Singapore, 14 May 2018 – ERA Realty Network (ERA) has launched the phase two of its FindPropertyAgent.sg (FPA), a website that allows customers to find property agents based on the latter’s reviews and past transactions.With the rollout, the FPA now comes with an industry-first feature that allows users to match with their preferred property agents in under a minute. This works similar to a ride-hailing platform. Users can search on the service they require, be it buy, sell or rent, and they will be prompted with a database of agents who are online. Thereafter, they can choose the agents they feel can best address their needs, and connect with them in real time.
ERA Chief Operating Officer, Marcus Chu says: “The phase two of FPA will heighten convenience for consumers as they search for property agents. Not only that, in the event that they have an urgent matter that requires immediate attention, they can find a suitable property agent who is available to help them in real time. For agents, this feature helps them to acquire more leads and encourage them to respond to consumers’ enquiries in a timelier fashion. We hope to aid our agents in embracing digital technology with solutions specifically developed to increase agent’s productivity though our mobile applications (i-ERA, ERA SG Projects), website (ERA.com.sg), customer relationship management system (24/7 PropWatch) and an internal portal (myERA).”
About FPA
FPA is a dedicated website for consumers to customise their search experiences for the right property agent. Smart algorithms enable consumers to find the most suitable property agents who can cater to their needs. FPA encompasses the most complete property agents’ profile pages with past transactions statistics, customer reviews, awards achieved, and trainings completed, to increase transparency and build better trust with consumers.
Soon to be launched too, artificial intelligence will be used to help agents serve consumers more efficiently by answering common queries and predict preferences. This time-saving feature, another industry-first, will enhance overall effectiveness.
Singapore, 8 May 2018 – ERA Realty Network (ERA) today announced that all its agents will be entitled to additional medical coverage under a new comprehensive group healthcare plan that addresses their medical, dental and wellness needs. This healthcare scheme augments the protection covered under the company’s existing group hospitalisation insurance scheme, as well as the free annual health-screening program, which were launched more than 20 years ago.This initiative is in line with the government’s push for providing better benefits and protection for self-employed personnel and freelancers in Singapore. The subscription fees will be fully paid for by the company.
“By offering this new healthcare plan and support, we hope to give our self-employed employees a greater peace of mind. With additional health care plans for outpatient treatments, they can take charge of their own health,” said Jack Chua, Chief Executive Officer of ERA.
As one of the largest real estate agencies in Singapore, ERA has more than 6,000 self-employed agents. Under the new healthcare plan, all its agents and staff will enjoy additional outpatient health benefits at over 400 healthcare organizations such as 100 per cent coverage for general practitioner and traditional Chinese medicine consultations and discounted rates for dental services, specialist consultations as well as beauty and body treatments. Under this scheme, agents can also choose to cover up to four dependents for an annual fee of S$15.
| Category | Details |
| Health Screening | Complimentary basic health screening by Mednefits health partners |
| Outpatient GP | 100% GP consultation covered by Mednefits. Only need to pay for medicine |
| Dental Care | Up to 30% off on basic dental services. Enjoy discounted rates for scaling and polishing, tooth fillings, gum treatments and more |
| Health Specialist | Save up to 60% on specialist consultations. Ophthalmology, orthopaedic, physiotherapy and more |
| Traditional Chinese Medicine | 100% consultation covered by Mednefits. Only need to pay for medicine and treatment |
| Wellness Benefits | Save up to 40% on beauty & body treatment, massage therapy, fitness classes, etc. |
ERA also offers other support and protection to its agents:
- Leader Dependent Scheme: In the event of accidental death, the company will pay the estate of the deceased any applicable management fees for the next 2 years
Singapore, 12 February 2018 – ERA announced the launch of its newly revamped FindPropertyAgent.sg (“FPA”) website, an IT innovation that is aligned with the government’s vision for the Real Estate Industry Transformation Map (ITM).Key Executive Officer Eugene Lim says: “The Real Estate ITM marks the beginning of a new journey. As a forward-thinking company, ERA fully embraces the changes that are to come. With the improved FPA, we have made property transactions more transparent, and the process more streamlined for the end-users.”
About FPA
FPA is a dedicated website for consumers to customise their search experiences for the right property agent (not listings). Buoyed by a smart algorithm, the website has been specifically designed to solve common problems faced by the public such as:
1. Online information overload compounded by fake, outdated or irrelevant data
2. Lack of trust with regard to true competency or specialty
3. Concerns about immediate service and personal data protection
FPA’s Unique Selling Points
IT innovations are integrated into FPA to solve the above-mentioned issues:
1. Smart algorithms which use multiple data points such as agents’ past transaction statistics, exclusive listings, customer ratings and reviews, online presence, and geolocation tags will enable consumers to find the most suitable property agents who can cater to their needs.
2. Most complete property agents’ profile pages with past transactions, customer reviews, awards achieved, and trainings completed, to increase transparency and build better trust with consumers.
3. A chart displaying each agent’s specialisation will be updated through real-time data. This is an industry-first feature.
4. Unlike paid listing portals, agents do not need to pay a subscription fee or enter any data input.
5. Soon to be launched, the real-time communication features will encourage agents to respond to their leads in a timelier fashion. Consumers can choose to engage the agents first before releasing personal information once they feel comfortable.
6. Soon to be launched too, artificial intelligence will be used to help agents serve consumers more efficiently by answering common queries and predict preferences. This time-saving feature, another industry-first, will enhance overall effectiveness.
The website is fully mobile optimised, and its loading speed is fast. More importantly, it consumes much less mobile data than traditional websites, enhancing user experience.
ERA’s Aspirations
Chief Operating Officer Marcus Chu adds, “With the launch of FPA and continuous effort in IT innovations, we hope to aid agents who have been facing increasing marketing cost to generate leads. The future evolvement of FPA and our other technological solutions specially developed to increase agent’s productivity such as the mobile applications (i-ERA, ERA SG Projects), website (ERA.com.sg), customer relationship management system (24/7 PropWatch) and an internal portal (myERA), will play an important role in the digital transformation progress for the industry.”
Spread Festive Cheer to Rental Block ResidentsSingapore, 11 February 2018 – To celebrate the Chinese New Year and usher in the Year of the Dog, ERA Realty Network (ERA) has partnered with Hong Kah North Grassroots Organisations to bring the festive joy to rental block residents living at Blk 412 Bukit Batok West Avenue 4.
Today, Guest of Honour Dr Amy Khor, Adviser to Hong Kah North Grassroots Organisations, along with Mr Jack Chua, Chief Executive Office of ERA, ERA’s management team and 100 agents handed out S$30 festive packs comprising healthy food and festive goodies, and S$28 hong bao to residents of the 224 households.
These festive love packs and hong bao are funded through a fundraising campaign initiated by ERA on 18th January among its agents and employees. Titled “ERA Love”, the innovative fundraising exercise was conducted via social media, where ERA management team and agents filmed a short video clip of themselves pledging to support the needy community, followed by nominating another agent to do the same. The company also matched a dollar for every dollar raised. In less than a month time, the campaign has successfully raised a total of about S$43,000.
ERA has pledged the remaining amount of about S$30,000 towards a HKN SG Cares Fund that Hong Kah North Grassroots Organisations are setting up. These funds will be utilised to bring festive cheer to the needy families as well as a source of relief fund to help families in urgent need for various reasons. For instance, ERA has delivered furniture to two low-income families today to enable them to live more comfortably.
The initiative is part of ERA’s ongoing corporate social responsibility efforts. Over the years, ERA has spread the love by working with not-for-profit organisations such as Community Chest, SOSD and Canossaville Children and Community Services. Its leaders also donated generously in the Charity Lucky Draw for The Singapore Association for the Deaf during ERA’s 2017 Christmas party.
Along with overseas expansion, ERA will also fully embrace the changes under the Real Estate Industry Transformation MapSingapore, 8 February 2018 – Continuing its expansion efforts across Asia Pacific, ERA Realty Network (ERA) welcomed and introduced ERA Cambodia at the 2018 ERA Asia Pacific Business Conference. Through the company’s burgeoning global network, ERA agents will be able to tap into each other’s expertise to create value for their clients.
Held at Mediacorp’s MES Theatre this year, the annual conference recognises the achievements of ERA’s Top Achievers in Singapore and Asia Pacific. Mr Tan Chuan-Jin, Speaker of Parliament, graced the event as Guest-of-Honour and also partook in an engaging dialogue session with ERA’s management and agents.
Strong showing of growth
ERA is the wholly owned subsidiary of APAC Realty Limited, which was listed on SGX Mainboard in September 2017. As at 5th February, its IPO at $0.66 grew more than 50% in share price. According to industry data and media reports, APAC Realty ranks amongst the top 20 stock picks in Singapore this year, and is one of the top seven stock highlights of 2018 with the greatest growth potential.
APAC Realty Limited possesses the exclusive ERA regional master franchise rights to 17 countries in Asia Pacific. Boasting a vast network of close to 17,500 agents across Singapore, Indonesia, Japan, Korea, Malaysia, Taiwan, Thailand, Vietnam and now Cambodia, it is in an ideal position to offer regional real estate and business opportunities for its clients.
ERA is poised to further its already excellent performance. It has expanded its services from private and HDB property transactions to auction, commercial and industrial, project marketing, property management, research and valuation. ERA has already secured more than 10,000 units in 16 projects, and more exciting projects are in the pipeline.
Digital transformation
ERA has pledged its commitment to embrace the government’s Real Estate Industry Transformation Map (ITM), and has unveiled a few digital initiatives.
The fast and mobile-responsive FindPropertyAgent.sg is one of such initiatives. Testimonials and ratings, as well as achievements, completed transactions and trainings are published on the agents’ profile pages. Through their profiles, the agents can build a strong online reputation. The website is equipped with smart algorithms, which help consumers find suitable agents based on their property search requirements. With this and other industry-first features, homebuyers can make informed decisions when it comes to engaging a real estate agent.
Driven by intrapreneurship, ERA has come up with new ideas to enhance its digital ecosystem: mobile applications (i-ERA, ERA SG Projects); website (ERA.com.sg.); the customer relationship management system 24/7 PropWatch; and myERA, the internal portal for real estate agents to execute transactions.
Not only that, ERA has furnished its headquarters with state-of-the-art equipment. The training rooms are fitted with touchscreen whiteboards that increase engagement; trainers are also adopting the use of interactive videos and audio with different mobile tools to heighten audience involvement.
Giving back
As the only listed real estate agency in Singapore, ERA is able to achieve its success thanks to the support of its agents and clients over the past 36 years. As a token of appreciation, ERA hosted the Race to Las Vegas Customer Survey Challenge Lucky Draw in January 2018, an industry-first initiative that encourages its customers to leave ratings for their real estate agents. Mr Wong Chong Meng won a trip to Las Vegas, while his agent Sean Seah Jin Shu also won a return air ticket and accommodation at Las Vegas.
ERA agents also get to earn ERA miles for services rendered to customers, another unique initiative that the company has launched. The agents can redeem name cards, corporate merchandise and offset flight tickets to ERA’s business conferences held overseas with their accumulated miles.
Besides incentives for clients and welfare for agents, ERA also places a strong emphasis on corporate social responsibility. To usher in the Year of the Dog, ERA will be handing out festive packs, hong bao and furniture to low-income families with Adviser to Hong Kah North Grassroots Organisations, Dr Amy Khor on 11 February 2018. The company has organised a fundraising campaign last month and matched a dollar for every dollar contributed.
Over the years, ERA has spread the love by working with not-for-profit organisations such as Community Chest, SOSD and Canossaville Children and Community Services. Its leaders walked the walk by donating generously in the Charity Lucky Draw for The Singapore Association for the Deaf during ERA’s 2017 Christmas party.
10 January 2018 – ERA Realty Network Singapore (ERA) yesterday concluded its Race to Las Vegas Challenge, the company’s first-of-its-kind initiative that encourages its customers to leave genuine reviews for its real estate agents. Wong Chong Meng was announced as the lucky customer, who won return air tickets for two to Las Vegas and a 4-Day-3-Night accommodation package.The challenge is ERA’s very first campaign to reward and encourage customers to provide authentic ratings for its agents. With these ratings, customers looking to engage ERA’s real estate agents can make more informed decisions. The agents also benefit as they can build a strong online reputation through word-of-mouth recommendations.
The reviews are then published on the agents’ profile pages on FindPropertyAgent.sg. The profile pages also include an agent’s contact information, area of speciality, completed transactions, past achievements and current property listings. They help property buyers and sellers to find their ideal real estate agents.
Wong said, “This has been the greatest news to start the new year and we would like to thank ERA for the opportunity. When I was first informed about the contest, I felt it’s a very good initiative – satisfied customers like me get to share feedback on the agents’ services for others to pursue, and in turn home buyers or sellers can be introduced to trustworthy agents like Sean Seah!”
“Sean provides a marvelous service. His dedication and follow-up help me to rent out the property quickly. In the event the ex-tenant broke the lease contract, he also took the hassle out of everything with both professionalism and recommendation. It would be tensed without him to negotiate and rent out for me again.”
Sean Seah Jin Shu, who served Wong, also won a return air ticket and accommodation at Las Vegas. Sean shared, “It’s a double joy for me. I’m very happy that my client Chong Meng appreciates my efforts and service. Most importantly, I’m given the opportunity to attend the annual ERA International Business Conference in Las Vegas, where I will be able to meet more inspirational real estate leaders from all around the world. I will continue to improve and provide first-rate service to all my clients.”
Mr Jack Chua, Chief Executive Officer of ERA Singapore says: “As one of the leading real estate agencies in Singapore, ERA is grateful for the trust and support from our salespersons and customers over the past 36 years. With these rewarding campaigns, we hope to gather more customer feedback that will in turn be used as lessons to up the calibre of our salespersons. We will also continue to roll out more initiatives to reward our customers and salespersons.”
“Real estate agents handle the greatest investments of families and can make life better for homeowners. Though most are only remembered when the need to buy or sell a house arises again, it is heart-warming to know that many clients have become valued friends of our agents due to the latter’s sincerity,” Jack added.
The Race to Las Vegas Challenge was open only to customers of ERA Singapore who used and rated the service of their salesperson from 1 July to 31 December 2017. These include resale and new project, rental or auction transactions.
For future submission of reviews, customers of ERA Singapore can go to ReviewPropertyAgent.sg, which will be live from 15 January 2018 onwards.
Singapore, 22 Dec 2017 – This is the season of giving and loving! In the spirit of Christmas, division directors as well as team mates from ERA Realty Network (ERA) raised S$3,000 during its recent gathering. The money is donated to the Singapore Association for the Deaf.The Singapore Association for the Deaf serves deaf and hard-of-hearing persons of all ages in Singapore. ERA’s contributions will support its operating services such as sign language interpretation, notetaking and hearing care for this community.
ERA’s Christmas fundraising is part of its ongoing corporate social responsibility initiatives. The organisation has been supporting SOSD, a volunteer-run organisation dedicated to ensuring the welfare of Singapore’s street dogs. Its dog shelter rescues, rehabilitates and rehomes strays to give them a second chance at life. ERA has extended a helping hand to raise awareness about SOSD’s adoption and rescue programmes since 2016.
ERA has also worked with Canossaville Children and Community Services to bring joy to its charges. Earlier this year during Chinese New Year, it organised a celebration for the children, with ERA’s agents engaging the latter with lion dance, games and storytelling activities.
ERA Realty Network’s New FindPropertyAgent.sg Portal Offers Customised Digitally Engineered Solution For Property Search. The new property agent search portal will address existing gaps in property search experience with transparent and comprehensive for sale/rent listings, as well as the corresponding agents’ track record in transactions and listings.Singapore, 24 Oct 2017 – As Singapore is moving towards a smart nation, ERA Realty Network, the largest international and only listed real estate agency in Singapore, is set to launch a new Property Agent Search Portal named FindPropertyAgent.sg. This is part of the company’s continued efforts to provide innovative breakthrough products and services catering to consumers’ and real estate agents’ every need.
Currently, consumers may not have access to the performance or detailed background information about the agents. There have also been scenarios of duplicated and outdated property listings that are offered by online advertisements.
The introduction of FindPropertyAgent.sg will streamline the property search process and enhance the matching process by integrating all the key factors for consideration on a single platform. This will provide consumers with a customised search experience unique to their needs.
By utilising the smart filters function, clients can now choose their preferred agent based on genuine service rating and reviews, specialty, comprehensive property details such as price, psf and size. In addition, they will be able to access to detailed information such as agents’ past transactions, current listings, awards and training to make more informed decisions.
Current geolocation is also available, allowing users to check on nearby properties wherever they are. They can refer to the nearby past transactions with pricing for comparison.
All the listings and transactions will be updated real-time to provide users with the most current information. Existing listings will be automatically deleted after 90 days or sold, whichever is earlier.
In summary, FindPropertyAgent.sg will offer nine key features:
1. Current geolocation
2. Preferred criteria including property type, estate or district
3. Search by Agent Name
4. Overall Service Level Index Rating
5. Genuine customers’ review
6. Specialty of the real estate agents (number of Listings + Transactions)
7. Smart Filter (Price/psf/Size)
8. Awards received by the agents
9. Training programmes attended by the agents
Designed with consumers in mind, the new portal is set to be one of the most comprehensive technological platforms for customised property search experience.
Singapore, 30 Jun 2017 – ERA Realty Network (ERA), the leading global real estate network with 36,000 sales associates in 2,350 offices across 32 countries, will expand its network into Vietnam. Together with local partner Eurocapital JSC, the property arm of The Eurocapital Group, a private investment group headquartered in Vietnam, ERA has incorporated ERA Real Estate Vietnam. This allows ERA to further extend its reach in the Asia Pacific Region where it holds the master franchise with almost 16,000 sales associates in 642 offices across seven countries – Singapore, Japan, South Korea, Taiwan, Thailand, Malaysia and IndonesiaEurocapital JSC is Vietnam’s leading professional real estate brokerage, consultancy and investment advisory, transacting over US$90 million in property services for 2016. With its strong competence in banking and private investments, project development and brokerage services from its holding company, The Eurocapital Group, Eurocapital JSC is the natural choice partner for ERA to work with to enter the Vietnam market.
ERA Real Estate Vietnam has established its headquarters and three local offices in Ho Chi Minh City. The venture in Vietnam has over 150 sales associates now training under ERA qualifications to become official ERA associates. In the next five years, this venture aims to have 3,000 associates in 25 offices across the country, focusing on the metropolitan areas such as Ho Chi Minh City, Hanoi, Da Nang and other tourist destinations such as Phu Quoc and Nha Trang.
With Vietnam’s growth booming at 6.2 per cent increase in GDP in 2016, the country is one of the markets with the highest growth within Asia. The country has recorded an FDI of US$24billion for foreign investments and has maintained this momentum well into 2017. According to a report by Savills World Research, the total dwelling sales in Ho Chi Minh City surged by 193 per cent in Q32016 year on year. In the same quarter, its private home condominium sales transactions saw a rise of 33 per cent quarter-on-quarter. The property market in Vietnam is surging with government measures across the country’s infrastructure with construction management and banking credit risk control to improve urbanisation. Major cities will see the acceleration of both residential and commercial buildings in development while the implementation of new laws and banking reforms allow for both private and commercial investments to take place.
“These are indications which make for a good start for our entry into the Vietnamese market,” says Jack Chua, Chief Executive Officer of ERA. We are pleased to work with a knowledgeable partner who has the ground knowledge and track record in managing property services and transactions of this nature. We are confident with the support from team Eurocapital, we will create a successful network and team with ERA Real Estate Vietnam and tap on this market’s growth potential,” Mr Chua continues.
Today’s signing ceremony for the franchise agreement between ERA and Eurocapital JSC was signed by Mr Jack Chua of ERA and Mr Nhien Nguyen, CEO of Eurocapital JSC, held at ERA’s headoffice at Mountbatten Square. Upcoming projects will be focused on property brokerage services for high-quality projects for both residential and hospitality residences in major cities and tourism hot spots. Established partnerships with various property developers such as Sun Group, CEO Group, M.I.K. Sacomreal, Kien A for local partnerships and international property developers from Singapore, Hong Kong, China, South Korea and Japan such as Keppel Land and Sunwah Group.
Singapore, 17 Mar 2017 – In an unexpected move on 10th March, the government announced some changes to the set of property cooling measures which were progressively introduced from 20th February 2010 to 9th December 2013.There were four main parts to the announcement.
First, the Additional Buyer’s Stamp Duty (ABSD) and Loan to Value (LTV) limits are to remain unchanged. Singaporean buyers will need to pay ABSD if they purchase a second residential property and more while Permanent Residents and foreigners will incur ABSD from their first home purchase. The LTV ratio remains at a maximum of 80 per cent for private residential property loans.
Second, the Seller’s Stamp Duty (SSD) would be modified for buyers who purchase residential properties on or after 11th March 2017. Previously, the SSD was payable if homeowners sell off their properties within four years of purchase, at a rate of between four to 16 per cent. The new SSD has had its holding period revised downwards to three years and the duty rate has been reduced by four percentage points for every year. The new SSD rates now range from four per cent for residential properties sold in the third year to 12 per cent for those sold in the first year.
Third, the Total Debt Servicing Ratio (TDSR) was relaxed so as to allow for borrowers to monetise their properties. The Monetary Authority of Singapore will no longer apply the TDSR framework to mortgage equity loans with LTV ratios of 50 per cent and below.
Last, a new stamp duty treatment for the acquisition and disposal of equity interest in property holding entities has been introduced. Transactions involving residential properties will be subject to the same stamp duty rates regardless of whether through a direct sale of the property or through the sale of shares in the holding entity.
To the typical property buyer and investor, the tweak to the SSD is the only material one. As there is hardly any speculation in the residential property market, the tweaking of the SSD holding period and rates is a very safe and calibrated approach. It brings relief and a way out for investors and property owners who may have to dispose of the property bought in the short term without the additional burden of SSD (if sold in the 4th year), or having to pay a reduced SSD should they have to sell within the 3 year holding period. The additional flexibility in the timing of sale will certainly benefit both owner occupiers and investors.
Though there is much to cheer about, this change in SSD period and rates is only applicable to residential properties bought on and after 11 March 2017. There is no change to SSD holding period and rates for residential properties bought between 14 January 2011 and 10 March 2017.
As such, this measure is a forward looking one that allows prospective residential property purchasers to re-calibrate their calculations, expectations and holding period, should they purchase residential properties on or after 11 March 2017. While it may change slightly how investors and home-buyers look at the timeline on holding the properties, it is not expected that this tweak will have the effect of pushing up property prices in both the primary and secondary market.
In today’s market, opportunities are plentiful for home buyers. The main dampers of buying demand, the ABSD and TDSR, are still in force. Hence, developers and individual sellers will still have to price their properties realistically in order to achieve the desired sales numbers within the marketing period.
Already, before the tweak to the SSD, figures from the Urban Redevelopment Authority already show that developer sales are picking up, with 977 private residential units sold in February 2017. This figure is 2.6 times that of January. March’s sales figures are expected to be even higher.
With the new SSD in place, investors will probably favour newly launched projects, as the three year holding period coincides with the approximate construction time of the development. This allows investors the flexibility to sell off their unit upon completion of the project without incurring any levy. Also, given the weak rental market currently, buying an uncompleted project allows investors to wait out the downturn.
In addition, developers have deliberately kept the overall quantum of each unit affordable so as to remain attractive. With ample supply in the market, these investors have many choices.
Developers have just started launching their 2017 projects. The Clement Canopy, Grandeur Park Residences and Park Place Residences At PLQ have all met with positive response from investors.
For a “safer” bet, investors could look at developments which are near commercial clusters or have easy access to public transportation. These projects will generally see higher demand for housing units due to a ready tenant pool, and are usually more resilient to market shocks.
For owner occupiers, good deals are still to be found in the resale market. For instance, in February, some mass market properties were sold at an approximate 20 per cent discount to their purchase price a few years back. For the wealthy, now might be a good time to enter the luxury market. Prices have only decreased by 1.2 per cent over 2016, compared to the three per cent decrease for the overall market. In addition, there have been several cases where buyers picked up very good bargains. For example, a unit in Orchard Scotts was purchased for $3.68 million, less than half the $8.5 million the previous buyer paid for it. At Seascape, a development in Sentosa Cove, a unit was transacted for $6.2 million, while the owner paid $12.8 million for the same property in 2010.
While this time around, the tweaking of the cooling measures is a minor one, we look to the intent rather than form. It would perhaps be an indication that the government is finally prepared to loosen some of the policies now that the property market is on firmer footing. Buyers might be tempted to postpone their plans to wait for more measures to be tweaked. However, as more measures are eased, prices will start to rise. Hence, instead of trying to time their purchase, buyers would be better off buying when they need to, at a reasonable price.
Summary table of current property measures
Source: Inland Revenue Authority of Singapore, Monetary Authority of Singapore, ERA Research
[1] If property is bought on or after 11 March 2017
[2] If property is bought between 14 January 2011 and 10 March 2017
By Eugene Lim, Key Executive Officer and Seah Yao Hui, Assistant Manager, Research