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Posted by on in Commercial

JLL was awarded 'Cross-border Investment Deal of the Year' at the inaugural AsiaProperty Awards this year.

In August 2013, JLL negotiated a capital markets transaction for the sale of the Grand Park Orchard Hotel together with its Knightsbridge Retail Podium, which significantly surpassed all price per key and price per square foot benchmarks in Singapore.

Describing it as one of the largest single asset transactions in Singapore, Regional Director of JLL Singapore Capital Market Anthony Barr said, "Despite the large transaction size and complex nature of this transaction we were able to engage a broad investor base, as evidenced by a sale to an entity making its first asset purchase in Singapore."

JLL's Asia Pacific capital markets team comprises 300 people working in 80 offices across the region.

The inaugural AsiaProperty Awards was held in Hong Kong on 25 September, and aims to recognise excellence and innovation in cross border real estate investment in the Asia Pacific region.

Credits: Property Guru

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Prices slipped in all three regions.

Homeowners who are thinking of re-selling their property must brace themselves for thinner and thinner profits. Overall resale prices of non-landed private homes continued their steady decline in June, reaching an 18-month low as prices fell islandwide.

According to the Singapore Real Estate Exchange's Private Residential Flash Report, private resale prices fell by 1.4% month on month in June, a record low since December 2012. But compared to the recent price peak in Jan 2014, June prices are 4.7% lower.

15 out of 24 of districts also saw negative median transaction over x-values. This means that majority of the non-landed private property buyers last month in these districts purchased their units below what other buyers who came before them paid for in similar units.

For districts with more than 10 resale transactions in the month of June, district 15 (Katong, Joo Chiat, Amber Road) and 10 (Bukit Timah, Holland Rd, Tanglin) had the lowest median TOX at -$50,000 and -$37,000 respectively.

"An estimated 452 resale transactions were registered in the month of June, a 7.9% increase month-on-month. On a year-on-year basis, resale volume posted a 23.8% drop compared to 593 units resold in the same month of last year. Compared to the peak when 2050 units were resold in April 2010, the volume was still down by 78.0%. Since beginning of the year, resale volume has gone up by 53.7%," the SRX noted.

Here's more from the report:

On a regional basis, prices fell in all 3 regions. Rest of Central Region (RCR) led the fall by a 3.2% decrease, followed by prices in Core Central Region (CCR) and Outside Central Region (OCR) which dropped 1.7% and 0.3% respectively.

District 9 and 11 saw highest median TOX. Among districts with more than 10 resale transactions in June, district 9 (Orchard, Cairnhill, River Valley) and 11 (Watten Estate, Novena, Thomson) posted highest positive TOX values of $30,000 and $9,000 respectively.

This means that majority of the non-landed private property buyers last month in these districts purchased their units above what other buyers who came before them paid for in similar units.

Credits: Singapore Business Review

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We're fully regulated by Singaporean law, the group asserts.

Brazilian property development firm EcoHouse yesterday issued a scathing reply to the fact that it had been listed under the MAS' Investor Alert List.

The company reiterated that the MAs list does not imply that EcoHouse Group has contravened any Singaporean laws.

"We are somewhat surprised that some individuals had the impression that the company was under MAS regulation and welcome and clarification provided by the MAS list. EcoHouse Group is, and has always been, fully regulated as required by Singaporean law," the group stated.

Here's more from EcoHouse

Furthermore, MAS publicly announced that EcoHouse had been added to the Investor Alert List in April 2014, therefore it seems extremely strange to see this news surface in some circles of the press three months later and being portrayed as a new development.

We can only conclude that this resurfacing of old news is driven by those with an agenda against the company, who wish to impede EcoHouse Groups's work in delivering quality homes to Brazilian families and market leading returns to investors.

To reiterate, the MAS list does not imply that EcoHouse Group has contravened any Singaporean regulations, or that there has been anything improper in the company's marketing and promotions.

Nor is the list intended to advise anyone against investing against the companies featured on it. Conversely, some of the leading real estate companies in Singapore also feature on the list as they are unregulated by the MAS.

Credits: Singapore Business Review

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Secures first condominium in Malaysia.

Capitaland's Ascott Residence Trust has entered into conditional agreements to acquire three new serviced residences, which are located in Kuala Lumpur, Malaysia, and Wuhan and Xi'an in China.

The company announced today that the 207-unit Somerset Ampang Kuala Lumpur will be acquired from The Ascott Limited (Ascott) for MYR175 million (S$67.4 million), while the 249-unit Citadines Zhuankou Wuhan and the 251-unit Citadines Gaoxin Xi'an for RMB252 million (S$51.4 million) and RMB270 million (S$55.1 million) respectively from Ascott Serviced Residence (China) Fund, in which Ascott holds a 36.1% stake.

""This is Ascott Reit's first acquisition of a serviced residence in Malaysia, which has a stable and growing economy. The acquisition of the two properties in Wuhan and Xi'an will further expand our presence in China," noted Ascott Residence Trust Management Limited's (ARTML) Chairman Lim Jit Poh.

Here's more from Ascott:

Somerset Ampang Kuala Lumpur has a prime location close to the capital's Golden Triangle – a major business, shopping and entertainment hub marked by Jalan Ampang, Jalan Sultan Ismail and Jalan Tun Razak

Citadines Zhuankou Wuhan is strategically located within the Wuhan Economic and Development Zone. It is a short walk to major commercial developments and offices such as the Xianglong Times Business Centre and Dongfeng Peugeot Citroen Automobile Company's headquarters

Citadines Gaoxin Xi'an is situated in the heart of the Hi-Tech Industries Development Zone and enjoys close proximity to commercial developments such as Pioneer Square, Hi-Tech International Business Centre, Gao Ke Plaza and Sea Star Square. A variety of retail, dining and entertainment facilities are available at the Golden Eagle and Ginwa shopping malls which are a short walk away.

Credits: Singapore Business Review

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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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The Yangon deal is still not set in stone.

Yoma Strategic Holdings has announced adjustments to its development of Yangon's Landmark site.

According to OCBC, "Instead of acquiring 80% of the Landmark site after the SPA Group secures a master lease extension to 50+10+10 years (as originally planned), Yoma will now acquire the site with its existing leases (comprising two sub-plots with remaining leases of 24 and 26 years respectively) with a first payment of US$43.2m."

The SPA group is also expected to procure approval for the transfer of the site to Yoma by the end of 2015 from the Myanmar Investment Commission.

Here's more from OCBC:

Yoma's pro rata development cost for Landmark will be capped at US$40m till Dec-15, in addition to the S$7m already incurred, and should SPA fail to obtain approval for the transfer by then, it will refund Yoma US$43.2m and all monies disbursed for the Landmark project.

To fund this acquisition, Yoma has proposed a 1-for-8 rights issue at 38 S-cents, expected in Sep/Oct 2014 pending approval from shareholders and the exchange.

Credits: Singapore Business Review

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Move over drivers. That seems to be one of the takeaways of a new research study which has called for a shift from a motorist-oriented to a people-first approach in tropical cities.

Conducted in March by the Urban Land Institute (ULI) and the Centre for Liveable Cities (CLC), together with Danish architect Jan Gehl, the "Active Mobility" study examined cycling and pedestrian issues in Singapore and provided lessons on improving walkability and bikeability here.

Firstly, there should be greater emphasis placed on safety for pedestrians and cyclists – through the redesign of junctions, as well as giving them more priority with continuous sidewalks, at-grade crossings, and shared streets at high pedestrian volume areas.

The study also suggested that cycling and walking infrastructure should be integrated with public transport to make it easier for pedestrians and cyclists undertaking longer trips.

Another idea was for street tree planting and sheltered public walkways, which the government has been extensively providing, to make active travel a more comfortable experience.

At the same time, developers and building owners should be encouraged to install end-of-trip shower facilities or even drop-and-go laundries in offices.

Cycling is becoming increasingly popular in Singapore, though only one percent of peak hour trips are made on bicycles in the city-state. For 100,000 people, four kilometres of cycling tracks are provided.

Dr Limin Hee, Director at CLC, said: "Cities like Singapore are quite into Sunday cycling, on our wonderful park connectors. Now, the challenge is how to bring Sunday cycling onto Monday cycling, where it could be a viable alternative to taking motorised transport. Cities will be better for it, as walking and cycling takes up so much less precious space."

Credits: Property Guru

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Residential sales gridlocked by waiting consumers.

More and more Singaporeans are now holding back from buying their dream homes. Developers are bearing the brunt of this hesitation, as residential property sales have been steadily declining since 2012. A recent survey by CIMB tells why.

The expectation of falling property prices and government policies are the key deterrents against buying residential property in Singapore, the report revealed.

Government policies such as the total debt servicing ratio (TDSR) and the additional buyers' stamp duty (ABSD) accounted for 41% of respondents. Meanwhile, 39% of respondents cited the expectation of falling property prices as their main reason.

Only 14% of Singaporean respondents intended to buy a property within the next one to two years. In terms of time frame, an overwhelming 78% only expected to buy a property after three years.

According to the CIMB, "We believe that buyers are holding back their purchases as they wait for property prices to fall. That could leave us with a less-than-ideal situation of weak demand on top of rising supply with historically high physical completions over the next three years."

The report also noted that developers are now taking the first step by providing discounts and promotions, and that restrictive government policies have a "real possibility" of relaxing in the future.

Here's more:

Both the mortgage-to-income ratio and median home price-to-income ratio remain near the historical trough.

This signifies that income has kept up with rising property prices, with both ratios registering a CAGR of 5.8% since 2007. The inference is that most households can afford to borrow to buy properties, should they choose to.

Singapore remains fundamentally a good city to own a property and demand should be supportive when property prices fall to a reasonable level. In our view, that reasonable level is a 10-15% decline in the next two years. With the recent fall in property prices, we have already startedto see the proportion of foreign buyers creeping up.

Credits: Singapore Business Review

Tagged in: Private waterwoods
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Singaporeans getting a bit richer in last 4 years.

It would seem like the number of Singaporeans warming up to the idea of going home to luxury units are slowly ballooning, as the total inventory of unsold posh units fell down to 9,900 in 2013 from 19,300 in 2009. Thanks to the big fat 16.1% drop in prime luxury private home prices, both developers and buyers are sitting pretty amidst better sales for the former and better living for the latter.

According to Nomura, their estimates suggest unsold inventory in the high-end housing market has been pared down significantly over the past four years.

Here's more from Nomura:

Using private residential projects located in the Core Central Region (CCR) as a proxy for the high-end segment, our survey suggests the total inventory of unsold units (projects completed since 2009 + projects uncompleted as of end-2013 + projects yet to be launched) fell from c.19,300 units at the end of 2009 to c.9,900 units by the end of 2013 (i.e. almost halved in four years).

We believe the average fall of 16.1% in prime luxury private home prices from its end-2007 peak may have helped to move the high-end inventory over the last four years.

That being said, in light of the more stringent regulation on property purchases and higher transaction costs such as the Additional Buyer's Stamp Duty (ABSD), we think it could still take a while for the remaining inventory to be taken up.

Moreover, our estimates also suggest about 12,000 non-landed private homes could be completed in the CCR between 2014 and 2016 – i.e. an average of about 4,000 units a year, vs. about 2,800 units completed in 2013. This could imply further competition for rental and/or secondary demand.

Credits: Singapore Business Review

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Offer price increased by 5.9%.

CapitaLand vows to win CMA's nod as it raises its bid for the planned takeover. In a release, CapitaLand announced that it has increased its offer price by 5.9% to S$2.35 per share. This final offer price takes into account the opinion stated in the Letter from the Independent Financial Advisor to the Independent Directors of CMA in regard to the offer. CMA shareholders who have earlier accepted the offer will be entitled to receive the Final Offer Price.

Credits: Singapore Business Review

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Blame it on property cooling measures.

Things are getting uglier in Singapore's property market as City Development is finding out. The number of unsold projects for its high-end luxury segment remains a concern despite having stable sales in the mass-mid segments.

According to CIMB, in the rental market, recent media reports have suggested that South Beach Tower is in discussions with numerous occupiers that could potentially bring the pre-commitment to over 60%, though no signing rents have been disclosed. CIT previous guidance indicated that enquiries at about S$9 psf/mth have been received.

Here's more:

During the quarter, due to the series of property cooling measures and the Total Debt Servicing Ratio (TDSR), sales of existing projects launched last year have slowed.

For the rest of the year, further contributions from other pre-sold projects, including D'Nest (94% sold), Jewel @ Buangkok (83% sold) and Blossom Residences, are expected to support its earnings. The sale of the development project, Coco Palms – the last parcel of land within Pasir Ris Grove, will commence on 17 May 14.

Credits: Singapore Business Review


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Fears rise over Fed.

According to Reuters, real estate investment trusts in Singapore with growing exposures overseas in places like China, Japan and Australia are bucking the trend of lower returns at home where the city-state's market has been slowing.

Known as S-REITs, the $49 billion sector, Asia's second-largest after Japan, fared poorly in 2013. Jitters about the end of the U.S. Federal Reserve's stimulus programme and a series of moves by the Singaporean government to cool the property market raised concerns the trusts would lose their appeal to yield-hungry investors.

Credits: Singapore Business Review

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Its untapped potential is marvelous.

According OrangeTee, in line with the decentralisation strategy announced in Concept Plan 1991 to guard against congestion and over-development in the Central Business District and Marina Bay areas, Woodlands Regional Centre has become the fourth regional centre after Tampines Regional Centre in 1992 and Jurong Lake District and Paya Lebar Central in 2008.

Here's more from OrangeTee:

It will be another key growth area in the north of Singapore. Envisioned as Singapore's Northern Gateway, Woodlands Regional Centre will incorporate retail, business, residential and lifestyle elements into its two districts – Woodlands Central and Woodlands North Coast.

With over 100 ha of land available for expansion, Woodland will become a vibrant live-work-play precinct set in lush green northern waterfront over the next 10 to 15 years.

We saw vast untapped potential in Woodlands. Being the only regional centre with a coastal waterfront setting, residents in Woodlands can look forward to enjoying the stunning views of the Straits of Johor.

Woodlands has 700,000 m2 of new commercial space and more than 100 ha of development land; it will be well-connected to Malaysia via cross-border rail link.

It meets the needs of SMEs and business who can benefit from the proximity of a major transport node and great convenience with much lower costs than CBD area.

With new transportation network, fresh commercial space and room to grow, we believe that Woodlands Regional
Centre is set to realise its full potential as Singapore's Northern Gateway.

Credits: Singapore Business Review

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With Singapore being named the world's most expensive city, the Straits Times has published a comparative study on the five big ticket items which contributed to the ranking.

The Straits Times report compared the prices of these items with those of a similar standard in five different developed nations.

The following are the items and the price comparisons:

Property rental

A three-bedroom apartment of between 1,200 and 1,500 sq ft averages S$8,000 (RM20,700) a month in Singapore.

In New York, a three-bedroom apartment of between 950 and 1,800 sq ft ranges from US$1,750 (S$2,221, RM5,700) to US$2,500 in the outlying neighbourhoods and US$6,000 to US$15,000 in Manhattan.

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Posted by on in Resale

Led by private homes in the central region, resale prices increased by 0.1 percent last month compared to the revised 0.8 percent dip in October, revealed flash estimates of the NUS Residential Price Index (SRPI) which was reported in the media. 

Prices of resale units in the central region climbed by 0.3 percent, reversing a 1.1 percent drop in the previous month. 

Resale prices of private homes in the Outside Central Region (OCR) declined by 0.1 percent in November, but this is less than the previous 0.5 percent drop.

Meanwhile, prices of completed small units also slipped by 0.6 percent after remaining unchanged in October. 

Experts noted that the raw figures may not accurately represent the entire market as there were only 391 resale deals in November. Of these, 105 were in the central region and only seven small units were sold. As such, the public is advised to wait for the revised data.

“We should not take heed of the flash data which shows very slight changes at between -0.6 percent to +0.3 percent from November,” said Ku Swee Yong, CEO, Century 21 Singapore. 

“There could be significant revisions to all of them when NUS publishes the revised numbers next month. Investors need to be careful when reading market reports, especially where indices are derived on small sets of data which may not be sufficient to represent the whole market.”

Taken from Property Guru

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Posted by on in New Launches

Housing measures and other factors have opened a new window of opportunity for home buyers.

Considered a playground for wealthy Singaporeans and foreigners, the exclusive residential enclave of Sentosa Cove has lost some of its lustre from its heyday; due mainly to the 2008 global financial crisis and the onslaught of the government’s property cooling measures, revealed a new white paper from Colliers International. 

Nonetheless, a window of opportunity may have opened in this high-end market, offering sound investment fundamentals in the long term. 

Home to several prime property developments, Sentosa Cove saw owner-occupiers and investors eagerly snapping up its first few condominium projects, including The Berth by the Cove, The Azure, The Oceanfront@Sentosa Cove and The Coast at Sentosa Cove. 

From Q4 2004 to Q1 2008, condominium prices in Sentosa shot up 213.8 percent compared to the 124.2 percent median price growth of those on the mainland. 

After almost a decade since new homes were launched in Sentosa Cove, the residential enclave fell off the radar of investors and owner-occupiers as the global financial crisis, which started to take hold towards the end of 2008, affected the condominium market in the area. 

Its impact was further aggravated by the introduction of property measures and saw median prices of condominiums fall 44.2 percent in two consecutive quarters to hit S$1,646 psf by end-September 2013, or 1.5 percent down from prices of their mainland counterparts. 

The about turn offers home buyers the opportunity for value investment and the ability to own a dream home. 

Notably, the S$1,646 psf median price of condominium units in Sentosa Cove is only 25.6 percent higher than the S$1,311 psf median price of 99-year leasehold mass-market condominiums in the Outside Central Region (OCR) during Q3 2013. In addition, “the entry-level price band of S$1.7 to S$2.0 million is comparable and in some instances, more favourable than the prices of some popular new mass-market homes on the mainland”, noted Colliers. 

Aside from that, there is also “potential for the net rental yields of 2.8 percent as of September 2013 to return or even exceed the historical high of 5.4 percent achieved in Q4 2008 in the long run, when the major economies emerge from their doldrums”.


Credit from PropertyGuru

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