Jan CPI at Record High of 6.6%

Mth-to-Mth: 1.3% (Last mth: 0.5%)
Yr-to-Yr: 6.6% (Last mth: 4.4%)
1st 01mth 2008: 6.6%

* SingStat-JanCPI , CNA-JanCPI *

Budget 2008: No More Estate Duty!

Finally, the Govt removes estate duty on deaths wef 15 Feb 08. This was announced in Budget 2008 with other goodies handed out for business and individuals.

Prior to 15 Feb 08, for estate up to $12m, duty was payable at 5%; and 10% if it exceeds $12m, but with the following exemptions:
- Up to $9m for dwelling houses owned
- Up to $600k for other properties (incl CPF)
- CPF monies
- Funeral expenses deductible

* Budget 2008 *

S'pore - 7th Most Expensive Office Market

Cushman & Wakefield's office costs survey showed that Singapore has jumped from #17 to #7 spot in the world's office market. Due to tight supply, prime rents has increased by 78% on average and the occupancy costs (rents + running costs) was abt US$130 psf/yr (S$15.44 psf/mth) on average in Singapore.

Worldwide rents went up by 14% as compared to 10% in 2006.























* CNA-OfficeCosts , AisaOne-WageCosts *

China Sq Food Centre Converting to Office

In view of office crunch, the 3-storey China Sq Food Ctr at Telok Ayer St is going for a $10m conversion to office block, and has obtained provisional permission for the conversion. The office is likely to be ready in 4Q08, with 11k sf of retail space and 38k sf of office space. Rental is expected to be ard $16 psf/mth.

China Sq Food Centre was bought at $17m in 1995 under the Govt's China Sq Concept Plan. It has a 30yr lease and the GFA is ard 58k sf.

* AsiaOne-Office *

Property Launches In The New Year

Launching soon
(1) Cosmo at Guillemard Lane: 47units, abt $1.1k - $1.2k psf
(2) Verve Residences near Jln Rajah: 108units, abt $900 - $1.1k psf
(3) Waterfront Waves at Bedok Reservoir: 405units, abt $750 psf
(4) Martin Place Residences at Kim Yam Rd: 302units, abt $1.8k - $2.3k psf

Launched
(1) Costa Este at Telok Kurau: 28units, abt $663 - $980 psf
(2) Palm Galleria and Espira Spring at Telok Kurau: abt $850 - $870 psf

Sold Out
(1) Casa Fortuna at Balestier: 106units, abt $1k psf
(2) Wilkie 80 at Wilkie Rd: 50units, abt $1.5k - $1.8k psf

* AsiaOne-Launches *