Land & Houses' financial arm plans IPO
Thailand’s top property developer Land & Houses Pcl announced that its financial arm LH Financial, is planning to sell 1.44 billon shares in an IPO next year.The company said the proceeds will be used to strengthen its financial status, as well as finance its future business expansion....
Continue Reading • 29 Dec 2010
GuocoLand looking at REIT flotations
GuocoLand may consider floating two real estate investment trusts (REITs) – one office and one retail – holding assets in China, Malaysia, Singapore and possibly Vietnam, according to The Business Times.The assets could be valued at about $6 billion to $8 billion and the REITs may be...
Continue Reading • 29 Dec 2010
Singapore firms picking up bargain distressed properties
Singaporean firms have been buying up distressed properties, such as those in Indonesia and the United States in the aftermath of the worldwide recession. However, their prices are rising, and bargains are now fewer as the economy picks up.One reason is the US central bank’s quantitative...
Continue Reading • 28 Dec 2010
China raises Public Housing Fund mortgage rates
The central government has raised the Public Housing Fund (PHF) mortgage rates in cities where affordable housing is being developed under a pilot programme, effective December 26, according to a ccstock.cn report.Rates for loans with a duration of five years or less would be increased by 0.25...
Continue Reading • 28 Dec 2010
SGX to expand to foreign brokers
Foreign brokers that operate overseas will be covered by the Singapore Exchange (SGX), when it expands membership on the securities market.Referred to as “Remote Trading Members”, foreign brokers will follow their home rules and deal only for foreign investors. Through the remote...
Continue Reading • 28 Dec 2010
TCT to invest in mainland shopping centres
Singapore-listed real estate investor Treasury China Trust (TCT) intends to invest over one billion yuan in at least three mainland shopping arcades to capitalise on the growing wealth of consumers in China.The company plans to acquire shopping centres in Xian in the west and in Shanghai, Qingdao...
Continue Reading • 28 Dec 2010
Singapore taking careful approach to cooling the market
The Singapore government has stepped in twice in the property market this year, taking a cautious approach to introducing further measures to curb property prices, but not crashing the market, said National Development Minister Mah Bow Tan.“We are not taking a big bang approach, but taking...
Continue Reading • 28 Dec 2010
PMB declares 4 landmarks as national monuments
The Preservation of Monuments Board (PMB) has declared the Singapore Conference Hall along Shenton Way and three memorials in Esplanade Park – the Lim Bo Seng Memorial, the Cenotaph and the Tan Kim Seng Fountain – as national monuments.This takes the total number of national monuments...
Continue Reading • 28 Dec 2010
Two landmarks set to be restored
The City Hall and former Supreme Court buildings are set to be restored for $530 million.Construction work will start in January 2011 and is due for completion by the second half of 2014.Upon completion, the two landmarks in the Civic District will feature three more basements and will house the...
Continue Reading • 28 Dec 2010
A quiet period for stocks
Stocks seem set for another listless week, as there are no new leads or significant data in the run-up to New Year’s Day.No Christmas rally was seen last week, with the STI ending the week 9.21 points or 0.3 percent lower at 3,143.80.The FTSE ST All-Share index, which tracks 241 of the most...
Continue Reading • 27 Dec 2010
US mortgage rates down below 5%
After increasing slightly by above 5 percent, average 30-year fixed mortgages in the US dropped below 5 percent, while the average rate for 15-year fixed mortgages fell 4.3 percent. The decline in mortgage rates may indicate a reversal of last week’s rapid rate increase, helped by the...
Continue Reading • 27 Dec 2010
US mortgage demand lowest in nearly a year
Mortgage applications in the US have dropped to its lowest level in nearly a year, as a series of interest rate increases took a significant toll on demand, according to the Mortgage Bankers Association (MBA).The industry group said the seasonally-adjusted mortgage application index dropped 18.6...
Continue Reading • 23 Dec 2010
UEM Land gets approval for proposed Sunrise acquisition
UEM Land Holdings Bhd has obtained the approval of shareholders for the proposed acquisition of real estate developer Sunrise Bhd for RM2.80 per share or RM1.39 billion.“The extraordinary general meeting (EGM) resolution for the takeover has been passed by shareholders along with the...
Continue Reading • 23 Dec 2010
Singapore economic growth down to 5.2% next year
While an economic growth of 14.8 percent is expected to be seen in Singapore this year, financial services provider HSBC said the slowdown in growth next year at 5.2 percent is mostly due to the small contributions coming from net exports and a lowering in inventories, as the world restocking...
Continue Reading • 23 Dec 2010
First-time borrowers in the UK not benefitting from mortgage affordability
First-time mortgage borrowers in the UK are not currently being offered affordable loan terms, according to a source from property firm Savills.First-time home buyers will often need to put a substantial deposit and pay higher interest rates for their home, said Lucian Cook, director of...
Continue Reading • 22 Dec 2010
Wilmar to invest in China property market
Wilmar International plans to invest up to 889 million yuan ($175.6 million) in Yingkou City, China to develop three commercial, residential and hotel sites.The company said it has signed a master joint venture (JV) agreement with Kerry Properties and Shangri-La Asia to develop and manage hotels...
Continue Reading • 22 Dec 2010
More REIT listings next year
Real estate investment trust (REIT) listings could surge more strongly in 2011, with at least six initial offerings (IPO) coming up in Singapore if equity markets stay firm, said a senior banker at HSBC.These REITS are expected to be of a “decent size”, potentially raising between...
Continue Reading • 22 Dec 2010
Mortgage stress in Australia increases this year
The number of borrowers in Australia who are behind by one month or more in their mortgage payment has increased considerably in the 12 months to September, according to research released by Fitch RatingsThe agency said one percent of borrowers were a month or more behind in their scheduled...
Continue Reading • 21 Dec 2010
HK, Singapore are Asia's most investor-friendly economies
Hong Kong and Singapore are the top two most investor-friendly economies in the Asia Pacific underpinned by effective governments, “generous tax breaks” and openness to trade, according to a survey conducted by Singapore-based consulting firm Vriens & Partners Pte.Hong Kong takes...
Continue Reading • 21 Dec 2010
Morgan Stanley acquires another 320,000 Amtek shares
Morgan Stanley Asia (Singapore), the stabilising manager for the initial public offering of precision engineering group Amtek Engineering, has acquired an additional 320,000 shares in Amtek at $1.10 to $1.12 apiece.As of December 16, Morgan Stanley owns a significant stake of 5.0224 percent or...
Continue Reading • 21 Dec 2010