Singapore economy jumps 15.5 percent in Q1
The Singapore economy grew 15.5 percent on-year during the first quarter, driven by a massive growth in the manufacturing sector.According to the Ministry of Trade and Industry (MTI), Gross Domestic Product (GDP) jumped 38.6 percent in Q1 on a seasonally adjusted quarter-on-quarter basis.The...
Continue Reading • 21 May 2010
Tiong Seng signs 4.5b-yuan contract for Tianjin Eco-City development
Recently-listed property developer and construction group Tiong Seng Holdings has signed an agreement worth 4.5 billion yuan (S$921 million) with a Japanese property firm and the master developer of Tianjin Eco-City to construct the first river-front eco-neighbourhood in the eco-city.According to...
Continue Reading • 21 May 2010
Swiber Holdings wins US$618m South-Asia deal
A major oil and gas operator in South Asia has awarded a deal worth about US$618 million to Swiber Holdings, an integrated construction and support services provider to the offshore industry.According to the group, this represents the single largest contract it has so far secured in a consortium...
Continue Reading • 21 May 2010
SAEA joins forces with SISV to plug gaps in property industry
The Singapore Accredited Estate Agencies (SAEA) hopes to plug some gaps it has identified in the property sector before the new rules to regulate real estate agents is implemented later this year.It will be collaborating with the Singapore Institute of Surveyors and Valuers (SISV) to help...
Continue Reading • 21 May 2010
US loan demand to purchase homes drops to a 13-year low
Loan demand to purchase homes in the US dropped to a 13-year low after the expiration of tax credit from the federal government, while near-record low mortgage rates stirred up refinancing, according to the Mortgage Bankers Association.Home loan purchase applications fell 27.1 percent to the...
Continue Reading • 20 May 2010
Asian banks to see 25% growth in profits, says observers
The Asian Pacific banking sector is likely to record a 25 percent increase in profit for 2010, attributed to both lower credit costs and lower provisions, according to Bank of America Merrill Lynch.Some experts said that Asian banks are also better positioned to deal with tighter regulations and...
Continue Reading • 20 May 2010
Singapore surpasses HK and US in global competitiveness ranking
For the first time in decades, the Singapore economy has surpassed Hong Kong and the United States in a global competitiveness ranking, according to IMD, a Swiss business school.The World Competitiveness Yearbook for this year released by IMD showed that the country's resilience in weathering the...
Continue Reading • 20 May 2010
MAS assures no Goldman Sachs situation in Singapore
The Monetary Authority of Singapore (MAS) has guaranteed there is no similar Goldman Sachs fraud situation in Singapore.MAS made the statement in response to concerns, particularly in Parliament by Nominated Member of Parliament Teo Siong Seng over its possible effect on the Singapore economy.Mr....
Continue Reading • 20 May 2010
US mortgage rates fall in latest week
US Interest rates for 30-year fixed-rate mortgages, the most commonly used mortgage, fell to 4.70 percent yesterday from 4.79 percent over the same period last week, according to property website Zillow.com.Interest rates of 30-year fixed mortgages increased to 4.82 percent early Friday before...
Continue Reading • 19 May 2010
Many Asian markets almost at their peak, says ADB
The Asian Development Bank has taken the unusual step to warn investors that many Asian bond and stock markets may be near their peaks after “massive” inflows of capital into Asia during the global financial crisis since 2008.Capital controls are among the policy options required to...
Continue Reading • 19 May 2010
State land's reserve bid prices to remain undisclosed
National Development Minister Mah Bow Tan said that the reserve bid prices for the sale of state lands will remain undisclosed to allow the determination of the site’s fair market value."If we were to reveal the reserve price for sale sites, then it may influence or distort the...
Continue Reading • 19 May 2010
Parliament passes new en bloc rules
Changes to the Land Titles (Strata) Act were passed in Parliament, to provide more clarity to the collective sale process. However, some members of Parliament said that the rules may not fully consider the interest of home owners.The amendments, expected to take its effect in June, are intended...
Continue Reading • 19 May 2010
Home financing in Australia down in March
The escalating interest rates in Australia may have discouraged clients from applying for mortgages, as data released by the Australian Bureau of Statistics (ABS) indicated a drop in housing finance in March.Data from ABS showed that seasonally adjusted value of owner occupied housing commitments...
Continue Reading • 18 May 2010
ANZ's acquisition of RBS assets in Singapore completed
The Australia and New Zealand Banking Group (ANZ) has completed its acquisition of the commercial and retail business of the Royal Bank of Scotland (RBS) in Singapore. ANZ intends to boost its wealth management operations.The lender is also looking to increase its headcount in the country across...
Continue Reading • 18 May 2010
RICS opens branch in Singapore
The global property industry is focusing on new investment opportunities in the region, with countries in Asia showing signs of economic recovery. The Asian property market is beginning to recover particularly in the developing countries in Southeast Asia, attracting investors to develop...
Continue Reading • 18 May 2010
Ying Li incurs S$2.8M loss in Q1
Mainboard-listed Ying Li International Real Estate has recorded a 13.7-million-yuan or S$2.8-million net loss after tax for Q1, which overturns the 14,000-yuan net profit after tax over the same period last year.The company’s revenue for the first quarter this year dropped 58.3 percent to...
Continue Reading • 18 May 2010
Sunshine 100 to list IPO in Hong Kong this year
Chinese developer Sunshine 100 Real Estate Group has announced its plans to list shares in Hong Kong this year, although it is still monitoring whether the central government will impose further measures to curb the property market, which could affect the overall market, said the company’s...
Continue Reading • 18 May 2010
Prudential aims for secondary listing in Singapore and HK
British-based insurance firm Prudential has fully launched its long-awaited rights issue of US$21 billion (S$29.2 billion) and will be aiming for a secondary listing in the Hong Kong and Singapore stock exchanges on May 25.This will allow investors from HK and Singapore to purchase into...
Continue Reading • 18 May 2010
MAS proposes amendments on investment code
In a move to provide more protection to retail investors in Singapore, the Monetary Authority of Singapore (MAS) has proposed amendments on the guidelines for the unit trust industry.The MAS said that the proposed amendments to the Code on Collective Investment Schemes, which is commonly known as...
Continue Reading • 18 May 2010
Interest-only mortgages in the UK at risk
UK homeowners have been advised to switch to repayment mortgages, as many experts cautioned that interest-only mortgage deals are now at risk.Lloyds TSB said that customers looking to borrow over £500,000 must make capital repayments. Sales of a business or house are being removed, as well...
Continue Reading • 17 May 2010