Myanmar wants Singapore's expertise in property devt
By Romesh Navaratnarajah:In a bid to enhance Myanmar’s urban landscape (pictured), its Minister for Construction, U Khin Maung Myint, expressed his country’s willingness to welcome Singapore firms that are keen on developing hotels, high-end condos and serviced apartments in the...
Continue Reading • 7 May 2012
Illegal short-term rentals on the rise
By Romesh Navaratnarajah:A rising number of homeowners are earning extra income by renting spare rooms to paying guests for a few days, even advertising on short-term accommodation websites. Over the last five years, the practice has become more common on websites like Airbnb, Wimdu, 9flats and...
Continue Reading • 7 May 2012
Top 10 architects, developers recognised at BCI Asia Awards
By Romesh Navaratnarajah:The 10 most active architecture firms and property developers in Singapore will be receiving accolades at the 8th BCI Asia Awards to be held today at the Conrad Hotel. The portfolios of these developers include US$4.64 billion (S$5.77 billion) worth of properties that...
Continue Reading • 4 May 2012
Mortgage rates in US still plunging
By Romesh Navaratnarajah:US mortgage rates are continuing to plunge to record lows, as signs of slow growth create doubts about the strength of the economic recovery.According to latest figures by Freddie Mac, the average rate for 30-year fixed mortgages declined to 3.84 percent for the week...
Continue Reading • 4 May 2012
URA announces Rail Corridor Partnership
By Romesh Navaratnarajah:In a bid to further explore and promote community activities within the Rail Corridor (pictured), the Urban Redevelopment Authority (URA) has established the Rail Corridor Partnership.It is an expansion of the Rail Corridor Consultation Group, which was formed to help the...
Continue Reading • 3 May 2012
Australia's CBA cuts interest rates
By Romesh Navaratnarajah:Commonwealth Bank of Australia (CBA) is slashing its standard variable rate (SVR) on mortgages by as much as 40 basis points to 7.01 percent per annum starting 11 May 2012. It is the second of four big lenders to follow the Reserve Bank's move to cut interest rates by 50...
Continue Reading • 3 May 2012
S'pore the world's 4th best place to live, work
By Romesh Navaratnarajah: Singapore has been named the world’s fourth most desirable place to live and work, according to the latest survey conducted by recruitment firm Hydrogen Group and business school ESCP Europe.The US remained the most popular destination, followed by Britain and...
Continue Reading • 3 May 2012
S'poreans spending habits don't change: MAS
By Romesh Navaratnarajah:Despite the fluctuation in property and stock prices, Singaporeans aren’t changing how they spend, according to a recent macroeconomic report by the Monetary Authority of Singapore (MAS).It noted that the ‘wealth effect’ is not seen in Singapore, as...
Continue Reading • 2 May 2012
UK households hit by mortgage rate hike
By Romesh Navaratnarajah:Millions of homeowners in the UK are facing higher mortgage repayments after several lenders, including Clydesdale, Yorkshire, Halifax and Co-operative raised their interest rates by as much as 0.5 percentage points for existing borrowers.More than 800,000 mortgage...
Continue Reading • 2 May 2012
CapitaLand's profit rises to S$133.2m in Q1
By Romesh Navaratnarajah:CapitaLand, Southeast Asia’s largest property developer, has announced its first quarter results ended 31 March 2012, with net profit increasing by 31.3 percent to S$133.2 million while revenue rose 4.8 percent to S$641.1 million from S$611.5 million over the same...
Continue Reading • 2 May 2012
Tuan Sing Q1 profit grows 23%
By Romesh Navaratnarajah:Mainboard-listed property developer Tuan Sing Holdings has announced that net profit for the first quarter ended 31 March 2012 increased 23 percent to S$6.8 million while revenue during the period hit S$72 million.Revenue from its property business rose to S$27.8 million...
Continue Reading • 2 May 2012
Tiong Bahru residents upset over new F&B outlets
By Romesh Navaratnarajah: Some residents at Tiong Bahru are unhappy over the opening of new F&B establishments close to their homes, reported The Straits Times.Over the last two years, three new shops - 40 Hands, SocialHaus (pictured) and Open Door Policy - have opened on the ground floor of...
Continue Reading • 30 Apr 2012
New UK mortgage scheme to help first-time buyers
By Romesh Navaratnarajah:The UK has introduced a new mortgage scheme that aims to help home buyers who have only a five percent deposit to purchase a newly built property with a value of up to £500,000 (S$1 million). Called the ‘newbuy’ mortgage scheme, it is meant to encourage...
Continue Reading • 30 Apr 2012
Govt keeps eye on ABSD reimbursements
By Romesh Navaratnarajah:Regulators are keeping a close eye on the market as many developers have been reimbursing the ABSD (additional buyer’s stamp duty) in a bid to boost sales. If the practice begins to affect property prices and loan values, the government will intervene. ...
Continue Reading • 30 Apr 2012
US mortgage rates still at record lows
By Romesh Navaratnarajah:The average rate for fixed mortgages in the US slipped over the past week, as the market waits for the Federal Reserve’s decision regarding its monetary policy. According to a survey by mortgage lender Freddie Mac, the average rate for 30-year fixed mortgages stands...
Continue Reading • 27 Apr 2012
Mortgage demand up in Western Australia
By Romesh Navaratnarajah:Mortgage demand in Western Australia climbed by almost eight percent in the first quarter, another sign that Australia’s home prices are rebounding. Latest data shows that mortgage inquiries edged up 1.5 percent last month, the first annual increase since the global...
Continue Reading • 26 Apr 2012
Ascott Reit continues to grow
By Romesh Navaratnarajah:Ascott Residence Trust (Ascott Reit) has recorded a six percent rise in revenue for the first quarter - from S$67.3 million to S$71.6 million, mainly attributed to the S$1.9 million in contribution from Citadines Shinjuku Tokyo as well as stronger performance from its...
Continue Reading • 26 Apr 2012
UK's fixed-rate mortgages drop to two-year low
By Romesh Navaratnarajah: Average five-year fixed-rate mortgages in the UK slipped over the past year, from 5.59 percent to 4.86 percent, triggering a decline in interest from many homeowners as mortgage lenders aim to increase their standard variable rates (SVR) beginning 1 May...
Continue Reading • 25 Apr 2012
Aussie home loan demand picks up
By Romesh Navaratnarajah:Mortgage inquiries in Australia have picked up for the first time in two years, an early indicator that home prices in the country are set to recover in the coming months. According to research by leading data provider Veda, home loan inquiries climbed 1.5 percent in the...
Continue Reading • 24 Apr 2012
Singapore's inflation up 5.2% in March
By Romesh Navaratnarajah: Singapore’s inflation rate grew sharply in March, driven by the rising costs of housing and cars, suggesting that the Monetary Authority of Singapore (MAS) may tighten its monetary policy further in the coming months. According to the latest figures, the...
Continue Reading • 24 Apr 2012