Saturday, March 22, 2008

CapitaLand Is Ahead Of Curve

Source : TODAY, Thursday, March 20, 2008

Increasing presence in emerging markets makes CapitaLand a good bet for investors.

With Singapore’s property market cooling, analysts are looking at developers which have bought substantially into other promising places. To many, CapitaLand could be a good bet for investors.
















MAKING ITS PRESENCE FELT: Capital Tower (centre), home to CapitaLand headquarters. CapitaLand’s businesses range from residential and retail developments to real-estate investment trusts.

Analysts say the company’s diversified business portfolio and increasing presence in emerging markets, including Vietnam and India, more than make up for the slowdown in Singapore’s property sector. Moreover, CapitaLand’s shares are beginning to look attractive after falling nearly 30 per cent since the start of November, when signs of a slowdown began emerging in Singapore.

“CapitaLand is once again ahead of the curve, selling down its Singapore exposure early last year and increasing exposure to exciting emerging markets such as Vietnam, India and China,” says Ian J Beattie, head of Asian equities at United Kingdom-based New Star Asset Management.

Mr Beattie says his firm is a “substantial” holder of the developer through two Asian funds and institutional accounts run on behalf of clients. New Star recently bought more shares after building up a larger stake a few years ago. At CapitaLand’s current price, the stock appears to be a “pretty good value,” he says.

CapitaLand, whose shares fell 2.4 per cent yesterday to $5.72, is 42 per cent-owned by Temasek Holdings.

CapitaLand’s businesses range from residential and retail developments to real-estate investment trusts. Last year, about 38 per cent of revenue came from Australia and New Zealand, followed by China with about 29 per cent, and Singapore with almost 24 per cent. A year earlier, Singapore accounted for about 29 per cent of revenue, while about 40 per cent was from Australia and New Zealand, and 21 per cent from China.

The company recently expanded in India through joint ventures to invest, develop and manage retail projects. In Abu Dhabi, it entered a venture for a real-estate development.

CapitaLand’s next big bet seems to be Vietnam, where strong economic growth is speeding up urbanisation. Last month, the developer said it planned to establish a US$300 million ($413 million) fund focused on Vietnamese real estate. CapitaLand aims to significantly accelerate the pace at which it develops housing units in Vietnam.

“There is a frenzy about the Vietnam market right now and I think Vietnam will be a good exposure for any developer,” says UOB Kay Hian analyst Vikrant Pandey.

The analyst, who has a “buy” rating and a 12-month target price of $6.90, says he likes CapitaLand because of its geographic and sectoral diversification as well its strong balance sheet. “Any share-price weakness is a good opportunity to accumulate this stock,” he says.

CapitaLand trades at about 16.5 times its projected earnings for this year, according to Thomson One Analytics. That makes the stock more expensive than most of its Singapore-listed competitors, including heavyweight City Developments, which trades around 12 times forecast 2008 earnings.

However, bullish analysts argue CapitaLand deserves a premium for its diversity, size and management strength.

浩然大厦一业主称销售委会失责

《联合早报》Mar 21, 2008

销售委员会想‘扮演上帝’,利用我的家来套利!”浩然大厦(Horizon Towers)少数业主之一的李仕隆,昨天在第二天的高庭上诉审讯中这么说。

李仕隆告诉法官,虽然了解和接受在新加坡,集体出售是城市更新的一个做法,但他不能接受销售委员会缺乏诚信和透明度的做法。

他指出,销售委员会没有公开曾获得更高售价献议,在出售时也没有通知所有业主,而且把所作所为归咎于律师建议,有违反集体出售协议、失责和欠缺透明之嫌。李仕隆这一次放弃聘请律师,自己出庭上诉。

由于销售委员会在分层地契局供证的时候表示,是在律师指引下行事。给予销售委员会法律咨询的卢纳北亚律师事务所(Drew & Napier LLC)于今年1月16日向少数业主致函澄清,当时建议委员会在采取任何行动之前必须咨询销售代理以及房地产专家,确保交易是以同意出售业主的最佳利益为出发点。

此外,李仕隆也提出,由于代理销售的First Tree Properties,代理费是由买方支付,而出现利益上冲突:代理会宁可选择一个肯支付它更高代理费的买家,而放弃为业主争取最高售价。

除了提出反对论据外,李仕隆还将个人的故事告诉法官:他是名印尼华侨,于1988年来到新加坡,一直都住在浩然大厦,在那里长大,之后落地深根,因此不想迁离。

之前接受本报访问时,目前从商的李仕隆说,他当年是和阿姨一起住,大学毕业结婚后,与妻子在浩然大厦买下一个单位。由于情牵浩然大厦,阿姨和他一开始都不愿出售。

去年12月初,分层地契局二度审理浩然大厦集体出售申请后,认为少数业主提出的反对论据不足以损害少数业主的利益,批准申请。不满裁决的少数业主向高庭提出上诉,证明交易诚信缺失(bad faith)。由旅店置业(HPL)和两家外国投资基金(Morgan Stanley及Qatar Investments)组成的财团HPPL,去年2月以5亿元集体收购浩然大厦。

浩然大厦集体出售审讯将在四月续审。

史丹福置地澳纽8家酒店的买家没行使购买权协议失效

《联合早报》Mar 21, 2008

史丹福置地(Stamford Land)在澳大利亚和纽西兰的8家酒店吸引了多家公司的兴趣。

史丹福置地昨天发表文告说,曾有一家上市公司承诺以8亿5000万澳元来购买这批酒店,由于它没有在3月7日执行认购权,因此这项专属的买卖协议已经失效。

史丹福置地已经因为这项专属协议,而向这位身份保密的买家,收取了130万澳元的定金,作为审核计划的用途。

根据史丹福置地的文告,这位买家是一家相当具规模,而且旗下拥有投资性房地产、私人住宅房地产和酒店的多元化国际公司。

它说,双方在3月7日的认购权到期日之后,曾经展开另一轮的谈判。对方要求宽限多一些时间来行使有关认购权,但被集团拒绝了。它说:“集团之后也收到其他方人马有意购买集团旗下酒店的请求。”

史丹福置地说,这批酒店的账面价值约3亿8200万美元(约合4亿7800万新元),一直都是集团的核心业务,为集团带来稳定的固定性收入。由于澳大利亚和纽西兰正面对日益高涨的发展成本,因此在可预见的未来,应该不会面对太大的竞争,客房供应也应该不会出现过剩的情况。

不过,它呼吁股东们谨慎处理自己的股票交易,因为集团的酒店业务并不一定能成功脱售,而且所有的房地产交易都必须获得有关当局和股东的批准。

史丹福置地透露,有关酒店交易并不包括集团的房地产发展业,集团将继续通过史丹福品牌发展门盘生意。目前,房地产发展是该集团的第二个核心业务,由于它借助史丹福品牌来发展和销售的豪华公寓,都有不错的成绩,因此集团将在现有基础上进一步扩充业务。

它说,如果集团真的将酒店业务脱售出去,将会把焦点集中在房地产发展业,并且把多余的资金归还给股东。

西海岸弯地段12方争标 最高出价1.1044亿元

《联合早报》Mar 20, 2008

虽然最近卖地反应都比较差,昨天招标截止的一幅西海岸弯(West Coast Crescent)地段却吸引到12方人马进场争夺,战情异常激烈。

出手最高的Billion Rise有限公司以1亿1044万元,即容积率每平方英尺305元来投标这幅地段,价格只比排名第二的Tian Hock房地产高出1.4%,即一个马鼻的差距。

Billion Rise相信跟香港富豪李嘉诚和长江实业有关。根据BIZNET的记录,Tian Hock房地产则跟远东机构有关,因为该公司的其中一名股东正是远东机构总裁黄志达,即远东机构创办人黄廷方的幼子。

除了长江实业和远东机构,MCL地产、森联(Sim Lian)、海峡实业(Hoi Hup Realty)、星狮地产(Frasers Centrepoint)、黄祖耀的私人房地产发展公司——庆隆(通过Chappelis)、逢来发(HLH Group)、兄弟控股(Brothers Holdings)、长春产业、丰隆实业、Teambuild等大大小小发展商,昨天几乎都倾巢而出。

过去几个月来,美国次贷风暴越演越烈,本地卖地活动已经相当长一段时间没有看过这么旺热的招标反应。例如本月初招标截止的西林道有地住宅地段,就只吸引到两份招标书,而且出价最高的投标书,后来也被建屋局以投标价格太低为理由而拒绝发售。

第一太平戴维斯(Savills)行销与业务开发主管邱瑞荣认为,这个热烈的招标反应显示,好的地段永远都会吸引到热烈的反应和好的出价。

莱坊(KnightFrank)研究部主管麦俊荣则指出,这幅地段除了靠近学校,还能够欣赏到金文泰公园和西海岸公园的翠绿景观,以及蔚蓝的海景。

“这幅地段所建起来的共管公寓,最高可达36层,因此一些高楼的单位将能欣赏到毫无遮挡的公园和大海景色。更重要的是,这次招标的反应,反映了发展商对一些大众化市场项目的信心。”

这幅地段占地12万9168平方英尺,可建筑面积为36万1670平方英尺。这意味,发展商可以兴建250至300个单位的共管公寓项目。

西海岸弯一带可以说是个学府区,除了新加坡国立大学,工艺教育学院(ITE)、新加坡理工学院和日本人学校都在附近,有相当密集的外国人社群。附近的新共管公项目,如Varsity Park和Clementiwoods,单位都已经100%售出。

世邦魏理仕(CB Richard Ellis)执行董事李晓和指出,以容积率每平方英尺305元的地价来计算,这幅地段所建起来的共管公寓,成本大约在每平方英尺700元至720元之间。这意味,发展商很可能把售价“瞄准”在每平方英尺800元左右。

“今年一二月,Blue Horizon的二手单位成交价大约是每平方英尺750元。至于还没有完工的Varsity Park和Clementiwoods,二手楼花的转售价格介于每平方英尺680元至750元。”

Roxy-Pacific Profit Soars On Good Show By Property, Hotels

Source : The Business Times, March 20, 2008

NEWLY listed Roxy-Pacific Holdings, a Singapore specialty property and hospitality group, has posted a strong set of maiden results.

St Patrick's Loft: One of the projects which contributed to higher revenue from property development

Group net profit surged to $19.3 million for the full year ended Dec 31, 2007, from $4.84 million the previous year as revenue more than doubled to $102.7 million from $48.8 million.

Earnings per share increased to 3.79 cents from 1.02 cents. The increase in revenue was driven by strong performances by both the key segments of property development and hotel ownership and property investment.

Revenue from property development rose to $64.2 million from $18.0 million as a result of the progressive recognition of revenue from the sales of seven development projects: The Nclave, The Treeline, The Montage, St Patrick's Loft, Axis@Siglap, The Marque@Irrawaddy and The Medley.

Higher selling prices of the group's property units resulted in improved gross profit margin of 21 per cent, up from 10 per cent.

The group's gross profit margin for its hotel ownership and property investment segment also increased.

Said Teo Hong Lim, executive chairman and CEO of Roxy-Pacific: 'In 2007, the strong property market and robust tourism industry augured well for us and we remain optimistic about the Singapore property market in 2008, in particular, prospects for the mid-tier and mass market segments which is the focus of all our existing projects.'

'We intend to launch eight residential projects comprising about 290 units for FY2008 and expect these together with current ongoing projects to contribute positively to our performance for FY2008.'

The group announced a final cash dividend of one cent per share, which translates to a dividend yield of about 4 per cent.