Reuters: Hot Stocks: STOCKS NEWS SINGAPORE-Luxury condo prices under pressure - DTZ

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STOCKS NEWS SINGAPORE-Luxury condo prices under pressure - DTZ Sep 6th 2012, 09:26 Thu Sep 6, 2012 5:26am EDT Prices of luxury apartments in Singapore could fall by around 5 percent in the next 12 months amid a weak economic outlook and as a government rule that requires developers to sell within two years of completion kicks in, DTZ said in a report. DTZ said developers have around 830 completed but unsold luxury homes in Singapore, some of which received temporary occupation permit (TOP) nearly two years ago. In contrast, sales of such apartments have fallen to less than 100 units a quarter since the start of 2011. Developers with completed but unsold luxury apartments include SC Global Developments Ltd and CapitaLand Ltd . "With the low interest rates and healthy balance sheets, many developers have hitherto not been in a hurry to reduce prices to increase sales of luxury homes," the property firm said in a report. "(But) the clock is ticking against these developers, particularly for qualifying certificate (QC) holders who have to dispose of their units two years after obtaining temporary occupation permit," it add. Luxury apartments in Singapore refer to those located in the prime Orchard Road area and cost $2,000 per square foot and upwards. 1711 (0911 GMT) (Reporting by Kevin Lim in Singapore, Kevin.Lim@thomsonreuters.com) *********************************************************** Singapore shares continued their losing streak, falling for the fourth day in a row, with casino operator Genting Singapore among the biggest decliners on the index. The Straits Times Index was down 0.45 percent at 2,982.52 points, while MSCI's broadest index of Asia Pacific shares outside Japan was 0.3 percent higher. Genting shares fell as much as 2.6 percent to S$1.31. The stock was among the top traded by both value and volume in the Singapore market. Citigroup said the second-quarter corporate results had left investors with weakened expectations and there were more negative revision counts versus the positives. The key drivers of downward revisions include Genting, Wilmar International Ltd and Singapore Telecommunications, Citi said. But it said interest in "bombed-out" stocks like container shipping firm Neptune Orient Lines and commodities trader Noble Group Ltd has improved a little versus a quarter ago. 1400 (0600 GMT) (Reporting by Eveline Danubrata in Singapore; eveline.danubrata@thomsonreuters.com) *********************************************************** 11:26 STOCKS NEWS SINGAPORE-Maybank says Noble is top commodity trader pick Maybank Kim Eng said its top pick among the Singapore commodities traders was Noble Group Ltd as it saw an earnings recovery story in the current financial year, as well as a more diversified portfolio from energy to agriculture. Noble's balance sheet also looks robust with the gains from the Yancoal-Gloucester deal, Maybank said. Noble shares were up 0.4 percent at S$1.175 on Thursday. The stock has risen 4 percent so far this year versus the 13 percent gain in the Straits Times Index. Investors hoping for a turnaround in the sector would have generally been disappointed with the recent set of second-quarter results, Maybank said, noting that most of the earnings weakness still appears traceable to China. Assuming that the Federal Open Market Committee in the United States announces a third quantitative easing, Maybank said it believes the positive share price impact is likely to be even more muted than the second easing, and has probably been factored in by now. The broker has a 'buy' rating on Noble, a 'hold' on Olam International Ltd and a 'sell' on Wilmar International Ltd. 1120 GMT (0320 GMT) (Reporting by Eveline Danubrata in Singapore; eveline.danubrata@thomsonreuters.com) Link this Share this Digg this Email Reprints

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