Source : TODAY, Friday, February 27, 2009
End ‘09, early next year could be better, says CDL chief
CITY Development Limited (CDL) believes it is too early for it to start snapping up property in the downturn.
“The buyer-seller price gap is too wide still, so it’s not time to buy. The end of the year, early next year could be better,” said City Developments Limited’s (CDL) executive chairman Kwek Leng Beng at the group’s annual results briefing yesterday. Asset prices, he said, have not fallen to levels that are attractive enough.
CDL yesterday announced an after-tax profit of $580.9 million, almost a 20-per-cent dip from a year earlier. Even so, that was the group’s second-highest earnings since inception.
It attributed the fall partly to a 5.2-per-cent decline in revenue and lower contribution from its hotel operations under London-listed Millennium and Copthorne Hotels (M&C). This was mostly due to currency conversion, given the Singapore dollar’s recent strength against the British pound.
“Not unexpectedly, 2008 was a challenging year for the Singapore property market with downward pressure on both transaction volumes and sale prices after blistering performance in the previous two years, weighed down by global financial woes,” the company said.
“The group is aware of the many challenges that lie ahead.”
CDL said its balance sheet remained healthy, and it was not planning any rights issue to raise capital. It expects to stay profitable this year.
In the coming year, CDL said it would “exercise prudence” on expenses. It would “keep staff as much as (it) can” in Singapore.
CDL’s net borrowings stood at $3.4 billion, or 32 per cent of assets if fair value gains are taken into account, said chief financial officer Goh Ann Nee.
In the first half of this year, it will launch 60 units at the 724-unit Livia, 100 units at the 336-unit The Arte at Thomson, and 100 units of the 228-unit The Quayside Isle @ Sentosa Cove.
The group has 142 unsold units from projects previously launched projects, with less than 10 per cent of those high-end.
CDL is holding back its South Beach project. It added that based on a recent valuation for the year ended Dec 31, there was no impairment required for the development.
Mr Kwek refuted rumours about consortium partners pulling out of the project.
The company is planning to issue the second tranche of Islamic Sukuk in the first quarter of this year. It is likely to be three or four times larger than the first one. In January, CDL issued $100 million worth of notes under its $1-billion Islamic note programme.
Friday, February 27, 2009
Will It Be A Champion?
Source : TODAY, Friday, February 27, 2009
Mixed views on whether pricing is attractive to buyers
THE first batch of HDB flats for this year has been launched, but do they reflect homebuyers’ budgets in this downturn? And are their prices an indication of what to expect from other projects later this year?
Champion Court, at the junction of Champions Way and Woodlands Avenue 1, was launched yesterday under the Build-To-Order (BTO) system, where projects are only built when a certain level of demand is reached.
The 815 new flats include the first studio apartments in Woodlands and are priced below their equivalent market prices to ensure affordability, said the Housing and Development Board (HDB).
There are 182 three-room flats priced from $118,000 to $142,000, and 224 four-room flats with prices ranging from $194,000 to $227,000. Five-room flats — of which there are 185 — are from $247,000 to $296,000. The others are smaller studio apartments and three-room units.
Member of Parliament Lim Wee Kiak (Sembawang) who raised the issue of affordable housing in Parliament recently, said Singaporeans could be paying under $100,000 for a three-room flat if they make use of Government grants.
PropNex CEO Mohamed Ismail said he expects the project to be “five times oversubscribed” since prices are up to 40 per cent lower than resale flats in the area.
But Chesterton International’s head of consultancy and research Colin Tan does not expect response to be good. Besides the less-than-ideal location, prices are not attractive enough for the smaller-sized apartments, he said.
Mr Tan said HDB should reconsider pricing some of its new flats “in far-flung suburban locations such as Woodlands” by about $20,000 to $30,000 lower.
But Dennis Wee Group’s vice-president Chris Koh expects prices to remain constant since HDB should have “factored in” the long recession and “priced accordingly.”
HDB will launch some 3,000 BTO flats in the first half of this year, mostly in Ponggol.
Out of these, 1,400 will be smaller studio apartments, two- and three-room flats. It will also continue to monitor demand in other towns.
Applications can be submitted online at www.hdb.gov.sg until March 11.
Mixed views on whether pricing is attractive to buyers
THE first batch of HDB flats for this year has been launched, but do they reflect homebuyers’ budgets in this downturn? And are their prices an indication of what to expect from other projects later this year?
Champion Court, at the junction of Champions Way and Woodlands Avenue 1, was launched yesterday under the Build-To-Order (BTO) system, where projects are only built when a certain level of demand is reached.
The 815 new flats include the first studio apartments in Woodlands and are priced below their equivalent market prices to ensure affordability, said the Housing and Development Board (HDB).
There are 182 three-room flats priced from $118,000 to $142,000, and 224 four-room flats with prices ranging from $194,000 to $227,000. Five-room flats — of which there are 185 — are from $247,000 to $296,000. The others are smaller studio apartments and three-room units.
Member of Parliament Lim Wee Kiak (Sembawang) who raised the issue of affordable housing in Parliament recently, said Singaporeans could be paying under $100,000 for a three-room flat if they make use of Government grants.
PropNex CEO Mohamed Ismail said he expects the project to be “five times oversubscribed” since prices are up to 40 per cent lower than resale flats in the area.
But Chesterton International’s head of consultancy and research Colin Tan does not expect response to be good. Besides the less-than-ideal location, prices are not attractive enough for the smaller-sized apartments, he said.
Mr Tan said HDB should reconsider pricing some of its new flats “in far-flung suburban locations such as Woodlands” by about $20,000 to $30,000 lower.
But Dennis Wee Group’s vice-president Chris Koh expects prices to remain constant since HDB should have “factored in” the long recession and “priced accordingly.”
HDB will launch some 3,000 BTO flats in the first half of this year, mostly in Ponggol.
Out of these, 1,400 will be smaller studio apartments, two- and three-room flats. It will also continue to monitor demand in other towns.
Applications can be submitted online at www.hdb.gov.sg until March 11.
Those 224 Studio Flats ...
Source : TODAY, Friday, February 27, 2009
The new build-to-order (BTO) flats at Champions Court in Woodlands caught their eye, but the young couple decided to stick with their application for a four-room flat at Sengkang even though prices were similar.
Why? Bride-to-be Izyanty Asmary, 23, said she was “not comfortable” with having studio apartments — targetted for senior Singaporeans — in the same residence, and the Woodlands flats appeared to be more cramped.
For the first time, studio apartments, comprising 224 of the 815 units, will be up for sale in Woodlands. The apartments come with elderly-friendly features such as grab bars and non-slip flooring.
Member of Parliament Dr Lim Wee Kiak (Sembawang) pointed out that “different demographics would make the community more interesting. It also encourages community to help one another.”
Families can get a bigger unit, while the older folks live in the studio apartment, he noted, they could help take care of young children.
There are 30 units of 37-sq metre studio apartments priced between $57,000 to $64,000, and 164 units of 47-sq metre apartments priced from $71,000 to $80,000 up for sale.
The new build-to-order (BTO) flats at Champions Court in Woodlands caught their eye, but the young couple decided to stick with their application for a four-room flat at Sengkang even though prices were similar.
Why? Bride-to-be Izyanty Asmary, 23, said she was “not comfortable” with having studio apartments — targetted for senior Singaporeans — in the same residence, and the Woodlands flats appeared to be more cramped.
For the first time, studio apartments, comprising 224 of the 815 units, will be up for sale in Woodlands. The apartments come with elderly-friendly features such as grab bars and non-slip flooring.
Member of Parliament Dr Lim Wee Kiak (Sembawang) pointed out that “different demographics would make the community more interesting. It also encourages community to help one another.”
Families can get a bigger unit, while the older folks live in the studio apartment, he noted, they could help take care of young children.
There are 30 units of 37-sq metre studio apartments priced between $57,000 to $64,000, and 164 units of 47-sq metre apartments priced from $71,000 to $80,000 up for sale.
Build-To-Order Flats In Woodlands For Sale
Source : The Straits Times, Feb 27, 2009
THE Housing Board yesterday launched its first build-to-order flat sale this year, with 815 flats in Woodlands up for grabs.
Called Champions Court, the batch of flats will include 224 studio apartments, which are being offered for the first time in Woodlands. There are also 182 three-room flats, 224 four-room flats and 185 five-room flats.
By its final update for the day, at 5pm yesterday, HDB had received 205 applications, mostly for the four- to five-room flats. There were 24 applications for studio apartments and 21 applications for three-room flats.
The monthly household income ceiling for purchasing a new three-room flat is $3,000. Those with gross monthly household incomes of not more than $8,000 can buy new four- to five-room flats, and studio apartments.
Champions Court is at the junction of Champions Way and Woodlands Avenue 1, near the Woodlands Regional Centre.
In its statement, HDB said the new flats are priced below their equivalent market prices to ensure that they are affordable to first-time buyers.
Indicative prices for the three-room flats range from $118,000 to $142,000; for the four-room flats, $194,000 to $227,000; and for the five-room flats, $247,000 to $296,000.
In the resale market, comparable three-room flats go for $200,000 to $209,000 while four-room units sell for $255,000 to $278,000, according to data provided by HDB.
Comparable five-room resale flats cost $304,000 to $345,000, it said. The 60 smaller studio apartments, which are 35 sq m in area, are priced from $57,000 to $64,000 while the 45 sq m studio units cost $71,000 to $80,000.
PropNex chief executive Mohd Ismail expects the project to be about five times over-subscribed.
'There's still strong demand for HDB flats in mature estates, particularly for four-room and five-room flats,' he said.
The absolute prices for the bigger HDB flats in mature towns such as Woodlands are still more affordable than those in estates nearer town, said Mr Ismail.
The recession has already hit the cash amount that buyers have to pay over the valuation price, but the volume of resale deals is so far largely steady, he added.
The median cash-over-valuation for resale flats in Woodlands fell from $18,000 in the third quarter of last year to $15,000 in the fourth quarter.
Applications for Champions Court can be submitted online from now until March 11.
THE Housing Board yesterday launched its first build-to-order flat sale this year, with 815 flats in Woodlands up for grabs.
Called Champions Court, the batch of flats will include 224 studio apartments, which are being offered for the first time in Woodlands. There are also 182 three-room flats, 224 four-room flats and 185 five-room flats.
By its final update for the day, at 5pm yesterday, HDB had received 205 applications, mostly for the four- to five-room flats. There were 24 applications for studio apartments and 21 applications for three-room flats.
The monthly household income ceiling for purchasing a new three-room flat is $3,000. Those with gross monthly household incomes of not more than $8,000 can buy new four- to five-room flats, and studio apartments.
Champions Court is at the junction of Champions Way and Woodlands Avenue 1, near the Woodlands Regional Centre.
In its statement, HDB said the new flats are priced below their equivalent market prices to ensure that they are affordable to first-time buyers.
Indicative prices for the three-room flats range from $118,000 to $142,000; for the four-room flats, $194,000 to $227,000; and for the five-room flats, $247,000 to $296,000.
In the resale market, comparable three-room flats go for $200,000 to $209,000 while four-room units sell for $255,000 to $278,000, according to data provided by HDB.
Comparable five-room resale flats cost $304,000 to $345,000, it said. The 60 smaller studio apartments, which are 35 sq m in area, are priced from $57,000 to $64,000 while the 45 sq m studio units cost $71,000 to $80,000.
PropNex chief executive Mohd Ismail expects the project to be about five times over-subscribed.
'There's still strong demand for HDB flats in mature estates, particularly for four-room and five-room flats,' he said.
The absolute prices for the bigger HDB flats in mature towns such as Woodlands are still more affordable than those in estates nearer town, said Mr Ismail.
The recession has already hit the cash amount that buyers have to pay over the valuation price, but the volume of resale deals is so far largely steady, he added.
The median cash-over-valuation for resale flats in Woodlands fell from $18,000 in the third quarter of last year to $15,000 in the fourth quarter.
Applications for Champions Court can be submitted online from now until March 11.
815 BTO Flats For Sale
Source : The Straits Times, Feb 26, 2009
THE Housing Board on Thursday launched its first build-to-order flat sale this year, with 815 flats in Woodlands up for grabs.
-- PHOTO: HDB
Called Champions Court, the batch of flats will include 224 units of studio apartments - offered for the first time in Woodlands.
There are also 182 units of three-room flats, 224 units of four-room flats and 185 units of five-room flats.
Champions Court is near Woodlands Regional Centre.
In a statement on Thursday, HDB said the new flats in Champions Court are priced below their equivalent market prices to ensure that they are affordable to first-time buyers.
The three-room flats range from $118,000 to $142,000, four-room flats from $194,000 to $227,000 and five-room flats from $247,000 to $296,000.
In the resale market, comparable three-room flats go for $200,000 to $209,000, while the four-room units go for $255,000 to $278,000, according to data provided by HDB.
Comparable five-room flats cost $304,000 to $345,000, it said.
The studio apartments are priced from $57,000 to $80,000.
Applications can be submitted online from Feb 26 to March 11.
THE Housing Board on Thursday launched its first build-to-order flat sale this year, with 815 flats in Woodlands up for grabs.
-- PHOTO: HDBCalled Champions Court, the batch of flats will include 224 units of studio apartments - offered for the first time in Woodlands.
There are also 182 units of three-room flats, 224 units of four-room flats and 185 units of five-room flats.
Champions Court is near Woodlands Regional Centre.
In a statement on Thursday, HDB said the new flats in Champions Court are priced below their equivalent market prices to ensure that they are affordable to first-time buyers.
The three-room flats range from $118,000 to $142,000, four-room flats from $194,000 to $227,000 and five-room flats from $247,000 to $296,000.
In the resale market, comparable three-room flats go for $200,000 to $209,000, while the four-room units go for $255,000 to $278,000, according to data provided by HDB.
Comparable five-room flats cost $304,000 to $345,000, it said.
The studio apartments are priced from $57,000 to $80,000.
Applications can be submitted online from Feb 26 to March 11.
HDB Launches BTO Project In Woodlands
Source : The Business Times, February 27, 2009
THE Housing & Development Board (HDB) has launched its first 2009 build-to-order (BTO) project at Woodlands.
Champions Court, at the junction of Champions Way and Woodlands Avenue 1, has 815 units, comprising 224 studio apartments, 182 three-room, 224 four-room and 185 five-room flats.
About 50 per cent of the units are studio apartments and three-room flats, in line with the government's commitment to provide a greater supply of smaller dwellings this year, HDB said.
The studio apartments will have elderly-friendly features such as grab bars and non-slip flooring.
Three-room flats cost from $118,000 to $142,000, four-room flats from $194,000 to $227,000 and five-room flats from $247,000 to $296,000.
The units are being offered at less than equivalent market prices so they are affordable for first-time buyers, HDB said.
Eugene Lim, associate director for ERA Asia-Pacific, said: 'HDB seems to have deliberately priced the flats well below resale flats in the area.'
Likewise, PropNex chief executive Mohamed Ismail said that based on HDB's Q4 2008 figures, flats at Champions Court are priced 27 to 40 per cent lower than resale flats in the area.
The project is expected to be well received and could be about five times over-subscribed, Mr Ismail said.
Both analysts also reckon the location will be a draw.
'Woodlands is a mature estate,' said Mr Ismail. 'Besides being within walking distance of Woodlands Regional Centre and the MRT station, Champions Court is within 1km of a good number of schools. So I expect it to be quite popular.'
THE Housing & Development Board (HDB) has launched its first 2009 build-to-order (BTO) project at Woodlands.
Champions Court, at the junction of Champions Way and Woodlands Avenue 1, has 815 units, comprising 224 studio apartments, 182 three-room, 224 four-room and 185 five-room flats.
About 50 per cent of the units are studio apartments and three-room flats, in line with the government's commitment to provide a greater supply of smaller dwellings this year, HDB said.
The studio apartments will have elderly-friendly features such as grab bars and non-slip flooring.
Three-room flats cost from $118,000 to $142,000, four-room flats from $194,000 to $227,000 and five-room flats from $247,000 to $296,000.
The units are being offered at less than equivalent market prices so they are affordable for first-time buyers, HDB said.
Eugene Lim, associate director for ERA Asia-Pacific, said: 'HDB seems to have deliberately priced the flats well below resale flats in the area.'
Likewise, PropNex chief executive Mohamed Ismail said that based on HDB's Q4 2008 figures, flats at Champions Court are priced 27 to 40 per cent lower than resale flats in the area.
The project is expected to be well received and could be about five times over-subscribed, Mr Ismail said.
Both analysts also reckon the location will be a draw.
'Woodlands is a mature estate,' said Mr Ismail. 'Besides being within walking distance of Woodlands Regional Centre and the MRT station, Champions Court is within 1km of a good number of schools. So I expect it to be quite popular.'