PM Lee: Asia must stay linked to Europe, US
Asia may be the “future” but both Singaporean and Indonesian leaders believe that the region cannot detach itself from the rest of the world, particularly Europe and the US.Speaking at the start of the two-day World Economic Forum (WEF) in Jakarta, Prime Minister Lee Hsien Loong said,...
Continue Reading • 14 Jun 2011
US proposes tougher mortgage rules
With consumer borrowing in the US out of control, a new federal proposal is targeting borrowers by making it tougher for them to acquire even the cheapest mortgage.Figures showed that more Americans who had obtained mortgages last year to purchase homes ended up spending a third of their total...
Continue Reading • 13 Jun 2011
Sabana to advise foreign firms on Shariah REITs
Singapore may expect its first listing of an Islamic real estate investment trust (REIT) by a foreign company in the next two years, according to an interview with Sabana Real Estate Investment Management.Kevin Xayaraj, Chief Executive Officer of Sabana, noted that the firm, which manages the...
Continue Reading • 13 Jun 2011
CDL looking beyond the residential market
City Developments Limited (CDL) has become one of Singapore’s largest landlords in the office and retail property sector, with over six million sq ft of rentable space, according to a report by The Edge.In a report released by Morgan Stanley, CDL’s office property accounts for nearly...
Continue Reading • 10 Jun 2011
Aussies face mortgage debt burden with ease
Australians are one of the world’s most indebted people but are still comfortable with it.According to a recent global survey by Genworth, 39 percent of Australians polled were using more than half of their income to service debt.However, over one-third of the respondents noted they were...
Continue Reading • 10 Jun 2011
Rising inflation in S'pore stirs concern
Singapore economists have identified rising inflation as a possible cause of concern, after raising the inflation forecast for this year.They also raised Singapore’s 2011 growth forecasts, primarily attributed to the robust performance in the first quarter of this year, according to the...
Continue Reading • 10 Jun 2011
Minister Khaw worries over private property market
Minister for National Development Khaw Boon Wan has expressed his worries over the Singapore private property market.In his latest blog entry, Minister Khaw wrote that a sharply rising property market upsets and frightens many. “We have always recognised that unsustainable, rapid price...
Continue Reading • 10 Jun 2011
Rise in HK mortgage rates curb home prices
Banks in Hong Kong have succeeded in curbing home prices by raising mortgage rates, signalling that the real estate market may have peaked.HSBC Holdings Plc, which manages two of the city’s three largest banks in terms of consumers, is among the lenders who sped up mortgage rate increases...
Continue Reading • 9 Jun 2011
S'pore the 3rd costliest country in Asia for expats
Singapore has been ranked as the third most expensive destination in Asia for expats, behind Japan and South Korea, according to human resource firm ECA International.This was largely attributed to the strengthening of the Singapore dollar, which rose by over 10 percent against major currencies,...
Continue Reading • 9 Jun 2011
CapitaLand completely acquires SNC Costes K
CapitaLand Ltd, Southeast Asia’s largest property developer, has announced that the acquisition of the 100 percent stake in SNC Costes K (SCK) in Paris has been completed.SCK owns three properties in Paris, including Hotel K, its adjoining residential building and an adjacent apartment...
Continue Reading • 9 Jun 2011
PropNex to star in NDP 2011
PropNex Realty, one of the leading real estate companies in Singapore, will be part of this year’s National Day Parade (NDP).Fielding a 49-strong contingent, PropNex Realty will be representing one of the pillars of Singapore’s Economic Defence.“It is important for all...
Continue Reading • 9 Jun 2011
Growth forecast revised to 6.2%
Private-sector economists have expanded Singapore’s growth forecast to 6.2 percent this year, an increase from the earlier forecast of 5.7 percent, according to the Monetary Authority of Singapore’s (MAS) recent quarterly survey of analysts.The respondents to the central bank’s...
Continue Reading • 9 Jun 2011
Tiong Seng subsidiary to expand green technology in Asia Pacific
Cobiax Technologies AG, a majority-owned subsidiary of Tiong Seng Holdings Ltd, has established a wholly-owned unit, Cobiax Technologies (Asia) Ltd, to expand its cutting-edge green construction technology in Singapore and the Asia-Pacific region.Cobiax’s new green technology will remove...
Continue Reading • 8 Jun 2011
40% of US underwater borrowers holding home equity loans
Homeowners in the US who obtained home equity loans for further financing account for 40 percent of all borrowers who are now underwater, according to the data revealed by CoreLogic.The data analytics company noted that 10.9 million (22.7 percent) of all residential properties were underwater in...
Continue Reading • 8 Jun 2011
New appointments at GIC
The Government of Singapore Investment Corp (GIC) has boosted its investment power with key changes to its senior leadership.The changes came as GIC revealed it had recovered all the losses experienced during the global financial crisis, while its portfolio had witnessed good returns in the past...
Continue Reading • 8 Jun 2011
UK mortgage brokers drove risky lending
Mortgage brokers helped drive risky lending during the boom years, revealed a report by the Institute for Public Policy Research (IPPR).The IPPR noted that the securitisation model provided an incentive for lenders to engage in riskier lending.“Higher-risk lending was more prevalent in...
Continue Reading • 7 Jun 2011
Lian Beng clinches S$150.7m condo development deal
Singapore-based construction company Lian Beng Group announced that it has clinched a S$150.7 million contract to build Hedges Park, a private residential condo located at Upper Changi Road North / Flora Drive.The contract will cover the building and earthworks of the project, which will house a...
Continue Reading • 7 Jun 2011
MND invites public to solve HDB's challenges
National Development Minister Khaw Boon Wan has invited members of the public and market players to solve some of the problems faced by HDB dwellers.In his latest blog post entitled “Solving Daily Problems,” Mr. Khaw cited some of the common inconveniences: “putting laundry out...
Continue Reading • 7 Jun 2011
Wee Hur Construction secures S$109m HDB contract
Wee Hur Construction Ltd, a wholly-owned subsidiary of Wee Hur Holdings, has clinched a S$109 million contract from the Housing and Development Board (HDB) for the construction of Vista Spring @ Yishun in Yishun Neighbourhood 4.This comes after the company secured another contract in January, a...
Continue Reading • 6 Jun 2011
US mortgage rates drop again
Mortgage rates experienced another plunge last week, amid unfavourable economic news in the US and abroad.The Bankrate.com’s national survey of large lenders revealed that the standard 30-year fixed-rate mortgage dropped six basis points this week to 4.69 percent.It added that the mortgages...
Continue Reading • 6 Jun 2011