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S'pore CapitaCommercial to sell S$100 mln bonds-source |
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Tuesday, 11 March 2008 |
Reuters, Tuesday 11 March, 2008
SINGAPORE, March 10 - CapitaCommercial Trust , Singapore's second-largest property trust by market value, will sell S$100 million worth of two-year bonds with a coupon of 3.05 percent, a source familiar with the deal said.
The fixed-rate bond will be sold on March 14, the source told Reuters, adding that the deal size was increased by S$30 million due to strong demand.
CapitaCommercial, about 30-percent owned by Southeast Asia's biggest developer CapitaLand Ltd , was not available for comment.
Singapore's once booming real estate investment trusts are increasingly turning to the debt market for funds after the global credit crisis and volatile stock markets soured sentiment for share offerings. [ID:nSIN308500]DBS Group was the sole underwriter for the deal.
Property firms that have raised funds in Singapore's debt market in the past month include Allgreen Properties , Hotel Properties , City Developments , and Mapletree Investments.
Mapletree Treasury Services Ltd, a unit of Mapletree Investments, sold S$75 million worth of two-year bonds with a coupon of 2.6 percent earlier this month.
For more information: http://sg.news.yahoo.com/rtrs/20080310/tbs-capitacommercial-bond-7318940.html
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Boon Keng Development puts in top bid for Westwood Ave site |
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Tuesday, 11 March 2008 |
By Timothy Ouyang, Channel NewsAsia | Posted: 11 March 2008 2255 hrs
SINGAPORE: Developer Boon Keng Development has put in the top bid of S$11.8 million for a landed housing site at Westwood Avenue.
The price for the 150,700 sq ft site, which is being sold on a 99-year lease, works out to be S$78 per sq ft.
Only two bids were received by the Housing and Development Board (HDB) for the plot. Sunway Concrete Products put in the lower offer of S$10.3 million.
Property consultants CB Richard Ellis said the bid amounts were conservative, reflecting the current cautious sentiment in the property market.
But it said the terrace houses to be built on the site can still fetch between S$900,000 and S$1 million each.
These prices are slightly higher than the current prices being transacted for nearby developments like Westwood Park and Westville.
For more information: http://www.channelnewsasia.com/stories/singaporebusinessnews/view/334280/1/.html
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Singapore's GIC, Orchard St form UK property fund |
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Tuesday, 11 March 2008 |
Reuters - Tuesday,11 March , 2008
LONDON, March 10 - Private UK firm Orchard Street Investment Management LLP said on Monday it had teamed up with the Singapore government to create a 300 million pounds ($604.8 million) - LONDON, March 10 - Private UK firm Orchard Street Investment Management LLP said on Monday it had teamed up with the Singapore government to create a 300 million pounds ($604.8 million) fund to invest in UK commercial real estate. The specialist commercial property investment manager said it has joined forces with an affiliate of GIC Real Estate, the property investment arm of the Government of Singapore Investment Corporation, to take advantage of recent UK market weakness.
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Orchard Street said its Special Situations fund had 100 million pounds of equity and 200 million pounds of additional debt funding.
It said the opportunistic fund will have a seven-year lifespan and will seek to invest in up to 15 individual real estate assets in the next three years within the 15-50 million pounds range.
For more information: http://sg.news.yahoo.com/rtrs/20080310/tbs-gic-property-7318940.html
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KFH allows options for 97 Goodwood Residence units to lapse |
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Monday, 10 March 2008 |
By Channel NewsAsia | Posted: 10 March 2008 2007 hrs
SINGAPORE: Kuwait Finance House (KFH) has allowed options to acquire 97 units of the high-end Goodwood Residence to lapse.
The deal would have been worth S$818 million for developer GuocoLand, which has said that Singapore's property market appears to be cautious.
The developer had granted Kuwait Finance House the options back in December.
In a filing to the Singapore Exchange, GuocoLand said the two parties are in talks about fresh options for the units in the development.
Goodwood Residence, located near the Orchard Road shopping belt, is a high-end residential development with 210 units in two towers. - CNA/ac
For more information: http://www.channelnewsasia.com/stories/singaporebusinessnews/view/334029/1/.html
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Singapore plans to double size of financial district |
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Monday, 10 March 2008 |
The Earth Times Mon, 10 Mar 2008 06:31:02 GMT
Singapore - Singapore plans to double the size of its financial district as part of its strategy to emerge as one of Asia's leading financial centres, the government said on Monday. The new growth area will be more than twice the size of London's Canary Wharf and provide 2.8 million square metres of office space, the equivalent of Hong Kong's main central district, said the Urban Redevelopment Authority.
"Singapore's strong economic fundamentals have been driving the growth of the property market, and the corresponding demand for quality office space, for the past few years," said Choy Chan Pong, the URA's land administration director.
"To continue attracting investments, we are planning ahead to ensure we have sufficient land and infrastructure to support our robust economic growth."
Singapore's economy grew by 7.7 per cent in 2007, and it is expected to continue to grow by between 4 and 6 per cent in the medium term.
"This sustained growth will continue to underpin and drive the growth of the property market and the demand for quality office spaces in the next few years," the URA or land-use agency said.
The URA will offer sites for development near the multi-billion-dollar Marina Bay convention and casino resort complex over the next five to six years to meet the expected demand.
Over 15 years, the development of the 75-hectare site earmarked for extension of the financial district will see the addition of 2.82 million square metres of office space, "equivalent to the amount of office space in Hong Kong's Central today," the URA said.
For more information: http://www.earthtimes.org/articles/show/191163,singapore-plans-to-double-size-of-financial-district.htm
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KFH allows options for 97 Goodwood Residence units to lapse |
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Monday, 10 March 2008 |
By Channel NewsAsia | Posted: 10 March 2008 2007 hrs
SINGAPORE: Kuwait Finance House (KFH) has allowed options to acquire 97 units of the high-end Goodwood Residence to lapse.
The deal would have been worth S$818 million for developer GuocoLand, which has said that Singapore's property market appears to be cautious.
The developer had granted Kuwait Finance House the options back in December.
In a filing to the Singapore Exchange, GuocoLand said the two parties are in talks about fresh options for the units in the development.
Goodwood Residence, located near the Orchard Road shopping belt, is a high-end residential development with 210 units in two towers.
For more information: http://www.channelnewsasia.com/stories/singaporebusinessnews/view/334029/1/.html
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Housing should be a right, like in Singapore |
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Saturday, 08 March 2008 |
The Vancouver Sun by:Russ Browne Published: Saturday,08 March, 2008
Eighty-six per cent of Singaporeans live in government built and managed housing; of those 86 per cent, 92 per cent are owners.
Singapore citizens can purchase decent-sized housing for reasonable prices; for example, a Housing and Development Board four-room flat, depending on age, environment and surrounding amenities, can have a sale value of between S$200,000 to above S$300,000. However, in contrast, privately developed condominium-type housing can cost as much as S$1,000,000 and above. (The Singapore dollar is currently worth .716 Canadian.)
Singapore's public housing is geared to working families who can buy apartments, with two to five bedrooms, that they can afford. Social housing is built for working people, not just for low-income residents. This is much better than in Vancouver, which has turned what should be a human right -- housing -- into a frenzied speculation where real estate developers build smaller and smaller condos for working people while the developers live in mansions. I have read of working families raising children in 600-to-700 square-foot condos in Vancouver.
Another factor putting pressure on housing is that regular condos and luxury condos are quite often sold to foreign buyers for further speculation or as a vacation destination.
Singapore is a very pro-free enterprise country, one of the original Asian Tigers. But in the 1960s, then prime minister Lee Kuan Yew and his ministers had the vision to recognize that good affordable housing must be a human right.
Vancouver Mayor Sam Sullivan's EcoDensity vision (which was long ago invented and properly implemented in Singapore) should be one of not just density but also livability, so that people are not treated like animals forced into small cages.
For more information: http://www.canada.com/vancouversun/news/letters/story.html?id=82a68a27-ef44-4223-91fc-cb3f863c345
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BKK dev pre-launched in Singapore |
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Friday, 07 March 2008 |
Asia Property Report by:robert carry 07 march, 2008
Asian real estate investment company Pacific Star has just pre-launched its new Bangkok condominium offering, Eight Thonglor Residences, in Singapore.
Hundreds turned out to view plans for the luxury 195-unit, 34-storey tower project, which will form part of the expansive Eight Thonglor development – a mixed-use project which will also include three-storey retail stores and 150 five-star serviced apartments sited on Soi Thonglor (Sukhumvit 55).
“A huge number of Singaporeans enjoy more than one trip to Thailand each year,” said Pritpal Singh Gill, country head of Pacific Star International (Thailand). “Instead of spending on hotel rooms, many are now enticed by the idea of a home-from-home and Eight Thonglor offers this.
“We are confident it represents a rewarding and timely investment opportunity as it is supported by strong locational value, being sited in a prestigious neighborhood within the overall unique entity and popularity of Thonglor as one of Bangkok’s earmarked tourist districts.”
According to Heng Hua Thong, executive director of the sole appointed agent for the project DTZ, the Singapore event proved hugely successful: “We are extremely encouraged by our two day pre-launch campaign in Singapore, as we have seen news of this property sale spreading by word of mouth.” He continued, “The project has soared to the top of the list of many prospective buyers for its residential units, indicating a real intention to buy, which is testimony of the location’s popularity and lure.”
For more information: http://www.property-report.com/aprarchives.php?id=1251&date=070308
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Never mind rising rentals, they want order |
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Wednesday, 05 March 2008 |
TODAYonline.com Tan Hui Leng Wednesday,5 march, 2008
EVEN as skyrocketing rentals, other rising costs and the competition for places in international schools have raised concerns about whether Singapore is losing its attractiveness to expatriate talent, one survey has laid such fears to rest — at least where Asian expats are concerned.
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According to the survey by United Kingdom-based human resource consultancy ECA International of living standards in 254 international locations, Asian expats ranked Singapore as the best place to live. Hong Kong ranked 15th.
The annual survey is based on categories such as climate, air quality, health services, housing, political tensions and personal safety. ECA International general manager Lee Quane said the survey helps firms decide if they should pay a hardship allowance "to encourage employees to move to a location".
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Last year, another survey by Watson Wyatt showed that most foreigners got the same wages as their Singapore counterparts, as companies do not see the need to pay employees a premium to work here.
For more information:http://www.todayonline.com/articles/241170.asp
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