Nov 18, 2009
Stiffer rules for green buildings
New standards aim to improve indoor air quality and increase energy efficiency
THE building industry has been set more stringent standards for indoor air quality and ventilation which will hopefully reduce health problems among occupants and also increase energy efficiency.
Senior Parliamentary Secretary (Environment and Water Resources) Amy Khor announced two new standards yesterday at a conference on energy and sustainable-development benchmarks, which is part of the Singapore International Energy Week.
One of the new standards, called SS 554, is a benchmark for indoor air quality - for instance, how humid a building should be as well as how much dust and soot should be in the indoor air.
The maximum allowable humidity level is now 65 per cent, down from the previous 70 per cent, to reduce the growth of bacteria and mould.
And the new limit on the allowable concentration of particulate matter is 50 parts per billion (ppb), down from 150 ppb in previous rules.
A second set of guidelines, SS 553, was also laid down for energy efficiency in ventilation and air-conditioning systems, which, according to Spring Singapore, account for more than 60 per cent of a building's energy consumption.
With the new energy standard, businesses will be cutting their energy consumption by 10 per cent to 30 per cent, said a Spring spokesman.
The new standards kick in immediately and are part of the Building and Construction Authority's Green Mark sustainable-building scheme, which aims to make more buildings here environmentally friendly. The authority's goal is to mark 80 per cent of all buildings as green by 2030.
Developer City Developments welcomed the new standards. 'As a green developer and responsible landlord, CDL is committed to providing quality indoor environmental and service standards in an eco-friendly way for our tenants,' its spokesman said. CDL is a Green Mark Champion, chalking up 11 Green Mark awards this year.
The energy-efficiency and environmental standards are part of Singapore's sustainable development blueprint, the Government's plan released in April on how to build and grow the city in an environmentally friendly way.
Spring, the national standards and accreditation body, also announced yesterday that it would be developing energy-efficiency requirements for how electric vehicles are recharged, how data centres with their banks of computer servers are run, and other energy-related industries.
Spring and the Energy Market Authority (EMA) are coming up with standards for some types of solar-power systems, said EMA's deputy chief executive David Tan at the same conference.
These standards are expected to be ready by next year, Mr Tan said, and would ensure the systems are installed and operated safely.
EMA has also put out a handbook on installing solar photovoltaic systems, targeted at contractors, electricians, property owners and other laymen.
Solar energy is the most promising renewable-energy source in Singapore, Mr Tan added, with 1MW of solar photovoltaic capacity already installed and another 4MW in the pipeline.
Wednesday, November 18, 2009
S'pore offices 3rd most expensive in Asia
Business Times - 18 Nov 2009
S'pore offices 3rd most expensive in Asia
Slowdown in fall in rents in Q3 attributed to confidence in economic recovery
By TEH SHI NING
OFFICE space in Singapore was the third most expensive in the region in the third quarter, as the fall in rents slowed significantly, a Colliers International survey has found.
'Among all Asia-Pacific cities, Singapore registered the most distinct deceleration in office rental declines,' said the firm's director of research and advisory, Tay Huey Ying.
She attributed this to growing confidence in economic recovery, which 'lifted the gloom that had been pervading the office property market since Q4 2008'.
The Colliers survey, which covers 25 Asia-Pacific cities quarterly, found Singapore's office rents to be the region's third most expensive in Q3, after Tokyo and Hong Kong.
The average monthly Grade A rent in the Central Business District (CBD) dipped 6.4 per cent quarter-on-quarter in Q3, after a steep 26.1 per cent slide in Q2. The average gross office rental in the CBD in Q3 was $6.31 per square foot.
Enquiries about new space rose in Q3 as some occupiers began searching for larger and better premises.
One of those that has already upgraded is insurer AIG, which relocated from the CBD fringe to 78 Shenton South Tower. And at Mapletree Anson, more than 100,000 sq ft of space has been leased to companies such as AON, QBE and Sumitomo Corporation, which are relocating from Singapore Land Tower, OCBC Centre and Equity Plaza respectively. Elsewhere, Servcorp has committed to one floor at Marina Bay Financial Centre in the CBD for seven years.
The average occupancy rate of prime office space in the CBD fell 2.1 percentage points from a quarter ago to 92.2 per cent in Q3 as several new buildings, including Mapletree Anson and 71 Robinson, were completed.
But there could be further downward pressure on rents as demand for Grade A office space here is unlikely to grow in the short term, while supply is set to rise with the completion of major projects such as Twenty Anson and the Straits Trading Building.
Ms Tay said that she expects office rents to fall as much as 5 per cent in Q4, taking the full-year contraction to 48 per cent.
Copyright © 2007 Singapore Press Holdings Ltd. All rights reserved.
S'pore offices 3rd most expensive in Asia
Slowdown in fall in rents in Q3 attributed to confidence in economic recovery
By TEH SHI NING
OFFICE space in Singapore was the third most expensive in the region in the third quarter, as the fall in rents slowed significantly, a Colliers International survey has found.
'Among all Asia-Pacific cities, Singapore registered the most distinct deceleration in office rental declines,' said the firm's director of research and advisory, Tay Huey Ying.
She attributed this to growing confidence in economic recovery, which 'lifted the gloom that had been pervading the office property market since Q4 2008'.
The Colliers survey, which covers 25 Asia-Pacific cities quarterly, found Singapore's office rents to be the region's third most expensive in Q3, after Tokyo and Hong Kong.
The average monthly Grade A rent in the Central Business District (CBD) dipped 6.4 per cent quarter-on-quarter in Q3, after a steep 26.1 per cent slide in Q2. The average gross office rental in the CBD in Q3 was $6.31 per square foot.
Enquiries about new space rose in Q3 as some occupiers began searching for larger and better premises.
One of those that has already upgraded is insurer AIG, which relocated from the CBD fringe to 78 Shenton South Tower. And at Mapletree Anson, more than 100,000 sq ft of space has been leased to companies such as AON, QBE and Sumitomo Corporation, which are relocating from Singapore Land Tower, OCBC Centre and Equity Plaza respectively. Elsewhere, Servcorp has committed to one floor at Marina Bay Financial Centre in the CBD for seven years.
The average occupancy rate of prime office space in the CBD fell 2.1 percentage points from a quarter ago to 92.2 per cent in Q3 as several new buildings, including Mapletree Anson and 71 Robinson, were completed.
But there could be further downward pressure on rents as demand for Grade A office space here is unlikely to grow in the short term, while supply is set to rise with the completion of major projects such as Twenty Anson and the Straits Trading Building.
Ms Tay said that she expects office rents to fall as much as 5 per cent in Q4, taking the full-year contraction to 48 per cent.
Copyright © 2007 Singapore Press Holdings Ltd. All rights reserved.
CapitaMalls Asia IPO priced at $2.12 per share
Business Times - 18 Nov 2009
CapitaMalls Asia IPO priced at $2.12 per share
Conservative pricing aimed at ensuring it trades well after market debut
By UMA SHANKARI
CAPITALAND will raise up to $2.8 billion from selling 34.5 per cent of its retail arm CapitaMalls Asia (CMA), which has a portfolio of 86 malls in Singapore, China, Malaysia, Japan and India.
The property group said that it will sell up to about 1.34 billion shares - including 174.78 million over-allotment shares - in CMA at $2.12 apiece in an initial public offering (IPO). This is below the mid-point of an indicative range of $1.98 and $2.39 stated in an e-mail sent to potential investors earlier this month.
The conservative pricing is aimed at ensuring that the IPO trades well after it debuts on the stock market on Nov 25, analysts said.
'We have to leave some value for shareholders who subscribe to CMA,' said CapitaLand chief executive Liew Mun Leong.
The IPO will be Singapore's second biggest since Singapore Telecommunications raised more than $4 billion in 1993.
The $2.12 offer price values CMA, which has a net asset value of $5.3 billion, at about $8.2 billion - or at a price-to-book value of 1.55 times. The offer comprises a placement tranche of 1.059 billion shares, a public offer of 106.7 million shares and an over-allotment option of up to 174.78 million shares.
CapitaLand, on its part, could record a one-time gain of $883 million from the IPO. Part of the proceeds will be paid out as a special dividend to the group's shareholders.
The company will also use some of its proceeds to invest in its residential and service residence business unit. Mr Liew said that he is looking at Singapore, China, Australia and Vietnam for growth for the overall group.
Mr Liew, who will also be the chairman of CMA, said that the company has received strong demand from institutional investors, particularly from the United States and Europe, for the IPO.
'Investors understand that investing in CapitaMalls Asia allows them to participate in the significant growth of the shopping mall sector and the strong Asia consumer trends,' he said.
Analysts agreed. Brandon Lee, an analyst at DMG & Partners Securities, said that CMA should do well because it is a China consumer story, which is attractive to investors. More than half of all malls are in China, which is expected to provide the engine of growth for CMA.
CMA, in particular, is expected to benefit from the low interest rate environment as it gears up to expand and/or make acquisitions after listing. Assuming a net debt-to-equity ratio of 0.3-0.5 times, the new company has the potential to take on debt of about $1.6 billion to $2.6 billion after it is listed, its chief executive Lim Beng Chee said.
CapitaLand also said yesterday that it has injected the remaining $800 million of the net proceeds from its $1.84 billion rights issue into CMA. Following this injection, all the net proceeds of the rights issue from early this year have been fully disbursed, the company said.
CapitaLand lost 10 cents, or 2.4 per cent, to close at $4.13 yesterday.
Copyright © 2007 Singapore Press Holdings Ltd. All rights reserved.
CapitaMalls Asia IPO priced at $2.12 per share
Conservative pricing aimed at ensuring it trades well after market debut
By UMA SHANKARI
CAPITALAND will raise up to $2.8 billion from selling 34.5 per cent of its retail arm CapitaMalls Asia (CMA), which has a portfolio of 86 malls in Singapore, China, Malaysia, Japan and India.
The property group said that it will sell up to about 1.34 billion shares - including 174.78 million over-allotment shares - in CMA at $2.12 apiece in an initial public offering (IPO). This is below the mid-point of an indicative range of $1.98 and $2.39 stated in an e-mail sent to potential investors earlier this month.
The conservative pricing is aimed at ensuring that the IPO trades well after it debuts on the stock market on Nov 25, analysts said.
'We have to leave some value for shareholders who subscribe to CMA,' said CapitaLand chief executive Liew Mun Leong.
The IPO will be Singapore's second biggest since Singapore Telecommunications raised more than $4 billion in 1993.
The $2.12 offer price values CMA, which has a net asset value of $5.3 billion, at about $8.2 billion - or at a price-to-book value of 1.55 times. The offer comprises a placement tranche of 1.059 billion shares, a public offer of 106.7 million shares and an over-allotment option of up to 174.78 million shares.
CapitaLand, on its part, could record a one-time gain of $883 million from the IPO. Part of the proceeds will be paid out as a special dividend to the group's shareholders.
The company will also use some of its proceeds to invest in its residential and service residence business unit. Mr Liew said that he is looking at Singapore, China, Australia and Vietnam for growth for the overall group.
Mr Liew, who will also be the chairman of CMA, said that the company has received strong demand from institutional investors, particularly from the United States and Europe, for the IPO.
'Investors understand that investing in CapitaMalls Asia allows them to participate in the significant growth of the shopping mall sector and the strong Asia consumer trends,' he said.
Analysts agreed. Brandon Lee, an analyst at DMG & Partners Securities, said that CMA should do well because it is a China consumer story, which is attractive to investors. More than half of all malls are in China, which is expected to provide the engine of growth for CMA.
CMA, in particular, is expected to benefit from the low interest rate environment as it gears up to expand and/or make acquisitions after listing. Assuming a net debt-to-equity ratio of 0.3-0.5 times, the new company has the potential to take on debt of about $1.6 billion to $2.6 billion after it is listed, its chief executive Lim Beng Chee said.
CapitaLand also said yesterday that it has injected the remaining $800 million of the net proceeds from its $1.84 billion rights issue into CMA. Following this injection, all the net proceeds of the rights issue from early this year have been fully disbursed, the company said.
CapitaLand lost 10 cents, or 2.4 per cent, to close at $4.13 yesterday.
Copyright © 2007 Singapore Press Holdings Ltd. All rights reserved.
SPH explains thinking behind mall bid
Business Times - 18 Nov 2009
SPH explains thinking behind mall bid
Winning bidders looking ahead at rentals upon lease renewal
(SINGAPORE) Even as the Housing & Development Board yesterday awarded Clementi Mall to a Singapore Press Holdings-led consortium, members of SPH's top management sought to explain the rationale for the bid price, which stockbroking analysts and market watchers have said was too high.
The consortium members are taking a long-term position on the investment and looking at forward rentals at the next lease renewal cycle - instead of just immediate returns when the mall begins operating in the first half of 2011, SPH's management said at media and analyst briefings yesterday.
It also revealed that more than 300 interested parties have registered interest to potentially rent space at the mall.
And the projected fit-out cost will be under $40 million - lower than the $40-50 million that some analysts had assumed.
HDB is building only the mall's core structure and facade, which it is scheduled to hand over in August next year to the joint venture, which will then finish the project and have naming rights for the property.
NTUC FairPrice, which has a 20 per cent stake in the venture, will lease 20,000-25,000 square feet for a supermarket at basement one of the mall. It may also take up additional space for a convenience store.
NTUC Income, which also has a 20 per cent stake, and SPH, the majority shareholder with 60 per cent, may also take up space in the property. The latter is likely to be for a kiosk selling newspapers and magazines.
Clementi Mall - the working name for the 99-year leasehold property - will have an air-conditioned bus interchange on the first level. The mall's third level will be linked to Clementi MRT Station.
SPH's management yesterday explained that the venture's bid valuation was based on stabilised operations after the mall's rental renewal cycle, and enhancing yield over time.
'In other words, when we do our calculations, we are not using the rentals when we start operations. We are actually using after rental renewal cycle, whether it is after three years or six years,' said SPH chief executive officer Alan Chan.
Had SPH used the typical strategy of real estate investment trusts (Reits), which assume say a 5-6 per cent return based on rents when the mall starts operating, it would have led to bids in the $300 million range - where four of the six bids came in for the mall at the close of HDB's tender last Tuesday.
'When you are a Reit, you have to ensure immediate returns. Whereas we are long-term players and we are prepared to place our bets based on forward rentals at the next cycle,' Mr Chan said.
'This is the challenge the bidder is always confronted with: Do you use standard metrics or do you think out of the box?'
The venture hopes to achieve the rentals that are obtained by the best suburban malls in Singapore.
Its winning bid of $541.898 million was the highest of six offers that HDB received for the mall. The winning bid is nearly 42 per cent more than the next highest offer of $382 million.
Earlier, analysts had forecast a valuation for the property - comprising the bid price as well as assuming fit-out costs of $40-50 million - of about $3,000 per square foot of net floor area of retail space.
But SPH management yesterday said that the projected fit-out costs would be under $40 million and hence the valuation would be 'somewhere south of $3,000 psf'.
Along prime Orchard Road, ION Orchard was valued at $3,747 psf of net lettable area as at June 30 this year.
SPH said that it also worked in prospects for potential capital appreciation in the bid price, pointing to its successful track record with Paragon along Orchard Road.
Its valuation has increased from just under $800 million in 1997 to almost $2 billion today. Based on the current market price,
Paragon's yield is well above 4 per cent. The return on equity is above 10 per cent - a result that was achieved over the years, not overnight.
Mr Chan also sought to allay concerns in some quarters that SPH's investment in Clementi Mall could clip dividend payouts to shareholders.
Firstly, SPH's stake in the venture is only 60 per cent - and for which it has enough internal funds to pay, with the rest to be funded through borrowings.
'Secondly, our dividend track record is always a function of recurring earnings. So this investment is not going to affect the dividend track record.'
And when stabilised rental income starts streaming in from Clementi Mall, SPH's recurring earnings will increase, he added.
Copyright © 2007 Singapore Press Holdings Ltd. All rights reserved.
SPH explains thinking behind mall bid
Winning bidders looking ahead at rentals upon lease renewal
(SINGAPORE) Even as the Housing & Development Board yesterday awarded Clementi Mall to a Singapore Press Holdings-led consortium, members of SPH's top management sought to explain the rationale for the bid price, which stockbroking analysts and market watchers have said was too high.
The consortium members are taking a long-term position on the investment and looking at forward rentals at the next lease renewal cycle - instead of just immediate returns when the mall begins operating in the first half of 2011, SPH's management said at media and analyst briefings yesterday.
It also revealed that more than 300 interested parties have registered interest to potentially rent space at the mall.
And the projected fit-out cost will be under $40 million - lower than the $40-50 million that some analysts had assumed.
HDB is building only the mall's core structure and facade, which it is scheduled to hand over in August next year to the joint venture, which will then finish the project and have naming rights for the property.
NTUC FairPrice, which has a 20 per cent stake in the venture, will lease 20,000-25,000 square feet for a supermarket at basement one of the mall. It may also take up additional space for a convenience store.
NTUC Income, which also has a 20 per cent stake, and SPH, the majority shareholder with 60 per cent, may also take up space in the property. The latter is likely to be for a kiosk selling newspapers and magazines.
Clementi Mall - the working name for the 99-year leasehold property - will have an air-conditioned bus interchange on the first level. The mall's third level will be linked to Clementi MRT Station.
SPH's management yesterday explained that the venture's bid valuation was based on stabilised operations after the mall's rental renewal cycle, and enhancing yield over time.
'In other words, when we do our calculations, we are not using the rentals when we start operations. We are actually using after rental renewal cycle, whether it is after three years or six years,' said SPH chief executive officer Alan Chan.
Had SPH used the typical strategy of real estate investment trusts (Reits), which assume say a 5-6 per cent return based on rents when the mall starts operating, it would have led to bids in the $300 million range - where four of the six bids came in for the mall at the close of HDB's tender last Tuesday.
'When you are a Reit, you have to ensure immediate returns. Whereas we are long-term players and we are prepared to place our bets based on forward rentals at the next cycle,' Mr Chan said.
'This is the challenge the bidder is always confronted with: Do you use standard metrics or do you think out of the box?'
The venture hopes to achieve the rentals that are obtained by the best suburban malls in Singapore.
Its winning bid of $541.898 million was the highest of six offers that HDB received for the mall. The winning bid is nearly 42 per cent more than the next highest offer of $382 million.
Earlier, analysts had forecast a valuation for the property - comprising the bid price as well as assuming fit-out costs of $40-50 million - of about $3,000 per square foot of net floor area of retail space.
But SPH management yesterday said that the projected fit-out costs would be under $40 million and hence the valuation would be 'somewhere south of $3,000 psf'.
Along prime Orchard Road, ION Orchard was valued at $3,747 psf of net lettable area as at June 30 this year.
SPH said that it also worked in prospects for potential capital appreciation in the bid price, pointing to its successful track record with Paragon along Orchard Road.
Its valuation has increased from just under $800 million in 1997 to almost $2 billion today. Based on the current market price,
Paragon's yield is well above 4 per cent. The return on equity is above 10 per cent - a result that was achieved over the years, not overnight.
Mr Chan also sought to allay concerns in some quarters that SPH's investment in Clementi Mall could clip dividend payouts to shareholders.
Firstly, SPH's stake in the venture is only 60 per cent - and for which it has enough internal funds to pay, with the rest to be funded through borrowings.
'Secondly, our dividend track record is always a function of recurring earnings. So this investment is not going to affect the dividend track record.'
And when stabilised rental income starts streaming in from Clementi Mall, SPH's recurring earnings will increase, he added.
Copyright © 2007 Singapore Press Holdings Ltd. All rights reserved.
New sites will ensure sufficient housing
Nov 17, 2009 - PropertyGuru.com.sg
The Singapore government assured last week that there is sufficient residential supply in the country, so home buyers need not rush. Following this announcement was the government’s decision to sell eight residential sites in the first half of 2010.
The eight sites are located in non-city areas such as Tampines, Simei and Choa Chu Kang.
The government has several reserve lists for residential sites available for sale, but only if property developers commit to a minimum bid acceptable by the government.
The supply comes from the government’s twice-yearly land sales programme, giving home buyers more choices.
HDB upgraders for instance, will be happy to learn that the latest sales programme in the first-half of 2010 will see a slow progress on suburban residential sites.
Home owners living in the vicinity of the eight sites can look forward to new projects in the next few years and if the economy continues to improve, they can also expect an increase in the value of their homes when new projects are launched for sale.
“Generally, when a new project is launched, it will have a bearing on the developments in the vicinity,” said Ms Tay Huey Ying, research and advisory director for Colliers International.
“If a project is launched at bullish price levels, it could push up the prices of surrounding developments, though a lot can depend on project attributes,” she added.
Nicholas Mak, a Ngee Ann Polytechnic lecturer explained, “In a buoyant market, developers would launch at a higher price on a per sq ft basis than surrounding projects. In a less buoyant market, the premium would be smaller.”
He added, “The launch price does give some support to the asking prices of individual sellers in the area.”
The largest site is located in Tampines, which can hold a total of 605 units.
The 200-unit residential site in Choa Chu Kang Road is situated above the Ten Mile Junction and Bukit Panjang LRT Depot, near the upcoming Bukit Panjang MRT station.
The residential site near the Sembawang Shopping Centre can also hold 290 units.
“As Singapore becomes more populated, characterised by a relatively fast-paced lifestyle, accessibility and proximity to mass transit stations will be a key consideration for future home buyers,” said Leonard Tay, director of CBRE Research.
On the reserve list, the Bartley Road site, near the Bartley MRT station, will have 500 residential units while the Stirling Road site, near the Queenstown MRT station, will have 405 units.
In addition, the Singapore government is ensuring the availability of 10,550 private residential units—the largest residential supply since 2001.
However, the effect of these sites will not be felt immediately as it would take 1 ½ years before the eight projects can be launched, Mr. Mak said.
The Singapore government assured last week that there is sufficient residential supply in the country, so home buyers need not rush. Following this announcement was the government’s decision to sell eight residential sites in the first half of 2010.
The eight sites are located in non-city areas such as Tampines, Simei and Choa Chu Kang.
The government has several reserve lists for residential sites available for sale, but only if property developers commit to a minimum bid acceptable by the government.
The supply comes from the government’s twice-yearly land sales programme, giving home buyers more choices.
HDB upgraders for instance, will be happy to learn that the latest sales programme in the first-half of 2010 will see a slow progress on suburban residential sites.
Home owners living in the vicinity of the eight sites can look forward to new projects in the next few years and if the economy continues to improve, they can also expect an increase in the value of their homes when new projects are launched for sale.
“Generally, when a new project is launched, it will have a bearing on the developments in the vicinity,” said Ms Tay Huey Ying, research and advisory director for Colliers International.
“If a project is launched at bullish price levels, it could push up the prices of surrounding developments, though a lot can depend on project attributes,” she added.
Nicholas Mak, a Ngee Ann Polytechnic lecturer explained, “In a buoyant market, developers would launch at a higher price on a per sq ft basis than surrounding projects. In a less buoyant market, the premium would be smaller.”
He added, “The launch price does give some support to the asking prices of individual sellers in the area.”
The largest site is located in Tampines, which can hold a total of 605 units.
The 200-unit residential site in Choa Chu Kang Road is situated above the Ten Mile Junction and Bukit Panjang LRT Depot, near the upcoming Bukit Panjang MRT station.
The residential site near the Sembawang Shopping Centre can also hold 290 units.
“As Singapore becomes more populated, characterised by a relatively fast-paced lifestyle, accessibility and proximity to mass transit stations will be a key consideration for future home buyers,” said Leonard Tay, director of CBRE Research.
On the reserve list, the Bartley Road site, near the Bartley MRT station, will have 500 residential units while the Stirling Road site, near the Queenstown MRT station, will have 405 units.
In addition, the Singapore government is ensuring the availability of 10,550 private residential units—the largest residential supply since 2001.
However, the effect of these sites will not be felt immediately as it would take 1 ½ years before the eight projects can be launched, Mr. Mak said.
TODAYS : IRs not a threat
'IRs not a threat'
by Neo Chai Chin 05:55 AM Nov 18, 2009
Whether or not the integrated resorts will pose a serious threat to them, Orchard Road retailers are not "awfully worried". So said Ms Lau Chuen Wei, executive director of the Singapore Retailers Association.
That some of them - from luxury labels to local brands - will open outlets at the Marina Bay Sands (MBS) is a sign that "there is space in the retail landscape", she told MediaCorp.
Also, Orchard Road and MBS cater to different crowds - the former for Singaporeans looking for a hangout, and the latter to a "captive audience" already at the resort, she said.
Resorts World at Sentosa (RWS) has been reported as saying it will offer a "niche yet refreshing retail experience" with offerings like Universal Studios Singapore theme park merchandise.
But Ms Lau said the upcoming pedestrian walkway linking Sentosa with Vivocity Promenade indicates that RWS "are quite happy for their visitors to go across the waters to Vivocity
by Neo Chai Chin 05:55 AM Nov 18, 2009
Whether or not the integrated resorts will pose a serious threat to them, Orchard Road retailers are not "awfully worried". So said Ms Lau Chuen Wei, executive director of the Singapore Retailers Association.
That some of them - from luxury labels to local brands - will open outlets at the Marina Bay Sands (MBS) is a sign that "there is space in the retail landscape", she told MediaCorp.
Also, Orchard Road and MBS cater to different crowds - the former for Singaporeans looking for a hangout, and the latter to a "captive audience" already at the resort, she said.
Resorts World at Sentosa (RWS) has been reported as saying it will offer a "niche yet refreshing retail experience" with offerings like Universal Studios Singapore theme park merchandise.
But Ms Lau said the upcoming pedestrian walkway linking Sentosa with Vivocity Promenade indicates that RWS "are quite happy for their visitors to go across the waters to Vivocity
ST : Capitaland to raise $2.4b
Nov 17, 2009
Capitaland to raise $2.4b
By Joyce Teo PROPERTY CORRESPONDENT
PROPERTY giant Capitaland is spinning off 30 per cent of its stake in CapitaMalls Asia (CMA) to raise about $2.4 billion in one of the biggest listings ever staged in Singapore.
The initial public offering of the huge Asian mall owner, developer and manager opens on Wednesday.
Retail investors will be able to buy into the IPO with shares priced at $2.12 each. The offer closes at noon on Nov 23 with trading expected to start around Nov 25.
The price - below the midpoint of an indicative range of $1.98-$2.39 a share - translates to an implied price-to-book value of 1.55 times.
It is 'rich enough to give CapitaLand a big windfall but yet a fair price to investors', said CapitaLand chief financial officer Olivier Lim.
CapitaLand could reap up to $883 million in pre-tax earnings after the offering, assuming its overallotment is exercised in full. It may recommend a special dividend after the CMA listing, which will still trails the SingTel float in 1993, which raised more than $4 billion.
Capitaland to raise $2.4b
By Joyce Teo PROPERTY CORRESPONDENT
PROPERTY giant Capitaland is spinning off 30 per cent of its stake in CapitaMalls Asia (CMA) to raise about $2.4 billion in one of the biggest listings ever staged in Singapore.
The initial public offering of the huge Asian mall owner, developer and manager opens on Wednesday.
Retail investors will be able to buy into the IPO with shares priced at $2.12 each. The offer closes at noon on Nov 23 with trading expected to start around Nov 25.
The price - below the midpoint of an indicative range of $1.98-$2.39 a share - translates to an implied price-to-book value of 1.55 times.
It is 'rich enough to give CapitaLand a big windfall but yet a fair price to investors', said CapitaLand chief financial officer Olivier Lim.
CapitaLand could reap up to $883 million in pre-tax earnings after the offering, assuming its overallotment is exercised in full. It may recommend a special dividend after the CMA listing, which will still trails the SingTel float in 1993, which raised more than $4 billion.
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Pre-development Land Investing
In business for over 30 years, success in providing real estate investment opportunities to clients around the world is a simple, yet effective separation of roles and responsibilites. The four pillars of strength guide the land from the research and acquisition, through to the exit, including the distribution of proceeds to our clients ......
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Please contact me Terence Tay @ (+65) 9387-5896 or email : terencetay.kh@gmail.com
To know more how this is really work for you and your clients....
Please contact me Terence Tay @ (+65) 9387-5896 or email : terencetay.kh@gmail.com
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