Stuart Williamson

When you have a 16th quarters of price increase since 2020, in statistics, it is a special cause concern! Does not matter if the increase in 2023 is lower than 2022, which is lower than 2021. This is expected as data peaked. So the minister should not be happy, thinking that they have done a great job. The challenge is to make HDB’s flats affordable and available to new couples that need them. Here is the voice of the customers: 1. 3-4 years of waiting time is too long! An average period a couple spent on courtship before marriage should be 3-4 years. When they decides to apply for a house, they would usually hope to get it within 2-3 years. Something is wrong with the way HDB manages their inventories! 2. If you have tried and have been unsuccessful in balloting for a flat numerous time, it is not because you are unlucky. HDB has accepted that as part and parcel of their processes and view you as just unlucky or maybe you should consider balloting for a flat far away in an unideal location just to increase your chance. In process improvement, an unsuccessful application should be considered a defect that needed to be resolved. It is the system and the policies that are causing such problems. 3. If a ballot number has been given to an applicant and the couple choose not to exercise it, this should also be considered a defect! Don’t guess the reason, but do HDB know the real reason for such action? 4. Or if you are given a ballot number that is greater than the number of flats available, and you are not called to select a flat, it should also be considered a defect. You have given false hope. 5. Every first time applicant, especially young couples, should be allocated a flat without the need to ballot. Today, their future plan are determined by whether they get a flat. These are the backlog that need to be cleared first. Status quo or making the builders build faster is not the solution. It will take guts for the Ministry to review and correct the problems that they have created. 6. Couples who applied for flats, need a flat, not a grant. Stop working on grant and get the flat out first. In hypothesis, providing grants to buy HDB flats cause the price of flats to increase. The more grants given, the more will be the increase in price! If this hypothesis is true, giving grants will not help, it actually bring more hardships to people who need a flat! The fear of groupthink is real. Giving more grants will not solve the problem of applicants being not successful in their application. The happiness is not from the grant given, the real happiness is to be allocated a flat that is affordable. I guess it is time for the Minister to kick some butts and get serious people to solve this serious problem. Be respectful, if you like to share your thoughts. https://lnkd.in/g3CXyirT

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TRIS rating report on CPN . I'm not sure how they made the assumption that the average rental rate will grow by 3-5% per year as CPN have stopped reporting same store rental growth in their investor relations presentations . "CPN’s operating performance in the first quarter of 2024 (1Q2024) was in line with our forecast. Its revenue and earnings achieved 25%-30% of our full-year target. CPN’s operating revenue soared by 19% year-on-year (y-o-y) to THB12.2 billion and its EBITDA surged by 22% y-o-y to THB8.2 billion in 1Q2024. Its revenue and earnings growth were primarily driven by increased revenues from revenue-sharing contracts, robust occupancy rate (OR), and rebounding rental rates after discontinuing the discounts previously provided to tenants. Strong growth in both the hotel operation and residential property businesses also aligned with our full-year target. Looking forward, we expect CPN’s total operating revenue to reach the THB48THB53 billion per annum level in 2024-2026 from THB47 billion in 2023. We project revenue from commercial properties to increase by 5%-10% per annum over the forecast period. This is based on our assumption of one to three new shopping centers per year, an average OR of around 90%, and average rental rate (ARR) growth of 2%-5% per annum. We anticipate revenue from hotel operation to increase to THB1.8-THB2.3 billion annually from THB1.6 billion in 2023, buoyed by the recovery of both local and foreign tourist numbers and portfolio expansion. Revenue from residential property should hover in the THB5-THB7 billion range in 2024-2026. We expect CPN to sustain its EBITDA at the THB28THB30 billion level, with an EBITDA margin of 55%-60%."  https://lnkd.in/gw5Bjzsc

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TRIS rating report on the CPNREIT . What the report does not mention is anything about same store rental growth. I have not seen any mention of that item either in CPN's investor presentations . The REIT holds 7 shopping centers including Central Rama 2 and Rama 3 , 4 office buildings and the Hilton Hotel Pattaya "CPNREIT’s revenue and earnings growth were primarily driven by the robust occupancy rate (OR) of shopping centers at above 95% and increased revenues from revenue-sharing contracts. The trust also received the full amount of fixed and variable rents for Hilton Pattaya since the beginning of 2023. The OR of the Hilton Pattaya Hotel recovered to 88% in 2023 and 94% in 6M24 from 76% in 2022. However, the OR of office buildings continued declining to 84%-85% in 2023-6M24 from above 90% of the pre-pandemic level. Future performance continues reviving We expect CPNREIT’s operating performance to continue improving, supported by increasing rental and services income from its retail and hotel businesses amid the ongoing recovery of customer traffic, rising tourist arrivals in Thailand, and growth prospects from potential asset acquisitions from its sponsor. Nonetheless, we view that the OR and rental rates of office spaces will continue to face significant challenges due to the large influx of supply expected in 2024-2025.  " https://lnkd.in/gqe9AnYQ

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Our latest article published in Hong Kong Economic Journal on the development of green fuel bunkering in HK. Among them, #biodiesel has seen explosive growth given its ability to seamlessly replace traditional fuels. #LNG have been increasingly used in inland shipping within the Pearl River, and it will be a key development direction for ocean going vessels in the medium term. In the long run, #green #methanol, with its close to zero carbon emission, will be the key to the shipping industry moving towards carbon neutrality. #greenfuel #bunkering #carbonneutrality #shipping

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With today's release of data from HDB, this chart showing total population versus total number of housing units is completed. It seems that the number of housing units added in the last 2 years (about 33k per year) is far far fewer than the 45k to 51k per year between 2015 to 2018. These numbers run contrary to the much publicised "ramp-up in construction of new homes" post-Covid-19 disruption.

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Should I Own Property in Personal Name or Ltd Co? I often get asked this question by investors and the simple answer is it depends! Everyone has differing circumstances, goals and tax situations, so here are the pros and cons to hep you make a judgement. Personal Name: Pros: 1. Simplicity Owning property personally has fewer administrative and tax requirements and is less complex 2. Access to Personal Allowances Landlords may be able to utilise personal allowances, such as the annual capital gains tax allowance and the personal savings allowance, potentially reducing their tax liability. 3. Flexibility in Financing Personal ownership may offer more flexibility in obtaining mortgage financing, as some lenders may have stricter criteria for lending to limited companies. Cons: 1. Tax Disadvantages Section 24 results in landlords can't deduct mortgage interest payments, leading to higher tax liabilities for higher-rate taxpayers. 2. Risk to Personal Assets Landlords are personally liable for any legal claims or debts associated with their properties, which could put personal assets at risk in case of lawsuits or financial difficulties. 3. Higher Tax Rates Income from rental properties is subject to personal income tax rates, which may be higher than corporation tax rates for limited companies, especially for higher-rate taxpayers. Limited Company (Ltd Co): Pros: 1. Tax Efficiency Ltd Cos are subject to a corporation tax rate of 25% which is lower than income tax rates for higher-rate taxpayers and mortgage interest is deemed an allowable business expense, mitigating the impact of Section 24. 2. Asset Protection A Ltd Co provides limited liability protection, shielding personal assets from legal claims or debts associated with the properties. 3. Succession Planning Ltd Cos offer greater flexibility in terms of succession planning & transferring ownership, so it's easier to pass properties to heirs or sell the company itself. Cons: 1. Administrative Burden A Ltd Co has administrative responsibilities, such as filing annual accounts, maintaining statutory records, and complying with company law regulations, which may involve higher costs and complexity. 2. Restrictions on Financing Ltd Co ownership may limit access to mortgage financing options, as some lenders have stricter criteria or higher interest rates for lending to companies. 3. Tax Implications Transferring properties into a Ltd Co can trigger tax implications, such as capital gains tax and stamp duty land tax, which should be carefully considered before making the switch. As ever, always take professional advice, but also remember that fee making professionals may advise what's best/easiest for them. You are the CEO of your life and ultimately the decision maker! if you'd like to discuss the opportunity to maximise your property returns then please reach out for a free consultation. #hmo #propertyinvesting #ltd #btl #propertyinvestor

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This is probably out of date as of now. "Tools like the “white list” should be carefully expanded to boost financing for struggling developers and tamp down wider market risks, the country’s Ministry of Housing and Urban-Rural Development and National Financial Regulatory Administration said at a joint video conference in late September." This was done at the end of last month, before the whole market rally. "According to an official readout from the conference released on Wednesday, the two bodies called for “strengthening the oversight of white list projects, the restoration of problem projects and increasing the issuance of loans to meet the reasonable financing needs of real estate developments.” And announced yesterday. I am guessing 2 weeks after the event. And I think the world has changed. The original white list has not helped much. Banks are reluctant to lend to insolvent entities (ie. projects that have almost sold all their houses, biut not completed because the developer took the monies [with abetment from the local govt overseeing the escrow] to buy land auctions (from the local govt); any injections now would not recoup any money because ALL the monies are spent - and what is left to be the collateral?) or iffy projects (i.e. projects that are near completion but have still unsold homes IN THIS MARKET - at least the collateral can be the unsold homes; but banks are not in the property business.) Here is the only way that banks will lend to developers on the white list: that the Chinese govt give the banks the same level of assurance that the US govt gave JP Morgan to take over Bear Stearns assets - for the risks involved, we guarantee to make full of the losses. So here is where the tardiness of the regulators is coming to bite them in their ass, not all the projects of the white listed developers are viable - and they had not bothered/succeeded in doing triage on what projects are unviable and needed to be unwound. And this means that if they GUARANTEE all the losses, the banks will not undertake due diligence - because if they did, none of them will pass. Reminds me of the joke that the teacher announced he graded the class on a curve and someone said that means half of us failed. He replied dun blame me, if I graded you on a straight grade - all of you would have failed.

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De Wei Low Risk Analyst at Land Transport Authority (LTA) Singapore quote...... Home values remain eye-watering. The median price for a private condominium >S$1.7 million in June, according to the information from a URA database, up more than 30% from 4 years ago. The 2nd hand market for cheaper public housing, where the bulk of locals live, saw its 17th consecutive quarter of price increases." unq Private Housing 2020 2024 1m 1.3m 2m 2.6m 3m 3.9m 4m 5.2m let's take the $4m category. At this category, the value if your house went up $821 per day every day for 1460days. Where is the economic gain , where is the value add & did the rents also go up 0.02% per day? frankly I cannot put my head around this figure of 30% in 4 years. Will we see another 30% in another 4 years? in the US as a comparison Scott Galloway explains that "one of the big reasons young people are struggling is asset inflation, which leads to lack of purchasing power and quality of life. In the last 40 years, housing & education have gone up 9-12x while salaries have gone up 6x. From 1960-90, the median home price was equal to roughly 2.5 yrs of household income. By 2020 that ratio has nearly doubled — house prices were more than 4x annual incomes. (Housing prices have only risen since then.) Home ownership is a principal tenet of the American Dream. Owning a home builds credit, reduces housing costs, and makes a young family feel a sense of pride, belonging, and accomplishment. Yet home ownership is increasingly unavailable to young people." unq. Singapore home ownership starts with an affordable HDB available for about $200000 at the bottom rung. This allows someone with a married combined income of say $80000 per year to pay small installments for 20 years to pay off his/her HDB. but aspirants from overseas who want to make Singapore their home today must be able to afford an initial lump sum of at least $280000 in order to enter the private home real estate market. Basically you have removed 99% of Malaysians, Indonesias, Thais, Indians and Phillipinos to enter the market. Its a brick wall barriers to entry. I believe the era of migration into Singapore without either / Combined household income of over $150000/year / marrying a Singaporean / a shitload of money is over. From now on, the only migrants and expats will be moneyed. And I believe at some point will not be able to assimilate with Singaporeans. The leadership under LW have a difficult task. There is a constant demand for expat talent but individuals moving in aged 20 to 25 incomes $50000/y to $75000/y cannot afford rent over $30000/year 26 to 30 incomes $75000/y to $100000/y cannot afford rent over $45000/year 31 to 35 incomes $100000/y to $125000/y cannot afford rent over $60000/year. rents between $25000 to $45000/year is becoming impossible to find and so as we see rents rising, expatriates will go the way of the Dinosaurs.

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Attention Property Investors!! Look for the OPPORTUNITY and stop moaning about the #SDLT increase! There are still three Stamp Duty Land Tax Reliefs where a Property Trader (flipper) pays £000,000 SDLT! (How many zeroes would you like?) You don't know what you don't know and #HMRC certainly won't tell you. If you purchase a property to mend a broken chain (and there will probably be loads of those) and you meet a few conditions......... drum roll.... There is NO, zero, zilch SDLT to pay! Yes, you heard me correctly. Now go and mop up all those deals!! This type of claim can go back 4 years. I'm here ready to help you uncover any potential overpayments with our Complimentary 15-Minute Discovery Call. 🕵️‍♂️ From every change springs opportunity. 👉 Book Your Discovery Call or reach out to 07726 339007 Because who says the #Budget was bad news for everyone? #SDLTRefunds #TaxSavings #PropertyInvesting #SDLT #HMRC #stampduty #SDLTclaims

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The regulator (Pusat Pembinaan Profesi Keuangan) has (for quite some time) collected data (opinions of value and comparative market data). If this can be made freely accessible for appraisal firms (and I think it should be and remain so) data availability should not be a major concern. On the other hand, data credibility deserves more attention. With the methods/techniques (under the umbrella of value uncertainties) that I have developed and currently developing (namely value range and valuation variance), me and my firm are able to double check the fairness and the statistical posture of the value produced. Hence may lead to a better estimate. Larger quantity of market data would be nice for validatory purpose. If we know the position of our opinion statistically relative to other related data, fairness can be self assesed. Few days ago I heard and noticed (from a valid source) that "fairness" is a major concern in litigatory cases, as many (licensed valuers) are unwilling (reluctant) to do issue such opinion due to poor compensation and other reasons. Imagine that from hundreds of millions legal investigation budget, only a very small fraction is "allocated" to compensate the expert opinion of a licensed valuer. That is scandalous.

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This could be of huge benefit to property developers. Areas such as Phuket that sell a low amount of units to domestic buyers and are reliant on selling leasehold once the 49% foreign quota has been sold, would benefit the most. It would no doubt give other regions such as the Eastern Seaboard a boost also. Only time will tell if this actually happens, but its a positive that the review is happening. https://lnkd.in/gTi5GHsV #thailand #thairealestate

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Learn everything you need to know about closing techniques at this Advanced Track session led by District Director Lincoln Heng. Gain practical tips and insights on how to successfully negotiate deals for private resale properties. From presentations to structuring investment plans for clients, elevate your skills with proven methods. Don’t miss this opportunity to stay ahead of the curve and enhance your business growth. RSVP today - https://lnkd.in/gTz9cdVK #HuttonsGroup #FastestGrowingAgency #SingaporeLargestPrivateRealEstateAgency #Empowerment #Career #HuttonsAdvancedTrack

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Being the owner of several projects in Siu Lek Yuen, it would have been in SHKP's favour to secure another site in the same district, especially after winning a small gov’t site (STTL 623) opposite City One MTR Station by a narrow margin in July. However, the recent tender of STTL 625 that closed on 25 Oct was won by an unexpected bid from Chinachem, who had not been among the 11 bidders in the previous tender (including four mainland China based developers). There were bids from 5 HK-based big developers plus a builder for the recent tender. The awarded price to #Chinachem is AV$3,357 psf, which is just higher than my estimate of $3,090 to $3,220 psf. #Shatin #BusDepot #LandSale             Takungpao  https://lnkd.in/gqNiPU7a Oriental Daily  https://lnkd.in/gTZiGbRe HK Comm Daily  https://lnkd.in/gbgKR8kn HKET https://lnkd.in/gRuiXVbE Singtao  https://lnkd.in/gX3aJv7s Comm Radio HK  https://lnkd.in/gmFfs5J8

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3 Things I've learned since working in property. . . . . . . -> The market is always changing. As we experience new global and geopolitical trends, there will always be opportunities in different areas. This is why it's essential to keep up with the market and take on new opportunities as they become available. In fact, globally, there's a shortage of properties available compared to eager buyers, estimated at about 2-7million homes. -> Nothing is set in stone. The harsh truth is that your team will make or break a project. If a developer is great at pushing plans through, is informed and able to adapt and overcome the never-ending changes this market faces, they can take a project from being non-viable to extremely successful. Equally, if the team is not budgeting properly, the plan is not strong and the execution is poor, everything can go wrong. Property is a long-term investment, and it can take a period of a few years to see your ROI. That's why you also need a reliable property manager to look after it. Choose your people wisely. -> Networking is key. Property is a sector where human interaction is a huge factor in building long-lasting relationships. As technology is advancing in the way we communicate, sell and advise our clients, property remains an industry where people still appreciate the value of face to face interaction. Attend networking events, meet new people. You never know when and how a partnership can flourish. Your network is your net worth. Embrace it. #property #realestate #propertyinsights #propertydevelopers #propertyinvestment

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The Consulting Industry's Biggest Problems—And How We Can Fix Them . Although this article from #CNA relates to property agents, I believe it also applies to the Consulting Industry: . ❌ Surface-Level Expertise & Generic Solutions Too many consultants rely on buzzwords and generic solutions that fail to address each client's unique needs. Deep, personalized work takes time and energy, and many avoid it, leading to half-baked results that don't create real change. . ❌ Misaligned Incentives & Fee Focus The obsession with billable hours over-delivering real value creates a toxic relationship. Clients see consultants as fee-driven rather than partners, and this fee-centric mindset makes clients question whether the goal is solving their problems or just running up the meter. . ❌ Lack of Empathy for Client Realities Consultants often lack a true understanding of what it’s like on the ground. They parachute in, analyze data, and deliver recommendations without experiencing the client’s daily struggles. Without embedding themselves in the client’s culture, consultants miss crucial insights, leaving recommendations disconnected from reality. . What Can You Do to Step Up Your Consulting Game? ✅ Radical Transparency Be clear about your approach, limits, and what clients can expect. Stop playing games—clients hate feeling taken for a ride. Set real expectations about what you can deliver and where the client’s work is required. Be bold enough to tie part of your fee to outcomes—that’s how you build trust. . ✅ Get in the Trenches Step away from spreadsheets and frameworks. Spend time with the client’s team, attend meetings, and experience their challenges firsthand. Understanding the human side of the issue is key to creating effective solutions. If you're unwilling to do this, maybe it's time to reconsider being a consultant. . ✅ Become a Co-Creator Move beyond advising—co-create. Collaborate closely with clients where both parties share ideas, solutions, and accountability. When clients feel ownership, the odds of successful implementation skyrocket. Strive to become an integral part of their team, not just an outsider with a slide deck. . What do you think? Are these the biggest issues facing the consulting industry today? How can we, as consultants, better serve our clients and rebuild trust? . Share your thoughts, questions, and observations in the comments below. . _______________________ 😉 I am Jack ✅ I am a retired accredited tax advisor and a senior leader in Blair Singer Training Academy authorised to teach Blair’s signature sales, team development, and personal development programs in Asia. Blair is the Former Rich Dad Advisor for Robert Kiyosaki, the author of Rich Dad Poor Dad. . Like this post and Want to see more? 🔔 Ring it on my Profile 👍 Follow #jackhmwong 🔝 Connect with me . #facilitation #publicspeaking #education

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One can see that the most carbon-intensive (and by extension probably the hardest to abate completely) sectors in Temasek's portfolio are: 1. International aviation (SIA) 2. Power generation / Utilities (Sembcorp Industries) - 3. Agriculture (Olam Group) 4. Port operations (PSA International) 5. Data centres (ST Telemedia) "Temasek provided the figures on Tuesday (Jul 9) in its first sustainability report at the launch of its annual Temasek Review, where it announced S$389 billion in total net portfolio value as of Mar 31. In the last financial year, S$3 billion of investments were added to its sustainability portfolio, covering areas such as food, water, waste, energy, materials, clean transport and the built environment. Its latest investments include electric vehicle companies Mahindra Electric Automobile in India and BYD in China, sustainable battery solutions provider Ascend Elements and electrolyser manufacturer Electric Hydrogen, both in the US. In May, Temasek also partnered with Canadian fund Brookfield to buy out Neoen, a France-based renewable energy company. Its climate transition investments cover high-emitting sectors looking to transition to climate-friendly products and services, such as Sembcorp Industries and Danish gas company Topsoe. Temasek said it has so far reduced net carbon emissions attributable to its portfolio by 5 per cent from 2010 levels. By 2030, it hopes to halve it from 2010 levels to 11 million tonnes of carbon dioxide equivalent (MtCO2e) and by 2050, to achieve net zero emissions." "Five companies – Singapore Airlines (SIA), Sembcorp Industries, Olam Group, PSA International and ST Telemedia – contributed around 80 per cent of Temasek's total portfolio emissions. These five companies comprise 10 per cent of its portfolio value. These are businesses within industries that face "inherent decarbonisation challenges", Temasek said, adding that the companies have made significant progress in recent years."

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