S-Reits resilient amidst volatile markets
Retail real estate investment trusts (Reits) earnings in Singapore will continue to surge in the coming months, attributed to positive consumer confidence, said DBS.“With earnings forecasted to be growing steadily and supported by an expected strong S$, we believe that S-Reits continue to...
Continue Reading • 5 Sept 2011
DBS introduces three new mortgage products
DBS Group, one of the leading financial services groups in Asia, has introduced three new mortgage packages to attract home buyers seeking to benefit from the current low interest rates.Pegged to the three-month Singapore Interbank Offered Rate (SIBOR) plus a spread, the first package provides a...
Continue Reading • 5 Sept 2011
GuocoLand in JV to develop Beijing site
A site in Xinzhongjie, located opposite the Dongzhimen transportation hub in Beijing will be jointly developed by GuocoLand China and Beijing Oriental Real Estate Investment Co Ltd.Both groups will be responsible for the administration and planning of the land to meet the prerequisites for a land...
Continue Reading • 5 Sept 2011
CEA investigating violations of new ad guidelines
The Council of Estate Agents (CEA) in Singapore is investigating 20 possible cases of infringement of property agents’ new advertising guidelines, one month after their implementation, according to a Channel NewsAsia report.Lee Say Kee, Director for Regulatory Control at CEA, said dummy...
Continue Reading • 2 Sept 2011
World Bank summit to be held next week in Singapore
The World Bank Group, a vital source of financial and technical assistance to developing countries around the world, has announced that it is conducting the third annual Singapore Infrastructure Finance Summit on 6 September 2011, with World Bank Group President Robert B. Zoellick and Singapore...
Continue Reading • 2 Sept 2011
PropertyGuru staff shave heads for children battling cancer
PropertyGuru, Singapore’s leading property portal, recently organised a head-shaving event for Hair for Hope (HfH) 2011, in conjunction with the Children’s Cancer Foundation (CCF) and the Braddell Heights CC Youth Club.Held at the Braddell Heights CC Youth Club on 31 August, the...
Continue Reading • 2 Sept 2011
Aussie fixed rate mortgages must be scrutinised carefully
Australians looking for home loans have been advised to consider all the consequences of signing up for fixed-rate home loans.Consumer Action Co-Chief Executive Officer Carolyn Bond clarified that these rates are practical for people who are certain they will be unable to handle an increase in...
Continue Reading • 2 Sept 2011
COV data should be scrapped, says SISV
The industry body representing Singapore’s property valuers has called for the removal of official data on cash premiums paid, also known as median Cash-Over-Valuation (COV), for Housing and Development Board (HDB) resale flats.COV is the difference the buyer pays in cash between the resale...
Continue Reading • 1 Sept 2011
Bank of America to divest correspondent mortgage business
Bank of America Corp (BoA, BAC.N) is planning to divest its correspondent mortgage business, selling segments of its home loans division, said a company spokesperson on 31 August. According to Dan Frahm, the largest bank in the US by assets has decided to leave the correspondent channel as it is...
Continue Reading • 1 Sept 2011
Wing Tai posts healthy net profit rise
Wing Tai Holdings Limited, one of the leading high-end residential property developers in Singapore, has posted a 148 percent increase in its net profit to S$170.6 million for the fourth quarter ended 30 June 2011.For the financial year ended 30 June 2011, the group recorded a net profit of...
Continue Reading • 1 Sept 2011
MND revises DC rates for new projects
The Ministry of National Development (MND) has revised the development charge (DC) rates for new building projects in Singapore, effective from today to 29 February 2012.Under the latest revisions, the average DC rates for commercial developments increased by 22 percent, with the biggest rise of...
Continue Reading • 1 Sept 2011
UK mortgage approvals up in July
The number of approvals for home loans in the UK rose in July, with approximately 49,239 mortgages granted, according to the Bank of England (BoE).This marks a three-month streak and a three percent gain from July last year.Lending also rose to £6.9 billion in July, from £6.7 billion...
Continue Reading • 31 Aug 2011
Sim Lian's full-year profit up a robust 113%
Sim Lian Group has posted a 113 percent increase in its net profit to S$200.3 million for the full year ended 30 June 2011. The group noted that its earnings climbed from S$93.9 million last year, attributed to increased revenue from its property division.The company’s annual revenue also...
Continue Reading • 31 Aug 2011
Chip Eng Seng clinches S$113m project from HDB
Chip Eng Seng Contractors has clinched a S$113 million contract with the Housing & Development Board (HDB) to build residential developments in Hougang Neighbourhood 4.Under the contract, Chip Eng Seng will build five residential towers with 792 units and a multi-storey carpark for a...
Continue Reading • 31 Aug 2011
SOR-pegged packages losing their lustre
Swap offer rates (SOR) — a rate that signifies the synthetic cost of borrowing Singapore dollars, by borrowing US dollars at similar maturity and exchanging them for Singapore dollars — turned negative two weeks ago as funds seeking safety flooded the local market.Following this drop,...
Continue Reading • 26 Aug 2011
Revised income ceiling rule to apply for 2 new EC sites
The revised income ceiling, as well as the tiered Central Provident Fund (CPF) housing grants, will apply to two executive condominium (EC) sites — Pasir Ris Drive 3 / Pasir Ris Rise and Yishun Avenue 7 / Canberra Drive — launched by the Housing & Development Board...
Continue Reading • 26 Aug 2011
Channel NewsAsia is official media partner for SEA Property Awards 2011
The first South East Asia Property Awards (SEAPA) 2011 will be held in Singapore on 30 November, with TV news network Channel NewsAsia (CNA) as its official International media partner.A subsidiary of MediaCorp, CNA is the most watched news channel in Singapore, with more than 60 percent market...
Continue Reading • 26 Aug 2011
US mortgage delinquencies on the rise
The number of late mortgage payments in the US increased from 8.32 percent in the first quarter of this year to 8.44 in the second quarter, according to a report by Bloomberg.The Mortgage Bankers Association (MBA) in Washington reported that home loans overdue by 30 days climbed from 3.35 percent...
Continue Reading • 25 Aug 2011
OUE proposing share purchase mandate
Singapore property developer Overseas Union Enterprise (OUE) has announced that it will be proposing a share purchase mandate to enable it to acquire its issued shares, in response to questions from investors wanting to know whether it has such a mandate.Firms use share buybacks for different...
Continue Reading • 25 Aug 2011
Kerry Properties profit surges by 52% in H1
Hong Kong builder Kerry Properties Ltd has announced that its first-half underlying profit jumped 52 percent, attributed to the booking profit from its Larvotto luxury housing project in Hong Kong. Excluding revaluation gains, its profit rose to S$419 million (HK$2.77 billion) in the first half...
Continue Reading • 25 Aug 2011