_ wh en

Document Sample
_ wh en Powered By Docstoc
					when
  ,




                                    SINGAPORE’S Q1 GROWTH MAY HIT 10% YOY
                                   (HIGHEST SINCE JUNE 2004), FUELING MARKET
                                     EXPECTATIONS OF SGD NEER TIGHTENING

                                                                                    Thursday, April 08, 2010

                              Q1 2010 GDP growth will likely hit double-digit on-year (the highest
                              since June 2004), partly due to the low base last year and an
                              increasingly broad-based recovery.
                              The Q1 2010 GDP growth flash estimates will be released on Wednesday
                              14 April, and will likely to surprise on the upside – we are expecting the
                              data to print at 10.3% yoy (+9.5% qoq saar). This will be the first time that
                              GDP growth has crossed the double-digit threshold since June 2004 when
                              growth hit a high of 11.7% yoy. While part of this nice V-shaped bounce will
                              be attributed to the low base this time last year, the recent economic
                              indicators are also pointing to an increasingly broad-based recovery
  Corporate FX &              trajectory.   In manufacturing, the growth story has broadened from the
  Structured Products
  Tel: 6349-1888 / 1881       volatile biomedical industry to other key industries like electronics. Notably,
  Fixed Income &              non-oil domestic exports to all of the top ten NODX markets are increasing
  Structured Products
  Tel: 6349-1810              in February, fuelled by the EU 27, Indonesia and Taiwan markets.
  Investments &               Singapore’s total trade and NODX forecast currently stand at 9-11% and
  Structured Product
  Tel: 6349-1886              10-12% yoy respectively.       In services, the opening of the Integrated

  Interest Rate Derivatives   Resorts will obviously contribute to the tourism-related industries. Retail
  Tel: 6349-1899
                              sales have turned positive on-year in February 2010 for the first time since
  Treasury Research &         September 2008, and STB is forecasting record visitor arrivals (11.5 – 12.5
  Strategy
  Tel: 6530-4887              million) for 2010, with $17.5–$18.5 billion in tourism receipts. See table 1
                              and charts 1-5.
  Selena Ling
  +65 6530 4887
                              Downside growth risks appear sufficiently contained at this stage for
  lingssselena@ocbc.com
  0H



                              the Singapore government to consider further upgrading its official
                              2010 GDP growth forecast again from the current 4.5-6.5% to 5-7%?
                              While key risks mentioned previously include external demand not fully
                              normalising to pre-crisis levels, especially in the G3 economies, and
                              sovereign fiscal concerns for Greece and other peripheral countries in the
                              Eurozone, to-date there has not been any significant contagion across
 8 April 2010          SINGAPORE’S Q1 GDP GROWTH FLASH ESTIMATES

                   regions. If anything, the virtuous cycle of benign governments (with the majority
                   favouring continuing accommodative policies), growth forecasts upgrades (across
                   the IMF, World Bank, and individual governments etc), and sustained momentum
                   uptick in key economic indicators across the global economy, with some initial
                   stabilisation in the US labour market, these bode well for the recovery growth
                   trajectory for the rest of this year. In Asia, the policy concerns are mainly centered
                   around potential financial imbalances, notably in asset markets like property, but
                   apart from BNM and RBI, the remaining Asian central banks are mostly still shying
                   away from outright interest rate hikes.

                   The “major” new development on the global economic landscape is the brewing
                   US-China trade tensions amid calls for China to revalue its currency. US Treasury
                   Secretary Geithner is currently in China meeting with Vice Premier Wang Qishan
                   ahead of President Hu’s Washington visit next week to meet with President
                   Obama. Hopefully, cooler heads may be prevailing for now – US Treasury has
                   delayed its 15 April report on trading partners despite some US senators’ pressure
                   to label China an FX manipulator. In our assessment, the probability of an outright
                   trade war is still small because (a) US may not welcome Chinese-imported inflation
                   at this juncture; (b) vested bilateral interests (60% of total Chinese exports are from
                   the MNCs and JV companies); and (c) Chinese outward bound investments are
                   likely to be a key force in coming decade. After all, China is still the largest foreign
                   investor in US Treasury bonds with US$889 billion (24% of total foreign holdings)
                   as of January 2010.


                  Three key themes may play out in Singapore for the remainder of 2010 and
                  into 2011:
                      a) Inflation pick-up (albeit from a relatively low base). Crude oil prices have
                          already topped US$80 per barrel, and with non-OECD demand barreling
                          along (especially the BRICs), we could see oil-related price adjustments
                          begin to filter to domestic costs, albeit we do not see another sharp spike to
                          the US$140+ per barrel in the near-term. In addition, there are anecdotal
                          evidence of rising rental revisions (eg. Sheng Siong hiking wet market store
                          rents by around 30%) and rising COE premiums, which may cause
                          inflationary expectations to begin creeping back into the psyche after a
                          period of extremely low inflation. 2009 CPI rose by a marginal 0.6% yoy,


Treasury Research & Strategy                                                                        2
 8 April 2010          SINGAPORE’S Q1 GDP GROWTH FLASH ESTIMATES

                         after hitting 6.5% in 2008 and averaging about 1.5% for the last decade. See
                         charts 6-8.


                      b) Decreasing slack in the labour market (with unemployment already at
                         2.1% by end-2009). The jobs market has picked up from the second half of
                         last year, with the slack (as proxied by the vacancy rate) clearly eroded by
                         September 2009. With the Integrated resorts coming on-stream, demand for
                         tourism-related manpower has also improved significantly. Note the FY2010
                         Budget announced that to incentivise productivity growth and improvements,
                         foreign worker levies will be raised in a “phased” and “calibrated” manner
                         over the next three years. However, the proportion of foreign workers in the
                         workforce will not be tweaked through quantitative adjustments, which imply
                         that the issue for business is more of higher operational costs in the near-
                         term, especially for the construction companies. Nevertheless, we expect
                         that the overall unemployment rate may sink below 2% at some stage this
                         year, suggesting “full employment” conditions for the Singapore economy.
                         See charts 9-10.


                      c) Adjustment of liquidity conditions, which may prompt short-term
                         interest rates to edge higher. Much policy attention has been focused on
                         the rising property prices, likely fuelled by a conducive combination of ample
                         liquidity, record-low interest rates, market expectations of a robust Asian
                         recovery story, and increasing foreign investment interest. Note the housing
                         loans growth remained relatively resilient through the crisis, even when
                         business loans contracted on-year in 2009. The policy response has been a
                         slew of administrative-type measures aimed at removing some “froth” from
                         the market. With cognizance that asset bubble inflation could be brewing, a
                         gradual withdrawal of stimulus measures and normalization of liquidity
                         conditions are likely in order. Longer-dated SGS bond yields have already
                         adjusted higher in recent months, so it may be a matter of time before we
                         see the domestic short-term interest rates also start to edge higher, tracking
                         policy rates elsewhere in the world as key central banks begin the process of
                         normalizing monetary policy. See charts 11-16 and table 2 on property-
                         related measures.



Treasury Research & Strategy                                                                     3
 8 April 2010             SINGAPORE’S Q1 GDP GROWTH FLASH ESTIMATES

                                               Table 1: GDP and sectoral forecasts: a sanguine picture
                                                      Q1                          Q2                      Q3                          Q4                           Q1                 Q2                          Q3                              Q4                  2010
                                                      09                          09                      09                          09                           10F                10F                         10F                             10F                  F
                    Real
                    GDP                       -9.4%                       -3.2%                          0.6%                        4.0%                   10.3%                  7.0%                        2.8%                               3.9%                6.0%
                   Growth
                   Manufa-
                                             -23.8%                       -0.4%                          7.7%                        3.6%                   12.0%                  8.0%                        6.0%                               4.0%                7.5%
                   cturing
                   Constru-
                                              24.4%                      19.0%                       11.5%                           11.2%                       6.5%              6.8%                        7.2%                               7.5%                7.0%
                    ction
                   Services                   -5.3%                       -5.0%                      -2.3%                           4.1%                        8.5%              8.2%                        7.8%                               7.5%                8.0%
                     CPI
                                                3.4%                       0.2%                      -0.3%                           -0.8%                       2.4%              2.6%                        2.9%                               3.9%                3.0%
                   Inflation
                  Source: OCBC
                                                          Chart 1: strongest yoy GDP growth since June 2004

                                                                                                          GDP Growth (y-o-y)

                                   15%

                                   10%

                                   5%

                                   0%

                                   -5%

                             -10%

                             -15%
                                             Mar-00


                                                                Mar-01


                                                                                  Mar-02


                                                                                                 Mar-03


                                                                                                                   Mar-04


                                                                                                                                      Mar-05


                                                                                                                                                        Mar-06


                                                                                                                                                                          Mar-07


                                                                                                                                                                                            Mar-08


                                                                                                                                                                                                              Mar-09


                                                                                                                                                                                                                                Mar-10


                                                                                                                                                                                                                                                   Mar-11




                                                               Chart 2: Asian growth has seen a sharp rebound

                          Hong Kong                                      India                                              Indonesia                                       Malaysia                                       Phillipines

                          Singapore                                      South Korea                                        Taiwan                                          Thailand                                       Vietnam

                     15

                     10

                      5

                      0

                     -5

                    -10

                    -15
                                    Jun-05




                                                                                       Jun-06




                                                                                                                                      Jun-07




                                                                                                                                                                                   Jun-08




                                                                                                                                                                                                                                         Jun-09
                          Mar-05




                                                               Dec-05

                                                                         Mar-06




                                                                                                          Dec-06

                                                                                                                            Mar-07




                                                                                                                                                                 Dec-07

                                                                                                                                                                          Mar-08




                                                                                                                                                                                                              Dec-08

                                                                                                                                                                                                                       Mar-09




                                                                                                                                                                                                                                                             Dec-09
                                                      Sep-05




                                                                                                Sep-06




                                                                                                                                               Sep-07




                                                                                                                                                                                                     Sep-08




                                                                                                                                                                                                                                                    Sep-09




Treasury Research & Strategy                                                                                                                                                                                                                                           4
 8 April 2010                SINGAPORE’S Q1 GDP GROWTH FLASH ESTIMATES


                    Chart 3: Most Purchasing Managers Indices point to continued momentum
                                                                     Japan                         China                     Singapore                                  Eurozone                           Germany                                France                       Italy                  UK                    US

                   65


                   60


                   55


                   50



                   45


                   40


                   35



                   30
                                                          Jul-05


                                                                                 Nov-05




                                                                                                                        Jul-06


                                                                                                                                              Nov-06




                                                                                                                                                                                       Jul-07


                                                                                                                                                                                                           Nov-07




                                                                                                                                                                                                                                                       Jul-08


                                                                                                                                                                                                                                                                          Nov-08




                                                                                                                                                                                                                                                                                                                   Jul-09


                                                                                                                                                                                                                                                                                                                                     Nov-09
                        Jan-05


                                             May-05




                                                                                          Jan-06


                                                                                                             May-06




                                                                                                                                                          Jan-07


                                                                                                                                                                              May-07




                                                                                                                                                                                                                       Jan-08


                                                                                                                                                                                                                                            May-08




                                                                                                                                                                                                                                                                                   Jan-09


                                                                                                                                                                                                                                                                                                          May-09




                                                                                                                                                                                                                                                                                                                                              Jan-10
                                 Mar-05




                                                                      Sep-05




                                                                                                   Mar-06




                                                                                                                                 Sep-06




                                                                                                                                                                    Mar-07




                                                                                                                                                                                                Sep-07




                                                                                                                                                                                                                                Mar-08




                                                                                                                                                                                                                                                                 Sep-08




                                                                                                                                                                                                                                                                                             Mar-09




                                                                                                                                                                                                                                                                                                                            Sep-09




                                                                                                                                                                                                                                                                                                                                                       Mar-10
                                                  Chart 4: Non-oil domestic exports have picked up in tandem

                                                                                                                         NODX Growth (y-o-y)

                     50%
                     40%
                     30%
                     20%
                     10%
                      0%
                    -10%
                    -20%
                    -30%
                    -40%
                                    Jan-01
                                                      Jul-01
                                                                   Jan-02
                                                                               Jul-02
                                                                                          Jan-03
                                                                                                    Jul-03
                                                                                                               Jan-04
                                                                                                                            Jul-04
                                                                                                                                          Jan-05
                                                                                                                                                       Jul-05
                                                                                                                                                                   Jan-06
                                                                                                                                                                             Jul-06
                                                                                                                                                                                       Jan-07
                                                                                                                                                                                                  Jul-07
                                                                                                                                                                                                              Jan-08
                                                                                                                                                                                                                            Jul-08
                                                                                                                                                                                                                                         Jan-09
                                                                                                                                                                                                                                                     Jul-09
                                                                                                                                                                                                                                                                Jan-10
                                                                                                                                                                                                                                                                          Jul-10
                                                                                                                                                                                                                                                                                    Jan-11
                                                                                                                                                                                                                                                                                                 Jul-11




                         Chart 5: broadening base across both electronics and non-electronics




Treasury Research & Strategy                                                                                                                                                                                                                                                                                                                              5
 8 April 2010          SINGAPORE’S Q1 GDP GROWTH FLASH ESTIMATES

                      Chart 6: Domestic inflation is picking up speed, albeit from a low base

                                                                                                                                Singapore Inflation
                          8


                          7


                          6


                          5


                          4


                          3


                          2


                          1


                          0


                         -1


                         -2
                                       Nov-07




                                       Nov-08




                                       Nov-09




                                       Nov-10




                                       Nov-11
                                       Jan-07




                                       Jun-07
                                        Jul-07




                                       Jan-08




                                       Jun-08
                                        Jul-08




                                       Jan-09




                                       Jun-09
                                        Jul-09




                                       Jan-10




                                       Jun-10
                                        Jul-10




                                       Jan-11




                                       Jun-11
                                        Jul-11
                                       Feb-07
                                       Mar-07
                                       Apr-07
                                       May-07


                                       Aug-07
                                       Sep-07
                                       Oct-07

                                       Dec-07

                                       Feb-08
                                       Mar-08
                                       Apr-08
                                       May-08


                                       Aug-08
                                       Sep-08
                                       Oct-08

                                       Dec-08

                                       Feb-09
                                       Mar-09
                                       Apr-09
                                       May-09


                                       Aug-09
                                       Sep-09
                                       Oct-09

                                       Dec-09

                                       Feb-10
                                       Mar-10
                                       Apr-10
                                       May-10


                                       Aug-10
                                       Sep-10
                                       Oct-10

                                       Dec-10

                                       Feb-11
                                       Mar-11
                                       Apr-11
                                       May-11


                                       Aug-11
                                       Sep-11
                                       Oct-11

                                       Dec-11
                                       Food        Clothing                         Housing                                 Transport                Education                                   Health Care                     Recreation                                       Communication




                      Chart 7: fuel prices are creeping higher, pulling electricity tariffs along

                                                                                                              Singapore Electricity Tariff

                                        35                                                                                                                                                                                                                                                         180
                                        30                                                                                                                                                                                                                                                         160
                                                                                                                                                                                                                                                                                                   140




                                                                                                                                                                                                                                                                                                             $ e a l
                                   h




                                                                                                                                                                                                                                                                                                            S p r b rre
                                        25
                          S$ p r kW




                                                                                                                                                                                                                                                                                                   120
                                        20                                                                                                                                                                                                                                                         100
                              e




                                        15                                                                                                                                                                                                                                                         80
                                                                                                                                                                                                                                                                                                   60
                                        10
                                                                                                                                                                                                                                                                                                   40
                                            5                                                                                                                                                                                                                                                      20
                                            0                                                                                                                                                                                                                                                      0
                                                           ct-01



                                                                                         ct-02



                                                                                                                       ct-03



                                                                                                                                          ct-04



                                                                                                                                                                  ct-05



                                                                                                                                                                                                  ct-06



                                                                                                                                                                                                                      ct-07



                                                                                                                                                                                                                                           ct-08



                                                                                                                                                                                                                                                                               ct-09
                                                A r-01



                                                                      A r-02



                                                                                                          A r-03



                                                                                                                                A r-04



                                                                                                                                                    A r-05



                                                                                                                                                                                   A r-06



                                                                                                                                                                                                            A r-07



                                                                                                                                                                                                                              A r-08



                                                                                                                                                                                                                                                            A r-09



                                                                                                                                                                                                                                                                                          A r-10
                                                 p



                                                                       p



                                                                                                           p



                                                                                                                                 p



                                                                                                                                                     p



                                                                                                                                                                                    p



                                                                                                                                                                                                             p



                                                                                                                                                                                                                               p



                                                                                                                                                                                                                                                             p



                                                                                                                                                                                                                                                                                           p
                                                          O



                                                                                        O



                                                                                                                      O



                                                                                                                                         O



                                                                                                                                                                 O



                                                                                                                                                                                                 O



                                                                                                                                                                                                                     O



                                                                                                                                                                                                                                          O



                                                                                                                                                                                                                                                                              O




                                                         Electricity Tarif f s (LHS)                                                                   Average Fuel Oil Prices - Lead 3 months(RHS)




                     Chart 8: Certificates of Entitlement have also surged on supply concerns

                                                                                                                            Singapore COE Prices
                                            50000
                                            45000
                                            40000
                                            35000
                                            30000
                                       S$




                                            25000
                                            20000
                                            15000
                                            10000
                                             5000
                                                0
                                                             Jan-05

                                                                                ay-05




                                                                                                                   Jan-06

                                                                                                                                ay-06




                                                                                                                                                        Jan-07

                                                                                                                                                                           ay-07




                                                                                                                                                                                                          Jan-08

                                                                                                                                                                                                                      ay-08




                                                                                                                                                                                                                                                   Jan-09

                                                                                                                                                                                                                                                                      ay-09




                                                                                                                                                                                                                                                                                                   Jan-10
                                                                                                  ep-05




                                                                                                                                            ep-06




                                                                                                                                                                                             ep-07




                                                                                                                                                                                                                                  ep-08




                                                                                                                                                                                                                                                                                        ep-09
                                                                               M




                                                                                                                               M




                                                                                                                                                                          M




                                                                                                                                                                                                                     M




                                                                                                                                                                                                                                                                     M
                                                                                                 S




                                                                                                                                           S




                                                                                                                                                                                            S




                                                                                                                                                                                                                                 S




                                                                                                                                                                                                                                                                                       S




                                                                                                                                                    COE Cat A                                                      COE Cat B




Treasury Research & Strategy                                                                                                                                                                                                                                                                                              6
 8 April 2010          SINGAPORE’S Q1 GDP GROWTH FLASH ESTIMATES

                     Chart 9: slack in the labour market was already being eroded by Sep 2009




                           Chart 10: unemployment rate will likely drop below 2% in 2010




                    Chart 11: Many Asian real interest rates already flat to marginally negative




Treasury Research & Strategy                                                                7
 8 April 2010          SINGAPORE’S Q1 GDP GROWTH FLASH ESTIMATES

                  Chart 12: URA property price changes (lagged 1 year) against 3-month SIBOR

                                       4                                                                             40%
                                      3.5                                                                            30%




                                                                                                                                        th
                                       3




                                                                                                                                     row
                          SIB R (%)                                                                                  20%
                                      2.5




                                                                                                                            U A PPI G
                                                                                                                     10%
                                       2
                             O


                                                                                                                     0%
                                      1.5
                                                                                                                     -10%




                                                                                                                             R
                                       1
                                      0.5                                                                            -20%

                                       0                                                                             -30%
                                                     Jun-01




                                                                    ar-02




                                                                            Dec-02




                                                                                                   Jun-04




                                                                                                             ar-05
                                            Sep-00




                                                                                          Sep-03
                                                                   M




                                                                                                            M
                                                              SIBOR (LHS)            URA PPI pctchg (RHS)


                      Chart 13: Longer-dated SGS bond yields have already adjusted higher




                     Chart 14: short-term interest rates may start to follow and shade higher?




Treasury Research & Strategy                                                                                                                 8
 8 April 2010          SINGAPORE’S Q1 GDP GROWTH FLASH ESTIMATES


                    Chart 15: Loans growth also accelerating on-year, driven by housing loans,
                      with business loans likely to turn positive on-year in coming months
                                     Total                     Business Loans                            Consumer Loans                                 Housing Loans

                      40
                      35
                      30
                      25
                      20
                      15
                      10
                          5
                          0                           Chart 14: Loans growth also growing on-month
                              Jn 0




                                               Jn 1




                                                                Jn 2



                                                                               Jn 3




                                                                                           Jn 4




                                                                                                         Jn 5




                                                                                                                        Jn 6




                                                                                                                                       Jn 7




                                                                                                                                                       Jn 8




                                                                                                                                                                      Jn 9



                                                                                                                                                                                    Jn 0
                              a -0




                                               a -0




                                                                a -0



                                                                               a -0




                                                                                           a -0




                                                                                                         a -0




                                                                                                                        a -0




                                                                                                                                       a -0




                                                                                                                                                       a -0




                                                                                                                                                                      a -0



                                                                                                                                                                                    a -1
                      -5
                     -10




                                                      Chart 16: loans growth also improving on-month
                                     Total                     Business Loans                       Consumer Loans                                Housing Loans

                      6
                      5
                      4
                      3
                      2
                      1
                      0
                              Jn 8


                                        a 8


                                                       My 8


                                                                        u 8




                                                                                         Nv 8


                                                                                                  Jn 9


                                                                                                                 a 9


                                                                                                                               My 9


                                                                                                                                        u 9




                                                                                                                                                              Nv 9


                                                                                                                                                                             Jn 0
                                                                                 Sp 8




                                                                                                                                               Sp 9
                                       M r-0




                                                                       J l-0




                                                                                          o -0




                                                                                                                M r-0




                                                                                                                                       J l-0




                                                                                                                                                               o -0
                              a -0




                                                        a -0




                                                                                                  a -0




                                                                                                                                a -0




                                                                                                                                                                             a -1
                                                                                  e -0




                                                                                                                                                e -0

                     -1
                     -2
                     -3




Treasury Research & Strategy                                                                                                                                                        9
 8 April 2010           SINGAPORE’S Q1 GDP GROWTH FLASH ESTIMATES

                                                     Table 2: recent property measures
                    Date      Rule                                        Purpose                               Specifications
                                                                                              The developer is no longer able to absorb interest
                              Removal of the Interest Absorption                             payments on the loan until completion, and buyers
                  14-Sep-09                                          Reduce Speculation
                              Scheme (IAS)                                                     would have to take up loans to service interest
                                                                                                 payments till the construction completion.
                            Re-introduction of "Confirmed List
                  15-Sep-09                                            Cooling Market          Increase total area of land for sale/construction
                            land sales"
                  02-Oct-09 Sale of Balance Flats Exercise             Cooling Market              Release 2,132 flats for first-timers
                            HDB announced building of new                                   To offer 7,000 new flats for 1H10, and a total of
                  29-Jan-10                                            Increase supply
                            flats every month till 1H10                                           12,000 new flats for the whole year.
                                                                                           All residential land and properties purchased and
                              Introduction of a "Seller's Stamp
                  22-Feb-10                                        Discourage speculation sold within a year from the purchase date will incur
                              Duty"
                                                                                                               higher duty.
                  22-Feb-10 Housing Loan Limit                     Discourage speculation Housing loan limit capped at 80% instead of 90%.
                                                                                                Downgraders allowed to keep 50% of the cash
                              Second HDB Concessionary Loan
                  08-Mar-10                                        Allow easy downgrading proceeds, or $25,000 whichever is higher, from the
                              to Downgraders
                                                                                                          sale of their initial property.
                                                                                                 Quota cap of 8% PRs in each block, and 5%
                  08-Mar-10 Permanent Resident Cap                       Manage quota
                                                                                                          within each neighbourhood.
                                                                                                A citizen-PR couple will have to pay a $10,000
                              $10,000 reduction in CPF Housing
                  08-Mar-10                                        Differentiate citizen/PRs premium for new HDB flat, or $10,000 less in their
                              Grant
                                                                                                         housing grant for a resale flat.
                                                                                                 Buyers of HDB flats without CPF Grants was
                              Minimum Occupation Period
                  08-Mar-10                                        Discourage speculation raised from 1 year and 2.5 years for bank loans
                              Raised
                                                                                                           and HDB loans to 3 years.
                                                                                                 H2 2010 land sales programme to have larger
                                                                                                 supply and greater variety on reserve list. Will
                                                                                                consider releasing reserve list site for sale once
                              Tweaks to bi-annual land sales                                   there is "sufficient market interest" ie. 2 or more
                  09-Mar-10                                             Increase supply
                              programme                                                          developers submit minimum bids close to the
                                                                                               reserve price within a reasonable period. Deposit
                                                                                             from applicants of reserve list sites will be cut from
                                                                                                        5% to 3% of minimum bid price.
                                                                                               Four residential sites located at Boon Lay Way,
                  24-Mar-10 Govt releases 4 home sites                  Increase supply          Simei, Stirling Road and Tampines Road will
                                                                                                    provide more than 1,200 private homes.
                                                                                             A new Singapore Residential Price Index (SRPI)
                  29-Mar-10 Singapore Residential Price Index       Increase transparency will provide on-month changes in the private non-
                                                                                             landed residential property market.
                                                                                             HDB will launch the tender of the land parcel at
                   01-Apr     New Lands for Public Tender               Increase supply      Sengkang East Avenue and Buangkok Drive which
                                                                                             can yield an estimated 465 housing units.
                                                                                             Another two residential sites at Sembawang
                                                                                             Road/Canberra Drive and Upper Serangoon Road/
                   07-Apr     New Lands for Public Tender               Increase supply      Pheng Geck Avenue will be released for sale via
                                                                                             the Confirmed List in April 2010. The land can
                                                                                             yield an estimated 440 housing units.

                  Source: various newspapers, OCBC




Treasury Research & Strategy
     10
 8 April 2010                    SINGAPORE’S Q1 GDP GROWTH FLASH ESTIMATES




     This publication is solely for information purposes only and may not be published, circulated, reproduced or distributed in whole
     or in part to any other person without our prior written consent. This publication should not be construed as an offer or solicitation
     for the subscription, purchase or sale of the securities/instruments mentioned herein. Any forecast on the economy, stock market,
     bond market and economic trends of the markets provided is not necessarily indicative of the future or likely performance of the
     securities/instruments. Whilst the information contained herein has been compiled from sources believed to be reliable and we
     have taken all reasonable care to ensure that the information contained in this publication is not untrue or misleading at the time of
     publication, we cannot guarantee and we make no representation as to its accuracy or completeness, and you should not act on it
     without first independently verifying its contents. The securities/instruments mentioned in this publication may not be suitable for
     investment by all investors. Any opinion or estimate contained in this report is subject to change without notice. We have not
     given any consideration to and we have not made any investigation of the investment objectives, financial situation or particular
     needs of the recipient or any class of persons, and accordingly, no warranty whatsoever is given and no liability whatsoever is
     accepted for any loss arising whether directly or indirectly as a result of the recipient or any class of persons acting on such
     information or opinion or estimate. This publication may cover a wide range of topics and is not intended to be a comprehensive
     study or to provide any recommendation or advice on personal investing or financial planning. Accordingly, they should not be
     relied on or treated as a substitute for specific advice concerning individual situations. Please seek advice from a financial adviser
     regarding the suitability of any investment product taking into account your specific investment objectives, financial situation or
     particular needs before you make a commitment to purchase the investment product. OCBC and/or its related and affiliated
     corporations may at any time make markets in the securities/instruments mentioned in this publication and together with their
     respective directors and officers, may have or take positions in the securities/instruments mentioned in this publication and may
     be engaged in purchasing or selling the same for themselves or their clients, and may also perform or seek to perform broking and
     other investment or securities-related services for the corporations whose securities are mentioned in this publication as well as
     other parties generally
         Co.Reg.no.:193200032W




Treasury Research & Strategy
     11

				
DOCUMENT INFO
Shared By:
Categories:
Stats:
views:3
posted:4/14/2011
language:English
pages:11