MAS Introduces Debt Servicing Framework for Property Loans

MAS Introduces Debt Servicing Framework for Property Loans

Singapore, 28 June 2013 … The Monetary Authority of Singapore (MAS) will introduce a Total Debt Servicing Ratio (TDSR) framework for all property loans granted by financial institutions (FIs) to individuals1. This will require FIs to take into consideration borrowers’ other outstanding debt obligations when granting property loans. They will help strengthen credit underwriting practices by FIs and encourage financial prudence among borrowers.
2 MAS will also refine rules related to the application of the existing Loan-to-Value (LTV) limits on housing loans. These refinements seek to ensure the effectiveness of the LTV limits that were put in place to cool investment demand in the housing market. In particular, they aim to prevent circumvention of the tighter LTV limits on second and subsequent housing loans.
Introduction of TDSR framework
3 MAS conducted a thematic inspection of banks’ residential property loan portfolios in 2012. While banks generally had in place sound policies to assess the credit worthiness of borrowers, the inspection and subsequent surveys revealed uneven practices with respect to the application of debt servicing ratios and highlighted areas for improvement in credit underwriting practices.
4 The TDSR framework will provide FIs a robust basis for assessing the debt servicing ability of borrowers applying for property loans, taking into consideration their other outstanding debt obligations. FIs will be required to compute the TDSR, or the percentage of total monthly debt obligations to gross monthly income, on a consistent basis.2
5 The coverage of the TDSR framework will be more comprehensive than FIs’ current practice. The TDSR will apply to loans for the purchase of all types of property, loans secured on property,3 and the re-financing of all such loans.4

6 The methodology for computing the TDSR will be standardised. FIs will be required to:

  • take into account the monthly repayment for the property loan that the borrower is applying for plus the monthly repayments on all other outstanding property and non-property debt obligations of the borrower;
  • apply a specified medium-term interest rate or the prevailing market interest rate, whichever is higher, to the property loan that the borrower is applying for when calculating the TDSR;5
  • apply a haircut of at least 30% to all variable income (e.g. bonuses) and rental income; and
  • apply haircuts to and amortise the value of any eligible financial assets taken into consideration in assessing the borrower’s debt servicing ability, in order to convert them into ‘income streams’ in computing the TDSR.

7 FIs will be required to verify and obtain relevant documentation on a borrower’s debt obligations and income used in the computation of the TDSR.
8 MAS expects any property loan extended by the FI to not exceed a TDSR threshold of 60% and will regard any property loan in excess of a 60% TDSR to be imprudent.6 The threshold is set at 60% for a start to allow both the FIs and borrowers to familiarise themselves with the TDSR framework and its computation methodology. MAS will monitor and review the 60% threshold over time, with a view to further encouraging financial prudence.
Refinement of rules related to application of LTV limits
9 MAS will refine certain rules related to the application of the existing LTV limits on housing loans granted by FIs. In particular, MAS will require:

  • borrowers named on a property loan to be the mortgagors of the residential property for which the loan is taken;
  • “guarantors” who are standing guarantee for borrowers otherwise assessed by the FI at the point of application for the housing loan not to meet the TDSR threshold for a property loan to be brought in as co-borrowers; and
  • in the case of joint borrowers, that FIs use the income-weighted average age of borrowers7 when applying the rules on loan tenure.8

Measures for the long term
10 The new rules will take effect from 29 June 2013.
11 The TDSR framework and refinements to the rules relating to the application of LTV limits are structural in nature, and will be in place for the long term. They aim to encourage prudent borrowing by households and strengthen credit underwriting standards by FIs.
12 They do not involve changes to the LTV limits on housing loans themselves, which were last tightened in January 2013 as part of the government’s package of measures to promote stable and sustainable conditions in the housing market.9 The current LTV limits are not permanent, and will be reviewed depending on the state of the property market.
13 Please refer to the FAQs on MAS’ website for further details.

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美国发展商转战学生公寓

美国发展商转战学生公寓

 2013-06-28 14:26
  • Cottages of College Station, 设有环礁湖形状的泳池, 其双层宿舍的木面板外墙与度假胜地汉普顿 的豪宅相似。

长期以来,美国的大学生公寓开发项目,一直由小型房产商来主导。

但现在,房地产行业最大的几家公司也加入了进来。

原因很简单,大家渐渐看到这个利基市场的动力、需求和升值潜能。

许多美国高等院校缺少资金来提升现有宿舍或建造新的学生宿舍,需要私人界来填补这一空白。

全美最大的住宅产业建筑商莱纳(Lennar Corp.),就是其中之一。

今年2月,该公司在得克萨斯大学奥斯汀分校附近破土动工,兴建一个校外学生社区。

再来,以开发大型郊区住宅项目而知名的托尔兄弟公司(Toll Brothers Inc.),也正在马里兰大学帕克分校和宾夕法尼亚州立大学所在的大学城附近买地,计划建造高档的学生公寓;这两个发展项目预计于2015年投入使用,总共提供3100个床位。

Walker&Dunlop公司资深副总裁威尔贝克说:“这些学校没办法给每个学生都提供住宿,有些学校干脆把学生宿舍的建设全部委托给第三方来做。”

有望抵御低迷经济领域

去年,该公司公司为校外学生公寓项目提供了1.571亿美元(约4.939亿令吉)的融资。

房地产投资信托基金Brandywine Realty Trust过去专门从事郊区办公楼和其他一些地产开发项目,最近也与CampusCrest Communities公司合作,计划在费城建造一座33层的高楼。

该基金合作项目的公寓,主要是供几所学校的学生居住,包括宾夕法尼亚大学和德雷塞尔大学等。

这些举动旨在帮助发展商实现业务的多元化,进入那些有望抵御低迷经济的领域,从而能够在下一次经济衰退中更为从容。

房灾期间一枝独秀

在美国此次房灾期间,虽然独栋住宅价格下降,公寓业主被迫降低租金,但许多学生公寓的房东依然不断提高租金。

业界人士说,这归功于舍得花钱的学生家长,以及来自学生贷款项目的支持。

与此同时,已在这一市场厮杀多年的发展商正在踊跃购地,希望能在新进入的大公司面前保住竞争优势。

据ARA Student Housing的数据,2012年美国学生公寓产业的交易额创下37亿美元(约116.32亿令吉)的历史记录,比上一年提高近95%。

产业发展商LandmarkProperties总裁韦斯利罗杰斯说;“很多人觉得这是个热点,来了不少竞争对手,并正在大举圈地。”

该公司长期从事学生公寓的开发及持有经营,目前提供约5000个床位,而且仍有2700个床位正在建设当中。

学生长远稳增床位仍短缺

据非盈利组织“美国学生信息交换研究中心”的数据,虽然发展商正在建造更多学生公寓,但2012年的大学入学人数却比2011年减少了1.8%。

但发展商认为,长远来看,大学入学人数会不断增加,尤其是规模较大的州立大学,这也正是他们往在这些地区大兴土木的原因。

他们相信,人口趋势的变化将支持市场的发展。

美国教育部预测,在2021至2022学年期间,美国每年都有超过300万名高中生毕业,当中大多数将继续接受高等教育。

同时,海外学生进入美国大学的数量也保持迅猛增长的态势。

然而,大多数美国的专科学院和综合大学,都没有足够的学生床位以满足需求。

据Michael Gallis&Associates咨询公司的统计,美国大学的床位短缺量在150万个到215万个之间。

每年换一批租户 维护管理费更高

虽然学生公寓躲过了房灾,且需求和身价仍在节节上升,但一些行业分析员却质疑,一部分新加入的发展商是否清楚其中隐藏的风险以及高昂的成本。

多数不会不爱护房子

因为与一般公寓住宅相比,学生公寓需要更多的日常维护和管理。

首先,学生对于房子不是很爱护,而且流动性比较大,导致学生公寓面临空置率升高的风险,尤其是一些老旧的公寓。

一般而言,学生床位每年都会换一次主人,而且开学时还空着的床位往往会一直空到整个学期结束。

学生公寓经营者还需要平衡多方面的不同需求,有的来自正从少年向成年转型的学生,有的来自学校,还有的来自过分溺爱孩子的家长。

托尔兄弟公司表示,它将引入熟悉学生公寓经营的地产经理来协助管理。

该公司财务总监马丁康纳说:“学生公寓的管理非常重要,因为需要花三个月的时间把床位都安排出去,此外还有两个礼拜的周转期,让原来的租户搬出去,新的租户搬进来。”

今年新增4万单位 过度建设引起关注

整体看起来,学生宿舍公寓前景看俏,但在一些地方,却引起市场觉得过度建设的关注。

据ARA Student Housing统计,虽然每个城市的学生公寓建设量都比较有限,但新供应惊人,光是今年约有4万个校外学生公寓床位在建。

ARA今年跟踪的项目达到71个,去年只有40个左右。

也有一些人担忧,有些发展商在学生公寓建设上的步伐可能迈得过快。

有信心床位可租出去

美国校园社区公司(American Campus Communities Inc.)是全美最大的经营学生公寓的上市企业,去年投资18亿美元(约56.59亿令吉)用于新建学生床位。

令行业分析员惊讶的是,2013年2月初,该公司发布的经营数据显示,截至2月份,该公司于秋季开始的2013学年的学生公寓预订比例为43.3%,而去年同期的数字为46.4%。

该公司的首席执行长比尔贝利斯说:“距离租期开始还早,我们有相当长的时间来安排出租事宜。”

Sandler O’Neill与伙伴公司房地产信托投资基金分析员亚历山大高德法伯表示,确信美国校园社区公司能在新学年开始前把床位都租出去。

虽然还早,但分析员对此密切关注,如果下一季度缺口还比较大,市场可能就会认为这是一个趋势问题。

Why Malaysia is One of the Best Countries for Expats

Articles – Malaysia

Why Malaysia is One of the Best Countries for Expats

Posted by: Jamie on Wednesday April 17, 2013 (15:02:18)
Redang Beach, Malaysia
Redang Beach, Malaysia
Expats flock to Malaysia because of the beautiful weather, the affordable living costs and the landscape. Not only is Malaysia a top choice for tourists, particularly couples on their honeymoon, but it is becoming one of the best countries in Asia for expats. The South East Asian state has a long history of immigration and its appeal lies in the how easy it is for expats to settle there and the desire for the Malaysian people to have expats settle within their country.Malaysia consists of two regions, Peninsular Malaysia and East Malaysia (separated by the South China Sea) and both boast beautiful landscapes, from mountains to the ocean. There is something to offer everyone. Eating at the restaurants, shopping, going to a bar, playing golf, are all within reach of everybody thanks to the low costs for leisure activities. In fact, the reasonable cost of living, in general, is one of Malaysia’s most attractive features and selling points.

The climate is warm and tropical and particularly suits retired people. It is expat friendly and offers many opportunities for foreigners to integrate with the expat community and into Malaysian life, with social activities and networking groups. The Malaysian people welcome expats and aim to make foreigners welcome from day 1 of their new lifestyle. This is definitely a fundamental factor in why so many people are choosing to make Malaysia the destination of choice.

The majority of expats decide to settle in Penang and Kuala Lumpur, where various organizations can assist your move and help you connect with others in a similar situation; as well as find employment and arrange visa/permits.

Fortunately, these two places are also centers of excellence for medicine. Healthcare in Malaysia is first class. They perform a number of medical procedures and treatments, often for people who travel into the country especially to take advantage of the health service. Expats learn that not only is the standard of healthcare so high, but it is cheap as well. Prescriptions are affordable.

Malaysia has one of the most stable economies in Asia and the country is financially strong. In fact, the economy is growing, perhaps helped by the expat community and increase in highly skilled workers.

The country boasts a new industrialized market economy which has been growing steadily since the 80s, when the focus turned from agricultural work to more industrial work, in line with the new urban feel and changes to the country as a whole.

Malaysia has been concentrating on attracting skilled workers to the country to set up (or return) there and settle. Expats are encouraged to set up their own businesses in the country and the country offers long length visas for expats who specialize in oil/gas, finance and education sectors.

Malaysia is beginning to expand its economy in areas such as science, tourism, commerce and medical tourism.

Although some safety concerns exist, such as kidnapping, overall expats report to feel safe in the country and crime is relatively low.

Here is a recap of just some of the reasons expats pick Malaysia to live:

– Exotic and exceptional food, with the main influences coming from China and India (curries etc.), but with a variety of Western restaurants in the larger cities
– Cosmopolitan, modern feel with easily accessible opportunities to escape for the weekend
– Excellent climate (temperatures of between 20 and 30 degrees Celsius and a June to October dry season)
– Glorious beaches and stunning landscapes
– Wide choice and range of accommodation, at reasonable prices
– Professional employment opportunities in a wide range of sectors
– Cheap and easy travel with an extensive road and rail network
– Affordable, high standard of healthcare with a first-class reputation
– International schools and good education system
– Efficient and easily accessible personal banking
– A great welcome from locals who understand the role that expats play in their future economy

Malaysia has a diverse mix of cultures, which make it an enjoyable new experience but it is an easy enough country to settle and adjust to.

The fact that Malaysia is so welcoming and works hard to attract foreign investment makes it a good choice for expats who are looking for a comfortable future, stable economy and an excellent overall quality of life.

No DIBS = Less Flipper

Bank Negara is studying the risks arising from DIBSwith a view of potentially imposing curbs on it

Posted on June 25, 2013 – Featured, Property News.

By GURMEET KAUR
gurmeet@thestar.com.my

PETALING JAYA: Bank Negara is studying the risks arising from the developer interest-bearing scheme (DIBS) with a view of potentially imposing curbs on it, sources said.

Although it is unclear if or when such curbs would be put in place, Hong Leong Investment Bank (HLIB) said that it may be “later this week”, adding that such a move would be a negative for future sales in the primary property market.

Other industry players think that the measures might be introduced in the second half of the year.

DIBS has become a popular easy financing package offered by property developers in joint-promotion activities with banks in recent years.

Under the scheme, buyers need not fork out much initial downpayment to buy properties, as the developer supposedly absorbs the initial interest. This is until the buyer takes possession of the property.

A high number of buyers enter this scheme with the intention of flipping the property when they gain possession of it, making a profit without having to come up with much capital in the process. Such a scenario fuels speculation.

“Typically, under the scheme, buyers only foot between 5% and 10% of the house price upon signing the sale and purchase (S&P) agreement and only begin payment when the project is completed,” a property consultant told StarBiz.

“There are caveats to this scheme, as buyers commit to a financial obligation upon the signing of the S&P and the interest cost has actually been already passed on to buyers via the higher selling prices.”

DIBS is mainly offered to the high-rise residential segment. Some property consultants have opined that the presence of DIBS in the market has caused prices to be set on an artificially higher trajectory.

Notably, the Singapore government banned DIBS in 2009.

“While the exact measures are yet to be revealed, we believe the curbs would impact this easy financing scheme,” HLIB said in a note yesterday.

According to analysts, most of the sales in the recent property bull cycle were tied to the attractive DIBS scheme at the expense of the secondary property market which has remained sluggish. And given the persistent rise in household debt, the Government is mulling over measures to limit it.

“In the recent past, Bank Negara has been compiling information on the scheme and studying its impact on the sector,” a source said.

Bank Negara had yet to respond to StarBiz’s queries as at press time.

“The difference between the non-DIBS and DIBS pricing can range from as low as 5% to as high as 30% if other incentives like early-bird discounts, stamp duty waivers and cash payments are taken into account,” said Elvin Fernandez, managing director of Khong & Jaafar group of companies.

He advocates regulators to compel developers to be transparent on the various incentives, as it may be difficult to do away with DIBS packages.

“Developers should inform buyers and bankers of the actual value of the discounts they are getting so that house buyers know the true value of the house they are buying,” he said.

UOB Kay Hian Research noted that new launches in selective high-rise projects in the suburbs of the Klang Valley were transacted at over RM1,000 per sq ft (psf) vis-a-vis RM450 psf two years ago.

“Household debt has risen to 80.5% of nominal gross domestic product as at end-December 2012, up from 60.4% as at end-2008.

“We also note that outstanding banking sector loans in the household sector has risen 3.6% year-to-date as at end-April to RM638.5bil from RM616.5bil as at December 2012. As the rise in consumer credit is partly linked to housing, curbs may be introduced to dampen speculation,” UOB Kay Hian said in a report yesterday.

On the financial impact of curbing DIBS on property companies, HLIB said that it would be “negative for future sales in the primary market but the extent of damage varies with the degree of exposure to the high-rise segment for each individual developer”.

UOB Kay Hian reckons that if DIBS or similar schemes were to be tightened, it could “significantly dampen new property launches as speculators will be filtered out”.

The company also does not rule out the possibility of a further upward revision in real properties gains tax (RPGT) to dampen speculation.

In Budget 2013, the Government had raised the RPGT for the second time since 2011, stipulating a 10% to 15% tax for the disposal of properties within two years of purchase, and 5% to 10% for the disposal of properties within three to five years. However, properties sold five years after purchase are exempted from the RPGT.

到底是租房好還是買房好?

买房不失算 不可不知的房仲话术

G Residence@Ara Damansara

Your Business & Investment Partner : CL Wong   6017-684 6282

Invitation Code is   CL WONG 

Online booking call  CL Wong : 6017-684 6282

Register here for project briefing

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HK ‘Superman’ swoops on another mall

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Tycoon Li Kashing firm buying malls in Malaysia – The Star

Asia’s Latest Luxury Real Estate & Property News

Business Times | Retail in Asia

美国房地產开发商 转战学生公寓

美国发展商转战学生公寓

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 Excellent news!!!  Hassel Free Investment  !!!

 @ Ara Damansara, Petaling Jaya-   G  RESIDENCES

  • 3 minutes WALKING  to LRT
  • Early Bird discount 5%+2%
  •   6% Return of Investment in rental yeild. (Rental will be more than bank installment)
  •  Guaranteed tenancy with a Lease Back Agreement– 3 + 3 + 3 years
  •   Property sold with Fully  Furnished
  •   Price  from RM 800 – RM 899k
  •   933 sq ft
  •  Special Sales Package – 80% loan available
  •  Only 10% capital outlay 
  • Free SPA
  • Free Loan Agreement Legal Fees
  • Free Free stamp duty for MOT
  •  0% interest until VACANT POSSESSION
  • Free 1 car park

* Viewing is via appointment only.

For an immediate site viewing an d presentation, please call or PM : CL Wong  017-6846282

HK ‘Superman’ swoops on another mall

Attached Image

Tycoon Li Kashing firm buying malls in Malaysia – The Star

Asia’s Latest Luxury Real Estate & Property News

Business Times | Retail in Asia

美国房地產开发商 转战学生公寓

美国发展商转战学生公寓