2014年10月30日 星期四

新加坡 reits 使用年限 99 years---- 謝謝 新加坡網友 幫忙





From ooo


allan lin  您好
我最近找了一些新加坡reits資料

新加坡reit所擁有的房地產可能只有99年使用權.並非永久地契(除非擁有海外地產)這點和臺灣相差很大

那幾支reits房產所有權是永久地契.不知如何如何查出






昨天有一個網友問我一個問題
我覺得非常有趣, 我也努力的做了功課
並且請教新加坡的好友 A

我把結論跟大家報告

  1. 新加坡的房地產屬於國有, 他們的使用年限 大部分都是99 years , 少部分是999 years or 永久持有.... 所以這個問題不只是只有 reits 會發生, 新加坡人,住的房子也是這樣 , 你要買新加坡的股票.--- sph, sing post, 所有的公司也擁有房地產, 也面臨同樣的問題....

  1.  A 問新加坡的地產開發商 and reits CFO , 他們的策略是, 在房子到期前, 比如說 70-80 years, 會開始跟政府協商, 如果政府答應,就可繼續擁有房子, or 準備重建... 準備擁有另外一個99years

  1. reits 擁有的年限 , 已經表現在 財務報表的NAV, 有專業人士把關, so 你要選擇 price/nav 越少越好

  1. 如何查到所有權的年限.   from sam(謝謝Sam的熱情分享)  sam.tew2014年10月30日 上午2:04
    物業所有權的年限可從年報找出來. Look under Properties Portfolio > Land Tenure or Ownership.
  2. For example, Parkway Life REIT Annual Report, Page 38 onwards.
  3. 1. Mount Elizabeth Hospital / Leasehold of 67 years from 23 August 2007
  4. 2. Gleneagles Hospital / Leasehold of 75 years from 23 August 2007
  5. etc...
  6. Thus, check out the reits' annual report for this information, it can be downloaded from their website.
  7. Or check their website, the tenure/ownership information for each property can be found there as well.
  1. so 這個觀念跟台灣人的觀念不一樣, 如果你有戒心, 我覺得就要避開 singapore reits , 另外一個想法就是, 相信基金經理人的能力, 可以處理這些事情, 基金經理人也可以賣掉年限比較少的物業, 買進年限比較多的, …. (btw ,,, A 說他不會擔心, 因為他這輩子碰不到, 等到他孫子的時候...再叫他們自己擔心)


我查到的一些資料大家參考參考 ( 工業的 reits …年限最少)





Yes, land leases should not be looked at in isolation. Like you said, if shorter leases are coupled with very high yields, they could still make great investments. 

REIT managers will very likely divest older, less productive properties and acquire newer, more productive properties. They will very likely, conditions permitting, undertake development of properties and have AEI. Asset renewal keeps overall age of leasehold properties younger while development properties and AEI improve distributable income, all else remaining constant.

The issue of whether REITs have leasehold or freehold properties and their implications is not unimportant but I feel that it could have been given too much prominence in some quarters and by some people at the expense of a more holistic approach in the analysis of REITs.



From A:

allan:
hi

i found that all stocks have this problems about land lease hold by goverment

not only for reits

A:
yeah


OUE, etc


SPH, etc


SingPost, etc


many stocks in Singapore have properties


Metro, etc


Popular, et


allan:
yes

so what is your opinion?


A:
my opinion is that unless the lease is ending soon, i wouldn't worry

oh


maybe i would have sold it before the lease ends


those shorter lease could be industrial buildings


allan:
so u mean...

wait and see

A:
yes




There are generally 3 common types of lease, i) 99 years leasehold, ii) 999 years leasehold, and iii) freehold.

For 99 years leasehold, you own the property for 99 years. After the 99 years the land returns back to being government property. (There are also 30 years freehold and 60 years freehold, although these are less common)

For freehold land, you own the land forever. It is a perpetual absolute ownership. There is no expiry period to that ownership.

For 999 years leasehold, you own the property for 999 years. Since that is a very long period of time, people generally regard 999 years leasehold as freehold.


So it returns to become government property

allan:
return for free?


99年到期之后,业主可以凑钱申请延长产权,但是政府不一定批准。
普通处理方法(二):
政府收回土地,会以当时市场价格赔偿。


A:
The article reveals that it is completely at the discretion of the government whether they decide to extend the lease and there’s zero value after the lease runs out.


Allan:
Zero value?!?

is that correct

A:
for private residential, yes




you get back SOME money



"Enbloc. Winning developer tops up the lease back to 99 years by paying government and rebuilds as new launch. Cycle starts again."



before 99 years, there will be enbloc, by buying the remaining years by paying the government and build new building





10 則留言:

  1. sam.tew2014年10月30日 上午2:04
    物業所有權的年限可從年報找出來. Look under Properties Portfolio > Land Tenure or Ownership.
    For example, Parkway Life REIT Annual Report, Page 38 onwards.

    1. Mount Elizabeth Hospital / Leasehold of 67 years from 23 August 2007
    2. Gleneagles Hospital / Leasehold of 75 years from 23 August 2007
    etc...


    Thus, check out the reits' annual report for this information, it can be downloaded from their website.

    Or check their website, the tenure/ownership information for each property can be found there as well.

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    allan lin2014年10月30日 上午2:05
    hi sam :

    3q 3q

    我馬上更改

    感恩感恩

    刪除

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  2. allan桑
    請問一下 新加坡是只有reits 只能持有99年 還是新加坡人買房子都是99年阿??

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    1. hi yushan:
      新加坡的房地產屬於國有, 他們的使用年限 大部分都是99 years , 少部分是999 years or 永久持有.... 所以這個問題不只是只有 reits 會發生, 新加坡人,住的房子也是這樣 , 你要買新加坡的股票.--- sph, sing post, 所有的公司也擁有房地產, 也面臨同樣的問題....

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  3. 感謝大家分享
    各地的政策不同 會造成投資時的盲點
    而大家互相的分享 可以較為全面的了解
    感謝艾倫大的熱心分享 也使得其他網友熱情的回饋

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  4. Allan 大,方便請教是否在發DPU 前一日買進REIT ,就有資格領DPU,就像股票一樣嗎?

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    1. no.. before ex-dividend date (ex-date)

      除息的前一天.... buy 才有

      當天buy....也 不行

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    2. 就像股票一樣嗎?----yes

      but 股票....也不是像你說的那樣

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    3. 多謝,看了你的blog,我也開始分散投資到 Reit。有個網站我也分享http://www.reitsweek.com,各REIT 新聞集中在一起,還蠻方便不用去各家看

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