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Thread: Developers put home launches on fast track

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    Default Real estate developers to bring forward property launches

    http://www.straitstimes.com/Breaking...ry_494976.html

    Feb 25, 2010

    Property launches sooner

    By Joyce Teo


    PROPERTY developers will bring forward property launches to satisfy demand in the sizzling residential market.

    'Hopefully when demand is satisfied, there will be less pressure for future anti-speculative measures,' said the president of Real Estate Developers' Association of Singapore (Redas) , Mr Simon Cheong on Thursday.

    This in the interest of a stable property market, he said.

    Last week, the Government introduced a stamp duty which sellers have to pay if they were to sell their residential properties within a year of purchase. It also lowered the loan-to-value limit for bank loans to 80 per cent, from 90 per cent.

    The Government said the measures were meant to temper exuberance in the property market and pre-empt a bubble from forming.

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    http://www.channelnewsasia.com/stori...039870/1/.html

    Real estate developers to bring forward property launches

    By S Ramesh, Channel NewsAsia | Posted: 25 February 2010 1714 hrs


    SINGAPORE : Singaporeans can look forward to more property launches. The Real Estate Developers' Association of Singapore (REDAS) on Thursday announced that its members will be bringing forward property launches.

    REDAS added that its efforts are only limited by the land available and hence the long-term solution to a stable market is still adequate supply.

    The association celebrated the Lunar New Year, riding on an upbeat mood.

    Joining in its Spring Festival was Finance Minister Tharman Shanmugaratnam, and the association shared with him its views on his recent Budget Statement.

    Simon Cheong, president, Real Estate Developers' Association of Singapore, said: "REDAS was hoping for more cash in our ang pows (red packets) from you, Minister. But when we opened the ang pow, we were disappointed there was not much inside for developers.

    "Nonetheless, we are happy with your long-term productivity ang pow, as what is good for Singapore's economy in the long run must also be good for the Singapore property market. It is what REDAS calls a deferred payment ang pow."

    REDAS said that its members are surprised with the speed with which Singapore's property market has recovered. But they added that they are prepared to live with the current problems rather than the problems faced by the property market last year.

    However, in the interest of a stable property market, REDAS said its members are committed to a fast-track supply to satisfy demand. This would also minimise excessive speculation in the property market.

    Mr Cheong said: "Given the unexpected return of an active property market, developers over the next few months would also be actively bidding for more land to position for the future supply.

    "As such, REDAS, unlike the situation in the preceding 12 months, is now looking forward to more sites in the confirmed list for developers to replenish their land bank."

    Just last week, the government introduced two more measures to cool the property market and pre-empt a bubble from forming in the private homes sector. - CNA/ms

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    yeah, especially after estuary's turnout. time for them to also crank start the subsequent phase releases in their ongoing projects.

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    Sometimes, you need to read between the fine lines...

    Seems like in a hurry to offload to me...

    It's a gamble and things can turn either way... just which side you are on...

    Good Luck...

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    Default Developers put home launches on fast track

    http://www.straitstimes.com/Money/St...ry_495186.html

    Feb 26, 2010

    Developers 'limited by land bank'

    They say it is holding them back from launching projects to ride buoyant market

    By Joyce Teo


    PROPERTY developers say they are eager to bring forward project launches to ride the buoyant market but are being held back by their limited land bank.

    They were caught by surprise at the rapid market recovery, they say.

    'Many of us are now caught with a depleting land bank,' the Real Estate Developers' Association of Singapore (Redas) president Simon Cheong said.

    'We believe the long-term solution to a sustainable and stable market is still adequate supply,' he added.

    Credo Real Estate's deputy managing director Tan Hong Boon summed up the mood: 'You never know what will happen. While the going is still good, developers will want to launch quickly. This is particularly so for mass market projects.

    The Government recently stepped up the supply of development sites after a lull, and believes supply is adequate.

    Yesterday, a 3.02ha site at Hougang Avenue 2 was offered to developers. If interest is adequate, a tender will proceed.

    Another reserve list site will be offered by May, on top of confirmed list sites, which are tendered without precondition.

    The comments by Mr Cheong and Mr Tan at the Redas Chinese New Year lunch at Capella Singapore yesterday came a week after market cooling measures.

    The Government imposed a duty sellers must pay if they sell within a year of purchase. It also capped bank loans at 80 per cent of a sale price, from 90 per cent.

    Mr Cheong said developers want land supply fast-tracked to satisfy buyer demand to minimise speculation to ease the pressure for more anti-speculative steps.

    'Given the unexpected return of an active property market, developers over the next few months would also be actively bidding for more land,' he said.

    Redas members look forward to more confirmed list sites to replenish land banks, he said. They are looking to Government land, given limited sources of private land. A developer who declined to be named said private land owners were asking for the sky 'so we can't buy'.

    Mr Cheong said developers would rather have this problem than the bleak effects of last year's meltdown in the banking system. 'Managing upside is always easier than managing downside.'

    The anti-speculative steps were a timely reminder, said Frasers Centrepoint chief executive Lim Ee Seng at the lunch. 'Exceptional jumps in prices are not good for us.' Still, he said: 'No matter how high it gets, it will still obey the law of gravity.'

    An anonymous developer said the measures had hurt sentiment a little. 'If there are 100 buyers, maybe 10 will change their minds. I expect volume to moderate a bit.'

    Still, so far the measures appear to have had little or no impact on recent sales. 'The market is still hot,' said an industry observer. The 608-unit The Estuary in Yishun, whose preview opened on Wednesday, has sold over 200 units.

    The average price for the 99-year leasehold condo is $750 per sq ft, with units facing the Lower Seletar reservoir costing around $800 psf on average.

    Separately, City Developments boss Kwek Leng Beng said at a results briefing for CDL yesterday that sentiment would remain strong among genuine buyers, despite the government measures.

    Mr Cheong addressed guest of honour Finance Minister Tharman Shanmugaratnam, saying developers were disappointed at being left out of the Budget.

    But they were happy at the productivity push given the long-term gains. Redas called this 'a deferred payment hongbao'.

    Looming launches include the 151-unit Seascape in Sentosa Cove and Cheung Kong Holdings' 295-unit The Vision. Far East Organization and Frasers Centrepoint plan to release Waterfront Gold in Bedok Reservoir soon. Allgreen may launch RV Residences in River Valley and unsold units at Cascadia in Bukit Timah.

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    http://www.businesstimes.com.sg/sub/...74300,00.html?

    Published February 26, 2010

    Developers put home launches on fast track

    Redas looks forward to more sites in confirmed list to replenish land banks

    By UMA SHANKARI AND EMILYN YAP


    (SINGAPORE) DEVELOPERS will be bringing forward their property launches over the next few months to satisfy strong demand from homebuyers, said Real Estate Developers' Association of Singapore (Redas) president Simon Cheong yesterday.

    But Mr Cheong, who was speaking at Redas' spring festival lunch, warned that many developers are now facing depleting land banks following brisk home sales in recent months. Developers, he said, were surprised at the speed of the recovery in the property market.

    Property groups including Allgreen Properties, CapitaLand, City Developments, Frasers Centrepoint, MCL Land and UOL Group are all looking to launch projects over the next few months.

    'Redas' members are committed to fast track supply to satisfy demand to minimise excessive speculation in the property market,' said Mr Cheong. 'Hopefully when demand is satisfied, there will be less pressure for future anti-speculative measures.'

    Property groups here appear to have shrugged off the measures introduced by the government last Friday to cool the market.

    The government said that a seller's stamp duty will be levied on those who buy a residential property and sell it within a year. Currently, stamp duty is levied only for the purchase of a property and not its sale. Also, the loan-to-value limit on housing loans will be lowered from 90 per cent to 80 per cent.

    Developers said that while volumes might contract in the short term, demand for private homes is expected to hold up well this year. Sales of new private homes by developers rose to 1,476 units in January - three times as high as the previous month and the highest level since August last year.

    'Sentiment will initially see a knee-jerk reaction and be affected, but over time, people will realise ... that the interest rate environment is still very low,' said City Developments executive chairman Kwek Leng Beng at the group's results briefing earlier in the day. 'If you don't buy today, by the time you want to buy, the prices could have gone up a lot more.'

    City Developments group will roll out five projects with around 1,600 units this year - The Residences at W Singapore Sentosa Cove and one residential project each at Chestnut Avenue, Thomson Road, Pasir Ris and in the Dunearn Road area.

    Other market players shared similar sentiments. Frasers Centrepoint CEO Lim Ee Seng believes that the most recent anti-speculation rules are unlikely to disturb the property market much.

    Frasers Centrepoint will officially launch its 81-unit Residences Botanique along Sirat Road tomorrow. It also has two launches planned for Q2 - a 393-unit project on the former Flamingo Valley Site along Siglap Road and phase three of its Waterfront Collection along Bedok Reservoir.

    The buzz in private home sales continued this week - even after the newest anti-speculation measures were announced.

    At MCL Land's preview of its Yishun condo The Estuary yesterday, most of the 200 units launched were snapped up at an average price of $750 per square foot. MCL Land will roll out another 120-150 units in the project over the coming weekend - with selective price increases - said chief executive Koh Teck Chuan.

    'So far, the impact (of the government measures) is not noticeable,' said Mr Koh. But units and projects that are more popular with investors could see a drop-off in demand, he added. MCL Land will also preview its 65-unit D'Mira at Boon Teck Road in mid-March.

    UOL Group also intends to launch two projects in April or May - a 616-unit development at Dakota Crescent and a 172-unit project on the former Rainbow Gardens site at Toh Tuck Road.

    But depleting land banks were a concern, Mr Cheong said. Redas 'is now looking forward to more sites in the confirmed list for developers to replenish their land banks', he said.

    'We believe the long-term solution to a sustainable and stable market is still adequate supply,' Mr Cheong noted.

    One developer told BT that it is important for his counterparts and himself to have enough in their land banks. But 'at the same time, we don't want the government to flood the market and over-supply,' he said.

    He added: 'The best thing for the government to do - which is something very difficult and I don't envy them - is to try to sell just enough so that the market will not catch fire, and not sell too much so that the market will go under.'

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    Quote Originally Posted by Condorich
    Seems like in a hurry to offload to me...

    Either taking advantage of good current market conditions..... or doing so because they foresee big problems in the not too distant future?

    Personally, I believe that with Europe and America only now entering the worst of it, the impact of higher credit cost and less of it being available will inevitably even hit our Chinese and Indian friends where the bulk of all this free spending is coming from.

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    So if developers are holding back their launches then it's because the market is no good.

    But if developers are bringing forward their launches then it's because they foresee big problems in the not too distant future.

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    Quote Originally Posted by jlrx
    So if developers are holding back their launches then it's because the market is no good.

    But if developers are bringing forward their launches then it's because they foresee big problems in the not too distant future.
    I don't think anyone can forsee big problems ahead. It is more like there is no certainly in the future. As property owners said, the property cycle used to be 10 years, few years ago it is about 6 years and then 2 years. Looking ahead it can be anything.....

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    1) Developers hold back selling - People perceived as BAD.
    2) Developers start to sell more - People perceived as BAD.
    Then when is a good time to buy for these people? (NONE? - they can just sleep with their cash as pillow all their live and rent a house without buying one for themselves).

    Quote Originally Posted by jlrx
    So if developers are holding back their launches then it's because the market is no good.

    But if developers are bringing forward their launches then it's because they foresee big problems in the not too distant future.

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