Wing Tai Holdings to yield 337 homes in new project
By Romesh Navaratnarajah: Wing Tai Holdings will soon develop a five-block, 18-storey residential project at 105 & 107 Tampines Road, said a company release.The development will offer a total of 337 residential units in addition to a commercial unit. The homes would range from one- to four-...
Continue Reading • 22 Aug 2012
UK mortgage lending up 8%
By Romesh Navaratnarajah:Gross mortgage lending in the UK rose eight percent to £12.7 billion (S$24.99 billion) in July as compared to £11.7 billion (S$23 billion) in June, an indication that the property market is continuing its volatile trajectory, according to data from the Council...
Continue Reading • 21 Aug 2012
HDB awards Chip Eng Seng S$137.3m contract
By Romesh Navaratnarajah:Chip Eng Seng Corporation has clinched a S$137.3 million deal from the Housing and Development Board (HDB) to build seven blocks comprising 862 units and other facilities in the neighbourhood of Bukit Panjang. The contract was awarded to Chip Eng Seng Contractors (1988)...
Continue Reading • 21 Aug 2012
Former DBS Land CEO eyes another China devt
By Romesh Navaratnarajah:Han Cheng Fong, the former CEO of Fraser & Neave (F&N) and DBS Land is set to venture into a new mixed-use project in Yinchuan, China. The 1.3 million sq m development (pictured) will comprise of residential units (80 percent) including low and high-rise...
Continue Reading • 17 Aug 2012
33% of Aussie baby-boomers to retire facing mortgages
By Romesh Navaratnarajah: Around 33 percent of Australia’s baby-boomers will still be paying off their mortgages when they retire, shattering any plans of spending their retirement savings on themselves, according to a survey by RaboDirect. To deal with the “mortgage hangover”,...
Continue Reading • 17 Aug 2012
Analyst: Don't blame UOB for 50-year loan
By Romesh Navaratnarajah: United Overseas Bank’s (UOB) 50-year home loan has received widespread criticism, with National Development Minister Khaw Boon Wan calling it a “gimmick”.But Cedric Chng, Research Analyst at Jones Lang LaSalle (JLL) Singapore, said that the bank cannot...
Continue Reading • 17 Aug 2012
More spot checks to ensure safer construction sites
By Cheryl Tay: In an effort to prevent construction-related accidents, the Ministry of Manpower (MOM) will increase its random inspections of construction sites by 50 percent in the coming weeks.The announcement follows recent high-profile worksite accidents, including the collapse of...
Continue Reading • 17 Aug 2012
City Dev posts weaker Q2 earnings
By Romesh Navaratnarajah:City Developments (City Dev) earnings for Q2 2012 plummeted 38 percent to S$138 million while revenue fell 19 percent to S$788 million. DBS said the company’s Q2 earnings were pulled down by the lack of one-offs and timing of residential billings. The bearish...
Continue Reading • 17 Aug 2012
US mortgage applications down
By Romesh Navaratnarajah: Despite low interest rates, the number of US mortgage applications fell last week, while demand for new mortgages declined for a fifth consecutive week, according to the Mortgage Bankers Association (MBA). MBA’s seasonally adjusted index for home loan application...
Continue Reading • 16 Aug 2012
Singapore to be world's richest country by 2050
By Romesh Navaratnarajah:Singapore is set to be among the world’s richest economies by 2050 on a per capita basis, according to a study by Knight Frank and Citibank. Other Asian countries such as Hong Kong, Taiwan and South Korea topped the list on the back of rapid growth in the Asian...
Continue Reading • 16 Aug 2012
US mortgage delinquencies on the decline
By Romesh Navaratnarajah: Home loan delinquency rates in the US declined in the second quarter and are expected to fall further for the rest of the year, according to credit information firm TransUnion Corp. The national mortgage delinquency rate or percentage of borrowers who are at least 60...
Continue Reading • 15 Aug 2012
CapitaLand moving headquarters to Westgate Tower
By Romesh Navaratnarajah:Property developer CapitaLand is scheduled to relocate to a new home in early 2015, occupying around 160,000 sq ft across 11 floors in the new 20-storey Westgate Tower (pictured). “The relocation will be a milestone for CapitaLand Group. For the first time, all...
Continue Reading • 15 Aug 2012
Small developers announce healthy quarterly results
By Romesh Navaratnarajah:Property developer KSH Holdings Limited has seen a 66 percent rise in net profit to S$1.7 million for the three months ended 30 June 2012 (Q1 FY2013), coupled with a net profit attributable to shareholders of S$4.3 million. The strong results were achieved on the back of...
Continue Reading • 14 Aug 2012
Banyan Tree recovers to post Q2 profit
By Romesh Navaratnarajah: The strong performance of the property and hotel sectors in Thailand helped Banyan Tree Holdings achieve a net profit of S$644,000 in Q2 2012, a recovery from last year’s S$7 million loss. “The increase was also boosted by the recent acquisition of Banyan...
Continue Reading • 14 Aug 2012
Singapore the world's 5th most important city for super-rich
By Romesh Navaratnarajah: Singapore has been ranked fifth amongst the most important global and regional cities for consumers with a net worth of more than US$100 million (S$124.49 million).This according to the Wealth Report 2012, a joint study by Knight Frank and Citibank, which polled...
Continue Reading • 14 Aug 2012
MND says 50-year loan not needed
By Romesh Navaratnarajah: United Overseas Bank’s (UOB) 50-year home loan, the longest loan tenure in Singapore, will not affect Singapore’s public housing market since it is unlikely to be popular, highlighted the Ministry of National Development (MND).“While such loans offer...
Continue Reading • 14 Aug 2012
UOL Q2 profit falls 19% to S$171.7m
By Romesh Navaratnarajah: UOL Group posted a net attributable profit of S$171.7 million in Q2 2012, down 19 percent from S$212.9 million during the previous quarter, after generating lower income from property sales and lower fair value gains from investment properties. For 1H2012, the...
Continue Reading • 13 Aug 2012
UK lenders in mortgage war
By Romesh Navaratnarajah: Competition among UK lenders to offer the most affordable mortgage rate is heating up, thanks to lower borrowing costs and the government’s Funding for Lending Scheme. Following the launch of the new scheme in July, lenders have reduced rates across 205 deals,...
Continue Reading • 13 Aug 2012
Koh Brothers forms JV with Japanese firm to build Parc Olympia
By Romesh Navaratnarajah: Koh Brothers Group Limited has entered into a joint venture (JV) with Japan’s Okumura Corporation (OC) to develop Parc Olympia, a residential project at Flora Drive. “With Koh Brothers’ experience in developing quality, themed projects, and Okumura...
Continue Reading • 13 Aug 2012
CVH has positive outlook for China, but negative on Vietnam
By Romesh Navaratnarajah: CapitaValue Homes (CVH), CapitaLand’s value housing division, is optimistic about sales in China as opposed to Vietnam, where it is struggling. The company is “looking to acquire more land to build up the pipeline” because the China market has picked...
Continue Reading • 13 Aug 2012