Aussie mortgage growth falls short of forecast
By Romesh Navaratnarajah:Mortgage growth in Australia remains at a record low despite recent interest rate cuts, according to new private credit data released by the Reserve Bank of Australia (RBA). Even with a 50 basis point cut in May and 25 basis point cut in June, housing credit climbed...
Continue Reading • 1 Aug 2012
F&N's bid to privatise HK unit fails
By Romesh Navaratnarajah: Fraser & Neave’s (F&N) effort to privatise its Hong Kong-listed unit Frasers Property (China) failed after independent stockholders turned down the deal. The shareholders followed the recommendation of the independent financial adviser (IFA) and...
Continue Reading • 31 Jul 2012
US mortgage rates inch up this week
By Romesh Navaratnarajah: US mortgage rates rose slightly from record lows last week following news that the European Central Bank will implement measures to control borrowing costs in Spain and Greece. Last week, average 30-year fixed rate mortgages fell below 3.5 percent for the first time,...
Continue Reading • 31 Jul 2012
Govt to boost infrastructure for growing population
By Romesh Navaratnarajah:In a bid to meet the needs of Singapore’s growing population, the government plans to increase infrastructure development in the country over the next decade. A report released by the National Population and Talent Division (NPTD) indicated that the government needs...
Continue Reading • 30 Jul 2012
UK lenders market share dips
By Romesh Navaratnarajah: Some of the biggest lenders in the UK are experiencing a decline in mortgage market share, which has increased for several building societies, according to new figures. However, a report from the Council of Mortgage Lenders (CML) revealed that lending is still...
Continue Reading • 30 Jul 2012
Agent's dishonesty costs him S$15,000
By Romesh Navaratnarajah: The Council for Estate Agencies (CEA) has punished another property agent for acting against the interests of his clients with a seven-month suspension and a fine of S$15,000, the highest penalty so far. 34-year old Anthony Su was penalised for a transaction that took...
Continue Reading • 30 Jul 2012
Ascott Reit sees revenue increase to S$78.9m
By Romesh Navaratnarajah: Ascott Residence Trust (Ascott Reit) posted an eight percent rise in revenue to S$78.9 million in Q2 2012, coupled with a four percent increase in gross profit at S$42.7 million. Revenue growth was mainly attributed to contributions from the newly-acquired Citadines...
Continue Reading • 30 Jul 2012
Two property agents punished for misconduct
By Romesh Navaratnarajah: The Council for Estate Agencies (CEA) is taking a tough stance once again, imposing disciplinary action on two rogue property agents. Ronald Pun Siew Hong was charged with sending abusive messages to a woman inquiring about a rental property while Kee Lee Ping failed to...
Continue Reading • 27 Jul 2012
Lacklustre demand for Aussie mortgages despite rate cuts
By Romesh Navaratnarajah: Despite a 125 basis point cut in the interest rate since November, the Reserve Bank of Australia (RBA) has failed to stimulate demand for home loans amid growing concerns of a prolonged decline in the country’s property market. The annual growth of outstanding...
Continue Reading • 27 Jul 2012
UK mortgage approvals hit lowest since Sept 1997
By Romesh Navaratnarajah: Mortgage approvals in the UK fell to its lowest level in 15 years last month, according to a high street banking report. In total, 51,610 mortgage approvals valued at £6.5 billion (S$12.7 billion) were recorded in June, the lowest number of mortgage approvals seen...
Continue Reading • 26 Jul 2012
Roxy-Pacific in JV to acquire Harbour View Gardens
By Romesh Navaratnarajah:RH West Coast, a wholly-owned subsidiary of Roxy-Pacific Holdings, is looking at a joint venture with an independent shareholder and two real estate companies to acquire a freehold residential site at Harbour View Gardens (pictured) along Pasir Panjang Road for S$33...
Continue Reading • 26 Jul 2012
Jones Lang acquires Credo Real Estate
By Romesh Navaratnarajah: Property consultancy Jones Lang LaSalle (JLL) today announced its acquisition of property advisory firm Credo Real Estate.Karamjit Singh (pictured), Credo's Managing Director, said he hopes the move will help his company increase market share both locally and overseas....
Continue Reading • 26 Jul 2012
Singapore is 2nd most financially literate country in Asia Pacific
By Romesh Navaratnarajah: Singapore has been ranked second on the MasterCard Worldwide Index of Financial Literacy, trailing behind Taiwan and New ZealandWith over 6,900 respondents from 14 countries in the Asia Pacific region taking part in the survey, the study touched on three aspects of...
Continue Reading • 25 Jul 2012
US 30-year mortgage drops to 3.35%
By Romesh Navaratnarajah: The 30-year mortgage rate dropped to a new low and has declined consistently for much of the year, according to real-time tracking by property portal Zillow. Based on data from Zillow Mortgage Marketplace, the 30-year fixed mortgage rate fell to 3.35 percent from 3.42...
Continue Reading • 25 Jul 2012
UOB unveils 50-year mortgage
By Romesh Navaratnarajah:With increased demand seen for longer loan packages in Singapore, United Overseas Bank (UOB) recently launched a 50-year mortgage that is applicable for HDB flats and private homes. However, the age ceiling for the loan has yet to be revealed. For leasehold property,...
Continue Reading • 24 Jul 2012
Singapore inflation ticks up in June
By Romesh Navaratnarajah: Singapore’s consumer price index (CPI) for June grew 5.3 percent from last year and was higher than May’s 5.0 percent. The inflation number was also slightly above the 5.2 percent median forecast of 13 economists polled by Reuters. Meanwhile, the Monetary...
Continue Reading • 24 Jul 2012
Dismiss the Nimby syndrome, urges Health Minister
By Romesh Navaratnarajah: Health Minister Gan Kim Yong (pictured) has urged the public to support the building of eldercare facilities in housing estates and do away with the “not in my backyard” (Nimby) syndrome, according to a Straits Times report. He emphasised that these...
Continue Reading • 24 Jul 2012
UK mortgage deal rewards loyalty
By Romesh Navaratnarajah: Santander UK plc, one of the largest mortgage providers in the UK, has introduced a five-year fixed rate mortgage of 2.99 percent exclusively for current account and loyal mover customers.The loan is offered with a £1,495 (S$2,944) fee and is for purchases and...
Continue Reading • 23 Jul 2012
Govt announces S$100m in funding for new elderly care centres
By Romesh Navaratnarajah: The Ministry of Community, Development, Youth and Sports (MCYS) will spend about S$100 million to build up to 40 Integrated Day Facilities (IDF) in Singapore by 2016. First on the list is a three-in-one day care centre for the elderly in Serangoon (pictured) that will be...
Continue Reading • 23 Jul 2012
Aussies changing how they shop for mortgages
By Romesh Navaratnarajah: Australians are changing the way they shop for mortgages – instead of directly approaching major banks, nearly half the home loans in the country are now sourced through mortgage brokers. “The banks and lenders are moving to recognise mortgage brokers as a...
Continue Reading • 20 Jul 2012