Source : The Business Times, October 30, 2007
He says Friday's measure will inject some market reality
Prime Minister Lee Hsien Loong yesterday said the government will continue to monitor property market trends closely and take further action if necessary.
His remarks come shortly after Friday evening's announcement on the scrapping of the deferred payment scheme for property purchases, which Mr Lee described yesterday as a step that will 'help to dampen excessive speculation and help to inject some reality into the market'.
Touching on various facets of property in Singapore, Mr Lee said that the government will also inject more office space into the market over the next two to three years to boost supply for the sector, which is facing an acute shortage of prime office space because of strong growth.
The government is also releasing more land for executive condos (ECs), a hybrid of public and private housing, Mr Lee said in his speech at the NTUC National Delegates' Conference yesterday morning.
'But more fundamentally than the ups and downs of the property cycle, the government is committed to keeping housing affordable for Singaporeans, for all Singaporeans,' he stressed.
'We will continue to monitor the property market carefully and watch the trends and if necessary, we will continue to take more action. And therefore we will be able to make sure that the property market stays in balance over the long term.'
To keep public housing affordable, the Housing and Development Board is building more flats. And to cater to the aspirations of Singaporeans who aspire to own a private condo unit, the government will step up the supply of land for ECs. This housing form was first introduced in 1996, at a time when private home prices were running away.
ECs cater to the 'sandwich' class of home buyers who cannot afford private housing but whose monthly household income is high enough to disqualify them from buying new flats in the public housing segment.
However, as the property market slumped and private home prices fell, the need for ECs diminished and the government stopped selling land for EC development. But the Ministry of National Development has re-introduced ECs into the Government Land Sales Programme, with a plot in Punggol that will be made available through the reserve list next month.
Related Link -
Full text of PM Lee's speech - http://tinyurl.com/yr4hdb
Tuesday, October 30, 2007
Indonesia's Gapuraprima Eyeing REIT Listing In S'pore
Source : Channel NewsAsia, 29 October 2007
Indonesian property developer Gapuraprima Group wants to raise about S$360 million through a property trust on the Singapore Exchange.
The REIT, to be launched early next year, will be done in partnership with a Malaysian government-linked firm, Amanah Raya.
It will be based on a portfolio of shopping malls in Malaysia and Indonesia.
Gapuraprima boasts assets of US$500 million.
Its unit, Perdana Gapuraprima, made its debut on the Jakarta Stock Exchange on Sunday.
The property group said it is optimistic about the property sector in Indonesia.
Rudy Margono, President Director of Gapuraprima Group, said: "Property is in the booming period. The foreign ownership programme by the government to push up the property demand especially the growth of the mid-segment level, I think, will drive the property (demand) up in the next five years."
Gapuraprima plans to expand aggressively by developing five new projects in Jakarta and its surrounding suburbs.
Perdana Gapuraprima is in talks to buy a hotel in either Bali or Jakarta.
The Gapuraprima Group is also planning a local-currency bond issue worth 300 billion rupiah to fund the acquisition. - CNA/so
Indonesian property developer Gapuraprima Group wants to raise about S$360 million through a property trust on the Singapore Exchange. The REIT, to be launched early next year, will be done in partnership with a Malaysian government-linked firm, Amanah Raya.
It will be based on a portfolio of shopping malls in Malaysia and Indonesia.
Gapuraprima boasts assets of US$500 million.
Its unit, Perdana Gapuraprima, made its debut on the Jakarta Stock Exchange on Sunday.
The property group said it is optimistic about the property sector in Indonesia.
Rudy Margono, President Director of Gapuraprima Group, said: "Property is in the booming period. The foreign ownership programme by the government to push up the property demand especially the growth of the mid-segment level, I think, will drive the property (demand) up in the next five years."
Gapuraprima plans to expand aggressively by developing five new projects in Jakarta and its surrounding suburbs.
Perdana Gapuraprima is in talks to buy a hotel in either Bali or Jakarta.
The Gapuraprima Group is also planning a local-currency bond issue worth 300 billion rupiah to fund the acquisition. - CNA/so
Japan's Saizen REIT Launches IPO In S'pore To Raise S$197m
Source : Channel NewsAsia, 29 October 2007
Saizen REIT has launched its IPO in Singapore, making it the first Japanese residential real estate investment trust to be listed in the city-state.
Saizen REIT is offering nearly 197 million units at S$1 a unit to raise S$197 million. These include an international placement of 178 million units and over 18 million units to the public.
Based on the offering price, the annualised distribution yield amounts to approximately 6.51%.
The IPO closes on November 5. Trading is expected to begin four days later.- CNA /ls
Saizen REIT has launched its IPO in Singapore, making it the first Japanese residential real estate investment trust to be listed in the city-state. Saizen REIT is offering nearly 197 million units at S$1 a unit to raise S$197 million. These include an international placement of 178 million units and over 18 million units to the public.
Based on the offering price, the annualised distribution yield amounts to approximately 6.51%.
The IPO closes on November 5. Trading is expected to begin four days later.- CNA /ls
Suntec REIT Posts 22% Growth In Full Year Distribution Income
Source : Channel NewsAsia, 29 October 2007
Suntec REIT has posted a 22 percent growth in its full year distribution income to S$115.4 million.
For the fourth quarter alone, distribution income was also up 22 percent to S$30 million.
This will mean a distribution per unit of 2.12 cents for the three months to September.
Suntec REIT said the committed office occupancy at Suntec City strengthened to 99.8 percent at higher rental rates.
Buoyant demand for office space boosted the committed occupancy for Park Mall to 100 percent. - CNA /ls
Suntec REIT has posted a 22 percent growth in its full year distribution income to S$115.4 million. For the fourth quarter alone, distribution income was also up 22 percent to S$30 million.
This will mean a distribution per unit of 2.12 cents for the three months to September.
Suntec REIT said the committed office occupancy at Suntec City strengthened to 99.8 percent at higher rental rates.
Buoyant demand for office space boosted the committed occupancy for Park Mall to 100 percent. - CNA /ls
ERP Rates Going Up Again For Third Time This Year
Source : Channel NewsAsia, 29 October 2007
Electronic Road Pricing (ERP) rates are going up again for the third time this year.
There will also be new gantries erected.
The highest amount will be charged at the Pan Island Expressway (PIE). The gantry affected is the one at the slip road into the Central Expressway (CTE).
From November 5, motorists will pay $3.50 from 7:30am to 8:00am. The amount charged goes up to $5.00 between 8:30am and 9:00am. This is a $1.50 increase in the 8:30am to 9:00am period since February this year.
The latest hike comes just days after the opening of the Kallang-Payar Lebar Expressway (KPE) Tunnel.
The KPE is expected to ease congestion on the CTE when it opens fully late next year.
ERP rates will also go up by 50 cents at six other gantries.
The CTE gantry north of Braddell Road will cost $2.50 between 7:30am and 8:00am.
Three CTE gantries south of Braddell Road will cost $4.00 between 8:30am and 9:00am.
Those travelling along Bendemeer Road will have to pay $1.50 from 8:30am to 9:00am, instead of the current $1.
Drivers on Thomson Road will also have to pay $1.50 between 8:30am and 9:00am.
New ERP gantries will also start operating on November 5.
There will be one on the north-bound CTE just before the PIE exit, and two along the east-bound ECP before the Rochor Road exit and Ophir Road slip road.
There is also another one on the south-bound Bukit Timah Expressway after the Dairy Farm exit before it joins the PIE. - CNA /ls
Electronic Road Pricing (ERP) rates are going up again for the third time this year.
There will also be new gantries erected. The highest amount will be charged at the Pan Island Expressway (PIE). The gantry affected is the one at the slip road into the Central Expressway (CTE).
From November 5, motorists will pay $3.50 from 7:30am to 8:00am. The amount charged goes up to $5.00 between 8:30am and 9:00am. This is a $1.50 increase in the 8:30am to 9:00am period since February this year.
The latest hike comes just days after the opening of the Kallang-Payar Lebar Expressway (KPE) Tunnel.
The KPE is expected to ease congestion on the CTE when it opens fully late next year.
ERP rates will also go up by 50 cents at six other gantries.
The CTE gantry north of Braddell Road will cost $2.50 between 7:30am and 8:00am.
Three CTE gantries south of Braddell Road will cost $4.00 between 8:30am and 9:00am.
Those travelling along Bendemeer Road will have to pay $1.50 from 8:30am to 9:00am, instead of the current $1.
Drivers on Thomson Road will also have to pay $1.50 between 8:30am and 9:00am.
New ERP gantries will also start operating on November 5.
There will be one on the north-bound CTE just before the PIE exit, and two along the east-bound ECP before the Rochor Road exit and Ophir Road slip road.
There is also another one on the south-bound Bukit Timah Expressway after the Dairy Farm exit before it joins the PIE. - CNA /ls
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