News Highlights Monday 30 June 2008

Buyers snap up 195 units in Bishan condo
In a welcome departure from the generally quiet market, the latest property launch - the 616-unit Clover by the Park - has generated sales of 195 units so far. Sim Lian Group, which is developing the condo, said that it had sold 195 out of the 308 units that were released for sale since last Friday's official launch. The eight suites, of 3,057 sq ft each, were all snapped up, indicating that buyers were keen on larger units. Buyers were mostly families upgrading from HDB flats. They picked up units priced between $907,000 and $2.68 million, or $599psf to $858psf. The average price worked out to be about $750 psf. While the mood is still cautious, a few recent launches have registered encouraging sales.
- The Straits Times, H18
S'pore, HK tax systems seen as most fair
Singapore and Hong Kong have the fairest and most transparent tax systems, out of six major developed countries, says an international study of finance professionals. The study, by the Association of Chartered Certified Accountants (ACCA) surveyed members in Australia, Canada, Hong Kong, Singapore, the UK and the US. Respondents ranked the tax regimes according to how 'fair' they were, looking at the 'simplicity', 'transparency' and 'burden' of each regime. Respondents ranked the Singapore and Hong Kong regimes tops, in terms of simplicity and transparency - agreeing that compliance requirements in their jurisdictions were clearly communicated.
- The Business Times, P2
NZ renewable energy firm sets up base here
Singapore has attracted renewable energy company Pure Power Global to set up base here, despite a relative lack of biomass here. The New Zealand-originated firm plans to drive its future acquisitions in renewable energy technologies from Singapore.
- The Business Times, P12
OCBC opens 2nd Chengdu sub-branch
OCBC Bank's wholly owned subsidiary, OCBC Bank (China) Ltd, will open its second sub-branch in Chengdu today. In addition, the bank's branches in Chengdu and Shanghai have received regulatory approval that allows the bank to offer renminbi-denominated products to citizens in these two cities. OCBC China will progressively introduce mortgages, wealth management and investment products to serve the country's growing affluent population. The bank will offer additional services such as foreign currency exchange and remittance, fund proof for applying student/business visa and offshore financial services. OCBC China will also launch its premier banking services targeting individuals with deposits or investments above 500,000 renminbi (S$99,500).
- The Business Times, P9

¯ ST Index weekly change 2,955.91 (-45.90)
SIBOR (3 mths): 1.25000 (S$)
SWAP (3 mths): 1.18414 (S$)