News Highlights Tuesday 12 February 2008

The Business Times, P2

Developer stocks may rise above flat property prices
Goldman Sachs predicts that private home prices will remain flat this year, but Singapore is driving a sustainable multi-year residential upswing. In its report, Goldman stated it has greatest confidence in the private mid-to mass-market segment, based on their analysis of different key drivers. In prime residential market, Goldman expects a fall in speculative activity but spots the potential of bulk buyers such as Middle Eastern funds.


The Business Times, P9

World Cities Summit to be held here
Singapore will host the first World Cities Summit, a premier international conference on public governance and sustainable development cities, from June 23-25 this year at Suntec Singapore International Convention and Exhibition Centre. The summit with the theme “Liveable and Vibrant Cities” will discuss the challenges of urbanization and examine best practices for sustainable development of cities. The summit will attract ministers and business leaders around the world, including a good number from Asia-Pacific and the Middle East. The summit is organized by Singapore’s Civil Service College, the Lee Kuan Yew School of Policy and the ministry of national development.


The Business Times, P9

Q4 GDP seen shrinking by 3.4%: poll
Singapore’s GDP in 4Q shrank by 3.4%, a Reuters poll showed. Many economists do not expect Singapore to slide into recession although slower growth is expected. The slowdown is due to sharp fall in manufacturing activity as demand for electronics in the US and Europe dropped. For 2007 as a whole, the economy grew about 7.5%, slightly lower than the 7.9% in 2006.


The Business Times, P9

HDB offers 278 flats for sale
HDB launched 278 flats in 13 estates yesterday and received 2,224 online applications. Toa Payoh has the largest number of available flats at 119, followed by Tampines with 39 and Bukit Merah with 30. HDB will offer 4,500 new BTO flats in the first half of 2008. PropNex CEO Mohdamed Ismail believed the first half of 2008 will see people who sold their private flats en bloc earlier to start receiving their collective sale proceeds and some will downgrade to HDB resale flats.


The Straits Times, P1

MM confident S’pore will ride out global slowdown
Minister Mentor Lee Kuan Yew said Singapore will do well despite trouble in the global economy. He said for the first time Asia will not go into recession despite US economy is faltering. MM cited two main reasons for his confidence in S’pore: it stands at the heart of world’s highest-growth region, and secondly the massive investments that are pouring into the island. He also said that Singapore is into a period of steady growth and transformation that includes the HDB estates.


The Straits Times, PH3

Stock of surplus flats vanishing fast
At the end of last year, HDB was estimated to have just 2,200 surplus flats left. This figure will down further following the almost 100% take up rate in previous sales exercises. Most new HDB flats come under the build-to-order (BTO) scheme. A batch of 316 flats in Hougang, Punggol and Sengkang drew 5,147 applications, while 840 units offered in other parts were all snapped up.