Deciphering real estate markets globally., Rems Advisors

TAN Kok Keong

Deciphering real estate markets globally.

Rems Advisors

Thematic (Sector/Industry)

<p>We visited Forest City in Iskandar Malaysia over the weekend following reports of the Chinese government's order for <a href="https://www.smartkarma.com/entities/5225" target="_blank" data-smartkarma-citation="entities:5225:1">Country Garden Holdings Co (2007 HK)</a> to close all its showrooms in China.  The following are some observations from us, post-visit. </p><h2>Key observations from the visit</h2><p>The following are our key observations and feedback from agents/visitors we spoke to: </p><ul><li>
<strong>The number of visitors shrank: </strong>The sale agent we met told us that the news of closing down of all showrooms in China really hurt their…</li></ul>

We visited Forest City in Iskandar Malaysia over the weekend following reports of the Chinese government's order for Country Garden Holdings Co (2007 HK) to close all its showrooms in China.  The following are some observations from us, post-visit. Key observations from the visitThe following are our key observations and feedback from agents/visitors we spoke to: 
The number of visitors shrank: The sale agent we met told us that the news of closing down of all showrooms in China really hurt their…

Seeing the Forest for the Trees in Malaysia - Country Garden

SGX Market Strategist, Equity & Fixed Income, Singapore Exchange Ltd (SGX)

Geoff Howie

SGX Market Strategist, Equity & Fixed Income

Asia’s leading multi-asset exchange

Singapore Exchange Ltd (SGX)

Singapore Exchange is Asia’s leading and trusted market infrastructure, facilitating the exchange of capital and ideas to create value for people, businesses and economies. As a multi-asset exchange operating equity, fixed income and derivatives markets to the highest regulatory standards, SGX is a vertically integrated business that provides listing, trading, clearing, settlement, depository and data services.

With about 40% of listed companies and over 80% of listed bonds originating outside of Singapore as well as established linkages across the region and in Europe, SGX is Asia’s most international and connected exchange. Offering a full suite of derivatives products across Asian equity indices, commodities and currencies, SGX is the world’s most liquid international market for the benchmark equity indices of China, India, Japan and ASEAN.

As Asia’s pioneering central counterparty, SGX is globally recognised for its risk management and clearing capabilities, and was one of the first globally to adopt the Principles for Financial Market Infrastructure.

Headquartered in AAA-rated Singapore, SGX has over 800 employees including offices in Beijing, Chicago, Hong Kong, London, New York, Mumbai, San Francisco, Shanghai and Tokyo.

<p>§  <strong>Ascendas REIT has recently replaced CapitaLand Mall Trust as Singapore's largest capitalised REIT – and has been the second-best performing REIT in the YTD with an 11.9% total return.</strong></p><p>§  <strong>The capitalisation of Singapore’s REIT Sector has almost doubled over the past five years. Singapore’s REIT Sector also maintains a competitive edge with higher average yields and lower average gearing ratios than the combined REIT Sector of Japan, Australia and Hong Kong. </strong></p><p>§  <strong>The NikkoAM - StraitsTrading Asia ex Japan REIT ETF  which is expected to include up to 70% weightage in Singapore REITs is scheduled to list on SGX on 29 March 2017. Ascendas REIT and CapitaLand Mall Trust are expected to maintain relatively large weightings in the ETF. </strong></p>

§  Ascendas REIT has recently replaced CapitaLand Mall Trust as Singapore's largest capitalised REIT – and has been the second-best performing REIT in the YTD with an 11.9% total return.§  The capitalisation of Singapore’s REIT Sector has almost doubled over the past five years. Singapore’s REIT Sector also maintains a competitive edge with higher average yields and lower average gearing ratios than the combined REIT Sector of Japan, Australia and Hong Kong. §  The NikkoAM - StraitsTrading Asia ex Japan REIT ETF  which is expected to include up to 70% weightage in Singapore REITs is scheduled to list on SGX on 29 March 2017. Ascendas REIT and CapitaLand Mall Trust are expected to maintain relatively large weightings in the ETF. 

Ascendas REIT Is Now Singapore's Largest Capitalised REIT

<ul>
<li><strong>SGX’s Real Estate Developers and Operators have returned 12% YTD, outperforming the STI’s +8%. Despite the rally, the price-to-book ratio of the Sector is still trading near one standard deviation below its historical mean.</strong></li>
<li>
<strong>Potential drivers for the Singapore property market exist on both the supply and demand front. The biggest Real Estate Developer stocks with substantial Singapore exposure include UOL Group, United Industrial Corporation, Wheelock Properties, Wing Tai Holdings and Bukit</strong>…</li>
</ul>


SGX’s Real Estate Developers and Operators have returned 12% YTD, outperforming the STI’s +8%. Despite the rally, the price-to-book ratio of the Sector is still trading near one standard deviation below its historical mean.

Potential drivers for the Singapore property market exist on both the supply and demand front. The biggest Real Estate Developer stocks with substantial Singapore exposure include UOL Group, United Industrial Corporation, Wheelock Properties, Wing Tai Holdings and Bukit…


Real Estate Sector Outperformed in the Year to Date

<h2><strong>Rental continues on its moderate recovery path</strong></h2><p>As at 4th quarter 2016, the serviced apartment rental in Yangon increased by 0.3% quarter-on-quarter (q-o-q) and 0.1% year-on-year to US$5,583 per month.  As compared to the peak in 1Q2015, the overall rent has declined by 6.7%.  While rent has weakened compare with previous peak levels, serviced apartments are still relatively expensive in Yangon if it is compared against other emerging market. The average rent of 1-bedroom was about US$4,000 per…</p>

Rental continues on its moderate recovery pathAs at 4th quarter 2016, the serviced apartment rental in Yangon increased by 0.3% quarter-on-quarter (q-o-q) and 0.1% year-on-year to US$5,583 per month.  As compared to the peak in 1Q2015, the overall rent has declined by 6.7%.  While rent has weakened compare with previous peak levels, serviced apartments are still relatively expensive in Yangon if it is compared against other emerging market. The average rent of 1-bedroom was about US$4,000 per…

Yangon Serviced Apartment Sector Remains the Most Attractive Sector

<div><h2>Private Residential Primary Sales Status (Excluding Executive Condominiums)</h2></div><p>The month of October saw the second consecutive month of improvement in Singapore primary home sales. We saw developers sold 1,252 units of new homes (ex-ECs), 148% increase month-on-month and 128% increase year-on-year. This makes October sales the highest volume sold in the past 15 months (see Figure 1). </p><p>Figure 1: October 2016 Primary Sales (Excluding Executive Condominium)</p><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/016/390/original/Units%20launched%20and%20sold%20in%20the%20month.png?1479195867" class="editor-image img-responsive" data-smartkarma-image-id="16390"></figure><p>Source: URA, REMS Advisors</p><p>The strong sale in…</p>

Private Residential Primary Sales Status (Excluding Executive Condominiums)The month of October saw the second consecutive month of improvement in Singapore primary home sales. We saw developers sold 1,252 units of new homes (ex-ECs), 148% increase month-on-month and 128% increase year-on-year. This makes October sales the highest volume sold in the past 15 months (see Figure 1). Figure 1: October 2016 Primary Sales (Excluding Executive Condominium)Source: URA, REMS AdvisorsThe strong sale in…

Singapore's Primary Home Sales Surged in October

Malaysia

Mah Sing Group Berhad is a property developer. The Company's principal activity is in property development where the group develops commercial, residential (both high-rise and landed) as well as industrial properties. The Group is also involved in plastic manufacturing manufacturing and trading in Malaysia and Indonesia.

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Mah Sing Group (MSGB MK)

Seeing the Forest for the Trees in Malaysia - Country Garden

We visited Forest City in Iskandar Malaysia over the weekend following reports of the Chinese government's order for Country Garden Holdings Co...

TAN Kok Keong

Ascendas REIT Is Now Singapore's Largest Capitalised REIT

§ Ascendas REIT has recently replaced CapitaLand Mall Trust as Singapore's largest capitalised REIT – and has been the second-best performing REIT...

Singapore Exchange Ltd (SGX)

Real Estate Sector Outperformed in the Year to Date

SGX’s Real Estate Developers and Operators have returned 12% YTD, outperforming the STI’s +8%. Despite the rally, the price-to-book ratio of the...

Singapore Exchange Ltd (SGX)

Yangon Serviced Apartment Sector Remains the Most Attractive Sector

Rental continues on its moderate recovery pathAs at 4th quarter 2016, the serviced apartment rental in Yangon increased by 0.3% quarter-on-quarter...

TAN Kok Keong

Singapore's Primary Home Sales Surged in October

Private Residential Primary Sales Status (Excluding Executive Condominiums)The month of October saw the second consecutive month of improvement in...

TAN Kok Keong

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