Singapore economy remains robust
The Singapore economy continued to grow in the first quarter, climbing 23.5 percent on a seasonally-adjusted quarter-on-quarter annualised basis, compared to 12.0 percent in the previous quarter.According to estimates from the Ministry of Trade and Industry (MTI), the economy grew 8.5 percent...
Continue Reading • 14 Apr 2011
Singapore dollar rising, inflation a threat
As Singapore’s economy recovered from the global financial crisis and powered ahead in 2010, the Monetary Authority of Singapore’s aim was clear. With inflationary pressures increasing, the central bank allowed the Singapore dollar to climb, moving the exchange rate policy band uphill...
Continue Reading • 13 Apr 2011
HK mortgage costs on the rise again
A new round of mortgage rate increases has come after the Hong Kong Monetary Authority (HKMA) released a circular which requires lenders to be cautious of rapid credit growth.The Bank of East Asia, the fifth largest mortgage lender by market share, has taken the lead. It has revised its loan...
Continue Reading • 13 Apr 2011
Analysts sceptical of govt's inflation forecast
Inflation has likely reached its peak and is expected to ease for the rest of the year, according to Trade and Industry Minister Lim Hng Kiang.Assuming there will be no further oil price hikes, inflation should stay within three and four percent.“This means CPI (consumer price index)...
Continue Reading • 13 Apr 2011
Lian Beng's net profit doubles as construction expands
Singapore-based building construction group Lian Beng Group has announced that its net profit doubled to S$36.6 million in the first nine months ended 28 February, while revenue jumped 58 percent to S$379.9 million, from S$240.5 million over the same period last year.The company said higher...
Continue Reading • 13 Apr 2011
Citigroup to market Aussie mortgage bonds
Citigroup is planning the first sale of Australian residential mortgage bonds by a New-York-based bank since 2008 as relative yields on the notes drop to their lowest levels since global credit markets froze.According to its 8 April statement, Citigroup’s Australian unit is selling A$760...
Continue Reading • 12 Apr 2011
IOI's Singapore venture raises concerns
IOI Corporation’s participation in the South Beach project might give the company great opportunity in Singapore’s real estate market but it has also raised concerns. Its growing exposure to the real estate sector could dilute its price earnings as an oil palm planter.CIMB...
Continue Reading • 12 Apr 2011
SC Global withholds sale of properties
SC Global has a substantial inventory of approximately one million square feet gross of saleable floor area in different luxury housing projects in Singapore.However, Chairman and CEO Simon Cheong was in no rush to sell off the properties, as he is aware of the difficulty of finding replacement...
Continue Reading • 12 Apr 2011
New rules to protect buyers, sellers
New property measures to protect property buyers and sellers were passed in the Parliament yesterday and are expected to take effect on 1 August.Under the new rules, lawyers will now be prohibited from holding conveyancing money in their clients' accounts. It will also stop the practice of...
Continue Reading • 12 Apr 2011
New US mortgage regulations to protect consumers
New regulations on how mortgage loan officers’ payment for originating home loans in the US are intended to protect consumers and provide a clearer picture of how the mortgage professional can generate money off the loan.However, according to some industry experts, the new rules are...
Continue Reading • 11 Apr 2011
Historic railway stations to be conserved
Singapore will be conserving its landmark railway stations in Tanjong Pagar and Bukit Timah, as physical reminders of its rich heritage.The two stations will be handed over from Malaysia to Singapore. The stations were built in the 1930s during the British era as part of a transport system for...
Continue Reading • 11 Apr 2011
31% of Australians financially unfit for home loans
A study by BankWest, a subsidiary of the Commonwealth Bank of Australia, revealed that nearly 31 percent of Australians are “financially unfit” to apply for a home loan.The study also found that only 17 percent of Australians are financially capable of obtaining a mortgage.Those who...
Continue Reading • 8 Apr 2011
HSBC revises GDP growth
HSBC has amended this year’s gross domestic product (GDP) growth forecast from 5.2 percent to 5.8 percent.This was mainly due to the recent high frequency observed in industrial productions and retail sales.According to HSBC, the expansion is expected to hold up in the coming quarters but...
Continue Reading • 8 Apr 2011
MAS to unveil monetary policy on 14 April
The Monetary Authority of Singapore (MAS) will announce its half-yearly monetary review on 14 April.The MAS is also expected to tighten its policy further, enabling the local currency to gain more strength to combat foreign inflation.The government will also reveal the city-state’s first...
Continue Reading • 8 Apr 2011
Tiong Seng wins S$192m HDB contract
The Housing Development Board (HDB) has awarded a S$192 million contract to Tiong Seng Contractors Ltd, a wholly-owned subsidiary of Tiong Seng Holdings Limited, for the construction of the 1,072-unit Waterway Terraces in Punggol West.The building contract also includes the construction of car...
Continue Reading • 8 Apr 2011
US mortgage applications down in March
The total number of new mortgage applications in the US dropped two percent in the week ending 1 April, as refinances fell significantly, according to recent statistics from the Mortgage Bankers Association.The number of consumers who sought refinances for their current home loans fell 6.2...
Continue Reading • 7 Apr 2011
Wing Tai shoots for HK$1.4b in sales this year
Wing Tai Properties is planning to release more flats on the market this year, in a bid to surpass last year’s sales.The firm has set a target of HK$1.4 billion from home sales at its Seymour and Forfar projects this year.Forfar, a Kowloon Tong project, is estimated to contribute HK$400...
Continue Reading • 7 Apr 2011
HK's first yuan-denominated IPO gets regulatory nod
Hui Xian Real Estate Investment Trust (REIT), the real estate flagship firm owned by Li Ka-shing, has obtained regulatory clearance to open Hong Kong’s first yuan-denominated REIT.After the much-awaited approval from the Securities and Futures Commission (SFC), the joint parties, BOC...
Continue Reading • 6 Apr 2011
Bigger mortgages in the US to cost more
The most popular home loans in the US are about to get smaller and applicants who want bigger loans must act soon to avoid higher mortgage costs and fewer options.Ken Trepeta, Director of Real Estate Services at the National Association of Realtors, said that lower mortgage limits mean that loan...
Continue Reading • 6 Apr 2011
UK mortgage pay-off sets new record
Home owners in the UK settled more of their mortgage loans last year than they had in any other single year, according to figures released by the Bank of England.Mortgage borrowers returned over £24 billion to lenders in 2010, the highest record since it started in 1970.The figures include...
Continue Reading • 5 Apr 2011