Continue my extremely busy schedule.
October was a very hetic month for me.
Firstly at work, this is my company's financial year end, there are monthly /quarterly/ yearly reports to be done.
Secondly, me, my son and my wife's birthday fall in this month.
Thirdly, as my 2nd son is due I have to take leave to accompany my wife to see the doctor, and have to take care of my 1st son more often.
Fourthly, my dad had to see a urologist due to a high PSI reading. I accompanied my dad a few times to Dr.Png for consultation and for a biosyss.
Investment wise, I have been going in and out of the market (scared of correction). Thus this year my results is just flat. I went into DBS as I was confident of it posting better anticpated results and last quarter I believe will see a MtM (mark to market) to MtM2 (mark to model) accounting by financial institution, will this give the market a further boost ?On March 16, 2009, FASB proposed allowing companies to use more leeway in valuing their assets under "mark-to-market" accounting, a move that could ease balance-sheet pressures many companies say they are feeling during the economic crisis. On April 2, 2009, after a 15-day public comment period, FASB eased the mark-to-market rules. Financial institutions are still required by the rules to mark transactions to market prices but more so in a steady market and less so when the market is inactive. To proponents of the rules, this removes the unnecessary "positive feedback loop" that can result in a deeply weakened economy.
I also made a few bad mistakes, going into Genting because of some rumors.
The lesson here is to stay in the market (unless there was a big disaster coming along), and to pick up undervalued/potential big giants from mid/small caps.
My investment now consists of SMRT 47% CDL Hospitality Reits 31% Boustead 9% , B/M/V make 5% of my portfolio, and unfortunately I have still 7% in Celestial which I probably have to write off.
My outlook - US market will be hit by 2 more monsters - credit card / commerical debts . Right now, the stock market is feeding itself to too much exubuerance. Cash is rubbish now. Heli Ben has made cash absolutely useless. The only way out of this financial crisis is to blow up another bubble....see the comparison after the dot-com....US blew up the housing bubble.....now it is back to basics 101.
SMRT
My rationale of keeping SMRT is obvious, in a downturn, it should hold as it is recession proof. In a potential upmarket, its current PE now is ard 13 (6.5 for 1st half), a complete steal for a monopoly. Look at its cash flow, it is at least 50% more. Growth will also come next year in terms of tourists growth due to the 2 IRs, circle line, and more economic recovery activities (more movement). Next 2 years growth should be ard 30% or so. I am also looking postively over the retails contribution next year (Doby Gaut / Orchard Xchange / Jurong East Exchange).
For more infor look at :http://singaporebuspage.wordpress.com/2009/11/01/next-stop-3-more-smrt-xchanges/
This is what I feel for more potential growth....although the governemnt is mulling over having a bid for the downtown line, I feel that XXXX. Y? the NE line already shows the stuXXX of the whole situation already, will the goverment still make another misXXX ? Let see a few years down the line how this get played out and whether I get this correct.
CDL
Its current yield is around 5.5 % at price 1.52 and 8 cents dividend. Next year I am very optimistic on the IR bringing many more tourists. There are actually many new tourists development being done in Singapore, besides the 2 IR/ F1/ smaller unnoticeable developments like manmade water surfing in Sentosa... bigger extension at the zoo - Wildlife Reserves Singapore Builds River Safari, Asia’s First River-themed Animal Attraction. CDL HR has shown it has weathered the downturn extremely well despite the recession and H1N1. It has managed to keep costs in check and has a sizeable hotel presence in Singapore which allowed it to have a certain level of economics of scale.
Boustead
At its current price, it should give a dividend yield of 5.5%. (4 cents/ 74 cent) I have faith in Wong FF for turning this gem into a bigger giant. It is credited for being forbes top 200 company. It will not reach last year's height as its real estate division will not sell of any of its properties this year unlike last year as this year most REITs are hit by credit crunch. I had bought Boustead much earlier on at 60 cents (30 stock split adjusted) and sold most of it at 1.1 cents (0.55 stock split adjusted) a few years back. It manage to ran up further because its profit YoY manged to grow and I did not expect it to manage to sell its real estate. This time, because of the low price, high cash (37 cents) , I expect it to provide a buffer for me.
Sunday, November 15, 2009
Friday, September 4, 2009
Sep Update
Have been rather busy
June -
1) took my son to the zoo
2) going over to KL
July - Aug
1) climatised my son to his new school -Pat's schoolhouse
2) Repaired 2 of my lights, 1 is the one in the kitchen, tha ballast was spoilt. After tinkiering for a while, I finally gave up and got the boss selling lights to come over to my flat to fix it. apparently it needed to cut 3 wires, and then connect it back. It came to about 40-50, and I think it is well spent as it was a very tedious job looking up for almost an hour to fix it.
3) Called the plumber to fix up my kitchen basin ...its leaking. spent about 200 to glue up the basin, change the tap...it came loose and the pipe below.
4) Got the confinement lady for my wife's confinement
5) Look around maid agencies and selected a maid...coming in a month's time. Smaller agencies are more personal then big agenices like Nation.
6) Got new furnitures...went furniture shopping/IKEA/Furniture mall/ and got a new cupboard so that we can store our newborn clothes, new shoe rack so that we can transfer our first boy's toys into the cupboard...now it is quite unsightly around. Sold our room's TV as it is the CRT and taking up too much space. Had also to move our furniture around and rearrnging getting our first boy's older clothes.
5) Manage to finally solved my Fixmarket problem !!!! I called Emmy to help me strike off the company. We compromised that I will settle Mr. Jiang's debt 2 years of accounting fee and she will help me do the strike off - full financial statements and audit for free.
So I paid up 2700! due mainly to my negligance....but bo pian...take it as tution fees
I went to IRAs to ensure that Fixmarket had no outstanding accrual to the government agencies and then went to ACRA to confirm that I can strike off the company w/o major shareholder approval. In the ACRA website, I meet all conditions to strike off except w/o major shareholder approval as Mr. Jiang is nowhere to be found.
According to Ms Lee at ACRA, I have to hold evidence that I have tried all means to contact him, and I can proceed ahead to click on the condiditon all major shareholder approve of the strike off.
This is a fantastic relieve after so many years (almost 9 years !) of trouble. It will take about 5-6 months to proceed.
June -
1) took my son to the zoo
2) going over to KL
July - Aug
1) climatised my son to his new school -Pat's schoolhouse
2) Repaired 2 of my lights, 1 is the one in the kitchen, tha ballast was spoilt. After tinkiering for a while, I finally gave up and got the boss selling lights to come over to my flat to fix it. apparently it needed to cut 3 wires, and then connect it back. It came to about 40-50, and I think it is well spent as it was a very tedious job looking up for almost an hour to fix it.
3) Called the plumber to fix up my kitchen basin ...its leaking. spent about 200 to glue up the basin, change the tap...it came loose and the pipe below.
4) Got the confinement lady for my wife's confinement
5) Look around maid agencies and selected a maid...coming in a month's time. Smaller agencies are more personal then big agenices like Nation.
6) Got new furnitures...went furniture shopping/IKEA/Furniture mall/ and got a new cupboard so that we can store our newborn clothes, new shoe rack so that we can transfer our first boy's toys into the cupboard...now it is quite unsightly around. Sold our room's TV as it is the CRT and taking up too much space. Had also to move our furniture around and rearrnging getting our first boy's older clothes.
5) Manage to finally solved my Fixmarket problem !!!! I called Emmy to help me strike off the company. We compromised that I will settle Mr. Jiang's debt 2 years of accounting fee and she will help me do the strike off - full financial statements and audit for free.
So I paid up 2700! due mainly to my negligance....but bo pian...take it as tution fees
I went to IRAs to ensure that Fixmarket had no outstanding accrual to the government agencies and then went to ACRA to confirm that I can strike off the company w/o major shareholder approval. In the ACRA website, I meet all conditions to strike off except w/o major shareholder approval as Mr. Jiang is nowhere to be found.
According to Ms Lee at ACRA, I have to hold evidence that I have tried all means to contact him, and I can proceed ahead to click on the condiditon all major shareholder approve of the strike off.
This is a fantastic relieve after so many years (almost 9 years !) of trouble. It will take about 5-6 months to proceed.
Saturday, June 6, 2009
June09
Regional indices have been rallying and STI/HK is up 30-40% this year.
Unfortunately yours truely have been severly underperforming, portfolio is down 4-5% this year, although an improvement from the low of 24% in March, mainly due to my biggest holding Celestial.
I have divested most of my Celestial taking a sharp loss which will unfortunately although business is sound, may face a financial liquidity crunch, unable to finance its convertible bond.
I have also divested Darco taking a sharp loss. I also read the annual report of Darco, I did not like I see as its receivables/debts has been ballooning upwards.
I have also divested MIIF which I find that its dividends may be cut even further due to its debt and subsidary debt. Its parent is also selling of them.
I have shifted most of my funds to SMRT, CDL hospital Trust. Why ? Most blue chips have ran up, with the banks/SPH ard 15-20x this years PE. SMRT is ard 16x giving me a dividend of abt 5%. Growth next year will be the circle line and more integrated network making it the most dorminant transport infrastructure in Singapore. Next year will be boosted by more attractions in Singapore. Just think, it will be so easy going to the zoo, IR.
Why CDL ? The IR is aiming to attract high flyers, but I feel that the tourists mass will be fr SE Asia region like Malaysia/Indonesia/Thailand, people who will most probably fill up the 3-4 star hotels which CDL fit the bill. At 79 its dividend should be ard 10%. 1st Q2009 DPU is ard 2 cents.
In an article published in October 2008, the Singapore Tourism Board is said to be confident of a
recovery in the Singapore tourism industry by 2010. The industry outlook is expected to remain
positive in the medium to long term, as a result of a strong line-up of world-class events such as
the annual Formula One Grand Prix and the Youth Olympic Games in 2010. The two Integrated
Resorts (“IR”) scheduled for completion within the next two years and the doubling of Singapore’s
cruise ship capacity by 2010, when the new International Cruise Terminal becomes operational,
are also expected to increase passenger traffic to Singapore.
In addition, Singapore continues to draw international interest in the Meetings, Incentives,
Conventions & Exhibitions (“MICE”) space, including the APEC conferences to be held in 2009.
Having been voted as the “Top International Meeting City for 2007” by the Union of International
Associations in August 2008, the completion of new convention facilities in the two IRs will
enhance Singapore’s ability to attract a wide range of international events.
Continued low debt to asset ratio
On 30 January 2009, CDLHT had its properties re-valued at S$1.48 billion, down from S$1.63
billion previously. The re-valuation of its properties has no impact on distributions.
Notwithstanding reduced property values, CDLHT continues to enjoy one of the lowest gearing
ratios among Singapore REITs with debt to assets of 18.2%. Furthermore, CDLHT continued to
demonstrate strong operating cash flows of S$102.8 million, and a healthy interest cover of 11.1
times. CDLHT is also proactively managing its portfolio and financing risks, with discussions in
progress to explore various options to secure refinancing of its S$273 million borrowings due July
2009.
Unfortunately yours truely have been severly underperforming, portfolio is down 4-5% this year, although an improvement from the low of 24% in March, mainly due to my biggest holding Celestial.
I have divested most of my Celestial taking a sharp loss which will unfortunately although business is sound, may face a financial liquidity crunch, unable to finance its convertible bond.
I have also divested Darco taking a sharp loss. I also read the annual report of Darco, I did not like I see as its receivables/debts has been ballooning upwards.
I have also divested MIIF which I find that its dividends may be cut even further due to its debt and subsidary debt. Its parent is also selling of them.
I have shifted most of my funds to SMRT, CDL hospital Trust. Why ? Most blue chips have ran up, with the banks/SPH ard 15-20x this years PE. SMRT is ard 16x giving me a dividend of abt 5%. Growth next year will be the circle line and more integrated network making it the most dorminant transport infrastructure in Singapore. Next year will be boosted by more attractions in Singapore. Just think, it will be so easy going to the zoo, IR.
Why CDL ? The IR is aiming to attract high flyers, but I feel that the tourists mass will be fr SE Asia region like Malaysia/Indonesia/Thailand, people who will most probably fill up the 3-4 star hotels which CDL fit the bill. At 79 its dividend should be ard 10%. 1st Q2009 DPU is ard 2 cents.
In an article published in October 2008, the Singapore Tourism Board is said to be confident of a
recovery in the Singapore tourism industry by 2010. The industry outlook is expected to remain
positive in the medium to long term, as a result of a strong line-up of world-class events such as
the annual Formula One Grand Prix and the Youth Olympic Games in 2010. The two Integrated
Resorts (“IR”) scheduled for completion within the next two years and the doubling of Singapore’s
cruise ship capacity by 2010, when the new International Cruise Terminal becomes operational,
are also expected to increase passenger traffic to Singapore.
In addition, Singapore continues to draw international interest in the Meetings, Incentives,
Conventions & Exhibitions (“MICE”) space, including the APEC conferences to be held in 2009.
Having been voted as the “Top International Meeting City for 2007” by the Union of International
Associations in August 2008, the completion of new convention facilities in the two IRs will
enhance Singapore’s ability to attract a wide range of international events.
Continued low debt to asset ratio
On 30 January 2009, CDLHT had its properties re-valued at S$1.48 billion, down from S$1.63
billion previously. The re-valuation of its properties has no impact on distributions.
Notwithstanding reduced property values, CDLHT continues to enjoy one of the lowest gearing
ratios among Singapore REITs with debt to assets of 18.2%. Furthermore, CDLHT continued to
demonstrate strong operating cash flows of S$102.8 million, and a healthy interest cover of 11.1
times. CDLHT is also proactively managing its portfolio and financing risks, with discussions in
progress to explore various options to secure refinancing of its S$273 million borrowings due July
2009.
Sunday, May 24, 2009
key differentiating factors for commercial office properties
...this is a reply from dydx on the wallstraits forum on the commercial office property which I find it useful for evaluating commercial office property investment
I am no property expert, but I believe some of the key differentiating factors for commercial office properties are -
1. A good location - e.g. Raffles Place; close to a key MRT station; being part of an integrated development (e.g. like Suntec, where the shopping mall and convention centre elements make the offices there desirable, even though the MRT is quite a long walk away). This usually makes a property become "Prime" in the location sense.
2. A good architectural design, with big-enough floor plates, up-to-date techinical specifications, and high-quality furnishings, suited for large modern offices. All these make a property "Grade A" in additional to its location. In this aspect, new buildings are always one-up against the older buildings. That's why big some companies or banks have no qualms in moving their main offices every few years - especially when the economy is looking up and their businesses are expanding - going for the best and cheaper deals.
3. Property owners giving naming rights of the building to key tenants. Some big companies or banks like the idea of having their rented building carrying their names, and for that they are willing to sign a longer lease and perhaps pay a premium rent.
Notwithstanding the above, commercial office rental rates are ultimately governed by supply/demand forces, be it for Prime, Grade A, or other lower grades. On the demand side, the main driver is the state of the economy, and whether the foreign banks and other financial institutions, coporates, and related providers of support services, are expanding. At the end of the day, companies and banks hire more staff and spend or invest in new offices because of business requirements - i.e. there is business to be done, or at least a strong likelihood of it happening.
On the supply side, the main driver is the completion of new office buildings in particular locations. E.g. When the currently under-construction new Straits Trading Building and Keppel Towers are completed, total supply of Grade A office space at Raffles Place will increase significantly. Unless demand continues to grow in the short term to mob up the new supply - unlikely under the current scenario - office rental rates in Raffles Place will come under serious competitive pressure and will have to fall, so the the new supply of space can be absorbed within a reasonable period of time, giving the owners of the new buildings a chance to collect some rev.
Another point to note, when big companies do not make money, it is entirely possible that the management will downgrade their offices from Grade A at Prime locations, even into their factories/warehouses in Jurong! And we must not forget most of the large banks are moving their back-end operations to Tampines or other offside locations in order to cut rental expenses and place such units in more longer-term premises.
Singapore tycoon sues Citi over $684 mln losses-paper
SINGAPORE, May 19 (Reuters) - Singapore-based businessman Oei Hong Leong has sued Citigroup's private bank for negligence and misrepresentation after he lost S$1 billion ($684 million) on foreign exchange and bond trades last year, the Straits Times reported on Tuesday.
Oei's lawsuit said Citi, with which he has a 30-year relationship, repeatedly gave him an inaccurate picture of his trading exposure, which led him to take on more positions than he would have taken otherwise, the newspaper said, citing court documents. It said Oei declined to comment about the court case.
A spokesman from Citi told Reuters in an email: "We believe that the claim is without merit and we fully intend to defend our position vigorously." It declined to comment further on the matter.
There was no immediate comment available from Oei's office.
Oei was ranked Singapore's 29th richest person by Forbes last year with a net worth of $210 million. Forbes calculated Oei's wealth based on his stakes in publicly traded companies and in private company filings.
According to Straits Times, Oei claimed he felt compelled to close his positions at an extremely volatile time in October last year, taking huge losses, as he felt he had no choice after discovering the full extent of his exposure. Some angry Asian private banking clients have filed lawsuits after losing money on complex financial products battered in a global market meltdown last year, forcing the industry into damage control.
.....My thoughts :
1) Again my advice, Banks are never your friend ! Don't get mesmerized by being a so call priority or private client of a bank. It just throws a veil over you...make you important and happy.... so that they can sell you financial products.
I remembered being tried to sell a product, which gives you 7% interest annually, but is tied to the worst performnace of 3 global indices (S&P, Nikkei & Euro market) in October 2007. Once any market drop 30%, I will have to absorb the loss ! Investors sold on the 7% interest will have a nasty shock. My RM was telling me ...oh stock market correct 10-20% the most, so you have a high chance of getting 7% annually, just put a token sum inside. What rubbish. The signs of the housing market in the US and financial orgy were already cracking.
Be investment and financial savvy and treat the bank as a partner. Only you youself is accountable to your own well (wealth) being.
2) OHL case is just an example that you may be accumulating wealth for many years, but just need a single wrong step to set you back sevealy. It is very easy to go down, earning back is 10x harder.
Lesson learnt is that one must always be guarded, treat every single cent/ investment extra cautious.
Oei's lawsuit said Citi, with which he has a 30-year relationship, repeatedly gave him an inaccurate picture of his trading exposure, which led him to take on more positions than he would have taken otherwise, the newspaper said, citing court documents. It said Oei declined to comment about the court case.
A spokesman from Citi told Reuters in an email: "We believe that the claim is without merit and we fully intend to defend our position vigorously." It declined to comment further on the matter.
There was no immediate comment available from Oei's office.
Oei was ranked Singapore's 29th richest person by Forbes last year with a net worth of $210 million. Forbes calculated Oei's wealth based on his stakes in publicly traded companies and in private company filings.
According to Straits Times, Oei claimed he felt compelled to close his positions at an extremely volatile time in October last year, taking huge losses, as he felt he had no choice after discovering the full extent of his exposure. Some angry Asian private banking clients have filed lawsuits after losing money on complex financial products battered in a global market meltdown last year, forcing the industry into damage control.
.....My thoughts :
1) Again my advice, Banks are never your friend ! Don't get mesmerized by being a so call priority or private client of a bank. It just throws a veil over you...make you important and happy.... so that they can sell you financial products.
I remembered being tried to sell a product, which gives you 7% interest annually, but is tied to the worst performnace of 3 global indices (S&P, Nikkei & Euro market) in October 2007. Once any market drop 30%, I will have to absorb the loss ! Investors sold on the 7% interest will have a nasty shock. My RM was telling me ...oh stock market correct 10-20% the most, so you have a high chance of getting 7% annually, just put a token sum inside. What rubbish. The signs of the housing market in the US and financial orgy were already cracking.
Be investment and financial savvy and treat the bank as a partner. Only you youself is accountable to your own well (wealth) being.
2) OHL case is just an example that you may be accumulating wealth for many years, but just need a single wrong step to set you back sevealy. It is very easy to go down, earning back is 10x harder.
Lesson learnt is that one must always be guarded, treat every single cent/ investment extra cautious.
Monday, May 18, 2009
Price cuts draw buyers to 3 condo relaunches
May 19, 2009
Price cuts draw buyers to 3 condo relaunches
By Joyce Teo
Three prime condominium projects that struggled to generate interest last year saw a surge of buyer activity over the weekend after developers cut their prices.
The freehold 19-storey Parc Centennial in Kampong Java Road - where all 51 units are served by private lifts - sold 32 units at $1,115 per square foot (psf) to $1,233 psf, or from $1.27 million to $1.93 million. This price level is about 20 per cent lower than last year's $1,450 psf, and the interest absorption scheme is included.
Developer EL Development sold only six units in April and May last year when the project was originally released for sale. And at a private preview in March this year, it sold a 2,486 sq ft penthouse unit for $1,005 psf.
It held a preview this past weekend and has now sold all the two-bedroom units, which start from 1,098 sq ft. The three-bedders increase in size to 1,572 sq ft.
Managing director Lim Yew Soon said he had raised the prices of the remaining 12 three-bedroom units at Parc Centennial by 2 per cent.
Over at the 302-unit Martin Place Residences in River Valley, a soft launch over the weekend saw sales of 80 units at $1,450 psf on average, out of a total of 100 units launched.
Developer Frasers Centrepoint Homes said the 'attractive pricing' drew buyers. It released units priced from $1,260 psf to $1,700 psf, compared with the initial 28 units sold at $1,700 psf to $2,000 psf last year.
Singaporeans made up 62 per cent of the buyers at Martin Place Residences, with the rest being permanent residents and foreigners.
Earlier, CapitaLand had reported strong weekend sales at its 173-unit The Wharf Residence. About 95 per cent of the buyers chose not to take up the stamp duty waiver and interest absorption, preferring a straight 8 per cent price cut, it said yesterday.
Prices started at just below $1,000 psf for units with private enclosed space and many of the weekend deals were done at less than $1,300 psf, industry sources said.
Attractive price cuts, coupled with the recent stock market rally and a fear of losing out, are some of the key factors spurring buyer interest, experts said.
Compared with the situation late last year, buyers are more confident and developers seem to be taking advantage of improving sentiment to relaunch projects at attractive prices, said PropNex chief executive Mohamed Ismail.
.............Coincidentally, I went over the weekend to enrol my son into Meyer Road Pat School House. It costs about above 700+ for a half day course. The other school I saw was Modern Montesorri which cost about 600+. PS has a ratio of 1:7 while MM a ratio of 1:12. Furthermore, PS has a classroom of muscial instruments.
This is my thoughts... I have colleague who place their kids into church school which costs around 200+, but this does not include school holidays. So effectively they have to find ways to take care of them, also they enrol them for Chinese+Music+Art class which will cost another additional 200-300+. In PS, you have everything in 1 roof, which will save time/effort too.
PS anyway has very good reviews and I think it is time for my little one to learn some independance and some skill sets which we as parents/grandparents may be hard to instill.
....Anyhow, after registering my son, we visited a new classy condominuium "View at Meyer". Its has a very classy architectural building with private lifts. It is sort of a boutique condo. But wow, the price was also classy. It range from 1250 psf (3th floor) to 1450-1500 (9th floor) and 1700 psf at 20+ floor. A 3-bdrm is 1600+ sqf and 4-bdrm 1790 sqf. Thus the price is ard 2.2- 2.9 million. Well according to the property agent there, this is considered a boutique condo, and this is the price to pay. Nearby condos like Esta/Seaview/One amber is ard 900 + psf, but there are easily few hundred units there. I suspect there might be traffic jam just trying to get back home.
I am thinking, at the end of the day, convenience is still my top prority. Getting food is a breeze to me, at my current place, I can get good food within 3 mins walk.
It is also next to a upcoming central MRT. If I were to stay in those Condo, I will have missed out on all these convenience. When my kids grow up, I need not fetch them up/down frequently. My Uncle who lives in Bukit Timah Coronation road, although is considered prime land, he has to be a full time chauffeur as it is so inaccessible.
At the VaM, I also saw Zhou Chu Ming. He seems to have bought a 1-bdroom trying to rent out at 3.5K. Well good luck.
Property seems to be picking up, due to pent up demand and sentiment. However the avalanche of TOP property next year and the wave of expatriate going back home only means that supply is still in abundant. I am not optimistic of property prices in the next 1-2 years, which had not corrected much.
Price cuts draw buyers to 3 condo relaunches
By Joyce Teo
Three prime condominium projects that struggled to generate interest last year saw a surge of buyer activity over the weekend after developers cut their prices.
The freehold 19-storey Parc Centennial in Kampong Java Road - where all 51 units are served by private lifts - sold 32 units at $1,115 per square foot (psf) to $1,233 psf, or from $1.27 million to $1.93 million. This price level is about 20 per cent lower than last year's $1,450 psf, and the interest absorption scheme is included.
Developer EL Development sold only six units in April and May last year when the project was originally released for sale. And at a private preview in March this year, it sold a 2,486 sq ft penthouse unit for $1,005 psf.
It held a preview this past weekend and has now sold all the two-bedroom units, which start from 1,098 sq ft. The three-bedders increase in size to 1,572 sq ft.
Managing director Lim Yew Soon said he had raised the prices of the remaining 12 three-bedroom units at Parc Centennial by 2 per cent.
Over at the 302-unit Martin Place Residences in River Valley, a soft launch over the weekend saw sales of 80 units at $1,450 psf on average, out of a total of 100 units launched.
Developer Frasers Centrepoint Homes said the 'attractive pricing' drew buyers. It released units priced from $1,260 psf to $1,700 psf, compared with the initial 28 units sold at $1,700 psf to $2,000 psf last year.
Singaporeans made up 62 per cent of the buyers at Martin Place Residences, with the rest being permanent residents and foreigners.
Earlier, CapitaLand had reported strong weekend sales at its 173-unit The Wharf Residence. About 95 per cent of the buyers chose not to take up the stamp duty waiver and interest absorption, preferring a straight 8 per cent price cut, it said yesterday.
Prices started at just below $1,000 psf for units with private enclosed space and many of the weekend deals were done at less than $1,300 psf, industry sources said.
Attractive price cuts, coupled with the recent stock market rally and a fear of losing out, are some of the key factors spurring buyer interest, experts said.
Compared with the situation late last year, buyers are more confident and developers seem to be taking advantage of improving sentiment to relaunch projects at attractive prices, said PropNex chief executive Mohamed Ismail.
.............Coincidentally, I went over the weekend to enrol my son into Meyer Road Pat School House. It costs about above 700+ for a half day course. The other school I saw was Modern Montesorri which cost about 600+. PS has a ratio of 1:7 while MM a ratio of 1:12. Furthermore, PS has a classroom of muscial instruments.
This is my thoughts... I have colleague who place their kids into church school which costs around 200+, but this does not include school holidays. So effectively they have to find ways to take care of them, also they enrol them for Chinese+Music+Art class which will cost another additional 200-300+. In PS, you have everything in 1 roof, which will save time/effort too.
PS anyway has very good reviews and I think it is time for my little one to learn some independance and some skill sets which we as parents/grandparents may be hard to instill.
....Anyhow, after registering my son, we visited a new classy condominuium "View at Meyer". Its has a very classy architectural building with private lifts. It is sort of a boutique condo. But wow, the price was also classy. It range from 1250 psf (3th floor) to 1450-1500 (9th floor) and 1700 psf at 20+ floor. A 3-bdrm is 1600+ sqf and 4-bdrm 1790 sqf. Thus the price is ard 2.2- 2.9 million. Well according to the property agent there, this is considered a boutique condo, and this is the price to pay. Nearby condos like Esta/Seaview/One amber is ard 900 + psf, but there are easily few hundred units there. I suspect there might be traffic jam just trying to get back home.
I am thinking, at the end of the day, convenience is still my top prority. Getting food is a breeze to me, at my current place, I can get good food within 3 mins walk.
It is also next to a upcoming central MRT. If I were to stay in those Condo, I will have missed out on all these convenience. When my kids grow up, I need not fetch them up/down frequently. My Uncle who lives in Bukit Timah Coronation road, although is considered prime land, he has to be a full time chauffeur as it is so inaccessible.
At the VaM, I also saw Zhou Chu Ming. He seems to have bought a 1-bdroom trying to rent out at 3.5K. Well good luck.
Property seems to be picking up, due to pent up demand and sentiment. However the avalanche of TOP property next year and the wave of expatriate going back home only means that supply is still in abundant. I am not optimistic of property prices in the next 1-2 years, which had not corrected much.
Sunday, May 17, 2009
2009 Arsenal EPL review
It has been another lously year for Arsenal, 4 years without a trophy, and is a tough pill to swallow for Arsenal fans.
This year without Arashavin, Arsenal may still be fighting for 4th place. I feel that this year Wenger has got many of his tactics and strategy wrong.
- not fielding Arashavin in the FA cup, the only realistic cup to win
- persisting with Diaby who is crap and even worse playing him out of position
- in the 1st championship match, Walcott was already in Evra pocket, with of little use, in the 2nd match Wenger still played him in that position....poor decision. I will have moved Bendtner there who played much better in the 1st leg after taking over from Walcott, and placed Walcott central striker instead of Van Persie. The space & penetration in the final third was lacking. Van persie is more technical, but had no speed and thus no space. Walcott would have been better as a second striker feeding of Edabayor.
- In the last match vs Man U, we see that they have improved vastly, maybe because Man U was also cautious.
So what next, I feel that Arsenal although has progressed, is still lacking as a top club. They lack speed which only maybe Walcott is providing. Nasri is a central midifielder and playing him wide is a bad choice as there is little speed. He is not like Pires who gets into very dangerous position in the final third and scores lots of goals. Nasri playing wide does not get into dangerous position in the final third, usually outside the box.
1) Maybe they should get a natural wide winger with speed like Ryan Babel, 2) a more tenacious midfielder and and 3) tall capable defender. 4) And definitely a speedy tall & techinical striker to replace Edabayor who has lost interest and ineffective.
Bendtner although tall, is not good technically. Look at simple 1st touch which he hopelessly miss. Will he get better as he is still young? Although his goal tally is good for his age, it has to improve. If not he should be let go sooner, it is a waste of time, and waste of future precious points.
Well it is time to look for next season, hoping the next experience players get recruited, and definitely will look forward towards Arashavin, an improved Walcott, Educardo and Rosicky fighting for next season.
This year without Arashavin, Arsenal may still be fighting for 4th place. I feel that this year Wenger has got many of his tactics and strategy wrong.
- not fielding Arashavin in the FA cup, the only realistic cup to win
- persisting with Diaby who is crap and even worse playing him out of position
- in the 1st championship match, Walcott was already in Evra pocket, with of little use, in the 2nd match Wenger still played him in that position....poor decision. I will have moved Bendtner there who played much better in the 1st leg after taking over from Walcott, and placed Walcott central striker instead of Van Persie. The space & penetration in the final third was lacking. Van persie is more technical, but had no speed and thus no space. Walcott would have been better as a second striker feeding of Edabayor.
- In the last match vs Man U, we see that they have improved vastly, maybe because Man U was also cautious.
So what next, I feel that Arsenal although has progressed, is still lacking as a top club. They lack speed which only maybe Walcott is providing. Nasri is a central midifielder and playing him wide is a bad choice as there is little speed. He is not like Pires who gets into very dangerous position in the final third and scores lots of goals. Nasri playing wide does not get into dangerous position in the final third, usually outside the box.
1) Maybe they should get a natural wide winger with speed like Ryan Babel, 2) a more tenacious midfielder and and 3) tall capable defender. 4) And definitely a speedy tall & techinical striker to replace Edabayor who has lost interest and ineffective.
Bendtner although tall, is not good technically. Look at simple 1st touch which he hopelessly miss. Will he get better as he is still young? Although his goal tally is good for his age, it has to improve. If not he should be let go sooner, it is a waste of time, and waste of future precious points.
Well it is time to look for next season, hoping the next experience players get recruited, and definitely will look forward towards Arashavin, an improved Walcott, Educardo and Rosicky fighting for next season.
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