US mortgages see record savings over rents
US households with mortgages have experienced higher cost savings relative to rents in at least two decades, according to analysis by Deutsche Bank AG.There is a significant difference between rents and after-tax mortgage payments in proportion to the disposable income, based on data compiled by...
Continue Reading • 15 Mar 2012
HDB makes revision to SERS scheme
The Housing Development Board (HDB) has announced the first revision to the Selective En Bloc Redevelopment Scheme (SERS), in a move to make it more favourable for residents who are forced to relocate, according to a Straits Times report.Under the new tweaks, affected residents will receive...
Continue Reading • 15 Mar 2012
UK to back 95% loans for new homes
UK Prime Minister David Cameron (pictured) was yesterday scheduled to announce state-backed mortgages that will enable home buyers with small cash deposits to acquire loans of up to 95 percent of the value of a newly built house. The government will underwrite part of the mortgages to buyers of...
Continue Reading • 14 Mar 2012
Applicants may abuse new HDB scheme for couples: experts
The new Multi-Generation Priority Scheme (MGPS) by the HDB, which gives more chances for couples to own their own flats if their parents live with them may be abused, warned some property experts.Although it aims to promote multi-generational family living, some could abuse the scheme by bidding...
Continue Reading • 14 Mar 2012
Singapore the 3rd most competitive city
Singapore has been ranked the world’s third most competitive city due to its first-class infrastructure, strong economy and clean environment, according to the latest report published by the Economist Intelligence Unit (EIU).Ranked by the World Bank as the easiest place to do business,...
Continue Reading • 14 Mar 2012
US govt, banks ink US$25b mortgage agreement
The US federal government along with five major banks yesterday reached a US$25 billion (S$31.48 billion) agreement, aimed at boosting the depressed housing market and addressing widespread mortgage abuses.According to a report, the deal which was finalised through court filings requires banks to...
Continue Reading • 13 Mar 2012
URA to announce winning ideas for Rail Corridor soon
The Urban Redevelopment Authority (URA) will announce the winners for the ‘Journey of Possibilities Ideas Competition’ for the Rail Corridor (pictured) on 30 March 2012 at the URA Centre.During the event, winners will share their ideas and innovative solutions to address some of the...
Continue Reading • 13 Mar 2012
Singapore is recession ready, says S&P
With a strong financial standing, effective policymaking and structural reforms, Singapore is in good shape to minimise the impact of a possible recession. The country’s sovereign ratings are expected to remain stable this year but it needs to maintain sizeable reserves as well as flexible...
Continue Reading • 13 Mar 2012
SGBC to certify green furniture
The Singapore Green Building Council (SGBC) has collaborated with Singapore Furniture Industries Council (SFIC) to certify “green” furniture products, marking the first green furniture certification in Asia and a significant milestone for both industries.Valid for three years, the...
Continue Reading • 12 Mar 2012
Moneylenders to be subject to stricter rules
The rules governing moneylending in Singapore will be amended to further improve protection for borrowers.Acting upon the second reading in the Moneylenders Act, the proposed changes will include mandating the use of the effective interest rate (EIR), as opposed to the nominal interest rates...
Continue Reading • 12 Mar 2012
HKMA advises against low mortgage rates
The Hong Kong Monetary Authority (HKMA) has advised various commercial lenders, including Standard Chartered Bank and Wing Hang Bank, against offering mortgages with extremely low interest rates, according to a report by The Standard.Wing Hang Bank reportedly offered mortgages as low as prime...
Continue Reading • 12 Mar 2012
CBRE to hold free property seminar in Singapore
Exceptional rental demand, a booming population and unprecedented government inner-city investment are now the major factors contributing to a promising property outlook in Perth, Australia.In line with this, global commercial real estate services firm CBRE will conduct a free seminar in...
Continue Reading • 12 Mar 2012
Former inmate fleeced by rogue agent
Some families resort to selling their flats just to pay their loans and short-term expenses, something dishonest real estate agents have taken advantage of, said Khaw Boon Wan, Minister for National Development. To illustrate such a concern, Khaw mentioned the case of former prison inmate Ahmad...
Continue Reading • 12 Mar 2012
Lucas Chow appointed CEO at Orchard Parade Holdings
The management of Orchard Parade Holdings Limited (OPHL) will undergo a reshuffle, with Lucas Chow (pictured) appointed as Chief Executive Officer and Managing Director, and Vincent Yik as the new Chief Financial Officer, effective 15 March. Chow already serves as an Executive Director at Far...
Continue Reading • 9 Mar 2012
Rising mortgage rates threaten UK economy
The higher interest rates charged by some UK mortgage providers will likely encourage lenders to do the same in the coming months, posing a threat to the recovering economy.While exports remain weak over the uncertain growth in the Eurozone, the UK economy will mainly depend on consumer spending...
Continue Reading • 9 Mar 2012
Ex-partners take Royal Brothers founder to court
Two ex-business partners have filed a case against Royal Brothers Group co-founder Asok Kumar Naraindas for allegedly cheating them of their rightful share of profits from the Park Regis Singapore (pictured) sale, according to a Business Times report.Former Park Regis Singapore shareholders AMW...
Continue Reading • 8 Mar 2012
New hawker centres planned for 7 towns over next 5 years
Singaporeans can look forward to new hawker centres to be built in seven towns over the next five years, as announced by Grace Fu, Senior Minister of State for the Environment and Water Resources.The towns that will receive one hawker centre each are Yishun, Punggol, Bukit Panjang, Jurong West,...
Continue Reading • 8 Mar 2012
More delays for Profitable Plots investors
A Subordinate Court judge this morning issued another adjournment in the on-going investigation against Singapore’s Profitable Plots Pte Limited.The hearing heard from Defence Council Wendell Wong of Drew and Napier said that the Singapore’s Commercial Affairs Department (CAD) had...
Continue Reading • 8 Mar 2012
Aussie mortgage brokers not expecting further rate hikes
Australian mortgage provider Loan Market believes that major banks in the country will not implement further lending rate increases, after having done so last month.The Reserve Bank of Australia (RBA) maintained its cash rate at 4.25 percent for the second month at its latest board meeting.A poll...
Continue Reading • 8 Mar 2012
UK mortgage fraud down 11% in 2011
The number of mortgage fraud cases in the UK fell 11 percent last year, attributed to the decline in mortgage application fraud, according to a report by CIFAS.However, this type of fraud remains the most common. The CIFAS report said the lack of employment and worries over future prospects may...
Continue Reading • 7 Mar 2012