More Aussies defaulting on mortgages, says Westpac
More Australian customers are now defaulting on the payment of their home loans than in 2008, at the height of the economic crisis, according to mortgage lender Westpac.As of end-March this year, 1.5 percent of the mortgages approved by Westpac were over 30 days late on their repayments.Westpac's...
Continue Reading • 6 May 2011
Parkway Life REIT's Q1 gross revenue up 15.2%
Parkway Life REIT (PLife REIT) achieved a 15.2 percent year-on-year increase in gross revenue to S$21.5 million for the first quarter ending 31 March, on the back of higher rent from its Singapore properties and revenue contributions from new nursing homes in Japan purchased last year.PLife...
Continue Reading • 6 May 2011
Ascott expands in Qatar with second property
The Ascott Ltd (Ascott), CapitaLand’s wholly-owned subsidiary, has secured a deal to manage a 229-unit premier serviced residence in Doha.Ascott Doha will be the company’s second property in the capital city of Qatar and is set to open in the second half of this year.“Qatar...
Continue Reading • 6 May 2011
Oxley Holdings' Q3 profit soars 686% to S$5.5m
Property developer Oxley Holdings has achieved a net profit of S$5.5 million in the third quarter, up 686 percent from $0.7 million in the previous quarter.Revenue for the quarter climbed 275 percent to $22.5 million, from $6 million in the previous quarter. This was mainly attributed to...
Continue Reading • 6 May 2011
Mah calls NSP's housing proposals naïve
National Solidarity Party (NSP) Towns will have flats that cost the same, look the same and will never grow in value, said National Development Minister Mah Bow Tan at a rally.“Residents of Tampines, do you want Tampines Town to be NSP Town? A town that is built on ideas that are...
Continue Reading • 6 May 2011
LaSalle buys Novotel Melbourne for A$204 million
LaSalle Investment Management, on behalf of LaSalle Asia Opportunity Fund III, has inked an agreement with Thakral Holdings Group to acquire the 380-room Novotel Melbourne on Collins Hotel and the adjacent 7,797 sq m Australia on Collins Shopping Centre for A$204 million.“We have been...
Continue Reading • 5 May 2011
Roxy-Pacific launching two projects in second half of 2011
Roxy-Pacific Holdings is planning to launch two property projects in the second half of 2011. One of the two developments is a five-storey freehold residential project located at Toh Tuck Road, which will comprise more than 100 small apartments.The other project will involve alteration works to...
Continue Reading • 5 May 2011
UK mortgage approvals rose slightly in March
Mortgage approvals in the UK rose slightly in March, as income restriction affected the residential market’s recoveryAccording to the Bank of England, mortgage approvals for home purchases rose to 47,557 in March, compared to 46,708 in February, while net lending increased to 400 million...
Continue Reading • 5 May 2011
Election unlikely to affect property prices, says bank chief
Singapore’s elections are unlikely to affect property prices, according to Aamir Rahim, Chief Executive at Citi Private Bank (Asia Pacific).“Investors look at simple facts: Singapore’s stability and continuity in its policy regime are important. Stability is the most important...
Continue Reading • 5 May 2011
Wing Tai Q3 profit sees meteoric rise
Wing Tai Holdings posted strong results, primarily in the third quarter, attributed to the progressive recognition of contributions the from Floridian in Bukit Timah and Helios Residences in the Cairnhill area.Helios Residences obtained its temporary occupation permit in January and 71 of...
Continue Reading • 4 May 2011
TCT's Q1 revenue climbs 14%
Treasury China Trust (TCT) has posted a 14 percent increase in gross revenue to RMB100.13 million (S$19.45 million) in the first quarter of this year, while its net property income rose 3.5 percent to S$12.45 million.“We are delighted with our first quarter results for 2011, posting a...
Continue Reading • 4 May 2011
MoLi Apartments to enter Singapore market
MoLi, a rising star in the serviced apartment industry, has announced the expansion of its services to Singapore. Until last month, MoLi Apartments had been servicing the corporate travel and leisure industry only in Paris, London and New Delhi.However, recent joint ventures (JVs) have allowed...
Continue Reading • 4 May 2011
PM Lee sorry about housing issues
Singapore Prime Minister Lee Hsien Loong said the government could have moved more quickly and efficiently to address the shortfalls in the country’s housing and transport industries.The Prime Minister also acknowledged that things do not always go as planned and there might be side effects...
Continue Reading • 4 May 2011
CBRC to impose 50% down payment on China's home buyers
First-time home buyers in mainland China may have to pay as much as 50 percent of the purchase price starting this month, according to Nanjing-based newspaper Xinhua Daily. It said that the China Banking Regulatory Commission (CBRC) will only permit lenders to offer mortgages provided that the...
Continue Reading • 4 May 2011
British expats within Europe forced to sell up and return home
A large number of expats are being forced to sell up their second homes abroad and return to the UK due to the rising mortgage rates and the weakening sterling.With the first rate increase in Europe since July 2008, the Euro has strengthened against the pound and over 300,000 second home owners...
Continue Reading • 3 May 2011
WP: Govt should strengthen CPF fund
Workers' Party (WP) candidate Chen Show Mao suggested yesterday that the government should strengthen the Central Provident Fund (CPF) model and grow the people's money, as recommended by the World Bank.Mr. Chen, who was speaking at a rally for Moulmein-Kallang Group Representation Constituency...
Continue Reading • 3 May 2011
SDA suggests rental scheme to help first-time buyers
The Singapore Democratic Alliance (SDA) is suggesting a rental scheme to help first-time flat buyers become home owners.In its first rally for the 2011 General Election, the SDA cited issues such as increasing HDB flat prices and the high cost of living as the main reasons why changes to...
Continue Reading • 3 May 2011
RP wants lower age limit for singles to acquire flats
The Reform Party (RP) wants to lower the age limit for single Singaporeans eligible to acquire a HDB flat, said Ho Soak Harn, a member of the RP's West Coast Group Representation Constituency (GRC) team, at the West Coast Park rally last night.She said that this can be achieved by offering one-...
Continue Reading • 3 May 2011
Govt considers raising income ceiling for BTO flats
The government is planning to raise the current S$8,000 income ceiling for buying new flats under the Build-to-Order (BTO) scheme, according to Prime Minister Lee Hsien Loong.He said when the S$8,000 cap was raised to S$10,000 for the slightly more upper-class Design, Build and Sell Scheme (DBSS)...
Continue Reading • 3 May 2011
US mortgage rates decrease
Mortgage rates in the US fell last week, with the average rate on 30-year fixed-rate mortgages falling to 4.78 percent, a slight decline from the prior week’s 4.8 percent average and 5.06 percent in 2010, according to Freddie Mac’s weekly mortgage rates survey.Meanwhile, rates on...
Continue Reading • 29 Apr 2011