Many companies retained workers during recession and need not ramp up hiring now that demand has picked up

THE economy may be booming at a record pace and trade figures are through the roof but workers are still waiting for the effects to be felt in the form of fatter pay packets.

Employers and unionists believe the rapidly improving climate will eventually trickle down to the shopfloor, but not just yet.

Wage rises this year are tipped to be under 5 per cent, despite stellar economic growth of between 13 and 15 per cent.

Sakae Holdings chief executive Douglas Foo said that while there has been high gross domestic product growth, ‘some retailers are still not feeling that the whole thing has come to the ground level yet’.

‘We are looking at wage increases, but it depends on how competitive the labour market is, and it will be tied in with productivity measures.’

It seems to be largely a problem of supply. Many companies held on to workers during the recession thanks to schemes such as Jobs Credit, so they have not needed to ramp up hiring to meet demand.

‘Just as the recession didn’t really harm the average Joe, neither is the rebound from the recession helping him,’ said economist Manu Bhaskaran, of Centennial Asia Advisors.

UniSIM labour economist Randolph Tan does not believe the 13 to 15 per cent economic growth expected this year will be reflected in wage increases.

Mr Tan said the surge in manufacturing has served to take up the slack of excesses in production and manpower capacity, so wage levels might rise only 3 to 5 per cent this year.

National Trades Union Congress deputy secretary-general Halimah Yacob has picked up the same signals, telling The Straits Times that wage increases of between 3 and 4 per cent are being anticipated in talks going on now with employers and unions in the electronics industry.

Mr Bhaskaran said that the economic growth has been concentrated in capital-intensive manufacturing segments like pharmaceuticals, which do not generally employ many Singaporeans.

The pharmaceutical industry contributes the highest value-added to manufacturing, but employs less than 5,000 workers compared with 76,000 in electronics, or 19 per cent of the manufacturing force.

There are also many multinational companies with a very high foreign share of profits, so ‘it’s not surprising that the portion of growth that boosts the well-being of ordinary folks may not be high’, said Mr Bhaskaran.

Right now, workers in the electronics sector seem to be benefiting the most.

There have been negotiations this month between unions and electronics firms for wage increases, said Mr Francis Lim, president of the United Workers of Electronic and Electrical Industries.

The trickle-down effect may be more muted in services, which make up 65 per cent of the economy. This sector grew 11.4 per cent in the second quarter from the same period a year ago.

While the opening of the two integrated resorts has boosted tourism and retail sales, it has also made it harder to find workers, so companies are making do with what they have.

But while the cash is not flowing into pay packets as fast as workers would like, union leaders and industry chiefs say it is only a matter of time. ‘It looks promising,’ said NTUC’s Madam Halimah. As the economy grows stronger, there will be more jobs chasing workers, she added.

‘So there will be better opportunities for them. We do expect the gains to be shared with the workers, otherwise the companies won’t be able to retain the workers.’

Mr Phillip Overmyer, chief executive of the Singapore International Chamber of Commerce, said: ‘Generally, when we have good, strong years, we have good, strong bonuses at the end of the year.’

Source: Straits Times, 15 Jul 2010

June NODX rose 29 per cent y-o-y, electronic exports jumped sharply

(SINGAPORE) Better than expected Q2 trade figures have led Singapore to raise this year’s forecasts for both total trade and non-oil domestic exports (NODX) growth to between 17 and 19 per cent.

Buoyant trade growth from Asian economies in the first half and Gartner’s upgraded forecast for global semiconductor sales are other reasons for the upgrades, trade agency International Enterprise Singapore said yesterday.

Previous forecasts for both NODX and total trade growth in 2010 were 15-17 per cent and 14-16 per cent respectively. These upgrades accompanied news of a sharp upward revision to the official GDP forecast, and strong trade numbers for June.

NODX grew 29 per cent year-on-year last month, regaining its pace after growth slowed to 24 per cent in May from April’s 30 per cent surge.

Singapore’s NODX in Q2 thus grew a larger than expected 28 per cent year-on-year.

Higher domestic exports of integrated circuits, IC parts and computer parts led to the 44 per cent jump in electronic NODX last month, up from May’s 39 per cent increase.

And the rebound in pharmaceutical exports, as well as increased shipments of petrochemicals and machinery exports, pushed non-electronic NODX 21 per cent higher, after May’s 16 per cent rise.

In sequential terms, however, exports eased for a second straight month in June. After seasonal adjustments, last month’s NODX fell a marginal 0.1 per cent month-on-month, after a 0.2 per cent fall in May.

Economists say this mirrors a regional moderation in the pace of trade growth and the dissipation of low-base effects, and does not affect the strong trade outlook for the year.

HSBC’s Frederic Neumann noted that Korea and Taiwan’s overall shipments cooled markedly in June, while China’s export data (which usually lags other Asian exporters) is expected to slow in the third quarter too.

And while the easing is an indication of softer trade flows ahead, it could also reflect typical mid-year quiet before the large shipping cycle ahead of Christmas begins, Barclays Capital economist Leong Wai Ho said.

Domestic exports to all of Singapore’s top ten NODX markets grew in June, but Europe was the top contributor to NODX expansion.

NODX to the European Union jumped 75 per cent in June, from a pullback to 5.7 per cent growth in May, affirming what most economists have said about the limited impact of Europe’s debt woes and austerity measures on Singapore’s exports.

‘Singapore’s trade with Europe is fairly defensive in that a lot of it is intra-industry in nature, for example pharmaceutical and electronics trade, which is not so easily disrupted,’ said Mr Leong.

Electronic exports to EU jumped 88 per cent while pharmaceutical exports to the region more than doubled.

Other top contributors in June were Japan and China, which saw shipments jump 50 per cent and 39 per cent respectively, though these were smaller than May’s gains.

But NODX to the US stayed flat, as growth in electronic exports was offset by a fall in exports of ships and boats, and medical and electrical circuit apparatus.

Source: Business Times, 15 Jul 2010

MORE than 100,000 foreigners are set to enter Singapore’s workforce this year, an increase fuelled by the record growth the Government is forecasting for the economy this year.

Prime Minister Lee Hsien Loong, in projecting the bigger inflow yesterday, said it was unavoidable as the labour market was bursting at the seams.

‘If we don’t allow the foreign workers in, you are going to have overheating,’ he told Singapore reporters at the end of his six-day official visit to the United States.

However, he assured Singaporeans that the Government is managing the number, saying the foreign worker levies have been calibrated to moderate the inflow.

But Mr Lee added: ‘Even with that, I’d imagine there will be more than 100,000 extra foreign workers this year.

‘I cannot see it otherwise. But we have to accept that.’

Higher levy rates and a tiered system that makes it increasingly costly to employ many lower- and semi-skilled foreign workers were announced in February.

But they came into effect only at the start of this month to give employers time to adjust and to invest in improving productivity, which is Singapore’s new catalyst for growth.

The projected inflow is, however, a slowdown when compared to the surge in 2007 (144,500) and 2008 (157,000), said economists and employers interviewed.

In fact, the pool shrank by 4,200 in the downturn last year, reducing the total foreign population to about one million.

Said economist Leong Wai Ho, of Barclays Capital investment bank, who did not think the new inflow is excessive: ‘The addition of 100,000 probably reflects more discriminate and careful use of foreign workers, now that the levies have gone up.’

Mr Lee’s comments coincided with the Ministry of Trade and Industry’s announcement yesterday of first-half growth heading for a new peak.

It led the ministry to raise its growth forecast for Singapore this year, saying it will be 13 to 15 per cent instead of its earlier projection of 7 to 9 per cent.

The need for more foreign workers this year was implied by PM Lee at the May Day Rally, when he said that given the projected strong growth, ‘a higher inflow of foreign workers is unavoidable’.

Economists like Mr Leong see many of them flowing into the hotel plus food and beverage sectors, as well as high-end industries such as electronics and marine, where demand for semi-skilled S-pass holders is high.

The hospitality sector is particularly hungry for workers, following the opening of the two integrated resorts and a surge in the number of tourists landing on Singapore shores.

Said Hotel Rendezvous general manager Kellvin Ong: ‘Once we hit the quota, it’s very hard to hire more. The Government has to make it more competitive for us to hire foreign workers when we need to.’

About 10 per cent of its 140 employees are foreigners, and like others in the hospitality industry, it struggles to get locals to work in lower-skilled jobs such as waiters and chambermaids.

But most employers cheered PM Lee’s comments, saying it would ease the pressure, especially for small and medium-sized enterprises in sectors struggling to attract Singaporeans.

On top of that, they face a rising wage bill, with the rise in foreign worker levies and the impending one percentage point increase in employers’ contribution rate to the Central Provident Fund.

Said Mr Teo Siong Seng, president of the Singapore Chinese Chamber of Commerce and Industry, which has some 4,000 members: ‘We support the government policies to cut reliance on foreign workers and push for productivity, but in some sectors, it will take time to see results.

‘A more controlled inflow of foreign workers will benefit the country.’

In February, the Government, in making a commitment to reduce the country’s reliance on foreign workers, said it would limit the numbers to one-third of the total workforce, which stands at around three million.

Mr Teo, a Nominated Member of Parliament, cautioned his fellow employers to view this year’s inflow as a ‘temporary relief measure’ and not to let up on their productivity efforts.

The need to focus on a productivity-driven economy to achieve sustainable growth for the next 10 years was also stressed by PM Lee and Manpower Minister Gan Kim Yong.

Said Mr Gan: ‘In the short term, we would need to tap on more foreign workers to support economic growth.’

But it has to be done ‘while maintaining the longer-term goal of reducing over-reliance on foreign workers through investments in productivity’, he added.

Labour MP Josephine Teo said the huge foreign inflow was not a surprise to unionists, following PM Lee’s remarks in his May Day Rally speech.

‘In the short term, we may have to accept opening our doors a little bit more,’ she said, adding that workers in companies facing a shortage may find the increase in foreign workers ‘a welcome relief’.

In the meantime, the labour movement will redouble its efforts to improve productivity, she added.

Source: Straits Times, 15 Jul 2010

PM Lee says economy will overheat if more foreign workers not let in

Lee Hsien Loong sees the inflow of at least another 100,000 foreign workers into the country.

And this despite the government’s efforts to manage the flow with finer calibrations of the foreign worker levy, he told Singapore reporters at the end of a working trip to the United States.

‘Even with that, I imagine there will be more than 100,000 extra foreign workers this year,’ Mr Lee said. ‘I can’t see it otherwise, but we have to accept it.’

He said it can’t be helped because the labour market is already very tight – and without letting in more foreign workers, the economy will overheat.

While Singapore should be happy about its sterling economic performance this year, Mr Lee said it must also guard against the expectations that it can continue to repeat the performance effortlessly year after year.

Instead, he said Singapore must make the most of its good fortunes now to restructure the economy, upgrade workers’ skills and improve overall productivity.

‘Unless we make these structured changes, we will not be able to sustain growth,’ Mr Lee said.

And he doesn’t mean yearly growth of 9-10 per cent, but 3-5 per cent. ‘(If we achieve that), we will be doing well,’ Mr Lee said.

He said the high economic growth attained so far this year partly reflected a rebound from last year’s downturn. It’s also partly due to new projects that have come on stream – in particular the two integrated resorts that have made a big difference in boosting tourism.

Mr Lee sees the sharp spike in pharmaceutical outputs, which have also made a big contribution to economic growth this year, to peter out in the coming months.

Government stimulus, especially the Jobs Credit Scheme, which has just expired, were not much help this year, because the economy is already in full employment, according to him.

‘I don’t see the labour market slackening this year,’ Mr Lee said. ‘We are very tight and we need more workers. So it’s right we have withdrawn the stimulus.’

Singapore’s economic growth beyond ‘the immediate rebound’ will depend more on the region – especially the growth in China and India – the global economy and how far and fast Singapore has moved in economic restructuring, he predicted.

Mr Lee said the government, which has taken steps to cool the heated property market recently, would continue to keep an eye on it. And it would introduce more measures if necessary.

When asked, Mr Lee also said he has not decided when to call for the next general election which is due in 2012. ‘It’s too early to say,’ he said.

Mr Lee and his delegation are due back today.

Source: Business Times, 15 Jul 2010

13-15% projected growth this year could place S’pore among world’s fastest-growing economies

(SINGAPORE) With a sizzling 18 per cent first-half pace in the bag, Singapore is on track to post a near 40-year high economic growth this year, if not its highest ever.

The Ministry of Trade and Industry yesterday bumped up the official forecast of Singapore’s 2010 GDP growth by an unprecedented six points to 13-15 per cent – a range that should place it fastest-growing among, as one economist put it, ‘normal functioning economies’ worldwide.

The last time that Singapore’s full-year growth crossed 13 per cent was in 1972 when the economy grew 13.5 per cent – which is not far from the all-time high of 13.8 per cent in 1970.

Caught a little short by the ‘stunningly strong’ GDP figures released yesterday – revised Q1 growth of 16.9 per cent and a record 19.3 per cent Q2 surge – private sector economists scurried to play catch-up.

Most revised their recently-upgraded forecasts yesterday, with at least three estimates now above the official projection.

Still, MTI made it clear that the first half’s ‘exceptionally strong growth’ is unlikely to be sustained into the second half, with a ‘more subdued outlook’ up ahead.

The Q2 figures unveiled yesterday are flash estimates based only on April and May data, and already the first June indicators in hand – key non-oil domestic exports – show a second straight month of sequential easing.

Indeed, the official 13-15 per cent GDP growth forecast would imply a sharp slowdown in the sequential pace – measured in quarter-on-quarter terms – in the second half, with perhaps one negative quarter, even if the year-on-year rates remain ‘healthy’.

As one bank’s economists note, if GDP growth turns out flat on a sequential basis for Q3 and Q4, full year growth will still cross 17 per cent. Most economists expect growth in the second half of the year, in on-year terms, to ease to around 10-15 per cent.

Commenting on Singapore’s economic performance, Prime Minister Lee Hsien Loong said that the stellar growth this year will likely lead to the influx of at least another 100,000 foreign workers into the country. Speaking to Singapore reporters at the end of a working trip to the United States, he cautioned, however, against expecting such robust growth figures for the rest of the year – or the years ahead.

In a longer than usual statement with the advance estimates, MTI notes that the momentum of the global economic recovery has slowed of late, ‘although a double-dip recession remains unlikely at this juncture’.

Sluggish demand in America and Europe – with emerging signs of slowdown in the US labour markets and as concerns over the EU’s sovereign debt crisis persist – has dampened expectations for industrial output across Asia, it says.

As well, industry-specific factors here such as plant maintenance shutdowns in the biomedical manufacturing cluster will drag down growth, MTI adds.

The biomedical sector – specifically pharmaceuticals – was, of course, the key driver behind the phenomenal manufacturing growth in Q1 and Q2. MTI attributed the marked 1.4-point upgrade in Q1′s GDP growth, from an earlier estimate of 15.5 per cent, to the biomedical cluster.

Q2 growth was fairly broad-based, with boosts as well from not only global electronics demand and trade flows but also strong domestic bank lending and foreign exchange trading and, not least, higher visitor arrivals, with the opening of the integrated resorts, MTI said.

Citigroup economist Kit Wei Zheng – who was probably the first, back in end-May, to signal the prospects of double-digit growth this year – says that his latest 15.5 per cent GDP growth forecast assumes an 11 per cent technical pullback in Q3 and ‘broadly flat’ growth in Q4.

But if the sequential pace stays positive in Q3, the positive output gap and inflationary pressures could well lead to further monetary tightening in October, he says.

And while Mr Kit is upbeat about this year, the high base of the first half will set ‘a high hurdle’ for growth in the first half of 2011, ‘which leads us to fine-tune our 2011 forecast to 4.6 per cent, down from 5 per cent previously’, he says.

While some economists reckon Singapore’s robust above-trend economic growth will put pressure on inflation and wages, others note that the economy is in ‘a sweet spot’, enjoying strong growth and benign inflation.

But, says OCBC Bank’s Selena Ling: ‘The tide could change quite quickly given the swirling global under-currents of debt and fiscal consolidation, and lingering banking sector stresses in the developed economies.’

Rather more upbeat, PK Basu from Daiwa Capital Markets declares that Singapore – along with South Korea and Taiwan – will benefit ‘hugely’ from the massive IT rebound underway that’s driven by a strong replacement cycle for PCs.

Source: Business Times, 15 Jul 2010

Govt doubles full-year forecast after record expansion in first half

SINGAPORE’S economy is on its way to chalking up two records this year: the highest growth in the country’s history and the quickest rebound in Asia.

The Government yesterday nearly doubled its 2010 growth forecast in its third upgrade this year, after the economy surged at an unprecedented 18 per cent sprint in the first half.

With guns blazing from all three key sectors of manufacturing, services and construction, the Ministry of Trade and Industry (MTI) now expects the economy to grow between 13 per cent and 15 per cent for the full year, up from its previous tip of 7 per cent to 9 per cent.

This brings growth this year squarely within reach of the last all-time high of 13.8 per cent in 1970 and surpasses most economists’ projections.

It also puts Singapore ahead of the pack as the fastest-growing economy in Asia – and possibly the world – this year, beating powerhouses China and India.

Commenting on the growth numbers, Prime Minister Lee Hsien Loong told reporters accompanying him on a trip to the United States: ‘It’s a good result and we should be happy.

‘But at the same time we should understand that it doesn’t mean that next year we are going to get this and the year after that we are going to get this. This is a rebound.’

He also cautioned against comparing Singapore’s performance with that of other economies. ‘Maybe numerically, the growth figure may be higher than other countries, but I would hesitate to compare myself with China. I think if you compare yourself with Shanghai, they may well be ahead of us,’ he said.

He attributed the massive growth numbers partly to the rebound from last year’s downturn, and partly to new projects such as the integrated resorts. He also said the pharmaceutical industry has seen ‘a very sharp increase in output this year compared to last year which I do not think will continue even into the next few months. So that part will probably tail off soon.’

The news of Singapore’s sparkling performance prompted CIMB-GK economist Song Seng Wun to say: ‘The fastest-growing economies this year will all be in Asia, led by Singapore. This growth rate is more typical of small emerging African countries than developed Singapore.’ He credited the schemes that the Government rushed out to support businesses and employees in the recession, allowing them to bounce back quickly.

Even as MTI revealed record growth rates in the first two quarters of this year, it said the new forecast also factors in an expected slowdown in growth for the rest of the year.

Singapore grew by a tremendous 19.3 per cent in the second quarter over the same period last year, eclipsing the record set in the first quarter. First-quarter growth itself was revised upwards yesterday to 16.9 per cent, more than the 15.5 per cent estimated three months ago, on the back of stronger-than-expected biomedical output.

Growth in the second quarter was broad-based, with manufacturing, services and construction all logging double-digit expansions over a year ago.

The manufacturing sector outperformed the rest with a 45.5 per cent surge in output, but construction was the big surprise with a solid 13.5 per cent rise.

However, the growth momentum appears to be slowing. The economy grew an estimated 26 per cent between March and last month, on a quarter-on-quarter basis – a stellar performance, but down from a revised 45.9 per cent between December and March.

‘Although the global economy remains on a recovery path, the pace of growth has slowed,’ the MTI said, pointing to sluggish domestic demand in the United States and Europe.

‘The exceptionally strong growth experienced by the Singapore economy in the first half of 2010 is therefore not likely to be sustained into the second half of the year.’ The MTI also said growth will be dragged down by industry-specific factors such as maintenance shutdowns of biomedical plants.

On the latest spurt, PM Lee said: ‘Now we must make the most of this opportunity to implement the restructuring, the upgrading, the productivity improvement which we have been pursuing and talked about in the Budget. Because unless you get these longer-term structural changes, we are not going to be able to sustain growth in the future years. And when we say sustained growth, we don’t mean 9, 10 or 11 per cent growth in future years, but 3, 4, 5 steadily for another 10 years, I think we are doing well.’

The upgraded annual forecast implies 8 to 12 per cent growth for the second half of the year. While this marks a slowdown, it is still healthy, economists said. Several of them had already raised their 2010 growth forecasts to double digits before yesterday’s announcement, but went on to upgrade them further. UOB economist Chow Penn Nee hiked her forecast by almost five points to 13.8 per cent. Barclays Capital economist Leong Wai Ho raised his from 12 per cent to 14.5 per cent.

Citigroup economist Kit Wei Zheng, one of the first to tip double-digit growth, bumped up his growth projection to 15 per cent from 12.5 per cent. But he added that this year’s high base means next year’s growth may come in lower, and adjusted his 2011 forecast downwards to 4.6 per cent accordingly.

Source: Straits Times, 15 Jul 2010

New rules come into effect today

The rush to complete the process of a couple of en bloc sales this month have probably paid off for the owners. This is because if there had been any delay, their properties would be subject to new en bloc rules which will come into effect today.

Two recent en bloc sales sealed this month are the People’s Mansion at Lorong 31 Geylang sold for $42.68 million, and Meng Garden Apartments at Killiney Road for $137 million.

Changes to the Land Strata Titles Act will kick in today, after the Amendment Act was enacted in Parliament on May 18.

A spokesperson from the Ministry of Law said the new legislation will have no impact on en bloc deals which have been completed on July 14 or earlier.

The objective of the amendment is to discourage numerous attempts at en bloc sales when there is insufficient interest from the owners.

Among them, a two-year restriction period will be imposed starting from the date an initial collective sale attempt failed.

The first re-try to convene an Extraordinary General Meeting to reappoint a sale committee will need the backing of at least 50 per cent share value or total number of owners.

For second or subsequent re-tries during the two-year period, 80 per cent will be needed.

Currently, the requisition threshold is set at 20 percent by share value or 25 percent of the total number of owners.

Analysts told MediaCorp that overall, this is good news as the amendments will provide more clarity to the en bloc sales process and balance the interest of property owners.

Mr Colin Tan, head of research and consultancy at Chesterton Suntec International said: “If the majority of owners have a real interest to go for en bloc, these new rules don’t matter.

“This will only affect ongoing en bloc projects that have many undecided or opposing owners.

“The new ruling will protect these owners from being harassed into selling their property for en bloc.”

Property watchers reckon that with these rules, fewer en bloc will go through in future, because now it will be harder for aggressive property owners to keep trying their luck for an en bloc – especially when majority of owners are not willing to sell their property.

Mr Karamjit Singh, managing director at Credo Real Estate, said: “The two-year restriction will raise the hurdle for owners to get started once again.”

Another amendment is that the Strata Titles Board will be empowered to issue a “stop order” to cease mediation once it becomes clear that the affected owners want adjudication to be done in court.

Currently, the Strata Titles Board mediates and adjudicates on objections filed by minority owners in en bloc sales.

The change could help to reduce the costs and time taken to resolve more contentious en bloc applications.

Some of the changes will apply to the en bloc sale committees.

Among them is the requirement for those standing for election to the sale committee to declare the extent of ownership that they or their immediate family have in the development.

To ensure that the sales process is not dragged out, the sale committee will have one year to obtain the first signature for the Collective Sale Agreement, or it will be automatically dissolved.

The one-year time frame will start from the date the sale committee is formed.

These changes will apply to en bloc applications made on or after the date of commencement of the Land Titles (Strata) (Amendment) Act.

Source: Today, 15 Jul 2010

Some 32,000 flat owners have registered their subletting of rooms with HDB as of end June.

HDB has also issued a reminder to those whose tenancies started before February, that their six months grace period for registration will end at the end of this month.

Those who sublet from February 1 are required to register with HDB within seven days from the start date of the subletting.

Flat owners are also required to notify HDB when they renew or terminate their subletting contracts, and when there are changes to their subtenants’ particulars.

There’s however no need to seek prior approval for subletting of rooms.

HDB says this requirement supports the Home Affairs Ministry’s ongoing efforts to eradicate loansharking activities, and to better protect residents.

The housing board says it may impose a penalty on those who flout the rule.

The penalty may involve a fine of up to $3,000 or for recalcitrant cases, compulsory acquisition of their flats.

Source: Channel News Asia, 15 Jul 2010

Demand for new private residential properties continues to moderate.

The number of new homes sold fell in June to 847 units, according to figures from the Urban Redevelopment Authority.

That’s down from 1083 transactions done in May 2010.

The top sellers in June include projects like The Minton, La Brisa and Waterfront Gold.

URA says 143 new homes in the city and prime districts were sold during the month.

While the city fringe saw 275 units changing hands.

Homes in the suburban areas were most popular with 429 units sold.

All in, developers placed 1,010 units of new homes for sale in June.

Source: Channel News Asia, 15 Jul 2010

Property developer UOL Group has sold more than 100 units of its latest condominium project, Terrene at Bukit Timah.

This is almost 80 per cent of the 130 units released at a private preview which started on July 8.

UOL will be releasing the remaining 42 units for the official launch on Friday.

The 999-year leasehold condominium is a 50-50 joint venture between UOL and La Salle Asia Investment Management.

The apartments are priced at an average of S$1,250 per square foot for a typical unit.

They range from S$719,000 for a one-bedroom unit to S$2.79 million for a five-bedroom penthouse.

UOL said 23 of the 30 penthouse units have been sold.

Demand came mainly from Singaporean buyers, with majority from private homes in the nearby vicinity.

The five-storey development of 172 units, stretches across more than 130,000 square feet near the Bukit Timah Nature Reserve.

The development is expected to be ready by April 2014.

Source: Channel News Asia, 15 Jul 2010