Rising prices won't hit Singaporeans hard, minister says
By Romesh Navaratnarajah: Singapore’s inflation rate is tipped to stay at five percent over the next few months before slowing down in the second half of 2012 to reach between 3.5 and 4.5 percent this year, said Lim Hng Kiang, Minister for Trade and Industry. Speaking in Parliament...
Continue Reading • 15 May 2012
Design Studio posts lower Q1 profit
By Romesh Navaratnarajah:Design Studio Furniture Manufacturer Ltd, one of the leading furniture companies, has recorded a decline in net profit to S$4 million in the first quarter of this year, underpinned by lower revenue which fell 16.2 percent to S$24.7 million during the period. The...
Continue Reading • 14 May 2012
US mortgage rates fall to new lows
By Romesh Navaratnarajah:The average rate for both 30-year and 15-year fixed mortgages in the US dropped to new record lows, according to figures released by Freddie Mac.The mortgage buyer said last week that the average rate for 30-year fixed loans fell to 3.83 percent while 15-year mortgages, a...
Continue Reading • 14 May 2012
S'pore developers post weaker property development results
By Romesh Navaratnarajah: Property developer UOL Group has announced that revenue was 59 percent down at S$297.7 million in the first quarter ended 31 March 2012, attributed to a 75 percent revenue drop in its property development segment to S$153.2 million.Net attributable profit for the quarter...
Continue Reading • 14 May 2012
SC Global acquires Bali resort site
By Romesh Navaratnarajah:Tanah Investments Pte Ltd (TIPL), a wholly-owned subsidiary of SC Global Developments, is acquiring a resort development site in Bali for US$32.5 million (S$40.69 million).TIPL will acquire shares in two companies, Lotusvale Ltd and Tannerson Ltd, to form an entity, PT...
Continue Reading • 14 May 2012
UK buy-to-let mortgages up
By Romesh Navaratnarajah:The value of home loans in the UK to fund buy-to-let purchases increased by a third in the first quarter, as the sector becomes attractive to investors due to falling home prices and rising rents. According to latest figures by the Council of Mortgage Lenders (CML), some...
Continue Reading • 11 May 2012
Tiong Seng profit jumps 134% in Q1
By Romesh Navaratnarajah: Mainboard-listed construction and property firm Tiong Seng Holdings Ltd has announced that net profit attributable to equity holders jumped 134 percent to S$5 million in the first quarter, from S$2.139 million over the same period last year.It said the increase in net...
Continue Reading • 11 May 2012
CDL posts 44.5% profit drop
By Romesh Navaratnarajah:Lack of one-off gains from the divestment of The Corporate Office along Robinson Road has led City Developments Ltd’s (CDL) first quarter net profit to drop 44.5 percent to S$156.75 million. However, revenue for the quarter rose 9.4 percent year-on-year to S$846.7...
Continue Reading • 11 May 2012
Issue 11 of The PropertyGuru newspaper out tomorrow
By Romesh Navaratnarajah:The 11th issue of The PropertyGuru, Singapore’s only dedicated property newspaper hits the streets tomorrow.The latest edition, which is distributed across 513 key locations island-wide, features an extensive report on why so many Singaporeans are asset-rich but...
Continue Reading • 10 May 2012
New bright spot for Singapore - China relations
By Romesh Navaratnarajah:Singapore’s Emeritus Senior Minister (ESM) Goh Chok Tong (pictured) and Chinese Premier Wen Jiabao have announced that the bilateral financial cooperation between the two countries for Tianjin Eco-City, Suzhou Industrial Park is progressing well.The two countries...
Continue Reading • 10 May 2012
US mortgage applications up 1.7%
By Romesh Navaratnarajah:The volume of mortgage applications in the US climbed 1.7 percent last week, according to the Mortgage Bankers Association (MBA).Latest figures indicate that the four-week moving average for home loan applications rose 1.1 percent, while refinancing edged up 1.8...
Continue Reading • 10 May 2012
Bofa alerts customers to new mortgage settlement programme
by Cheryl TayBank of America Corp (BofA) has started contacting over 200,000 mortgage customers who may qualify for a mortgage reduction, as part of the settlement programme involving alleged foreclosure abuses.BofA said potential candidates will start receiving letters this week, asking them to...
Continue Reading • 9 May 2012
Wing Tai's Q3 profit down 74%
by Cheryl TaySingapore property and lifestyle company Wing Tai Holdings has announced that its net profit for the third quarter ended 31 March 2012 slipped 74 percent to S$42.35 million, while revenue dropped 69 percent to S$128 million.Gross revenue for the quarter also declined 73 percent to...
Continue Reading • 9 May 2012
CapitaLand announces increase in deemed interest in Ascott Trust
by Cheryl TayCapitaLand Limited announced a more than one percent increase in its deemed interest in the Ascott Residence Trust (Ascott Trust).From 48.49 percent, which comprised 544,639,785 units as reported on 31 March last year, the deemed interest grew on 4 May to 49.02 percent, which...
Continue Reading • 9 May 2012
CEA reminds agents of proper conduct
by Cheryl TayFollowing a series of complaints regarding unprofessional conduct, the Council for Estate Agencies is clamping down on aggressive and questionable marketing strategies used by some property agencies.According to the Straits Times, the CEA recently called on agency bosses to remind...
Continue Reading • 9 May 2012
S'pore's inflation rate worrying, says ING economist
by Cheryl TayEconomic growth in Asia will likely pick up in the second quarter, as Europe recovers from its worst debt crisis, according to a senior economist at Dutch ING Bank.In Singapore, economic growth will pick up at the end of the year, expanding 2.7 percent, at the higher end of the one...
Continue Reading • 9 May 2012
MAS to act decisively to control inflation
By Romesh Navaratnarajah:The Monetary Authority of Singapore (MAS) should implement policies that react “decisively” to control short-term inflation driven by strong demand. However, the policies should restrain, and not quash price pressures caused by long-term supply constraints,...
Continue Reading • 8 May 2012
Wells Fargo gains market share as competitors retreat
By Romesh Navaratnarajah: Wells Fargo & Co. (WFC), one of the leading mortgage companies in the US, has surpassed its market share record due to cutbacks by its competitors, and not because of its own actions, according to Scott Simon, Mortgage-debt Head of California-based Pacific Investment...
Continue Reading • 8 May 2012
URA ties up with Abu Dhabi's UPC
By Romesh Navaratnarajah:The Urban Redevelopment Authority (URA) has tied up with the Abu Dhabi Urban Planning Council (UPC) to exercise joint efforts in the land use and urban planning sector.Under a newly-signed Memorandum of Understanding (MOU), the two government bodies agreed to engage in...
Continue Reading • 8 May 2012
Golden opportunity for Aussie borrowers
By Romesh Navaratnarajah:Home loan borrowers in Australia should maintain their repayments at higher rates and pay their mortgages sooner as this could lead to a golden opportunity, said Damian Smith, CEO of RateCity.“It's the best financial decision that they could make on a...
Continue Reading • 7 May 2012