Aussie mortgage sales slide amid concerns of rate hike
Mortgage sales in Australia dropped 3.7 percent in July, amidst concerns of a hike in interest rates and the implementation of a carbon tax, according to a major broker.The Australian Finance Group (AFG) Mortgage Index indicated the most noticeable decline was in Victoria at 7.4 percent, followed...
Continue Reading • 5 Aug 2011
UK mortgage approvals jump unexpectedly
UK mortgage approvals rose unexpectedly in June, while net lending saw little growth, indicating that recovery in the housing market is still struggling to gain momentum. According to the Bank of England, mortgage lenders approved 48,421 home loan purchases, a record high since the 46,418 loans...
Continue Reading • 4 Aug 2011
Tiong Seng wins bid for luxury residential site in Suzhou
Chang De Investment Private Ltd, a wholly-owned subsidiary of Tiong Seng Holdings, has successfully submitted the highest bid of RMB382 million for a residential site in Suzhou, China, which is planned for a new high-end property development.Located in the Suzhou New District Xu Shu Guan...
Continue Reading • 4 Aug 2011
OUE reports 20.3% increase in profit
Mainboard-listed integrated property developer Overseas Union Enterprise Ltd (OUE) is building momentum with robust financial results in the second quarter.Profit after tax in Q2 climbed 20.3 percent year-on-year to S$20.1 million, while Q2 revenue rose 39.8 percent to S$72.3 million. “We...
Continue Reading • 4 Aug 2011
Roxy-Pacific profit rises to S$24.9m
Singapore-based property and hospitality group Roxy-Pacific Holdings Ltd achieved a net profit of S$24.9 million in the first half of 2011, up 14 percent from S$21.9 million over the same period last year.However, H1 revenue declined 16 percent to S$97.1 million, mainly due to lower contributions...
Continue Reading • 4 Aug 2011
Property firms trash fliers in light of new rules
A number of property fliers have been thrown out, as new measures to stop misleading advertising in the industry are officially in place.However, some agents still managed to run ads against the rules, especially online.For instance, over 50 ads on two property websites are claiming access to...
Continue Reading • 3 Aug 2011
New US rules could mean higher mortgage rates, down payments
Buyers of luxury homes in the US are expected to face higher mortgage rates and heavier down payments, following the latest rules announced by the federal government, effective 1 October 2011.Currently, Freddie Mac, Fannie Mae and the Federal Housing Administration can acquire and guarantee...
Continue Reading • 3 Aug 2011
Millennium & Copthorne reports higher profit and solid growth
Millennium & Copthorne Hotels (M&C), the London-listed hotel arm of City Developments Ltd (CDL), has achieved a 91.6 percent growth in net profit to £47.9 million in the second quarter of this year.The company said the strong results can be attributed to the £17.4 million gain...
Continue Reading • 3 Aug 2011
CapitaLand raises S$700,000 from green campaign
CapitaLand announced that its Green for Hope campaign has raised S$700,000 to help underprivileged children across the country through the five Community Development Councils (CDCs) in Singapore.Launched in 2010, Green for Hope @ CapitaLand is part of the company’s Green for Hope project, a...
Continue Reading • 3 Aug 2011
Wheelock's Q2 net profit down 55.7%
Wheelock Properties (Singapore) has announced that its net profit declined 55.7 percent year-on-year to S$37 million in the second quarter, on the back of a 61.8 percent drop in revenue to S$67.6 million.Meanwhile, its net profit for the first half of the year also fell 33.3 percent to S$89.4...
Continue Reading • 2 Aug 2011
S'pore again named best convention city in Asia
Singapore has retained its position as Asia’s Top Convention City, according to the International Congress and Convention Association’s (ICCA) latest global rankings.Furthermore, the country has retained its position as one of the world’s Top Five Convention Cities,...
Continue Reading • 2 Aug 2011
CityDev shares gain as interest rates expected to stabilise
City Developments (CityDev) shares surged by as much as 2.8 percent on 1 August, fuelled by hopes that interest rates will stabilise in the months after US policy-makers agreed to a deal to cordon off a default, traders said.The property developer’s shares were sold at S$10.85, with...
Continue Reading • 2 Aug 2011
Aussie mortgage customers to pay less
Mortgage customers in Australia will be paying less for their homes in capital cities, as the cost of accommodation declined on-year in the first half of 2011.According to the latest RP Data Home Value Index, June marked the sixth consecutive month in which capital cities in Australia experienced...
Continue Reading • 2 Aug 2011
DPM Teo says Singapore is on steady growth path
Deputy Prime Minister Teo Chee Hean believes that Singapore’s economy will grow steadily in the coming year but warned of uncertainties in other countries which could impact Singapore.He cited concerns in regions and countries such as Europe, Japan and the United States, which have a domino...
Continue Reading • 1 Aug 2011
PropNex staff to shave Hair for Hope
To raise funds for the Children’s Cancer Foundation (CCF), PropNex Realty’s Chief Executive Mohamed Ismail, together with more than 30 staff and salespeople, will have their heads shaved on 2 August.As one of the country’s leading real estate agencies, the company is pledging...
Continue Reading • 1 Aug 2011
New home loan volumes fall 4.2% in Q2
The volume of new loans approved in the second quarter dropped 4.2 percent, indicating that the government’s property cooling measures have affected demand for new mortgages.According to the Monetary Authority of Singapore (MAS), around S$12.86 billion in new housing loans were approved in...
Continue Reading • 1 Aug 2011
New conveyancing measures start today
A new set of rules intended to better protect clients’ conveyancing money from misappropriation will take effect today. Under the new rules, lawyers are no longer allowed to receive and hold their clients’ conveyancing money. Those who violate this new rule could face a penalty of up...
Continue Reading • 1 Aug 2011
CBRE revenue climbs 21%
Real estate services firm CB Richard Ellis (CBRE) saw continued strong growth in Q2 2011, as revenue climbed 21 percent to US$1.4 billion, from US$1.2 billion over the same period last year.Net income improved 12 percent to US$61.2 million in Q2, from US$54.8 million a year ago, while earnings...
Continue Reading • 1 Aug 2011
Ascott Reit gets permission to redevelop site
Ascott Residence Trust has obtained provisional permission from the Urban Redevelopment Authority (URA) for the redevelopment of Somerset Grand Cairnhill Singapore into an integrated hotel-and-residential project.“We are pleased to have obtained provisional Outline Planning Permission to...
Continue Reading • 29 Jul 2011
Aussie Gen Yers get early start on property investment
A recent survey showed that the majority of Generation Y Australians are planning in advance to secure home loans for investment properties. Mortgage Choice’s report showed that 43 percent of this age group are planning to undertake this option for their initial property venture.“Our...
Continue Reading • 29 Jul 2011