With 1,423 private homes sold in H1, it is far ahead of all other developers

Brisk weekend sales indicate continuation of strong momentum

SALES of new condominium projects continued at a robust pace last weekend, despite some developers starting to test the market with slightly higher prices.

Buyers picked up 120 units at Waterfront Key in Bedok Reservoir at an average price of $735 per sq ft (psf), even though that price is higher than that at the neighbouring Waterfront Waves condo, where units are going at $700 psf on average.

Both are 99-year leasehold projects and are being jointly developed by Far East Organization and Frasers Centrepoint.

In the Upper Changi area, Hong Leong Group sold 50 more units of The Gale on Flora Road at prices ranging from $650 to $725 psf – up from $650 to $700 psf the previous weekend. This makes 265 units sold to date at the 329-unit freehold development, or about 80 per cent.

In the higher-end segment of the market, City Developments (CDL) has also raised prices for its newly launched Volari@Balmoral by 2 per cent, after it saw a fairly good take-up rate over the weekend.

CDL released 65 units out of a total of 85, and sold about 55 of them. The average price of the units sold was over $2,000 psf, it said in a press release.

The developer added that almost half the buyers were foreigners. Prices start from $2.7 million for a two-bedroom unit.

The transactions over the weekend indicate that this month’s home sales figures are likely to maintain the strong momentum started in February, which has seen more than 1,000 new homes sold every month.

Another interesting point: fewer buyers appear to be taking up the interest absorption scheme, which allows them to defer the bulk of their payments until their apartment is completed but often at a higher price.

Only a third of the buyers at The Gale took up the interest absorption scheme. About 20 per cent of Volari@Balmoral‘s buyers opted for the scheme, which means they paid 2 per cent more for their units.

At Waterfront Key, ‘practically all’ the buyers went with the normal progressive payment scheme, said Far East Organization’s chief operating officer Chia Boon Kuah. This could be because interest absorption for this project comes at a 4 per cent premium.

When asked why the prices were higher at Waterfront Key than at Waterfront Waves, Mr Chia mentioned the project’s ‘thoughtful facilities’, including three outdoor villas and two ‘island villas’, as well as the fact that all units would have views of either the park, reservoir or pool.

The developers released 176 units at Waterfront Key last Friday. A further 102 units will be released during the project’s public launch this Saturday. The condo has 437 units in all.

Of the buyers last weekend, about 60 per cent were HDB upgraders, said Mr Chia. They bought mainly the smaller units: all the 57 two-bedroom units from the first to 15th storeys have been sold, at prices starting from $593,000. The four-bedders, which are 1,518 sq ft in size, are going for up to $1.42 million each.

Source: Straits Times, 21 July 2009

PROPERTY sales over the past few days continued to post encouraging numbers.

City Developments is understood to have sold between 50 and 60 units of its 85-unit Volari@Balmoral condo at Balmoral Road. The 12-storey freehold project, priced at about $2,000 psf on average, will be built on the current Garden Hotel site. Residents will enjoy views of the lush greenery of the Goodwood Hill area. It was released for sale late last week.

Over at Bedok Reservoir, Far East Organization and Frasers Centrepoint have sold 120 units of Waterfront Key at an average price of $735 psf.

This pricing is about 5-8 per cent higher than the $680-700 psf average price at which the two developers are selling units at the adjacent Waterfront Waves, which was 78 per cent sold as of last Thursday. Both projects are 99-year leasehold.

As for their latest condo, the 437-unit Waterfront Key, 176 units have been released since Friday. Far East said that in terms of absolute quantum, prices range from $593,000 for a two-bedroom unit of 840 sq ft to $1.42 million for a 1,518 sq apartment with four bedrooms. The sole penthouse in the initial batch of 176 units is a 2,992 sq ft unit priced at $3.14 million.

Buyers of nearly all the 120 units sold did not opt for an interest absorption scheme (IAS), which comes at a 4 per cent price premium. The units released so far comprise a good mix of reservoir-facing, park-fronting and pool-view apartments. The 15-storey condo has a total of eight blocks.

Volari’s prices range from $1,800 psf to $2,300 psf. BT understands that an IAS is included in the price. However, the majority of buyers are understood to have opted for normal progressive payments, which means that they save 2 per cent on the pricing.

Developers have sold over 7,300 private homes in Singapore in the first six months of this year, surpassing the measly 4,264 units sold for the whole of last year. This has started to give developers some pricing power.

A seasoned property developer said that typically, price stability sets in when developers sell about 5,500 to 6,000 units over a 12-month period.

Increasingly, property analysts are predicting an increase in private home prices for the whole of this year and see the trend gaining momentum in 2010. Analysts’ estimates of full-year sales for this year range from around 9,000 to 14,000 units.

The strong home buying in recent months runs counter to the backdrop of wage cuts and job losses amid the recession.

Analysts credit the revival in home buying to developers’ strategy of chopping prices earlier this year, pent-up demand, the stock-market rally, a low interest rate environment, lack of trust among investors in financial instruments after Lehman’s collapse and the appeal of property as an anti-inflationary hedge.

Source: Business Times, 20 July 2009

Push factors: Concerns that interest will fizzle out, Hungry Ghost month

HOME hunters can expect a wider choice as property developers look to bring forward project launches in a bid to ride a strong wave of home-buying.

They have been encouraged by a stunning surge in private home sales; figures this week show May sales at 1,668 units – the highest level since August 2007.

Sentiment has improved significantly in recent months, in line with stock market rises, while the sale prices of new homes appear to have crept up from the lows they sank to earlier this year.

But there are increasing concerns this buying wave may not be sustainable. Some analysts argue that the pace of the upswing is too fast and too furious, given that rents are falling amid the weak economy and that a plentiful supply of new homes is coming onstream.

And with the stock market taking a breather, there are worries this will hurt demand. Consultants say some buyers had bought property with the money they made from stocks.

Also, the heat has been confined mostly to certain property launches. HSR Property Group executive director Eric Cheng said the action in the resale market is largely in mass market properties.

Given this, developers with launch- ready projects are likely to be keen to get sales under way quickly. Apart from rushing to get sales permits in order to catch the buying wave, developers would also want to launch before the Hungry Ghost month, said Mr Cheng.

Hungry Ghost month – the 7th month of the lunar calendar – starts on Aug 20 this year. Superstitious buyers may not want to buy a home during this period.

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Coming up
One Devonshire
Where: Killiney Road, near Somerset MRT station
Developer: Allgreen Properties

Spring@Langsat
Where: Langsat Road, near Eunos MRT station
Developer: SingBuilders

Parc Seabreeze
Where: Marine Parade Road
Developer: Tiong Aik

Source: Straits Times, 17 June 2009

This weekend, SingBuilders will be launching 26-unit Spring @ Langsat near the Eunos MRT station at an average price of $820 psf. A preview last month saw nine units sold at prices ranging from $822 psf to $1,010 psf.

Propnex, which is marketing the project, said the launch decision was made just last week. ‘Market sentiment is good. This is the best time in eight months to launch,’ said its chief executive Mohamed Ismail.

This weekend will also see the launch of the freehold Parc Seabreeze in Marine Parade. Agents have advertised it at prices of $1,200 psf to $1,400 psf.

Far East Organization is also expected to launch the freehold 280-unit Vista Residences in Jalan Datoh soon.

A classified ad gives the special preview date as June 24 and the price at $980 to $1,200 psf. It is near The Arte – launched at $880 psf in March and sold at a median price of $933 psf in May.

Soft marketing has started for the the 437-unit Waterfront Key project in Bedok Reservoir, the 388-unit Oasis@Elias in Pasir Ris and Frasers Centrepoint Homes’ 330-unit leasehold project near the Woodleigh MRT station.

Waterfront Key is the second of four condos to be built by Far East and Frasers Centrepoint on the former Waterfront View estate site. The first, Waterfront Waves, was relaunched in the first quarter at a reduced average price of $600 psf, down from $800 psf early last year.

To capitalise on the better mood, Wing Tai recently soft launched Belle Vue Residences at Oxley Walk while Allgreen Properties started a special preview for the freehold 152-unit One Devonshire near Killiney Road last week.

DMG Research said in a report yesterday that it expects the sales momentum to persist for the next six to nine months.

Already, the strong sales momentum has reignited interest among developers in buying sites. DTZ Debenham Tie Leung (SEA) yesterday put up two sites for tender – the first two official distressed sales sites – to take advantage of the improved sentiment.

‘There’s been a trending up of take-up rate so this is a window of opportunity for developers to launch their projects,’ said its senior director for investment advisory services Shuan Poh.

DTZ was appointed by the receiver and manager of Consult Asia to sell the two sites. One is at the corner of Changi Road and Still Road and the other in Balestier Road. ‘There are developers who sold their projects very well recently and are eagerly looking for more mass and mid-market sites to launch or to invest in. If they want to rush the Changi site, they can take as little as three to four months to get everything ready for launch,’ said Mr Poh.

Vista Residences
Where: Jalan Datoh (Balestier)
Developer: Far East Organization

MORE developers are preparing to launch new properties in response to a marked improvement in sentiment in Singapore’s property market, experts say.

Activity has picked up in the past two to four weeks, they observe.

Some developers are now rushing to prepare projects for launch, but they face some inevitable delays. They may lack promotional materials, for instance.

Starting today, Frasers Centrepoint Homes will be releasing more units at its 302-unit freehold Martin Place Residences in the River Valley area. It recently sold more than 100 units of the project after it cut prices. The units were released at $1,260 per sq ft (psf) to $1,700 psf, compared with $1,700 psf to $2,000 psf last year.

Chief operating officer Cheang Kok Kheong said prices ranged from $1.5 million for a two-bedder to about $2 million for a three-bedder. He said Frasers was aiming to sell the remaining units at $1,350 psf to $1,700 psf.

Other weekend launches include Balcon East in Upper East Coast Road. Tong Eng Group started sales at its 37-unit development on Thursday last week and managed to sell 28 units. Prices ranged from just below $500,000 to $1.39 million, with the one- to two-bedders costing about $850 psf, and three-bedders at $780 psf, said Savills Residential director Phylicia Ang.

Next month, new re-launches could include the 91-unit Nathan Residences in Nathan Road and Frasers’ 330-unit leasehold project near the Woodleigh MRT station. The former’s preview last September at an average of $2,000 psf met with no success.

Frasers has reconfigured the layout in the Woodleigh project, which previously had 300 units, to accommodate the more affordable one-bedders of 400 sq ft. The rest will be two-, three- and four-bedders. Prices will be ‘at the upper end of $750 psf to $780 psf’, said Mr Cheang.

There are still many projects waiting to be launched and certainly not all will be on the market soon.
‘Those developers who are ready will see this as a good window period to launch, but the really high-end projects won’t come out soon,’ said Ms Ang.

Developers will launch if they can accept today’s pricing, as the recent re-launches are easily 25 per cent to 30 per cent below the peak, said Knight Frank executive director Peter Ow.

Source: Strait Times, 29 May 2009

Some developers have raised prices as a result

DEVELOPERS continued to report encouraging private home sales last week, and some have upped prices on firmer demand.

BelleRive on Keng Chin Road and Martin Place Residences on Kim Yam Road are among the projects where prices have been raised. BelleRive’s average price is now 13 per cent higher than when it was previewed in mid-April.

Frasers Centrepoint sold 60 more units last week at Martin Place Residences; new units were released over the weekend at prices that were about 5-7 per cent higher.

Chia Boon Kuah, Far East Organization chief operating officer, property sales, told BT that ‘in recent weeks, we’re seeing growing broad-based demand for our products across our portfolio in every price bracket, from upgrader market to the upper-middle segments to high-end luxury projects’.

Last week, the property giant sold more than 40 units, up from the 30 a week earlier. Far East’s home sales for the May 18-24 week include two units at Vida on Peck Hay Road which fetched an average price of $2,030 psf; the buyers did not take up the rental guarantee offered by Far East for the recently completed condo. The developer also sold nine units at Floridian in Bukit Timah at an average price of $1,220 psf.

In the upgrader housing segment, it sold seven units at Mi Casa in Choa Chu Kang, nine units each at Lakeshore near Jurong Lake and Waterfront Waves near Bedok Reservoir. Waterfront Waves is a joint development with Frasers Centrepoint.

Frasers Centrepoint also sold four units each at its Caspian condo in the Jurong Lake location and Woodsville 28 last week.

At Martin Place Residences, the developer released fresh units below the 14th floor sky terrace in the second and final block in the 33-storey condo.

Prices of the freshly released units start from $1,350 psf, higher than the $1,260 psf starting price in the earlier block during the preceding weekend’s marketing campaign.

However, the latest pricing is still below the $1,700 psf starting price for the 33-storey freehold project when it was previewed last year. Inclusive of the units sold last week, 168 units in the 302-unit condo are now sold.

Frasers Centrepoint is offering an interest absorption scheme (IAS) for all its four projects on the market – in exchange for a 3 per cent price premium for Caspian and a 2 per cent premium for the rest.

Over in Bukit Timah, a Sing Holdings subsidiary is understood to have sold five units last weekend at BelleRive, taking total sales to 39 units in the 51-unit freehold project. BelleRive was initially priced at $1,350 psf average when it was previewed in mid-April; this was raised to $1,430 psf last week and upped further to $1,530 psf this week. This translates to a 13 per cent price hike in about six weeks.

The average pricing is for the apartments in the 15-storey project, and excludes the two penthouses. About 75 per cent of BelleRive buyers have taken up the IAS offered by the developer at no extra cost.

The units were picked up predominantly by Singaporeans. BelleRive’s draws include its proximity to Anglo-Chinese School (Primary) on Barker Road and Singapore Chinese Girls’ School along Dunearn Road.

In the Balestier area, Soilbuild is understood to have sold another 25 units at Mezzo over the weekend. The project is priced at about $850-900 psf on average; the cost is 2 per cent more for IAS.

Property giant City Developments also sold 14 units last week for The Arte at Thomson condo. The average price in the project is now $900-930 psf, compared with $880 psf when previews began in March. The 336-unit condo is 84 per cent sold.

Near Botanic Gardens, Straits Trading has upped the price of the remaining few units at Gallop Gables to $1,400 psf, from the $1,188 psf average achieved for units sold in the past six weeks. The price increase comes after the developer achieved the sale of its 40th unit in the completed freehold condo.

In the secondary market, some 50-plus units are said to have been sold last week at RiverGate condo near the Singapore River. These are out of 88 units listed in a sales campaign last week. The average price is about $1,400 to $1,500 psf.

The 88 units were from an original pool of 100 units purchased in 2005 by a fund managed by Ferrell Asset Management.

Source: Business Times, 26 May 2009

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.

Source: Straits Times, 19 May 2009

IF ONE accepts that FJ Benjamin’s latest financial numbers are a fair reflection of what is happening in the retail industry, then the time might be right for mall owners to cut rents, if only to ensure their own survival.

FJ Benjamin saw its turnover shrink significantly in the quarter ended March 31. It registered a net loss (attributed to lower sales and foreign exchange losses), even after struggling with cost-cutting measures.

Reporting its quarterly financial results last Monday, it said gross margins slipped to 38 per cent from 40 per cent due mainly to higher promotional activities (such as sales).

Staff costs dipped 9 per cent to $9.5 million, and other operating expenses fell 38 per cent to $4.6 million.

Still it was not enough to displace the 21 per cent fall in turnover to $69.1 million, down from $87 million in the previous corresponding quarter.

Apart from continuing to squeeze margins and cut costs there is very little else FJB can do, which is probably why its CEO Nash Benjamin said earlier this year that it would need to ‘focus our efforts on working with our landlords to reduce rental and other overheads.’

Rental of premises registered $10.32 million in its current reporting quarter, down marginally from $10.6 million a year ago. However, as a proportion of turnover, rentals have increased to about 15 per cent, up from 12 per cent a year ago. This in turn was an increase from 10 per cent in 2007.

FJB is one of the top 10 tenants of Starhill Global Reit which holds stakes in Wisma Atria and Ngee Ann City. The reluctance of landlords to give substantial rental rebates is perhaps best represented by retail rental revenue generated at Wisma Atria of $11.56 million for the quarter ended March 31, down only marginally by 0.8 per cent from a year ago. RSH, which has brands like Zara and Mango, also reported poorer results recently, with net profit contracting by 45.1 per cent to $8.41 million for the quarter ended December 31, 2008. It also reported that its Singapore business saw profit before tax fall by 26 per cent due to higher operating expenses and lower revenue.

RSH spoke out against high rents here recently after several retail associations led by the Singapore Retailers Association publicly asked landlords to cut rents by between 20-30 per cent in February.

BT had reported then that major mall earners were not convinced that occupancy costs were too high. However, RSH responded by saying that every tenant has a level of profitability they have to achieve to sustain their business, and that level varies from retailer to retailer.

There are not many retailers in Singapore that are publicly listed so FJB and RSH’s reported financial numbers are a useful barometer of how the entire retail industry is doing as a whole.

Mall owners, on the other hand, still appear to be doing well. Many of Singapore’s malls are owned by Reits like CapitaMall Trust, Starhill Global Reit and Frasers Centrepoint Trust. All three Reits reported increases in net property income. One Reit saw this rise by as much as 17 per cent for the current quarter.

Perhaps more interesting is that some are still increasing rents when leases come up for renewal.
According to filings by CapitaMall Trust, rents were increased by 6.8 per cent at both Plaza Singapura and Junction 8 compared to preceding rents.

Being publicly listed entities, Reit managers are probably more constrained when it comes to offering rental rebates. However, if the retail industry is doing as badly as numbers show, the Reit managers may have no choice.

As FJB’s Mr Benjamin said: ‘It’s better to lower rents than not have a tenant.’

Source: Business Times, 18 May 2009

CapitaLand releases units at The Wharf Residence, Frasers Centrepoint to launch Woodleigh project in July or Aug

DEVELOPERS are riding the wave of buying interest to launch more units.

CapitaLand yesterday released 100 two and three-bedroom units at The Wharf Residence, a 999-year leasehold condominium near Mohamed Sultan Road which comprises 173 apartments and 13 shophouses.
CapitaLand could make more units available today as the launch stretches into the weekend.
The release of more units at The Wharf Residence comes as activity in the higher end of the property market is starting to stir. According to URA’s April statistics, buyers snapped up 64 units out of 75 launched at Bukit Sembawang Estates’ Verdure at Holland Road. The median price of the transactions was $1,416 psf.

‘Sentiment is better now,’ said Knight Frank executive director (residential) Peter Ow. Some buyers feel that property prices have dropped enough, he added.

And even if prices have not bottomed, they believe that there is probably ‘no harm in going in now, rather than letting money sit in the bank’. Some buyers are also worried about missing out on a real estate recovery, he said.

Separately, Frasers Centrepoint mentioned at its results briefing last week that it will launch its Woodleigh project in July or August this year. Prices will be at a level that ‘the market will accept’, said its chief executive, Lim Ee Seng.

The company’s Caspian at Lakeside has seen strong take-up since its launch in February. Of the 712 units in the development, 611 had been sold as at May 7, Frasers Centrepoint said.Source: Business Times, 16 May 2009

The group sold 85 units – mostly two-bedders – at an average price of between $1,300 and $1,600 per square foot (psf).

Sizes of two-bedroom units start at 1,012 sq ft. Assuming a price of $1,300 psf, one would cost about $1.32 million.

Some of the 100 units released yesterday were the remainder from an earlier launch.

According to Urban Redevelopment Authority (URA) records, CapitaLand introduced 80 units to the market in July last year and sold 24 until September that year at median prices above $1,500 psf.

The Wharf Residence is expected to receive its temporary occupation permit in 2013. CapitaLand is offering buyers a package deal of stamp duty absorption and interest absorption. BT understands that those who do not take up this package may get to pay up to 8 per cent less.

THE show-flat crowd – that rarest of species these days – has been lured back into the market by two new developments that held soft launches this week.

Hundreds of people turned up at the Double Bay Residences showroom in Simei when its doors opened for a private preview yesterday.

Developer UOL Group said more than 80 units have been sold so far, at an average price of $600 per sq ft (psf) to $650 psf. The development’s six retail units have all been sold as well.

Chief operating officer Liam Wee Sin noted that the response was strong ahead of the 99-year leasehold condominium’s official launch next weekend.

UOL has so far released 250 of the 646 units in Double Bay for sale. One-bedroom units in the Simei Street 4 project start from $420,000, while four-bedders cost at least $930,000.

The crowds were also out for The Mercury in Shanghai Road, which was said to be more than 60 per cent sold since it started previews on Thursday.

The 67-unit freehold project is priced from about $1,040 psf. One-bedroom units at the River Valley estate start from $740,000, while two-bedders are going for about $1.1 million. condominium in Jurong. To date, over 500 of the 712 units have been sold.

Caspian’s success was mirrored at The Alexis in Alexandra Road, which sold out within a few days of its preview.

Property consultants say the main draw for these projects is their attractive prices, which, at well under $1 million, are affordable for HDB upgraders. Even mid-tier projects such as The Alexis and The Mercury feature smaller units to offset their higher per square foot prices. The Beverly condominium, although news reports said more than 300 people turned up for its launch last weekend.

Hiap Hoe released 31 of the 118 units at an average price of $750 psf. The apartments are a bit bigger than average, starting from 1,120 sq ft for the smallest two-bedroom units, which translates into somewhat higher prices per unit.

The developer is also not offering the interest absorption scheme for The Beverly, which was on offer for the Caspian and The Alexis and is available for Double Bay and The Mercury.

The fairly brisk sales for these projects come on the heels of a few successful launches recently, which appear to have boosted sentiment in the badly battered property market.

Last month, Frasers Centrepoint said it sold over 300 units in three days at its Caspian

‘These days, it looks like the total quantum of price is more important than the price per square foot,’ said Knight Frank director of research and consultancy Nicholas Mak. ‘In some areas, prices have come down 20 per cent to 30 per cent from the peak, and there are probably people who see these buys as good bargains.’

Still, most of the sales activity are confined to the entry-level and mid-priced market. High-end projects are still facing a very challenging time, consultants say.

And while transactions are being steadily chalked up, there remain clear signs that not everything is fine and dandy in this economic recession.

At The Mercury, for instance, agents marketing the project said they had expected it to be fully sold within one day.

In Toh Tuck Road, off Upper Bukit Timah, boutique developer Hiap Hoe was said to have sold only a handful of units in

Under the scheme, buyers who take out a loan immediately on purchase pay only a down payment and defer remaining instalments until the project is finished.

Mr Liam of UOL, however, said more of Double Bay’s buyers opted for the normal payment schemes rather than taking up interest absorption.

The buyers so far have been a mixed bag – HDB upgraders, private home owners and owner-occupiers, and investors.

On the whole, the smaller units have proven more popular, he said, underscoring the importance of affordability. But he said an ‘encouraging’ sign was that buyers were also going for units on higher floors, which are more expensive.

‘We are seeing a flight to quality,’ he told The Straits Times. ‘If the price is within their budget, they will gun for the better units and the higher floors.’

HUNT FOR BARGAINS
‘In some areas, prices have come down 20 per cent to 30 per cent from the peak, and there are probably people who see these buys as good bargains.’ – Mr Nicholas Mak, Knight Frank’s director of research and consultancy

Source: Straits Times – 7 Mar 2009