Singaporeans' understanding of basic money management getting worse: Survey
POSTED: 27 Apr 2015 15:45
UPDATED: 28 Apr 2015 09:11
“Going by the survey results, people in Singapore are finding it harder to keep up with bills, budget effectively and manage unsecured loans,” says MasterCard.
SINGAPORE: The Republic has recorded the largest decline in financial literacy in the Asia Pacific - dropping from second to sixth place, according to the MasterCard Financial Literacy Index.
In a news release on Monday (27 Apr), MasterCard said Singapore slid four index points to score 68 index points in financial literacy, while New Zealand ranked second with 71 points, losing the top spot to Taiwan.
The annual survey, conducted between July and Aug 2014 on 8,087 respondents aged 18 to 64 in 16 countries in the Asia Pacific, covers three components: Basic Money Management, Financial Planning and Investment.
The key reason for the decline in Singapore’s financial literacy is the fall in consumers’ understanding of basic money management, said the release. “Going by the survey results, people in Singapore are finding it harder to keep up with bills, budget effectively and manage unsecured loans.”
Singapore is not the only country that experienced a drop, as MasterCard revealed that the struggle to improve financial literacy “is taking place throughout the region”. Progress towards improving basic finance knowledge and skills across Asia Pacific has stalled as 12 of 16 countries recorded lower scores in financial literacy, the release added.
Other countries that saw a decline include Australia and Japan, both down by two points to fourth and sixteenth place respectively. This was also attributed as the reason behind Hong Kong’s advancement from fifth to third place.
While developed markets tend to rank higher than emerging markets such as Myanmar and Vietnam, Japan remains the outlier, staying in the bottom spot for the 3rd consecutive year.
“There is no one reason for the falling level of financial literacy across the region but the data clearly shows that the young and unemployed need additional support. Educating people so they can plan for the future is a crucial aspect of financial inclusion,” said Mr T V Seshadri, Group Executive, Global Products and Solutions, MasterCard Asia Pacific.
“In both developed and emerging markets, people are struggling to understand basic financial concepts such as inflation," he said. "In addition, while Asia Pacific is a region of savers, the lack of retirement planning should cause particular concern. It is not enough to provide access to financial services, we must ensure that everyone knows how to save, budget and invest so that their wellbeing can be secured over the long term.”
MasterCard Singapore group head and general manager Deborah Heng, added that a practical understanding of how to manage money, including saving and borrowing, should be provided by parents and taught at school.
“Crucial to improving financial literacy is encouraging education at an early age. The goal is to eventually develop financial know-how so that people can effectively manage money matters such as household cash-flows and loans,” she said.
- CNA/ct
- wong chee tat :)
Showing posts with label sale. Show all posts
Showing posts with label sale. Show all posts
Tuesday, April 28, 2015
Wednesday, October 15, 2014
Singapore private home sales up sharply in September
Singapore private home sales up sharply in September
Developers sold 648 new private homes last month, a 48.3 per cent increase from the 437 units sold in August, according to the Urban Redevelopment Authority.
SINGAPORE: Buyers returned to the private housing market in September, with sales of homes surging 48.3 per cent from the previous month.
Excluding executive condominiums (ECs), developers sold 648 new units last month, up from the 437 units sold in August, data from the Urban Redevelopment Authority showed on Wednesday (Oct 15). Including Executive Condominiums (ECs), 707 new units were sold in September.
The strong sales came as developers launched more units for sale, with 514 units launched last month, up from 399 units launched in August.
- CNA/cy
- wong chee tat :)
Developers sold 648 new private homes last month, a 48.3 per cent increase from the 437 units sold in August, according to the Urban Redevelopment Authority.
SINGAPORE: Buyers returned to the private housing market in September, with sales of homes surging 48.3 per cent from the previous month.
Excluding executive condominiums (ECs), developers sold 648 new units last month, up from the 437 units sold in August, data from the Urban Redevelopment Authority showed on Wednesday (Oct 15). Including Executive Condominiums (ECs), 707 new units were sold in September.
The strong sales came as developers launched more units for sale, with 514 units launched last month, up from 399 units launched in August.
- CNA/cy
- wong chee tat :)
Friday, September 19, 2014
HDB Issues Fixed Rate Notes
HDB Issues Fixed Rate Notes
Date issued : 19 Sep 2014
The Housing and Development Board ("HDB") has issued S$500 million, 5-year Fixed Rate Notes (the “Notes”) under its S$32 billion Multicurrency Medium Term Note ("MTN") Programme.
2The Notes have a coupon of 2.288% per annum payable semi-annually in arrear. The Notes were issued on 19 September 2014 and will mature on 19 September 2019.
3The Notes are in denominations of S$250,000 and were offered by way of placement to investors who fall within Sections 274 and/or 275 of the Securities and Futures Act, Chapter 289 of Singapore. Approval in principle for the listing of the Notes on the Singapore Exchange Securities Trading Limited (SGX-ST) has been obtained. Admission of the Notes to the Official List of the SGX-ST is not to be taken as an indication of the merits of HDB, its subsidiaries or the Notes. The Notes are cleared through The Central Depository (Pte) Limited.
4The Lead Manager is Standard Chartered Bank.
5Under HDB's MTN programme, HDB may from time to time, issue bonds (or notes) to finance its development programmes and working capital requirements as well as to refinance the existing borrowings.
6HDB was set up as a statutory board on 1 February 1960. HDB houses over 80% of Singapore's resident population and enables about 80% of them to be homeowners. This has made Singapore one of the highest home ownership nations in the world. The provision of quality housing and related services, and the renewal of the older HDB estates, will remain the focus for HDB.
NOT FOR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES OR TO U.S. PERSONS
This announcement is not an offer for sale of securities in the United States. The Notes have not been and will not be registered under the U.S. Securities Act of 1933 (as amended), and may not be offered or sold in the United States or to U.S. persons absent registration under, or an applicable exemption from, the registration requirements of the U.S. securities laws. No public offering of securities is being made in the United States or in any other jurisdiction where such an offering is restricted or prohibited.
- wong chee tat :)
Date issued : 19 Sep 2014
The Housing and Development Board ("HDB") has issued S$500 million, 5-year Fixed Rate Notes (the “Notes”) under its S$32 billion Multicurrency Medium Term Note ("MTN") Programme.
2The Notes have a coupon of 2.288% per annum payable semi-annually in arrear. The Notes were issued on 19 September 2014 and will mature on 19 September 2019.
3The Notes are in denominations of S$250,000 and were offered by way of placement to investors who fall within Sections 274 and/or 275 of the Securities and Futures Act, Chapter 289 of Singapore. Approval in principle for the listing of the Notes on the Singapore Exchange Securities Trading Limited (SGX-ST) has been obtained. Admission of the Notes to the Official List of the SGX-ST is not to be taken as an indication of the merits of HDB, its subsidiaries or the Notes. The Notes are cleared through The Central Depository (Pte) Limited.
4The Lead Manager is Standard Chartered Bank.
5Under HDB's MTN programme, HDB may from time to time, issue bonds (or notes) to finance its development programmes and working capital requirements as well as to refinance the existing borrowings.
6HDB was set up as a statutory board on 1 February 1960. HDB houses over 80% of Singapore's resident population and enables about 80% of them to be homeowners. This has made Singapore one of the highest home ownership nations in the world. The provision of quality housing and related services, and the renewal of the older HDB estates, will remain the focus for HDB.
NOT FOR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES OR TO U.S. PERSONS
This announcement is not an offer for sale of securities in the United States. The Notes have not been and will not be registered under the U.S. Securities Act of 1933 (as amended), and may not be offered or sold in the United States or to U.S. persons absent registration under, or an applicable exemption from, the registration requirements of the U.S. securities laws. No public offering of securities is being made in the United States or in any other jurisdiction where such an offering is restricted or prohibited.
- wong chee tat :)
Saturday, August 30, 2014
New EC to be launched at Woodlands Ave 5
New EC to be launched at Woodlands Ave 5
Bellewoods is the first Executive Condominium to be launched after the Government introduced a sale restriction rule in January last year.
SINGAPORE: A new Executive Condominium (EC) along Woodlands Avenue 5 will be launched soon. Bellewoods is the first EC to be launched after the Government introduced a sale restriction rule in January last year.
Under the rule, developers of EC sites can only launch them for sale 15 months from the date of award of the sites or after the physical completion of foundation works, whichever is earlier. Potential home owners can apply for a unit at Bellewoods online starting Sep 27.
Construction of the new EC has already begun. It will be located near the upcoming Woodlands South MRT station along the Thomson-East Coast Line. Developers expect Woodlands to be a vibrant place as the Government has earmarked it as a regional centre.
The property market has cooled down after the authorities introduced measures to ensure home owners are more prudent with their purchase. However, the EC developer is confident there will still be a good demand for ECs. Mr Donald Ng, Senior Marketing Manager at Qingjian Realty said, "We will go through a slower process, because of all these financial regulations in place. There is a drop, but between an EC and a condo, there is still a difference.
“For condos - most of the prices are starting above S$1,000 per square foot (psf). And for ECs, it's hovering on average at about S$780 to S$800 psf, so for the EC buyers, there is still about a 20 per cent difference in terms of price per square foot."
- CNA/xk
- wong chee tat :)
Bellewoods is the first Executive Condominium to be launched after the Government introduced a sale restriction rule in January last year.
SINGAPORE: A new Executive Condominium (EC) along Woodlands Avenue 5 will be launched soon. Bellewoods is the first EC to be launched after the Government introduced a sale restriction rule in January last year.
Under the rule, developers of EC sites can only launch them for sale 15 months from the date of award of the sites or after the physical completion of foundation works, whichever is earlier. Potential home owners can apply for a unit at Bellewoods online starting Sep 27.
Construction of the new EC has already begun. It will be located near the upcoming Woodlands South MRT station along the Thomson-East Coast Line. Developers expect Woodlands to be a vibrant place as the Government has earmarked it as a regional centre.
The property market has cooled down after the authorities introduced measures to ensure home owners are more prudent with their purchase. However, the EC developer is confident there will still be a good demand for ECs. Mr Donald Ng, Senior Marketing Manager at Qingjian Realty said, "We will go through a slower process, because of all these financial regulations in place. There is a drop, but between an EC and a condo, there is still a difference.
“For condos - most of the prices are starting above S$1,000 per square foot (psf). And for ECs, it's hovering on average at about S$780 to S$800 psf, so for the EC buyers, there is still about a 20 per cent difference in terms of price per square foot."
- CNA/xk
- wong chee tat :)
Friday, August 15, 2014
Private home sales remain flat in July
Private home sales remain flat in July
Developers sold 484 new private homes last month, up marginally from the 482 units sold in June, according to the Urban Redevelopment Authority.
SINGAPORE: The private housing market remained in the doldrums in July, with sales of private homes remaining flat as developers continued to scale back new launches.
Property developers sold 484 new private homes last month, up marginally from the 482 units sold in June, latest data from the Urban Redevelopment Authority (URA) showed on Friday (Aug 15). Including executive condominiums (ECs), 535 new units were sold in July, up from 531 units the previous month.
The lacklustre sales came as developers launched just 434 new units, slightly more than the 418 units launched in June. In May, 1,488 new private homes were sold as developers launched 1,819 units.
- CNA/cy
- wong chee tat :)
Developers sold 484 new private homes last month, up marginally from the 482 units sold in June, according to the Urban Redevelopment Authority.
SINGAPORE: The private housing market remained in the doldrums in July, with sales of private homes remaining flat as developers continued to scale back new launches.
Property developers sold 484 new private homes last month, up marginally from the 482 units sold in June, latest data from the Urban Redevelopment Authority (URA) showed on Friday (Aug 15). Including executive condominiums (ECs), 535 new units were sold in July, up from 531 units the previous month.
The lacklustre sales came as developers launched just 434 new units, slightly more than the 418 units launched in June. In May, 1,488 new private homes were sold as developers launched 1,819 units.
- CNA/cy
- wong chee tat :)
Tuesday, July 22, 2014
HDB Launches 3,841 Flats
HDB Launches 3,841 Flats
[1] HDB will set aside up to 15% of the SAs, 2-room and 3-room flats in a BTO project (subject to a minimum of 20 units each) for parents applying under MGPS. The same number of 2-room and bigger flats will be set aside in the same BTO project for their married children.
* Come in two sizes of 36 sqm (Type 1) and 45 sqm (Type 2).
^ The assumed housing grants are meant for applicants applying as a family nucleus or two singles under the Joint Singles Scheme for a 2-room BTO flat. SHG is also applicable only to 2-room, 3-room and 4-room flats in the non-mature estates:
iii) 4-room flat: $35,000 (comprising AHG of $15,000 and SHG of $20,000 where applicable)
iv) 5-room flat / 3Gen flat: $10,000 (AHG only)
# SAs are sold on a 30-year lease, beginning from the date of key collection. Prices are inclusive of the elderly-friendly fittings/finishes.
@ Singles who apply under the Single Singapore Citizen Scheme will pay $15,000 more than the married couples. Eligible singles can also apply for AHG and SHG. The actual grant amounts will vary based on income. Read more on the various CPF Housing Grants available.
- wong chee tat :)
Date issued : 19 Jul 2014
Today, HDB launched 3,841 new flats in six projects located in the non-mature towns of Punggol 
(PDF 1917KB), Sembawang (PDF 753KB), Woodlands (PDF 1340KB) and Yishun (PDF 1186KB), and the mature town of Toa Payoh (PDF 997KB) under the July 2014 Build-To-Order (BTO) exercise.
(PDF 1917KB), Sembawang (PDF 753KB), Woodlands (PDF 1340KB) and Yishun (PDF 1186KB), and the mature town of Toa Payoh (PDF 997KB) under the July 2014 Build-To-Order (BTO) exercise.
July 2014 BTO Exercise
2A wide range of flats, including Studio Apartments (SAs), 2-room to 5-room flats, and Three-Generation (3Gen) flats, is offered to meet the diverse housing needs of first-timers, second-timers, multi-generation families, elderly and singles.
3First-timers will continue to enjoy priority flat allocation, with at least 85% (for 4-room and 5-room) and 70% (for 2-room and 3-room) of the BTO public flat supply set aside for them. Eligible first-timer singles have the options of applying for a 2-room flat in Matilda Court, Waterway Sunray, Park Grove @ Yishun or Sun Natura.
4Married/courting couples who wish to live together with their parent(s) can apply for a 3Gen flat at Park Grove @ Yishun. Other multi-generation families who wish to live near each other in the same BTO project can apply under the Multi-Generation Priority Scheme1(MGPS) for the flats in Matilda Court, Waterway Sunray, Park Grove @ Yishun, Sun Natura and Toa Payoh Apex.
[1] HDB will set aside up to 15% of the SAs, 2-room and 3-room flats in a BTO project (subject to a minimum of 20 units each) for parents applying under MGPS. The same number of 2-room and bigger flats will be set aside in the same BTO project for their married children.
5The new Integrated Development in Woodlands – Kampung Admiralty – will offer two blocks of SAs comprising 48 SAs of 36 sqm and another 56 SAs of 45 sqm. This development is a special one-stop hub with an innovative design that brings together amenities such as a medical centre, eldercare facilities, a hawker centre and retail shops, with wide community spaces and generous green features, at the residents’ doorstep. Residents will also enjoy special features such as a pneumatic waste system. The indicative monthly service and conservancy charges for the SAs in this development, payable to the Town Council, are $25.50 (for 36 sqm SA) and $36.50 (for 45sqm SA). 50% of the SAs at Kampung Admiralty will be set aside under the Studio Apartment Priority Scheme (SAPS) for elderly applicants who apply for an SA in the same town or within 2 km of their current flat/property, or apply for an SA to live near or with their parents/married child.
6Eligible first-timer households can enjoy up to $60,000 of housing grants, comprising the Additional CPF Housing Grant (AHG) (up to $40,000) and the Special CPF Housing Grant (SHG) (up to $20,000). With these grants, 2-room, 3-room, 4-room and 5-room flats can be purchased from $13,000, $100,000, $201,000 and $324,000 respectively (see Table 1). Further details can be found in Annex A. (PDF 782KB)
(PDF 782KB)
Table 1: July 2014 BTO Prices
Town
|
Project(s)
|
Flat Type #
|
Selling Price (Excluding Grants@)
|
Selling Price
(Including Grants^) |
| Non-Mature Towns | ||||
Sembawang
|
Sun Natura
 (JPG 645KB) |
2-room*
|
From $73,000
|
From $13,000
|
3-room
|
From $150,000
|
From $100,000
| ||
4-room
|
From $236,000
|
From $201,000
| ||
Yishun
|
Park Grove @ Yishun
(JPG 580KB) |
2-room*
|
From $77,000
|
From $17,000
|
4-room
|
From $263,000
|
From $228,000
| ||
5-room
|
From $339,000
|
From $329,000
| ||
3Gen
|
From $347,000
|
From $337,000
| ||
Punggol
|
2-room*
|
From $82,000
|
From $22,000
| |
3-room
|
From $166,000
|
From $116,000
| ||
4-room
|
From $278,000
|
From $243,000
| ||
5-room
|
From $334,000
|
From $324,000
| ||
Woodlands
|
Kampung Admiralty)
(JPG 707KB) |
Studio Apartment
|
From $91,000
|
-
|
| Mature Town | ||||
Toa Payoh
|
Toa Payoh Apex
(JPG 521KB) |
3-room
|
From $273,000
|
From $243,000
|
4-room
|
From $413,000
|
From $398,000
| ||
Notes:
* Come in two sizes of 36 sqm (Type 1) and 45 sqm (Type 2).
^ The assumed housing grants are meant for applicants applying as a family nucleus or two singles under the Joint Singles Scheme for a 2-room BTO flat. SHG is also applicable only to 2-room, 3-room and 4-room flats in the non-mature estates:
- i) 2-room flat: $60,000 (comprising AHG of $40,000 and SHG of $20,000 where applicable)
iii) 4-room flat: $35,000 (comprising AHG of $15,000 and SHG of $20,000 where applicable)
iv) 5-room flat / 3Gen flat: $10,000 (AHG only)
- The actual grant amounts vary based on income and choice of flat type. Read more on various CPF Housing Grants available.
# SAs are sold on a 30-year lease, beginning from the date of key collection. Prices are inclusive of the elderly-friendly fittings/finishes.
@ Singles who apply under the Single Singapore Citizen Scheme will pay $15,000 more than the married couples. Eligible singles can also apply for AHG and SHG. The actual grant amounts will vary based on income. Read more on the various CPF Housing Grants available.
Advice for Flat Buyers
7Applicants are strongly advised to apply for a BTO flat in non-mature towns to enjoy a higher chance of success in securing a flat.
8Regular updates on the number of applications submitted for the various flat types/towns will be published on the HDB InfoWEB. Applicants are advised to check for updates before submitting their application.
Application for July 2014 BTO Exercise
9Application for new flats launched in the July 2014 BTO exercise can be submitted online on the HDB InfoWEB from today, 19 July 2014 (Saturday) to 25 July 2014 (Friday). Applicants can apply for only one flat type in one town.
11For enquiries, the public can:
- - Log on to esales.hdb.gov.sg; or
- E-mail hdbsales@mailbox.hdb.gov.sg; or
- Visit the HDB Sales Office to speak with our Customer Relations Executives during office hours (Mon to Fri 8 am to 5 pm, Saturday 8 am to 1 pm).
Tapering of BTO Flat Supply
12After ramping up our BTO building programme for three years, we have cleared the backlog of first-timer applicants. Hence, HDB has announced the transition to a more sustainable BTO building programme. In the first half of 2014, HDB offered a total of 13,090 flats. These include 9,707 BTO flats and 3,383 balance flats offered in the May 2014 Sale of Balance Flats (SBF) exercise. First-timer BTO application rate continued to be stable, ranging from 1.0 to 1.7 times in the first half of 2014.
13In the second half of 2014, HDB will offer another 12,700 BTO flats across various towns. This will bring the total number of BTO flats offered in the year to 22,400 units. 3-room and larger BTO flats will number 16,700 units, more than the estimated 15,000 new Singaporean family formations annually. 2-room flats and Studio Apartments will number 5,000 units and 700 units respectively, to cater to demand from low-income families, singles and the elderly.
14In addition, HDB will conduct a second SBF exercise with about 3,000 units in November 2014 to augment the housing supply. These will provide ample choices for Singaporeans looking to buy HDB homes.
Next BTO Launch in September 2014
15In September 2014, HDB will offer about 4,510 BTO flats in Bukit Batok, Hougang, Jurong and Kallang Whampoa. More information on the flats to be offered under the September 2014 BTO exercise is available on the HDB InfoWEB.
- wong chee tat :)
Temporary extension of stay for resale flats
Temporary extension of stay for resale flats
- wong chee tat :)
Date issued : 22 Jul 2014
Sellers of HDB flats will, with effect from today, be able to negotiate with their buyers for a temporary extension of stay in their HDB flats, by up to three months. This is part of HDB’s regular review to respond to the needs of HDB resale flat sellers and buyers. This move will facilitate sellers who are transiting to their next homes, including those who may need more time for renovation or those awaiting funds from the sale of their current flats, eg. contra cases.
Relaxed Rule to Help Flat Sellers
2Flat sellers who wish to extend their stay temporarily must have committed to buy a completed housing unit1 in Singapore at the time of the resale application, i.e. they must have exercised an Option to Purchase or signed a Sale and Purchase Agreement.
3The request for the extension of stay is to be submitted to HDB at the time of the resale application.
4The extension of stay will automatically cease at the end of three months. Any earlier termination must also be communicated to HDB, as this will impact flat buyers’ Minimum Occupation Period, which commences on the day when they take over the flat.
Private Agreement
5Any such arrangements are, however, subject to the agreement of buyers. Details of the extension, including the duration and monetary compensation, if any, must be mutually agreed to by both parties.
Enquiries
6HDB estimates that 15% of total resale transactions, ie. some 2700 households a year, will benefit from this relaxed rule (based on total resale volume of 18,100 in 2013).
7For further enquiries, the public can contact HDB at 1800-8663066.
1 The housing unit can be another HDB flat or a private residential property.
- wong chee tat :)
Monday, July 14, 2014
Public Housing Development at King George's Avenue
Public Housing Development at King George's Avenue
- wong chee tat :)
Date issued : 14 Jul 2014
A 1.23 ha plot of land at the junction of Syed Alwi Road and King George’s Avenue will be developed for public housing (please refer to Annex A for the location plan). The land is zoned for residential use in the Master Plan.
2The land comprises mainly vacant State land and a private industrial property at No. 16 King George’s Avenue. To facilitate the public housing development, the Government will be acquiring the private property under the Land Acquisition Act. The Singapore Land Authority (SLA) has gazetted the land affected by the acquisition today. SLA and HDB are in touch with the affected landowner to assist with any queries and concerns.
3More information on the future public housing development will be provided when the plans are ready.
Annex A
- wong chee tat :)
Wednesday, July 9, 2014
Tuesday, July 8, 2014
What Investors Need to Know About Frasers Hospitality Trust’s Initial Public Offering
What Investors Need to Know About Frasers Hospitality Trust’s Initial Public Offering
By Sudhan P - June 24, 2014
Frasers Hospitality Trust (FHT) is slated to be the newest kid on the block in the neighbourhood of real estate investment trusts and business trusts. This comes barely seven months after FHT’s sponsor Frasers Centrepoint (SGX: TQ5) went public.
Real estate developer Frasers Centrepoint was spun-off from the conglomerate Fraser and Neave(SGX: F99).
Once FHT goes public on 14 July 2014, it will be the first global hotel and serviced residence stapled trust listed in Singapore’s share market.
The initial portfolio of FHT will comprise of 12 properties – six hotels and six serviced residences – that come from TCC Group and Frasers Centrepoint.
The hotels are InterContinental Singapore, Novotel Rockford Darling Harbour, Park International London, Best Western Cromwell London, ANA Crowne Plaza Kobe, and Westin Kuala Lumpur. These hotels are from the TCC Group, which happen to be one of Frasers Centrepoint’s major shareholders.
Meanwhile, the six serviced residences are Fraser Suites Singapore, Fraser Suites Sydney, Fraser Place Canary Wharf, Fraser Suites Queens Gate, Fraser Suites Glasgow, and Fraser Suites Edinburgh. These properties come from Frasers Centrepoint.
Based on the above, FHT’s portfolio will boast a total of 1,928 hotel rooms and 842 serviced residence units. The properties, which serve the mid-scale to luxury market segments, are located in Australia, the United Kingdom, Japan, Malaysia and Singapore.
According to a draft prospectus filed with the Monetary Authority of Singapore, FHT will sell 182.1 million stapled securities at S$0.88 apiece. Each stapled security consists of a unit of Frasers Hospitality Real Estate Investment Trust and a unit of Frasers Hospitality Business Trust.
There are a number of FHT’s potential-properties that are under master leases. In the case of a loss of any master lessees, Frasers Hospitality Business Trust will, as a last resort, step in as the master lessee or tenant.
The total number of outstanding stapled securities immediately after the completion of the initial public offering (IPO) will be 1.19 billion, which include offerings to the vendor of Fraser Suites Singapore, vendors of the hotels that are part of the portfolio, and cornerstone investors such as DBS Group Holdings (SGX: D05) and Fortress Capital Asset Management. This translates to a market capitalisation of S$1.04 billion for FHT based on its IPO price.
Frasers Centrepoint and TCC Group will hold 65% of FHT immediately following the IPO, assuming that the over-allotment option is not exercised. This helps align the interests of the parties behind the IPO and the new stapled security holders that buy-in during the offering.
The distribution yield for FHT is projected to be 7%. The net asset value per stapled security will be S$0.83, translating to a price-to-book (PB) ratio of 1.06.
Risks
There are a number of risks that potential investors have to take note of. The first has to do with the gearing ratio and the other has to do with financial engineering.
The gearing ratio of FHT will be 41.7% according to its prospectus. According to an analyst report by Maybank-Kim Eng dated 23 June 2014, the average gearing ratio of all the hospitality trusts listed here is at 32.8%. A trust with a gearing ratio that’s too high will be more vulnerable to downturns in the property cycle as it still has to continue to service its borrowings despite the downturn.
Moving on to the financial engineering-related risks, there is a provision for a payment top-up where the vendor of InterContinental Singapore and one of the vendors of Fraser Suites Singapore will deposit a total of S$9.7 million in escrow. When the gross operating profit of the relevant property falls below certain thresholds, the REIT Trustee will be able to draw down on these amounts. The payment top-up will be in force from the date of listing to 30 November 2015. Beyond that, if the gross operating profit continues to fall short, stapled security holders of FHT will be left wanting.
Without the payment top-up, the distribution yield for FHT will drop to 6.5% from the projected 7%. According to the report by Maybank-Kim Eng, the average distribution yield of hospitality trusts listed here is 6.8%. Excluding the payment top-up, the yield of FHT is actually slightly below average. When OUE Commercial REIT (SGX: TS0U) went public, it too engaged in similar kinds of financial engineering to shore up its yield.
Going forward
Frasers Centrepoint, directly and/or indirectly, owns 12 properties, of which five are hotels and seven are serviced residences and these could potentially be injected into FHT in the future. Furthermore, there are six hotels directly and/or indirectly owned by TCC Group, which could also be offered to FHT.
If all the 18 properties are acquired by FHT, the total number of hotel rooms and serviced residence units of FHT will increase by 2,372 and 1,135 respectively, resulting in a total 143% increase in the portfolio size for the stapled trust. According to the draft prospectus, the 18 properties will “provide a visible pipeline to FHT, offering potential opportunities for portfolio growth”.
Foolish Summary
Here’s a quick round up of what I’ve discussed: 1) FHT will debut in our shores on 14 July 2014 as mentioned earlier; 2) with an offer price of S$0.88, it gives potential investors a yield of 7% (with payment top-up) at a PB ratio of 1.06; 3) risks associated with the stapled trust include its high gearing ratio and a potential decrease in income; 4) lastly, its growth factors include the possible injection of the properties currently held by Frasers Centrepoint and TCC Group.
- wong chee tat :)
By Sudhan P - June 24, 2014
Frasers Hospitality Trust (FHT) is slated to be the newest kid on the block in the neighbourhood of real estate investment trusts and business trusts. This comes barely seven months after FHT’s sponsor Frasers Centrepoint (SGX: TQ5) went public.
Real estate developer Frasers Centrepoint was spun-off from the conglomerate Fraser and Neave(SGX: F99).
Once FHT goes public on 14 July 2014, it will be the first global hotel and serviced residence stapled trust listed in Singapore’s share market.
The initial portfolio of FHT will comprise of 12 properties – six hotels and six serviced residences – that come from TCC Group and Frasers Centrepoint.
The hotels are InterContinental Singapore, Novotel Rockford Darling Harbour, Park International London, Best Western Cromwell London, ANA Crowne Plaza Kobe, and Westin Kuala Lumpur. These hotels are from the TCC Group, which happen to be one of Frasers Centrepoint’s major shareholders.
Meanwhile, the six serviced residences are Fraser Suites Singapore, Fraser Suites Sydney, Fraser Place Canary Wharf, Fraser Suites Queens Gate, Fraser Suites Glasgow, and Fraser Suites Edinburgh. These properties come from Frasers Centrepoint.
Based on the above, FHT’s portfolio will boast a total of 1,928 hotel rooms and 842 serviced residence units. The properties, which serve the mid-scale to luxury market segments, are located in Australia, the United Kingdom, Japan, Malaysia and Singapore.
According to a draft prospectus filed with the Monetary Authority of Singapore, FHT will sell 182.1 million stapled securities at S$0.88 apiece. Each stapled security consists of a unit of Frasers Hospitality Real Estate Investment Trust and a unit of Frasers Hospitality Business Trust.
There are a number of FHT’s potential-properties that are under master leases. In the case of a loss of any master lessees, Frasers Hospitality Business Trust will, as a last resort, step in as the master lessee or tenant.
The total number of outstanding stapled securities immediately after the completion of the initial public offering (IPO) will be 1.19 billion, which include offerings to the vendor of Fraser Suites Singapore, vendors of the hotels that are part of the portfolio, and cornerstone investors such as DBS Group Holdings (SGX: D05) and Fortress Capital Asset Management. This translates to a market capitalisation of S$1.04 billion for FHT based on its IPO price.
Frasers Centrepoint and TCC Group will hold 65% of FHT immediately following the IPO, assuming that the over-allotment option is not exercised. This helps align the interests of the parties behind the IPO and the new stapled security holders that buy-in during the offering.
The distribution yield for FHT is projected to be 7%. The net asset value per stapled security will be S$0.83, translating to a price-to-book (PB) ratio of 1.06.
Risks
There are a number of risks that potential investors have to take note of. The first has to do with the gearing ratio and the other has to do with financial engineering.
The gearing ratio of FHT will be 41.7% according to its prospectus. According to an analyst report by Maybank-Kim Eng dated 23 June 2014, the average gearing ratio of all the hospitality trusts listed here is at 32.8%. A trust with a gearing ratio that’s too high will be more vulnerable to downturns in the property cycle as it still has to continue to service its borrowings despite the downturn.
Moving on to the financial engineering-related risks, there is a provision for a payment top-up where the vendor of InterContinental Singapore and one of the vendors of Fraser Suites Singapore will deposit a total of S$9.7 million in escrow. When the gross operating profit of the relevant property falls below certain thresholds, the REIT Trustee will be able to draw down on these amounts. The payment top-up will be in force from the date of listing to 30 November 2015. Beyond that, if the gross operating profit continues to fall short, stapled security holders of FHT will be left wanting.
Without the payment top-up, the distribution yield for FHT will drop to 6.5% from the projected 7%. According to the report by Maybank-Kim Eng, the average distribution yield of hospitality trusts listed here is 6.8%. Excluding the payment top-up, the yield of FHT is actually slightly below average. When OUE Commercial REIT (SGX: TS0U) went public, it too engaged in similar kinds of financial engineering to shore up its yield.
Going forward
Frasers Centrepoint, directly and/or indirectly, owns 12 properties, of which five are hotels and seven are serviced residences and these could potentially be injected into FHT in the future. Furthermore, there are six hotels directly and/or indirectly owned by TCC Group, which could also be offered to FHT.
If all the 18 properties are acquired by FHT, the total number of hotel rooms and serviced residence units of FHT will increase by 2,372 and 1,135 respectively, resulting in a total 143% increase in the portfolio size for the stapled trust. According to the draft prospectus, the 18 properties will “provide a visible pipeline to FHT, offering potential opportunities for portfolio growth”.
Foolish Summary
Here’s a quick round up of what I’ve discussed: 1) FHT will debut in our shores on 14 July 2014 as mentioned earlier; 2) with an offer price of S$0.88, it gives potential investors a yield of 7% (with payment top-up) at a PB ratio of 1.06; 3) risks associated with the stapled trust include its high gearing ratio and a potential decrease in income; 4) lastly, its growth factors include the possible injection of the properties currently held by Frasers Centrepoint and TCC Group.
- wong chee tat :)
Frasers Hospitality Trust (FHT)
"After FHT has been admitted to the Main Board of the SGX-ST, FH-REIT will make distributions
to Stapled Securityholders on a semi-annual basis, with the amount calculated as at 31 March,
and 30 September each year for the six-month period ending on each of the said dates. FH-REIT’s
first distribution after the Listing Date will be for the period from the Listing Date to 31 March 2015
and will be paid by the REIT Manager on or before 29 June 2015. Subsequent distributions will
take place on a semi-annual basis as well. Under the FH-REIT Trust Deed, the REIT Manager is
required to pay distributions within 90 days after the end of each distribution period."
From Prospectus
- wong chee tat :)
to Stapled Securityholders on a semi-annual basis, with the amount calculated as at 31 March,
and 30 September each year for the six-month period ending on each of the said dates. FH-REIT’s
first distribution after the Listing Date will be for the period from the Listing Date to 31 March 2015
and will be paid by the REIT Manager on or before 29 June 2015. Subsequent distributions will
take place on a semi-annual basis as well. Under the FH-REIT Trust Deed, the REIT Manager is
required to pay distributions within 90 days after the end of each distribution period."
From Prospectus
- wong chee tat :)
Friday, July 4, 2014
1-Net launches new centre to meet growing data needs
1-Net launches new centre to meet growing data needs
The new data centre, located at Marsiling, will be Singapore’s first Tier III data centre.
SINGAPORE: 1-Net Singapore is launching a new centre to meet growing demand for data hosting and other data-management services, to be ready by the last quarter of 2015.
The new data centre, 1-Net North, will be Singapore’s first Tier III data centre certified by the Uptime Institute, a research organisation and consultancy focused on improving data-centre performance and efficiency.
A Tier III data centre allows for any planned maintenance activity to take place without disrupting operations of hardware located in the centre.
“We’ve seen a shift in the way consumers consume their information over the last few years, and businesses have also responded by changing the way they engage customers. With the opening of this new 1-Net Data Centre, 1-Net aims to become Asia’s data centre of choice,” said Mr Wong Ka Vin, Managing Director of 1-Net.
The company noted that in South-east Asia alone, the online video audience grew about 8 per cent in the past year. South-east Asia also ranks higher than the global average when it comes to consumption of music, movies and entertainment.
1-Net is a MediaCorp enterprise. It currently manages telco-class carrier-neutral Internet data centres, and provides domestic and international connectivity among other services.
The new centre will be more than 200,000 sq ft and will be located at Marsiling. The total investment in the project is expected to be about S$130 million.
1-Net will also be investing an additional S$70 million to fit out the data centre with the technology required to attain the Tier III certification.
To receive this certification, the entire data centre is required to undergo significant testing for uninterrupted operation during maintenance activities.
-TODAY/cy
- wong chee tat :)
The new data centre, located at Marsiling, will be Singapore’s first Tier III data centre.
SINGAPORE: 1-Net Singapore is launching a new centre to meet growing demand for data hosting and other data-management services, to be ready by the last quarter of 2015.
The new data centre, 1-Net North, will be Singapore’s first Tier III data centre certified by the Uptime Institute, a research organisation and consultancy focused on improving data-centre performance and efficiency.
A Tier III data centre allows for any planned maintenance activity to take place without disrupting operations of hardware located in the centre.
“We’ve seen a shift in the way consumers consume their information over the last few years, and businesses have also responded by changing the way they engage customers. With the opening of this new 1-Net Data Centre, 1-Net aims to become Asia’s data centre of choice,” said Mr Wong Ka Vin, Managing Director of 1-Net.
The company noted that in South-east Asia alone, the online video audience grew about 8 per cent in the past year. South-east Asia also ranks higher than the global average when it comes to consumption of music, movies and entertainment.
1-Net is a MediaCorp enterprise. It currently manages telco-class carrier-neutral Internet data centres, and provides domestic and international connectivity among other services.
The new centre will be more than 200,000 sq ft and will be located at Marsiling. The total investment in the project is expected to be about S$130 million.
1-Net will also be investing an additional S$70 million to fit out the data centre with the technology required to attain the Tier III certification.
To receive this certification, the entire data centre is required to undergo significant testing for uninterrupted operation during maintenance activities.
-TODAY/cy
- wong chee tat :)
Monday, June 30, 2014
Electricity tariffs to fall by 0.2% in Q3, 2014
Electricity tariffs to fall by 0.2% in Q3, 2014
The fall translates to a S$0.20 decrease in the average monthly electricity bill for families living in four-room HDB flats, SP Services says.
SINGAPORE: Electricity tariffs will drop by an average of 0.05 cent per kWh or 0.2 per cent for the period July 1 to Sept 30, Singapore Power subsidiary SP Services said on Monday (June 30).
For households, the electricity tariff will decrease from 25.73 to 25.68 cents per kWh. This translates to a S$0.20 decrease in the average monthly electricity bill for families living in four-room Housing and Development Board (HDB) flats, SP Services said.
SP Services reviews electricity tariffs quarterly based on guidelines set by the Energy Market Authority (EMA). The latest tariffs have been approved by the EMA.
- CNA/cy
- wong chee tat :)
The fall translates to a S$0.20 decrease in the average monthly electricity bill for families living in four-room HDB flats, SP Services says.
SINGAPORE: Electricity tariffs will drop by an average of 0.05 cent per kWh or 0.2 per cent for the period July 1 to Sept 30, Singapore Power subsidiary SP Services said on Monday (June 30).
For households, the electricity tariff will decrease from 25.73 to 25.68 cents per kWh. This translates to a S$0.20 decrease in the average monthly electricity bill for families living in four-room Housing and Development Board (HDB) flats, SP Services said.
SP Services reviews electricity tariffs quarterly based on guidelines set by the Energy Market Authority (EMA). The latest tariffs have been approved by the EMA.
- CNA/cy
- wong chee tat :)
Tariff Rates (1 Jul 14 to 30 Sep 2014)
Tariff Rates > The electricity tariff for households is 25.68 cents per kWh (with effect from 1 Jul 14 to 30 Sep 14)  > The gas tariff for households is 21.08 cents per kWh (with effect from 1 May 14 to 31 Jul 14) > The water tariff for households is $1.17 per cubic metre (below 40m3) and $1.40 per cubic metre (above 40m3) Electricity tariffs are regulated by the Energy Market Authority (EMA) and revised quarterly to reflect the actual cost of electricity. SP Services buys electricity on behalf of customers and pays the gencos, transmission licensee and other market players based on the rates of the various cost components as approved by EMA. There are four main cost components in the electricity tariff. They are:-  |
- wong chee tat :)
Frasers Hospitality share placement 21 times subscribed
Frasers Hospitality share placement 21 times subscribed
Strong demand from institutional investors for Frasers Hospitality Trust's initial public offering.
SINGAPORE: Frasers Hospitality Trust on Monday (June 30) provided more details about its S$367.9 million initial public offering (IPO), saying the offer has seen strong demand from institutional investors.
The hotels and serviced residences real estate investment trust (REIT) said its international placement of 139.6 million stapled securities at S$0.88 apiece attracted interests valued around S$2.5 billion - which translates to a subscription rate of around 21 times.
A group of cornerstone investors, including DBS and Fortress Capital Asset Management, had subscribed for another 232.9 million stapled securities, also priced at S$0.88 each.
The public portion of its IPO, aimed at ordinary retail investors, will comprise 45.5 million stapled securities priced at S$0.88 apiece.
The public offer opens at 9am on Tuesday and closes at 12pm on July 10, Frasers Hospitality said. The stapled securities will begin trading on the Singapore Exchange on July 14.
Frasers Hospitality - which is sponsored by Singapore property giant Frasers Centrepoint Ltd - will have an initial portfolio of six hotels and six serviced residences valued around S$1.7 billion.
The six hotels, which came from Frasers Centrepoint's Thai parent TCC Group, are the InterContinental Singapore, Novotel Rockford Darling Harbour, Park International London, Best Western Cromwell London, ANA Crowne Plaza Kobe and Westin Kuala Lumpur.
The six serviced residences are Fraser Suites Singapore, Fraser Suites Sydney, Fraser Place Canary Wharf, Fraser Suites Queens Gate, Fraser Suites Glasgow and Fraser Suites Edinburgh.
Frasers Hospitality also has first right of refusal to buy another 18 properties from its parent companies.
The REIT offers investors an indicative yield of 7 per cent for the full financial year from 1 October 2014 to 30 September 2015.
Frasers Centrepoint and TCC Hospitality, an associate of TCC Group, will together hold around 65 percent of Frasers Hospitality after the IPO.
- CNA/ly
- wong chee tat :)
Strong demand from institutional investors for Frasers Hospitality Trust's initial public offering.
SINGAPORE: Frasers Hospitality Trust on Monday (June 30) provided more details about its S$367.9 million initial public offering (IPO), saying the offer has seen strong demand from institutional investors.
The hotels and serviced residences real estate investment trust (REIT) said its international placement of 139.6 million stapled securities at S$0.88 apiece attracted interests valued around S$2.5 billion - which translates to a subscription rate of around 21 times.
A group of cornerstone investors, including DBS and Fortress Capital Asset Management, had subscribed for another 232.9 million stapled securities, also priced at S$0.88 each.
The public portion of its IPO, aimed at ordinary retail investors, will comprise 45.5 million stapled securities priced at S$0.88 apiece.
The public offer opens at 9am on Tuesday and closes at 12pm on July 10, Frasers Hospitality said. The stapled securities will begin trading on the Singapore Exchange on July 14.
Frasers Hospitality - which is sponsored by Singapore property giant Frasers Centrepoint Ltd - will have an initial portfolio of six hotels and six serviced residences valued around S$1.7 billion.
The six hotels, which came from Frasers Centrepoint's Thai parent TCC Group, are the InterContinental Singapore, Novotel Rockford Darling Harbour, Park International London, Best Western Cromwell London, ANA Crowne Plaza Kobe and Westin Kuala Lumpur.
The six serviced residences are Fraser Suites Singapore, Fraser Suites Sydney, Fraser Place Canary Wharf, Fraser Suites Queens Gate, Fraser Suites Glasgow and Fraser Suites Edinburgh.
Frasers Hospitality also has first right of refusal to buy another 18 properties from its parent companies.
The REIT offers investors an indicative yield of 7 per cent for the full financial year from 1 October 2014 to 30 September 2015.
Frasers Centrepoint and TCC Hospitality, an associate of TCC Group, will together hold around 65 percent of Frasers Hospitality after the IPO.
- CNA/ly
- wong chee tat :)
Monday, June 23, 2014
Frasers Hospitality to launch IPO at 88 cents per unit
Frasers Hospitality to launch IPO at 88 cents per unit
The IPO pricing would give investors an indicative yield of 7 per cent per annum, according to Frasers Hospitality Trust.
SINGAPORE: Frasers Hospitality Trust (FHT) has priced its upcoming initial public offering (IPO) at S$0.88 per stapled security, giving investors who buy into the offer an indicative yield of 7 per cent per annum.
According to a draft prospectus filed on the Monetary Authority of Singapore's (MAS) website on Monday (June 23), Frasers Hospitality will sell 182.1 million stapled securities at S$0.88 apiece in its upcoming IPO.
A further 232.9 million stapled securities will be issued to cornerstone investors, such as DBS and Fortress Capital Asset Management, at the same price.
Frasers Hospitality - which has a portfolio of 12 properties including the InterContinental Singapore and Westin Kuala Lumpur hotels - will start trading on the Singapore Exchange on July 14. Its market capitalisation will be around S$1.04 billion based on the IPO price, according to the prospectus.
Frasers Hospitality is managed by Frasers Centrepoint, the former property arm of Singapore's Fraser and Neave. Its initial portfolio comprises six serviced residences from Frasers Centrepoint - Fraser Suites Singapore, Fraser Suites Sydney, Fraser Place Canary Wharf, Fraser Suites Queens Gate, Fraser Suites Glasgow, and Fraser Suites Edinburgh.
The other six properties are from Frasers Centrepoint's Thai parent TCC Group. They are the InterContinental Singapore, Novotel Rockford Darling Harbour, Park International London, Best Western Cromwell London, ANA Crowne Plaza Kobe and Westin Kuala Lumpur.
- CNA/kk
- wong chee tat :)
The IPO pricing would give investors an indicative yield of 7 per cent per annum, according to Frasers Hospitality Trust.
SINGAPORE: Frasers Hospitality Trust (FHT) has priced its upcoming initial public offering (IPO) at S$0.88 per stapled security, giving investors who buy into the offer an indicative yield of 7 per cent per annum.
According to a draft prospectus filed on the Monetary Authority of Singapore's (MAS) website on Monday (June 23), Frasers Hospitality will sell 182.1 million stapled securities at S$0.88 apiece in its upcoming IPO.
A further 232.9 million stapled securities will be issued to cornerstone investors, such as DBS and Fortress Capital Asset Management, at the same price.
Frasers Hospitality - which has a portfolio of 12 properties including the InterContinental Singapore and Westin Kuala Lumpur hotels - will start trading on the Singapore Exchange on July 14. Its market capitalisation will be around S$1.04 billion based on the IPO price, according to the prospectus.
Frasers Hospitality is managed by Frasers Centrepoint, the former property arm of Singapore's Fraser and Neave. Its initial portfolio comprises six serviced residences from Frasers Centrepoint - Fraser Suites Singapore, Fraser Suites Sydney, Fraser Place Canary Wharf, Fraser Suites Queens Gate, Fraser Suites Glasgow, and Fraser Suites Edinburgh.
The other six properties are from Frasers Centrepoint's Thai parent TCC Group. They are the InterContinental Singapore, Novotel Rockford Darling Harbour, Park International London, Best Western Cromwell London, ANA Crowne Plaza Kobe and Westin Kuala Lumpur.
- CNA/kk
- wong chee tat :)
Tuesday, June 17, 2014
MAS unveils new measures to promote offshore RMB
MAS unveils new measures to promote offshore RMB
The Monetary Authority of Singapore will provide an overnight RMB liquidity facility to financial institutions from July 1. The move will facilitate growth of the offshore RMB offshore market in Singapore.
SINGAPORE: The Monetary Authority of Singapore (MAS) will introduce a facility to provide up to 5 billion renminbi (RMB) in overnight liquidity to financial institutions in Singapore as part of measures to boost the city-state's fast-growing offshore RMB market.
The overnight facility -- which will be launched on July 1 -- will give financial institutions the assurance that their short-term RMB funding needs will be met, MAS said in a statement on Friday.
The new facility will complement an existing facility that allows banks to borrow the Chinese currency on a term basis for trade, direct investment and market stability purposes.
MAS' announcement coincided with an directive issued by the People's Bank of China (PBC) Nanjing branch that said eligible corporates and individuals in the Suzhou Industrial Park (SIP) will be allowed to conduct cross-border RMB transactions with Singapore.
This means banks in Singapore will be allowed to lend RMB to corporates in the Suzhou park. Firms there can issue RMB-denominated bonds in Singapore, while equity investment funds in the SIP can directly invest in Singapore-based corporates.
"The introduction of cross-border RMB channels between Singapore and SIP will facilitate greater financing for companies operating in the SIP, encourage direct investment in corporates in Singapore and broaden the range of RMB activities that can be conducted out of Singapore," said MAS Deputy Managing Director Jacqueline Loh.
"We look forward to similar arrangements being put in place in the near future to allow cross-border RMB transactions between Singapore and Tianjin Eco-City," she added.
Singapore is the second largest offshore clearing centre for transactions involving the RMB, which is being used increasingly for trade and investments as China liberalises the use of its currency.
- CNA/ly
- wong chee tat :)
The Monetary Authority of Singapore will provide an overnight RMB liquidity facility to financial institutions from July 1. The move will facilitate growth of the offshore RMB offshore market in Singapore.
SINGAPORE: The Monetary Authority of Singapore (MAS) will introduce a facility to provide up to 5 billion renminbi (RMB) in overnight liquidity to financial institutions in Singapore as part of measures to boost the city-state's fast-growing offshore RMB market.
The overnight facility -- which will be launched on July 1 -- will give financial institutions the assurance that their short-term RMB funding needs will be met, MAS said in a statement on Friday.
The new facility will complement an existing facility that allows banks to borrow the Chinese currency on a term basis for trade, direct investment and market stability purposes.
MAS' announcement coincided with an directive issued by the People's Bank of China (PBC) Nanjing branch that said eligible corporates and individuals in the Suzhou Industrial Park (SIP) will be allowed to conduct cross-border RMB transactions with Singapore.
This means banks in Singapore will be allowed to lend RMB to corporates in the Suzhou park. Firms there can issue RMB-denominated bonds in Singapore, while equity investment funds in the SIP can directly invest in Singapore-based corporates.
"The introduction of cross-border RMB channels between Singapore and SIP will facilitate greater financing for companies operating in the SIP, encourage direct investment in corporates in Singapore and broaden the range of RMB activities that can be conducted out of Singapore," said MAS Deputy Managing Director Jacqueline Loh.
"We look forward to similar arrangements being put in place in the near future to allow cross-border RMB transactions between Singapore and Tianjin Eco-City," she added.
Singapore is the second largest offshore clearing centre for transactions involving the RMB, which is being used increasingly for trade and investments as China liberalises the use of its currency.
- CNA/ly
- wong chee tat :)
Tuesday, June 10, 2014
Resale prices, volume for non-landed private homes fall in May
Resale prices, volume for non-landed private homes fall in May
The number of resale transactions for non-landed private homes in May fell by 7.5 per cent from April, while prices dipped 0.3 per cent to mark a 17-month low, the Singapore Real Estate Exchange estimated.
SINGAPORE: Resale transactions for non-landed private residential units fell by 7.5 per cent month-on-month in May, and prices dipped slightly to mark a 17-month low since December 2012, according to Singapore Real Estate Exchange (SRX).
In its flash report for May released on Monday (June 9), SRX said an estimated 421 transactions were registered, down from the 455 transactions in April. This represented a 42.6 per cent drop from the 734 units resold in the same month last year, it added.
Commenting on this, real estate agency ERA said: "Buyers may have diverted their attention to hot new projects that were launched by developers at attractive prices, for example Commonwealth Towers, as well as projects relaunched by developers at lower revised prices such as Sky Habitat."
Overall resale prices dipped slightly by 0.3 per cent, with the city area leading the drop with 2.9 per cent and the suburbs seeing a 0.3 per cent dip. The city fringes climbed by 0.6 per cent though, the report stated.
The majority, or 16 of 25 districts, experienced negative Transaction Over X-value in May, led by District 9 (Orchard, Cairnhill, River Valley) and 14 (Geylang, Eunos), SRX said.
Bucking the trend, units in the Bukit Timah, Holland Road and Tanglin district (District 10) posted the highest positive Transaction Over X-value among districts with more than 10 transactions with S$80,000. This was followed by those in Upper Bukit Timah and Ulu Pandan (District 21) with S$29,000, it noted.
"Resale prices have continued to fall with sellers becoming more realistic about reduced demand. The private resale market remains gloomy and prices may continue to moderate to the loan curbs like the Total Debt Servicing Ratio (TDSR)," ERA said.
- CNA/kk
- wong chee tat :)
The number of resale transactions for non-landed private homes in May fell by 7.5 per cent from April, while prices dipped 0.3 per cent to mark a 17-month low, the Singapore Real Estate Exchange estimated.
SINGAPORE: Resale transactions for non-landed private residential units fell by 7.5 per cent month-on-month in May, and prices dipped slightly to mark a 17-month low since December 2012, according to Singapore Real Estate Exchange (SRX).
In its flash report for May released on Monday (June 9), SRX said an estimated 421 transactions were registered, down from the 455 transactions in April. This represented a 42.6 per cent drop from the 734 units resold in the same month last year, it added.
Commenting on this, real estate agency ERA said: "Buyers may have diverted their attention to hot new projects that were launched by developers at attractive prices, for example Commonwealth Towers, as well as projects relaunched by developers at lower revised prices such as Sky Habitat."
Overall resale prices dipped slightly by 0.3 per cent, with the city area leading the drop with 2.9 per cent and the suburbs seeing a 0.3 per cent dip. The city fringes climbed by 0.6 per cent though, the report stated.
The majority, or 16 of 25 districts, experienced negative Transaction Over X-value in May, led by District 9 (Orchard, Cairnhill, River Valley) and 14 (Geylang, Eunos), SRX said.
Bucking the trend, units in the Bukit Timah, Holland Road and Tanglin district (District 10) posted the highest positive Transaction Over X-value among districts with more than 10 transactions with S$80,000. This was followed by those in Upper Bukit Timah and Ulu Pandan (District 21) with S$29,000, it noted.
"Resale prices have continued to fall with sellers becoming more realistic about reduced demand. The private resale market remains gloomy and prices may continue to moderate to the loan curbs like the Total Debt Servicing Ratio (TDSR)," ERA said.
- CNA/kk
- wong chee tat :)
Tuesday, June 3, 2014
Thoughts
Can't sleep well at night these few days. It could be the hot night.
Lots of random thoughts running in my mind. Stuff such as:
- combating increasing expenses
- budgeting and planning for new gadgets (new laptop replacing the old one, new router, etc)
- others
Oh no! I need my beauty sleep!!!
- wong chee tat :)
Lots of random thoughts running in my mind. Stuff such as:
- combating increasing expenses
- budgeting and planning for new gadgets (new laptop replacing the old one, new router, etc)
- others
Oh no! I need my beauty sleep!!!
- wong chee tat :)
Thursday, May 29, 2014
HDB Issues Fixed Rate Notes
ShareDate issued : 28 May 2014
The Housing & Development Board ("HDB") has issued S$675 million, 5-year Fixed Rate Notes (the “Notes”) under its S$22 billion Multicurrency Medium Term Note ("MTN") Programme.
2The Notes have a coupon of 2.223% per annum payable semi-annually in arrear. The Notes were issued on 28 May 2014 and will mature on 28 May 2019.
3The Notes are in denominations of S$250,000 and were offered by way of placement to investors who fall within Sections 274 and/or 275 of the Securities and Futures Act, Chapter 289 of Singapore. Approval in principle for the listing of the Notes on the Singapore Exchange Securities Trading Limited (SGX-ST) has been obtained. Admission of the Notes to the Official List of the SGX-ST is not to be taken as an indication of the merits of HDB, its subsidiaries or the Notes. The Notes are cleared through The Central Depository (Pte) Limited.
4The Joint Lead Managers are DBS Bank Ltd., DMG &; Partners Securities Pte Ltd, The Hongkong and Shanghai Banking Corporation Limited, Oversea-Chinese Banking Corporation Limited and United Overseas Bank Limited.
5Under HDB's MTN programme, HDB may from time to time, issue bonds (or notes) to finance its development programmes and working capital requirements as well as to refinance the existing borrowings.
6HDB was set up as a statutory board on 1 February 1960. HDB houses over 80% of Singapore's resident population and enables more than nine out of ten of them to be homeowners. This has made Singapore one of the highest home ownership nations in the world. The provision of quality housing and related services, and the renewal of the older HDB estates, will remain the focus for HDB.
NOT FOR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES OR TO U.S. PERSONS
This announcement is not an offer for sale of securities in the United States. The Notes have not been and will not be registered under the U.S. Securities Act of 1933 (as amended), and may not be offered or sold in the United States or to U.S. persons absent registration under, or an applicable exemption from, the registration requirements of the U.S. securities laws. No public offering of securities is being made in the United States or in any other jurisdiction where such an offering is restricted or prohibited.
- wong chee tat :)
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