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CBRE: More than half of high-end condos unsold

Posted by luxuryasiahome on January 8, 2009

It also sees prices falling 10-15% from $2,000-$2,400 in Q4 last year

Fifty-five per cent of about 2,200 units in luxury projects launched by developers between 2006 and 2008 remained unsold in November 2008, according to CB Richard Ellis (CBRE).

And the property consultancy firm is tipping a 10-15 per cent fall this year in the price of luxury apartments/condos, which slid to about $2,000 to $2,400 psf of strata area in Q4 last year from $2,000-3,300 psf a year earlier.

The figures refer to existing luxury developments such as Ardmore Park, Four Seasons Park and Grange Residences.

As for new luxury condos/apartments, the average launch price fell to $2,000 to $2,600 psf in Q4 2008 from $2,000 to $4,000 psf in Q4 2007, says CBRE.

Caveats for only 1,096 luxury apartments/condos in prime districts 9 and 10 were lodged in 2008 based on filings by Jan 7, 2009 – a mere 19 per cent and 32 per cent of sales in 2007 and 2006 respectively.

The number of apartments sold for more than $10 million dropped to 82 last year from 143 in 2007. Still, the 2008 figure was above the 22 units sold in 2006.

Most luxury projects launched in 2006 and early 2007 are fully sold, such as Ardmore II and Tate Residences.

But several projects, particularly those released during or after second-half 2007, remain on the market. ‘By then, news of the sub-prime crisis had caused the market to pull the brakes,’ CBRE said.

In the landed housing segment, the firm predicts a drop of about 10 per cent this year in the price of Good Class Bungalows (GCBs).

Last year, the average price of GCBs rose 20.7 per cent to a record $822 per sq ft (psf) of land area.

‘GCB prices recorded very strong growth in 2006-7,’ said CBRE director (luxury homes) Douglas Wong. ‘This upswing in prices spilled over into the first half of last year. Right up to July 2008, average GCB prices continued to raise the benchmark.

‘Also, the capacity of owners to hold prices added to the resilience in this segment in the second half of 2008.’

The highest psf price in a GCB transaction last year was $1,303 for a property in Leedon Road with only 21,097 sq ft of land. In absolute price terms, it fetched $27.5 million.

The all-time record price for a GCB in Singapore is $1,899 psf, set in October 2007 when 32H Nassim Road was sold for $25.5 million.

While the average price of GCBs rose last year, the number and value of transactions fell.

Forty-nine GCBs changed hands for a total of $785 million in 2008, down from 87 worth $1.15 billion in 2007 and 119 worth $1.23 billion in 2006.

CBRE said: ‘Going forward, we expect the activity in the luxury residential market to be lukewarm, similar to the pace in H2 2008. Hence, the number of GCBs and luxury apartments transacted will be small.’

Source : Business Times – 8 Jan 2009

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Property investment sales fall in Q4 ‘08

Posted by luxuryasiahome on January 8, 2009

It is the lowest level in five years, says a DTZ report

Property investment sales in the fourth quarter of 2008 fell to the lowest level since Q4 2003, with most players sidelined as prices weakened and credit tightened, a DTZ report shows.

Dormant market: The residential sector slowed tremendously in 2008 as interest in collective sales abated

Total transaction volume was just $352 million – a 74 per cent fall from Q3 2008. With sales falling rapidly towards the end of the year, total transaction value in 2008 plunged to $15.8 billion – a mere one-third of that in 2007 and two-thirds of that in 2006.

The investment market is expected to remain dormant in the first three to six months of 2009 as investors wait for prices to fall further and for tight credit conditions to ease, DTZ said.

Transactions will be confined to the private sector as government land sales through the confirmed list have been suspended and reserve sites are unlikely to be triggered.

‘The second half of 2009 is likely to see more deals as the price gap between sellers and buyers closes,’ said Shaun Poh, DTZ’s senior director of investment advisory services.

‘How much the investment market recovers will depend on the depth and length of the economic and property downturns.’

Although there was no major office deal in the second half of 2008, the office sector was still the main driver of investment sales during the year with $5.6 billion or 35 per cent of total sales – an increase from 24 per cent in 2007. All the major office transactions were in the first half of 2008. In the second half, all office deals were below $30 million.

The residential sector slowed tremendously in 2008 as interest in collective sales abated. Residential transaction value tumbled 82 per cent year-on-year to only $3.9 billion, accounting for 25 per cent of total sales, compared with 49 per cent in 2007.

There were only seven residential collective sales in 2008, compared with 150 in 2007. ‘With high construction cost, financing difficulties and weak market sentiments, developers are shunning residential collective sales,’ DTZ said.

Transactions in the industrial sector, by contrast, increased in 2008 as investors shied away from high office prices. Some $3.4 billion of industrial property was transacted, or double the amount in 2007.

About half of 2008’s deals resulted from the divestment of JTC’s industrial properties in Q2. And despite the restrained mood in Q4, several notable industrial transactions took place, including the purchase of Applied Materials Building by German fund manager Union Investment.

DTZ said that investment by real estate investment trusts (Reits) was subdued in the second half of 2008, as they shifted attention away from acquisitions and focused on refinancing and deleveraging.

There were only three purchases by Reits in Q3 2008 and just one in Q4, compared with 22 purchases in the first half of the year.

Source : Business Times – 8 Jan 2009

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First cracks appear in Sentosa Cove haven

Posted by luxuryasiahome on January 8, 2009

Bungalow owner defaults on mortgage payments, sale may follow

The first mortgagee sale of a bungalow on Sentosa Cove – an upscale waterfront housing haunt that was all the rage among well-heeled investors during the bull run – could be in the works.

BT understands that a permanent resident who developed his bungalow on a 99-year leasehold plot on Ocean Drive has defaulted on his mortgage payments and the financial institutions involved are considering whether to sell the property or – if the regulations permit – to lease it out in the meantime.

The two-and-a-half-storey waterfronting property has a land area of about 8,300 sq ft. The first storey has a swimming pool, separate living and dining areas, wet and dry kitchens and a guest room. The second level has a total of five bedrooms, each with an attached bathroom. The attic has an entertainment room.

A couple of bungalows on Sentosa Cove were put on the auction block last year. One, which had been put up for sale by its owner, was offered at an October auction conducted by DTZ. There were no takers at the asking price of $18 million, which reflects about $2,300 per square foot based on the bungalow’s land area of 7,800 sq ft. The Singaporean owner, who has lived in the unit, is now trying to sell the unit by private treaty, said Shaun Poh, DTZ senior director for investment advisory services and auction.

The asking price being sought is similar to the level that boutique developer Wah Khiaw is also said to be quietly seeking for a couple of completed and leased bungalows, which are also along Ocean Drive.

However, industry observers say that such asking prices are considered steep in today’s market. A more realistic price level for bungalows on Sentosa Cove today would be around the $11-12 million range or about $1,300 to $1,700 psf of land – but even then they would get ‘a good run for their money’ from freehold Good Class Bungalows on mainland Singapore. ‘For about $10-11 million, one could get a ‘decent’ GCB in a liveable condition in say, Yarwood Avenue in the Dunearn Road area,’ a property agent pointed out.

‘Sentosa Cove has lost its appeal in today’s market. A couple of years ago, this kind of waterfront living was the in-thing, when people had money, credit was easy and foreigners were rushing to buy such properties, especially with the expedited approval channel for foreigners to buy landed homes on Sentosa Cove. In today’s market, foreigners have suffered the most.

‘As for Singaporeans, they may still not be used to the idea of waterfront living. If you drive at Sentosa Cove on weekdays, you can see many empty completed bungalows. Some families have lived in the units but find the location inconvenient, for example, ferrying children to and from school,’ the agent said.

‘They would much prefer the convenience of owning a freehold GCB on mainland. The way I look at it, selling bungalows on Sentosa Cove is going to be very difficult in the near future,’ he added.

DTZ’s Mr Poh also revealed he is working with a few other Singaporeans keen on selling their Sentosa Cove bungalows. ‘In the past, many Singaporeans had bought sites for bungalow development with the intention of selling the completed properties to foreigners. But in the current climate, that’s going to be tough. So these sellers will have to be realistic in their pricing as they’ll face competition from both foreigners and Singaporeans trying to divest their bungalows on Sentosa Cove,’ he said.

Mr Poh also reckons the market for landed waterfront housing on Sentosa Cove has yet to mature among Singaporeans, who might take some time to catch on to a lifestyle of having their own bungalows, with their own jetty to moor their yacht outside their garden. ‘Even among valuers, there can be a wide variation of opinions on valuations of such homes, especially when there haven’t been many transactions,’ he said.

Agreeing, CB Richard Ellis executive director (valuation) Li Hiaw Ho said there have hardly been any transactions of bungalows on Sentosa Cove. ‘While we all know values have dropped, it is harder to pinpoint the extent of the drop until there is more evidence of transactions.’

Source : Business Times – 8 Jan 2009

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Developers may want to take that haircut right away

Posted by luxuryasiahome on January 8, 2009

PROPERTY consultancy groups have issued reports over the past couple of weeks reporting declines in Singapore residential property values, especially for the high-end segment, in 2008 – with pretty grim prognoses for 2009 too. This will mount pressure on listed property groups to make provisions for Singapore residential sites.

When listed property groups did not announce such provisions in their Q3 results last year, the thinking among analysts was that these companies would take haircuts in their books on their pricier residential sites only in second-half 2009, or even later.

DTZ recently published a report estimating a 21.6 per cent decline in average prime non-landed freehold private home prices in 2008 and predicted a further 15 to 20 per cent drop this year.

CB Richard Ellis last week also said that in 2008, average prices of new luxury homes under construction had slipped 30-35 per cent in prime districts 9 and 10 and by 10-13 per cent in Marina Bay and Sentosa Cove.

Developers could argue that while property consulting groups may talk about declines in property values, there has been a scarcity of transactions to confirm the declines.

Nonetheless, for companies that acquired sites at high prices which are above current values, there’s a case for booking the provisions in Q4 2008 – and moving on.

For one, most developers reported strong earnings in first-half 2008 that can help cushion against provisions on their Singapore residential landbank – if they choose to book them in their Q4 and full-year 2008 financial statements.

However, if they postpone the decision till 2009, the haircut could add further strain to bottomlines going ahead, which are already expected to weaken on the back of poor home sales, an all-round weaker economic showing and lower valuations for investment properties (these refer to assets like office buildings and shopping centres held for rental income). Right now the mood is so weak, that if developers were to announce provisions for their Q4 results, it would not dent sentiment much further. It may be better to flush out all the bad newsflow now.

Making provisions sooner also clears the decks for developers to price projects more attractively to tap any windows of opportunity to launch projects – and begin a new cycle of profit booking. As a big property group said over seven years ago when announcing massive residential provisions, the exercise provided it ‘pricing flexibility to generate cashflow’.

Beyond writing down sites to current values, at least one big developer in the past went a step further and provided more than it perhaps needed to.

This is what many analysts say CapitaLand did in August 2001, when it marked down the value of its residential assets, mostly landbank, by $508 million, in its half-year result statement.

Analysts said the group wrote down the value to below then market prices. In short, it overprovided. The group’s management refuted this point, but the strategy may be revisited by some property groups today spring cleaning their books.

Ask most property agents today and they’ll tell you potential buyers are asking at least 20-25 per cent off current property values before they will make a commitment. This is to cushion against future price falls. Indeed, expectations are running high among analysts for a further drop in home prices this year.

Given this scenario, some developers may find it sensible to mark down values of high-cost residential sites in one fell swoop (not just to current valuations but also to factor in likely future price movements), instead of making a series of piecemeal adjustments over a period of time.

Of course, such a strategy may be frowned upon as an exercise in earnings management in some quarters.

This time round, CapitaLand may not be the market leader in making provisions for its residential landbank.

Still, some analysts point out that breakeven costs for two sites it bought in 2007 – Farrer Court and Char Yong Gardens – are higher than what new projects on these sites would command today. Other listed property groups too acquired sites at steep prices during the property fever.

Examples include two 99-year leasehold condo plots on Sentosa Cove – the Beachfront Collection site that SC Global bought at $1,800 psf per plot ratio in 2007, and The Pinnacle Collection plot purchased by a Ho Bee and IOI Properties joint venture in early-2008 for $1,822 psf ppr.

The latter was the highest price paid for a condo site in the waterfront housing precinct. Then there was the 99-year leasehold Grangeford site, bought at $1,810 psf ppr by Overseas Union Enterprise in 2007.

In fact, a seasoned property agent says that pretty much most sites bought in 2007 would be below water today. There is indeed impetus for developers to make provisions.

However, there will be ramifications. Beyond issues of managing earnings, for some developers, there could be a real limit to how much they can write down their sites as provisions may trigger breaches in loan covenants. They may be asked by their banks to top up more equity.

That would stretch smaller developers, many of whom are already highly leveraged and cash strapped.

Source : Business Times – 8 Jan 2009

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1,200 luxury homes yet to find takers

Posted by luxuryasiahome on January 8, 2009

CBRE says growing supply overhang may see prices drop by up to 15%

A STOCKPILE of up to 1,200 luxury homes in prime districts remains unsold, adding to a growing supply overhang that is likely to drag prices lower this year.

That grim assessment of the very top end of Singapore’s property market has been made by leading property consultancy CB Richard Ellis (CBRE).

However, it has also concluded that despite the challenging market conditions, some developers may be able to hold on to projects until the market recovers.

‘Developers who are laden with unsold units in projects that were already launched would prefer to focus on clearing them rather than launch new projects,’ it said.

‘This would inevitably lead to price cuts,’ the consultancy added.

CBRE is projecting a decline this year of about 10per cent in the prices of good-class bungalows (GCBs) – the most prestigious bungalow type here – and 10 to 15per cent price falls for luxury apartments.

Last year, 49 GCBs worth about $785million were sold, down from 87 GCBs worth $1.15billion in 2007 and 119 GCBs worth $1.23billion in 2006.

Average prices of GCBs hit $822 per sqft (psf) last year, up from $681 psf in 2007 and $501 psf in 2006.

The top-priced GCB deal last year was a 52,528 sqft Leedon Park property sold for $43.2million in May. On a psf basis, the most expensive deal was at $1,303 psf for a Leedon Road property, also in May.

CBRE said GCB prices hinge on the location and land characteristics.

Given the current downturn, buyers will be looking to pay competitive prices for GCBs, but fire sales will be hard to come by as most GCB owners have the capacity to hold, said director of luxury homes Douglas Wong.

The luxury apartment market also saw a drastic fall in sales last year, with just 1,096 caveats lodged. Government data showed this worked out to just 19per cent and 32per cent of sales in 2007 and 2006 respectively, said CBRE.

Caveats lodged for high-end apartments worth $1million to $3million stood at 777, which is about 22per cent of the 3,566 caveats lodged in 2007 and 29per cent of caveats lodged in 2006.

But a considerable number of more expensive homes were sold last year, with 82 caveats lodged for apartments worth $10million and above, though 63 were units in Nassim Park Residences. This compares with 143 in 2007, 22 in 2006 and none in 2004-2005.

Price-wise, new luxury projects saw average launch prices drop to $2,000 psf to $2,600 psf by the end of last year, from $2,000 psf to $4,000 psf in 2007.

Prices of existing luxury developments, such as Ardmore Park and Grange Residences, hit $2,000 psf to $2,400 psf, from $2,000 psf to $3,300 psf in 2007 and $1,600 psf to $2,000 psf in 2006.

Most of the luxury projects launched in early 2007 have been fully sold. But several projects remain on the market, especially those launched in the second half of last year when the sub-prime crisis hit.

As of last November, only 41per cent of units offered at these launches had been sold.

This year, luxury sales activity is expected to be lukewarm, similar to the second half of last year, said CBRE.

Source : Straits Times – 8 Jan 2009

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Prime office rents could plunge by up to 40%: Report

Posted by luxuryasiahome on January 8, 2009

OFFICE rents in prime districts could dive as much as 40 per cent by next year, says consultancy Cushman and Wakefield in a new report.

The industry has been expecting falls, but the magnitude of the projected slump is surprising. The consultancy blames a huge stock of office space that is rising amid tough times and rising job losses.

‘The fact that Singapore is an international financial centre also means it will be badly hit during the downturn as a lot of investment activities are dependent on foreign participation,’ it said.

Prime office rents, it said, will fall from a high of $14.20 per sq ft a month last year to $12 psf a month this year. It expects this to drop to about $8 psf next year, and to about $7.50 psf by 2011, when prime office vacancy rates are set to rise to 11 to 15 per cent.

But rents remain above the $7 psf witnessed in previous peaks of 1995 to 1997 and 2005 to 2006.

Three factors, said Cushman, are contributing to the fall in rents. First, office stock is rising at a time when economic growth is stagnating or falling.

Second, a huge pipeline of office inventory is building up because of the overwhelming optimism shown by developers during the boom years of 2006 and 2007.

And third, employment is likely to flatline or even shrink by 1 per cent, as seen in downturns in 1998 and 2001-2002.

‘The rate at which new supply is added to existing stock in 2009 and 2010 will be one of the highest since 1992,’ said the report.

Pre-commitments by tenants for office buildings due for completion this year and next are estimated to be only 30 per cent so far. The rate is not expected to improve in the near term, said Cushman.

A total of 10.7 million sq ft of office space will be available by 2013 – of which 2.7 million sq ft will be ready by 2010 – representing about 15 per cent of total stock, it said.

Office stock in the Central Business District will rise by up to 7 per cent by 2010 to 2011 – the second highest rate after 8.7 per cent in 1995 when economic growth was higher.

But demand, which averaged about 2 million sq ft a year in the past two years, is expected to fall by more than half, and possibly to just 500,000 sq ft a year.

Source : Straits Times – 8 Jan 2009

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Court upholds ruling on govt takeover of temple site

Posted by luxuryasiahome on January 8, 2009

THE Court of Appeal has upheld a High Court judgment that the Government did not discriminate against a Buddhist temple when it acquired its land for the MRT’s new Circle Line.

The new ruling brings to a close a year-long battle initiated by three devotees of the Jin Long Si temple, off Bartley Road.

The trio – Ms Eng Foong Ho, Mr Hue Guan Koon and Ms Ang Beng Woon – had asserted the acquisition was unconstitutional.

They argued that it was discriminatory because two other religious institutions in the same area did not suffer the same fate. These are the Ramakrishna Mission and Bartley Christian Church.

Disagreeing, the Appeal Court judges said an executive act might be unconstitutional if it amounted to intentional and arbitrary discrimination.

In this case, the temple devotees had not alleged any arbitrary action on the part of the Government. They had also conceded that the acquisition proceeded in good faith, said Justice Andrew Phang, in a written ruling released on Monday.

The two other judges who heard the appeal in August were Chief Justice Chan Sek Keong and Justice V. K. Rajah.

Noting that the facts were plain, Justice Phang said the temple site lay at the corner of what was a substantial plot of state land.

‘Its amalgamation with the state land would not only appear reasonable but would also enable the entire plot of land to be developed in as optimal fashion as possible,’ he said.

By contrast, the site of the church did not offer any reasonable opportunity for amalgamation, he added, citing statements made in an affidavit by Urban Redevelopment Authority planner Eng Gim Hwee.

As for the Ramakrishna Mission’s site, on which three buildings stand, it was already under study for conservation before 2002.

It is clear, he said, that the Government arrived at its decision to acquire the temple site based ’solely on planning considerations’.

However, the Court of Appeal agreed with the temple devotees on two other points in their appeal, overturning the High Court ruling.

They had the right to initiate court action on this matter and there had not been an ‘inordinate’ delay on their part when proceeding with this case.

As a result, the temple devotees have to bear only half the costs. The other half will be borne by the Attorney-General’s Chambers.

The 66-year-old temple site was acquired as part of redevelopment plans linked to the building of the Circle Line’s Bartley station.

The temple was given five years – from its acquisition in 2003 till Jan31 last year – to relocate. It was in talks with the authorities about an alternative site but the move was postponed following the lawsuit.

Yesterday, a Law Ministry spokesman said the Singapore Land Authority would discuss with the temple trustees the relocation of the temple to their preferred site in Tai Seng Avenue in Paya Lebar.

‘The schedule for the move will be discussed with the temple trustees as there is a need to prepare the site for sale,’ she said.

Source : Straits Times – 8 Jan 2009

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Nearly half of recent launches still unsold

Posted by luxuryasiahome on January 8, 2009

En bloc projects being leased out instead of getting rebuilt

MANY new homes recently built for the well-heeled in Singapore are sitting empty.

Only 45 per cent of the luxury projects launched since June 2006 have been sold as of November last year, according to property consultancy CBRE.

This period saw the roll-out of 20 projects in this segment, which has a total of 2,209 units, some of which have yet to be launched.

Faring worse are high-end projects launched since the second half of 2007, during the period of peak property prices: Only 33 per cent of the 1,233 units have been sold.

“Several projects remain on the market, especially those that were launched in the second half of 2007 and thereafter. By then, news of the sub-prime crisis had caused the market to put on the brakes,” CBRE said in a report released yesterday.

Some developers have seen poor sales, while others held back on the number of units rolled out.

Some projects launched over the past two years – such as Belle Vue Residences, The Orange Grove, The Ritz Carlton Residences and The Hamilton Scotts – have over 90 per cent of their total units unsold.

This year, luxury apartment prices may drop by 10 to 15 per cent, predicted CBRE, while prices of Good Class Bungalows could decline by 10 per cent.

Already, the segment’s :average launch price has dropped from $2,000 to $4,000 per square foot (psf) in 2007 to a range of $2,000 to $2,600 psf last year, CBRE estimated. It added that developments like Ardmore Park, Four Seasons Park and Grange Residences saw prices drop to $2,400 psf last year from as high as $3,300 psf in 2007.

In light of the weak market, several developers have delayed the redevelopment of their en bloc projects, by renting out units. These include collectively-sold developments like Grangeford Apartment in Leonie Hill Road, Lucky Tower at Grange Road, and Leedon Heights, said CBRE.

”Most developers will start to launch when the market begins to recover, ” CBRE said of en bloc redevelopments. “Developers who are laden with unsold units in projects that were already launched would prefer to focus on clearing them rather than launching new projects and add to supply.”

There were only seven residential collective sales last year, compared to 150 in 2007, DTZ Research said. “With high construction costs, financing difficulties and weak market sentiments, developers are shunning residential collective sales.”

Source : Today – 8 Jan 2009

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A lodger could be the answer

Posted by luxuryasiahome on January 8, 2009

But proper screening required, say landlords

WITH job losses expected to spike and bonuses becoming restrained, more homeowners may resort to renting out spare rooms to make ends meet, say analysts.

Although carving out a space in your home for strangers may mean a loss of privacy and inevitable adjustments to the way you live, it can also help with monthly mortgage payments and other bills.

“Basically, if we are going to see an increase in the amount of retrenchment and increased incidences of companies adopting pay cut policies, homeowners could be affected, which is why they would explore that as an option to ease their (financial) burden,” said Ms Tay Huey Ying, director of research and consultancy at Colliers International.

Renting out rooms in a home is an easy way for homeowners in financial difficulties to raise cash, said a property agent who declined to be named.

Unlike renting out an entire Housing Development Board (HDB) unit, prior approval from the authorities is not required when renting out HDB rooms, although there are certain subletting conditions to observe.

The agent estimated that a room in a four-room flat could fetch around $600, depending on the location and room condition. Those nearer MRT stations or which come with ensuite bathrooms usually fetch better rents, he said.

Ms Tay expects an increase in supply from both private and HDB flat owners.

However, she feels HDB rooms would see higher demand, as there is a bigger pool of potential tenants, including students and blue-collar workers.

“Students usually don’t have deep pockets and will look towards HDB flats … In the past, there may have been blue-collar workers who rented an apartment together,” Ms Tay told Today. “But they may find difficulties when flatmates are retrenched and cannot maintain a whole apartment, so there would be more demand for individual rooms.”

But before renting out rooms, owners should protect themselves by preparing :a tenancy agreement, which clearly states clauses for rent, length of stay, rules and regulations, and that no more than one person is allowed to stay in the room, say agents.

New landlords should also be prepared to make some investments to attract tenants, say analysts. For example, they may need to buy new furniture such as wardrobes, cabinets or beds, as well as service the air-conditioning units in the rooms.

Carefully screening potential tenants is another must, say people with experience.

One landlord, who preferred to be known as Mr Chng, has had bad run-ins with local tenants who turned a property he once owned into a gambling den.

Now, Mr Chng conducts background checks on prospective tenants by calling their companies to reaffirm their occupation and identity.

“They have to show you proof of where they work. You can’t just believe them offhand when there may be no such company at all,” said the owner of a four-room flat in Tanjong Pagar, who prefers to lease to foreigners who work in established companies.

For foreign tenants, landlords can also check the validity of their work permit or employment pass using tools available on the Manpower Ministry website, said another landlord in Toa Payoh, a logistics worker who only wanted to be known as Jason.

Some landlords say there is no foolproof method of screening tenants.

“We just have to learn their habits. Sometimes after doing light cooking, they don’t bother to wash up,” said Simon, a freelance teacher who usually looks for “well-mannered” semi-professionals as tenants.

“The first two months can be quite difficult, but generally, things smooth out after that. Subsequently, after we get to know each other better, we’ll explain what we expect of them,” said Simon.

Source : Today – 8 Jan 2009

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Japan Land warns of H109 losses

Posted by luxuryasiahome on January 8, 2009

Japan Land on Thursday warned that it is expecting to report a loss for the first half of the financial year ending May 31, 2009.

This is due to share of losses from associated companies, higher taxation from gain in partial disposal of subsidiary, higher expenses incurred in general takeover and other corporate action exercises, it said.

The group partially divested its stake in Japan Asia Holdings Japan (JAHJ) from an effective stake of 14.13 per cent and ended up with a 13.7 per cent stake in ATL Systems following a share swap between JAHJ and Jasdaq-listed ATL on November 4, 2008.

Source : Business Times – 8 Jan 2009

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