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Subscribe to this list via RSS Blog posts tagged in Overseas

Posted by on in New Launches

Apart from price, location and flat type, what are some other factors first-time BTO buyers need to consider before applying? We let you in on three important tips.

1) Know your timeline. After your e-application for a flat in your neighbourhood of choice, you will likely have to wait about one month before the HDB issues you a ballot number (also called a queue number).

Two weeks after that, you have to decide on which unit you want, and pay the option fee; you should also apply for your loan soon after.

In four months, the HDB will contact you to sign the agreement for lease, whereupon you must fork out the down payment for your flat. If you selected a completed unit, you can collect your keys immediately. If not, you will have to wait till it is completed before collecting your keys.

2) Get the best queue number possible. This doesn’t depend purely on luck, though it does play a part. You can participate in as many BTO exercises as you want, but remember that if you reject an invitation to select a flat, you will automatically be placed at the back of the queue.

In order to avoid this, participate selectively. Also, applying for a unit in a severely oversubscribed neighbourhood drastically reduces your chances of getting a good queue number, and your options may be reduced to units that are far from ideal. So weigh all the pros and cons very carefully before even applying for your flat.

3) Determine your level of patience. While there is a considerable period between application and key collection, it pays to wait for the right BTO launch.

If you plan to live in more popular neighbourhoods, such as Tampines or Clementi, it is wise to wait for new flats to be released, instead of applying where many already have.

However, if you do not wish to wait out the typical two- to three-year BTO construction period, the Sale of Balance Flats (SBF) exercise is a viable option. The frequency of the SBF varies, but the upside is that you can move in as soon as six months after applying.

credits: propertyguru

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Posted by on in New Launches

Some property agencies marketing overseas real estate to Singaporeans have begun revising their ads to comply with recent changes to Singapore’s Code of Advertising Practice, reported Channel NewsAsia.

“We are now having to, for example, justify why the returns on investment is 5.5 percent,” said Century 21’s Chief Executive Officer Ku Swee Yong.

Although the new rules can help guide the industry, there are still some constraints for advertisers marketing foreign properties. For instance, it’s hard to show the investors’ net return as the income tax varies per individual.

“In that case, we take away the statement of return on investment (ROI). But then that makes the advertisement less attractive than it would be,” Ku shared.

“So perhaps companies with larger advertising budgets might take up more space in order to attach fine prints to justify the ROI, or perhaps companies might in fact downsize their budget on mainstream media and do more email blast or brochure handouts and direct mailers.”

Amendments to the rules, undertaken by the Advertising Standards Authority of Singapore (ASAS), aims to tackle speculative, misleading and unproven claims in ads. They came into effect on 12 August, but advertisers and media firms were given a three-month grace period to abide with the changes.

According to CASE Executive Director Seah Seng Choon, companies that flout the rules “run the risk of advertising space and time being withheld by media owners. They may even risk the withholding of trading privileges by advertisers”. In serious cases, the reputation of the company involved may also be affected.

CASE will also take action if they contravene the Consumer Protection Fair Trading Act.

“We can invite the company to sign a voluntary compliance agreement. If they decline, we can proceed to take an injunction against them to stop them from continuing with misleading advertisements,” Seah added.

credits: propertyguru

Tagged in: economy Overseas
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General Storage Company (GSC), a wholly-owned subsidiary of Singapore Post, has acquired the Store Friendly Self Storage Group (SFG) from Store Friendly Asia – the largest self-storage network in the region.

The acquisition of Singapore-based SFG, which provides personal and business storage facilities services, amounted to $12 million in cash and was funded from SingPost’s internal resources.

GSC may pay another $4 million to Store Friendly Asia if certain conditions are met.

“The acquisition will increase GSC’s presence across Singapore, making us the self-storage provider with the most number of facilities here (15). Customers of Store Friendly, especially those operating e-commerce businesses, will benefit from our value-added services such as parcel delivery,” noted GSC’s Group CEO Helen Ng.

In a statement released via SGX on Tuesday, SingPost said the deal is not expected to have any material impact on the net tangible assets or earnings per share of the group for the financial year ending 31 March 2016.

credits : propertyguru

Tagged in: Ascott DBS H1 2014 Overseas
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Posted by on in New Launches

 

 

The Westwood Residences executive condominium (EC) in Jurong West sold around 120 units during its first day of booking last Saturday, media reports said.

Developers of the EC along Westwood Avenue received some 500 applications to book units during the last two weeks.

Prices at the 480-unit project range from $620,000 for a two-bedroom to $1.1 million for a five-bedder.

This works out to an average price of about $738 psf, or slightly lower than the indicative price of $800 psf announced earlier, said the developers.

Westwood Residences is the first EC to be affected by changes to the resale levy rules, which now applies to EC buyers who previously acquired HDB flats or ECs.

Except for Lake Life EC in Jurong, which was 98 percent sold, sales at other EC projects have been slow.

In fact, four projects that were launched since November 2014 still have over 200 unsold units each as at April, revealed URA data.

 

Taken from: propertyguru

 

 

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With a room in an HDB flat going for aroundS$500 to S$800 a month these days, more and more homeowners have been choosingto renting out a room in their homes so as to have a source of supplementaryincome . If collecting several hundred dollars every month without you havingto take up a 2nd job sounds appealing, here’s what you need to thinkabout so you can become a successful landlord in your own home. 

 

Know the HDB Rules – What You Can & Can’t Do

According to the latest HDB rules, flatowners are allowed to rent out bedrooms if they own a 3-room or larger flat.The number of rooms the HDB flat owners are allowed to rent out depends on thesize of their flat, where 3-room flat owners are allowed to rent out 1 room,and owners of 4-room and larger flats can rent out a maximum of 2 bedrooms.Flat owners also have the responsibility of making sure their tenants areSingapore citizens, PRs, or student visas or work pass holders with validitygreater than 6 months.

Make Sure Your House Provides a WelcomingEnvironment

If an Englishman’s home is his castle, itcould be fair to say that a Singaporean’s HDB flat is his palace. As alandlord, it is your responsibility to make sure you provide a clean, safe andwelcoming home for your tenant. That means making sure that common householditem such as the fridge, TV, microwave and toilet are in good condition, so anyprospective tenants viewing your property can make an emotional connection –not to mention allowing you to appeal more to tenants and getting a betterprice.

Know Which Tenants are the Most Desirable

As you will likely be sharing the same flatwith your tenant, it is in your best interests to do everything you can to makesure your tenant moving in is a responsible person who will take care of yourroom. Generally, expats, or foreign talent, and professionals receive a goodsalary and may even have a rental allowance provided for in their pay package.This group is highly-desired among landlords, as they typically take care oftheir rooms and abide by the terms and conditions of their rental contract.

Taken from iProperty

 

Tagged in: Overseas
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Posted by on in New Launches

The first quarter of 2015 saw five homes auctioned off at massive losses, revealed media reports citing a Knight Frank report.

A unit at The Grange emerged as the biggest loss-making sale in the three-month period, selling for $4.2 million or down $2 million from its last transacted price of $6.2 million.

An Amber Residences unit was auctioned off at $2.7 million, achieving a loss of more than $403,000, while a Pearl Bank apartment was sold for $1.35 million, representing a loss of $300,000.

Meanwhile, an apartment in the freehold Estilo and a property at 60 Eng Kong Drive made losses of $108,000 and $38,000 after they were sold for $800,000 and $3.3 million respectively.

Residential properties accounted for the bulk of total auction listings in Q1 at 70.3 percent. The residential sector also led other sectors by selling nine of the 54 mortgagee sale properties available for auction.

 

Taken Property Guru

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She has been connected with Kallang Development for 20 years.

Bukit Sembawang Estates announced the appointment of Fam Lee San as non-executive non-independent director.

Ms Fam, 47, joined Kallang Development, a subsidiary of Lee Rubber Co in 1994. As a financial controller, she is responsible for overseeing the finance, corporate treasury, accounting and corporate secretarial functions of various property companies in the group that are involved in property development and investment businesses in both Singapore and Malaysia, according to a Bukit Sembawang Estates report.

Prior to joining the group, Ms Fam was an auditor with an international public accounting firm. Ms Fam holds a Bachelor of Accountancy degree from the National University of Singapore and is a member of the Institute of Singapore Chartered Accountants.

Credits: Singapore Business Review

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Discover the measure that property seekers dislike most.

The government's cooling measures have done their work to decrease property prices in the country. However, a recent survey revealed that 2 out of 3 Singaporeans feel that the time is ripe to ease some of these measures.

According to the PropertyGuru Consumer Sentiment Survey for 1H14, 4 out of 5 Singaporeans are dissatisfied with the current property market, while 2 out 3 feel that some property cooling measures should be relaxed.

Property buyers most dislike the the Total Debt Servicing Ratio (TDSR), with 56% of respondents demanding that this measure be relaxed. Meanwhile, 44% of property seekers want the Additional Buyer's Stamp Duty (ABSD) for Singaporeans to be eased.

39% of respondents want the government to relax the Mortgage Servicing Ratio for HDB concessionary loans, while 33% want the ABSD for permanent residents to be eased.

Purchase intent also remains relatively low, with only 28% stating that they are interested to buy property in the next 6 months, while only 14% are interested in purchasing an HDB flat.

Credits: Singapore Business Review

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4 price drops in a row.

Another proof that the government's cooling measures are getting effective has come. Resale flat prices drop to its lowest point in 2 years and has been dropping for 4 consecutive quarters in a row.

A PropNex analysis said that the HDB resale market continued to cool in Q2 2014; this is also the fourth consecutive quarter of price drops.

According to HDB's full quarterly data released today, resale flat prices fell 1.4 per cent to 195.7 points — the lowest in 2 years. For the first 2 quarters of 2014, the fall of 3 per cent has already eclipsed the 0.6 per cent registered in the entire 2013, and this sets the stage for further price falls in the year.

Here's more from PropNex:

The various measures, including loan curbs and the strong supply of new flats, continue to weigh down on demand, which brought about the sustained price decline.

The falling resale prices can be due to the potent combination of the government's measures to cool the public housing market such as, reducing the Mortgage Servicing Ratio (MSR) cap of 30 per cent and the maximum loan term of 25 years for HDB mortgage loans, three-year wait for new PRs before they can buy resale HDB flats, and allowing singles to buy two-room BTO flats in non-mature estates.

Thus, these measures work in tandem to reduce the resale demand. The recent HDB's change to the valuation procedure has also created a more cautious approach from buyers, as they are more careful when giving an offer for a particular flat.

"Buyers are more conservative in their offers; for fear that the valuation is unable to match the price that they are offering. So when the owner accepts a lower offer, a lower transacted price will be registered. We foresee this trend to continue for the rest of the year." But primarily, the main reason behind the slowdown in market activity is attributed to the income cap on how much buyers can borrow to pay off their mortgage. With smaller loans, some buyers can no longer afford to upgrade to larger flats.

Credits: Singapore Business Review

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Costs will slide even more in 2H14.

Moe property buyers are fleeing from expensive properties in the Core Central Region. Data released by the URA today revealed a steep price decline in the CCR for 2Q14, with more decreases expected in the latter half of the year.

According to Knight Frank, the decline is caused by increasingly price-sensitive homebuyers and the government's property cooling measures.

"With the property cooling measures and the TDSR framework reining in buying momentum, lacklustre buying sentiment is likely to persist in the near term. With homebuyers becoming increasingly price-sensitive and discerning in their purchases, developers would need to review their pricing and marketing strategies in order to move units. The downward fall in prices could continue into the second half of 2014," stated the report.

Here's more from Knight Frank:

Property prices in all non-landed private residential market segments fell, with the largest decline seen in the high-end market in the Core Central Region (CCR). Prices fell by 1.5 per cent q-o-q, marking its fifth consecutive quarter of decline. On a y-o-y basis, prices have fallen 4.8 per cent.

Based on caveats lodged data as at 1stJuly 2014, the steeper price decline seen in the CCR for 2Q 2014 could be due to falling new sale and resale prices of high-end properties in Districts 1 and 2, which saw more than 10 per cent q-o-q decline in prices.

Private home prices in the CCR are expected to fall by another 1 to 2 per cent per quarter in the next half of the year, with an estimated 4 to 8 per cent y-o-y decline in 4Q 2014.

New sale prices in Districts 10, however, provided some support, with prices having risen by approximately 7 per cent. New sale prices in District 9 declined marginally by 2.3 per cent, while resale prices increased 4.1 per cent.

Credits: Singapore Business Review

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$2.5b indications of interest received to date.

Frasers Hospitality Trust's highly anticipated IPO has garnered indications of interest valued at $2.5b, the company announced today. FHT's IPO is finally set to open today, after the company lodged its final prospectus with the MAS yesterday.

According to FHT, the Public Offer opens at 9.00 a.m. on Tuesday, July 1 and will close at 12.00 p.m. on Thursday, July 10.

The release further noted that the Stapled Securities are expected to commence trading on the SGX-ST at 2.00 p.m. on Monday, 14 July 2014.

According to FHT, "Comprising 12 assets in its Initial Portfolio, FHT will be the first hotel and serviced residence stapled group with a global mandate to be listed on the SGX-ST. FHT offers investors an opportunity to invest in a geographically diversified and balanced portfolio of quality assets worldwide to take advantage of favourable hospitality sector fundamentals of the key gateway cities in which the assets are located."

Here's more from the release:

The Placement Tranche drew strong demand from investors. The indications of interest received were valued at S$2.5 billion, representing approximately 21 times of the Placement Tranche.

185,063,000 Stapled Securities are being offered (the "Offering") for subscription at the Offering Price of S$0.88 per Stapled Security by Frasers Hospitality Asset Management Pte. Ltd., as manager of FH-REIT (the "REIT Manager") and Frasers Hospitality Trust Management Pte. Ltd., as trustee-manager of FH-BT (the "Trustee-Manager", collectively with the REIT Manager, the "Managers"). Each Stapled Security comprises a unit in FH-REIT and a unit in FH-BT.

Credits: Singapore Business Review

Tagged in: Buying Volume Overseas
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It's poised to be the second-largest shareholder.

Energy conglomerate China Everbright Limited (CEL) is poised to make a $284 investment in Ying Li International Real Estate, the companies announced in a statement today.

If approved, the deal will make CEL the second-largest shareholder of Ying Li, next only to its Executive Chairman and Group CEO Fang Ming.

According to the release, "Ying Li will use the monies to accelerate development of existing projects and finance new projects. Ying Li aims to leverage on CEL's network and strong connections to secure projects in prime locations in the first- and leading second-tier cities in China, as well as seek expansion into Singapore and Hong Kong."

Here's more:
Ying Li International Real Estate Limited ("Ying Li" or the "Group") a PRC-based property developer listed on the Singapore Exchange, intends to seek shareholders' approval to bring in CEL as its strategic and second largest shareholder.

Ying Li is proposing to issue new shares and perpetual convertible securities to Everbright Hero Holdings Limited ("EHHL") for an aggregate of approximately S$284 million. EHHL is an indirect wholly-owned subsidiary of CEL, the asset management arm of the significant China Everbright Group.

The transaction will be completed in two phases:

Phase A involves the issuance and allotment of 381 million new shares at S$0.260 per share to raise approximately S$99 million. EHHL will own approximately 14.9% of the enlarged share capital of the Group after completing Phase A and become the second largest shareholder of Ying Li.

Phase B involves the issuance of perpetual convertible securities in two tranches – S$165 million (Tranche 1) and S$20 million (Tranche 2). Please refer to the announcement for more information on the perpetual convertible securities.

Credits: Singapore Business Review

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Struggling homeowners didn't have any choice.

Auctioning off their landed properties would have been one of the biggest decisions homeowners had to make as they try to shild themselves from getting badly hurt by the higher total quantum of landed properties and TDSR.

According to Knight Frank, the number of properties put up for auction fell by 2.4 per cent quarter-on-quarter (q-o-q) to 124 units in 2Q 2014. However, the number of properties put up for auction has risen by 12.1 per cent year-on-year (y-o-y) to 251 units in 1H 2014 compared to 224 units in 1H 2013.

Here's more from Knight Frank:

The number of landed properties put up under mortgagee sale has increased by about 66.7 per cent q-o-q to 5 units in 2Q 2014. Compared to 1H 2013, the number of landed properties put up has doubled in 1H 2014 (8 units).

The relatively higher total quantum of landed properties, coupled with the implementation of the Total Debt Servicing Ratio (TDSR) framework, have made it increasingly difficult for landed homeowners to service their mortgage payments. This has in turn resulted in an increasing trend of landed properties being put up for auction.

For type of sale, the proportion of properties put up under mortgagee sale has risen from 24 per cent in 1Q 2014 to 44 per cent in 2Q 2014. Similarly, on a yearly basis, this proportion has risen from 7 per cent in 1H 2013 to 33 per cent in 1H 2014.

The rise in the quarterly number of properties put up under mortgagee sale coincided with a 5.2 per cent increase in the average monthly number of bankruptcy orders being made over the same period.

Credits: Singapore Business Review

Tagged in: Ascott Overseas
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Blame tepid activity in the resale market.

Sales in the mortgage market are expected to continue increasing in the next two quarters, unless government curbs on the market are relaxed or removed, according to Colliers International deputy managing director Grace Ng.

256 properties were put up for auction sale in 1H14, of which 64 were listed by mortgagees. According to Colliers, the increase could be attributed to lacklustre activity level in the residential property resale market, which has been hit by consecutive rounds of government cooling measures.

Colliers adds that borrowers who default on their loans have been finding it increasingly difficult to find a buyer on their own in the resale market, as buyers are faced the twin hurdles of Additional Buyer's Stamp Duty for their second and subsequent property purchases, and loan restrictions due to the Total Debt Servicing Ratio.

The rising number of properties put up for mortgagee sale could also be attributed to the increase in the number of bankruptcies.

Here's more:

On the other hand, in light of the continued softening of residential home prices QoQ since 4Q 2013, buyers are expected to continue adopting a wait-and-see approach, committing only if they perceive a bargain. Additionally, the impending interest rate increase, which is expected to set in as early as 2015, will also keep buyers on their toes."
Ms Ng concludes, "On the back of ongoing credit and budget constraints, properties that are priced around S$1.5 million and below will remain popular due to affordability concerns. The sale value for the Singapore auction market is likely to come in at between S$60 million and S$70 million for the whole of 2014, falling some 24-35 per cent from 2013's auction sales receipt."

Credits: Singapore Business Review

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Stamp duties more likely to storm out of the scene.

Singaporeans are still licking their wounds from property cooling measures that were unleashed in rapid succession, but this good news could perk them up: sellers' stamp duties and additional buyers' stamp duties are likely to go once the home price drops go beyond 10%.

According to OCBC, in the latest round of curbs in Jul-13, the MAS implemented a Total Debt Servicing Ratio (TDSR) framework whereby financial institutions will take into account borrowers' other debt obligations when granting property loans.

Here's more from OCBC:

A TDSR limit of 60% will be imposed and, for TDSR calculations, a haircut of at least 30% is applied to variable income and eligible financial assets are amortized into income streams.

A mid-term interest rate of 3.5% or the prevailing rate, whichever is higher, will also be used. We believe that the TDSR framework is here to stay while other measures, such as the sellers' stamp duties and additional buyers' stamp duties, appear to be more probable candidates for easing if the authorities potentially look to reverse property curbs ahead.

In our view, however, this scenario of policy reversal is only likely to occur when residential price declines in the market have exceeded a meaningful threshold of ~10%.

Credits: Singapore Business Review

Tagged in: Industrial Overseas
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Brace yourselves for the big crash.

Homebuyers searching for cheaper houses will only need to wait a little longer. A significant drop in home prices is on the horizon, as residential prices are predicted to dip 10-20% over 2014-2015.

According to OCBC, demand is mounting for residential homes but buyers remain highly price-sensitive. .

"We forecast residential prices to dip 10%-20% over 2014 – 2015 but see a price crash in excess of 20% to be unlikely, even after accounting for the anticipated physical over-supply and interest rate uptrend ahead," noted OCBC.

Here's more from the report:

One key argument against a crash is that we believe there is a high price elasticity of demand in the market largely due to a prolonged period of physical undersupply from 2004 – 2012.

Simply put, significantly more buyers will likely come into the market at lower price points, which will slow the rate of decline as prices soften.

Several key data-points had previously corroborated our view – firm sales at d'Leedon and Sky Habitat after significant discounts by CapitaLand, and at attractively priced launches such as UOL's Thomson Three – and we believe the latest set of sale figures in May-14 further supports this.

Credits: Singapore Business Review

Tagged in: Overseas
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The acquisition is finally complete.

The Ascott Residence Trust Management Limited announced on Friday that it has completed its acquisition of Wangze Dalian Enterprise Co. Limited.

Wangze Dalian owns a serviced residence property located at 128-2 Jinma Road, Dalian Development Area, Dalian, China.

"Ascott Residence Trust Management Limited, as manager of Ascott Residence Trust refers to its announcement made on 20 February 2014 in relation to the acquisition of the entire interest in Wangze (Dalian) Enterprise Co., Limited which in turn owns a serviced residence property located at 128-2 Jinma Road, Dalian Development Area, Dalian, the People's Republic of China.
The Manager wishes to announce that the acquisition of Wangze Dalian was completed today.
Following the Completion, Wangze Dalian has become a wholly-owned subsidiary of Ascott REIT."

Credits: Singapore Business Review

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Current buyers are paying $20,000 less.

Majority of Singaporeans paid less for their houses in May, as HDB resale prices reached a 2-year low since April 2012.

A report by the Singapore Real Estate Exchange revealed that twenty out of twenty-six towns recorded a negative median Transaction Over X-Value (TOX) in May. The TOX is used to measure whether people are underpaying or overpaying for their houses compared to previous buyers.

"This means that majority of the buyers in these towns have purchased their units below what other buyers who came before them paid for in similar units," noted the report.

Among HDB towns with more than 10 transactions, the lowest median TOX are in Chao Chu Kang, Bukit Merah, Punggol and Pasir Ris, at negative $20,000, negative $15,456, negative $14,000 and negative $10,000 respectively.

Bucking the downward pressure on prices are Queenstown, Clementi and Jurong East with positive median TOXs of $6,500, $1,000 and $1,000, respectively.

The average TOX for HDB towns stands at negative $4000, the same value as in April 2014. Prices have declined by 6.5% since reaching peak prices in April 2013. Prices have declined 2.7% since the beginning of this year..

Credits: Singapore Business Review

Tagged in: housing Overseas
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And they're freaked out by its 'softer outlook'.

Singapore is a foreigner's haven in more aspects than one, but its ever-rising cost of living, property prices, and not-so-rosy economic outlook are slowly shooing expats away.

According to CIMB's Cost of Living survey, buyers responded positively to the property price cuts. Sky Vue, with its more competitive pricing, achieved a much healthier take-up rate, compared to its more expensive adjacent development, Sky Habitat.

Here's more from CIMB:

We also saw buyers reacting positively to price cuts, with Sky Habitat clearing more than 100 units since the re-launch.

This reinforces our survey results that suggest weak demand is driven more by expectations rather than affordability.

Foreigners view Singapore as a good city to own a piece of property, but cited high property prices as their key deterrent.

In a separate survey of foreigners not based in Singapore, 35% of the surveyed population believe that the biggest draw for investing in a property in Singapore is its infrastructure and security, with Singapore being seen as a clean and efficient city.

However, when asked what the main deterrent to buying a property was, the majority (83%) cited high property prices and softer outlook. Obviously, our survey also has some shortcomings as Indonesian tycoons or Middle Eastern tycoons are unlikely to take part in our survey.

In reality, these views are also reflected in lower take-ups by both foreign and investment demand. Foreign demand has fallen, now making up ~10% of new sales as compared to 15% two years ago. Investment demand has fallen as well, with upgraders making up more than 60% of new sales, vs. 50% two years ago.

Credits: Singapore Business Review

Tagged in: Ascott DBS Overseas
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The high-end property market carnage continues.

Ho Bee Land is known for its high end condos in ritzy addresses like Sentosa with developments such as the Turquoise. Yet in this market, the big spenders are not coming out and the company didn't record a single sale of a new property during the first quarter of this year.

It shows just how bad Singapore's high end luxury property market is. CIMB Analyst Tan Xuan told Singapore Business Review the lack of sales was expected but that it's a concern and shows the problems with selling high-end properties and Sentosa properties in particular. She added that Ho Bee has decided to rent out units in Sentosa rather than sell them, a trend that has been ongoing for some time.

Naturally the results are bad, and were below even the pessimistic expectations.

Ho Bee Land w Q114 revenue and PATMI dropped 72% and 92% yoy, respectively, as there were no units sold during the quarter, and thus no recognition of revenue for development properties, noted CIMB's Tan.
The rental income from industrial and commercial properties increased by 495% yoy and contributed to 93% of revenue, largely from its office buildings, The Metropolis in Singapore and Rose Court in London. Residential properties' rents accounted for the remaining 7%.

We expect rental income to underpin FY14-15 earnings, specifically from The Metropolis and the two commercial buildings in London. Additionally, its rental income should improve in the coming quarters as more tenants move into The Metropolis (94% committed) and the recently acquired commercial building in London at 1 St Martin's Le Grand starts contributing.

Overseas developments to contribute to earnings from FY15. Management has demonstrated foresight in increasing its exposure to investment properties ahead of weak development income. The overseas developments in Australia and China acquired over the past three years should start contributing meaningfully to earnings in 2015-16.

Credits: Singapore Business Review

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