MLT completes two acquisitions
Mapletree Logistics Trust (MLT) has acquired two properties, one in Japan for S$22.8 million (¥1.49 billion) and the other in Vietnam for US$6.4 million.The purchase cost and other acquisition expenses were fully financed by debt, considering the relatively small size of the purchases, said...
Continue Reading • 7 Jun 2010
15-year mortgage rate in the US hits a record low
Home loan rates in the US have almost remained steady last week, seeing a near record low level for the most part, particularly for the 15-year fixed-rate mortgage, said Freddie Mac.Meanwhile, average rate for the 30-year fixed mortgage rose slightly to 4.79 percent for the week that ended...
Continue Reading • 4 Jun 2010
Ritz-Carlton to double its hotels in China
Ritz-Carlton – a Marriott International Inc luxury hotel brand – is expecting to double the number of hotels in China by 2015, making the country its most important international market, according to its president.Simon Cooper, CEO of Ritz-Carlton, said the company, which plans to...
Continue Reading • 4 Jun 2010
KSH wins $70.6m deal for a luxury condo project
Mainboard-listed construction company KSH Holdings has won a new deal from Lippo Real Estate, a subsidiary of Lippo Group, to build a luxury condominium worth S$70.6 million. The construction firm will build a 36-storey luxury development called Centennia Suites, which will be located along River...
Continue Reading • 4 Jun 2010
ERA reminds agents to be careful in choosing words
Real state company ERA has reminded its agents to be very cautious in their choice of words especially when it comes to written communication.Agents have a responsibility to communicate with customers the latest information about the property market, said Mr. Eugene Lim, associate director of ERA...
Continue Reading • 4 Jun 2010
First-time homebuyers in the UK still cannot afford mortgage
Home loans in the UK are still out of reach for many first-time buyers, according to a sector commentator, who said that this is one of the many factors driving rental demand in the country.Tom Entwhistle, director of LandlordZONE.co.uk, stressed that a drop in supply in the industry sector and...
Continue Reading • 3 Jun 2010
Prudential withdraws deal to acquire AIA
British insurer Prudential is terminating its deal to acquire AIA, the Asian arm of AIG, due to asking price issues.Prudential said it was “in negotiations with American International Group, Inc (AIG) for the termination of the agreement (the SPA) for the combination of Prudential with AIA...
Continue Reading • 3 Jun 2010
Tiong Seng posts 4 percent drop in Q1 profit
Property developer and construction group Tiong Seng has posted a 4.1-percent drop in net profits to S$3.1 million for its first quarter results that ended March 31.Revenue also dropped 56 percent to S$54.2 million, attributed to lower revenue from construction contracts and property development...
Continue Reading • 3 Jun 2010
Keppel Land uses S$76m from a rights issue to develop condo
Keppel Land announced that it has used around S$76 million of the net proceeds from its rights issue in 2009 to finance a quarter of the cost to develop its newly purchased condominium site at Boon Lay Way and Lakeside Drive.The company said it plans to develop 550 residential units at the site,...
Continue Reading • 3 Jun 2010
UK mortgage brokers get higher regulatory fees
Regulatory fees in the UK for mortgage brokers will increase this year until 2011, according to the Association of Mortgage Intermediaries (AMI).Robert Sinclair, director of AMI, said that "the FSA proposals represent a substantial increase in fees for mortgage intermediaries who already...
Continue Reading • 2 Jun 2010
Moody's upgrades outlook for S-REITs to stable
Credit ratings agency Moody's has revised its outlook for Singapore's real estate investment trusts (S-REITs) from negative to stable.It reflects its view that the sector's fundamental credit conditions will remain stable over the next 12-18 months.According to Moody’s, the outlook was...
Continue Reading • 2 Jun 2010
Malaysia's Sunway REIT secures four investors
Malaysian property developer Sunway City Bhd has secured four cornerstone investors who will acquire 14 percent of the initial public offering of its Real Estate Investment Trust (REIT) for about $500 million.According to the company’s draft prospectus, the cornerstone investors includes...
Continue Reading • 2 Jun 2010
Wee Hur subsidiary exercises option to purchase property for S$15.2m
Mainboard-listed Wee Hur Holdings said on Tuesday that its wholly-owned subsidiary Wee Hur Paya Lebar has exercised the option to acquire a property for S$15.2 million.The property is situated at 422 Upper Paya Lebar Road and its transaction is still pending approval from authorities.The...
Continue Reading • 2 Jun 2010
Interest rates in Australia tipped to stay as they are
The Reserve Bank in Australia is certain to put the interest rates on hold for the first time since February, after its half a dozen near-consecutive rate increases have affected borrowing and real estate prices.PR Data figures showed a 0.2-percent ''anaemic growth'' in home prices in April, the...
Continue Reading • 1 Jun 2010
Sim Lian to sell property worth S$46.3m
Property developer Sim Lian Group, through its unit Geo-Tele, has put up its property at 9 Tai Seng Drive for sale to Sabana Investment Partners (SIP) for about S$46.3 million. The company said the asking price represents a premium of 78-percent over the book value and presents an attractive...
Continue Reading • 1 Jun 2010
Property agents urged to be responsible in light of scare tactics
Property agents in Singapore have been advised to be more responsible in the light of “scare tactics” on clients’ concerns.A number of emails showed that some real estate agents are highlighting the recent land sales of the government to lower customer expectations of property...
Continue Reading • 1 Jun 2010
Mortgage loans in China decline 40 percent
Mortgage loans in China extended to real estate investors for second homes have declined 40 percent in the past few weeks, while loans for home purchases and construction had reached a new high last month, according to the data released by the central bank.The bank said that the total amount of...
Continue Reading • 31 May 2010
AIG not hurrying for a deal
Prudential’s deal to acquire AIG's Asian life insurance arm remains uncertain as the US Treasury said it has not yet considered another deal than the existing contract. American International Group, Inc. was bailed out with a US$182.3-billion (S$256.1 billion) aid package and has been...
Continue Reading • 31 May 2010
Global luxury market bounces back
The luxury goods market is recovering from a fall caused by the global recession. However, due to changing demographics and enduring consumer vigilance, upscale sellers will be facing a hard slog.According to the consulting firm Brain & Company, after an agonizing eight-percent decline last...
Continue Reading • 31 May 2010
Singapore stocks open 0.5 percent higher
Singapore shares opened higher, with the Straits Times Index up 0.53 percent or 14.45 points at 2,754.15.Turnover was at 106.3 million shares valued at $268 million or US$190 million. Gainers led losers by 79 to 42.Shares of Parkway Holdings increased 70 cents at $3.72 after a report that...
Continue Reading • 31 May 2010