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Ringo33
07-08-13, 07:58
[SINGAPORE] Kwek Leng Beng, executive chairman of City Developments, says that unless the global and domestic economies rebound strongly and curbs on foreign buyers for private residential property sales are reviewed, the group expects some oversupply in the Singapore residential sector from next year onwards.

"The group would rather err on the side of caution in its land replenishment strategy," CDL said.

Generally, private home prices could drop like 5 per cent from now till next year assuming all the cooling measures remain intact, he said during the group's second quarter results briefing.

"I don't believe for a moment the market will collapse, but I believe it can go down. I believe the government is astute enough that by 2015 or thereabouts, it may possibly remove some of the (cooling) measures - because 90.2 per cent of Singaporeans own property and it is not their intention to crash the market."

Rather, the authorities' goal is "not to allow prices to keep on going up and up all the time. I think that's good".

Mr Kwek also said that the group expects "stronger headwinds" in the second half of this year with the latest round of cooling measures, referring to the implementation of the Total Debt Servicing Ratio (TDSR) framework effective June 29.

He reckons that interest rates in the region will not go up soon as that will be at the expense of economic recovery. That said, he acknowledged that "transaction volume for private residential sales is beginning to be more measured and prices in general are expected to be moderated for the mass-market segment, due to the tightening of bank borrowings".

Buyer psychology far outweighs supply and demand fundamentals, he stressed. "My observation is that as property prices move upwards, more people want to buy in. Conversely, as prices start declining, people become fearful and cautious in buying property. This 'herd instinct' may distort market perception and all industry stakeholders should consider this paramount factor in their decision making."

In its results statement, CDL noted that investment sentiment, particularly among foreign buyers in Singapore's high-end residential segment, has not recovered due to the punitive additional buyer's stamp duty which the authorities have said is a temporary cooling measure.

"So the sophisticated (foreign) investors have patience to wait and in the meantime, have gone to London, New York, Paris," said Mr Kwek. Compared to some of the prices being achieved in overseas markets, prices here are "peanuts", added Mr Kwek.

In the mass market, buying interest has remained healthy due to abundant liquidity in the market and low interest rates, though the latest TDSR framework has made borrowing more difficult, the group said.
Commenting on the recent high bids for EC sites, the group said this reflects the limited land bank that developers have and the high liquidity in the market. "The EC segment is the least affected by the cooling measures as it is specially catered to a select group of eligible genuine home buyers with pent-up demand," said the group.

During the briefing, Mr Kwek, 72, also addressed succession planning at the group.

"We have many of the family members who are experts in real estate. Because you all have rated me as high profile, they are all being suppressed unreasonably," he said, drawing laughter from the audience. "So don't worry about succession planning. If I am not around, somebody always will be around. Just like a gun slinger. Today, I am the best. Tomorrow... a younger person is a better shooter than me. There are plenty of people around."

radha08
07-08-13, 08:04
this time its FOR REAL hold tight:scared-3: :spliff2:

chestnut
07-08-13, 08:24
Sun Tze art of war

http://www.stproperty.sg/articles-property/singapore-property-news/developers-landbanks-depleted-by-robust-sales/a/112443

Who has the biggest land bank???

value
07-08-13, 09:02
Resale market is really quiet. Buyers and sellers are waiting to see who blink first.

Ringo33
07-08-13, 09:08
Kwek have reason to be upset because he can't launch his south beach in today's climate.

phantom_opera
07-08-13, 10:28
Kwek is a fox, read what he does, not what he says

DC33_2008
07-08-13, 10:47
That is why he is what he is today. :D
Kwek is a fox, read what he does, not what he says

princess_morbucks
07-08-13, 12:57
http://www.propertyguru.com.sg/property-management-news/2013/8/36390/singapore-property-faces-strong-headwinds-cdl

Property firm City Developments Limited (CDL) expects both sales and prices of Singapore homes to slow down in the remaining half of the year.

“With the latest round of property cooling measures which has been the most effective to date, the group expects stronger headwinds in the second half of the year. Transaction volume for private residential sales is beginning to be more measured and prices in general are expected to be moderated for the mass market segment, due to the tightening of bank borrowings,” said CDL’s Executive Chairman Kwek Leng Beng.

Meanwhile, the developer reported strong numbers, achieving a 48 percent profit increase to S$203.8 million for Q2 2013, while first-half profit was up 16 percent to S$341.5 million. Growth was mainly supported by the group’s rental properties, followed by property development.

Residential developments launched by CDL saw brisk sales totalling 2,114 units or around S$2.25 billion during the first half. The 912-unit D’Nest is already 91 percent sold and the 868-unit Bartley Ridge (75 percent), while the 616-unit Jewel @ Buangkok has sold 86 percent of its 350 units launched.

At the same time, e-applications for the 380-unit Lush Acres EC was oversubscribed by over three times.

newbie11
07-08-13, 14:15
He is saying pls don't bid, let Me clear land bank first

chestnut
07-08-13, 14:26
He is saying pls don't bid, let Me clear land bank first

More than that bro

zzz1
07-08-13, 15:55
Kwek is a fox, read what he does, not what he says


Is to watch what he plan to do....;)

also watch out his next line of sucessors, all line up in his empires already.

wt_know
07-08-13, 16:11
precisely, those who want to buy always talk down the market


Kwek is a fox, read what he does, not what he says

blackjack21trader
07-08-13, 16:17
Totally agree with Mr. Kwek. What he said is very true, do not try to assume otherwise. He is an honest man with a big heart. I love him.

blackjack21trader
07-08-13, 16:21
Totally agree with Mr. Kwek. What he said is very true, do not try to assume otherwise. He is an honest man with a big heart. I love him.

paiseh, i meant to say I respect him a lot, typed too fast liao.

phantom_opera
07-08-13, 16:36
Totally agree with Mr. Kwek. What he said is very true, do not try to assume otherwise. He is an honest man with a big heart. I love him.

bro blackjack .. u sold your Robertson liao ah??

blackjack21trader
07-08-13, 16:41
bro blackjack .. u sold your Robertson liao ah??

Yes brother ;)

blackjack21trader
07-08-13, 16:47
bro blackjack .. u sold your Robertson liao ah??

bo bian, need the fund to go Marina One. BTW, how you know har ? Are you someone I know in person ?

blackjack21trader
07-08-13, 16:51
bo bian, need the fund to go Marina One. BTW, how you know har ? Are you someone I know in person ?

good, continue to ignore me . ask a question and then disappear. you guys are all like that :(

blackjack21trader
07-08-13, 16:52
good, continue to ignore me . ask a question and then disappear. you guys are all like that :(

or you guys will let me rant like a mad man all alone in this forum. good la, good la :(

chestnut
07-08-13, 16:53
bo bian, need the fund to go Marina One. BTW, how you know har ? Are you someone I know in person ?

Why u don't wait another 5 years and above... Recession surely will come one...
1972, 1985, 1997, 2008, 20xx

Hahahahaha

Brudder, don't choke hor... I already send u esp on xx liao. If u receive it take heed. If not, please adjust your antenna. Hahahaha

blackjack21trader
07-08-13, 16:54
Not only Robertson, I unloaded Vida and Aspen. They made me an offer I could not refuse.

WOAHAHAAHHHEHEHEHHEH

blackjack21trader
07-08-13, 16:56
Not only Robertson, I unloaded Vida and Aspen. They made me an offer I could not refuse.

WOAHAHAAHHHEHEHEHHEH


Wait till the caveats are out. YOUR EYES WILL ALL OPEN BIG BIG.


WOAHAHAHHEHEHEHEHEHEHHEHEH

blackjack21trader
07-08-13, 16:58
Wait till the caveats are out. YOUR EYES WILL ALL OPEN BIG BIG.


WOAHAHAHHEHEHEHEHEHEHHEHEH

This time will use all my power to hoot maybe Hamilton Scotts or Marina One Residences.

But Hamilton someone faster than me liao, just offered $5000psf. Darn I was very very very close hor :simmering:

blackjack21trader
07-08-13, 16:59
This time will use all my power to hoot maybe Hamilton Scotts or Marina One Residences.

But Hamilton someone faster than me liao, just offered $5000psf. Darn I was very very very close hor :simmering:

BLAME MY IDIOT AGENTS ALL LIKE OLD WOMEN LIKE THAT. MOVE SO SLOWLY !:simmering:

blackjack21trader
07-08-13, 17:02
BLAME MY IDIOT AGENTS ALL LIKE OLD WOMEN LIKE THAT. MOVE SO SLOWLY !:simmering:

I ASK ONE IDIOT IN 2012 to sell for me one of my CCR units. This year then she unloaded. While other units already unloaded last year liao !

DARN ! I missed Hamilton by only only only like a few days like that !:simmering: :simmering: :simmering: :simmering:

blackjack21trader
07-08-13, 17:03
I go take dinner liao la... DUN SAY ALREADY LA. THE MORE I WRITE THE ANGRIER I GETS !! ALL GUNIANGS!:simmering: :simmering: :simmering: :simmering: :simmering:

blackjack21trader
07-08-13, 17:14
BTW, after I parked SWEE SWEE I will reveal to you guys where is the next property segment to go. Dun worry, I am not the selfish kind.

Rysk
07-08-13, 17:51
Kwek is a fox, read what he does, not what he says

Ya.. If you can't read his mind.. just ignore what he says.. that's all

supermax
07-08-13, 20:44
Not only Robertson, I unloaded Vida and Aspen. They made me an offer I could not refuse.

WOAHAHAAHHHEHEHEHHEHbro,dont mind sharing what is the psf you sold for your Aspen unit?

supermax
07-08-13, 20:49
Not only Robertson, I unloaded Vida and Aspen. They made me an offer I could not refuse.

WOAHAHAAHHHEHEHEHHEHbro,dont mind sharing what is the psf you sold for your Aspen unit?