UK lender resumes buy-to-let loans
UK mortgage lender Paragon will resume buy-to-let mortgages for landlords after securing new capital, as many people are opting to rent rather than purchase property in a volatile market.“Demand for rental property has never been as strong,” said Nigel Terrington, chief executive of...
Continue Reading • 29 Sept 2010
DBS Group opens Asia Hub
DBS Group has opened the DBS Asia Hub, a new state-of-the-art facility located at Changi Business Park.The nine-storey building, which covers over 340,000 sq ft, houses most of the bank’s operations, technology and support functions.It is also a home to over 3,000 or more than 40 percent of...
Continue Reading • 29 Sept 2010
Morgan Stanley still Asia's largest fund manager
Morgan Stanley remains Asia-Pacific’s largest property fund manager, according to a survey, despite having some problems with its investments in Japan.Hong Kong-based industry group Asian Association for Investors in Non-listed Real Estate Vehicles (ANREV) said Morgan Stanley has managed...
Continue Reading • 29 Sept 2010
Acmar International appoints main contractor for KL project
Malaysia-based developer Acmar International has appointed ITD Vertex Consortium Sdn Bhd as the main contractor for the D’Rapport mixed-use development project located in Ampang, Kuala Lumpur.ITD Vertex Consortium Sdn Bhd, a joint venture between Singapore’s Vertex Far East Pte Ltd...
Continue Reading • 28 Sept 2010
New reverse mortgage option announced in the US
The Federal Housing Administration (FHA) has announced a new modified version of Home Equity Conversion Mortgage (HECM) product.A reverse mortgage insured by the federal government, the HECM loan allows elderly home owners to tap into their equity to cover healthcare costs and living expenses...
Continue Reading • 28 Sept 2010
Qingdao Construction wins bid for Punggol EC site
HDB has awarded the land parcel at Punggol Drive / Punggol East to Qingdao Construction Ltd after it offered the highest bid in a public tender that closed on September 23.The property developer offered $136.2 million for the 99-year leasehold EC site, which has a total site area of $136,170 and...
Continue Reading • 28 Sept 2010
Metro Holdings sells interest in Beijing project
Metro Holdings has announced that its 50 percent owned unit, Nordevo Investments Ltd, has agreed to sell its 50.1 percent stake in Metropolis Holding China Ltd, which owns Metropolis Tower in Beijing.The sale and acquisition agreement includes the US$15.3 million shareholders loans payment, as...
Continue Reading • 27 Sept 2010
US mortgage rates remain low
Both the average 30-year and 15-year fixed-rate mortgage have remained unchanged from a week ago, according to the Freddie Mac Primary Mortgage Survey (PMMS).The average 30-year fixed-rate mortgage remained at 4.37 percent, while average rate of 15-year fixed mortgage remained at a record low of...
Continue Reading • 27 Sept 2010
Mapletree expands into Vietnam, announces new logistics park
Mapletree Investments Pte Ltd has celebrated the groundbreaking of Mapletree Bac Ninh Logistics Park (MBNLP), its first logistics park in North Vietnam and third logistics development in the country.Situated within Vietnam Singapore Industrial Park (VSIP) Bac Ninh in the Tu Son District, MBNLP...
Continue Reading • 27 Sept 2010
Hor Kew Ltd wins $156m HDB contract
Singapore building and construction group Hor Kew Corporation has announced that its wholly-owned subsidiary, Hor Kew Ltd, has been awarded a $156 million contract by the HDB for building and construction work at Queenstown Planning Area Dawson Contract 1.Construction work is scheduled to start...
Continue Reading • 27 Sept 2010
Fears of a rise in Aussie mortgage payments
Financial analysts have predicted a A$90 increase in monthly mortgage payments in Australia when the country’s big banks lift their base interest rates. The increase in mortgage rates could be around 0.45 percentage points when the Reserve Bank of Australia (RBA) raises the cash rate by...
Continue Reading • 24 Sept 2010
China Resources Land to purchase assets from parent company
China Resources Land, a property unit of China Resources Co Ltd., has announced that it has agreed to purchase three mainland property projects from its parent company for approximately HK$7.9 billion.The property developer said in a statement filed with the Hong Kong Stock Exchange that it...
Continue Reading • 23 Sept 2010
Slowdown in BofA mortgage modifications
Bank of America (BofA) has announced that the pace of its government-backed mortgage modifications programme to ease out home foreclosures continued to decline last month. In August, the bank completed 3,600 permanent mortgage modifications under the US government’s Home Affordable...
Continue Reading • 22 Sept 2010
Soilbuild announces S$418m privatisation offer
Mainboard-listed property developer Soilbuild Group Holdings has announced that it has received a privatisation offer from Dolphin Acquisitions Ltd valued at around S$418 million, or about $0.80 per share.The exit offer will also include the acquisition of all shares held by managing director Lim...
Continue Reading • 22 Sept 2010
CBRE wins top accolades
CB Richard Ellis (CBRE) has been named the world’s leading real estate advisor and consultancy firm in the 2010 Euromoney Real Estate Awards, making it the fourth time CBRE has won the title since Euromoney started the awards in 2005.CBRE, the world’s largest commercial real estate...
Continue Reading • 22 Sept 2010
UK mortgage approvals drop to 16-month low
The number of mortgage approvals for the UK’s six largest banks have dropped to a 16-month low since April 2009, as the UK housing market weakened.Mortgage loan approvals slumped to 45,000 last month from 47,000 in the previous month, according to the Bank of England (BOE). Home loan value...
Continue Reading • 21 Sept 2010
Asian financial centres in the limelight
While financial centres in Asia are earning prominence, those in the Middle East are dropping, according to the newest Global Financial Centres Index released by London think-tank Z/Yen.Singapore remained at the 4th spot ahead of Tokyo at fifth place. Occupying the top three spots are London, New...
Continue Reading • 21 Sept 2010
UOB to acquire HSBC's banknotes business
United Overseas Bank (UOB) has announced that it will purchase the banknotes business of HSBC for approximately US$15 million.UOB added that it will acquire the physical assets of HSBC’s banknotes business in Singapore, Japan, Taiwan, Beijing and Hong Kong.HSBC, on the other hand, will...
Continue Reading • 21 Sept 2010
Sun Hung Kai posts 12% rise in underlying profit
The world’s largest property developer by market value, Sun Hung Kai Properties Ltd, has announced that its full-year underlying profit surged 12 percent due to an increase in rental income from its shopping malls and offices.The company’s net income excluding property revaluations...
Continue Reading • 21 Sept 2010
Lum Chang wins $119.4m EC contract
Building and construction company Lum Chang Holdings has announced that its subsidiary, Lum Chang Building Contractors (LCBC), has won a $119.4 million contract for the design, construction and maintenance of the Esparina Residences executive condo (EC) project.Construction work on the 18-storey...
Continue Reading • 20 Sept 2010