What's the Flavor ?

A kindergarten teacher was having her class study the five senses.

On this particular day they were learning about the sense of taste. She instructed the class to close their eyes and she gave each student a cherry lifesaver. She had the children taste the lifesaver and try to guess the flavor.

The students anxiously raised their hands and the child called upon, correctly reported it's flavor.

"Tomorrow," the teacher said, "we're going to do this again, but I'm going to try to trick you."

So the next day the teacher went through the same routine with her class, only this time the life saver was honey flavored.

After tasting the life saver, no one raised their hand to report it's flavor.

"Okay." said the teacher, "I'll give you a hint. It's something your mommy calls your daddy."

Little Johnny in the back of the room yells, "Pugh, spit it out! It's an asshole!"

FART

A boy was meeting his girlfriend's parents for the first time for dinner. After dinner, his girlfriend and her mother left the room to do the dishes, leaving him with the father and the dog Duke, who was sitting underneath the boy's chair. Unfortunately, it was a large dinner and he really had to fart. He stealthily let out a quiet, but audible, fart.

"Duke!" the dad yelled.

"This is great!" the boy thought. "He thinks the dog is farting!" So he let out another one.

"Duke!" the father barked. The boy thought he was homefree so he let everything out at once in a really loud and smelly fart.

"Duke! Get out of there before the boy sh*ts on you!"

SELECTION OF ASSASSIN

A few months ago, there was an opening with the CIA for an assassin. These highly classified positions are hard to fill, and there's a lot of testing and background checks involved before you can even be considered for the position. After sending some applicants through the background checks, training and testing, they narrowed the possible choices down to two men and a woman, but only one position was available.

The day came for the final test to see which peson would get the extremely secretive job. The CIA men administering the test took one of the men to a large metal door and handed him a gun. "We must know that you will follow our instructions whatever the circumstances," they explained. "Inside this room, you will find your wife sitting in a chair. Take this gun and kill her." The man looked horrified and said, "You can't be serious! I could never shoot my wife!" "Well," said the CIA man, "you're definitely not the right man for this job then."

So they brought the second man to the same door and handed him a gun. "We must know that you will follow instructions no matter what the circumstances," they explained to the second man. "Inside you will find your wife sitting in a chair. Take this gun and kill her." The second man looked a bit shocked, but nevertheless took the gun and went in the room. All was quiet for about 5 minutes; then the door opened. The man came out of the room with tears in his eyes. "I tried to shoot her; I just couldn't pull the trigger and shoot my wife. I guess I'm not the right man for the job."

"No," the CIA man replied, "You don't have what it takes. Take your wife and go home."

Now they only had the woman left to test. They led her to the same door to the same room and handed her the same gun. "We must be sure that you will follow instructions no matter what the circumstances; this is your final test. Inside you will find your husband sitting in a chair. Take this gun and kill him." The woman took the gun and opened the door. Before the door even closed all the way, the CIA men heard the gun start firing, one shot after another for 13 shots. Then all hell broke loose in the room. They heard screaming, rashing, and banging on the walls. This went on for several minutes; then all went quiet.

The door opened slowly, and there stood the woman. She wiped the sweat from her brow and said, "You guys didn't tell me the gun was loaded with blanks. I had to beat the son of a bitch to death with the chair!"

Business Times: Developers test waters with condo launches.

May 9, 2008
Developers test waters with condo launches.
Sale of Floridian, Quartet on Vanda and Parc Seabreeze have begun.
By KALPANA RASHIWALA

DEVELOPERS are gingerly testing the water for residential launches this week. Far East Organization' s listed unit Orchard Parade Holdings and Wing Tai have begun the official launch of their Floridian condo in Bukit Timah, marked by the start of an advertising campaign.

Prices start at $1,615 psf. BT understands the average net price is in the range of $1,600 to $1,700 psf after discounts.

The freehold project has 336 units in 11 towers on a site of 230,000 sq ft. The preview for the development began a few months ago, with six units sold at $1,640 to $1,770 psf.

This week's official launch sees the release of 75 units in Towers 2 and 9. Units range from two-bedders of 840 sq ft to apartments with four bedrooms (plus study) of 2,373 sq ft. Floridian, designed by DP Architects, is inspired by the Miami coast and will be surrounded by water features. Ground-floor units will have the water's edge outside their living and dining spaces. The project is near Hwa Chong Institution, Methodist Girls' School, Nanyang Girls' High School, Raffles Girls' Primary School and the Canadian International School.

Another freehold project being previewed this week is Quartet on Vanda, a cluster development of four bungalows in Vanda Crescent off Dunearn Road (near Eng Neo Avenue). Each two-storey unit has an attic, a basement and a swimming pool.

Built-up areas range from 4,844 sq ft to 4,919 sq ft. The units are understood to be priced around $6 million each. Quartet on Vanda is being developed by Stanley Quek's Region Development.

Over in the eastern part of Singapore, Tiong Aik is understood to have begun the preview of Parc Seabreeze in the Marine Parade/Joo Chiat area last week. The average price for the freehold project is understood to be in the $1,600-1,700 psf range.

SON'S PRAYER

One night, a father passed by his son's room and heard his son praying: "God bless Mommy, Daddy, and Grandma. Ta ta, Grandpa."

The father didn't quite know what this meant, but was glad his son was praying. The next morning, they found Grandpa dead on the floor of a heart attack. The father reassured himself that it was just a coincidence, but was still a bit spooked.

The next night, he heard his son praying again: "God bless Mommy and Daddy. Ta ta, Grandma."

The father was worried, but decided to wait until morning. Sure enough, the next morning Grandma was on the floor, dead of a heart attack.

Really scared now, the father decided to wait outside his son's door the next night. And sure enough, the boy started to pray: "God bless Mommy. Ta ta, Daddy."

Now the father was crapping his pants. He stayed up all night, and went to the doctor's early the next day to make sure his health was fine.

When he finally came home, his wife was waiting on the porch.

She said, "Thank God you're here -- we could really use your help! We found milkman dead on our porch this morning!"

CNA: HDB resale prices up a slower 3.7% in Q1

25 April 2008
HDB resale prices up a slower 3.7% in Q1

SINGAPORE: Prices of HDB resale flats rose by 3.7 percent in the first three months of this year over the previous quarter.

The rise in the Resale Price Index (RPI) was lower than the 5.7 percent increase in the fourth quarter of last year. Resale transactions fell by about 6 percent, from 6,750 cases in Q4 2007 to about 6,360 in Q1 2008. The median Cash-Over-Valuation (COV) amount among all resale transactions in Q1 2008 was $21,000. This was a slight decrease compared with the COV of $22,000 in Q4 2007.

Going forward, analysts said the diminishing pool of en-bloc downgraders and uncertainties in the global economy will also come into play.

Donald Han, Managing Director, Cushman and Wakefield, said: "The longer you take to offer the property, your asking price and expected cash top up will reduce in accordance to the market demand. We might see a slight down take in terms of the COV, moving slightly down to even S$15,000, that might happen over next one to two quarters."

14 per cent of resale transactions were conducted at or below valuation during the first quarter of this year. Still, market players are confident of a double-digit growth in resale flat prices in 2008. But this will not be anywhere near the record of 17 per cent achieved in 2007.

On the supply of new flats, HDB said it plans to offer 6,100 Build-To-Order (BTO) flats for the first nine months of this year. In the first quarter of this year, HDB launched about 1,100 new flats in two BTO projects in Punggol and Yishun.

A MENTAL HOSPITAL

After hearing that one of the patients in a mental hospital had saved another from a suicide attempt by pulling him out of a bathtub, the hospital director reviewed the rescuer's file and called him into his office.

"Mr. Haroldson, your records and your heroic behavior indicate that you're ready to go home. I'm only sorry that the man you saved later killed himself with a rope around the neck."

"Oh, he didn't kill himself," Mr. Haroldson replied. "I hung him up to dry."

Mental Institution Patient's Examination

Three patients in a mental institution prepare for an examination given by the head psychiatrist. If the patients pass the exam, they will be free to leave the hospital. However, if they fail, the institution will detain them for five years.

The doctor takes the three patients to the top of a diving board looking over an empty swimming pool, and asks the first patient to jump.

The first patient jumps head first into the pool and breaks both arms.

Then the second patient jumps and breaks both legs.

The third patient looks over the side and refuses to jump.

"Congratulations! You're a free man. Just tell me why didn't you jump?" asked the doctor.

To which the third patient answered, "Well Doc, I can't swim".

I'm the groom

A police officer in a small town stopped a motorist who was speeding down Main Street.

"Officer," the man began, "I can explain."

"No explanation needed!" snapped the Officer. "I'm going to let you cool your heels in jail until the chief gets back."

The man tried again. "But Officer, I have to tell you something."

"Just keep quiet! You're going to jail and I'm not interested in what you have to say!" the Officer barked.

A few hours later the Officer looked in on his prisoner and said, "Lucky for you the chief is at his daughter's wedding. He'll be in a good mood when he gets back."

"Don't count on it," answered the fellow in the cell. "I'm the groom."

Straits Times: Fed now looking at long, deep recession.

April 10, 2008
Fed now looking at long, deep recession.
US central bank considering how to bolster lending power: Report

WASHINGTON - WORRIES about a deep recession - not a shallow one - drove the United States Federal Reserve to slash a key interest rate last month, according to the minutes of the Fed's meeting.

Even as the Fed battled in an almost unprecedented fashion to stem a widening credit and housing slump, some members fretted over the possibility of a 'prolonged and severe' economic downturn.

It was in that environment that they voted to cut the Fed's most important interest rate by three-quarters of a percentage point to 2.25 per cent. That action capped the most aggressive Fed intervention in a quarter-century.

Some Fed policymakers thought that such a widening recession could not be ruled out given the 'further restriction of credit availability and ongoing weakness in the housing market', according to the minutes made public on Tuesday.

Yesterday, the Wall Street Journal reported that the Fed was looking at contingency plans for bolstering its lending power in case other measures to unfreeze the credit markets fail.

Nothing is imminent since the Fed still has room on its balance sheet for additional lending.

One option would be to have the Treasury borrow more money than it needs to fund the government and keep the proceeds on deposits at the Fed, the report said.

Other options include issuing debts in the Fed's name, with the proceeds used to make loans or purchase other assets; and, asking Congress for immediate authority for the Fed to pay interest on commercial bank reserves rather than wait until a 2006 law permits it in 2011, the Journal said.

The Fed has been urgently moving to prevent the trio of economic woes - housing, credit and financial - from plunging the US into a deep recession.

On the other hand, with soaring energy prices and high food costs, policymakers realise that they cannot afford to let inflation get out of control either.

Some Fed officials were 'concerned that inflation expectations could potentially become unhinged', according to the minutes.

If people, investors and businesses expect prices to rise sharply, they will act in ways that will make inflation worse.

Still, many economists believe the Fed will lower rates again at its next scheduled meeting on April 29 to 30, in light of the latest employment data showing the economy lost jobs for the third month in a row in March.

All told, the US has lost 232,000 jobs in just three months.

Safe to swim here?

While sports fishing off the Florida coast, a tourist capsized his boat.

He could swim, but his fear of alligators kept him clinging to the overturned craft.

Spotting an old beachcomber standing on the shore, the tourist shouted,"Are there any gators around here?!"

"Naw," the man hollered back, "they ain't been around for years!"

Feeling safe, the tourist started swimming leisurely toward the shore.

About halfway there he asked the guy,"How'd you get rid of the gators?"

"We didn't do anything'," the beachcomber said. "The sharks got 'em."

Straits Times: HDB reviewing application process.

April 5, 2008
HDB reviewing application process

THE Housing Board is in the process of reviewing its current application process, National Development Minister Mah Bow Tan disclosed yesterday. This follows recent public concerns that the thousands of applications that pour in for an HDB project bear little relation to the actual take-up rate of flats.

HDB's latest condo-like flats, City View @ Boon Keng, for example, sold only 250 or so out of 714 units, despite receiving 3,500 applications. Eligible buyers pay $10 to enter a ballot for HDB's sales exercises. This assigns them a queue number to select a flat in a particular sales project.

Mr Mah acknowledged it was frustrating for some couples in the queue -who might have missed out on selecting a flat because of the high numbers - and said there was a need to address it.

'I've asked HDB to study this to discourage people from giving up their flats, or chance, so easily.' The idea is to have a queue that ensures that when buyers get to the front, they book the flat, said Mr Mah.

'That will be fair to people in the queue, and good for HDB, to get some certainty about the supply and demand situation.'

More details on the review will come at a later date, he said.

Straits Times: End of property boom in sight?

March 31, 2008 SINGAPORE
End of property boom in sight?

* WHAT IT IS

FLASH estimates of the property market's showing in the first three months of the year will be released by the Government tomorrow.

The figures, released quarterly, track prices and rents of HDB flats and private property. They are based on caveats lodged in the first 10 weeks of each three-month period.

Fuller figures and more detailed information will be given out on April 25.

* WHY IT MATTERS

This round of figures is expected to shed light on the million-dollar question: Is it the beginning of the end for the housing boom?

The last set of numbers showed that a stellar rise in home prices over the last two years was starting to slow.

Since then, the market has reached a virtual standstill.

Property developers have delayed launches as buyers, spooked by the worsening global credit crunch stemming from the US, are holding off buying.

Individual home sellers convinced of Singapore's economic fundamentals, meanwhile, are refusing to lower their prices.

If tomorrow's data shows prices have plateaued or even dipped, it will be welcome news for homebuyers.

Little Old Lady Joke

A tour bus driver has a bus full of senior citizens.
As he’s driving, the bus driver gets tapped on the shoulder by a little old lady.
She offers him a handful of peanuts, which he gratefully eats.

After about 15 minutes, she taps him on his shoulder again and she hands him another handful of peanuts. She repeats this gesture about five more times.

When she is about to hand him another batch of peanuts, the bus driver asks the little old lady why she doesn't eat them..

"We can't chew them because we've got no teeth", she says.

So, the puzzled driver asks, “Why do you buy them then?"

The little old lady replies, "We just love the chocolate around them!!"

Straits Times Forum: Housing subsidies only for citizens and PRs

March 26, 2008
Housing subsidies only for citizens and PRs

I REFER to the letter, 'Include non-citizens in fiance scheme' by Mr Ang Kin Leong (March 12).

Singapore's public housing is intended to meet the housing needs of citizen households. Under the Fiance-Fiancee Scheme, citizen couples can apply to purchase a new HDB flat prior to their marriage. They will only have to produce their marriage certificate within three months after taking possession of their flat.

We recognise that some citizens may wish to marry and form a family unit with non-citizens. For such households, they are treated as citizen households if the fiancee is a Singapore Permanent Resident (SPR), and they can purchase a subsidised new flat under the Fiance-Fiancee Scheme as well.

However, HDB is unable to extend the Fiance-Fiancee Scheme to citizens if their fiance or fiancee do not have at least SPR status. This is to ensure that our limited housing subsidies are judiciously disbursed to households that have demonstrated their commitment to settle down in Singapore.

We wish to highlight that citizens who marry foreigners can purchase a resale HDB flat under the Non-Citizen Spouse Scheme.

If the citizen spouse is a first-timer, he can apply to enjoy the Singles Grant. Such households can apply for a top-up grant to receive the full CPF Housing Grant when the foreigner spouse obtains SPR status.

We thank Mr Ang for his feedback.

Leong Chok Keh
Deputy Director (Policy & Property)
for Director (Estate Administration & Property)
Housing & Development Board

A Short Irish Joke

An Irishman was terribly overweight, so his doctor put him on a diet.

"I want you to eat regularly for 2 days, then skip a day, and repeat this procedure for 2 weeks. The next time I see you, you should have lost at least 5 pounds."

When the Irishman returned, he shocked the doctor by having lost nearly 60 POUNDS!

"Why, that's amazing!" the doctor said, "Did you follow my instructions?"

The Irishman nodded..."I'll tell you though, by jaesuz, I t'aut I were going to drop dead dat 3rd day."

"From hunger, you mean?"

"No, from de bloody skippin'!!!!!"

(Catch it ? The irish man actually did rope skipping!)

Business Times: HDB imposes checklists on resale flats

March 25, 2008
HDB imposes checklists on resale flats.
By UMA SHANKARI

THE Housing and Development Board will introduce mandatory checklists for housing agents handling resale flat transactions from May 1 - a move welcomed by industry players.

The checklists cover key policies and procedures that housing agents will need to advise resale flat buyers and sellers on before they commit to a transaction, HDB said yesterday.'This is part of HDB's ongoing efforts to ensure that buyers and sellers are aware of the relevant HDB purchase and financing policies when buying/selling an HDB flat,' it said.

The move comes after a new scam involving HDB flats surfaced recently. Under the scam, a seller and buyer together report a falsely low sale price to HDB.The buyer then pays the difference between the actual and declared price to the seller in cash, which means the seller has more cash in hand - rather than having any leftover money go back into his CPF account. To sweeten the deal, the seller usually gives the buyer a discount on the market value of the flat.

Under HDB's new initiative, housing agents will have to submit a completed resale checklist to HDB with a resale application. Resale applications that do not comply with this requirement will be rejected and there will be 'serious penalties' for false declarations.Housing agents engaged by both sellers and buyers will have to go through a resale checklist with clients before an option to purchase (OTP) is granted or exercised.

Buyers and sellers who do not engage the services of housing agents need not submit a checklist.

PropNex, which says it has more than 40 per cent of the public housing resale market, welcomed HDB's move.Public housing has many policies and financing requirements that many may not be familiar with, said PropNex chief executive Mohamed Ismail.Most buyers tend not to read the important notes attached to OTP, he said.

The new resale checklist for housing agents engaged by buyers, for example, will ensure that buyers are aware of their rights as well as of financing matters. It will also highlight to them the fact that any form of cashback arrangement, such as over or under declaration, is punishable by law.

Similarly, the checklist for sellers' housing agents will ensure prospective sellers understand the various eligibility rules.

Mr Ismail said that while many agents already educate potential buyers and sellers, some may not, leaving them in the dark.'This initiative should lead to greater transparency for buyers and sellers, and ensure a consistently high level of professionalism amongst the agents,' he said.

CNA: Mass market and mid-tier private apartments expected to do well.

21 March 2008
Mass market and mid-tier private apartments expected to do well this year
By Wong Siew Ying, Channel NewsAsia SINGAPORE:

Prices of mass market and mid-tier condominiums are expected to remain strong this year. But those of high-end residential properties could taper off by up to 10 per cent. And if you're looking to buy, the market is in your favour, according to Propnex's CEO, Mohamed Ismail Abdul Gafoore, in a speech to alumni members at the National University of Singapore.

Despite the weaker market sentiments, industry players expect mass market condominiums to do relatively well this year and prices are set to climb but at a more sluggish pace. And more supply will come into the market as 31,000 new private apartments are completed over the next five years.

Propnex said it's now a buyers market and home hunters could get good deals. Mr Mohammad Ismail said: "When we compare the prices of places like Parc Oasis or Woodsgrove condo, the prices today hold and in some instances are even higher per square foot. "Look at today, the public housing pricing, and the DBSS pricing per square foot. They are already going at almost S$600 if one would want to buy at a mass market price that is less than S$800 with full facilities."

According to agents, the landed housing space could see modest growth but prices should hold steady. The outlook is less positive for luxury apartments, which only six months ago were transacted upwards of S$2000 per square foot.

Property agents expect the dust kicked up by the US sub-prime crisis and the rising oil prices to settle by 2009. They are also confident that the future is still bright for the property market as Singapore has the right fundamentals in place.

Meanwhile, demand for public housing is expected to remain robust this year, providing to prices. So some agents believe it's a good time for HDB flat owners to trade up to a mass market private property.

HUSBAND AND WIFE JOKES

Man: I want a divorce. My wife hasn't spoken to me in six months.

Lawyer: Better think it over. Wives like that are hard to get!

***********************************************************

After thoroughly checking a man (accompanied by his wife) at his clinic...

Doctor: Your husband is perfectly all right. He only needs some rest, that's all. Just take this sleeping pills.

Wife: When should I give them to him?

Doctor: Oh no, those are for you.

Business Times: HDB's 2nd BTO project takes off

March 19, 2008
HDB's 2nd BTO project takes off
By ARTHUR SIM

THE Housing and Development Board launched its second build-to-order (BTO) project yesterday.

Jade Spring @ Yishun (Phase 2) will have 576 flats for sale. With 494 flats launched last month, HDB has made available a total of 1,070 flats so far.It says five more BTO projects will be launched by June and they will make available 3,430 flats, taking the total number to 4,500 for the first half of 2008.

At the end of the first day of the Jade Spring @ Yishun (Phase 2) launch yesterday, HDB had received 247 applications.Cushman & Wakefield managing director Donald Han said that demand for BTO flats is expected to remain firm despite volatile economic conditions worldwide.

'HDB buyers are different from those in the private market,' he said.And because there are few launches at the low end of the private residential market, he reckons that that sector is not likely to be affected by new BTO projects.

Mr Han said that while the top price for a four-room flat at Jade Spring is around $250,000, a low-end mass market private home costs at least $500,000. 'At these prices, the HDB market still has room to grow,' he said.

Jade Spring will comprise mostly four-room flats, costing $189,000-$253,000 for unit sizes of 92-97 square metres.Three-room flats will cost $124,000-$141, 000 for unit sizes of 67 sq m. Two-room flats will cost $77,000-$97, 000 for unit sizes of 47 sq m.The monthly household income ceilings for purchasing the flats are $2,000 for a two-room unit, $3,000 for three-room and $8,000 for four-room.

ERA Realty Network assistant vice-president Eugene Lim said that the flats should appeal to first-timers and those with lower budgets, as little or no cash is needed to buy them.He estimates that the median cash-over-valuation (COV) for a four-room Yishun resale flat is about $18,000. Current resale prices of four-room flats of about 20 years old at Yishun Avenue 11 are around $230,000-$260, 000.

Mr Lim said that the HDB resale market is still active despite the global economic bad news.
'Any flat that has a COV of $50,000 and below sells relatively quickly, usually within a month or less.'

Straits Times Forum: En-bloc sales eroding our 'sense of kampung'

March 17, 2008
En-bloc sales eroding our 'sense of kampung'
PLEASE refer to last Friday's article, 'Some Gillman Heights owners fight on for their homes'.

Gillman Heights is an excellent example of what is happening on the collective property sale scene today: Minority owners fight desperately to keep their homes; Minority and majority owners find replacement value like-for-like, in terms of location, size and price, does not result in a win-win situation for sellers; and Collective property sales create social tension in private housing estates, which erodes the fabric of society and our 'sense of kampung'.

The bitter jeers and ugly scenes reported recently at the Bayshore Park extraordinary general meeting, where the minority were not allowed a proper hearing, are becoming typical of collective property sale meetings across the island: Neighbour is pitted against neighbour.

The increasing litigation that accompanies virtually all recent sales attempts is a symptom of a sickness from which society needs relief. This, coupled with an increasing awareness that, in Singapore, your home is not really your home and can be taken from you by your neighbours. All these factors erode our sense of home and innate security.

Finally, many sellers realise too late that, after they have signed on the dotted line, what they thought would be a windfall is actually a shortfall. It takes two to four years to get sales proceeds - by which time the market has negated profits and resulted in sellers having to downgrade or take a loan to pay for their replacement home. The dislocation to the elderly is especially poignant.

What price will we pay for eroding our sense of kampung? What price have we paid already?

Susan Prior (Ms)

PROPERTIES FOR SALE !

1. D08 - KERRISDALE - For Sale or Rent
99 YRS LEASEHOLD 3+1 bedrooms, 1280 sqft

Above 20 floor, unblock beautiful city view.
5 mins to Farrer Park MRT, Near City, nearby Lavender MRT.

For sale : Asking 1.18 Mil.
For rent : 5.2 K 1 year lease.

2. D17/18 Edelweiss ParkFreehold
TOP 2006 3+1 bedroom, 2464 sqft, 1st floor : 1280 sqft
Roof terrace comes with Jacuzzi, barbecue pit, water feature with fishpond.
Unblocked, bright, Designor Decor !
Beautiful dream home!

Asking 1.33 Mil (Bank value 1.4)

3. D05 - THE STELLAR Freehold.
3 bedrooms+ 1 , 1335 sqft
Blk 20 , facing pool and tennis court.
Asking $920 / sqft
Serious seller. Any reasonable offer will be considered by owner.

4. D15 - RIVEREDGE
99 YRS LEASEHOLD 3 bedrooms, 1744 sqft, low floor.
TOP in May / June 2008.
Unit comes with a limited version open terrace.
Asking Only $800 Psf Now !!!Nearby Developments Already Asking Above $1200 Psf !!!

5. D26 - AMANUSA
Exclusive 36 Freehold clustered terrace.
Located in the residential niche area of Upper Thomson.
Near to Yio Chu Kang MRT.
5 rooms, buildup area : 3724 sqft
Asking only $650 / sqft.

6. D23 - REGENT HEIGHTS
99 Yrs Leasehold
3 bedroom, 1163 sqft, high floor.
Tower A, stack #06.
Pool View, Near MRT, Renovated.
Asking 680 K only.

Visit http://www.dannylum-property.com for details and photos of the above properties.

Sunday Times: Whitley Road homes ooze quiet charm

March 16, 2008 Whitley Road homes ooze quiet charm.
Buyers love the area's lush greenery and wide open spaces, as well as its proximity to the city By Joyce Teo, Property Correspondent.

THE escape of terrorist Mas Selamat Kastari from the Whitley Road Detention Centre has thrown the spotlight on the quiet, high-end residential area. Previously, many people had no idea that the relatively upmarket area with many landed homes boasted a detention centre in its midst. Still, this discovery is not expected to dent the values of properties in the area's private estates, though interest levels could dip a bit, said a property consultant. 'Some people are just superstitious and they don't want to live near a prison,' he said.

Currently, the existing residential pockets are found at the two ends of Whitley Road, with quite a few apartment blocks on the Thomson Road side. On the Merryn Road side, there are houses and a few condominiums such as The Trevose and Trevose Park. Black and white bungalows, whose monthly rentals range from several thousand dollars to tens of thousands, can also be found around the area. Quite a few large and exclusive units dot the peaceful, tree-lined stretch along Mount Pleasant Road.

For people who love greenery and space, there are few places like Whitley, property consultants said. 'The area is attractive because it is only a short drive to Orchard Road and there is easy access to the rest of the island via the Pan- Island Expressway (PIE),' said CBRE Research's executive director, Mr Li Hiaw Ho.

Apartments in the Whitley Road residential areas were sold at $900 per sq ft (psf) to $1,300 psf in the second half of last year, said CBRE Research. At The Trevose, there were two deals in February: one for $1 million or $1,050 psf and the other for $1.5 million or $1,142 psf, based on caveats lodged.

Freehold detached houses in the area were sold for between $6 million and $11 million each. Semi-detached houses went for around $4 million each over the same period. The location also offers the cheaper option of 99-year leasehold landed homes, which can cost $2 million to $5 million.

A check with the Urban Redevelopment Authority (URA) shows that the area is zoned mainly for residential use. The URA says there are currently no specific detailed plans for the area. Still, a section of the Whitley Road stretch that flanks the PIE remains largely undeveloped and might be reserved for future development, said CBRE Research.

NEWLY MARRIED

A newly married couple in a shopping mall...

Wife: Stop looking at girls, you are married now!

Husband: You mean if I'm on a diet, I can't even look at the menu?

WIFE'S BIRTHDAY

It was wife's birthday...

Husband: Where do you want to go?

Wife: (Delighted) Take me somewhere I've never been!

Husband: How about the kitchen?

HUSBAND AND WIFE

George: My wife converted me to religion.

Bill: How did she do that?

George: I didn't believe in Hell until I married her.

Valentine's Day Dream

A young woman was taking an afternoon nap.

After she woke up, she told her husband, "I just dreamed that you gave me a pearl necklace for Valentine's Day. What do you think it means? "

"You'll know tonight.... "he said.

That evening, the man came home with a small package and gave it to his wife.

Delighted, she opened it---only to find a book entitled "The meaning of dreams".

'CONDO-FLIPPING' WOES - Bought last year, stuck this year.

Speculators paying the price of market cooldown as offers slow to a trickle.
By Fiona Chan, Property Reporter , Sunday Times.

BUSINESSMAN Alan Lim is a seasoned property investor, so he knows the value of not losing his nerve in testing times like now.

Last year, when the property market was scorching hot, he picked up a new condominium unit at Lumiere off Shenton Way for about $1.3 million, and another at The Inspira off Mohamed Sultan Road for more than $1.4 million. He intended to 'flip' or resell them for a quick profit.

Property agents flocked to him with eager would-be buyers. But he rejected them all in anticipation that prices would keep soaring. Now, the offers have slowed to a trickle and the prices buyers are willing to pay are falling, falling. But he claims to be not too worried.

'Of course, when the market was hot last year, everybody called me. This year, there are still agents calling, there are still offers but they are lower,' said Mr Lim, who is in his 40s and lives with his accountant wife and three kids in a Clementi Park condo which he bought nine years ago.

He looks at property in the same light as the stock market: 'If you have holding power, you're all right. I think I can hold.'

While Mr Lim may be able to wait out the market cooldown, other would-be 'flippers' are not so lucky. Agents say a rash of people who bought condos at the height of the property fever last year with the intention of offloading them for fat returns are now having trouble doing so. Many are meeting an icy response in today's fast-cooling market where collective sales have come to a standstill, new project launches are being delayed and once-ubiquitous record prices are few and far between.

A detached house in Kembangan, for instance, has been on the market for more than two months with no takers even though it is going for $2.5 million - well below the market price of $2.8 million to $2.9 million, said Mr Eric Cheng, executive director of HSR property group. 'If you look at newspaper ads now, sellers are giving more commissions to agents because they want to dispose of their house quickly. Price may not be their greatest concern,' he said.

A major property firm, which declined to be named in the interests of its clients, also said home-buying interest has dwindled in recent months. 'According to our agents, the sub-sale market has been very quiet, in line with the cautious mood of the general market,' said a company spokesman. This has led to owners 'not asking for sky-high prices. They're more realistic and more willing to negotiate', he added.

Sub-sales are when a person buys an uncompleted home and then sells it again before it is built, without ever living in it. They are often used to measure speculation, or 'flipping' in the property market. 'Flipping' is not a new phenomenon, having been around for as long as there were profits to be made in buying and reselling homes. In fact, there has been much less speculative behaviour in this property boom than during the last peak in the 1990s, said industry players.

'Those who have tried flipping before and were burned when the market crashed, either in the mid-1990s or the early 2000s, tended to be a bit more cautious this time round,' said Mr Nicholas Mak, director of research and consultancy at property consultancy Knight Frank. He added that most would-be flippers are well-heeled as they have to be able to pay for the property - usually high-end condos - in the first place. Alternatively, some younger buyers may pool their money to target the mid-tier market, where properties cost less than $3 million each.

But one thing most flippers had in common now was that they probably did not expect the quick turnaround in the market, said Mr Mak. 'Seven, eight months ago, no one knew that the United States sub-prime mortgage crisis would have such a great effect. Nobody expected the sentiment in the property market to cool so suddenly.' But the spokesman for the major property firm noted that while transaction volumes have slowed, home prices are not exactly plunging.

'At this point in time, we have not noticed any sub-sales done below the original sale price. Sellers are still making some margins though they may be lower than they expected,' he said. This is because most sellers seem unwilling to let go of their property below a certain price level.

One agent is marketing a two-bedroom unit at Viz@Holland near Holland Village for $1.03 million, or $1,260 per sq ft (psf). This is below the bank's valuation which she said is between $1,300 and $1,500 psf. 'Last year, the owner had an offer for $1,240 psf but he didn't take it. Now he's willing to settle for $1,200 psf, but not lower,' she said. Soon, however, more sellers may find themselves squeezed for cash. Several projects, including The Sail @ Marina Bay and One Amber in Marine Parade, are scheduled to be completed soon, at which point buyers will have to cough up large payments for the homes.

Signs of strain have already appeared. Three of the top five projects with the most sub-sales recorded slight dips in the median prices of such deals last month, according to consultancy CB Richard Ellis. These are Icon in Tanjong Pagar, Citylights in Lavender and One Amber. 'Most sellers still think the market will pick up so it's all about holding power now,' said HSR's Mr Cheng.

'But a minority over-committed thanks to deferred payment schemes, and the lump sums are due soon, so they are in a hurry to sell.' Deferred payment plans allowed buyers to put an upfront deposit for an uncompleted home and then delay the bulk of payments until the property was built, which could be up to a few years later. Such schemes were exploited by speculators who would resell the property before completion without needing to fork out the bulk of payments. But the schemes were removed in October last year precisely to discourage speculation. Those who bought under these plans could now have trouble reselling the homes as deferred payment may no longer be available for their would-be buyers.

On the bright side, this could present buying opportunities for home seekers, Mr Cheng said. 'If the owners are desperate, they may ask for $700,000 but accept 10 per cent less. Some of these condos would be worth considering for buyers.'

Maybank's home loan rate cut sets cat among pigeons.

February 19, 2008
Maybank's home loan rate cut sets cat among pigeons.
Analysts divided on whether this will signal undercutting among the banks.

By CHOW PENN NEE ( SINGAPORE )

Maybank has fired a salvo that could shake up the home loan market here by slashing its rates. This has led to speculation that banks might start to undercut each other to drum up business.

Meanwhile, the banks themselves are adopting a cautious stance in a falling interest rate environment that could change direction. For a three-week period, Maybank is launching a promotional three-year fixed rate home loan package which is the lowest of all the banks surveyed.

Home-owners pay 1.68 per cent per annum for the first year, 2.68 per cent pa for second year and 3.38 per cent pa for the third year. The rates apply to both HDB and private home loans. Homeowners are subject to a three-year lock-in period and fees will apply in case of early redemption, prepayment and cancellation during that time.

Before this promotion, the Qualifying Full Bank's rates stood at 3.58 per cent pa for all three years. Maybank's new first-year interest rate is about 40 per cent lower than similar packages being offered in the market (see table). But it has a lock-in period of three years while other banks generally have a two-year lock-in.

Helen Neo, head, consumer banking, Maybank Singapore , explained that interbank rates have softened over the past few months. 'However, we expect interest rates to rebound in view of rising inflation in Singapore ,' she said. 'Against a backdrop of potential rising interest rates, home loan customers who take up this fixed rate package will enjoy the prevailing low rates and are protected from future interest rate increases for the next three years.

Mortgage rates are affected by the Singapore interbank offer rate (Sibor) - the rate at which banks lend to one another. Sibor has been on a downward trajectory since late last year, after hovering around 2.5 per cent.

Yesterday, the three-month Sibor fell to 1.44 per cent, its lowest level since December 2004. Economists say it is expected to go even lower by mid-year, partly due to the US steadily cutting its key interest rate. Sibor takes its cue from interest rates in the US, and last month the US Federal Reserve slashed its key interest rate from 4.25 per cent to 3.5 per cent, and then to 3 per cent.

Maybank's move to reduce rates is prompting speculation among mortgage consultants that banks could follow suit with foreign banks leading the way. 'I'm not surprised that this round of interest rate reductions is led by foreign banks again,' said Dennis Ng, spokesman for Mortgage Consultancy Portal www.HousingLoanSG. com.

'From past experience, local banks have typically lagged behind foreign banks in adjusting interest rates down.' This is because the three local banks have the lion's share of the housing loan market. 'If they reduce interest rates, they have more to lose,' said Mr Ng. While cutting rates would let them gain some more business, the advantage would be neutralised if their existing clients start paying lower rates. But with Sibor falling, other banks could follow suit in lowering their interest rates, Mr Ng said. The last time banks were seen aggressively undercutting each other on rates was in 2003-2004, where foreign banks actively led the charge in introducing lower rates.

Leong Sze Hian, president of the Society of Financial Service Professionals, agreed that banks would be nudged into lowering their rates. 'Sibor rates are dropping and once Maybank lowers its rates, everyone will follow, otherwise customers will move,' he said. However, consultants like Tang Yin Fong, a mortgage advisor at wealth and investment outfit Providend, said local banks already have Sibor-linked packages which track the movement of Sibor, and do not need to lower rates to be competitive.

'Such packages have been relatively attractive in the current lowered Sibor environment and have since been the main packages that the banks recommend to homeowners,' she explained.She also added that in the current situation where the Singapore property market still seems to be on the rise and more homeowners are seeking mortgage loans, banks may be less willing to lower their interest rates.

Meanwhile, DBS Bank said it has 'no plans to adjust rates' for now, while OCBC and United Overseas Bank both said they would monitor the situation before making a decision.

Foreign banks Citibank and Standard Chartered shied away from saying if they will review rates but pointed to their Sibor packages, which they say give customers control in repricing loan packages.

Stuart Kamp, head of mortgages, Standard Chartered Bank, added, 'We expect interest rates to trend down over the coming months.'

Letters to God

There was a man who worked for the Post Office whose job was to process all the mail that had illegible addresses. One day, a letter came addressed in a shaky handwriting to God with no actual address. He thought he should open it to see what it was about. The letter read:

Dear God, I am an 83 year old widow, living on a very small pension. Yesterday someone stole my purse. It had $100 in it, which was all the money I had until my next pension check. Next Sunday is Christmas, and I had invited two of my friends over for dinner. Without that money, I have nothing to buy food with, have no family to turn to, and you are my only hope.

Can you please help me?

Sincerely, Edna

The postal worker was touched. He showed the letter to all the other workers. Each one dug into his or her wallet and came up with a few dollars. By the time he made the rounds, he had collected $96, which they put into an envelope and sent to the woman. The rest of the day, all the workers felt a warm glow thinking of Edna and the dinner she would be able to share with her friends.

Christmas came and went. A few days later, another letter came from the same old lady to God. All the workers gathered around while the letter was opened. It read:

Dear God, How can I ever thank you enough for what you did for me? Because of your gift of love, I was able to fix a glorious dinner for my friends. We had a very nice day and I told my friends of your wonderful gift.

By the way, there was $4 missing. I think it was those bastards at the Post Office.

Edna

Estate duty R.I.P.

Feb 16, 2008 Estate duty R.I.P.
Death tax removal makes S'pore an attractive place for wealth to be built up, says Tharman By Lorna Tan and Tan Hui Yee

IN A LONG awaited move, the Government yesterday read the last rites for the death tax here. The tax, known as estate duty, had been imposed if the assets of a person who died exceeded certain limits. It was abolished with immediate effect yesterday.

The Government believes the move will boost the wealth management industry by encouraging both foreigners and Singaporeans to base their assets here. Although the move had been keenly awaited, it drew gasps of surprise when announced by Finance Minister Tharman Shanmugaratnam in Parliament yesterday.

Calls to abolish the tax had grown more frequent in recent years as growing affluence meant that even the middle classes were caught by it. A key grouse was that the exemption limits were lopsided. An estate could, for example, own up to $9 million worth of residential property and not pay the duty. But everything above $600,000 in cash, shares and other non-residential assets was subject to the duty.

Mr Tharman said the exemption limits tended to 'affect the middle- and upper-middle-income estates disproportionately compared to wealthier ones'. The intended target of the tax - the super rich - had been able to set up trusts and other legal arrangements that allow them to minimise the duty. Estate duty was taxed at 5 per cent on the first $12 million of applicable assets and 10 per cent on amounts above. Assets of $1 million, for example, incurred duty of $50,000.

The duty had been whittled down considerably over the years. In 1984, the top rate was a hefty 60 per cent.

Mr Tharman said that removing the duty was not just a practical and expedient measure but also in Singapore's collective interest. 'If we make Singapore an attractive place for wealth to be invested and built up, whether by Singaporeans or foreigners who bring their assets here, it will benefit our whole economy and society, not just the individuals who build up their wealth.'

This will be a boost to the wealth management industry here, said KPMG Tax Services executive director Ooi Boon Jin. 'It will encourage the inflow of foreign talent. People will bring money here, sink their roots here and invest here,' he added.

On average, the Government collected about $75 million a year in estate duty.

Mr Tharman is encouraging people with accumulated wealth to think of how they can use the savings from the scrapping of the tax to make a contribution to society. Already, one foreigner living here is making such plans after learning of the move.

Mr Iain Ewing, 62, founder of management training consultancy Ewing Communications, plans to channel half of the estate duty savings to fund university scholarships and other causes. The rest will go to his son, Tejas, 27.

Mr Ewing, a Canadian with permanent residence here, has worked here for 23 years and expects the savings to be millions of dollars. Two likely recipients are Singapore Polytechnic - where he previously worked as a media producer - and his alma mater, the University of British Columbia in Canada. 'It's great that some of my money can do more for other people after I've gone,' he added.

Chinese Cure

A rich man often went to Bangkok for the night life and before long he contracted sexual disease.

So one day, he went to the doctor for a checkup.

The doctor examine his private part and said, "This is a very severe case. We have no other way but to cut it away. otherwise, it will spread and become worse."

The businessman was shocked. The last thing he wanted was to have it cut and end his night life.

He went to other doctors but all gave the same diagnosis.

Desperate he thought, "Why don't I consult traditional Chinese medicine. They might have some surprises"

So, the Chinese doctor gave him an examination and the doctor said," We don't have to cut. I'll give you herbs to rub."

The rich man was so happy. "Wow no operation, you are better than western medicine. I'm amazed, So what is the exact secret?"

The Chinese doctor said, "Just wait for three days. It will drop by itself."

Straits Times: Property data eagerly awaited.

Jan 21, 2008

WHAT IT IS ?

THE Urban Redevelopment Authority (URA) and the Housing Development Board (HDB) will release a slew of figures on Friday covering property sales, rentals and prices for all of last year.

Flash estimates earlier this month indicated that while demand for homes soared for most of last year, it slowed sharply towards the end.

WHY IT MATTERS ?

All eyes are on the housing market, which has become subdued in recent months amid the stock market turmoil and portents of a UnitedStates recession.

Developers and home buyers alike are now waiting with bated breath for signs that there is still an upside to the local property market.

Official figures will make it easier to analyse whether the year-end slowdown was a temporary seasonal blip or the first sign that the party is truly over.

Pull the tooth

A man and his wife walked into a dentist's office.

The man said to the dentist, "Doc, I'm in one hell of a hurry! I have two buddies sitting out in my car waiting for us to go play golf. So forget about the anesthetic and just pull the tooth and be done with it. We have a 10:00 AM tee time at the best golf course in town and it's 9:30 already. I don't have time to wait for the anesthetic to work!"

The dentist thought to himself, "My goodness, this is surely a very brave man asking to have his tooth pulled without using anything to kill the pain."

So the dentist asks him, "Which tooth is it sir?"

The man turned to his wife and said, "Open your mouth, Honey, and show him."

Real estate market quiet as uncertainty looms in US

Jan 20, 2008
Real estate market quiet as uncertainty looms in US.
Buyers might want to delay their property purchases till a clearer picture emerges, say experts. By Joyce Teo, Property Correspondent

THE Singapore property market has turned somewhat jittery in the face of growing fears about a recession in the United States.

Analysts suggest that unless buyers need a home to live in, they might want to delay any purchases until a clearer picture emerges.

The days when speculators could make quick, easy profits are almost certainly over, they say.

Thus, consultants do not expect much sales activity in the lead-up to Chinese New Year, especially since few launches have been scheduled.

Indeed, market players might hold off till the Budget is released later next month, so they can gauge the Government's stance, said one consultant, who added: 'If I were a buyer, I'd wait before committing myself to a property investment.'

Apart from worries that a US recession might hurt growth in Singapore, some also believe last year's price spurt in high-end homes was overdone.

'If your goal is to flip the property before completion, you should stay out of the market,' said Savills Residential director Ku Swee Yong. Such buyers could end up having to finance their purchases long term, he warned.

He noted that Singapore's property market is stable but said there is a risk that prices could fall. If US sub- prime woes force mortgage insurers to write off bad insurance, this could trigger construction industry layoffs, as well as defaults on consumer credit-card rollover debt and car loans, said Mr Ku.

Some sellers appear to have lowered their expectations, particularly for high-end homes. But their asking levels are likely to remain above the purchase prices, analysts note.

In a recent classified advertisement in The Straits Times, high-floor units at Sky@eleven, a condominium off Thomson Road, were going for $1,250 per sq ft (psf). That falls short of earlier asking prices of $1,300 psf to $1,400 psf, but tops prices achieved at the launch early last year. Then, the highest price garnered was $1,200 psf, with the average at $975 psf.

'The opportunities are there, but it is all a matter of timing,' said a consultant. 'In the short term, people who don't have a lot of money to play with should think twice.'

'Buyers should take a longer-term view and buy when they come across properties priced at acceptable levels,' said Mr Nicholas Mak, Knight Frank's director of research and consultancy. 'Developers are unlikely to cut prices, which should provide support for the market.' Buyers who plan to live in their new homes, especially if they're using collective sale gains, have less to worry about, though choices in the primary market might be limited. 'Developers are waiting for the tempest in the stock market to pass before launching their properties,' said Mr Mak.

There are favourable deals in the sub-sale and resale market, and the mass and landed markets remain laggards, consultants say. Recent caveats lodged show there are favourable landed buys in suburban spots.

One seasoned property investor said he would continue to scout for bargains but would be more selective.

'The market is nervous but it's not doomsday. There are still good buying opportunities, ' he said, adding that he scooped up a few cheap buys just after Sars. 'Do your homework and narrow your search to, for example, areas with a growth story.'

Where new launches are concerned, two condos have started their staff previews. Martin Place Residences in Kim Yam Road is priced at $1,800 psf to $2,300 psf. Over in Bedok Reservoir, Waterfront Waves is priced at $750 psf to $800 psf.

A lot of jewelries

Mrs. Johnson decided to have her own portrait painted by a very famous artist.

She told the artist, "Paint me with 3-carat diamond earrings, a large diamond necklace, glimmering emerald bracelets, and a beautiful red ruby pendant."

"But ma'am, you are not wearing any of those things."

"I know," said Mrs. Johnson. "My health is not good, and my husband is having an affair with his secretary.When I die I'm sure he will marry her, and I want the bitch to go nuts looking for the jewelries..."

Breaking news...

Late last night a large hole was made in the walls surrounding Openview Nudist Camp.

Police are looking into it.

Business Times: Marina Bay Suites priced around $3,000 psf

January 17, 2008

Marina Bay Suites priced around $3,000 psf.
Over 600 potential buyers, half foreigners, have registered interest to buy units in 221-unit project. By ARTHUR SIM

AT around $3,000 psf, the next luxury development to go on sale - Marina Bay Suites - looks like it could actually be quite reasonably priced, especially as luxury home prices have trended towards the $4,000 psf range.

Revealing the estimated selling price at a press conference for the upcoming sales preview of Marina Bay Suites, slated to be before Chinese New Year, Marina Bay Financial Centre (MBFC) head of residential marketing Kan Kum Wah said: 'As a developer, we believe in leaving something behind for capital appreciation.

'Asked if this meant giving speculators more incentive to buy, Mr Kan said he doubts there will be speculative activity, but added that several investors have already expressed their interest in the development.

Marina Bay Suites is part of Marina Bay Financial Centre, being developed by joint venture (JV) partners Cheung Kong Holdings/Hutchinson Whampoa, Hongkong Land and Keppel Land.

So far, over 600 potential buyers (of whom half are foreigners) have registered their interest to buy into the 221-unit Marina Bay Suites. Mr Kan added that over 100 of these potential buyers already own a unit at the JV's earlier-launched development, Marina Bay Residences.

On the projected pricing, Mr Kan cited some sub-sale transactions for Marina Bay Residences at above $3,000.

Mr Kan also said that Marina Bay Suites will have only 218 three- and four-bedroom units ranging between 1,600 and 2,700 sq ft in size. This means units could cost in the range of $5 million to $8 million, putting them out of reach of the average property speculator. DTZ Debenham Tie Leung (DTZ) executive director Ong Choon Fah added: 'At this price range, it will attract the investors.

'These investors will be looking for capital appreciation.

Joseph Tan, executive director (residential) at CB Richard Ellis (CBRE), which is marketing the development together with DTZ, said that capital appreciation for developments in the vicinity has been between 35 and 75 per cent in the previous two years. 'Some have even seen 100 per cent gains,' he added.

But news of a possible US recession does seem to have affected market confidence.

According to caveats lodged, a unit at Marina Bay Residences (excluding penthouses) did cross the $3,000-level last August. However, sub-sale caveats lodged in December show transactions at between $2,400 and $2,700 psf.

Marina Bay Suites will be initially sold through private previews.

Sun Vs. Moon

Once there was a debate between two countries, USA and China, one thousand years ago.

Ten distinguished people from each country met in the Himalayas for the debate.

The debate was on who was most important - the sun or the moon.

Each side presented their arguments and counter-arguments for days but they could not settle.

Finally on the 11th day the Americans defeated the Chinese in the debate and concluded that it was the moon which was more important than the sun, "because the moon gives us light in the night when it is dark, but sun gives us light in the day-when it is not necessary!!"

Straits Times Forum: Review criteria of HDB design-&-build scheme

Jan 8, 2008

THE recent sale of City View@Boon Keng has brought property prices to a new level.
It seems the prices offered are cheaper than other private properties in the area. However, one question that needs to be asked is whether this is an HDB property or a private one. All reports have labelled it HDB, but are these HDB prices?

As part of the Design, Build and Sell Scheme (DBSS), the HDB has allowed private developers to buy the site and then develop it for sale. Benefits of this scheme have been widely publicised in the media as well as on the HDB website. On paper, it seems a wonderful prospect for both the public and the HDB. The public get flats with better quality, while the HDB does not have to build them itself.

One criterion set by the HDB was that the combined income of applicants must be below $8,000. Thus, if a couple buy the most expensive flat in City View@Boon Keng at more than $700,000, they face the prospect of paying over $2,000 in instalments, based on a 90 per cent loan over 30 years. To service that amount, they have to fork out additional cash on top of their CPF contributions. The rationale is about the same, even if they buy an average priced flat for about $500,000. Unless applicants have healthy savings, they will spend a significant portion of their lives paying off their loans.

The HDB may need to review the criteria it has set for the DBSS. Although they may have worked for past HDB projects, they may no longer apply to the DBSS. If the HDB decides the DBSS is the concept for Singapore's future housing development, it should take into serious consideration the prices private developers will set. Affordable housing may no longer be realistic if we leave these issues unaddressed.

Chan Han Jun

Taxing reality

A 'fine' is a tax for doing wrong.

A 'tax' is a fine for doing well.

Plunge in key interest rate may lead to cheaper home loans.

Jan 10, 2008

Interbank lending rate drops to lowest in three years and is expected to fall further by mid-year.

HOMEBUYERS could be in for some cheer in the coming months after a recent plunge in a crucial interest rate that indirectly determines how banks set mortgages.

The three-month Singapore interbank offered rate (Sibor), as it is called, has hit its lowest level since February 2005 and is expected to sink further by the middle of the year.

It is significant as the Sibor is the rate at which banks lend cash to each other and thus influences what consumers pay on loans such as mortgages.

It hit 1.7625 per cent yesterday, down about 0.8 percentage point in a fortnight, and the lowest since the 1.75 per cent level nearly three years ago.

With banks getting cheaper money, it is expected that homebuyers could benefit in turn from cheaper mortgages, although there is usually a lag between Sibor and consumer loan rate movements.

Citigroup economist Chua Hak Bin said: 'Mortgage rates could head lower in two months.'

But a Sibor fall is bad news for savers as fixed deposit rates could drop too.

Economists say the Sibor's sharp dip is due to recent interest rate cuts in the United States - with more likely to come later this month, huge capital inflows into Singapore and poor stock market sentiment, which have prompted investors to leave more money in the bank.

CIMB-GK economist Song Seng Wun said: 'The Sibor's plunge corresponds with the recent sharp decline in US interest rates and the expectation of more cuts.

'People have started 2008 with plenty of uncertainty, and are holding on to more cash and being more risk-averse. '

OCBC economist Selena Ling added: 'It's due to foreign funds coming in, seeking refuge from the weakening US dollar, and the recent plunges in the equity market.'

The US Federal Reserve has cut key interest rates from 5.25 per cent to 4.25 per cent in recent months.

Market experts predict a further 50-basis point cut later this month as part of moves to avert a possible recession.

Economists expect the Sibor to remain soft, due to the likelihood of further rate cuts and the cautious equity market sentiment.

Dr Chua said: 'We expect the Sibor to fall by a further 30 to 50 basis points by mid-year, especially if the Fed cuts rates by 75 basis points by the end of the second quarter.'

While home owners welcome a Sibor fall, banks dread it.

It affects their net interest margins because most of their Singdollar corporate and small business loans are linked to the Sibor.

A Deutsche Bank analyst report noted: 'This plunge is of concern, as we estimate that a 25 basis point fall in the Sibor will eventually lead to a fall in earnings per share of 4 per cent for DBS Group Holdings, 2 per cent for United Overseas Bank and 1 per cent for OCBC Bank.'

And savers will get belted too. Low interest rates combined with the high inflation now building up in Singapore spell 'negative real interest rates' - the interest earned on savings will not be able to offset the rise in prices.

Mr Song said: 'It's a sign for people not to keep money in the bank, as savers lose out. '

It's a good period to borrow, as there is more incentive for people to take money out rather than put it in.'

Thus, Dr Chua advocates that 'some diversification away might be prudent'.

He suggested alternative instruments such as real estate investment trusts, utility stocks and foreign currency fixed deposits, which offer higher rates, to hedge against inflation risk.

Successful husband and woman

A successful husband is the one who makes more money than his wife can spend.

A successful woman is the one who finds such a man.

Insurance Policy Joke

I've just bought a retirement policy.

If I keep paying the premiums for thirty-five years, the insurance salesman can retire rich.

Straits Times: Several MRT station 'hot spots' likely in the future

Jan 7, 2008
Several MRT station 'hot spots' likely in the future
Interest in these areas rises as Govt readies review of land use masterplan
By Joyce Teo, Property Correspondent

A MAJOR review of the town plan governing the development of land across Singapore is due this year - and keen interest centres on the use of land near MRT stations.

Property analysts have identified several MRT station 'hot spots', but they are playing down the possibility that the Government may allow more intensive development in these areas for now.

The five-yearly review of Singapore's Master Plan, due around the middle of this year, will examine plot ratios - the level of intensity of development on a given site.

MRT stations hold interest for planners and industry watchers for the obvious reason that vast numbers of people use them every day. A new Jones Lang LaSalle report on higher plot ratios near Circle Line stations picked Paya Lebar, Buona Vista, Telok Blangah and Harbourfront as new hot spots.

The Master Plan shows the permissible land use and density for every parcel of land in Singapore. Property analysts say over time, plot ratios will have to increase in selected areas to cater to a growing population. What is uncertain is the timing.

For the purpose of planning land use and transportation in the next 40 to 50 years, the Government is using a projected population of 6.5 million, as opposed to the current population of 4.5 million.

Maximising the use of land around MRT stations is an obvious choice.

'You can then minimise car usage, and the masses get the best accessibility, ' said Dr Chua Yang Liang, the head of research for South-east Asia at Jones Lang LaSalle. 'From the planning perspective, it is about maximising your investment dollars and social benefits.'

'Yes, the plot ratios may rise, but people should not count too much on that,' said Knight Frank director of research and consultancy Nicholas Mak. 'I don't think the Government will be creating a lot of windfalls for private property owners, as there is no compelling reason to do so.'

Besides, some of the areas along the Circle line are fairly built-up, he said.

National Development Minister Mah Bow Tan said in June there was no need for an across-the-board change in plot ratios, as the land available today would be sufficient to meet needs over the next 10 to 15 years.

That, however, has not deterred some property owners from dreaming of a windfall.

Some recalled that certain sites above or near key MRT stations had their plot ratios raised after plans for the North-East Line (NEL) were finalised more than 10 years ago. A prime example was the land around the Dhoby Ghaut MRT station, when it was also made the NEL interchange.

There is no need for significant increases in plot ratios along the Circle Line in the upcoming Master Plan because the line will not be ready until 2012, said Mr Ku Swee Yong, the director of marketing and business development at Savills Singapore.

Generally, the areas likely to see a significant revision in development density will be vacant state land around the Circle Line stations. Paya Lebar certainly has some. It is slated to be a regional commercial centre, so it is possible that the Government will allow a higher land density around the station, said Mr Ku.

It may happen at the Buona Vista stations, he said, as the area is a biotech hub.

Places such as Bishan and Dhoby Ghaut have been ruled out because there is little empty state land there. Also, plot ratios in Dhoby Ghaut are already very high, said Dr Chua. 'So you can't raise them further. Otherwise, you will upset the urban streetscape. '

Three Children

A couple had three children.
Two of them were bright, smart, and handsome but the third child was dull,ugly, and backward.
One day the hubby got suspicious and asked, "Tell me the truth, dear.Is this third child really mine?"
"Yes, dear, but the other two are not." replied the wife.

Business Times: Home prices feel pull of gravity after 31% rise

January 3, 2008
Home prices feel pull of gravity after 31% rise
Q4 tempers spectacular growth of 2007; mass market may shine this year
By UMA SHANKARI

(SINGAPORE) Private home prices rose 31.0 per cent in 2007 - the biggest year-on-year jump since 1999 - despite a slowdown in the fourth quarter caused by the withdrawal of the Deferred Payment Scheme (DPS) and sub-prime woes, flash estimates show.

HDB resale prices also climbed some 17.4 per cent last year - the fastest growth seen since 1996 - as private home price gains filtered down. But HDB resale prices also saw a slowdown in growth in the fourth quarter.

At a doorstop yesterday, Minister for National Development Mah Bow Tan said that over the last few months, the government had taken several steps to try and cool down speculative activity in the property market. However, the market is also being affected by external factors beyond the authorities' control, he said.

'For Singapore , we are optimistic that we will continue to do well but there are many things beyond our control,' Mr Mah said. 'It is up to us to keep a close eye on the market and be able to tweak those policy levers that we can in order to keep property prices stable.

'Private home prices rose 6.6 per cent in the fourth quarter - down from the 8.3 per cent growth seen in the third quarter.

Similarly, HDB resale prices grew 5.6 per cent in the fourth quarter of 2007 - down from the 6.6 per cent rise for the previous quarter.

Experts said that the slowdown was brought on by both poor global market conditions as well as the removal of the DPS scheme.

Knight Frank managing director Tan Tiong Cheng said that the fourth-quarter slowdown was not surprising considering the sub-prime crisis in the United States .

'People are still waiting for signs as to how bad the sub-prime situation will turn out,' Mr Tan said. 'It affects the whole outlook; people are uncertain.

'Demand could also be muted as lending by banks in the US , UK and Europe has been tremendously curtailed since the crisis, he said.

On the other hand, OCBC Investment Research analyst Winston Liew believes that the bigger culprit is the withdrawal of the DPS. 'After the DPS was withdrawn, the whole market went down - the resale market, new launches and the stock market,' he said. He has a 'neutral' rating on the Singapore property sector.

For the HDB resale market, the slowdown could also be attributed to buyers holding back in the face of rapidly increasing asking prices, said ERA assistant vice-president Eugene Lim.

'The slowdown in price increase was largely expected as the market hit resistance level in the light of unrealistic sellers demanding for high cash-over-valuation (COV) transactions - particularly for the five-room and executive flat-types,' said Mr Lim.

The slowdown in price growth, experts said, will continue in the first quarter of this year.

'It is unlikely that there will be much activity in January or February,' said Knight Frank's Mr Tan. Agreed OCBC's Mr Liew: 'I would expect the rate of growth to slow down.

'CB Richard Ellis (CBRE), for example, expects the take-up of new homes to be between 9,000 and 11,000 units for 2008. By comparison, the property firm estimated that a record 15,000 new homes were sold in 2007, 34.5 per cent more than the 11,147 new homes sold in 2006.

This year, the property market will be driven by mid-end and mass-market homes, experts said. Prices and take-up of luxury homes are expected to moderate.

In the fourth quarter of 2007, the price increase was led by non-landed homes in outside central region (OCR) where the index showed an increase of 7.5 per cent.

The strong showing, CBRE said, could be attributed to new project launches during the quarter, such as Park Natura and Hillvista. Prices in the core central region and rest of central region rose by 7.0 per cent and 7.3 per cent respectively.

For 2008, 'we expect a moderate rise in overall prices as luxury prices are likely to firm up at current levels while mid-tier and mass-market prices have the potential to rise by about 10-15 per cent', said Li Hiaw Ho, executive director for research at CBRE.

Others were more bullish about the mass market. Ku Swee Yong, director of marketing and business development at Savills Singapore , predicts that mass-market prices will climb by 30-50 per cent this year.

In response to a question about the rapidly climbing prices in the mass market, Mr Mah told reporters that the government is watching the segment closely and will take action if necessary.

'People who can't afford the central region to buy or to rent are starting to look outside, which I think is the sensible thing to do,' he said. 'We will continue to keep an eye. We're watching it every day. If necessary, we'll do something, if not necessary we'll just let it be.

'The overall price index for private homes could climb by anywhere between 10 per cent and 25 per cent this year, depending on how quickly the market recovers, experts said.

And for the HDB resale market, prices could climb by between 10 and 15 per cent, they said.

'With the buoyant economy and expected positive market sentiment in 2008, the HDB property market in Singapore is likely to enjoy a double-digit growth in the 10-11 per cent range,' said Mohamed Ismail, chief executive of property agency PropNex.

Straits Times: Court ends ex-con's persistent attempts to 'clear his name'

Jan 1, 2008
Court ends ex-con's persistent attempts to 'clear his name'.
Property agent convicted of perjury filed four 'groundless' bids to quash conviction.
By Selina Lum

A HIGH Court judge has put a stop to the persistent attempts by a property agent to quash his criminal conviction for perjury.

Despite having served his jail term after exhausting all legitimate avenues of appeal, Mr Tee Kok Boon has been trying again and again to get the courts to re-hear his case.

Between March 2006 and April last year, he filed no fewer than four court applications - known as criminal motions and criminal revisions - all of which were dismissed.

Finally, in July last year, in a rare move, the Attorney-General sought a High Court order to restrain Mr Tee from filing any further court action without the permission of the High Court.

Solicitor-General Walter Woon, representing the Attorney-General, had applied to Justice Woo Bih Li for the order in November on grounds that Mr Tee has instituted vexatious legal proceedings 'habitually and persistently and without any reasonable ground'.

Mr Tee's assigned lawyer, Mr Gregory Vijayendran, argued that this did not apply to criminal proceedings.

In his 44-page written judgment on Friday, Justice Woo agreed with the Attorney-General and barred Mr Tee from launching any more criminal legal proceedings relating to his conviction.

Mr Tee's legal problems stemmed from a dispute with a client and her husband over commissions payable for a tenancy deal in 2001.

This led him to be investigated for giving false evidence at a Small Claims Tribunal hearing.
He was found guilty by a district court and jailed 10 months in December 2004.

In June 2005, he appealed against the conviction. He also applied to introduce fresh evidence. He claimed he had proof that the husband fabricated evidence - in the form of a newspaper advertisement - during the trial.

His case was dismissed by then-Chief Justice Yong Pung How, which meant he had no further appeal avenues.

After he was released from prison, Mr Tee did not stop trying to 'clear his name'.

In March 2006, he applied for the case to be heard by the Court of Appeal on the basis of important issues of law. This was thrown out.

He also sought a revision of his conviction and sentence. This was dismissed by Justice Tay Yong Kwang in August 2006.

Undeterred, he filed another application to review his conviction and to get the Attorney-General to investigate the alleged fabrication. This was dismissed by Justice V. K. Rajah in March last year. The following month, he had another go, filing a High Court application for his conviction to be quashed.

Apart from court action, Mr Tee also took other steps.

He started a private prosecution against the husband regarding the advertisement, but the police closed the case.

Dissatisfied, he wrote to the Attorney-General, requesting that he be allowed to prosecute the husband, but this was rejected.

In his judgment, Justice Woo said of Mr Tee: 'He simply refuses to accept the finality of the decision by Chief Justice Yong.'

Justice Woo noted that Mr Tee was 'unable or unwilling to understand' that whether his allegation about the advertisement is true or not, it has no bearing on his conviction.

In other words, whether the husband had lied is a separate point from whether Mr Tee had lied.

He added: 'It is not enough that Tee sincerely believes in the justice and correctness of his cause.'

According to the law, Mr Tee cannot appeal against Justice Woo's decision.

SMART KIDS

Two little intelligent and smart kids were talking at school...

Nancy : Do you know how old our teacher is?

Betty : No, but I know how to find out.

Nancy : Oh! How?

Betty : Take off her knickers.

Nancy : Take off her knickers ? How will that tell us?

Betty : Well, in my knickers it says "4 to 6 years".

Love at second sight

Ah girl fell in love with her boyfriend at second sight -the firstsight she didn't know he was a millionaire.