US mortgage applications drop 5.1%
US mortgage applications dropped 5.1 percent, attributed to a decline in refinancing even as borrowing costs fell, according to a Bloomberg report.The Mortgage Bankers Association’s index showed that mortgage applications declined for the fourth straight week, while the refinancing measure...
Continue Reading • 14 Jul 2011
S'pore economy slows down in Q2 as manufacturing slumps
Singapore’s economy grew 0.5 percent year-on-year in the second quarter, lower than the 9.3 percent growth experienced in the previous quarter, according to the advance estimates from the Ministry of Trade and Industry (MTI).Based on a seasonally-adjusted quarter-on-quarter annualised...
Continue Reading • 14 Jul 2011
Aberdeen Asia launches third closed-ended property fund of funds
Aberdeen Asset Management Asia launched its third closed-ended property fund of funds for institutional investors on 12 July.Aberdeen Investment Management has set its goal of raising US$300 million to US$400 million from investors worldwide to be added to the approximately US$1 billion it...
Continue Reading • 13 Jul 2011
Asian Reits taking the lead
Asian real estate investment trusts (Reits) have surpassed global Reits by three times in the past five years, with Malaysian Reits providing an average return of between seven and eight percent from Asia Pacific property trusts, according to Ng Chze How, director of retail funds (fund...
Continue Reading • 13 Jul 2011
Social media a new tool for property firms
The advent of social media platforms has led to a significant change in the way real estate groups reach out to their customers, as most companies are now available on various online platforms, including Twitter, Facebook, YouTube and Flickr.“The proliferation of social media has opened up...
Continue Reading • 13 Jul 2011
S'pore ranks 8th most expensive expat city
Singapore has been ranked the eighth most expensive city for expats globally, overtaking Hong Kong, which took the ninth spot, according to a survey conducted by Mercer.The human resource firm said the strengthening of the Singapore dollar has pushed the country up three places to the top 10 list...
Continue Reading • 13 Jul 2011
Australand plans to delist from SGX
Australand Property Group, a wholly-owned subsidiary of CapitaLand, has announced that it will be delisting from the Singapore Exchange (SGX) by 11 October 2011. The developer of retail and commercial land projects chose to delist after deliberating on the costs and benefits of operating two...
Continue Reading • 13 Jul 2011
Big banks compete to offer best home loan rates
Two Singapore banks have been offering home loan rates for as low as 0.2 percent on selected properties.Some analysts said the moves by the two banks – United Overseas Bank (UOB) and DBS Bank – reflect intensifying competition in the mortgage market to maintain high loan volume amid...
Continue Reading • 13 Jul 2011
UK new mortgages, home sales up slightly
The number of new mortgages and home sales in the UK grew slightly in May, according to the Council of Mortgage Lenders (CML).Loans for home purchases and remortgaging both increased slightly. There were 41,500 loans for home purchases, an increase from 40,800 in April, though the total loan...
Continue Reading • 12 Jul 2011
Singapore Business Federation presents green awards
The Singapore Business Federation (SBF) awarded nine companies with the Singapore Sustainability Award for their green efforts on 11 July.JTC Corporation, Sembcorp Industries and DHL won the enterprise sustainable business award, while Greenpac, Rigel Technology and Siloso Beach Resort were...
Continue Reading • 12 Jul 2011
CapitaLand bags green excellence award
CapitaLand, Southeast Asia’s largest property developer, has been named the Asia Pacific Green Builder of the Year at the first 2011 Frost & Sullivan Asia Pacific Green Excellence Awards.The awards showcase the best practices in “green” excellence and innovation across...
Continue Reading • 12 Jul 2011
S'pore property agents told to avoid operating in Malaysia
Singapore property agents have been advised to avoid doing business in Johor because they may be unfamiliar with Malaysian regulations and laws.Similarly, Malaysian real estate agents have been discouraged from looking for properties in neighbouring countries, particularly in Singapore.Loo Kung...
Continue Reading • 11 Jul 2011
New conveyancing measures will start on Aug 1
The Ministry of Law has announced that new measures aimed at safeguarding the conveyancing of money will be implemented starting 1 August 2011.The new measures will protect clients' money and prevent lawyers from absconding with money from property transactions.Under the new measures, lawyers...
Continue Reading • 11 Jul 2011
US govt implements new loan assistance package
The US government has launched a new federal housing programme which aims to help struggling homeowners catch up on their missed mortgage payments to avoid foreclosure.Under the zero-interest, forgivable loan, the Emergency Homeowners Loan Program (EHLP) will help approximately 30,000 distressed...
Continue Reading • 11 Jul 2011
Centaline opens first branch in Singapore
Centaline Property Agency Limited has launched a Singapore branch, as it sees the potential of the country’s property market.Aimed at bringing its all-rounded professional services to Singapore, Centaline opened its first branch at 2 Havelock Road. Its grand opening saw the attendance of...
Continue Reading • 11 Jul 2011
S'pore's Q2 GDP data to be released next week
Singapore’s advance GDP estimates for Q2 will be released on 14 July, said the Ministry of Trade and Industry (MTI).Singapore’s economy grew 8.3 percent from the previous year and 22.5 percent on a seasonally adjusted quarter-on-quarter annualised basis in Q1 this year.However,...
Continue Reading • 8 Jul 2011
No need for more curbs on HK mortgage market: HSBC
The Hong Kong Monetary Authority (HKMA) does not need to impose any further tightening measures on the mortgage market as the existing policies are working, according to Mark McCombe, Chief Executive of Hong Kong Operations at HSBC.In a report by The Standard, McCombe said that the local property...
Continue Reading • 8 Jul 2011
Business confidence falls across the globe
Business sentiment worldwide has been steadily declining, according to two separate reports published on 6 July by two research firms, based on a survey conducted among a number of companies. The Remuneration Data Specialists (RDS) and 2011 Grant Thornton International Business Report (IBR)...
Continue Reading • 8 Jul 2011
CapitaLand establishes subsidiary in China
CapitaLand, Southeast Asia’s largest real estate company, has established a new unit in China as part of its ongoing business development.The new China unit, StorHub Songjiang (Shanghai) Co. Ltd, has a registered capital of around S$9.36 million (US$7.58 million), with the principal...
Continue Reading • 7 Jul 2011
Ascott Reit appoints Wee Chong Han as new deputy CEO
Ascott Residence Trust Management Limited, manager of Ascott Residence Trust, has announced the appointment of Wee Chong Han as its new Deputy Chief Executive Officer, effective 5 July 2011.According to the company, Wee will assist Chief Executive Chong Kee Hiong in enhancing the portfolio...
Continue Reading • 7 Jul 2011