The Rich gets richer in Singapore - the rest of you piss off, you are irrelevant....

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An honorable member of the Coffee Shop Has Just Posted the Following:

SINGAPORE: The ultra-rich in Singapore are on the rise.

Those with at least US$30 million in assets have grown by about 4 per cent to an all-time high in Singapore.

This is according to the latest Wealth-X and UBS World Ultra Wealth Report 2013.

There are 1,355 individuals in Singapore with at least US$30 million in assets.

Their combined wealth was 3.2 per cent higher than last year's.

The number of such Ultra High Net Worth or UHNW individuals has grown consistently, and their combined wealth of US$160 billion has rebounded to levels seen in 2011, when the first report was released.

In Singapore, one out of 10 individuals with at least US$30 million derive their wealth from the construction business, and with property prices going up, the number of such Ultra High Net Worth individuals has also increased.

Joseph Poon, head of Ultra High Net Worth (Southeast Asia) at UBS Wealth Management, said: “Real estate is slightly more localised...you can't move real estate. That is an asset class our clients are very heavily focused on. And they are focused on both the income and the capital appreciation.

“I think people still have in their DNA that if they believe in their home country, they believe in the growth of their company, and therefore the economy. Therefore it has to benefit real estate.

“ It is relatively difficult to move people away from real estate, despite the rounds of cooling measures in Singapore, which, as you can see, has very little effect on the upper end of the market, because the owners tend to be very strong holders of these assets.”

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SINGAPORE: A residential site at Mount Sophia attracted nine bids at the close of its tender on Tuesday, according to the Urban Redevelopment Authority (URA).

The highest bid was submitted by a consortium comprising Hoi Hup Realty, Sunway Developments and S C Wong Holdings at S$442.28 million.

This works out to a land price of S$1,157 per square foot per plot ratio (psf ppr).

The top bid is only 0.1 per cent higher than the second highest bid, placed by Fantasia Investment (Singapore) and Singhome (Mount Sophia) at S$442 million.

EL Development submitted the lowest bid at S$284.8 million.

The tender for the 99-year leasehold site was launched on June 28.

The project is located near Dhoby Ghaut MRT Station, the Orchard Road shopping belt and the cultural areas of Little India.

It has a site area of 23,770.5 square metres and maximum permissible gross floor area (GFA) of 35,528 square metres.

In a statement, Colliers International's director of research & advisory Chia Siew Chuin said: "The land parcel is unique, as the government rarely releases for sale, residential sites located in the prime district 9 area."

The site is made up of the former Methodist Girls' School and Trinity Theological College.

Ms Chia adds that "the unique history of the location might also strike a sentimental chord with homebuyers".

At a land price of S$1,157 psf ppr, analysts estimate the break-even cost for the new project to range from S$1,650 per sq ft to S$1,750 per sq ft.

This means when units at the new project are ready for launch, the selling price could start from S$1,900 per sq ft.

- CNA/gn

http://www.channelnewsasia.com/news/...al/808738.html


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