Shoebox demand to fall if singles could buy new flats
By Romesh Navaratnarajah:If singles are allowed to purchase new flats directly from the Housing and Development Board (HDB), the demand for shoebox units could decline, according to property consultants. “Private apartments in the shoebox category (which singles below 35 used to have to buy...
Continue Reading • 29 Aug 2012
Suburban condo prices hold up
By Romesh Navaratnarajah:The Singapore Residential Price Index (SRPI) series released by the National University of Singapore (NUS) has revealed that suburban condos and private apartments – excluding small units – were the best price performers year-to-date. The flash estimates for...
Continue Reading • 29 Aug 2012
How Spanish investors are cashing in
By Andrew Batt: Rating agency Fitch issued a warning earlier this month about Spain's €100 billion (S$157.48 billion) bank rescue fund not being enough, yet Spanish banks are still handing out 100 percent finance on certain property developments to help encourage property investors and...
Continue Reading • 29 Aug 2012
China expansion for RE/MAX agency
By Andrew Batt: After opening in Thailand and the Philippines earlier this year, real estate agency RE/MAX has sold the franchise rights for China including the Mainland, Hong Kong and Macau, raising its overall country count to more than 85.The new RE/MAX China ownership group is based in Hong...
Continue Reading • 29 Aug 2012
Three residential sites sold in collective sale
By Romesh Navaratnarajah:Sysma Properties, a wholly-owned subsidiary of Sysma Holdings, has acquired Serangoon Mansion and 23 Race Course Lane (pictured) for a total price of S$22.8 million, said Knight Frank. The two adjoining freehold redevelopment sites offer a combined land area of 7,641 sq...
Continue Reading • 29 Aug 2012
Home sales drop in Sentosa Cove
By Romesh Navaratnarajah: The home sales volume in exclusive Sentosa Cove (pictured) appears to be falling, as only 44 homes were sold during the first eight months of 2012, similar to the 46 homes sold over the same period last year, based on caveats lodged with the Urban Redevelopment Authority...
Continue Reading • 29 Aug 2012
Sim Lian boosts full year profit by 13%
By Romesh Navaratnarajah:Sim Lian Group recorded a 13 percent year-on-year increase in profit before income tax, hitting S$275.2 million for the full year ended 30 June 2012 from S$242.7 million in FY2011. The growth was achieved due to three main factors, namely revenue increase, reduced...
Continue Reading • 29 Aug 2012
Farrer Road site fetches top bid of S$45.7m
By Romesh Navaratnarajah:The tender for a residential site at Farrer Road (pictured) closed yesterday with a top bid of S$45.7 million submitted by Far East SOHO, according to the Urban Redevelopment Authority (URA).A total of 15 bidders expressed interest for the 0.27-ha site that was launched...
Continue Reading • 29 Aug 2012
Residential leasing volume rose significantly in July
By Romesh Navaratnarajah:Leasing volume for residential properties increased substantially by 11 percent month-on-month to 4,717 in July this year, according to recent data from the Urban Redevelopment Authority (URA). Leasing transactions for both non-landed and landed homes increased by 11...
Continue Reading • 29 Aug 2012
Elderly man hurt in illegal subletting probe
By Romesh Navaratnarajah: A 60-year old man was physically injured after attempting to take photos as evidence of alleged illegal subletting of homes in People’s Park Centre (pictured). The incident took place on 17 August when Mr C.C. Lee was trying to take pictures of two Indonesian...
Continue Reading • 29 Aug 2012
UK mortgage payments now more affordable
By Romesh Navaratnarajah: Home loan repayments in the UK for qualified borrowers are now at its most affordable level since 1997, accounting for more than 25 percent of take-home pay, according to mortgage lender Halifax.“Mortgage payments for a typical new borrower currently account for...
Continue Reading • 28 Aug 2012
DC rates set to climb: analysts
By Romesh Navaratnarajah:Several property consultants expect development charge (DC) rates for non-landed residential use to rise on 1 September as prices of land sales for the last six months hover above land values implied by existing DC rates. At the same time, analysts feel that industrial...
Continue Reading • 28 Aug 2012
Parents could get priority when booking HDB flats: PM Lee
By Romesh Navaratnarajah:Prime Minister Lee Hsien Loong has urged Singaporeans to help boost the country’s birth rate. In return, the government is planning to give couples with young children the priority over others when booking HDB flats. In his National Day Speech on Sunday, Mr Lee also...
Continue Reading • 28 Aug 2012
Will singles be allowed to buy new flats?
By Romesh Navaratnarajah: The government is studying whether singles should be allowed to purchase new flats directly from the Housing and Development Board (HDB), said Prime Minister Lee Hsien Loong. Currently, singles and those aged 35 and above can only purchase resale flats but cannot buy new...
Continue Reading • 28 Aug 2012
Florida dominates US overseas property investments
By Andrew Batt: Florida is the first choice for overseas property investors, TheMoveChannel.com’s latest At a Glance report shows. The infographic (pictured), which depicts the activity on the portal over the past 12 months, confirms that Florida is the international property hotspot of...
Continue Reading • 28 Aug 2012
S'pore property lures foreign buyers back
By Romesh Navaratnarajah: Foreign buyers have shown renewed interest towards non-landed private homes in Singapore, after a decline in demand due to the additional stamp duty imposed last December. In Q2 2012, Malaysians accounted for the largest share of foreign buyers in Singapore at 6.3...
Continue Reading • 28 Aug 2012
Leasehold projects on freehold sites becoming more common
By Romesh Navaratnarajah:In an effort to secure future land banking opportunities, property developers are launching leasehold developments on freehold sites, enabling them to launch units at more competitive prices.But analysts caution that this could affect the developers’ future en bloc...
Continue Reading • 27 Aug 2012
Uptick in US mortgage rates
By Romesh Navaratnarajah:Average mortgage rates in the US increased last week; an indication that the country’s housing market continues to gain momentum, according to Freddie Mac’s Primary Mortgage Market Survey. Over the past week, the average 15-year fixed-rate mortgage increased...
Continue Reading • 27 Aug 2012
Bedok Reservoir lures home buyers with waterfront charm
By Romesh Navaratnarajah:Home buying interest along Bedok Reservoir Road has been boosted by the rise of more than 2,300 private condo units in the area, according to Alan Cheong, Head of Research at Savills Singapore.Dominating the area are four condos in the Waterfront Collection that are being...
Continue Reading • 27 Aug 2012
Asia's priciest condo sold for record S$76m
By Romesh Navaratnarajah:A high-end apartment located in the upmarket Peak residential area in Hong Kong has been sold for a record HK$470 million (S$76 million).Hong Kong media reported that an unidentified buyer paid a psf price of HK$75,806 (S$12,227) for the 6,200 sq ft unit that takes up the...
Continue Reading • 27 Aug 2012