Hotel investments in Asia likely to drop to US$3b in 2008

Hotel investments in Asia likely to drop to US$3b in 2008

By Timothy Ouyang,

SINGAPORE: Asia is likely to register a sharp slowdown in hotel investments across the region this year, according to Jones Lang LaSalle Hotels.

The hotel investment advisory company said hotel sales in Asia may drop by as much as 75 per cent, compared to last year.

Some US$11 billion worth of deals were transacted across Asia in the hotel investment market last year. But Jones Lang LaSalle has forecast that hotel transactions in the region are likely to drop to as low as US$3 billion this year.

Mike Batchelor, managing director, Investment Sales Asia, Jones Lang LaSalle Hotels, said: “The greatest challenge at the moment is the lack of opportunities. The trading environment is strong, therefore there is a reluctance to really sell assets. We are in a low-interest rate environment, unlike our colleagues in other parts of the world.”

Despite this, Jones Lang LaSalle Hotels is optimistic that activity will pick up in 2009. It has forecast that the number of hotel rooms in Asia will surge by 25.8 per cent, with 140,000 new rooms to be added around the region over the next three years.

It added that the increases will be most pronounced in India, but growth has been hampered by rising land prices.

Corinna Toh, SVP, Corporate Advisory Services, Jones Lang LaSalle Hotels, said: “We’ve come across hotel projects that have been earmarked, but due to the rapid rise in land prices there, people may not want to build hotels, they may want to do something else, like residential apartments.”

Only US$1 billion of hotel investment transactions in Asia were recorded in the first quarter of this year.

- CNA/so

Source : Straits Times - 23 July 2008

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Singapore Xiaxue won’t say sorry to Dawn

Singapore Xiaxue won’t say sorry to Dawn

She ignores lawyer’s letter from fellow blogger Dawn Yang seeking apology for allegedly defamatory remarks

By Debbie Yong

NO WAY: Ms Cheng (above) says Ms Yang can “go ahead and sue” her.

BLOGGER Wendy Cheng - better known online as Xiaxue - is not apologising to fellow blogger Dawn Yang.
Yesterday was the deadline set in a letter that was sent last week by the latter’s lawyer to Ms Cheng to do so.

The letter referred to allegedly defamatory remarks about Ms Yang that were made by Ms Cheng in a blog entry dated June 30.

Ms Cheng, 23, had written, among other things, about the other’s entertainment and endorsement deals.

She also baulked at being compared to Ms Yang, 23, in a June 25 report in Chinese-language newspaper Lianhe Zaobao.

The letter had asked for Ms Cheng to publicly apologise and propose a settlement for the damages caused to Ms Yang.

‘I am not going to apologise. If she wants to embarrass herself, she can go ahead and sue me,’ Ms Cheng told The Straits Times yesterday. She is represented by Keystone Law Corporation.

Ms Yang was in Sydney for a holiday and could not be reached for comment. Mr K. Anparasan from KhattarWong, the firm representing her, confirmed that he has received Ms Cheng’s lawyer’s letter but said he has yet to discuss the next step with Ms Yang.

He said they will not rule out other options besides going to court, such as mediation or a meeting to settle the dispute.

The bad blood between the two bloggers goes back to November 2006, when they were compared in an online ‘hottest bloggers’ ranking. They have been making comments about each other on their blogs since.

Ms Cheng gets 50,000 hits daily on her blog while Ms Yang gets 30,000.

After The Sunday Times reported on the dispute last weekend, Ms Cheng said she received over 350 comments on her blog from her regular readers.

Most posted words of encouragement but some also pledged money to help cover her legal costs.

One reader transferred US$20 (S$27) to her through online payment firm PayPal, said Ms Cheng.

‘I didn’t even give them my bank account number. I am really touched,’ she added.

Ms Yang has her supporters too.

One of them, accountant Teh Liying, 22, told The Straits Times: ‘They may be Xiaxue’s personal opinions but the Internet is a public domain after all. Dawn is right to remind Xiaxue of that.’

Source : Straits Times - 23 July 2008

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Govtment defers projects worth $1.7b

Govtment defers projects worth $1.7b

Move to ease pressure on building costs

By Joyce Teo, Property Correspondent

THE Government is deferring another $1.7 billion of public sector construction projects to ease pressure on red-hot building costs in the next two years.
This is the third time since November that public projects have been postponed amid high demand for building contractors and materials.

A total of $4.7 billion of public sector projects will now be pushed back to 2010 and beyond, the Building and Construction Authority (BCA) said in a statement.

‘That’s good news,’ said the chief executive of property firm Overseas Union Enterprise, Mr Thio Gim Hock. ‘Construction costs have more than doubled in the past year. It’s hard to find contractors to bid for a job. When I tender, a lot of them decline because they are too busy.’

The latest move means projects such as the Jurong General Hospital will be deferred to 2010, although the hospital will still be ready and open as scheduled by 2015.

Other delayed projects include less urgent improvement works, but public housing and upgrading programmes will not be affected.

The move will allow construction resources to be used to ensure the timely delivery of big projects such as the integrated resorts, Marina Bay Financial Centre and the Downtown MRT line. Most should be finished by late next year.

The BCA also said that the resources freed up then can be used later for the deferred projects, ensuring a better spread of construction resources beyond next year.

Market experts said on average, costs have risen 20 to 35 per cent in the past year.

Mr Seah Choo Meng, executive chairman of construction consultancy Davis Langdon & Seah, was upbeat about the latest move. ‘It will not bring costs down but it will lessen the pressure on existing resources.’

Singapore could now be among the world’s most expensive nations in terms of construction costs, though this is not likely to last, said Mr Jackson Yap, CEO of developer cum construction firm United Engineers.

The total value of construction projects here is forecast at $23 billion to $27 billion this year, compared to $24.5 billion last year, and is set to stay high next year, BCA said. It is a far cry from 2003 and 2004, when the figure was just $10 billion.

Last November, the Government took what was then a rare step of deferring $2 billion worth of projects. Then in February, it deferred another $1 billion worth of projects.

Dr Chua Hak Bin, Asian strategist at Deutsche Bank Private Wealth Management, is not convinced the latest deferment is needed as building growth has eased.

‘Construction orders will likely continue coming off, given a softening residential and commercial property market,’ he said, adding that the Government may need to consider bringing forward deferred projects in a slowdown.

Some private projects, particularly residential, may also be delayed, said Mr Seah. ‘While this year’s rate of escalation in construction costs is expected to be in the double digits, it may be affected by the potentially weaker economic outlook in the region.’

Public projects put on hold
Some of the $1.7 billion worth of projects to be postponed:

Jurong General Hospital

Improvement works to selected schools

Upgrading of sports facilities in some educational institutions
Earlier projects postponed include:

National Art Gallery

National Addiction Management Centre

A section of Changi Prison Complex

Several institutional projects such as student hostels and hawker centres

Extensions to the Asian Civilisations Museum and the Peranakan Museum, and the Communicable Disease Centre
Source: BCA

Source : Straits Times - 23 July 2008

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Singapore Hotel rates up while occupancy dips

Singapore Hotel rates up while occupancy dips

ADRs at 5 and 4-star hotels rise 20% and 26% from last year

By NISHA RAMCHANDANI

IN the first five months of this year, average daily rates (ADRs) for five and four-star hotels in Singapore increased 20 per cent to $331 and 26 per cent to $234 respectively from 2007. But occupancy rates dipped slightly - down four percentage points from 81.4 per cent in 2007 for five-star hotels, and dropping from 87 per cent to 84 per cent for four-star establishments.

As such, cost-conscious travellers may opt for the economy tiers if prices keep rising.

In 2007, Singapore’s revenue per available room (Revpar) was the highest in 10 years, according to Jones Lang LaSalle’s (JLL) Hotels’ Digest Asia 2008, with 22.4 per cent Revpar growth in the four-star category and 18.8 per cent Revpar growth in the five-star category.

Still, ADRs are unlikely to keep growing at the same steep pace, JLL Hotels said. ‘Rates will go up 7-10 per cent over the next year but there’s a fair bit of catch up being played,’ said Mike Batchelor, managing director of Investment Sales Asia for JLL Hotels.

JLL Hotels said that overall, Singapore’s tourism outlook is positive, spurred by the island’s increasing MICE capacity and new developments such as the two integrated resorts. ‘New hotel rooms coming onstream in Singapore would provide a wider spectrum of lodging to cater to various segments,’ said Scott Hetherington, managing director of JLL Hotels (Asia). About 4,800 rooms will be added to Singapore’s hotel industry in 2009, and another 4,000 or so in 2010.

The main visitor markets for Singapore are Indonesia, China and Australia, with 1.9 million, 1.1 million and 770,000 arrivals last year. India was the market with the biggest growth, jumping 13.7 per cent to 750,000 arrivals.

The first half of 2009 is expected to be a ‘challenging period’ for the industry in South-east Asia, said Mr Hetherington. Hotels catering to business travellers may suffer. With inflation and high interest rates, there will be a ‘gradual slowdown in some of that traffic’, he said, though things will get better after that. One way to manage softer demand would be to keep costs low and lock in big block bookings for next year, he suggested.

While hotel transaction activity quietened down in H108, the pace is expected to pick up in H2. The investor profile has been changing. Previously, investors were largely real estate investment trusts (Reits) and investment funds. Currently, investors tend to be high-net-worth individuals and sovereign wealth funds. FDI in the region is expected to grow from US$230 billion in 2007 to almost US$250 billion over the next few years.

India is also expected to see strong growth, boosted by business and leisure travel. However, there is a shortfall of hotel rooms in major cities such as Delhi, Mumbai and Bangalore. India needs to add 150,000 new rooms in the next four years, JLL Hotels said.

Source : Business Times - 23 July 2008

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Property rates here leave US execs grumpy

Property rates here leave US execs grumpy

New high of 74% unhappy with cost of housing and office leases: survey

By JOYCE HOOI

AMERICAN executives’ grouses about the cost of housing and office leases here hit a new high this year, according to the latest Asean Business Outlook Survey by the American Chamber of Commerce (AmCham) in Singapore.

In its report, 74 per cent of American senior executives surveyed indicated that they were either ‘dissatisfied’ or ‘extremely dissatisfied’ with both the cost of housing and office leases.

While these costs have been a long-standing grievance for expatriates in Singapore, this year’s figures are a significant jump from 2007’s numbers, up from 61 per cent and 45 per cent who were unhappy about housing and office leasing costs, respectively.

While 2007 was a brutal year for average rental prices, with housing rental rates increasing 41 per cent and office lease rates increasing 52 per cent according to Knight Frank’s director (consultancy and research) Nicholas Mak, there might be some respite from soaring property rentals this year.

‘Over the six-month period in 2008, housing rental prices have gone up close to 10 per cent and I expect the increase in rental rates to slow down over the rest of 2008, to 10-15 per cent by the end of the year,’ said Mr Mak.

Office lease rates, which have gone up by 12 per cent over the six-month period of 2008, are also expected to grow at a slower pace this year.

Mr Mak attributes this to the number of arriving expatriates slowing down and a job market that is growing at a slower rate.

American executives based in Singapore also had the gloomiest outlook on the effects of a US recession on business in Asia compared to their counterparts in other Asean countries.

Some 80 per cent of the respondents in Singapore expect the spillover from a US recession to hurt business in Asia, compared to 66 per cent in Malaysia and even 77 per cent in inflation-stricken Vietnam.

The survey, carried out in Singapore, Malaysia, Vietnam, the Philippines and Thailand, included 535 respondents overall, with 130 of them from Singapore.

While respondents in Singapore, Malaysia and the Philippines have adjusted their regional profit expectations downwards, they were also the least cheerful in Singapore with only 53 per cent of American executives in Singapore expecting increased profits in Asean for 2008, compared to 58 per cent and 57 per cent in Malaysia and the Philippines, respectively.

Sentiments about expansion plans for their firms in Asean also took a beating in Singapore with 71 per cent saying that they plan to expand in Asean within the next two years, compared to 82 per cent a year ago.

Respondents in Vietnam were the most upbeat overall, with 72 per cent of Vietnam-based respondents expecting business expansion in Asean to happen over the next two years.

Source : Business Times - 23 July 2008

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Soilbuild is top bidder for Singapore Woodlands site

Soilbuild is top bidder for Singapore Woodlands site

It offers $13.61m for industrial site; may build landed and/or flatted factories

By KALPANA RASHIWALA

SOILBUILD Group Holdings yesterday emerged as top bidder in a state tender for a 60-year leasehold industrial site at Woodlands, offering $13.61 million or $30.10 per square foot (psf) of potential gross floor area. This was almost 60 per cent above the next highest bid of $18.91 psf per plot ratio (psf ppr) from Zap Piling.

BT understands that Soilbuild may be looking at various permutations, including developing two or three-storey landed factories, a multi-storey flatted-factory/ramp-up factory development or a combination, depending on what best suits the market’s needs.

Soilbuild has developed landed factories, each with its own backyard, in the Kranji and Pioneer Road areas. ‘These are popular, especially among SMEs,’ an industry player said.

Colliers International managing director (Singapore and North Asia) Dennis Yeo said: ‘With construction costs at today’s high levels, it may be a better option to build landed factories, even though this means Soilbuild will not be able to develop the maximum gross floor area allowed for the site. Landed factories are in greater demand.’

He estimated that Soilbuild should be able to sell a new 60-year leasehold development - landed factories or high-rise - for about $250 psf of saleable area. BT understands that Soilbuild’s breakeven cost could be about $150-170 psf of saleable area for landed factories and $180-190 psf for a high-rise project.

Yesterday’s tender for the plot at Woodlands Industrial Park E5, conducted by Urban Redevelopment Authority, drew four bids. SP Development, a unit of Singapore Piling & Civil Engineering, bid $17.92 psf ppr. Boon Keng Development, a property developer and construction firm controlled by Lim Kim Hong and Lim Huixing, offered $13.69 psf ppr for the 180,835 sq ft plot.

With a 2.5 plot ratio, the site can be developed into a project with a maximum gross floor area of 452,086 sq ft.

The plot is zoned Business 2, which means that it can be developed for a wide range of uses such as clean/light industry, general industry and warehousing.

Source : Business Times - 23 July 2008

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Design Studio JV wins Singapore Sands IR contract

Design Studio JV wins Singapore Sands IR contract

DDS CONTRACTS & Interior Solutions, a joint venture between Depa, the world’s largest interior contracting company, and locally listed Design Studio, has won a fit-out project with a contract value of $69.1 million for the Marina Bay Sands Integrated Resort (IR).

The contract, DDS’ first in Singapore, is for the fit-out of 716 guest rooms, including guest corridors and lobbies, in Hotel Tower 1 from the 6th to 49th floors of the Marina Bay Sands IR.

DDS will be working with South Korean main contractor SsangYong Engineering and Construction Co Ltd on the project.

The project win was secured only a few months after the establishment of DDS, in which Depa holds 55 per cent and Design Studio holds 45 per cent.

DDS was set up to offer a comprehensive fit-out suite, including turnkey and retrofitting services, to new and existing hospitality and commercial projects.

The joint venture targets interior contracts in the hospitality & commercial segments within Singapore, Malaysia, Thailand, Indonesia and Vietnam.

Said Bernard Lim, CEO of DDS and Design Studio: ‘Our top-most priority now is to partner with SsangYong to ensure seamless execution of this important segment of the Marina Bay Sands IR project.’

The Hotel Tower 1 contract is expected to contribute positively to Design Studio and Depa’s financial performance for 2009 and 2010.

Earlier this month, Design Studio announced projects worth $46.1 million in Singapore and Dubai.

The contracts included a $19.1 million project to supply and install joinery products for the luxury apartments in Burj Dubai, slated to be the world’s tallest building when completed next year.

Source : Business Times - 23 July 2008

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Singapore First Reit’s Q2 DPU rises 15.8% to 1.91 cents

Singapore First Reit’s Q2 DPU rises 15.8% to 1.91 cents

FIRST Real Estate Investment Trust (First Reit) said yesterday that its distributable amount for the second quarter ended June 30 rose 16.1 per cent to $5.2 million from a year earlier.

‘First Reit will continue to seek opportunities in … Singapore, Indonesia and China to raise its AUM.’

- Reit manager Bowsprit Capital Corporation

This translates to distribution per unit (DPU) of 1.91 cents, up 15.8 per cent, said the Reit’s manager, Bowsprit Capital Corporation.

For the half-year ended June 2008, First Reit’s distributable amount and DPU were $10.26 million and 3.76 cents respectively.

Based on annualised DPU of 7.62 cents and a unit closing price of 70.5 cents on July 18, First Reit’s distribution yield is 10.81 per cent - one of the highest among Singapore Reits, stocks and government bonds, Bowsprit noted. The units closed half a cent higher yesterday at 72 cents.

Driven by rent increases from its four Indonesian properties, as well as rental income from its four Singapore properties acquired in 2007, First Reit’s gross revenue rose 15 per cent in Q2 to $7.5 million, lifting its half-year gross revenue 19.3 per cent to $15 million.

First Reit is Singapore’s first healthcare Reit. It aims to raise assets under management (AUM) to $500 million by 2009 from the current $326 million. ‘First Reit will continue to seek opportunities in the region including Singapore, Indonesia and China to raise its AUM,’ said Bowsprit. ‘We have been selective in our acquisitions as we want to ensure that our portfolio consists of only quality and good-yielding healthcare assets that will provide consistent, sustainable returns to unit holders.’

Apart from portfolio expansion, First Reit intends to improve the income-generating capacity of its existing healthcare properties through asset enhancement and by working with tenants to upgrade services.

Despite current uncertain economic conditions, Bowsprit said that it is ‘optimistic’ that First Reit will perform well in the second half of the year, as its revenue is largely derived from long-term rental leases. The current economic environment is also an opportunity for making better acquisitions.

Source : Business Times - 23 July 2008

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Singapore More public sector projects put on hold to ease squeeze

Singapore More public sector projects put on hold to ease squeeze

Move will free up resources for integrated resorts, other key projects

By UMA SHANKARI

(SINGAPORE) The government will postpone construction of another $1.7 billion worth of public sector projects - on top of some $3 billion worth that have already been put off - as it looks to manage rising construction costs.

With this move, the government is deferring a total of $4.7 billion worth of public sector construction projects to 2010 and beyond.

‘The additional deferment will allow the existing construction capacity and resources to be channelled towards the timely delivery of some big projects such as the integrated resorts, Marina Business Financial Centre and the downtown MRT line,’ said regulatory body Building and Construction Authority (BCA) in a statement yesterday.

Most of these projects are expected to be completed around end-2009. The construction resources freed up at that time would then be available for the deferred public sector projects, therefore achieving a better spread of construction resources and activities beyond 2009, BCA said.

Projects postponed in this round include the main building of the proposed Jurong General Hospital and upgrading works at schools.

Developers and analysts BT spoke to were hopeful that the government’s response could help to slow down the increase in construction costs.

Construction costs shot up some 20 to 30 per cent in 2007. And in the first quarter of this year, building costs rose by another 3-5 per cent, Minister for National Development Mah Bow Tan said in a statement.

The building boom also means that contractors were in short supply, with some private developers here reporting difficulties in hiring contractors and sub-contractors.

The new postponements could therefore be helpful in keeping the sector on a more sustainable growth path, said Citigroup economist Kit Wei Zheng.

‘Anecdotal evidence suggests that some contractors may have even refused to take up contracts, because of concerns that rising costs would wipe out initially projected profits or even result in losses,’ he said.

However, there were some concerns that the reduction in government spending was coming at a time when the sector, and the overall economy, is seeing a slowdown.

‘To some extent, given the downside risks to growth, one would have thought that perhaps the government may have contemplated boosting construction demand to shore up growth,’ said Mr Kit.

But he added that with the sector suffering from capacity constraints, it is not clear that GDP growth would have received a significant boost even if the government had increased construction demand.

Chua Hak Bin, chief Asian strategist at Deutsche Bank Private Wealth Management, similarly pointed out that the outlook for the construction sector is ‘not as rosy as it was a year ago’.

Growth in the construction sector is tapering off. Growth slowed to 16.9 per cent in Q1 2008 and then to 15.2 per cent in Q2 2008. By contrast, in Q4 2007, the sector grew by 24.3 per cent.

Dr Chua, however, said that the new deferments could help reduce current supply bottlenecks.

Before yesterday’s move, the government had announced two rounds of construction postponements for public sector projects, in November 2007 and February 2008. Projects put off included the Ministry of Health’s National Addiction Management Centre and part of the Changi Prison Complex.

For the whole of this year, construction demand is likely to come in within current estimates of $23-$27 billion, BCA said.

Source : Business Times - 23 July 2008

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Buzz on Singapore Orchard Road as Ion rents hit $80 psf

Buzz on Singapore Orchard Road as Ion rents hit $80 psf

Luxury retail rentals enter unfamiliar territory with new benchmark

By ARTHUR SIM

(SINGAPORE) A new benchmark for retail rents on Orchard Road has been set at Ion Orchard with tenants paying a base rent of up to $80 psf per month. This is 60-80 per cent higher than the current average prime, first-storey Orchard Road rents.

Opening next year: Sources say that $80 psf appears to be the new asking rent for prime space at other new malls including Orchard Central
Orchard Turn Developments CEO Soon Su Lin also revealed that Ion Orchard, a joint project of CapitaLand and Sun Hung Kai Properties, is now 50 per cent leased, with more than 30 per cent of the retailers setting up flagship stores.

‘We have to-date, 45 confirmed new-to-market brands and newly created concepts by established operators,’ she added.

Ms Soon was speaking at a press conference to announce its newest tenants as well as to reveal Ion Art - an art and design programme which will introduce new and multi-media art into the ‘integrated mall experience’.

With less than a year to go before Ion Orchard opens, Ms Soon said that the construction is still on schedule. Ms Soon did not reveal a fixed date for completion, but said that the mall will open in time for retailers to showcase their Spring/Summer ‘09 collections.

While luxury retailers at Ion Orchard like Louis Vuitton and Prada are going to have to sell a lot of handbags and shoes to cover the luxury rents, sources say that $80 psf appears to be the new asking rent for prime space at other new malls including Orchard Central.

DTZ Debenham Tie Leung senior director (research) Chua Chor Hoon believes that while it appears that a new benchmark has been set, ‘the $80 psf rental rate is likely to apply only for very prime shop units on the ground floor with good frontage’.

According to DTZ, the current average for prime, first-storey retail space in Orchard Road/Scotts Road area is $42.40 psf per month and $23.80 psf per month for prime upper storey retail space.

But Ms Chua did add: ‘For a new mall like Ion, sitting on top of the MRT station and sitting at a busy junction, the average rent would be higher.’

Rents at Ion Orchard do start at $20 psf per month and this is likely to be for units at the basement levels, which will include F&B outlets and bridge brands.

Still, Knight Frank director (research and consultancy) Nicholas Mak says that even at $20 psf per month, some tenants, especially those in F&B, could find the going tough.

As such, Mr Mak notes that while the Ion Orchard is 50 per cent leased, ‘Some could ask if the glass is half full or half empty’.

According to Knight Frank, current prime, first-storey rents are about $49 psf per month on Orchard Road and Mr Mak adds that only big luxury fashion and jewellery stores can afford rents at this level.

Mr Mak does, however, point out that not all retailers need to be location specific. ‘Mid- and mass-market brands can go to any of the new malls coming up along Orchard Road. There will also be landlords competing for certain types of tenants.’

Ms Chua adds that retailers will need to weigh the pros and cons of where they choose to locate their shops. ‘The positioning of the mall, variety and type of tenants, advertisements, events, promotions, layout and design concept of the mall will help to pull in crowds,’ she says, adding: ‘Tenants that require high shopper traffic will mainly be the ones who will not mind paying the higher rentals or a percentage of their turnover, if the traffic volume would translate into higher revenue for them.’

Source : Business Times - 23 July 2008

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