Eco-friendly law for existing buildings
The Building and Construction Authority (BCA) is planning to implement a new law in Singapore to get homeowners to renovate their properties in a more environmentally-friendly manner. With only 8 percent of nearly 210 million sq m of existing floor area of establishments in the country have been...
Continue Reading • 28 Jul 2010
Additional courses for building specialists
The boom in the construction industry over the past few years has resulted in a shortage of qualified specialists and surveyors.The Building and Construction Authority (BCA) revealed that Singapore Institute of Surveyors and Valuers (SISV) and the BCA Academy (BCAA) will implement several...
Continue Reading • 28 Jul 2010
Real estate companies terminate thousands of housing agents
Thousands of housing agents have been axed by real estate companies ahead of the improved regulations intended to enhance the industry’s professionalism.A statutory board known as the Council for Estate Agencies will be established under a new regulatory framework to be enforced by the...
Continue Reading • 28 Jul 2010
Mortgage fraudsters in Australia target the elderly and migrants
Mortgage fraudsters in Australia are on the rise, and they are targeting migrants and the elderly, according to a report.Rogue property agents, developers, valuers, loan originators and accountants will defraud banks and other lending institutions to achieve their cons, said Ian Graham, chief...
Continue Reading • 27 Jul 2010
Singapore's manufacturing output up 26.1% in June
The manufacturing output of Singapore has increased 26.1 percent in June, according to data released by the Economic Development Board (EDB). However, the level of growth came in slower due to a drop in the pharmaceutical segment.The figure was below the 36.7 percent market forecast and a far cry...
Continue Reading • 27 Jul 2010
SGD likely to strengthen, according to IMF
Inflation in Singapore is likely to pick up, and policy-makers should be wary about the growth and price outlook, which may need further calibration of the country’s monetary policy, according to the International Monetary Fund (IMF).While making an assessment of the country's economy, IMF...
Continue Reading • 27 Jul 2010
Rob Blain receives top award
CB Richard Ellis (CBRE) has announced that Rob Blain, chairman and chief executive of CBRE for Asia Pacific, has received the “Industry Champion” award at the 2010 Real Estate Facilities Projects (RFP) Outstanding Individuals Industry Awards.The awards, which recognise the...
Continue Reading • 27 Jul 2010
Euro Stoxx 50 futures to launch in Singapore
Eurex and the Singapore Exchange will launch US dollar denominated Euro Stoxx 50 futures in Singapore by end-2010.“Customers will have first-mover advantage to react to weekend or overnight European and US market news and manage their European exposures during Asian hours,” said Chew...
Continue Reading • 27 Jul 2010
StayWell Hospitality expanding beyond Australia
The four-year-old StayWell Hospitality Group which has made huge strides in Australia, is now targeting Singapore and Dubai for expansion.“Our aim was to secure a sound domestic footing, and now we’re moving into Asia,” said Richard Doyle, StayWell’s executive director....
Continue Reading • 27 Jul 2010
Starhill Global REIT's DPU in Q2 down 4.2%
Starhill Global REIT’s Q2 distribution per unit (DPU) was 0.91 cent, which is 4.2 percent lower compared with 0.95 cent in the first quarter.Although property income rose 6.9 percent to S$28.9 million, its distributable income in the second quarter fell 3.6 percent to S$17.7...
Continue Reading • 27 Jul 2010
Fragrance Group Q2 net profit down 4.9%
Property developer Fragrance Group has announced that its net profit for the second quarter fell 4.9 percent to $16.8 million, compared with $17.7 million over the same period last year. Revenue also dropped 24.3 percent to $60.2 million, compared with $79.5 million in the previous year.The...
Continue Reading • 27 Jul 2010
US mortgage rates down to new record lows
The average rates for 30-year and 15-year fixed-rate mortgages in the US fell to new record lows last week, according to a new survey released by Freddie Mac.Low interest rates in the country are expected to trigger growth in the housing market, which has been reeling from the expiration of the...
Continue Reading • 26 Jul 2010
Ascott REIT's DPU climbs 4% in Q2
Ascott Residence Trust (Ascott Reit) has posted a slim rise in its distribution per unit (DPU) for the second quarter of 2010. Ascott Reit DPU rose 4 percent to 1.87 cents in Q2 from 1.79 cents over the same period last year, while Q2 distribution to unitholders increased 5 percent to $11.6...
Continue Reading • 26 Jul 2010
FCT posts a record distribution income in Q3
Frasers Centrepoint Trust (FCT) has announced that its distribution income in the third quarter increased 35 percent to $16.3 million from a year ago. Chew Tuan Chiong, CEO of FCT, also said distribution per unit (DPU) rose seven percent from last year’s 1.94 cents to 2.07 cents in...
Continue Reading • 26 Jul 2010
Funds for UK mortgage rescue scheme to be cut
The new coalition government in the UK has announced that its mortgage funding rescue programme will be cut, in line with a series of financial cutbacks in order to save money to reduce budget deficit, said Housing Minister Grant Shapps.The minister noted that while total funds for the Mortgage...
Continue Reading • 23 Jul 2010
ARA buys 15% stake in APN
ARA Asset Management has obtained a 15-percent stake in Australia’s struggling funds management provider APN Property Group.ARA, a real-estate funds manager affiliate of Cheung Kong Group, is listed on the Singapore Stock Exchange with a $638 million market capitalisation.APN, whose three...
Continue Reading • 23 Jul 2010
Suntec Reit's DPU down 15 percent in Q2
Suntec Real Estate Investment Trust has posted a distribution per unit (DPU) of 2.528 cents in the second quarter of 2010, down 15 percent from last year’s 2.977 cents.Gross revenue also declined 3.3 percent to S$62.4 million, a decline of S$2.1 million over the same quarter last year,...
Continue Reading • 23 Jul 2010
CMT's DPU in Q2 up 7.5 percent
CapitaMall Trust (CMT) announced recently that it will get involved in greenfield development projects to raise its distribution per unit.CMT also announced that this will be on top of the company’s existing strategy involving assets enhancement, active leasing as well as selective...
Continue Reading • 23 Jul 2010
Keppel Corp's net profit up 9.4% in Q2
Keppel Corp has announced that its operating revenue in the second quarter increased 24.6 percent to $444.6 million on the back of a 24.6-percent year-on-year fall in profit to $2.42 billion.However, due to the absence of a one-time gain worth $422 million in Q2 2009, the company’s net...
Continue Reading • 23 Jul 2010
US mortgage loan demand rises as purchase demand surges
The number of US mortgage applications surged last week, as demand for home loan purchases increased for the first time in five weeks, according to the Mortgage Bankers Association (MBA).Meanwhile, demand for refinancing loans reached the highest level in 14 months, as interest rates hit its...
Continue Reading • 22 Jul 2010