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Singapore shares close higher on strong retail sales data - UPDATE |
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Friday, 14 March 2008 |
By:Jonathan Burgos CNNMoney.con 14 March , 2008
SINGAPORE, Mar. 14, 2008 (Thomson Financial delivered by Newstex) -- Singapore shares finished higher Friday, bucking the decline in regional markets, as investor sentiment was boosted by news of better-than-expected retail sales for the month of January, suggesting that the city-state's economy is relatively resilient despite global economic uncertainties.
Retail sales rose 7.8 percent in January from a year earlier, helped by higher fuel prices. The increase beat the 3.2-7.6 percent growth forecast by economists polled by Thomson Financial.
Sentiment was also helped by Wall Street's overnight gains after Standard and Poor's (NYSE:MHP) Ratings Services said the massive subprime asset writedowns by financial companies may soon end.
S&P increased its estimate of writedowns of subprime asset-backed securities to 285 billion dollars globally from its previous projection of 265 billion dollars, but said 'the end of writedowns is now in sight for large financial institutions.'
The benchmark Straits Times Index gained 33.46 points or 1.2 percent at 2,839.01, off a high of 2,852.85. For the week, the index was down about 1.0 percent.
Gainers outnumbered decliners 305 to 266 with 1,090 shares traded.
There were 1.34 billion shares traded valued at 1.33 billion Singapore dollars.
'As we don't foresee a recession in the Singapore economy, despite our view that the US has already entered a recession, we believe that the market might have neared its bottom,' Westcomb Securities said in a note to clients.
While the January retail sales data indicated that the domestic economy continues to grow, Standard Chartered Bank economist Alvin Liew said the data was largely bolstered by higher prices, particularly of petroleum products.
For more informatin:http://money.cnn.com/news/newsfeeds/articles/newstex/AFX-0013-23766409.htm
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Transformation of Punggol River begins |
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Friday, 14 March 2008 |
By:Tania Tan The Straits Times Sunday, 14 March, 2008
WORK to transform the Punggol River into a scenic reservoir park, complete with a man-made island, got off the ground on Sunday.
Prime Minister Lee Hsien Loong, who was at the official opening of the adjoining Anchorvale Community Club in Sengkang, symbolically released the first piece of the floating island - a clump of soil and grass - into the water.
For its design, the $7.13 million project will draw inspiration from a nearby fruit park being developed by the National Parks Board. Its pavilions will be shaped like mangosteens and its benches, like limes.
Work will be completed by 2010.
Punggol River is the first of five sites to be improved this year under the Active Beautiful, Clean (ABC) Waters Programme.
Launched by national water agency PUB in 2006, the $200 million programme is an ambitious island-wide revamp of 28 waterways.
The aim is to rejuvenate Singapore's drainage and water-supply infrastructure, including the canals and reservoirs, and turn it into a scenic network of streams, rivers and lakes where people can enjoy water activities and even commute.
For more information: http://www.straitstimes.com/Latest+News/Singapore/STIStory_215040.html
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Consolidation expected for real estate investment trusts in Singapore |
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Friday, 14 March 2008 |
By Kevin Lim and Daryl Loo Reuters 14 March , 2008
SINGAPORE: Once-booming real estate investment trusts in Singapore could face a round of mergers to weed out the weak who find it harder to raise money and refinance loans because of the global credit crisis.
At least six of 20 listed real estate investment trusts, or REITs, in Singapore are valued for less than what their properties are worth, as is the case with many trusts in Japan and Australia, which means expansion is being hurt by higher financing costs and investor returns are limited.
Some of the trusts will face higher interest payments when they need to refinance their debt soon, leading to lower earnings and distributions to investors.
"I would expect consolidation to gather pace in the course of the next six to 12 months," said Tony Darwell, head of Asian equity research at Nomura. "The cost of debt has risen and it is impacting everyone."
For investors, many of whom are already steering clear of property and other assets that rely on debt financing, the takeover speculation means some REITs like Macquarie MEAG Prime could get bid up to prices closer to book value.
But others like Mapletree Logistics Trust could see their shares fall further because of large amounts of debt on their books.
"Singapore's REIT market is still very young and shouldn't have reached the stage for consolidation, but the situation now is quite conducive" to that, said Tricia Song, an analyst with Credit Suisse.
The Singapore market for property trusts, one of the three largest markets in Asia, has grown rapidly since 2002, when the first REIT, CapitaMall Trust, went to market.
For more information:http://www.iht.com/articles/2008/03/04/business/reit.php
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Potential M&A in Singapore REIT market may affect ratings |
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Thursday, 13 March 2008 |
The Asian Banker 13 March , 2008
Fitch Ratings has commented on the recent discussion of potential M&A in the Singapore REIT market. Fitch believes that such REIT M&A could happen in the near to medium term, and that under certain circumstances such M&A could affect the credit ratings of the affected REITs. At the same time, Fitch has reviewed the documentation of REIT-originated commercial mortgage backed securities (CMBS) and believes the impact of such M&A on CMBS ratings to be minimal.
Despite the relatively liquid Singapore banking sector, the current disruption in the global credit market is likely to affect the institutional real estate market in Singapore as many of the participants are either headquartered or have significant business interests outside Singapore. Global issues such as access to equity and/or debt funding may impact the ability of Singapore REITs to take advantage of any acquisition opportunity and will certainly limit the number of interested parties in any asset disposals.
Macquarie Pacific Star, the manager of Singapore-listed Macquarie MEAG Prime REIT (Prime REIT), recently announced that it is conducting a strategic review, after receiving offers from unidentified parties for a 26% stake in Prime REIT held by Macquarie Real Estate. Several REITs in Singapore, including Prime REIT and Allco REIT, have their shares trading below their respective book values and hence there are discussions about asset sales and/or M&A activities to unlock the shareholder value. Fitch believes that consolidation of the Singapore REIT market is likely, but tempers this view with the knowledge that funding for such acquisitions may become more expensive and difficult to obtain. REITs with small market capitalisations, experiencing difficulty in raising funds for asset expansion or refinancing debt and those also trading at below book value are likely acquisition targets. Singapore REITs with foreign sponsors also appear vulnerable to M&A or asset divestment where the sponsors may look to reallocate their resources for investment in their home countries.
Singapore REITs with a well-established presence and highly regarded sponsors, such as CapitaMall Trust, are more likely able to take advantage of the current market opportunities to acquire assets from other REITs due to their better abilities to raise funding for such acquisitions. Any potential M&A in the Singapore REIT market would probably draw together REITs with similar property types or asset jurisdictions due to the potential synergy of managing and operating the assets post-M&A.
for more information: //www.theasianbanker.com/A556C5/Update.nsf/0/F292759E303FF5FA4825740B0004A49C?Open
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International buyers eye bungalow |
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Thursday, 13 March 2008 |
By Josephine Gillespie QT 13 March, 2008
LONG admired for its striking architecture, the pending auction of Bowerlea has drawn interest from as far afield as Noosa, Singapore and New Zealand.
Action Realty Ipswich First National sales manager Paul Lambert said interest had been strong.
"The first weekend we had 36 people through," Mr Lambert said.
"It was a steady flow.
"I wouldn't be surprised if we had 200 people here for the actual auction."
Bowerlea was built as a Queensland timber variation of the popular Californian bungalow in 1929 for the widow of well-known Ipswich chemist WFS Fox.
Original features include plaster ornate ceilings, silky oak French doors, leadlight interiors, curved bay windows and decorative timber archways.
Sales consultant Rebecca Lambert said while inquiries had ranged from using the building as an art gallery, high tea room or residence, each potential buyer was seeking to restore the home.
"I think it's a combination of its uniqueness, position and prestige," Mrs Lambert said.
"We've had a lot of inquiries from people who have lived in the area for 30 or 40 years and remember the property in its original condition.
"It has been admired by local residents for decades."
Mrs Lambert said the three-bedroom home was in a prime position opposite Queens Park and had been in the possession of the current owner for about 20 years.
The property will go under the hammer at 2pm on Saturday, March 29, and early offers are invited.
It is open for inspection each weekend in the lead-up to auction, on Saturdays from 1-2pm and Sundays from 3-4pm or otherwise by appointment.
Potential buyers are encouraged to register before the auction due to the high level of interest it is expected to generate.
For more information:http://www.qt.com.au/storydisplay.cfm?storyid=3766501
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S'pore's Centraland buys China sites for S$235.8m |
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Thursday, 13 March 2008 |
The Straits Time 13 March , 2008
SINGAPORE - SINGAPORE-listed Chinese property firm Centraland said on Wednesday that it will buy two sites in Zhengzhou City, China for a total of 1.2 billion yuan (S$235.8 million).
Centraland will pay 1 billion yuan for the first site to build a mixed development with about 100,000 square metres of retail space and 100,000 square metres of office.
The second site will cost 200 million yuan and will be developed into 94,000 square metres of offices and 16,000 square metres of shops.
For more information: http://www.straitstimes.com/Latest+News/Money/STIStory_216393.html
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Making a park of the Punggol River |
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Thursday, 13 March 2008 |
The Asian Pacific Post Thursday, 13 March, 2008
Work to transform Singapore’s Punggol River into a scenic reservoir park, complete with a man-made island, got off the ground at the weekend.
Prime Minister Lee Hsien Loong, who was at the official opening of the adjoining Anchorvale Community Club in Sengkang, symbolically released the first piece of the floating island — a clump of soil and grass — into the water.
For its design, the $5.1 million project will draw inspiration from a nearby fruit park being developed by the National Parks Board. Its pavilions will be shaped like mangosteens and its benches, like limes.Work will be completed by 2010.
Punggol River is the first of five sites to be improved this year under Singapore’s Active Beautiful, Clean (ABC) Waters Program.
Launched by national water agency PUB in 2006, the $143 million program is an ambitious island-wide revamp of 28 local waterways.
The aim is to rejuvenate Singapore’s drainage and water-supply infrastructure, including the canals and reservoirs, and turn it into a scenic network of streams, rivers and lakes.
Giving a preview of the projects during the Budget debate last month, Minister for the Environment and Water Resources Yaacob Ibrahim said, for example, that the Lower Seletar Reservoir would sport a heritage bridge, featuring story panels which will tell of the area’s kampung history.
For more information: http://www.asianpacificpost.com/portal2/c1ee8c4418a404dc0118a994542b01d4_Making_a_park_of_the_Punggol_River.do.html
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Positive outlook for global property sector in the medium term |
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Thursday, 13 March 2008 |
By Wong Siew Ying, Channel NewsAsia | Posted: 13 March 2008 2220 hrs
SINGAPORE : The sub-prime crisis has intensified the necessary corrections in the property market. But according to Henderson Global Investors, there's an upside to it.
The asset management firm, which has some $117 billion worth of assets under its wing, is positive on the medium term outlook for the global property sector.
The likelihood of a US recession and the current global credit crisis is hurting investor sentiment, and is expected to have an impact on the property sector in the region.
In its latest report on the global property outlook, Henderson Global Investors noted that price increases are cooling off in Singapore, Hong Kong and China. But office rentals are still expected to climb, albeit at a slower pace.
Over the next 12 months, Henderson said growth will be led by retail properties and retail space. It remains positive on Singapore REITs such as CapitaMall Trust and Ascendas REIT.
"In terms of industrial and retail space, we think these companies (Singapore REITS) can still benefit from very solid rental growth and good yield offered for the unit-holders. Our pick is strong companies such as CMT, CapitaMall and also Acendas REIT. The reason is, the price corrections have offered us very good entry opportunity," said Frankie Lee, a fund manager with Henderson Global Investors.
On the private residential market, Henderson said caution needs to be exercised in the next two to three years.
It projects some 19,000 apartments to come on stream during that period, and it's uncertain if demand will be sufficient. For this year, it expects prices of private residential properties to weaken by up to 10 percent.
Henderson is also less positive about the UK property sector, which it expects will underperform other markets.
As for the US market, Henderson projects yields from REITs there to come in at the high single digits.
For more information: http://www.channelnewsasia.com/stories/singaporebusinessnews/view/334743/1/.html
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Guocoland: KFH option on Singapore apartments lapses |
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Wednesday, 12 March 2008 |
thestaronline by:angie ng wednesday 12 march , 2008
PETALING JAYA: Kuwait Finance House (M) Bhd (KFH) is believed to have decided not to exercise the option on 97 apartments at the 210-unit Goodwood Residence development in downtown Singapore, given the softening in the city-state's private residential property market.
The apartments were supposed to be sold to a fund managed by KFH for US$818.4mil, or at S$3,000 per sq ft.
Goodwood Residence, developed by Guocoland Ltd, is a premier residential development on a 24,845-sq-m freehold plot fronting Goodwood Hill.
A Guocoland statement issued on Monday said the options were not exercised and had lapsed.
“Both parties are presently in discussions, with a view to granting fresh options for units in the development,” it said, adding that the private residential property market in Singapore was currently cautious.
KFH did not respond to StarBiz's queries.
Meanwhile, industry observers said Singapore's property market had shown signs of softening and take-up rates had slowed since January as a result of the US subprime market woes.
According to Abbey Woods Sdn Bhd chairman and managing director Datuk Wong Choon Kee, the market had seen substantial price appreciation in the past one year, with a new price benchmark of more than S$4,000 per sq ft set by some of the recently launched luxury residential projects.
For more information: http://biz.thestar.com.my/news/story.asp?file=/2008/3/12/business/20616730&sec=business
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Last Updated ( Wednesday, 12 March 2008 )
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