Buying interest in new homes still high

Buying interest in new homes still high

By Joyce Teo

The 956-year leasehold condo, at the former Hong Leong Garden condominium site in the West Coast area, has 396 units priced between $500,000 and $2.6 million.

HOME buyers are still biting, if the preview sales at Hundred Trees condo in the West Coast area are anything to go by.

City Developments (CDL) said it had sold 200 of the 280 units released so far as at 6pm yesterday. Buyers included a significant number of HDB upgraders, sources said.

The 956-year leasehold condo at the former Hong Leong Garden condominium site boasts 396 units priced from $500,000 to $2.6 million.

The first 40 units - out of 150 units released at $895 per sq ft (psf) on average - were sold on Thursday at a preview for staff and former owners of Hong Leong Garden condo, sources said.

Another 130 units - some with better attributes - were then released yesterday at slightly above $900 psf, they said.

The 22 one-bedders at 484 sq ft, priced from $500,000, have sold out.

And most of the 66 two-bedders of between 689 sq ft and 786 sq ft have been sold. Prices started from $615,000.

Four out of six penthouses, priced from $1.28 million, have been sold.

The interest absorption scheme (IAS) is available at a premium of about 2.5 per cent of the sale price.

CDL could not say how many took up the scheme as it was still collating the IAS take-up figures. Sources said it is likely to be within the typical range of about 20 per cent to 30 per cent.

The Government removed the scheme on Sept 14 as part of a package of measures to calm the rapidly heating market, though developers which had offered their projects for sale before that day can continue to offer the IAS.

CDL bought the 266,076 sq ft Hong Leong Garden condo site in a collective sale in early 2007 for $131.5 million, or about $363 psf of potential gross floor area, including development charge.

Last weekend, another condo, the 1,040-unit The Interlace at Alexandra Road, sold 233 units - indicating that buying interest in new homes remains high.

However, some experts say they would not be surprised to see a slight slowdown in overall housing demand as some buyers think twice about their purchases. Demand would be more project- or location-specific, they said.

Upcoming launches include the freehold 278-unit Cyan in Bukit Timah.

Source : Straits Times - 26 September 2009

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G-20 replaces G-8 as main economic forum

G-20 replaces G-8 as main economic forum

By Chua Chin Hon, US Bureau Chief

As Mr Tharman and Mrs Obama get ready for the photographer, Mr Obama steps out of the frame. — PHOTO: ASSOCIATED PRESS

PITTSBURGH: Top world leaders meeting here yesterday adopted the Group of 20 (G-20) as the premier forum for global economic cooperation, a move underpinning the dramatic changes afoot at the current Western-centric framework.

The G-20, which groups the main industrialised nations, as well as major developing economies like China, India and Brazil, will supplant existing forums like the Group of Seven and Group of Eight.

These older formats will not be abolished just yet, but going ahead they will focus instead on non-economic issues, like national security and foreign policy.

Meanwhile, G-20 leaders were also reportedly close to a deal to shift more voting power in the International Monetary Fund (IMF) to developing countries.

‘Dramatic changes in the world economy have not always been reflected in the global architecture for economic cooperation,’ the White House said in a statement hours before the third G-20 meeting in the past year opened here.

Accord on stimulus, bank bonuses

‘This all started to change today. The G-20 leaders reached a historic agreement to put the G-20 at the centre of their efforts to work together to build a durable recovery while avoiding the financial fragilities that led to the crisis.’

The G-20 began as an informal forum in the aftermath of the Asian financial crisis for the finance ministers and central bank governors of major industrialised and developing economies to meet and discuss key global issues.

In recent years, it gained prominence and importance alongside the rise of major Asian and Latin American economies.

But it was not until late last year, when the global economic crisis called for a coordinated response from both the developed and developing economies, that this larger and more representative grouping took centre stage.

G-20 countries went into yesterday’s summit with a daunting list of economic and financial challenges, including the tricky task of unwinding massive fiscal stimulus programmes introduced in the past year. But given lingering uncertainties about the strength of the economic recovery, the leaders pledged to continue the stimulus for now.

There was agreement, however, for new global standards for bank bonuses, a move aimed at nipping the risky investment behaviour which sparked a meltdown on Wall Street last year.

Details of the agreement remained sketchy by press time, though US Treasury Secretary Timothy Geithner gave an assurance that the new standards would be ‘far-reaching’ and immediate.

The summit was briefly marred by protesters, who smashed windows and clashed with police in central Pittsburgh.

Tension between the world leaders, however, simmered just below the surface, despite agreements announced ahead of their formal meetings. In the run-up to the summit, European leaders expressed dismay at a lack of substantial progress on financial reforms in the US.

German Chancellor Angela Merkel also pointedly cautioned Washington against trying to divert attention at the summit from financial regulations to a new proposal to rebalance the global economy.

In recent speeches, US President Barack Obama has argued that world economic growth must be rebalanced if it is to avoid more boom-and-bust cycles. This means debtor countries like the US must save more, while export-driven economies like China must consume more in order to close the massive trade and current account gaps.

But Ms Merkel said: ‘I have made clear we should not look for other topics and forget about financial market regulation.’

Revelations of a secret Iranian nuclear plant by the US, British and French leaders an hour before the summit also threatened to upstage the meeting.

‘The international community has no choice today but to draw a line in the sand,’ said British Prime Minister Gordon Brown.

Source : Business Times - 26 September 2009

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CDL sells over 200 units at Hundred Trees

CDL sells over 200 units at Hundred Trees

SALES at City Developments Ltd’s (CDL) Hundred Trees condo in the West Coast area crossed the 200-unit mark by 6pm yesterday.

MORE TO COME
The developer will release more units to cater to the ‘overwhelming response’ to the West Coast project
As at that time, CDL had released 280 of the total 396 units in the 956-year leasehold condo, the developer said in a release yesterday evening.

Earlier yesterday afternoon, CDL said that it had released a selected number of units for soft launch at an average price of $895 per square foot (psf).

However, BT understands that the above pricing was for the initial batch of about 150 units released on Thursday for a preview to former owners of Hong Leong Garden Condominium (from whom CDL bought the site for the project), CDL staff and a few special guests.

A further 130 units released yesterday were probably priced slightly higher, market watchers reckoned.

CDL is also offering interest absorption scheme (IAS) in exchange for a 2.5 per cent price premium. CDL did not provide a breakdown on how many buyers picked up their units on IAS.

Although IAS was scrapped on Sept 14, a developer can still offer the scheme if before that date, it had entered into an agreement on this with a partner bank and had already offered units in the development for sale under IAS before Sept 14.

BT understands that Hundred Trees’ 200-unit sales figure as at 6pm yesterday includes nearly 40 units sold on Thursday. All 22 one-bedroom units have been sold and the two-bedders are substantially sold too.

One-bedders were priced from around $498,000 while prices of two-bedroom apartments began from about $655,000.

‘The development has a high proportion of smaller units. That makes the lump-sum investment affordable,’ observed Knight Frank chairman Tan Tiong Cheng. ‘At that kind of price level, they have sold that many units . . . they’ve done a good job. The project has a nice name: Hundred Trees.

‘Demand does not seem to be severely tempered by the recent government measures to cool the market,’ he added.

DMG & Partners Securities analyst Brandon Lee said: ‘In the mass market, anything priced between $800 psf and $900 psf will sell. Basically, there’s a lack of alternative investment options out there amidst the current low interest rate environment and a lack of faith in financial products.’

CDL said yesterday evening that it will be releasing more units in the development to cater to the ‘overwhelming response’. Hundred Trees is being marketed by CB Richard Ellis and Huttons.

CDL, part of the Hong Leong Group, is familiar with the West Coast area. In recent years, it has developed Monterey Park Condominium. And recently, it completed Botannia condo, a joint development with CapitaLand. ‘CDL knows it’s not that easy selling larger units in that location,’ a market watcher observed.

Sources said that potential buyers who had submitted blank cheques by Thursday night balloted for queue numbers issued yesterday morning when the showflat opened. The balloting however was for a queue number to enter the showflat, and not for selection of units, unlike the ballot conducted in late July for the sale of units at Optima@Tanah Merah condo

Source : Business Times - 26 September 2009

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Singapore architects among the world’s best

Singapore architects among the world’s best

SCDA, Look and WOHA put nation on par with the Netherlands, Italy and Canada at International Architecture Awards 2009. By Arthur Sim

IN ROBERT Powell’s book, Singapore Houses, the author says: ‘Architects in Singapore are producing work with a level of refinement and sophistication that is comparable with the best in the world, and one would be hard pressed to find a nation of similar size with such an abundance of accomplished young designers who have built independently.’

LIKE LANDED LIVING
The 100-metre wall of vertical greenery is designed so that nature is brought closer to the residents
That Singapore architects are winning international awards seems to bear this out. Most recently, three young Singapore architectural firms won a total of four awards at the International Architecture Awards (IAA) 2009, putting the country on par with the Netherlands, Italy and Canada in the award tally.

The IAA is organised by the The Chicago Athenaeum (Museum of Architecture and Design and Metropolitan Arts Press Ltd) and co-presented by The European Centre for Architecture Art Design and Urban Studies.

This year, there were 97 winners. The Singapore winners are Look Architects, SCDA Architects and WOHA.

Look Architects won two awards this year. The first was for Bishan Public Library and the second was for Alexandra Arch and Forest Walk.

Winning an award for a public building is perhaps more gratifying because budget constraints can be restrictive. Look Architects nevertheless created a public building that is rich in the quality of space and expression of form. On the design, Look Boon Gee, managing director of the firm, says: ‘Designing buildings is more than just creating spaces, it is about discovering and celebrating the values and spirit of our time.’

The Bishan Public Library also won Singapore’s President Design Award in 2007. But the IAA will go much further in building the reputation of architects here. ‘I think Singapore architecture is gaining recognition on the world stage,’ says Mr Look. ‘I suppose I can’t generalise how special Singapore architects are but I think there are some really talented, sensitive and innovative designers in our midst. I sincerely hope there are more opportunities to nurture our local talents.’

SCDA Architects is no stranger to international acclaim and the IAA for the Masuzawa House at Sentosa Cove, is its fifth IAA since 2006. Bearing the hallmark of SCDA, the Masuzawa House is perhaps the best example to date of how architecture can become one with the environment. Indeed, this sensitivity for the environment has emerged as one of the distinguishing features of not only SCDA’s work but that of many Singapore architects too. ‘I think it has got to be that we often engage the landscape when doing the schematic designs. There are transitional spaces that mediate between the interior and exterior . . .,’ says Chan Soo Khian, principal of SCDA.

WOHA, which won an IAA for Newton Suites, has perhaps taken this furthest by applying it to a vertical plane. The 36-storey condominium has a 100-metre wall of vertical greenery so that nature is brought closer to the residents, a luxury previously reserved only for landed living. Chan Ee Mun, WOHA project manager on the Newton Suites said: ‘The win represents further acknowledgment of Newton Suites as a contextual high-rise apartment designed for the tropical climate.’

Apart from the IAA, WOHA also has three projects short-listed for the World Architecture Festival 2009 to be held in Barcelona. They are the 66-storey condominium, The Met, in Bangkok; Genexis Theatre in Singapore; and the Bras Basah MRT Station.

Source : Business Times - 26 September 2009

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A firm with 60 staff and US$1b market cap

A firm with 60 staff and US$1b market cap

(San Francisco)

AD DOLLARS
Twitter is experimenting with running ads on its website but has no plans to run them widely until 2010, says Mr Stone
TWITTER, which has no discernible revenue, is set to raise about US$100 million of new funding that would value the company at around US$1 billion, a person briefed on the company’s plans said on Thursday.

For context, that is almost double the market capitalisation of Domino’s Pizza, which has 10,500 employees and had US$1.4 billion in sales last year.

Twitter has some 60 employees, and although it is experimenting with running advertisements on its website, Biz Stone, a Twitter founder, said this week at an industry conference that the company had no plans to begin widely running ads until 2010.

In its 31/2 years, Twitter has become a magnet for media attention, and its website now attracts 54 million visitors a month, according to comScore, the tracking firm.

Along with Facebook, it is helping to remake the Web as a forum for the perpetual sharing of even the most trivial bits of information about people’s lives.

‘There have probably been less than five examples of companies that have grown like Twitter has,’ said John Borthwick, the chief executive of Betaworks, which created the link-shortening service Bit.ly. He lists Google and Facebook as other examples. Twitter ‘represents a next layer of innovation on the Internet’, he said.

The new investors include Insight Venture Partners, a venture capital firm based in New York; T. Rowe Price, the mutual fund company, which is not normally known for placing such bets; and the current Twitter backers Spark Capital and Institutional Venture Partners.

Twitter does not appear to need capital. It previously raised US$55 million and has said it still has US$25 million of that in the bank. — NYT

Source : Business Times - 26 September 2009

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IAS 39 returns to haunt bankers

IAS 39 returns to haunt bankers

Proposed changes could mean banks showing better ratings, but losses

By JOYCE HOOI

IF bankers are currently the bad boys of the G-20 Summit being held in Pittsburgh, International Accounting Standard 39 was the summit’s whipping boy in London earlier this month.

A decidedly less glamorous concept than the Saville Row-clad banker, IAS 39 is the unassuming piece of accounting jargon that was blamed by many for exacerbating last year’s financial meltdown.

The mark-to-market application of IAS 39 had accounted for the bulk of the losses in the fair value of assets held by banks that contributed to rising levels of red ink and panic after Lehman Brothers’ collapse.

Now, perversely, the suggested changes to IAS 39 might still be keeping some bankers up at night, for entirely different reasons.

One of the upshots of the International Accounting Standards Board’s (IASB) proposed changes to IAS 39 will be that any financial instrument lacking a basic loan feature will not be recorded at amortised cost.

It will instead have to be recorded at fair value, with the rise or fall in value reflected in the profit-and- loss (P&L) statement.

Issuers of convertible bonds will be among those affected, as they will now have to subject the liability portion of the convertible bond, formerly held at amortised cost, to a fair-value treatment.

This will put banks and listed companies in a fairly contentious position, reckons Chen Voon Hoe, a financial services industry practice partner at PricewaterhouseCoopers (PwC) Singapore.

‘As the IASB proposes no bifurcation of embedded derivatives with financial host, it will result in these listed companies fair-valuing their own debt,’ said Mr Chen.

The upshot of this is that when firms’ credit ratings improve, a loss will surface on the P&L statement, and vice versa - an outcome that is counter-intuitively punitive.

International banks, laden with convertible bonds, have now ironically begun to worry about their improving credit ratings, thanks to the amended IAS 39, which could be ready in time for the Dec 31 year-end statements this year.

BT understands that local banks, however, will not have as rude an awakening.

While their financial instrument of concern is structured deposits which will also be subjected to the fair-value treatment, at least one of the local banks has already put it into practice with apparently little fallout.

The project to overhaul IAS 39 had ironically carried the objective of simplifying the original standard, long criticised as complicated and confusing.

The amendment effort, however, has been marked with criticism from various quarters. The Institute of Chartered Accountants in England and Wales (ICAEW) had earlier this month expressed their concern over the pace of the change to the IASB.

Pressed by governments to act quickly after the financial meltdown, the IASB had acted with a speed uncharacteristic of the industry, coming out with the first exposure draft in July.

‘Do you know how long it took to develop the original IAS 39? Ten years,’ an accountant with one of the Big Four accounting firms told BT.

Mark Billington, the regional director of Southeast Asia for ICAEW, is also concerned about the piecemeal approach to amending IAS 39, currently being conducted in three phases.

‘There is usually a more holistic approach with a longer consultation period for amending standards. Without that, there is more of a chance of missing something. There might also be wholesale confusion - for the users and preparers of the accounts,’ Mr Billington told BT.

On top of that, the motives driving this project have been called into question. Earlier this week, the ICAEW warned the Group of 20 leaders against mixing financial reporting with financial stability.

‘The main purpose of financial reporting is to help investors and lenders to make informed decisions, not to smooth financial results or to achieve macroeconomic policy objectives,’ said Nigel Sleigh- Johnson, head of the ICAEW Financial Reporting Faculty.

In addition, the accounting profession has not taken well to politicians’ assertions that IAS 39 had caused the liquidity of banks to dry up during the crisis.

‘IAS 39 merely reflected the fall in fair value as the market itself had no liquidity in the first place,’ said PwC’s Mr Chen.

Source : Business Times - 26 September 2009

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August output growth beats expectations

August output growth beats expectations

12.3% rise is second straight month of expansion in industrial output

By TEH SHI NING

SINGAPORE’S industrial production rose 12.3 per cent year-on-year in August, led by a spike in biomedical output.

It is the second straight month of expansion in factory output, and the surge exceeded consensus expectations for a 5 per cent rise.

Compared to July, industrial production fell 5.6 per cent in August on a seasonally adjusted basis, which was also a smaller fall than had been expected.

August’s strong year-on-year growth was mainly due to the biomedical segment’s growth of 97.8 per cent, lifted by the doubling in pharmaceuticals production, as other manufacturing segments still showed declines.

Excluding the volatile biomedical segment, August’s industrial production fell 6.1 per cent year-on-year - a slower pace of decline from previous months.

Electronics and chemicals output shrank 6.4 per cent and 4.5 per cent year-on-year respectively in August, more sharply than that in July.

But the precision engineering, transport engineering and the general manufacturing industries registered slower rates of year-on-year contraction in August.

Economists noted that with two months of strong industrial production now in the bag, Singapore’s third-quarter GDP is likely to see year-on-year growth, even if there is a technical pullback in September.

However, Morgan Stanley economists noted that, to the extent that the manufacturing rebound is driven by the biomedical sector, ‘implications on the real economy in terms of employment are likely to be small’, as the biomedical sector is highly capital-intensive and not labour-intensive.

Looking further ahead, Barclays Capital economist Leong Wai Ho said: ‘The prognosis for manufacturing in 2010 is good, supported by the opening of new plant capacity.’

He pointed to the three vaccine plants and Shell’s petrochemical plant, which are expected to open by the end of this year, as well as the medical technology industry, which ‘could see at least two major investment announcements in the coming months that could be fairly sizeable’.

Source : Business Times - 26 September 2009

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Global economy finds a new champion

Global economy finds a new champion

Pittsburgh Summit bows to the inevitable, endorses G-20 as premier world forum

(Pittsburgh)

IN A CHANGED WORLD
Mr Obama, followed by British Prime Minister Gordon Brown and French President Nicolas Sarkozy, at a press conference in Pittsburgh yesterday
THE Group of 20 will become the forum for global economic management, giving rising powers such as China more clout, a draft communique said yesterday.

‘We designated the G-20 to be the premier forum for our international economic cooperation,’ the draft communique said, marking a historic shift that recognises the rising influence of both Asia and Latin America.

The move means that the G-20 supplants the G-7 and G-8, institutions dominated by rich Western economies, which will now be forums for discussing geopolitical issues, diplomats said.

The G-8 will, however, continue to meet on matters of common importance such as national security. US President Barack Obama initiated the move, the White House said.

The measure underscores how the world’s balance of power has shifted since a small group of wealthy, industrial countries began meeting in the mid-1970s in an effort to respond to oil shocks, stagflation and other economic crises of that period.

The communique said that the group would also roll out tougher rules on bank capital by the end of 2012.

But how to ensure and sustain economic recovery remained the main topic at the summit, which includes the world’s richest nations and emerging powers such as China, India and Brazil.

The global economy appears to be recovering faster than many economists had predicted, largely thanks to furious interest rate cuts, emergency central bank lending, and roughly US$5 trillion in government stimulus money.

But with unemployment high and banks still struggling to absorb heavy losses primarily from failing US mortgage loans, the pressure is on the big nations to sustain economic assistance and coordinate how and when the emergency stimulus is phased out.

The G-20 leaders vowed to keep emergency economic support in place until a recovery was secured. ‘We will avoid any premature withdrawal of stimulus,’ said the communique.

‘At the same time, we will prepare our exit strategies and, when the time is right, withdraw . . . extraordinary policy support in a cooperative and coordinated way, maintaining our commitment to fiscal responsibility,’ the draft said.

The G-20 countries, which account for 90 per cent of the world’s output, would try to secure next year a deal in long- running world trade talks.

Similar pledges have been made at a number of international gatherings, so far without result.

A final communique was due to be issued when the leaders wound up their meeting late yesterday and was subject to change.

In another boost for countries such as China and India, the G-20 unexpectedly moved close to a deal shifting more voting power at the International Monetary Fund (IMF) to some developing countries, recognising their growing clout.

In return, the draft communique suggested, the G-20 won those countries’ commitment to do their part in rebalancing the world economy.

That rebalancing act involves the debt-laden United States saving more and export powerhouse China consuming more.

The draft said that G-20 countries with either ’sustained, significant’ surpluses - a description that fits China - pledged to ’strengthen domestic sources of growth’.

By the same token, countries with big deficits - such as the US - pledged to support private savings.

It was, however, unlikely that any countries would consent to rules imposed by G-20 on how to run their domestic economy.

Some of that is already happening due to the recession.

US consumers - long viewed as the world’s ’shoppers of last resort’ - have cut spending as household wealth has shrunk, while China is spending about US$600 billion to stimulate its economy and make it less dependent on exports.

The draft showed that leaders endorsed an agreement on phasing out subsidies for fossil fuels to help combat global warming, but with no fixed date for the change.

Many G-20 governments, including countries such as China, India and Russia, give tax breaks and direct payments to companies that help them produce coal, oil and other fossil fuels.

US President Barack Obama made the case for a worldwide cut in subsidies to fuels such as oil, natural gas and coal as a way to reduce emissions of greenhouse gases tied to global warming.

India’s special envoy on climate change said on Thursday that his country supported the approach as long as it was ’sensitive’ to the needs of his country and other developing nations.

‘We, of course, look upon subsidies as something that, over a period of time, should be retired,’ Shyam Saran told reporters in Pittsburgh. Removing any distortions in energy prices ‘is in our own interest’, he said.

The document failed to lift global stocks. They weakened after central banks said on Thursday that they were scaling back massive injections of dollars into their banking systems as financial markets stabilised.

Western powers’ standoff with Iran also broke into leaders’ attempts to ensure better safeguards against another crisis. Earlier yesterday, it was disclosed that Iran has a second uranium enrichment plant under construction.

In a dramatic joint statement that opened the G-20 economic summit, Mr Obama and the leaders of France and Britain demanded that Teheran fully disclose its nuclear ambitions ‘or be held accountable’ to an impatient world community. — Reuters, Bloomberg, AP

Source : Business Times - 26 September 2009

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2012 deadline for new bank rules

2012 deadline for new bank rules

(Pittsburgh)

GROUP of 20 leaders said that banks must set aside more and higher quality capital by the end of 2012, a draft summit communique showed yesterday as governments sought to minimise the need for bailouts in future. The new capital rules would be phased in as financial conditions improve and economic recovery is assured, the communique said.

Work on rules had already begun but the G-20 leaders have also set an end of 2010 deadline for thrashing out the exact figures for higher capital levels, the text said. The summit will also adopt a deadline for converging accounting rules by mid 2011 to cut costs for multinational companies. It will crack down on off-exchange traded derivatives by the end of 2012, and has reached a compromise over a new leverage cap for banks, the text added.

Banks welcomed the details on capital. ‘Clarity on the timetable is good and what we are now looking for is clarity on the numbers. It’s a good start,’ a spokeswoman for the British Bankers’ Association said.

Some banks have expressed concern that quick implementation of tighter, new rules could prevent them from lending even as governments press them to support economic recovery. ‘We call on banks to retain a greater proportion of current profits to build capital, where needed, to support lending,’ the draft communique said.

The statement said that cooperation among the world’s largest economies would ensure regulatory reform. ‘If we all act together, financial institutions will have stricter rules for risk taking, governance that aligns compensation with long-term performance, and greater transparency in their operations,’ the statement said.

The leaders’ statement showed agreement on the importance of reforming pay practices at banks. ‘Reforming compensation policies and practices is an essential part of our effort to increase financial stability,’ it said. — Reuters

Source : Business Times - 26 September 2009

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