MPI's gallery to showcase KL's Mont' Kiara
Malaysia Property Inc (MPI) has signed a six-month tenancy agreement with Malaysia’s Ireka Corporation Bhd to lease the mezzanine floor of MPI Singapore's gallery at SGX Centre on Shenton Way.Ireka will use the space to showcase its latest residential development, Seni Mont' Kiara, from...
Continue Reading • 21 Jul 2011
Keppel Land's H1 net profit drops by 33.7%
Keppel Land, a property arm of Keppel Group, has announced that its net profit in the first half of 2011 dropped 33.7 percent to S$133.8 million, attributed mainly to the adoption of its revised accounting policy.“This new accounting standard will result in profit recognition that is lumpy,...
Continue Reading • 21 Jul 2011
Landed homes exclusive to Singaporeans
The government has announced that landed property in Singapore will be exclusive to Singaporeans.“The government takes a strict approach towards ownership of landed property in Singapore by PRs (permanent residents),” said Law Minister K Shanmugam, in a Business Times report.PRs...
Continue Reading • 21 Jul 2011
Fed fines Wells Fargo for US mortgage abuses
The Federal Reserve has determined that Wells Fargo should pay US$85 million in civil penalties for leading potential creditworthy borrowers to more costly subprime mortgages, according to a report by The Business Journal.However, Wells denied the allegations, which covered lending practices at...
Continue Reading • 21 Jul 2011
Ascott adds another Indian serviced residence to its portfolio
The Ascott Limited has secured a serviced residence property in Bangalore through a leasing agreement. CapitaLand’s wholly-owned serviced residence unit will rebrand the property as Citadines Richmond Bangalore and manage it starting 1 August 2011.Located on Richmond Road in...
Continue Reading • 21 Jul 2011
Prices for new BTO flats not falling: Khaw
Comparing flat prices of last week’s Build-to-Order (BTO) launch directly to those launched in May and assuming that the prices of new HDB flats are falling is ill-advised, according to National Development Minister Khaw Boon Wan, in a report from The Straits Times.The minister added that...
Continue Reading • 21 Jul 2011
Sydney now Australia's prime property market
Potential home buyers should strongly reconsider investing in Sydney property, as the city has been described by an expert as one of the "bright stars on the horizon" in Australia’s property market. Residex analyst John Edwards said that he sees cause for concern in the...
Continue Reading • 20 Jul 2011
Unilever opens $32m leadership training facility
Unilever, an international consumer goods conglomerate, is preparing to further its Asian expansion with the groundbreaking of its global leadership training centre in Singapore.Aside from developing global talent, the facility is also meant to contribute considerably to the company’s goal...
Continue Reading • 20 Jul 2011
Tee International reports S$17.31m in FY2011 net profit
Fortified by a hefty order from its engineering division and larger contribution from its integrated real estate segment, Tee International reported that its net profit rose 52.2 percent to S$17.31 million for the financial year ending 31 May 2011, from S$11.38 million in the previous year....
Continue Reading • 19 Jul 2011
Cheap UK home loans to cause price war
Barclays, one of the UK’s biggest lenders, has launched its cheapest mortgage deal in 15 years, with the average rate for two-year fixed mortgages at 2.49 percent for existing Woolwich customers and 2.54 percent for others.This was the sixth consecutive cut by Barclays, and property experts...
Continue Reading • 19 Jul 2011
CapitaLand sells property in China for S$205.8m
CapitaLand Ltd has announced that its wholly owned subsidiary, Ascott Investment Ltd, has sold Ascott Beijing to Splendid Wealth Group, a wholly-owned subsidiary of the Ascott Serviced Residence (China) Fund, for S$205.8 million.The property comprises 310 apartment units and is located within...
Continue Reading • 19 Jul 2011
Khaw promises KTM greenery will be preserved
Singapore’s KTM railway will be dismantled starting today, with Minister for National Development Khaw Boon Wan assuring the public of the preservation of the greenery surrounding the railway. He said that after the tracks have been taken apart, segments of the path will be reopened...
Continue Reading • 18 Jul 2011
New deal to boost LaSalle's Aussie property assets
Global real estate investment firm LaSalle Investment Management is acquiring Australian fund manager Trinity Funds Management in a bid to increase its Australian assets to A$5 billion (S$6.5 billion) by 2016.With Trinity Funds Management’s A$9.3 million price tag, LaSalle is expected to...
Continue Reading • 18 Jul 2011
Australian bank to slash mortgage rates
As Australia’s St George bank will be replaced by the Bank of Melbourne (BoM) next week, it also plans to unveil a new strategy that could slash over one percent of mortgage rates for customers who bring across other accounts.St George bank will be switching to the new Bank of Melbourne...
Continue Reading • 18 Jul 2011
Tharman foresees global economic slowdown in 2011
Singaporeans should prepare themselves for the effects of a sluggish world economy in the coming months, according to Deputy Prime Minister Tharman Shanmugaratnam.However, he said that local economic fundamentals are still intact and that a major world crisis similar to the one in 2008 is...
Continue Reading • 18 Jul 2011
Far East plans S$500m REIT IPO
Far East Organization (FEO), one of the leading real estate developers in Singapore, will likely raise at least S$500 million through the listing of some of its hotel and serviced residence assets in a real estate investment trust (Reit) next year, according to sources with direct knowledge of...
Continue Reading • 15 Jul 2011
CapitaLand eyeing Ophir-Rochor area buildings
CapitaLand, the manager of a mixed-development project in the Ophir-Rochor area, is considering the possibility of purchasing some components of the project.“We are in the midst of discussing with both Khazanah and Temasek arising from this involvement by us what our take-away (can...
Continue Reading • 15 Jul 2011
S'pore developer to break into Thai market
Singapore-based property developer Dalvey Developments Ltd plans to invest US$33 million (THB1 billion) to develop condominiums in Thailand over the next year.Over the past six years, Dalvey Developments has completed three condo projects in Bangkok, which include Haus 23 Ratchada-Lat Phrao in...
Continue Reading • 15 Jul 2011
MRT work near Maplewoods to move ahead
The development of MRT Downtown Line 2, adjacent to Maplewoods condominium along Bukit Timah Road, will continue in a few days, after having been delayed for a month due to the protests of affected residents.Dr Vivian Balakrishnan, MP for the Holland-Bukit Timah GRC, made the announcement to...
Continue Reading • 15 Jul 2011
Google spearheading UK mortgage comparison site
Following the launch of the Google Adviser mortgage comparison site in the US in May, Google is also piloting a similar service in the UK, known as Compare UK Mortgages.The site works just like other mortgage comparison portals and has sponsored links from several lenders such as ING Direct,...
Continue Reading • 15 Jul 2011