Ho Bee, Yanlord acquire prime residential site in Shanghai
Property developers Ho Bee and Yanlord have jointly acquired a 13.69 hectare prime residential development site in Qingpu District in Shanghai for about $784 million.The development site is located about 5.5 km away from Hongqiao Commercial District, which is set to become the next fully...
Continue Reading • 18 Feb 2010
Mortgage competition in Australia increases as AMP cuts interest rates
Australian mortgage lender AMP has cut down interest rates in a sign that mortgage borrowers are taking advantage of the competition in the mortgage market. AMP is reducing its basic mortgage rate by 10 percentage points to 6.24 percent for first-time homebuyers, and is "hopeful we will...
Continue Reading • 17 Feb 2010
Requests for mortgage guidance in the UK surged in 2009
Consumers in the UK who asked for guidance in acquiring their first mortgage comprised the majority of enquiries to market advisors last year. This is according to statistics from unbiased.co.uk.According to the website, out of the 70,000 clients who sought for mortgage guidance last year, 40...
Continue Reading • 12 Feb 2010
No Q2 distribution for Saizen REIT proposed
On Thursday, Saizen REIT in Singapore said that it proposed not to declare any distribution for Q2 after reporting a loss.The company reported a net loss of 94.3 million yen or as much as $1.48 million for three months that ended December last year. This was a sharp contrast to the...
Continue Reading • 12 Feb 2010
Demands for home loans in the US drops 7%
The volume of home loan applications in the US fell 1.2 percent last week, compared with the previous week. The decline was largely due to the drop in mortgage applications to purchase a home, according to the Mortgage Bankers Association (MBA).Applications for home loans plunged to a seasonally...
Continue Reading • 11 Feb 2010
Emaar to sell stake in Singapore retailer RSH
Emaar Properties has reportedly hired DBS to advice on the sale of its majority stake in RSH Holdings, a Singapore-listed sports retailer, which has a current value of $164 million.The Dubai-based real estate giant has declined to deny or confirm the reported development.“RSH is a listed...
Continue Reading • 11 Feb 2010
CapitaLand's profit in Q4 increases
CapitaLand, Southeast Asia's largest property developer, said its net profit in Q4 that ended in 31 December 2009 increased to $885.7 million, more than 11 times over the same period in 2008.The increased profit was boosted by gains from the sale of Raffles City Hangzhou to the Raffles City...
Continue Reading • 11 Feb 2010
Shimao Property hires two banks for $400m loan
Shimao Property Holdings Limited, controlled by Chinese billionaire Xu Rongmao, hired Standard Chartered Plc and HSBC Holdings Plc for a $400 million three-year loan, according to sources.Last month, Shimao received the bondholder consents it needed to amend terms of some of its notes. According...
Continue Reading • 11 Feb 2010
ING President urges Canadian officials not to tighten mortgage rules
After commenting on the potential housing bubble in Canada, ING Direct Canada President Peter Aceto said it is unnecessary for Ottawa to tighten its mortgage rules."High level, one-stroke fixes are too simple, and can have a very large impact," said Mr. Aceto. "I worry about...
Continue Reading • 10 Feb 2010
Australand incurs a net loss of A$298.2 million
Australand, a unit of CapitaLand in Australia, said that it incurred a net loss of A$298.2 million.The accounting loss was attributed to its investment properties’ revaluation loss of A$249.4 million, it said.Moreover, Australand incurred the impairment of joint venture assets and...
Continue Reading • 10 Feb 2010
CMT acquires Clarke Quay for $268m
CapitaMall Trust (CMT) has acquired Clarke Quay from its sister company, CapitaMalls Asia, for $268 million.According to CMT, it has the capacity and adequate financial flexibility to finance the transaction, which is slated to be completed by July 2010.Assuming that the transaction is completely...
Continue Reading • 10 Feb 2010
Australian mortgage funds still down
Owen Lennie, managing director of Light of Day investor group, said that even on a "highly restricted basis”, "half a dozen" of more than 200 property funds in Australia are expected to reopen for redemptions in the next 18 months.However, investors have to wait several years...
Continue Reading • 9 Feb 2010
Mapletree Logistics Trust files bankruptcy petition
Mapletree Logistics Trust said it filed a bankruptcy petition against Mr. Ang Chee Seng, company director of Alchemi Assets, who had defaulted on the lease agreements for a property at 9 Tampines Street 92.Mapletree obtained a summary judgment against Mr. Ang, who will make an appeal in court on...
Continue Reading • 9 Feb 2010
New REIT to list on SGX
A new real estate investment trust (REIT), intended to invest in logistics properties, is set to be listed on the Singapore Exchange (SGX).According to ARA Asset Management, a property fund management firm, Cache Logistics Trust (CLT) has obtained a letter of eligibility to list on the...
Continue Reading • 9 Feb 2010
UK mortgage lenders warn of continued crisis
Bank societies in Britain warned that they will have to increase rates on home loans and cut down mortgage lending if the government insists on the full payment of the £300 billion support they have received since 2008.In a recent paper to policymakers, the Council of Mortgage Lenders (CML)...
Continue Reading • 8 Feb 2010
GuocoLand records a $60.4m net profit for Q2
GuocoLand has recorded a remarkable recovery in its net profit in the second quarter.The real estate developer posted a net profit of $60.4 million for its Q2 ending December 31, a hefty increase from its $900,000 earnings a year ago. The higher profit contribution for Q2 was mainly from its real...
Continue Reading • 8 Feb 2010
First-time homebuyers in the UK get mortgage boost
The availability of mortgages is increasing in the UK, which is a good sign for first-time homebuyers.The number of home loan deals offered on the UK market jumped 20 percent last month, with some deals requiring a small deposit of 10%, according to figures released by financial information...
Continue Reading • 5 Feb 2010
Singapore stocks closed 0.7% lower
Singapore shares closed 0.7 percent lower on Thursday, as many investors gained profit and stayed on track ahead of the US non-farm payrolls data which is due today.Singapore’s Straits Times Index lost 19.86 points and ended at 2,744.98, on a volume of 1.27 billion shares worth $1.11...
Continue Reading • 5 Feb 2010
CapitaMalls Asia acquires Meili Mall in Chengdu for around $95m
CapitaMalls Asia has closed a deal with Chengdu Vanke Property for the purchase of the Meili Mall in Chengdu. Chengdu Vanke Property is selling it for around $95 million.The projected total expenditure of CapitaMalls Asia on the mall is $106.9 million, inclusive of fitting-out works.Meili Mall is...
Continue Reading • 5 Feb 2010
ESC suggests more flexible land use in Singapore
The Economic Strategies Committee has recommended that Singapore should look closely at how some of the industrial lands could help enhance the city's liveability.One proposal is to develop new offices, restaurants and shops alongside the manufacturing plants. If this is done according to plan,...
Continue Reading • 5 Feb 2010