DAILY MARKET UPDATES 18th August 2008

Havens away from home
The various nationalities setting up home here tend to set up enclaves where their countrymen gather. Property agents said that clusters tend to come up around international schools. The Americans, for example, have flocked to Woodlands because it is close to the Singapore American School. The Japanese tend to live in condos in the West Coast, close to the Singapore Japanese School. And the Serangoon area is popular with the Australians and the French, with the French and Australian schools nearby. One in five households at the 310-unit Kensington Park Condominium - a 10-minute walk from Serangoon Gardens - is French, for example. At condos like The Sovereign, The Makena and Costa Rhu, about four in 10 residents are Indian nationals. With more Koreans flocking to the East Coast, stores and restaurants selling Korean food have sprung up. Geylang, for example, has perhaps the greatest concentration of Chinese food outlets here. Some nationalities are also dominating certain professions. Indian and Chinese nationals, for example, are heading for the IT and finance sectors. Some nationalities are also marking out gathering places as their own. Clarke Quay, for example, is the party destination of choice for Indian nationals, while the Myanmarese make Peninsula Plaza their own at the weekend.
The Sunday Times – P10 - 17th August
Still 'one safe haven' for investors - Reits
Credit Suisse tips real estate investment trusts, or Reits, as a good bet for investors. Reits turned in decent results in the second quarter and should see better earnings in the near term. Credit Suisse said three Reits, in particular, surprised with better-than-expected results: Mapletree Logistics Trust, Suntec Reit and CDL Hospitality Reit. The bank noted that quarter-on-quarter, office trusts delivered the strongest growth in terms of earnings, while hospitality Reits turned in the weakest performances. On a year-on-year basis, retail Reits grew the most in terms of earnings and industrial ones the least. The bank warned that risks of credit availability and high borrowing costs and concerns over asset devaluation still exist. For now, though, asset values are still expanding and interest rates are expected to remain low.
The Sunday Times, P23 - 17th August
Singapore wins bid to host RoboCup 2010
Singapore will play host to the 2010 RoboCup, a robotics soccer competition and the biggest robotics and artificial intelligence event in the world. The four local bodies responsible for organizing the event will be Singapore Polytechnic, EDB, Science Centre and the Singapore Tourism Board. Roughly 3000 participants from over 40 countries are expected to turn up for the event.
- The Business Times, P11
Volvo yacht race makes Singapore date
Volvo is the main sponsor of the Volvo Ocean Race, which takes place on 4th Oct. The boats will be hosted in the race village at the One Degree 15 Marina Club at Sentosa Cove, when the boats come into Singapore from just before Christmas this year to Jan 18. As part of bringing the race closer to the public, there will be race simulators, exhibits and many displays.
- The Business Times, P10
Concerns over health of Japan’s property, banking sectors
The failure of mid-sized Japanese property developer Urban Corporation has stirred fears that serious problems could be brewing in Japan’s property and banking sectors. Urban Corp collapsed after Japanese banks withdrew support in financing property development in Japan as the nation’s economy falters and property sales slump. Other property firms in Japan and other Asian countries could find themselves in similar difficulties as international real estate funds become more bearish.
- The Business Times, P2
India economy loses shine in global crisis
Inflation in India is at 13-year highs and economic expansion is slowing, prompting an exit by foreign investors. Inflation, currently at 12.44%, will remain in double digits through 2008, said a Goldman Sachs economist. While official growth forecasts for the year to March 2009 range from 7.7 to 8% - down from the 9% expansion last year – some brokerages see it as low as 7%.
- The Business Times, P22
Secure Computing shifts Asia-Pac HQ here
A growing list of local government customers, coupled with sizzling growth rates in other Asean markets, have prompted Secure Computing to relocated its Asia-Pacific headquarters from Hong Kong to Singapore. The company is set to expand its local employee base by nearly 30% to cope with the new business functions. Secure Computing established its Singapore subsidiary in 2004 and the 10-person outfit previously served as the base for managing its offices in South Asia.
- The Business Times, P33

¯ ST Index weekly change 2,797.50 (-10.04)
SIBOR (3 mths): 1.25000 (S$)
SWAP (3 mths): 1.29760 (S$)