Economists raise 2010 growth outlook for Singapore to 6.5%

Economists have upped their growth outlook for Singapore as the city-state's key industries continue to rebound from last year's recession, according to a central bank poll.


The Monetary Authority of Singapore's survey of 20 private-sector economists showed they expected average growth of 6.5 per cent this year, higher than the previous forecast of 5.5 per cent in December.

The economists also raised their outlook for the island-state's major industries including manufacturing, which is now predicted to expand an annual 9.7 per cent this year - higher than the previous forecast of 6.3 per cent.

Wholesale and retail trade is seen growing 8.4 per cent instead of 7.0 per cent while construction is tipped to expand 8.9 per cent, from a previous projection of 7.1 per cent.

The government in February upgraded its 2010 economic growth outlook to 4.5-6.5 per cent from 3.0-5.0 per cent.

Singapore's economy contracted 2.0 per cent last year due to the global economic downturn. But it has managed to pull out of recession and rebounded strongly.

Improving global trade and continued consumption by major Asian markets like China spurred a rapid recovery in the beginning of this year.

Song Seng Wun, regional economist at CIMB-GK Research, said: "We see a very strong start to the year for the manufacturing sector, led by the pharmaceuticals sector, as well as a firmer contribution from the tech sector itself. So, collectively it looks like we're off to a very strong start for the year, and for the first quarter. Indeed the first-half performance may lift the overall figures for the full year itself."

Private-sector economists surveyed by the central bank said they expected GDP growth of 9.5 per cent for the first quarter.

Sector-wise, they said the long-term prospects for the financial services sector remain strong although it is expected to lag behind the others in the first quarter.

David Cohen, director of Asian economic forecasting at Action Economics, said: "Those numbers can fluctuate quarter on quarter, and as far as the financial services, the outlook is still bright in the long term. The fact that the stock market has bounced back nicely from a year ago should help support investment activity."

As for 2011, GDP growth estimates for Singapore came in at 5.5 percent. Experts said the lower expectation is the result of the inventory restocking cycle being over, and concerns over the pace of recovery in the more developed OECD economies.

- CNA/yb/ir

Home buyers still flock to showrooms despite new property

New measures kicked in on Saturday to curb speculation in the property market.
A Seller's Stamp Duty will be imposed on all residential properties bought on Saturday and sold within one year, while housing loans from financial institutions will be capped at 80 percent of property value.

Are they taking the buzz out of the property market? Not yet - at least not for those who are buying for the long-term.

It was business as usual at one property showroom on Saturday, as a steady stream of visitors checked out the units available. Sales of units at the Altez condominium - located just opposite Tanjong Pagar MRT station - are moving fast.

One woman in her 30s snapped up four units - two to stay in and two to rent out.
The condominium's developer said they could still sell an entire floor of units within an hour.
Some home buyers said the reduction in the home loan limit did not make much of a difference.
Home buyer Raphael Tan said: "The banks have been very strict, anyway. So I think we will still be on track for our financing."

And those who are buying for the long-term are not worried about the new Seller's Stamp Duty.
Doris Chia, another home buyer, said: "Although it's quite pricey now, I think this is a good location and for long-term investment."

Analysts expect developers to launch more high-end properties in the first half of this year.
These properties typically sell at S$2,000 per square foot and attract buyers and investors who are less price-sensitive.

Donald Han, managing director of Cushman and Wakefield, said: "A lot of the high-end investors are typically not bound by any limitation. They don't go for maximum loan-to-value ratio. In some cases, they just go for 40 to 50% of loan-to-value ratio. In some cases, they even buy on a cash basis."

Analysts said the mood to buy won't change much as the measures are meant to flush out speculators, who make up a small percentage of the market. Meanwhile, Senior Minister of State for National Development Grace Fu said that now is the time to introduce measures to control the private property market. She said the authorities have been studying the property market closely and that it is best to introduce the measures before the property bubble forms.

"We would think that it may deter speculative buying and we want our investors to basically be on the more solid ground when they invest in properties. It should not deter genuine buyers who have the financial resources to hold the property."
- CNA/ir

Government announces 2 measures to cool property market

The Government has introduced two new measures to cool the property market and pre-empt a bubble from forming in the private homes sector. They come into effect Saturday.

The Ministry of National Development said this will help ensure a stable and sustainable property market, and to curtail the HDB resale market where prices tend to track private property movements.

From Saturday, it will be more difficult and expensive for speculators to own and flip properties. A Seller's Stamp Duty will be imposed on all residential properties and residential land bought after Friday, and sold within one year from the date of purchase.

The housing loan limit will also be capped at 80 per cent - down from the current 90 per cent.
This new loan limit will apply to all housing loans granted by financial institutions for private homes, executive condominiums, HUDC flats and HDB flats, including those sold under the Design, Build and Sell Scheme. But loans granted by the Housing and Development Board (HDB) for flats, will still have a cap of 90 per cent.

Last September, the Government introduced anti-speculative measures to cool the private homes market. While these helped initially, there were signs the market was heating up again.
The new measures come as demand for private homes continues to soar. The number of units sold by developers in January was three times more than December. It was also the highest monthly total since September last year.

The Ministry said the objective of these measures is to discourage short-term speculative activity that could distort underlying prices. It is not targeted at the purchase of properties for owner occupation or longer term investment.

Market watchers said the measures are easiest to implement, without causing the market to come to a standstill.

Eugene Lim, associate director, ERA Asia Pacific said: "We are recovering. The economy is recovering and the market is picking up so what they want to do is to make sure the property market is moving up in tune together with the economy and not faster than the economic recovery."

Analysts added that the prices and volume of private property homes are unlikely to be significantly impacted.

Donald Han, managing director, Cushman & Wakefield said: "It has got a fairly minimal impact to the market, mainly because a lot of investors from our records are buying for the medium term, at least for a period of two to three years.

"Some investors will probably stand by the sidelines and see how sales progress into February and March. It will take some wind out of the market; potentially it could be around 10-15 per cent in terms of the numbers of new home sales taken out of the equation."

The Real Estate Developers' Association of Singapore said the reduced mortgage cap is unlikely to have significant impact on genuine buyers and investors, as lending institutions have already been more prudent in the aftermath of the global financial crisis.

- CNA/sc

Singapore now among 10 most expensive Asian cities

By Yasmine Yahya, 938 LIVE
Original Post: 02 December 2009 1412 hrs

SINGAPORE: Singapore is now one of the top 10 most expensive Asian cities for expatriates to live in due to the strengthening of the Singdollar.

A survey by human resource consultancy ECA International showed that Singapore now has the ninth highest cost of living in the region.

Last year, the city-state was in the twelfth place.

ECA International said the cost of living for visitors to Singapore is also catching up with that of its neighbours.

A year ago, living costs in Singapore were about 15 per cent lower than in Hong Kong. Now, the difference is just seven per cent.

ECA International's Regional Director for Asia, Lee Quane, said the increase in living cost is unlikely to deter firms from relocating their staff here.

Tokyo maintained its position as the most expensive location for expatriates to live in, as the stronger yen outweighed the impact of deflation in Japan.

- 938LIVE/yb
Source: Channel New Asia News

SOFT LAUNCHING @ Elliot Road, East Coast

The Elliot @ East Coast finally set to launch mid of Sep. Kindly Email If you are interested to have more infomation. Please Call (65) 8181-7777 or 讲华语 (65) 8112-7645

Details:

Price around $1100 psf
Freehold, Resort Style
8 Block of 5 Storey & 1 Block of 3 Storey Condo

1 BR approx 500sq ft
2 BR approx 950 - 1,600 sq ft
3 BR approx 1,300 - 2,100 sq ft
4 BR approx 1,600 - 2,700 sq ft
Penthouse approx 1,600 - 2,800 sq ft
Total 110 Units

Near Good Schools

• St. Stephen’s School
• Victoria School
• Ngee Ann Primary School
• CHIJ Katong Primary School
• St. Patrick’s Sec School
• Tao Nan School
• CHIJ Katong Convent
• Tanjong Katong Girls’ School
• Tanjong Katong Sec School
• Chatsworth International School
• Temasek Junior College

The Interlace Condo (Ex-Gillman Heights Site) Launching Soon

THE INTERLACE
Where Urban Living Meets Nature…

The Best of Both World

· Located amidst the nature reserve parks & southern ridges of Singapore
· 99 years residential development of 1,040 units
· Huge land size of approximately 8 hectares
· Designed by World Renowned Architect – OMA Ole Scheeren
· Proximity to Future Circle Line MRT Station (Labrador Park)
· Minutes drive to CBD, Vivocity & Sentosa IRs
· Condominium (In-House) shuttle bus provided to Vivocity for residents
· 2 / 3 / 3+Study / 4 bedrooms, Townhouses & Penthouses available
· Basement Carparking Lots
· Quality Finishes

The project set to launch 17-Sep-2009.

Please contact Paul (65)8181-7777, 讲华语 (65) 8112-7645 / poon@i-lander.net for placing cheque of booking.

Project Details

Site Area: 8 hectare
Design: Hexagonal Stacked 31 blocks 24 Storey high
Unit Type: 2 Bedrooms 807 sqft - Penthouse 6307 sqft
Total: 1040 units

Expected The Unusual Design

The project set to launch 17-Sep-2009. Please contact Paul (65)8181-7777, 讲华语 (65) 8112-7645 / poon@i-lander.net for placing cheque of booking.

The project set to launch 17-Sep-2009. Please contact Paul (65)8181-7777, 讲华语 (65) 8112-7645 / poon@i-lander.net for placing cheque of booking.

The Caspian @ Jurong Lake District Are Fully Sold

Finally, the Caspian Condominium 712 units at Jurong Lake District near to Lakeside MRT Station are 100% fully sold. The one of the top selling project started official launched on March 2009 that wake the Singapore property market in the mid of financial crisis from DOOM to BOOM finally closed down their showsuite at Lakeside Drive off Yuen Ching Road on Saturday, 15th Aug 2009.

Leaving the buyers who missed out the best buy price properties $580-$660 psf to buy the new launching project at $750-$850 psf.

The sub-sale for Caspian Condominium are Ranging from $720-$750 psf, most of the sub-sale buyers are purchased for own use.

LOOKING FOR SUB-SALE UNITS WITH GOOD VIEW

PLEASE CALL 8181-7777

or email: paul@expatcondo.com

• Many Units 2, 3, 4 Bedrooms Hi-Low Floor Available
• NEAR MRT / POOL VIEW,
• LIVING NEAR THE LAKE @ JURONG LAKE DISTRICT.
• 1KM TO RULUNG PRIMARY SCHOOLS
• NEAR CANADIAN INTERNATIONAL SCHOOL
• NEAR JURONG POINT SHOPPING MALL
• FUTURE TOURIST SPOT (INVESTMENT POTENTIAL)
• GOOD SIZE UNIT WITH PANORAMIC POOL VIEW

Waterfront Key Succesfully Have Their Special Preview 17-July-2009, 7:00 PM

The Waterfront Key new condominium special preview launching along Bedok Reservoir Road on 17-July-2009 starting from afternoon, Buyers, Developers & Property Agents were eagle to secure choice units form up queue since 2 pm.

Better pricing than expected, the units launch today below the earlier announcement. Previously, the developers, Far East Organisation joint venture with Fraser Centerpoint Homes gave the indication price at 800 psf. Most units launch at slightly lower at only 680-720 psf. 75% the unit launched sold estimated 60 units. Most buyers are happy with the price they bought. Many of buyers who missed out due to late decision, the choice units sold change to higher floor.

Totally do not look like recession. Some of the Buyers who did not take Property Agents advice to bring cheque along went back home empty handed.

According to the ERA Agents who market this properties together with Propnex and HSR forecast that tomorrow released unit will be slightly higher psf than today. However some of the buyers decided to submit blank check to their agent for the next day release.

Waterfront Key Condominium is the phase II released (plot No.1 of 4 plots) facing superb Bedok Reservoir view.


The Waterfront Wave @ Bedok Reservoir

SPECIAL PRIVIEW OF LUXURY CONDOMINIUM NEAR GREAT WORLD CITY

Only 127 units of Luxury Condominium on the hugh beautiful hilly land surrounded by landed house. Exclusive large pool & landscape. Single loded corridor (2 units per floor) came with own private & survice lift. Enjoy the unblocked scenery of Tanglin Good Class Bungalow Area and panoramic city view of Orchard Road....Exclusively for you..

2 Bedrooms 1,324 sq.ft.
3 Bedrooms 1,927 sq.ft.
4 Bedrooms 2,788 sq.ft.
Penthouse available

from 2 Jury 2009, Please Call 8181-7777 for Invitation

City Square Residences, Kitchener Link, District 08, Singapore

Luxury Condominium, Affordable Price !!! Practical layout beautiful connection between Dining & Kitchen, far horizon view, Looking toward Marina Bay, Raffles Place, Shenton Way. Fully unblocked due to conservation area & height of other developments. Doorstep to brand new Shopping Centre(under-construction) & door step to MRT. Best for new married couple, or renting out to expat.... BEST OF THE BEST, SECOND TO NONE!!! HIGH FLOOR NO BOMB SHELTER INSIDE

STOCK INVESTMENTS vs. PROPERTY INVESTMENTS

Property investment will not make you rich or poor over night, unlike Stock Investment. More over you must have time to monitor the movement of Stock Market. Buying or Selling at the wrong timing can cause you fortune, even in the good economy.

If You do not have time to monitor, Property Investment is one of the best choice. You do not need to monitor it everyday. Your investment will never turn to zero like in vest in Stock Investment. If it's not a right time to sell, you can choose to hold because it still give you return in form of rental

Most Important in Property Investment, you must be able so source out the right property that can maximize you investment return in you specific time frame.

The only set back for Property Investment is the capital investment is quite a big sum. You can't invest with too small amount like invest in Stock Investment.

Sourcing The Right Properties For Investment in Singapore, Please Call (65) 8181-7777

City Square Residences, Kitchener Link, District 08, Singapore

Paexco Presents: RARE & GOOD LOCATIONS, Luxury Condominium, Affordable Price !!! Practical layout beautiful connection between Dining & Kitchen, far horizon view, Looking toward Marina Bay, Raffles Place, Shenton Way. Fully unblocked due to conservation area & height of other developments. Doorstep to brand new Shopping Centre(under-construction) & door step to MRT. Best for new married couple, or renting out to expat.... BEST OF THE BEST, SECOND TO NONE!!! HIGH FLOOR NO BOMB SHELTER INSIDE....ExpatCondo

City Square is closes to many Shopping Centres like Bugis Junction. Suntec City, Raffles City, and Marina Shopping Centre, Millennia Walk, Funan IT Mal and The Central etc. close proximity to CBD Raffles Place City Hall, Marina Bay Integrated Resort (IR).

Looking For Buy - Sale - Rent City Square, Please call (65)8181-7777 Paul@ExpatCondo.com