S'pore has least happy millionaires in Asia
By Andrew Batt: Singapore, Hong Kong and South Korea are home to Asia's least happiest millionaires while those in Malaysia, Indonesia and Thailand are the most contented, according to a new report. The findings, part of the Futurepriority Report 2012 published by Scorpio Partnership and...
Continue Reading • 25 May 2012
Inflation hits 4-month high: MAS
By Romesh Navaratnarajah: The Monetary Authority of Singapore (MAS) has announced that inflation climbed to a four-month high in April, following simultaneous increases in housing and transport costs. In a statement, the MAS said that the consumer price index grew 5.4 percent in April compared to...
Continue Reading • 24 May 2012
UK mortgage activity up 16%
By Romesh Navaratnarajah:Home loan activity in the UK remains relatively strong despite the volatile economy and mortgage rate increases, according to the National Mortgage Index by the Mortgage Advice Bureau (MAB).The index shows that mortgage activity remains strong with year-on-year figures...
Continue Reading • 24 May 2012
BofA to buy back S$330m of loans from Freddie Mac
By Cheryl Tay:Bank of America Corp, the second-biggest lender in the US, will buy back US$330 million (S$421.55 million) of mortgages from Freddie Mac, after flaws were discovered in how they were made.Dan Frahm, a company spokesman, said the payments on most of the loans are current. Meanwhile,...
Continue Reading • 23 May 2012
Singapore remains Asia's top convention city for 2011
By Cheryl Tay:Singapore has retained its position as Asia’s top convention city for 10 straight years, according to the latest global rankings by the International Congress and Convention Association.Singapore is also the only Asian city among the top five convention cities worldwide,...
Continue Reading • 23 May 2012
More Aussie borrowers switching lenders
By Romesh Navaratnarajah: Home buyers in Australia have been refinancing their loans at the fastest pace in four years, with many taking advantage of better deals, according to recent data. March saw the biggest number of home loan refinancing deals since 2008, with 17,756 renegotiated contracts....
Continue Reading • 22 May 2012
Ascott launches mobile sites for people on the go
By Romesh Navaratnarajah: In a bid to further enhance consumers’ search and reservation experience, Ascott Limited (Ascott) has launched three mobile versions of its three brand websites. CapitaLand’s wholly-owned serviced residence business unit unveiled www.the-ascott.com,...
Continue Reading • 22 May 2012
Singapore a safe haven for investors
By Romesh Navaratnarajah: Singapore has been ranked as the third safest country in the Asia Pacific to invest, behind Australia and Hong Kong, according to Dun & Bradstreet's Global Risk Indicator (GRI).The report revealed that Singapore’s ranking was boosted by its stable risk profile...
Continue Reading • 22 May 2012
UK mortgage holders feeling the squeeze
By Romesh Navaratnarajah: The slowing income growth and rising mortgage rates coupled with high inflation led to a sharp decline in UK consumer spending power last month. According to one report, consumers are more than £100 (S$201) worse off than during the same period in 2011, while a...
Continue Reading • 21 May 2012
IPC acquires another condo site in Japan
By Romesh Navaratnarajah: IPC Corporation is looking to develop its sixth condominium project in Japan with the acquisition of a land parcel in Oiso, Kanagawa prefecture.According to a media report, the Oiso project will comprise of 75 units housed in a three-storey tower. It is located...
Continue Reading • 18 May 2012
UK mortgage lending tightens further
By Romesh Navaratnarajah: Millions of homeowners across the UK are facing more mortgage hikes as a direct result of the Eurozone debt crisis.Several lenders are also imposing ‘stealth’ changes to their mortgage range, making it harder for borrowers to qualify for loans. Since the...
Continue Reading • 18 May 2012
Residents protest over planned condo in Upper Bukit Timah
By Romesh Navaratnarajah: A group of residents in Upper Bukit Timah are protesting over a planned condo development in a secondary forest site at their neighbourhood. They are concerned that the buildings may be taller than their low-rise homes, thus blocking the scenic views. Construction could...
Continue Reading • 18 May 2012
New rules pose challenges for developers
By Romesh Navaratnarajah:The majority of developers are ready to comply with the new rules set to begin this Friday requiring them to be more transparent when marketing projects. However, some are finding it hard to prepare given the limited time after the change was announced a month ago. Media...
Continue Reading • 18 May 2012
Singapore economy at risk from Eurozone crisis
By Romesh Navaratnarajah:Increased risk is expected to pose new threats to Singapore’s economy should the Eurozone crisis get out of control, warned the government. As a result, the Ministry of Trade and Industry (MTI) has kept its growth forecast at one to three percent this year, while...
Continue Reading • 18 May 2012
China's big four see new home loans stall
By Romesh Navaratnarajah: China’s big four state-owned banks have recorded little to no new home loan growth in the first half of May from the same period in April, indicating a slowdown in the world’s second largest economy. According to a media report, new loans at two of the banks...
Continue Reading • 17 May 2012
ResCap to quit financing US$1.7b in mortgages
By Romesh Navaratnarajah:Residential Capital LLC (ResCap), the bankrupt mortgage firm indirectly owned by the US government, has won court approval to stop financing US$1.7 billion (S$2.15 billion) in loans to conserve cash.“I consider this to be a fairly important matter,” said US...
Continue Reading • 16 May 2012
Far East nabs award for Hillvista project
By Romesh Navaratnarajah:Property developer Far East Organization has clinched the prestigious FIABCI (International Real Estate Federation) Prix D'Excellence award in the residential category for its Hillvista development (pictured).This is the seventh time that it has won the award which...
Continue Reading • 16 May 2012
Keppel-GK Eco Village houses 60 poor families
By Romesh Navaratnarajah: A third group of 20 families in the Philippines have received homes at the Keppel-GK Eco Village (pictured), a 60-unit housing development project jointly undertaken by Keppel Group, the charity organisation Gawad Kalinga (GK) and the local government of the Municipality...
Continue Reading • 15 May 2012
Aussie mortgage approvals up in March
By Romesh Navaratnarajah:Home loan approvals in Australia rebounded unexpectedly in March, as more buyers took advantage of the central bank’s back-to-back reduction in mortgage rates late last year. According to data released yesterday by the statistics bureau, the number of loans approved...
Continue Reading • 15 May 2012
PropertyGuru unveils new brand identity for Malaysia
By Romesh Navaratnarajah:PropertyGuru Group, the leading property portal in Asia, announced today that two of its existing property sites in Malaysia – HomeGuru.com.my and Fullhouse.com.my, will now be officially called PropertyGuru.com.my. The consolidation and rebranding will make it...
Continue Reading • 15 May 2012