Singapore now has more rich people than Hong Kong
By Romesh Navaratnarajah: Singapore is now home to more wealthy people than Hong Kong, according to a report by RBC Wealth Management and Capgemini. But despite the rise in the number of high-net-worth individuals (HNWIs), the amount of investable wealth they owned declined last year, pulled down...
Continue Reading • 21 Jun 2012
Singapore economy resolute amid global shocks
By Romesh Navaratnarajah: Singapore showed a high level of resilience to global financial shocks, despite its dependence on global trade and finance as well as the openness of its economy. According to Moody’s Investors Service, Singapore’s stable outlook and Aaa sovereign rating are...
Continue Reading • 20 Jun 2012
Elderly UK homeowners losing their golden years?
By Romesh Navaratnarajah: UK homeowners aged 60 and above who are struggling to pay off their mortgages jumped nearly 50 percent in two years, according to the Consumer Credit Counselling Service (CCCS), Britain’s largest debt charity.Records show that phone calls from this age group, which...
Continue Reading • 20 Jun 2012
US mortgage rates hold near record lows
By Romesh Navaratnarajah: Despite the improvement in the US housing sector, mortgage rates are still near record lows, with 30-year fixed mortgages averaging 3.71 percent in the past week, according to Freddie Mac’s weekly survey. According to an article in Smart Money, the mortgage...
Continue Reading • 19 Jun 2012
Singapore investor confidence ticks up
By Romesh Navaratnarajah: Investor confidence in Singapore improved in the second quarter, according to an Investor Attitudes report by Friends Provident International (FPI). The report, based on an online survey of 1,000 investors by ICM Research, revealed a five-point increase to 17 in the...
Continue Reading • 19 Jun 2012
More discounts likely for Beijing's mortgage takers
By Romesh Navaratnarajah: Home buyers in Beijing could enjoy better deals in future, as several Chinese banks are planning to offer mortgages at higher discount rates. The majority of the city’s buyers enjoy a 15 percent discount. The People’s Bank of China (PBOC), the central...
Continue Reading • 18 Jun 2012
30% drop in UK mortgage borrowing
By Romesh Navaratnarajah: Mortgage borrowing in the UK fell 30 percent month-on-month in April to 36,000 loans valued at £5.3 billion (S$10.5 billion), according to the Council of Mortgage Lenders (CML).The sharp drop occurred after the deadline for stamp-duty concession ended on 24 March,...
Continue Reading • 15 Jun 2012
New vision for Kallang
By Cheryl Tay: In a bid to rejuvenate the Kallang area, the Singapore government is keen to review existing development plans for the precinct. Smaller development sites may be integrated into larger ones to transform them into major mixed-use development projects. In addition, the unoccupied...
Continue Reading • 15 Jun 2012
Developers to be cautious on land bids
By Romesh Navaratnarajah: With external volatility being a major concern, the risk appetite for investors is expected to remain low in the near term, noted DBS. Additionally, developers are likely to exercise caution when selecting sites and making land bids. “With the ongoing global...
Continue Reading • 15 Jun 2012
Growth risks loom larger than inflation concerns
By Romesh Navaratnarajah: While economists have upgraded their growth forecasts for the year, inflation is expected to worsen. But figures alone do not reflect the current sentiment of economists who believe that concerns over growth risks are looming larger than inflation. According to a new...
Continue Reading • 14 Jun 2012
CapitaLand to help 5000 needy children
By Romesh Navaratnarajah: CapitaLand Hope Foundation (CHF), the philanthropic arm of property developer CapitaLand, will partner with the Community Development Council (CDC) and the People’s Association (PA) for the second Green for Hope @ CapitaLand initiative. The tie-up aims to reach...
Continue Reading • 14 Jun 2012
Aussie banks slash mortgage rates
By Romesh Navaratnarajah: Major banks such as ANZ, Westpac, CBA and NAB, along with second tier lenders, have reduced their standard variable rates after Australia’s central bank implemented a cash rate cut last week.ANZ slashed its rates by 0.25 percent to 6.8 percent, while...
Continue Reading • 14 Jun 2012
CapitaLand strikes off dormant resort unit
By Romesh Navaratnarajah CapitaLand, Southeast Asia’s largest property group, announced that it has removed its dormant wholly-owned subsidiary, CapitaLand Integrated Resorts (CIR) from the Register of Companies.In a release, CapitaLand Limited noted that the CapitaLand...
Continue Reading • 13 Jun 2012
ASEAN must tackle foreign ownership laws
By Andrew Batt ASEAN countries must do more to tackle foreign property ownership laws or risk losing out to regional counterparts where the buying process is less onerous.Those were the words of Suphin Mechuchep, Managing Director of Jones Lang LaSalle Thailand, who spoke at the recent...
Continue Reading • 13 Jun 2012
Over 10% of UK customers would review their mortgage
By Romesh NavaratnarajahMore than one of ten customers in the UK are planning to pay-off, remortgage or make over payments to their loans in the next 12 months, according to a new research by Clydesdale and Yorkshire Banks.Property owners in the Midlands will most likely to re-examine their...
Continue Reading • 13 Jun 2012
When to pay or not to pay the ABSD
By Romesh NavaratnarajahThe Inland Revenue Authority of Singapore (IRAS) has released further clarification on the properties affected by the additional buyer’s stamp duty (ABSD) in the Fourth Edition of the IRAS e-Tax Guide.With only residential properties and lands included, IRAS defined...
Continue Reading • 13 Jun 2012
Surbana to jointly develop Chengdu residential site with Mitsubishi Estate
By Romesh Navaratnarajah Surbana Corporation will embark on a joint venture (JV) residential development in Chengdu, China with its joint venture partner Mitsubishi Estate Co Ltd (MEC), which is Japan’s largest listed real estate company.The 7.5ha development site is expected to...
Continue Reading • 13 Jun 2012
MND unveils 2H2012 GLS Programme
By: Romesh Navaratnarajah The Ministry of National Development (MND) has unveiled the second half 2012 (2H2012) Government Land Sales (GLS) Programme, which will comprise 15 confirmed list sites and 24 reserve list sites.“These sites can yield about 14,200 private residential units,...
Continue Reading • 13 Jun 2012
China banks likely to cut mortgage rates
By Romesh Navaratnarajah: China’s Central Bank decided to slash its benchmark interest rates last week, with the Guangdong Huaxing Bank being the first bank to cut rates, saying it will offer a 30 percent discount to first-time home buyers.However, the state-owned bank stressed that it will...
Continue Reading • 12 Jun 2012
Tokyo top, Singapore sixth for expats
By Andrew Batt: Tokyo (pictured) has overtaken Luanda as the most expensive city for expatriates according to Mercer’s latest Cost of Living survey. Osaka is in third position, up three places from last year, whereas Moscow remains in fourth and Geneva in fifth positions. Singapore is...
Continue Reading • 12 Jun 2012