Wednesday, September 26, 2007

Japan Group Eyes US$150m In S'pore Reit IPO

Source : The Business Times, Wed, September 26, 2007

A group of independent real estate investors are seeking to raise about US$150 million through a Singapore-listed property trust based on residential properties in Japan, sources close to the deal said.

Credit Suisse and Morgan Stanley are arranging the public offer of Saizen Real Estate Investment Trust (Reit), which will be based on a portfolio of residential apartment buildings valued at around US$400 million.

The residential buildings are located in suburban areas out of the main Japanese cities such as Tokyo. Bankers say a pipeline of future acquisitions and steady rental returns are among the investment strengths of the Reit.

'The trust will offer annualised dividend yields of about 6 per cent,' said one banking source. -- REUTERS

WB Ranks Singapore Most Business-Friendly

Source : The Business Times, Wed, September 26, 2007

For the second year in a row, Singapore was ranked the world's easiest place to do business, followed by New Zealand and the United States, the World Bank's annual 'Doing Business' report said on Wednesday.

The report showed that while China and India are making progress in implementing business-friendly reforms, several East Asian countries are falling behind the pace of reforms in much of the rest of the world.

Cambodia, Hong Kong, the Philippines, Singapore and Taiwan recorded no net improvement in any of the 10 areas studied by the report, compared to Egypt, the top reformer, which made progress in five areas, according to the International Finance Corporation, the bank's private sector arm.

'What we're seeing here is a region that continues to do quite well economically but perhaps runs the risk of being left behind simply because it's not keeping up with the pace of business reform,' said Justin Yap, an author of the report, which compares business regulations in 178 economies.

Rounding out the rest of the top 10 in ease of doing business, the report ranked Hong Kong fourth, followed by Denmark, the United Kingdom, Canada, Ireland, Australia and Iceland.

The countries considered least business-friendly were, from the bottom, the Democratic Republic of the Congo, Central African Republic, Guinea-Bissau, Republic of Congo, Burundi, Chad and Venezuela.

Singapore topped the list again for its efficient procedures, many of which can be done online, Mr Yap said.

'It's also a country that seems to require relatively few interactions with government, for example, with the use of one-stop shops,' he said. 'Generally things are seen to run quite smoothly, take a short time and not cost very much.'

Several Eastern European countries, including Croatia, Macedonia, Georgia and Bulgaria, dominated the list of top reformers, with some of the region's countries surpassing Western European economies in making regulations conducive to business, the bank said.

For the full list, go to http://www.doingbusiness.org/economyrankings/
Estonia, the most business friendly of the former socialist bloc, ranks 17, and together with Georgia, 18, is ahead of Belgium, 19, Germany, 20, the Netherlands, 21, France, 31, Spain, 38, and Italy, 53.

Egypt topped the list of reformers by cutting minimum capital requirements by 98 per cent and halving the startup time and cost.

World Bank's report highlights
http://www.doingbusiness.org/documents/DB-2008-overview.pdf


In China, reforms included a new property law that put private property rights on equal footing as state property rights and expanded the range of assets that can be used as collateral. A new bankruptcy law gives secured creditors priority to the proceeds from their collateral. Construction became easier with electronic processing of building permits reducing delays by two weeks.

Overall, the country is in 83rd place for ease of doing business.

India also was speeding up its reforms, enabling online submissions of customs declarations and payment of customs fees, reducing the time it takes to meet all administrative requirements to export from 27 days in 2006 to 18 as well as expanding the credit bureau to include payment histories on businesses as well as individuals. India was ranked 120th in the overall list.

Indonesia and Vietnam strengthened investor protections while Turkey cut its corporate income tax from 30 per cent to 20 per cent, among other changes.

The 'Doing Business' report tracks a set of regulatory indicators related to business start-up, operation, trade, payment of taxes and closure by measuring the time and cost associated with various government requirements.

It does not track variables such as economic policies, quality of infrastructure, currency volatility, investor perceptions or crime rates.

A global trade union group criticized the report, saying that a section on employing workers asserts wrongly that the elimination of workers' protection rules creates higher economic growth and job creation.

The group said that a number of countries known for repeated violations of workers' rights scored well in the IFC report. -- AP

Singapore Condo Listings

(Project Name, Address, District, TOP)

MARINA BAY RESIDENCES 18 Marina Boulevard 01 2010
ONE SHENTON 1 Shenton Way 01 2010
THE SAIL @ MARINA BAY Marina Boulevard 01 2009

THE BEACON 130 Cantonment Road 02 2010
THE CLIFT 15 Mccallum Street 02 2011
THE LUMIERE 2 Mistri Road 02 2010

REGENCY SUITES Kim Tian Road 03 2009
THE METROPOLITAN 223 Alexandra Road 03 2010
THE REGENCY AT TIONG BAHRU 36, 38 Chay Yan Street 03 2010

REFLECTIONS @ KEPPEL BAY Keppel Bay View 04 2011
TERESA 8 8, 10 Bukit Teresa Close 04 2008
THE AZURE 201 Ocean Drive 04 2008
THE COAST @ SENTOSA COVE 276 - 280 Ocean Drive 04 2010
THE OCEANFRONT @ SENTOSA COVE Ocean Drive 04 2008

BOTANNIA West Coast Park 05 2010
CARABELLE West Coast Road 05 2011
CLEMENTI WOODS West Coast Road 05 2010
LYNNSVILLE TOWNHOUSE (LYNNSVILLE 331) 331 - 331g Pasir Panjang Road 05 2009
MURANO Pasir Panjang Road 05 2009
ONE NORTH RESIDENCES Slim Barracks Rise, One North Gateway 05 2011
THE ESTIVA 313 Pasir Panjang Road 05 2008
THE FOLIAGE Pasir Panjang Road 05 2009
THE INFINITI 39c - 39h West Coast Park 05 2009
THE MAYLEA 242e - 242k Pasir Panjang Road 05 2009
THE PARC CONDOMINIUM West Coast Walk 05 2011
THE ROCHESTER 33 Rochester Drive 05 2010
THE STELLAR West Coast Road 05 2008
WHITEVILLAS ROW 293 Pasir Panjang Road 05 2008

SOUTHBANK 881, 883 North Bridge Road 07 2009

CARLYX GREEN 41 Carlisle Road 08 2009
CITY SQUARE RESIDENCES Kitchener Link 08 2009
CITYLIGHTS Jellicoe Road 08 2008
MERA SPRINGS Norfolk Road 08 2009
OXFORD SUITES Oxford Road 08 2011
PRISTINE HEIGHTS 77 Mergui Road 08 2010
THE MERLOT Keng Lee Road 08 2009
TYRWHITT 139 139 Tyrwhitt Road 08 2008

8 @ MOUNT SOPHIA 8 Mount Sophia 09 2008
CAIRNHILL RESIDENCES 31, 33 Cairnhill Circle 09 2010
CITY VISTA 21 Peck Hay Road 09 2011
ESTILO 71, 73 Wilkie Road 09 2009
HELIOS RESIDENCES 17 Carinhill Circle 09 2011
MACKENZIE 88 88 Mackenzie Road 09 2010
NOMU 20 Handy Road 09 2008
ONE OXLEY RISE 1 Oxley Rise, 17 Oxley Road 09 2008
ORCHARD RESIDENCES 238 Orchard Boulevard 09 2009
PARKVIEW ECLAT 138 Grange Road 09 2009
PATERSON RESIDENCE 83 Paterson Road 09 2008
RHAPSODY ON MOUNT ELIZABETH 16 Mount Elizabeth 09 2010
RIVERGATE 93 - 99 Robertson Quay 09 2012
ROBERTSON EDGE 18 Tong Watt Road 09 2008
SAINT THOMAS SUITES 31, 33 Saint Thomas Walk 09 2010
SCOTTS HIGH PARK 45 Scotts Road 09 2009
SCOTTS SQUARE 6, 8 Scotts Road 09 2010
SKYPARK @ SOMERSET 22 Saint Thomas Walk 09 2009
TATE RESIDENCE 21, 23 Claymore Road 09 2011
THE COSMOPOLITAN Kim Seng Road 09 2009
THE INSPIRA 11 Arnasalam Chetty Road 09 2009
THE LUMOS 9 Leonie Hill 09 2011
THE MARQ ON PATERSON HILL 8 Paterson Hill 09 2011
THE SUITES @ CENTRAL 57 Devonshire Road 09 2009
THE TRILLIUM 112 - 118 Kim Seng Road 09 2010
TRIBECA BY THE WATERFRONT 60 Kim Seng Road 09 2009
VIDA 5 Peck Hay Road 09 2008
WATERFORD RESIDENCE Kim Yam Road 09 2011
WATERMARK @ ROBERTSON QUAY 3, 5 Rodyk Street 09 2008

ARDMORE II Ardmore Park 10 2010
BEAUFORT ON NASSIM 12 Nassim Road 10 2008
CLIVEDEN AT GRANGE 100, 102, 106, 108 Grange Road 10 2011
CUSCADEN ROYALE 5 Cuscaden Walk 10 2010
DUCHESS RESIDENCES 102, 106, 108, 110 Duchess Avenue 10 2011
MONTVIEW 63 Mount Sinai Drive 10 2008
ONE JERVOIS 7 Jervois Close 10 2011
ONE TREE HILL RESIDENCES 1a One Tree Hill 10 2008
ORANGE GROVE RESIDENCES 27 - 37 Orange Grove Road 10 2010
ORION 6c Orange Grove Road 10 2008
PATERSON LINC 20 Paterson Road 10 2010
QUINTERRA 359 Holland Road 10 2009
SAINT REGIS RESIDENCES 33 Tanglin Road 10 2009
SHANGHAI ONE 1 Shanghai Road 10 2011
THE BOTANIKA 50 Holland Road 10 2009
THE FORD @ HOLLAND 1 Ford Avenue 10 2010
THE GRANGE 1, 3 Grange Garden 10 2008
THE GRANGE INFINITI 27, 29 Grange Road 10 2011
THE SIXTH AVENUE RESIDENCES 168 Sixth Avenue 10 2010
THE SOLITAIRE 5 Balmoral Park, 40 Stevens Road 10 2009
VENTUNO BALMORAL 21 Balmoral Road 10 2009
VIZ @ HOLLAND 221 Queensway 10 2008
WATERFALL GARDENS Farrer Road 10 2011

BUCKLEY 18 18 Buckley Road 11 2009
BUCKLEY RESIDENCE 6 Buckley Road 11 2008
CITY EDGE 18 Moulmein Rise 11 2008
D'EVELYN 18 Evelyn Road 11 2008
HILLCREST VILLA Hillcrest Road 11 2010
LORNIE 18 12d - 14 Lornie Road 11 2008
MONTEBLEU 8 Minbu Road 11 2011
NEWTON ONE 1 Newton Road 11 2008
ONE MOUNT ROSIE 1 Mount Rosie 11 2008
PARK INFINIA @ WEE NAM Wee Nam Road 11 2009
PAVILION II AT NOVENA 23, 25 Akyab Road 11 2010
SKY @ ELEVEN 422 Thomson Road 11 2009
SOLEIL @ SINARAN 2, 6 Sinaran Drive 11 2012
SUITES @ SURREY APARTMENTS 6 Surrey Road 11 2008
THE AXIS 47 Mandalay Road 11 2010

CITY REGENCY Saint Michael's Road 12 2009
ECOVILLE 10 Marbatan Road 12 2008
THE CENTRIO 53 Irrawaddy Road 12 2010
THE CITRINE 18 Jalan Datoh 12 2008
THE MARQUE AT IRRAWADDY 8 Shan Road 12 2009
THE RIVERINE BY THE PARK 398 Kallang Road 12 2010

BLOSSOMS @ WOODLEIGH 10, 12 Woodleigh Close 13 2009
CENTURION RESIDENCES 3 - 7 Puay Hee Avenue 13 2010
INTERO 8 Leicester Road 13 2009
ONE LEICESTER 1 Leicester Road 13 2009
ONE LYNWOOD 1 - 1h Lynwood Grove 13 2008
PARC MONDRIAN 21 Woodleigh Close 13 2011
THE ACACIAS Sommerville Road 13 2009
THE MEDALLION 146 Braddell Road 13 2009

ATRIUM RESIDENCES Geylang Lorong 28 14 2009
LE REVE 33 Kampong Eunos 14 2009
SIMS DORADO Lorong 39 Geylang 14 2008
THE ARIZON Geylang Road 14 2009

AALTO Meyer Road 15 2012
AMBER RESIDENCES 48 Amber Road 15 2011
AQUENE @ TELOK KURAU 25 Lorong Bandang 15 2008
AXIS @ SIGLAP 59 East Coast Terrace 15 2009
CASERO @ DUNMAN 489 Dunman Road 15 2008
EIGHT @ EAST COAST East Coast Avenue 15 2009
EMPRADO SUITES 93 Lorong N Telok Kurau 15 2009
ESPACE 135 Lorong K Telok Kurau 15 2008
FRUITION 3 Mangis Road 15 2008
GRAND DUCHESS AT ST PATRICK Saint Patrick's Road 15 2009
HERITAGE RESIDENCES 101 Lorong L Telok Kurau 15 2008
IMPERIAL HEIGHTS 16 Ipoh Lane 15 2009
LE MERRITT 64 Telok Kurau Lorong M 15 2008
MEYER RESIDENCE 3 Meyer Place 15 2009
ONE @ PULASAN 1 Pulasan Road 15 2009
ONE AMBER 1 - 9 Amber Gardens 15 2010
PALM LOFT 136 Joo Chiat Terrace 15 2009
PALM OASIS 51 Lorong H Telok Kurau 15 2009
PALM VISTA 47 Lorong G Telok Kurau 15 2010
POSHGROVE EAST East Coast Road 15 2008
PRESTIGE RESIDENCE 52 Lorong G Telok Kurau 15 2008
SAINT PATRICK'S LOFT 41 - 45 Saint Patrick's Road 15 2010
SUNSHINE GRANDEUR 63 Lorong K Telok Kurau 15 2008
THE BALE Lorong H Telok Kurau 15 2009
THE BELVEDERE 51, 53 Meyer Road 15 2008
THE ESPIRA 128 Lorong L Telok Kurau 15 2010
THE ESTA Amber Gardens 15 2009
THE MEDLEY 66 Lorong G Telok Kurau 15 2009
THE MINT RESIDENCES 182 Joo Chiat Terrace 15 2008
THE MONTAGE 50 Lorong M Telok Kurau 15 2010
THE NCLAVE 83 Lorong N Telok Kurau 15 2008
THE SEAFRONT ON MEYER 55 - 59 Meyer Road 15 2011
THE SEAVIEW 29 - 39 Amber Road 15 2009
THE TREELINE Lorong G Telok Kurau 15 2009
THE VESTA 112 Lorong K Telok Kurau 15 2008
THE VIEW @ MEYER 49 Meyer Road 15 2010
TIERRA VUE 36 - 42 Saint Patrick's Road 15 2010
VERTIS 20 Amber Gardens 15 2008
VITRA Tembeling Road 15 2009
WORTHINGTON 35 Butterworth Lane 15 2009

BLEU @ EAST COAST 562 Upper East Coast Road 16 2010
CASA MERAH Tanah Merah Kechil Avenue 16 2010
RIA TOWNHOUSES Bedok Ria Place 16 2009
RIVEREDGE 21 Sampan Place 16 2009
RIVIERA RESIDENCES 11, 15 Riviera Drive 16 2008

FERRARIA PARK Flora Drive 17 2010
JLB RESIDENCES 169 Jalan Loyang Besar 17 2008

AMANUSA Yio Chu Kang Drive 19 2009
FONTAINE PARRY Poh Huat Road 19 2010
PHILIPS RESIDENCE 22 Philips Avenue 19 2008
RESIDENCES @ JANSEN 20 Jansen Road 19 2008
THE QUARTZ Compassvale Bow 19 2010
WATER TERRACE Lorong Ah Soo 19 2008

CENTURION 12 Bright Hill Crescent 20 2008
THOMSON V ONE 9 Sin Ming Road 20 2009
THOMSON V TWO 11 Sin Ming Road 20 2009

JARDIN Dunearn Road 21 2010
THE RAINTREE 83 - 99 Bukit Drive 21 2008

THE CENTRIS Jurong West Central 3 22 2012

CASHEW HILL Cashew Crescent 23 2008
THE ESPA Cashew Road 23 2008
YEW TEE RESIDENCES 23, 25 Choa Chu Kang North 6 23 2009

BUKIT VILLAS Dinding Place 25 2009
LA CASA 64 Woodlands Drive 16 25 2009
NORTHWOOD CONDOMINIUM Jalan Mata Ayer 25 2010

DALLA VALE Springleaf Avenue 26 2009
THE CALROSE Yio Chu Kang Road 26 2008

SPRINGHILL Sembawang Walk 27 2008


1 HOLT ROAD, 1 KING ALBERT PARK, 1 MOULMEIN RISE, 11 AMBER ROAD, 143 HOLLAND ROAD, 18 ANDERSON ROAD, 19 SHELFORD, 2 RVG, 28 SHELFORD, 2B COMPLEX, 30 SHAW ROAD, 34 ROSYTH ROAD, 38 DRAYCOTT DRIVE, 65 SHELFORD CONDOMINIUM, 7 DRAYCOTT DRIVE, 72 GRANGE ROAD, 8 @ MOUNT SOPHIA, 8 EDEN GROVE, 8 ON CHUAN, 9 HOLLAND HILL, 90 HOLLAND ROAD, AA CENTRE, ABACUS PLAZA, ADAM GARDENS, ADAM PARK CONDOMINIUM, ADAM PLACE, ADIS VILLAS, AIRVIEW TOWER, AKYAB APARTMENT, ALBERT CENTRE, ALDEA BLANCA, ALEGRIA, ALESSANDREA, ALEXANDRA CENTRE, ALEXANDRA PLAZA, ALLSWORTH PARK, ALOCASSIA, ALOCASSIA APARTMENT, ALPHA APARTMENT, ALWYN PARK, AMANINDA, AMARANDA GARDENS, AMARYLLIS VILLE, AMBER APARTMENT, AMBER GLADES, AMBER LODGE, AMBER PARK, AMBER POINT, AMBER TOWER, AMBERGLADES, AMBERVILLE, AMPAS APARTMENT, ANCHOR GARDENS, ANCHOR POINT, ANDERSON 18, ANDERSON GREEN, ANGEL COURT, ANGSANA TERRACE, ANGULLIA HEIGHTS, ANGULLIA MANSIONS, ANGULLIA VIEW, ANTHONY GARDEN, APARTMENT 56 (PALM LODGE, APARTMENT 8, APLETON VIEW, APOLLO GARDENS, AQUARINE GARDENS, AQUARIUS BY THE PARK, ARANG COURT, ARCADIA GARDENS, ARDISIA GARDENS, ARDMORE PARK, ARDMORE POINT, ARDMORE VIEW, ARDMORE VUE, ARTHUR 118, ARTHUR COURT, ARTHUR MANSIONS, ASHLEY GREEN, ASIA GARDENS, ASIMONT GARDENS, ASPEN HEIGHTS, ASPEN LOFT, ASTON LODGE, ASTON MANSIONS, ASTOR, ASTOR GREEN, ASTORIA APARTMENT, ASTORIA PARK, ASTRID MEADOWS, ASTRIDVILLE, ATRINA, AURA PARK, AUSTRAL VIEW, AUTOMOBILE MEGAMART, AVA TOWER, AVALON, AVENUE PARK, AVENUE VILLAS, AVILA GARDENS, AVILA TERRACE, AVON PARK, AZALEA PARK CONDOMINIUM, BAGNALL COURT, BALESTIER 288, BALESTIER COURT, BALESTIER PLAZA, BALESTIER POINT, BALESTIER REGENCY, BALESTIER TOWER, BALLOTA PARK, BALLOTA PARK CONDOMINIUM, BALMEG COURT, BALMORAL 8, BALMORAL CONDOMINIUM, BALMORAL COURT, BALMORAL CREST, BALMORAL GARDENS, BALMORAL GATE, BALMORAL GREEN, BALMORAL HEIGHTS, BALMORAL LODGE, BALMORAL ONE, BALMORAL PARK MAISONS, BALMORAL PARK MASIONETTE, BALMORAL PLACE, BALMORAL PLAZA, BALMORAL POINT, BALMORAL RESIDENCES, BALMORAL TOWER, BALMORAL VIEW, BALMORALCONDOMINIUM, BALMY COURT, BANYAN CONDOMINIUM, BANYAN DELUXE RESORT CON, BANYAN PARK, BANYAN VILLAS, BAODE BUILDING, BARKER TERRACES, BAROSSA GARDENS, BARTLEY GROVE, BARTLEY TERRACE, BARTLEY TERRACE CONDOMINIUM, BARTLEY VILLAS, BASSEIN COURT, BAY BLOCK SELETAR SPRING, BAYSHORE PARK, BAYVILLE CONDOMINIUM, BAYWATER, BEAUTY GARDENS, BEAUTY WORLD CENTRE, BEAVERTON COURT, BEDOK COURT, BEDOK GARDENS, BEDOK GROVE, BEDOK PARK, BEDOK RIA, BEE HWA COURT, BEECHWOOD TERRACE, BEL AIR ORCHARD, BELGRAVIA PARK, BELLE VUE, BELLERIVE, BELMOND GREEN, BELMONDO VIEW, BELMONT GARDENS, BENCOOLEN HOUSE, BENG TONG MANSIONS, BEVERLY HILL, BEVERLY MAI, BINJAI CREST, BINJAI PARK, BIRCHWOOD MANSIONS, BIRMINGHAM MANSIONS, BISHAN 8, BISHAN LOFT, BISHAN PARK CONDOMINIUM, BISHAN POINT, BLISSFUL VIEW, BLOSSOM MANSIONS, BLOSSOM VIEW, BLOSSOMVALE, BLUE HORIZON, BLUEBELL TOWER, BLUWATERS, BOON TECK APARTMENT, BOON TECK HEIGHTS, BOON TECK LODGE, BOON TECK TOWER, BOONVIEW, BOTANIC GARDEN MANSIONS, BOTANIC GARDEN VIEW, BOTANIC GARDENS MANSIONS, BOTANIC GARDENS VIEW, BOUGAIN VILLAS, BOUGAINVILLA APARTMENT, BOURNEMOUTH EIGHT, BRADDELL PARK, BRADDELL REGALIA, BRADDELL VIEW, BRADELL PARK, BRADELL VIEW, BRAS BASAH COMPLEX, BREEZY MANSIONS, BRENTWOOD VILLAS, BRIGHT BUILDING, BRIGHT VIEW APARTMENT, BRIGHTON CREST, BRIGHTON VIEW, BRISTOL LODGE, BROOKVALE PARK, BUCKLEY MANSIONS, BUILLION PARK, BUKIT REGENCY, BUKIT TIMAH MANSIONS, BUKIT TIMAH PLAZA, BUKIT VIEW, BUKIT VILLAS, BULLION PARK, BUONA LODGE, BUONA VISTA GARDENS, BURGUNDY HILL, BURLINGTON SQUARE, BURLINGTON SQUARE APARTMENT, BUTTERWORTH 8, BUTTERWORTH VIEW, CAINHILL PLAZA, CAIRNHILL COURT, CAIRNHILL CREST, CAIRNHILL GARDENS, CAIRNHILL HEIGHTS, CAIRNHILL MANSIONS, CAIRNHILL PLAZA, CAIRNHILL VIEW, CALARASI, CALROSE GARDENS, CAMBRIDGE VILLAGE, CAMELIA PARK, CAMELLIA LODGE, CAMELOT, CAMWOOD PARK, CANARY PARK, CANARY VILLE, CANBERLIN APARTMENT, CANBERLIN LODGE, CANDEVILLE, CANNAVILLE, CANNE LODGE, CARDIFF COURT, CARIBBEAN AT KEPPEL BAY, CARISSA PARK, CARISSA PARK CONDOMINIUM, CARLISLE LODGE, CARLTON TERRACE, CARMI MANSIONS, CASA AROMA, CASA CAIRNHILL, CASA CONTENDERE, CASA DE VENICE, CASA EMERALD, CASA ESPANIA, CASA ESPERANZA, CASA FIDELIO, CASA FLORA, CASA IRRAWADDY, CASA JERVOIS, CASA MELWANI, CASA MEYFORT, CASA NASSAU, CASA NOVACREST, CASA PASIR RIS, CASA PASIR RIS CONDOMINIUM, CASA RIVIERA, CASA ROBINA, CASA ROSA, CASA ROSA CONDOMINIUM, CASA ROSITA, CASA SARINA, CASA SOPHIA, CASABELLA, CASABLANCA, CASAFINA, CASCADALE, CASCADALE CONDOMINIUM, CASCADIA, CASHEW ESTATE, CASHEW GARDENS, CASHEW HEIGHTS, CASHEW HILL, CASHEW PARK CONDOMINIUM, CASHEW VILLAS, CASTLE GREEN, CASUARINA COVE, CATHAY GARDENS, CAVENAGH COURT, CAVENAGH GARDENS, CAVENAGH HOUSE, CAVENAGH LODGE, CAVENAGH MANSIONS, CAVENAGH TOWNHOUSE, CAVENDISH PARK, CELADON VIEW, CENTRAL GREEN, CENTRAL GREEN CONDOMINIUM, CENTRAL GROVE, CENTRAL MEADOWS, CENTRAL VIEW, CENTREPOINT, CENTURY MANSIONS, CENTURY TOWER, CENTURY VILLE, CENTURY WOODS, CEYLON CREST, CHAMBERY MANSIONS, CHANCERY CORNER, CHANCERY COURT, CHANCERY ESQUIRE, CHANCERY GARDENS, CHANCERY GROVE, CHANCERY PARK, CHANGI COURT, CHANGI GARDEN CONDOMINIUM, CHANGI GREEN, CHANGI GROVE, CHANGI HEIGHTS, CHANGI RISE CONDOMINIUM, CHANTILLY RISE, CHAO MING HUA YUAN, CHAPEL COURT, CHAPEL LODGE, CHAPEL MANSIONS, CHAR YONG GARDENS, CHARISMA VIEW, CHARLES VILLE, CHARLESTON, CHARLTON GARDENS, CHARLTON LODGE, CHARMING GARDENS, CHATEAU DE HOLLANDE, CHATEAU ELIZA, CHATEAU LE FAME, CHATELET, CHATELET BUKIT TIMAH, CHATELET CONDOMINIUM, CHATSWORTH COURT, CHELSEA GARDENS, CHELSEA LODGE, CHELSEA VILLAGE, CHEMPAKA COURT, CHEN FANG MANSIONS, CHENFANG MANSIONS, CHENG HONG MANSIONS, CHENG SOON GARDENS, CHENYUAN APARTMENT, CHERRY GARDENS, CHERRYHILL, CHESTER PARK, CHESTERVALE, CHESTERVALE(EC), CHESTNUT GARDENS, CHESTNUT GREEN, CHESTNUT VILLE, CHEZ BRIGHT, CHILTERN PARK, CHIN BEE MANSIONS, CHIN SHING BUILDING, CHINATOWN COMPLEX, CHIVERTON, CHNG MANSIONS, CHOON KIM HOUSE, CHOON MOEY MANSIONS, CHUAN GREEN, CHUAN LOFT, CHUAN PARK, CHUAN TERRACE, CHUAN VALE, CHUAN VILLAS, CHUAN VISTA, CHUAN VISTA II, CHWEE CHIAN VIEW, CITIPORT CENTRE, CITY MANSIONS, CITY PLAZA, CITY SQUARE, CITY SQUARE MALL, CITY SQUARE RESIDENCES, CITY TOWER, CITYLIGHTS, CITYVALE, CLAREMONT, CLASSICAL TERRACE, CLAYMORE PLAZA, CLAYMORE POINT, CLAYTON LODGE, CLEMENCEAU COURT, CLEMENTI GREEN, CLEMENTI PARK, CLEMENTI PARK CONDOMINIUM, LYDES RESIDENCE, CLYDES RESIDENCES, CLYDES WOOD, CLYDESCOVE, CLYDESVIEW, CLYDESWOOD, COASTARINA, COMAY COURT, COMFORT GARDENS, COMFORT MANSIONS, COMPASS HEIGHTS, CONCORDE, CORAL PARK, CORONA COURT, CORONA VILLE, CORONATION ARCADE, CORONATION GARDENS, CORONATION GROVE, COSTA DEL SOL, COSTA RHU, COSTA RHU CONDOMINIUM, COSY 23, COSY LODGE, COTE D'AZUR, COUNTRY GRANDEUR, COUNTRY PARK, COUNTRY PARK CONDOMINIUM, CRAIG PLACE, CRANE COURT, CRAWFORD CENTRE, CRESCENDO BUILDING, CRESCENDO PARK, CRESCENDO PARK/BUILDING, CROWN CENTRE, CRYSTAL COURT, CRYSTAL DEW, CRYSTAL LODGE, CRYSTAL RHU, CRYSTAL TOWER, CSI DISTRIBUTION CENTRE, CULFORD GARDENS, CURZON LODGE, CUSCADEN RESIDENCE, CUSCADEN RESIDENCES, CUSCADEN TOWER, D ECOSIA, D'BANYAN, D'CAMBRIDGE, D'ECOSIA, D'ELIAS, D'GROVE VILLAS, D'HERITAGE CASTLE, D'LOTUS, D'MANOR, D'MARINE, D'SAVILLE, D-MANSIONS, DAHLIA PARK, DAHLIA PARK CONDOMINIUM, DAILY FARM ESTATE, DAIRY FARM ESTATE, DAISY LODGE, DAISY TERRACE, DALVEY COURT, DARBY PARK, DAVISVILLE, DAWN VILLE, DE ANGELO, DE CASALLE, DE LENTE, DE PARADISO, DE ROYALE, DE'LENTE, DEDAP GARDENS, DELFI ORCHARD, DELIGHT COURT, DENG FU COURT, DERBY COURT, DERBYSHIRE COURT, DERBYSHIRE HEIGHTS, DERBYSHIRE MANSIONS, DEROYALE, DEVONSHIRE COURT, DEVONSHIRE LODGE, DIAMOND TOWER, DLV., DOMAIN CENTRE, DORMER PARK, DORSET MANSIONS, DOVER PARKVIEW, DRAGON MANSIONS, DRAGON VIEW PARK, DRAYCOTT TOWER, DUAN TAO COURT, DUCHESS COURT, DUCHESS CREST, DUCHESS GARDENS, DUCHESS MANOR, DUCHESS PARK, DUET, DUKE'S GARDENS, DUKU APARTMENT, DUKU ROAD, DUNEARN COURT, DUNEARN GARDENS, DUNEARN LODGE, DUNMAN COURT, DUNMAN GROVE, DUNMAN PLACE, DUNMAN VIEW, DUSUN GROVE, DYNASTY GARDENS, EAST COAST HILL, EAST COAST PARK, EAST COAST VILLE, EAST GALLERIA, EAST MEADOWS, EAST MEWS, EAST PALM, EAST POINT GREEN, EAST SHORE COURT, EAST SIGNATURE, EAST TREASURE, EAST VIEW, EAST VIEW GARDENS, EASTERN GROVE, EASTERN LAGOON, EASTERN LAGOON I, EASTERN LAGOON I&II, EASTERN LAGOON II, EASTERN MANSIONS, EASTERN WAY MANSIONS, EASTMEWS, EASTPOINT GREEN, EASTSIDE LOFT, EASTVALE, EASTVALE(EC), EASTWIND MANSIONS, EASTWOOD CENTRE, EASTWOOD GREEN, EASTWOOD GREEN TERRACE, EASTWOOD GREEN TERRACES, EASTWOOD PARK, EASTWOOD VALE, EASTWOOD VILLE, EBER GARDENS, EBONY MANSIONS, EDELWEISS PARK, EDELWEISS PARK CONDOMINIUM, EDEN CREST, EDEN SPRING, EDEN VALE, EDEN VIEW, EDENCREST, EE WANG PARK, EL CENTRO, ELEGANCE VIEW, ELIAS GREEN, ELIAS MALL, ELIAS TERRACE, ELIZABETH HEIGHT, ELIZABETH HEIGHTS, ELIZABETH TOWER, ELMIRA HEIGHTS, EMERALD EAST, EMERALD GARDENS, EMERALD GREEN, EMERALD LODGE, EMERALD MANSIONS, EMERALD PARK, EMERY POINT, 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LODGE, GREEN MEADOWS, GREEN MEADOWS TOWER, GREEN PARK, GREEN SPRING, GREENACRES, GREENBANK PARK, GREENRIDGE, GREENVILLE, GRENVILLE, GROSVENOR VIEW, GRYPHON TERRACE, GUAN SOON TERRACE, GUILIN VIEW, GUILLEMARD COURT, GUILLEMARD VIEW, GUILLIN COURT, GUILLIN MANSIONS, GUILLIN VIEW, H.J.HEIGHTS, HABITAT 1, HABITAT 2, HABITAT ONE, HABOUR VIEW GARDENS, HAIG COURT, HAIG GARDENS, HAIG TEN, HAIGSVILLE, HAMPTON COURT, HAPPY ESTATE, HAPPY MANSIONS, HARBOUR VIEW TOWER, HARBOURLIGHT CONDOMINIUM, HARBOURLIGHTS, HARBOURSIDE, HARBOURSIDE APARTMENT, HARMONY MANSIONS, HARVEST MANSIONS, HARVEY VIEW, HAWAII TOWER, HAZEL PARK CONDOMINIUM, HAZEL PARK TERRACE, HEARTLAND MALL, HEETON PARK, HEIWA COURT, HENDERSON VIEW, HENLEY GARDENS, HENRY PARK, HERITAGE APARTMENT, HERITAGE PLACE, HERITAGE VIEW, HERTFORD MANSIONS, HIBISCUS MANSIONS, HIGH OAK, HIGH OAK CONDOMINIUM, HIGH POINT, HIGHGATE, HIGHGATE CONDOMINIUM, HIGHGATE PARK, HIGHLAND CENTRE, HIGHLAND CONDOMINIUM, HILL COURT, HILL PARK, HILLBROOKS, HILLCREST 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PLAZA, KEMBANGAN VILLAS, KENG LEE VIEW, KENG YEE GARDENS, KENSINGTON PARK, KENTISH COURT, KENTISH GREEN, KENTISH LODGE, KENTVIEW PARK, KEPPEL BAY TOWER, KERRISDALE, KEW BUNGALOWS, KEW COTTAGE, KEW COTTAGES, KEW DRIVE, KEW GATE, KEW GATE(CLUSTER HOUSES), KEW GREEN, KEW RESIDENCES, KEW RESIDENCIA, KEW RESIDENCIA(CLUSTER H, KEW VALE, KHEAM HOCK GARDENS, KILLINEY APARTMENT, KIM KEAT GARDENS, KIM KEAT HOUSE, KIM KEAT LODGE, KIM LIN PARK, KIM SENG PLAZA, KIM SIA COURT, KIM TIAN APARTMENT, KIM YAM HEIGHTS, KIMETAL BUILDING, KIMNAN PARK, KIMSIA COURT, KING'S APARTMENT, KING'S ARCADE, KING'S MANSIONS, KINGS APARTMENT, KINGSGROVE, KINGSGROVE CONDOMINIUM, KINGSTON TERRACE, KINGSVILLE, KISMIS COURT, KISMIS LODGE, KISMIS VIEW, KITCHENER COMPLEX, KJ MANSIONS, KLASSIC COURT, KNOX VIEW, KOON SENG COURT, KORAKUEN ORANGE COURT, KOVAN 81, KOVAN APARTMENT, KOVAN COURT, KOVAN CREST, KOVAN LODGE, KOVAN MELODY, KRETA AYER COMPLEX, KUM HING COURT, LA BELLE, LA CASA, LA CRYSTAL, LA MAISON, LA MEYER, LA NOUVELLE, LA QUINTA PARK, LA SALLE VILLAS, LA SUISSE, LA VENTURA, LA VILLE, LADYHILL PARK, LAGOON VIEW, LAGUNA 88, LAGUNA GREEN, LAGUNA PARK, LAKE HOLMZ, LAKEHOLMZ, LAKEPOINT CONDOMINIUM, LAKESIDE APARTMENT, LAKESIDE GROVE, LAKESIDE TOWER, LAKEVIEW, LAKEVIEW ESTATE, LANDBAY CONDOMINIUM, LANDMARK TOWER, LANDRIDGE CONDOMINIUM, LANGSTON VILLE, LAUREL PARK, LAUW & SONS GARDENS, LE CHATEAU, LE CONNEY GARDENS, LE CONNEY PARK, LE CRESCENDO, LE GROVE, LE HILL, LE HILL CONDOMINIUM, LE M RESIDENCES, LE MARQUE, LE SHANTIER, LE WILKIE, LE WOOD, LE YUKE APARTMENT, LEEDON 2, LEEDON HEIGHTS, LEGENDA, LEGENDA AT JOO CHIAT, LEIGHWOODS, LENGKONG APARTMENT, LENGKONG GARDENS, LENTOR VIEW, LENTOR VILLAS, LEONIE CONDOTEL, LEONIE GARDENS, LEONIE HILL RESIDENCES, LEONIE STUDIO, LEONIE TOWER, LEONIE VIEW, LEONIEHILL RESIDENCES, LERMIT LODGE, LES JARDINS DE HOLLANDE, LIANG SEAH COURT, LIANG SEAH PLACE, LIAT TOWER, LIEN TOWER, LIGHTHOUSE, LILAC PARK, LILYDALE, LIM HOCK KIM BUILDING, LIMAU GROVE, LIMAU PARK, LIMAU VILLAS, LINCOLN LODGE, LINCOLNSVALE, LION TOWER, LIRIA TERRACE, LLYN GARDENS, LOCK CHO APARTMENT, LONGBEACH TOWNHOUSE, LOR K TELOK KURAU, LORNIE GARDENS, LOYANG COURT, LOYANG GARDENS, LOYANG VALLEY, LOYANG VILLAS, LUCKY PLAZA, LUCKY TOWER, LUCKY VILLAS, LURTHERAN TOWER, LUTHERAN TOWER, LYNNSVILLE, MACKENZIE 138, MACKENZIE MANSIONS, MACPHERSON GARDEN ESTATE, MACPHERSON GREEN, MAISON ROYALE, MAKEWAY VIEW, MALVERN SPRING, MALVERN SPRINGS, MANDALAY TOWER, MANDALE HEIGHTS, MANDARIN GARDENS, MANGIS PARK, MANHATTAN MANSIONS, MANILA GARDENS, MANSION, MANSION 28, MAPLEWOODS, MARBELLA COURT, MARGATE MANSIONS, MARGATE POINT, MARINE MANSIONS, MARINE PARADE GARDENS, MARINE POINT, MARINE VIEW MANSIONS, MARSHALL LODGE, MARTIA 8, MARTIA COURT, MARTIA RESIDENCE, MARTIA RESIDENCES, MARTINA MANSIONS, MARYLAND ESTATE, MARYLAND PARK, MARYLAND POINT, MARYMOUNT TERRACE, MARYMOUNT VIEW, MARZUKI LODGE, MAXWELL HOUSE, MAYBELLE LODGE, MAYFAIR PARK, MAYSPRINGS, MAYVIEW TOWNHOUSES, MEADOW LODGE, MEADOWLODGE, 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SOMMERVILLE PARK, SOMMERVILLE ROAD, SOPHIA 98, SOPHIA COURT, SOPHIA LODGE, SOPHIA MANSIONS, SOUTHAVEN I, SOUTHAVEN II, SPANISH VILLAGE, SPOTTISWOODE APARTMENT, SPOTTISWOODE PARK, SPRING @ KATONG, SPRING COURT, SPRING GROVE, SPRINGBROOK TERRACE, SPRINGDALE, SPRINGDEW TERRACE, SPRINGHILL, SPRINGLEAF GARDENS, SPRINGVALE, SPRINGWELL MANSIONS, SPRINGWOOD, ST ANNE'S WOOD, ST FRANCIS COURT, ST FRANCIS LODGE, ST MARTIN RESIDENCES, ST MARTIN'S APARTMENT, ST MICHAEL'S CONDOMINIUM, ST MICHAEL'S PLACE, ST NICHOLAS VIEW, ST PATRICK'S COURT, ST PATRICK'S GARDENS, ST PATRICK'S VIEW, ST THOMAS COURT, ST THOMAS MANSIONS, ST THOMAS VILLE, ST. MARTIN'S RESIDENCE, ST. MICHAEL'S CONDOMINIUM, T.THOMAS VILLE, STARLIGHT TERRACE, STARVILE, STARVILLE, STEVENS LOFT, STILLINGIA COURT, STRAFORD COURT, STRAITS GARDENS, STRATA, STRATFORD COURT, STRATTON GREEN, STRATTON PARK, STUDIO 3, STURDEE VIEW, SUFFOLK APARTMENT, SULTAN GATE PLACE, SUMMER GARDENS, SUMMER GREEN, SUMMER GROVE, SUMMER PLACE, SUMMER VILLAS, SUMMERDALE, SUMMERDALE(EC), SUMMERHILL, SUMMERLEA GREEN, SUMMIT VILLE, SUMMITVILLE, SUN HAVEN, SUN PLAZA, SUN ROSIER, SUNBIRD, SUNFLOWER COURT, SUNFLOWER GRANDEUR, SUNFLOWER LODGE, SUNFLOWER MANSIONS, SUNFLOWER RESIDENCE, SUNFLOWER VIEW, SUNGLADE, SUNGROVE, SUNHAVEN, SUNNY PALMS, SUNNY VALE, SUNRISE GARDENS, SUNRISE VILLA, SUNRISE VILLAS, SUNSET LODGE, SUNSHINE GROVE, SUNSHINE LODGE, SUNSHINE LOFT, SUNSHINE PLAZA, SUNVILLE, SURREY MANSIONS, SURREY ROAD, SUTTON PLACE, SYMPHONY HEIGHTS, TAI GIN APARTMENT, TAI HWAN GARDENS, TAI HWAN PARK, TAI JIN APARTMENT, TAI KENG GARDENS, TAI KENG VILLAS, TAI PAN GRAND, TAIPAN GRAND, TAIPAN JADE, TAIPAN REGENCY, TAMPINES COURT, TAN QUEE LAN SUITES, TAN TONG MENG TOWER, TANAH MERAH GREEN, TANAH MERAH MANSIONS, TANAMERA CREST, TANGLIN HILL CONDOMINIUM, TANGLIN HILL MEADOWS, TANGLIN HILL VILLAS, TANGLIN PARK, TANGLIN REGENCY, TANGLIN VIEW, TANJONG RIA, TANJONG RIA CONDOMINIUM, TAT LEE COURT, TEKKA CENTRE, TELOK INDAH, TELOK KURAU COURT, TELOK KURAU LODGE, TELOK KURAU LOR K APARTMENT, TEMASEK GREEN, TEMBELING APARTMENT, TEMBELING GROVE, TEN @ SUFFOLK, TERESA VILLE, TEXTILE CENTRE, TG MANSIONS, THE ABERDEEN, THE ABODE AT DEVONSHIRE, THE ALBANY, THE ALBRACCA, THE ALCOVE, THE AMSTON, THE ANCHORAGE, THE ANSLEY, THE ARCADIA, THE ARDMORE, THE ARECA, THE ARMADALE, THE ARRIS, THE ASCOTT, THE ASPINE, THE ASTON, THE ATRIA, THE ATRIA AT MEYER, THE BABYLON, THE BALMORAL, THE BALMORAL SPRING, THE BANYAN CONDOMINIUM, THE BAYCOURT, THE BAYRON, THE BAYSHORE, THE BEAUMONT, THE BECCAGAYLE, THE BELLEFORTE, THE BELLERIVE, THE BELVEDERE, THE BENCOOLEN, THE BERTH BY THE COVE, THE BERTHSIDE, THE BLISSVILLE, THE BLOSSOMVALE, THE BOTANIC ON LLOYD, THE BOULEVARD RESIDENCES, THE CAIRNHILL, THE CALLISTA, THE CALYPSO, THE CAPRI, THE CARPMAELINA, THE CHAMPAGNE, THE CHANCERY RESIDENCES, THE CHELSEA LODGE, THE CLAYMORE, THE CLAYTON, THE CLEARWATER, THE CLEMENTVALE, THE COLONNADE, THE COMPASS AT CHANCERY, THE CONCORDE, THE CORNWALL, THE COSMOPOLITAN, THE COUNTRY ESQUIRE, THE COUNTRYSIDE, THE COURTYARD, THE DAFFODIL, THE DAIRY FARM, THE DEW, THE DRAYCOTT, THE EASTSIDE, THE EDEN, THE EDGE ON CAIRNHILL, THE EDGEWATER, THE ELEGANCE @ CHANGI, THE ELYSIA, THE EQUATORIAL, THE ESPARIS, THE ESPARIS(EC), THE ESQUIRE, THE ESTATE, THE ESTORIL, THE FLORAVALE, THE FLORIDA, THE FLORIDA(EC), THE FORTREDALE, THE GARDENS @ GERALD, THE GARDENS AT BISHAN, THE GARDENS AT GERALD, THE GLACIER, THE GLENCAIRD RESIDENCES, THE GLENCAIRED RESIDENCES, THE GLENWOOD REGENCY, THE GRANDHILL, THE GRANDIFLORA, THE GREENWOOD, THE HABITAT, THE HABITAT I, THE HABITAT II, THE HACIENDA, THE HALLMARK, THE HELICONIA, THE HERMITAGE, THE HILLSIDE, THE HORIZON, THE HUNTINGTON, THE ICON, THE IMPERIAL, THE INGLEWOOD, THE JADE, THE LADYHILL, THE LAKESHORE, THE LEGACY, THE LEGEND, THE LEVELZ, THE LIGHT @ CAIRNHILL, THE LINC, THE LINCOLN MODERN, THE LINEAR, THE LOFT, THE LOFT @ NASSIM HILL, THE MADEIRA, THE MAKENA, THE MARBELLA, THE MAYFAIR, THE MERA SAGA, THE MERASAGA, THE METZ, THE MEYER PLACE, THE MONDRIAN, THE MONTANA, THE MORNING DEW, THE MORNING GLORY, THE MORNINGSIDE, THE MORNINGTON, THE NEXUS, THE OLD HOUSE, THE ORANGE GROVE, THE ORION, THE OXLEY, THE PALISADES, THE PALLADIUM, THE PARISIAN, THE PARK VALE, THE PATERSON, THE PATERSON EDGE, THE PEAK, THE PEARL @ MOUNT FABER, THE PEARL AT MOUNT FABER, THE PETALS, THE PIER AT ROBERTSON, THE PINNACLE AT DUXTON, THE PLAZA, THE PRINCETON, THE PROMINENCE, THE QUAYSIDE, THE QUINTET, THE REGALIA, THE RICHMOND, THE RIVERINA, THE RIVERSHIRE, THE RIVERSIDE PIAZZA, THE RIVERSIDE PLAZA, THE RIVERVALE, THE RIVERWALK, THE SAIL @ MARINA BAY, THE SAPPHIRE, THE SEA VIEW, THE SENTINEL, THE SERENADE, THE SERENADE @ HOLLAND, THE SHELFORD, THE SIERRA, THE SOVEREIGN, THE SPECTRUM, THE SPINNAKER, THE SPIRE, THE SPRINGBLOOM, THE SPRINGFIELD, THE SPRINGS, THE SPRINGSIDE, THE STERLING, THE STRATA, THE SUMMIT, THE SUNFLOWER, THE SUNNIFLORA, THE SUNNY SPRING, THE SUNNYDALE, THE SUNSHINE, THE TAIPAN, THE TANAMERA, THE TENERIFFE, THE TESSARINA, THE TIARA, THE TOMLINSON, THE TREVOSE, THE TROPIC GARDENS, THE TROPICA, THE TRUMPS, THE TWINS, THE VANTAGE, THE VENTANA, THE VERSAILLES, THE VILLAGE, THE VINES, THE WARREN, THE WATERDALE, THE WATERINA, THE WATERSIDE, THE WILBY RESIDENCES, THE WILSHIRE, THE WINDSOR, THE WOODGROVE, THE YARDLEY, THOMSON 800, THOMSON EURO-ASIA, THOMSON GARDEN ESTATE, THOMSON GROVE, THOMSON HILLS, THOMSON IMPERIAL COURT, THOMSON MANSIONS, THOMSON PARK, THOMSON PLAZA, THOMSON RISE ESTATE, THOMSON VIEW CONDOMINIUM, THONG SIA BUILDING, THREE THREE ROBIN, TIAN COURT, TIVOLI GARDENS, TOH TUCK HILL, TOH TUCK LODGE, TOH YI COURT, TOHO GARDENS, TONG WATT MANSIONS, TOPAZ MANSIONS, TORIE MANSIONS, TORIE VILLE, TORIEVIEW MANSIONS, TORIEVILLE, TORIEVILLE MANSIONS, TOWNHOUSE APARTMENT, TREASURE GARDENS, TREASURE LOFT, TREASURE MANSIONS, TREASURE PLACE, TRELLIS TOWER, TRENDALE TOWER, TREVOSE 12, TREVOSE PARK, TROPICAL SPRING, TROPICANA, TRUSSVILLE, TULIP GARDENS, TWIN HEIGHTS, TWIN HEIGHTS AT SHAW PLA, TWIN REGENCY, UBI CENTRE, UBI TECHPARK, UE SQUARE, ULTRA MANSIONS, UNITED MANSIONS, UNITY CENTRE, UNIVERSITY PARK, UOB CENTRE, UPPER THOMSON ESTATE, URBANA, VALLEY APARTMENT, VALLEY MANSIONS, VALLEY PARK, VALVISTA, VANADIUM, VARSITY PARK CONDOMINIUM, VENEZIO, VENUS MANSIONS, VERANDA, VERMONT, VERSAILLES, VICTORY HEIGHTS, VIDA, VIEWPOINT CONDOMINIUM, VILLA AZURA, VILLA BEGONIA, VILLA CHANCERITA, VILLA CHANCERY, VILLA D'ESTE, VILLA DE WEST, VILLA DELLE ROSE, VILLA DES FLORES, VILLA INDAH, VILLA MADELEINE, VILLA MARGAUX, VILLA MARINA, VILLA MARTIA, VILLA VERDE, VILLAGE TOWER, VILLAS AT KEW, VILLAS LAGUNA, VILLE ROYALE, VINA LODGE, VISIONCREST, VISTA GARDENS, VISTA PARK, VISTAYA VIEW, WALDORF MANSIONS, WANG LODGE, WARNER COURT, WASHINGTONIA VILLAS, WATER PLACE, WATERFALL GARDENS, WATERFORD TERRACE, WATERFRONT VIEW, WATERLOO APARTMENT, WATERLOO CENTRE, WATERMARK ROBERTSON QUAY, WATTEN ESTATE CONDOMINIUM, WATTEN HILL CONDOMINIUM, WELKIN MANSIONS, WELLINGTON GARDENS, WELLINGTON PARK, WEN YUAN COURT, WEST BAY CONDOMINIUM, WEST BAY RESORT CONDOMINIUM, WEST COAST GARDENS, WESTBAY CONDOMINIUM, WESTCOVE CONDOMINIUM, WESTERN GROVE, WESTLAKE GARDENS, WESTMERE, WESTPARK APARTMENT, WESTPEAK, WESTVALE, WESTVILLE, WESTWOOD APARTMENT, WESTWOOD PARK, WHARTON VALE, WHITE HOUSE PARK, WHITEWATER, WHITEWATER(EC), WHITLEY HEIGHTS, WILKIE 48, WILKIE 87, WILKIE COURT, WILKIE MANSIONS, WILKIE REGENCY, WILKIE VALE, WILLYN VILLE, WINDERMERE, WINDSOR PARK, WINDSOR PARK ESTATE, WINDY HEIGHTS, WING FONG COURT, WING FONG MANSIONS, WING ON LIFE GARDENS, WINSLAND HOUSE II, WOODGROVE CONDOMINIUM, WOODLEIGH GARDNES, WOODSVALE, WOODSVALE(EC), WOOLLERTON PARK, XIU LAN COURT, YANG'S GARDENS, YANG'S GARDENS VILLAGE, YEW LIAN PARK, YEW MEI GREEN, YI MEI GARDENS, YISHUN EMERALD, YISHUN SAPPHIRE, YISHUN TEN, YONG AN PARK, YONG SHUEY LODGE, YU LI YUAN, YUNNAN GARDENS, ZEPHYR PARK, ZHEN JI GARDENS,

Credit Squeeze Heightens US Housing Market Woes

Source : Channel NewsAsia, 25 September 2007

WASHINGTON : The ailing US property market got more bad news on Tuesday as an industry report showed existing home sales fell 4.3 percent in August and the glut of unsold properties rose further.

The National Association of Realtors (NAR) report indicated that credit market turmoil hurt sales, making it harder for buyers to get mortgages in many cases.

The NAR said existing-home sales fell to a seasonally adjusted rate of 5.50 million units in August from 5.75 million in July.

The figure is down 12.8 percent from a year ago, and was in line with market expectations amid troubles in the housing sector after a long period of sizzling growth.

"The unusual disruptions in the mortgage market, including a significant rise in jumbo loan rates, resulted in a fairly high number of postponed or cancelled sales, with many buyers having to search for other financing when loan commitments fell through," said NAR senior economist Lawrence Yun.

"Lower sales contributed to a build-up of unsold inventory."

One bright spot in the report was the first annual price increase in 13 months, the association said.

The national median existing-home price for all housing types was 224,500 dollars in August, up 0.2 percent from August 2006.

But the glut of unsold homes rose rose 0.4 percent at the end of August to 4.58 million, a 10.0-month supply at the current sales pace.

The NAR report noted that home sales were affected by tightened credit standards after fears of failures in the mortgage sector rocked financial markets starting in early August.

Yun said he expects similar results for home sales in September.

"Once we get through these disruptions, we'll get a better sense of where the actual market is in late fall as conditions begin to normalise," he said.

Because many mortgages are bundled into securities, they depend on investor willingness to buy these. So-called jumbo loans, over the current limit of 417,000 dollars, are not bought by the big US mortgage finance companies and are now harder to obtain.

"The housing market continues to look very weak and now it is weakening further after looking like it had hit a bit of a plateau," said Robert Brusca at FAO Economics.

Marie-Pierre Ripert, economist at IXIS Corporate and Investment Bank, said the high level of inventories "suggests that the adjustment in sales is not over and that prices will continue to decline."

A separate survey meanwhile showed US home prices falling at a faster pace in key cities.

The Standard & Poor's/Case-Shiller 20-city home price index fell 3.9 percent in the year ending in July, roughly in line with forecasts.

The 10-city index also fell 4.5 percent in the year ending July.

"The decline in home prices clearly continued into the summer months," said Robert Shiller, chief economist at MacroMarkets LLC.

"The further deceleration in prices is still apparent across the majority of regions, with 16 of the 20 metro areas showing a drop in their annual growth rate from what was reported in June."

Yet analysts noted that the reports do not reflect the half-point cut in key interest rates last week by the Federal Reserve aimed at easing stress in the credit and housing markets. The cuts are likely to lower a variety of borrowing costs but the full impact will not be felt for several months.

Separately, Lennar Corp., one of the largest US homebuilders, reported a loss of 513.9 million dollars in the quarter to August 31, wider than expected by analysts. - AFP/de

Jalan Sultan Site Up For Tender

Source : TODAY, Wednesday, September 26, 2007

The Urban Redevelopment Authority (URA) yesterday announced a reserved site at Jalan Sultan for commercial development is now opened for application.

The site, located within the gazetted Kampong Glam Conservation Area, has an area of 15,069 square feet and consists of 17 units of existing two-storey conservation buildings.

URA said the successful tenderer will be required to restore these shophouses according to guidelines for the historic district, and are most suitable for investors interested in developing the single land parcel into a hotel or office.

Knight Frank director Nicholas Mak estimated that the shophouses could fetch gross rental values within the range of $3 to $4 per square foot per month. He believes tender prices for the plot could range from $7 million to $10.2 million. — ESTHER FUNG

Record Price For Green Collection

Source : TODAY, Wednesday, September 26, 2007

The Green Collection – Sentosa Cove’s only plot of land for strata landed housing – has been awarded to boutique developer Elevation Developments for a record price of $78.68 million, or $1,099 per square foot per plot ratio (psf ppr). This is 42.5 per cent higher than the $771.25 psf ppr achieved by the Sandy Island in March.

A total of eight competitive bids were received when the Expressions of Interest closed on Aug 15. The 71,590-sq-ft site can be developed with up to 20 homes with shared facilities such as swimming pool or gymnasium. — JOHNSON CHOO

Missing Piece In The CPF Debate

Source : TODAY, Wednesday, September 26, 2007









TAKE away the financial jargon and all the numbers being bandied about, and what last week's lengthy debate on the Central Provident Fund reforms indicated was a growing dichotomy between what the people of Singapore want from the Government, and what it is willing to give.

From the call on the Government to contribute in part — and even in full — to the upcoming annuity pool and to provide better returns than the upcoming 1-percentage-point guaranteed interest rate for CPF funds, to outright demands for a national pension plan or fund for the aged, the plea from Singaporeans for the Government to dip into its financial coffers even more was loud and clear.

The Government, however, stood firm on its longstanding aversion to anything resembling welfarism. As Second Finance Minister Tharman Shanmugaratnam reiterated in his speech in Parliament, the state will help Singaporeans make sure they have enough in their retirement piggy bank, but filling it up must be the responsibility of every citizen — not the Government.

But can this social contract between the Government and the people stand the test of time?

As Singaporeans grapple with an ageing population and the besiegement of the forces of globalisation, one can only expect such calls on the Government — that has, in recent years, presented itself as one that cares — to do more to get louder.

They look at other countries that have been generous in dealing with ageing populations and wonder why Singapore has to be unique. The South Korean Government, for instance, recently announced it would offer cash incentives of 300,000 won ($490) to companies for each worker that they employ beyond the retirement age of 60.

They read about the well-filled state coffers — from the strong reserves to the healthy returns achieved by government investment vehicles Temasek and GIC — and they see no reason why they should not get what they perceive as their fair share of it.

They lament that having slogged all their life to help build the nation, they still have to fend for themselves when they're old.

And sceptical of how many actually do live past 85, they wonder why the Government cannot do more to help care for this small group of old and frail in the country.

To many, things don't seem to be working in their favour. Already, as many as seven in 10 Singaporeans have below $60,000 in their combined CPF accounts, while most are already bemoaning the fact that they would have to wait longer than expected to enjoy their retirement savings, thanks to the upcoming delay in the draw-down age of the Minimum Sum.

By all accounts, the Government has not been tight-fisted. Prime Minister Lee Hsien Loong himself said on Sunday that the 1-percentage-point increase in interest, to be paid out to the first $60,000 in all CPF accounts, is "100-per-cent risk-free" and that one would be hard-pressed to find a better deal elsewhere in the market.

The $700-million bill to pay for the CPF changes will be funded by the Budget, not on reserves. And on the whole, the Government has spent $11.7 billion on Budget surpluses and Goods and Services Tax offset packages since 2001.

National Development Minister Mah Bow Tan also drove home the point that a large portion of the Government's assistance to the people comes in the form of subsidised housing, which has allowed Singaporeans to own their own home — an asset that can be cashed out upon retirement.

But these reminders are cutting no ice with the disgruntled.

Perhaps to the man on the street, such a circuitous way of giving simply does not register. Take the Goods and Services Tax hike for one. The Government raises the tax, but gives offset packages.

Still, everyone remembers the hike, but who speaks of the aid?

And why shouldn't the Government give more directly to the people? Why not channel the $700 million being used to fund the CPF interest rate increase to set up an old-age fund instead, as some MPs have suggested during the debates last week?

The thinking behind the Government's actions is, as expected, one of taking ownership and responsibility — not just relying on handouts but playing a role in planning for one's own retirement.

Good intentions, no doubt, but they are as confusing as they are well-meaning.

After all, it is understandable that a people so used to intervention by the Government in so many aspects of their life — just how to use their CPF monies is a case in point — finds dissonance in the message that their retirement is their responsibility.

Having been told all their lives that the Government knows best, they are now told they have to fend for themselves. This, they find hard to swallow — especially when one is old and "boh geh" (or toothless, in Hokkien), to borrow what a grassroots leader said on Sunday.

The task of preparing for an ageing population is a huge challenge. But an even bigger challenge for the Government, as it tackles the looming problem head-on, could lie in managing the expectations of Singaporeans.

And in convincing Singaporeans that this is a responsibility to be shared by the old, their children and the Government.

HDB Flat Prices In Fernvale Rose Too Rapidly

Source : The Straits Times, Sep 26, 2007

I REFER to the article, 'HDB launches sixth build-to-order project in Fernvale' (ST, Sept 21).

The HDB's pricing policy recently has increased the prices of new flats, and may lead to Singaporeans having to incur higher mortgage liabilities.

This may result in lesser CPF funds for retirement, more mortgages in arrears, defaults, etc.

For example, the prices of four-room flats in the HDB's latest build-to-order project (Coral Spring) in Fernvale are between $188,000 and $252,000, compared to Fernvale Vista Phase 2 ($145,000 to $200,000) in May, and Fernvale Court ($138,000 to $177,000) two years ago.

Based on the average prices of the three projects, which are in the same location, the increase is about 40 per cent from two years ago, and 28 per cent from just four months ago.

On an annual basis, the increase is 18 per cent per annum over the last two years, and 75 per cent per annum over just the last four months.

Why does the HDB have to increase its prices by so much so rapidly?

Leong Sze Hian

--------------------------------------------------------------------------------

On an annual basis, the increase is 75% per annum over last 4 months.

Singapore Top Paradise For Business: World Bank

Source : Channel NewsAsia, Sep 26, 2007

WASHINGTON - SINGAPORE once again topped the World Bank's ranks for the best place in the world to do business, and Egypt is the leader in reforms to invite more business, the World Bank said on Tuesday.

'For the second year running, Singapore tops the aggregate rankings on the ease of doing business' in 2006 to 2007, the World Bank said in releasing its 'Doing Business 2008' report.

Singapore unseated New Zealand in the annual rankings last year. In the latest report, New Zealand held on to the number-two spot, ahead of the United States, in third place.

Hong Kong, Denmark, Britain, Canada, Ireland, Australia and Iceland rounded out in descending order the top 10 places for ease of doing business in the survey of 178 economies.

The World Bank said that countries in Eastern Europe and the former Soviet Union reformed the most in 2006 to 2007, along with a large group of emerging markets, including China and India.

'China was the standout in East Asia, implementing far-reaching new private property rights and a new bankruptcy law,' the bank said in a statement.

Egypt, the leading reformer, greatly improved its position in the global rankings on the ease of doing business, with reforms in five of the 10 areas studied by the report, the bank said.

'The report finds that equity returns are highest in countries that are reforming the most,' said Michael Klein, World Bank/International Finance Corporation vice president for financial and private-sector development.

'Investors are looking for upside potential, and they find it in economies that are reforming - regardless of their starting point,' he added.

In addition to Egypt, the other top 10 reformers are, in order, Croatia, Ghana, Macedonia, Georgia, Colombia, Saudi Arabia, Kenya, China and Bulgaria.

'The results show that as governments ease regulations for doing business, more entrepreneurs go into business,' said Simeon Djankov, lead author of the report.

'Eastern Europe has witnessed a boom in new business entry that rivals the rapid growth in East Asia in the past,' he said.

The rankings are based on 10 indicators of business regulation that track the time and cost to meet government requirements in business start-up, operation, trade, taxation, and closure, the bank said. - AFP/ac

Singapore Office Rentals Still Competitive

Source : The Straits Times, Sep 26, 2007

COMPANIES are paying more for labour and rentals in Singapore than before, but prices are still competitive compared to global cities such as London, New York, Tokyo and Hong Kong.

Minister Mentor Lee Kuan Yew pointed this out yesterday, but said the Government would ensure prices stayed lower than countries 'in a similar position'.

This is so that Singapore can stay competitive.

'I think we should be able to manage that,' Mr Lee said. 'I believe we've got to watch it closely, make sure that it doesn't run away and get us into an uncompetitive fashion.'

He gave this assurance at a dialogue which followed the inaugural Singapore Maritime Lecture. A member of the audience asked how Singapore was balancing its bid to be a cosmopolitan city, with the need to stem soaring costs.

Mr Lee noted there was a property crunch now, with both commercial and residential sectors hit, as a result of the 'sudden influx' of bankers and top corporate types. However, the Government has already taken action to tackle it, he said.

'I think we can sort it out in two to three years. In the meantime, we have put into our plans some release of buildings from one use to another in order to loosen up the market,' he added.

On Monday, the Government also released a second temporary office site for sale to help ease an office crunch that has sent rents and prices soaring.

LYNN LEE

Collective Sales Ease As New Rules Take Hold

Source : The Straits Times, Sep 26, 2007

REDAS CHIEF ON BRIEF PAUSE

THE market for collective sales has had a spectacular run this year, but new rules are likely to act as a brake to it, Mr Simon Cheong, chief executive of property developer SC Global, said yesterday.

Mr Cheong, who is also chairman of the Real Estate Developers Association Singapore (Redas), said the market is still digesting changes in collective sale legislation passed in Parliament last week.

'In the process of digesting, obviously there will be a pause,' he said.

The new rules, which are likely to kick in next month, will lengthen the collective sale process and likely constrict land supply.

'For us developers, we are already anticipating that it will be more difficult to get choice sites in the near future. If we do, it will be at a higher price,' Mr Cheong said on the sidelines of a Redas lunch yesterday to mark the mid-autumn festival.

In a separate move, a Knight Frank report yesterday forecast a slowdown in collective sales. The property consultancy said developers have been spending $10.22 billion on sites for collective sales since January, more than the $8.08 billion outlay for all of last year.

Activity, however, is already abating, with only 13 deals worth $1.65 billion done in the third quarter. This compared with 27 deals worth $5.24 billion in the second quarter, said Knight Frank.

Case, Property Body Seek Licensing Of Housing Agents

Source : The Straits Times, Sep 26, 2007

Calls come amid growing number of complaints lodged against agents

A SHARPLY rising tide of consumer complaints against property agents has emerged in recent data, amid a spike in property sales in the current market boom.

Complaints include claims of misrepresentation and a failure to explain contract terms and conditions fully, the consumer watchdog, the Consumers Association of Singapore (Case), said.

This has led to renewed calls by Case for a stronger industry watchdog to regulate the sector.

Case, together with the Institute of Estate Agents (IEA), is seeking the mandatory licensing of property agents in Singapore.

In the interim, IEA yesterday launched a new 'practising certificate' to all its members, aimed at boosting their credibility and giving homebuyers and sellers more confidence in agents' professionalism.

The IEA represents about 900 property agents in Singapore. Its president, Mr Jeff Foo, said mandatory regulation for estate agents was overdue, especially given the current property market's bullishness.

The IEA practising certificate will have the identification number of the agent who, as a member, is bound to adhere to the organisation's strict guidelines and code of conduct.

Case president Yeo Guat Kwang said yesterday at a public forum held by the IEA, that agents should be licensed individually. He said Case and IEA will 'push the message to the relevant authorities'.

Complaints lodged against estate agents have almost doubled in the last two years. Case received 991 complaints last year, up from 672 in 2005, and 469 in 2004.

So far this year, 557 complaints have been made.

Mr Yeo said some complainants claimed that unexplained contract clauses were added by the agents, such as changing the level of commission that had been agreed upon.

Mr Yeo, an MP for Aljunied GRC, also said that Case and IEA are already in talks to introduce more regulatory measures.

This could be in the form of a standardised proficiency test that every agent has to pass before being allowed to operate, he said.

Currently, there is no mandatory qualification or licence requirement for housing agents. To operate, an agent has to join a licensed property agency, whose licence is issued by the Inland Revenue Authority of Singapore.

Mr Yeo told The Straits Times: 'Even taxi drivers have to fulfil certain criteria before they can operate. What more for property agents, who deal with the hard-earned life savings of Singaporeans.'

Even if rogue agents were sacked, they could join another agency because of the lack of a central body to regulate these agents, he added.

Mr Yeo said IEA's new initiative was a good way to encourage self-regulation, and encouraged consumers to choose agents with such recognition.

To boost membership numbers, the IEA also announced a new tie-up with NTUC yesterday, which enables IEA members to enjoy social benefits under the NTUC.

NTUC's secretary-general, Mr Lim Swee Say, who was at the signing of the memorandum of understanding yesterday, said that through IEA, NTUC can now extend its membership to agents.

He said this was another step closer towards the labour movement's 2011 vision of an all-inclusive membership for workers of all backgrounds.

SICC Sets Course Beyond Golf

Source : The Business Times, September 26, 2007

THE Singapore Island Country Club (SICC) yesterday broke ground for a S$60 million ultra-modern new clubhouse at the Island location off Upper Thomson Road. Work is scheduled to be completed in 2009.

Modern update: Club president Giam Chin Toon with an artist's impression of the new clubhouse. He believes it needs a makeover to be like a modern corporation with a board or general committee

Club president Giam Chin Toon said that the construction of the new clubhouse was an important step towards making the club as good as any golf and country club in the region.

He said: 'Golfing is still intrinsic to the SICC identity, but our needs are expanding and our member profile is changing. As such, we need to upgrade our facilities to better serve our members and make SICC a location for everyone in their family to enjoy themselves.'

Speaking to The Business Times about recent comments in the media about the SICC, Mr Giam said that such criticisms were common within the framework of clubs and their management committees.

He suggested that perhaps some people were unable to handle democracy as they get carried away with it and forget self-restraint and self discipline. He said that it was inconsistent to self-regulate and not also have self-restraint and discipline, and he thinks that people find it difficult to know where to draw a line.

Mr Giam, who has been club president for about four years, restated the club aim of making the SICC the leading golf and country club - but conceded that with critical self-examination, the SICC is not quite there yet.

He said that he believes the future of SICC lies in restructuring the way it is run. The club needs to transform itself to be like a modern corporation with a board or general committee which does not concern itself with day-to-day operations of the club. The board should form a 'think-tank' and set the directions, policies and give advice to the management.

Day-to-day running of the club should be left in the hands of the professionals. The convenors and captains of the various sports will form the link between the board and management.

Mr Giam said that SICC had a long history with traditions which are sometimes good but which can also hold things back. In order for the club to progress, he believes that what applied in the past may no longer apply in the future.

He believes that the club must embrace change and upgrade the management into a modern and efficient structure - as the SICC is a huge club. Rules will have to be updated as they are the framework of the club.

S'pore Is World's 5th Largest Forex Hub, Asia's No. 2

Source : The Business Times, September 26, 2007

Average daily turnover up 84% at US$231b this year from 2004: survey

SINGAPORE is now the fifth largest foreign exchange (FX) centre in the world and the second largest in Asia, according to a survey by the Bank for International Settlements.

This came as the average daily FX turnover volume here jumped 84 per cent from the previous survey in 2004 to reach US$231 billion in 2007.

The BIS Triennial Central Bank Survey - FX and Derivatives Market Activity in 2007 - which is for the reporting month of April this year, shows that Singapore's FX market continues to be international in character, with the major currencies such as the US dollar, Japanese yen and euro dominating turnover volumes.

The survey also ranks Singapore as the eighth largest centre globally in terms of over-the-counter (OTC) derivatives trading, up from 12th position in 2004.

The average daily OTC derivatives turnover in April shot up to US$68.6 billion, from US$17 billion in 2004.

FX derivatives accounted for an average daily turnover of US$11.3 billion while single currency derivatives stood at US$57.3 billion.

The BIS study uses a submission basis based on where the FX or derivatives transaction originated. Fifty banks in Singapore were involved in the survey.

In addition, the Singapore Foreign Exchange Market Committee (SFEMC) carries out a semi-annual FX survey of the top trading banks in Singapore, in coordination with committees in New York, London, Tokyo and Canada.

'The last survey done for the month of April 2007 had put average daily FX turnover at around US$223 billion for the top 30 FX banks in Singapore alone,' the Monetary Authority of Singapore (MAS) said.

MAS deputy managing director Ong Chong Tee said: 'The BIS as well as the SFEMC surveys affirm Singapore's continued strong growth as a key foreign exchange centre in the world. A number of financial institutions have chosen Singapore as their Asian FX trading hub, and several have been expanding their operations here.'

Mandarin Oriental Opens After Massive Renovation

Source : The Business Times, September 26, 2007

THE Mandarin Oriental, Singapore made its debut yesterday, following a multi-million-dollar renovation and renaming of The Oriental, Singapore.

Lots of vroom: The Mandarin Oriental, Singapore is one of the trackside hotels for the F-1 S'pore Grand Prix, to be held in September 2008

The refurbishment of the hotel, which began in 2005, saw the redesign of 527 guestrooms and suites. Additionally, enhancements were made to all public areas, as well as dining and meeting facilities.

The name change corresponds with the new look and aims to better align the hotel with the Mandarin Oriental Hotel Group.

'Mandarin Oriental, Singapore will continue to provide guests with the group's legendary service, an unbeatable location, spectacular views and the finest cuisine,' said Rajesh Jhingon, general manager of Mandarin Oriental, Singapore.

He also touched on room rates during the Formula One period in September next year, estimating that the hotel's prices would match its rack rates - published or full price rates - plus around an additional 30 per cent.

Official rates may be only released in January, he added, as the time of the race has yet to be determined.

The Mandarin Oriental, which opened here in 1987, is one of the trackside hotels for the Singapore Grand Prix.

Mandarin Oriental Hotel Group is currently developing 17 new hotels of which one is expected to be ready this year - the Riviera Maya, Mexico.

Jalan Sultan Conservation Shophouses Up For Tender

Source : The Business Times, September 26, 2007

SEVENTEEN two-storey conservation shophouses opposite KeyPoint at Jalan Sultan were yesterday offered to suitable investors by the Urban Redevelopment Authority (URA). The reserve-list site is 0.14 hectares in size.

A URA spokeswoman said: 'The land parcel can be put to commercial uses such as hotel, office, shops and restaurants. There is no control on the quantum but detailed proposals for the use and layout within the shophouses are subject to approval of all relevant Competent Authorities.'

URA's News Release
http://app.sprinter.gov.sg/data/pr/20070925998.pdf


Knight Frank reckons the plot will attract good demand from boutique hotel developers and those keen on turning the units into office space, given the supply crunch in these two sectors.

When restored, the shophouses would also be suitable for housing food and beverage outlets, in line with the proliferation of such venues in the Kampong Glam Conservation Area where the latest parcel is located. 'Tender prices are estimated in the $7 million to $10.2 million range, equivalent to $470 to $680 per square foot of land area,' Knight Frank director Nicholas Mak said.

Its auctions director, Mary Sai, a veteran in the shophouse market, reckons investors will offer the URA around $500,000 to $600,000 per shophouse unit. 'The restoration cost will amount to about $400,000 to $500,000 per shophouse, bringing the all-in investment to around $1 million or more per shophouse unit. This is in line with the $1.2 million to $1.3 million that sellers of 99-year leasehold restored shophouses with land areas of under 1,000 sq ft are generally seeking,' Ms Sai said.

URA will launch the reserve-list site for tender only if there is a successful application with an undertaking to bid a minimum price that is acceptable to the state.

Wall Street's All Charged Up

Source : The Business Times, September 26, 2007

Sub-prime? What sub-prime? Post-Fed cut, strategists are in bullish mode, buying into energy, industrial and tech companies that gain from global growth

THE Federal Reserve has driven most stock-market bears into hibernation. From UBS AG to Deutsche Bank AG and Citigroup Inc, Wall Street strategists are the most bullish they've been since 2000 after the US housing slump erased US$5.6 trillion from global equity markets and prompted the Fed to cut interest rates.

Wells Capital Management and MFS Investment Management, which together oversee US$375 billion in assets, are adding or looking to buy shares of banks, retailers, and technology companies on expectations lower borrowing costs and expanding economies across Europe and Asia will spur profit growth.

'You couldn't mix a better drink for the stock market,' said James Paulsen, who helps oversee US$175 billion as chief investment strategist at Wells Capital in Minneapolis.

Investors have been celebrating since the Fed's surprise half-point rate cut Sept 18 sent the Morgan Stanley Capital International World Index of 23 developed markets on its biggest two-day rally since June 2006. They snapped up shares of commodity producers and industrial companies that will benefit the most in a growing economy and became cheap last month after global stocks fell to the least expensive in 12 years.

The bears haven't all retreated. Balestra Capital Ltd's Jim Melcher and the Leuthold Group say the bulls are ignoring the reason for the central bank's rate cut - concern that the world's largest economy is heading into a tailspin.

Policy makers 'realise that there's a real economic threat of recession if we're not already in one and there's a brewing financial crisis', said Mr Melcher, whose US$260 million Balestra Capital Partners LP hedge fund in New York has returned 124 per cent this year with bets against financial shares and bonds backed by sub-prime mortgages.

The rebound in prices 'should be viewed as the eye of the hurricane', Steven Leuthold, whose US$1.72 billion Leuthold Core Investment Fund has beaten 97 per cent of like funds this year, wrote in the September issue of the firm's monthly research report. The Minneapolis-based Leuthold Group is concerned the economy will contract next year and cut its equity allocation to 30 per cent from 50 per cent on July 17, two days before the Standard & Poor's 500 Index reached a record.

Trading in Treasuries shows bond investors expect the Fed will lower rates again before year-end as the economy comes to a standstill. The yield on Treasury two-year notes is almost three quarters of a point below the designated 4.75 per cent funds rate. In the three previous occasions during the past 20 years when that has happened, policy makers have cut borrowing costs.

'The US economy needs to grow at 2.5 to 3 per cent or else it stalls,' said Bill Gross, manager of the US$104.4 billion Pimco Total Return Fund, the world's biggest bond fund. 'Historically every time we get close to stall speed the Fed lowers short rates.'

Mr Gross, who is chief investment officer of Newport Beach, California-based Pacific Investment Management Co, has predicted lower borrowing costs for a year. He said the funds rate will drop to at least 3.75 per cent as housing causes the economy's growth rate to slow to between 1 and 2 per cent from 4 per cent in the second quarter.

While recession concerns helped push the MSCI World Index's price-to-earnings ratio down to 15.99 last month, the lowest since at least 1995, the Fed's decision to lower the benchmark lending rate to 4.75 per cent persuaded more investors the economy won't start contracting.

The S&P 500 last week climbed 2.8 per cent to 1,525.75, the biggest advance since March. The Dow Jones Stoxx 600 Index of European companies gained 2.4 per cent, while the MSCI Asia- Pacific Index jumped 2.3 per cent.

Perth-based Woodside Petroleum Ltd, Australia's second-largest oil and gas producer, added 7.4 per cent since the Fed's rate cut. US Steel Corp, the biggest US-based steelmaker and located in Pittsburgh, rose 15 per cent. Munich-based Siemens AG, Europe's largest engineering company, gained 9.6 per cent.

More optimistic

The rally has left the S&P 500 within 5 per cent of strategists' average year-end forecasts of 1,595, the most bullish since December 2000, data compiled by Bloomberg showed.

'If you've been an equity investor and gone away for the month of August and not read the paper, you'd wonder what all the fuss was about,' said Alan Brown, who oversees US$276 billion as head of investments at Schroders Plc in London. Mr Brown said the firm favours adding to stocks instead of government bonds and expects the S&P 500 will reach 1,600 by year-end.

None of the Wall Street strategists tracked by Bloomberg cut their 2007 S&P 500 forecasts through the sell-off, even as credit costs between banks surged to the highest in six years and sub-prime mortgage defaults deepened the worst US housing slump in 16 years. They have become more optimistic during the year, bringing the average estimate up from 1,550 in January.

The two most bullish firms, St Louis-based AG Edwards & Sons Inc and Frankfurt-based Deutsche Bank, on July 17 raised their year-end forecasts for the S&P 500 to 1,650 and 1,610, respectively - three days before the index began its 9.4 per cent plummet from a record. Six forecasters, including David Bianco of UBS and New York-based Citi Investment Research's Tobias Levkovich, expect the index to end the year at 1,600.

Strategists such as Mr Bianco of Zurich-based UBS say that stronger economic growth outside the US will mitigate any slowdown in the US and boost earnings at the biggest companies with businesses that span the globe.

'Housing just doesn't matter for the S&P,' said Mr Bianco, the New York-based strategist for UBS. 'End of story. The concern about the spillover and what it means for energy companies, tech companies, industrial companies' is overblown because they benefit from global growth.

UBS recommends San Jose, California-based Cisco Systems Inc, the biggest provider of computer-networking equipment; Houston-based ConocoPhillips, the third-largest US oil company; and Fairfield, Connecticut-based General Electric Co, the world's second-largest company by market value.

Cisco received 47 per cent of its revenue from abroad in the year ended in July 2006. ConocoPhillips last year got 30 per cent of its sales outside the US, while GE got 46 per cent.

The Washington-based World Bank this month raised its forecast for China's 2007 economic growth to 11.3 per cent from a May estimate of 10.4 per cent. China grew 11.9 per cent from a year earlier in the second quarter, the fastest pace since 1994.

China, India and Russia together will account for half of global growth this year, according to the International Monetary Fund. The Washington-based IMF in July raised its 2007 global growth forecast to 5.2 per cent from an April estimate of 4.9 per cent because Europe, Japan and emerging-market economies were proving stronger than expected, compensating for a weaker US.

James Swanson of MFS is also looking to purchase shares of the largest technology companies, along with regional banks. He says now is a time to buy equities even though cheaper credit may exacerbate the risk of higher inflation in three to four years.

'I am concerned about it, but what the heck,' Mr Swanson, who helps oversee about US$200 billion as chief investment strategist at Boston-based MFS, said from Truro, Massachusetts. 'It's four years down the road.' - Bloomberg

S'pore Ranks Third In World For Meetings Held Last Year

Source : The Business Times, September 26, 2007

SINGAPORE has risen to be ranked as third city in the world for meetings held last year, up from its fourth position in 2005, as shown by international meetings statistics compiled by the Union of International Associations (UIA).

Paris was declared first and Vienna second. In the report, Singapore was ranked Top Country for Meetings in Asia for the 24th year running.

The city hosted 298 meetings in 2006, which was a 62 per cent increase over 2005. Tourism receipts totalled $4 billion last year, which shows that the republic is on the right track to meet targets set by the Singapore Tourism Board (STB) of $10.5 billion in tourism receipts by 2015.

Last year's big events included the annual meetings of the International Monetary Fund and World Bank in September, which drew some 16,000 foreign delegates.

On a regional level, Singapore hosted 22 per cent of all meetings held in Asia in 2006. In the last five years, Singapore has more than doubled the number of meetings held here, even though the number of meetings held in Asia declined by 2 per cent over those years.

Singapore Tourism Board(STB)'s media release
http://app.stb.com.sg/asp/new/new03a.asp?id=7583


Other efforts to expand the MICE sector by the Singapore Exhibition and Convention Bureau - a group within the STB - include their new business strategy, which involves working with other Singapore government agencies to create, attract or grow business events. These events would ideally focus on Singapore's fundamental economic drivers and initiatives, complement the development plan of these sectors, generate buzz and bolster the strategic position of Singapore as the exchange capital for each cluster.

'These rankings by the well-respected UIA further validate and reinforce the strong performance of the industry last year,' said Aloysius Arlando, assistant chief executive (Business Travel and MICE Group) for STB.

Redas: Mass Market Poised For Double-Digit Growth

Source : The Business Times, 26 September 2007

En bloc sales slow after introduction of new rules by govt

A toast: From left, Mr Cheong, Mr Tharman and Kwee Liong Keng, immediate-past president of Redas, at the association's annual Mid-Autumn Festival celebration yesterday En bloc sales slow after introduction of new rules by govt

(SINGAPORE) The Real Estate Developers' Association of Singapore (Redas) yesterday said that it expects 'double-digit' price growth in the mass market over the next 12 months.

'The mass market hasn't been very active and the base is low,' said Chia Ngiang Hong, Redas' first vice-president. 'It will probably play a bit of catch-up with the high-end segment. So I believe it is going to be double-digit (price growth) for the next 12 months.'

Mr Chia is also the general manager of City Developments, one of Singapore's largest developers.

Developers and analysts agreed with him.
















'Mass-market home prices will go up in line with higher costs of building materials, labour and land prices,' said Margaret Goh, chief executive of NTUC Choice Homes.

Yesterday was Redas' annual Mid-Autumn Festival celebration.

Kicking off the event, Redas president - and SC Global chief executive - Simon Cheong called for more good local and international schools in Singapore.

'One of the most important conditions for expats to stay in Singapore, I am told, is education,' he said. 'In short, no good education, no good future, no global city, no good real estate market.'

Education Minister Tharman Shanmugaratnam was the guest of honour at the event.

Mr Cheong also told reporters that collective sales in Singapore are slowing after the government recently introduced new rules governing such sales.

'In the process of digesting all these new rules, there will obviously be a pause . . . It will probably slow down the supply of en bloc land,' Mr Cheong said.

Sales could also be slowing as homeowners who cannot find replacement properties might be reluctant to sell, he said.

But Mr Cheong expects the prices fetched by en bloc sites to keep climbing as more owners will have to be enticed to sign up for a collective sale.

Developers are already anticipating more difficulty in getting prime land and expect to pay higher prices going forward, he said.

Mr Cheong also said that developers could be holding back launching new properties because changes to the en bloc legislation means that supply of new prime land sites could be harder to come by.

Boutique Developer Buys Sentosa Cove Site For $79m

Source : The Strait Times, 26 September 2007

A YOUNG entrepreneur who became a full-time polo player after selling his Silicon Valley dot.com firm has emerged as a successful property developer here.

Indian-born Satinder Garcha, 36, signalled his growing status in the industry yesterday when his company paid $78.68 million for a 200m-long landed plot in Sentosa Cove.

Boutique developer Elevation Developments beat seven other bidders in what Sentosa Cove, which is marketing the land, said was a highly competitive process.

Its price for the 71,589 sq ft plot, which faces the Sentosa Golf Club's Tanjong course, works out to $1,099 per sq ft of potential gross floor area.

This surpassed the $771.25 psf collective sale price paid for the enclave's Sandy Island in March.

Sentosa Cove now has just one last landed parcel to be sold en bloc to developers.

Mr Garcha's property portfolio will be worth $400 million to $500 million once the developments are completed.

He has 22 other properties - about half of which are good class bungalows - in prime areas such as Swettenham Road and Gallop Road. Most are in various stages of development.

Mr Garcha, who is the captain of the Singapore polo team, plans to build 20 houses on the Sentosa site, each with a rooftop pool.

The houses will have 10m glass frontages giving residents a clear view of the golf course.

Many of the homes the firm is building around Singapore will be rented out but

Mr Garcha intends to sell the Elevation Golf Villas for $9 million to $10 million each once they are completed around 2010.

These numbers are dwarfed by the price tag of two other properties he owns - bungalows in Nassim Road designed by world-renowned architect Zaha Hadid.

These houses, with a built- up space of 10,000 sq ft, will probably sell for $40 million to $50 million, he said.

The bungalows, now at the design stage, are expected to be ready by 2010. They are Ms Hadid's first residential project in Asia, said Mr Garcha.

'She was very excited about Singapore,' he said.

The Iraqi-born architect, known for projects such as the classic Vitra Fire Station in Germany, had worked on the masterplan for Singapore's science hub one-north.

When Mr Garcha first came to Singapore, he was intent only on playing polo.

He had sold his information technology company people.com in late 2000 to TMP Worldwide, a recruitment advertising business.

He then set up his own polo team that competed around the globe.

Mr Garcha used part of his dot.com windfall - he will not disclose his firm's sale price - to enter property development about three years ago when he saw the opportunities.

'I saw a lot of value in the property market. Prices were at a 10-year low,' he said.

Mr Garcha, who is of Indian descent, has become a Singapore citizen.

Sentosa's Strata Landed Site Goes For $78.7m

Source : The Business Times, 26 September 2007

SENTOSA Cove's only strata landed housing development, The Green Collection, has been sold for $78.7 million, or some $1,099 per square foot per plot ratio (psf ppr).

Boutique developer Elevation Developments won the 71,600 sq ft site with the highest bid out of eight received, following an expressions of interest exercise which closed last month.

Elevation intends to launch the project at around $1,500-$1,670 psf in about six months' time, the company's founder, Satinder Garcha, told reporters yesterday.

The developer will build 20 units of about 6,000 sq ft each on the site, which has a plot ratio of one. The project will be called Elevation Golf Villas.

'The project will probably set a benchmark for its kind of property,' said Mr Garcha.

The units, which will be ready by the end of 2009, could sell for between $9 million and $10 million apiece - which works out to $1,500-$1,670 psf, he said.

Elevation is going with a luxury 'golf villa' theme as the project faces Sentosa Golf Club's famed Tanjong Course with a 200 m frontage to the golf fairways.

All units will have three storeys and 7- 20 m of frontage facing the golf course. Each home will also have its own swimming pool, Mr Garcha said.

The price paid for the land far surpassed the last en bloc sale price of Sentosa Cove's Sandy Island, which went for $771 psf ppr in March this year, Sentosa Cove said.

The Green Collection is Sentosa Cove's second-last en bloc sale of landed parcels.

The plot is the only land parcel in Sentosa Cove where a developer has the flexibility to design and develop either strata terrace, semi-detached or detached houses with shared recreational facilities.

Elevation is a boutique developer of landed residential property in Singapore. Over the last three years, it has acquired 22 sites for building good class bungalows (GCBs) in Singapore's prime areas such as Nassim Road.

MM Lee Says S'pore Pproperty Market Will Stabilise

Source : The Business Times, 25 Sep 2007

The Singapore government is worried about rising consumer prices that could hit the city-state's competitiveness, but expects a spike in the property market to stabilise, Minister Mentor Lee Kuan Yew said on Tuesday.

Inflation in the city-state struck a 12-year peak in August due to higher food and transport costs, while private home prices have also soared to decade highs this year amid frenzied buying.

'That's a sudden spike in demand which we will try to meet, but I think it will stabilise,' MM Lee said at an industry conference, referring to the property market.

The government has tried to cool the property market by hiking property development charges and tightening rules on collective home sales, coming as firms such as CapitaLand and City Developments tear down older buildings for new projects.

MM Lee said the cost of living in Singapore was still competitive compared to Hong Kong, London, Tokyo and New York.

'We have to keep our costs below those who are in similar positions as we are,' he said. 'We got to watch it closely to make sure it doesn't run away and drag us to an uncompetitive situation.'

Singapore competes with Hong Kong to be the Asian headquarters for foreign firms and expatriates in the financial services industry. -- REUTERS