DAILY MARKET UPDATES 22nd September 2008

First HDB flats with 10-year Warranty
Block 270A in Sengkang Central is the first to benefit from the Assure 3 scheme, which carries a warranty period of up to 10 years for the three most common defects found in HDB flats. The warranty covers all flats launched by the HDB after April 2005. This is in addition to the standard one-year defect liability period. The three most common defects, the HDB said, are ceiling leaks, water seepage and spalling concrete - a term for ceilings that crack when steel bars embedded in concrete corrode and expand. Any of the three defects found in the new flats within this period will be rectified by the building contractor at no cost to the flat owners.
- The Sunday Times, Home P9
Joo Chiat Exudes Laid-Back Charms
Demand for shophouses - which are limited in supply - is healthy. Transacted prices for shophouses in Joo Chiat are now around $1 million to $4.5 million, after rising around 20 to 30 per cent over the past year, said the research unit. For example, No. 133 Joo Chiat Road - which has a land area of 1,098 sq ft and was sold for $742,000 or $675 per sq ft (psf) in February last year - was resold for $970,000 or $883 psf in April this year. Because Joo Chiat is in district 15, a coveted residential area, it competes with more popular areas such as Katong, Marine Parade, Siglap and Telok Kurau, said CBRE. As these areas also enjoyed a large supply of new projects over the past 12 to 18 months, the take-up of new homes in Joo Chiat has not been as strong, it said. In effect, homes in Joo Chiat are more affordably priced than those in other parts of district 15, it added. That represents an increase of 31 per cent on a psf basis, said CBRE Research. More new homes will be coming up in Joo Chiat and the Haig Road area as some 16 projects with 428 units in total are being planned for the area. These new projects, which could have eight to 80 apartments, include the 24-unit Ventura View in Rambutan Road, the 12-unit Esterina in Haig Avenue, the 16-unit Sundance Vista in Koon Seng Road, and the 26-unit Spring @ Langsat in Langsat Road. Other yet-to-be-named developments include a 20-unit project at Duku Place and an 80-unit project in Koon Seng Road. Some very recent launches such as D'Fresco and Ivory still have units for sale.
- The Sunday Times, Invest 25
SMEs here have Not Lost Bounce
S’pore small and medium-sized enterprises (SMEs) are still enjoying global demand for their products and services despite the ongoing financial turmoil that has hit some of the biggest companies in the world. Even traditional sectors like furniture and textile production are reporting healthy sales. Official figures show that SMEs here account for 48per cent, or $107billion, of Singapore's gross domestic product. They also employ 1.7million workers, or six out of every 10 in the local workforce. Last year alone, SMEs added about 145,000 new jobs to the market. Spring has already taken 500 to 600 SMEs under its wing with the goal of helping them bump up their yearly turnovers from $10-20million, to $50-100million.
- The Straits Times, B22
Panalpina Opens New Complex in Changi
Panalpina World Transport has opened a new logistics complex at the Changi International LogisPark that will serve as the group's hub for South-east Asia and the Asia Pacific. The new complex has a total area of 11,277 square metres, including a warehouse with a net floor space area of 8,546 sq m, adding to the existing 4,500 sq m at the Pharmaceutical and Healthcare Hub located adjacent to the new facility. Both warehouses are bonded and provide essential security features. The strategic location of the new facility - it is close to Changi Airport and easily accessible by major expressways - complements Panalpina's existing air freight, ocean freight, and other logistics offices around the island.
- The Business Times, P23
Is London Losing its Financial Edge?
London's status as a leading financial centre is under threat, with tax and regulatory issues fuelling concerns. Oversight of UK mortgage provider Northern Rock and proposed changes to both corporate tax and how non-domiciled residents are taxed are among the red flags being raised by critics. London's financial services industry contributes around £50 billion (S$130.6 billion) to GDP and accounts for one per cent of the total British workforce. The reasons cited were non-domicile taxation reforms and difficulties raising money amid the credit crunch. According to the CBI, unemployment will rise to more than 2.12 million by the end of next year, hitting levels not seen since 1997. The economy moreover will not recover until mid-2009, it says.
- The Business Times, P22
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 Sunday Times, P5 advertisement

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