Showing posts with label YTL Land. Show all posts
捷運改變產業市場結構‧隆地價料漲5倍
大馬財經 2011-01-14 18:35
（吉隆坡14日訊）大吉隆坡捷運工程可能對產業市場帶來結構性影響，分析員預見，未來5年吉隆坡主要熱點地價最高可上漲500%，其中手握龐大市中心地庫的產業發展商將成為大贏家。
具強勁“領先大市”潛能
黃氏唯高達研究表示，雖然市場對大吉隆坡捷運工程預期不高，但預見捷運主題存在強勁“領先大市”潛能，並可能對吉隆坡產業市場帶來結構性影響，甚至提昇領域估值至2007年後高峰。
“我們預見捷運將是引領吉隆坡產業走向另一高峰的結構性催化因素，主要是吉隆坡在過往12年投資落後，加上獲430億令吉投資改善城市鐵路網絡帶來高乘數效應（Multiplier Impact），以及捷運線工作、生活、學習和休閒需求增長，和潛在地價再創新高等因素支撐。”
該行認為，未來5年吉隆坡主要熱點地價將上漲100至500%，當中城中城――武吉免登、吉隆坡中環廣場、白沙羅市鎮至白沙羅高原、吉隆坡生態城至谷中城和冼都，將成為受惠最大的新興區域。
“地價有望在高每地段價格、政府土地重新開發計劃，以及更國際化土地競標程序支撐，但為了轉嫁執行風險，我們鍾愛可從捷運工程快速獲利的現有線路/黃金地點的商業發展計劃。”
持地庫發展商成大贏家
當中，楊忠禮置地（YTLLAND, 2577, 主板產業組）、雪蘭莪實業（SPB, 1783, 主板產業組）、國浩置地（GUOCO, 1503, 主板產業組）、寶敦（BOLTON, 1538, 主板產業組）、馬資源（MRCB, 1651, 主板建筑組）和實達集團（SPSETIA, 8664, 主板產業組）等持有龐大吉隆坡市中心地庫的產業發展商將崛起成為大贏家。
黃氏唯高達研究指出，上述公司有誘人的地庫和估值，加上與股東關係強勁、堅固資產負債表和營運紀錄，在競標捷運交通樞紐來完善產業發展計劃，甚至參與政府土地重新開發和潛在併購目標都佔據優勢。
重估淨資產值將增至60%
“我們預見相關公司在熱門地段高產業發展總值，和土地價值支撐下，未來3至5年重估淨資產值（RNAV）將增長6至60%，因此上調現有工程發展總值50%。”
潛在4大風險
不過，黃氏唯高達研究認為，政治、融資、工程展延以及整合問題將是捷運工程能否順利成行的4大潛在風險。
● 政治風險
捷運工程涵蓋吉隆坡和雪州，並由政府全額融資，相信鑒於民聯政府掌控雪州土地的使用權，因此工程可能面對執政單位不同，以及反對黨和民眾觀察壓力。
● 融資可得
政府現有財政赤字龐大，如何融資430億令吉龐大資本開銷令人憂慮。
● 工程展延
捷運工程預計在2011年7月開始動工，首項工程有望在今年次季頒出，但實際時間表仍取決於政府是否邀請海外公司參與、修訂國家土地法典以進行土地收購、藍線最終規劃等因素。
● 整合問題
現有公共交通面對連接性匱乏、支援設施不足、廉價汽油和公開停車場收費鼓勵駕車，以及產業發展整合不大等問題。
星洲日報／財經‧2011.01.14
HwangDBS: More incentives expected to boost property (YTL Land is top pick)
PROPERTY players are optimistic about receiving more incentives from the government which will propel the property sector further and among the possible incentives are a reduction of stamp duty and the further relaxation of foreign ownership to commercial properties, says HwangDBS Vickers Research. (The edge daily 23/7/07)
It said other incentives which the property players were also expecting are a revamp of the Employees Provident Fund (EPF) depositors' accounts and a reduction of real estate investment trusts' (REIT) withholding tax.
"These incentives could improve further the overall sentiment of the property sector," the research house said in a recent report on the property sector outlook.
Demand was expected to pick up, it said, based on the recent trend and incentives by the government which were changing the property industry structurally. It expected long-term positives occurring in the sector, especially the high-end segment.
The lifting of real property gains taxes (RPGT), easing of foreign ownership and speedy delivery systems were important liberal measures taken by the government to improve the attractiveness to the largely untapped foreign demand.
The government had targeted at least RM20 billion foreign ownership by 2010. Early signals such as the appreciation in prime land prices, increase in selling prices of high-end properties and high pre-sold sales indicate that properties, especially the luxury segment, are due for re-rating.
In maintaining its "overweight" call on the sector, its said financially-strong developers with strong branding and properties skewed to mid-high end were set to benefit.
"YTL Land & Development Bhd and Sunrise Bhd are our picks for the sector to ride on the property upcycle," it said.
YTL Land is the property arm of YTL Corporation Bhd, a conglomerate with businesses in utilities, construction, cement, technology, hotels and resorts.
YTL Land's crown jewel is its 294-acre Sentul development which the research house believes is the up-and-coming address in the city.
It said Sunrise is one of Malaysia's most successful niche developers with a solid reputation for quality high-end properties. Its recently-launched projects (Solaris Mont' Kiara and 10@Mont' Kiara) with a combined gross development value (GDV) of RM1.7 billion were 85% sold to date. It has high earnings visibility with total unbilled sales of RM1.3 billion.
With the lifting of RPGT and easing of foreign ownership, the prices of high-end residential properties — especially in the prime areas of Kuala Lumpur such as Mont' Kiara, Damansara Heights, Bangsar and areas surrounding KLCC — have seen capital appreciation up to 86%.
HwangDBS Vickers Research said in anticipation of better demand, developers have increased the selling prices of unsold units and new projects to as high as 100%.
A case in point is the revised selling price of The Binjai by KLCC Holdings to RM2,000 psf as compared to the launch price of RM1,000 psf in 2006 which was already the benchmark pricing.
The upcoming The Four Seasons is said to be priced at RM2,000 psf as well. The price increase is also evident in prime land prices, it said "We gather that a piece of land near Jalan Kia Peng (within KLCC vicinity) was sold at more than RM1,300 psf which was more than 30% higher than a recent transaction. YNH Property Bhd is said to ask for RM1,500 psf for its land in Jalan Sultan Ismail.
On the government's initiatives to attract foreign buyers, the earmarking of a 467-acre public park near the exclusive Damansara area and the proposed matching RM50 million fund for overseas promotions indicate strong commitment from the government to attract foreign buyers.
"We believe that the early beneficiaries of the anticipated increase of foreign uptake will be Kuala Lumpur and Penang with ready infrastructure, entertainment and natural attractions," it said.
HwangDBS Vickers Research with the relaxation of FIC requirements, removal of the cap on number of loans by foreigners and lifting of RPGT, Malaysian properties offer a very attractive value proposition to investors and homeowners.
"Nowhere in Asia offers such an affordable and yet with low downpayments (5% as compared to as high as 90% in Indonesia) to own properties than in Malaysia. We see the convergence of capital value of Malaysia properties with the regional peers after the liberal moves by the government," it said.
However, it said the long conveyancing transaction in Malaysia was still a concern to investors. Malaysia is placed at tier 2 in the Jones Lang La Salle transparency index because of conveyancing problems. For instance, it takes more than five months to register a property in Malaysia compared to a maximum nine days in Singapore.
"We think it is imperative for the government to improve the conveyancing system to transform Malaysia into an international property hub. Other than the conveyancing system, the delivery system (which includes financing and transfers that are usually arranged by developers) for real estate in Malaysia is among the most efficient and complete in the region," it said.
HwangDBS Vickers Research said it would make sense for the government to reduce the bureaucracy in the conveyancing system or introduce a scripless system.
On the local purchasers, it said it would continue to be strong as properties were still very attractive as compared to other asset classes. The demand, especially the high-end segment, was expected to be strong with rising affluence.
"The excess liquidity has more than doubled to about RM250 billion in 1Q2007. The average yield of prime condominiums in KLCC/Mont' Kiara area is comparable to junk bond yields in Malaysia currently which we believe is not justifiable with real estate being a superior asset class. Hence, we see further yield compression (capital appreciation) happening," it added.
It said other incentives which the property players were also expecting are a revamp of the Employees Provident Fund (EPF) depositors' accounts and a reduction of real estate investment trusts' (REIT) withholding tax.
"These incentives could improve further the overall sentiment of the property sector," the research house said in a recent report on the property sector outlook.
Demand was expected to pick up, it said, based on the recent trend and incentives by the government which were changing the property industry structurally. It expected long-term positives occurring in the sector, especially the high-end segment.
The lifting of real property gains taxes (RPGT), easing of foreign ownership and speedy delivery systems were important liberal measures taken by the government to improve the attractiveness to the largely untapped foreign demand.
The government had targeted at least RM20 billion foreign ownership by 2010. Early signals such as the appreciation in prime land prices, increase in selling prices of high-end properties and high pre-sold sales indicate that properties, especially the luxury segment, are due for re-rating.
In maintaining its "overweight" call on the sector, its said financially-strong developers with strong branding and properties skewed to mid-high end were set to benefit.
"YTL Land & Development Bhd and Sunrise Bhd are our picks for the sector to ride on the property upcycle," it said.
YTL Land is the property arm of YTL Corporation Bhd, a conglomerate with businesses in utilities, construction, cement, technology, hotels and resorts.
YTL Land's crown jewel is its 294-acre Sentul development which the research house believes is the up-and-coming address in the city.
It said Sunrise is one of Malaysia's most successful niche developers with a solid reputation for quality high-end properties. Its recently-launched projects (Solaris Mont' Kiara and 10@Mont' Kiara) with a combined gross development value (GDV) of RM1.7 billion were 85% sold to date. It has high earnings visibility with total unbilled sales of RM1.3 billion.
With the lifting of RPGT and easing of foreign ownership, the prices of high-end residential properties — especially in the prime areas of Kuala Lumpur such as Mont' Kiara, Damansara Heights, Bangsar and areas surrounding KLCC — have seen capital appreciation up to 86%.
HwangDBS Vickers Research said in anticipation of better demand, developers have increased the selling prices of unsold units and new projects to as high as 100%.
A case in point is the revised selling price of The Binjai by KLCC Holdings to RM2,000 psf as compared to the launch price of RM1,000 psf in 2006 which was already the benchmark pricing.
The upcoming The Four Seasons is said to be priced at RM2,000 psf as well. The price increase is also evident in prime land prices, it said "We gather that a piece of land near Jalan Kia Peng (within KLCC vicinity) was sold at more than RM1,300 psf which was more than 30% higher than a recent transaction. YNH Property Bhd is said to ask for RM1,500 psf for its land in Jalan Sultan Ismail.
On the government's initiatives to attract foreign buyers, the earmarking of a 467-acre public park near the exclusive Damansara area and the proposed matching RM50 million fund for overseas promotions indicate strong commitment from the government to attract foreign buyers.
"We believe that the early beneficiaries of the anticipated increase of foreign uptake will be Kuala Lumpur and Penang with ready infrastructure, entertainment and natural attractions," it said.
HwangDBS Vickers Research with the relaxation of FIC requirements, removal of the cap on number of loans by foreigners and lifting of RPGT, Malaysian properties offer a very attractive value proposition to investors and homeowners.
"Nowhere in Asia offers such an affordable and yet with low downpayments (5% as compared to as high as 90% in Indonesia) to own properties than in Malaysia. We see the convergence of capital value of Malaysia properties with the regional peers after the liberal moves by the government," it said.
However, it said the long conveyancing transaction in Malaysia was still a concern to investors. Malaysia is placed at tier 2 in the Jones Lang La Salle transparency index because of conveyancing problems. For instance, it takes more than five months to register a property in Malaysia compared to a maximum nine days in Singapore.
"We think it is imperative for the government to improve the conveyancing system to transform Malaysia into an international property hub. Other than the conveyancing system, the delivery system (which includes financing and transfers that are usually arranged by developers) for real estate in Malaysia is among the most efficient and complete in the region," it said.
HwangDBS Vickers Research said it would make sense for the government to reduce the bureaucracy in the conveyancing system or introduce a scripless system.
On the local purchasers, it said it would continue to be strong as properties were still very attractive as compared to other asset classes. The demand, especially the high-end segment, was expected to be strong with rising affluence.
"The excess liquidity has more than doubled to about RM250 billion in 1Q2007. The average yield of prime condominiums in KLCC/Mont' Kiara area is comparable to junk bond yields in Malaysia currently which we believe is not justifiable with real estate being a superior asset class. Hence, we see further yield compression (capital appreciation) happening," it added.
