Local banks not at risk despite Moody's downgrade: MAS
Singapore banks are not at risk from potential downturns as they have adequate buffers to cope with rising interest rates, according to the Monetary Authority of Singapore (MAS) in its reaction to Moody’s outlook downgrade for Singapore banks from stable to negative. “Local...
Continue Reading • 17 Jul 2013
S'pore banks raise fixed-rate loans
In an effort to hedge against rising mortgage rates in the US, Singaporeans are expected to switch to fixed-rate loans. However, some local banks have already raised the interest rates on their products. For instance, Maybank increased the interest rate of its three-year fixed loan by 0.1...
Continue Reading • 17 Jul 2013
Good time to lock-in loans, says DBS head
With mortgage interest rates in the US and Singapore expected to rise in the next one to two years, now is an opportune time for borrowers to switch from variable interest rate loans to fixed-rate loans, according to DBS CEO Piyush Gupta (pictured). But most Asian borrowers prefer floating rate...
Continue Reading • 17 Jul 2013
One-stop help hotline expands to residents in opposition-held areas
The People's Association (PA) has launched the One Connect scheme for residents of private estates within Hougang SMC and Aljunied GRC – the first time such an initiative has been extended to opposition-held wards. It will allow 40,000 such residents in Hougang and Aljunied to contact...
Continue Reading • 16 Jul 2013
Moody's downgrades Singapore banking system to 'negative'
The outlook for Singapore's banking system has plunged from stable to negative due to the recent period of soaring loan growth, as well as rising property prices locally and in countries where Singapore banks operate. According to Moody's Investors Service, these factors increase the chance...
Continue Reading • 16 Jul 2013
PropertyGuru staff to get their heads shaved for charity
PropertyGuru, Asia’s leading property portal, will hold its Hair for Hope 2013 fund-raising event this Thursday (18 July) at HomeTeamNS – JOM @ Balestier at 31 Ah Hood Road between 9:30am to 12pm. Proceeds from the head shaving event will go towards helping children diagnosed with...
Continue Reading • 16 Jul 2013
Malaysia's Mah Sing opens sales office in S'pore
Joining a growing trend of Malaysian developers like S P Setia and E&O that have opened sales offices in Singapore, Mah Sing Group yesterday launched its property gallery at TripleOne Somerset.The newly-opened gallery will serve as a one-stop centre for property buyers looking to invest in...
Continue Reading • 16 Jul 2013
Oxley agrees to buy Cambodia plot
Singapore developer Oxley Holdings through its 49 percent-owned associated company Oxley-Worldbridge (Cambodia) has entered into an amendment agreement to acquire all the shares in Cambodian company CityStar Phnom Penh Cottages (CPPC) from three unrelated parties for US$11.26 million (S$14.24...
Continue Reading • 15 Jul 2013
Crane operator job in high demand
The Building and Construction Authority (BCA) has received strong interest from 1,200 Singaporeans expressing interest in the Crane Apprenticeship Programme (CAP), according to a recent blog post by National Development Minister Khaw Boon Wan.Due to overwhelming response, registration for the CAP...
Continue Reading • 15 Jul 2013
MAS clamps down on bank-developer tie-ups
The Monetary Authority of Singapore (MAS) has introduced a new rule which prohibits financial institutions (FIs) from tying up with property developers and agents to sell property, according to local media reports.FIs were informed of this new rule the same day the latest property loan curbs were...
Continue Reading • 15 Jul 2013
New measures won't be expanded to non-property loans
The 60 percent cap on the Total Debt Servicing Ratio (TDSR) will not be expanded to include non-property loans anytime soon, said Deputy Prime Minister and Finance Minister Tharman Shanmugaratnam, who is also Chairman of the Monetary Authority of Singapore (MAS). “We don't intend to, any...
Continue Reading • 15 Jul 2013
Singapore's economy looking up
Singapore's economic growth accelerated in Q2 after a slow first quarter, outstripping its performance during the same period last year, according to the Ministry of Trade and Industry (MTI).MTI estimated that Singapore's economy grew 3.7 percent in Q2 from the previous year, up from the small...
Continue Reading • 12 Jul 2013
UOL to co-sponsor SEA Property Awards
Singapore-based UOL Group will be a co-sponsor for the prestigious South East Asia Property Awards.Now in its third year, the awards show will be held at Shangri-La Hotel, Singapore on 9 October. It gives recognition to the most competitive residential property, construction, and design companies...
Continue Reading • 12 Jul 2013
Sun Hung Kai named Asia's best property company
Beating out other property players in the region, Sun Hung Kai Properties (SHKP) has been named Asia’s Best Real Estate Company for the 9th year at the 2013 Asia's Best Companies Poll conducted by FinanceAsia. The developer also won the top award for Best Corporate Governance and Best...
Continue Reading • 12 Jul 2013
Calls to protect Queenstown's historical sites
Queenstown residents have gathered to save close to 20 sites from future demolition, according to media reports.About 1,000 people signed a petition to preserve locations in Singapore's oldest estate including the former Archipelago Brewery, Queenstown Polyclinic and Queenstown Sports...
Continue Reading • 11 Jul 2013
Agent exam review still in early stages
The Council for Estate Agencies (CEA) is reportedly reviewing the current Real Estate Salesperson (RES) examination, but details on the revision and its implementation are yet to be finalised. Speaking to PropertyGuru, Eunice Lim, Executive Director of Real Centre Network, said the changes...
Continue Reading • 11 Jul 2013
Singapore property curbs to stay for now
Singapore's Deputy Prime Minister and Finance Minister has indicated the cooling measures are likely to remain in place despite signs the property market could be stabilising.Mr Tharman Shanmugaratnam said the measures were intended to stabilise the market and possibly lead to some...
Continue Reading • 11 Jul 2013
S'pore developer ventures into KL
Property developer Roxy-Pacific Holdings has made its first foray into Kuala Lumpur, Malaysia with the acquisition of a 47 percent stake in Macly Equity (Macly) for RM470,000 (S$186,805), according to OCBC Investment Research.Macly owns a 70,000 sq ft site with a gross floor area (GFA) of 686,000...
Continue Reading • 11 Jul 2013
Pulau Ubin to remain undeveloped
The Government has confirmed that Pulau Ubin will remain undeveloped for as long as possible.The news came in response to a suggestion to build a retirement village on the north-eastern island made by Non-Constituency MP Lina Chiam in Parliament yesterday.Senior Parliamentary Secretary for...
Continue Reading • 10 Jul 2013
Colliers sets up office in Myanmar
Banking on the growth potential of Myanmar's property market, Colliers International has opened a new office in Yangon. Colliers is the first international property consultancy to open an office in the country.“We are bullish about the prospects for those who wish to be part of the Myanmar...
Continue Reading • 10 Jul 2013