US mortgage applications surge 23.1%
Mortgage applications in the US rose by more than 20 percent last week, driven by a surge of refinancing demand as interest rates decreased, according to a Mortgage Bankers Association (MBA) survey.The seasonally adjusted mortgage application index that includes both home purchase demand and...
Continue Reading • 19 Jan 2012
HDB studio apartments not suitable for young singles
The Housing and Development Board’s (HDB) studio apartments are not suitable for younger singles, according to National Development Minister Khaw Boon Wan.He explained that the apartments are sold with a short lease period of 30 years, making it ideal for retirees and not for younger...
Continue Reading • 19 Jan 2012
Khaw proves point by releasing median Q4 COV figures
Minister for National Development, Khaw Boon Wan, has taken to his blog to share data on the amount of cash-over-valuation (COVs) paid by different groups of buyers, following his parliamentary response on Monday which caused a lot of controversy. The figures show that private property owners and...
Continue Reading • 19 Jan 2012
Changes in BTO balloting rules to be announced
Minister of National Development, Khaw Boon Wan, hopes to announce changes in the balloting rules for the sales of HDB's built-to-order (BTO) flats to be launched in March. The first batch of HDB’s BTO projects for 2012 will offer 4,000 new homes. The project closed on Tuesday and posted an...
Continue Reading • 18 Jan 2012
UK mortgage payments more affordable now, study says
Mortgage payments in the UK have reached their most affordable levels in 14 years, according to research from Halifax.The average mortgage payments for new borrowers, which include first-time home movers and buyers, stood at 27 percent of disposable income in Q4 last year.This is the lowest level...
Continue Reading • 18 Jan 2012
HDB to set up committee for Rochor compensation
The HDB plans to set up a workforce of grassroot leaders and MPs to examine compensation policies, as well as to help residents affected by the acquisition of Rochor Centre “find the best way out”, according to Khaw Boon Wan, Minister of National Development.Mr Khaw assured MP Denise...
Continue Reading • 18 Jan 2012
Investments into Singapore to remain at 2011 levels
Amid a bleak global economic outlook this year, investments into Singapore will remain around the 2011 levels, according to the Economic Development Board (EDB). EDB expects fixed asset investments (FAI) for 2012 to hit between S$13 billion and S$15 billion, most likely besting last year’s...
Continue Reading • 18 Jan 2012
IRAS clears the air on ABSD
The Inland Revenue Authority of Singapore (IRAS) has made several clarifications on the additional buyer's stamp duty (ABSD) in its revised e-Tax Guide.One concern was the quantum of stamp duty to be paid by a foreigner if a price discount in the form of vouchers and cash rebates were offered by...
Continue Reading • 17 Jan 2012
Helping S'poreans own first flat is a priority, says Khaw
National Development Minister Khaw Boon Wan stressed that the government’s priority is to help Singaporeans own their first HDB flat.“Our priority is to help Singaporean families own their first flat,” he said. “I think our advice to our constituents is we will help you,...
Continue Reading • 17 Jan 2012
Global Logistic raises S$250m through perpetual bonds
Global Logistic Properties (GLP), a unit of the Government of Singapore Investment Corp (GIC), has sold an upsized S$250 million reopening of its 5.5 percent perpetual bonds at the rich end of price talk, according to The Business Times, citing market sources.The report said the notes were sold...
Continue Reading • 17 Jan 2012
Aussie home loan approvals up slightly
The number of approved mortgages in Australia climbed 1.4 percent to 46,953 in November, from a downwardly revised 46,293 in the previous month. According to the Australian Bureau of Statistics (ABS), the total value of home loans grew 2.1 percent on a seasonally adjusted basis to A$20.344...
Continue Reading • 17 Jan 2012
Surbana eyes housing projects in Asia, Middle East
Singapore-based township development company Surbana is eyeing more mass-market housing projects across Asia and the Middle East, according to a report by The Business Times.The company’s expertise in developing HDB projects will be an advantage in meeting the growing demand for affordable...
Continue Reading • 16 Jan 2012
Singapore developers can't count on China
Seeking growth outside Singapore, local developers have aggressively injected capital into China’s residential market over the past five years, but “while stocks initially enjoyed the benefit of the 06/07 China re-rating, they have subsequently been penalised, underperforming domestic...
Continue Reading • 16 Jan 2012
UK home loans should remain low until 2016
Home loans in the UK will remain affordable until 2016, at a base rate of 0.5 percent, according to the Centre for Economics and Business Research, an economic think-tank.Last week, the Bank of England kept mortgage rates at a record low for the 34th consecutive month. “Even when rates go...
Continue Reading • 16 Jan 2012
HK pips Singapore as world's freest economy
Hong Kong has bested Singapore and other economies in terms of trade and financial freedom, clinching the top spot for 18 consecutive years.“Of the 10 economic freedom factors assessed, Hong Kong ranked first in financial and trade freedom, second in investment freedom and property rights,...
Continue Reading • 16 Jan 2012
S'pore all set and ready for 2012, assures PM
Singapore is “prepared and ready for what is going to come” in the Year of the Dragon, assured Prime Minister Lee Hsien Loong.He also noted that despite the expected economic slowdown in Singapore, the government will continue to improve the well-being of Singaporeans in areas like...
Continue Reading • 16 Jan 2012
Construction industry due for overhaul
Singapore’s construction industry needs rebranding and restructuring to ensure sustained growth, despite the industry’s robust outlook for the next three years.“To achieve a breakthrough, we will need to go beyond cosmetic changes so rebranding cannot just be about having more...
Continue Reading • 13 Jan 2012
Singapore companies do better overseas
Singapore companies operating in international markets are reporting better results, with both profit and revenue trending up, compared to those concentrated in the domestic market, according to a survey report by Regus Global Survey, which polled over 12,000 companies globally.“This report...
Continue Reading • 13 Jan 2012
US mortgage applications pick up
US mortgage applications rose 4.5 percent on a seasonally adjusted basis in the week that ended 6 January, according to a survey conducted by the Mortgage Bankers Association of America (MBA), which covers 75 percent of the mortgage market.Refinances increased by 3.3 percent from the previous...
Continue Reading • 13 Jan 2012
S'pore man jailed for posing as property agent
A 45-year-old man became the first person found guilty of pretending to be a real estate agent, without being registered with the Council for Estate Agencies (CEA).Tan Cher Peng was sentenced to four months in jail and a fine of S$32,000 for five charges of violating the Estate Agents Act, as...
Continue Reading • 13 Jan 2012