New chapter to support property agents launched
By Shabnam Muzammil:A new chapter called The Real Estate Professionals Chapter, which forms part of the Singapore Industrial and Services Employees’ Union, was launched yesterday to look after the needs of property agents and boost professionalism in the industry, The Straits Times...
Continue Reading • 5 Mar 2013
Aussie banks face pressure to cut rates
By Shabnam Muzammil:Regardless of the Reserve Bank of Australia's (RBA) action in the coming months, the pressure on lenders to start reducing their variable mortgage interest rates is rising, The Herald Sun reported.Although the central bank is unlikely to slash its official interest rate at...
Continue Reading • 4 Mar 2013
Housing prices yet to reach acceptable level: DPM
By Shabnam Muzammil:Deputy Prime Minister and Finance Minister Tharman Shanmugaratnam recently told Bloomberg TV that home prices in Singapore were not yet at an acceptable level. Mr Shanmugaratnam noted that "some correction in prices will not be out of order". "We're still...
Continue Reading • 4 Mar 2013
Berkeley Group opens first S'pore office
By Romesh Navaratnarajah: UK property giant Berkeley Group today opened its corporate office in the heart of Singapore’s new central business distrct – a plush space that includes a new 3,175 sq ft marketing suite at Marina Bay Financial Centre Tower 2. The move to open an office in...
Continue Reading • 1 Mar 2013
Govt adopting wait and see approach to property market
By Romesh Navaratnarajah: Under the latest revisions to the development charge (DC) rates which took effect yesterday, the Ministry of National Development has not made any changes for Group B2 (non-landed residential sector). Desmond Sim, Associate Director at CBRE Research, said this may be due...
Continue Reading • 1 Mar 2013
CDL declares strong 2012 results
By Romesh Navaratnarajah:Despite the challenging economic conditions, City Developments Limited (CDL) posted good financial results with revenue for FY2012 soaring to S$3.4 billion — the highest since operations began in 1963. CDL said it achieved strong residential sales comprising 2,395...
Continue Reading • 28 Feb 2013
Govt revises DC rates
By Romesh Navaratnarajah: The Ministry of National Development (MND) has revised the development charge (DC) rates for the period from 1 March to 31 August this year. The DC rates for Group A (Commercial) have increased by an average of 24 percent, with the largest increase of 39 percent in...
Continue Reading • 28 Feb 2013
Amara revenue jumps 46%
By Romesh Navaratnarajah: Property firm Amara Holdings achieved a net profit of S$29.4 million for FY2012, supported by a 46 percent increase in revenue to S$90.3 million during the year from S$61.8 million previously.Of the total revenue, 61.9 percent was contributed by hotel investment and...
Continue Reading • 28 Feb 2013
MAS structures in place to prevent over-borrowing
By Romesh Navaratnarajah: To ensure that home buyers do not overstretch themselves financially when taking out a home loan, banks are required to scrutinise the prospective borrowers' ability to repay the loan, noted Deputy Prime Minister and Finance Minister Tharman Shanmugaratnam. Mr...
Continue Reading • 27 Feb 2013
Far East properties on iPad
By Romesh Navaratnarajah: Far East Organization has launched a new iPad application called Rent Far East, which details its entire property portfolio available for leasing or renting.The app offers the latest updates on the developer’s properties ranging from residential, commercial,...
Continue Reading • 27 Feb 2013
Budget 2013: Analyst Comments
By Romesh Navaratnarajah: The new property tax rates of between 12 to 20 percent for non-owner occupied residential properties introduced in Budget 2013 will make investing in high-end properties less attractive, said experts. According to Alan Cheong, Research Head at Savills Singapore, the...
Continue Reading • 26 Feb 2013
Budget 2013: Your Views
By Shabnam Muzammil and Nikki De Guzman: Deputy Prime Minister and Finance Minister Tharman Shanmugaratnam's Budget 2013 statement promised to resolve Singapore’s housing issues, with higher taxes to be introduced for high-end investment properties. Meanwhile, PropertyGuru spoke to the...
Continue Reading • 26 Feb 2013
Budget 2013: Property Implications
By Romesh Navaratnarajah: In his Budget 2013 speech, Deputy Prime Minister and Finance Minister Tharman Shanmugaratnam said that Singapore faces pressing challenges in housing and transport and the government will spare no effort in resolving these issues. Housing costs will look to be...
Continue Reading • 26 Feb 2013
New plans for Woodlands unveiled
By Romesh Navaratnarajah: National Development Minister Khaw Boon Wan yesterday unveiled the government’s initial plans for the upcoming Woodlands Regional Centre, which forms part of the new North Coast Innovation Corridor under the Land Use Plan. Stretching from the north coast fronting...
Continue Reading • 25 Feb 2013
CapitaLand outlook positive despite profit fall
By Shabnam Muzammil: Property developer CapitaLand achieved revenue of S$3.3 billion for FY2012, up 9.3 percent from a year ago. But net profit fell 12 percent in the period to S$930.3 million due to lower revaluation and portfolio gains as well as higher impairments. Despite lower profits, the...
Continue Reading • 22 Feb 2013
Join and win a trip anywhere!
By Nikki De Guzman:PropertyGuru, Asia's leading property portal, recently launched a new campaign called “Join us & we’ll send you packing”, whereby new members stand a chance to win S$1,000 worth of travel vouchers each week for the next four weeks. With the added bonus of...
Continue Reading • 22 Feb 2013
Roxy-Pacific profit rises on higher revenue
By Nikki De Guzman: Local developer Roxy-Pacific Holdings posted record results for FY2012 with net profit rising 13 percent to S$58.3 million, while revenue grew four percent to hit S$190.6 million from the previous year. The strong performance was largely due to higher revenue from its...
Continue Reading • 21 Feb 2013
Singapore, Malaysia to build high-speed rail link
By Romesh Navaratnarajah:Plans for a new high-speed rail link connecting Singapore to Kuala Lumpur have been confirmed. According to media reports, the train service is similar to those in China, Japan and Europe, where trains travel at high speeds. This is expected to cut travel time from...
Continue Reading • 20 Feb 2013
CapitaLand to develop township in Iskandar Malaysia
By Romesh Navaratnarajah: Property giant CapitaLand will develop a new township in Iskandar Malaysia after its wholly-owned subsidiary CapitaLand Malaysia signed an agreement with Iskandar Waterfront Sdn Bhd (IWSB) and Temasek Holdings to jointly acquire and develop sites in Danga Bay (A2...
Continue Reading • 20 Feb 2013
Koh Bros delivers strong 2012 results
By Romesh Navaratnarajah: Singapore-based developer Koh Brothers Group recorded a net profit of S$19.7 million and S$299.5 million in revenue last year. While revenue for 2012 was lower than in the previous year, gross profit was up 13 percent to S$50.1 million.Meanwhile, gross profit margin...
Continue Reading • 20 Feb 2013