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Singapore new private home sales soar to record number in March

SINGAPORE, April 15 — Developers in Singapore sold a record number of new homes in March as buyers returned to the market, driven by discounts and incentives and raising fears the government could take further steps to cool the housing market.

The Urban Redevelopment Authority (URA) said today developers sold 2,793 housing units last month — nearly four times the 712 units sold in February and the highest number since the URA began publishing monthly data.

Including executive condominiums or ECs, a category of homes reserved for Singaporean buyers, sales by developers rose to 3,072 in March from 921 in February.

Colin Tan, head of research at real estate consultancy Suntec Chesterton International, said the surge in home sales raised the possibility of further government intervention, even though the jump was partly due to discounts offered by developers.

Property consultants said the Singapore developers that have been most aggressive in cutting prices to lure buyers include Southeast Asia’s biggest developer Capitaland and the Far East Organisation, whose listed units include Yeo Hiap Seng Ltd and Far East Orchard.

“March’s transaction numbers are a combination of new launches, attractive pricing and discounts and rebates which would lead to short-term robust buying behaviour,” said Mohd Ismail, CEO of PropNex, a firm of property agents.

“Strong sales are not likely in the coming months,” he added.

For the month of March, the best-selling projects included those launched by Bayfront Reality, a joint venture between Aspial Corp and Fragrance Group, and Tuan Sing Holdings.

Singapore has been trying to cool its housing market as recent immigration and near-record low interest rates drove a surge in demand.

In January, the government raised stamp duties for foreign buyers of Singapore homes and set new limits on their ability to borrow.

Authorities also introduced an additional stamp duty on locals buying a second property and foreigners with permanent residency status seeking to own their first home in the Southeast Asian city-state. — Reuters

GUH plans RM1.2bil projects, contribution from property division to reach 30% by 2018

GEORGE TOWN: GUH Holdings Bhd plans to launch RM1.2bil worth of commercial and residential properties in Seremban over the next five years, raising the contribution of its property development division to about 30% by 2018.

Group managing director Datuk Kenneth H'ng (pic) said in an interview that the mixed development project would comprise 1,041 units of medium to high-end landed residential properties with RM939mil gross development value (GDV) in Taman Bukit Kepayang on 195 acres.

“The remaining GDV is for a commercial component comprising a shopping mall, shops, small home offices, and a food and beverage centre.

“We will kick off the project later this year,” he said.

Last year, the contribution of the property division segment to the group's revenue had already hit 12%, while its contribution to the pre-tax profit was 25%.

“Our development projects in Taman Bukit Kepayang have always enjoyed brisk sales because of its strategic location,” he added.

The mixed development scheme is just off the North-South Expressway and the Seremban interchange, which is the gateway to Seremban town, and shopping facilities like the Tesco hypermarket, 12 public primary and secondary schools, commercial complexes such as Jusco and Seremban Parade, and hospitals.

“It is also 45 minutes to Kuala Lumpur via the highway.

“Taman Bukit Kepayang is also convenient for those working in Nilai, Bangi, Tampin, Kuala Pilah, and the KL International Airport,” he said.

Since 2008, the pricing of landed residential properties has increased substantially, due to the accessibility of Taman Bukit Kepayang.

A double-storey terraced house is now priced at RM405,888, compared with RM173,888 in 2008, while a 2.5-storey semi-detached house is now selling for RM571,888, compared with RM445,888 in 2008.

A 2.5-storey bungalow is now priced RM861,888, compared with RM679,888 in 2008.

“For a strategic location, the pricing is still very competitive against other popular township like George Town in Penang.

“We will look for new sites in the country, particularly in the growing townships that are suitable for property development. These can be in the form of joint-venture development with landowners,” he said.

Over the past 10 years, GUH has developed 1,450 units of residential and commercial property on 304 acres in Taman Bukit Kepayang with a GDV of RM286mil.

GUH's core business is in the manufacturing of printed circuit boards (PCBs) for audio-visual and household appliance products.

But due to the declining demand for LED television globally, GUH's business strategy is to grow on its property development division and water treatment business, which currently generates about 13% of the group's revenue.

According to the Germany-based GfK research house, the global unit sales of LED-backlight LCD television is forecast to grow 4% year-on-year to 217 million in 2013.

“This, however, is well down on the 11% growth achieved in 2011. Growth in emerging markets is projected to offset a slight reduction across developed regions, but will slow compared with last year's levels,” the GfK report said.

In mature markets such as Japan and western Europe, sales are projected to remain subdued, declining by 1% year-on-year, according to the GfK report.

On GUH's water treatment business, Teknoserv Engineering Sdn Bhd, a tier two water contractor, is now bidding for RM150mil worth of contracts.

“Among the contracts tendered, some are providing sub-contracting services for high profile jobs such as the Kuala Langat water treatment plant in Selangor.

“As of Dec 31, 2012, the company still has RM20mil worth of contracts to deliver in 2013,” he said.

Through Teknoserv, GUH is presently exploring water and wastewater concession projects in China and the Asean region, according to H'ng.

“We are working on a couple of leads, which we will disclose once we have something concrete,” he said.

Teknoserv's profit after tax is expected to increase to RM1.79mil in 2013 from RM1.4mil in 2012, while its revenue is forecast to grow to RM15.6mil from RM11.5mil a year ago. - The Star

E&O aims to launch RM2.2bil projects in M'sia and UK within 12 months

GEORGE TOWN: Eastern & Oriental Bhd (E&O) is targeting to launch some RM2.2bil worth of property projects in Malaysia and the United Kingdom within the next 12 months, according to group deputymanaging director Eric Chan.

Some of the identified properties include Seri Tanjung Pinang in Penang, the Kuala Lumpur city centre, Iskandar Malaysia in Johor and Central London starting by the second quarter of this year, he told StarBiz during a recent interview on the group's completion of the RM260.6mil Villas By-The-Sea project in Tanjung Seri Pinang.

Also present were CIMB-Mapletree chief executive officer Raja Noorma Othman and Al-Salam Bank Bahrain chief executive officer Yousif A Taqi. CIMB-Mapletree and Al-Salam Bank Bahrain are partners of Villas By-The-Sea.

These projects include the RM500mil Andaman at Quayside Condominiums (third and final tower), Seri Tanjung Pinang, Penang, the RM400mil Mews Serviced Apartments at Jalan Yap Kwan Seng, Kuala Lumpur, the RM1bil Avira Terraces and Service Apartments, Iskandar Malaysia, Johor, and the RM250mil Princes House Apartments, London.

“Our four main growth engines in Penang, Johor, Kuala Lumpur and central London should sustain us in the coming years. The projects in Penang should generate about 35% of group revenue for the 2013 fiscal year ending March 31, 2014,” he said.

“The contribution from Johor should also be around 35%, while the rest would come from Kuala Lumpur and London for the same period.”

Chan said to successfully develop new property growth engines, it was imperative to develop greater regional and internal exposure of the brand, establishing strategic partnerships to attract the best talent.

On the group's progress to reclaim the 307.56 ha of land in Tanjung Seri Pinang, Chan said the group was now in the final stages of producing the detailed masterplan, following which it would be submitted for approvals.

On the Villas By-The-Sea project, Chan said all the 73 two-storey and three-storey villas had been sold out.

“Buyers comprise both largely locals with a number of foreigners, most from countries such as the United States and Canada, who came in under the Malaysia My Second Home programme,” Chan shared.

E&O properties have generally enjoyed healthy capital appreciation for both landed and strata properties.

“Seri Tanjung Pinang has been extremely rewarding in this sense. The villas, which were first launched at RM2.9mil in 2007, are now fetching about RM3.8mil to RM4.2mil in the market,” Chan added.

Meanwhile, Raja Noorma said the group remained bullish on Penang, particularly in the residential sector due to the compelling demographics, scarcity of land and limited fresh supply.

On CIMB-Mapletree's plans to work with Al-Salam and E&O on future projects, such as the 307.56 ha to be reclaimed in Tanjung Seri Pinang, Raja Noorma said the group would explore and evaluate these opportunities.

“Ultimately, as a fund, we would evaluate entry pricing, viability and whether it fitted into our investment mandate.

“We are open to future joint-venture prospects, as such strategic partnerships have enabled the group to leapfrog, grow and scale-up at a much faster pace,” she said.

On its RM1.5bil real estate fund, Raja Noorma said the funds were invested in 13 development projects throughout Malaysia.

“Since 2005, the fund has been able to generate 12% to 15% returns per annum.

“The Villas By-The-Sea project was one of the 13 development schemes,” she added.

The first batch of the Villas by-The Sea project, comprising 40 detached villas, were sold and delivered to the purchasers in 2009, while the second batch of 33 units of detached and super-semi-detached villas were recently completed and delivered.

The villas enjoy an excellent location at the world-class master Seri Tanjung Pinang development, which is one of Penang's most sought-after residential enclaves, a preferred address among locals and home to more than 20 nationalities of foreigners.

The villas are spread over 6.70 ha and offer spectacular views of the sea.

The showpiece of these properties, the 9,040-sq-ft Martinique Villa By-the-sea, which adopts a modern tropical and Caribbean-inspired architectural theme, emerged the winner of the “Best Villa Development (Malaysia)” in the South-East Asia Property Awards 2011. - The Star