BT: Developers fear impact of targeted stamp duty

Business Times - 08 Dec 2011

Developers fear impact of targeted stamp duty

Extra 10% duty for foreigners set to help cool prices for S'poreans

By KALPANA RASHIWALA

(SINGAPORE) The government yesterday announced significant steps that could bring private home prices back within the reach of Singaporeans. Developers, however, have called these steps, which are expected to hit sales and prices, untimely.

Starting today, foreigners and corporate entities buying private homes in Singapore will have to pay an extra 10 per cent by way of an additional buyer's stamp duty. This duty will also apply to permanent residents (PRs) buying their second or subsequent homes and Singaporeans buying their third residential property or more - though only to the tune of 3 per cent. Overseas properties are excluded from the count of properties owned.

The move is aimed at reining in private property prices, which some felt were slipping beyond the reach of many Singaporeans. Real Estate Developers Association of Singapore (Redas) said, however, that the measures are untimely given that the local economy is expected to slow down next year. 'Redas is disappointed in the lack of consultation on the latest measures. They came as a surprise as the current market outlook is uncertain. The good take-up rate in the primary market is driven by the increased number of new launches and unique selling points of certain projects. It is not indicative of a return to a speculative market.'

The government also boosted the supply of land for executive condos in H1 2012 as part of its land sales programme.

Though the additional buyer's stamp duty (ABSD) kicks in today, remission will be given for options granted on or before Dec 7 and exercised within three weeks (that is, on or before Dec 28) or the option validity period, whichever is earlier.

Deputy Prime Minister and Finance Minister Tharman Shanmugaratnam said: 'We have always had open markets and must keep them that way. However, the reality is that investment flows into our property market are now larger than before, and unlikely to recede as long as interest rates remain low. The additional buyer's stamp duty should help cool investment demand, and avoid the prospect of a major, destabilising correction further down the road.'

A joint release from the Ministry of Finance and the Ministry of National Development yesterday evening said: 'A higher ABSD rate for foreign buyers in particular is necessary, in view of the large pool of external liquidity and strong buying interest from abroad, and the relatively small size of the Singapore market.'

It added: 'Excessive investment demand will . . . make the property cycle more volatile, and thus increase the risks to our economy and banking system.'

Foreign purchases accounted for 19 per cent of all private residential property purchases in H2 2011, up from 7 per cent in H1 2009, it noted.

Credo Real Estate's analysis showed that foreigners' presence is much stronger in the prime and mid-prime districts, where they accounted for nearly a quarter of caveats lodged in Q3 2011 - up from 16 per cent in 2010 and 13 per cent in 2009.

For the suburban mass- market segment (Outside Central Region), the proportion has also been rising, from 5 per cent in 2009 to 7 per cent in 2010 and nearly 15 per cent in Q3 2011.

'The suburban mass market is probably of greater concern as buyers of first private homes would feel threatened by increasing number of foreign purchasers,' said Credo executive director Ong Teck Hui.

DTZ's Southeast Asia chief operating officer Ong Choon Fah said the ABSD is not a blunt policy tool. 'They have made distinctions between foreigners and PRs and whether they are buying for owner occupation or investment. This is very carefully calibrated to strike a balance between the price that Singapore has to pay for being an open economy and ensuring property prices remain within the reach of Singaporeans.'

She reckons developers will take a wait-and-see attitude, evaluate their options and watch how buyers react.

'Prices should fall but activity has to drop significantly first before developers re-price their projects. The likelihood is that some may first take soft measures to mitigate the situation - such as absorbing the additional buyer's stamp duty or giving furnishing vouchers - before resorting to a price cut.'

Knight Frank chairman Tan Tiong Cheng too acknowledged that prices will soften. 'With so much supply coming into the market, developers will either have to revise their prices to move units, or absorb the additional buyer's stamp duty.' The latter will be tantamount to a price cut as far as a developer is concerned, note analysts.

'This set of measures will definitely help to cool prices. The concern has been that foreign buying is pushing up prices,' said Mr Tan. With the 10 per cent ABSD on foreign buyers, the long-awaited recovery in demand in the luxury sector will take even longer, he added.

Standard Chartered Bank said in a research note last night: 'We expect the policy to induce a 20 per cent decline in sales volume in Q1 2012. . . We continue to expect residential prices to fall 20-30 per cent next year.'

CNA: Residential project at Capitol Building site to be launched in 2012

Residential project at Capitol Building site to be launched in 2012

By Millet Enriquez | Posted: 22 November 2011 2057 hrs


SINGAPORE: A high-end residential project will soon rise at the site of the iconic Capitol Building and Stamford House as it broke ground on Tuesday for a possible launch between March and April 2012.

It is part of a landmark project that will feature residential, hotel, retail and theatre components in the conserved site. Its developer Capitol Investment Holdings said it has awarded the S$338 million contract to Japanese firm Shimizu Corporation for the project.

The project is expected to be completed by the fourth quarter of 2014. Capitol Development said it has secured a 42-month tenure, S$532.0 million syndicated loan facility from an OCBC-led consortium of banks to fund the development.

The residential property will only have 34 units. Meanwhile, the Capitol Theatre will also be conserved and transformed into a theatre with 800 seats.

-CNA/ac

BT: Capitol to be the epitome of luxury

Business Times - 23 Nov 2011

Capitol to be the epitome of luxury

By MICHELLE TAN

IT IS yet to be launched, but the property market already seems to be abuzz about the 34 uber luxurious residential units that will be built on the old Capitol site.

Attributing the residential tower's popularity to its exclusivity and stellar location, executive chairman of Perennial Real Estate Pte Ltd (Perennial), Pua Seck Guan, noted that a number of 'serious buyers' have already expressed their interest in the project despite not knowing the finalised launch price.

Centrally located and just a short walk from the City Hall Interchange MRT station, which straddles both the major North-South and East-West lines, the residential units of the Capitol Development Project by Capitol Investment Holdings Pte Ltd (Capitol) will boast views of the Marina Bay area as well as that of the Saint Andrew's Cathedral.

An average apartment will be around 3,000 square feet. In addition, two garden villas (over 9,000 sq ft) and five penthouses will also form part of Capitol's residential offering upon the development's completion.

Commenting on the generous-sized units, Mr Pua highlighted that due to the site configuration and the surrounding landscape, larger units would be better able to bring out the 'advantages' of the development.

Due to the exclusivity of the units, Mr Pua also remains unfazed by the site's 99-year leasehold status and remains confident of the demand and pricing of the apartments going forward.

Just yesterday, Capitol - a consortium comprising Chesham Properties Pte Ltd, Perennial (Capitol) Pte Ltd and Top Property Investment Pte Ltd - held a ground-breaking ceremony to mark the commencement of the Capitol Development, which involves the redevelopment of conservation pieces such as Stamford House, Capitol Building and Capitol Theatre into a high-end mixed development.

The 34 highly exclusive residential units will be attached to a six-star hotel wing, retail components as well as a theatre-cum-cinema, and is expected to become a landmark destination in the downtown area when it is completed.

Leading Japanese construction player, Shimizu Corporation, will be the developer for the Capitol Development project, following a $338.2 million contract win from Capitol.

The development is slated to be completed by the last quarter of 2014.

BT: Top Global unit clinches Braddell Park for $85m

Business Times - 21 Jun 2011

Top Global unit clinches Braddell Park for $85m

Brookvale Park, off Sunset Way, up for en bloc sale at $550m

By NICHOLAS YEO

IT may be the school holiday season but activity continues in the collective sales market. A unit of Top Global Limited, listed on the Singapore Exchange, has clinched Braddell Park for $85 million or $665 per square foot per plot ratio.

In the Sunset Way location, Brookvale Park has been put up for en bloc sale with an asking price of $550 million or $950 psf ppr.

Braddell Park is a 45-unit apartment at Jalan Lateh, off Braddell Road and Upper Serangoon Road.

Under the 2008 Master Plan, the site is zoned for residential use with a plot ratio of 1.4 and an allowable height of up to five storeys. The sale was brokered by Credo Real Estate.

The site is freehold and has a land area of 91,360 square feet.

Singapore Land Authority has granted an in-principle approval for the sale of an adjoining piece of state land measuring some 6,540 sq ft, thereby allowing the purchaser to enlarge the site to about 97,900 sq ft and build up to a gross floor area (GFA) of 137,060 sq ft - sufficient for a new condo project with about 130 apartments averaging 1,000 sq ft, depending on layout and configuration, Credo said in a news release on Monday.

If the developer chooses to purchase the adjoining state land parcel, its effective land rate of the amalgamated site may be lowered to around $639 psf ppr.

'The locality has seen major transformations with NEX mall at Serangoon Central and the completion of the MRT interchange between the North-East Line and the Circle Line,' said Tan Hong Boon, deputy managing director of Credo.

'Coincidentally, the Woodleigh MRT station, which is some 350 metres away from the site, commenced operations today after being closed in 2003.'

Top Global is controlled by Sukmawati Widjaja, who has a 30 per cent stake in the consortium that is developing a retail/theatre, hotel and residential project on the landmark Capitol site.

The sale is subject to the approval of the Strata Titles Board, if necessary.

Brookvale Park, off Sunset Way, has been put up for collective sale with an asking price of $550 million or $950 psf ppr, inclusive of an estimated development charge (DC) of $16.77 million.

The 373,000 sq ft, 999-year leasehold residential site is zoned for residential use with a gross plot ratio of 1.6 and a maximum height of 12 storeys under Master Plan 2008.

If the successful developer fully utilises the 10 per cent bonus balcony allowance, the unit land price works out to a lower $892 psf ppr (including an estimated DC of $35.4 million), said CB Richard Ellis, which is marketing Brookvale Park's collective sale.

'At this price, the potential developer can expect to break even at below $1,400 psf,' said Charles Hoon, director of investment properties, CB Richard Ellis.

'New residential launches in nearby Bukit Timah Road such as Floridian and Jardin have recently transacted at a median price of $1,700 to $1,800 psf. The Trizon, situated nearby at Ridgewood Close, off Mt Sinai Drive, recently transacted between $1,500 and $1,800.'

The site enjoys easy access to the downtown Central Business District (CBD) and the Marina Bay Sands integrated resort via the Alexandra Expressway (AYE). The Orchard Road shopping belt is also easily accessible via Holland Road.

'Developers can take advantage of the site's unique hilly characteristics to incorporate balconies into their design scheme,' said Mr Hoon.

'We expect strong local and foreign interest, in particular, parties who are considering a 'freehold equivalent' site in prime District 21.

'Brookvale Park is likely to be the only condominium site available in this locality.'

CB Richard Ellis is the sole and exclusive marketing agent for this tender exercise, which closes on July 28 at 3pm.

BT: How to invest in foreign currencies

Business Times - 23 May 2011


How to invest in foreign currencies

The asset class is gaining popularity as a means of diversification, says MINDY TAN

THE term 'safer' is relative, to be sure, but it must be said that despite its inherent dangers, the forex market can be a lucrative one, if played right. In particular, because currency markets are not strongly linked to stock and bond markets, forex is gaining popularity as a means of diversification.

Low Buen Sin, director of the NTU-SGX Centre for Financial Education, notes: 'Foreign currencies can be a rewarding asset class to invest in. Having exposure in FX will help investors gain diversification.'

In fact, don't be surprised if you are already exposed to foreign currencies, even though you haven't made a conscious decision to dabble in it!

Prof Low explains: 'Even if you buy a stock that is listed in Singapore, all of the company's revenue could come from other countries. Take, for instance, Global Logistics Properties.'

The company, which was listed on the Singapore Exchange in October last year, owns, manages and leases 296 properties within 122 integrated parks, according to its prospectus. Its network is spread across 25 major cities in China and Japan.

Prof Low says: 'Most of (the company's) income comes from Japan and China . . . (and it) doesn't have any property in Singapore, despite being priced in Singapore dollars.' As such, the company's bottom line is affected by market sentiment, economic performance and natural disasters affecting those two countries.

But what about investors who wish to be directly exposed to FX? There are a couple of options available:

Dual currency deposit

A dual currency deposit (DCD) is a derivative instrument which combines a money market deposit with a currency option to provide a (potentially) higher yield than what is available for a standard deposit.

How does it work?

1. The base currency is deposited for a pre-determined term, from a week to a few months.

2. A specific exchange rate between the two currencies (the strike price) is agreed upon. These two currencies are known as the base currency and the alternative currency.

3. The return you get on your deposit depends on the market movement of the exchange rates between the two currencies, i.e. the investor is obligated to exchange an agreed amount of the base currency for the alternative currency at the strike price when the alternative currency weakens beyond the pre-agreed price.

Factors affecting return:

# Investment tenor: A longer investment period translates into higher returns.

# Strike price: The further away the strike price is from the current price, the lower the return. In other words, the higher the chance of the investor getting the alternate currency, the higher the investor's returns.

# Volatility of currency pair: Currency pairs with higher volatility will reap higher returns.

What are the risks?

# Foreign exchange risk: Apart from the inherent risks involved when dealing with FX, investors should be aware of potential losses when converting currencies. When the maturity proceeds are returned in the alternative currency and subsequently converted back to the base currency, a loss may be experienced due to movements in currency exchange rates. These losses may offset any interest earned on the deposit.

# Liquidity risk: Investors are essentially locking in their money for the tenure of the deposit as penalties are enforced if withdrawal is made prior to maturity.

# No guarantees: This is a non-principal guaranteed product, which means investors may lose part of their principal sum. This may happen especially when the investor ends up holding the alternative currency.

# Credit risk: As this is an investment product, it is not protected by the Monetary Authority of Singapore's guarantee on saving deposits.

Foreign currency fixed deposits The foreign currency fixed deposit (FCFD) is similar to the Singapore dollar fixed deposit in that a sum of money is deposited with the bank for a fixed tenure and at a fixed interest rate. The main difference is that this deposit is denominated in a foreign currency.

Factors affecting returns:

# Investment tenor: A longer investment period translates into higher returns.

# The interest rate is calculated based on prevailing foreign currency market interest rates, and is adjusted to accommodate the bank's costs, risks associated with the product, and the bank's profit margin. The interest rate quoted at the start of the term is fixed for the entire tenure.

# Volatility of currency pair: Generally, an investor has to be confident that the target currency will appreciate in order to ensure positive returns. Alternatively, ensure that you have a sufficiently long investment horizon to ride out exchange rate fluctuations.

Bonds

Bonds are issued by corporations or governments from around the world. Some banks here offer foreign bonds in an international currency.

Such investments can be attractive, especially compared to local bonds. However, as this requires conversion to a foreign currency, it is a good proposition only as long as the Singapore dollar does not appreciate substantially against that currency.

Who should enter the tiger's den?

Broadly speaking, these investment alternatives are suitable for investors who:

# Have sufficient funds to withstand the loss of capital in the event that the currency option is exercised;

# Understand forex risks;

# Don't mind holding an alternative currency.

Finally, an investor should be aware that currency exchange rates can be influenced not only by the monetary policies of his own country's central bank but also the monetary policies of trading partners. Market sentiment, economic performance and even natural disasters can play a role in shifting currencies up or down relative to the currencies of other countries.

The Asian proverb, 'You cannot catch a tiger cub unless you enter the tiger's den', holds true. If you decide to dabble in FX, however, make sure you have a firm grasp of the market and its accompanying risks.

Prof Low points out: '(For) young investors building and establishing their careers, FX trading is definitely not for him/her. They should consider investments in FX instead.'

BT: Forex dos and don'ts

Business Times - 16 May 2011


Forex dos and don'ts

Trading and investing in the volatile currency market calls for understanding and care. MINDY TAN reports

THE global foreign exchange market is huge. In April 2010, the market's average daily turnover was estimated at US$3.98 trillion, a growth of some 20 per cent over April 2007, according to the Triennial Central Bank Survey of Foreign Exchange and Derivatives Market Activity in 2010 conducted by the Bank for International Settlements (BIS).

While it is true that the foreign exchange market is one of the most exciting markets around, is it the right platform for young investors?

Low Buen Sin, director of NTU-SGX Centre for Financial Education, says: 'Newcomers in forex, stock and other asset markets should first try to become investors instead of traders. Trading should be done only after you have accumulated an adequate sum of investment and can afford to put some spare cash to take trading risk.'

While used interchangeably by laymen, a clear line should be drawn between 'trading' and 'investing'.

In trading, the appreciation of capital is the objective; if dividends are paid out, this is an added advantage. Traders look to profit on short-term price fluctuations, which means the amount of time an active trader holds onto an asset is very short.

In contrast, investing looks more towards income over time. Income producers - for example, dividends or bond interest payments - are thus the prime motivation.

Professor Low adds: 'Foreign currencies can be a rewarding asset class to invest in. The investment can be done by directly investing in foreign currency deposits or bonds, or FX funds. It can also be invested indirectly through equities and other foreign currency- denominated assets. A more sophisticated investor can consider capital-protected structured products.'

What is forex?

When talking about forex, the image conjured up in the mind of most people is the risky and exciting world of forex trading.

The foreign exchange market is the figurative place where currencies are traded. The need to exchange currencies is the primary reason why the forex market is the largest, most liquid financial market in the world.

There is no central marketplace for foreign exchange; rather, currency trading is conducted electronically between traders around the world.

The main thing young investors should be aware of is the fact that forex trading has much higher leverage than the stock market. When someone decides to invest in forex, they can expect higher profits - and, conversely, higher losses.

Currency trading is generally short-term in nature. A day trader who buys euros versus the dollar is not trying to predict what is going to happen to the euro in the next 10 years; he is concerned with the price fluctuations after he enters a position.

His goal is for the euro to appreciate in value as soon as possible after his purchase. In order to increase his chances of trading successfully, a currency trader will study the past price history of the currency pair he is trading and compare it to the current prices to determine what the price is probably going to do next.

Many people use forex as a means of diversification. According to Jeremy Goh, associate professor of finance at SMU's Lee Kong Chian School of Business: 'The key to having a diversified portfolio is to not hold just a single class of assets. Hence, having forex in one's portfolio can be a good source of diversification. The basic idea is that forex returns are not perfectly correlated with the market, just like bonds, real estate and commodities. So as long as you have an asset class that is not perfectly correlated to the market, having them in a portfolio will help with diversification of unsystematic (or idiosyncratic) risks.'

The trading pairs

Major currency trading consists of seven international currency pairs which are divided into the majors, and the commodity pairs.

The majors are the most liquid and thus most widely traded major currency pairs. They include euro/US dollar, US dollar/Japa- nese yen, British pound/US dollar, and US dollar/Swiss franc.

The commodity pairs consist of major currencies trading associated with commodities.

US dollar/Canadian dollar is associated with oil commodities, whereas Australian dollar/US dollar and New Zealand dollar/US dollar are closely associated with gold commodities. Forex traders often trade these commodity pairs to gain exposure to commodity volatility.

Each pair responds to different events and requires a unique approach and strategy.

'The specific currency pairs that you choose would depend on several factors,' says Ser-Keng Ang, senior lecturer of finance at SMU's Lee Kong Chian School of Business. 'One such factor is liquidity or volume. Generally, the G-7 currencies have good liquidity or volume. It is also dependent on your appreciation and understanding of the economies of the two countries - for example, to understand how the Australian dollar performs, you would need to understand that its value is driven by commodities (hence it is known as a commodity currency), and who it sells these commodities to (for example, China, to fuel its growth). This explains why the Australian dollar has appreciated significantly, in tandem with China's fast pace of growth.'

A final caveat emptor

Though currencies don't tend to move as sharply as equities on a percentage basis (where a company's stock can lose a large portion of its value in a matter of minutes after a bad announcement), it is the leverage in the spot market that creates the volatility. It is therefore important to take into account the risks involved in the forex market before diving in.

NTU's Prof Low says: 'Before entering the FX market, you must know the forex market well and you must have time. Trading is not something you spend 5-10 minutes on. You must pay attention to market movements because you are essentially taking advantage of short-term changes. You must also understand how to control downside risk and the maximum loss you are willing to incur.'

SMU's Mr Ang adds: 'I would recommend that young investors undergo requisite training to understand the market and to monitor the market carefully before putting a significant proportion of their monies into FX trading. Set some trading rules to ensure trading discipline is maintained - for example, set a time horizon, level of return and/or cut-loss levels. This will provide a non-emotional way of trading. Prudence also dictates that one should diversify one's portfolio.'

(Next week, we will show you how you can get exposure to currencies and forex, without getting involved in forex trading.)

BT: Rise in private, HDB home prices slowing

Business Times - 02 Apr 2011

Rise in private, HDB home prices slowing

Govt cooling measures working, say analysts, as URA index climbs 2.1% in Q1 while HDB resale prices see slowest rise in 7 quarters

By KALPANA RASHIWALA

IN a sign that the property cooling measures are taking effect, Urban Redevelopment Authority's overall private residential price index posted a 2.1 per cent quarter-on-quarter increase in Q1, compared with a q-on-q increase of 2.7 per cent in Q4 last year, latest government flash estimates show.

'The rate of increase has moderated for six consecutive quarters since Q4 2009,' URA said in its release.

Similarly, the Housing & Development Board's resale flat price index registered a 1.6 per cent q-on-q gain in the first quarter, the slowest increase in seven quarters.

URA's sub-index for prices of non-landed private homes posted a q-on-q gain in Q1 2011 of 0.9 per cent for Core Central Region (which includes the prime districts 9, 10 and 11, as well as the financial district and Sentosa Cove) - a smaller hike than the 2.2 per cent q-on-q rise for Q4 2010.

However, the index for Rest of Central Region (which covers places like Bukit Merah, Queenstown, Geylang, Toa Payoh and Katong) increased 2.2 per cent in Q1 over the preceding quarter - a bigger gain than the 1.9 per cent q-on-q gain in Q4 2010. The index for Outside Central Region (covering suburban mass-market locations like Woodlands, Clementi, Jurong, Hougang, Tampines and Bedok) posted a 3.1 per cent q-on-q rise in the first three months of 2011, after rising 2.1 per cent q-on-q in Q4 2010.

Credo Real Estate executive director Ong Teck Hui said: 'The cooling measures did not affect genuine home buyers as much as they did investors and speculators. And demand for OCR is sustained by genuine buyers.' Some market watchers suggest there may be some diversion of investment demand from high-end property to lower-priced segments as the cooling measures stretched budgets.

However, some analysts point out that the rate of q-on-q price increases for OCR had moderated in Q3 and Q4 last year before rising again in Q1. And the Q1 flash estimate for the region reflected a year-on-year appreciation of 13.6 per cent; this figure has been easing since peaking at 36.1 per cent in Q2 last year.

CB Richard Ellis executive director Li Hiaw Ho attributes the 3.1 per cent rise in the Q1 flash estimate for OCR to projects like Waterfront Isle along Bedok Reservoir, The Lakefront Residences near Jurong Lake, and The Tennery in Bukit Panjang which registered strong take-up at median prices (in the first two months of this year) of about $990 psf, $1,050 psf and $1,200 psf respectively. 'These projects attracted home buyers mainly because of their proximity to an MRT station,' Mr Li said.

He attributes the 2.2 per cent appreciation in the RCR's price index to Spottiswoode 18 and The Cape - both transacting at a median price of about $2,000 psf - as well as projects with small-format units like Palmera East ($1,225 psf).

URA said that as at end-2010, there were about 33,000 yet-to-be-sold private homes in uncompleted projects with planning approval - of which 40 per cent is in OCR. In addition, there were 1,500 executive condominium units (a hybrid of public and private housing) that were still unsold.

The above supply figures do not take into account new sites that were recently sold (which can generate about 8,100 units) or which will be made available for development through the confirmed list of the Government Land Sales (GLS) Programme in H1 2011 (which can generate about 5,360 units). Additional supply may also come from private land sources, such as en bloc sales.

Nomura Singapore analyst Sai Min Chow said: 'The combination of more completions (tempering rental expectation), government measures that cap home buying capability, and supply that could be launched from sites (both GLS and en-bloc) sold will continue to weigh on home prices. We expect this to translate into a flattish outlook for mass prices and up to 8 per cent correction for luxury prices this year.

Colliers International, however, predicts that overall private home prices will rise by up to 8 per cent for the whole of this year.

Knight Frank chairman Tan Tiong Cheng said: 'Certainly the cooling measures are working. If developers' sales continue to come off, prices may ease. But any price drop may be mitigated in a scenario of rising construction costs amid the increase in oil prices and expected reconstruction efforts in Japan.

'Interest rates are likely to remain low for the foreseeable future and the fact that HDB resale prices are still strong will continue to create a push for upgrading to the private market.'

HDB yesterday said it will launch about 17,800 build-to-order flats in the first nine months of this year - close to the 17,700 new flats offered for the whole of 2010.

ERA Realty Network and Propnex said cash-over-valuation amounts have stabilised at about $20,000 in Q1 based on transactions handled by their firms.

ERA's key executive officer Eugene Lim said: 'We estimate the total HDB resale volume for Q1 to be just below 7,000 deals.' The figure for Q4 was 6,454.

For the whole of 2011, he predicts HDB's resale price index to increase about 6-9 per cent with total resale applications of about 28,000-30,000. The index rose 14.1 per cent last year, when there were 32,257 resale applications.

PropNex CEO Mohamed Ismail predicts a 6-8 per cent hike in HDB's resale price index this year.