Aussie mortgage approvals rose in June
By Romesh Navaratnarajah:Mortgage approvals in Australia saw their biggest gain so far this year in June, as borrowers responded positively to the Reserve Bank of Australia’s (RBA) interest rate cut of 1.25 percentage points since November 2011. According to the country’s statistics...
Continue Reading • 13 Aug 2012
Singapore economy shrinks 0.7% in Q2
By Romesh Navaratnarajah: Singapore’s economy grew two percent year-on-year in Q2 2012, compared to 1.5 percent in the preceding quarter, according to the Ministry of Trade and Industry (MTI).But in terms of a quarter-on-quarter seasonally-adjusted annualised basis, the economy dipped 0.7...
Continue Reading • 10 Aug 2012
Home Today, Gone Tomorrow
In a country publicly defined by wealth and GDP, a good number of people have only the streets to call home. The PropertyGuru’s Cheryl Tay reports on the worrying prevalence of homelessness in Singapore. Singapore is often hailed by its own government and those in business as a financial...
Continue Reading • 8 Aug 2012
OUE's net profit climbs 33.8%
By Romesh Navaratnarajah: Property developer Overseas Union Enterprise Limited (OUE) posted a 33.8 percent rise in net profit to S$22.8 million in the second quarter, buoyed by strong performance of its hospitality and property investment divisions. OUE’s hospitality division achieved total...
Continue Reading • 8 Aug 2012
UK mortgage market still sluggish
By Romesh Navaratnarajah: UK mortgages continued to moderate due to the poor economic outlook as a result of the Eurozone debt crisis, according to the recent Housing Market Activity Report by Connells Survey & Valuation. In July, the total number of residential valuations grew by eight...
Continue Reading • 8 Aug 2012
7% drop in US mortgage closing costs
By Romesh Navaratnarajah: Federal regulations have significantly reduced the cost of closing a mortgage for new home buyers, noted a CNN report. Based on the latest survey by Bankrate.com, the average cost of closing a mortgage fell by 7.4 percent over the past year. In June, a borrower looking...
Continue Reading • 7 Aug 2012
Koh Brothers sees flat results
By Romesh Navaratnarajah: Koh Brothers Group’s gross profit for Q2 2012 rose 15 percent year-on-year to S$10.5 million, backed by higher contributions from the sale of building materials. The group’s net profit stood at S$2.6 million as revenue fell 32 percent to S$50.9...
Continue Reading • 7 Aug 2012
SingLand, UIC profits down significantly in Q2
By Romesh Navaratnarajah: Singapore Land together with its parent company United Industrial Corporation (UIC) witnessed declines in net earnings for Q2 2012, dragged down by lower profit from operations and lower fair value gains on investment properties. A major office landlord, SingLand...
Continue Reading • 6 Aug 2012
Banks cannot approve home loans at showflats: MAS
By Romesh Navaratnarajah: Banks are prohibited from approving loans at temporary locations such as showflats, according to the Monetary Authority of Singapore (MAS). While borrowers can file their mortgage applications at such places, the loan must be approved or rejected at a branch, noted the...
Continue Reading • 6 Aug 2012
Hougang to finally get upgrading works
By Romesh Navaratnarajah: Several ageing HDB blocks in Hougang are set to get a much needed upgrade, along with several precincts eligible for improvement works under two national upgrading programmes. Six blocks in Hougang Avenue 3 – 1, 2, 6, 7, 24, 25 — will be enhanced under the...
Continue Reading • 6 Aug 2012
Sky Habitat sales spur strong results for CapitaLand
By Romesh Navaratnarajah: Property developer CapitaLand successfully sold 202 residential units in Singapore during Q2 2012, according to OCBC Investment Research. A significant increase from just 57 units in Q1, the improved sales was mainly attributed to the launch of Sky Habitat (pictured) in...
Continue Reading • 3 Aug 2012
Roxy-Pacific posts net profit rise
By Romesh Navaratnarajah: Roxy-Pacific Holdings Limited posted an eight percent growth in net profit to S$17.7 million for the second quarter. The rise was mainly attributed to a 13 percent uptick in topline to S$52.7 million compared to S$46.7 million in Q2 2011. Improved turnover was buoyed by...
Continue Reading • 3 Aug 2012
Singapore to become a city in a garden: URA
By Romesh Navaratnarajah:In a bid to improve the quality of living in Singapore, the Urban Redevelopment Authority (URA) will implement creative strategies to tap on Singapore’s key natural assets, according to a report by Singapore Business Review. Under its “City in a...
Continue Reading • 3 Aug 2012
UOB pioneers on the spot home loan approval service
By Romesh Navaratnarajah: United Overseas Bank Limited (UOB) has launched a new service that helps genuine home buyers secure an immediate decision on their home loan application. A first in Singapore, buyers visiting a showflat can obtain instant confirmation on their loan eligibility...
Continue Reading • 3 Aug 2012
CBRE, JLL boost Q2 profit
By Romesh Navaratnarajah: CBRE Group and Jones Lang LaSalle (JLL), two of the leading global real estate services firms have posted higher profits for Q2 2012, although both warned that the real estate industry is affected by global economic conditions. CBRE’s earnings during the period,...
Continue Reading • 2 Aug 2012
UK launches cheap loan scheme
By Romesh Navaratnarajah: The Bank of England’s new Funding for Lending scheme has sharply reduced the cost of long-term, fixed-rate mortgages for borrowers with a minimum deposit of 40 percent. Designed to give lenders access to funds at low interest rates, the scheme enables small...
Continue Reading • 2 Aug 2012
PropertyGuru scores record growth in first half
By Romesh Navaratnarajah:PropertyGuru, Asia’s leading property portal group, achieved a 62 percent growth in business leads generation for its clients and partners in 1H2012.The strong growth benefits the company’s over 21,000 paying real estate agents and developer advertisers, which...
Continue Reading • 2 Aug 2012
424 PropNex salespersons rewarded for service excellence
By Romesh Navaratnarajah:PropNex Realty today recognised 424 salespersons who have exhibited service excellence and demonstrated determination, loyalty and commitment to the company. Held in conjunction with the company’s Quarterly Convention at Kallang Theatre, the PropNex Ambassador...
Continue Reading • 2 Aug 2012
S'pore projects boost CapitaLand's net profit
By Romesh Navaratnarajah: Property developer CapitaLand posted a net profit of S$519.1 million for 1H2012, up 3.7 percent over the same period last year. The group also achieved an 11.2 percent growth in revenue to S$1,503.6 million, buoyed by an increase in shopping mall revenue, fee-based...
Continue Reading • 2 Aug 2012
URA grants provisional permission to several projects
By Cheryl Tay: The Urban Redevelopment Authority (URA) awarded provisional permission (PP) to several large projects in the second quarter, including two mega developments by M+S Pte Ltd, a tie-up between Temasek Holdings and Malaysia's Khazanah Nasional.In April, M+S received PP for a mixed...
Continue Reading • 2 Aug 2012