Singapore sales success for Thailand Property Showcase
By Andrew Batt:Property worth more than THB 88 million was sold during the recent Thailand Property Showcase, the first multi-developer Thailand property exhibition to take place in Singapore.The event, organised by PropertyGuru and its Thailand website DDproperty.com, saw 16 units transacted at...
Continue Reading • 14 Nov 2012
Businesses more bearish in Q3: survey
By Cheryl Tay:Many companies in Singapore have displayed a discouraging business outlook as activity weakened further in Q3, revealed the latest Business Times-UniSIM Business Climate Survey.According to the survey, which was released ahead of the final Q3 GDP report due this Friday, more...
Continue Reading • 14 Nov 2012
Aussie mortgage demand up 0.9%
By Cheryl Tay:On a seasonally adjusted basis, the total demand for home loans in Australia grew by 0.9 percent in September, according to the Australian Bureau of Statistics.However, this was offset by a 6.3 percent drop in the amount of mortgages granted for construction in the same month....
Continue Reading • 14 Nov 2012
Wheelock's Q3 profit sees 60% dip
By Cheryl Tay:Wheelock Properties (S) Ltd’s net profit fell sharply by 60 percent to S$32.38 million in Q3, from S$80.77 million in Q3 last year. At the same time, its turnover fell 77 percent, from S$164.39 million to S$37.65 million, reported The Business Times.For the first three...
Continue Reading • 14 Nov 2012
Some US borrowers prefer 15-year loans
By Cheryl Tay:Despite lower mortgage rates, some borrowers in the US are reducing their interest rates further by turning to loans with shorter tenures, or taking out “hybrid” adjustable-rate mortgages (ARM), reported The Wall Street Journal.According to the biggest mortgage lender in...
Continue Reading • 12 Nov 2012
Parliament to discuss major issues today
By Cheryl Tay:The Parliament will tackle diverse issues this afternoon, as Members of Parliament (MPs) have filed 110 questions for reply and nine bills are also due for a second reading, reported The Business Times.Among the pertinent issues to be discussed is whether high inflation will warrant...
Continue Reading • 12 Nov 2012
Tiong Seng posts S$356m revenue for three quarters
By Cheryl Tay:Tiong Seng Holdings Limited posted a 31 percent boost in its revenue for the first nine months of the fiscal year 2012 to S$356.7 million, due to higher earnings from construction contracts and better sales of Cobiax products.At the same time, its net profit attributable to...
Continue Reading • 12 Nov 2012
UK buy-to-let market recovering
By Romesh Navaratnarajah: The value of buy-to-let mortgages granted in the UK for Q3 rose by eight percent to £4.2 billion (S$8.21 billion) from £3.9 billion (S$7.63 billion) in Q2, according to data released by the Council of Mortgage Lenders (CML) yesterday. For the first three...
Continue Reading • 9 Nov 2012
UOL's profit down 13%
By Romesh Navaratnarajah: Property developer UOL Group posted a 13 percent decline in net attributable profit for Q3 2012 to S$87.8 million, while revenue also fell 33 percent to S$277.7 million from S$413.3 million during the same period last year. The weaker results were attributed to lower...
Continue Reading • 9 Nov 2012
OUE to make decision on F&N bid next week
By Romesh Navaratnarajah: Mainboard-listed Overseas Union Enterprise Ltd (OUE) is set to clarify whether or not it will make an offer for Fraser and Neave Ltd (F&N) no later than about the middle of this month. “Following discussions with the Securities Industry Council (SIC), OUE will...
Continue Reading • 8 Nov 2012
Giant pandas inspire charity drive
By Romesh Navaratnarajah: Property developer CapitaLand and its philanthropic arm CapitaLand Hope Foundation have launched the Because iCare - Kai Kai and Jia Jia Charity Drive, in line with fundraising efforts for President’s Challenge 2012. Some 200 guests and 50 children’s...
Continue Reading • 8 Nov 2012
US mortgage applications fall 5.3%
By Romesh Navaratnarajah: US mortgage applications fell 5.3 percent last week compared to the week before, according to the Mortgage Bankers Association’s (MBA) weekly survey. At the same time, MBA’s refinance index slipped 5.3 percent while the purchasing index dropped 4.8 percent on...
Continue Reading • 8 Nov 2012
Ho Bee's revenue up, but net profit misses
By Romesh Navaratnarajah: Singapore-listed Ho Bee Investment posted a 5.6 percent growth in its Q3 revenue to S$59.1 million on the back of higher contributions from its projects. At the same time, the group’s profit share from jointly controlled entities rose more than two-fold to S$20.2...
Continue Reading • 8 Nov 2012
SDP proposes 'non-open market' flats
By Romesh Navaratnarajah: The Singapore Democratic Party (SDP) is proposing a new class of public housing, referred to as ‘non-open market’ (NOM) flats which could fetch prices of as low as S$70,000, The Straits Times reported. Introduced in a housing policy paper, flats will be...
Continue Reading • 6 Nov 2012
HSBC steps up UK mortgage lending
By Romesh Navaratnarajah: Mortgages approved by HSBC in the UK rose by 22 percent in the first three quarters of 2012 to reach £15.6 billion (S$30.53 billion) compared with the same period last year. At the same time, lending to first-time buyers grew 33 percent to £4 billion (S$7.83...
Continue Reading • 6 Nov 2012
Citi offers more relief to Sandy victims
By Romesh Navaratnarajah: Following the destruction brought about by Hurricane Sandy in the US, Citigroup Inc (Citi) has expanded its service relief for mortgage customers in affected areas, The Wall Street Journal reported.Customers of CitiMortgage located in the hardest-hit areas as designated...
Continue Reading • 5 Nov 2012
Roxy-Pacific posts Q3 profit growth
By Romesh Navaratnarajah:Property firm Roxy-Pacific Holdings Limited posted substantial earnings growth across all its business segments in Q3 2012, leading to a net profit increase of 116 percent to S$8.2 million. The group’s profit before tax, excluding fair value gains, also jumped 63...
Continue Reading • 5 Nov 2012
Uncertainty over impact of loan regulations
By Romesh Navaratnarajah: It is still unclear whether the new home loan regulations from the Monetary Authority of Singapore (MAS) will affect mortgage lending in the country, which grew 10 percent year-to-date, said Piyush Gupta, Chief Executive of DBS.Nevertheless, total mortgage lending at...
Continue Reading • 2 Nov 2012
Many complaints against agents unsubstantiated: CEA
By Romesh Navaratnarajah: A large number of complaints investigated by the Council for Estate Agencies (CEA) were unsubstantiated, or were beyond its purview, The Straits Times reported.During its first 18 months of operations, CEA investigated 1,080 complaints, of which 422 cases were found to...
Continue Reading • 2 Nov 2012
Singapore's first post-war flats to be torn down
By Romesh Navaratnarajah: Starting next month, demolition works of the two-storey Block 25 Owen Road will be carried out as the flats are no longer available for letting under the Public Rental Scheme. Built by Singapore Improvement Trust, the site is home to the first post-World War II flats in...
Continue Reading • 1 Nov 2012