property market is still going strong. This is especially in the private suburban residential property market segment, where average prices only started to rise significantly in 2007.
In the third quarter, the increase in the price level was at almost the same rate as that in the prime areas.
As for the HDB market, it expects the average resale flat prices to rise by 13 per cent to 20 per cent year on year.
CB Richard Ellis said the URA's preliminary estimate shows the confidence in the residential market was unshaken despite periods of volatility in the worldwide stock markets caused by the sub-prime mortgage problems during the third quarter.
The property consultant expects the upward trend in high-end market to continue as there are more high-end projects to be rolled out in the fourth quarter.
Barring any unforeseen circumstances, it says residential prices may rise by a total of 25 per cent to 30 per cent for the whole year.
In total, the residential price index rose by 22.6 per cent in the first nine months of 2007, following a 10.2 per cent increase in 2006. - CNA/vm/ch
Flash Estimate Of 3Q07 Resale Price Index And Upcoming New Flat Supply
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Source : Housing Development Board (HDB) Press Release, Oct 1, 2007Resale Price Index
1. HDB’s flash estimate of the 3rd Quarter 2007 Resale Price Index (RPI) is 115.0, an increase of 6.5% over the previous quarter. The historical RPI series can be found at the Annex (55KB) for reference.
2. The Resale Price Index is meant to be only a general guide to price movements in the public residential market. Transacted prices of individual flats (by block and flat type) can be found on HDB’s website and detailed online enquiries can be made at http://www.hdb.gov.sg/bb33/ispm051p.nsf.
3. The RPI for the full quarter and more detailed public housing data for 3rd Quarter 2007 will be released at the end of October.
New Flat Supply
4. In tandem with the improved market conditions, HDB has observed good response for new flats offered under recent HDB sales exercises. To meet demand from citizen households, HDB will be increasing its supply of new flats with plans to offer about 4,500 units under the Build-to-Order (BTO) system over the next 6 months. HDB also has plans to release 3 new DBSS sites with a combined yield of about 1,500 units in central and eastern Singapore over the same period. HDB’s plans are subject to market demand, and the details of the BTO and DBSS sites will be released when they are ready for launch.
5. HDB will continue to monitor the market situation closely, to ensure that there is an adequate and affordable supply of flats.
URA Releases Flash 3rd Quarter 2007 Private Residential Property Price Index
Source : Urban Redevelopment Authority (URA) News Release, 1 October 2007
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The Urban Redevelopment Authority (URA) released today the flash estimate of the price index of private residential property for 3rd Quarter 2007.
Based on the estimated price index of private residential property, prices rose from 147.8 points in the 2nd Quarter 2007 to 159.6 points in the 3rd Quarter 2007. This represents an increase of 8.0%, compared with the 8.3% increase in the previous quarter (see Annex A).
URA also released today the flash estimates of the price changes in the 3 geographical regions for 3rd Quarter 2007. Prices of non-landed private residential properties increased by 8.3% in Core Central Region, 7.7% in Rest of Central Region and 8.1% in Outside Central Region in the quarter (see Annex B).
The flash estimates are compiled based on transaction prices given in caveats lodged during the first ten weeks of the quarter supplemented by information on the number of new units sold. The statistics will be updated 4 weeks later when URA releases the full 3rd Quarter 2007 real estate statistics, when more data on the caveats lodged and the take-up of new projects are captured. Past data have shown that the difference between the quarterly price changes indicated by the flash estimate and the actual price changes could be significant when the change is small. The public is advised to interpret the flash estimates with caution.
The Government will continue to monitor prices closely. The Government is currently reviewing the Government Land Sales (GLS) Programme for 1st half of 2008 and will announce the details at the end of 2007. The Government will make available more sites for private residential development through the GLS Programme next year if the demand continues to remain strong.
Currently, there are about 43,000 new units of private housing that are expected to be completed from 2H2007 to 2010. About 19,900 units of these (or 46%) have not been sold by developers yet. This does not take into account new GLS sites that will be made available for development. Prospective home-buyers should take into consideration the ample pipeline supply of private housing, as well as the potential supply from GLS sites, when making decisions on property purchase.
--------------------------------------------------------------------------------
For media enquiries, please contact:
Ms Serene Tng
Manager, Public Relations
DID: 6329 3224
Email: serene_tng@ura.gov.sg
+Logo.gif)
The Urban Redevelopment Authority (URA) released today the flash estimate of the price index of private residential property for 3rd Quarter 2007.Based on the estimated price index of private residential property, prices rose from 147.8 points in the 2nd Quarter 2007 to 159.6 points in the 3rd Quarter 2007. This represents an increase of 8.0%, compared with the 8.3% increase in the previous quarter (see Annex A).
URA also released today the flash estimates of the price changes in the 3 geographical regions for 3rd Quarter 2007. Prices of non-landed private residential properties increased by 8.3% in Core Central Region, 7.7% in Rest of Central Region and 8.1% in Outside Central Region in the quarter (see Annex B).
The flash estimates are compiled based on transaction prices given in caveats lodged during the first ten weeks of the quarter supplemented by information on the number of new units sold. The statistics will be updated 4 weeks later when URA releases the full 3rd Quarter 2007 real estate statistics, when more data on the caveats lodged and the take-up of new projects are captured. Past data have shown that the difference between the quarterly price changes indicated by the flash estimate and the actual price changes could be significant when the change is small. The public is advised to interpret the flash estimates with caution.
The Government will continue to monitor prices closely. The Government is currently reviewing the Government Land Sales (GLS) Programme for 1st half of 2008 and will announce the details at the end of 2007. The Government will make available more sites for private residential development through the GLS Programme next year if the demand continues to remain strong.
Currently, there are about 43,000 new units of private housing that are expected to be completed from 2H2007 to 2010. About 19,900 units of these (or 46%) have not been sold by developers yet. This does not take into account new GLS sites that will be made available for development. Prospective home-buyers should take into consideration the ample pipeline supply of private housing, as well as the potential supply from GLS sites, when making decisions on property purchase.
--------------------------------------------------------------------------------
For media enquiries, please contact:
Ms Serene Tng
Manager, Public Relations
DID: 6329 3224
Email: serene_tng@ura.gov.sg
Strong Q3 Growth In S'pore's Home Prices
Source : The Straits Times, Oct 1, 2007
HOME prices grew strongly in both the private and public sectors, latest data from the Urban Redeveloment Authority and Housing and Development Board showed on Monday.
Private homes climbed 8.0 per cent between July and September to their highest level in a decade, the URA flash estimate revealed. The price index for private residential homes rose to 159.6 for the three months ended September, from 147.8 in the previous three-month period.
The third-quarter gain follows a 8.3 per cent rise in the April-June period and comes after moves by the government to cool the property market.
Such measures include redevelopment-charge hikes and the tightening of rules on collective home sales that have seen firms such as CapitaLand and City Developments tear down older buildings to replace them with new projects.
The HDB third quarter Resale Price Index (RPI) increased 6.5 per cent to 115.0 over the previous quarter.
The URA advance estimates are compiled from transaction prices lodged during the first 10 weeks of the quarter as well as data from new apartments that have been booked.
The URA will release the official price index on Oct 26.
HOME prices grew strongly in both the private and public sectors, latest data from the Urban Redeveloment Authority and Housing and Development Board showed on Monday.
Private homes climbed 8.0 per cent between July and September to their highest level in a decade, the URA flash estimate revealed. The price index for private residential homes rose to 159.6 for the three months ended September, from 147.8 in the previous three-month period.
The third-quarter gain follows a 8.3 per cent rise in the April-June period and comes after moves by the government to cool the property market.
Such measures include redevelopment-charge hikes and the tightening of rules on collective home sales that have seen firms such as CapitaLand and City Developments tear down older buildings to replace them with new projects.
The HDB third quarter Resale Price Index (RPI) increased 6.5 per cent to 115.0 over the previous quarter.
The URA advance estimates are compiled from transaction prices lodged during the first 10 weeks of the quarter as well as data from new apartments that have been booked.
The URA will release the official price index on Oct 26.
Firms Resort To Bank Loans Amid Jittery Bond Market
Source : The Straits Times, Oct 1, 2007
Plunge in funds raised through bonds in wake of sub-prime crisis
SINGAPORE firms in need of funds might have to keep turning to bank loans until jitters over less traditional forms of credit clear.
The tightening of credit conditions and the increasing number of risk-averse investors in the wake of the United States sub-prime crisis, mean firms must offer better pricing to get people to buy bonds.
Those needing funds may have to turn to bank loans instead.
The result: The local bond market has been clobbered by the global financial turmoil of recent weeks, according to Thomson Financial's figures.
A record US$3.7 billion (S$5.5 billion) was raised by Singapore firms in the bond market in the three months ended June 30, but this fell to US$533.8 million in the latest July to September quarter.
One casualty was convertible bonds. These usually pay the holder interest, but they also give buyers the option to exchange the bonds for shares in the company.
One mainboard-listed firm said it decided against a convertible bond issue. This was because the premium that had to be offered to bond holders was so attractive that they could have ended up owning 40 per cent of the company at the end of the exercise.
Some of the largest convertible bonds this year include a US$655 million one from CapitaLand and GuocoLand's US$456 million instrument, both handled by JPMorgan. These formed part of the record US$1.5 billion raised from convertible bonds in the second quarter.
But in the third quarter, only US$110.4 million was raised from two convertible bond deals. These took place in July - property developer SoilBuild Group Holdings' $60 million, four-year issue and KS Energy Services' five-year, $96.8 million zero-coupon convertible bond.
There were no convertible bond issues recorded for August - when the force of the sub-prime panic was first felt - or for last month. Golden Agri-Resources postponed a US$400 million convertible bond issue last month.
Mainboard-listed Pine Agritech announced a 2.3 billion yuan (S$456.6 million) convertible bond issue in July, but Thomson Financial did not include this as the firm is classified as a China business.
Mr Philip Lee, the chief executive of JPMorgan's investment banking unit in South- east Asia, said: 'For the first six months of this year, volumes have been extraordinarily high. The market seems to be taking a breather and a 'wait-and-see' attitude.
'Even though August is traditionally a slow month, the credit market conditions and the volatility had a further impact on volumes.'
But the issue does not seem to be a lack of funds.
DBS Bank head of fixed income Clifford Lee said: 'General bond issuances have been put on hold due to the lack of price transparency in the market, not for a lack of available funds, especially in Asia.'
He added: 'The loan market in Asia is more insulated from the credit market volatility as the banks in Asia are still cash-rich and under-lent in the region.'
Mr Lee also said companies 'are backing off until it becomes clearer where credits will be re-priced to'.
Bankers say the next few weeks will shed more light on the prospects. JPMorgan's Mr Lee said: 'Hopefully, the credit market conditions will stabilise in October and the volumes will make a return.'
------------------------------------------------------------------
STILL FUZZY
'A clearer picture is likely to surface in mid-October when the major international and US banks disclose their sub-prime exposures along with their third-quarter results.'
MR KAN SHIK LUM, DBS head of equity capital markets
Plunge in funds raised through bonds in wake of sub-prime crisis
SINGAPORE firms in need of funds might have to keep turning to bank loans until jitters over less traditional forms of credit clear.
The tightening of credit conditions and the increasing number of risk-averse investors in the wake of the United States sub-prime crisis, mean firms must offer better pricing to get people to buy bonds.
Those needing funds may have to turn to bank loans instead.
The result: The local bond market has been clobbered by the global financial turmoil of recent weeks, according to Thomson Financial's figures.
A record US$3.7 billion (S$5.5 billion) was raised by Singapore firms in the bond market in the three months ended June 30, but this fell to US$533.8 million in the latest July to September quarter.
One casualty was convertible bonds. These usually pay the holder interest, but they also give buyers the option to exchange the bonds for shares in the company.
One mainboard-listed firm said it decided against a convertible bond issue. This was because the premium that had to be offered to bond holders was so attractive that they could have ended up owning 40 per cent of the company at the end of the exercise.
Some of the largest convertible bonds this year include a US$655 million one from CapitaLand and GuocoLand's US$456 million instrument, both handled by JPMorgan. These formed part of the record US$1.5 billion raised from convertible bonds in the second quarter.
But in the third quarter, only US$110.4 million was raised from two convertible bond deals. These took place in July - property developer SoilBuild Group Holdings' $60 million, four-year issue and KS Energy Services' five-year, $96.8 million zero-coupon convertible bond.
There were no convertible bond issues recorded for August - when the force of the sub-prime panic was first felt - or for last month. Golden Agri-Resources postponed a US$400 million convertible bond issue last month.
Mainboard-listed Pine Agritech announced a 2.3 billion yuan (S$456.6 million) convertible bond issue in July, but Thomson Financial did not include this as the firm is classified as a China business.
Mr Philip Lee, the chief executive of JPMorgan's investment banking unit in South- east Asia, said: 'For the first six months of this year, volumes have been extraordinarily high. The market seems to be taking a breather and a 'wait-and-see' attitude.
'Even though August is traditionally a slow month, the credit market conditions and the volatility had a further impact on volumes.'
But the issue does not seem to be a lack of funds.
DBS Bank head of fixed income Clifford Lee said: 'General bond issuances have been put on hold due to the lack of price transparency in the market, not for a lack of available funds, especially in Asia.'
He added: 'The loan market in Asia is more insulated from the credit market volatility as the banks in Asia are still cash-rich and under-lent in the region.'
Mr Lee also said companies 'are backing off until it becomes clearer where credits will be re-priced to'.
Bankers say the next few weeks will shed more light on the prospects. JPMorgan's Mr Lee said: 'Hopefully, the credit market conditions will stabilise in October and the volumes will make a return.'
------------------------------------------------------------------
STILL FUZZY
'A clearer picture is likely to surface in mid-October when the major international and US banks disclose their sub-prime exposures along with their third-quarter results.'
MR KAN SHIK LUM, DBS head of equity capital markets
You Can Buy A Water Villa From Just $200,000
Source : The New Paper, October 01, 2007
FANCY LIVING ON ARTIFICIAL M'SIAN ISLAND?
ISLANDS are hot. And island homes are hotter.
Just look at the number of people who were attracted to own a place on Sentosa island.
There seems to be a pent-up demand for such homes the world over.
With Dubai's Palm Islands setting the trend in mass marketing of island homes, other countries are catching on.
Almost all the oil-rich countries in the Middle East have some island project going on.
Dubai's Palm Jumeirah development.
One such project is sprouting up in neighbouring Malaysia too.
And not to be left behind, Russia - which has been seeing a big growth in millionaires - is developing a resort island on the Black Sea.
The Malaysian resort island is somewhat similar to the Dubai island and is called Golden Palm Villas. It is just a five-hour drive from Singapore.
A tale of two palms: Artist's impressions of Malaysia's Golden Palm Villas
Piling work has already begun on Golden Palm Villas, which features 366 homes strung out at sea for more than 1km in the shape of a palm tree.
This is part of Phase1 of the RM3billion Sepang GoldCoast tourism project, which covers 1,850ha of sea and shore estates by the Strait of Malacca and 17km along a mangrove river.
Construction is due for completion only in mid-2009, but show units are expected to be ready by the middle of next year.
While the Golden Palm may seem like a copycat of the Palm Jumeirah, not many would complain about the price - a point that Sepang GoldCoast chairman Yanki Regan was happy to stress.
He told reporters in May: 'If you buy a Palms unit in Dubai, you would be paying much more. Our prices start from only RM465,600 ($202,344).'
The 'cheapest' unit at Palm Jumeirah when it was launched in 2002 was $1m. Today, prices have tripled for some homes.
The Russian island is being planned on a massive scale to coincide with the 2014 Winter Olympics.
Patriotic design: The planned Russian island off the coast of the Black Sea will be in the shape of Russia.
Plans have been announced for the construction of a breathtakingly ambitious artificial island off the Black Sea resort city of Sochi.
Seven main islands and several smaller ones will make up 'Federation Island', a miniature archipelago which will be built in the shape of the map of Russia and offer luxury housing, shopping and relaxation for up to 30,000 people.
FANCY LIVING ON ARTIFICIAL M'SIAN ISLAND?
ISLANDS are hot. And island homes are hotter.
Just look at the number of people who were attracted to own a place on Sentosa island.
There seems to be a pent-up demand for such homes the world over.
With Dubai's Palm Islands setting the trend in mass marketing of island homes, other countries are catching on.
Almost all the oil-rich countries in the Middle East have some island project going on.
Dubai's Palm Jumeirah development.
One such project is sprouting up in neighbouring Malaysia too.
And not to be left behind, Russia - which has been seeing a big growth in millionaires - is developing a resort island on the Black Sea.
The Malaysian resort island is somewhat similar to the Dubai island and is called Golden Palm Villas. It is just a five-hour drive from Singapore.
A tale of two palms: Artist's impressions of Malaysia's Golden Palm Villas
Piling work has already begun on Golden Palm Villas, which features 366 homes strung out at sea for more than 1km in the shape of a palm tree.
This is part of Phase1 of the RM3billion Sepang GoldCoast tourism project, which covers 1,850ha of sea and shore estates by the Strait of Malacca and 17km along a mangrove river.
Construction is due for completion only in mid-2009, but show units are expected to be ready by the middle of next year.
While the Golden Palm may seem like a copycat of the Palm Jumeirah, not many would complain about the price - a point that Sepang GoldCoast chairman Yanki Regan was happy to stress.
He told reporters in May: 'If you buy a Palms unit in Dubai, you would be paying much more. Our prices start from only RM465,600 ($202,344).'
The 'cheapest' unit at Palm Jumeirah when it was launched in 2002 was $1m. Today, prices have tripled for some homes.
The Russian island is being planned on a massive scale to coincide with the 2014 Winter Olympics.
Patriotic design: The planned Russian island off the coast of the Black Sea will be in the shape of Russia.
Plans have been announced for the construction of a breathtakingly ambitious artificial island off the Black Sea resort city of Sochi.
Seven main islands and several smaller ones will make up 'Federation Island', a miniature archipelago which will be built in the shape of the map of Russia and offer luxury housing, shopping and relaxation for up to 30,000 people.
Icon To Open Office In S'pore
Source : TODAY, Monday, October 1, 2007
Moshe Safdie aims to hire mid-level and senior architects too
HE HAS worked on projects in Singapore since the 1980s, but it is one of the world's costliest casino-resorts to date — the Marina Bay Sands integrated resort (IR) — that prompted famed architect Moshe Safdie to set up an office here.
"We're responsible for an estimated US$4 billion ($5.9-billion) project and that requires a lot of presence here. The incentive for setting up this office is definitely this project," he told Today in a phone interview last week.
Mr Safdie has some 60 people working on the IR in Boston who communicate through "every technological means available".
"You can't do this long-distance. We're building mark-up samples, meeting with the engineers and Government agencies. You have to do all this on location," said the 69-year-old.
Las Vegas Sands president and chief executive officer William Weidner remarked in August that development costs for the IR could go up by "20 to 40 per cent" of its original US$3.6-billion tab — or by as much as US$1.44 billion.
Moshe Safdie and Associates (MSA) currently has offices in Boston, Jerusalem and Toronto. The new Singapore office will have between 15 and 20 people, Mr Safdie revealed, including "half a dozen" of people who have made the move here from the Boston office.
"Even I have an employment permit," he quipped.
Mr Safdie, who did not reveal the location of his office, said that MSA is currently on the lookout for mid- and senior-level architects with a minimum of eight years' experience.
The company placed a job advertisement in the local papers about two weeks ago, asking for resumes to be sent to an architectural firm based here.
Prior to the Marina Bay Sands, Mr Safdie's local portfolio includes two condominium projects, the Ardmore Habitat and The Edge on Cairnhill, and the Simpang new town.
Asked how his new office would impact the local architectural scene, the Israeli-Canadian — who has a slew of international accolades under his belt — pointed out that Singapore already has "very sophisticated architectural firms".
"We hope that we will be good neighbours," he said.
Welcoming the news of his local practice was Ms Rita Soh, the immediate past president of the Singapore Institute of Architects.
"Moshe has been working with many of us here for many years. We welcome all who do good architecture to participate in the making of Singapore's new skyline."
Moshe Safdie aims to hire mid-level and senior architects too
HE HAS worked on projects in Singapore since the 1980s, but it is one of the world's costliest casino-resorts to date — the Marina Bay Sands integrated resort (IR) — that prompted famed architect Moshe Safdie to set up an office here."We're responsible for an estimated US$4 billion ($5.9-billion) project and that requires a lot of presence here. The incentive for setting up this office is definitely this project," he told Today in a phone interview last week.
Mr Safdie has some 60 people working on the IR in Boston who communicate through "every technological means available".
"You can't do this long-distance. We're building mark-up samples, meeting with the engineers and Government agencies. You have to do all this on location," said the 69-year-old.
Las Vegas Sands president and chief executive officer William Weidner remarked in August that development costs for the IR could go up by "20 to 40 per cent" of its original US$3.6-billion tab — or by as much as US$1.44 billion.
Moshe Safdie and Associates (MSA) currently has offices in Boston, Jerusalem and Toronto. The new Singapore office will have between 15 and 20 people, Mr Safdie revealed, including "half a dozen" of people who have made the move here from the Boston office.
"Even I have an employment permit," he quipped.
Mr Safdie, who did not reveal the location of his office, said that MSA is currently on the lookout for mid- and senior-level architects with a minimum of eight years' experience.
The company placed a job advertisement in the local papers about two weeks ago, asking for resumes to be sent to an architectural firm based here.
Prior to the Marina Bay Sands, Mr Safdie's local portfolio includes two condominium projects, the Ardmore Habitat and The Edge on Cairnhill, and the Simpang new town.
Asked how his new office would impact the local architectural scene, the Israeli-Canadian — who has a slew of international accolades under his belt — pointed out that Singapore already has "very sophisticated architectural firms".
"We hope that we will be good neighbours," he said.
Welcoming the news of his local practice was Ms Rita Soh, the immediate past president of the Singapore Institute of Architects.
"Moshe has been working with many of us here for many years. We welcome all who do good architecture to participate in the making of Singapore's new skyline."
Makeover In The Heartlands
Source : TODAY, Monday, October 1, 2007
Healthcare hub in the making, Yishun may get hotels and university too
Yishun estate is set for a major makeover, with plans over the next few years to turn its town centre into the hub of the north.
The Government is eyeing a 10-hectare plot of State land bordering Yishun Central and Yishun Central 1 to house a new hospital and a slew of specialised medical centres, or alternatively a campus for a foreign university.
In sketching his vision to revitalise the middle aged housing estate, Health Minister Khaw Boon Wan, who is also an MP for Sembawang GRC, said that as the population in the north grows, so will their healthcare demands.
"Eventually when the north's population grows, the healthcare needs will expand. The possibility of a cluster is highly feasible. Let's reserve the land to form a land bank, so that when market needs are expressed, we have the land to support it," he said at the launch of the Housing and Development Board's (HDB) "Remaking Our Heartland" exhibition at Yishun Town.
Apart from a polyclinic that is in operation, the estate is looking forward to a 550-bed Khoo Teck Puat Hospital — scheduled to be ready in 2010 — and a future community hospital.
The late Mr Khoo Teck Puat was a banker and a philanthropist.
Mr Khaw, said land that has been set aside could be used for a medical cluster around the new Khoo Teck Puat Hospital, complete with specialty centres and even possibly hotels.
"Because if the foreign patients come all the way to the north and the hotels are in the Orchard Road area, it is quite far away. So, I won't write off ideas like this," said Mr Khaw.
This vision is made more real now, he said, considering that healthcare clusters exist in other areas — Singapore General Hospital at Outram, the National University Hospital of Singapore along the Ayer Rajah Expressway and Tan Tock Seng Hospital at Novena.
"The key point is the economy. If the economy continues to be robust and we attract more foreign patients along the way, then I think a facility like that will be useful," said the minister.
Meanwhile, in spite of rising construction costs, Mr Khaw said that the Khoo Teck Puat Hospital, which could cost up to 20 per cent more than expected, will still be built as planned, but the Government will take its time to build the hospital in Jurong.
Explaining his rationale, he said there was no point heading into the current construction frenzy when the tender price would be too high, otherwise, "the high cost will eventually be borne by everybody, by society, by Government and by patients".
Meanwhile, a survey by the HDB showed 58 per cent of people are keen to have the shopping complex in Yishun while 43 per cent want pedestrian walkways upgraded.
But this survey is still ongoing.
In contrast, the "Remaking Our Heartland" survey showed a 97-per cent support for the Punggol plans.
The two estates were singled out by Prime Minister Lee Hsien Loong in his National Day Rally speech last month.
Healthcare hub in the making, Yishun may get hotels and university too
Yishun estate is set for a major makeover, with plans over the next few years to turn its town centre into the hub of the north.
The Government is eyeing a 10-hectare plot of State land bordering Yishun Central and Yishun Central 1 to house a new hospital and a slew of specialised medical centres, or alternatively a campus for a foreign university.
In sketching his vision to revitalise the middle aged housing estate, Health Minister Khaw Boon Wan, who is also an MP for Sembawang GRC, said that as the population in the north grows, so will their healthcare demands.
"Eventually when the north's population grows, the healthcare needs will expand. The possibility of a cluster is highly feasible. Let's reserve the land to form a land bank, so that when market needs are expressed, we have the land to support it," he said at the launch of the Housing and Development Board's (HDB) "Remaking Our Heartland" exhibition at Yishun Town.
Apart from a polyclinic that is in operation, the estate is looking forward to a 550-bed Khoo Teck Puat Hospital — scheduled to be ready in 2010 — and a future community hospital.
The late Mr Khoo Teck Puat was a banker and a philanthropist.
Mr Khaw, said land that has been set aside could be used for a medical cluster around the new Khoo Teck Puat Hospital, complete with specialty centres and even possibly hotels.
"Because if the foreign patients come all the way to the north and the hotels are in the Orchard Road area, it is quite far away. So, I won't write off ideas like this," said Mr Khaw.
This vision is made more real now, he said, considering that healthcare clusters exist in other areas — Singapore General Hospital at Outram, the National University Hospital of Singapore along the Ayer Rajah Expressway and Tan Tock Seng Hospital at Novena.
"The key point is the economy. If the economy continues to be robust and we attract more foreign patients along the way, then I think a facility like that will be useful," said the minister.
Meanwhile, in spite of rising construction costs, Mr Khaw said that the Khoo Teck Puat Hospital, which could cost up to 20 per cent more than expected, will still be built as planned, but the Government will take its time to build the hospital in Jurong.
Explaining his rationale, he said there was no point heading into the current construction frenzy when the tender price would be too high, otherwise, "the high cost will eventually be borne by everybody, by society, by Government and by patients".
Meanwhile, a survey by the HDB showed 58 per cent of people are keen to have the shopping complex in Yishun while 43 per cent want pedestrian walkways upgraded.
But this survey is still ongoing.
In contrast, the "Remaking Our Heartland" survey showed a 97-per cent support for the Punggol plans.
The two estates were singled out by Prime Minister Lee Hsien Loong in his National Day Rally speech last month.
Cabby, Take Me To 'Coo-Tee-The-Zoo' Condo! (It's French lah)
Source : The Straits Times, Sep 30, 2007
Foreign condo names trip up local tongues but add a veneer of 'class'
BUSINESSMAN Kelvin Ong has lived at the Cote D'Azur condominium in Marine Parade for five years and he still does not know how to pronounce its name.
Like many of his neighbours, Mr Ong, 42, tells taxi drivers to head for 'the condominium beside Parkway Parade'.
'It's a French name. Not everyone knows how to say it,' said Mr Ong a little sheepishly. When prompted, he called it 'coat-dee-ah-zoo'. It was incorrect. But Mr Ong is not the only one getting it wrong. Others have called it 'coo-tee-the-zoo'. The condominium's moniker, taken from a popular seaside resort in France, should be pronounced 'coat-dar-zur'.
When it comes to naming condominiums, developers these days seem to prefer foreign or fanciful names such as the Soleil@Sinaran in Novena and THR3E THRE3 Robin.
The Sunday Times tested 10 foreign-sounding condominium names on 100 people and found that the majority failed the pronunciation test. Their tongues tripped over names such as Cote D'Azur and Levelz in Farrer Road. Only 33 could pronounce at least half the names on the list.
After mispronouncing Cote D'Azur, retiree Henry Ang, 67, said: 'One of the big bosses at the developers probably went on holiday there and came back thinking it is such a great name.'
Graduate student Joanne Tan, 25, who got six out of the 10 names right, said: 'What's the point of having a fancy name if no one can say it properly? Developers need to cater to the Singaporean tongue when choosing names.'
Housewife Pauline Toh, 48, who lives at The Shaughnessy in Yishun, admitted that her friends think the name of her condominium is ridiculous. 'To make it easy for them to remember, I tell them it's like the cognac Hennessy, you know?'
Cabbies interviewed were especially exasperated with fancy condominium names which are hard to pronounce. Mr Goh Kim Teck, 60, who has been driving for 30 years, said: 'I'm Chinese-educated so it's hard for me to catch funny-sounding condo names.'
When cabbies cannot make out the condominium name, they ask passengers for the road name or a nearby landmark.
Although Street and Building Names Board guidelines advise against choosing names which are difficult to pronounce or associated with famous places, developers have a relatively free hand in naming their condominiums.
Frasers Centrepoint Homes, which developed Cote D'Azur and Soleil@Sinaran, said Singaporean home buyers are more well-travelled and informed. A spokesman said: 'We believe that these Singaporeans...will certainly favour names that are associated with desirable attributes. After all, names do connote and represent a certain identity and personality.' 'Soleil', for example, is the French word for sun.
Keppel Land said it chose the name The Elysia because its root word, 'Elysium', means bliss and tranquillity in Latin.
Architect Lim Kheng Chye, who sits on the Street and Building Names Board, said Singaporeans tend to think that foreign is always better. 'It has all got to do with marketing the property. If you're a buyer, would you buy a condo named Ah Huat or one called Martin Luther?'
Sociologist and Associate Professor at the National University of Singapore Paulin Straughan said a name 'can convey many things, be it class, prestige or social status'.
'Developers hope to convey the message that their condominiums are a cut above the rest and to tie the public to mental images of scenic views, lush gardens and cultural icons through that one name,' she said.
Mr Ong, who lives at Cote D'Azur condo, agrees. Even though he cannot pronounce the name of his condominium correctly, he thinks that the name 'makes my condo sound more high class than others with normal English names'.
'There's no way I'd trade the name for a simpler one,' he said.
Foreign condo names trip up local tongues but add a veneer of 'class'
BUSINESSMAN Kelvin Ong has lived at the Cote D'Azur condominium in Marine Parade for five years and he still does not know how to pronounce its name.Like many of his neighbours, Mr Ong, 42, tells taxi drivers to head for 'the condominium beside Parkway Parade'.
'It's a French name. Not everyone knows how to say it,' said Mr Ong a little sheepishly. When prompted, he called it 'coat-dee-ah-zoo'. It was incorrect. But Mr Ong is not the only one getting it wrong. Others have called it 'coo-tee-the-zoo'. The condominium's moniker, taken from a popular seaside resort in France, should be pronounced 'coat-dar-zur'.
When it comes to naming condominiums, developers these days seem to prefer foreign or fanciful names such as the Soleil@Sinaran in Novena and THR3E THRE3 Robin.
The Sunday Times tested 10 foreign-sounding condominium names on 100 people and found that the majority failed the pronunciation test. Their tongues tripped over names such as Cote D'Azur and Levelz in Farrer Road. Only 33 could pronounce at least half the names on the list.
After mispronouncing Cote D'Azur, retiree Henry Ang, 67, said: 'One of the big bosses at the developers probably went on holiday there and came back thinking it is such a great name.'
Graduate student Joanne Tan, 25, who got six out of the 10 names right, said: 'What's the point of having a fancy name if no one can say it properly? Developers need to cater to the Singaporean tongue when choosing names.'
Housewife Pauline Toh, 48, who lives at The Shaughnessy in Yishun, admitted that her friends think the name of her condominium is ridiculous. 'To make it easy for them to remember, I tell them it's like the cognac Hennessy, you know?'
Cabbies interviewed were especially exasperated with fancy condominium names which are hard to pronounce. Mr Goh Kim Teck, 60, who has been driving for 30 years, said: 'I'm Chinese-educated so it's hard for me to catch funny-sounding condo names.'
When cabbies cannot make out the condominium name, they ask passengers for the road name or a nearby landmark.
Although Street and Building Names Board guidelines advise against choosing names which are difficult to pronounce or associated with famous places, developers have a relatively free hand in naming their condominiums.
Frasers Centrepoint Homes, which developed Cote D'Azur and Soleil@Sinaran, said Singaporean home buyers are more well-travelled and informed. A spokesman said: 'We believe that these Singaporeans...will certainly favour names that are associated with desirable attributes. After all, names do connote and represent a certain identity and personality.' 'Soleil', for example, is the French word for sun.
Keppel Land said it chose the name The Elysia because its root word, 'Elysium', means bliss and tranquillity in Latin.
Architect Lim Kheng Chye, who sits on the Street and Building Names Board, said Singaporeans tend to think that foreign is always better. 'It has all got to do with marketing the property. If you're a buyer, would you buy a condo named Ah Huat or one called Martin Luther?'
Sociologist and Associate Professor at the National University of Singapore Paulin Straughan said a name 'can convey many things, be it class, prestige or social status'.
'Developers hope to convey the message that their condominiums are a cut above the rest and to tie the public to mental images of scenic views, lush gardens and cultural icons through that one name,' she said.
Mr Ong, who lives at Cote D'Azur condo, agrees. Even though he cannot pronounce the name of his condominium correctly, he thinks that the name 'makes my condo sound more high class than others with normal English names'.
'There's no way I'd trade the name for a simpler one,' he said.
Living It Up On The Waterfront
Source : The Straits Times, Sep 30, 2007
THE ONE Degree 15 Marina Club in Sentosa, a marina and luxury lifestyle club, celebrated its grand opening yesterday with the inaugural Festival La Mer, a two-day European showcase of luxury waterfront living.
The development spans 142,000 sq m and will have a total of 270 berths, including 13 purpose-built Mediterranean mooring berths for mega-yachts, by next year. The club has close to 3,000 members so far.
Mr Lim Hng Kiang, Minister for Trade and Industry, was the guest of honour at the club's opening ceremony. He unveiled a sculpture, The Armillary, fabricated by artist David Harber.
THE ONE Degree 15 Marina Club in Sentosa, a marina and luxury lifestyle club, celebrated its grand opening yesterday with the inaugural Festival La Mer, a two-day European showcase of luxury waterfront living.The development spans 142,000 sq m and will have a total of 270 berths, including 13 purpose-built Mediterranean mooring berths for mega-yachts, by next year. The club has close to 3,000 members so far.
Mr Lim Hng Kiang, Minister for Trade and Industry, was the guest of honour at the club's opening ceremony. He unveiled a sculpture, The Armillary, fabricated by artist David Harber.
Home Loan Growth Hits 29-Month High
Source : The Straits Times, Oct 1, 2007
HOME loans shot up at the fastest pace in over two years as en bloc sellers bought existing properties and foreigners opted to buy instead of rent.
Home loans in August expanded 2.6 per cent compared to the previous month, and grew 10.7 per cent from the same period a year ago, according to monthly data released by the Monetary Authority of Singapore (MAS).
The 10.7 per cent rate is the fastest in 29 months. This is the first time in over two years that it has entered double-digit territory. July's growth figure was 8.1 per cent.
Bankers noted that one big factor driving mortgage growth was the growing number of borrowers who, having cashed in on en bloc deals, snapped up replacement properties, especially on the outskirts of the central part of Singapore.
One local banker noted that the average size of mortgages taken out in August dipped, possibly because some borrowers flush with cash from en bloc sales were taking out smaller loans or had downgraded to smaller homes.
Another group of borrowers were foreigners who had previously leased properties but were now opting to buy their own homes, given how high rentals have climbed.
Foreigners 'are still interested in buying properties in district 9, 10, 11 and the central area', said Standard Chartered Singapore general manager for mortgage and auto loans Elaine Heng.
But some, such as Chinese and Indian nationals, have shown more interest in district 15 (Katong, Joo Chiat and Amber Road area), as well as other areas on the outskirts of the city, she added.
The amount of home loans held by banks grew by $1.77 billion in August, making up a total of $69.1 billion of mortgages on their books.
Total lending for August grew 10.8 per cent compared to a year ago, as stronger mortgage and credit card growth offset a decline in building and construction loans.
Analysts expect home loans growth to pick up further in the third quarter of this year and beyond. They point to more home buyers on deferred payment schemes taking up loans, as the date of completion of their developments draws near.
But bankers say that the robust home loans growth is currently driven more by secondary market sales of existing properties, which make up about 60 per cent of total transactions.
Stanchart's Ms Heng said monthly home loans growth could continue at this 10 per cent rate in coming months provided market sentiment remains positive.
But some investors and potential home buyers may adopt a 'wait-and-see attitude' from how the United States sub-prime mortgage crisis pans out, she added.
HOME loans shot up at the fastest pace in over two years as en bloc sellers bought existing properties and foreigners opted to buy instead of rent.
Home loans in August expanded 2.6 per cent compared to the previous month, and grew 10.7 per cent from the same period a year ago, according to monthly data released by the Monetary Authority of Singapore (MAS).
The 10.7 per cent rate is the fastest in 29 months. This is the first time in over two years that it has entered double-digit territory. July's growth figure was 8.1 per cent.
Bankers noted that one big factor driving mortgage growth was the growing number of borrowers who, having cashed in on en bloc deals, snapped up replacement properties, especially on the outskirts of the central part of Singapore.
One local banker noted that the average size of mortgages taken out in August dipped, possibly because some borrowers flush with cash from en bloc sales were taking out smaller loans or had downgraded to smaller homes.
Another group of borrowers were foreigners who had previously leased properties but were now opting to buy their own homes, given how high rentals have climbed.
Foreigners 'are still interested in buying properties in district 9, 10, 11 and the central area', said Standard Chartered Singapore general manager for mortgage and auto loans Elaine Heng.
But some, such as Chinese and Indian nationals, have shown more interest in district 15 (Katong, Joo Chiat and Amber Road area), as well as other areas on the outskirts of the city, she added.
The amount of home loans held by banks grew by $1.77 billion in August, making up a total of $69.1 billion of mortgages on their books.
Total lending for August grew 10.8 per cent compared to a year ago, as stronger mortgage and credit card growth offset a decline in building and construction loans.
Analysts expect home loans growth to pick up further in the third quarter of this year and beyond. They point to more home buyers on deferred payment schemes taking up loans, as the date of completion of their developments draws near.
But bankers say that the robust home loans growth is currently driven more by secondary market sales of existing properties, which make up about 60 per cent of total transactions.
Stanchart's Ms Heng said monthly home loans growth could continue at this 10 per cent rate in coming months provided market sentiment remains positive.
But some investors and potential home buyers may adopt a 'wait-and-see attitude' from how the United States sub-prime mortgage crisis pans out, she added.
En Bloc Sellers, Foreigners Drive Up Home Loans
Source : The Straits Times, Spet 30, 2007
HOME loans shot up in August at the fastest pace in over two years as more en bloc sellers bought existing properties and foreigners opted to buy instead of rent.
Home loans in August expanded 2.6 per cent compared to the previous month, and grew 10.7 per cent from the same period a year ago.
The 10.7 per cent rate is the fastest in 29 months. This is the first time in over two years that it has entered double-digit territory. July's growth figure was 8.1 per cent.
Bankers noted that one big factor driving mortgage growth was the growing number of borrowers, who having cashed in on en bloc deals, snapped up replacement properties, especially in the outskirts of the central part of Singapore.
This group of buyers signed for existing properties in April or May, then took up loans later in August.
One local banker noted that the average size of mortgages taken out in August dipped, possibly because some borrowers flush with cash from en bloc sales were taking out smaller loans or had downgraded to smaller homes.
Another group of borrowers were foreigners who had previously leased properties but were now opting to buy their own homes, given how high rentals have climbed.
Home loans, which make up about a third of banks' Singapore loans portfolio, also helped to power total bank lending to yet another month of double-digit growth.
Total lending for August reached 10.8 per cent compared to a year ago, as stronger mortgage and credit card growth offset a decline in building and construction loans.
Read the full report in Monday's edition of The Straits Times
HOME loans shot up in August at the fastest pace in over two years as more en bloc sellers bought existing properties and foreigners opted to buy instead of rent.
Home loans in August expanded 2.6 per cent compared to the previous month, and grew 10.7 per cent from the same period a year ago.
The 10.7 per cent rate is the fastest in 29 months. This is the first time in over two years that it has entered double-digit territory. July's growth figure was 8.1 per cent.
Bankers noted that one big factor driving mortgage growth was the growing number of borrowers, who having cashed in on en bloc deals, snapped up replacement properties, especially in the outskirts of the central part of Singapore.
This group of buyers signed for existing properties in April or May, then took up loans later in August.
One local banker noted that the average size of mortgages taken out in August dipped, possibly because some borrowers flush with cash from en bloc sales were taking out smaller loans or had downgraded to smaller homes.
Another group of borrowers were foreigners who had previously leased properties but were now opting to buy their own homes, given how high rentals have climbed.
Home loans, which make up about a third of banks' Singapore loans portfolio, also helped to power total bank lending to yet another month of double-digit growth.
Total lending for August reached 10.8 per cent compared to a year ago, as stronger mortgage and credit card growth offset a decline in building and construction loans.
Read the full report in Monday's edition of The Straits Times