SGX signs MOU to develop fixed income access with Philippines
Posted: 20 March 2013 2132 hrs
SINGAPORE : The Singapore Exchange (SGX) has signed an agreement with Philippine Dealing System Holdings Corp (PDS) to develop fixed income access between the two countries.
In a statement, SGX said both parties will also be developing trading platforms to support cross-border fixed income trading.
They will also look into the development of cross-border and intra-regional clearing, settlement and depository services for these fixed income markets.
Under the collaboration, domestic banks and institutional clients in the respective countries will be able to hold their government bond investments in their respective depositories via a link between the Philippines Depository and Trust Corp and SGX's Central Depository.
Vicente B. Castillo, President and CEO of PDS, said: "The joint efforts of SGX and PDS to work towards developing an organised regional fixed income market will not only provide the necessary price transparency, depth of liquidity and a sound settlement process that fosters investor protection but also give local dealers in the ASEAN and Pan-Asian markets an opportunity to play a central role in this endeavour. Domestic issuers and regional investors will have wider access to funding and an expanded array of investment outlets, respectively."
Mr Magnus Bocker, CEO of SGX, said: "With bond markets in Asia growing significantly and strong demand from investors for price transparency and liquidity in this asset class, this collaboration between SGX and PDS is therefore timely and beneficial to investors."
- CNA/ch
- wong chee tat :)
Thursday, March 21, 2013
Retailers say REITs are pushing up rental costs
Retailers say REITs are pushing up rental costs
By Linette Lim | Posted: 20 March 2013 2304 hrs
SINGAPORE : Real estate investment trusts (REITs) have become an investment darling in Singapore giving investors attractive returns.
But for retailers, REITs are causing them to cough out more in rents.
This is because REITs act mainly to boost returns for their shareholders.
President of the Singapore Retailers Association (SRA), Jannie Chan, says the higher rentals are adding to the woes in the retail sector which include a labour crunch and shortage of parking space.
Ms Chan says: "We've got the REITs killing us, we've got the labour killing us, and we've got no shopping (centre) car parks, so where are we going? So I think this is really (the result) of the government policies."
In Singapore, up to 75 percent of a retailer's costs are fixed costs such as rents and wages.
And over the years, the Singapore Retailers Association says rents, as a proportion of fixed costs, have risen relative to wages.
SRA says mall landlords like REIT managers raise rents by 5 to 10 percent every three years.
Ms Chan says: "(The make up of ) the fixed costs for retailers have shifted from 50 percent rental and 50 percent staff costs to 50 percent rental and 25 percent staff costs. The leases are short-term - it's renewed every three years. Each time there is a renewal, (the retailer or tenant) has to pay between 5 and 10 percent more."
She adds: "If your business is surviving, or doing well, you could afford that raise. But if not, you would then have to move, which means that the investments you have made over the last three years - the renovation, the staff - you may have to pull out. That becomes quite damaging, especially when you have been there for a long time and (are) there for the long haul within the shopping centre. So I think the REITs should be more mindful. If you have clients that over a period have been supportive of you, but during a certain period when there's a downturn in the economy, they could make adjustments and be more reasonable and more compassionate."
Speaking at the World Retail Congress, a retail industry event, which was attended by over 500 retail professionals, Ms Chan suggests that REITs could moderate their shareholders' expectations of yields.
And this can then translate to more reasonable increases in rents.
She says: "Perhaps there could be a policy to set the REITs off between 4 and 5 percent, instead of 7 to 8 percent. At the end of the day, it's what sort of returns (being delivered) to the investor. And at a time like this, when you've got very low interest rates, that seems to be compatible and reasonable."
Other industry experts say the problems that Singapore retailers face are not unique.
Ian Mcgarrigle, Chairman, World Retail Congress, says: "For Singapore retailers, the key issue seems to be the high fixed costs that they have to operate with - the rent that they are paying for space and the high cost of labour, and also the increasing scarcity of labour. They're not issues that surprise me - we hear them to greater or lesser degree around the world."
CapitaMall Trust (CMT) is one of the biggest mall landlords in Singapore.
A spokesperson from CapitaMall Trust Management says it is an industry norm to have rental reversions every three years, regardless of a REIT or non-REIT regime.
Some experts believe higher rents are justified as these REIT managers upgrade mall properties to improve its business mix and customer flow.
In the 2012 financial year, CMT revealed that it raised rents across its portfolio of malls by an average of 6 percent from preceding rental rates, typically committed three years ago.
"At an average of 2 percent a year, the change in rental is lower than inflation in Singapore," said the CapitaMall Trust Management Limited spokesperson.
The current inflation rate is around 4 percent.
The spokesperson added that the trust manager's approach is to partner its retailers to drive shopper traffic to their malls and increase their sales.
"For example, last year, we held 13 Biz+ seminars, workshops and classes in areas such as customer relationship management and visual merchandising. These initiatives help retailers to increase business in our malls," said the spokesperson.
Another major REIT manager, Frasers Centrepoint Trust management, was not available for comment.
- CNA/ch
- wong chee tat :)
By Linette Lim | Posted: 20 March 2013 2304 hrs
SINGAPORE : Real estate investment trusts (REITs) have become an investment darling in Singapore giving investors attractive returns.
But for retailers, REITs are causing them to cough out more in rents.
This is because REITs act mainly to boost returns for their shareholders.
President of the Singapore Retailers Association (SRA), Jannie Chan, says the higher rentals are adding to the woes in the retail sector which include a labour crunch and shortage of parking space.
Ms Chan says: "We've got the REITs killing us, we've got the labour killing us, and we've got no shopping (centre) car parks, so where are we going? So I think this is really (the result) of the government policies."
In Singapore, up to 75 percent of a retailer's costs are fixed costs such as rents and wages.
And over the years, the Singapore Retailers Association says rents, as a proportion of fixed costs, have risen relative to wages.
SRA says mall landlords like REIT managers raise rents by 5 to 10 percent every three years.
Ms Chan says: "(The make up of ) the fixed costs for retailers have shifted from 50 percent rental and 50 percent staff costs to 50 percent rental and 25 percent staff costs. The leases are short-term - it's renewed every three years. Each time there is a renewal, (the retailer or tenant) has to pay between 5 and 10 percent more."
She adds: "If your business is surviving, or doing well, you could afford that raise. But if not, you would then have to move, which means that the investments you have made over the last three years - the renovation, the staff - you may have to pull out. That becomes quite damaging, especially when you have been there for a long time and (are) there for the long haul within the shopping centre. So I think the REITs should be more mindful. If you have clients that over a period have been supportive of you, but during a certain period when there's a downturn in the economy, they could make adjustments and be more reasonable and more compassionate."
Speaking at the World Retail Congress, a retail industry event, which was attended by over 500 retail professionals, Ms Chan suggests that REITs could moderate their shareholders' expectations of yields.
And this can then translate to more reasonable increases in rents.
She says: "Perhaps there could be a policy to set the REITs off between 4 and 5 percent, instead of 7 to 8 percent. At the end of the day, it's what sort of returns (being delivered) to the investor. And at a time like this, when you've got very low interest rates, that seems to be compatible and reasonable."
Other industry experts say the problems that Singapore retailers face are not unique.
Ian Mcgarrigle, Chairman, World Retail Congress, says: "For Singapore retailers, the key issue seems to be the high fixed costs that they have to operate with - the rent that they are paying for space and the high cost of labour, and also the increasing scarcity of labour. They're not issues that surprise me - we hear them to greater or lesser degree around the world."
CapitaMall Trust (CMT) is one of the biggest mall landlords in Singapore.
A spokesperson from CapitaMall Trust Management says it is an industry norm to have rental reversions every three years, regardless of a REIT or non-REIT regime.
Some experts believe higher rents are justified as these REIT managers upgrade mall properties to improve its business mix and customer flow.
In the 2012 financial year, CMT revealed that it raised rents across its portfolio of malls by an average of 6 percent from preceding rental rates, typically committed three years ago.
"At an average of 2 percent a year, the change in rental is lower than inflation in Singapore," said the CapitaMall Trust Management Limited spokesperson.
The current inflation rate is around 4 percent.
The spokesperson added that the trust manager's approach is to partner its retailers to drive shopper traffic to their malls and increase their sales.
"For example, last year, we held 13 Biz+ seminars, workshops and classes in areas such as customer relationship management and visual merchandising. These initiatives help retailers to increase business in our malls," said the spokesperson.
Another major REIT manager, Frasers Centrepoint Trust management, was not available for comment.
- CNA/ch
- wong chee tat :)
Singapore's banking rules compliant with Basel framework
Singapore's banking rules compliant with Basel framework
By Yvonne Chan | Posted: 20 March 2013 2340 hrs
SINGAPORE: The Basel Committee on Banking Supervision (BCBS) said Singapore's banking regulations are compliant with the capital standards under the Basel framework.
This is according to the BCBS Regulatory Consistency Assessment Programme (RCAP) report of Singapore, published Wednesday.
The capital standards under the Basel framework (comprising Basel II, Basel 2.5 and Basel III) set out the global standards on bank capital adequacy.
A regulatory framework is considered compliant with the Basel framework if all minimum requirements of the international framework are met.
The Monetary Authority of Singapore (MAS) welcomed this positive assessment of Singapore's regulations.
Teo Swee Lian, deputy managing director at MAS, said: "MAS is committed to ensuring full, timely and consistent implementation of Basel III in Singapore. Maintaining high standards of financial regulation in Singapore will strengthen the resilience of our banks and stability of our financial system."
- CNA/ch/xq
- wong chee tat :)
By Yvonne Chan | Posted: 20 March 2013 2340 hrs
SINGAPORE: The Basel Committee on Banking Supervision (BCBS) said Singapore's banking regulations are compliant with the capital standards under the Basel framework.
This is according to the BCBS Regulatory Consistency Assessment Programme (RCAP) report of Singapore, published Wednesday.
The capital standards under the Basel framework (comprising Basel II, Basel 2.5 and Basel III) set out the global standards on bank capital adequacy.
A regulatory framework is considered compliant with the Basel framework if all minimum requirements of the international framework are met.
The Monetary Authority of Singapore (MAS) welcomed this positive assessment of Singapore's regulations.
Teo Swee Lian, deputy managing director at MAS, said: "MAS is committed to ensuring full, timely and consistent implementation of Basel III in Singapore. Maintaining high standards of financial regulation in Singapore will strengthen the resilience of our banks and stability of our financial system."
- CNA/ch/xq
- wong chee tat :)
4 BTO projects launched, offering 3,898 new flats
4 BTO projects launched, offering 3,898 new flats
Posted: 21 March 2013 1200 hrs
SINGAPORE: The Housing and Development Board (HDB) has launched four Build-To-Order (BTO) projects, offering 3,898 new flats.
They are in three non-mature towns - Bukit Batok, Punggol and Sengkang.
HDB said on Thursday that a wide variety of flats are being offered.
On the whole, it will launch a total of 25,000 BTO flats in 2013.
In the latest launch on Thursday, first-time buyers will continue to get priority in flat allocation, with at least 85 per cent of the BTO flat supply set aside for them.
Of the 85 per cent quota, 30 per cent of the BTO flat supply will be set aside for HDB first-time buyers who are married couples with a citizen child below 16, under the Parenthood Priority Scheme.
In addition, the Multi-Generation Priority Scheme is available to those applying for flats at Compassvale Cape, Compassvale Helm and SkyPeak @ Bukit Batok.
Elderly flat owners who are living in Sengkang Town will also enjoy doubled balloting chances under the Ageing-In-Place Priority Scheme if they apply for a studio apartment in Compassvale Cape or Compassvale Helm.
Eligible first-timer households can enjoy up to S$60,000 of housing grants.
These comprise the Additional CPF Housing Grant (S$40,000) and Special CPF Housing Grant (S$20,000).
With these grants, a two-room flat will be priced from S$57,000, while the price of a three-room flat will be from $159,000 and that of a four-room flat will start from $269,000.
HDB said this will enable young couples to buy their first homes.
- CNA/xq
- wong chee tat :)
Posted: 21 March 2013 1200 hrs
SINGAPORE: The Housing and Development Board (HDB) has launched four Build-To-Order (BTO) projects, offering 3,898 new flats.
They are in three non-mature towns - Bukit Batok, Punggol and Sengkang.
HDB said on Thursday that a wide variety of flats are being offered.
On the whole, it will launch a total of 25,000 BTO flats in 2013.
In the latest launch on Thursday, first-time buyers will continue to get priority in flat allocation, with at least 85 per cent of the BTO flat supply set aside for them.
Of the 85 per cent quota, 30 per cent of the BTO flat supply will be set aside for HDB first-time buyers who are married couples with a citizen child below 16, under the Parenthood Priority Scheme.
In addition, the Multi-Generation Priority Scheme is available to those applying for flats at Compassvale Cape, Compassvale Helm and SkyPeak @ Bukit Batok.
Elderly flat owners who are living in Sengkang Town will also enjoy doubled balloting chances under the Ageing-In-Place Priority Scheme if they apply for a studio apartment in Compassvale Cape or Compassvale Helm.
Eligible first-timer households can enjoy up to S$60,000 of housing grants.
These comprise the Additional CPF Housing Grant (S$40,000) and Special CPF Housing Grant (S$20,000).
With these grants, a two-room flat will be priced from S$57,000, while the price of a three-room flat will be from $159,000 and that of a four-room flat will start from $269,000.
HDB said this will enable young couples to buy their first homes.
- CNA/xq
- wong chee tat :)
US, S'pore officials hold discussions on Shane Todd's death
US, S'pore officials hold discussions on Shane Todd's death
Posted: 21 March 2013 1523 hrs
SINGAPORE: The US embassy in Singapore said law enforcement officials from the US and Singapore held productive and forthright discussions on the case of Dr Shane Todd, an American researcher who died in Singapore last June.
They met on Monday to follow up on the visit to Washington last week by Singapore's Foreign Minister K Shanmugam, as well as his conversations on the case with Secretary of State John Kerry, Attorney General Eric Holder and Senator Max Baucus.
The embassy said on Thursday that the cooperation and information sharing at Monday's meeting are consistent with the assurances provided in Washington and in accordance with the legal frameworks of both countries.
It said it will not comment on the details of the discussions or speculate on the outcome of the investigation, as the case is ongoing and is led by Singapore law enforcement authorities.
The Singapore Police Force has said it would ensure a thorough probe into the death of Dr Todd. He was found hanged in his apartment.
His parents believe he was murdered over work he had done while employed at Singapore's Institute of Microelectronics (IME), which is part of Singapore's Agency for Science, Technology and Research.
- CNA/xq
- wong chee tat :)
Posted: 21 March 2013 1523 hrs
SINGAPORE: The US embassy in Singapore said law enforcement officials from the US and Singapore held productive and forthright discussions on the case of Dr Shane Todd, an American researcher who died in Singapore last June.
They met on Monday to follow up on the visit to Washington last week by Singapore's Foreign Minister K Shanmugam, as well as his conversations on the case with Secretary of State John Kerry, Attorney General Eric Holder and Senator Max Baucus.
The embassy said on Thursday that the cooperation and information sharing at Monday's meeting are consistent with the assurances provided in Washington and in accordance with the legal frameworks of both countries.
It said it will not comment on the details of the discussions or speculate on the outcome of the investigation, as the case is ongoing and is led by Singapore law enforcement authorities.
The Singapore Police Force has said it would ensure a thorough probe into the death of Dr Todd. He was found hanged in his apartment.
His parents believe he was murdered over work he had done while employed at Singapore's Institute of Microelectronics (IME), which is part of Singapore's Agency for Science, Technology and Research.
- CNA/xq
- wong chee tat :)
Hillion Residences launched in Bukit Panjang
Hillion Residences launched in Bukit Panjang
By Brandon Tanoto | Posted: 21 March 2013 1928 hrs
SINGAPORE : The first mixed-use development in the west - Hillion Residences - was launched by property developer Sim Lian on Thursday.
The 99-year leasehold private condominium in Bukit Panjang integrates residential living with a retail mall and an air-conditioned bus interchange.
It will be also be linked to the existing LRT station and upcoming Bukit Panjang MRT station in 2015.
The project consists of 546 units, comprising one- to four-bedroom units and penthouses across three residential blocks.
A total of 250 units will be released for sale in Phase One, with a discount of up to 10 per cent for the initial launch.
Since its preview on Monday, 50 per cent of these 250 units have been sold. The preview was open to business associates and buyers who registered their interest early.
Sim Lian said prices start from S$668,000 for a one-bedroom unit, S$886,000 for a two-bedroom unit, S$1,464,000 for a three-bedroom unit, S$1,662,000 for a four-bedroom unit, and S$2,780,000 for a penthouse unit.
The development is also located near schools like CHIJ (Our Lady Queen of Peace) and Zhenghua Primary School
Executive director of Sim Lian Group, Kuik Sing Beng, believes that the development will be attractive to a diverse range of home buyers like "families and HDB-upgraders, singles and retirees seeking convenience and investors seeking to enhance the value of their property portfolio".
Hillion Residences is expected to receive its Temporary Occupation Permit in September 2018.
- CNA/ms
- wong chee tat :)
By Brandon Tanoto | Posted: 21 March 2013 1928 hrs
SINGAPORE : The first mixed-use development in the west - Hillion Residences - was launched by property developer Sim Lian on Thursday.
The 99-year leasehold private condominium in Bukit Panjang integrates residential living with a retail mall and an air-conditioned bus interchange.
It will be also be linked to the existing LRT station and upcoming Bukit Panjang MRT station in 2015.
The project consists of 546 units, comprising one- to four-bedroom units and penthouses across three residential blocks.
A total of 250 units will be released for sale in Phase One, with a discount of up to 10 per cent for the initial launch.
Since its preview on Monday, 50 per cent of these 250 units have been sold. The preview was open to business associates and buyers who registered their interest early.
Sim Lian said prices start from S$668,000 for a one-bedroom unit, S$886,000 for a two-bedroom unit, S$1,464,000 for a three-bedroom unit, S$1,662,000 for a four-bedroom unit, and S$2,780,000 for a penthouse unit.
The development is also located near schools like CHIJ (Our Lady Queen of Peace) and Zhenghua Primary School
Executive director of Sim Lian Group, Kuik Sing Beng, believes that the development will be attractive to a diverse range of home buyers like "families and HDB-upgraders, singles and retirees seeking convenience and investors seeking to enhance the value of their property portfolio".
Hillion Residences is expected to receive its Temporary Occupation Permit in September 2018.
- CNA/ms
- wong chee tat :)
OUE exploring setting up of REIT
OUE exploring setting up of REIT
Posted: 21 March 2013 2111 hrs
SINGAPORE : Property developer Overseas Union Enterprise (OUE) is exploring the establishment of a real estate investment trust (REIT) on the mainboard of the Singapore Exchange (SGX).
In a filing with the SGX on Thursday, OUE confirmed that it is in "preliminary discussions" with banks.
But the property developer added that details such as the properties to be injected into the REIT, the pipeline assets of the REIT, size of the offering and timeframe are under review.
Earlier reports had speculated that OUE, which owns commercial properties and hotels, was planning a listing of a hospitality REIT in the second half of the year.
OUE's hotel properties include Mandarin Orchard Singapore, Marina Mandarin Singapore, Crowne Plaza Changi Airport Hotel, Meritus Pelangi Beach Resort & Spa Langkawi, Meritus Mandarin Haikou and Meritus Shantou China.
- CNA/ms
- wong chee tat :)
Posted: 21 March 2013 2111 hrs
SINGAPORE : Property developer Overseas Union Enterprise (OUE) is exploring the establishment of a real estate investment trust (REIT) on the mainboard of the Singapore Exchange (SGX).
In a filing with the SGX on Thursday, OUE confirmed that it is in "preliminary discussions" with banks.
But the property developer added that details such as the properties to be injected into the REIT, the pipeline assets of the REIT, size of the offering and timeframe are under review.
Earlier reports had speculated that OUE, which owns commercial properties and hotels, was planning a listing of a hospitality REIT in the second half of the year.
OUE's hotel properties include Mandarin Orchard Singapore, Marina Mandarin Singapore, Crowne Plaza Changi Airport Hotel, Meritus Pelangi Beach Resort & Spa Langkawi, Meritus Mandarin Haikou and Meritus Shantou China.
- CNA/ms
- wong chee tat :)
32 bit or 64 bit IE?
How do you know if the application running is 32 bit or 64 bit?
Launch Windows Task Manager , those with *32 will show up as the 32 bit application. In this case, my internet explorer is a 32 bit application powered by 64 bit windows 7.
- wong chee tat :)
Launch Windows Task Manager , those with *32 will show up as the 32 bit application. In this case, my internet explorer is a 32 bit application powered by 64 bit windows 7.
- wong chee tat :)
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