DAILY MARKET UPDATES 20th September 2008

KPE to cut journey times by up to 25%
South-East Asia's longest underground expressway - Kallang-Paya Lebar Expressway (KPE) - opened at 10am today. The 12-km KPE runs from East Coast Parkway (ECP) to the Tampines Expressway (TPE). The authorities say the KPE is expected to cut journey times in the north-east corridor as much as 25 per cent, benefiting motorists travelling between the north-east sector and the city, and to improve connectivity between the ECP, Pan-Island Expressway and TPE. The government will build the Marina Coastal Expressway (MCE), to be completed by 2013, to replace the ECP at Marina Bay as a high-speed link between the ECP and the Ayer Rajah Expressway. It will be joined to the KPE, so residents from the north-east can get access to western Singapore. A North South Expressway (NSE) will be completed by 2020 to provide an additional route for residents from the north to reach city areas. There will also be road widening and extensions, such as a new vehicle bridge over Sungei Serangoon to give motorists travelling from Sengkang and Punggol new towns direct access to the KPE. Also, there will be an extension of Bartley Road to Tampines Avenue 10 and widening of the PIE from the Bukit Timah Expressway to Adam Road.
- The Business Times, P16 (also see The Straits Times, B1)
New jobs available despite slowdown
Despite the global financial crisis, Acting Manpower Minister Gan Kim Yong said there were enough new jobs and pointed out the sectors where they could be found. They are: construction, aerospace, petrochemicals and tourism. He highlighted the job opportunities provided by the two giant petrochemical complexes coming up on Jurong Island, and the two integrated resorts. The petrochemical plants being built by Shell and ExxonMobil will start operating by 2011. A record 144,600 jobs were created in the first half of this year, compared to 113,800 in the same period last year. Unemployment remains at 2.3 per cent.
-The Straits Times, B6
New health group to serve the north
The Government has continued its revamp of the way medical services are delivered here, christening a new health group to serve northern Singapore. Alexandra Health will run the Khoo Teck Puat Hospital (KTPH) in Yishun, slated to open in 2010, and develop health services in the community for some 700,000 northern residents. These future community services will include a community hospital and two specialist centres. Another regional public health group is expected to be formed around Changi General Hospital.
-The Straits Times, B2
Luxury jet show over F1 weekend
More than 200 tycoons - some of whom are also attending the Formula One race - will turn up for a showing of private jets. The exclusive event at Seletar Airport next Friday and Saturday, ahead of the F1 race next Sunday, is believed to be the first held here. Seven luxury aircraft, each costing between US$500,000 (S$717,000) and US$30 million, will be on display - and for sale. The show, to be held here annually, is being organised by MillionaireAsia, a media group with a network of 100,000 millionaires in 10 countries.
-The Straits Times, B11
Property risks back in spotlight
With the property markets in China and Vietnam taking a beating, risks inherent in developing markets - such as changing regulatory environments - are being thrown into the spotlight. China Vanke, China's largest listed property developer, reported a 35 per cent drop in its August real estate sales. The developer also cut prices by as much as 20 per cent. Other developers followed with substantial price cuts. There are no signs of the Chinese government halting the slump in the property market. The central bank continued to call on commercial banks to tighten their lending to property developers and restated its curbs on bank loans for land purchases by developers. Developers with assets in emerging markets have been pointing to the strong fundamentals in these countries. Growing middle classes, increasing disposable incomes and rapid urbanisation are key drivers for real estate demand.
- The Business Times, P14
Growth forecast lowered
The global financial turmoil has hit South Korea hard with major institutions revising their economic growth projections for Asia's fourth-largest economy. The Asian Development Bank cut its forecast for South Korea's economic growth for this year to 4.6 per cent from 5 per cent, after the International Monetary Fund revised its forecast from 4.2 per cent to 4.1 per cent. The turmoil has also resulted in less cash in local money markets. This means that Korean businesses and households will find it hard to get loans, which will lead to a drop in business activity and private consumption.
- The Straits Times, A12
Skypark @ Somerset
- Duplex luxury home
- 4-BR of 3,347sqft
- 6m high garden: 700-800sqft (not included in the 3,347 sqft)
- Double-level living and dining room
- 1 tower of 29 units
- Only 5 units left at 14th, 23rd, 24th, 25th, 26th floor
- 14th floor unit at $2,260 psf
- The other 4 units at $2,600psf
- Deferred payment scheme
- Developer: TG Development
- The Business Times, P3
Parc Sophia
- 1st and 2nd phase 100% sold. Release of final phase
- “In the mid-tier segment, Parc Sophia in Douby Gaut was the best performer,” The Straits Times, Aug 16
- 157 freehold apartments
- 1, 1+1, 2-BR apartments with 2 basement carparks
- Sophia/Adis Road
- Foreigners eligible
- Financing packaging available
- TOP: no later than 31 Dec 2013
- Developer: Oxley
- Sole marketing agent: Huttons
- The Straits Times, A30
Concourse Skyline
- 99-year leasehold from 13 March 2008
- 360 units
- 40 storeys
- Linked to the proposed Nicoll Highway MRT Station via a covered walkway
- 300 Beach Road
- Expected TOP: 31 December 2013
- Developer: Hong Fok Land Ltd
- Marketing agents: CBRE, DTZ
The Straits Times, A33, advertisement
Livia
- “With land costing easily between $250 & $350psf coupled with high construction costs, developers’ break-event cost is at least $700psf. Livia’s average price of $650psf is definitely a steal.” – Jack Chua, ERA President & Peter Ow, Knight Frank Executive Director.
- 99-years leasehold condo (from 7 Jan 2008)
- Located just 8 minutes from Pasir Ris MRT and complete with unique activity zones sprawling across 450,000 sqft of land
- Aqua Zone: Wi-fi enabled pool lounge, Aqua Gym, Spa Alcove with soothing water jets
- Action Zone: ‘Xtreme Swing’, ‘Rocky Climb’, basketball half-court
- Garden Zone: bamboo, fragrance and fern gardens
- Leisure Zone: Tennis court, gym, BBQ pavilion, children’s play area, clubhouse
Located just off Pasir Ris Drive 1
- Surrounded by prestigious schools such as Singapore’s forth upcoming university at Upper Changi Road East
- 3-, 4-BR apartments and penthouses
- Average: $670 psf, from $628 psf ($797,000)
- 3-BR units: $800,000 - $940,000
- 4-BR units: $990,000 - $1.05 million (1,539 sq ft)
- Expected TOP: 31 Dec 2011
- Developer: Hong Realty
- Marketing agents: ERA, Knight Frank
- The Straits Times, B3 - advertisement
Dakota Residences
- 99-year leasehold w.e.f 11 September 2007
- 2, 3, 4-bedroom apartments (1,023 – 1,893 sqft)
- 5 min away from CBD, Marina Bay Sands IR
- Amenities:
- Shopping malls (Parkway Parade)
- Dakota MRT Station
- Katong Park, East Coast Park
- Upcoming Singapore Sports Hub
- New Kallang Riverside
- Marina Bay developments
- Zero instalment home loan package up till TOP by DBS
- Developer: Ho Bee & NTUC Choice Homes
- Marketing agents: DTZ, CBRE
- The Straits Times, B6 - advertisement
Botannia
- 956-years from 27 May 1928
- West Coast Park
- More than 400,000 sq ft of land
- Only 3-bedroom units available: $820 psf average
- Free shuttle service for residents
- New showflat
- Expected TOP: 30 April 2010
- Joint developers: City Developments and CapitaLand
- Marketing agents: CBRE, ERA
-The Straits Times, B13 - advertisement
Reflections at Keppel Bay
- 99-years w.e.f. 15 March 2006
- Six towers on a land size of approximately 84,000 sq m
- 2, 3, 4-bedroom and penthouse units
- Nearby attractions of Resorts World at Sentosa and Vivocity
- Deferred payment scheme available: 20% downpayment, no further payment till TOP
- Expected TOP: 30 June 2016
- Developer: Keppel Homes
- The Straits Times, B14 – advertisement
The Lattiz
- Freehold, foreigners eligible
- 15 apartment units
- 2 & 2+1 bedrooms: 1,033 – 1,141 sqft
- 3-bedrooms: 1,249 – 1,389 sqft
- Penthouses: 2,196 – 2,303 sqft
- Along Lorong Salleh
- Minutes away from Tao Nan School, Victoria Junior College
- Developer: Cre8 Property Development
- Marketing agent: PropNex
- Marketing agents: DTZ, CBRE
- The Straits Times, C6 - advertisement
Beacon Heights
- New launch
- 3-bedrooms from $888,000
- 999-years w.e.f 2 June 1882
- Zero housing loan instalments till TOP
- Further 1% discount for the first 20 buyers
- 28 storeys
- 212 units (1+1, 2+1, 3-bedroom)
- 630,000 sq ft land area
- 1 minute to CTE and PIE
- Woodsville Interchange to be completed before TOP to ease congestion on Serangoon Rd
- 2 swimming pools, floating gym, observation deck
- Developer: St Michael’s Development
- Marketing agent: Huttons
- Expected TOP: 30 June 2011
- The Straits Times – C13 - advertisement
Idyllic East
- 2, 3, 4-bedroom units, penthouses with studios
- Interest absorption scheme
- 576 East Coast Road
- Developer: Hillwood Development
- Marketing agent: Alsovec Property Network
-The Straits Times, C15 - advertisement

­ ST Index change 2,559.07 (+139.86)
SIBOR (3 mths): 1.18750 (S$)
SWAP (3 mths): 1.27919 (S$)