News Highlights Monday 23 June 2008

Analysts’ views mixed over H2 GLS list
The H2 2008 Government Land Sales (GLS) programme drew mixed responses from property analysts. Some see the moderate supply as a plus for property prices, others feel it reaffirms the weak market sentiment. The H2 2008 GLS list sees 13 new sites – 6 residential sites, 3 commercial sites, 3 hotel sites and 1 white site. That is lower than the 17 new sites released in H1. Generally, analysts welcome the market-driven approach to have more sites on the reserve list. Deutsche Bank analysts said that the lack of supply of CBD office sites should provide relief to the prime office segment and landlords. DBS Vickers kept its “overweight” rating on the property sector on the belief that the H2 GLS programme does inspire confidence in the planning of land supply, ensuring sustainable and steady growth in the property sector in the medium term.

- The Business Times, P5




Sales of Dakota Residence encouraging
Ho Bee Investment and NTUC Choice Homes have sold 80 units at Dakota Residences over the weekend. The developers have so far released 122 units in the 348-unit project at an average price of $970 psf. No deferred payment is available for the 19-storey condo, which will front Geylang River. Buyers are mostly Singaporeans, many with private home addresses. The majority of them live in East Coast. Ho Bee executive director said that there’s quite a bit of pent-up demand. Plans for the Sports Hub and the Kallang Riverside have helped to stir interest in the project. The project comprises 2, 3, and 4-bedroom apartments and penthouses. Both penthouses that were released have been sold – a 3,700 sq ft unit went for $3.37million and a 2,605 sq ft unit fetched $2.62 million. A typical 3-bedroom units of about 1,300 sq ft costs about $1.3 million.

- The Business Times, P9




Evergro to develop iconic mixed project in Jiangyin
Singapore’s Evergro Properties is building a 55-storey tower, which will be the highest residential building in China’s Jiangsu province. This high-rise block is part of an 83,000 sq m mixed development called Stamford City of Jiangyin, featuring 1,200 homes, a block of small-office home-office units and a mall. Two weeks ago, Evergro launched the first 2 blocks of the project comprising 150 high-rise, high-end apartments at S$1,390 per sq m. Evergro has made plans to raise more funds for land purchases in Jiangsu province where property prices have largely held firm. Evergro is also selling its 566-unit residential project in Changzhou.

- The Straits Times, H18




Singapore Centre in Shanghai to promote relations
The Singapore government opened a centre in Shanghai, bringing Contact Singapore, the Economic Development Board, IE Singapore and the Singapore Tourism Board under one roof. The Singapore Centre Shanghai will provide Shanghai residents with a one-stop centre and promote cross-agency synergies. The centre will also function as the socio-economic counterpart to the Singapore Consulate in Shanghai, housing the Consulates’ Commercial, Industry & Investment, and Education & Culture Sections within the centre.


- The Business Times, P8



Central bank may take action to curb inflation
India’s central bank is likely to tighten monetary policy, after the Finance Ministry said that it expected the monetary authority to take action to cool inflation. Annual inflation jumped from 8.75% in late May to 11.05% early this month. Economists said the central bank could raise its key lending rate, the repo rate.

- The Business Times, P24



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