Few bright spots in housing market
By Romesh Navaratnarajah: While recent property measures implemented by the government to cool the market are working, Minister for National Development Khaw Boon Wan said that much more can be done. He noted that the government will ease the public housing crunch gradually, adding that queues...
Continue Reading • 4 Jun 2012
APREA launches China Chapter
By Romesh Navaratnarajah:To cater to the needs of its members in China, the Asia Pacific Real Estate Association (APREA) has established the APREA China Chapter.The ninth APREA chapter was launched in line with the firm’s strategy of operating on a decentralised basis, with local...
Continue Reading • 1 Jun 2012
Low US mortgage rates drawing short-term borrowers
By Romesh Navaratnarajah: More property owners in the US are taking on short-term loans following the decline in mortgage rates. The latest survey by Freddie Mac revealed that traditional 30-year fixed-rate loans fell for the fifth consecutive week to 3.75 percent from last week’s 3.78...
Continue Reading • 1 Jun 2012
Majority support Bishan nursing home plan, says MP
By Romesh Navaratnarajah: The majority of residents in Bishan are in favour of the Ministry of Health’s (MOH) plan to build a nursing home at Bishan Street 13, according to Wong Kan Seng, MP for Bishan-Toa Payoh GRC.“My view is that a great majority of the residents who attended the...
Continue Reading • 1 Jun 2012
Singapore slips in competitiveness rankings
By Romesh Navaratnarajah: Singapore’s ranking has slipped in the latest global competitiveness rankings compiled by Swiss business school IMD. According to the annual World Competitiveness Yearbook’s (WCY) ranking, Singapore’s position this year was pulled down by several...
Continue Reading • 31 May 2012
UK mortgage approvals rise, but uncertainty remains
By Romesh Navaratnarajah: Home loan approvals in the UK climbed in April on the back of record low interest rates, which sustained some demand for housing during the seasonal spring home-buying period. According to the Bank of England (BoE), lenders granted 51,823 mortgages in April as compared...
Continue Reading • 31 May 2012
CBRE to set up international valuation team in Singapore
By Romesh Navaratnarajah: Real estate consultancy CBRE Group will launch an international valuation team in Singapore in a bid to expand its global corporate services business in Singapore and the rest of Asia.Singapore is considered an ideal place given its central geographic location and strong...
Continue Reading • 31 May 2012
Yoma shares jump on Myanmar outlook
By Romesh Navaratnarajah: Yoma Strategic Holdings Ltd (YOMA), a property development and management group with the majority of its assets in Myanmar, has posted its sharpest rise in almost four months in Singapore trading, buoyed by optimism on earnings and development prospects in Myanmar. Yoma...
Continue Reading • 30 May 2012
UEM Land could boost performance with Marina South devt
By Romesh Navaratnarajah: Public Investment Bank has given an ‘outperform’ rating for UEM Land Holdings, despite posting weak results for the first quarter. This is due to the possibility that the developer could become a major player in the billion-dollar Marina South development in...
Continue Reading • 30 May 2012
US mortgage rates fall again
By Romesh Navaratnarajah: Average 30-year fixed-rate mortgages in the US slipped in the latest week, achieving a continued downward trend in recent months. According to Zillow Mortgage Marketplace, 30-year fixed loans dropped to 3.6 percent from 3.63 percent in the previous week due to...
Continue Reading • 30 May 2012
Hongkong Land issues US$500m 10-Year Notes
By Romesh Navaratnarajah: Hongkong Land Holdings Limited announced that its wholly-owned subsidiary, Hongkong Land Company Limited issued 10-year Notes worth US$500 million through its wholly-owned subsidiary, Hongkong Land Finance (Cayman Islands) Company Limited.The Joint Lead Managers and...
Continue Reading • 29 May 2012
Aussie borrowers seek safety in fixed rate loans
By Romesh Navaratnarajah: Australian borrowers are rushing to lock in their mortgages, with the number of fixed-rate loans doubling in the past year. According to a media report, fixed-rate loans now account for 14.5 percent of all new mortgages, the highest level since 2008. The rise in fixed...
Continue Reading • 29 May 2012
CEA coming down hard on rogue agents
By Romesh Navaratnarajah: More rogue agents are expected to surface as public awareness of unregistered property sales people in the market grows.The Council for Estate Agencies (CEA), which regulates the country’s real estate agency industry, is expected to be busy in the coming...
Continue Reading • 29 May 2012
Bishan residents say no to nursing home
By Romesh Navaratnarajah: A group of residents in Bishan are standing up against plans to build a nursing home in the neighbourhood. The 260-bed nursing home will stand six to eight-storeys high on an empty field opposite three blocks of flats in Bishan Street 13.A signed petition by 40 residents...
Continue Reading • 29 May 2012
E&O profits up 260%
By Romesh Navaratnarajah: Eastern & Oriental Berhad (E&O) has reported a strong after-tax profit of RM127.89 million (S$51.79 million) for the financial year ended 31 March 2012, buoyed by strong sales and higher revenue. The Malaysia-listed property developer said that profit for the...
Continue Reading • 29 May 2012
Singapore mortgage data shows cooling measures work
By Romesh Navaratnarajah: Latest figures from Credit Bureau Singapore (CBS) indicate that the government’s cooling measures have been positive. It suggests that consumers with existing home loans are unlikely to apply for more, while those without current mortgages account for a...
Continue Reading • 28 May 2012
KSH Holdings reports full-year profit of S$20.4m
By Romesh Navaratnarajah: Property firm KSH Holdings Limited has posted a full-year net profit of S$20.4 million on the back of S$170.6 million in revenue due to a strong order book of approximately S$467.0 million. “The group remained profitable in FY2012 notwithstanding a challenging...
Continue Reading • 28 May 2012
Property agent jailed for fraud
By Romesh Navaratnarajah: Desmond Tan Hock Heng, a 24-year-old property agent has been sentenced to 12 weeks imprisonment for using fake stamp certificates. This makes him the first agent to be jailed under the Stamp Duties Act. According to a media report, Tan admitted to cheating the...
Continue Reading • 25 May 2012
US mortgage rates hit another low
By Romesh Navaratnarajah: Average 30-year fixed-rate mortgages in the US dropped to its lowest point in four consecutive weeks, leading to a decline in borrowing costs as recovery in the housing market takes shape. According to latest data by Freddie Mac, the average rate for 30-year fixed...
Continue Reading • 25 May 2012
More builders and developers going green
By Romesh Navaratnarajah: A record 24 developers received Green and Gracious Builder Awards this year, reflecting a growing consciousness across the industry to integrate eco-friendly features in property developments.Along this line, Lee Yi Shyan, Minister of State for Trade and Industry and...
Continue Reading • 25 May 2012