《联合早报》Mar 19, 2008
新加坡建屋发展局在义顺推出名为“Jade Spring @Yishun Phase 2”的预购组屋，将建造576个单位。
这是建屋局今年推出的第二个预购组屋项目（Build-to-Order，简称BTO）。计划兴建的单位当中，有36个属二房式组屋，72个是三房式，以及468个属四房式。
“Jade Spring @Yishun Phase 2”位于义顺环路和义顺11道的交界处，靠近镇中心。地铁站、纳福坊购物中心和未来的邱德拔医院也坐落在那一带。该项目预期2011年7月完工。
这批组屋面积介于45到94平方米。二房式的售价介于7万7000元和9万7000元；三房式售价介于12万4000元和14万1000元；四房式则介于18万9000元和25万3000元。其中，四房式单位的价格比建屋局去年年底在同个地区推出的预购项目“Jade Spring”略高。
当时推出的“Jade Spring”有384个单位，即336个四房式和48个三房式。四房式售价介于18万3000元和24万6000元，三房式售价介于11万8000元和 13万4000元。“Jade Spring”推出后，反应相当热烈，吸引了近2000份申请。
根据建屋局网站，截至昨天下午5点，“Jade Spring @Yishun Phase2”项目收到247份申请。
建屋局较早时曾宣布将在今年上半年，推出4500个预购组屋单位。从现在到6月，当局还会推出另外5个预购组屋项目，榜鹅两个、盛港两个，以及兀兰1个。
由于预购组屋项目的建造工程需要几年完成，建屋局吁请买主提前计划好住屋需求。那些将要结婚的情侣可利用建屋局的未婚夫妇计划提早预订组屋，以减少等候新组屋的时间。若其中一名伴侣年龄在30岁或以下，也可通过首期付款分阶段摊还计划（Staggered Downpayment Scheme）来延迟支付一半的首期付款。
建屋局的文告说，迫切需要组屋的买主可考虑选购转售组屋。虽然组屋转售价格过去一年有所上升，市面上还是有不少可负担得起的转售组屋供选择。根据建屋局今年2月的记录，约四分之一转售组屋的成交价最多只比估价高出1万元。这包括宏茂桥、勿洛、淡滨尼和义顺的转售组屋。
组屋申请期限从三星期缩短到两星期
今后的预购和抽签选购制度（Balloting Exercises）的组屋申请期限，将从三个星期缩短到两个星期。建屋局指出，大多数的申请在项目推出后的两个星期内就呈上，因此，这次“Jade Spring @Yishun Phase2”的申请日期将于3月31日截止。
公众可通过建屋局网站www.hdb.gov.sg申请预购组屋，并可到建屋局中心3楼展示厅参观及索取销售资料，展示厅平日开放时间是上午8时至下午5时，星期六是上午8时至下午1时。
公众也可上建屋局网站，或电邮hdbsales@hdb.gov.sg，或在办公时间拨1800-8663066询问详情。
Thursday, March 20, 2008
MGPA将再投50亿元 发展滨海景两幅地段
《联合早报》Mar 19, 2007
尽管有外国资金开始撤出本地房地产市场，麦格理环球房地产咨询公司(Macquarie Global Property Advisors, MGPA)依然对本地办公楼、零售商店和私宅市场信心十足，并有计划继续增加在本地的投资。
过去15个月，这家由澳大利亚麦格理银行持有49％股权的私营房地产投资公司，在我国投资了45亿新元。MGPA集团在环球负责管理100亿美元的资金，新加坡与日本是集团投资组合内的主要市场。集团在去年更是本地最大的房地产投资者。
滨海景两座商业大厦的构想图。
接下来，MGPA集团预计将另外耗资50亿元（包括土地价格在内)，发展位于滨海景（Marina View）的两幅地段。集团去年第一次参与本地政府售地计划，于9月和12月分别以20亿2000万元和9亿5000万元标下毗邻的A和B地段。
MGPA集团昨天在滨海景B地段的建筑协议书签署仪式上宣布，将在两幅地段上兴建两座楼高43或44层，拥有约20万平方米办公楼的大厦，预计在2011年或2012年建成。A地段将为办公楼和零售用途，B地段上则将兴建综合五星级豪华酒店兼办公楼的商业大厦。
除了优质办公楼外，B地段的建筑将拥有超过220个酒店客房，第一和二层将为零售和餐饮场所，是滨海弯一带首个这一类的建筑。
两座地标性建筑由澳大利亚建筑师Denton Corker Marshall操刀，建成后将形成一体，设计目前有待当局批准。
集团希望吸引国际金融机构成为租户，并计划与国际顶级酒店联名经营该酒店，目前正和多方洽谈。
MPGA集团亚洲投资总裁西门特蕾斯（Simon Treacy）昨天受访时表示，看好本地办公楼、零售商店和私宅市场，尤其是办公楼，预计办公楼租金中期内还会继续增长，今年内将取得10％至25％的增幅。
同时是集团股东之一的他说：“我们对亚洲市场的胃口非常大，尤其是新加坡和吉隆坡。新加坡的经济基础强稳，可说是亚洲这个皇冠上的闪亮宝石。尽管过去两年来市场已上涨了不少，但还有些价廉物美的投资，相信在6至9个月后，能以更好的价格购买，目前没有必要着急。我们未来还会在新加坡加码投资，目前正耐心地等待理想的时机，找到好地点，并能够推出独特的产品时就会行动。”
对于本地办公楼市场，西门特蕾斯并不同意市场的看法，认为即使到了2010年，大量新办公楼项目陆续完工以后，供应吃紧的情况还会持续一段事件。
他说，新加坡已转换了跑道，经济比过去更繁荣，但市场之前却低估了办公楼市场的需求，未来的新加坡办公楼市场预计将见证类似2003年在东京以及目前在香港发生的情况。
MGPA不排除收购澳大利亚房地产或投资信托公司
正积极拓展投资组合的MGPA集团，不排除收购澳大利亚房地产或投资信托公司。
在美国次贷风暴拖累下，由于当地房地产市场一片凄风苦雨，澳大利亚多家房地产信托公司，包括Centro房地产集团、古曼集团(Goodman Group)、麦格理全国信托(Macquarie Country Wide Trust)等都纷纷脱售物业来削减债务，以加强投资者对它们的债务状况的信心。
古曼集团上个星期表示，有意把它在腾飞信托(A-REIT)的股份，卖给新加坡的合作伙伴——腾飞(Ascendas)私人有限公司，以筹集资金来减少债务。
MGPA集团亚洲投资总裁西门特蕾斯表示，公司在亚洲市场扎根15年，在8个城市设有办事处，聘请150名员工，负债比例一直维持在60％的适度水平，在本区域各个市场获得当地银行的大力支持，并没有资金周转或债务方面的问题。
被问及是否有意购买这些公司的资产时，西门特蕾斯笑说：“我是澳大利亚人，当然会买澳大利亚啦！”
虽然MGPA集团的资产组合主要分布亚洲和欧洲，西门特蕾斯指出，集团一直在寻找投资机会，如果有合适的投资商机，不管是购买土地兴建建筑，买下现有房产进行改建，或购买房地产关联公司都是个可能性。
尽管有外国资金开始撤出本地房地产市场，麦格理环球房地产咨询公司(Macquarie Global Property Advisors, MGPA)依然对本地办公楼、零售商店和私宅市场信心十足，并有计划继续增加在本地的投资。
过去15个月，这家由澳大利亚麦格理银行持有49％股权的私营房地产投资公司，在我国投资了45亿新元。MGPA集团在环球负责管理100亿美元的资金，新加坡与日本是集团投资组合内的主要市场。集团在去年更是本地最大的房地产投资者。
滨海景两座商业大厦的构想图。接下来，MGPA集团预计将另外耗资50亿元（包括土地价格在内)，发展位于滨海景（Marina View）的两幅地段。集团去年第一次参与本地政府售地计划，于9月和12月分别以20亿2000万元和9亿5000万元标下毗邻的A和B地段。
MGPA集团昨天在滨海景B地段的建筑协议书签署仪式上宣布，将在两幅地段上兴建两座楼高43或44层，拥有约20万平方米办公楼的大厦，预计在2011年或2012年建成。A地段将为办公楼和零售用途，B地段上则将兴建综合五星级豪华酒店兼办公楼的商业大厦。
除了优质办公楼外，B地段的建筑将拥有超过220个酒店客房，第一和二层将为零售和餐饮场所，是滨海弯一带首个这一类的建筑。
两座地标性建筑由澳大利亚建筑师Denton Corker Marshall操刀，建成后将形成一体，设计目前有待当局批准。
集团希望吸引国际金融机构成为租户，并计划与国际顶级酒店联名经营该酒店，目前正和多方洽谈。
MPGA集团亚洲投资总裁西门特蕾斯（Simon Treacy）昨天受访时表示，看好本地办公楼、零售商店和私宅市场，尤其是办公楼，预计办公楼租金中期内还会继续增长，今年内将取得10％至25％的增幅。
同时是集团股东之一的他说：“我们对亚洲市场的胃口非常大，尤其是新加坡和吉隆坡。新加坡的经济基础强稳，可说是亚洲这个皇冠上的闪亮宝石。尽管过去两年来市场已上涨了不少，但还有些价廉物美的投资，相信在6至9个月后，能以更好的价格购买，目前没有必要着急。我们未来还会在新加坡加码投资，目前正耐心地等待理想的时机，找到好地点，并能够推出独特的产品时就会行动。”
对于本地办公楼市场，西门特蕾斯并不同意市场的看法，认为即使到了2010年，大量新办公楼项目陆续完工以后，供应吃紧的情况还会持续一段事件。
他说，新加坡已转换了跑道，经济比过去更繁荣，但市场之前却低估了办公楼市场的需求，未来的新加坡办公楼市场预计将见证类似2003年在东京以及目前在香港发生的情况。
MGPA不排除收购澳大利亚房地产或投资信托公司
正积极拓展投资组合的MGPA集团，不排除收购澳大利亚房地产或投资信托公司。
在美国次贷风暴拖累下，由于当地房地产市场一片凄风苦雨，澳大利亚多家房地产信托公司，包括Centro房地产集团、古曼集团(Goodman Group)、麦格理全国信托(Macquarie Country Wide Trust)等都纷纷脱售物业来削减债务，以加强投资者对它们的债务状况的信心。
古曼集团上个星期表示，有意把它在腾飞信托(A-REIT)的股份，卖给新加坡的合作伙伴——腾飞(Ascendas)私人有限公司，以筹集资金来减少债务。
MGPA集团亚洲投资总裁西门特蕾斯表示，公司在亚洲市场扎根15年，在8个城市设有办事处，聘请150名员工，负债比例一直维持在60％的适度水平，在本区域各个市场获得当地银行的大力支持，并没有资金周转或债务方面的问题。
被问及是否有意购买这些公司的资产时，西门特蕾斯笑说：“我是澳大利亚人，当然会买澳大利亚啦！”
虽然MGPA集团的资产组合主要分布亚洲和欧洲，西门特蕾斯指出，集团一直在寻找投资机会，如果有合适的投资商机，不管是购买土地兴建建筑，买下现有房产进行改建，或购买房地产关联公司都是个可能性。
次贷风暴加股市不振 买家按兵不动 首季私宅售量料5年最低
《联合早报》Mar 18, 2007
农历新年推出的私人住宅单位减少、加上市场受到次贷风暴的寒气吹袭及环球股市下滑影响，使买家按兵不动，导致本地2月份的私宅销售量，和1月份比较，滑落将近一半。
这除了是自去年6月份，市区重建局开始提供私宅销售数据以来，最低的销售额外，也可能导致今年第一季的销售额数据，创下5年来的新低。
市场人士相信，私宅市场疲弱的现象，可能还会至少延续一个月，并猜测，在4、5月份时甚至还可能会出现价格上的调整。
世邦魏理仕(CBRE)执行董事李晓和说：“现在市场情绪趋软，可能还会持续到第一季结束，这意味着，这个季度售卖的新单位总数，可能只有700至800个单位。新加坡房地产市场上两次出现类似的销售量低潮，是在2003年第一季的沙斯（SARS）期间，当时出售的新私宅单位只有427个，另一次是在1997年第四季亚洲金融危机爆发时，售卖单位是894个。”
上月只卖185单位
市建局昨天公布的数据显示，今年2月份发展商卖出的私宅单位只有170个，而1月份时还有316个。若包括执行共管公寓（EC）在内，2月份销售的单位数目也只有185个，1月份出售的单位总数是328个。
分析师指出，2月份的销售数据，同去年8月份房地产热时的1700多个单位比较，还不到10％。2月份推出的新单位数目也明显下降，只有343个，比1月份低了13.4％。
李晓和说，市场情绪不佳，发展商延后推出项目，推出的新项目只是拥有30至50个单位的小项目。
原本计划在农历新年前推出的Marina Bay Suites，推出日期依旧遥遥无期。
有市场人士指出，发展商在过去几个月采取了较谨慎的态度，一些发展商尝试到海外做路演（road show），另一些发展商甚至通过代理数据库，直接发邀请函给潜在买家。
仲量联行(JLL)的数据则显示，在2月份，一般反映中档市场的核心区以外的中央地区（RCR）是唯一出现销售量和最低中位数价格增长的地区。这区推出的新项目包括Cosmo（45个单位）、Adara（16个）和Tropics@Haigsville（11）。
高力（Colliers）国际研究与咨询部主管郑惠匀指出，以销售量来看，高档私宅（CCR）的销售额似乎最低，但以推出和销售的比例来看，其表现却比大众私宅强。
价格相对稳定
而仲量联行研究部主管蔡炎亮博士也指出，虽然交易量下滑，但价格还算相对稳定。
豪华私宅的价格如丽嘉登居(Ritz-Carlton Residences)的一个单位，在2月份，以每平方英尺4140元出售，城市发展的凯林豪庭（Cliveden at Grange）的一个单位，售卖尺价是3914元，大致维持在高档水平。
在今年1月创下尺价最高的一个共管公寓单位，是以每平方英尺3671元成交的一个史格士广场(Scotts Square)单位，在2月份，两个单位以每平方英尺3656的中位数价格出售。
中档私宅方面，基里玛弯的Cosmo，以每平方英尺1098元的中位数价格，售卖了45个单位中的41个。
在大众私宅市场，勿洛水池路的Waterfront Waves推出148个单位，在1月份，以每平方英尺800元的中位数价格，卖出了79个单位，在2月份，则以808元的中位数价格，卖出另外26个单位。
郑惠匀认为，在2008年的头两个月，96％出售的新单位，价格在每平方英尺2000元或以下，但她相信这与这个时期，推出较多中档和大众私宅项目有关。
蔡炎亮相信，来自集体出售业主和富裕人士的需求依旧强劲，使价格在接下来几个月继续维持稳定。
卓登国际(Chesterton)研究部主管陈瑞谨指出，过去几天开始看到一些新项目登场，也开始有更多房地产的报章广告。
但他认为，这可能是发展商担心市场情况将进一步恶化，因此赶紧在价格还算比较合理的时候，推出一些单位。他也相信，3月份的销售量可能会因此稍微增加，但四、五月份可能会看到一些价格上的调整。
市建局发言人在接受本报询问时指出，私宅销售量会根据市场情况和季节因素波动。政府将继续观察私人住宅市场，确保市场上有足够的供应来应付需求。
农历新年推出的私人住宅单位减少、加上市场受到次贷风暴的寒气吹袭及环球股市下滑影响，使买家按兵不动，导致本地2月份的私宅销售量，和1月份比较，滑落将近一半。
这除了是自去年6月份，市区重建局开始提供私宅销售数据以来，最低的销售额外，也可能导致今年第一季的销售额数据，创下5年来的新低。
市场人士相信，私宅市场疲弱的现象，可能还会至少延续一个月，并猜测，在4、5月份时甚至还可能会出现价格上的调整。
世邦魏理仕(CBRE)执行董事李晓和说：“现在市场情绪趋软，可能还会持续到第一季结束，这意味着，这个季度售卖的新单位总数，可能只有700至800个单位。新加坡房地产市场上两次出现类似的销售量低潮，是在2003年第一季的沙斯（SARS）期间，当时出售的新私宅单位只有427个，另一次是在1997年第四季亚洲金融危机爆发时，售卖单位是894个。”
上月只卖185单位
市建局昨天公布的数据显示，今年2月份发展商卖出的私宅单位只有170个，而1月份时还有316个。若包括执行共管公寓（EC）在内，2月份销售的单位数目也只有185个，1月份出售的单位总数是328个。
分析师指出，2月份的销售数据，同去年8月份房地产热时的1700多个单位比较，还不到10％。2月份推出的新单位数目也明显下降，只有343个，比1月份低了13.4％。
李晓和说，市场情绪不佳，发展商延后推出项目，推出的新项目只是拥有30至50个单位的小项目。
原本计划在农历新年前推出的Marina Bay Suites，推出日期依旧遥遥无期。
有市场人士指出，发展商在过去几个月采取了较谨慎的态度，一些发展商尝试到海外做路演（road show），另一些发展商甚至通过代理数据库，直接发邀请函给潜在买家。
仲量联行(JLL)的数据则显示，在2月份，一般反映中档市场的核心区以外的中央地区（RCR）是唯一出现销售量和最低中位数价格增长的地区。这区推出的新项目包括Cosmo（45个单位）、Adara（16个）和Tropics@Haigsville（11）。
高力（Colliers）国际研究与咨询部主管郑惠匀指出，以销售量来看，高档私宅（CCR）的销售额似乎最低，但以推出和销售的比例来看，其表现却比大众私宅强。
价格相对稳定
而仲量联行研究部主管蔡炎亮博士也指出，虽然交易量下滑，但价格还算相对稳定。
豪华私宅的价格如丽嘉登居(Ritz-Carlton Residences)的一个单位，在2月份，以每平方英尺4140元出售，城市发展的凯林豪庭（Cliveden at Grange）的一个单位，售卖尺价是3914元，大致维持在高档水平。
在今年1月创下尺价最高的一个共管公寓单位，是以每平方英尺3671元成交的一个史格士广场(Scotts Square)单位，在2月份，两个单位以每平方英尺3656的中位数价格出售。
中档私宅方面，基里玛弯的Cosmo，以每平方英尺1098元的中位数价格，售卖了45个单位中的41个。
在大众私宅市场，勿洛水池路的Waterfront Waves推出148个单位，在1月份，以每平方英尺800元的中位数价格，卖出了79个单位，在2月份，则以808元的中位数价格，卖出另外26个单位。
郑惠匀认为，在2008年的头两个月，96％出售的新单位，价格在每平方英尺2000元或以下，但她相信这与这个时期，推出较多中档和大众私宅项目有关。
蔡炎亮相信，来自集体出售业主和富裕人士的需求依旧强劲，使价格在接下来几个月继续维持稳定。
卓登国际(Chesterton)研究部主管陈瑞谨指出，过去几天开始看到一些新项目登场，也开始有更多房地产的报章广告。
但他认为，这可能是发展商担心市场情况将进一步恶化，因此赶紧在价格还算比较合理的时候，推出一些单位。他也相信，3月份的销售量可能会因此稍微增加，但四、五月份可能会看到一些价格上的调整。
市建局发言人在接受本报询问时指出，私宅销售量会根据市场情况和季节因素波动。政府将继续观察私人住宅市场，确保市场上有足够的供应来应付需求。
CapitaRetail China To Triple Assets To $3b
Source : The Business Times, March 19, 2008
Singapore-listed CapitaRetail China Trust (CRCT) said on Wednesday it expects to triple assets to $3 billion (US$2.18 billion) by end-2009 as investors remain enthusiastic about China's retail sector.
CRCT, which owns eight China malls worth $1.1 billion, is confident it will be able to raise new equity when required and cap borrowings at 35 per cent of assets, chief executive Lim Beng Chee told Reuters in an interview.
'I'm lucky that China is a huge market... I can see a lot of growth in the market that I have, whereas in Singapore it is not easy to see the growth unless you have the scale,' he said, when asekd about failed equity raising efforts by other real estate investment trusts (reits) because of weak market conditions.
He said that CRCT, which was listed slightly over a year ago, wanted to be more conservative with its borrowing until it was certain of getting an investment-grade rating.
'We will gear up when we have a more solid track record,' he said, adding the rating agencies are not familiar with China's property market and legal system and have to date only assigned an investment-grade rating to one developer there.
Under Singapore law, Reits must cap their debt-to-equity ratio at 35 per cent unless they get a rating from international agencies such as Moody's and Standard & Poor's.
Singapore's once booming Reit sector is expected to consolidate in the coming months as weaker players sell assets or merge with their stronger counterparts.
Several high-profile listings by India-based developers such as Indiabulls and DLF have been postponed or abandoned, while existing trusts such as Allco Commercial and MacarthurCook Industrial have dropped plans to raise funds for new acqusitions via secondary offerings.
CRCT, which is managed and part owned by CapitaLand, Southeast Asia's biggest developer, has first rights of refusal to malls owned by CapitaLand and its various investment funds.
Its pipeline of new properties include 16 existing malls as well as another 49 that will open in the next few years. Its current strategy involves acquiring and managing malls that cater to China's growing middle and upper-middle class consumers. -- REUTERS
Singapore-listed CapitaRetail China Trust (CRCT) said on Wednesday it expects to triple assets to $3 billion (US$2.18 billion) by end-2009 as investors remain enthusiastic about China's retail sector.
CRCT, which owns eight China malls worth $1.1 billion, is confident it will be able to raise new equity when required and cap borrowings at 35 per cent of assets, chief executive Lim Beng Chee told Reuters in an interview. 'I'm lucky that China is a huge market... I can see a lot of growth in the market that I have, whereas in Singapore it is not easy to see the growth unless you have the scale,' he said, when asekd about failed equity raising efforts by other real estate investment trusts (reits) because of weak market conditions.
He said that CRCT, which was listed slightly over a year ago, wanted to be more conservative with its borrowing until it was certain of getting an investment-grade rating.
'We will gear up when we have a more solid track record,' he said, adding the rating agencies are not familiar with China's property market and legal system and have to date only assigned an investment-grade rating to one developer there.
Under Singapore law, Reits must cap their debt-to-equity ratio at 35 per cent unless they get a rating from international agencies such as Moody's and Standard & Poor's.
Singapore's once booming Reit sector is expected to consolidate in the coming months as weaker players sell assets or merge with their stronger counterparts.
Several high-profile listings by India-based developers such as Indiabulls and DLF have been postponed or abandoned, while existing trusts such as Allco Commercial and MacarthurCook Industrial have dropped plans to raise funds for new acqusitions via secondary offerings.
CRCT, which is managed and part owned by CapitaLand, Southeast Asia's biggest developer, has first rights of refusal to malls owned by CapitaLand and its various investment funds.
Its pipeline of new properties include 16 existing malls as well as another 49 that will open in the next few years. Its current strategy involves acquiring and managing malls that cater to China's growing middle and upper-middle class consumers. -- REUTERS
Emerging markets In Asia To Stay Resilient Despite US Slowdown
Source : Channel NewsAsia, 18 March 2008
Despite the US economic slowdown, emerging markets in Asia are expected to remain resilient.
And while China's economy is expected to continue booming along, some say India provides a good investment alternative.
Analysts say growing domestic demand and strong investment and consumption rates across Asia are helping to keep emerging markets buoyant. Of these, India and China's economies are expected to lead the region's growth.
But according to some analysts, India enjoys an important edge.
Glenn Maguire, Chief Economist - Asia Pacific, Societe Generale, said: "Economies in Asia that have a low export ratio to GDP and a relatively higher domestic demand share to GDP are probably economies that are likely to either display resilience or outperform in 2008 and 2009. And one of those economies is clearly India."
Currently, exports make up only 15 per cent of India's GDP, while exports account for between 35 and 40 percent of China's GDP.
The Indian economy is seen growing 7.5 percent in 2009, down from an estimated 8.5 per cent this year.
Mr Maguire said: "But those growth rates can be sustained... over the medium term. So, from a medium-term investment perspective, India is likely to remain one of the high growth economies in the globe."
Come 28 March, investors in Singapore will have greater access to the Indian market through an Indian ETF, or exchange traded fund, listed on the Singapore Exchange. The ETF tracks 50 of the largest stocks in India. - CNA/ch
Despite the US economic slowdown, emerging markets in Asia are expected to remain resilient.
And while China's economy is expected to continue booming along, some say India provides a good investment alternative.
Analysts say growing domestic demand and strong investment and consumption rates across Asia are helping to keep emerging markets buoyant. Of these, India and China's economies are expected to lead the region's growth.
But according to some analysts, India enjoys an important edge.
Glenn Maguire, Chief Economist - Asia Pacific, Societe Generale, said: "Economies in Asia that have a low export ratio to GDP and a relatively higher domestic demand share to GDP are probably economies that are likely to either display resilience or outperform in 2008 and 2009. And one of those economies is clearly India."
Currently, exports make up only 15 per cent of India's GDP, while exports account for between 35 and 40 percent of China's GDP.
The Indian economy is seen growing 7.5 percent in 2009, down from an estimated 8.5 per cent this year.
Mr Maguire said: "But those growth rates can be sustained... over the medium term. So, from a medium-term investment perspective, India is likely to remain one of the high growth economies in the globe."
Come 28 March, investors in Singapore will have greater access to the Indian market through an Indian ETF, or exchange traded fund, listed on the Singapore Exchange. The ETF tracks 50 of the largest stocks in India. - CNA/ch
West Coast Condo Plot Draws Whopping 12 Bids
Source : The Straits Times, Mar 20, 2008
HK-linked firm puts in top tender of $305 psf for site in attractive location.
COMPETITION was brisk for a 99-year leasehold condominium site in West Coast Crescent, with 12 firms defying signs of a property slowdown to lodge bids.
The bidders included major and mid-sized developers and contractors, with a Hong Kong-linked firm emerging with the highest tender - but only just. Billion Rise, which is linked to the Cheung Kong group, bid $110.44 million for the site - $305 per sq ft (psf) of gross floor area - to pip its nearest rival by 1 per cent.
Tian Hock Properties, which has Far East Organization chief executive Philip Ng as a shareholder, tendered $108.9 million or $301 psf. MCL Land was next with $103.5 million or $286 psf.
The response was strong, in contrast to the weak property market sentiment. One sign of that came on Tuesday when the Government decided not to award a leasehold landed plot in Westwood Avenue in Jurong West as the bids were too low.
Consultants pointed to differences between the two sites. They said the West Coast Crescent site's prime location had sparked the keen interest.
It suits a mass market condo project, which would be able to better weather any sector weakness, said Knight Frank director Nicholas Mak.
The Jurong West landed plot was in a less favourable spot and would have accommodated 99-year leasehold landed homes, which typically do not sell as well, he added.
The West Coast Crescent site can be built up to about 36 storeys. Some high-floor units would enjoy good views of the ocean and West Coast Park as surrounding buildings are mostly low- to medium-rise, he said.
This tender also reflects the current market situation as some bids came in relatively low. Industry sources say a few developers were trying their luck with opportunistic bids.
The lowest bid of $50 million, from Teambuild Construction's Scantech Development, works out to just $138 psf.
Other bidders included Sim Lian Land ($236 psf), Hoi Hup Realty ($235 psf), Frasers Centrepoint ($210 psf) and Allgreen Properties ($186 psf). City Developments' Sunny Vista Developments and TID also put in a bid of $180 psf.
Consultants said the top bid of $305 psf will translate into an estimated break-even price of $680 psf to $720 psf for new condos. Units could be sold at between $750 and $800 psf.
Units at nearby Blue Horizon were sold at about $750 psf in the resale market in January and February, while sub-sales of units in Varsity Park and Clementi Woods were done at $680 psf to $750 psf, according to CBRE Research.
HK-linked firm puts in top tender of $305 psf for site in attractive location.
COMPETITION was brisk for a 99-year leasehold condominium site in West Coast Crescent, with 12 firms defying signs of a property slowdown to lodge bids.
The bidders included major and mid-sized developers and contractors, with a Hong Kong-linked firm emerging with the highest tender - but only just. Billion Rise, which is linked to the Cheung Kong group, bid $110.44 million for the site - $305 per sq ft (psf) of gross floor area - to pip its nearest rival by 1 per cent. Tian Hock Properties, which has Far East Organization chief executive Philip Ng as a shareholder, tendered $108.9 million or $301 psf. MCL Land was next with $103.5 million or $286 psf.
The response was strong, in contrast to the weak property market sentiment. One sign of that came on Tuesday when the Government decided not to award a leasehold landed plot in Westwood Avenue in Jurong West as the bids were too low.
Consultants pointed to differences between the two sites. They said the West Coast Crescent site's prime location had sparked the keen interest.
It suits a mass market condo project, which would be able to better weather any sector weakness, said Knight Frank director Nicholas Mak.
The Jurong West landed plot was in a less favourable spot and would have accommodated 99-year leasehold landed homes, which typically do not sell as well, he added.
The West Coast Crescent site can be built up to about 36 storeys. Some high-floor units would enjoy good views of the ocean and West Coast Park as surrounding buildings are mostly low- to medium-rise, he said.
This tender also reflects the current market situation as some bids came in relatively low. Industry sources say a few developers were trying their luck with opportunistic bids.
The lowest bid of $50 million, from Teambuild Construction's Scantech Development, works out to just $138 psf.
Other bidders included Sim Lian Land ($236 psf), Hoi Hup Realty ($235 psf), Frasers Centrepoint ($210 psf) and Allgreen Properties ($186 psf). City Developments' Sunny Vista Developments and TID also put in a bid of $180 psf.
Consultants said the top bid of $305 psf will translate into an estimated break-even price of $680 psf to $720 psf for new condos. Units could be sold at between $750 and $800 psf.
Units at nearby Blue Horizon were sold at about $750 psf in the resale market in January and February, while sub-sales of units in Varsity Park and Clementi Woods were done at $680 psf to $750 psf, according to CBRE Research.
Allco Reit Feared Downgrade Would Hurt Financing Deal
Source : The Straits Times, Mar 20, 2008
FRESH details have emerged over why a Singapore-listed property trust took unprecedented legal action to try to avoid a credit downgrade by global ratings agency Moody's.
Allco Commercial Real Estate Investment Trust (Reit) felt a $620 million bank refinancing deal could be jeopardised by a downgrade, according to court documents obtained by The Straits Times.
In an affidavit, Allco Singapore chief executive Nicholas McGrath said he was shocked to hear of the planned downgrade as he had been assured by Moody's that its panel would not decide on Allco's rating until today.
'I also informed Moody's that it was crucial that there was no revision of Allco Reit's rating before the requisite credit approvals from its bankers were obtained for the refinancing of its debts worth $620 million.'
But Mr Peter Choy, a vice-president and senior credit officer at Moody's Investors Service, said in an affidavit that the agency had made no such assurances.
He said: 'If there was ever any suggestion that Moody's customers could control or influence its ratings, the market would no longer trust the ratings that it gives.'
Last week, Allco obtained a High Court order to stop Moody's Singapore from announcing its decision to downgrade Allco Reit's rating.
The injunction even prevented Moody's from holding any meeting or discussion to review Allco's credit rating.
The injunction was lifted on Tuesday after Moody's lawyers presented arguments to Justice Choo Han Teck.
Hours later, Moody's informed subscribers that it was reducing the rating of Allco Reit by one notch, from Ba1 to Ba2, with more downgrades possible.
These ratings gauge a company's credit standing. A Ba-rated company is judged to have speculative elements and be subject to substantial credit risk, according to Moody's definitions.
Allco's moves come against the backdrop of a global credit crunch that has made it harder for organisations to get funding.
A check of court papers disclosed that as early as Tuesday last week, Moody's ratings panel had decided to drop Allco's credit rating by two notches, from Ba1 to Ba3. This followed a previous downgrade on Jan 31.
Even as Allco appealed to Moody's against the downgrade, it went to court to stop the agency from reviewing its ratings before today. On Wednesday last week, Allco, represented by Senior Counsel Alvin Yeo, obtained the injunction.
Moody's, represented by Senior Counsel K. Shanmugam, then applied to lift the injunction.
Mr Shanmugam described Allco's legal moves as an abuse of process. Allco, he argued, was simply seeking to buy more time to conclude its refinancing negotiations with the banks.
He said the injunction prevented Moody's from doing its job of keeping the market properly informed of its current views of the issuer's credit standing.
When contacted yesterday, Mr McGrath declined comment.
NO SUCH AGREEMENT
'If there was ever any suggestion that Moody's customers could control or influence its ratings, the market would no longer trust the ratings that it gives.'
MR CHOY of Moody's Investors Service, saying in an affidavit that the firm had not assured Allco Reit that it would not decide on its rating until today
FRESH details have emerged over why a Singapore-listed property trust took unprecedented legal action to try to avoid a credit downgrade by global ratings agency Moody's.
Allco Commercial Real Estate Investment Trust (Reit) felt a $620 million bank refinancing deal could be jeopardised by a downgrade, according to court documents obtained by The Straits Times. In an affidavit, Allco Singapore chief executive Nicholas McGrath said he was shocked to hear of the planned downgrade as he had been assured by Moody's that its panel would not decide on Allco's rating until today.
'I also informed Moody's that it was crucial that there was no revision of Allco Reit's rating before the requisite credit approvals from its bankers were obtained for the refinancing of its debts worth $620 million.'
But Mr Peter Choy, a vice-president and senior credit officer at Moody's Investors Service, said in an affidavit that the agency had made no such assurances.
He said: 'If there was ever any suggestion that Moody's customers could control or influence its ratings, the market would no longer trust the ratings that it gives.'
Last week, Allco obtained a High Court order to stop Moody's Singapore from announcing its decision to downgrade Allco Reit's rating.
The injunction even prevented Moody's from holding any meeting or discussion to review Allco's credit rating.
The injunction was lifted on Tuesday after Moody's lawyers presented arguments to Justice Choo Han Teck.
Hours later, Moody's informed subscribers that it was reducing the rating of Allco Reit by one notch, from Ba1 to Ba2, with more downgrades possible.
These ratings gauge a company's credit standing. A Ba-rated company is judged to have speculative elements and be subject to substantial credit risk, according to Moody's definitions.
Allco's moves come against the backdrop of a global credit crunch that has made it harder for organisations to get funding.
A check of court papers disclosed that as early as Tuesday last week, Moody's ratings panel had decided to drop Allco's credit rating by two notches, from Ba1 to Ba3. This followed a previous downgrade on Jan 31.
Even as Allco appealed to Moody's against the downgrade, it went to court to stop the agency from reviewing its ratings before today. On Wednesday last week, Allco, represented by Senior Counsel Alvin Yeo, obtained the injunction.
Moody's, represented by Senior Counsel K. Shanmugam, then applied to lift the injunction.
Mr Shanmugam described Allco's legal moves as an abuse of process. Allco, he argued, was simply seeking to buy more time to conclude its refinancing negotiations with the banks.
He said the injunction prevented Moody's from doing its job of keeping the market properly informed of its current views of the issuer's credit standing.
When contacted yesterday, Mr McGrath declined comment.
NO SUCH AGREEMENT
'If there was ever any suggestion that Moody's customers could control or influence its ratings, the market would no longer trust the ratings that it gives.'
MR CHOY of Moody's Investors Service, saying in an affidavit that the firm had not assured Allco Reit that it would not decide on its rating until today
Roxy-Pacific Nearly Quadruples Full-Year Net Profit To S$19.3m
Source : Channel NewsAsia, 19 March 2008
Mainboard-listed Roxy-Pacific has nearly quadrupled its full-year net profit to S$19.3 million in its maiden results since going public.
The specialty property and hospitality group is crediting this to the strong property market and robust tourism industry.
Revenue more than doubled to about S$103 million.
Looking ahead, Roxy-Pacific said it is optimistic about the Singapore property market and intends to launch eight residential projects with some 290 units in Financial Year 2008.
These will be targeted at the mid-tier and mass market segments.
The company expects its hotel operations to do well because of the robust outlook of the Singapore tourism industry.
Barring any unforeseen circumstances, the company expects its Financial Year 2008 earnings to be comparable to the previous year's.
Roxy-Pacific has proposed a final cash dividend of one cent per share. - CNA/ms
Mainboard-listed Roxy-Pacific has nearly quadrupled its full-year net profit to S$19.3 million in its maiden results since going public.
The specialty property and hospitality group is crediting this to the strong property market and robust tourism industry. Revenue more than doubled to about S$103 million.
Looking ahead, Roxy-Pacific said it is optimistic about the Singapore property market and intends to launch eight residential projects with some 290 units in Financial Year 2008.
These will be targeted at the mid-tier and mass market segments.
The company expects its hotel operations to do well because of the robust outlook of the Singapore tourism industry.
Barring any unforeseen circumstances, the company expects its Financial Year 2008 earnings to be comparable to the previous year's.
Roxy-Pacific has proposed a final cash dividend of one cent per share. - CNA/ms
Billion Rise Puts In Top Bid For West Coast Residential Site
Source : Channel NewsAsia, 19 March 2008
Billion Rise - a company believed to be linked to Hong Kong property giant Cheung Kong Holdings - has put in the top bid of S$110.4 million for a residential site at West Coast Crescent.
This works out to S$305 per square foot per plot ratio for the 99-year leasehold parcel.
Analysts expect a break-even price of between S$680 and S$720 per square foot for a new condominium on the site. The units are expected to be marketed at around S$800 per square foot.
The next highest offer of S$108.9 million came from Tian Hock Properties, and the lowest bid was S$50 million from Scantech Development.
All in, the Urban Redevelopment Authority received 12 offers for the land parcel.
Consultant CB Richard Ellis said the strong response signals developers' confidence in the suburban segment despite the current lukewarm response to new projects.
Consultant Knight Frank expects the new condominium to yield about 300 units.
It believes the high level of interest for the site is because it is close to schools and has a good view of Clementi Park, West Coast Park and the sea.
The site spans 12,000 square metres and has a maximum permissible gross floor area of 33,600 square metres. This means that the proposed condominium could be built up to about 36 storeys.
The winner of the award is expected to be announced after the bids have been reviewed. - CNA/ms
Billion Rise - a company believed to be linked to Hong Kong property giant Cheung Kong Holdings - has put in the top bid of S$110.4 million for a residential site at West Coast Crescent.
This works out to S$305 per square foot per plot ratio for the 99-year leasehold parcel. Analysts expect a break-even price of between S$680 and S$720 per square foot for a new condominium on the site. The units are expected to be marketed at around S$800 per square foot.
The next highest offer of S$108.9 million came from Tian Hock Properties, and the lowest bid was S$50 million from Scantech Development.
All in, the Urban Redevelopment Authority received 12 offers for the land parcel.
Consultant CB Richard Ellis said the strong response signals developers' confidence in the suburban segment despite the current lukewarm response to new projects.
Consultant Knight Frank expects the new condominium to yield about 300 units.
It believes the high level of interest for the site is because it is close to schools and has a good view of Clementi Park, West Coast Park and the sea.
The site spans 12,000 square metres and has a maximum permissible gross floor area of 33,600 square metres. This means that the proposed condominium could be built up to about 36 storeys.
The winner of the award is expected to be announced after the bids have been reviewed. - CNA/ms
HDB Receives Overwhelming Response To Jade Spring Flats In Yishun
Source : Channel NewsAsia, 19 March 2008
The Housing and Development Board (HDB) has received an overwhelming response to its second batch of Build-to-Order flats in Yishun.
+Logo.jpg)
Jade Spring was launched on Tuesday, and as of 5pm on Wednesday, HDB received 771 applications for the 576 flats available.
715 of the applications were for the four-room units.
The prices of the two, three and four-room units range from S$77,000 to $253,000.
Interested applicants had been given until March 31 to submit their forms.
But following the overwhelming response, HDB has announced that it will now cut the application period and the balloting sales exercise to just two weeks - till 31 March - with immediate effect.
Jade Springs is located at the junction of Yishun Ring Road and Yishun Avenue 11.
It is situated near Yishun town centre, the MRT station and the upcoming Khoo Teck Puat Hospital. - CNA/ms
The Housing and Development Board (HDB) has received an overwhelming response to its second batch of Build-to-Order flats in Yishun.
+Logo.jpg)
Jade Spring was launched on Tuesday, and as of 5pm on Wednesday, HDB received 771 applications for the 576 flats available. 715 of the applications were for the four-room units.
The prices of the two, three and four-room units range from S$77,000 to $253,000.
Interested applicants had been given until March 31 to submit their forms.
But following the overwhelming response, HDB has announced that it will now cut the application period and the balloting sales exercise to just two weeks - till 31 March - with immediate effect.
Jade Springs is located at the junction of Yishun Ring Road and Yishun Avenue 11.
It is situated near Yishun town centre, the MRT station and the upcoming Khoo Teck Puat Hospital. - CNA/ms
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