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Archive | November, 2007
More supply but HDB prices will go up: Mah
Board may offer another 6,000 units through build to order scheme (SINGAPORE) The Housing and Development Board will continue to monitor demand and could offer another 6,000 units through its build-to-order (BTO) system. However, prices are also likely to go up. Saying that he did not want to ‘fudge the issue’, National Development Minister Mah […]
Where high finance meets high living
The new downtown will boast a casino, a financial hub, condos and retail areas TIRED of Orchard Road? Jaded by Clarke Quay? Finding Robertson Walk just a trifle same-old, same-old? For the Singapore consumer – probably among the most avid in the world – Marina Bay may be the next big thing. The new downtown […]
Stamford Land in A$220m Sydney project
Site in The Rocks will have apartment tower, terrace homes, retail units SINGAPORE-LISTED Stamford Land, the hotel and property arm of shipping tycoon Ow Chio Kiat, is planning to build some of Australia’s most expensive homes on the site of two old demolished warehouses and a heritage building. Mr Ow bought the 99-year leasehold site […]
ING Real Estate plans second China fund
It is also looking to buy and privatise battered Reits in mature markets (HONG KONG) The world’s biggest property fund manager ING Real Estate plans a second China fund next year, worth about US$700 million, in response to growing enthusiasm for Asian property at a time when Western markets are suffering. With a global credit […]
Cheung Kong wins HK$7b MTR property project
(HONG KONG) Cheung Kong (Holdings), the property flagship of tycoon Li Ka-shing, has won a tender from Hong Kong subway operator MTR Corp Ltd to develop a residential project with an investment cost of HK$7 billion (S$1.29 billion). MTR said in a statement that it would sign a formal agreement with Cheung Kong for the […]
Wharf posts HK$3.12b Q3 profit
Earnings more than double on higher rental income from office and retail properties (HONG KONG) Wharf Holdings Ltd, the Hong Kong landlord and port operator that owns a pay-television company, more than doubled its third-quarter profit as rental income from office and retail properties rose. Net income for the three months ended Sept 30 rose to […]
Keppel Land to build 140 Viet waterfront villas
It forms 60-40 joint venture; project’s investment capital seen at US$55.2m KEPPEL Land will build 140 waterfront villa homes in Ho Chi Minh City, its eighth residential development in Vietnam this year. In a statement yesterday, Keppel Land said that it had formed a joint venture, through wholly owned subsidiary VN Investment Pte Ltd, with […]
Trouble looms for a third of UK mortgages
Self-employed and those who move house frequently open to risk (LONDON) Up to one in three or 5.5 million mortgage holders in Britain could face serious financial difficulties as a result of the US sub-prime crisis and the tougher lending climate it has created, a study showed. According to a report published by consumer research […]
Segro buys property worth £400m in H2
(LONDON) British property firm Segro plc cautioned about continued weakness in Britain’s property markets, but it bought £400 million (S$1.19 billion) of property in its second half as it took advantage of good buying opportunities. In a trading update yesterday, the firm said financial market turmoil was taking a toll on the UK property market, […]
Grim US housing outlook in 2008
(CHICAGO) US homebuilders said the housing market probably will weaken in 2008 as foreclosures rise and banks tighten lending standards. Demand has deteriorated in many markets, limiting the prospect of a rebound in new home sales, chief executive officers for D R Horton Inc and Beazer Homes USA Inc. said on Tuesday at a JPMorgan […]
US commercial real estate set to take a hit
Traders see bond defaults rising to the highest level since Great Depression (LONDON) In the bond market, commercial property investors are about as creditworthy as US homeowners with sub-prime mortgages. ‘Commercial real estate is a full-blown bubble that feels very much at a bursting point,’ said Christian Stracke, an analyst in London at CreditSights Inc, […]
COMMENTARY – Life can go on, with or without a home of your own
MARKETING manager Eva Chia accepted her boyfriend’s proposal in the middle of this year, but their joy was short- lived when the hunt for a marital home turned up nothing for months on end. Their combined income busted the ceiling for subsidised housing but they baulked at the prices of resale Housing Board (HDB) flats […]
More than 7,000 new flats expected over next 7 months
Over 1,000 flats in 2 projects launched yesterday; 6,000 more to come by next June NEWLY-WEDS need not worry about not having a new HDB roof over their heads. More than 7,000 new Housing Board flats will be offered for sale over the next seven months, as well as seven plots of land which could […]
US existing home sales fall to 8-year low
WASHINGTON – SALES of previously owned United States homes fell last month to the lowest level in at least eight years as loan restrictions and the prospect of further price declines deterred buyers. Purchases dropped 1.2 per cent, more than forecast, to an annual rate of 4.97 million, the lowest since record keeping began in […]
Westwood Apartments sold for $2,525 psf ppr
WESTWOOD Apartments at Orchard Boulevard has been sold for $435 million or a unit price of $2,525 per square foot per plot ratio (psf ppr), making it the most expensive site to be sold by collective sale to date. In June, The Ardmore was sold for $262 million or $2,337 psf ppr. The price achieved […]
United Engineers makes top bid for AMK DBSS site
UNITED Engineers (UE) has emerged as the top bidder for HDB’s latest Design, Build and Sell Scheme (DBSS) site in Ang Mo Kio, the government agency said yesterday. UE’s bid – which was the highest of five – came in at $134.2 million, or some $212 per square foot per plot ratio (psf ppr). The […]
EL Devt to build 200-unit condo in Woodlands
EL Development plans to build a 200-unit mass market condominium on the Woodlands site it won in a government tender, the company’s managing director Lim Yew Soon told BT yesterday. The project, which will be launched in the third quarter of 2008, is expected to sell for about $600-$650 per square foot (psf), Mr Lim […]
Oversupply looms in S’pore office sector: Citigroup
It downgrades two stocks with key exposure to sector – KepLand, CityDev SINGAPORE is in danger of seeing an oversupply of office space from 2010 onwards, Citigroup is warning. The bank’s research unit has also downgraded two Singapore stocks with significant exposure to the office market here – Keppel Land and City Developments. ‘The market […]
Yishun industrial site up for sale
A SITE at Yishun Avenue 6 has been put up for sale for industrial development. The land parcel is one of the four new industrial sites that were scheduled for release on the reserve list under the Government Industrial Land Sale Programme for the second half of 2007. The 1.43-hectare site has a plot ratio […]
Funds tailor products for the nest egg
(NEW YORK) Wall Street has repeatedly sounded alarms to spur working Americans to save more for retirement, but it has been less interested in helping convert nest eggs to spendable, post-paycheque income. Of course, mutual funds emphasising dividends have long been available, along with plans for withdrawing principal. More recently, the industry has offered life-cycle […]
Emerging markets losing lustre
Pictet Asset Management now banking on green investments A PIONEER in emerging market investments and environmental funds is sounding caution on emerging markets, even as he hails the green theme as the wave of the future. Renaud de Planta, chief executive of Pictet Asset Management, says emerging markets could underperform mature markets in the near […]
China, India seen driving Asia’s wealth market
SG PRIVATE Bank is looking to China and India to drive Asia’s wealth markets, and the sub-prime crisis is a short-term hiccup, says chief executive Pierre Baer. The firm advises on some US$20 billion in Asian clients’ assets, posting an annual growth of about 30 per cent. It set up its Singapore office in 1998. […]
Bull market in Asia in mature stage
Value investing advisable THE bull market in Asia ex-Japan equities is in the mature stage, says Markus Rosgen of Citi Investment Research, and he advises investors to switch from momentum investing towards value. In the value space, Mr Rosgen, Citi’s chief Asian strategist, favours large cap stocks which he says have only just begun to […]
Bond insurers affected by credit crunch
(NEW YORK) INVESTORS already burned by turmoil from the credit crunch are now worried about unwanted surprises in the industry that insures bonds. In the face of mounting losses in US mortgages, rating agencies are reviewing eight leading bond insurers, which could lead to downgrades. Such a move could ripple across the financial sector, because […]
Citi sees likely office space glut by 2010
Other analysts argue that pent-up demand will soak up excess supply OFFICE space may be in severe short supply now, but Citigroup predicts the tables will be turned by 2010 with even a glut possible. ‘The market is underestimating the potential supply of new office space in 2010 and beyond, in our view,’ said the […]
Condo-like housing plot nets $134m bid
A THIRD site earmarked for public housing to be designed, built and sold by private developers has attracted a top bid of $134.2 million. Greatearth Development placed the bid, which was 13 per cent higher than the one submitted by its closest rival, AMK Development, and well ahead of those of the other three contenders. […]
RECORD PROPERTY DEAL NO. 1: Paying a premium for ocean views
But analysts say price tag is not typical of HDB market, which is more moderate IN AGEING five-room HDB flat in Marine Parade has been snapped up for a record price of $750,888 – and all because of its sweeping ocean views. The buyers, who paid cash, bought the 32-year-old Marine Terrace flat as their […]
Record property deals: $750,888 for 5-rm Marine Parade flat
IN FRESH signs the property market is still pretty hot, an HDB flat has sold for a record $750,888 – and a developer has paid a record price for a collective sale site. A retired couple yesterday bought the 32-year-old recently renovated flat in Marine Parade. The couple, who declined to be named, have lots […]
RECORD PROPERTY DEAL NO. 2: High collective sale price catches analysts off guard
THE record collective sale price achieved by Westwood Apartments yesterday has put to rest industry concerns that the red-hot property market has cooled off. Malaysian conglomerate YTL Corporation paid $435 million for the 30-year-old condominium in Orchard Boulevard, with an additional $4.6 million development charge. This prices it at a startling $2,525 per sq ft […]
IPO lifts Indian property baron’s fortune by $6.3b
Shares of Mundra Port & SEZ more than double on debut on back of infrastructure boom MUMBAI – INDIAN property magnate Gautam Adani has just added US$4.4 billion (S$6.34 billion) to his personal fortune. His company, Mundra Port & Special Economic Zone (SEZ), more than doubled on its first trading day in Mumbai, boosting the […]
US home prices plunge by record 4.5%
WASHINGTON – HOME prices in the United States fell in the third quarter by the most in at least two decades, as the sub-prime lending crisis caused sales to slump. Home values retreated 4.5 per cent in the three months ended Sept 30 from the same period last year, the most since records began in […]
Expat cost of living in S’pore gaining on HK’s
S’pore and Chinese cities move up the ranks due to strong currencies, inflation (SINGAPORE) The Republic is catching up with Asia’s leading cities in one area it probably does not wish to make strides in – expatriate cost of living. While some of the region’s most pricey cities became relatively less expensive in the past […]
Riverwalk, Cairnhill Mansion and site next door up for sale
(SINGAPORE) Three prime sites – one zoned for commercial use and two for residential use – went on the market yesterday. The Riverwalk near Clarke Quay is offered through a collective sale, said property firm Jones Lang LaSalle (JLL) which is marketing the project. Market watchers reckon that the project could fetch about $700 million […]
S’pore launches pushed back as developers gauge sentiment
Some projects being launched overseas first, others struggle to finish showflats (SINGAPORE) Developers here are holding back residential launches due to poor market sentiment – and in some cases are choosing to launch their projects overseas first as they wait for market sentiment here to recover. Launches are also being held back as showflats are […]
Two more transitional sites up for tender
Mountbatten and Aljunied sites follow those at Scotts Rd and Tampines (SINGAPORE) The Urban Redevelopment Authority has launched two transitional office sites at Mountbatten Road and Aljunied Road/Geylang East Avenue 1 for sale by tender. This follows the recent sale of two transitional office sites at Scotts Road and Tampines for $219 per square foot […]
Lippo sees top Jakarta property value triple by 2014
Group plans to invest up to US$10b in domestic real estate projects by that time (JAKARTA) Indonesia’s Lippo Group, which runs hospitals and property firms, said it would spend up to US$10 billion on domestic real estate projects by 2014, and expects prime Jakarta property to double or triple in value by then. The group, which […]
Nakheel to buy UK property, set up Reit
Developer sees value in assets, may sell shares in US$700m trust in S’pore in ’08 (DUBAI) Nakheel PJSC, the Dubai, United Arab Emirates-based developer of the world’s biggest manmade islands, will buy UK real estate investment funds and start a real estate investment trust, or Reit, as it expands into property asset management. ‘UK Reits […]
Istithmar to transfer properties to Nakheel
Dubai’s move will create global real estate group with US$52b of projects (DUBAI) Istithmar PJSC, a Dubai government-owned private equity investor managing US$10 billion, will merge its real estate investments with Nakheel PJSC, another property company owned by its parent. ‘The nature of the real estate assets that we have will be well served by […]
China developer acquiring Spirit World
GUANGZHOU property developer China Yuanbang Property Holdings is acquiring Spirit World Holdings, one of the joint venture partners of its Aqua Lake Grand City project in Nanchang City, Hongjiaozhou for 200 million yuan (S$39 million). On completion of the proposed acquisition, Spirit World will become an indirect wholly owned subsidiary of the group, which will […]
UK house prices fall in Nov for second month running
Values down 0.2% from October but housing shortage seen limiting declines (LONDON) UK house prices fell for a second month in November as a jump in credit costs sapped confidence among buyers and sellers, a survey by Hometrack Ltd showed. The average cost of a home in England and Wales fell 0.2 per cent from […]
Sub-prime crisis takes its toll on European markets
But stability can be expected if the US avoids recession: DTZ (SINGAPORE) Shockwaves from the US sub-prime mortgage crisis a few months ago are reverberating through the real estate markets of the UK and Europe, with deals shelved or abandoned. In its European Quarterly 2007 report, DTZ says the volume of transactions could fall at […]
Cairnhill Mansion up for collective sale
THE Cairnhill Mansion apartment block near the Goodwood Park Hotel, plus an adjoining site, have been put up for collective sale – a transaction that could total nearly $600 million. The owners of Cairnhill Mansion, which is about 40 years old, want at least $443.6 million for their estate, comprising 60 apartments of 2,024 sq […]
Short-term office sites put up for sale to ease crunch
Plots in Aljunied and Mountbatten roads come with 15-year leases GOOD news for office tenants struggling to find affordable office space in the Central Business District (CBD). The Government yesterday launched for sale two short-term office sites along Aljunied and Mountbatten roads to ease the office space crunch. Both plots come with 15-year leases and […]
S’pore ranked 9th most costly Asian city for expatriates
SINGAPORE has risen 10 places in a new global survey of the most expensive places for expatriates to live. The Republic is closing the gap on higher-priced Hong Kong, which stayed at No. 79 in the survey, conducted by human resources firm ECA International. Despite the jump, Singapore, at No. 122, is still significantly cheaper […]
It wasn’t me, Greenspan says of housing mess
Sales and price slump not a reflection of Fed policies when he headed central bank LONDON – FORMER Federal Reserve chairman Alan Greenspan said he has ‘no particular regrets’, and that the deepening slump in the United States housing market is not a result of his policies. ‘Markets are becoming aware of the fact that […]
Property may be big gainer as real interest rates plunge
Mounting inflation makes it tempting to borrow, but things may change in the long run (SINGAPORE) Rising inflation may be starting to worry policymakers and the man on the street, but it has had an interesting side effect. It has pushed down the real interest rate dramatically and is expected to drive the property market […]
Firm to sell Malacca Centre retail space
A RETAIL podium at Malacca Centre in Raffles Place has been put up for sale. The 999-year leasehold property comprises of ground and basement floors and has direct frontages to the main road. The sellers are an investment holding company, said property firm Cushman & Wakefield, which is marketing the property. The property has a […]
Asia should be on inflation alert: JPMorgan
Countries that let currency strengthen will be better off (SINGAPORE) Inflation poses a bigger and more immediate threat to countries in Asia than a US economic recession, said a senior equity strategist. Emerging-market countries that allow their currencies to strengthen in the next 12 months are more likely to see sustained economic growth and escape […]
Malaysian tycoon enters S’pore luxury homes market
YTL Group plans to build top-end marina, residential projects in region MALAYSIAN tycoon Francis Yeoh, who helms YTL Group, one of Malaysia’s largest listed companies, is intent on an aggressive expansion in Asia – starting in Singapore. The Republic is the target of the first part of his grand plan to build a series of […]
