US mortgage rates hover above record lows
By Romesh Navaratnarajah:Average mortgage rates in the US fell last week but are still higher than the record lows seen earlier this year, according to Freddie Mac. The 30-year mortgage rate slipped to 3.59 percent last week from 3.66 percent previously. Nonetheless, it is still more than the...
Continue Reading • 3 Sept 2012
Upper Changi residents rally against new housing project
By Romesh Navaratnarajah: The development of a cluster housing project on a 1,600 sq m site in Toh Drive has irked residents of a private estate in Upper Changi, with many concerned that the project will create parking issues. The petition, which was presented to Mohamad Maliki Osman, MP for the...
Continue Reading • 3 Sept 2012
Ministry clarifies report on Singapore property taxes
By Romesh Navaratnarajah:In response to a recent article on PropertyGuru entitled ‘Singapore property taxes 2nd highest globally’, the Ministry of Finance has issued a clarification that the report by Savills called ‘World Cities Review’, does not reflect the low property...
Continue Reading • 3 Sept 2012
Agents need protection from malpractice: SingCapital
By Romesh Navaratnarajah:With the Council for Estate Agencies (CEA) coming down hard on the industry, there is a growing need for real estate agents to protect themselves. As estate agents look to renew their license this month, many will also be updating their professional indemnity insurance to...
Continue Reading • 3 Sept 2012
Good finds near Thomson MRT Line
By Romesh Navaratnarajah: Property buyers searching for long-term capital gains are on the lookout for good investments near the Thomson Line (TSL), as the project will likely contribute to a hike in property prices within a 500-m radius. While some estates are already well-positioned to benefit...
Continue Reading • 3 Sept 2012
Govt revises DC rates
By Romesh Navaratnarajah: The Ministry of National Development (MND) has announced the latest revisions to development charge (DC) rates affecting the property market, starting from 1 September to 28 February next year. For Group A comprising commercial developments, DC rates rose by nine...
Continue Reading • 3 Sept 2012
Pearls Centre valued between S$450m to S$600m
By Romesh Navaratnarajah:The strata-titled Pearls Centre (pictured) in Chinatown is believed to have a market value of between S$450 million and S$600 million, but the government’s compensation may not reach that range, according to consultants. Dennis Chiu, Managing Director at Tang Group...
Continue Reading • 31 Aug 2012
Hong Kong set to limit property hunters from China
By Romesh Navaratnarajah:Hong Kong has announced measures that will prioritise locals in the housing market.This comes after years of price hikes in the city due to the surge of wealthy buyers from mainland China. Under the “Hong Kong land for Hong Kong people” policy, some properties...
Continue Reading • 31 Aug 2012
US firms unhappy over Singapore housing costs
By Romesh Navaratnarajah: US companies in Singapore are unhappy with housing prices in the city-state, according to a survey conducted by the US Chamber of Commerce and the American Chamber of Commerce (AmCham). The survey, which polled senior executives of US companies, revealed that 77 percent...
Continue Reading • 31 Aug 2012
Thomson MRT Line to boost property prices
By Romesh Navaratnarajah: Following the announcement of plans for the Thomson Line (TSL) project, consultants expect property prices in the north to go up. According to Alan Cheong, Research Head at Savills Singapore, residents in Seletar, Springleaf and Lentor, who are currently...
Continue Reading • 31 Aug 2012
Water features becoming popular among homeowners
By Romesh Navaratnarajah: More Singaporeans are incorporating pools and water features in their homes, to relive the ambience of holiday resorts they have visited. Eugene Ooi, Founder of Vantage Design, said: “Singaporeans these days are becoming even more well-travelled than before,...
Continue Reading • 31 Aug 2012
UK mortgage approvals pick up
By Romesh Navaratnarajah: Home loan approvals in the UK climbed in July from an 18-month low in June, when an additional public holiday slowed the housing sector, noted the Bank of England (BoE). Mortgage approvals rose to 47,312 in July compared to 44,124 in June. However, it is still below the...
Continue Reading • 31 Aug 2012
Property investment in Asia resilient amid slowdown
By Romesh Navaratnarajah: Amid the global economic slowdown and China’s weak outlook, Asia’s real estate market is expected to see continued investment demand buoyed by interest for greater diversification and strong yields, according to Pacific Star Group’s Asian Property...
Continue Reading • 30 Aug 2012
US mortgage rates rose on Tuesday
By Romesh Navaratnarajah:US mortgage interest rates increased slightly on Tuesday as capital markets opted for safe investments again. The majority of lenders, including US Bancorp and Citigroup Inc increased their lending rates, while JPMorgan Chase & Co and Bank of America (BofA) lowered...
Continue Reading • 30 Aug 2012
Aussie borrowers not shopping around for better deals
By Romesh Navaratnarajah:Around 31 percent of Australian borrowers feel that sourcing for better mortgage deals are too costly and time consuming, according to research by National Australia Bank’s (NAB) UBank. The survey, which polled over 1,000 Australian borrowers, revealed that close to...
Continue Reading • 30 Aug 2012
Guocoland's profit drops 48%
By Cheryl Tay: Guocoland Limited posted a 48 percent decline in its full-year net profit to S$63.19 million, from S$122.01 million a year ago.This is despite a 47 percent year-on-year increase in the company’s net profit to S$62.99 million for the fiscal fourth quarter ended 30 June.The...
Continue Reading • 30 Aug 2012
Iskandar Malaysia properties to see 5% price hike
By Romesh Navaratnarajah: Prices of homes in Iskandar Malaysia will increase in the next six to 12 months, according to Koh Moo Hing, Branch Chairman at the Johor Real Estate and Housing Developers Association (REHDA). “Our members have not much choice but to pass the cost to consumers and...
Continue Reading • 30 Aug 2012
CEA outlaws free gifts, vouchers from agents
By Romesh Navaratnarajah: To lure consumers into using their services, more property agents and salespersons resorted to offering gifts and cash vouchers to potential clients. However, the trend caught the attention of the Council for Estate Agencies (CEA), prompting it to release a circular last...
Continue Reading • 30 Aug 2012
Thailand property sales to overseas buyers on the rise
By Andrew Batt: EXCLUSIVE: Increasing sales of property in Thailand have contributed to a record-breaking month for global property investment firm Knight Knox International.The U.K.-based company sold 120 units during the month – a 20 percent increase on its previous record-breaking month...
Continue Reading • 30 Aug 2012
22 stations for Thomson MRT Line by 2021
By Romesh Navaratnarajah:In a bid to provide greater connectivity to residents, the Land Transport Authority (LTA) has unveiled plans for the Thomson Line (TSL) project. Fully underground, the 30-km long TSL (pictured) will link the North-South corridor with the city centre and Marina Bay.The TSL...
Continue Reading • 30 Aug 2012