DBS inaugurates new headquarters
By Romesh Navaratnarajah:DBS Bank marked a big milestone today with the inauguration of its new headquarters at Marina Bay Financial Centre (MBFC). More than half of the bank’s 8,000-strong employees have moved to the new premises, called DBS Asia Central at MFBC Tower 3, which houses the...
Continue Reading • 17 Oct 2012
Govt won't build more executive maisonettes
By Romesh Navaratnarajah: Amid the recent buzz over record deals for executive maisonettes (EMs), the government is unlikely to build any more of these homes, said National Development Minister Khaw Boon Wan. In a written response to Parliament, he explained that EMs are no longer necessary as...
Continue Reading • 17 Oct 2012
More cuts won't help lift Aussie mortgage market
By Romesh Navaratnarajah: Further rate cuts by the Reserve Bank of Australia (RBA) will do little to stimulate growth in the country’s AU$1.25 trillion (S$1.57 trillion) mortgage market, according to a report by JP Morgan. This month, the central bank slashed the policy interest rate by...
Continue Reading • 17 Oct 2012
Keppel Land China buys another slice of Chengdu
By Romesh Navaratnarajah: Keppel Land China has expanded its presence in Chengdu with the acquisition of a 28.7-ha prime residential site that’s expected to yield 573 homes. The site is held under Chengdu Shengshi Jingwei Real Estate Investment, which the company acquired for RMB680.4...
Continue Reading • 17 Oct 2012
Peter Ow to step down from SLP International
By Romesh Navaratnarajah: Property consultancy SLP International has appointed Tricia Teo (pictured) as Deputy Managing Director, following the resignation of Managing Director Peter Ow. Ow, who joined the company in November 2011, said he was “elated to see the tremendous growth over the...
Continue Reading • 16 Oct 2012
Property cooling measures working: Khaw
By Romesh Navaratnarajah: There are clear indications that the government’s property cooling measures have met with some success, according to National Development Minister Khaw Boon Wan.Responding to queries from MPs in Parliament yesterday, Mr Khaw said that the government will continue...
Continue Reading • 16 Oct 2012
Home loan practices under scrutiny
By Romesh Navaratnarajah:To keep lenders in check, the Monetary Authority of Singapore (MAS) is currently reviewing home loan lending practices of local and foreign banks, sources have revealed. Experts feel that the move is a reminder to banks that the authorities are keeping a close eye on...
Continue Reading • 16 Oct 2012
PropertyGuru wins big at OPP Awards
By Andrew Batt: PropertyGuru picked up three coveted awards - Best Innovation – Gold, Best Media – Silver and Best Online Service – Bronze – at last week’s OPP Awards for Excellence in London.The gala event saw more than 350 representatives from global property...
Continue Reading • 16 Oct 2012
GuocoLand posts strong profit recovery
By Romesh Navaratnarajah: Recovering from a S$12 million loss in Q3 last year, property developer GuocoLand has reported S$9 million in net profit for Q3 2012, thanks to its Singapore projects, according to The Straits Times.Revenue during the period jumped 67 percent to S$181.6 million, on the...
Continue Reading • 15 Oct 2012
UK sees dip in mortgage lending
By Romesh Navaratnarajah: Mortgage lending in the UK fell seven percent in September compared to the same month in 2011, registering the third worst record for September since 1993, according to the latest Mortgage Monitor Report from e.surv Chartered Surveyors. Despite improved credit...
Continue Reading • 15 Oct 2012
Housing prices, other issues to be discussed in Parliament
By Romesh Navaratnarajah: The pressing issue of sky-high housing prices will likely be among major topics tabled in Parliament today, reported The Straits Times. Several MPs have already expressed their concerns on the matter. Zaqy Mohamad (Chua Chu Kang GRC) believes that the record HDB Resale...
Continue Reading • 15 Oct 2012
Tiong Seng wins contract for Haus@Serangoon Garden
By Romesh Navaratnarajah: Tiong Seng Holdings Limited has secured a contract worth approximately S$93 million to build 97 terrace houses at the Haus@Serangoon Garden development (pictured). Located in Serangoon Garden estate, the homes will comprise five bedrooms, attics, basements and...
Continue Reading • 11 Oct 2012
US mortgage applications slip
By Romesh Navaratnarajah: Mortgage applications in the US slid 1.2 percent during the week ended October 5 from the previous week, according to the Mortgage Bankers Association (MBA). The Market Composite Index, a measure of mortgage application volume, fell 1.2 percent on a seasonally adjusted...
Continue Reading • 11 Oct 2012
S'poreans still among richest
By Romesh Navaratnarajah:Singaporeans are among the wealthiest people in the world; and over the next five years, the number of millionaires living here is expected to soar some 60 percent to 249,000, reported The Business Times. According to a recent Credit Suisse wealth report, while the...
Continue Reading • 11 Oct 2012
Singapore best country for wealthy expats, says survey
By Romesh Navaratnarajah: Singapore is the best place to work and live in for affluent expatriates, according to a recent survey by HSBC Bank.Among 30 countries, expats ranked Singapore as the top place to live in based on economic factors such as earning power, ability to accumulate luxuries and...
Continue Reading • 10 Oct 2012
CapitaLand names Lim Ming Yan as new CEO
By Romesh Navaratnarajah: Property developer CapitaLand has appointed Mr Lim Ming Yan to be the new President and Chief Executive Officer (CEO) of CapitaLand Group, taking over the post from Mr Liew Mun Leong effective 1 January 2013.Mr Lim, who has been the Chief Operating Officer (COO) of...
Continue Reading • 10 Oct 2012
Ascott wins top honours
By Romesh Navaratnarajah: Ascott Limited (Ascott), a wholly-owned unit of CapitaLand, has been recognised as the best serviced residence provider in Asia Pacific and Europe, following a number of international awards from leading travel publications. For the eighth consecutive year, Ascott was...
Continue Reading • 9 Oct 2012
Govt tightens housing loan rules
By Romesh Navaratnarajah: The Monetary Authority of Singapore (MAS) has capped the tenure for all new residential property loans at 35 years and imposed strict loan-to-value (LTV) limits for loans exceeding 30 years. In effect since 6 October, the new rules apply to all home loans for HDB flats...
Continue Reading • 8 Oct 2012
US mortgage rates sink to record lows
By Romesh Navaratnarajah: Average rates for fixed mortgages in the US dropped to new record lows for the second consecutive week, resulting in a rise in the number of homeowners looking to refinance, media reports said. According to Freddie Mac, the average rate for 30-year fixed-rate loans fell...
Continue Reading • 5 Oct 2012
Aussie firm eyeing wealthy Singapore investors
By Romesh Navaratnarajah: In a bid to target high-net-worth investors in Singapore and other parts of Asia looking for Australian homes, one of the leading non-bank mortgage providers down under recently opened a branch office in Singapore – the first in Asia. With its headquarters in...
Continue Reading • 5 Oct 2012