Yoma releases new units for sale at Star City

Yoma Strategic Holdings is releasing 433 new apartment units at its illustrious Star City residential development situated on a 135-acre site in Thanlyin Township in Yangon.

The exclusive residential units are available to the public for purchase on 23 November from 10am Yangon time, with simultaneous booking of units at three locations – Star City’s Singapore sales gallery, Yangon Thanlyin sales gallery, and the Mandalay Hill Resort Hotel in Mandalay.

“A large number of potential buyers are already on the waiting list for these very affordable newly-released apartments, and we expect a quick take-up rate since this is the last opportunity to purchase units in Zone B,” said Elmar A. Busch, Managing Director of Yoma Strategic’s real estate division.

The new units are located in buildings B-3 and B-4, and are the last units available in Zone B at Star City. Zone B is the second phase of the estate which Yoma Strategic commenced construction on in April this year, and which it aims to complete by the first quarter of 2016.

The 23 different types of apartment suites at Star City residences offer a selection of size and design, from 642 square feet to 3,374 square feet of living space; offering either a spectacular river view, court yard view or lake view. Prices start at US$80,000 for a one-bedroom to around US$450,000 for the largest four-bedroom apartments.

Zone B of Star City is constructed by renowned global infrastructure conglomerate Bouygues S.A., through the joint venture between SPA Project Management and Dragages Singapore, BYMA.
http://www.theedgesingapore.com/the-daily-edge/business/46421-yoma-releases-new-units-for-sale-at-star-city.html

Thanlyin speculation reaches a new limit

The proposed special economic zone in Thanlyin and Kyauktan townships in Yangon, given further impetus by the visit to the area by Japanese Prime Minister Shinzo Abe in May, has brought sales to a halt, realtors say.

However, buying and selling has not stopped as a result of government action to bring down land prices but because the owners are holding out for even higher prices, agents say.

“The market in Thanlyin has been hot for several years but accelerated sharply early this year,” said Ko Aung Zaw Moe, an independent real estate agent.

“After the Japanese prime minister visited the area prices skyrocketed but many owners are refusing to sell because they are waiting for higher prices.”

He added that some owners are asking impossibly high prices for land.

U Khin Maung Aye, an agent with realtor Shwe Kan Myae, said land prices within the development project have doubled in one year, from about K150 million an acre to K300 million to K350 million an acre.

“Owners are asking impossible prices because they know that big businesses are going to move in and will need land,” he told The Myanmar Times.

“But they’re holding onto land because they are confident that prices will keep rising.” He added that land prices are also rising near Yangon East University in Thanlyin township.

“Prices have doubled in Thanlyin in a year,” he said. “Land with permits to built houses on are priced from K10 million to K35 million for a 2400-square-foot plot,” he said.

Ko Naing Myo Oo, an agent with Estate Myanmar, said prices downtown have also doubled.

“Thanlyin township was not a good place to own property in the past,” he said. “Previously, an acre of land beside the road could be bought for half the current price.” However, he added that owners of land registered for farming are not selling it. “They want to wait for prices to rise even further,” Ko Naing Myo Oo said.

Thilawa Special Economic zone will cover 6000 acres, about 2400 hectares, in Thanlyin and Kyauktan townships. The first phase of the project, including a deepwater port on the Yangon River, is scheduled to be build by 2015.

http://www.mmtimes.com/index.php/business/property-news/7476-thanlyin-speculation-reaches-a-new-limit.html

US could run out of cash in March under debt ceiling: CBO

The United States could start missing payments on its obligations some time between March and June if lawmakers don't raise a legal limit on borrowing by early February, congressional analysts said on Wednesday.

The Obama administration was able to bump against the government's debt ceiling for five months this year before it came to the brink of default.

Mr Obama signed into law a bill last month that suspended a US$16.7 trillion cap on the national debt until Feb 7, when it will reset to whatever level the debt has reached.

Absent a decision to raise it again, the Treasury Department has tools to manage its cash a little longer before it starts missing payments.

http://www.businesstimes.com.sg/breaking-news/world/us-could-run-out-cash-march-under-debt-ceiling-cbo-20131121

CIVMEC secures a further SGD$65 Million in new contracts

Civmec Limited subsidiary, Civmec Construction & Engineering

Pty Ltd, an Australian based integrated multi-disciplinary heavy engineering service provider, is

pleased to announce further new contract awards in addition to the recently announcement of

SGD$210 million of new contracts.

The latest additional combined contract value is circa of SGD$65 million and comprises the following:

Existing Client:

• Nammuldi Below Water Table (NBWT) project is for Rio Tinto. This is a significant award as it

is our first vertical contract package comprising off-site procurement, fabrication,

modularisation, delivery, onsite civil work, SMP works and Electrical and Instrumentation

works for the stockyard conveyor systems and Train loadout system. The work will

commence immediately with construction commencing in January 2014 for completion in

October 2014.

New clients:

• BOC Limited (a member of The Linde Group). A civil contract for the construction of a state of

the art air gas liquefaction plant, to replace an existing air separation unit and nitrogen

liquefaction unit at its Kwinana site, located approximately 40km south of Perth. Work on the

project has commenced with completion scheduled for April 2014.

• Crushing Services International Pty Ltd (CSI) for the supply of precast sleepers for the

Nammuldi Below Water table (NBWT) project.

• Holcim (Australia) Pty Ltd for the supply and erection of structural steel for the upgrade of

their concrete plants in the Perth region.

Several existing contracts also increased in scope.

Civmec CEO Pat Tallon said “We are pleased to maintain our momentum and service scope through

securing significant contracts on key resource projects with our existing clients, and we are equally

pleased with establishing and building our relationships with our new clients. These contract awards

demonstrate the diversity of Civmec’s core capabilities which enable us to deliver vertically integrated

turnkey solutions”.

About CIVMEC Limited

We are an Australian-based integrated multi-disciplinary heavy engineering services provider to the oil

and gas, mining and other industries, such as the infrastructure, utilities, chemical and power

industries. We provide heavy engineering and other services including metal and structural

fabrication, site civil works, pre-cast concrete and maintenance services.

 For more information, please visit our website at www.civmec.com.au

http://files.shareholder.com/downloads/AMDA-11PGYB/2800311599x0x707849/ee7d3294-ac7c-4e03-bdde-03d9b2e81aef/707849.pdf

SingHaiyi Buys Commercial Condominium Development Project In San Jose, California

Singapore, 18 November 2013 - SingHaiyi Group Ltd. ("SingHaiyi" or the "Company") announced today that it has successfully acquired the full equity stake of Vietnam Town ("VT"), a partially completed commercial condominium development project in San Jose, California, U.S.A., which was placed under receivership, for US$33.05 million.

Acquired via a trustee’s auction conducted on 14 November 2013, VT marks SGX-Catalist listed SingHaiyi’s second acquisition of distressed U.S. real estate following the acquisition of Tri-County Mall ("TCM") in Cincinnati, Ohio, for US$45 million announced on 30 September 2013.

 

SingHaiyi said its acquisition price of US$33.05 million– already settled in full by the Company – includes US$29.8 million to repay an outstanding secured debt, and the balance US$3.25 million for the freehold project, comprising several parcels of land sitting on a total site size of 853,502 square feet.

 

Of the 256 planned condominium units – each about 1,000 square feet – 115 have been built, of which 64 have been sold. Launched in 2005, the project went into difficulties in 2009 and was subsequently placed under receivership when its developer lost funding for the project.

Strategically located in a mixed-use neighbourhood, the project has nine blocks including a parking structure. It lies close to transportation networks, retail and commercial facilities.

SingHaiyi intends to sell the 51 unsold units in the next one to two years and use the sale proceeds to construct and sell the remaining 141-units within the next three to five years.

The total project outlay of US$33.05 million has been funded by proceeds raised from a recent rights issue and share placement exercise that was undertaken as part of the Group’s strategy to expand its real estate investment activities to the United States.

SingHaiyi’s Non-Executive Chairman, Mr. Neil Bush, said, "Vietnam Town is the second U.S. real estate project which SingHaiyi has acquired since shareholders approved its strategy to diversify investment to the United States. We believe both projects are significantly undervalued and will certainly enhance shareholder value."

"While acquisitions at auctions require cash and quick execution, we will be looking to tap bank financing. Our investment strategy combines rental income, capital gains and development profits so as to enhance returns," he said. "We are looking out for other projects which can offer exceptional returns."

TCM, a major shopping mall in downtown Cincinnati sitting on a total site size of 76.1 acres, was acquired at a court-ordered auction on 19 September 2013. The operational mall was purchased free of debt and encumbrances at US$45 million, a 77% discount to the unaudited net book value as at 30 June 2013.
SingHaiyi on 12 November 2013 announced a net profit of S$8.4 million for the six months ended 30 September 2013, reversing a loss of S$1.0 million a year ago. The profit included a gain on bargain purchase of S$12.8 million from the acquisition of TCM, as well as one month of rental income from the mall.

http://infopub.sgx.com/FileOpen/SHG_Vietnam_Town_Press_Release_E.ashx?App=Announcement&FileID=264806
  

Olam International - 2 reasons why investors should take caution

Despite EBITDA growth across all segments.

Olam International grew its core profit by 28% yoy to S$42.3m in 1QFY14, slightly beating expectations, but DBS Vickers cautioned that investors that "we would like to monitor its earnings delivery and sustainability of cash flow improvement for another quarter or two before turning positive on the counter."

Still, management insisted on a positive outlook ahead, claiming that while operating environment remains challenging, Olam is expected to see earnings growth stemming from previous investments.

Net gearing, which stayed at 1.93x as of end Sept, will be kept below its 2x ceiling. Olam generated positive free cash flow to firm (FCFF) of S$46m (vs deficit of S$707m in 1Q13) this quarter, said DBS.

"Further unlocking value of past investments, slower capex pace and higher operating cash flow should keep its positive FCFF in check," said DBS

"The recently announced sale and leaseback of Australoia Almond Orchards is expected to free up A$200m cash and generate one-time post tax capital gain of A$45m when finalised by 3Q14," it added.

 See more at: http://sbr.com.sg/agribusiness/news/2-reasons-why-olam-international-investors-should-take-caution

Janet Louise Yellen nominated to be Chair of the Federal Reserve

Janet Louise Yellen (born August 13, 1946) is an American economist and professor who is the Vice Chair of the Board of Governors of the Federal Reserve System. Previously, she was President and Chief Executive Officer of the Federal Reserve Bank of San Francisco, Chair of the White House Council of Economic Advisers under President Bill Clinton, and Professor Emerita at the University of California, Berkeley's Haas School of Business. On October 9, 2013, President Barack Obama nominated Yellen to be Chair of the Federal Reserve. If confirmed, Yellen would be the first woman to hold the position.

Vice Chair of the Federal Reserve System
Incumbent
Assumed office October 4, 2010
President	Barack Obama
Preceded by	Donald Kohn
Chair of the Council of Economic Advisers
In office February 18, 1997 – August 3, 1999
President	Bill Clinton
Preceded by	Joseph Stiglitz
Succeeded by	Martin Baily
Personal details
Born	Janet Louise Yellen (1946-08-13) August 13, 1946 (age 67) Brooklyn, New York, U.S.
Political party	Democratic
Spouse(s)	George Akerlof
Alma mater	Brown University (B.A.) Yale University (Ph.D.)