越南经济欠佳 吉宝置业项目“料暂不受影响”

Source :《联合早报》July 15, 2008

吉宝置业(Keppel Land)向投资者表示，越南的经济窘境短期内相信不会对集团在当地的项目有显著影响。

在越南面对通货膨胀急速上升、货币贬值以及贸易逆差不断扩大的三方打击之际，不少分析师指出，越南房地产市场暗流汹涌，认为吉宝置业在当地的业务会将影响集团整体盈利，纷纷降低该股的目标价。

吉宝置业股价自去年2月达到9.60元的高峰后已下滑了约50％，昨天闭市报4.71元，下跌0.13元或2.7％。

吉宝置业有信心将位于胡志明市的The Estella，大部分的单位在今年底之前售出。

目前在越南发展九个住宅和城镇项目的吉宝置业，昨天向新交所提呈有关其越南项目的最新投资者报告。

吉宝置业在报告中指出，这些项目都是与越南高信誉的合作伙伴进行，协议的结构把所须的现金减少至最低。此外，这些策略合作伙伴是供应商或建筑商，而项目规模非常大，能确保建筑材料价格具竞争力，建筑成本相信能够获得控制。

售屋与租金 都以美元计算

至于越南盾持续贬值，集团表示，所有项目和资产的售价和征收的租金都以美元来计算。　　

吉宝置业发言人受本报询问时举例，集团持有主要股权的西贡中心(Saigon Centre)，租金是以美元计算，该商业大楼目前的租用率是100％，签署的租期为期至少两年。至于今年三月推出的位于越南胡志明市的The Estella项目，650个单位当中，至今已有228个单位已签署购买协议，取得20％定金，平均售价为每平方公尺2200美元。

有分析师指出，The Estella的售价比去年底预期来得低30％，而由于买家只是支付象征性的定金以取得优先购买权，发展商过去宣扬的热烈反应可能最后无法兑现。

对此，发言人表示，当地市场的私宅需求依然稳健，日后还将获得崛起的中层阶级以及外籍人士支撑，集团有信心将The Estella大部分的单位在今年底之前售出。此外，The Estella的售价是集团所预期的，集团从中还是能够赚钱可观的盈利。

越南政府计划从明年1月起开放房地产市场，允许一些外籍人士购买50年地契的私宅，预计将有2万1000名外籍人士能受惠。

发言人也说：“吉宝置业希望在越南长远发展，设定的价格是合理的，不会轻易变动。何况，吉宝置业目前在越南发展的地段都是在去年，当地房地产市场达到顶峰之前买下的。”

上个星期，本地另一上市房地产公司国浩置地(GuocoLand)表示，今年2月在越南签署的一份购买胡志明市第二区一幅约5.3公顷的地皮的有条件合资协议，因为在限期内没有执行而作废。市场人士相信，这可能同越南目前的高利率、通货膨胀居高不下，市场情况转淡有关。

截至2008财年第一季，包括在当地的办公楼商业和服务公寓项目，吉宝置业在越南的资产总值为3亿6000万新元，占集团总资产的6.5％，对集团税后归属股东净利的贡献为4.1％。

New Launches Push Sales Of Private Homes Up In June

Source : The Straits Times, July 15, 2008

SALES of private homes in June almost doubled to 801 units, from 453 units in May, according to monthly figures released by the Urban Redevelopment Authority on Tuesday.

The positive data is largely due to an increase in new launches. Last month, some 1,069 new homes were launched by developers, up significantly from 474 launched in May.

Clover by the Park, a mass market project in Bishan alone accounted for 197 units sold in June while 144 units of Dakota Residences in Dakota Road were snapped up.

However, the mood in the property market remains largely cautious.

Singapore C.Bank Sees More Downside Risks To Markets

Source : Reuters, July 14, 2008





Singapore's central bank said it is closely monitoring financial markets in the wake of the crisis surrounding U.S. mortgage giants Fannie Mae and Freddie Mac, and warned of big downside risks in global markets.

"Significant challenges and downside risks in the international financial markets remain and financial institutions and investors should stay vigilant," the Monetary Authority of Singapore said on Monday.

"The direct impact of the credit crisis on financial markets and financial institutions in Singapore has been relatively modest so far," the central bank said.

Singapore's Straits Times stock market index <.FTSTI> has fallen 16 percent this year. The country's three banks have suffered relatively modest writedowns on their debt investments as a result of the credit crunch.

The U.S. Treasury and Federal Reserve called on Sunday for sweeping measures to lend money and buy equity, if necessary, in Fannie Mae and Freddie Mac, which own or guarantee $5 trillion in debt -- close to half the value of all U.S. mortgages.

The U.S. government plan to bolster the government-sponsored mortgage financiers helped calm markets on Monday, but did little to allay fears about the health of the U.S. financial system. [ID:nSP52252]

The MAS declined to comment on whether any of Singapore's foreign reserves are invested in debt from Fannie and Freddie.

Singapore had about $177 billion in its foreign reserves as of the end of June.

Foreign central banks, mostly in Asia, hold $979 billion of the $5 trillion bonds and mortgage-backed bonds sold by Freddie and Fannie.

LTA Unveils Locations Of DTL Stage 2 Stations

Source : The Straits Times, Jul 15, 2008

THE locations of stations along Downtown Line Stage 2, a 16.6km stretch joining residents in Bukit Panjang and Bukit Timah to the city centre, were revealed on Tuesday.


















The line, one of half a dozen new rail projects Singapore is embarking on up to 2020, will make stops near schools like Singapore Chinese Girls School, Raffles Girls School, Hwa Chong Institution and National Junior College.

The line, one of half a dozen new rail projects Singapore is embarking on up to 2020, will make stops near schools like Singapore Chinese Girls School, Raffles Girls School, Hwa Chong Institution and National Junior College.

Several residential developments like the Equatorial, Blossomvale as well as the Housing Board heartland of Bukit Panjang will also have stations near them.

Starting from Singapore's downtown is the line's southern-most station of Rochor. North of this is the first of three interchanges, Little India station, which connects the North-east Line.

Next is Newton Interchange, near Singapore's most famous hawker centre; and then Stevens Station, under Stevens Road and a stone's throw from the Raffles Town Club.

After that comes the Botanic Gardens Station, which intersects with the Circle Line.

The line then moves through Singapore's most prestigious residential area, with stops near Duchess Avenue, Sixth Avenue (actually nearer to Fourth) and Blackmore (near King Albert Park).

In the vicinity are the Nissan and BMW showrooms.

From there, the line crosses over to the shop-and-dine hub of Beauty World, where a station will be located.

Stations north of Beauty World are Hillview (near Dairy Farm) and Cashew (near Assumption English School and St Joseph's Church).

Next, the Downtown Line links up with the Bukit Panjang LRT, at the Petir station.

The line terminates at Gali Batu Depot, which is to be sited on part of the Kwong Hou Sua Teochew Cemetery.

In all, there are 12 stations, of which three are interchanges (Little India, Newton and Botanic Gardens). As with the Circle Line, the Land Transport Authority will be asking the public to suggest permanent names for the other nine stations.

Stage 2 of Downtown Line is part of a $12 billion 40km project linking the north-western and eastern parts of Singapore to the new downtown. Major construction will start middle of next year.

Stage 1 is is where the Integrated Resort, Gardens by the Bay and new financial district are. Stage 3 goes through MacPherson, Bedok Reservoir and Tampines areas to end at the East-West Line's Expo Station.

The LTA, meanwhile, on Tuesday gave another progress report on the Circle Line. Stage 3, linking Bartley to Marymount, is on track to be the first portion of the orbital rail line to be opened in mid-2009.

The five stations along this stretch are expected to attain temporary occupation permits by end of this year.

Overall, about 90 per cent of tunnels of the 33km line are completed, with the rest by early next year.

Federal Reserve Tightens US Home Mortgage Lending

Source : Channel NewsAsia, 15 July 2008

WASHINGTON - The US Federal Reserve on Monday tightened home mortgage lending in a bid to improve consumer protection from practices blamed in part for the worst US real-estate crisis in decades.

The Fed said its board of governors approved rules for home mortgage loans "to better protect consumers and facilitate responsible lending."

"The proposed final rules are intended to protect consumers from unfair or deceptive acts and practices in mortgage lending, while keeping credit available to qualified borrowers and supporting sustainable homeownership," Fed chairman Ben Bernanke said in a statement.

"Importantly, the new rules will apply to all mortgage lenders, not just those supervised and examined by the Federal Reserve."

The new rules address two categories: all home mortgages and a newly defined category of "higher-priced mortgage loans" -- effectively the subprime, or high-risk, home loans at the heart of spiraling loan defaults that burst a housing bubble two years ago.

In the sub-prime category, lenders will have to assess borrowers' ability to repay the loan, verify their income sources and will be barred from penalising prepayment except in certain circumstances.

For all home mortgage loans, the rules prohibit certain practices such as pyramiding late fees, coercing a real-estate appraiser to misstate a home's value and providing deceptively low cost estimates for the loan.

"Although the high rate of delinquency has a number of causes, it seems clear that unfair or deceptive acts and practices by lenders resulted in the extension of many loans, particularly high-cost loans, that were inappropriate for or misled the borrower," Bernanke said.

The approved rules mainly encompass proposals the Fed made in December. Most of them take effect on October 1, 2009. - AFP /ls