Saturday, January 17, 2009

Citi Economist Expects Modest Recovery In 2010

Source : The Business Times, January 16, 2009

Risk of temporary deflation real, but might help restore price competitiveness

RECOVERY from this recession should come in 2010, but will likely be gradual, Citi economist Kit Wei Zheng said at a Citigroup seminar yesterday.

This year, Mr Kit expects the economy to shrink 2.8%, with a record contraction this quarter of 6 to 8%, and two more contracting quarters before a gradual expansion in Q4.

Unlike a few other private sector economists' predictions of a V-shaped rebound for the Singapore economy, Mr Kit expects real GDP growth in 2010 to be a modest 3.8 per cent.

This is smaller than BNP Paribas' expectation of a 4.4 per cent growth, and HSBC economist Robert Prior-Wandesforde's even more optimistic prediction of 5.5 per cent growth next year.

But Deutsche Bank's estimation of 2.5 per cent growth for Singapore's economy next year falls below Citi's predicted tepid recovery.

This year, Mr Kit expects the economy to shrink 2.8 per cent, with a record contraction this quarter of 6 to 8 per cent, and two more quarters of contraction before it reverts to a gradual expansion in Q4.

OCBC, BNP Paribas and HSBC all share Citi's forecast of a 2.8 per cent contraction in 2009, while Deutsche Bank suggests a more bearish 4.5 per cent contraction.

The official forecast ranges from a 2 per cent contraction to one per cent growth.

Economists have pointed to deflation as an emerging threat this year.

Says Mr Kit: 'The risk of temporary deflation in 2009 cannot be ruled out, depending on the duration and depth of the recession.'

However, he added that 'this may not be such a bad thing if it restores price competitiveness', given that Singapore's domestic inflation outpaced foreign inflation last year, eroding cost competitiveness.

Citi still expects a $4 billion Budget deficit to be announced on Jan 22, and a possible total fiscal stimulus of up to $18-24 billion (8 to 9 per cent of GDP) this year, if off-Budget measures are included.

Mr Kit felt that market expectations regarding the Budget 'may be overly aggressive' and may lead to disappointment.

He said that the government needs to run a balanced Budget over the electoral cycle and could choose to 'save its fiscal bullets for election' or for 'incremental fiscal easing' later in the year.

Looking beyond the near term, Mr Kit pointed to possible 'post-crisis' structural challenges that Singapore's economy will have to face, earlier highlighted in a Citi report in December.

Deeper issues such as the 'disappearance of demand' due to export reliance on a crisis-hit US, Europe and Japan, competitive pressures on tech exports, and a widening income gap may be brought to the fore during this recession, he said.

Owner Told To Pay $382k Agent's Fee

Source : The Straits Times, Jan 16, 2009

She withheld payment as she blamed agent for not telling her that buyer was neighbour

A JUDGE has ordered the owner of a $25.5 million house to pay the commission that she had withheld from an property agent for alleged wrongful conduct.

Madam Lam Cheng Yee, who owned the unit at 32H Nassim Road, had claimed she was entitled to cancel the payment to Ms Cindy Wong of Areco International who had clinched the sale. At 1.5 per cent commission for the sale, the amount came to $382,500.

Madam Lam's house at 32H Nassim Road was bought by Mr Chew Hua Seng, her neighbour at 32K, for $25.5 million. -- ST PHOTO: TERENCE TAN

She argued that she lost the opportunity to get a better price because it later emerged that the buyer was a neighbour after the sale went through.

The agent, she said, had told her that the buyer, who remained anonymous during the transaction, wanted the house because of its feng shui.

She claimed that Ms Wong had been deceitful as the buyer's address on the option document was listed as an office in Temasek Boulevard, rather than 32K Nassim Road.

The buyer was Mr Chew Hua Seng, founder and chairman of Raffles Education Corporation. He was ranked No. 10 in the Forbes list of Singapore's top 40 richest persons in 2007.

Madam Lam's bungalow on the 1,250 sq m piece of land adjoins his unit at the rear with a narrow passageway leading to the main road. Seen from Nassim Road, both units are separated by another unit, 32G.

Madam Lam's husband, Mr Thio Keng Thay, a former deputy managing director of Malaysia Dairy Industries, handled the sale on her behalf.

Mr Thio had testified in his affidavit for the civil suit heard last July that an adjacent property would 'command a substantial premium over the market value'. He added he would not have sold the bungalow for $25.5 million if Ms Wong had told him the buyer was a neighbour.

Ruling against Madam Lam, Justice Kan Ting Chiu said in his written judgment made public on Wednesday that her allegation that she had been misled by Ms Wong could not be supported.

The judge said, among other things, that 'good feng shui' could not be the reason Madam Lam was willing to sell the house.

Mr Thio also did not say he wanted the buyer's residential address to be disclosed as a condition of sale and had in fact set the asking price of $25.5 million. Nor did he ask Ms Wong if it was a good selling price or if there were other factors he should consider in setting the price.

Even if he had sought advice from Ms Wong, the issue would then be whether an agent is expected to know that a property can command a higher price from the owner of an adjoining property.

Ms Wong, Justice Kan noted, was not engaged as a valuer and did not hold herself out to be know- ledgeable in property valuation.

Separately, the judge took issue with Madam Lam's lawyer Lin Ming Khin for following her instructions to revoke the commission payable to Ms Wong 'without demurral'.

He asked if this was appropriate as the agent's entitlement would be in jeopardy if the seller happened to be outside the jurisdiction of the Singapore courts or is unable to pay the commission by the time the court rules in the agent's favour.

'Prudent solicitors in such a situation', he said, would have taken steps to retain the commission pending the outcome of the dispute.

Property analysts say that generally, an adjoining property will command a premium as such opportunities are rare. Said Savills Singapore director Steven Ming: 'It makes sense to pay a higher price as when the buyer combines the cost with what was paid years ago for the property he currently owns, the cost per sq m would have averaged out to a lower level for the total lot.'

Private Home Launches At Record Low

Source : TODAY, Friday, January 16, 2009

THE grey clouds hovering over the private property market here have gotten even darker.

Islandwide launches of new private homes last month slumped to a record low since the Urban Redevelopment Authority (URA) started releasing the monthly data in June 2007. Developers placed just 157 units for sale last month, down nearly60 per cent from November. And out of these, they managed to sell 131 units.

“Looking at the numbers for the period from October to December, they have been quite consistently low,” said Mr Donald Han, managing director of Cushman and Wakefield. “It is reflective of a subdued market suffering from the cold winds of the financial market.”

For the whole of last year, 4,370 private homes were sold, less than a third of 2007’s 14,811 units.

Mr Colin Tan, research director from Chesterton Suntec International, said: “It tells you one thing, the market is unhealthy. While it is easy to blame the festive period for a dip in sales, it is so low that there is nothing normal about it. Sales of new units have been so low for the past three months that you cannot even excuse it as a blip.”

Based on the latest URA data, it is evident that some developers have been reducing prices to lure buyers.

A total of eight units of the luxurious Ritz Carlton Residences, located at Cairnhill Road, were sold at a median price of $3,086 per square foot. This represents a 40-per-cent discount from the median selling price of three units at $5,088 psf in Dec 2007.

Mr Tan said: “Prices will be coming down, but how it unfolds could be decided by the banks.” He warned that if unemployment rises, more homes might be seized by banks to be sold off to recoup losses, putting more downward pressure on prices.

Private Home Launches In Dec 2008 At Record Low

Source : Channel NewsAsia, 15 January 2009

Islandwide launches of new private homes in December 2008 slumped to a record low since the Urban Redevelopment Authority (URA) started releasing the monthly figures in June 2007.

Developers placed just 157 units for sale last month, down by 59 per cent from November.

Analysts said there has been softening demand for homes. But the low launch volume could also be due to seasonal adjustment and developers holding out for the government's Budget announcement next Thursday.

Analysts, however, said that not all developers can afford to delay projects.

Donald Han, managing director, Cushman & Wakefield, said: "Smaller developers may decide to sell in order to move assets and move their inventory. So, price cutting may happen at a strategic level for smaller developments... and also the secondary markets where there will be fiercer price cuts."

Overall, market watchers said they expect property prices to erode by another 5 to 7 per cent in the first quarter this year.

They said prices in the luxury home segment could see a 25 per cent drop, while suburban and mid-tier properties may be 10 to 20 per cent cheaper over the next 12 months.

December sales volume also fell, dropping 32 per cent on-month to 131 units, as home buyers continued to be cautious.

Analysts said that even the fairly resilient mass market segment is starting to feel the strain of the economic downturn. However, data also showed that home hunters are still in the market for good buys.

Dr Chua Yang Liang, head of research & consultancy at Jones Lang LaSalle, said: "The Ritz Carlton Residences, back in December 2007, some 3 transactions were reported at a median price of some S$5,000 per square foot. Now, some 8 transactions were reported by the developer at a median price of some S$3,000 per square foot."

Projects in prime areas like Newton Edge also saw good take-up, with 40 units sold in December at an average price of S$1,200 per square foot. Analysts said this translates to less than S$1 million for a unit, which is the threshold for most buyers in the current market.

For the whole of 2008, developers sold an estimated total of 4,287 units, 71 per cent shy of the 14,811 new units sold in 2007, bringing developers' sales volume to a nine-year low.

Industry players expect the property market to remain quiet over the next six months until there is a clearer indication of where the economy is heading.

They hope the Budget statement, to be announced next Thursday, will provide measures to support companies and save jobs, which will have an impact on the property market.

The items on their wish-list include vouchers to boost domestic spending and tax cuts to lower business costs. - CNA/ir

Conned Into Renting Same House

Source : The Straits Times, Jan 16, 2009

Malaysian couple shell out $4,300

Japanese expat coughs up $6,000

Conman duped would-be tenants and agents by posing as property's manager

A MALAYSIAN couple and a Japanese expatriate have fallen prey to a rental scam run by a conman who took $10,300 from them - then went into hiding.

Neither party realised they had paid him to lease the same terrace house in Serangoon Gardens. But in a twist of fate, they ran into each another there - and discovered his scam.

The man who allegedly made off with their money - his full name is Axley Alexander Ryan Shah and he calls himself Ryan - had no legal link to the property. He pretended to be the property's manager. It is not clear how he obtained the house keys.

The couple, who are permanent residents, and the Japanese woman have filed separate police reports. A police spokesman said on Monday that two reports of cheating are being investigated.

The property agency involved, ERA, said it is probing the case. Two of its agents were apparently duped by Ryan.

ERA Asia-Pacific associate director Eugene Lim said such scams surface occasionally and often involve a conman fraudulently renting out someone else's home.

'We train our agents to do due diligence to ascertain the property's ownership,' he said. 'If they are dealing with a representative, they need to verify his identity and make sure he has the authority to act on behalf of the owner.'

In this case, the agents believed Ryan when he said he was the property manager and when he signed off as property manager-cum-landlord - even though they had run an ownership search that showed he was not one of the owners.

The couple - Ms Elena Fernandez, 35, and her husband, who have lived in Singapore for two years - paid cash to lease the house last November after responding to an online advertisement by an ERA agent.

At the house, they were met by two ERA agents and Ryan, who had asked one of the agents for tenant referrals. He said he represented Sisedel, a firm that owns 11 properties in Singapore, including - he claimed - the house in question.

He asked for $2,500 a month but Ms Fernandez, a part-time announcer at Gold 90FM, bargained it down to $2,150.

She said: 'We were a bit surprised as the house was in good condition even though it was old. Other houses nearby were going for $2,400 or $2,500.'

Ryan signed off on the tenancy agreement representing Sisedel and collected a two-month deposit of $4,300 in cash - witnessed by the two agents.

Later, he gave them the key. At the house, they were shocked to find sealed boxes in a bedroom and leftover food in the fridge. Ryan did not turn up.

Then a cab pulled up and the Japanese woman, who declined to be named in this article, told them to their dismay that she had paid to rent the house from Feb 1.

The woman, who had recently arrived in Singapore, told The Straits Times: 'After Christmas, Ryan SMSed me to tell me he could not rent out the house because his agent had found someone else. He said he would refund the deposit, but after that, we could not contact him.'

She had paid him $6,000 - two months' deposit and advance rent. She went to the house to try to find him.

Ms Fernandez still has the key to the house. She said Ryan had sent her an SMS before disappearing, to apologise, saying greed had got the better of him.

The agents have since found her another place and paid the deposit for it.

The owners of 19 Coniston Grove are listed as Madam Tham Shook Han and Mr Lam Kah Han, according to data from the Inland Revenue Authority of Singapore. They could not be reached for comment.

A company search showed that Sisedel was set up in April last year. Its shareholders and directors are Axley Alexander Ryan Shah and Tan Soon Kiat.

There is no official data on rental scams. At the Consumers Association of Singapore, the number of cases it handles involving rental disputes, including ones that involve misleading claims or misrepresentation, has grown, rising to 231 last year, from 177 in 2007 and 123 in 2006, said executive director Seah Seng Choon.

Developer Sales Plumb New Depths

Source : The Business Times, January 16, 2009

Home sales hit record lows in 2008 but new launches are on the cards

The year gone by was one to forget for developers as they managed to sell just 4,351 homes in 2008, representing the lowest figure in at least 10 years - diving beyond the previous troughs of 5,156 and 5,520 units in 2003 and 1998 respectively.

The sales in 2008 were also significantly lower than the annual 10-year average (1998-2007) of 8,200 units.

Developer sales fizzled out in the last month of 2008, registering just 131 transactions - less than five a day.

The number of projects with licences for sale in December has, however, risen to 8,350 units, up from 6,512 units in the previous month.

Only 157 new homes were launched in December, the lowest figure since developer data was made available in mid-2007. CBRE Research executive director Li Hiaw Ho said: 'This shows that developers kept their launch activity to a minimum as they monitored the market.'

But not all developers held back.

Macly Capital sold 43 units of the 104-unit Newton Edge on Makeway Avenue at the median price of $1,200 psf. Mr Li said the strength of the project lay in the affordable quantum of $500,000 to $900,000 for a majority of the units due to their small sizes ranging from 440-915 sq ft.

Pricing is likely to have been a factor also. An earlier report by UBS noted that Newton Edge was priced lower than VIVA at Suffolk Walk nearby, where 15 units were sold in Q3 2008 for around $1,550 psf.

Hayden Properties' The Ritz-Carlton Residences in Cairnhill also chalked up healthy sales at what appeared to be discounted prices. Eight units were sold at a median price of $3,086 psf.

Hayden Properties director (sales and marketing) David Neubronner revealed that the buyers comprise project shareholders and directors, with just one third-party transaction.

'The purchase prices by the related parties are preferential rates, and the purchase price paid by the third party reflects current market pricing,' he said.

Mr Neubronner added that the unit purchased by the third party is located on a lower floor and was priced at $3,700 psf, which is only an 8 per cent decrease from the initial launch price of $4,000 psf.

Colliers International director for research and advisory Tay Huey Ying noted that mid-tier projects in the Rest of Central Region (RCR) dominated launches in December, accounting for 72 per cent of the units launched during the month. 'This, following the domination of high-end projects in recent months, could be an indication of the weakening holding power among small and mid- tier developers,' she added.

RCR projects that sold in the month include 10 units at Nova 88 at a median price of $988 psf and nine units of The Aristo @ Amber at a median price of $1,002 psf.

'This decline in demand has led to the contraction in the islandwide URA property price index (PPI) of some 5.6 per cent as the market attempts to generate more activity through price reductions,' said Jones Lang LaSalle local director and head of research (South East Asia) Chua Yang Liang. 'Historically, take-up has been leading the PPI. On the back of this contraction in take-up in Q4'08, we can expect the PPI to contract further, possibly by another 5-7 per cent in Q1'09,' he said.

Nevertheless, some developers have been continuing to prepare developments for launch.

UOL is expected to launch a 646-unit development at Simei Street 4 billed as a luxury condominium for upgraders in the first half of 2009.

Frasers Centrepoint is also preparing to launch a development on Boon Lay Way. A spokesman said: 'Caspian, our 712-unit development on Boon Lay Way, is launch-ready. At this point, we are still finalising several details, with regard to the actual launch period, pricing, etc, and will announce them once we are ready.'

It is also understood that Far East Organization is preparing to launch a development in Choa Chu Kang this year.

Notably, all developments are in the Outside Central Region where property prices are not expected to fall as significantly as in the mid-tier and high-end segments.

Property Transactions With Contract Dates Between Dec 22nd, 2008 - Jan 2nd, 2009

Moscow Property Prices Down Despite Mayor's Denial

Source : The Business Times, January 15, 2009

(MOSCOW) Property prices in Russia's previously booming capital are steadily falling even as city authorities tick off local media for predicting a price collapse, newspapers reported yesterday.

In the doldrums: According to some estimates, 25 per cent of office space in Moscow is currently vacant

Newspapers said that city mayor Yury Luzhkov had given a news conference dismissing talk of a 50 per cent drop in residential property prices and advice by analysts that buyers should hold onto their money and wait for better deals.

Such views were misplaced given a housing shortage and continued migration to the capital from other parts of Russia, and could spell a 'collapse in the city's entire building system', he said.

Mr Luzhkov's wife, Yelena Baturina, is a leading property developer and has been ranked by Forbes as Russia's richest woman, with a net worth of US$4.2 billion.

But the daily Izvestia newspaper pointed to prestige projects such as the Federation Tower, due to become Europe's tallest building, and said that evidence of sharp falls in commercial property prices was incontrovertible.

Office space in the tower is now being offered at US$1,300 per square metre compared to US$2,000-2,500 in the third quarter of last year, reflecting falling prices across the city, Izvestia said.

'According to real estate experts, 25 per cent of office space in Moscow is currently vacant,' said Izvestia.

'This is due to the opening of a large amount of new office space built in recent years and an increase in space for rent as many companies are unable to pay their rents and are looking for cheaper options, even outside the city,' the paper added.

Vedomosti quoted the head of consultancy Finekspertiz Konsalting as predicting that residential prices in rubles would hold steady or even rise due to progressive devaluation of the ruble, while in dollars, prices could fall by 10-20 per cent by the middle of the year.

The business daily quoted state bank Sberbank as predicting that dollar prices on the primary market in Moscow would fall by 47-60 per cent by the end of next year and in rubles by 34-38 per cent. -- AFP

UAE's Loan Quality To Worsen: Moody's

Source : The Business Times, January 15, 2009

(DUBAI) United Arab Emirates-based banks may face worsening loan quality as the region's slowing property market increases the prospects of developers defaulting, according to Moody's Investors Service.

'Moody's is mainly concerned about the loans to 'opportunistic' developers that have been extended over the past four to five years,' John Tofarides, a Dubai-based Moody's analyst said in a report. 'These factors will negatively affect the credit environment over the next 12 to 18 months.'

UAE's small and medium-sized real estate developers are being hurt as home sales fall, making it harder for them to repay loans. Banks are also cutting lending, which is weighing on property values, bringing the fourfold increase in residential property prices over the last five years to an end. Dubai house prices dropped 8 per cent in the fourth quarter from the prior three months, Colliers CRE said earlier.

Moody's on Dec 16 cut the outlook on four UAE banks, Dubai Islamic Bank PJSC, Dubai Bank, Abu Dhabi Commercial Bank and First Gulf Bank. Liquidity constraints, the equity price collapse, and the sharp drop in oil prices will significantly weaken the UAE's fiscal surplus and real economic growth in 2009, Moody's said. -- Bloomberg

Home Loans In Australia Rise On Rate Cuts

Source : The Business Times, January 15, 2009

Mortgages rose 1.3% in Nov, slightly better than forecast

(SYDNEY) Demand for Australian home loans showed signs of stabilising in November, as aggressive interest rate cuts and generous government handouts lured first-home buyers back to the property market.

Doing what helps: The Reserve Bank of Australia cut rates by 200 basis points between September and November, and eased by a further 100 basis points in December

Government data yesterday showed that mortgage commitments rose 1.3 per cent in November, slightly better than forecasts of a 1.0 per cent rise and a second straight month of gains.

Yet, loans were still down a hefty 25 per cent for the year, pointing to a long struggle ahead for the housing market and keeping alive expectations of more rate cuts by the Reserve Bank of Australia (RBA).

'Certainly, it is early days but the signs are encouraging,' said Craig James, chief economist at CommSec. 'The number of first-home buyers has posted the best result in a year and is up almost 20 per cent in just the last month.'

The RBA cut rates by 200 basis points between September and November, and eased by a further 100 basis points in December.

The cash rate is now at 4.25 per cent and markets are pricing in further cuts to around 3 per cent as the central bank tries to revive faltering demand amid a gloomy outlook for the economy.

The cuts have fed directly through to mortgage rates, bringing payments on an average A$253,000 (S$254,366) mortgage down by around A$500 a month. In contrast, the US authorities have had far less luck bringing down mortgage rates even though official rates have been cut to near zero.

On its part, the Australian government has also stepped in with an A$10.4 billion economic stimulus package late last year which included a grant of A$14,000 for first-home buyers.

Indeed, first-home buyers accounted for 23.6 per cent of all loans in November, well above 19.5 per cent in October, and the highest level since early 2002.

Still, the overall picture remained lacklustre for the housing sector in Australia. Data last week showed that approvals to build new homes registered their biggest fall in six years in November.

That was reflected on yesterday's data which showed that demand for loans from investors fell 6.1 per cent in November, as mounting risk aversion and the related credit crunch led banks to stay clear of developers and property trusts.

'Investor demand will remain weak until house prices start to improve,' said Spiros Papadopoulos, economist at National Australia Bank.

House prices in the September quarter fell 1.8 per cent, although economists do not expect a collapse in prices like the US, mainly because there is no overhang of empty homes.

Economists estimated that Australia has been building around 40,000 homes a year less than required by population growth and immigration, so this is likely to support prices in the medium term.

But in the short run, a looming recession, growing unemployment and low consumer confidence would keep prices softer.

'From here, the debate will be whether the rapid reversal of the rate rises over recent years is enough to engineer some recovery in housing against a backdrop of deleveraging and rising unemployment,' said Paul Brennan, co-head, economics and market analysis at Citi.

'Overall, the RBA will need to cut interest rates further and we expect the cash rate to fall to 3 per cent by March.' - Reuters

HK's 2008 New Home Sales Lowest In 12 years

Source : The Business Times, January 15, 2009

(HONG KONG) Hong Kong's sales of new private homes fell to the lowest level since 1996 last year, as high prices and the slowing economy deterred potential buyers, according to Centaline Property Agency Ltd.

The number of new non-government- built residential units changing hands last year fell 47 per cent to 9,955, Wong Leung-Sing, an associate director at Centaline, one of the city's biggest real estate agencies, said yesterday. The average value was HK$7.73 million (S$1.48 million), the highest since 1996, he said.

'Sales started to slow in May, as the pace of price increases was too fast,' Mr Wong said in a phone interview. 'Buyers held back. This worsened in the third quarter, when the financial tsunami hit Hong Kong.' Average prices rose on sales of luxury units costing at least HK$10 million each, he said.

Hong Kong's economy contracted a seasonally adjusted 0.5 per cent in the third quarter from the three months through June. Gross domestic product shrank 1.4 per cent in the second quarter, as the global financial crisis cut exports and spending cooled.

City Chief Executive Donald Tsang said last month that a recession this year is 'inevitable'. The bad outlook may lead developers to hold back housing from sale this year, Cusson Leung, an analyst at Credit Suisse here, said yesterday.

'They will slow down sales because they won't be sure if the market can absorb all their units at one go,' Mr Leung said. He estimated that 11,000 new homes will be completed this year, compared with 9,000 in 2008. Developers may have already sold some of these units before completion, he said.

Cheung Kong (Holdings) Ltd, Hong Kong's second-biggest property developer by market value, sold the most new private homes last year, 2,838 units, Centaline said. Second was Sino Land Co, with 1,385 units.

Sales of all types of residential units fell for a sixth month in December, dropping 65 per cent from a year earlier to 4,706, the Land Registry said last week. -- Bloomberg

去年全年倒数第二 新私宅上月仅售131个

Source : 《联合早报》January 16, 2009






然而,较出乎意料的是,豪宅项目丽嘉登豪庭(Ritz Carlton Residences)就售出了8个单位,中位数售价是每平方英尺3086元。但这就比它在07年11月推出时的每平方英尺4515元低了32%,也比07年12月取得的5088元最高尺价低了将近40%。


Newton Edge 占销售榜首

该月份的销售榜首是纽顿一带的Newton Edge,这个永久地契项目在12月份共卖出了43个单位,占了12月份131个单位总数的三分之一。其中位数价格是每平方英尺1200元,单位面积介于440至915平方英尺。


世邦魏理仕执行董事李晓和也指出,12月份的数据显示,郊区外的房地产依旧有其抗跌的“韧性”。位于兀兰地铁站附近的Rosewood Suites以每平方英尺654元的中位数价格,卖出4个单位、万国地铁站隔邻的The Quartz也以795元的尺价,卖出4个单位。



买家观望 卖的人也迟疑









Source : 《联合早报》January 16, 2009





建屋局发言人在询及合乐路组屋发展计划时说,为满足租赁住宅的需求,这些组屋将由受委的管理代理(managing agent)负责,把单位出租出去。








与合乐路组屋一样,联邦大道组屋的管理代理同样是怡安产业公司(EM Services)。