Aussie mortgage growth slides to new low
By Romesh Navaratnarajah: Mortgage lending growth in Australia fell to a record low, indicating that the central bank’s interest rate cuts are not really encouraging homeowners to take out more loans, the Property Observer reported.According to data from the Reserve Bank of Australia (RBA),...
Continue Reading • 1 Nov 2012
CapitaLand enters into agreement with China's banks
By Romesh Navaratnarajah: Property developer CapitaLand has entered into new strategic co-operation agreements with China’s leading banks in an effort to grant a credit limit allocation of up to RMB50 billion (about S$10 billion) to the group’s China businesses. The allocations would...
Continue Reading • 1 Nov 2012
Daewoo E&C is back to build The Scotts Tower
By Romesh Navaratnarajah: Singapore developer Far East Organization has appointed South Korean firm Daewoo Engineering and Construction to build The Scotts Tower (pictured), the first Far East SOHO development at a cost of S$112.8 million. “With Daewoo’s strong engineering...
Continue Reading • 1 Nov 2012
Hurricane Sandy prompts mortgage relief
By Romesh Navaratnarajah: Borrowers on the US east coast affected by Hurricane Sandy could be eligible for a temporary break on their home loan payments from Freddie Mac and Fannie Mae, reported The Wall Street Journal. The mortgage giants announced that firms collecting payments for them can...
Continue Reading • 31 Oct 2012
Jones Lang reports steady growth
By Romesh Navaratnarajah: Global property firm Jones Lang LaSalle (JLL) posted an adjusted net income of US$55 million (S$67 million) last quarter, representing US$1.23 (S$1.50) per share. In addition, consolidated revenue rose five percent to US$949 million (S$1.2 billion), while on a fee...
Continue Reading • 31 Oct 2012
CapitaLand profit surges 85%
By Romesh Navaratnarajah: Property developer CapitaLand has posted a massive 85.1 percent year-on-year rise in its net profit to S$148.5 million in Q3 2012 and a 12.9 percent upturn in revenue to S$686.9 million.The group’s profit growth was driven by higher revenue from development...
Continue Reading • 30 Oct 2012
UK lending scheme pushes up mortgage approvals
By Romesh Navaratnarajah: Home loan approvals in the UK climbed to a four-month high in September as the central bank’s Funding for Lending Scheme (FLS) boosted the availability of mortgages, Bloomberg reported. Last month, banks granted 50,024 loans compared with 47,921 (revised) in...
Continue Reading • 30 Oct 2012
Fixed-rate mortgages more appealing
By Romesh Navaratnarajah:Australian home buyers who opted for fixed-rate mortgages have enjoyed greater savings compared to those that took out variable rate loans, The Australian reported.According to Mitchell Watson, analyst at financial services firm Canstar, borrowers with an average 25-year...
Continue Reading • 29 Oct 2012
Singapore to build 2000 rental flats next year
By Romesh Navaratnarajah: To address the needs of Singapore’s lower-income families, the government will build some 2,000 rental flats starting next year, reported The Straits Times.This is part of the government’s plan to deliver 57,000 rental flats by 2015, in response to growing...
Continue Reading • 25 Oct 2012
CapitaLand unveils value housing fund
By Romesh Navaratnarajah: Property giant CapitaLand has set up its first value housing private equity (PE) fund called CapitaLand China Value Housing Fund (CCVHF), which will mainly invest in China projects, reported The Business Times.According to CapitaLand Financial CEO Wen Khai Meng, the fund...
Continue Reading • 25 Oct 2012
Top property sales trainer to launch own agency
By Romesh Navaratnarajah: Singapore’s real estate agency industry is set to become more competitive with the announcement that Colin Tan (pictured), widely considered Singapore’s top real estate sales trainer, will soon launch his own agency. Called District 65, the firm will comprise...
Continue Reading • 25 Oct 2012
New regulations could bruise US mortgage market
By Romesh Navaratnarajah: Realtors and mortgage bankers in the US have warned that home buyers will likely have more difficulty qualifying for a home loan in early-2013 due to new rules, Bloomberg reported. Regulators are preparing to release the language of two rules which will take effect in...
Continue Reading • 24 Oct 2012
Ascott REIT announces positive results
By Cheryl Tay: Ascott Residence Trust (Ascott REIT) posted a higher unitholders’ distribution of S$25.6 million and distribution per unit (DPU) of 2.24 cents for Q3 2012. Its gross profit for the third quarter also rose two percent to S$40.7 million.At the same time, revenue for the quarter...
Continue Reading • 24 Oct 2012
Ascott hunts for promising European properties
By Romesh Navaratnarajah: The Ascott Group is on the lookout for more prime properties across Europe, particularly in Paris, London and in key German cities, according to a Business Times report. This follows the company’s recent acquisition of The Cavendish hotel in London (pictured) for...
Continue Reading • 23 Oct 2012
China property loan figures soar
By Romesh Navaratnarajah: Booming sales and investment in China’s real estate sector contributed to a significant rebound in property loan volume in the third quarter, according to data from the central bank. Reuters reported that banks in China lent 416.8 billion yuan (S$80.68 billion) to...
Continue Reading • 23 Oct 2012
Top Global disposes Ang Mo Kio property
By Romesh Navaratnarajah: Real estate firm Top Global Ltd through its wholly-owned Top Global Properties, is selling a property for S$13.8 million to EX Nexus Services, reported The Business Times.Dubbed ‘51 Ang Mo Kio Avenue 3 #03-01 3rd Storey 51@AMK’, the subject property is...
Continue Reading • 22 Oct 2012
Are US banks struggling?
By Romesh Navaratnarajah:To cope with the higher demand for housing loans and refinancing, large US banks are hiring more mortgage brokers, according to media reports. While the 2008 global financial crisis affected many banks in the country, lenders still committed to the mortgage business are...
Continue Reading • 22 Oct 2012
Keppel Land posts robust growth
By Romesh Navaratnarajah: Property developer Keppel Land posted a strong 62.2 percent profit growth to S$311.1 million for the nine months ended 30 September, mainly from net profit in property trading and higher earnings contribution from its Singapore and China projects. Contribution from...
Continue Reading • 19 Oct 2012
Mixed bag for US mortgage rates
By Romesh Navaratnarajah: Home loan activity in the US dipped last week and long-term interest rates were mixed, according to the Mortgage Bankers Association (MBA). In the week ended 12 October, mortgage activity fell 4.2 percent while refinancing dropped by five percent. In contrast, the...
Continue Reading • 18 Oct 2012
New app protects against agent fraud
By Romesh Navaratnarajah: In a move to provide consumers with better access to services and information, the Council for Estate Agencies (CEA) has unveiled CEA@SG, the mobile version of its online Public Register of Estate Agents and Salespersons. AsiaOne reported that CEA’s very first...
Continue Reading • 18 Oct 2012