MND seeks ways to make Singapore more liveable
By Romesh Navaratnarajah:The Ministry of National Development (MND) is seeking new and innovative research and development (R&D) proposals to boost land capacity and create a more liveable environment in Singapore. “Over the past decades, despite land constraints, we have worked towards...
Continue Reading • 7 Sept 2012
US mortgage applications down last week
By Romesh Navaratnarajah: Home loan applications in the US dipped 2.5 percent during the week ended 31 August compared to the previous week, according to the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey. MBA’s benchmark for mortgage applications, the Market...
Continue Reading • 6 Sept 2012
CapitaLand units boost share capital
By Romesh Navaratnarajah: CapitaLand’s two wholly-owned subsidiaries – CH Residential Pte Ltd (CHR) and CH Commercial Pte Ltd (CHC) – have both raised their issued and paid-up share capital to S$1 million from S$2. Both CHR and CHC allotted an additional 999,998 ordinary shares...
Continue Reading • 6 Sept 2012
UOB in hot soup over property ads
By Romesh Navaratnarajah:Following reports of property listings appearing on United Overseas Bank’s (UOB) website, the Monetary Authority of Singapore (MAS) has reminded banks to secure an approval on any business other than banking or finance. “A bank which seeks to enter into an...
Continue Reading • 6 Sept 2012
Giant pandas arrive in Singapore
By Romesh Navaratnarajah: The arrival of two giant pandas from China was marked by a welcome ceremony at Changi Airport today.Property developer CapitaLand, which is a sponsor, joined the Wildlife Resources Singapore (WRS) in welcoming “Kai Kai”, the male panda and his female...
Continue Reading • 6 Sept 2012
Singapore 2nd in competitiveness
By Romesh Navaratnarajah: Singapore has retained second spot as the most competitive economy worldwide after Switzerland, according to the World Economic Forum’s (WEF) Global Competitiveness Report. The survey, which looked at 144 global economies based on 100 indicators, also placed...
Continue Reading • 6 Sept 2012
Evolution of Aussie mortgage market
By Romesh Navaratnarajah: Australia’s mortgage market has changed a lot since 1947, according to Commonwealth Bank’s Centenary Report into Home Ownership, conducted by renowned demographer Bernard Salt.The findings include a significant rise in approved mortgages to 6.4 million in the...
Continue Reading • 5 Sept 2012
Govt curbs shoebox mania
By Romesh Navaratnarajah: In a bid to provide ample supply of large and small homes that cater to the diverse needs of home buyers in Singapore, the Urban Redevelopment Authority (URA) has announced new guidelines to cap the number of shoebox units, particularly at all new non-landed private...
Continue Reading • 5 Sept 2012
Property ads on UOB website called into question
By Romesh Navaratnarajah: United Overseas Bank (UOB) advertised 12 new property launches on its website but removed them immediately after queries were made. According to The Business Times, the advertisement for One Dusun Residences, which had a ‘sold out’ banner, provided...
Continue Reading • 4 Sept 2012
HSBC offers lowest-rate mortgage deal in UK
By Romesh Navaratnarajah:Further increasing competition among UK lenders, HSBC launched a new mortgage at a record low rate to attract customers with deposits of around 10 percent. HSBC’s latest seven-year fixed-rate loan of just 4.89 percent has a loan-to-value (LTV) of 90 percent and zero...
Continue Reading • 4 Sept 2012
Singapore's inflation to ease further
By Romesh Navaratnarajah:Singapore’s headline inflation of four percent year-on-year in July is expected to ease further in the second half of 2012 on the back of lower housing and accommodation costs, according to Nomura Economic Research. In a Singapore Business Review report, Nomura...
Continue Reading • 4 Sept 2012
US mortgage rates hover above record lows
By Romesh Navaratnarajah:Average mortgage rates in the US fell last week but are still higher than the record lows seen earlier this year, according to Freddie Mac. The 30-year mortgage rate slipped to 3.59 percent last week from 3.66 percent previously. Nonetheless, it is still more than the...
Continue Reading • 3 Sept 2012
Upper Changi residents rally against new housing project
By Romesh Navaratnarajah: The development of a cluster housing project on a 1,600 sq m site in Toh Drive has irked residents of a private estate in Upper Changi, with many concerned that the project will create parking issues. The petition, which was presented to Mohamad Maliki Osman, MP for the...
Continue Reading • 3 Sept 2012
Ministry clarifies report on Singapore property taxes
By Romesh Navaratnarajah:In response to a recent article on PropertyGuru entitled ‘Singapore property taxes 2nd highest globally’, the Ministry of Finance has issued a clarification that the report by Savills called ‘World Cities Review’, does not reflect the low property...
Continue Reading • 3 Sept 2012
Agents need protection from malpractice: SingCapital
By Romesh Navaratnarajah:With the Council for Estate Agencies (CEA) coming down hard on the industry, there is a growing need for real estate agents to protect themselves. As estate agents look to renew their license this month, many will also be updating their professional indemnity insurance to...
Continue Reading • 3 Sept 2012
Govt revises DC rates
By Romesh Navaratnarajah: The Ministry of National Development (MND) has announced the latest revisions to development charge (DC) rates affecting the property market, starting from 1 September to 28 February next year. For Group A comprising commercial developments, DC rates rose by nine...
Continue Reading • 3 Sept 2012
UK mortgage approvals pick up
By Romesh Navaratnarajah: Home loan approvals in the UK climbed in July from an 18-month low in June, when an additional public holiday slowed the housing sector, noted the Bank of England (BoE). Mortgage approvals rose to 47,312 in July compared to 44,124 in June. However, it is still below the...
Continue Reading • 31 Aug 2012
US mortgage rates rose on Tuesday
By Romesh Navaratnarajah:US mortgage interest rates increased slightly on Tuesday as capital markets opted for safe investments again. The majority of lenders, including US Bancorp and Citigroup Inc increased their lending rates, while JPMorgan Chase & Co and Bank of America (BofA) lowered...
Continue Reading • 30 Aug 2012
Aussie borrowers not shopping around for better deals
By Romesh Navaratnarajah:Around 31 percent of Australian borrowers feel that sourcing for better mortgage deals are too costly and time consuming, according to research by National Australia Bank’s (NAB) UBank. The survey, which polled over 1,000 Australian borrowers, revealed that close to...
Continue Reading • 30 Aug 2012
Guocoland's profit drops 48%
By Cheryl Tay: Guocoland Limited posted a 48 percent decline in its full-year net profit to S$63.19 million, from S$122.01 million a year ago.This is despite a 47 percent year-on-year increase in the company’s net profit to S$62.99 million for the fiscal fourth quarter ended 30 June.The...
Continue Reading • 30 Aug 2012