CapitaLand delays launch of Marine Parade project

[princess_morbucks]

http://www.propertyguru.com.sg/prope...parade-project

With the housing market badly hit by the government’s Total Debt Servicing Ratio (TDSR) ruling, property heavyweight CapitaLand has pushed back the launch of its condominium project in Marine Parade which was originally planned for late 2013, media reports said.

Speaking at the group’s results briefing this week, Wong Heang Fine, Chief Executive of CapitaLand Residential Singapore, said: “For Marine Parade, we have started construction. We decided to delay the launch to this year... Last year the TDSR came out in June, so we want to watch the response.”

In April last year, the developer announced plans to launch the unnamed project in Marine Parade in the later part of 2013. Comprising 124 units, the mid-tier project is located close to Parkway Parade.

Singapore developers have been struggling with the slowing residential market after the government’s loan curbs affected private housing affordability.

Given the sluggish market conditions, Century 21 Chief Executive Ku Swee Yong reckons that developers must be willing to accept lower profit margins and price their units reasonably in order to move units faster.

“It depends if their intention is to clear stock or sell units slowly,” he said.
Residential properties in Singapore account for less than 10 percent of CapitaLand's portfolio.
“Although we have a small exposure relative to many of our peers, if the Government should remove some of the measures, a lot of people will stand to benefit from that,” said Lim Ming Yan, President and Group CEO of CapitaLand.

He also believes that the government will always come up with policies to address the current market situation.

“If market conditions should become more challenging, I suppose the Government will always take that into consideration on whether they want to lift the measures or not.”

[Amber Woods]

RESIDENTIAL PROPERTY | Staff Reporter, Singapore Published: 10 hours ago 227 views - See more at: http://sbr.com.sg/residential-proper....VAjF2hhN.dpuf

CapitaLand slated to launch Marine Parade, Coronation Road projects

14,000 homes in China also ready for launch.

According to DBS, in Singapore, CapitaLand has slated to launch new developments in Marine Parade and a landed project at Coronation Road as well as the unsold units from earlier projects. It also has an unsold inventory of 3200 units and another 14,000 homes in China that are ready for launch.

Here's more:

Apart from the above, plans to manage finance cost, currently at c.4%, as well as recycling mature non-core assets are on the cards. With the paring down of its stake in Australand and subsequent deconsolidation, the group’s gearing stands at 34% with an average debt maturity of 3.6 years.

This puts the group in a strong position to look for new investment opportunities, especially in its core markets.

[ecimbew]

Foreign workers levy in the construction industry will increase.

[Arcachon]

I need a 1000 men to work on the project, then I tell the government I need 2000 men. I loan the other 1000 men to other contractor and I get my 1000 men work for me for free.

Up or down I still get my free men, then I tell my buyer levies up charge them more.

Huat Ah.......

[hyenergix]

I need a 1000 men to work on the project, then I tell the government I need 2000 men. I loan the other 1000 men to other contractor and I get my 1000 men work for me for free.

Up or down I still get my free men, then I tell my buyer levies up charge them more.

Huat Ah.......

Other contractors also need their own workers. There was a recent spike in very serious construction site accidents. I'm not too sure if there is a correlation with the higher levies, smaller quota and cooling measures.

[Arcachon]

Small contractor cannot get FW, they can only get from Big contractor.

[radha08]

aiyah they waiting for erl station announcement then launch la