Non-residential property values tripled in 2009
Dec 18, 2009 - PropertyGuru.com.sg
Singapore’s non-residential property values have more than tripled this year.
Auction house of Jones Lang LaSalle (JLL) said yesterday the quantum of non-residential properties surged to $101.18 million from last year’s $26.9 million.
It said the increase is mainly due to investor’s attraction to the higher rental yield of non-residential properties compared to the residential property investments.
Number of mortgagee sales dropped to 216 this year from 232 last year. The total number of properties held up in auctions had declined from 803 in 2008 to 729 up to date.
About 119 properties were sold at auctions this year with a total value of about $167.3 million. These figures are in contrast to the 68 properties sold in 2008, which amounted to a total value of $69.8 million only.
JLL foresees more owner sales in auctions by 2010. It also predicts an increase as owners will be more attracted to the competitive nature of the auction environment and the higher chance of achieving the best price for their property.
Friday, December 18, 2009
Where are property prices in Asia heading
Where are property prices in Asia heading
Dec 18, 2009 - PropertyGuru.com.sg
Property prices in some parts of Asia have climbed sharply, prompting policymakers to rein in the sector and triggering worries about the formation of bubbles.
Here are some questions and answers on where prices are headed, where potential bubbles are, how they affect shares, and the policies that might be implemented by the government in 2010.
Where does the bubble threat loom largest?
Hong Kong and China experience the highest risks in Asia, followed by Singapore, as prices of properties have risen strongly, particularly during the second half of the year. This is attributed primarily to low interest rates, ample liquidity, and a rally in stock markets.
Some cities in China and Hong Kong's mass market have noticed the price increase of residential properties by about a third in 2009 while in Singapore, prices of private homes surged 16 percent in Q3 from Q2, the biggest jump this decade.
“Singapore and Hong Kong are held up as examples of the effects of excess liquidity and credit in Asia. The residential-property data certainly raises cause for concern,” said Mr. Alaistair Chan, an economist at Moody's economy.com.
The aggressive stimulus measures of China and developers canceling some projects late last year due to the economic downturn helped accelerate prices in 2009 while the limited land in Hong Kong, coupled with a government land-sales hiatus hiked up prices.
Earlier this year, the bubble threat also surfaced in South Korea and Australia, though various policies of the government have eased those fears.
How do potential bubbles affect shares?
Property shares have been surmounting major indexes in Hong Kong, China, and Singapore with sector sub-indexes rising by 70 percent to more than doubling.
Shares of China Overseas Land and Investment, the top developer in China, and CapitaLand in Singapore, the largest developer in South-east Asia, have significantly surpassed their local market indexes.
While some property stocks are possible to continue outpacing the broad markets in 2010, gains will be subdued due to wariness over the tightening policies of the government as they work to rebuff a possible property-market meltdown.
If a bubble bursts, it could restrain property agents and developers who have been exposed to the affected markets.
Where are prices of properties headed in 2010?
Most of the high price increases in Asia are seen in the residential sector as the company’s hesitation to hire kept office space demand relatively frail in the region.
In most markets, residential prices are set to stabilize in 2010 with gradual growth expected compared to the large swings in 2009. Prices from Japan to Singapore are anticipated to either rise by almost 10 percent or remain stable.
A Reuters’ poll showed that residential prices in China are anticipated to climb by as much as 5 percent by the end of 2010 from now.
Comparatively, commercial prices are likely to move on steady trend or grow marginally in China. However, according to industry executives and analysts, it might see a more substantial increase in Singapore.
What policies will the governments come up with?
Some countries have come up with monetary and property-related policies to ease concerns of speculation.
Australia raised interest rates earlier this month for a third straight time, while South Korea imposed in September mortgage lending in Seoul and nearby areas to staunch a housing boom. In the coming months, governments across Asia will possibly resort to releasing taxes, land supply and bank-lending measures to stabilize property prices instead of utilizing monetary tools as inflation is still benign.
“Governments are nevertheless unlikely to crack down on speculation too harshly. One worry is that this could deter legitimate investment, causing the market to slump,” Mr. Chan said.
Dec 18, 2009 - PropertyGuru.com.sg
Property prices in some parts of Asia have climbed sharply, prompting policymakers to rein in the sector and triggering worries about the formation of bubbles.
Here are some questions and answers on where prices are headed, where potential bubbles are, how they affect shares, and the policies that might be implemented by the government in 2010.
Where does the bubble threat loom largest?
Hong Kong and China experience the highest risks in Asia, followed by Singapore, as prices of properties have risen strongly, particularly during the second half of the year. This is attributed primarily to low interest rates, ample liquidity, and a rally in stock markets.
Some cities in China and Hong Kong's mass market have noticed the price increase of residential properties by about a third in 2009 while in Singapore, prices of private homes surged 16 percent in Q3 from Q2, the biggest jump this decade.
“Singapore and Hong Kong are held up as examples of the effects of excess liquidity and credit in Asia. The residential-property data certainly raises cause for concern,” said Mr. Alaistair Chan, an economist at Moody's economy.com.
The aggressive stimulus measures of China and developers canceling some projects late last year due to the economic downturn helped accelerate prices in 2009 while the limited land in Hong Kong, coupled with a government land-sales hiatus hiked up prices.
Earlier this year, the bubble threat also surfaced in South Korea and Australia, though various policies of the government have eased those fears.
How do potential bubbles affect shares?
Property shares have been surmounting major indexes in Hong Kong, China, and Singapore with sector sub-indexes rising by 70 percent to more than doubling.
Shares of China Overseas Land and Investment, the top developer in China, and CapitaLand in Singapore, the largest developer in South-east Asia, have significantly surpassed their local market indexes.
While some property stocks are possible to continue outpacing the broad markets in 2010, gains will be subdued due to wariness over the tightening policies of the government as they work to rebuff a possible property-market meltdown.
If a bubble bursts, it could restrain property agents and developers who have been exposed to the affected markets.
Where are prices of properties headed in 2010?
Most of the high price increases in Asia are seen in the residential sector as the company’s hesitation to hire kept office space demand relatively frail in the region.
In most markets, residential prices are set to stabilize in 2010 with gradual growth expected compared to the large swings in 2009. Prices from Japan to Singapore are anticipated to either rise by almost 10 percent or remain stable.
A Reuters’ poll showed that residential prices in China are anticipated to climb by as much as 5 percent by the end of 2010 from now.
Comparatively, commercial prices are likely to move on steady trend or grow marginally in China. However, according to industry executives and analysts, it might see a more substantial increase in Singapore.
What policies will the governments come up with?
Some countries have come up with monetary and property-related policies to ease concerns of speculation.
Australia raised interest rates earlier this month for a third straight time, while South Korea imposed in September mortgage lending in Seoul and nearby areas to staunch a housing boom. In the coming months, governments across Asia will possibly resort to releasing taxes, land supply and bank-lending measures to stabilize property prices instead of utilizing monetary tools as inflation is still benign.
“Governments are nevertheless unlikely to crack down on speculation too harshly. One worry is that this could deter legitimate investment, causing the market to slump,” Mr. Chan said.
2009 property auction sales double to $168.4 million
2009 property auction sales double to $168.4 million
Dec 18, 2009 - PropertyGuru.com.sg
Property auction sales are expected to continue rising in 2010, stimulated by interest in the high-end residential market, Colliers International said. The total value of properties sold at auctions may exceed $200 million next year, after the figure doubled in 2009 from $83.7 million last year to around $168.4 million.
There were a total of 118 properties sold at auctions this year, up from 72 last year.
The residential property was the top performer, accounting for around 52 percent of total value of auction sales.
Unlike early expectation in some quarters, the volume of mortgagee properties included on the auction block dropped 25 percent to 195. The figure includes other forced sales by some management firms and the Inland Revenue Authority of Singapore.
“The low number of mortgagee sales could be due to the introduction of the government's Jobs Credit scheme, which stabilized the employment market. This, in turn, provided some home owners with the ability to service their monthly mortgage loans,” says Grace Ng, auctioneer and deputy managing director (agency and business services) of Colliers International.
The number of properties, which their owners put up for auction, increased 10 percent to 732.
“Owners are attracted by the competitive nature of the auction environment and the high chance of attaining an optimum price for their property.” said Mok Sze Sze, head of auctions at Jones Lang LaSalle.
She expects to see a new wave of owners putting their properties on the auction block by 2010 and as the economy continues to recover, mortgagee sales will further decrease in number.
Colliers highlighted over 200 percent rise in the sales value of industrial and residential properties sold at auction in 2009 to $20 million and $88.4 million, respectively. Popular for both non-landed and landed segments are older residential properties with large areas.
The value of retail property sales transacted at auctions increased to $43.4 million from $34.6 million last year.
The $168.4 million auction tally for this year is about 59 percent below the peak figures of $407.43 million set in 2007 and $409.46 million in 1999.
Dec 18, 2009 - PropertyGuru.com.sg
Property auction sales are expected to continue rising in 2010, stimulated by interest in the high-end residential market, Colliers International said. The total value of properties sold at auctions may exceed $200 million next year, after the figure doubled in 2009 from $83.7 million last year to around $168.4 million.
There were a total of 118 properties sold at auctions this year, up from 72 last year.
The residential property was the top performer, accounting for around 52 percent of total value of auction sales.
Unlike early expectation in some quarters, the volume of mortgagee properties included on the auction block dropped 25 percent to 195. The figure includes other forced sales by some management firms and the Inland Revenue Authority of Singapore.
“The low number of mortgagee sales could be due to the introduction of the government's Jobs Credit scheme, which stabilized the employment market. This, in turn, provided some home owners with the ability to service their monthly mortgage loans,” says Grace Ng, auctioneer and deputy managing director (agency and business services) of Colliers International.
The number of properties, which their owners put up for auction, increased 10 percent to 732.
“Owners are attracted by the competitive nature of the auction environment and the high chance of attaining an optimum price for their property.” said Mok Sze Sze, head of auctions at Jones Lang LaSalle.
She expects to see a new wave of owners putting their properties on the auction block by 2010 and as the economy continues to recover, mortgagee sales will further decrease in number.
Colliers highlighted over 200 percent rise in the sales value of industrial and residential properties sold at auction in 2009 to $20 million and $88.4 million, respectively. Popular for both non-landed and landed segments are older residential properties with large areas.
The value of retail property sales transacted at auctions increased to $43.4 million from $34.6 million last year.
The $168.4 million auction tally for this year is about 59 percent below the peak figures of $407.43 million set in 2007 and $409.46 million in 1999.
ST : Fall in foreign students
Dec 18, 2009
Fall in foreign students
Recession and dent in reputation caused by dodgy schools behind the dip
By Sandra Davie, Senior Writer
Some potential foreign students are still wary after the closure of several private schools here, including Brookes Business School (above), which was shut down in July. -- ST FILE PHOTO
THE double whammy of recession and scandals over dodgy schools has made this a grim year for the education sector with the number of foreign students falling for the first time in years.
Industry leaders who had tipped a record year are now looking for answers with many hopes pinned on tough new laws to drive out the shady operators.
There were 97,000 foreign students in local schools here at the end of last year, but this October, the figure had dipped to 95,500, according to the Immigration & Checkpoints Authority, which issues visas for such students. In 2006, there were 86,000 foreign students here.
It is the first time there has been a dip in foreign student numbers since the education hub plan was launched in 2003.
The decline is disappointing news for many in the private education industry who had expected to celebrate reaching 100,000 early this year, just 50,000 students short of the 150,000 targeted number for 2015.
Mr Andrew Chua, who founded East Asia Institute of Management and now heads the Association of Private Schools and Colleges, blames the two Rs - recession and Singapore's reputation as an education destination.
Fall in foreign students
Recession and dent in reputation caused by dodgy schools behind the dip
By Sandra Davie, Senior Writer
Some potential foreign students are still wary after the closure of several private schools here, including Brookes Business School (above), which was shut down in July. -- ST FILE PHOTO
THE double whammy of recession and scandals over dodgy schools has made this a grim year for the education sector with the number of foreign students falling for the first time in years.
Industry leaders who had tipped a record year are now looking for answers with many hopes pinned on tough new laws to drive out the shady operators.
There were 97,000 foreign students in local schools here at the end of last year, but this October, the figure had dipped to 95,500, according to the Immigration & Checkpoints Authority, which issues visas for such students. In 2006, there were 86,000 foreign students here.
It is the first time there has been a dip in foreign student numbers since the education hub plan was launched in 2003.
The decline is disappointing news for many in the private education industry who had expected to celebrate reaching 100,000 early this year, just 50,000 students short of the 150,000 targeted number for 2015.
Mr Andrew Chua, who founded East Asia Institute of Management and now heads the Association of Private Schools and Colleges, blames the two Rs - recession and Singapore's reputation as an education destination.
BT : Rising prices prompt bubble fears in Asia
Published December 17, 2009
Rising prices prompt bubble fears in Asia
Investors concerned a real estate bubble burst would derail the region's economic recovery
Biggest threats: China and Hong Kong face the highest risks in Asia, followed by Singapore, as property prices have risen strongly
(HONG KONG) Property prices in parts of Asia have risen sharply, sparking worries that bubbles are forming and prompting policymakers to rein in the sector.
Investors fear any real estate bubble burst could derail the region's nascent economic recovery in the way the US housing sector slump brought on the worst global downturn in decades.
Here are some questions and answers on where potential bubbles are, their impact on shares, where prices are headed and policies that governments might implement next year:
Bubble threat: where does it loom largest?
China and Hong Kong face the highest risks in Asia, followed by Singapore, as property prices have risen strongly, especially in the second half, due to ample liquidity, low interest rates and a rally in stock markets.
'If it (the China bubble) does burst, is that going to suddenly be a big burst? In this case, it's got a big impact on the rest of Asia,' said Jeremy Helsby, group CEO of UK-based property firm Savills .
Some cities in China and Hong Kong's mass market have seen residential prices rise by about a third this year, while in Singapore, private home prices soared 16 per cent in the third quarter from the previous quarter, the biggest jump this decade.
'Singapore and Hong Kong are held up as examples of the effects of excess liquidity and credit in Asia. The residential property data certainly raise cause for concern,' said Alaistair Chan, an economist at Moody's economy.com.
China's aggressive stimulus measures and developers halting some projects late last year due to the economic downturn helped push up prices this year, while Hong Kong's limited land, coupled with a government land sales hiatus boosted prices.
The bubble threat also surfaced in Australia and South Korea earlier this year though various government policies have allayed those fears.
What is the impact of potential bubbles on shares?
Property shares have been outpacing main indexes in China , Hong Kong and Singapore, with the sector sub-indices up by 70 per cent to more than doubling.
Shares of top Chinese developer China Overseas Land and Investment and Singapore's CapitaLand, South-east Asia's largest developer, have signifcantly outpaced their local market indexes.
While some real estate stocks are likely to continue to outperform the broad markets in 2010, gains will be muted due to wariness over governments' tightening policies as they act to fight off the potential of a property market meltdown.
'Next year, we won't see the exceptional returns we've seen in either financials or property shares. But I do think we will see some further but moderate growth in a number of property shares,' said Rod Cornish, division director at Macquarie Capital Advisors. If a bubble does burst, it could hamper developers and real estate agents exposed to the markets affected. For instance, if a bubble bursts in China, major developers in the market, such as Shimao Property , could see their earnings and share prices hurt, analysts said.
Where are property prices headed for next year?
Most of the huge price rises in Asia are in the residential sector as reluctance by companies to hire kept demand for office space relatively weak in the region.
Residential prices in most markets are set to stabilise next year, with rises seen gradual compared to the huge swings this year. Prices from Japan to Singapore are expected to either remain stable or rise by nearly 10 per cent.
Residential prices in China are expected to rise by as much as 5 per cent by the end of next year from now, a Reuters poll showed, less than gains logged for this year.
Comparatively, commercial prices will likely be steady or rise marginally in China, but might see a more significant increase in Singapore, analysts and industry executives say.
What kind of policies will governments come up with?
Some countries have already reacted with monetary and property-related policies to allay fears over speculation.
In December, Australia raised interest rates for a third straight time, while South Korea in September imposed mortgage lending in Seoul and nearby areas to stem a housing boom.
In the months ahead, governments in the rest of Asia will likely resort to releasing land supply, taxes and bank lending measures to stablise property prices, instead of using monetary tools, since inflation is still benign.
'Governments are nevertheless unlikely to crack down on speculation too harshly. One worry is that this could deter legitimate investment, causing the market to slump,' said Mr Chan at Moody's economy.com. -- Reuters
Rising prices prompt bubble fears in Asia
Investors concerned a real estate bubble burst would derail the region's economic recovery
Biggest threats: China and Hong Kong face the highest risks in Asia, followed by Singapore, as property prices have risen strongly
(HONG KONG) Property prices in parts of Asia have risen sharply, sparking worries that bubbles are forming and prompting policymakers to rein in the sector.
Investors fear any real estate bubble burst could derail the region's nascent economic recovery in the way the US housing sector slump brought on the worst global downturn in decades.
Here are some questions and answers on where potential bubbles are, their impact on shares, where prices are headed and policies that governments might implement next year:
Bubble threat: where does it loom largest?
China and Hong Kong face the highest risks in Asia, followed by Singapore, as property prices have risen strongly, especially in the second half, due to ample liquidity, low interest rates and a rally in stock markets.
'If it (the China bubble) does burst, is that going to suddenly be a big burst? In this case, it's got a big impact on the rest of Asia,' said Jeremy Helsby, group CEO of UK-based property firm Savills .
Some cities in China and Hong Kong's mass market have seen residential prices rise by about a third this year, while in Singapore, private home prices soared 16 per cent in the third quarter from the previous quarter, the biggest jump this decade.
'Singapore and Hong Kong are held up as examples of the effects of excess liquidity and credit in Asia. The residential property data certainly raise cause for concern,' said Alaistair Chan, an economist at Moody's economy.com.
China's aggressive stimulus measures and developers halting some projects late last year due to the economic downturn helped push up prices this year, while Hong Kong's limited land, coupled with a government land sales hiatus boosted prices.
The bubble threat also surfaced in Australia and South Korea earlier this year though various government policies have allayed those fears.
What is the impact of potential bubbles on shares?
Property shares have been outpacing main indexes in China , Hong Kong and Singapore, with the sector sub-indices up by 70 per cent to more than doubling.
Shares of top Chinese developer China Overseas Land and Investment and Singapore's CapitaLand, South-east Asia's largest developer, have signifcantly outpaced their local market indexes.
While some real estate stocks are likely to continue to outperform the broad markets in 2010, gains will be muted due to wariness over governments' tightening policies as they act to fight off the potential of a property market meltdown.
'Next year, we won't see the exceptional returns we've seen in either financials or property shares. But I do think we will see some further but moderate growth in a number of property shares,' said Rod Cornish, division director at Macquarie Capital Advisors. If a bubble does burst, it could hamper developers and real estate agents exposed to the markets affected. For instance, if a bubble bursts in China, major developers in the market, such as Shimao Property , could see their earnings and share prices hurt, analysts said.
Where are property prices headed for next year?
Most of the huge price rises in Asia are in the residential sector as reluctance by companies to hire kept demand for office space relatively weak in the region.
Residential prices in most markets are set to stabilise next year, with rises seen gradual compared to the huge swings this year. Prices from Japan to Singapore are expected to either remain stable or rise by nearly 10 per cent.
Residential prices in China are expected to rise by as much as 5 per cent by the end of next year from now, a Reuters poll showed, less than gains logged for this year.
Comparatively, commercial prices will likely be steady or rise marginally in China, but might see a more significant increase in Singapore, analysts and industry executives say.
What kind of policies will governments come up with?
Some countries have already reacted with monetary and property-related policies to allay fears over speculation.
In December, Australia raised interest rates for a third straight time, while South Korea in September imposed mortgage lending in Seoul and nearby areas to stem a housing boom.
In the months ahead, governments in the rest of Asia will likely resort to releasing land supply, taxes and bank lending measures to stablise property prices, instead of using monetary tools, since inflation is still benign.
'Governments are nevertheless unlikely to crack down on speculation too harshly. One worry is that this could deter legitimate investment, causing the market to slump,' said Mr Chan at Moody's economy.com. -- Reuters
BT : Prime rents in CBD area down 4.9% in Q4
Published December 17, 2009
Prime rents in CBD area down 4.9% in Q4
Rental gap between newly completed and existing Prime Grade A blocks expected to widen
By KALPANA RASHIWALA
(SINGAPORE) The average monthly rent for Prime Grade A office in the CBD core has fallen at a slower pace in the current fourth quarter, slipping 4.9 per cent from Q3, according to data from Jones Lang LaSalle (JLL).
This is a smaller quarter-on quarter decline than the drops of 13.7 per cent in Q3, 11.6 per cent in Q2 and 28.1 per cent in Q1 this year.
The $7.80 per sq ft average rental value in Q4 reflects a 47.8 per cent full-year slide. Against the high of $18.40 psf set in Q3 last year, the figure is now off 57.6 per cent.
JLL says the gap between newly completed Prime Grade A and other existing Grade A buildings is likely to widen over the next few years as new developments are completed. The gap is now 85 cents or 11 per cent. But it has been much wider - at $2 or more in Q3 2006, most of 2007 and even as recently as Q4 last year. In percentage terms, the difference was widest in Q3 2006, when rent for newly completed space was about 28 per cent higher than for existing offices.
Over the next three years, the average annual supply of new office space will be almost 2 million sq ft in the CBD core, and this is likely to dampen rental growth, says JLL's head of SE Asia research Chua Yang Liang.
For new Prime Grade A properties that have been well received by the market so far, rents may bottom out as early as H2 2010. However, rents in existing office blocks may continue to slide until the end of next year, as vacancies are expected to rise on the back of a 'flight to quality' by tenants.
JLL also says shadow office space - surplus stock put up for subletting by occupiers - has shrunk to about 600,000 sq ft this quarter from some 800,000 sq ft at its peak in Q2 2009.
If global and regional economies remain on the recovery track, JLL believes leasing activity is expected to become increasingly stronger during 2010, as companies become more confident about business prospects.
Prime rents in CBD area down 4.9% in Q4
Rental gap between newly completed and existing Prime Grade A blocks expected to widen
By KALPANA RASHIWALA
(SINGAPORE) The average monthly rent for Prime Grade A office in the CBD core has fallen at a slower pace in the current fourth quarter, slipping 4.9 per cent from Q3, according to data from Jones Lang LaSalle (JLL).
This is a smaller quarter-on quarter decline than the drops of 13.7 per cent in Q3, 11.6 per cent in Q2 and 28.1 per cent in Q1 this year.
The $7.80 per sq ft average rental value in Q4 reflects a 47.8 per cent full-year slide. Against the high of $18.40 psf set in Q3 last year, the figure is now off 57.6 per cent.
JLL says the gap between newly completed Prime Grade A and other existing Grade A buildings is likely to widen over the next few years as new developments are completed. The gap is now 85 cents or 11 per cent. But it has been much wider - at $2 or more in Q3 2006, most of 2007 and even as recently as Q4 last year. In percentage terms, the difference was widest in Q3 2006, when rent for newly completed space was about 28 per cent higher than for existing offices.
Over the next three years, the average annual supply of new office space will be almost 2 million sq ft in the CBD core, and this is likely to dampen rental growth, says JLL's head of SE Asia research Chua Yang Liang.
For new Prime Grade A properties that have been well received by the market so far, rents may bottom out as early as H2 2010. However, rents in existing office blocks may continue to slide until the end of next year, as vacancies are expected to rise on the back of a 'flight to quality' by tenants.
JLL also says shadow office space - surplus stock put up for subletting by occupiers - has shrunk to about 600,000 sq ft this quarter from some 800,000 sq ft at its peak in Q2 2009.
If global and regional economies remain on the recovery track, JLL believes leasing activity is expected to become increasingly stronger during 2010, as companies become more confident about business prospects.
BT : Han Seng Juan reaps handsome profit from GCB sale
Published December 17, 2009
Han Seng Juan reaps handsome profit from GCB sale
Stockbroker said to have sold Astrid Hill bungalow for $25.75m or $970 psf
By KALPANA RASHIWALA
(SINGAPORE) Former star stockbroker Han Seng Juan is believed to be the seller of a good class bungalow (GCB) in Astrid Hill that changed hands last month for $25.75 million. The price reflects about $970 per square foot on land area of over 26,000 sq ft.
The price is almost double what Mr Han is believed to have paid for the property. The bungalow previously changed hands in 2006 for $13.65 million or slightly over $500 psf on land area.
Earlier this year, Mr Han and his cousin David Loh left the stockbroking business to focus on their boutique private equity investment business.
Known as the A-Team within the industry or simply 'David and Han', the two men are now focusing their resources on growing Centurion Investment Management, a boutique Asian private equity company which they helped set up in 2004 with other partners to invest in small to medium-sized companies, especially in the Greater China region.
The duo also control Centurion Properties group, which has a majority stake in the company developing Kovan Residences.
Although no longer directly involved in the stockbroking industry as dealers at UOB-Kay Hian, it is believed that their associates are still operating in the same firm.
Mr Han, like many well-heeled Singaporeans, is said to own several bungalows, including one at Cluny Hill.
So far, caveats have been lodged for just six GCB transactions in November.
However, market watchers say there are other transactions that took place last month as well as in December for which caveats have yet to be lodged.
William Wong, managing director of RealStar Premier Property Consultant, says his firm has brokered the sale of four GCBs over the past few weeks for a total of about $57 million that have yet to be caveated.
The four properties are located at Swettenham Green, Holland Road, Garlick Avenue and Rebecca Road. Market watchers also point to the transaction of No 3 Leedon Park for close to $40 million or around $950 psf of land area, which has yet to surface in caveats.
GCBs are an exclusive housing form governed by stringent planning criteria.
Han Seng Juan reaps handsome profit from GCB sale
Stockbroker said to have sold Astrid Hill bungalow for $25.75m or $970 psf
By KALPANA RASHIWALA
(SINGAPORE) Former star stockbroker Han Seng Juan is believed to be the seller of a good class bungalow (GCB) in Astrid Hill that changed hands last month for $25.75 million. The price reflects about $970 per square foot on land area of over 26,000 sq ft.
The price is almost double what Mr Han is believed to have paid for the property. The bungalow previously changed hands in 2006 for $13.65 million or slightly over $500 psf on land area.
Earlier this year, Mr Han and his cousin David Loh left the stockbroking business to focus on their boutique private equity investment business.
Known as the A-Team within the industry or simply 'David and Han', the two men are now focusing their resources on growing Centurion Investment Management, a boutique Asian private equity company which they helped set up in 2004 with other partners to invest in small to medium-sized companies, especially in the Greater China region.
The duo also control Centurion Properties group, which has a majority stake in the company developing Kovan Residences.
Although no longer directly involved in the stockbroking industry as dealers at UOB-Kay Hian, it is believed that their associates are still operating in the same firm.
Mr Han, like many well-heeled Singaporeans, is said to own several bungalows, including one at Cluny Hill.
So far, caveats have been lodged for just six GCB transactions in November.
However, market watchers say there are other transactions that took place last month as well as in December for which caveats have yet to be lodged.
William Wong, managing director of RealStar Premier Property Consultant, says his firm has brokered the sale of four GCBs over the past few weeks for a total of about $57 million that have yet to be caveated.
The four properties are located at Swettenham Green, Holland Road, Garlick Avenue and Rebecca Road. Market watchers also point to the transaction of No 3 Leedon Park for close to $40 million or around $950 psf of land area, which has yet to surface in caveats.
GCBs are an exclusive housing form governed by stringent planning criteria.
BT : Lend Lease's rating may be cut
Published December 17, 2009
Lend Lease's rating may be cut
(SYDNEY) Lend Lease Group's credit rating may be cut to junk by Moody's Investor Service and Standard & Poor's after Australia's largest developer said it's part of a group picked as the preferred bidder for a A$1.4 billion (S$1.76 billion) ING property fund.
A group led by Lend Lease was yesterday approved as the top choice for the buyout of 14 ING Retail Property Fund assets in Australia and New Zealand, including the Joondalup shopping centre in Perth and the Harbour Town complex on the Gold Coast.
Moody's and S&P, which rate Lend Lease at their lowest investment grades Baa3 and BBB- respectively, said they are concerned about the company's plan to take on 20 per cent of the buyout cost.
'The review reflects the expected use of cash and debt that would be employed in funding the above acquisitions, and the negative impact this would have on Lend Lease's credit metrics,' Clement Chong, senior analyst at Moody's, said in a statement.
'There is a real risk that the company's credit metrics may come under our tolerance for the Baa3 rating,' he added.
Lend Lease has already used most of its debt capacity under its current rating with the purchase of Lend Lease Primelife, S&P credit analysts Paul Draffin and Craig Parker said in a statement.
'Furthermore, Lend Lease continues to secure development opportunities that will place further pressure on the group's near- term debt levels,' they said.
Lend Lease shares closed unchanged at A$9.50 in Sydney.
'We will work with S&P to explain what the acquisition will mean for us,' Lend Lease Australia chief executive officer Tarun Gupta said in an interview.
ING spokeswoman Johanna Keating said the negotiations are 'progressing well.' She declined to elaborate. -- Bloomberg
Moody's and S&P are concerned about the company's plan to take on 20 per cent of ING's buyout cost.
Lend Lease's rating may be cut
(SYDNEY) Lend Lease Group's credit rating may be cut to junk by Moody's Investor Service and Standard & Poor's after Australia's largest developer said it's part of a group picked as the preferred bidder for a A$1.4 billion (S$1.76 billion) ING property fund.
A group led by Lend Lease was yesterday approved as the top choice for the buyout of 14 ING Retail Property Fund assets in Australia and New Zealand, including the Joondalup shopping centre in Perth and the Harbour Town complex on the Gold Coast.
Moody's and S&P, which rate Lend Lease at their lowest investment grades Baa3 and BBB- respectively, said they are concerned about the company's plan to take on 20 per cent of the buyout cost.
'The review reflects the expected use of cash and debt that would be employed in funding the above acquisitions, and the negative impact this would have on Lend Lease's credit metrics,' Clement Chong, senior analyst at Moody's, said in a statement.
'There is a real risk that the company's credit metrics may come under our tolerance for the Baa3 rating,' he added.
Lend Lease has already used most of its debt capacity under its current rating with the purchase of Lend Lease Primelife, S&P credit analysts Paul Draffin and Craig Parker said in a statement.
'Furthermore, Lend Lease continues to secure development opportunities that will place further pressure on the group's near- term debt levels,' they said.
Lend Lease shares closed unchanged at A$9.50 in Sydney.
'We will work with S&P to explain what the acquisition will mean for us,' Lend Lease Australia chief executive officer Tarun Gupta said in an interview.
ING spokeswoman Johanna Keating said the negotiations are 'progressing well.' She declined to elaborate. -- Bloomberg
Moody's and S&P are concerned about the company's plan to take on 20 per cent of ING's buyout cost.
ST : Dawson flats in hot demand
Dec 17, 2009
Dawson flats in hot demand
Studios, four- and five-room flats already oversubscribed after two days of applications
By Esther Teo
The 40 studio apartments on offer attracted 104 applications, the 270 three-room flats drew 159 applications, the 1,102 four-room flats pulled in 1,440 applications, and the 176 five-room flats saw 507 applications. -- PHOTO: HDB
AN AVALANCHE of home buyer applications has poured in for the eagerly awaited Dawson estate build-to-order (BTO) Housing Board flats in Queenstown.
Applications opened on Tuesday. And as of 5pm on Wednesday, the studio apartments, four-room and five-room flats at SkyTerrace and SkyVille had all been oversubscribed. And more than half of the three-room flats and paired units under the HDB's multi-generational living scheme had received applications.
The 40 studio apartments on offer attracted 104 applications, the 270 three-room flats drew 159 applications, the 1,102 four-room flats pulled in 1,440 applications, and the 176 five-room flats saw 507 applications.
For the 65 paired units in SkyTerrace, HDB received 44 applications.
Despite the higher prices of the Dawson flats, applicants seem to have been won over by their prime location and premium furnishings, such as timber flooring in the bedrooms. The apartment blocks are set to soar more than 40 floors when they are completed in 2015.
Sales executive Leonard Tan, 32, who took a day off work to make the trip to the HDB Hub in Toa Payoh with his family, said he was excited about the new launch.
Dawson flats in hot demand
Studios, four- and five-room flats already oversubscribed after two days of applications
By Esther Teo
The 40 studio apartments on offer attracted 104 applications, the 270 three-room flats drew 159 applications, the 1,102 four-room flats pulled in 1,440 applications, and the 176 five-room flats saw 507 applications. -- PHOTO: HDB
AN AVALANCHE of home buyer applications has poured in for the eagerly awaited Dawson estate build-to-order (BTO) Housing Board flats in Queenstown.
Applications opened on Tuesday. And as of 5pm on Wednesday, the studio apartments, four-room and five-room flats at SkyTerrace and SkyVille had all been oversubscribed. And more than half of the three-room flats and paired units under the HDB's multi-generational living scheme had received applications.
The 40 studio apartments on offer attracted 104 applications, the 270 three-room flats drew 159 applications, the 1,102 four-room flats pulled in 1,440 applications, and the 176 five-room flats saw 507 applications.
For the 65 paired units in SkyTerrace, HDB received 44 applications.
Despite the higher prices of the Dawson flats, applicants seem to have been won over by their prime location and premium furnishings, such as timber flooring in the bedrooms. The apartment blocks are set to soar more than 40 floors when they are completed in 2015.
Sales executive Leonard Tan, 32, who took a day off work to make the trip to the HDB Hub in Toa Payoh with his family, said he was excited about the new launch.
ST : Casinos will check IDs
Dec 17, 2009
Casinos will check IDs
Fines if they allow in blacklisted individuals such as bankrupts
By Theresa Tan
Be prepared to show your identity card when entering a casino here next year. --ST PHOTO: DESMOND WEE
BE prepared to show your identity card when entering a casino here next year.
Casino operators will be checking names against a database of banned individuals, which now includes 28,661 undischarged bankrupts, those on long-term government aid, and 75 individuals who have been excluded by their families or themselves.
On Wednesday, the National Council on Problem Gambling said it would hand over a list of those banned, with names and identity card numbers, to the casinos, which will have the responsibility of enforcing the ban.
Casinos which fail to do so could be fined up to $1million, though banned individuals who are caught sneaking in will not be punished.
'Criminalising it does not help,' said the council. 'If a person breaches the exclusion order, it is more important to counsel them so they understand what they have done.'
Making it an offence for those who are barred to enter the casino may also deter some families - already under severe strain from a gambler's debts and behaviour - from asking for the State's help to stop their loved ones from gambling at casinos here, said the council.
Casinos will check IDs
Fines if they allow in blacklisted individuals such as bankrupts
By Theresa Tan
Be prepared to show your identity card when entering a casino here next year. --ST PHOTO: DESMOND WEE
BE prepared to show your identity card when entering a casino here next year.
Casino operators will be checking names against a database of banned individuals, which now includes 28,661 undischarged bankrupts, those on long-term government aid, and 75 individuals who have been excluded by their families or themselves.
On Wednesday, the National Council on Problem Gambling said it would hand over a list of those banned, with names and identity card numbers, to the casinos, which will have the responsibility of enforcing the ban.
Casinos which fail to do so could be fined up to $1million, though banned individuals who are caught sneaking in will not be punished.
'Criminalising it does not help,' said the council. 'If a person breaches the exclusion order, it is more important to counsel them so they understand what they have done.'
Making it an offence for those who are barred to enter the casino may also deter some families - already under severe strain from a gambler's debts and behaviour - from asking for the State's help to stop their loved ones from gambling at casinos here, said the council.
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