More Islamic REITs to launch in Asia
More Islamic real estate investment trusts (REITs) are expected to launch in Asia early next year and attract investors from the Arab world, said Rafe Haneef, new head of HSBC Amanah Malaysia, in an interview with Reuters.Sabana REIT, the first shariah-compliant REIT in Singapore, which was...
Continue Reading • 29 Nov 2010
Home loan customers trapped by Aussie banks
An industry expert has said customers of the big four Australian banks now feel “trapped” and unable to transfer to a new institution.According to a survey conducted by Essential Research, a significant proportion of consumers believe that they face many obstacles when it comes to...
Continue Reading • 29 Nov 2010
SingXpress wins Balestier site
SingXpress has announced that it won the bid for a $21 million property project located at Balestier Road through a subsidiary.The company plans to redevelop an existing block of 16 flats located at 235 Balestier Road, called Waldorf Mansions, into around 50 apartment units, it said.The site has...
Continue Reading • 29 Nov 2010
Mortgages increase to 34.5% of bank's portfolio
Singapore banks’ exposure to mortgage loans has increased to 34.5 percent, according to a report by the Monetary Authority of Singapore.Strong demand for homes has resulted in 20 percent housing loan growth on a year-on-year basis this year, since hitting a low record early last year, said...
Continue Reading • 26 Nov 2010
Home loan purchase applications up in the US
Home loan applications in the US were boosted by the highest purchase index since the homebuyer tax credit expired in April.Overall loan applications rose 2.1 percent last week, the biggest jump since early May. This reflects improvements in the position of potential home buyers, said the...
Continue Reading • 25 Nov 2010
HK-style measures unlikely to be seen in Singapore
The new property measures aimed at cooling the Hong Kong property market are unlikely to be imposed in Singapore any time soon, according to some industry experts.They noted that the Singapore market is not at the same frenzied level as HK, while recent measures implemented by the government need...
Continue Reading • 25 Nov 2010
UK mortgage lending rises
Mortgage lending in the United Kingdom increased slightly in October compared to the previous month, but conditions in the UK housing market continue to deteriorate, as home loan approvals eased yet again to a 19-month low, according to data released by the British Bankers Association (BBA).The...
Continue Reading • 24 Nov 2010
Shareholders approve MCL Land delisting
MCL Land has announced that its proposed voluntary delisting was approved by shareholders in an extraordinary general meeting held yesterday.The acceptance meets the condition for the exit offer made by Hongkong Land, parent company of MCL Land.Hongkong Land, which holds a 79 percent stake at MCL...
Continue Reading • 24 Nov 2010
YTL Corp to revamp property division
Conglomerate YTL Corp Bhd intends to house all its real estate development assets and projects under its property development arm YTL Land and Development Bhd.Together with three other wholly owned subsidiaries, YTL Corp entered into 10 agreements and settlement of outstanding intercompany...
Continue Reading • 24 Nov 2010
Savills to strengthen property investment advisory business
Savills Singapore plans to strengthen its property investment advisory business and its residential marketing arm in Singapore in order to expand in the country.The Singapore arm of London-listed Savills plc is now headed by Chris Marriott, the group’s chief executive for Southeast Asia....
Continue Reading • 24 Nov 2010
Stricter measures to curb foreign property speculators
Members of Parliament have approved harsher penalties for foreign property speculators, but asked the government to crack down even more. MPs noted that home ownership is a big issue for many Singaporeans, and further measures to restrict foreigners in the local market should be implemented.This...
Continue Reading • 24 Nov 2010
1,300 families benefited from rental scheme
About 1,318 Singaporean families have benefited from the government’s Interim Rental Housing (IRH) scheme since it was launched in January 2009.According to National Development Minister Mah Bow Tan, 311 of the total 1,318 families have since moved out of IRH flats.The number of families...
Continue Reading • 24 Nov 2010
Aussie reverse mortgages declining
The number of Australian homeowners choosing to avail reverse mortgages could drop further in 2011, as new federal regulations come into effect.According to News Limited, the new regulations plan to increase information disclosure needed on reverse mortgage deals, as well as ban contracts that...
Continue Reading • 23 Nov 2010
Sabana REIT to acquire three industrial assets
Sabana real estate investment trust (REIT), Singapore’s first syariah-compliant REIT, expects to acquire at least three more industrial assets in the country from its sponsor Freight Links Express Holdings in order to boost its portfolio.The trust will raise $664 million from its IPO at...
Continue Reading • 23 Nov 2010
A-Reit to acquire assets outside S'pore
Ascendas Real Estate Investment Trust (A-Reit), which currently owns industrial assets only in Singapore, is seeking to buy properties in other parts of Asia.The trust’s manager has established a representative office in Shanghai, and is “actively exploring” investment...
Continue Reading • 23 Nov 2010
Singapore unlikely to introduce capital controls
Singapore will not turn to capital controls but is ready to take additional measures to ensure sustainable asset markets and financial stability amid an increase in capital inflows to the region for higher returns, said Finance Minister Mr Tharman Shanmugaratnam.Capital inflows to the city-state...
Continue Reading • 23 Nov 2010
Lenders implement interest-only limits
Brokers have warned that private banks are becoming more cautious about granting interest-only mortgages on high loan-to-value (LTV) ratios, as concerns grow over falling housing prices.Some lenders including Barclays Wealth and Coutts had been willing to lend as much as 80 percent of the value...
Continue Reading • 22 Nov 2010
Sabana REIT IPO at $1.05 a share
Sabana Shariah Compliant Reit has priced its initial public offering (IPO) at $1.05 per share, the midpoint of an indicative range, in order to raise $491 million, according to a news article in the Business Times.Sabana Reit, the largest syariah-compliant property trust anywhere and the first...
Continue Reading • 22 Nov 2010
Property Edge gets new CEO
Property Edge International has appointed Tony Koe as the new chief executive officer starting 1 December 2010.Prior to this appointment, Mr. Koe served as General Manager for KF Property Network Ltd, the residential associates division of Knight Frank, between April 2006 and October 2010.Mr. Koe...
Continue Reading • 22 Nov 2010
Institute of Estate Agents gets global achievement award
Singapore’s Institute of Estate Agents (IEA) has received the Global Outreach Award of the Year from the National Association of REALTORS (NAR).The award was presented on the sidelines of a convention, held from November 4 to 8 at the New Orleans Convention Centre in Louisiana. It was...
Continue Reading • 22 Nov 2010