First-time buyers in the UK still struggling
Mortgage lending to first-time homebuyers in the UK declined to a two-and-a-half year low in April, with only 35 percent of 40,000 mortgage applications having been approved due to higher down payment requirements.According to the Council of Mortgage Lenders, the number of home loan applications...
Continue Reading • 17 Jun 2010
Flood causes heavy losses to retailers
A variety of goods were destroyed by the flood that hit Orchard Road yesterday.Aside from the cost of equipment and furnishings, retailers said they were expecting millions of dollars in losses.Among the stores that were badly affected included apparel house Massimo Dutti, luxury goods retailer...
Continue Reading • 17 Jun 2010
Sembawang Engineers wins S$419m RWS contract
Sembawang Engineers and Constructors has won a contract from integrated resort group Resorts World at Sentosa worth S$419 million.It is the second contract awarded by Resorts World to the company, after successfully completing a S$250-million sub-structural works project in 2008.The contract...
Continue Reading • 17 Jun 2010
Chip Eng Seng establishing SPV for Punggol EC project
Construction Company Chip Eng Seng has announced that its wholly-owned subsidiary, CEL Development, will establish a special purpose vehicle (SPV) to develop an executive condominium (EC) in Punggol.CEL and its partner, Choicehomes Investments, will facilitate the development of the executive...
Continue Reading • 17 Jun 2010
China may avoid US-style home crisis
The “experimental” approach by China to control asset bubbles may help the country avoid a US-like housing market crisis, said Jeremy Grantham, who predicted that US stocks would lose money in the past decade.Lawmakers in China have raised mortgage rates and down payment requirements,...
Continue Reading • 16 Jun 2010
New guide to go green launched
A new guide on best green practises intended for the construction sector has been launched in Singapore.The guide, called “Green and Gracious Builder Guide”, provides valuable information on cutting-edge green solutions.Such technologies and solutions help support the construction...
Continue Reading • 16 Jun 2010
OUE rejects convertible bond issue plans
Mainboard-listed hotel and property firm Overseas Union Enterprise (OUE) has turned down plans for a convertible bond issue due to recent market conditions.Last May, OUE had planned to issue notes of up to S$200 million due in 2015. These notes would be converted into new ordinary shares.In a...
Continue Reading • 16 Jun 2010
US mortgage rates remain at record low
The 30-year fixed-rate mortgage (FRM) in the US averaged 4.72 percent, having an average 0.7 point for the week that ended 10 June 2010, down from last week’s 4.79 percent, according to Freddie Mac’s Primary Mortgage Market Survey.For the same week, the 15-year FRM was 4.17 percent,...
Continue Reading • 15 Jun 2010
Sunway looks to be Malaysia's biggest Reit IPO
Sunway Real Estate Investment Trust (Reit) is planning to sell its shares for S$0.38 to $0.42 (90-98 sen) in an IPO in Malaysia, a sale document showed.The firm, which is managed by property and hotel company Sunway City Bhd, started offering the shares as it plans to raise US$515 million in what...
Continue Reading • 15 Jun 2010
Singapore ranked 9th most expensive city in Asia
Singapore has been ranked as the ninth most expensive city in Asia for expatriates to live in, a spot it took for the past six months, according to a recent cost of living survey.Compared with its ranking in 2009, it went up one notch in Asia and climbed six spots to 67th position worldwide over...
Continue Reading • 15 Jun 2010
BBR wins S$4.9m piling contract for The Vision project
BBR Holdings has won a S$4.9-million contract to undertake the piling works for The Vision condo project located at West Coast Crescent.The contract was granted by developer Grand Waterfront Development to Singapore Piling and Civil Engineering – a wholly owned subsidiary of BBR.The ground...
Continue Reading • 15 Jun 2010
URA chief appointed as new HDB head
Cheong Koon Hean, who is the current CEO of the Urban Redevelopment Authority (URA), will become the new CEO of HDB starting in August.She will relinquish her current appointment in the URA but will continue her special tasks at the Ministry of National Development (MND) as a Deputy Secretary,...
Continue Reading • 15 Jun 2010
Foreclosure assistance in the US for eligible homeowners
The global economy is struggling to stay afloat, and most Americans are still looking for foreclosure assistance coming from the federal government.The “Making Home Affordable Program” of the US government gave new opportunity to US homeowners to modify or refinance their home loans,...
Continue Reading • 14 Jun 2010
Low Keng Huat's Q1 net profit rises 70 percent
Mainboard-listed builder Low Keng Huat has announced that its Q1 profit attributable to shareholders increased 69.6 percent to $19 million, compared to $11.2 million in the previous corresponding quarter.The increase in the Q1 result was largely attributed to the higher profit of its construction...
Continue Reading • 14 Jun 2010
MOF seeks feedback on property tax bill
The Ministry of Finance (MOF) has launched a public consultation to ask for feedback on the proposed changes to the Property Tax Act.MOF said the draft Property Tax (Amendment) Bill 2010 will have 12 suggested changes including the periodic reviews result of the property tax system and “aim...
Continue Reading • 14 Jun 2010
More disclosure needed
Property developer CapitaLand has disclosed recently that Liew Mun Leong, the company’s CEO and president, had paid around $3.74 million for a penthouse situated at the 23rd level of the Interlace project.It is not unusual for property firms’ directors to acquire units. Media reports...
Continue Reading • 14 Jun 2010
Going green rewards developers
Some property developers have been rewarded for their initiative to go green, receiving additional floor space for their projects.According to the Building and Construction Authority (BCA), it has received 37 applications for the Green Mark GFA Incentive Scheme, which grants additional gross...
Continue Reading • 14 Jun 2010
CGT increase could benefit first-time buyers in the UK
First-time homebuyers in the UK could benefit from the increase of capital gains tax (CGT), according to a sector commentator.Helen Adams, managing director at FirstRungNow.com, said such an increase could discourage buy-to-let landlords from purchasing properties that may be suited for...
Continue Reading • 11 Jun 2010
Global economic outlook brighter, says poll
Fund managers are now more optimistic on the global economic outlook compared to six months ago.However, they are concerned that the growth momentum could ease during the second half of the year, as government stimulus begins to be withdrawn, according to a poll of 19 fund managers conducted by...
Continue Reading • 11 Jun 2010
EOC unit resumes operation
Construction company EOC's unit Lewek Arunothai will resume operations after a 40-day suspension for scheduled upgrading and maintenance.With this, the unit is expected to start generating income. EOC’s revenue for Q2 2010 was US$35.5 million, up 140 percent from US$14.8 million in the...
Continue Reading • 11 Jun 2010