Spore's economy could overtake HK's
Singapore’s gross domestic product (GDP) could outpace Hong Kong’s in the next few years, or even this year, according to Chua Hak Bin, an economist from the Bank of America Merrill Lynch.For Q1 2011, Singapore’s GDP was registered at US$63.9 billion. This has overtaken Hong...
Continue Reading • 30 May 2011
More rental flats needed, says Khaw
Singapore needs to develop “tens of thousands” of subsidised rental flats to meet the demand and the sooner, the better, said new National Development Minister Khaw Boon Wan.“For rental flats, we are studying, but all I know is we need to build more. How fast we can meet the...
Continue Reading • 30 May 2011
MP Tin Pei Ling tackles HDB income ceiling issue on Facebook
Tin Pei Ling, a Member of Parliament (MP) for Marine Parade GRC, tackled the issue of income ceilings for housing on her Facebook page on 27 May 2011.In a post entitled “Short note on housing 1: Income Ceiling — a ‘ceiling’ that stifles? Likely,” Ms. Tin justified...
Continue Reading • 30 May 2011
Borrowers unhappy with US govt's mortgage plan
Struggling home owners in the US who sought the help of the government’s foreclosure prevention programme, have had in most cases, negative experiences, according to a congressional report.A study by the Government Accountability Office (GAO) revealed that three-fourths of nearly 400...
Continue Reading • 27 May 2011
Khaw blogs about housing issues
Newly-appointed National Development Minister Khaw Boon Wan revealed in a recent blog post that young couples, divorcees with children and low-income families will be the immediate focus of the ministry.In the first entry in his blog, entitled Housing Matters, Mr. Khaw wrote, “I am not a...
Continue Reading • 27 May 2011
Boustead profit slips
Mainboard-listed Boustead Singapore has posted a net loss of S$1 million in the fourth quarter ended 31 March 2011, attributed to provisions made for two projects in Libya after the outbreak of civil unrest.Meanwhile, Q4 revenue increased eight percent to S$110.1 million.In terms of full year...
Continue Reading • 27 May 2011
Aussie mortgage delinquencies hit record high
Australian mortgage delinquencies reached a record high in Q1, primarily attributed to Christmas spending, a November interest rate hike and the recent natural disasters, according to London-based Fitch Ratings.Mortgages that are more than 30 days overdue increased to 1.79 percent of the...
Continue Reading • 26 May 2011
StanChart introduces 60-minute mortgage approval
Standard Chartered bank has announced a new programme that offers faster approval of mortgage applications.The bank is now guaranteeing a 60-minute approval of home loan applications, failing which, the customer will have S$100 credited to their mortgage loan repayment account.The new programme...
Continue Reading • 25 May 2011
TCT wins real estate fund manager award
Singapore-listed Treasury China Trust (TCT) has been recognised as the best performing real estate fund manager in Asia by AsianInvestor, in its 2011 Institutional Funds Management Awards.“It is a great honour and amazing achievement for Treasury China Trust to receive such recognition...
Continue Reading • 25 May 2011
HK new mortgage loans fall 12.1% in April
Hong Kong’s new mortgage loans slipped 12.1 percent to HK$26.9 billion (S$4.3 billion) in April from the previous month, according to data from the Hong Kong Monetary Authority (HKMA).The latest figures also showed that the value of new mortgage loans approved in April declined to HK$27.6...
Continue Reading • 24 May 2011
Asia Pacific banks can withstand property crisis
Banks around the Asia Pacific region seem well placed to endure any moderation in home prices, reflecting tight regulations, prudent lending practices, and high household savings rates, according to a report published by Standard & Poor’s (S&P) Ratings Services.Entitled “Could...
Continue Reading • 24 May 2011
S'pore's inflation drops below 5%, first time in 2011
Singapore’s inflation has dropped below five percent for the first time in 2011, with April’s consumer price index (CPI) standing at 4.5 percent year-on-year, mainly attributed to higher food, transport and housing costs, according to the Department of Statistics.Transport costs...
Continue Reading • 24 May 2011
Singapore trade confidence high, says HSBC
Recent data from the HSBC Trade Confidence Index revealed that Singapore has achieved the highest jump in business confidence levels in Asia, which indicates strong optimism in trade growth over the next six months.This is despite the increasing prices of raw materials, inflationary pressures and...
Continue Reading • 24 May 2011
KSH full-year profit up by 23%
Construction, property development and property management group KSH Holdings has announced a 23 percent increase in net profit after tax to S$22.6 million for the full year ending 31 March 2011.“We are pleased to have achieved another year of growth, buoyed by the pickup in the global...
Continue Reading • 24 May 2011
Kuok Group to acquire all shares of Allgreen
Malaysian billionaire Robert Kuok has offered to acquire all the stocks in Allgreen Properties through a privatisation move that values the company at around S$2.54 billion.Brookvale Investments, which is owned by members of the Kuok group of companies, offered S$1.60 per share in the...
Continue Reading • 24 May 2011
Aussie banks pump mortgage market with discounts
A new series of mortgage discounts in Australia will likely cut up to A$4000 from yearly interest payments on the average mortgage.Ubank, an internet-based subsidiary of the National Australia Bank (NAB), will offer a standard variable rate mortgage over one percentage point below NAB's...
Continue Reading • 23 May 2011
CapitaLand clinches 10 BCA awards
CapitaLand, Southeast Asia’s largest real estate company, clinched 10 Building and Construction Authority (BCA) awards this year, recognising its properties’ green features, construction excellence and design and engineering safety. Included in this year’s award-winning...
Continue Reading • 23 May 2011
Khaw nervous about new post
Former Health Minister Khaw Boon Wan revealed in his latest blog post that he feels “greater trepidation” at the prospect of taking over the Ministry of National Development (MND) than when he accepted his previous position.“I came to MOH (Ministry of Health) during SARS with...
Continue Reading • 23 May 2011
Sime eyeing stronger Singapore presence
Sime Darby Property Bhd, one of Malaysia’s largest property developers, is eyeing more new developments in Singapore, especially redevelopment projects, said Datuk Tunku Putra Badlishah Ibni Tunku Annuar, Managing Director of Sime Darby.“We are constantly looking for new projects but...
Continue Reading • 23 May 2011
Tianjin Eco-City gets new leadership
Leaders taking charge of Tianjin Eco-City will see a new slate, with many key people being transferred to different posts or stepping down, as the Prime Minister reshuffled the Singapore cabinet two weeks after the general election.However, many analysts are hopeful that the transition will be...
Continue Reading • 23 May 2011