economic woes across the causeway deal watchs3-ap-southeast-1.amazonaws.com/... · potong pasir mrt...

| BY FEILY SOFIAN & ESTHER HOON |

At least 25,000 units of pri-vate resi dential and exec-utive condo miniums will be looking for buyers over the next two years, on top

of the existing launched but unsold stock in the market. Among them, several projects might pique pro-spective buyers looking for defen-sive assets.

We lined up upcoming projects located in the city fringe or near regional centres and close to an MRT station, which could hit the market

in 4Q2015 and 2016. Notably, there are just a handful of them, amid the sea of projects expect ed to come onstream over the next two years. Prices are also likely to hold firm, based on the highest bids received for the land parcels.

Potong Pasir MRT stationMCC Land is expected to hold the preview for The Poiz Residences in mid-November. It is one of most an-ticipated projects, given its mixed-use development status and location right above the Potong Pasir MRT station on the city fringe. The project will offer 731 residential units and 84

retail units, named The Poiz Centre.Tenders for the site attracted no less

than 15 bids. MCC Land’s winning bid of $775 psf per plot ratio (ppr) could potentially translate into a competi-tive selling price for the project, which includes a retail component.

In June this year, a site for pure resi-dential use near Braddell MRT station was sold to Evia Real Estate and its consortium for $755 psf ppr. Recently, a residential site on Lorong Lew Lian, some 400m from the Serangoon MRT station, drew a top bid of $710 psf ppr.

Based on all their new sale caveats, nearby projects such as Sant Ritz, Sen-nett Residence and The Venue Resi-

dences were transacted at an average price of $1,449 psf. Smaller units of between 500 and 700 sq ft changed hands at an average price of $1,539 psf, while those between 700 and 900 sq ft went for $1,458 psf on average.

On the rental front, nearby Nin Res-idence, which was completed in 2014, commanded an average monthly rent of $3.39 psf in 3Q2015. The project clocked 18 rental transactions during the period. Based on $3.39 psf rent and an expected selling price of $1,400 to $1,500 psf, the rental yield for new projects near Potong Pasir MRT sta-tion would range from 2.7% to 2.9%. While projects that are far from MRT

stations may command higher rental yields owing to their smaller price tag, they are likely to take a longer time to rent out, while a higher yield is syno-nymous with higher risks.

Kovan MRT stationAsset Legend Ltd was awarded the site on Upper Serangoon Road in November 2014, beating 10 other developers. Located less than 300m from the Kovan MRT station, the site is zoned for residential use, with commercial units on the first storey. It will also offer 390 apartment units and five terrace houses. Given the

Economic woesHow property loans can help SMEs PG2

Across the CausewayWhy experts are betting on Iskandar’s commercial and industrial sectors PG4

Deal WatchRefl ections at Keppel Bay unit selling at $1,508 psf PG7

Just a handful Upcoming launches are in prized locations

Visit TheEdgeProperty.com to find properties, research market trends and read the latest news

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M A K E B E T T E R D E C I S I O N SMCI (P) 046/03/2015 PPS 1519/09/2012 (022805)

THE WEEK OF NOVEMBER 16, 2015 703

CONTINUES ON PAGE EP3

tender award date, the project could potentially be launched in the first half of 2016.

Prices are also likely to be in the region of $1,400 to $1,500 psf. The average price for units at nearby pro-jects — The Tembusu and Trilive — was $1,542 psf. Smaller units ranging from 500 to 700 sq ft were transacted at $1,569 psf on average, while big-ger units of between 900 and 1,100 sq ft changed hands at $1,513 psf. However, both developments are freehold, which tend to command a premium of $50 to $100 psf over 99-year leasehold comparable projects.

Asset Legend paid $849 psf ppr for the site, which was the first to be affected by the new construction requirements, including a certain level of prefabricated components.

Lakeside MRT stationA stone’s throw from the Lakeside MRT station, Parcel B at Jurong West Street 41 was contested by nine bid-ders. MCL Land was awarded the site in March this year with its top bid of $630 psf ppr. Based on the tender award date, MCL Land might launch the project in 1H2016.

The breakeven price for the site is likely to be in the region of $1,050 to $1,100 psf, which potentially trans-

lates into a selling price of $1,200 to $1,300 psf. The site can yield an es-timated 575 units, according to the URA, although MCL Land is reported-ly planning to build close to 600 units,

with one- and two- bedroom units ac-counting for about 60% of the project.

The makeover of the Jurong Lake Garden which fronts the project will add to its appeal. Construction of the

west side of the garden is scheduled to start next year and complete in 2018. Ideas gathered during public consultation include cycling tracks and F&B outlets.

Braddell MRT stationThe site at the junction of Lorong 6 and Lorong 4 Toa Payoh is about 500m from the Braddell MRT sta-tion. A consortium comprising Evia Real Estate, Greatearth and Gamuda Bhd was awarded the site in June this year, and this potentially leads to a launch date in the second half of 2016.

The consortium beat 13 other bidders for the site with its top bid of $755 psf ppr. The breakeven price for the project is expected to hover around $1,200 psf, which potentially trans-lates into a selling price of between $1,400 and $1,500 psf. The project is expected to benefit from the dearth of new launches in the vicinity.

Queenstown MRT stationAnother site on Dundee Road, next to the Queenstown MRT station, was awarded in June this year to HY Realty, whose shareholders own Hao Yuan Investment. HY Realty is reportedly planning to build a 700-unit condo and launch the project in the first half of 2016.

The site drew a total of nine bids, with a top bid of $871 psf ppr. The breakeven price of the project is esti-mated to be $1,300 psf, which trans-lates into a potential selling price of between $1,500 and $1,600 psf.

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THEEDGE SINGAPORE | NOVEMBER 16, 2015 • EP3

THEEDGE P R O P E R T Y COVER STORY

have bought their own residential properties, could be sitting on tied-up equity in their properties. Re sidential home loan rates are around 2%. They could free up this capital and invest prudently in their own business. With this reduced cost of funding, the busi-ness owners could immediately save about 10% off borrowing costs.

Case study: SME owned by two directors and three shareholdersWhy would I borrow on my residential home for a company which I am only one of the many directors?

Example: Two directors owned 35% of the business each, with three shareholders each holding 10%.

Funds needed: $500,000 (for business expansion)

We advised the firm to structure a director’s resolution to approve the company to re-quest a director’s loan to the company at 5% interest rate. The two major shareholders cum directors hold 70% of the shares, and are allot-ted $350,000. Shareholders or directors who do not wish to lend to the company at the ap-proved 5% interest rate may give up their allot-ment. Unused allotment may be used by other directors/shareholders equally.

These two major shareholders recently took out loan to refinance their residential property with cash out (equity term loan) of $400,000 at 1.8%. They then lent their com pany $400,000 at 5% interest, making a decent return on their loan to their own company. Another two share-holder took up their allotment and lent the com-pany $100,000 at 5%. In this way, the compa-ny has access to cheaper capital, boosting its survival and yet creating a fair debt structure for all directors and/or shareholders. It is simi-lar to some kind of preferential bonds that only directors and shareholders can participate in.

SummarySMEs can get their personal income structure right with the optimal balance of tax efficiency as

Singapore government securities benchmark yield

Singapore corporate bonds and business term-loan rates

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well as sufficient income for borrowing capacity. Business niches are increasingly hard to find;

most businesses do not find a “blue ocean” strategy to execute. In the interim, they are confined by the Red Ocean and are squeezed at the top-line pricing (margins squeezed) and bottom line (rising fixed costs). The major cost factors are labour and rental. SMEs that are thinking to expand are faced with cost of funds, labour and rental costs.

SME directors should leverage on their

cheaper secured mortgages to free up equity from their housing loan to lower their business borrowing costs by structuring a director’s loan to the company.

For innovative and growing companies, investors with at least $300,000 of spare cash could get in on the game (to bridge the gap behind by banks) to lend to growing compa-nies that can afford to pay 14 to 18% per an-num in interest costs. Default rates are carefully managed using some of the same tools used by

the banks and credit processes to assess risks. Even if default rates are double that of large

companies that is still less than 4%. We could structure some convertible loans where in-vestors can partake in the upside should the company get bought over, while drawing a net return of 10% to 14% per annum.

Paul Ho is founder and chief mortgage con-sultant of iCompareLoan.com. He can be contacted at [email protected].

Makeover of Jurong Lake Garden will add to MCL Land project’s appealFROM PAGE EP1

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TREASURY BILLS BONDS 1-YEAR 2-YEAR 3-YEAR 4-YEAR 5-YEAR 6-YEAR 7-YEAR 8-YEAR 10-YEAR 15-YEAR 20-YEAR 30-YEARIssue code BY15101S N215100F Nil Nil N515100S Nil Nil Nil NX15100Z NZ10100F NZ13100V NA12100NCoupon rate 1.38% Nil Nil 2.00% Nil Nil Nil 2.38% 2.88% 3.38% 2.75%Maturity dateSGS bonds Nov 1, 2016 Oct 1, 2017 Nil Nil July 1, 2020 Nil Nil Nil June 1, 2025 Sept 1, 2030 Sept 1, 2033 April 1, 2042 Yield Yield Yield Yield Yield Yield Yield Yield Yield Yield Yield YieldOct 30, 2015 1.29 1.25 Nil Nil 1.86 Nil Nil Nil 2.46 2.74 2.77 2.80Nov 2, 2015 1.29 1.27 Nil Nil 1.91 Nil Nil Nil 2.53 2.82 2.84 2.87Nov 3, 2015 1.27 1.22 Nil Nil 1.92 Nil Nil Nil 2.53 2.83 2.85 2.89Nov 4, 2015 1.27 1.21 Nil Nil 1.93 Nil Nil Nil 2.54 2.81 2.85 2.90Nov 5, 2015 1.27 1.24 Nil Nil 1.99 Nil Nil Nil 2.60 2.87 2.91 2.97Nov 6, 2015 1.25 1.25 Nil Nil 2.01 Nil Nil Nil 2.62 2.89 2.93 2.98

TREASURY BILLS BONDS 1-YEAR 2-YEAR 3-YEAR 4-YEAR 5-YEAR 6-YEAR 7-YEAR 8-YEAR 10-YEAR 15-YEAR 20-YEAR 2-YEAR 4-YEAR 6-YEAR 8-YEAR 15-YEAR 30-YEAR

BY15101S N215100F Nil Nil N515100S Nil Nil Nil NX15100Z NZ10100F NZ13100V Issue code N215100F Nil Nil Nil NZ10100F NA12100N 1.38% Nil Nil 2.00% Nil Nil Nil 2.38% 2.88% 3.38% Coupon rate 1.38% Nil Nil Nil 2.88% 2.75%

Maturity dateNov 1, 2016 Oct 1, 2017 Nil Nil July 1, 2020 Nil Nil Nil June 1, 2025 Sept 1, 2030 Sept 1, 2033 SGS bonds Oct 1, 2017 Nil Nil Nil Sept 1, 2030 April 1, 2042

Yield Yield Yield Yield Yield Yield Yield Yield Yield Yield Yield Yield Yield Yield Yield Yield Yield

* Coupon used instead of yield ** Rates are indicative

CORPORATE BONDS & LOANS 1-YEAR 2-YEAR 3-YEAR 4-YEAR 5-YEAR 6-YEAR 7-YEAR 8-YEAR 10-YEAR 15-YEAR 20-YEAR 30-YEARSingapore Telecommunications* Nil Nil Nil Nil 2.58 2.72 Nil Nil Nil Nil Nil NilMapleTree* Nil Nil Nil Nil Nil Nil Nil 3.25 Nil Nil Nil NilFCL Treasury* Nil Nil Nil Nil Nil Nil Nil Nil Nil Nil Nil 5.0GIL IHT* Nil 3.6 Nil Nil 4.2 Nil Nil Nil Nil Nil Nil NilPerennial Treasury* Nil Nil 4.25 Nil Nil Nil Nil Nil Nil Nil Nil NilAspial coupon 5.25%* Nil Nil Nil Nil 5.25 Nil Nil Nil Nil Nil Nil NilUOB coupon 5.272%* Nil Nil Nil 5.375 Nil Nil Nil Nil Nil Nil Nil NilSpring Micro loan min 5.5%,up to 8% (cap at 100k) 5.5 to 8 5.5 to 8 5.5 to 8 5.5 to 8 Nil Nil Nil Nil Nil Nil Nil NilBusiness term loan,cap at 300k to 350k)** 8 to 20 8 to 20 8 to 20 8 to 20 8 to 20 8 to 20 8 to 20 8 to 20 8 to 20 8 to 20 8 to 20 8 to 20

1-YEAR 2-YEAR 3-YEAR 4-YEAR 5-YEAR 6-YEAR 7-YEAR 8-YEAR 10-YEAR 15-YEAR 20-YEAR CORPORATE BONDS & LOANS 2-YEAR 4-YEAR 6-YEAR 8-YEAR 15-YEAR 30-YEAR

Location of projects in the city fringe or near regional centres that could hit the market in 4Q2015 and 2016

Lorong Lew Lian

Est no of housing units: 465Land price ($ psf ppr): 710Est price range ($ psf): 1,300 to 1,400

Jurong West Street 41 Parcel B


Dundee Road


Lorong 6 / Lorong 4 Toa Payoh


The Poiz Residences


Upper Serangoon Road


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*The estimated no of housing units was based on the Government Land Sales Programme or submission to URA SOURCE: HDB, URA, The Edge Property

EP4 • THEEDGE SINGAPORE | NOVEMBER 16, 2015

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THEEDGE P R O P E R T Y ADVERTORIAL

There has been a lot of talk about a residential bubble in Iskandar, but it may be surprising to learn that virtually no offi ce space has been built in Iskandar in the last 10 years,” said Christopher Boyd, executive chairman of

Savills Malaysia. Boyd was speaking on Nov 7 to investors, business owners and

readers of The Edge at a trade conference titled “Gain a winning edge in today’s business world”, jointly organised by EcoWorld and The Edge Singapore. He was joined by other speakers who shared their insights on investment opportunities in commercial, retail and industrial properties in Iskandar Malaysia.

“With a staggering RM27 billion ($8.8 billion) approved for investment this year alone, Iskandar’s growth is gathering pace,” Boyd said.

Iskandar Malaysia comprises an area of 2,217 sq km in the state of Johor. It is about three times the size of Singapore, with a population of 1.88 million. The total value of committed investments as at September was RM185.34, with the target being RM383 billion by 2025. Five fl agship zones — JB City Centre, Nusajaya, Tanjung Pelepas, Pasir Gudang/Tanjung Langsat and Senai-Skudai have been designated for the

promotion of specifi c economic activities. Eco World Development Group Bhd, a public-listed Malaysian

property developer, is currently marketing its latest projects — Eco Galleria and Eco Business Park — in Iskandar .

Eco Galleria is an integrated commercial development com-prising offi ce towers, a high-street shopping mall, serviced apart-ments and hotel, occupying 13.85 acres of land in Eco Botanic. Its British colonial-themed architecture is styled after Singapore’s legendary Raffl es Hotel and Shopping Arcade. The project is strategically located next to EduCity and other commercial nodes and is ideal to capture shopper traffi c.

Eco Business Parks off er four-in-one uses of retail, showroom, office and warehouse space, designed to support business growth. Eco Business Park I off ers the unbeatable advantage of being surrounded by several mature townships with full lifestyle amenities and a population of customers. Along with Eco Busi-ness Park II, it is located in close proximity to Senai Airport, while Eco Business Park III is close to Johor Port.

Boyd is positive about commercial property as it is easier to manage, comes with longer tenancies and off ers higher initial yields. Over the past 10 years, the supply of offi ce space in Johor

has barely increased.There are 1.5 million sq ft of offi ce space in the pipeline, but many of the projects are in the conceptual stage and are being held back.

“There is a lot of stock in Iskandar that is 15 years old and quickly falling behind, and these are not particularly well man-aged and maintained,” according to Boyd. The headline offi ce rents of RM2.5 to RM3.5 psf represent these older projects. On the other hand, new developments such as Medini 6 and Medini 7 have achieved monthly rents of about RM5 psf.

“This gives assurance that given the right product, tenants will pay a reasonable rent for it. And for commercial property, you should be either on or very close to a main road because connectivity is very important,” he noted.

Retailers are very happy with JBAccording to Boyd, retailers in Johor Baru have reported a 9.9% y-o-y increase in turnover, with F&B and groceries leading the growth, and fashion lagging slightly. Rental increase on renewals are expected to range from 10% to 15% across the board this year.

There are 12.34 million sq ft of mall space in JB, which might

Gain a winning edge in today’s business world At a trade conference on Iskandar Malaysia, speakers shared insights on investment opportunitiesin its commercial, retail and industrial properties

EcoWorld staff introducing Eco Botanic and Eco Galleria using the model Investors, business owners and readers of The Edge at the trade conference held at EcoWorld Gallery @ Singapore on Nov 7

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Eco Galleria’s grand entrance is flanked by giant LED screens for impactful branding and promotional activities


seem high, but the retail space per capita is 6.3 sq ft, compared with 7.8 sq ft in the Klang Valley. The occupancy rate for retail space is 77%. However, Boyd noted that this includes a lot of B-grade space that was built 20 years ago, and that malls with the right attributes have become the venues of choice as shopping becomes part of the Malaysian lifestyle.

“There is so much choice in Malaysia today that shoppers are demanding a much higher level of comfort and environment. If you can fi nd good retail space that you are convinced will be well managed, is easily lettable and will attract responsible and hopefully multi-national tenants, then I think [it is a] very good investment indeed,” said Boyd.

Why industrial?Director and co-founder of Alpha Marketing Ryan Khoo spoke about prospects for industrial property in Iskandar. As at Decem-ber 2014, investments in Iskandar’s manufacturing sector ranked the highest among all sectors and outstripped the combined investments in residential and industrial property. Johor also led the other Malaysian states in the value of committed manufacturing investments for three consecutive years.

Some of the factors attracting Singapore companies to Iskan-dar are cheaper land and labour, the ringgit being a good cur-rency for exporters, proximity to Singapore, a British-based legal system similar to Singapore’s and a challenging operating envi-ronment faced by manufacturers in the island-state.

Manufacturers can achieve about 50% in rent savings by moving to Johor, with the opportunity to own the freehold properties. The price differential for industrial properties in Singapore is three to five times that of Iskandar prices.

The levy for foreign workers in Iskandar is also about 10 times cheaper, at RM1,250 or $460 per annum, compared with up to $9,000 in Singapore. This is on top of the annual salary of RM10,800 or $4,000 in Malaysia, versus $12,000 for a manufac-turing worker in Singapore.

Manufacturers can also pocket substantial savings in utilities or around 40% savings in electricity and 37% in water. Khoo estimates that a typical SME should be able to save at least

$100,000 per annum on utilities alone.The migration of Singaporean manufacturers to Iskandar is

ongoing and expected to continue. The Iskandar population has grown from 1.3 million in 2010 to 1.8 million in 2015 and is expected to grow further, in tandem with and in support of economic activities.

“The high-speed rail and rapid transit system will also be a game changer in Iskandar. Investors should enter the market be-fore they start, or at least before they are completed,” said Khoo.

For entrepreneurs and businesses seeking specifi c opportu-nities, he identifi es a shortage of quality services in Johor, such as the lack of higher-end supermarkets that can supply certain goods to the more affl uent population.

The Singapore-Iskandar twinning model“Iskandar could be your solution if you are facing challenges such as land shortage, labour crunch and rising costs,” said Lorraine

Yeoh, senior executive director of PricewaterhouseCoopers. In the twinning model, companies can outsource or base part of their operations such as logistics, warehousing and manufacturing in Iskandar, while retaining the holding company and key functions in Singapore.

The Singapore-Iskandar twinning model can complement fu-ture expansion plans for businesses. At the same time, it provides tax benefi ts. The Malaysian government is off ering tax incentives to promote target growth sectors in Medini. These are electrical and electronics, oleo chemicals and petrochemicals, food and agro-processing, logistics, tourism, healthcare, education, crea-tive industries and fi nancial services.

2016 good for those with fi re and metal elements in BaziDatuk Joey Yap, chief consultant of the Joey Yap consulting group, rounded off the session with his take on the metaphysical outlook for next year. He identifi ed 2016 as a good year for those with fi re and metal elements in their Bazi, which is tied to the time, day, month and year of a person’s birth. Members of the audience were provided with their personal Bazi chart and given a brief explanation on how to identify the elements in their chart and the implications for social connections, career, relationships and investment opportunities.

Yap also revealed that according to feng shui principles, Iskandar is favourably located within Malaysia and also has an advantageous location for outbound investment from Singapore. Having been consulted for the development of Eco Botanic and Eco Galleria, he assured the audience that the area will enjoy prosperity until at least 2043.

“Come see me again and I will tell you how to extend that,” he quipped.

For those who wish to gain a winning edge in Iskandar, EcoWorld will be hosting a business mission tour on Nov 14. Participants are scheduled to depart EcoWorld Gallery by coach at 9am for Eco Botanic and Eco Galleria in Iskandar Malaysia, where they will tour the developments before returning to Singapore. Interested parties can sign up at EcoWorld Gallery or via SMS to 8685 2255.

THEEDGE P R O P E R T Y ADVERTORIAL

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Yeoh: The Malaysian government is offering tax incentives to promote target growth sectors such as tourism, healthcare and creative industries

Eco Business Park III offers a unique four-in-one concept that includes retail, office, showroom and warehouse in one unit

Eco Galleria festival street — a 20,000 sq ft section of the road system that can be closed for events such as arts and crafts markets and weekend bazaars

Boyd: With a staggering RM27 billion approved for investmentin 1H2015 alone, Iskandar’s growth is gathering pace

Yap: Iskandar is favourably located for outbound investment from Singapore

Khoo: Johor also led the other Malaysian states in the value of committed manufacturing investments for three consecutive years

EP6 • THEEDGE SINGAPORE | NOVEMBER 16, 2015


THEEDGE P R O P E R T Y DEAL WATCH

Unit at Reflections at Keppel Bay selling below this year’s low| BY TAN CHEE YUEN |

Prospective buyers aspiring to stay in an iconic water-front development might consider this property — a 1,227 sq ft mid-floor unit

at Reflections at Keppel Bay list-ed on TheEdgeProperty.com for $1,850,000, or $1,508 psf. The Edge Fair Value, a valuation tool on The-EdgeProperty.com, puts the val-ue of the property at slightly over $1,600 psf.

Reflections at Keppel Bay is a 99-year leasehold landmark con-dominium designed by Daniel Libeskind. Developed by Keppel Land, the project is located about 500m from the Telok Blangah MRT station of the Circle Line. Some of the units in the project face Sen-tosa Island.

A total of nine units in the pro-ject changed hands this year. The lowest transacted price on a per square foot basis this year was for a 1,313 sq ft unit on the ninth floor, which was sold for $1,552 psf. The closest comparable recent transaction was for a 1,249 sq ft unit on the 13th floor, which found a buyer at $1,618 psf in June 2014.

Average monthly rent of similar-sized two-bedroom units in the development stood at $6,022, or $4.82 psf. Based on the listing

Table 2

Recent rental transactions of 1,200 to 1,300 sq ft two-bedroom units at Refl ections at Keppel BayLEASE DATE MONTHLY RENT ($) ($ PSF)

Sep-15 5,643 4.5

Sep-15 7,440 6

Aug-15 5,643 4.5

Aug-15 6,700 5.4

Aug-15 7,050 5.6

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N ine transactions at Refl ections at Keppel Bay this year

DATE ADDRESS AREA PRICE PRICE (SQ FT) ($ PSF) ($)

15-Oct-15 27 Keppel Bay View #xx-xx 818 1,834 1,500,000

3-Jul-15 33 Keppel Bay View #xx-xx 1,550 1,645 2,550,000

11-Jun-15 25 Keppel Bay View #xx-xx 1,292 2,245 2,900,000

4-Jun-15 17 Keppel Bay View #xx-xx 3,993 2,404 9,600,000

6-May-15 23 Keppel Bay View #xx-xx 2,616 1,720 4,500,000

13-Mar-15 33 Keppel Bay View #xx-xx 2,530 1,898 4,800,000

6-Mar-15 31 Keppel Bay View #xx-xx 1,313 1,552 2,038,000

10-Feb-15 31 Keppel Bay View #xx-xx 1,324 1,745 2,310,000

9-Feb-15 31 Keppel Bay View #xx-xx 840 1,894 1,590,000

Table 1

price of $1,508 psf, the average rent translates to a potential gross rental yield of 3.8%.

Scan the QR code for value deals at Reflec-tions at Keppel Bay and nearby projects

As we are not party to the contract between the client and agent, we are not able to verify in-formation provided by the agent

A 1,227 sq ft mid-floor unit at Reflections at Keppel Bay is listed on TheEdgeProperty.com for $1,850,000, or $1,508 psf

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economic woes across the causeway deal watchs3-ap-southeast-1.amazonaws.com/... · potong pasir mrt...

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