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Property Investors Focus On Asia |
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Saturday, 22 March 2008 |
PR WEb Press Release Newswire 22 March , 2008
Asia's real estate markets are outperforming the slowing US and European markets. The main countries benefiting from this trend have been the larger markets such as Japan, Hong Kong and Singapore, and there is now an increasing focus on Thailand, according to leading international property consultants CB Richard Ellis.
Bangkok (PRWEB) March 22, 2008 -- Asia's real estate markets are outperforming the slowing US and European markets. The main countries benefiting from this trend have been the larger markets such as Japan, Hong Kong and Singapore, and there is now an increasing focus on Thailand, according to leading international property consultants CB Richard Ellis.
Property investment has become a global market with a rapidly increasing number of cross-border transactions.
"Property markets used to be dominated by local investors but this is no longer the case. In many ways, property investment has become similar to the equity markets with investors looking for worldwide opportunities," said Ms. Kulwadee Sawangsri, Director of Investment Properties at CB Richard Ellis Thailand.
Many Asian property markets have performed strongly over the last two years and international investors now see the possibility of Thailand outperforming regional competitors.
Last year, office rents in Singapore doubled, whereas there was almost no growth in office rents in Bangkok. International investors are focusing more on Thailand because they feel that there is more room for growth.
Investors' confidence in Thailand has improved because of some of the early policy measures of the new democratically elected government such as the removal of inbound capital controls and tax incentives to help the property sector. An escrow law is also being put in place which will facilitate large property transactions.
The Thai market is challenging because there are restrictions on foreign ownership and a scarcity of income-producing buildings available for sale and so most international investors have focused on new development rather than the acquisition of existing assets.
High-end Bangkok condominiums, hotels and residential resort developments have been the most active sectors.
For more information:http://www.prweb.com/releases/2008/3/prweb789734.htm
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Singapore Allco REIT says debt extension approved |
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Friday, 21 March 2008 |
Reuters - Friday, 21 March, 2008
SINGAPORE, March 20 - Singapore-listed Allco Commercial Real Estate Investment Trust said on Thursday it has received in-principle approval for a 17-month extension of the maturity date for S$550 million ($396.5 million) - SINGAPORE, March 20 - Singapore-listed Allco Commercial Real Estate Investment Trust said on Thursday it has received in-principle approval for a 17-month extension of the maturity date for S$550 million ($396.5 million) of its debt.
The REIT's manager "is currently reviewing the terms and conditions of the extension and will execute binding documentation as soon as practicable," it said in a statement, adding that the due date has been extended from July 31 this year to end-December 2009.
Allco REIT said that another S$70 million of debt due to mature on 22 November this year will be repaid in full with the proceeds from its sale of the Allco Wholesale Property Fund.
Allco REIT, which owns malls and offices in Singapore and Australia, late on Wednesday announced the resignation of three directors appointed by parent Allco Finance Group so that the board will have a majority of independent directors.
Moody's Tuesday downgraded Allco REIT's rating to Ba2 from Ba1 and said the rating "remains on review for further possible downgrade". .
That followed a a failed legal attempt by the REIT to stop Moody's from downgrading its shares as that would have complicated the trust's fundraising efforts.
For more information: http://malaysia.news.yahoo.com/rtrs/20080320/tap-singapore-allco-c3bb44c.html
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House buyer cheated of S$5,000 deposit |
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Friday, 21 March 2008 |
Channel NewsAsia - Friday, 21 March, 2008
SINGAPORE: A house buyer was cheated of S$5,000 when she was buying a five—room resale flat in Woodlands.
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Wong Git Siow said: "Since I was already buying the house, and... she (the flat owner) said she did not have enough money for the New Year, I did not mind giving her the $5,000 deposit."
Ms Wong claimed that the flat owner changed her mind after receiving the S$5,000 deposit, and never returned the money.
She also said that the owner failed to bring the relevant documents on two separate occasions when she tried to seal the deal last November.
The owner has been missing in action since then.
Ms Wong had applied for a house loan and if it is cancelled, she will have to pay a penalty of S$2,000.
She added that the seller had taken a S$2,500 loan from the property agent and did not pay back.
Both Ms Wong and the property agent have filed a police report and reported the matter to the Consumers Association of Singapore (CASE).
But CASE pointed out that this case is not within its jurisdiction as it only deals with companies and agencies. It advised Ms Wong and the property agent to approach a lawyer instead. The transaction period for the flat expired earlier this month.
For more information: http://sg.news.yahoo.com/cna/20080320/tap-336295-231650b.html
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Mass market and mid-tier private apartments expected to do well.. |
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Friday, 21 March 2008 |
By Wong Siew Ying, Channel NewsAsia | Posted: 21 March 2008 0021 hrs
SINGAPORE: Prices of mass market and mid-tier condominiums are expected to remain strong this year.
But those of high-end residential properties could taper off by up to 10 per cent.
And if you're looking to buy, the market is in your favour, according to Propnex's CEO, Mohamed Ismail Abdul Gafoore, in a speech to alumni members at the National University of Singapore.
Despite the weaker market sentiments, industry players expect mass market condominiums to do relatively well this year and prices are set to climb but at a more sluggish pace.
And more supply will come into the market as 31,000 new private apartments are completed over the next five years.Propnex said it's now a buyers market and home hunters could get good deals.
Mr Mohammad Ismail said: "When we compare the prices of places like Parc Oasis or Woodsgrove condo, the prices today hold and in some instances are even higher per square foot.
“Look at today, the public housing pricing, and the DBSS pricing per square foot. They are already going at almost S$600 if one would want to buy at a mass market price that is less than S$800 with full facilities."
According to agents, the landed housing space could see modest growth but prices should hold steady.
The outlook is less positive for luxury apartments, which only six months ago were transacted upwards of S$2000 per square foot.
Property agents expect the dust kicked up by the US sub-prime crisis and the rising oil prices to settle by 2009.
For more information: http://www.channelnewsasia.com/stories/singaporebusinessnews/view/336316/1/.html
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Last Updated ( Monday, 24 March 2008 )
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Singapore Allco REIT says debt extension approved |
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Thursday, 20 March 2008 |
by Daryl Loo Reuters Thu 20 March, 2008 6:13am EDT
SINGAPORE, March 20 (Reuters) - Singapore-listed Allco Commercial Real Estate Investment Trust ALCR.SI said on Thursday it has received in-principle approval for a 17-month extension of the maturity date for S$550 million ($396.5 million) of its debt.
The REIT's manager "is currently reviewing the terms and conditions of the extension and will execute binding documentation as soon as practicable," it said in a statement, adding that the due date has been extended from July 31 this year to end-December 2009.
Allco REIT said that another S$70 million of debt due to mature on 22 November this year will be repaid in full with the proceeds from its sale of the Allco Wholesale Property Fund.
Allco REIT, which owns malls and offices in Singapore and Australia, late on Wednesday announced the resignation of three directors appointed by parent Allco Finance Group (AFG.AX: Quote, Profile, Research) so that the board will have a majority of independent directors.
Moody's Tuesday downgraded Allco REIT's rating to Ba2 from Ba1 and said the rating "remains on review for further possible downgrade". (For details see [ID:nWNA7722]).
For more information: http://www.reuters.com/article/rbssFinancialServicesAndRealEstateNews/idUSSGC00185220080320
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CapitaLand Seeks to Sidestep |
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Wednesday, 19 March 2008 |
By PATRICIA KOWSMANN THE WALL STREET JOURNAL 19 March, 2008
SINGAPORE -- With Singapore's property market cooling, analysts are looking at developers who have bought substantially into other, promising places. To many, CapitaLand could be a good bet for investors.
Analysts say the company's diversified business portfolio and increasing presence in emerging markets, including Vietnam and India, more than make up for the slowdown in Singapore's property sector. Moreover, they add, CapitaLand's shares are beginning to look attractive after falling nearly 30% since the start of November, when signs of a slowdown began emerging in Singapore.
"CapitaLand is once again ahead of the curve, selling down its Singapore exposure early last year and increasing exposure to exciting emerging markets [like] Vietnam, India and China," says Ian J. Beattie, head of Asian equities at U.K.-based New Star Asset Management.
singapore's property market,
Mr. Beattie says his firm is a "substantial" holder of the developer through two Asian funds and institutional accounts run on behalf of clients. New Star recently bought more shares after building up a larger stake a few years ago. At CapitaLand's current price, the stock appears to be a "pretty good value," he says.
CapitaLand, whose shares rose 5.6% yesterday to 5.86 Singapore dollars (US$4.24), is 42%-owned by Singapore state-owned investment company Temasek Holdings.
CapitaLand's businesses range from residential and retail developments to real-estate investment trusts. In 2007, about 38% of revenue came from Australia and New Zealand, followed by China with about 29%, and Singapore with almost 24%. A year earlier, Singapore accounted for about 29% of revenue, while about 40% was from Australia/New Zealand and 21% from China.
For more information: http://online.wsj.com/article/SB120586252663245749.html?mod=googlenews_wsj
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S'pore's CapitaRetail China to triple assets to $3b |
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Wednesday, 19 March 2008 |
The Staits Times 19 Mar , 2008
SINGAPORE - SINGAPORE-listed CapitaRetail China Trust (CRCT) said on Wednesday it expects to triple assets to $3 billion by end-2009 as investors remain enthusiastic about China's retail sector.
CRCT, which owns eight China malls worth $1.1 billion, is confident it will be able to raise new equity when required and cap borrowings at 35 per cent of assets, chief executive Lim Beng Chee told Reuters in an interview.
'I'm lucky that China is a huge market... I can see a lot of growth in the market that I have, whereas in Singapore it is not easy to see the growth unless you have the scale,' he said, when asked about failed equity raising efforts by other real estate investment trusts (Reits) because of weak market conditions.'
Mr Lim said that CRCT, which was listed slightly over a year ago, wanted to be more conservative with its borrowing until it was certain of getting an investment-grade rating.
'We will gear up when we have a more solid track record,' he said, adding the rating agencies are not familiar with China's property market and legal system and have to date only assigned an investment-grade rating to one developer there.
Under Singapore law, Reits must cap their debt-to-equity ratio at 35 per cent unless they get a rating from international agencies such as Moody's and Standard & Poor's.
Singapore's once booming Reit sector is expected to consolidate in the coming months as weaker players sell assets or merge with their stronger counterparts.
Several high-profile listings by India-based developers such as Indiabulls and DLF have been postponed or abandoned, while existing trusts such as Allco Commercial and MacarthurCook Industrial have dropped plans to raise funds for new acquisitions via secondary offerings.
For more information: http://www.straitstimes.com/Latest+News/Money/STIStory_218405.html
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UPDATE 2-INTERVIEW-MacarthurCook REIT to fight any hostile bid |
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Wednesday, 19 March 2008 |
By Daryl Loo and Kevin Lim ninemsn 19 March, 2008
SINGAPORE, March 19 (Reuters) - The manager of Singapore-listed MacarthurCook Industrial REIT , a subject of takeover speculation, said on Wednesday it will fight any hostile bid to acquire the trust.
"I can guarantee you that it will be contested. We certainly won't let somebody just walk in the door and take over management," Craig Dunstan, managing director of Australia's MacarthurCook Ltd (MCK.AX MACARTHURCOOK21 March,2008 1/03/2008 12:26 Sydney, Australia.
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MCK.AX , 1, +0, +0%), told Reuters in an interview. He said the Australian property manager now controls 13.2 percent of MacarthurCook Industrial, raising its stake from an initial 2.3 percent when the trust was listed last April. Singapore's real estate investment trust (REIT) sector is expected to consolidate in the short term, and brokerages such as Goldman Sachs have cited MacarthurCook Industrial as a potential takeover target due to its diffuse shareholding structure. [ID:nSIN308500]
For more information:http://money.ninemsn.com.au/article.aspx?id=403828
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Singapore shares close flat as profit-taking wipes out early gains |
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Wednesday, 19 March 2008 |
By:pearl bantillo Forbes.com 19 March , 2008 6:16 AM ET
SINGAPORE (Thomson Financial) - Singapore shares closed flat Wednesday as investors took profits in afternoon trade as the Federal Reserve's fresh policy rate cut failed to fully convince investors that the US economy will avoid a recession.
Wall Street's strong rally overnight after the Fed slashed its key fed funds rate by another 75 basis points prompted short-covering, which drove the benchmark Straits Times Index up by as much as 81.58 points or 2.9 percent in early trade.
But the rally failed to hold in the absence of strong positive leads for investors to look forward to, while some traders opted to close their positions given a holiday-shortened trading week.The market will be closed on Friday for a public holiday.
The impact of the Fed rate cut was muted as the markets had anticipated a more aggressive 1.0 percentage point reduction. Investors also remained cautious amid continuing fears that more trouble lurks in the global credit markets.
'The aggressive easing by the Fed was more addressed towards the financial market turmoil rather than the actual evidence so far of a serious contraction in the US economy,' said David Cohen, chief economist at Action Economics.
For more information: http://www.forbes.com/markets/feeds/afx/2008/03/19/afx4791924.html
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