S'pore millionaires have no problems getting home loans
By Romesh Navaratnarajah: The Internet has been buzzing lately with news that Facebook founder Mark Zuckerberg acquired a loan to refinance his US home, with many wondering why a billionaire such as himself would take out a loan when he can buy the property outright. Interestingly, the practice...
Continue Reading • 19 Jul 2012
Lower mortgage rates spreading in Chinese cities
By Romesh Navaratnarajah: More banks in China are providing mortgage discounts. For instance Zijin Rural Commercial Bank in Nanjing is offering a 20 percent discount and preferential loan rate for clients who are not quality customers of the bank. Meanwhile, banks offering a 15 percent discount...
Continue Reading • 19 Jul 2012
Keppel Land enjoys huge profit surge
By Romesh Navaratnarajah: Keppel Land has boosted its net profit by 76.8 percent to S$236.6 million in 1H2012. In a statement, the developer attributed the strong growth to contributions from property trading, higher fund management earnings and improved performance from K-Reit Asia. Property...
Continue Reading • 19 Jul 2012
Are we Singa-poor?
By Romesh Navaratnarajah and Cheryl Tay: Why more Singaporeans are asset-rich but cash-strapped. A common gripe amongst many Singaporeans is that they have to spend their savings to pay off home loans and by the time they retire, they find themselves struggling financially as their savings have...
Continue Reading • 18 Jul 2012
PropertyGuru a content provider for SingTel's NewsLoop
By Romesh Navaratnarajah: Property news junkies now have a new way to access editorial content from PropertyGuru, Singapore’s leading property website with the launch of SingTel’s NewsLoop, a ground-breaking e-Reader app for iPad that offers the largest selection of Singapore news,...
Continue Reading • 18 Jul 2012
Why does billionaire Mark Zuckerberg need a loan?
By Romesh Navaratnarajah: Facebook founder Mark Zuckerberg (pictured) recently refinanced his Palo Alto home near the company’s headquarters with a 30-year 1.05 percent adjustable mortgage rate.This has left many wondering why a billionaire such as himself, valued at around $15.6 billion...
Continue Reading • 18 Jul 2012
HSBC ramps up UK mortgage funding
By Romesh Navaratnarajah: HSBC has approved over £10.6 billion (S$20.83 billion) worth of UK mortgages in 1H2012, up 16 percent over the same period last year and includes over £2.7 billion (S$5.3 billion) worth of loans for first-time purchases.This is in line with the bank’s...
Continue Reading • 17 Jul 2012
Major Aussie bank maintains mortgage rates
By Romesh Navaratnarajah: Australia and New Zealand Banking Group (ANZ) has announced that its mortgage rate will remain at 6.9 percent, following the Reserve Bank of Australia’s (RBA) decision not to reduce the cash rate this month.The move to maintain the lending rate was driven by the...
Continue Reading • 16 Jul 2012
56 rogue agents from ECG could get the boot
By Romesh Navaratnarajah: ECG Property may fire 56 of its property agents who violated regulations set by the Council for Estate Agencies (CEA).The errant agents were either caught moonlighting or using client information from the company’s database to sell other products, according to Eric...
Continue Reading • 16 Jul 2012
UK lenders cut mortgage rates
By Romesh Navaratnarajah: UK lenders are expected to cut their five-year fixed-rate mortgages due to a sharp decline in swap rates amid an upcoming scheme that will make more cash available to households and businesses. The “funding for lending” scheme from the Bank of England and...
Continue Reading • 13 Jul 2012
35% drop in US mortgage fraud cases
By Romesh Navaratnarajah: Cases of residential mortgage fraud in the US done in collusion with mortgage industry professionals dropped 35 percent between 2010 and 2011, according to the LexisNexis Risk Solutions Mortgage Fraud Report.The report tracked actual cases of mortgage fraud or...
Continue Reading • 12 Jul 2012
Companies must maintain Singapore's reputation in China: PM
By Romesh Navaratnarajah: Although China keeps an open door for Singapore companies, they must still possess and maintain the good reputation of the city-state, according to Prime Minister Lee Hsien Loong.“Every year, another one percent of the Chinese population move from rural areas to...
Continue Reading • 11 Jul 2012
Fixed-rate mortgage in demand despite cheaper tracker-rate loans
By Romesh Navaratnarajah: Several experts believe that fixed-rate mortgages will still be popular in the UK even though tracker-rate mortgages are currently cheaper due to the Bank of England’s record low base rate of 0.5 percent.Borrowers think that paying a premium for a fixed-rate...
Continue Reading • 11 Jul 2012
CapitaLand to acquire S$359m property from Ascott Residence Trust
By Romesh Navaratnarajah: CapitaLand, the largest property developer in Southeast Asia, has announced that it will acquire Somerset Grand Cairnhill (pictured) from associate Ascott Residence Trust for S$359 million. The property will be jointly redeveloped by CapitaLand Residential Singapore and...
Continue Reading • 10 Jul 2012
Big names sign up for awards
By Andrew Batt:Singapore’s Far East Organization and Malaysia’s Sunway Integrated Properties have signed up as industry sponsors for the South East Asia Property Awards 2012.“Far East Organization is delighted to sponsor this year’s South East Asia Property Awards, which...
Continue Reading • 9 Jul 2012
15% discount on mortgages reappears in Shanghai
By Romesh Navaratnarajah: First-time home buyers in Shanghai can now enjoy greater mortgage rate discounts from several banks, according to a financial report by cs.com.cn. The Industrial and Commercial Bank of China, China Construction Bank and Agricultural Bank of China, together with other...
Continue Reading • 9 Jul 2012
US mortgage rates fall to new record lows
By Romesh Navaratnarajah:Average mortgage rates in the US dropped again this week breaking previous record lows. This is due to a contraction in the manufacturing sector and lower consumer spending. According to mortgage giant Freddie Mac, the 30-year fixed-rate mortgage rate fell to 3.62...
Continue Reading • 6 Jul 2012
HK mortgage numbers shrinking
By Romesh Navaratnarajah: The number of new mortgages in Hong Kong has fallen, with the government yet to reveal its concrete policies on housing and more new properties yet to be launched, according to media reports. In H1 2012, new mortgages declined by 24.5 percent to 37,587 over...
Continue Reading • 5 Jul 2012
Two major shareholders cut stake in ARA Asset
By Romesh Navaratnarajah: ARA Asset Management has announced that its two biggest shareholders, CEO John Lim and Hong Kong billionaire Li Ka-shing’s Cheung Kong Holdings, have reduced their stakes in the Singapore-listed company. JL Investment Group, a company controlled by Lim,...
Continue Reading • 5 Jul 2012
High Court says investors must pay for condo units
By Romesh Navaratnarajah: The High Court rejected a request made by a group of ARA investors to suspend the payments for 10 apartments they purchased at the luxury Grange Infinite condominium (pictured). The case had been brought to court last year, with investors claiming the units they bought...
Continue Reading • 5 Jul 2012