4Q08 Real Estate Data

Prices:
(A) Pte Residential:
Qtr-Qtr: -6.1% (LastQ: -2.4%)
Yr-Yr: -4.7% (LastYr: 31.2%)
- (i) Non-landed: -6.3% (LastQ: -2.5%)
- (ii) Landed: -5.3% (LastQ: -1.9%)

(B) Commercial
- (i) Office:
Qtr-Qtr: -4.9% (LastQ: -3.9%)
Yr-Yr: -7.0% (LastYr: 32.6%)
- (ii) Shop:
Qtr-Qtr: -4.8% (LastQ: -0.3%)
Yr-Yr: -1.9% (LastYr: 13.2%)

(C) Industrial: -6.5% (LastQ: 0.9%)

Rental:
(A) Pte Residential:
Qtr-Qtr: -5.3% (LastQ: -0.9%)
Yr-Yr: 2.0% (LastYr: 41.2%)

(B) Commercial:
- (i) Office:
Qtr-Qtr: -6.5% (LastQ: -0.8%)
Yr-Yr: 5.8% (LastYr: 56.1%)
- (ii) Shop:
Qtr-Qtr: -0.6% (LastQ: -0.6%)

(C) Industrial: -3.7% (LastQ: 0.1%)

Supply:
(A) Pte Residential:
- (i) Uncompleted: 64,982 units (LastQ: 66,422)
- (ii) Unsold: 43,414 uncompleted units (LastQ: 42,918)
- (ii) Launches: 706 uncompleted units (LastQ: 2,244)
[Newton Edge @Makeway Ave, RV Suites @River Valley Rd, Rosewood Suites @Rosewood Dr]
- (iii) Sold: 407 uncompleted (LastQ: 1,452) units and 12 completed (LastQ: 106) units
- (iv) Sub-sales: 203=12.8% of all sales (LastQ: 492=11.5%)
- (v) TOP: 2,651 (LastQ: 2,195)
[City Square Residences @Kitchener Link, The Esta @Amber Gdns, The Infiniti @West Coast Pk]
- (vi) Vacancy rate: 6.1% (LastQ: 5.8%)

(B) Commercial
- (i) Office: 1,386k sqm GFA (LastQ: 1,407k sqm), Vacancy rate: 8.8% (LastQ: 8.2%)
- (ii) Shop: 678k sqm GFA (LastQ: 731k sqm), Vacancy rate: 6.2% (LastQ: 6.3%)

(C) Industrial
- (i) Total supply: 4.55m sqm GFA (LastQ: 4.80m sqm)
- (ii) Vacancy rate: 6.6% (LastQ: 6.6%)

HDB
- RPI: 1.4% (LastQ: 4.2%)
- Resale Transaction: -24% (Qtr-Qtr), -3% (Yr-Yr)
- Median COV: -$4k

* URA-RealEst , URA-PPIyr , URA-RentalYr , URA-Chart1 , URA-Chart2 *
* HDB-RealEst , HDB-Prices , HDB-COV , HDB-Rental , HDB-Chart *

Budget 2009 - Property Market

Measures tt affect the pty mkt:

1) For Developers:
- Allowing 1yr extension of project completion period.
- Allowing re-assignment of Govt sale sites & pte land owned by foreign developers.
- Giving QC holders <=4yrs (fr date of issue of TOP) to dispose of all pte residential units in the development.
- Allowing QC holders to rent out unsold private residential units for a max of 4yrs (fr date of issue of TOP or date of application, whichever is later).
- Allowing up to 2yrs of pty tax deferral for land approved for development.

2) For Pty Owners:
- 40% pty tax rebate for owner-occupied residential properties.
- 40% pty tax rebate for commercial & industrial properties.
- Exemption of <=$150k of Net Annual Value for one owner-occupied residential pty.
- Deferment of increase in assessment rate for hotel rms.
- Additional CPF Housing Grant (AHG) for 1st time home-buyers: Max quantum will be increased fr $30k to $40k, and the household income ceiling will be increased fr $4k to $5k.

* Budget 2009 , URA - Dev , IRAS - Tax *

2008 SGP Economy Report Bk

(1) GDP
4Q08 (yr-yr): -4.2% (LastQ: 0.0%)
2008: 1.1% (2007: 7.8%)
2009 Forecast: -5 to -2% (Revised fr: -2 to 1%)

(2) CPI
(A) Mth-Mth
Oct: 1.0% (Last mth: No change)
Nov: -0.2%
Dec: -0.6%

(B) Yr-Yr
Oct: 6.4% (Last mth: 6.5%)
Nov: 5.5%
Dec: 4.3%

(C) 2008: 6.5%

(3) Employment
4Q08: 26.9k (LastQ: 55.7k)
2008: 227.2k (LastYr: 234.9k)

(4) Retrenchment
4Q08 Prelim: 7k (LastQ: 2,346)
2008 Prelim: 13,400 (LastYr: 7,675)

(5) Unemployment
4Q08: 2.6% (LastQ: 2.2%)
2008: 2.3%(LastYr: 2.1%)

* MTI-GDP *
* StatSing: CPI10, CPI11, CPI12 *
* MOM-Employment *

Lower Price or Goodies for New Condo

Soft Launch/Pte Preview:
(1) Balestier area, FH, ~$1k psf
Nova 48 @Prome Rd, 48units
Nova 88 @Bhamo Rd, 88units

(2) Alexandra area, FH, ~$900 - $1k psf
Alexis @Alexandra Rd, 293units

(3) Mhd Sultan area, 999yrs, ~$1.5k psf
Vivace @Tong Watt Rd, 85units

On Discount/Offer Goodies:
(1) Lucida @Suffolk Rd, FH, 62units
~$1.2k psf (was $1.6k psf early 2008)

(2) Mountbatten Suites @Mountbatten, FH, 32units
~$900 psf (was $1.1k psf), offering stamp duty absorption

(3) Woodsville 28 @Potong Pasir area, 99yrs, 110units
~$850 psf, offering renovation vouchers.

* AsiaOne-Prices *