Expats Here Live The High Life: HSBC Survey

Source : The Business Times, July 28, 2009

DESPITE the high cost of living for expatriates in Singapore, and cutbacks in luxury spending due to the recession, most expats here want to stay put, an HSBC survey has found.

Mr Arcuri: Reduction in rents have increased expats'
disposable income

HSBC's Expat Economics survey, carried out from February to April this year, polled over 3,100 expats across 50 countries on their financial situation and lifestyle.

'Expats in Singapore live the high life,' says the survey report, released yesterday.

More than three-quarters of the 192 expats polled here said they have more disposable income than they had back home.

Three-quarters also said they save more here than they did back home. Among various wealth accumulation tools, the three most popular were savings accounts, managed funds and shares.

Sebastian Arcuri, head of personal financial services at HSBC Singapore, said: 'Our expat clients have told us that reductions in rent over the past nine months have increased their disposable income. However, due to the uncertain economic times, most of them are opting not to spend this increase in their income.'

Two-thirds of the expats polled here said they have cut back on spending on luxury items.

The cost of living for expatriates in Singapore remains high. Forty-four per cent of those polled here spend more on accommodation than expats in other countries, and entertainment and healthcare costs are also above the global average, the HSBC survey found.

However, 91 per cent of those polled here said they have not considered returning home amid the economic crisis - higher than the 85 per cent global average.

Of those who have considered moving home, 28 per cent cited shorter work contracts as a key factor, compared with the global average of 15 per cent.

Overall, Singapore ranked sixth worldwide on the report's league table of quality of life, as measured by expats' annual income, disposable income, ability to save and possession of luxury items.

Hong Kong, another popular expat location in this region, ranked fourth. The Russian Federation, Qatar and Saudi Arabia took the top three spots.

Phase 1 Of GuocoLand's Ascot Park All Sold

Source : The Business Times, July 28, 2009

THE first phase of Guoco- Land's Ascot Park project in Nanjing, China has been fully sold, the group said yesterday.

Popular: An artist's impression of GuocoLand's Ascot Park project in Nanjing, China. With Phase 1's 594 units sold out at an average price of 7,100 yuan per sq m, Phase 2's 518 units will be launched in a few months.

Phase 1 of Ascot Park - comprising 594 units with a mix of 2 and 3-bedroom units in sizes ranging from 87 to 130 square metres - has been sold at an average price of 7,100 yuan (S$1,500) per sq m. Phase 2, comprising the remaining 518 units, will be launched in a few months.

The development caters to a niche market segment for units with bare finishes, enabling homebuyers to fit out their homes according to their preference.

Construction of Phase 1 is expected to be completed by the end of this year.

Located 14 kilometres from Nanjing city centre, the Balinese-themed development includes a man- made lake, a clubhouse with an extensive range of amenities, and a multi-purpose commercial centre with a selection of eateries and retail stores.

The project is on a 90,000 sq m site with a total gross floor area of about 240,000 sq m. GuocoLand (China) group MD Violet Lee said: 'The strong sales for Phase 1 affirm the demand for our niche products which provide a quality setting with lush landscaping for our homebuyers to fit out their individual units to their liking. We are confident that Phase 2, to be launched in the next few months, will also be well received.'

Sharpest Rise In US New-Home Sales In 8 years

Source : The Business Times, July 28, 2009

June's 11% gain points to housing slump stabilising

(WASHINGTON) Purchases of new homes in the US climbed 11 per cent last month, the biggest gain in eight years, underscoring evidence that the deepest housing slump since the Great Depression is starting to stabilise.

Sales increased to a 384,000 annual pace, higher than any forecast of economists surveyed by Bloomberg News and the most since November, figures from the Commerce Department showed yesterday in Washington. The number of houses on the market dropped to the lowest level in more than a decade.

Falling prices and a drop in mortgage rates have started to lure buyers even as the unemployment rate rises. Economists estimate that the worst US recession in five decades is on the verge of ending as downturns in housing and manufacturing ease.

'We are making some progress in absorbing this huge inventory overhang' and that 'is a fundamental step we need to take to begin to see home prices improve', said Robert Dye, a senior economist at PNC Financial Services Group in Pittsburgh. At the same time, rising joblessness means 'a rebound will be modest at best', he added.

Economists forecast that new home sales would rise to 352,000, according to the median of 62 projections in a Bloomberg News survey. Estimates ranged from 335,000 to 377,000. Commerce revised May's reading up to a 346,000 rate from a previously reported 342,000.

'The data will reinforce the developing thinking that the housing market has bottomed and that the economy has stabilised and will grow in the third quarter,' said Jim Awad, managing director at Zephyr Management in New York.

The median price of a new home decreased 12 per cent to US$206,200 from US$234,300 in June last year. Last month's value compares with US$219,000 in May.

Sales of new homes were down 21 per cent from June last year. They reached a record-low 329,000 in January, down 76 per cent from the July 2005 peak.

The jump in sales last month was led by a 43 per cent surge in the Midwest. Purchases increased 29 per cent in the North-east and 23 per cent in the West. They dropped 5.3 per cent in the South, to the lowest level since January 1991.

Builders had 281,000 houses on the market last month, down 4.1 per cent from May and the fewest since February 1998. The number of unsold properites fell a record 36 per cent from June last year. It would take 8.8 months to sell all homes at the current sales pace, the lowest level since October 2007.

Other reports underscore the stabilisation in housing. The Wells Fargo/National Association of Homebuilders sentiment index has risen in five of the past six months, and existing home sales have increased for three months in a row. -- Bloomberg, Reuters

UK Home Prices Steady For A Third Straight Month

Source : The Business Times, July 28, 2009

(LONDON) House prices in England and Wales were flat for a third consecutive month in July, causing the year-on-year decline to slow to 7.7 per cent from 8.7 per cent, property data company Hometrack said yesterday.

Pessimistic outlook: A broad-based recovery in UK house prices is still a long way off, says Hometrack

But a broad-based recovery in house prices was still a long way off, with rising unemployment and a shortage of mortgage finance standing in the way, Hometrack said in its report.

Hometrack's monthly survey of estate agents' views of market conditions showed sellers were achieving an average of 91.5 per cent of their asking price, up from 91 per cent in June, and took an average of nine weeks to sell, down from 9.4 weeks.

'A lack of mortgage finance, low buyer confidence and growing fears of unemployment are currently being offset by increased demand, a pick-up in sales and a growing scarcity of housing for sale,' said Richard Donnell, Hometrack's director of research.

The lack of a change in average house prices at a national level masked sharp regional differences, with a scarcity of housing putting upward pressure on house prices in southern England, Hometrack said.

'When demand does start to feed back it will do so relatively slowly, starting in the equity-driven markets of London and the south, and only filtering down the rungs of the housing ladder as the economic recovery starts to gain momentum,' it said.

Surveys of house prices by mortgage lenders Halifax and Nationwide have shown sharper annual falls - down 12.5 per cent and 9.3 per cent respectively in June - than Hometrack's report, but also some sharp one-off monthly increases in house prices.

Mr Donnell said he did not think these marked the start of a durable recovery in house prices. 'The likelihood is that the tales of green shoots are proven to be little more than an unsustainable and short-term blip . . . fed by pent-up demand from opportunistic cash buyers and households looking for family homes in southern England where supply is most constrained.' - Reuters

China's Property Fever Back After Govt Measures Heat Up Prices

Source : The Business Times, July 28, 2009

Beijing house prices rocket 27% from Jan to June as speculators return

(BEIJING) After getting on board China's property boom only three months ago, Beijing property agent Li Zhiwei already has plans to use the profits from his new career to open a karaoke complex.

Building into a bubble? China's government last year cut minimum deposits for first-time home buyers and slashed equity capital requirements on property investments

The 26-year-old is close to making his first pot of gold - a commission on a luxury new apartment near Beijing's Sanlitun shopping and entertainment district that he is close to selling for two million yuan (S$421,000).

'I'm a young man and I love challenges. Sales bring quick money,' said Mr Li, who quit a lower-paying government job in his home city in the central province of Henan after six months of 'boring work'.

While Mr Li will get 10,000 yuan from his first sale, he said top performers at his company could earn more than four times as much each month, a wage that would put him on track to start his karaoke and bar business in a few years.

Such ambitions may have seemed impossible last year when China's property market slumped sharply, hit twice over by government efforts to rein in prices and the global economic crisis.

But China's real estate fever is well and truly back.

Government stimulus measures and speculative investors have helped forge a surprising turnaround, with rocketing prices in some large cities sparking concerns of a new bubble.

'China's residential market has touched rock bottom and is now recovering at a faster pace than expected,' said Alan Chiang, residential market head at property consultancy firm DTZ China.

In the Chinese capital, average house prices jumped 27 per cent from January to June, according to government data published in the state media.

Property prices across all major cities rose by 0.2 per cent in June from a year ago, government figures showed, ending falls since December, when the data posted the first decline since official records were published in mid-2005.

To lift the sector out of its slump, the government last year cut minimum deposits for first-time home buyers and slashed equity capital requirements on property investments.

It also lowered mortgage interest rates, while erasing stamp duty on all private home purchases and value-added tax for land on property sales.

The measures particularly helped average Chinese looking to buy a property as they improved general affordability, according to Hingyin Lee, head of research at Colliers International's China division in Shanghai.

'They gave a lift to ... the mass market,' he said.

But analysts said speculative money was also fuelling the rebound with the property market attracting hot money as a hedge against inflation.

Fears of inflation are rising, fanned by concerns about excess liquidity due to a record US$1.1 trillion of new loans in the first half, as Chinese banks followed government orders to pump-prime the economy.

'Many people have entered the property market to hedge depreciation risks on expectations of inflation, creating investment and even speculation demand,' said Yang Hongxu, an analyst at E-House China Research and Development Institute in Shanghai.

The frenzy seen in the Chinese market is in stark contrast with markets in the United States and other Western countries.

Prices of existing homes in the US - by far the largest segment of the US housing market - dropped by 15 per cent in June from a year before, the National Association of Realtors said. House prices in Britain also fell by 15 per cent year-on-year last month, according to mortgage giant Halifax.

'China's residential market is very different to its counterparts in the West,' said Mr Chiang of DTZ China.

He said China's massive population means there is still a long-term supply shortage. And Chinese buyers have not been as hard hit by the financial crisis as they rely more on savings than mortgages to fund property purchases. -- AFP

Condos Draw Buyers

Source : The Straits Times, July 28, 2009

They could be paying prices seen in prime areas due to current euphoria

IN THE latest sign of the buoyant suburban property market, home hunters in Ang Mo Kio have been submitting cheques to buy homes at prices rarely seen outside
Singapore's prime central areas.

IN TANAH MERAH: More than 40 people, some of them property agents, lined up yesterday afternoon to stake claims even before the opening of Optima's showflat on Friday. They dispersed on being told that the queue would not be recognised. -- ST PHOTO: LAU FOOK KONG

Buyers are said to be paying prices starting from $1,150 per sq ft (psf) for the upcoming 329-unit Centro Residences by Far East Organization.

This means two-bedroom units cost more than $800,000, while three-bedroom apartments will cost $1.1 million and above.

Consultants said the Centro Residences is one of the few 99-year leasehold projects in the suburban areas that has crossed this level.

Jones Lang LaSalle's head of South-east Asia research, Dr Chua Yang Liang, said he was 'a bit shocked' by the pricing. 'I'm afraid at this moment there's a lot of euphoria, so there will be demand for this project even at this price,' he said.

IN ANG MO KIO: Prices for Centro Residences are said to start from $1,150 per sq ft. -- PHOTO: FAR EAST ORGANIZATION

Plus points for the project include its location in a popular mature estate right next to the Ang Mo Kio MRT station, as well as its proximity to international schools. But Dr Chua voiced concern over the 'long-term sustainability of this pricing', saying that upgraders may not be able to afford it.

At another suburban condo, Optima, located next to the Tanah Merah MRT station, more than 40 people lined up on Monday afternoon to stake claim on the 297 units for sale, even before the showflat opens on Friday.

Many of those in the Optima queue were property agents holding places for their clients with blank cheques in hand. However, some in the queue were possibly property agents lining up with a view to buying properties for their own investment purposes.

Pricing for the 99-year leasehold project has not even been finalised, according to developer TID, a tie-up between Hong Leong Group and Japan's Mitsui Fudosan.

They say buyers are so keen on the units that they have submitted blank cheques for them to fill in the amounts once the price list is available - a fairly common tactic in a boom market, and one that has resurfaced in recent weeks.

Read the full story in Tuesday's edition of The Straits Times.

New Boardwalk To Sentosa

Source : The Straits Times, July 28, 2009

BY NEXT November, visitors to Sentosa will have another option of getting to the resort island - on foot. A new 620-m boardwalk with five pairs of covered travellators will make the journey a breeze.

The walkway will link up to Sentosa's integrated resort, Resorts World at Sentosa, which will direct visitors to the resort or to attractions within the rest of the island. -- ST PHOTOS: SENTOSA LEISURE GROUP

Works on the $70-million boardwalk kicked off on Tuesday.

Ranging from 25m to 40m in width, the walkway will also be lined with retail and food and beverage outlets along the way.

The walkway will link up to Sentosa's integrated resort, Resorts World at Sentosa, which will direct visitors to the resort or to attractions within the rest of the island. It is designed to carry 8,000 visitors per hour in each direction and is part of the resort island's plans to enhance transport links as it gears up for a surge in visitors when the IR opens early next year.

The boardwalk, said Sentosa Leisure Group's chief executive officer Mike Barclay, is part of a $300-million budget to overhaul the transport links on the island to ensure that it can receive the increase in visitors, which is expected to double.

The walkway will offer five different themed gardens, from mangrove, rock garden, terrain and hill, coastal flora and rainforest, giving visitors a different experience as they pass from one zone to the next.

It will be lit at night to offer a different experience. This boardwalk will replace the original pedestrian path along the causeway bridge to the island that was closed in August 2007 for the construction of the second bridge.

Suburban Condos Drawing Buyers

Source : The Straits Times, July 28 2009

They could be paying prices seen in prime areas due to current euphoria.

IN THE latest sign of the buoyant suburban property market, home hunters in Ang Mo Kio have been submitting cheques to buy homes at prices rarely seen outside Singapore's prime central areas.

IN ANG MO KIO: Prices for Centro Residences are said to start from $1,150 per sq ft. -- PHOTO: FAR EAST ORGANIZATION.

Buyers are said to be paying prices starting from $1,150 per sq ft (psf) for the upcoming 329-unit Centro Residences by Far East Organization.

This means two-bedroom units cost more than $800,000, while three-bedroom apartments will cost $1.1 million and above.

Consultants said the Centro Residences is one of the few 99-year leasehold projects in the suburban areas that has crossed this level.

Jones Lang LaSalle's head of South-east Asia research, Dr Chua Yang Liang, said he was 'a bit shocked' by the pricing.

'I'm afraid at this moment there's a lot of euphoria, so there will be demand for this project even at this price,' he said.

Plus points for the project include its location in a popular mature estate right next to the Ang Mo Kio MRT station, as well as its proximity to international schools.

But Dr Chua voiced concern over the 'long-term sustainability of this pricing', saying that upgraders may not be able to afford it.

At another suburban condo, Optima, located next to the Tanah Merah MRT station, more than 40 people lined up yesterday afternoon to stake claim on the 297 units for sale, even before the showflat opens on Friday.

Many of those in the Optima queue were property agents holding places for their clients with blank cheques in hand.

However, some in the queue were possibly property agents lining up with a view to buying properties for their own investment purposes.

Pricing for the 99-year leasehold project has not even been finalised, according to developer TID, a tie-up between Hong Leong Group and Japan's Mitsui Fudosan.

Agents estimate that prices will be about $750 to $850 psf, with two-bedroom units going for about $600,000 to $700,000 and three-bedroom units from $700,000 to over $800,000.

They say buyers are so keen on the units that they have submitted blank cheques for them to fill in the amounts once the price list is available - a fairly common tactic in a boom market, and one that has resurfaced in recent weeks.

TID was alerted to the existence of the queue at about 5pm yesterday. At 10pm last night, TID representatives told those in the queue to go home, saying that the queue would not be recognised. The queue soon dispersed.

'We're not going to sell anything until Friday,' a Hong Leong spokesman had said earlier. A preview would be held for Hong Leong and TID staff on Thursday.

Last week, Hong Leong said in a press release that more than 1,000 inquiries have come in for Optima, which it said was 'the last condominium site available in the vicinity' of the Tanah Merah area.

With developers starting to tentatively raise prices for projects on the back of strong demand, Jones Lang LaSalle's Dr Chua warned that these price increases 'need to be supported by economic growth or wage growth in the long term', or they may lead to 'excess inflation' and a property bubble.

Far East will start its preview of Centro tomorrow and will release two-bedroom and three-bedroom units. Agents say some buyers have already written cheques to register their interest.

One reason for the relatively high price of Centro is the cost of the land. Far East bought the state-owned site in September 2007 for $601 psf of potential gross floor area, a record price for suburban condo land.

Over the weekend, suburban condos continued to do fairly well. Far East sold another 59 units at its Waterfront Key condo in Bedok Reservoir, bringing the total number of units sold to 278. The average price was $735 psf.

UOL Group also sold 70 units at Meadows@Peirce in Upper Thomson over the weekend, after selling 180 units on the first day of sales on Friday. The buyers, mainly Singaporeans, paid an average of $880 psf.

But weekend sales were slower at mid-tier projects closer to the city. Far East sold five units of Silversea in Amber Road at an average price of $1,380 psf, for a total of 59 units sold so far. At its Vista Residences in Thomson, seven more units were sold at prices starting from $1,100 psf, bringing total units sold to 144.

漏夜冒雨排队为了什么？

Source : 《联合早报》July 28, 2009

尽管昨晚下着绵绵细雨，丹那美拉地铁站附近仍出现撑着伞的人龙，究竟是为什么？

26岁的法义斯（餐饮业职员）告诉本报，丹那美拉地铁站旁空地的新公寓项目即将展开发售，朋友有兴趣购买，所以替朋友排队。他的女友和另外三名朋友也到场凑热闹。

这个由丰隆集团发展的公寓Optima@Tanah Merah在本星期五才开始发售，昨晚却已有超过60人在发展地段外漏夜排队。（曾坤顺摄）

“我不知道公寓单位价格多少，朋友的太太怀孕了，叫我帮他排队，我帮个忙。感觉就像是排队拿国庆庆典入门票。”

据了解，人潮一般在公寓项目发售的前一两天才出现。

这个由丰隆集团发展的公寓Optima@Tanah Merah在本星期五才开始发售，昨晚却已有超过60人在发展地段外漏夜排队，好些人似乎是代朋友或亲戚排队，但一些人是因好奇而来凑热闹。

人龙中的王姓男子（61岁，退休人士）受访说，38岁的儿子对公寓有兴趣，所以特地从油池开车到这里代儿子排队。他说：“好些亲戚都住在四美这一带，所以儿子想在这里买一间房子。”

房地产中介商也在场分派排队号码给有兴趣购屋者。一名声称“被分到60多号却不晓得发生什么事的”杨姓男子说，听说该处有人潮，就和朋友一起来看看。“新加坡就是这样的，看到人家排队，其他人通常会加入队伍，说不定有免费赠品拿。”

2007年房地产市场正热得火红时，也曾出现公众在公寓项目发售前五天开始排队的现象。

当时，许多公众声称，如果转手成功，购屋者可能赚取高达15万元的利润。

2006年地产市场活跃时，排队买房子现象相当普遍。

当时，排队者当中还包括代客户排队的房地产经纪，甚至还有“专业排队者”——受房地产经纪所雇，帮房地产经纪排队赚外快的学生。

一些城市楼价暴涨 中国中央高度关注

Source : 《联合早报》July 27, 2009

（北京综合讯）今年6月以来，中国部分城市出现地王和房价暴涨，引起中央高度关注。据报道，最近，中国国务院有关部门两度召开座谈会，调研房地产市场形势。

国务院并批示要求在今后一段时间内对房地产市场加强市场监控及分析，对市场中的新情况新问题，要做到“时时汇报”。接近住房与城乡建设部人士称，这条批示是近期房地产市场政策的基本原则。

但有关人士表示，房地产政策目前还不会进行全局性调整。针对最近“地王”频出和部分城市房价快速上涨的情况，相关政策将做局部调整，主要办法是控制第二套房贷和增加供应。

据《经济观察报》、《中国经营报》等的报道，有关各方对房价的判断分歧颇大，但维护房地产回暖态势、防止涨价蔓延已成为各方共识。

报道称，本月21日，国务院研究室召集业界人士召开房地产市场形势座谈会，就“房价、地价、投资及热点城市”等内容听取各方意见。

而此前的本月9日，国务院领导主持召开经济形势座谈会，其中也就房地产市场的情况听取建议。在该次座谈会上，国务院高层领导在关心房地产行业各项指标回暖的同时，对房价和“地王”现象提出了疑问。与此同时，一份关于房地产运行情况的汇报，也在得到国务院分管领导批示后，被转发给住房和城乡建设部(下称建设部)以及所有省级政府。

今年春节后，中国各地楼市出现回暖。一方面，宽松的信贷政策，刺激了购房需求的释放；其次，一些地方地价开始回升，北京、上海、广州等再度出现高价“地王”；再次，出于对后市的谨慎，开发商投资普遍谨慎，未来可能出现供给不足的情况。

国务院批示：加强监测与分析

针对以上情况，由新华社牵头的一份研究报告，已提交国务院相关部门。国务院主要领导批示：“加强监测与分析。”

据报道，在两次座谈会上，由于各方意见分歧明显，目前中央政府仍在研究阶段，维持回暖的全局政策尚未改变。

据透露，在本月9日国务院召集的座谈会上，两种意见较为突出，一是继续维持房地产市场的回暖态势，支持经济复苏；二是目前房价上涨过快，应加强宏观调控，防止房价暴涨。

与会人士称，在本月21日的座谈会上，主要有三种观点：部分学界人士认为应当立即进行调控，控制房价上涨；而企业界人士认为，应继续维持宽松的信贷环境，防止房地产投资再度下滑；房地产协会组织则认为，目前的问题是局部问题应当引起重视防止蔓延，但不应做全局性调整。

在21日的座谈会上，有关机构建议政府部门应当在继续稳定现有政策的同时，对部分房价上涨较快的城市采取措施，防止房价上涨全面蔓延。具体办法是加强地方政府的职责，严格控制第二套房贷，增加土地供给以确保未来商品房供应。　　

另外，据报道，接近住房与城乡建设部的专家称，上半年楼市的回暖对保增长起到了重要作用，部分城市房价上涨较快，不应扩大为全局问题，应因地制宜予以解决。

相关人士透露，房地产政策目前还不会进行全局性调整。针对最近“地王”频出和部分城市房价快速上涨情况，相关政策将作局部调整，主要控制第二套房贷和增加供应。

报道还称，国务院会议材料已转发各省市，并对部分城市起到了督促作用。在本月9日会议之后，北京市有关部门约谈了多家开发商，并在23日处罚了三家开发商。另据北京市国土局官员透露，北京市正在酝酿放开土地供应的具体政策。　

另一方面，《新京报》报道，自国土部公布“中国地价占房价平均为23.2%”的数据以来，业界一直对该数字存有异议。前日，该部将全国620个调查项目的数据悉数发布，其中北京的21个项目中，地价最高占房价的比例为51.36%，最低为14.33%。据公布的数据计算，北京21个项目平均地价与房价的比例约为25%。

在620个案例中，销售房价最高为人民币（下同）4万5000元（9400新元）/平米，最低为1130元/平米；地价占房价最低比例为5.3%，最高为58.6%。

58.6%的高地价比来自河北石家庄的新公爵项目，其楼面地价为每平米3869元，开盘平均售价为每平米6600元。