Shorten leases to lower flat prices, say MPs
HDB units should be sold on shorter lease terms to make them affordable for low-income families and younger people, according to MP Gan Thiam Poh of Pasir Ris-Punggol GRC.He revealed that rising home prices have alarmed many couples and upgrading families, while noting a “worrying”...
Continue Reading • 29 Feb 2012
Ho Bee's full-year results weak
Singapore-listed property firm Ho Bee Investment Ltd has posted a 39 percent drop in net profit to S$202.5 million for the financial year ended 31 December 2011, with revenue also falling 43 percent to S$341.5 million.The company said the decline was attributed to “the higher revenue...
Continue Reading • 29 Feb 2012
US FHA to hike mortgage premiums
The US Federal Housing Administration (FHA) will raise the insurance premiums that it charges to borrowers in an effort to bolster its capital reserves.Starting 1 April, the FHA, which is the country’s biggest insurer of low-down payment mortgages, will hike its up-front insurance premium...
Continue Reading • 28 Feb 2012
Design Studio posts robust results
Design Studio Furniture Manufacturer Ltd, one of the leading furniture companies in Singapore, has recorded a net profit of S$15.3 million on the back of S$93.2 million in revenue for the financial year ended 31 December 2011.“We are delighted to deliver our 21st consecutive quarter of...
Continue Reading • 27 Feb 2012
Climb stairs to keep fit and stay healthy, says Khaw
Minister for National Development Khaw Boon Wan (pictured) has urged HDB residents to keep fit by taking the stairs. In his most recent blog post titled ‘Eat Less, Move More’, Mr Khaw encouraged readers to find other ways to stay fit, citing an email from a 60-year old Singaporean as...
Continue Reading • 27 Feb 2012
US mortgage relief doomed?
The Mortgage Forgiveness Debt Relief Act in the US will expire in 10 months and this could affect many borrowers, as there are early indications in the US congress that the law may not be renewed. The law allows homeowners who have acquired principal reductions on their mortgages as a result of...
Continue Reading • 27 Feb 2012
SC Global's Q4 revenue down 56%
Mainboard-listed developer SC Global has recorded a 56 percent drop in Q4 revenue to S$88.7 million, from S$200.6 million over the same period last year, attributed to lower revenue contributions from its development projects, including Martin No. 38 and Seven Palms (pictured).Gross profit during...
Continue Reading • 27 Feb 2012
UOL posts strong results for 2011
Fuelled by strong growth across all business operations, UOL Group’s profit before fair value and other gains/losses surged 32 percent to S$727.8 million in the full-year ended 31 December 2011.Pre-tax profit rose two percent to S$904.4 million, while attributable profit before fair value...
Continue Reading • 27 Feb 2012
Singapore's inflation eases to 4.8%
Singapore’s inflation rate eased to 4.8 percent in January from 5.5 percent in December, marking the first time that price rises fell under five percent since May last year, according to the Monetary Authority of Singapore (MAS).The decline was attributed to lower COE (Certificate of...
Continue Reading • 24 Feb 2012
US mortgage rates climb slightly
Average 30-year fixed-rate mortgage rates in the US climbed after standing pat for three consecutive weeks, but stayed below four percent for the 12th straight week, according to the Washington Post.Freddie Mac said the average rate on 30-year mortgages soared to 3.95 percent, up from 3.87...
Continue Reading • 24 Feb 2012
Chip Eng Seng suffers 58% decline in revenue
Construction and property firm Chip Eng Seng has recorded a 28 percent decline in net profit for the fourth quarter ended 31 December 2011, with revenue sliding 58 percent to S$57.5 million.The company also recorded S$2.7 million in losses from its stake in associates in Q4, compared to a share...
Continue Reading • 23 Feb 2012
Aussie mortgage standards high
Australia’s mortgage lending standards are currently high, but lenders must be vigilant at all times, according to Luci Ellis, Head of Financial Stability at the Reserve Bank of Australia (RBA).“I am pleased to say that I do not currently see signs of widespread lax lending practices...
Continue Reading • 23 Feb 2012
Wheelock's Q4 revenue down 55.9%
Despite revenue declining 55.9 percent to S$55.7 million, Wheelock Properties managed to achieve a 3.2 percent year-on-year increase in net profit to S$121 million in the fourth quarter of last year.However, gross profit for the quarter dropped 52.3 percent to S$34.8 million, offset by an 81.8...
Continue Reading • 22 Feb 2012
OUE records healthy 2011 results
Mainboard-listed integrated property developer Overseas Union Enterprise Limited (OUE) has posted a revenue increase of 54.2 percent to S$332.4 million for the financial year ended 31 December 2011, driven by higher contributions across all its business divisions.OUE’s hospitality division...
Continue Reading • 22 Feb 2012
US mortgage delinquencies, defaults down in January
Mortgage delinquency rate in the US dropped 2.2 percent in January, while mortgage defaults plummeted 2.16 percent last month, from 2.24 percent in DecemberThis kicks off the year on a good start, as both delinquencies and defaults resumed their downward trend after several months of increasing...
Continue Reading • 22 Feb 2012
UK mortgage lending down in January
Mortgage lending in the UK dropped 14 percent to £10.5 billion (S$20.96 billion) in January, from £12.2 billion (S$24.35 billion) in the previous month. However, the figure for January was still 10 percent higher compared to £9.5 billion seen during the same period last year,...
Continue Reading • 21 Feb 2012
Tiong Seng's annual revenue soars 64%
Mainboard-listed construction and property group Tiong Seng Holdings Ltd. has announced that revenue for the full year ended 31 December 2011 soared 64 percent year-on-year to S$414.5 million, mainly attributed to higher revenue contributions from all business segments.The company’s...
Continue Reading • 21 Feb 2012
OKP eyeing property and investment opportunities
OKP Holdings Limited, a Singapore-based infrastructure and civil engineering company, plans to diversify into property development and investment this year, including taking on overseas projects which will mark an important change to the group.Last year, OKP clinched several major projects,...
Continue Reading • 21 Feb 2012
Aussie first-timers eager to refinance mortgages
First homeowners in Australia are seeking to refinance their home loans within two years of entering the property market, according to a research by LJ Hooker Finance.The study found that 46 percent of first homeowners are searching for better mortgage deals despite being in the housing market...
Continue Reading • 20 Feb 2012
New CEA rules could result in fewer property agents
The number of real estate agents could decline significantly, as the Council for Estate Agencies (CEA) now requires those who are holding other jobs to secure their employer's consent first, before becoming agents.Several industry watchers said the new rule could result in a drop in property...
Continue Reading • 20 Feb 2012