UK mortgage repayments to rise
By Romesh Navaratnarajah:Mortgage repayments in the UK are expected to rise in May, as lenders increase their standard variable rates (SVRs), leaving many borrowers locked into expensive deals. While the Bank of England’s base rate remains unchanged, Halifax’s SVR will increase by...
Continue Reading • 23 Apr 2012
Growing number of Chinese developers going bust
By Romesh Navaratnarajah:More small Chinese property developers have declared bankruptcy due to the cooling measures aimed at curbing house prices in the country, according to The Business Times.Unable to pay back debt, Guangdong-based Guangdeye Property Development has filed for bankruptcy,...
Continue Reading • 23 Apr 2012
GuocoLand recovers from poor performance
By Romesh Navaratnarajah:GuocoLand, a wholly-owned property subsidiary of Hong Leong Group, has posted a net profit of S$162,000 for the third quarter ended 31 March 2012, a reversal from the net loss of S$920,000 recorded over the same period last year. The company said revenue for the quarter...
Continue Reading • 23 Apr 2012
Singapore-Malaysia RTS close to reality
By Romesh Navaratnarajah:The proposed Rapid Transit System (RTS) connecting Singapore and Johor Bahru in Malaysia may soon become a reality, as both governments are expected to appoint a foreign consultant that will conduct a detailed survey of the project.According to The Business Times...
Continue Reading • 20 Apr 2012
UK mortgage fees on the rise
By Romesh Navaratnarajah:Average mortgage fees in the UK have soared 27 percent to £1,502 (S$3,016) since 2009, according to research done by Moneyfacts.co.uk.“The number of mortgage deals has increased but fees are at their highest since our records began, so consumers need to check...
Continue Reading • 20 Apr 2012
Malaysia's mortgage market in rapid decline?
By Romesh Navaratnarajah:Mortgage applications and approvals in Malaysia fell by 18 percent and 27 percent respectively in February compared to last year’s peak. This was attributed to stricter lending guidelines, heightened economic uncertainties and weaker consumer sentiment. According to...
Continue Reading • 19 Apr 2012
Foreign investors must now work harder for PR status
By Romesh Navaratnarajah:Singapore has tightened its criteria for the Global Investor Programme (GIP), which targets foreign investors applying for permanent residency in the country.Administered by the Economic Development Board (EDB) and the Ministry of Manpower through Contact Singapore, GIP...
Continue Reading • 19 Apr 2012
Housing Developers Rules may not be practical, say experts
By Romesh Navaratnarajah:Following yesterday’s amendments to the Housing Developers Rules (HDR) which take effect on 18 May for all new projects, some market watchers have raised concerns that they may not be practical. According to Lee Sze Teck, Senior Manager of Research and Consultancy...
Continue Reading • 19 Apr 2012
Keppel Land profit jumps 70%
By Romesh Navaratnarajah:Property developer Keppel Land has recorded a 70 percent jump in its Q1 profit to S$141.9 million, from S$83.3 million in the previous year. Earnings of its property trading segment grew 210.2 percent to S$133.4 million, from S$43 million last year. This was mainly due to...
Continue Reading • 19 Apr 2012
Govt tightens rules on property developers
By Romesh Navaratnarajah:With effect from 18 May 2012, property developers will have to abide by revisions made to the Housing Developers Rules (HDR), said the Urban Redevelopment Authority (URA) today. The changes aim to promote transparency in the real estate sector and enable home buyers...
Continue Reading • 18 Apr 2012
UK mortgage fraud up 8% last year
By Romesh Navaratnarajah:Fraudulent mortgage applications in the UK rose eight percent year-on-year in 2011, as financially stressed borrowers falsified their employment status and tried to conceal their bad credit. A new study by Experian shows that 34 in every 10,000 mortgage applications...
Continue Reading • 18 Apr 2012
Singapore the most liveable city for Asian expats
By Romesh Navaratnarajah:Once again, Singapore has been named the world’s most liveable city for Asian expats, with its low crime rate and excellent infrastructure as key factors, according to the latest survey by ECA International.Singapore retained its top spot out of 265 locations...
Continue Reading • 18 Apr 2012
Remortgage demand in US may lead to lower rates
By Romesh Navaratnarajah:Remortgage demand will likely increase in the US, which could lead to affordable mortgage rates in the coming months.According to a report, many lenders are raising their standard variable rates (SVR), leading homeowners who shifted to their lender’s SVR to make a...
Continue Reading • 17 Apr 2012
Aussie borrowers face challenges after ANZ rate rise
By Romesh Navaratnarajah: Australian borrowers are facing more challenges, with big banks considering whether to follow the latest move by ANZ bank to increase standard variable interest rates outside the Reserve Bank's cash cycle.In a move to ease the country’s “high cost of...
Continue Reading • 16 Apr 2012
Singapore economy speeds up in Q1
Singapore’s economy grew 9.9 percent in the first three months of 2012, leading the Monetary Authority of Singapore (MAS) to raise its inflation forecast for the year to between 3.5 and 4.5 percent, from the current 2.5 to 3.5 percent.On a year-on-year basis, the economy grew 1.6 percent...
Continue Reading • 13 Apr 2012
US mortgage rates fall to lowest this week
Average fixed rate mortgages in the US fell to its lowest level this week, with the rates of 30-year and 15-year loans falling to 3.88 percent and 3.11 percent respectively.Mortgage buyer Freddie Mac said this was due to low yield on the 10-year Treasury note, which is a benchmark for mortgages....
Continue Reading • 13 Apr 2012
Aussie mortgage approvals dip further
Mortgage approvals in Australia have declined for two straight months, resulting in more pressure on the central bank to slash interest rates as consumer confidence weakens. According to data released by the Australian Bureau of Statistics, the number of home loans approved for building and...
Continue Reading • 12 Apr 2012
Oxley Holdings unit acquires McDonald's Place
The iconic McDonald's Place (pictured) at the junction of Clementi Road and Bukit Timah Road has been sold to Oxley Sanctuary, a wholly-owned subsidiary of Oxley Holdings, for approximately S$150 million (S$2,918 psf).Oxley said the acquisition price was decided on a willing-buyer-willing-seller...
Continue Reading • 12 Apr 2012
UK mortgage rate increase could affect homeowners
UK property owners, faced with the possibility of repossession in case mortgage costs increase, should carefully observe the loan rate trend, warned MoneySupermarket.com.A study by the mortgage price comparison portal reveals that the costs of two- and five-year fixed-rate loans are inching...
Continue Reading • 11 Apr 2012
Foreign buyers restricted when buying properties: Lim
Lim Hng Kiang, Minister for Trade and Industry, gave a reminder that foreigners are not allowed to own HDB or EC units in Singapore. Additionally, they cannot acquire private landed properties, as only Singapore citizens and permanent residents (PRs) are allowed to do so.The minister said this in...
Continue Reading • 11 Apr 2012