Recent measures have stopped spike in private home prices
The four recent rounds of measures aimed at cooling the real estate market, announced in September 2009, February and August 2010 and January 2011, have prevented prices of private homes from spiralling out of control, said National Development Minister Mah Bow Tan.Demand-side measures and...
Continue Reading • 4 Mar 2011
New measure welcomed by first-time BTO flat buyers
The government has announced that it will raise the monthly household income ceiling to S$5,000 from S$3,000 for first-time buyers of three-room Built-to-Order (BTO) flats in non-matured estates, a move that will be welcomed by many families in the lower-middle income bracket, said...
Continue Reading • 4 Mar 2011
Low-income families get more aid through housing grant
The government has introduced more aid for low-income families to acquire their first flat.First-time home buyers already receive a generous subsidy when they purchase a new HDB flat. Those with a monthly income of S$5,000 and below also enjoy more aid through the Additional CPF Housing Grant...
Continue Reading • 4 Mar 2011
Hong Kong must implement its own mortgage measures
Banks in Hong Kong may find it difficult to implement mainland China’s style of property measures, when in comes to home loans.“No common mortgage database is shared by the banks yet,” said Stanley Wong Yuen-fai, Executive Director at ICBC (Asia). “Banks cannot get hold of...
Continue Reading • 3 Mar 2011
Savills acquires Asia Pacific Real Estate
Savills has expanded its array of services with the acquisition of a Singapore-based boutique investment advisory company.With this acquisition, Savills Asia Pacific Real Estate — a new investment arm of Savills — will focus on institutional and professional investors, as well as...
Continue Reading • 3 Mar 2011
United Engineers' full-year profit up 257%
Singapore-based United Engineers Limited (UE) has posted a 257 percent increase in net profit to S$186.2 million in the fiscal year 2010.The company’s full-year revenue also rose 28 percent to S$901.4 million, mainly attributed to progressive revenue recognition from property projects such...
Continue Reading • 3 Mar 2011
CDLHT buys Studio M Hotel for S$154m
CDL Hospitality Trusts (CDLHT) has acquired the Studio M Hotel, which was launched in March last year, for $154 million (approximately $428,000 per room).The yield-accretive purchase will initially be fully funded by debt, resulting in the trust’s debt-to-assets ratio increasing to...
Continue Reading • 3 Mar 2011
Reserve Bank of Australia's mortgage rates stay stagnant
The Reserve Bank of Australia (RBA) has opted to the keep its interest rates at the current 4.75 percent level.Glenn Stevens, Governor of RBA, said the bank is expecting the inflation rate to remain consistent with the target of between two and three percent over the next 12 months.He added that...
Continue Reading • 2 Mar 2011
New World H1 profit up 30%
Hong Kong developer New World Development Co., which is controlled by billionaire Cheng Yu-tung, has posted a 30 percent increase in underlying profit in the first half of the fiscal year, on the back of strong revenue from property sales.The company said its net income, excluding property...
Continue Reading • 2 Mar 2011
UK mortgage lenders implementing higher SVR
Some mortgage lenders in the UK are implementing higher Standard Variable Rates (SVR), requiring borrowers to repay their home loans in full for minor breaches, according to the Financial Services Authority (FSA).FSA highlighted a raft of lender tactics, which it noted was detrimental to...
Continue Reading • 1 Mar 2011
Ministry of National Development releases revised DC rates
The Ministry of National Development (MND) has revised the development charges (DC) rates for the period between 1 March 2011 and 31 August 2011.The DC rates for commercial use have risen by about 13 percent, with Sector 9, covering Peck Seah Street, Maxwell Road and Anson Road, seeing the...
Continue Reading • 1 Mar 2011
Overseas Union Enterprise's full-year profit recovered from 2009's loss
Mainboard-listed Overseas Union Enterprise Limited (OUE) has announced that its 2010 full-year profit reached S$777.2 million, reversing a net loss of S$93.4 million in 2009.The strong performance was attained on the back of a 56.8 percent increase in revenue to S$215.6 million, driven primarily...
Continue Reading • 1 Mar 2011
UOB expects mortgage applications to fall
United Overseas Bank (UOB) expects mortgage applications in Singapore to drop by between 15 and 20 percent in the second half of the year, said Mr. Wee Ee Cheong, Chief Executive Officer of UOB.He added that the decline in home loan applications can be largely attributed to the impact of the...
Continue Reading • 28 Feb 2011
Property agents must display Estate Agent Card while working
All real estate agents in Singapore must display their Estate Agent Card when working beginning tomorrow, according to a report from AsiaOne.This is one of the regulatory measures imposed by the Council of Estate Agencies (CEA), following many complaints of unscrupulous activity filed against...
Continue Reading • 28 Feb 2011
TCT's net profit exceeds market estimate
Treasury China Trust (TCT) has posted a S$39.61 million net profit after tax for the six months ending 31 December 2010, exceeding the market forecast.“We are pleased to have delivered a strong result for the first period end reporting cycle since our listing in Singapore in June 2010. The...
Continue Reading • 28 Feb 2011
Wheelock acquires five sites in China
Wheelock Properties (Singapore) is acquiring five sites in Fuyang City, Hangzhou for S$279 million (1.44 billion yuan).It is planning to develop about 1,900 residential units on the sites at a total development cost of about S$750 million.Wheelock, through its subsidiary, won the bid for the...
Continue Reading • 28 Feb 2011
a-iTrust acquires five buildings in Hyderabad
Ascendas India Trust (a-iTrust) will acquire five buildings in Hyderabad, India with a total built-up area of approximately 2.2 million sq ft.All five buildings, which are located in India’s Hitec City 2 Special Economic Zone, will be acquired from Indian developer Phoenix Infocity Private...
Continue Reading • 28 Feb 2011
Chinese banks scrap mortgage discounts for Beijing home buyers
The top five banks in China have scrapped mortgage rate discounts for first-time home buyers in Beijing, in a move to curb its red-hot property market, according to the official China Securities Journal.The banks — Industrial and Commercial Bank of China, China Construction Bank Corp, Bank...
Continue Reading • 25 Feb 2011
JLL appoints new Board of Directors members
Jones Lang LaSalle (JLL) has appointed Hugo Bagué and Martin H. Nesbitt as independent, non-executive members of its Board of Directors, effective 1 March 2011.Mr. Bagué and Mr. Nesbitt will both serve on the Board’s Nominating and Governance Committee.Mr. Bagué, who...
Continue Reading • 25 Feb 2011
TCT to acquire RMB575m Huai Hai Mall
Treasury China Trust (TCT) has entered into a binding agreement to acquire 100 percent of Huai Hai Mall in Shanghai for RMB575 million.Situated in the heart of the Shanghai CBD, the acquisition reinforces the trust’s growth strategy in China’s expanding retail sector.“This is...
Continue Reading • 25 Feb 2011