No help in sight, so more US homeowners walk away
Benjamin Koellmann purchased a condominium in Miami Beach, Florida in 2006. He expected to sell his condominium by the year 2025 or maybe 2040.Doing nothing about these “underwater mortgages” could encourage more bailouts, dealing another enormous blow to the US economy.Mr Koellmann...
Continue Reading • 4 Feb 2010
CapitaMalls Asia sees 235% jump in its 2009 net profit
The net profit of CapitaMalls Asia in 2009 increased 235 percent to $388 million on-year.The increase in net profit came mostly from the China market, said CapitaMalls Asia in its first full-year results. It added that the recent move by the Chinese government to tighten credits also helped boost...
Continue Reading • 4 Feb 2010
Government to launch more residential sites between February and April 2010
Under the Government Land Sales (GLS) programme, the Singapore government will launch five residential sites for sale through public tender in the first half of 2010, between the months of February and April.According to the Urban Redevelopment Authority (URA), another 18 residential sites are on...
Continue Reading • 4 Feb 2010
Singapore stocks may go down
In three straight sessions, the Singapore stock market has closed lower, giving away 1.2 percent or more than 35 points along the way. The Straits Times Index rests just above the 2,720-point plateau, but now investors are eyeing for a solid rebound when the market trades today. The global...
Continue Reading • 3 Feb 2010
UK home loans remain steady, says Bank of England
The number of loan approvals for homebuyers in the UK dropped to 59,023 in December from 60,045 in November last year, but remained high compared to the 55,004 loans for the last six months, according to the latest figures from the Bank of England.Remortgaging approval has also increased by...
Continue Reading • 3 Feb 2010
Singapore's Alpha to purchase China property from Morgan Stanley
According to anonymous sources, Morgan Stanley’s real estate investment arm is in final negotiations with a unit of Singapore's Keppel Land for the sale of an apartment complex in China.The property’s overall value is projected to be around 900 million yuan ($130 million). The total...
Continue Reading • 3 Feb 2010
Real estate billionaire Ng Teng Fong dies
Property tycoon Ng Teng Fong, who was the chairman of Far East Organization, has died. He was 82 years old.A statement from Far East Organization said that on January 23, Mr. Ng suffered a brain haemorrhage and was taken to the hospital where he underwent an operation.Mr. Ng was ranked by Forbes...
Continue Reading • 3 Feb 2010
URA launches residential site in Tampines for public tender
The Urban Redevelopment Authority (URA) has launched a residential site located at Tampines Avenue 1/Avenue 10 for sale through public tender.Under the confirmed list of the Government Land Sales (GLS) Programme, the parcel of land is the fourth residential site to be launched for sale in H1...
Continue Reading • 3 Feb 2010
Number of mortgage loans in HK in negative equity drops
The number of residential mortgage loans (RMLs) in negative equity in Hong Kong fell 44 percent from 835 cases in September to 466 cases in December. According to data released by the Hong Kong Monetary Authority, the said decrease in RMLs was largely due to the increase in the city's property...
Continue Reading • 2 Feb 2010
Australia's mortgage market remains under pressure
The largest mortgage broker in Australia said homebuyers are now abandoning the housing market, as interest rates climb up. This following the decline of its sales last month to a five-year low.AFG, an Australian broker with a 10 percent market share, said a total of $1.5 billion worth of loans...
Continue Reading • 1 Feb 2010
NSP intends to contest election over Singapore's housing issues
The National Solidarity Party (NSP) said it intends to engage itself in a debate with National Development Minister Mah Bow Tan regarding the housing issues in Singapore.Goh Meng Seng, the Secretary General of NSP said it wants to contest the General Election in Tampines over the policy decision...
Continue Reading • 1 Feb 2010
Retirement fears for Singaporean after paying for over-priced flat
A Singaporean by the name of Kang Choon Tian has written to the Straits Times Forum expressing the fears, concerns and worries of some Singaporeans on increasing HDB flat prices – that they may not have enough money left in their CPF to spend for their retirement.Mr. Kang disclosed that he...
Continue Reading • 1 Feb 2010
MM Lee promises to
Minister Mentor Lee Kuan Yew became the “first minister to put a time line on the Government’s pledge since last year to reduce the intake of foreign workers." This is despite his claims that he is “not doing much work except forecasting.”“The next five years,...
Continue Reading • 29 Jan 2010
Australian Government plans to invest in RMBS
The Australian government will invest around US$3.06 billion (A$3.4 billion) in Residential Mortgage-Backed Securities, which was sold by five lenders, to stir up home-loan competition.Liberty Financial Pty Ltd., AMP Ltd., Firstmac Ltd., Resimac Ltd., and Members Equity Bank Pty Ltd. will obtain...
Continue Reading • 29 Jan 2010
US mortgage applications fall as refinancing hits a new low
For the first time in a month, the consumer demand for home loans in the US dropped last week, as low interest rates failed to attract borrowers to refinance their mortgage payments, according to the data released by the Mortgage Bankers Association (MBA).The data showed that the overall volume...
Continue Reading • 28 Jan 2010
Wyndham Group to introduce two new hotels to Singapore
Wyndham Group, the largest hotel company in the world, is starting operations in Singapore and will be managing two new hotels in Balestier Road.This is a joint venture (JV) between Wyndham Group and local property developers Superbowl and Hiap Hoe Holdings. This is also the JV’s initial...
Continue Reading • 28 Jan 2010
Minister Mah: Public housing must meet changing needs
Public housing in the 21st century must evolve to meet changing needs, said National Development Minister Mah Bow Tan.However, HDB’s core mission of building cohesive communities and providing Singaporeans with affordable quality homes remains unchanged.During his speech at the...
Continue Reading • 28 Jan 2010
HDB considering imposing a quota on PRs purchasing resale flats
The Housing & Development Board (HDB) is looking at imposing a quota on Permanent Residents (PRs) purchasing resale HDB flats. The implementation could be the same as the imposition of racial quotas to avoid an ethnic enclave. The proposed move was revealed by Minister Mentor Lee Kuan...
Continue Reading • 28 Jan 2010
UK mortgage approvals in December hit highest level since Sept 07
UK mortgage approvals in December hit the highest level since September 2007, according to the latest data from the BBA.In December, the number of seasonally adjusted mortgage approvals increased to 45,897 from 44,965 in November, and was the highest level since 54,913 mortgage approvals were...
Continue Reading • 27 Jan 2010
Asian markets begin 2010 with losses
Asian markets started 2010 with declines recorded, raising concerns that the region could experience a modest correction amid its strong economy. Reports said that Chinese banks will restrain lending, and data from South Korea sent markets across the region into negative territory. HK’s...
Continue Reading • 27 Jan 2010