Complete Property Market Updates of Singapore

October 31, 2007

Indonesian firm to list retail Reit on SGX

Filed under: Indonesia, REIT — Propertymarketupdates @ 5:04 pm

INDONESIA‘S eighth largest real estate developer, PT Perdana Gapuraprima, part of the Gapuraprima Group, is looking to list a retail real estate investment trust (Reit) on the Singapore Exchange in early 2008.

Speaking at a press conference here yesterday, president director Rudy Margono said that the Reit will be a joint venture with Amanah Raya Berhad, a company owned by the Malaysian government.

Mr Margono said that Gapuraprima is expected to inject five malls into the Reit, and Amanah Raya two. He also revealed that the assets have an estimated value of US$250 million. He expects the retail Reit to offer a yield of between 9-10 per cent. PT Perdana Gapuraprima’s real estate assets are worth about US$500 million, he added.

Mr Margono also revealed that the three-to- five-year-old malls outside Jakarta are in cities like Solo and Bandung.

In August, Amanah Raya, together with Kuwait Finance House, acquired two villa apartment blocks in Reflections at Keppel Bay for about S$286 million. For Gapuraprima, Mr Margono said the retail Reit is largely a way for the group to divest its properties and use the capital for further expansion in the real estate business in the region.

Mr Margono said: ‘Our vision is to be one of Asia’s largest property developers, with property development projects in various countries around the region.’

PT Perdana Gapuraprima was listed on the Jakarta Stock Exchange last week and shares last traded at around 345 rupiah, up 11.3 per cent on its IPO offer price of 310 rupiah a share. The new share issue forms about 30 per cent of PT Perdana Gapuraprima’s paid-in capital after the IPO.

Mr Margono said that in FY07, the group achieved a net profit of 46.9 billion rupiah (S$7.5 million) and 514 billion rupiah in revenue. He expects the yield of its Indonesian properties to be 8-9 per cent.

He added: ‘We have also seen a capital gain of 15-20 per cent for our properties in Jakarta annually in the past 10 years, which we hope will instil more confidence in our investors investing in the group.’

Source : Business Times - 30 Oct 2007

Restoring a genuine property market

Filed under: Financing, Market Watch, Regulators — Propertymarketupdates @ 5:04 pm

PROPERTY stocks were sent reeling yesterday following the government’s announcement to discourage speculative buying in the real estate market. In contrast, bank stocks rose. The divergence in stock performance between the two market sectors comes down to this: what is bad news for speculators may prove to be good news for banks.

The scrapping of the scheme which allows homebuyers to delay payments on new property may turn out to be a positive for the financial institutions giving out housing loans, as the measure weeds out punters from genuine buyers. The deferred payment scheme introduced 10 years ago allowed buyers to make as little as a 10 per cent downpayment, and pay the rest upon completion - sometimes after a time lag of three years. This encouraged many to enter the property market. Speculators did not even take the trouble to get a loan - merely coming up with the downpayment, and selling before completion of the property.

In the last few quarters, when the market turned red hot, some observers were surprised by what appeared to be muted home loans growth. The reason was that the deferred payment scheme, which discourages the early draw-down on loans (or even taking up a loan in the first place), had diluted the impact of the booming market on housing loans. Indeed, it was common to hear, at the results briefings of the local banks, the deferred payment scheme put forward as one of the main factors for the slower-than-expected pace of home loans growth.

With deferred payment now no longer an option, more buyers will be driven to take up home loans. And loans will be drawn down progressively, with borrowers paying a certain percentage of the purchase price at various stages of completion of the property. This should be positive for the loan books of the banks.

Take DBS Bank, for one. Singapore’s biggest bank had felt the ‘lag’ impact of the deferred payment scheme - it said a few months ago that it was expecting a sharper spike in home loans only in future quarters, due to investors taking out loans to pay for homes purchased using deferred payment schemes. With the scheme gone now, the bank told BT that the impact of the latest measure would be positive on its books - since, without the option of the deferred payment scheme, buyers have to seek financing and draw down the loans, if they don’t want to use a lot of their own cash.

The removal of the deferred payment scheme is not just positive on the loan books. For some time now, there has been growing concern that the scheme shifted the banks’ risk exposure from households to corporates. With buyers paying nothing in the early stages of a project with deferred payment, developers had to borrow more from the banks - or raise funds in the debt market - to finance their projects. This increased the banks’ exposure to property developers, and there is past evidence to suggest that corporates are more likely to default, should the market turn bad, than households.

According to MAS data, as at end-June, housing and bridging loans as well as loans to the building and construction sector made up nearly half of the more than $200 billion loan portfolio of commercial banks here. This has been a steady increase from the 33 per cent from about a decade ago, around the height of the last property boom. In absolute terms, housing and bridging loans were worth some $64 billion in June, compared with about $63 billion six months ago. As the Monetary Authority of Singapore had also previously said, the use of the deferred payment scheme by property developers introduces additional risks to the developers (and to the banks which finance these developers) because property purchasers under this scheme are not subject to credit checks by developers.

‘This is unlike property purchasers who apply for housing loans and are subject to credit assessment by banks. MAS expects banks to exercise prudence in their financing to the property developers and be fully cognisant of the additional risks from the use of deferred payment schemes,’ MAS had said then. The removal of the scheme will restore some balance, and the banks should have their exposure to households raised while lessening their exposure to developers.

The government’s removal of the deferred payment scheme - and expectations of further cooling measures - could keep the property market cautious in the near term. Buyers may adopt a wait-and-see approach, and new projects could see a slower take-up rate. That could crimp home loans growth in the short term. But in the longer term, doing away with deferred payment will put home financing on a far healthier plane. ‘Flippers’ who buy property to resell quickly to make a fast buck will be deterred, the speculative froth will be taken out of the market, and pricing will come to levels more in line with economic fundamentals. For banks, this means genuine homebuyers and investors as customers - and that cannot be a bad thing.

Source : Business Times - 30 Oct 2007

PM Lee pledges further action on property if necessary

Filed under: Financing, Regulators — Propertymarketupdates @ 5:03 pm

Prime Minister Lee Hsien Loong yesterday said the government will continue to monitor property market trends closely and take further action if necessary.

His remarks come shortly after Friday evening’s announcement on the scrapping of the deferred payment scheme for property purchases, which Mr Lee described yesterday as a step that will ‘help to dampen excessive speculation and help to inject some reality into the market’.

Touching on various facets of property in Singapore, Mr Lee said that the government will also inject more office space into the market over the next two to three years to boost supply for the sector, which is facing an acute shortage of prime office space because of strong growth.

The government is also releasing more land for executive condos (ECs), a hybrid of public and private housing, Mr Lee said in his speech at the NTUC National Delegates’ Conference yesterday morning.

‘But more fundamentally than the ups and downs of the property cycle, the government is committed to keeping housing affordable for Singaporeans, for all Singaporeans,’ he stressed.

‘We will continue to monitor the property market carefully and watch the trends and if necessary, we will continue to take more action. And therefore we will be able to make sure that the property market stays in balance over the long term.’

To keep public housing affordable, the Housing and Development Board is building more flats. And to cater to the aspirations of Singaporeans who aspire to own a private condo unit, the government will step up the supply of land for ECs. This housing form was first introduced in 1996, at a time when private home prices were running away.

ECs cater to the ’sandwich’ class of home buyers who cannot afford private housing but whose monthly household income is high enough to disqualify them from buying new flats in the public housing segment.

However, as the property market slumped and private home prices fell, the need for ECs diminished and the government stopped selling land for EC development. But the Ministry of National Development has re-introduced ECs into the Government Land Sales Programme, with a plot in Punggol that will be made available through the reserve list next month.

Source : Business Times - 30 Oct 2007

Keeping watchful eye on property market

Filed under: HBD Reviews, Regulators — Propertymarketupdates @ 5:03 pm

THE Government is watching the property market ‘carefully’ and taking steps to ensure it does not overheat.

It will inject more prime office space into the market over the next two to three years, said Prime Minister Lee Hsien Loong yesterday.

And for those worried they have ‘missed the boat’ in the current residential property boom, he had this message: Don’t worry, there is enough land for affordable housing for all Singaporeans.

Speaking at the NTUC National Delegates Conference, Mr Lee highlighted two property segments ‘of concern’: prime office space and residential property.

Office rents have soared with strong economic growth, he noted. The financial and business services sectors are expanding, while many new businesses are moving in from the region and the West.

‘They’re wanting to grow their business in Singapore and we’re unable to meet it,’ said Mr Lee.

To ease the squeeze, the Government will increase supply. ‘We hope we’ll be able to inject more office space into the market over the next two or three years, not just to stabilise the office space market but provide the capacity so lots more businesses can come set up in Singapore and grow our economy.’

In the home market, Mr Lee noted the scrapping of the Deferred Payment Scheme for buyers of upcoming private homes.

No longer can they just fork out 10 or 20 per cent of the price and defer payment of the rest till the project is done. Now, they have to make periodic payments as construction progresses.

Mr Lee said the move will ‘help to dampen excessive speculation and inject some reality into the market’.

He reiterated that the Government ‘is committed to keeping housing affordable for all Singaporeans.’

The HDB is building more flats. The Government will offer more land for executive condominiums to help middle-income families who do not qualify for HDB flats.

‘We’re convinced we will be able to provide good housing for all Singaporeans over the medium to long term. There is enough land in Singapore. There is no need for anybody to get alarmed that this is the last chance and, if you don’t get on, you’ll miss the boat,’ said Mr Lee.

Looking ahead, the Government will continue to ‘make sure the property market stays in balance over the long term’, he added.

Source : Straits Times - 30 Oct 2007

Property shares take a beating

Filed under: Financing — Propertymarketupdates @ 5:02 pm

PROPERTY analysts were still busy yesterday predicting how the market will be affected by the end of the deferred payment scheme (DPS) as property shares received their expected drubbing when trading opened.

A report by OCBC Investment Research forecast tough times for the residential sector - but not everyone was gloomy.

The OCBC researchers said: ‘The significance of the current government move is that it is targeting at the demand side of the equation while previous measures (since end-2006) were mainly supply side . . . Demand-side measures historically tend to have severe repercussions on demand and hence pricing.

‘We thus see the latest action (and subsequent action if speculation continues) to be negative on the residential sector.’

A seasoned property consultant said: ‘The withdrawal of DPS will affect speculators, who have been focusing mainly on high-end homes but who have also filtered into mid-market projects as seen in One North Residences and The Rochester. However, even genuine home buyers and investors whose budgets are stretched by the rapid price appreciation will be affected. Sales volumes will come off.’

CIMB-GK Research said: ‘We believe developers with inventory in the prime districts could face pricing pressure as punters retreat. Developers are also likely to bear the brunt of greater financial prudence exercised by genuine home buyers as they no longer have the luxury of time to build up funds for repayment.’

The government’s announcement on Friday of the immediate withdrawal of the DPS means an end to the system in which private property buyers could buy units in uncompleted developments with just a 10 or 20 per cent downpayment, with the payment for the rest of the purchase price in some cases postponed until the completion of the project.

CIMB said in its research note yesterday: ‘We believe this move is aimed at discouraging speculative activity and is also a preventive measure to keep mass-market price escalations in check.’

There will be no new DPS developments available, although developers which have already obtained approval to offer the scheme for a project may continue to do so.

One development that seemed to be benefiting over the weekend from its approval for DPS was United Industrial Corporation’s (UIC) Park Natura, a five-storey freehold condo in the Toh Tuck area near the Bukit Batok Nature Reserve. The condo has an average price of about $1,000 per square foot. UIC is said to have sold more than 60 units over the weekend in the project, which has 192 units in total.

The developer is offering a partial deferred payment scheme where buyers pay an initial 10 per cent, with progress payments needed only after one year.

On the stock market yesterday morning, the Singapore Properties Equity Index fell as much as 2.1 per cent from Friday’s close to 1,545.16 points. It later recovered to end at 1,557.52 points - just 1.3 per cent lower than Friday’s finish.

City Developments lost 50 cents to close at $15.80, followed by SC Global Developments which eased 35 cents to finish at $5.50. Singapore Land lost 25 cents, closing at $9.85.

‘Purer developers with sizeable residential inventories are likely to be the most affected,’ CIMB said.

‘Stocks under our coverage with revalued net asset values that are particularly sensitive to asset price changes include Allgreen, Bukit Sembawang, City Developments, Ho Bee and UOL. We estimate that every 10 per cent change in residential prices will result in 5-10 per cent changes in stock valuations for these companies.

‘The sector is currently under review . . . we expect to lower our residential selling price assumptions by 10-15 per cent in the upcoming results season in view of mounting uncertainties in the property market,’ CIMB said.

Citigroup said that the DPS withdrawal has ‘probably removed the champagne from the party’ since property prices have been fuelled to some extent by the availability of deferred payments, which account for more than 70 per cent for some projects.

‘Sentiment will likely weaken in the short term, particularly in the luxury segment. Longer term, fundamentals, including strong economic growth, immigration and low interest rates will likely be supportive of property prices,’ the report said.

But other analysts, like JP Morgan’s Chris Gee, said that he was recommending investors to be underweight on the sector even before Friday’s announcement.

‘Pricing power is shifting very firmly away from developers because they now have more products to sell,’ he said. ‘But they’re not just competing among themselves for buyers but also with specu-vestors who’ve bought properties since 2005 and who can offer buyers properties that will be physically completed sooner than those that will be launched by developers in the near future.’

Source : Business Times - 30 Oct 2007

Five properties put up for en bloc sale

Filed under: Developer News, Property Deal — Propertymarketupdates @ 5:02 pm

TENDERS for collective sales continue to be launched. The latest offerings include Dunearn Gardens near the Newton/ Scotts roads area, The Village in Pasir Panjang, and Riviera Point along River Valley Road.

CB Richard Ellis, which is marketing Dunearn Gardens, says the guide price for the 95,443 sq ft freehold site, is $578.5 million, which translates to about $2,288 per square foot per plot ratio, inclusive of an estimated $32.9 million development charge (DC). A new condo on the site would break even at about $2,900 to $3,000 psf, market watchers say.

The site is zoned for residential use with a 2.8 plot ratio (ratio of maximum potential gross floor area to land area). The maximum height allowed for the site is about 33 storeys. The plot can be redeveloped into a new condo with about 134 units averaging 2,000 sq ft each.

Credo Real Estate, the marketing agent for The Village, expects the freehold 102,642 sq ft site to fetch $75 million to $80 million. This reflects a unit land price of $646 to $680 psf per plot ratio, including an estimated DC of $17.75 million. Credo pointed to the possibility of the developer buying up to 20,000 sq ft of adjoining state land parcels, thus potentially enhancing the land size to 122,642 sq ft. In such a scenario, the developer’s unit land price would be lowered to $578 to $607 psf ppr - based on the $75 million-$80 million price tag set by The Village’s owners.

The site is zoned for residential use with a 1.4 plot ratio and five-storey maximum height.

Newman & Goh is marketing a few small sites. One of them is Riviera Point, a 14,580 sq ft plot at River Valley Road with a 2.8 plot ratio and 36-storey maximum height. Its owners are asking for $73.5 million, which works out to $1,800 psf ppr. No DC is payable.

Off Thomson Road, the property agent is marketing View Point and the nextdoor Shiba Apartments with asking prices of $20.5 million and $16.9 million respectively. These work out to around $792 psf ppr including DC.

Source : Business Times - 30 Oct 2007

Not too hot, not too cold

Filed under: Financing, Regulators — Propertymarketupdates @ 5:01 pm

THE property sector is agog at the Government’s withdrawal of the deferred payment option for buyers.

Should the industry be surprised? Dismayed?

Hardly. Developers and property consultancies, not to forget flip artistes, had for a couple of months been expecting the guillotine to drop as the data showed an impressive churn rate in sub-sales of condominiums was holding even after an assurance was given of adequate supply.

The fact that supply has a gestation of about two years has been the inherent weakness of moves to pace the market evenly. These have included land sales and raised development charges. National Development Minister Mah Bow Tan was the model of caution when saying the scrapping of deferred payments was called for as there were ’signs’ real estate was overheating. He has to balance nurturing sentiment in a sector recovering from a decade-long slump, while punishing the cowboys whose punts drive up property prices which in turn feed through to business costs.

Prowling speculators, the prime target of the move, should have been chased off months ago. They serve no verifiable market function except to warp prices and cause anxiety to serious purchasers. Speculators’ influence on price in premium developments has been noted by developers. The move to discourage speculation indicates the Government figures the line between a stable market and bubble conditions is being crossed.

Would this be enough? What if the speculative element is barely blunted? The time lag between the downpayment and the first progress payments is long enough for those with a decent cash reserve to continue playing the system.

Third-quarter URA data showed a drop of one-third in primary market sales over the previous quarter, part of the worldwide fallout on account of the United States sub-prime mortgage crisis. But prices still climbed by 8.3 per cent. Little wonder then that the trade might be bracing itself for the Government’s use of a blunt tool, the return of the capital gains tax last seen in the 1996 boom. Such a tax used in tandem with an end to deferred payments is sure to knock out speculators. But, careful. It can be the imperceptible tip into a wholesale withdrawal by institutional buyers, foreign individual purchasers as well as local and foreign group investors who are key elements in holding real estate values.

The last time it was used to cool the market, it came ahead of an unforeseen downturn. The combined effect sent the market into an unintended chill, from which it has taken a long time to recover.

So, for now, watch if speculators who exhibit nothing but dollar signs and a smirk on their faces make a dash for the door.

Source : Straits Times - 30 Oct 2007

Orchard Road set for a pedestrian-friendly overhaul

Filed under: Property Add Value — Propertymarketupdates @ 5:01 pm

CARS will have to make way for pedestrians along a stretch of Orchard Road as part of a $40 million makeover of Singapore’s premier shopping belt.

Work on the changes will start in February and be complete in April 2009.

By then, the extreme-right vehicle lane will become part of a wider pedestrian mall in the 270m stretch from the front of the new Ion Orchard and Wisma Atria.

Another 150m stretch in front of the Meritus Mandarin will also be given a wider walkway, but the Land Transport Authority has not decided whether this will also involve closing down one lane of the road or just a narrowing of the existing five lanes.

Besides the widening of the walkways, the makeover will also introduce new plants, ambient lighting, new paving for walkways and new street furniture.

Spaces such as the one created in front of Wisma Atria by the closing down of one vehicle lane will give pedestrians places to rest and catch performances.

More than seven million tourists visit the shopping belt annually, making it by far Singapore’s most popular attraction.

The overhaul was announced as early as 2004 to prevent Singapore’s premier retail street from losing its shine.

Plans included the sale of vacant sites for new malls, sprucing up the pedestrian experience and wooing more exciting retail concepts to set up shop there.

Sites like Orchard Turn and Somerset Turn, since sold, are being developed.

And yesterday, Singapore Tourism Board revealed details of how a walk down the shopping street will be made more pleasant.

STB’s assistant chief executive for leisure Margaret Teo said that lighting fixtures will be installed to illuminate Orchard Road’s lush greenery.

Three distinct zones, characterised by flower, forest and fruit themes, will also be created from Tanglin Mall down to Le Meridien, to add variety.

Retailers along the strip hailed the news of the makeover.

Hilton Singapore’s director of sales and marketing Ailynn Seah, referring to the excitement whipped up over Marina Bay with the coming of the integrated resort and the Formula One race, said: ‘A lot of attention has been put there of late. But these changes will put Orchard Road back on the map.’

Paragon’s deputy general manager of marketing Patrina Tan added that although this is a ‘good starting point’, ‘eventually, good service levels at the shops are what will set us apart’.

When asked how the loss of one vehicle lane would affect traffic flow down the busy road, the Land Transport Authority’s director of community partnership Chandrasekar Palanisamy said it would not affect traffic adversely, since the right-most lane is now not used much anyway.

Knight Frank’s director of retail Danny Yeo said that if one lane of traffic could be shut down, features like a tram or cable car to transport people from one end of the strip to the other could also be incorporated. Better signs are also needed, he said.

‘Tourists now think of Orchard Road as just Orchard MRT station. But that is not it. There is Somerset MRT too, an area which will become very powerful once the new developments there open.’

Source : Straits Times - 30 Oct 2007

Q4 distributable income for Suntec Reit up 22%

Filed under: REIT — Propertymarketupdates @ 5:00 pm

SUNTEC Reit has reported fourth-quarter income available for distribution of $30.4 million, an increase of 22.2 per cent from $24.8 million a year ago.

For the same July 1-Sept 30 period, Suntec Reit recorded gross revenue of $51.1 million, an increase of 13.7 per cent year-on-year. Net property income was up 12 per cent up at $36.6 million while distribution per unit (DPU) was 2.122 cents, up 11.3 per cent.

The Reit’s stake in Suntec City Mall and Office Towers contributes 87.4 per cent of its net property income (NPI) and it reported that Suntec office leases were secured at higher rental rates of between $11 and $13 per square foot (psf) per month, and the committed office occupancy at Suntec City is at 99.8 per cent.

Suntec Reit also reported that the committed retail passing rent at Suntec City Mall hit a new high of $10.46 psf per month.

The Reit, which also owns Park Mall and Chijmes, reported that the passing rents there rose to $6.60 psf per month and $10.68 psf per month respectively.

Suntec Reit also recognised a revaluation surplus of $677.5 million for the quarter after independent valuations of its porfolio was valued at $4.57 billion (as at Sept 30).

On a full-year basis (Oct 1, 2006 to Sept 30, 2007), income available for distribution was $115.4 million, up 21.6 per cent from $94.9 million in the corresponding period a year ago. Net property income was up 11.8 per cent at $140.6 million and DPU was up 11.8 per cent at 8.15 cents.

Based on the closing price of $1.84 on Oct 26, Suntec Reit’s distribution yield was 4.4 per cent, up 11.8 per cent compared to the previous year.

Yeo See Kiat, CEO of Reit manager ARA Trust Management said: ‘On the acquisition front, we have entered into an agreement to acquire one-third interest in One Raffles Quay which will be completed shortly.’

Suntec Reit’s other income revenue from A&P, pushcarts and kiosks for FY07 grew 10.2 per cent year-on-year, surpassing the $6 million mark.

For its current office portfolio, 26.8 per cent of leases are expected to expire next year, with 42.6 per cent expiring the following year.

For its retail portfolio, 30.4 per cent of the leases are expected to expire next year, with 23.4 per cent expiring the following year.

Suntec Reit ended the trading day yesterday at $1.84 per share, unchanged.

Source : Business Times - 30 Oct 2007

Horizon Towers sale: Battle resumes today at strata board hearing

Filed under: Collective Sale, Legal Ground, Regulators — Propertymarketupdates @ 5:00 pm

The Horizon Towers saga goes back on the boil today when the majority owners’ application for a collective sale is again heard by the Strata Titles Board (STB).

The hearing, scheduled for two weeks, will be the final word on whether the en bloc sale goes through - and on a battle of wills between the project’s majority and minority owners.

The minority owners will take this final opportunity to scuttle what they say is a deal done ‘in bad faith’.

Their lawyers have repeatedly said that they have plenty of objections to the sale that they have not yet aired. It is believed that these range from alleged non-compliance with the law governing en bloc sales to the sale being prejudicial to the minority owners.

‘We have quite a few arrows we still haven’t shot,’ lawyer SK Phang, who represents a minority owners, has said.

The minority owners’ objections have stalled the en bloc sale. On Aug 3, the STB dismissed the majority owners’ application on the grounds that it was incomplete and the accompanying statutory declaration false, because it was missing three signature pages. This was before the STB had heard the merits of the case.

The STB’s decision was then overruled by the High Court, which said this month that the missing pages did not constitute a substantial omission that prejudiced the minority owners. The court sent the application back to the STB.

Today’s STB hearing picks up where the previous hearing left off in August. Over the next fortnight, the parties will call witnesses and present evidence to support their opposing claims on whether the collective sale application complies in form and substance with the law and whether the sale was conducted in good faith.

But this time majority owners are unlikely to collaborate with minority owners. At the previous STB hearing, majority and minority owners were seen hugging one another and celebrating the board’s decision to dismiss the application.

Several majority owners - after signing the deal to sell Horizon Towers for $500 million in February - regretted their decision when neighbouring developments began fetching much higher prices. They circulated anonymous flyers to other majority owners, asking them to rescind the deal.

The move transformed what would have been a run-of-the-mill en bloc sale into the drawn-out battle it has become.

But this time around, it will be in the majority owners’ interests to push the collective sale through. The buyers - Hotel Properties and its partners - have slapped a $1 billion lawsuit on them.

Angered by some majority owners’ attempts to sink the sale, HPL and its partners filed a suit in the High Court claiming damages of up to $1 billion, saying that the sellers had failed to honour their part of the bargain.

The suit has been stayed until the STB hearing is concluded. But HPL and its partners have indicated that they could revive the proceedings if the collective sale falls through.

HPL and its partners have been excluded from the STB hearing, after their application to intervene was dismissed recently.

Source : Business Times - 30 Oct 2007

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