SGX expecting healthy pipeline of IPOs for rest of 2013
By Linette Lim
POSTED: 16 Jul 2013 5:03 PM
The Singapore Exchange said it is looking at a healthy pipeline of initial public offerings for the rest of the year.
SINGAPORE: The Singapore Exchange (SGX) said it is looking at a healthy pipeline of initial public offerings (IPO) for the rest of the year.
Bankers said improving market sentiment is one key reason driving confidence among potential issuers.
OCBC said the most popular IPOs among investors will continue to be yield instruments like real estate investment trusts (REIT).
This is because interest rates are widely expected to remain low for this year at least.
Even as investors eagerly await the OUE and SPH Reit IPOs, SGX said there are listings from other business sectors coming on-stream.
Lawrence Wong, head of listings at SGX, said, explained: "Of course there are certain sectors that we are better at so we tend to attract more attention from these, like the offshore (companies), REITs and business trusts, our commodities and resources (listings). Now increasingly, we are seeing healthcare as well. In fact, the other trend we are bringing to see is actually consumer related."
- CNA/fa
- wong chee tat :)
Tuesday, July 16, 2013
Strong interest in Lush Acres
Strong interest in Lush Acres
By Wong Siew Ying
POSTED: 16 Jul 2013 4:41 PM
Lush Acres, a new 380-unit executive condominium (EC) project in Sengkang, has received strong interest from home hunters.
SINGAPORE: Lush Acres, a new 380-unit executive condominium (EC) project in Sengkang, has received strong interest from home hunters.
City Developments says the project has been oversubscribed by 1.6 times since it opened for application over the weekend.
Application closes on 21 July and bookings will be conducted on 17 August.
In view of new EC guidelines introduced earlier this year, Lush Acres will not have any dual-key unit or penthouse with private roof terraces.
Prices of units will be announced at a later date, but some analysts expect the average price to range between S$730 and S$750 per square foot.
Lush Acres is the fourth EC project to be launched in Singapore this year.
Interest among homebuyers continues to be strong as ECs are typically more affordable than private condominiums.
ERA, one of Lush Acres' marketing agents, says recent curbs on property loans, such as the new Total Debt Servicing Ratio (TDSR) framework, are unlikely to affect EC sales.
ERA Realty Network's key executive officer, Mr Eugene Lim, said: "The new measures by MAS are actually targeting multiple-property owners. EC buyers cannot be owning multiple properties.
"So, if you are first-time buyer, this is the only home you are buying, and if you are an upgrader, you basically sign an undertaking to sell your HDB flat when you take possession.
"So, it is quite unlikely that this group of buyers is affected by the TDSR ratio of 60 percent, unless they are already living a very highly geared lifestyle from non-property loans, which is not likely the case. I would perceive most, if not all, EC buyers are not affected by this TDSR ruling."
The four EC projects that have been launched so far this year - Forestville, Twin Fountains, Ecopolitan and Lush Acres - will offer 1,963 units.
And market watchers expect three more EC projects to be launched by year-end, which will likely yield another 1,368 units.
But those projects will also be subjected to new guidelines on private roof terraces and restrictions on the maximum unit size, among others.
Alan Tan, HSR head for project advisory, said: "Buyers today demand more, they want more, they want something different. That is the kind of lure that developers are trying to provide. Not too long ago, some even built private jacuzzis for EC projects. These are all creativities that developers are looking into to sort of replace big roof terraces or private enclosed space, for that matter."
Analysts say EC developers can still be creative while working within the government's guidelines. And a lot of it will involve designing better living spaces and incorporating lifestyle elements into the projects.
For example, Channel NewsAsia understands that SkyPark Residences in Sembawang will likely feature two-storey maisonettes and roof-top gardens.
Similarly, Waterwoods EC in Punggol will have maisonette units.
And Sea Horizon at Pasir Ris could offer many units with sea view.
Analysts say once these projects are rolled out, home buyers may have to wait till the second half of next year for new EC launches.
Knight Frank's associate director & head for consultancy & research, Ms Alice Tan, said: "Since the January announcement of the 15-month marketing rule, there were only two EC sites that were being sold, in April and May.
"So, these two projects can be launched at the earliest, end of 2014 or maybe early 2015. With this anticipation or pent-up demand, this could support or push EC home prices for these upcoming launches."
HSR estimates that EC prices could climb marginally by 1 to 2 percent this year.
- CNA/ir
- wong chee tat :)
By Wong Siew Ying
POSTED: 16 Jul 2013 4:41 PM
Lush Acres, a new 380-unit executive condominium (EC) project in Sengkang, has received strong interest from home hunters.
SINGAPORE: Lush Acres, a new 380-unit executive condominium (EC) project in Sengkang, has received strong interest from home hunters.
City Developments says the project has been oversubscribed by 1.6 times since it opened for application over the weekend.
Application closes on 21 July and bookings will be conducted on 17 August.
In view of new EC guidelines introduced earlier this year, Lush Acres will not have any dual-key unit or penthouse with private roof terraces.
Prices of units will be announced at a later date, but some analysts expect the average price to range between S$730 and S$750 per square foot.
Lush Acres is the fourth EC project to be launched in Singapore this year.
Interest among homebuyers continues to be strong as ECs are typically more affordable than private condominiums.
ERA, one of Lush Acres' marketing agents, says recent curbs on property loans, such as the new Total Debt Servicing Ratio (TDSR) framework, are unlikely to affect EC sales.
ERA Realty Network's key executive officer, Mr Eugene Lim, said: "The new measures by MAS are actually targeting multiple-property owners. EC buyers cannot be owning multiple properties.
"So, if you are first-time buyer, this is the only home you are buying, and if you are an upgrader, you basically sign an undertaking to sell your HDB flat when you take possession.
"So, it is quite unlikely that this group of buyers is affected by the TDSR ratio of 60 percent, unless they are already living a very highly geared lifestyle from non-property loans, which is not likely the case. I would perceive most, if not all, EC buyers are not affected by this TDSR ruling."
The four EC projects that have been launched so far this year - Forestville, Twin Fountains, Ecopolitan and Lush Acres - will offer 1,963 units.
And market watchers expect three more EC projects to be launched by year-end, which will likely yield another 1,368 units.
But those projects will also be subjected to new guidelines on private roof terraces and restrictions on the maximum unit size, among others.
Alan Tan, HSR head for project advisory, said: "Buyers today demand more, they want more, they want something different. That is the kind of lure that developers are trying to provide. Not too long ago, some even built private jacuzzis for EC projects. These are all creativities that developers are looking into to sort of replace big roof terraces or private enclosed space, for that matter."
Analysts say EC developers can still be creative while working within the government's guidelines. And a lot of it will involve designing better living spaces and incorporating lifestyle elements into the projects.
For example, Channel NewsAsia understands that SkyPark Residences in Sembawang will likely feature two-storey maisonettes and roof-top gardens.
Similarly, Waterwoods EC in Punggol will have maisonette units.
And Sea Horizon at Pasir Ris could offer many units with sea view.
Analysts say once these projects are rolled out, home buyers may have to wait till the second half of next year for new EC launches.
Knight Frank's associate director & head for consultancy & research, Ms Alice Tan, said: "Since the January announcement of the 15-month marketing rule, there were only two EC sites that were being sold, in April and May.
"So, these two projects can be launched at the earliest, end of 2014 or maybe early 2015. With this anticipation or pent-up demand, this could support or push EC home prices for these upcoming launches."
HSR estimates that EC prices could climb marginally by 1 to 2 percent this year.
- CNA/ir
- wong chee tat :)
Only female attendants please, says Indian budget airline
Only female attendants please, says Indian budget airline
By Avneet Arora
POSTED: 16 Jul 2013 12:56 PM
Mumbai-based GoAir is going all out to trim costs -- and its latest initiative involves dropping all male stewards in order to boost fuel efficiency and reduce the overall weight aboard their aircraft.
INDIA: Mumbai-based GoAir is going all out to trim costs -- and its latest initiative involves dropping all male stewards in order to boost fuel efficiency and reduce the overall weight aboard their aircraft.
The Indian airline has decided to employ female-only flight attendants because they weigh about 20 kilogrammes lighter on average than their heavier male counterparts. The low-cost airline has calculated the move to limit fuel burn will help them save up to US$500,000 a year on fuel costs.
But not everyone agrees with this argument. Captain Varun, vice-president of the Zara Aviation Academy, said: "This is a bizarre decision; there are no solid reasons to say that they are saving a lot in their fuel cost. And males also have their dreams to become cabin crew and so they should also be given a fair chance along with their females counterparts."
Moreover, GoAir's cost saving move to not accept male applicants is also being seen as a clear violation of the right to equal opportunity in matters of employment -- a fundamental right guaranteed in the Indian Constitution.
However, some aviation experts said that discrimination on the basis of physical characteristics and gender -- especially for flight attendants -- is not a new concept in India. For decades, women have dominated the profession in which physical attributes and attractiveness have played a major role in hiring decisions.
However, aviation commentators believe it is time for change. Captain Varun said: "For the hiring, we should not look at the attractiveness of the cabin crew, we should look at the safety and security training, which I feel is the most important part."
The move has also triggered insecurity amongst the aspiring flight stewards who feel that if the trend catches up, it could pose a potential threat to their flying dreams.
One aspiring flight steward, Adeep Ahmad, said: "For sure it will kill all my dreams. Where would I go if these things happen? If all other airlines start following these rules, where will the male cabin crew go?"
Raj Gaur, a fellow aspirant, echoed similar sentiments. He said: "If every airline starts following such rules, then where will youth aspirants go? There will be no option left at all for them in this field."
The rupee depreciation has made it necessary for all Indian airlines to cut costs and save on fuel. While some like GoAir have resorted to desperate measures to stay afloat, others airlines are looking at alternative measures to reduce weight.
However, short of waiting for foreign investors to bail them out, the aviation industry has no option -- some tough measures must be implemented as Indian airlines brace themselves for turbulent times.
- CNA/ac
- wong chee tat :)
By Avneet Arora
POSTED: 16 Jul 2013 12:56 PM
Mumbai-based GoAir is going all out to trim costs -- and its latest initiative involves dropping all male stewards in order to boost fuel efficiency and reduce the overall weight aboard their aircraft.
INDIA: Mumbai-based GoAir is going all out to trim costs -- and its latest initiative involves dropping all male stewards in order to boost fuel efficiency and reduce the overall weight aboard their aircraft.
The Indian airline has decided to employ female-only flight attendants because they weigh about 20 kilogrammes lighter on average than their heavier male counterparts. The low-cost airline has calculated the move to limit fuel burn will help them save up to US$500,000 a year on fuel costs.
But not everyone agrees with this argument. Captain Varun, vice-president of the Zara Aviation Academy, said: "This is a bizarre decision; there are no solid reasons to say that they are saving a lot in their fuel cost. And males also have their dreams to become cabin crew and so they should also be given a fair chance along with their females counterparts."
Moreover, GoAir's cost saving move to not accept male applicants is also being seen as a clear violation of the right to equal opportunity in matters of employment -- a fundamental right guaranteed in the Indian Constitution.
However, some aviation experts said that discrimination on the basis of physical characteristics and gender -- especially for flight attendants -- is not a new concept in India. For decades, women have dominated the profession in which physical attributes and attractiveness have played a major role in hiring decisions.
However, aviation commentators believe it is time for change. Captain Varun said: "For the hiring, we should not look at the attractiveness of the cabin crew, we should look at the safety and security training, which I feel is the most important part."
The move has also triggered insecurity amongst the aspiring flight stewards who feel that if the trend catches up, it could pose a potential threat to their flying dreams.
One aspiring flight steward, Adeep Ahmad, said: "For sure it will kill all my dreams. Where would I go if these things happen? If all other airlines start following these rules, where will the male cabin crew go?"
Raj Gaur, a fellow aspirant, echoed similar sentiments. He said: "If every airline starts following such rules, then where will youth aspirants go? There will be no option left at all for them in this field."
The rupee depreciation has made it necessary for all Indian airlines to cut costs and save on fuel. While some like GoAir have resorted to desperate measures to stay afloat, others airlines are looking at alternative measures to reduce weight.
However, short of waiting for foreign investors to bail them out, the aviation industry has no option -- some tough measures must be implemented as Indian airlines brace themselves for turbulent times.
- CNA/ac
- wong chee tat :)
No balloting needed for Phase 2A(2) of P1 Registration
No balloting needed for Phase 2A(2) of P1 Registration
POSTED: 16 Jul 2013 8:42 PM
UPDATED: 16 Jul 2013 10:22 PM
It is possible that some of the more popular schools may require balloting for Phase 2A(2) of the Primary 1 registration.
SINGAPORE: The results for Phase 2A(2) of the Primary 1 registration are out.
As the number of applicants did not exceed the number of vacancies for any of the schools, balloting will not be conducted for Phase 2A(2).
The Phase 2A(2) is for children whose parents or siblings are former students of the school of choice.
These are the vacancies left over at some of the more popular schools for Phases 2B and 2C.
School Total Places Vacancies
Henry Park 300 9
Ai Tong 330 13
CHIJ St Nicholas Girls'210 24
Nanyang Primary 390 50
Catholic High 240 52
The vacancies left after Phase 2A(2) will be divided equally for Phases 2B and 2C.
Phase 2B is for children whose parents are volunteers, and Phase 2C is for all children without affiliation.
- CNA/fa
- wong chee tat :)
POSTED: 16 Jul 2013 8:42 PM
UPDATED: 16 Jul 2013 10:22 PM
It is possible that some of the more popular schools may require balloting for Phase 2A(2) of the Primary 1 registration.
SINGAPORE: The results for Phase 2A(2) of the Primary 1 registration are out.
As the number of applicants did not exceed the number of vacancies for any of the schools, balloting will not be conducted for Phase 2A(2).
The Phase 2A(2) is for children whose parents or siblings are former students of the school of choice.
These are the vacancies left over at some of the more popular schools for Phases 2B and 2C.
School Total Places Vacancies
Henry Park 300 9
Ai Tong 330 13
CHIJ St Nicholas Girls'210 24
Nanyang Primary 390 50
Catholic High 240 52
The vacancies left after Phase 2A(2) will be divided equally for Phases 2B and 2C.
Phase 2B is for children whose parents are volunteers, and Phase 2C is for all children without affiliation.
- CNA/fa
- wong chee tat :)
Singapore banks have strong financial positions: MAS
Singapore banks have strong financial positions: MAS
POSTED: 16 Jul 2013 8:25 PM
Singaporean banks are not at risk, the city-state's central bank said on Tuesday after credit rating agency Moody's downgraded its outlook on local lenders to "negative".
SINGAPORE - Singaporean banks are not at risk, the city-state's central bank said on Tuesday after credit rating agency Moody's downgraded its outlook on local lenders to "negative".
The three home-grown banks have the highest average credit ratings among banking systems worldwide and hold adequate capital to weather financial stresses, the Monetary Authority of Singapore (MAS) said.
It was reacting to an announcement by Moody's on Monday lowering its outlook for Singapore's three main banks to "negative" from "stable".
Moody's cited mounting domestic household debt and rising property prices in Singapore and in countries where the three banks are active.
It said these "have increased the probability of deterioration in the banks' credit profiles under potential adverse conditions in the future".
MAS said that while some borrowers are at risk, especially when interest rates rise as a result of a tightening of US monetary policy, "the local banks are not at risk".
"They undertake regular stress tests on their own as well as coordinated by the MAS, and have adequate buffers in place to cope with the inevitable upturn in the interest rate cycle," it added.
"The local banks continue to have strong financial positions by any serious assessment. As Moody's itself concluded, the local banks have enough capital to withstand even the severe stress test scenarios that it considered," Singapore's central bank said.
The three local banks -- DBS, Oversea-Chinese Banking Corp and United Overseas Bank -- maintain capital levels well above the threshold required under new global banking rules known as Basel III, MAS said.
Moody's pointed to a tightening of US monetary policy as a "potential trigger" for Singapore and neighbouring countries also to raise interest rates, which would affect borrowers' ability to repay their loans.
Markets are closely watching testimony by Federal Reserve Chairman Ben Bernanke at the US Congress on Wednesday and Thursday for clues on monetary policy.
MAS said it has been monitoring the financial system closely, noting that it and other government agencies have also introduced pre-emptive measures against risks in the property market. These measures include tightening loan-to-value ratios for housing loans and setting up a total debt servicing ratio framework.
- CNA/AFP/ir
- wong chee tat :)
POSTED: 16 Jul 2013 8:25 PM
Singaporean banks are not at risk, the city-state's central bank said on Tuesday after credit rating agency Moody's downgraded its outlook on local lenders to "negative".
SINGAPORE - Singaporean banks are not at risk, the city-state's central bank said on Tuesday after credit rating agency Moody's downgraded its outlook on local lenders to "negative".
The three home-grown banks have the highest average credit ratings among banking systems worldwide and hold adequate capital to weather financial stresses, the Monetary Authority of Singapore (MAS) said.
It was reacting to an announcement by Moody's on Monday lowering its outlook for Singapore's three main banks to "negative" from "stable".
Moody's cited mounting domestic household debt and rising property prices in Singapore and in countries where the three banks are active.
It said these "have increased the probability of deterioration in the banks' credit profiles under potential adverse conditions in the future".
MAS said that while some borrowers are at risk, especially when interest rates rise as a result of a tightening of US monetary policy, "the local banks are not at risk".
"They undertake regular stress tests on their own as well as coordinated by the MAS, and have adequate buffers in place to cope with the inevitable upturn in the interest rate cycle," it added.
"The local banks continue to have strong financial positions by any serious assessment. As Moody's itself concluded, the local banks have enough capital to withstand even the severe stress test scenarios that it considered," Singapore's central bank said.
The three local banks -- DBS, Oversea-Chinese Banking Corp and United Overseas Bank -- maintain capital levels well above the threshold required under new global banking rules known as Basel III, MAS said.
Moody's pointed to a tightening of US monetary policy as a "potential trigger" for Singapore and neighbouring countries also to raise interest rates, which would affect borrowers' ability to repay their loans.
Markets are closely watching testimony by Federal Reserve Chairman Ben Bernanke at the US Congress on Wednesday and Thursday for clues on monetary policy.
MAS said it has been monitoring the financial system closely, noting that it and other government agencies have also introduced pre-emptive measures against risks in the property market. These measures include tightening loan-to-value ratios for housing loans and setting up a total debt servicing ratio framework.
- CNA/AFP/ir
- wong chee tat :)
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