Om Mani Padme Hum
- wong chee tat :)
Saturday, September 7, 2013
COV for HDB resale flats drops to 4-year low
COV for HDB resale flats drops to 4-year low
By Olivia Siong
POSTED: 06 Sep 2013 8:53 PM
The overall Cash-Over-Valuation for HDB resale flats dropped to S$18,000 in August, the lowest level since July 2009.
SINGAPORE: The cash premium, or Cash-Over-Valuation (COV), for Housing and Development Board (HDB) resale flats has reached a four-year low.
According to the Singapore Real Estate Exchange (SRX) monthly flash report, overall COV dropped to S$18,000 in August, the lowest level since July 2009.
For the first time since 2006, SRX said HDB resale flat prices have fallen for the fourth straight month. Overall HDB resale prices slipped 0.7 per cent in August.
This can be partly attributed to the decline of cash premiums being paid for HDB resale flats.
The overall COV was S$20,000 in July. This fell by S$2,000 or 10 per cent to reach S$18,000 in August.
Some property analysts attributed this to the ramped up supply of new flats being launched by the HDB and the introduction of various loan restrictions like the Total Debt Servicing Ratio which was announced in June where only 60 per cent of one's income can go towards servicing a loan.
International Property Advisor's chief executive officer, Ku Swee Yong, said: "The downward trend of COVs is partly influenced by the new measures at the end of June called the Total Debt Service Ratio (TDSR).
"Many home buyers find that they are unable to borrow as much as expected, so it has affected the larger size resale HDBs a little bit more than the three-room and four-room HDB (flats).
"In fact, more young couples are probably shifting their sights down one notch -- instead of stretching themselves for a five-room resale or an executive resale, they're going after a four-room HDB."
According to SRX, executive flats in Punggol registered the lowest median COV of negative S$13,000, which means they are sold at S$13,000 below valuation.
Out of three transactions recorded, two were sold below valuation.
On the flip side, executive flats in Bishan saw the highest premium. The median COV was S$120,000.
Nicholas Mak, executive director of research and consultancy at SLP International Property Consultants, said: "There has been a huge supply of BTO flats offered in the Punggol area in the last two to three years.
"Because of that, it has drawn away potential buyers from the resale market to the BTO market. The BTO flats are all priced lower than the resale flat prices.
"While in Bishan area, it's still quite a popular area... there are a few very popular primary and secondary schools in the area. Furthermore, there is a very thin supply of new flats. As a result, it's still a seller's market in that town."
With tighter loan measures and home buyers being more cash strapped as a result, property analysts expect COVs to continue to trend downwards. They also expect more HDB resale flats to be sold without a cash premium, or at below valuation.
This is already starting to show. Zero-COV transactions made up just one per cent of all HDB resale transactions in January. This went up to 5.3 per cent in August.
As for resale transaction volume, flash estimates showed that while the numbers remained roughly the same in July (1,286) and August (1,280), this was a 29 per cent drop year-on-year.
Property analysts said this is likely due to more home owners choosing to rent out their HDB flats.
- CNA/fa
- wong chee tat :)
By Olivia Siong
POSTED: 06 Sep 2013 8:53 PM
The overall Cash-Over-Valuation for HDB resale flats dropped to S$18,000 in August, the lowest level since July 2009.
SINGAPORE: The cash premium, or Cash-Over-Valuation (COV), for Housing and Development Board (HDB) resale flats has reached a four-year low.
According to the Singapore Real Estate Exchange (SRX) monthly flash report, overall COV dropped to S$18,000 in August, the lowest level since July 2009.
For the first time since 2006, SRX said HDB resale flat prices have fallen for the fourth straight month. Overall HDB resale prices slipped 0.7 per cent in August.
This can be partly attributed to the decline of cash premiums being paid for HDB resale flats.
The overall COV was S$20,000 in July. This fell by S$2,000 or 10 per cent to reach S$18,000 in August.
Some property analysts attributed this to the ramped up supply of new flats being launched by the HDB and the introduction of various loan restrictions like the Total Debt Servicing Ratio which was announced in June where only 60 per cent of one's income can go towards servicing a loan.
International Property Advisor's chief executive officer, Ku Swee Yong, said: "The downward trend of COVs is partly influenced by the new measures at the end of June called the Total Debt Service Ratio (TDSR).
"Many home buyers find that they are unable to borrow as much as expected, so it has affected the larger size resale HDBs a little bit more than the three-room and four-room HDB (flats).
"In fact, more young couples are probably shifting their sights down one notch -- instead of stretching themselves for a five-room resale or an executive resale, they're going after a four-room HDB."
According to SRX, executive flats in Punggol registered the lowest median COV of negative S$13,000, which means they are sold at S$13,000 below valuation.
Out of three transactions recorded, two were sold below valuation.
On the flip side, executive flats in Bishan saw the highest premium. The median COV was S$120,000.
Nicholas Mak, executive director of research and consultancy at SLP International Property Consultants, said: "There has been a huge supply of BTO flats offered in the Punggol area in the last two to three years.
"Because of that, it has drawn away potential buyers from the resale market to the BTO market. The BTO flats are all priced lower than the resale flat prices.
"While in Bishan area, it's still quite a popular area... there are a few very popular primary and secondary schools in the area. Furthermore, there is a very thin supply of new flats. As a result, it's still a seller's market in that town."
With tighter loan measures and home buyers being more cash strapped as a result, property analysts expect COVs to continue to trend downwards. They also expect more HDB resale flats to be sold without a cash premium, or at below valuation.
This is already starting to show. Zero-COV transactions made up just one per cent of all HDB resale transactions in January. This went up to 5.3 per cent in August.
As for resale transaction volume, flash estimates showed that while the numbers remained roughly the same in July (1,286) and August (1,280), this was a 29 per cent drop year-on-year.
Property analysts said this is likely due to more home owners choosing to rent out their HDB flats.
- CNA/fa
- wong chee tat :)
Resale prices of private homes hit record highs in August
Resale prices of private homes hit record highs in August
By Lynda Hong
POSTED: 06 Sep 2013 11:43 PM
Resale prices of private homes have surged to record highs in August despite a slew of property cooling measures introduced by the government, including recent curbs on housing loans.
SINGAPORE: Resale prices of private homes have surged to record highs in August.
This is despite a slew of property cooling measures introduced by the government, including recent curbs on housing loans.
Still, analysts are mixed on their outlook on where private property prices are heading.
Prices of private non-landed residential resale units climbed 1.5 per cent last month, according to data compiled by the Singapore Real Estate Exchange (SRX).
This follows a 0.5 per cent decline in the previous month.
Yet, the number of homes changing hands last month dipped marginally.
540 private homes were sold in the resale market in August, slightly lower than 573 units transacted in July.
Recent loan curbs were cited for slowing down the market.
Jeffrey Hong, CEO of GPS Alliance, said: “I think the resale property prices in the next 1-2 months will basically be very stagnant. Buyers are waiting along the sidelines to watch for any good buy or prices dropping further... I think towards the end of the year, I would see some price corrections but not by a lot. I think it's about 3-5 per cent.
Introduced in June, the total debt servicing ratio (TDSR) framework limits how much property buyers can borrow to buy homes. Banks now have to check if a borrower's total repayments of car, student or mortgage loans do not exceed 60 per cent of their gross income.
Other market watchers said the TDSR has also pushed buyers to look for smaller units - those costing between S$800,000 and S$1 million in August. The upper range is expected to increase to S$1.2 million.
However, this means units sold would record higher prices on a per square foot basis.
The resale market saw price increases across all locations.
Private home prices in the city fringe led the market with a 2.4-per cent gain.
This is followed by resale prices of homes in the city - at a 1.8-per cent increase.
Mass market resale home prices inched up 0.2 per cent last month.
Going forward, analysts expect prices of suburban homes to remain stable at current levels.
Lim Yong Hock, key executive officer at PropNex, said: “I think the developers and home buyers are now very cautious, especially now with the latest news of the recent announcement of TDSR. First of all, the developers know it's for the mass markets, so the price cannot be too high. I don't think the price will go down with the fact that land bid prices are still remaining strong and developers are still confident in the future.”
On Thursday, a land tender for a mixed use site in Yishun beat market expectations with a top bid of S$1.43 billion - 43 per cent higher than the second highest bid.
- CNA/xq
- wong chee tat :)
By Lynda Hong
POSTED: 06 Sep 2013 11:43 PM
Resale prices of private homes have surged to record highs in August despite a slew of property cooling measures introduced by the government, including recent curbs on housing loans.
SINGAPORE: Resale prices of private homes have surged to record highs in August.
This is despite a slew of property cooling measures introduced by the government, including recent curbs on housing loans.
Still, analysts are mixed on their outlook on where private property prices are heading.
Prices of private non-landed residential resale units climbed 1.5 per cent last month, according to data compiled by the Singapore Real Estate Exchange (SRX).
This follows a 0.5 per cent decline in the previous month.
Yet, the number of homes changing hands last month dipped marginally.
540 private homes were sold in the resale market in August, slightly lower than 573 units transacted in July.
Recent loan curbs were cited for slowing down the market.
Jeffrey Hong, CEO of GPS Alliance, said: “I think the resale property prices in the next 1-2 months will basically be very stagnant. Buyers are waiting along the sidelines to watch for any good buy or prices dropping further... I think towards the end of the year, I would see some price corrections but not by a lot. I think it's about 3-5 per cent.
Introduced in June, the total debt servicing ratio (TDSR) framework limits how much property buyers can borrow to buy homes. Banks now have to check if a borrower's total repayments of car, student or mortgage loans do not exceed 60 per cent of their gross income.
Other market watchers said the TDSR has also pushed buyers to look for smaller units - those costing between S$800,000 and S$1 million in August. The upper range is expected to increase to S$1.2 million.
However, this means units sold would record higher prices on a per square foot basis.
The resale market saw price increases across all locations.
Private home prices in the city fringe led the market with a 2.4-per cent gain.
This is followed by resale prices of homes in the city - at a 1.8-per cent increase.
Mass market resale home prices inched up 0.2 per cent last month.
Going forward, analysts expect prices of suburban homes to remain stable at current levels.
Lim Yong Hock, key executive officer at PropNex, said: “I think the developers and home buyers are now very cautious, especially now with the latest news of the recent announcement of TDSR. First of all, the developers know it's for the mass markets, so the price cannot be too high. I don't think the price will go down with the fact that land bid prices are still remaining strong and developers are still confident in the future.”
On Thursday, a land tender for a mixed use site in Yishun beat market expectations with a top bid of S$1.43 billion - 43 per cent higher than the second highest bid.
- CNA/xq
- wong chee tat :)
HDB on track to deliver 13,600 new flats this year, says Khaw Boon Wan
HDB on track to deliver 13,600 new flats this year, says Khaw Boon Wan
POSTED: 06 Sep 2013 4:01 PM
Minister for National Development Khaw Boon Wan said the Housing and Development Board (HDB) is on track to deliver 13,600 new flats to Singaporeans this year.
SINGAPORE: Minister for National Development Khaw Boon Wan said the Housing and Development Board (HDB) is on track to deliver 13,600 new flats to Singaporeans this year.
In a blogpost, Mr Khaw said he witnessed the handover of keys from the main contractor to HDB at Floral Spring @ Yishun on Friday. The project marks the completion of 9,000 HDB flats this year.
This is 50 per cent more than in June, when 6,000 new flats were completed.
More than just meeting numbers, HDB is also delivering quality flats to home buyers.
Mr Khaw said Floral Spring @ Yishun is a good example. The housing project is located in an infill site, surrounded by existing residential developments.
Together, HDB and the contractors completed the project on schedule while minimising inconvenience to surrounding residents.
Despite the site challenges, they achieved a high Construction Quality Assessment System score of 88 for the project, comparable to those achieved by condominiums.
- CNA/ac
- wong chee tat :)
POSTED: 06 Sep 2013 4:01 PM
Minister for National Development Khaw Boon Wan said the Housing and Development Board (HDB) is on track to deliver 13,600 new flats to Singaporeans this year.
SINGAPORE: Minister for National Development Khaw Boon Wan said the Housing and Development Board (HDB) is on track to deliver 13,600 new flats to Singaporeans this year.
In a blogpost, Mr Khaw said he witnessed the handover of keys from the main contractor to HDB at Floral Spring @ Yishun on Friday. The project marks the completion of 9,000 HDB flats this year.
This is 50 per cent more than in June, when 6,000 new flats were completed.
More than just meeting numbers, HDB is also delivering quality flats to home buyers.
Mr Khaw said Floral Spring @ Yishun is a good example. The housing project is located in an infill site, surrounded by existing residential developments.
Together, HDB and the contractors completed the project on schedule while minimising inconvenience to surrounding residents.
Despite the site challenges, they achieved a high Construction Quality Assessment System score of 88 for the project, comparable to those achieved by condominiums.
- CNA/ac
- wong chee tat :)
Medisave withdrawal limits for MediShield, Integrated Shield plans to go up
Medisave withdrawal limits for MediShield, Integrated Shield plans to go up
POSTED: 06 Sep 2013 12:35 PM
From November 1, the Medisave withdrawal limits for MediShield and Integrated Shield plans will increase by S$200.
SINGAPORE: From November 1, the Medisave withdrawal limits for MediShield and Integrated Shield plans will increase by S$200.
The Ministry of Health said the increase will be applied across all age categories.
For those aged 66 to 75, the limit will go up from S$800 to S$1,000; for those aged 76 to 80, from S$1,000 to S$1,200; and for those aged 81 and above, from S$1,200 to S$1,400.
The Medisave withdrawal limits were already adjusted in March 2013 to fully support the premiums for MediShield, and increase the support for the premiums of Integrated Shield plans offered by private insurers.
This further round of changes will enable Singaporeans to use more Medisave in paying for premiums for the private Integrated Shield plans.
The revised Medisave withdrawal limits will apply to all MediShield and Integrated Shield policies renewed or starting from November 1.
- CNA/ac
- wong chee tat :)
POSTED: 06 Sep 2013 12:35 PM
From November 1, the Medisave withdrawal limits for MediShield and Integrated Shield plans will increase by S$200.
SINGAPORE: From November 1, the Medisave withdrawal limits for MediShield and Integrated Shield plans will increase by S$200.
The Ministry of Health said the increase will be applied across all age categories.
For those aged 66 to 75, the limit will go up from S$800 to S$1,000; for those aged 76 to 80, from S$1,000 to S$1,200; and for those aged 81 and above, from S$1,200 to S$1,400.
The Medisave withdrawal limits were already adjusted in March 2013 to fully support the premiums for MediShield, and increase the support for the premiums of Integrated Shield plans offered by private insurers.
This further round of changes will enable Singaporeans to use more Medisave in paying for premiums for the private Integrated Shield plans.
The revised Medisave withdrawal limits will apply to all MediShield and Integrated Shield policies renewed or starting from November 1.
- CNA/ac
- wong chee tat :)
Slightly fewer workplace fatalities in first half of 2013
Slightly fewer workplace fatalities in first half of 2013
POSTED: 05 Sep 2013 12:09 PM
The number of workplace fatalities has fallen -- in the first half of 2013, there were 25 fatal injuries, one less than the number during the same period in 2012.
SINGAPORE: The number of workplace fatalities has fallen -- in the first half of 2013, there were 25 fatal injuries, one less than the number during the same period in 2012.
The latest Workplace Safety and Health Statistics Report also showed that minor injuries also declined, from 5,160 cases last year to 5,029.
The number of major workplace injuries rose slightly from 255 to 257.
The total number of reported workplace injuries decreased by 2.4 per cent, and the number of occupational disease cases fell by nearly half to 372 cases from 634 cases, compared to the same period last year.
The construction sector remained the top contributor of workplace fatal injuries.
The marine (from three cases to one) and manufacturing ( from five cases to one) sectors saw lower numbers of workplace fatal injuries.
Together, the three traditional high risk sectors accounted for 52 per cent of all fatal injuries reported.
The most common incident types that led to workplace fatal injuries were falls, being struck by moving objects, collapse/failure of structure and equipment, and electrocution. These accounted for 80 per cent of all fatal injuries.
- CNA/ac
- wong chee tat :)
POSTED: 05 Sep 2013 12:09 PM
The number of workplace fatalities has fallen -- in the first half of 2013, there were 25 fatal injuries, one less than the number during the same period in 2012.
SINGAPORE: The number of workplace fatalities has fallen -- in the first half of 2013, there were 25 fatal injuries, one less than the number during the same period in 2012.
The latest Workplace Safety and Health Statistics Report also showed that minor injuries also declined, from 5,160 cases last year to 5,029.
The number of major workplace injuries rose slightly from 255 to 257.
The total number of reported workplace injuries decreased by 2.4 per cent, and the number of occupational disease cases fell by nearly half to 372 cases from 634 cases, compared to the same period last year.
The construction sector remained the top contributor of workplace fatal injuries.
The marine (from three cases to one) and manufacturing ( from five cases to one) sectors saw lower numbers of workplace fatal injuries.
Together, the three traditional high risk sectors accounted for 52 per cent of all fatal injuries reported.
The most common incident types that led to workplace fatal injuries were falls, being struck by moving objects, collapse/failure of structure and equipment, and electrocution. These accounted for 80 per cent of all fatal injuries.
- CNA/ac
- wong chee tat :)
COE prices end mostly higher in latest bidding exercise
COE prices end mostly higher in latest bidding exercise
POSTED: 04 Sep 2013 4:25 PM
Certificate of Entitlement (COE) prices ended mostly higher in the latest bidding exercise on Wednesday. The COE price for commercial vehicles had the biggest increase of S$2,998, closing at S$73,999.
SINGAPORE: Certificate of Entitlement (COE) prices ended mostly higher in the latest bidding exercise on Wednesday.
The COE price for commercial vehicles had the biggest increase of S$2,998, closing at S$73,999.
Car dealers attributed this to the clearing of old stock before a new emission standard kicks in from January next year.
The premium for small cars rose S$1,081 to end at S$77,304.
This is the eleventh consecutive increase since April and also at its highest since the announcement of car loan curbs in February.
COE price for big cars went up by S$493 to S$77,100.
In the Open category, where the COE can be used for any vehicle type but end up mainly for cars, the premium moved up S$777 to S$80,000.
The premium for motorcycles slipped S$62 to S$1,660.
Raymond Tang, honorary secretary of Singapore Vehicle Traders Association, said: "There are a lot of luxury cars moving into Category A because their capacity is 1600 cc and below. From the beginning of the year till now, almost 70 to 80 per cent of the cars registered in Category A are luxury cars. This will definitely add pressure to Category A. The main reason for this is still the same - supply is not enough for the demand."
- CNA/xq
- wong chee tat :)
POSTED: 04 Sep 2013 4:25 PM
Certificate of Entitlement (COE) prices ended mostly higher in the latest bidding exercise on Wednesday. The COE price for commercial vehicles had the biggest increase of S$2,998, closing at S$73,999.
SINGAPORE: Certificate of Entitlement (COE) prices ended mostly higher in the latest bidding exercise on Wednesday.
The COE price for commercial vehicles had the biggest increase of S$2,998, closing at S$73,999.
Car dealers attributed this to the clearing of old stock before a new emission standard kicks in from January next year.
The premium for small cars rose S$1,081 to end at S$77,304.
This is the eleventh consecutive increase since April and also at its highest since the announcement of car loan curbs in February.
COE price for big cars went up by S$493 to S$77,100.
In the Open category, where the COE can be used for any vehicle type but end up mainly for cars, the premium moved up S$777 to S$80,000.
The premium for motorcycles slipped S$62 to S$1,660.
Raymond Tang, honorary secretary of Singapore Vehicle Traders Association, said: "There are a lot of luxury cars moving into Category A because their capacity is 1600 cc and below. From the beginning of the year till now, almost 70 to 80 per cent of the cars registered in Category A are luxury cars. This will definitely add pressure to Category A. The main reason for this is still the same - supply is not enough for the demand."
- CNA/xq
- wong chee tat :)
Singapore's water demand set to double in 50 years' time
Singapore's water demand set to double in 50 years' time
By Tan Qiuyi
POSTED: 04 Sep 2013 2:51 PM
Singapore's demand for water is set to double in 50 years with population and economic growth, according to national water agency PUB. The non-domestic sector -- anything outside of homes -- may take up as much as 70 per cent of this increased demand for water.
SINGAPORE: Singapore's demand for water is set to double in 50 years with population and economic growth, according to national water agency PUB. The non-domestic sector -- anything outside of homes -- may take up as much as 70 per cent of this increased demand for water.
Singapore imports about 50 per cent of its water from Malaysia today.
NEWater and desalination may reduce this reliance in the future, but the need to manage water demand remains a top priority for the country.
NEWater currently contributes 30 per cent, and treated water, 10 per cent of Singapore's water supply.
PUB's target is to ramp up the two sources to produce 80 per cent of the country's water needs by 2060.
As part of an effort to help companies track their water usage, PUB has boosted funding for companies that take on water audit projects through the Water Efficiency Fund since March. The fund covers up to 90 per cent of the cost, an increase from 50 per cent previously.
Companies can use this fund to monitor their water use.
Under SPRING Singapore's Capability Development Grant, SMEs that adopt water efficiency management systems can also get funding to cover manpower and consultancy costs.
Speaking at a PUB event, Second Minister for Environment and Water Resources, Grace Fu, said that companies' efforts make a difference.
She said: "All of us have to do our part to conserve water. Achieving a sustainable level of water consumption requires our commitment, whether as individuals, households, or industries."
- CNA/ac
- wong chee tat :)
By Tan Qiuyi
POSTED: 04 Sep 2013 2:51 PM
Singapore's demand for water is set to double in 50 years with population and economic growth, according to national water agency PUB. The non-domestic sector -- anything outside of homes -- may take up as much as 70 per cent of this increased demand for water.
SINGAPORE: Singapore's demand for water is set to double in 50 years with population and economic growth, according to national water agency PUB. The non-domestic sector -- anything outside of homes -- may take up as much as 70 per cent of this increased demand for water.
Singapore imports about 50 per cent of its water from Malaysia today.
NEWater and desalination may reduce this reliance in the future, but the need to manage water demand remains a top priority for the country.
NEWater currently contributes 30 per cent, and treated water, 10 per cent of Singapore's water supply.
PUB's target is to ramp up the two sources to produce 80 per cent of the country's water needs by 2060.
As part of an effort to help companies track their water usage, PUB has boosted funding for companies that take on water audit projects through the Water Efficiency Fund since March. The fund covers up to 90 per cent of the cost, an increase from 50 per cent previously.
Companies can use this fund to monitor their water use.
Under SPRING Singapore's Capability Development Grant, SMEs that adopt water efficiency management systems can also get funding to cover manpower and consultancy costs.
Speaking at a PUB event, Second Minister for Environment and Water Resources, Grace Fu, said that companies' efforts make a difference.
She said: "All of us have to do our part to conserve water. Achieving a sustainable level of water consumption requires our commitment, whether as individuals, households, or industries."
- CNA/ac
- wong chee tat :)
S'pore businesses concerned about rising costs as Malaysia cuts fuel subsidies
S'pore businesses concerned about rising costs as Malaysia cuts fuel subsidies
POSTED: 04 Sep 2013 12:24 AM
Some Singapore businesses have said they are worried that higher fuel prices in Malaysia would result in higher operating costs.
SINGAPORE: Some Singapore businesses have said they are worried that higher fuel prices in Malaysia would result in higher operating costs.
Malaysian Prime Minister Najib Razak on Monday announced that he would cut fuel subsidies to shore up public finances.
Singapore imports about 160,000 live poultry from Malaysia daily -- mostly from Malacca and Perak -- and they are transported by lorries.
Singapore's Poultry Merchants' Association is worried that Malaysian farms may increase the price of live poultry.
Meanwhile, tour bus operators said the fuel price hike could add up to a significant increase in costs due to the long distances buses need to travel.
Tan Boon Huat, general manager of Grassland Express and Tours, said: "It's going to cost about 60 ringgit more per trip to Genting and about 100 ringgit more to Penang.
"So this means an increase in cost of about 4,000 to 5,000 ringgit a day. It adds up to over 100,000 ringgit a month."
But there could be a respite.
The strong Singapore dollar against the ringgit may temporarily help to soften the impact of higher fuel prices in Malaysia.
Chris Tay, deputy general manager of Five Stars Tours, said: "Currently, it's also the low travel season for Malaysia, so we do not intend to increase the price as at now, but we will monitor the whole situation and review it in two to three weeks' time.
"We need to do a calculation of our costs before we're able to conclude whether we'll increase the package price."
- CNA/al
- wong chee tat :)
POSTED: 04 Sep 2013 12:24 AM
Some Singapore businesses have said they are worried that higher fuel prices in Malaysia would result in higher operating costs.
SINGAPORE: Some Singapore businesses have said they are worried that higher fuel prices in Malaysia would result in higher operating costs.
Malaysian Prime Minister Najib Razak on Monday announced that he would cut fuel subsidies to shore up public finances.
Singapore imports about 160,000 live poultry from Malaysia daily -- mostly from Malacca and Perak -- and they are transported by lorries.
Singapore's Poultry Merchants' Association is worried that Malaysian farms may increase the price of live poultry.
Meanwhile, tour bus operators said the fuel price hike could add up to a significant increase in costs due to the long distances buses need to travel.
Tan Boon Huat, general manager of Grassland Express and Tours, said: "It's going to cost about 60 ringgit more per trip to Genting and about 100 ringgit more to Penang.
"So this means an increase in cost of about 4,000 to 5,000 ringgit a day. It adds up to over 100,000 ringgit a month."
But there could be a respite.
The strong Singapore dollar against the ringgit may temporarily help to soften the impact of higher fuel prices in Malaysia.
Chris Tay, deputy general manager of Five Stars Tours, said: "Currently, it's also the low travel season for Malaysia, so we do not intend to increase the price as at now, but we will monitor the whole situation and review it in two to three weeks' time.
"We need to do a calculation of our costs before we're able to conclude whether we'll increase the package price."
- CNA/al
- wong chee tat :)
Demand for premium cars holds steady despite rising COE prices
Demand for premium cars holds steady despite rising COE prices
By Dylan Loh
POSTED: 07 Sep 2013 8:28 PM
Motor firms Channel NewsAsia spoke to say demand for premium cars are holding steady even as Certificate of Entitlement prices head north.
SINGAPORE: Motor firms Channel NewsAsia spoke to say demand for premium cars are holding steady even as Certificate of Entitlement (COE) prices head north.
They say many luxury model dealers have been trying to secure their certificates early to hedge against changes to the system yet to be announced by authorities.
The changes are expected to further differentiate premium cars from lower-end makes.
Hefty downpayments, additional taxes and high Certificate of Entitlement (COE) prices are what potential car buyers have to face when purchasing a luxury car.
However, it seems there are enough people with deep pockets for demand for premium makes to continually remain strong.
Eddie Loo, managing director of CarTimes Automobile, said: "The people that coming in to buy are those that can afford the very huge amount of downpayment. Basically, most of them are buying with cash. For the very few of the quite well-off and rich, they don't mind to buy now."
Authorities have signalled intention to greater segregate premium models and non-luxury ones by possibly tweaking COE categories according to vehicles' engine power or market value.
This aims to put affordable cars in a class of their own.
Ahead of impending changes, dealers of higher-end makes haven't noticed a surge in purchases of premium models that jostle with lower-end makes for limited COEs in the small cars category.
Dealers of luxury sedans Mercedes-Benz and BMW say demand is quite evenly spread across their offerings.
Many dealers point to tight COE supply as key to driving up vehicle costs, and have suggested that authorities consider a fixed yearly quota as the solution.
There is a sense of trepidation shared by many motor firms over where their businesses are heading, which is why they hope any changes made to the COE system will go towards bringing more certainty to the market.
These changes, they say, will not only benefit them but also car buyers.
- CNA/fa
- wong chee tat :)
By Dylan Loh
POSTED: 07 Sep 2013 8:28 PM
Motor firms Channel NewsAsia spoke to say demand for premium cars are holding steady even as Certificate of Entitlement prices head north.
SINGAPORE: Motor firms Channel NewsAsia spoke to say demand for premium cars are holding steady even as Certificate of Entitlement (COE) prices head north.
They say many luxury model dealers have been trying to secure their certificates early to hedge against changes to the system yet to be announced by authorities.
The changes are expected to further differentiate premium cars from lower-end makes.
Hefty downpayments, additional taxes and high Certificate of Entitlement (COE) prices are what potential car buyers have to face when purchasing a luxury car.
However, it seems there are enough people with deep pockets for demand for premium makes to continually remain strong.
Eddie Loo, managing director of CarTimes Automobile, said: "The people that coming in to buy are those that can afford the very huge amount of downpayment. Basically, most of them are buying with cash. For the very few of the quite well-off and rich, they don't mind to buy now."
Authorities have signalled intention to greater segregate premium models and non-luxury ones by possibly tweaking COE categories according to vehicles' engine power or market value.
This aims to put affordable cars in a class of their own.
Ahead of impending changes, dealers of higher-end makes haven't noticed a surge in purchases of premium models that jostle with lower-end makes for limited COEs in the small cars category.
Dealers of luxury sedans Mercedes-Benz and BMW say demand is quite evenly spread across their offerings.
Many dealers point to tight COE supply as key to driving up vehicle costs, and have suggested that authorities consider a fixed yearly quota as the solution.
There is a sense of trepidation shared by many motor firms over where their businesses are heading, which is why they hope any changes made to the COE system will go towards bringing more certainty to the market.
These changes, they say, will not only benefit them but also car buyers.
- CNA/fa
- wong chee tat :)
Private home sales affected by recent loan restrictions
Private home sales affected by recent loan restrictions
By Olivia Siong and Seet Sok Hwee
POSTED: 07 Sep 2013 9:18 PM
Several new properties have been launched or opened for preview this weekend but some property developers said sales have been affected by recent loan restrictions.
SINGAPORE: Several new properties have been launched or opened for preview this weekend but some property developers said sales have been affected by recent loan restrictions.
Skywoods condominium at Dairy Farm Road is one of the new properties that has been launched this weekend. It is going at an average of S$1,250 per square foot.
Out of 420 units, 150 units are on offer at this phase.
At its pre-launch on Friday, its developer TA Corporation said 35 units were taken up, a rate it said is slower than before.
The developer said it is feeling the impact of tighter loan restrictions that have been introduced, in particular the Total Debt Servicing Ratio which was announced in June, where only 60 per cent of one's income can be used to service a loan.
Forty-eight-year-old Daniel Ong is thinking of upgrading from his current five-room HDB flat to a private property.
Previously, Mr Ong would have been able to get a loan of up to 80 per cent of the property's value but not now due to the new restrictions.
Some compromises, he said, will have to be made.
"Maybe a smaller unit now or even the location," said Mr Ong.
Some property investors are looking at downsizing their options.
"Previously we were looking for at least a three-room size (unit) but now, most likely we will be talking about a two-room (unit) or maybe even a studio (unit) for investment purposes,” said potential home buyer Raymond Cheong.
"We are more concerned about the price and the locality and stuff now. We can't go to the city-fringe… it's more of mass-market now," he added.
Located at the city fringe, Thomson Three saw a crowded showroom on its first preview day.
However, its developer said it is taking some time to monitor sentiments before actually putting up units for sale.
It has also adjusted its prices to woo buyers amid the tighter loan restrictions.
The project is now expected to go at an average of S$1,350 to S$1,400 per square foot, down from the initial projection of S$1,500 per square foot.
Kam Tin Seah, senior general manager of investment & strategic development at UOL Group said: "We want to give them enough time to absorb in the project, to understand and to see whether this is the project they like to invest in. (Secondly), to speak to the bankers and hopefully within a reasonable time frame, (they can) come back and make a decision."
The executive condominium (EC) market seems to be unfazed.
Over at Sea Horizon at Pasir Ris, about 60 per cent of its 495 units have been sold on the first day of sales.
Tan Zhiyong, managing director of MCC Land (Singapore), said: "We are a bit concerned because of some of the loan restriction measures but we don't think it'll impact ECs that much."
"Most of the buyers are first-timers or upgraders. It's been a while since these measures were announced so they have spoken to the bank to find out whether they can get a loan. About 90 per cent of those who came in today got the units that they wanted," added Mr Tan.
EC buyer Wong Chee Chong said: "We have to be very prudent about that. That's why we have to do some homework, source around, what's the loan quantum before you decide to buy."
Nicholas Mak, executive director of research & consultancy at SLP International Property Consultancy, explained the strong demand for ECs.
"There's not going to be a lot of new supply in the next 12 months. And furthermore, the TDSR framework is directing some mass market condominium buyers towards the EC market because they are able to get more loans if they are buying an EC compared to buying a mass market private condo," said Mr Mak.
With the end of the Hungry Ghost Month, some analysts expect the number of private home sales to be higher in August, and possibly even double last month's figure.
According to latest data from the Urban Redevelopment Authority, there were 481 new private homes sold in July.
It was the lowest sales volume recorded since December 2009.
- CNA/fa
- wong chee tat :)
By Olivia Siong and Seet Sok Hwee
POSTED: 07 Sep 2013 9:18 PM
Several new properties have been launched or opened for preview this weekend but some property developers said sales have been affected by recent loan restrictions.
SINGAPORE: Several new properties have been launched or opened for preview this weekend but some property developers said sales have been affected by recent loan restrictions.
Skywoods condominium at Dairy Farm Road is one of the new properties that has been launched this weekend. It is going at an average of S$1,250 per square foot.
Out of 420 units, 150 units are on offer at this phase.
At its pre-launch on Friday, its developer TA Corporation said 35 units were taken up, a rate it said is slower than before.
The developer said it is feeling the impact of tighter loan restrictions that have been introduced, in particular the Total Debt Servicing Ratio which was announced in June, where only 60 per cent of one's income can be used to service a loan.
Forty-eight-year-old Daniel Ong is thinking of upgrading from his current five-room HDB flat to a private property.
Previously, Mr Ong would have been able to get a loan of up to 80 per cent of the property's value but not now due to the new restrictions.
Some compromises, he said, will have to be made.
"Maybe a smaller unit now or even the location," said Mr Ong.
Some property investors are looking at downsizing their options.
"Previously we were looking for at least a three-room size (unit) but now, most likely we will be talking about a two-room (unit) or maybe even a studio (unit) for investment purposes,” said potential home buyer Raymond Cheong.
"We are more concerned about the price and the locality and stuff now. We can't go to the city-fringe… it's more of mass-market now," he added.
Located at the city fringe, Thomson Three saw a crowded showroom on its first preview day.
However, its developer said it is taking some time to monitor sentiments before actually putting up units for sale.
It has also adjusted its prices to woo buyers amid the tighter loan restrictions.
The project is now expected to go at an average of S$1,350 to S$1,400 per square foot, down from the initial projection of S$1,500 per square foot.
Kam Tin Seah, senior general manager of investment & strategic development at UOL Group said: "We want to give them enough time to absorb in the project, to understand and to see whether this is the project they like to invest in. (Secondly), to speak to the bankers and hopefully within a reasonable time frame, (they can) come back and make a decision."
The executive condominium (EC) market seems to be unfazed.
Over at Sea Horizon at Pasir Ris, about 60 per cent of its 495 units have been sold on the first day of sales.
Tan Zhiyong, managing director of MCC Land (Singapore), said: "We are a bit concerned because of some of the loan restriction measures but we don't think it'll impact ECs that much."
"Most of the buyers are first-timers or upgraders. It's been a while since these measures were announced so they have spoken to the bank to find out whether they can get a loan. About 90 per cent of those who came in today got the units that they wanted," added Mr Tan.
EC buyer Wong Chee Chong said: "We have to be very prudent about that. That's why we have to do some homework, source around, what's the loan quantum before you decide to buy."
Nicholas Mak, executive director of research & consultancy at SLP International Property Consultancy, explained the strong demand for ECs.
"There's not going to be a lot of new supply in the next 12 months. And furthermore, the TDSR framework is directing some mass market condominium buyers towards the EC market because they are able to get more loans if they are buying an EC compared to buying a mass market private condo," said Mr Mak.
With the end of the Hungry Ghost Month, some analysts expect the number of private home sales to be higher in August, and possibly even double last month's figure.
According to latest data from the Urban Redevelopment Authority, there were 481 new private homes sold in July.
It was the lowest sales volume recorded since December 2009.
- CNA/fa
- wong chee tat :)
Scheduled Maintenance - POSB
Scheduled Maintenance - POSB
- wong chee tat :)
| Service | Scheduled Maintenance Date | Expected Downtime | Remarks |
| iBanking | 07 Sep 2013 | 1000hrs to 2359hrs | System Maintenance
|
| 07 Sep 2013 | 2200hrs to 2359hrs | System Maintenance
| |
| 08 Sep 2013 | 0000hrs to 1200hrs | System Maintenance
| |
| 08 Sep 2013 | 0410hrs to 0430hrs | System Maintenance
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| 08 Sep 2013 | 1000hrs to 1020hrs | System Maintenance
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| 08 Sep 2013 | 1240hrs to 1245hrs | System Maintenance
| |
| 08 Sep 2013 | 1240hrs to 1442hrs | System Maintenance
| |
| 08 Sep 2013 | 1412hrs to 1417hrs | System Maintenance
| |
| 15 Sep 2013 | 0000hrs to 0400hrs | System Maintenance
| |
| mBanking | - | - | - |
| iB Application | 07 Sep 2013 | 2200hrs to 2359hrs | System Maintenance |
| 08 Sep 2013 | 0000hrs to 1200hrs | System Maintenance | |
| iB - Trading Services | 07 Sep 2013 | 1000hrs to 2359hrs | System Maintenance |
| 08 Sep 2013 | 0000hrs to 1200hrs | System Maintenance | |
| D2Pay | - | - | - |
| Phone Banking | - | - | - |
| NETS | - | - | - |
| Passbook Update | - | - | - |
| Automated Teller Machine (ATM) | - | - | - |
| Cash Deposit Machine | - | - | - |
| Coin Deposit Machine | - | - | - |
| Cheque Deposit Machine | - | - | - |
| POSB Print | - | - | - |
| AXS D-Pay | - | - | - |
| Token Registration | - | - | - |
| e-Commerce on 3D Secure Websites | - | - | - |
- wong chee tat :)
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