US mortgage crisis may hit again
The United States could be facing another mortgage crisis, as a number of option-Adjustable Rate Mortgages (ARMs) approach the 10-year mark.Josh Chisari, the portfolio manager of UBS’s American equities team, said that these could cause major problems to the banking sector, as home...
Continue Reading • 1 Mar 2010
Aussie Home Loans is one of Australia's fastest growing franchises
Australia's Aussie Home Loans has been named as one of the country’s fastest growing franchises in BRW Magazine’s annual Fast Franchises list.Aussie Home Loans came in at seventh spot in the list, which ranks companies based on their average annual growth for three years.BRW Magazine...
Continue Reading • 26 Feb 2010
Yanlord Land's Q4 net profit drops 16 percent
Chinese property developer Yanlord Land recorded a 16-percent drop in its Q4 net profit to $118.4 million.The result came on the back of a 48 percent decline in revenue to $214 million, which was largely due to the decrease in gross floor area delivered.However, the company’s overall net...
Continue Reading • 26 Feb 2010
Australian government supports mortgage market competition
The Australian government is taking measures to encourage competition in the mortgage market, said Treasurer Wayne Swan.Mr. Swan suggested that the federal government’s investment in triple-A rated mortgage backed securities is giving more options to Australians who decided to compare home...
Continue Reading • 25 Feb 2010
FEO tops bid for Ten Mile site
The Urban Redevelopment Authority (URA) announced that the residential site at the junction of Woodlands Road and Choa Chu Kang Road has been awarded to Far East Organisation's Dollar Land Singapore.The company submitted the highest bid for the 15,645.2-sq-m residential site, which amounted to...
Continue Reading • 25 Feb 2010
UK home loan approvals drop as stamp duty relief ends
Home loan approvals by high street banks in the UK fell sharply in January, after the stamp duty relief ended on smaller property transactions. Stamp duty on home sales are now at £125,000, after a higher threshold of £175,000 was seen to help kick-start the housing market this...
Continue Reading • 24 Feb 2010
UOL's full-year profit nearly triples to $424.1 million
Property developer UOL Group said that its profit for the full year of 2009 almost tripled to $424.1 million.The group’s good performance came on the back of a 12 percent increase in revenue to $1 billion.According to UOL, the increase was due primarily to higher income from property...
Continue Reading • 24 Feb 2010
Fewer US borrowers delay their mortgage payments
The number of American borrowers that fell behind on their mortgage payments declined sharply at the end of 2009, a sign that the US foreclosure crisis is beginning to ease.The Mortgage Bankers Association said that the number of borrowers who missed out just one payment for their mortgage...
Continue Reading • 23 Feb 2010
Singapore shares close flat
Singapore shares ended flat on Monday, as heavy selling of property stocks dominated the Straits Times Index.Singapore’s Straits Times Index closed 0.32 point at 2,757.46. Gainers outnumbered losers 269 to 167, and overall volume was 1.12 billion shares worth $1.2 billion.Property traders...
Continue Reading • 23 Feb 2010
Singaporeans get fairer property tax system
Starting next year, owners of flats or private properties with an annual value of $65,000 will have to pay up to $240 less in property taxes.The recently announced progressive property tax system will exempt owner-occupiers from tax on the first $6,000 of the annual value of their homes.The $25...
Continue Reading • 23 Feb 2010
Government must act now to prevent drastic measures later, says Minister Mah
National Development Minister Mah Bow Tan revealed that the market cooling measures introduced by the government back in September 2009 had "some impact" in cooling down the property market, but were clearly not enough.The government then opted to take on small, pre-emptive steps to...
Continue Reading • 23 Feb 2010
RBS delays home repossessions in the UK
The Royal Bank of Scotland (RBS) has pledged not to begin home repossession proceedings in the UK for six months after a mortgage customer first falls into arrears.According to RBS, the reason they are doing this is to ease the pressure on owners who are struggling to pay their mortgages. The...
Continue Reading • 22 Feb 2010
PM Lee urges Singaporeans to treasure their homes
During a Chinese New Year gala dinner held at Ang Mo Kio, Prime Minister Lee Hsien Loong urged Singaporeans to treasure their homes and not sell them prematurely to settle a debt or make a quick buck.PM Lee said that their homes are important investments for the future and can help Singaporeans...
Continue Reading • 22 Feb 2010
Government introduces two measures to cool property market
Two new measures have been introduced by the government in an attempt to prevent a bubble from forming in the private homes sector and to cool the property market. These measures came into effect on Saturday.The measures will make it more expensive and difficult for speculators to acquire and...
Continue Reading • 22 Feb 2010
Mortgages from UK's six largest banks dropped to 49,000
Mortgage approvals by the six largest banks in the UK dropped in January, as freezing weather across the country prevented homebuyers from arranging loans.According to a sample from the lending panel of the Bank of England, the total number of home loans granted by these institutions was 49,000,...
Continue Reading • 19 Feb 2010
Yoma Strategic narrows Q3 losses as Myanmar real estate market recovers
Yoma Strategic Holdings, a real estate developer, said its Q3 net loss narrowed to $420,000 compared with its loss amounting to $510,000 over the same period a year ago.However, its Q3 revenue increased 47 percent to $5.31 million from $3.61 million in the same quarter a year before.According to...
Continue Reading • 19 Feb 2010
FY earnings of Hiap Hoe more than quadruples to $34.3 million
Niche property developer Hiap Hoe said its net profit for the full year more than quadrupled by 319.5 percent to a record $34.3 million.Hiap Hoe’s good performance was attributed to revenue recognition from several of its development projects.For the full year, its revenue increased 272...
Continue Reading • 19 Feb 2010
2010 GDP forecast of MTI revised to 4.5-6.5 percent
Singapore’s economy is expected to grow 4.5 to 6.5 percent this year, after a 20 percent decline in 2009, according to the Ministry of Trade and Industry (MTI).MTI also said that the Singaporean government had earlier projected that the economy would likely grow 3 to 5 percent this year....
Continue Reading • 19 Feb 2010
Investors eyeing property mortgages in Malaysia
Malaysia appears to be an attractive place for those who want to take out a mortgage on an overseas property.According to a report by NuWire Investor, the housing market in Malaysia is set for a recovery this year, after two consecutive years of decline.The low interest rates, favourable taxes...
Continue Reading • 18 Feb 2010
A-REIT to acquire three properties for $228.5 million
The mainboard-listed Ascendas Real Estate Investment Trust (A-REIT) said it will acquire three new properties amounting to $228.5 million.A-REIT has signed a memorandum of understanding for the acquisition of a property under development and two sale and purchase agreements. Under one sale...
Continue Reading • 18 Feb 2010