Property developer Wing Tai Holdings reported a 13% rise in revenue to $197.8 million and a 142% increase in earnings to $53.9 million for the three months ended Dec 31, 2010. The company says it will keep a close watch on the property market and will at appropriate times release more residential units for sale in the current FY.
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The fourth-quarter data is in line with the initial estimates published earlier this month.
By the midday break, the Straits Times Index (STI) <.FTSTI> was up 3.26 points at 3,224.04. The total value of shares traded in the morning session was $838.8 million, up from $815.1 million on Wednesday.
At 11:50 a.m., shares of Yanlord were 2.4% lower at $1.60 with over 3.1 million shares changing hands.
UMS Holdings says it plans to sell the property located at 27 Changi North Crescent Singapore 499618 to YFE-Clark Express for $6.98 milion and lease back parts of it.
As at 31 December 2010, the book value of the 7,610.6 square metres of leasehold land which consists of a JTC detached factory with adjoining single-storey and two-storey extensions, was $4.4 million. This means UMS will make a net gain of $2.5 million from the sale.
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UOL Group said its $313 million tender for a property in eastern Singapore was accepted and the company may redevelop the project for commercial and residential use, according to a statement to the Singapore exchange.
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Media firm Singapore Press Holdings (SPH) (SPRM.SI) said on Friday its first quarter net profit fell 29.3% due to a drop in operating revenue from its property segment.
SPH’s net profit for the three months ended November 30 was $102.3 million, down from $144.7 million in the same period a year ago, it said in a statement.
The company, which has a near monopoly on newspaper publishing in Singapore, also said its first quarter revenue fell by 10% to $318.7 million as revenue from property business plunged 63% to $36.8 million.
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Singapore raised down payment requirements for second mortgages and boosted sales taxes to curb property speculation, sending shares of the city’s biggest developers down the most in 11 months.
Individuals with more than one mortgage can borrow up to 60% of a property’s value, down from 70%, while the stamp duty on homes and land sold within one year will rise more than fivefold, the government said in a statement yesterday.
STI is down 0.8% at 3230.80 and continues to be weighed by declines in property and banking stocks as investors sell after the government’s measures to cool the property market.
“While technical indicators remain positive, we note that market fundamentals such as the new cooling measures on the property sector could throw the spanner in the works. We continue to reiterate the 3200 support as a key level to watch out for with resistance at 3300,” says UOB KayHian in a note.
Singapore property developer stocks with a residential focus could fall about 10% near-term if past reactions to property curbs are anything to go by, says Morgan Stanley.
“What is different, however, is that we think a recovery is less likely this time round-as we think physical prices will also come under pressure.”
Singapore property developers such as CapitaLand (CATL.SI) and City Developments (CTDM.SI) are likely to be in focus on Friday, after the government introduced new measures to cool home prices that have continued to rise. Singapore’s benchmark Straits Times Index <.FTSTI> was up 0.34% on Thursday to 3,255.87 points. Here are some other stocks and factors to watch:
Effective Friday, those who buy and sell residential properties within four years will have to pay a stamp duty, up from the current requirement of three years.
The Government has announced more measures to maintain a stable and sustainable property market, reported Channelnewsasia.com.
From Friday, the holding period for imposition of Seller’s Stamp Duty (SSD) will be raised to four years from the current three.
The SSD rates would also be raised while the Loan-To-Value (LTV) limit would be lowered to 50% on housing loans for property buyers who are not individuals.
The LTV limit would also be lowered to 60% for individual property buyers with one or more outstanding housing loans.
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The measures include raising the stamp duty on property sales and reducing the amount banks can lend home buyers, Channel NewsAsia said via its news alert service.
Wilmar International (F34.SG) is +1.2% at $5.77, outperforming the STI, which is flat-to-lower; the company’s analyst briefing Friday seems to have soothed some fears over a loss of business discipline after its foray into property development.
DMG says after the briefing, it is “comforted” that the property JV “will not be detrimental to the company’s business focus”; the property business “will essentially ride on China’s urbanisation and rising wealth, which are the very same factors driving its agribusiness in China.”
Weekend Comment Jan 14: Property market gets the chills
Singapore government’s measures to curb property speculation sent shares of city-state’s biggest developers down the most in 11 months today.
The Straits Times Real Estate Index fell 0.3% at the close, with three stocks falling for every two that gained. CapitaLand, Southeast Asia’s biggest developer, fell 3.4% to $3.71, while City Developments, the second largest, declined 4.6% to $12.16, both retreating by the most since Feb 22.
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