CapitaLand's Iskandar township project hits snag
It seeks 6-month extension on launch of first phase of S$3.2b township
The Business Times understands that CapitaLand,
South-east Asia's largest real estate developer, recently sought a
six-month extension on the launch of its 900-unit high rise condominium,
which is the first phase of a S$3.2 billion Danga Bay project, which
spans some 28 ha on a man-made island - PHOTO: BLOOMBERG
[SINGAPORE] Amid growing anxiety over a glut of high-rise
residences in Malaysia's Iskandar, a mega waterfront township project
there appears to have hit a snag.
The Business Times understands that CapitaLand, South-east Asia's largest real estate developer, recently sought a six-month extension on the launch of its 900-unit high rise condominium, which is the first phase of a S$3.2 billion Danga Bay project, which spans some 28 ha on a man-made island.
The project is CapitaLand's first big project in the country and one of several major business deals born out of warmer Singapore-Malaysia ties.
The group, which is leading the masterplan and project development, may also tweak the plan and cut down the number of high-rise residential units it plans to offer as Iskandar's rosy appeal wilts under a massive oversupply of homes on the back of frenzied building, according to sources.
The Business Times understands that CapitaLand, South-east Asia's largest real estate developer, recently sought a six-month extension on the launch of its 900-unit high rise condominium, which is the first phase of a S$3.2 billion Danga Bay project, which spans some 28 ha on a man-made island.
The project is CapitaLand's first big project in the country and one of several major business deals born out of warmer Singapore-Malaysia ties.
The group, which is leading the masterplan and project development, may also tweak the plan and cut down the number of high-rise residential units it plans to offer as Iskandar's rosy appeal wilts under a massive oversupply of homes on the back of frenzied building, according to sources.
A labourer carries freshly cut palm fruits to be used in making palm
oil, at a plantation run by an Ivory Coast palm oil research center, in
Alame, near Abidjan, on June 5, 2013. — AFP picKUALA
LUMPUR, Sept 22 — Palm oil’s share of global vegetable oil consumption
looks set to climb in the months ahead as the top two producers engage
in a tit-for-tat export tax tussle designed to boost sales.It might seem that Malaysia would then lose the competitive advantage it gained with its tax cut, which has pushed up shipments this month. But traders and analysts say there’s room for both countries to benefit at the expense of Argentina’s soybean oil and Ukraine’s sunflower oil.
Palm oil prices on the benchmark Bursa Malaysia Derivatives Exchange climbed to a one-month high this week as the market continued to rebound from a five-year low seen at the start of September.
Malaysian palm oil exports jumped more than 30 per cent in the first half of September from a month before, according to estimates from cargo surveyors, as a direct benefit of abolishing export taxes.
If international and local crude palm oil prices drop below US$750 (RM2,425.5) a tonne, Indonesia cuts its tax to zero, and that is expected for October.
“We are now studying a change in the export tax structure to boost further our downstream palm oil industry,” Panggah Susanto, director general for agricultural industries, told Reuters.
Refinery capacity in Indonesia, the world’s top palm oil producer, is expected to jump to 45 million tonnes per annum by the end of 2014, up from 30.7 million last year and more than double the 21.3 million in 2012, according to the industry.
PALM OIL COMPETITIVE
Global edible oil supplies are forecast to climb, with expectations of record soybean production in the United States and a seasonal upswing in palm oil output in Indonesiaand Malaysia, which account for 60 per cent of world vegetable oil exports.
Palm oil dominates the world edible oil market with a share of 62 per cent of global trade.
It currently trades at a discount of US$106.5 a tonne to Argentina’s soybean oil.
That, plus lower taxes, should spur demand, said one analyst, who declined to be named as he was not authorised to speak to media.
Buyers in the world’s top edible oil importers, India and China, have now stepped up buying.
“As soon as there is a smell of export taxes being dropped, the first thing consumers do is wait, so consumers like India and China have been waiting,” the analyst said.
After its cut, Malaysia saw palm oil exports to China nearly double to 84,030 tonnes in Sept. 1-15 from a month before, according to cargo surveyor Societe Generale de Surveillance.
However, Chinese importers are still working in a difficult environment. “The volume may not increase much because credit is still tight,” said one analyst with the China National Grain and Oils Information Center in Beijing.
Any recovery in demand could prompt financial players to unwind short positions in the edible oil market, providing a lift to prices.
The volume of open positions in Malaysian palm oil futures jumped to a record high last week, further evidence the market is bottoming out after the slump in prices.
And festivals in India and China will help in coming months.
“You’ve got Deepavali celebrations in India and three months later you have Lunar New Year in China,” said a palm oil trader with a foreign commodities brokerage inKuala Lumpur.
“The two most populous countries in the world celebrate their festival seasons, so naturally demand will be strong.” — Reuters
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