But prelim figures for June, upcoming projects paint brighter picture

(SINGAPORE) The value of construction contracts awarded in the first five months of the year was less than hoped for, keeping the building industry on edge.

Nevertheless, authorities are keeping their full year construction demand forecast intact as preliminary June figures and upcoming projects paint a brighter picture of the industry.

According to figures released by the Building and Construction Authority (BCA) to the public, construction demand from January to May was $8.17 billion. Some 59 per cent or $4.84 billion of this came from the private sector, and the remaining 41 per cent or $3.33 billion was from the public sector.

The demand up to May – compared with BCA’s full year forecast of $21-27 billion – triggered some unease among industry insiders.

‘It looks as though the target of $21-27 billion may not be reached this year,’ said Rider Levett Bucknall (RLB) managing partner Winston Hauw yesterday. He was giving an update on how the construction sector has fared at a conference organised by the Real Estate Developers’ Association of Singapore (Redas).

He cited other figures from BCA that implied slowing construction demand. The value of contracts awarded in April and May was $2.6 billion, which is around 18 per cent less than the $3.1 billion in the same period last year.

Davis Langdon & Seah director Seah Choo Meng shared similar concerns with BT. ‘Contractors feel that there is still not enough work in the market,’ he said.

Construction demand has come off sharply from the record $35.7 billion in the boom year of 2008. The subsequent economic slowdown forced many private sector projects off the pipeline, and the construction sector was left with excess capacity after completing large jobs.

The arrival of more foreign contractors looking for work as construction demand dries up in markets such as Dubai has exacerbated the situation. ‘Competition is high at the moment,’ said Lum Chang Building Contractors executive director Tan Wey Pin.

While the current situation does not look too promising, Mr Hauw, Mr Seah and Mr Tan hesitated to write off the year’s performance. Construction demand might still meet BCA’s full- year forecast if the public sector awards more contracts later this year, they said. One of the most awaited projects is Stage 3 of the MRT Downtown Line.

Still, there is hope. In response to queries from BT yesterday, BCA shared preliminary figures on the value of construction contracts awarded from January to June – about $11 billion.

Going by the agency’s mid-year review, another $10 billion to $16 billion worth of contracts are likely to be awarded in the second half.

These projects include the widening of Keppel Viaduct and the conversion of the former Supreme Court and City Hall to the National Art Gallery. Contractors will also be needed for the International Cruise Terminal, Lanxess Butyl’s synthetic rubber plant, and various condominium developments.

‘This will bring the total construction demand for this year to $21-27 billion, similar to the original projection released by BCA in January,’ said a BCA spokesperson.

At yesterday’s seminar, Redas launched a new Real Estate Sentiment Index, which it developed jointly with the National University of Singapore’s real estate department.

‘Redas will work even more closely with higher institutes of learning, professional bodies and government agencies to embark on new initiatives in research and executive programmes,’ said Redas president Simon Cheong.

Source: Business Times, 30 Jul 2010

(SINGAPORE) The Republic’s wealthiest are enjoying better fortunes this year, in tandem with the local economy’s improving performance, according to data collected by Forbes Asia.

The publication, which tracks the wealth of Singapore’s 40 richest people, said their total net worth this year is US$45.7 billion (S$62.4 billion) – up 17 per cent from last year’s US$39 billion.

Of the lot, 26 tycoons saw their wealth increase this year, while seven suffered declines.

The family of the late Ng Teng Fong – who died in February – topped the list with a combined net worth of US$7.8 billion.

Still, they were among the few whose wealth declined – from US$8 billion the year before, as the value of their shareholding in Hong Kong developer Tsim Sha Tsui Properties fell 18 per cent over the past year, on fears of a slowdown in China. Forbes Asia said the biggest chunk of the family’s wealth continues to come from its privately held Singapore property development company Far East Organization.

Meanwhile, the family of the late Khoo Teck Puat (who died in 2004) is second, with a total net worth of US$5.9 billion, up from US$5.5 billion in 2009. The family – the 14 children who inherited the fortune – sold its stake in Standard Chartered Bank to Temasek for US$4 billion in 2004. Its main asset is the Goodwood Group of hotels and a minor stake in the Ng family’s Orchard Parade Holdings.

United Overseas Bank chairman Wee Cho Yaw moves up to third from fifth place last year, adding US$500 million to his wealth. Wilmar International’s chairman Kuok Khoon Hong holds steady in fourth place with a net worth of US$3.5 billion. He’s expected to add more to his fortunes, however, with the recently inked US$1.5 billion deal to buy Sucrogen (the largest raw sugar producer in Australia and maker of fuel ethanol) expected to be completed by September.

There were also some notable entrants to the list this year. Making a debut, at No 5, is New Zealand- born social entrepreneur Richard Chandler, who became a Singapore resident in 2008. The 52-year-old heads RF Chandler (a fund which invests in emerging markets) and has also set aside US$100 million for educational causes in the developing world.

The other newcomers to the top-40 list this year are Otto Marine’s Yaw Chee Siew, who comes in at No 22, with a total net worth of US$385 million, and ARA Asset Management’s John Lim at No 38, with US$202 million.

And returning to the list, after a two-year absence, is Osim International’s Ron Sim. He re-enters at No 28, with a net worth of US$301 million, after having written off his investment in loss-making Brookstone in 2008.

Hotelier Ong Beng Seng and his wife Christina Ong are also first-time billionaires – with a combined wealth of US$1 billion, up from US$700 million last year, thanks to the better performance of their hotel and retailing empire. Between them, they control Hotel Properties, UK fashion house Mulberry, the Club 21 retail chain and the Como Group.

Meanwhile, among those suffering a decline in fortunes is Yanlord Land Group’s Zhong Sheng Jian, who made his fortune from China’s property boom over the last two decades, and was named ‘Businessman of the Year’ at BT’s Singapore Business Awards 2010. His net worth fell 10 per cent from the year before, to US$1.8 billion this year, as Yanlord’s stock price fell due to worries about the Chinese government’s efforts to curb real estate prices.

The full list of Singapore’s richest can be found in the August issue of Forbes Asia.

The magazine said it compiled the list by calculating the individuals’ public net worth using share prices and exchange rates as at July 14. For privately held wealth, it estimated what they would be worth if they were public.

The publication also said that this ranking, unlike the Forbes billionaire list, includes numerous family assets shared by individuals and their children, grandchildren and siblings. Where family assets are held by extended families, such as the Kwek cousins (that is, Kwek Leng Beng, Kwek Leng Kee and Kwek Leng Peck), Forbes Asia split them into separate entries.

Source: Business Times, 30 Jul 2010

This year’s launches now top offers for whole of last year

THE Housing & Development Board (HDB) is launching two new Build-To-Order (BTO) projects with 1,016 units at Bukit Panjang and Jurong West.

This brings the number of new flats it has introduced under the scheme so far this year to 9,844 – exceeding the 9,000 for the whole of last year.

Senja Gateway, located at the junction of Kranji Expressway and Woodlands Road, will have 741 standard flats. They consist of 254 studio apartments, 313 four-roomers and 174 five-roomers.

The site is near the LRT station at Ten Mile Junction, and is surrounded by schools such as Pioneer Junior College.

A five-room flat at the estate will go for $308,000 to $398,000. According to HDB, comparable resale flats in the area cost $378,000 to $450,800.

The second project, Corporation Tiara, is at the junction of Corporation Road and Yung Kuang Road. Up for sale are 275 premium flats, comprising 171 four-roomers and 104 five-roomers.

The project will include another 190 studio apartments but HDB will put these up for sale later.

Corporation Tiara is some distance from the Lakeside and Boon Lay MRT stations. But it is near green lungs – Chinese Garden and Japanese Garden.

A five-room flat at the estate will cost $304,000 to $389,000. Prices of comparable resale flats in the vicinity range from $384,000 to $420,000.

HDB has ramped up the supply of new flats this year as prices of resale flats continue to climb – they rose 4.1 per cent in Q2 from Q1. Buyers also had to pay larger cash premiums.

The agency will be rolling out another 1,400 new flats in Yishun next month, and it plans to offer up to 16,000 BTO flats for the whole year.

HDB pointed out that the annual take-up of HDB flats ranged from 7,000 to 16,100 in the last 10 years. ‘There were balance flats almost every year,’ it added.

Source: Business Times, 30 Jul 2010

THE optimism that emerged in the early stages of the recovery has given way to more sobering assessments of challenges facing the global economy and its constituent national parts.

In many countries, fears have arisen of a prolonged period of slow and occasionally negative growth or, worse, of a Japanese- style ‘lost decade’ with multiple recessions, or, even worse, of a depression.

But are multiple downturns so unusual in periods of severe economic distress?

The global recession was severe, probably unmatched since World War II. From the start of the crisis in December 2007 to its apparent end last year, the decline in

real gross domestic product (GDP) in the United States was 3.8 per cent.

All the other G-7 economies (Japan, Germany, Italy, France, Canada and Britain) also saw severe recessions in this period. Major middle-income trading economies like Brazil, Singapore, South Korea and Taiwan saw brief but even sharper declines. The downturn was so severe, and for so long, that some used the term ‘depression’, before settling on ‘Great Recession’.

How is a recession defined? Different national statistical agencies define, and thus date, such episodes differently. In the US, recessions are officially dated by a non-partisan, non-profit, private research institution, thus depoliticising the measurement.

The point at which the economy stops growing is called the ‘peak’, and the ‘trough’ is when it stops contracting. The period from when the economy starts to grow again until the point at which it reaches the previous peak is the ‘recovery’. Growth thereafter is an ‘expansion’.

For economists, a recession ends when the economy starts to grow. The economy falls to the bottom of a well, and then, as soon as it begins to climb out of it, the recession is declared ‘over’, even though it may be a long climb back to the top.

Little wonder, then, that ordinary citizens consider a recession over only when the economy has returned to ‘normal’, which means that incomes are rising and jobs are no longer desperately scarce.

A common rule of thumb is that two consecutive quarters of falling real GDP constitute a recession. But sometimes recessions don’t satisfy this rule. Neither the 2001 nor the 1974-75 US recessions met that criterion. Besides real GDP, employment, income and sales are considered, as are the depth, duration and diffusion of the downturn.

Dating a recession is, at times, a judgment call. America had a brief, sharp recession in 1980, followed by a long and severe one in 1981-82. Many economists believe it was one major episode, and that is probably appropriate, in a broader context.

But the economy did indeed grow in the interim – just barely enough to consider them distinct recessions. And, since they were separated by a transition from president Jimmy Carter to president Ronald Reagan, it was politically consequential that two recessions were identified. Likewise, the recent recession was dated as starting in December 2007, but it could equally well have been dated as starting in mid-2008 because, in the interim, the economy grew.

Double-dip downturns are more the rule than the exception. If we focus on real GDP and define a double dip as a historical sequence in which a period long enough to be declared a recession is followed by recovery, and then quickly followed by a second recession, the 1980-82 period in the US is a classic example. In fact, defined more loosely as a sequence that includes periods of growth followed by periods of decline, followed by further periods of growth and decline, the 1973-75 period, with eight quarters of alternating gains and losses in real GDP, was one quadruple-dip recession.

These are not rare occurrences: About the same time, Germany saw this type of double dip and the UK a quadruple dip. In the early 1980s, Britain, Japan, Italy and Germany all had double dips. America’s 2001 recession was one brief, mild double dip. Within the current recession, we have already had a double dip; a dip at the start of 2008, some growth, another long, deep dip, then renewed growth. If the economy declines again – a highly plausible prospect – the US would have a triple dip, although perhaps not an outright second recession.

So history suggests that economies seldom grow out of recessions continuously, without an occasional subsequent decline. Dips – double, triple and quadruple – have been America’s recessionary experience since World War II.

While the baseline forecast seems to be slow global growth, history suggests that another decline would hardly be surprising before sustained stronger growth emerges.

The writer is professor of economics at Stanford University. He was chairman of President George H. W. Bush’s Council of Economic Advisers from 1989-1993.

PROJECT SYNDICATE

Source: Straits Times, 30 Jul 2010

A NEW index tracking the property market shows that developers and other industry players remain positive but believe conditions will cool down from the bullish levels seen in recent months.

More developers also believe the slowing global economy and an increased supply of new development land may hit market sentiment over the next six months.

The Real Estate Sentiment Index, which was launched at a seminar yesterday, also points to rising interest rates and an excessive supply of new property launches as market risks. The index has been jointly developed by the Real Estate Developers Association of Singapore (Redas) and the department of real estate at the National University of Singapore (NUS). It is based on data collected in a quarterly survey of Redas members to get a snapshot of market sentiment. The poll started in the first quarter.

The reading for the second quarter stood at 5.9, down from 6.8 in the first quarter. This shows that while industry players are still positive, they expect market conditions to worsen.

With empirical data, it is always about the past, said Dr Yu Shi Ming, head of NUS’ department of real estate.

‘With the index, we hope that as soon as a policy is announced, we can get a sense of how the industry feels,’ he said.

Redas chief executive Steven Choo said that apart from its members, policymakers, banks and other firms may find it useful.

There have been about 70 respondents for the survey each quarter – about 60 per cent are developers and the rest consultants and other industry figures.

About 51 per cent of developers polled for the second quarter expect prices of new launches to rise, compared with 85 per cent in the first quarter. About 68 per cent expect more new units to be launched over the next six months, compared with 83 per cent in the first quarter.

About half of the developers polled feel the level of interest for public and private development land will remain unchanged in the near term. Developers are most concerned with rising land prices, followed by the cost of building materials and labour.

At Redas’ seminar yesterday, Rider Levett Bucknall’s managing partner, Mr Winston Hauw, said: ‘It’s good to tender this year as there’s more uncertainty next year. We think prices will go up slightly next year.’

Source: Straits Times, 30 Jul 2010

TWO build-to-order (BTO) Housing Board (HDB) projects that will add 1,016 new flats to the market were launched yesterday. The launch means 9,844 flats have been released in seven months, exceeding the 9,000 units offered for the whole of last year.

The projects are Senja Gateway in Bukit Panjang and Corporation Tiara in Jurong West.

Senja Gateway at the junction of Kranji Expressway and Woodlands Road will have 741 standard flats, comprising 254 studios, 313 four-room flats and 174 five-roomers.

Studios of 35 sq m to 45 sq m will cost $67,000 to $95,000, four-room flats of 90 sq m will be from $242,000 to $306,000 while five-roomers of 110 sq m will go from $308,000 to $398,000.

Corporation Tiara in Jurong West, at the junction of Corporation Road and Yung Kuang Road, will have 275 premium flats, comprising 171 four-roomers and 104 five-roomers.

Four-roomers of between 90 sq m and 93 sq m will cost between $242,000 and $325,000 while five-room flats of 110 sq m to 113 sq m will cost between $304,000 and $389,000.

Under the BTO scheme, flats are built only when a certain level of demand for the project is met.

PropNex chief executive Mohamed Ismail expects this launch to be more than three times oversubscribed as demand is still strong due to the high cash-over-valuations (COV) asked for in the HDB resale market.

He added that the pattern of demand from past BTO launches showed that four- and five-room flats were often the most popular.

‘I think demand will be sustained throughout this year and we might even see a record number of BTO flats being launched,’ he said.

The HDB said that if demand from first-time buyers is sustained, it is prepared to offer up to 16,000 BTO flats this year. This is a significant supply as the total annual take-up of HDB flats in the last 10 years ranged from 7,000 in 2006 to 16,100 in 2000, with flats left unsold almost every year, the board said.

Buyers can expect about 1,400 flats to be launched in Yishun next month while upcoming projects include areas like Woodlands, Punggol and Sengkang.

The BTO stock will also be supplemented by an upcoming supply of 4,700 units under the design, build and sell scheme (DBSS) and executive condominium scheme such as a site launched for tender in Tampines Avenue 5 last month.

The HDB said it is prepared to launch more DBSS sites if demand keeps up.

Applications for the BTO flats launched yesterday can be made online at www.hdb.gov.sg until Aug 11.

Source: Straits Times, 30 Jul 2010

Roxy Land’s latest residential offering Studios @ Tembeling sits near East Coast Park in the quiet area of District 15.

The freehold development offers a total of 25 units, ranging from one-bedroom to two-bedroom units as well as penthouses. The two one-bedroom units are sized between 355 and 398 square feet, while the six two-bedroom units are sized at 538 sq ft each.

The five penthouses available are sized between 990 sq ft to 1,335 sq ft. One and two-bedroom units with attached study rooms range from 538 sq ft to 786 sq ft.

The property is a four-minute drive to East Coast Parkway, and a seven-minute drive to Marina Bay and the Central Business District. Facilities at Studios @ Tembeling include a swimming pool and a pool deck.

Several amenities are right at the development’s doorstep. They include Tanjong Katong Girls’ School, Tanjong Katong Primary School, Victoria Junior College, Marine Parade Town Centre as well as renowned eateries in Katong and Siglap.

Homeowners can access the numerous family-friendly activities at East Coast Park with relative ease as Studios @ Tembeling is located only a stone’s throw away. Eunos MRT Station, Paya Lebar MRT Station, Kembangan MRT Station and the soon-to-open Dakota MRT Station are also close by.

The development is expected to obtain its temporary occupation permit on Dec 31, 2013.

Source: Today, 30 Jul 2010

SINGAPORE – Property investors with a lower budget but with a longer term perspective towards property purchases may look at the choices available in suburban areas instead of prime locations.

Analysts reckon that prices in upcoming suburban areas are still within reach and units there have upside potential as well, making them good investment opportunities.

Among the new coming areas that potential buyers can consider include Serangoon, Jurong Lake District and Punggol Waterfront Town, market experts said.

Mr Colin Tan, Chesterton Suntec International research and consultancy director, said: “Investors should identify areas with future potential and enter early to secure a pricing more reasonable than some of the developed areas. In the long term, say about five years, the price may rise 20 to 30 per cent.”

Mr Tan noted that since the opening of the Integrated Resorts, property prices in suburban areas have also increased sharply from between $400 and $450 per square foot to about $800 psf.

Experts said some developments within the suburban areas have become popular mainly because of their proximity to the new and less heavily-used Circle Line.

In addition, they observed that more expatriates are settling away from the prime areas as well, creating more rental opportunities for unit owners. “Expatriates are increasingly moving into suburban areas to save on the housing allowances. Meanwhile, a greater proportion of foreign and permanent resident Chinese and Indian buyers are also doing so because of their preference,” said Ms Chua Chor Hoon, senior director of research at property consultancy DTZ.

Among the new upcoming areas that are expected to see a vibrant community when fully developed are Kallang Riverside and Jurong Lakeside District.

When completed, Kallang Riverside will see a new Sports Hub, an additional 400,000 square metres of commercial space, 3,000 hotel rooms and more.

Meanwhile, the Jurong Lakeside district will be developed into a major regional centre, featuring a commercial hub and leisure destinations for locals and tourists.

“The overall development in these areas can give an uplift to prices in the region, ” Ms Chua added.

But industry experts noted that to keep the selling price palatable, developers may build smaller units.

In addition, Mr Tan cautioned: “Because these new sites need at least three to four years to develop fully, investors should be careful about timing the market and be prepared to hold the units.”

Meanwhile, for those with deeper pockets, industry watchers still recommend the prime area properties.

“For investment, it is good to buy into prime areas with good resale and rental value. In these areas, prices have not climbed to its peak and there is more upside, therefore, there is less price resistance,” said Ms Chua.

Source: Today, 30 Jul 2010

When the property market is on a roll, it is easy to forget that property prices move in cycles – that is, prices can and will eventually correct. I know of no mature economy which has seen an uninterrupted and sustained upward cycle. Cycles are part and parcel of the function of the modern economy.

In the early days, the evidence suggested that the Singapore private housing market had a cycle – from boom to bust – of about six to seven years.

For a healthy and growing economy like Singapore’s, these cycles oscillate around an upward sloping long-term trend line – that is, each boom and bust is higher than the previous high and low points.

However, with the onset of globalisation and the opening up of the Singapore economy to the world, our cycles appear to be growing alarmingly shorter and more pronounced after each boom and bust.

The more pronounced and shorter the cycles, the more speculators and investors it will attract because there is big money to be made in double-quick time.

The official price index showed that our most recent down-cycle lasted only four quarters. Our current up-cycle has just completed its fourth quarter. The sharp rebound that began in the second half of last year was peppered with two sets of cooling measures, which some say, helped to extend the life of the current up-cycle.

How much longer will this extension last?

The private housing market these days behaves more and more like the stock market, given the predominance of investors over owner occupiers. Shoebox apartments are akin to penny stocks or warrants, more to speculate with than to live in.

It is quite clear that there is now a “buzz” about the Singapore economy which Prime Minister Lee Hsien Loong said was missing before. Foreign visitors tell me they feel it too, an excitement about the city which they did not experience on their previous trips.

This explains why our properties look extremely attractive to outsiders. Even foreign insiders, Permanent Residents who have lived in Singapore for more than 10 to 15 years and who have not invested in Singapore property in a big way before, are not hesitating to spend lots of cash – and I mean cash – for properties which catch their fancy.

Yes, the homes these people are looking at are all good, solid properties. But even for such properties, there is a fair price. Not one which is only fair 10 years down the road. What good is property as a hedge against inflation when you are already grossly overpaying for it?

But I cannot blame them. If not them, others are more than willing to cough up the cash.

Notwithstanding my red flags, I will also admit that the market will only correct when it is ready to do so. Before that, no amount of logical reasoning can convince the market to behave otherwise. Like a fever, it needs to run its course.

Some have commented that even if prices were to correct, they will never return to the levels five years ago. Normally, I would agree. But these are not normal times. Interest rates have been abnormally low for the longest sustained period ever. I would not be surprised even if prices were to descend to below those previous levels.

The market is surely building itself up to possibly the greatest crescendo in Singapore’s short property history. We are setting records – buying and supplying more than we have ever done before in the past twelve months.

Most investors tell me they are long-term players and they have the resources to hold onto their properties. What do they actually mean?

It was not so long ago that the Government was trying just to get every Singaporean household to own their homes.

Have we progressed so far and so fast that many households are now able to buy their second or third properties? Do these investors mean they can fully pay for all their properties to maturity?

Or do they mean they can comfortably service their loans for up to two or three years under current conditions. What happens when these conditions change? Are they taking low interest rates as a given?

The writer is head of research and consultancy at Chesterton Suntec International.

Source: Today, 30 Jul 2010

Why are freehold properties preferred to leasehold properties? Given that the current median life span in Singapore stands at 81.4 years, a 99-year leasehold property, whose ownership reverts to the State after this period, offers a more than adequate home for any one generation.

But setting aside owner-occupation, if you expect your property to be an investment for wealth preservation or a legacy for future generations, then a freehold home, which allows you to hold the property in perpetuity, makes more economic sense.

This argument holds even for 999-year leasehold properties, which effectively function like freehold properties, although technically and legally they are in effect still leasehold properties.

Against this backdrop, the preference for freehold property over leasehold property is simple economics – if supply is limited and demand increases, prices go up. We studied resale prices of freehold versus leasehold properties and found that the difference was between 10 and 15 per cent.

There are many factors that can affect resale prices over time. Location, proximity and unit types are among the variables.

Admittedly, it is quite difficult to find freehold land and leasehold developments in close proximity. Nonetheless, there are still some locations that fit our selection criteria. Also, in arriving at our 10- to 15-per-cent figure, we categorised transactions by floor area, to eliminate discounts of larger units.

But this differential between freehold and leasehold properties is also affected by market conditions. During a downturn, both freehold and leasehold properties slide in tandem with the broader market.

At times, the price differences narrow. This then becomes a window of opportunity to buy that coveted freehold property.

Interestingly, when the broader market recovers, freehold properties, in particular those with significant en-bloc potential were observed to appreciate faster than leasehold properties. In some cases, the price premium reached more than 25 per cent.

But before you splurge on that dream freehold property, there are a few points to note. The first is that despite the property being freehold – age matters. Older developments command lower prices and also have a slower rate of capital appreciation. This is because of a variety of factors. Among them: The greater cost of maintenance and a general preference among Singaporeans for newer properties with fancy fixtures and fittings.

But when it comes to buying property, whether for consumption or investment, it is important to understand your budget, needs and holding horizon. For example, when the market sees a short-term spike, the tenure of the property does not really matter especially if you’re looking for a quick gain and price momentum is all that matters. In the longer run, however, freehold properties are less risky in terms of returns and volatility.

This is not to say that leasehold properties are always poor cousins to freehold.

In fact, we noted that some new leasehold properties have seen their prices rise faster than new freehold properties. And if rental yields are what you are concerned with, leasehold properties are able to give a better return compared to their freehold counterparts, all things being equal. After all, why would a tenant care if the property was leasehold or freehold?

But again, even for leasehold properties – age is a factor. Once the tenure of a leasehold property goes below 30 years, its value declines sharply as prospective buyers will not be able to withdraw funds from their Central Provident Fund account or secure a loan for the property purchase.

Mr Png Poh Soon is senior manager and Miss Jing Tang is an analyst at Knight Frank’s consultancy and research department.

Source: Today, 30 Jul 2010