Kitchen company expands into property development
By Romesh Navaratnarajah:Apart from providing kitchen solutions to high-end homes, Kitchen Culture will now expand to property development, trading and investment.It has signed a non-binding memorandum of understanding with an unspecified partner for a joint venture (JV) where it will hold 20...
Continue Reading • 20 Sept 2012
US mortgage lending tumbled to 16-year low
By Romesh Navaratnarajah:Mortgage lending in the US continued to fall in 2011, down to its lowest recorded level in 16 years, according to the NASDAQ. The number of home loans granted last year dipped 10 percent to 7.1 million, the lowest figure reported under the Home Mortgage Disclosure Act...
Continue Reading • 19 Sept 2012
Banks consider financing short lease homes
By Romesh Navaratnarajah: Even with shorter leases, some banks in Singapore are willing to finance such properties, but buyers would have to pay off these mortgages more quickly or borrow less, according to The Straits Times. This follows the Urban Redevelopment Authority’s (URA)...
Continue Reading • 19 Sept 2012
HK housing market tightens further
By Romesh Navaratnarajah:The Hong Kong Monetary Authority (HKMA) has instructed local banks to tighten lending requirements for home buyers who already have a mortgage, reported the China Daily. The move marks the fifth round of measures to stop property prices from rising further, following the...
Continue Reading • 19 Sept 2012
China banks axe mortgage discounts
By Romesh Navaratnarajah: Many lenders in China have withdrawn their informal 15 percent discount on mortgage interest rates for first-time home buyers, an indication that banks are beginning to cooperate with government efforts to curb rising housing prices, according to local media reports. The...
Continue Reading • 13 Sept 2012
Low Keng Huat sees profit boost
By Romesh Navaratnarajah: Property developer Low Keng Huat’s net profit for the second quarter ended 31 July increased 54 percent year-on-year to S$26.9 million. At the same time, revenue rose 17 percent year-on-year to S$35.2 million, supported by the start of construction of Parkland...
Continue Reading • 13 Sept 2012
Singapore to grow at slow pace
By Romesh Navaratnarajah: Singapore’s economy will grow at a slower pace this year with economists forecasting inflation to be higher than expected compared to three months ago, according to the latest quarterly Survey of Professional Forecasters by the Monetary Authority of Singapore...
Continue Reading • 13 Sept 2012
Majority of UK homeowners get loans from banks directly
By Romesh Navaratnarajah: 52 percent of UK homeowners went directly to their bank to get mortgages, according to a survey by website Myvouchercodes.co.uk.The study polled 1,682 homeowners, with 87 percent of respondents revealing that they did not shop around for other mortgage deals or rates....
Continue Reading • 12 Sept 2012
More BTOs coming but no roads
By Romesh Navaratnarajah: Building roads takes a longer time compared to flat construction, according to Lee Yi Shyan, Senior Minister of State for National Development.Mr Lee revealed this in response to concerns raised by Lee Bee Wah, MP for Nee Soon GRC in Parliament, who said that while five...
Continue Reading • 12 Sept 2012
Govt in no rush to resolve DBSS issue
By Romesh Navaratnarajah: As the government’s current priority is to increase the supply of executive condominium (EC) units and Build-to-Order (BTO) flats, it is not in a rush to finishing reviewing the Design, Build and Sell Scheme (DBSS).This follows the suspension of DBSS land sales...
Continue Reading • 12 Sept 2012
Judge rules in favour of developer
By Romesh Navaratnarajah: Singapore’s High Court has ruled in favour of a developer, slashing the taxman’s S$51.4 million annual land value assessment for a condo site at Marina Boulevard in 2007 and 2008 to S$27 million. The ruling translates to tax savings of over S$2 million for...
Continue Reading • 11 Sept 2012
More US homeowners expect mortgage rate hike
By Romesh Navaratnarajah: The number of US homeowners expecting mortgage rates to rise grew to 40 percent in August from 36 percent the previous month, according to a recent survey by Fannie Mae. At the same time, the number of homeowners who felt that it was a good time to sell property climbed...
Continue Reading • 11 Sept 2012
Singapore trumps Hong Kong as Asia's most valued brand
By Romesh Navaratnarajah: Singapore has emerged as having the most positive brand value among 16 Asian cities, according to a location branding survey by PublicAffairsAsia and Ogilvy Public Relations.With a score of 9.7 out of 10, Singapore beat out rivals Tokyo, Hong Kong, Bangkok, Shanghai and...
Continue Reading • 11 Sept 2012
CDL, Intrepid sign off on Tai Thong Crescent deal
By Romesh Navaratnarajah: Verwood Holdings, a wholly-owned subsidiary of City Developments Limited (CDL), has signed a memorandum of general agreement (MOGA) with Intrepid Investments for a new joint venture (JV) in Tai Thong Crescent (pictured). Prior to the deal, both companies jointly won the...
Continue Reading • 11 Sept 2012
Royal star power in Singapore
By Romesh Navaratnarajah: Britain’s Prince William and his wife Catherine (pictured) arrive in Singapore today as part of a nine-day Asia Pacific tour to celebrate Queen Elizabeth II’s Diamond Jubilee. The royal couple will first visit the Singapore Botanic Gardens, where an orchid...
Continue Reading • 11 Sept 2012
Shop around for a mortgage broker
By Romesh Navaratnarajah: Borrowers usually engage a mortgage broker as they can recommend mortgages from up to 30 lenders, but many brokers only suggest loans from one or two of their favourite banks, according to Sydney broker Tony Harris. Speaking at a recent Property Observer webinar, Harris...
Continue Reading • 10 Sept 2012
APREA Singapore names new chairman
By Romesh Navaratnarajah: The Asia Pacific Real Estate Association (APREA) Singapore Chapter has named Andy Tan Chye Guan (pictured) as its new Chairman. Aside from being the current Executive Vice President of MEAG Pacific Star Asset Management, he is also a member of the Board and Governing...
Continue Reading • 10 Sept 2012
Khaw: Singles are being heard
By Romesh Navaratnarajah: In light of the debate on whether to allow singles to buy new HDB flats, National Development Minister Khaw Boon Wan assured Singaporeans that he’s looking into such concerns, but asked for more patience as the government needs to focus on other flat applicants. In...
Continue Reading • 10 Sept 2012
UK mortgage fees hit record highs
By Romesh Navaratnarajah:Home loan fees in the UK have jumped 70 percent over the last four years, reaching the highest recorded level of £1,514 (S$3,002), according to consumer portal Moneyfacts. Lenders are now being accused of profiteering as this signifies a huge increase from...
Continue Reading • 7 Sept 2012
Plush toy-bags signal pandamonium in Singapore
By Romesh Navaratnarajah:As part of celebrations to welcome the giant pandas Kai Kai and Jia Jia to Singapore, property developer CapitaLand has designed a unique set of plush toy-bags (pictured) in an effort to spread the message of protecting critically endangered species.Committed to promoting...
Continue Reading • 7 Sept 2012