Thursday, July 30, 2009

Property Developers Celebrate Tower One Topping Out

Source : The Business Times, July 30 2009

Standard Chartered, an anchor tenant, will take up 500,000 sq ft.

KEPPEL Land, Cheung Kong (Holdings) and Hongkong Land jointly celebrated the topping out of Tower One at Marina Bay Financial Centre (MBFC) yesterday. National Development Minister Mah Bow Tan was guest of honour at the event.

Popping the confetti: Standard Chartered is an anchor tenant and will be taking up 500,000 sq ft. The building will obtain temporary occupation permit next year

Tower One achieved a 100 per cent pre-commitment rate when it was launched in 2007. Standard Chartered Bank is an anchor tenant and will be taking up 500,000 sq ft of office space. The 33-storey building will obtain its temporary occupation permit next year.

Towers Two and Three have secured pre-commitment rates of around 45 per cent and 55 per cent respectively. This translates to a pre-commitment rate of 61 per cent for the first two phases of MBFC.

Together, the three office towers will offer about three million sq ft of prime Grade A office space. MBFC also comprises retail space and two residential towers.

There has been an increase in leasing enquiries for space at MBFC in the past few months, said Raffles Quay Asset Management general manager Wilson Kwong.

Marina Bay has attracted investments of more than $27.5 billion from both the private and public sectors so far.

Markets Could Be In For A Reality Check

Source : The Business Times, July 29 2009

Last week, property data confirmed that Q2 2009 was one of the best performing on record.

July has been a month of unusually good news. It began with the astounding jump in GDP growth figures for the second quarter, which saw economists quickly revise full-year growth estimates upwards. Then, last week, property data confirmed that Q2 2009 was one of the best performing on record, with the number of new home sales exceeding those for the whole of 2008. The Housing and Development Board’s resale price index also reached an all-time high in the quarter. Industrial production was down in June, but the NODX rose by 7.6 per cent in quarterly terms. And the Singapore stock exchange has also rebounded nicely.

But this was all news that was not quite in accord with the tone of the official outlook for the economy. After revising the 2009 growth forecast from a contraction of 6-9 per cent to 4-6 per cent, the Ministry of Trade and Industry (MTI) said: “Notwithstanding the improved performance in the second quarter, the outlook for the rest of the year remains largely unchanged – of a weak recovery susceptible to downside risks.” This was attributed to the continued weakness in the global economy, with MTI citing rising unemployment and reduced household spending in the US and the euro zone. It added that the housing markets in many leading economies have yet to bottom out, while financial institutions are still in the process of deleveraging. “At this juncture, there is no evidence yet of a decisive improvement in final demand,” it added.

While the Singapore economy is very open and reliant on the global economy, it is interesting to find that the asset markets here are capable of running up far in advance of an economic recovery. There are, however, good grounds to be circumspect. One of the reasons for the increase in the GDP numbers was the spike in biomedical manufacturing output and electronics inventory restocking. MTI said both may not be sustained.

Recently, Prime Minister Lee Hsien Loong also drew attention to the uncertainties ahead. “For the next couple of years – 2010, 2011 – we don’t know how the world economy will be, and how that will affect us and what we can do about it,” he said. US officials have also expressed caution as to when the economic recovery will kick in. Moreover, there will be a time lag of at least a couple of quarters before a US recovery spills over into Asia.

And yet, we have this stock and property market exuberance. One of the reasons for this is simply the volume of liquidity sloshing around the world at a time when monetary policies are easy just about everywhere. But this is not a sustainable dynamic. At some point, the monetary stimuli will have to be withdrawn, and markets would need to be better supported by economic fundamentals. Market players should be wary of this. They should recognise that, at this point, they are ahead of the economic curve, and that, sooner or later, the markets will come up against a reality check.

马宝山:私宅供应足 购屋者不应贸然进场

Source : 《联合早报》July 30, 2009


他表示,若有需要,政府会在明年上半年的政府售地活动中,让“正选名单”(Confirmed List)“解冻”。



马宝山昨天早上在滨海湾金融中心(MBFC)第一商业大楼(Tower 1)的盖顶仪式后,接受媒体访问时,一再提醒购屋者要时刻警惕,做足功课,详细阅读报章、分析市区重建局的卖房数据,与分析师交谈、做到精打细算,量力而为,千万不要只听信谣言、发展商或经纪的一面之词,或只看到眼前的热卖现象,就冲动地交出空白支票。


他也指出,这回房地产旺热的买气是否能持续,依然是个未知数,因为我国经济虽然放慢了下跌的步伐,但还是属于负增长。这与2007年房市旺热时不同,至少当时新加坡的经济依然取得良好增长。  马宝山说,目前政府正密切关注房市的发展,并将采取必要行动,确保炒卖活动不会导致房市泡沫的形成,但购屋者自己也必须谨慎判断。

新加坡产业发展商公会(REDAS)昨晚也表发文告,表示认同部长有关房市不应会形成房市泡沫的看法。公会指出,目前的市场上,不是所有新推出的项目都会被抢购一空,只有一些新项目基于不同理由,卖得特别好,这或许与积压需求(pent-up demand)有关。但发展商与政府一样,都有一个共同信念,就是看到一个稳步增长、稳定和可持续发展的房地产市场。














Source : 《联合早报》July 29, 2009