Cordea Savills appoints business director for Asia
By Romesh Navaratnarajah: Property investment manager Cordea Savills has appointed Reynold Chan (pictured) as its new Business Development Director for Asia, reporting to CEO Justin O’Connor.Chan will lead new business initiatives with institutions, family offices and high-net-worth...
Continue Reading • 28 Nov 2012
Mortgage competition heats up down under
By Romesh Navaratnarajah:Major banks in Australia have held back passing the Reserve Bank of Australia’s (RBA) rate cuts in full to borrowers, enabling smaller lenders to join the competition, according to the 2013 Deloitte Australian Mortgage Report. These include National Australia Bank,...
Continue Reading • 27 Nov 2012
80% are happy with property agents
By Romesh Navaratnarajah: Eight in every 10 consumers are pleased with the conduct and services provided by property agents, according to results of the first Public Perception Survey conducted by the Council for Estate Agencies (CEA). A total of 2,260 consumers and potential consumers...
Continue Reading • 27 Nov 2012
UK home loans pick up
By Romesh Navaratnarajah: Overall mortgage lending in the UK grew by four percent to £12.9 billion (S$25.22 billion) in October compared to the same period last year, an indication that the Funding for Lending Scheme (FLS) from the Bank of England is effective. The figures from the Council...
Continue Reading • 23 Nov 2012
Jones Lang scores three wins
By Romesh Navaratnarajah: Property consultancy Jones Lang LaSalle (JLL) nabbed three awards at the recently concluded South East Asia Property Awards (pictured) in Singapore. JLL won Best Property Consultancy for Indonesia and the Philippines, while JLL Hotels was named Best Property Consultancy...
Continue Reading • 23 Nov 2012
US mortgage rates hit record low again
By Romesh Navaratnarajah: The US housing market is showing further signs of recovery; as fixed-rate mortgages dropped to historic lows for the second consecutive week, according to mortgage giant Freddie Mac. The average rate of 30-year fixed loans fell from 3.34 percent last week to 3.31 percent...
Continue Reading • 22 Nov 2012
UOL scoops Best Developer South East Asia award
By Andrew Batt: UOL Group collected the ‘Best Developer’ award at the second annual South East Asia Property Awards which took place on Wednesday night.More than 370 guests from around the region – including from Thailand, Singapore, Malaysia, Vietnam, Philippines, Cambodia and...
Continue Reading • 22 Nov 2012
Broker help reduces failed mortgage applications
By Romesh Navaratnarajah:Nearly a third of adults in the UK who unsuccessfully applied for a mortgage said they were first refused by a bank before being able to successfully secure a loan through a broker, a new study revealed. Commissioned by Countrywide, the research by YouGov polled 2,000...
Continue Reading • 20 Nov 2012
S'pore inflation down on lower house price growth
By Romesh Navaratnarajah: Singapore’s inflation rate may have moderated slightly in October as home prices grew at a slower pace, a sign that the rising cost of housing will remain a challenge for policymakers, Reuters reported. According to a median forecast of 12 economists, the...
Continue Reading • 20 Nov 2012
CPF enough for retirement, but only with conditions
By Romesh Navaratnarajah: If young Singaporeans in today’s workforce purchase homes within their means, they will have enough savings in their Central Provident Fund (CPF) account when they retire, according to a study commissioned by the Ministry of Manpower (MOM). Conducted by Chia Ngee...
Continue Reading • 20 Nov 2012
Keppel Land appoints new managers
By Romesh Navaratnarajah:In line with on-going efforts to grow the company, developer Keppel Land has made new appointments in its leadership team that will take effect on 1 January 2013.The Singapore operations, comprising residential and commercial segments will be merged into one unit helmed...
Continue Reading • 20 Nov 2012
New study could help reduce default risk
By Romesh Navaratnarajah: Even if the principal value of a home stays the same, lower monthly instalments can significantly reduce mortgage default risk in the US, according to new research from the Federal Reserve Bank of New York. The authors Paul Willen and Andreas Fuster based their findings...
Continue Reading • 19 Nov 2012
Worries over sluggish Singapore economy
By Romesh Navaratnarajah: Singapore’s GDP this year may grow by only 1.5 percent or less, following a weaker-than-expected performance in Q3, reported The Business Times.According to the Ministry of Trade and Industry (MTI), GDP growth dropped to the bottom range of its previous forecast of...
Continue Reading • 19 Nov 2012
Kitchen Culture ends plan to develop property
By Romesh Navaratnarajah: Mainboard-listed Kitchen Culture Holdings has axed its memorandum of understanding (MOU) with an “unrelated third party” to create a joint venture (JV) firm meant to venture into property, The Business Times reported. The plan was to engage in an en bloc sale...
Continue Reading • 19 Nov 2012
URA launches exhibition on Tianjin Eco-city project
By Romesh Navaratnarajah: The Urban Redevelopment Authority (URA) has launched an exhibition showcasing the progress of the Sino-Singapore Tianjin Eco-city (pictured), a collaborative effort between the Singapore and Chinese governments. Called Sino-Singapore Tianjin Eco-city: Model for...
Continue Reading • 19 Nov 2012
US delinquency rate down
By Romesh Navaratnarajah: Fewer homeowners in the US were late on their home loan payments in Q3, according to a report by the Mortgage Bankers Association (MBA). The seasonally-adjusted delinquency rate for all mortgages dropped to 7.40 percent in Q3 compared to 7.58 percent in Q2. It was...
Continue Reading • 16 Nov 2012
More Britons choosing mortgage over marriage
By Romesh Navaratnarajah: A growing number of couples in the UK are having to choose between getting a home loan or proceeding with their wedding, considering that nuptials cost around £20,000 (S$38,784) on average — roughly equivalent to the deposit for a home. A new study by...
Continue Reading • 15 Nov 2012
KSH posts strong earnings growth of 85%
By Romesh Navaratnarajah: Property firm KSH Holdings Limited reported a significant 85 percent rise in quarterly earnings to S$9.8 million, mainly from revenue in construction projects and property development. For the second quarter ended September 30, 2012 (2QFY2013), KSH’s revenue rose...
Continue Reading • 15 Nov 2012
CEA takes action on unlicensed moneylending case
By Cheryl Tay:The Singapore Police Force has charged two male Chinese Singaporeans for operating an unlicensed moneylending business, in violation of the Moneylenders Act. The legal action was taken after the police had collaborated closely with the Council for Estate Agencies (CEA) on the...
Continue Reading • 15 Nov 2012
Khaw: Much more to be done in HDB market
By Romesh Navaratnarajah: There are clear signs that the HDB resale market is stabilising but there is much more that can be done, according to National Development Minister Khaw Boon Wan (pictured) in a Business Times report. Responding to a query in Parliament from MP Lee Bee Wah of Nee...
Continue Reading • 15 Nov 2012