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Annex A 

Singapore is world 6th fastest in having Hign Net Worth Individuals (HNWI)

A June 2008 report by Merrill Lynch and Capgemini showed that Singapore is ranked within the Top 10 countries in the world as having the fastest growing population of High Net Worth Individuals (HNWI) in 2007.  HNWI is defined as individuals with investible assets of US$1 million, excluding the property they are living in.

The number of Singaporean wealthy individuals rose 15.3% to about 77,000. The average wealth per individual is estimated to have risen from US$4 million previously to US$4.9 million. This is higher than the global average wealth per high net worth individual (HNWI) of about US$4.04 million.

Globally, the combined wealth of the world's HNWI rose 9.4% to US$40.7 trillion in 2007 which is lower than the 2006 growth of 11.4%, due partly to a slower pace of world economic growth.

The report ascertained that more and more of the wealth are being invested in cash and fixed income assets. The expected economic slowdown has caused the wealthy to move away from parking their money in real estate and towards currencies.

Annex B

Current apartment rents

A quick check with recent transacted rented properties reveals that as of July 2008, rental prices still hold firm and given the shortage of quality rental projects, residential rents look set to sustain their strong position for at least another six months.The table below layouts the rental prices of 2-bedroom apartments at various popular locations in Singapore.