DAILY MARKET UPDATES 27th September 2008

$645K HDB's priciest flats go on sale
For sale are the most expensive flats ever released by the HDB. They are the remaining 111 five-room units at the iconic 50-storey Pinnacle@Duxton in Tanjong Pagar, which is due to be completed this year. Prices start at $545,000 and go up to $645,800 for a 49th storey unit. Pinnacle@Duxton also has 317 four-room units still unsold, which were made available at prices ranging from $457,000 to $555,000. The flats were then priced between $289,200 and $439,400. The remaining flats were among 992 new flats released for sale under HDB's latest balloting exercise, which included surplus units from the Selective En bloc Redevelopment Scheme in Ang Mo Kio, Jurong West, Kallang/ Whampoa and Queenstown. Prices for five-room flats in Jalan Membina recently hit $670,000 for a unit above the 20th floor. The average price of a five-room flat sold in Jalan Membina and Cantonment Close over the last three months was $624,000.
- The Straits Times, A2
Indians lead in millionaire growth rate
There were an estimated 123,000 millionaires in India at the end of 2007 - 22.7 per cent more than in the previous 12 months, says the Asia-Pacific Wealth Report, compiled by Merrill Lynch and consultants Capgemini. China was second in the millionaire stakes. It had a millionaire population growth of 20.3 per cent in the same period, followed by South Korea with 18.9 per cent. India's economy grew 9 per cent in the financial year to March 2008 while China's economy expanded 11.9 per cent last year. Still, India's millionaire wealth trails behind China and Japan, the study shows. India's millionaires have a combined wealth of US$440 billion, compared with US$2.12 trillion in China and US$3.8 trillion in Japan.
-The Business Times, P21
Short-term rates leap to about 2%
Short-term interest rates here jumped again yesterday, sending it higher than the US Fed Fund rate of 2 per cent and causing the Monetary Authority of Singapore to inject money into the system. A dislocation in global money markets and quarter-end funding pressures caused Singapore dollar interest rates to firm. To ease market funding pressures, MAS kept a higher level of liquidity in the banking system through its market operations. The 3-month Sibor or Singapore interbank offer rate was fixed by the Association of Banks at 2.23 per cent yesterday, up from 1.76 per cent on Thursday. MAS said that it was prepared to inject additional liquidity, if required. The 3-month Sibor is now almost double of what it was a month ago. This could hit home loan borrowers who have been enjoying low interest rates, especially those on interbank pegged rates. Unless risk aversion subsides and/or the Fed cuts the Feds rates, upward pressures on domestic interest rates could persist, said a Citigroup economist.
-The Business Times, P6 (also see The Straits Times, C20 “Interbank rate spikes to 2.23%”)
Asia not going under: IMF chief
Asian economies will not go under despite the tempest on Wall Street, said International Monetary Fund (IMF) managing director. IMF sees a recovery in 2009. The economy is more resilient than expected. Today's crisis bears no resemblance to the 1997-98 Asian crisis, which began as a currency crisis in Thailand and went on to topple several tiger economies.
-The Straits Times, C15
Non-residents push up Singapore's population 5.5%
More non-residents coming to Singapore to work and study pushed the population up 5.5 per cent in June from a year earlier, National Population Secretariat (NPS) data shows. Singapore's population has shot up by a record 5.5 per cent to 4.84 million this June. The number of non-residents surged 19 per cent to 1.2 million in June compared with a year earlier. Non-residents - mostly from other parts of Asia are often here on work or study passes. At December last year, there were 757,000 non-residents on work permits, 143,000 on employment or S passes and 85,000 on student passes, said Ministry of Manpower. The number of PRs this year rose 6.5 per cent to 478,200, while the number of citizens was up one per cent to 3.16 million.
-The Business Times, P16
Investment sales could halve on credit crunch
The global credit crunch is likely to see worldwide property investment sales fall about 50 per cent this year compared with 2007, says Jones Lang LaSalle (JLL) president and global CEO Colin Dyer. According to JLL, global direct real estate investment hit a record US$759 billion in 2007. But this had fallen 42 per cent in H108 compared with the same period last year. So far, prices have fallen 15 to 25 per cent in general, Mr Dyer added. The buyers who tend to have cash now are sovereign wealth funds, private equity funds, open-ended German funds, oil-rich investors and a few very high net-worth individuals. JLL notes that in Singapore, investment sales rose 20 per cent in H108 compared to H107. Grade A office property yields were also between 5.8-6.3 per cent. However, investment sales here are expected to slow. Mr Dyer believes that demand for office space here is 'good and sustained'.
-The Business Times, P35
Manufacturing output drops 12.2% in August
Manufacturing output shrank 12.2 per cent year-on-year in August as most sectors contracted, the Economic Development Board said. Output was down 1.9 per cent from July on a seasonally adjusted basis. For the first eight months of the year, output was 2 per cent lower than the year before. The biomedical manufacturing cluster shrank 33.8 per cent year-on-year in August due to a 35.7 per cent contraction in the pharmaceuticals segment. Morgan Stanley said that low Q2 GDP growth and the weak August data suggest a technical recession in Q3 is likely.
- The Business Times, P16
Macquarie plans to sell its investment lending unit (World Briefing)
Sydney Macquarie Group, Australia's biggest investment bank, said it will sell its investment lending business. The sale of the unit follows Macquarie's decision in March to wind back its mortgage business. The investment lending unit contributes less than one per cent of profit. Macquarie's shares have slumped 48 per cent this year as investors shunned indebted financial companies.
- The Business Times, P19
City Developments
- Cliveden at Grange: Freehold, 1 unit per floor, expected TOP: 31 Dec 2011
- One Shenton: distinction of the No 1 address in CBD, 99-years w.e.f. 14 Oct 2005, expected TOP: 30 Sept 2011
- St Regis Residences Singapore: Singapore’s first branded residences, 999-years w.e.f. 24 Nov 1995, expected TOP: 28 Feb 2009
- The Business Times, P3 – advertisement (also in The Straits Times, B12)
The Oliv @ Balmoral
- Sky bungalows
- Garden units at ground floor, sky units from 2nd floor onwards
- By award winning architect, W Architects
- Developer: TG Development
- The Business Times, P5 - advertisement
Parc Centennial
- Invitation to a sneak preview
- Freehold
- 1 tower of 19 storeys, 52 units
- 2, 2+1, 3–BR units, 2 penthouses (3, 4-BR) and 1 sky studio
- 2BR: 1098-1163 sqft
- 2+1BR: 1249 sqft
- 3BR: 1550-1572 sqft
- Penthouses: 2486, 2885 sqft
- Sky studio: 1345 sqft
- 2 basement carpark
- Expected TOP: 31 Dec 2011
- Developer: EL Development
- Marketing agents: Knight Frank, HSR
- The Business Times, P7 - advertisement
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, A10 - advertisement
Goldhill Residences
- Freehold semi-detached
- No. 16/18/20/22 Goldhill Avenue
- 4 semi-D with 3 storeys
- 3,800 – 4,800 sqft
- 5-BR ensuite
- Private pool
- Expected TOP: June 2011
- PR eligible (subjected to LDAU’s approval)
- Developer: Goldhill Capital
- Marketing agent: CBRE
- The Straits Times, A22 - advertisement
The Verte
- Rare and coveted spot next to Telok Kurau Park and Siglap Park Connector
- Set against more than 100,000 sq ft of greenery
- Outdoor decks, private plunge pools
- 36 units
- Duplex penthouses with roof terraces and private Jacuzzis
- Townhouse – 3-storey with 4 bedrooms, private lap pool, personal carpark lot, open terraces
- Kembangan MRT station 5 minutes walk away
- Near CHIJ Katong Primary, CHIJ Katong Convent and Tao Nan Primary School
- Near Tanah Merah Country Club, Laguna Golf and Country Club, Marina Bay Country Club
- Expected TOP: 31 Jan 2012
- Developer: Roxy Homes
- Marketing agent: Savills
- The Straits Times, A32 - advertorial
Kovan Residences
- 99-years w.e.f. 31 Dec 2007
- Near Kovan MRT station. 13 minutes to the city
- Upcoming mega mall one MRT stop away
- Good schools in the area – Rosyth School, Maris Stella High School, Australian International School, French International School, Korean International School, Indian International School
- 2-bedroom units: 883 – 947 sq ft
- 3-bedroom units: 1,173 – 2,013 sq ft
- 4-bedroom units: 1,765 – 2,260 sq ft
- Single-level or double-storey penthouses with private pools or Jacuzzis
- Expected TOP: 2 Oct 2013
- Joint developers: Centurion and Lian Beng Group
- Marketing agent: DTZ
- The Straits Times, B4 - advertisement
Reflections at Keppel Bay
- New premier central tower released for the first time
- 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, C3 – advertisement
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 - advertisement
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
- 152 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, C4 - advertisement
Dukes Residence
- Freehold 42 units
- Deferred payment scheme
- Foreigners eligible
- Special package: 10 years free maintenance, interest free instalment, furnishing vouchers
- Queen’s Road
- Expected TOP: Jan 2012
- Developer: Manston Land Pte Ltd
- Marketing agent: Savills
- The Straits Times, C11 - advertisement
The Aristo
- Freehold
- 56 units
- 23 Amber Road
- Near future MRT station
- 1, 2, 2+1, 3, 4+1-BR with prices from $800,000 onwards
- Interest absorption, no instalment till TOP
- Foreigners eligible
- Expected TOP: 31 Dec 2013
- Developer: AG Capital Pte Ltd
- Marketing agent: Huttons
- The Straits Times, C37 - advertisement
Nassim Park Residences
- By Multi-award winning founder of Singapore-based SCDA Architects Chan Soo Khian, French interior and furniture designer Christian Liaigre and 18th generation Japanese priest and landscape designer Shunmyo Masuno
- Expected TOP: 19 Dec 2013
- Developer: UOL, Kheng Leong Company, ORIX
- Marketing agent: CBRE, Savills
- The Straits Times, C38 - advertisement
Signature at Lewis
- Freehold
- Junction of Lewis Road and Bukit Timah Road
- Near the future Botanic Gardens MRT and Stevens MRT stations
- 32 units in a 12-storey block: 10 studio units (635 sqft), 10 two-bedroom units (980 sqft), 10 four-bedroom units (1,841 sqft), 2 penthouses with private pool and roof garden (3,068 and 3,445 sqft)
- Zero-instalment Home Loans by DBS
- Expected TOP: 31 December 2011
- Developer: Hiap Hoe Group
-The Straits Times, D7 - advertisement

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