Same rules apply for overseas homes
People owning a property overseas will still have to comply with the new rules on property ownership if they are planning to purchase an HDB resale flat.The clarification came amidst uncertainty on who might not be exempted from the new regulations, which states that home owners planning to...
Continue Reading • 2 Sept 2010
Economic growth may shoot above 15%
Singapore’s economy may cross the 15 percent growth mark this year, surpassing the earlier forecast of 13 to 15 percent made by the government.According to 20 economists and analysts polled by the Monetary Authority of Singapore (MAS), the local economy is likely to expand between 14.9...
Continue Reading • 2 Sept 2010
Market cap of Singapore-listed firms falls to $759b
Singapore-listed companies saw a 0.5 percent decline in their market capitalisation from $763.1 billion as of end-July to $759.4 billion as of end-August, a downward trend that could continue in the future, said analysts.Property stocks beat a late retreat in the month after Monday’s...
Continue Reading • 2 Sept 2010
Peter Ow to leave Knight Frank
Residential property consultant Peter Ow is set to leave Knight Frank at the end of the year.Mr. Ow hopes to have a long break before he decides on what to do next, he told The Business Times in an interview. “I'd like to take things easier and spend more time holidaying and...
Continue Reading • 2 Sept 2010
Keppel Land appoints Mrs. Oon Kum Loon to the board
Keppel Land Limited has appointed Mrs. Oon Kum Loon as the Non-independent and Non-executive Director on its board starting today.The 59-year-old Mrs. Oon has been an Independent and Non-executive Director at Keppel Corporation since 2004. She is also the chairperson of the Board Risk Committee...
Continue Reading • 1 Sept 2010
Government measures target sustainable property market
The latest set of government measures to cool the property market will not affect genuine buyers and are intended to develop a “sustainable” market, said Mrs. Lim Hwee Hua, the Second Minister for Finance and Transport.“What will be sustainable is property purchases or price...
Continue Reading • 1 Sept 2010
Jitters amongst developers after new mortgage measures
Several property developers in Singapore, including Southeast Asia’s largest developer, CapitaLand Ltd. and the country’s second-largest homebuilder, City Developments Ltd., recorded declines yesterday amidst concerns that the government’s latest move to curb speculation in the...
Continue Reading • 1 Sept 2010
New regulation on construction work
The National Environment Agency (NEA) has announced that all new construction sites within 150m of residential premises and noise-sensitive developments that have received permits to start construction work from September 1, 2010 are not allowed to perform construction activities from 10pm on...
Continue Reading • 31 Aug 2010
Roxy-Pacific subsidiary acquires Toh Tuck site
Property developer Roxy-Pacific Holdings has announced that its associated firm has acquired the freehold Toh Tuck Apartment site for $33.9 million.Mequity, which is 45 percent owned by Roxy Land – a wholly-owned unit of Roxy-Pacific – will finance the acquisition through internal...
Continue Reading • 31 Aug 2010
UIC pays $160m for redevelopment of UIC Building
United Industrial Corp (UIC) has announced that it paid a $160.1 million development charge to URA for the redevelopment of UIC Building.UIC said the property, which is located at 5 Shenton Way, will be redeveloped on a 40 percent commercial and 60 percent residential scheme, with a total gross...
Continue Reading • 31 Aug 2010
CDL, Wing Tai's shares fall after government's moves
Property developers City Developments and Wing Tai Holdings have been affected by the government’s latest property price cooling measures, after their shares fell more that 4 percent yesterday.Both companies have a lot of exposure to the property market’s mass residential...
Continue Reading • 31 Aug 2010
New measures have little impact on loan growth
The government’s new set of measures to curb property prices could hit banks in Singapore due to extra checks needed for mortgage applicants. However, the impact on mortgage growth is likely to be small, according to a check done by The Business Times.Helen Neo, Maybank Singapore’s...
Continue Reading • 31 Aug 2010
Pre-emptive measures a tad later than expected: JLL
The latest set of anti-speculative measures released by the Ministry of National Development through the URA and HDB are aimed at eliminating potential speculation instead of affecting first time homebuyers and genuine home occupiers, said Jones Lang LaSalle (JLL).For instance, the increased...
Continue Reading • 31 Aug 2010
Further measures introduced to cool property market
To guarantee more sustainable growth in the property market, the Ministry of National Development (MND) has announced three important measures, which will come into effect immediately.These measures include increasing the holding period for the imposition of Seller’s Stamp Duty (SSD) from...
Continue Reading • 30 Aug 2010
Henderson posts declines in underlying profit
Hong Kong property developer Henderson Land Development Co. has recorded a larger-than-expected decline in first-half underlying profit after it took a HK$734 million charge for the unsuccessful sales of 20 luxury apartments.Henderson said its profit excluding revaluation gains slid 37 percent to...
Continue Reading • 30 Aug 2010
MND: Singapore has 'adequate' housing supply
The Ministry of National Development (MND) has announced that the government will continue to ensure that there is adequate supply of housing in the country to meet demand.In the H2 2010 Government Land Sales (GLS) Programme, the MND has made available land sites that can yield 13,900 private...
Continue Reading • 30 Aug 2010
Du Val launches NZ$250 million property fund
Auckland-based fund manager Du Val Group is looking for investors from Hong Kong and Singapore after it launched its first property fund, a NZ$250-million (S$239.6 million) “mid market” fund that will focus exclusively on the New Zealand real estate market.The fund intends to...
Continue Reading • 30 Aug 2010
GuocoLand posts full-year profit of $134.3m
Property developer GuocoLand Ltd. has posted a full year profit of $134.3 million, recovering from a $70.2 million loss in the previous year, when it recorded a net forex loss of $34.3 million and a revaluation loss of $80.9 million.Gross profit nearly doubled to $245.4 million from last...
Continue Reading • 30 Aug 2010
Australia's Mortgage Choice warns of impending rate rise
Mortgage Choice, the biggest mortgage broker in Australia, is gearing up for an increase in interest rates, as banks move to reverse declining profit margins.Michael Russell, chief executive of Mortgage Choice, said that banks are likely to raise rates independently of the Reserve Bank of...
Continue Reading • 27 Aug 2010
Singapore 25th most expensive city for travellers
Singapore has been ranked as the world’s 25th most expensive city for business travellers from the United Kingdom, up from 44th spot last year, according to the Global Hotel Market Survey.The leap in Singapore’s ranking is in line with reports from the Ministry of Trade and Industry...
Continue Reading • 27 Aug 2010