CEA outlaws free gifts, vouchers from agents
By Romesh Navaratnarajah: To lure consumers into using their services, more property agents and salespersons resorted to offering gifts and cash vouchers to potential clients. However, the trend caught the attention of the Council for Estate Agencies (CEA), prompting it to release a circular last...
Continue Reading • 30 Aug 2012
22 stations for Thomson MRT Line by 2021
By Romesh Navaratnarajah:In a bid to provide greater connectivity to residents, the Land Transport Authority (LTA) has unveiled plans for the Thomson Line (TSL) project. Fully underground, the 30-km long TSL (pictured) will link the North-South corridor with the city centre and Marina Bay.The TSL...
Continue Reading • 30 Aug 2012
China expansion for RE/MAX agency
By Andrew Batt: After opening in Thailand and the Philippines earlier this year, real estate agency RE/MAX has sold the franchise rights for China including the Mainland, Hong Kong and Macau, raising its overall country count to more than 85.The new RE/MAX China ownership group is based in Hong...
Continue Reading • 29 Aug 2012
Sim Lian boosts full year profit by 13%
By Romesh Navaratnarajah:Sim Lian Group recorded a 13 percent year-on-year increase in profit before income tax, hitting S$275.2 million for the full year ended 30 June 2012 from S$242.7 million in FY2011. The growth was achieved due to three main factors, namely revenue increase, reduced...
Continue Reading • 29 Aug 2012
UK mortgage payments now more affordable
By Romesh Navaratnarajah: Home loan repayments in the UK for qualified borrowers are now at its most affordable level since 1997, accounting for more than 25 percent of take-home pay, according to mortgage lender Halifax.“Mortgage payments for a typical new borrower currently account for...
Continue Reading • 28 Aug 2012
Parents could get priority when booking HDB flats: PM Lee
By Romesh Navaratnarajah:Prime Minister Lee Hsien Loong has urged Singaporeans to help boost the country’s birth rate. In return, the government is planning to give couples with young children the priority over others when booking HDB flats. In his National Day Speech on Sunday, Mr Lee also...
Continue Reading • 28 Aug 2012
Will singles be allowed to buy new flats?
By Romesh Navaratnarajah: The government is studying whether singles should be allowed to purchase new flats directly from the Housing and Development Board (HDB), said Prime Minister Lee Hsien Loong. Currently, singles and those aged 35 and above can only purchase resale flats but cannot buy new...
Continue Reading • 28 Aug 2012
Uptick in US mortgage rates
By Romesh Navaratnarajah:Average mortgage rates in the US increased last week; an indication that the country’s housing market continues to gain momentum, according to Freddie Mac’s Primary Mortgage Market Survey. Over the past week, the average 15-year fixed-rate mortgage increased...
Continue Reading • 27 Aug 2012
Work hard for a better tomorrow, urges PM Lee
By Romesh Navaratnarajah: Singapore must work hard to make a better future, highlighted Prime Minister Lee Hsien Loong (pictured) in his annual National Day Speech yesterday – touching on various issues facing Singaporeans today, including housing, public transport, healthcare and...
Continue Reading • 27 Aug 2012
Oxley sees profit rise 26%
By Romesh Navaratnarajah: Oxley Holdings has recorded a 26 percent profit rise to S$16.9 million for FY2012 ended 30 June despite a 73 percent drop in Q4 earnings to S$1.67 million. The company’s revenue for Q4 stood at S$37.54 million, a 16 percent increase from the previous year while...
Continue Reading • 24 Aug 2012
UK mortgage approvals rebound in July
By Romesh Navaratnarajah:While home loan approvals in the UK recovered slightly from a 15-year low in July, they remained below their long-term average, according to the British Bankers’ Association (BBA). Last month, 55,634 mortgages valued at £7 billion (S$13.83 billion) were...
Continue Reading • 24 Aug 2012
Singapore inflation slows
By Romesh Navaratnarajah: Headline inflation fell to four percent year-on-year in July compared to 5.3 percent in June, as price increases slowed in the accommodation, private road transport and oil-related sectors. But the government warned that overall inflation for 2012 might still exceed...
Continue Reading • 24 Aug 2012
Hillside Gardens sold for S$18.5m
By Romesh Navaratnarajah: Development 72 Pte Ltd, a wholly-owned unit of TEE International Limited, has exercised its option to buy Hillside Gardens (pictured) for S$18.5 million. With a plot ratio of 1.4 and an estimated gross floor area (GFA) of 21,553 sq ft, the site could generate up to...
Continue Reading • 24 Aug 2012
Fannie Mae tightens lending standards
By Romesh Navaratnarajah: Fannie Mae, the biggest source of money for US mortgages, has tightened its qualification standards for borrowers acquiring homes or refinancing loans. A Bloomberg report revealed that the tougher changes include slashing maximum loan-to-value ratios for adjustable-rate...
Continue Reading • 23 Aug 2012
Singapore slides down liveability ranking
By Romesh Navaratnarajah:Singapore has plunged to 52nd spot in the Global Liveability Survey of the Economic Intelligence Unit, but it still sits comfortably in the “top tier” of liveability. “In 52nd place Singapore sits just outside the top 50 cities ranked, and with a score...
Continue Reading • 23 Aug 2012
C&W appoints new leader for Greater China
By Romesh Navaratnarajah: Cushman & Wakefield (C&W) has appointed Randall Hall (pictured) as the company’s new Executive Managing Director in Greater China.With 23 years experience in the Asian property market, Hall is expected to provide executive leadership for C&W in the...
Continue Reading • 23 Aug 2012
Tiong Seng contracted for phase 2 of SIM's HQ campus
By Romesh Navaratnarajah:Tiong Seng Holdings Limited won an S$137 million contract to build the second phase of Singapore Institute of Management (SIM) HQ’s campus extension.Scheduled to commence this month, the project includes extensions to SIM’s existing Linear Building and...
Continue Reading • 22 Aug 2012
Lian Beng JV secures S$169m condo deal
By Romesh Navaratnarajah: Paul Y - Lian Beng JV Pte Ltd, a joint venture (JV) company between Lian Beng Construction (1988) Pte Ltd and Hong Kong-listed Paul Y Construction & Engineering Pte Limited, has successfully secured an S$169 million contract from Luxury Green Development Pte Ltd.The...
Continue Reading • 22 Aug 2012
ARA Asset generates S$941m investor commitments
By Romesh Navaratnarajah: Cheung Kong group’s affiliate, ARA Asset Management Ltd, announced that it has raised about S$1 billion investor commitments for its private real estate funds.The S$941 million gross investor commitments were raised through ARA Asia Dragon Fund II and ARA China...
Continue Reading • 22 Aug 2012
Aussie low-doc borrowers more likely to default
By Romesh Navaratnarajah: Australian borrowers who took out ‘low-doc’ mortgages are more likely to default than people with standard loans, according to a research by the Reserve Bank of Australia (RBA).‘No-doc’ or low-doc mortgages are loans with higher interest rates...
Continue Reading • 22 Aug 2012