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Thread: Sky Habitat - Bishan

  1. #211
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    Quote Originally Posted by teddybear
    Actually very far from Orchard lah!
    $1600-$1800 psf can buy many <10 years resale units in Newton/Novena area now! Those are the really close ones to Orchard (1-2 MRT stations distance). Bishan is like 5 MRT stations distance away?
    There is a plot of land , won by FEO consortium in Sengkang. The bidded price is very closed to 800psf which is close to this Bishan land.

    Will we see FEO sell out that project in future if not what wld be the price of launch if cost is 800psf ?

  2. #212
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    Newton Amaryllis 1259sqft 3 bedder sold for 1.63m. Nice location....
    Much better than Dleedon.. SkyHabitat....

  3. #213
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    Quote Originally Posted by cl0ver
    Newton Amaryllis 1259sqft 3 bedder sold for 1.63m. Nice location....
    Much better than Dleedon.. SkyHabitat....
    but too bad Amaryllis is 99yrs from 1997

  4. #214
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    Default From BT today

    marketing agents are beginning to roll out their campaign for Sky Habitat, developed by CapitaLand Residential Singapore and Mitsubishi Estate Asia.The project, which is located at Bishan Central, will probably be launched end-March to early-April, say agents familiar with the launch.
    Designed by Moshe Safdie, the 99-year condominium project will have 509 units across two 38-storey towers. Buyers will have a choice of apartment types, namely one-bedroom-plus-study, two-bedroom, two-bedroom- plus-study, three-bedroom and four-bedroom units. Unit sizes range from 680 sq ft to 3,000 sq ft.

  5. #215
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    Any indicative pricing?

  6. #216
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    Are they getting ERA to market just like bedok res?

  7. #217
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    Who wants to signup as a "queuer"? Much better returns

    Quote Originally Posted by propertychap
    Are they getting ERA to market just like bedok res?

  8. #218
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    Quote Originally Posted by Wild Falcon
    Who wants to signup as a "queuer"? Much better returns
    once bitten twice shy.....cm5 come right after frenzy q at BR

  9. #219
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    Quote Originally Posted by devilplate
    once bitten twice shy.....cm5 come right after frenzy q at BR
    dun worry gov will only do CM6 after CAPL sells finish this, just as the way it did for Bedok (CAPL's remaining SG exposure is very small)

  10. #220
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    Quote Originally Posted by amk
    dun worry gov will only do CM6 after CAPL sells finish this, just as the way it did for Bedok (CAPL's remaining SG exposure is very small)
    Still got a lot of D'leedon and ? Interlace to sell I thought.

  11. #221
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    Quote Originally Posted by chiaberry
    Still got a lot of D'leedon and ? Interlace to sell I thought.
    Compared with FEO or CDL , it's not even 20% of theirs. After bishan CAPL practically has no more empty residential plot. Over the last 2 yrs it's mostly MIA in SG land sale auctions. Its bottom line is no longer here.

  12. #222
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    Capland took a $2b loan for D'leedon. It has a 5-year facility with a few banks here and expires this year. If there is a major price correction in Singapore, the impairment of the assets held for sale may be significant and will erode their profits. So, it's not like they can wait forever to sell.

  13. #223
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    Can point me to the report on the loans Capland have taken against their under construction properties? Want to study their book more closely.

  14. #224
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    Extracted commentary from their Q4 2011 report:

    Commentary of the significant trends and the competitive conditions of the
    industry in which the group operates and any known factors or events that may
    affect the group in the next reporting period and the next 12 months
    CapitaLand Residential Singapore (“CRS”)
    The uncertain global economic outlook, weaker growth forecast for Singapore and the recent
    introduction of the Additional Buyers’ Stamp Duty by the Singapore government have further
    dampened sentiment in the Singapore residential market. Some potential buyers are adopting a
    “wait-and-see” approach in their purchasing decisions. However, as there is still ample liquidity
    in the market and given the favourable low interest rate environment, a significant price
    correction is unlikely even though prices are expected to come under pressure in 2012.
    Notwithstanding this, CRS’ earnings in 2012 are expected to remain healthy, benefiting from
    continued revenue recognition of The Interlace, Urban Resort Condominium and The Wharf
    Residence. The Wharf Residence is due to complete in 3Q 2012. Revenue contribution from
    Bedok Residences is only expected to commence in 2013 as the construction of the residential
    units can only commence after the completion of the structural framework of the shopping mall.
    For 2012, CRS plans to progressively release new phases at The Interlace and d’Leedon, and
    to launch the new 500-unit condominium project in Bishan Central
    .

  15. #225
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    Quote Originally Posted by kane
    Can point me to the report on the loans Capland have taken against their under construction properties? Want to study their book more closely.
    You can try their 2010 Annual Report, page 163, Bank Borrowings. Must qualify that it is just one indicator. Not assessing health of the company, but just pointing out that they too have constraints in terms of how long they take to sell their properties.

    http://investor.capitaland.com/phoen...-reportsannual
    Last edited by fclim; 09-03-12 at 09:38.

  16. #226
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    Quote Originally Posted by kane
    Can point me to the report on the loans Capland have taken against their under construction properties? Want to study their book more closely.
    Friday, July 18, 2008

    $1.99b Loan For Farrer Rd Condo



    Source : The Business Times, July 18, 2008

    It's S'pore's biggest syndicated loan for a residential project, says CapitaLand

    THE en-bloc purchase of Farrer Court site - which has made many of the sellers millionaires - has achieved many superlatives, the latest being the $1.996 billion loan raised by the CapitaLand-led consortium that is re-developing the land into a high-rise condominium.

    Making waves: Ms Patricia Chia, CEO, CapitaLand Residential S'pore, Mr Liew (centre) and Mr Ong. The Farrer Rd condo will have 1,500 homes in 36-storey blocks

    The loan involving 10 local and international banks to fund the acquisition of the Farrer Court site and its redevelopment is the largest syndicated residential project loan ever arranged in Singapore, said CapitaLand's president and CEO Liew Mun Leong yesterday. He was speaking at the loan-signing ceremony at the Four Seasons Hotel.

    This loan comprises a $1.362 billion term loan and a $500 million revolving credit facility with a tenor of five years, and $133.93 million bank guarantee facilities with a six-year tenor. A joint statement by the consortium partners said the loan will be used to partially refinance the acquisition costs and to part-finance the construction and development.

    The consortium, Morganite Pte Ltd - whose partners are CapitaLand Residential (with a 35 per cent stake), Ong Beng Seng-controlled Hotel Properties Ltd (22.5 per cent), Morgan Stanley Real Estate Special Situations Fund III LP (22.5 per cent) and US-based Wachovia Development Corporation (20 per cent) - bought the site in June last year for $1.3388 billion, making it the largest collective sale transaction in Singapore. The transaction was completed in March this year.

    The privatised HUDC estate of area 77,898 sq m (838,488 sq ft) will be re-developed into 36-storey condominium consisting of 1,500 homes.

    This is the only private residential site in the Farrer Road and Holland Road area to be accorded a high plot ratio of 2.8 and a maximum height of 36 storeys.

    'The project will cost us about $3 billion, including land price,' said Mr Liew. This $3 billion tag makes it the largest value residential project in Singapore.

    'It's during such difficult times that developers, businesses and partners can pool together and seek partnership strengths with healthy financial standing to exploit opportunities,' Mr Liew added. Despite the weakness seen in new home purchases this year, Mr Liew believes that the demand here remains strong.

    He is hence confident of attracting the right buyers for this project given its design by renowned architect Zaha Hadid and its good District 10 location, as well as support from the 'blue chip' partners.

    'The demand is still holding (up) and there are still people buying,' Mr Liew said. 'If you look at people buying Nassim Park for over $3,000...and that's exceeding pre-Asian crisis (levels).'

    Speaking on the sidelines, Hotel Properties executive director Christopher Lim concurred that current market weakness points to the issue of timing rather than a fall in demand.

    'The demand is there but people are just waiting,' Mr Lim said. 'If they believe that price is not going to drop, they will come back to the market again.'

    The 99-year leasehold project is slated to be launched in the first half of 2009 and its pricing will be determined at that time. Its breakeven pricing is in the region of $1,350 to $1,450 per square foot.

    Mr Liew added that the group is ready to hold back the launch to achieve a desirable pricing as profitability remains the key focus for all its projects. 'We are a company that can hold on,' he said. 'Our balance sheet is not under pressure.'

    The mandated lead arrangers and bookrunners of the loan are DBS Bank, UOB Asia, Standard Chartered Bank, OCBC and Royal Bank of Scotland plc.

  17. #227
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    Quote Originally Posted by fclim
    Capland took a $2b loan for D'leedon. It has a 5-year facility with a few banks here and expires this year. If there is a major price correction in Singapore, the impairment of the assets held for sale may be significant and will erode their profits. So, it's not like they can wait forever to sell.
    Not very clear below, but it seems their "immediate" maturity is only the $500 million revolving credit facility.

    Friday, July 18, 2008

    $1.99b Loan For Farrer Rd Condo

    Source : The Business Times, July 18, 2008

    It's S'pore's biggest syndicated loan for a residential project, says CapitaLand

    THE en-bloc purchase of Farrer Court site - which has made many of the sellers millionaires - has achieved many superlatives, the latest being the $1.996 billion loan raised by the CapitaLand-led consortium that is re-developing the land into a high-rise condominium.

    Making waves: Ms Patricia Chia, CEO, CapitaLand Residential S'pore, Mr Liew (centre) and Mr Ong. The Farrer Rd condo will have 1,500 homes in 36-storey blocks

    The loan involving 10 local and international banks to fund the acquisition of the Farrer Court site and its redevelopment is the largest syndicated residential project loan ever arranged in Singapore, said CapitaLand's president and CEO Liew Mun Leong yesterday. He was speaking at the loan-signing ceremony at the Four Seasons Hotel.

    This loan comprises a $1.362 billion term loan and a $500 million revolving credit facility with a tenor of five years, and $133.93 million bank guarantee facilities with a six-year tenor. A joint statement by the consortium partners said the loan will be used to partially refinance the acquisition costs and to part-finance the construction and development.

    The consortium, Morganite Pte Ltd - whose partners are CapitaLand Residential (with a 35 per cent stake), Ong Beng Seng-controlled Hotel Properties Ltd (22.5 per cent), Morgan Stanley Real Estate Special Situations Fund III LP (22.5 per cent) and US-based Wachovia Development Corporation (20 per cent) - bought the site in June last year for $1.3388 billion, making it the largest collective sale transaction in Singapore. The transaction was completed in March this year.

    The privatised HUDC estate of area 77,898 sq m (838,488 sq ft) will be re-developed into 36-storey condominium consisting of 1,500 homes.

    This is the only private residential site in the Farrer Road and Holland Road area to be accorded a high plot ratio of 2.8 and a maximum height of 36 storeys.

    'The project will cost us about $3 billion, including land price,' said Mr Liew. This $3 billion tag makes it the largest value residential project in Singapore.

    'It's during such difficult times that developers, businesses and partners can pool together and seek partnership strengths with healthy financial standing to exploit opportunities,' Mr Liew added. Despite the weakness seen in new home purchases this year, Mr Liew believes that the demand here remains strong.

    He is hence confident of attracting the right buyers for this project given its design by renowned architect Zaha Hadid and its good District 10 location, as well as support from the 'blue chip' partners.

    'The demand is still holding (up) and there are still people buying,' Mr Liew said. 'If you look at people buying Nassim Park for over $3,000...and that's exceeding pre-Asian crisis (levels).'

    Speaking on the sidelines, Hotel Properties executive director Christopher Lim concurred that current market weakness points to the issue of timing rather than a fall in demand.

    'The demand is there but people are just waiting,' Mr Lim said. 'If they believe that price is not going to drop, they will come back to the market again.'

    The 99-year leasehold project is slated to be launched in the first half of 2009 and its pricing will be determined at that time. Its breakeven pricing is in the region of $1,350 to $1,450 per square foot.

    Mr Liew added that the group is ready to hold back the launch to achieve a desirable pricing as profitability remains the key focus for all its projects. 'We are a company that can hold on,' he said. 'Our balance sheet is not under pressure.'

    The mandated lead arrangers and bookrunners of the loan are DBS Bank, UOB Asia, Standard Chartered Bank, OCBC and Royal Bank of Scotland plc.

  18. #228
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    Any idea if one bedder at bishan area with 750sqft can command $4000 rental per month?

  19. #229
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    Quote Originally Posted by Jadey
    Any idea if one bedder at bishan area with 750sqft can command $4000 rental per month?
    is there any 750sqft 1bdr in bishan?

  20. #230
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    Quote Originally Posted by Ilikeu
    Not very clear below, but it seems their "immediate" maturity is only the $500 million revolving credit facility.
    U r good in reading between the lines

    there is one part that is maturing / converting, contingent on the sales performance of the project. and that performance target has been reached. so no immediate funding issue.

  21. #231
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    Quote Originally Posted by amk
    U r good in reading between the lines

    there is one part that is maturing / converting, contingent on the sales performance of the project. and that performance target has been reached. so no immediate funding issue.
    To refinance $500m should not be an issue given their balance sheet status. The banks will be more than happy to underwrite their loans. As for the impairment test, even if they are required to write down in the book, it is non-cash item. they can still hold on to the asset (ie. houses) and wait to sell at the price they wanted.

  22. #232
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    Quote Originally Posted by Ilikeu
    To refinance $500m should not be an issue given their balance sheet status. The banks will be more than happy to underwrite their loans. As for the impairment test, even if they are required to write down in the book, it is non-cash item. they can still hold on to the asset (ie. houses) and wait to sell at the price they wanted.
    Come to think of that, I don't think project under-construction will be subject to an impairment test unless the percieved market value is less than their cost in the book.

    Although they are asking for sky-high selling prices, the determination for impairment test will not be based on their selling price but rather on their asset cost. correct me if i am wrong.

  23. #233
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    Quote Originally Posted by devilplate
    once bitten twice shy.....cm5 come right after frenzy q at BR
    Need to do it with tact la... there's something called virtual
    Yee ha! Did I tickle your funny bone?


  24. #234
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    Quote Originally Posted by ecimbew
    Need to do it with tact la... there's something called virtual
    Virtual and not physically visible might not be able create the herd effect.

  25. #235
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    Quote Originally Posted by devilplate
    is there any 750sqft 1bdr in bishan?

    Not sure. If this project is selling at 1600psf can a 1bedder unit command $4000 per month, when for the same amount you can rent one in Marina bay.

  26. #236
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    Quote Originally Posted by Jadey
    Not sure. If this project is selling at 1600psf can a 1bedder unit command $4000 per month, when for the same amount you can rent one in Marina bay.
    I dun understand ur sentence.

    What does renting 4000 in marina bay has anything to do with 1600psf 1 bedder in bishan ????

    For ur info 4000 can rent a 3bd in bishan 8. I dun think any one expects to rent out a 1 bd for 4000 in bishan.

  27. #237
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    Quote Originally Posted by amk
    I dun understand ur sentence.

    What does renting 4000 in marina bay has anything to do with 1600psf 1 bedder in bishan ????

    For ur info 4000 can rent a 3bd in bishan 8. I dun think any one expects to rent out a 1 bd for 4000 in bishan.
    I am just assuming if a 1 bedder with 750sqft goes for 1600psf, it will have to command a rental income of around $4000 to make it worth. but with $4000 for a 1 bedder, tenant will have many choices in prime district.

  28. #238
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    Rental yield will be low for sure going forward with new developments.

  29. #239
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    Quote Originally Posted by DC33_2008
    Rental yield will be low for sure going forward with new developments.
    Rental low, 99lh and low potential for capital gain. (unless you expecting bishan to hit 1800psf in a few years ) Then what's the point?

  30. #240
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    Quote Originally Posted by Ilikeu
    Extracted commentary from their Q4 2011 report: Revenue contribution from Bedok Residences is only expected to commence in 2013 as the construction of the residential units can only commence after the completion of the structural framework of the shopping mall.......
    how does this affect progressive payment?
    after structural framework of mall done, then pay additional 10% for foundation work (more time to prepare cash)
    or once foundation for mall done, pay additional 10% for foundation work (less time).

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