Singapore - Housing 17 (Feb 16 - Mar 19)

Re: Singapore - Housing 17 (Feb 16 - Dec 17)

Postby winston » Sat Aug 13, 2016 12:51 pm

Singapore property firms, trusts facing record debt maturities as home prices drop

Singapore builders and trusts have an unprecedented S$1.8 billion of local currency bonds maturing this quarter, S$1.2 billion in the final quarter and another S$3.7 billion in 2017.


Home prices in Singapore have dropped 9.4 per cent from the peak in 2013 and the declines show no signs of abating.


Source: Straits Times

http://www.straitstimes.com/business/pr ... rices-drop
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Re: Singapore - Housing 17 (Feb 16 - Dec 17)

Postby winston » Sat Aug 13, 2016 12:51 pm

Singapore property firms, trusts facing record debt maturities as home prices drop

Singapore builders and trusts have an unprecedented S$1.8 billion of local currency bonds maturing this quarter, S$1.2 billion in the final quarter and another S$3.7 billion in 2017.


Home prices in Singapore have dropped 9.4 per cent from the peak in 2013 and the declines show no signs of abating.


Source: Straits Times

http://www.straitstimes.com/business/pr ... rices-drop
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Re: Singapore - Housing 17 (Feb 16 - Dec 17)

Postby behappyalways » Mon Aug 15, 2016 2:44 pm

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Re: Singapore - Housing 17 (Feb 16 - Dec 17)

Postby behappyalways » Wed Aug 24, 2016 2:38 pm

Provisional Tender Results For Land Parcel At Anchorvale Lane For Executive Condominium Housing Development
http://www.hdb.gov.sg/cs/infoweb/press- ... um-housing
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Re: Singapore - Housing 17 (Feb 16 - Dec 17)

Postby winston » Fri Sep 02, 2016 12:40 pm

SG Residential Property: Fine-tuning TDSR rules for refinancing

The MAS announced yesterday that it would fine-tune the refinancing rules under the Total Debt Servicing Ratio (TDSR) such that borrowers for owner-occupied residential properties bought after the introduction of TDSR would now be exempt from the TDSR framework when refinancing the property loan.

For investment properties, borrowers will also be exempt from the TSDR framework if they meet two conditions:
1) commits to a debt plan with his financial institution to repay at least 3% of the outstanding loan balance over a period of not more than three years; and
2) fulfills his financial institution’s credit assessment.

We believe these fine-tunes are very well thought-out and would add a measure of stability into the balance sheets of existing borrowers.

While the developers are likely to react positively to these news in trading today, our sector views are based primarily on valuations and longer term fundamentals of the housing market, for which home prices are likely to further decline over FY16-17.

Maintain NEUTRAL on the property sector; we continue to prefer diversified blue chips with healthy balance sheets and strong business models.

Our top picks are CapitaLand [BUY; S$3.68], City Dev [BUY; S$9.89] and GLP [BUY; S$2.37].

Source: OCBC
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Re: Singapore - Housing 17 (Feb 16 - Dec 17)

Postby winston » Tue Sep 13, 2016 7:57 am

Rich Indonesians Snap Up Singapore Luxury Homes as Taxman Calls

by David Roman

Indonesians beat all foreign buyers of high-end units in 2016
Property agents say buyers are worried about Jakarta tax plan

This year’s purchases by Indonesian nationals of homes valued at S$5 million ($3.7 million) or more have already nearly quadrupled from last year’s total.

The stepped-up buying coincides with the passage of a law in Jakarta aimed at getting Indonesians to repatriate or pay taxes on an estimated $300 billion that had fled to Singapore during previous periods of unrest, lest those who took their money out be found out for tax evasion -- a reason cited by three property agents as a primary reason behind the purchases.


Indonesia, Singapore and other countries are adopting global tax reporting requirements to tell each other about nationals holding assets abroad.

Indonesians moving money into property are counting on only assets held in banks, not in real estate, being shared, agents and brokers say.


Indonesians bought 30 Singapore properties valued at S$5 million or more between the start of the year and Aug. 17, compared with only eight such deals for all of 2015


During the first half of this year, Indonesians bought 189 properties of all values in Singapore, 23 percent more than in the same period last year, data from Cushman & Wakefield Inc. show.



Source: Bloomberg

http://www.bloomberg.com/news/articles/ ... xman-calls
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Re: Singapore - Housing 17 (Feb 16 - Dec 17)

Postby behappyalways » Thu Sep 15, 2016 7:49 pm

Singapore Home Sales Drop as ‘Hungry Ghost’ Month Deters Buyers
http://www.bloomberg.com/news/articles/ ... ers-buyers
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Re: Singapore - Housing 17 (Feb 16 - Dec 17)

Postby behappyalways » Fri Sep 16, 2016 4:25 pm

Will looming supply glut cloud positive outlook for property sector?
http://sbr.com.sg/residential-property/ ... rty-sector


Time is running out for developers as ABSD deadlines loom
http://sbr.com.sg/residential-property/ ... lines-loom
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Re: Singapore - Housing 17 (Feb 16 - Dec 17)

Postby winston » Mon Sep 19, 2016 8:54 am

Clock ticking as property developers face double threat

By Jude Chan

SINGAPORE (Sept 16): The clock is ticking for Singapore’s property developers, who are facing the double threat of ABSD deadlines and looming supply.

It was exacerbated by a slow August, which coincides this year with the seventh month in the lunar calendar year, or Hungry Ghost month – considered inauspicious by Chinese homebuyers who typically avoid property purchases.

Developers in August sold a total of 805 homes, a drop of 18% y-o-y compared to August 2015 and 58% lower than in July. This comprised 473 private homes and 332 executive condominiums (EC).

“With cooling measures remaining in place, we doubt home sales volumes can improve materially. This could continue to weigh on sentiment for the sector,” says Maybank Kim Eng analyst Derrick Heng in a Thursday report.

Maybank has maintained its “neutral” rating on the Singapore property sector.

“In the coming months, we believe the spotlight will be on the actions of developers that have significant unsold units for projects facing their respective ABSD deadlines,” Heng says.

Developers have to sell all the units in a residential project within a five-year period to qualify for an exemption on paying Additional Buyer’s Stamp Duty (ABSD) on land cost at the time of purchase. And it’s crunch time for some developers.

IOI Properties’ The Trilinq has just five months to go before its ABSD deadline in January 2017 – and 48% of the project still remains unsold.

Other developers running against the clock to beat their ABSD deadlines in 2017 include United Industrial Corporation, City Developments Limited, and Wing Tai Holdings.

Only half of the units at UIC’s Mon Jervois have been sold so far, while its Pollen & Bleu project is still 88% unsold. Meanwhile, CDL’s The Venue Residences has 45% not yet sold, and Wing Tai joint venture project The Crest is 70% unsold.

“While we have yet to see significant price cuts, there could be more pressure to do so as project deadlines near. This could lead to downwards pressure on prices,” Heng says.

CIMB, too, believes that private home prices will continue to decline.

However, the research house believes this will be due to a high incoming supply of private residential units. Some 10,262 units will be completed in 2H16, and another 14,578 units in 2017.

Coupled with “rising vacancy and dwindling rental market, we expect private home prices to continue declining and keep our projection for a mid-single digit dip in 2016,” says CIMB lead analyst Lock Mun Yee.

“Looming supply continues to cloud outlook,” Lock adds. “45% of these completions are in the suburban locations and this will continue to drag on price outlook in these areas.”

Yet, CIMB is keeping its “overweight” rating on the sector.

“Developer stocks are trading at a 42% discount to the sector RNAV,” says Lock. “We think that much of the negative newsflow is in the price.”

CapitaLand is the top pick in the Singapore property sector for both Maybank and CIMB.

Maybank is keeping it at “buy” with a target price of $3.93, while CIMB recommends “add” with a target price of $4.17.

In addition, CIMB also highlights City Developments and UOL Group, keeping both at “add” with target prices of $10.38 and $7.96, respectively.

CapitaLand closed at $3.12, CityDev closed at $8.86, and UOL closed at $5.51.

Source: The Edge

http://smr.theedgemarkets.com/article/c ... 8-87358173
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Re: Singapore - Housing 17 (Feb 16 - Dec 17)

Postby winston » Mon Sep 19, 2016 8:54 am

Clock ticking as property developers face double threat

By Jude Chan

SINGAPORE (Sept 16): The clock is ticking for Singapore’s property developers, who are facing the double threat of ABSD deadlines and looming supply.

It was exacerbated by a slow August, which coincides this year with the seventh month in the lunar calendar year, or Hungry Ghost month – considered inauspicious by Chinese homebuyers who typically avoid property purchases.

Developers in August sold a total of 805 homes, a drop of 18% y-o-y compared to August 2015 and 58% lower than in July. This comprised 473 private homes and 332 executive condominiums (EC).

“With cooling measures remaining in place, we doubt home sales volumes can improve materially. This could continue to weigh on sentiment for the sector,” says Maybank Kim Eng analyst Derrick Heng in a Thursday report.

Maybank has maintained its “neutral” rating on the Singapore property sector.

“In the coming months, we believe the spotlight will be on the actions of developers that have significant unsold units for projects facing their respective ABSD deadlines,” Heng says.

Developers have to sell all the units in a residential project within a five-year period to qualify for an exemption on paying Additional Buyer’s Stamp Duty (ABSD) on land cost at the time of purchase. And it’s crunch time for some developers.

IOI Properties’ The Trilinq has just five months to go before its ABSD deadline in January 2017 – and 48% of the project still remains unsold.

Other developers running against the clock to beat their ABSD deadlines in 2017 include United Industrial Corporation, City Developments Limited, and Wing Tai Holdings.

Only half of the units at UIC’s Mon Jervois have been sold so far, while its Pollen & Bleu project is still 88% unsold. Meanwhile, CDL’s The Venue Residences has 45% not yet sold, and Wing Tai joint venture project The Crest is 70% unsold.

“While we have yet to see significant price cuts, there could be more pressure to do so as project deadlines near. This could lead to downwards pressure on prices,” Heng says.

CIMB, too, believes that private home prices will continue to decline.

However, the research house believes this will be due to a high incoming supply of private residential units. Some 10,262 units will be completed in 2H16, and another 14,578 units in 2017.

Coupled with “rising vacancy and dwindling rental market, we expect private home prices to continue declining and keep our projection for a mid-single digit dip in 2016,” says CIMB lead analyst Lock Mun Yee.

“Looming supply continues to cloud outlook,” Lock adds. “45% of these completions are in the suburban locations and this will continue to drag on price outlook in these areas.”

Yet, CIMB is keeping its “overweight” rating on the sector.

“Developer stocks are trading at a 42% discount to the sector RNAV,” says Lock. “We think that much of the negative newsflow is in the price.”

CapitaLand is the top pick in the Singapore property sector for both Maybank and CIMB.

Maybank is keeping it at “buy” with a target price of $3.93, while CIMB recommends “add” with a target price of $4.17.

In addition, CIMB also highlights City Developments and UOL Group, keeping both at “add” with target prices of $10.38 and $7.96, respectively.

CapitaLand closed at $3.12, CityDev closed at $8.86, and UOL closed at $5.51.

Source: The Edge

http://smr.theedgemarkets.com/article/c ... 8-87358173
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