Work hard for a better tomorrow, urges PM Lee
By Romesh Navaratnarajah: Singapore must work hard to make a better future, highlighted Prime Minister Lee Hsien Loong (pictured) in his annual National Day Speech yesterday – touching on various issues facing Singaporeans today, including housing, public transport, healthcare and...
Continue Reading • 27 Aug 2012
Ghost Month not scaring off home buyers
By Romesh Navaratnarajah:Amid the customarily quiet Hungry Ghost Festival, both eCO and One Dusun Residences (pictured) still managed to attract strong interest from buyers. The eCO project at Bedok South Avenue 3 received over 300 registrations of interest for the 222 units released, with prices...
Continue Reading • 27 Aug 2012
Developers may slash prices to boost luxury home sales
By Romesh Navaratnarajah:Even as government policies and an economic slowdown dampen investor interest, the growing number of unsold homes could bring about further price correction leading to renewed buying interest, according to Savills Research & Consultancy.“Bargain hunters may come...
Continue Reading • 24 Aug 2012
Oxley sees profit rise 26%
By Romesh Navaratnarajah: Oxley Holdings has recorded a 26 percent profit rise to S$16.9 million for FY2012 ended 30 June despite a 73 percent drop in Q4 earnings to S$1.67 million. The company’s revenue for Q4 stood at S$37.54 million, a 16 percent increase from the previous year while...
Continue Reading • 24 Aug 2012
Hamilton Scotts is first Asian residence with en suite sky garages
By Romesh Navaratnarajah:Hayden Properties, the luxury arm of KOP Properties has launched Hamilton Scotts (pictured), a luxury residential development that features Asia’s first elevated parking concept. Located at 37 Scotts Road near the Orchard Road shopping belt, the development...
Continue Reading • 24 Aug 2012
UK mortgage approvals rebound in July
By Romesh Navaratnarajah:While home loan approvals in the UK recovered slightly from a 15-year low in July, they remained below their long-term average, according to the British Bankers’ Association (BBA). Last month, 55,634 mortgages valued at £7 billion (S$13.83 billion) were...
Continue Reading • 24 Aug 2012
Singapore inflation slows
By Romesh Navaratnarajah: Headline inflation fell to four percent year-on-year in July compared to 5.3 percent in June, as price increases slowed in the accommodation, private road transport and oil-related sectors. But the government warned that overall inflation for 2012 might still exceed...
Continue Reading • 24 Aug 2012
Hillside Gardens sold for S$18.5m
By Romesh Navaratnarajah: Development 72 Pte Ltd, a wholly-owned unit of TEE International Limited, has exercised its option to buy Hillside Gardens (pictured) for S$18.5 million. With a plot ratio of 1.4 and an estimated gross floor area (GFA) of 21,553 sq ft, the site could generate up to...
Continue Reading • 24 Aug 2012
Resale private home sales edge out new launches
By Romesh Navaratnarajah: Recent data from the Urban Redevelopment Authority (URA) has shown that more home buyers are drawn to the private resale market than new homes. New home sales or developer sales fell 17 percent in Q2 2012 to just 5,402 units from 6,526 in Q1. Last quarter, new...
Continue Reading • 24 Aug 2012
Govt launches 3 sites to yield 1600 homes
By Romesh Navaratnarajah: The Urban Redevelopment Authority (URA) and Housing and Development Board (HDB) have launched three 99-year leasehold sites for sale that are expected to yield 1,600 homes. According to the URA, its two land parcels at New Upper Changi Road (Parcel A) and Prince Charles...
Continue Reading • 24 Aug 2012
Luxury home prices head south
By Romesh Navaratnarajah:Singapore’s luxury property market could see further price correction due to the rising number of unsold homes, amid a resurgence in investors that caused sales activity to double in Q2 2012. According to Savills Research & Consultancy, as many as 4,000 luxury...
Continue Reading • 23 Aug 2012
Fannie Mae tightens lending standards
By Romesh Navaratnarajah: Fannie Mae, the biggest source of money for US mortgages, has tightened its qualification standards for borrowers acquiring homes or refinancing loans. A Bloomberg report revealed that the tougher changes include slashing maximum loan-to-value ratios for adjustable-rate...
Continue Reading • 23 Aug 2012
Singapore slides down liveability ranking
By Romesh Navaratnarajah:Singapore has plunged to 52nd spot in the Global Liveability Survey of the Economic Intelligence Unit, but it still sits comfortably in the “top tier” of liveability. “In 52nd place Singapore sits just outside the top 50 cities ranked, and with a score...
Continue Reading • 23 Aug 2012
Thomson View up for sale again
By Romesh Navaratnarajah:Due to strong interest from property developers, Thomson View Condominium (pictured) has been re-launched for collective sale through a public tender.“The tender re-launch for Thomson View Condominium has been triggered by the resurgent interests expressed by...
Continue Reading • 23 Aug 2012
C&W appoints new leader for Greater China
By Romesh Navaratnarajah: Cushman & Wakefield (C&W) has appointed Randall Hall (pictured) as the company’s new Executive Managing Director in Greater China.With 23 years experience in the Asian property market, Hall is expected to provide executive leadership for C&W in the...
Continue Reading • 23 Aug 2012
99-year leasehold properties see demand soar
By Romesh Navaratnarajah:Several property analysts have noted that demand for new 99-year leasehold developments are rising, with such units accounting for about three out of four private residential projects launched in the last year, according to a Channel NewsAsia report. Despite the robust...
Continue Reading • 23 Aug 2012
Property market keeps afloat: JLL report
By Romesh Navaratnarajah: The Asia Pacific property market remains resilient due to strong investment volumes, even on the back of uncertainties in the global economy, according to Jones Lang LaSalle’s (JLL) Asia Pacific Property Digest (APPD) for Q2 2012. Despite this, the slowdown in...
Continue Reading • 22 Aug 2012
Tiong Seng contracted for phase 2 of SIM's HQ campus
By Romesh Navaratnarajah:Tiong Seng Holdings Limited won an S$137 million contract to build the second phase of Singapore Institute of Management (SIM) HQ’s campus extension.Scheduled to commence this month, the project includes extensions to SIM’s existing Linear Building and...
Continue Reading • 22 Aug 2012
Lian Beng JV secures S$169m condo deal
By Romesh Navaratnarajah: Paul Y - Lian Beng JV Pte Ltd, a joint venture (JV) company between Lian Beng Construction (1988) Pte Ltd and Hong Kong-listed Paul Y Construction & Engineering Pte Limited, has successfully secured an S$169 million contract from Luxury Green Development Pte Ltd.The...
Continue Reading • 22 Aug 2012
ARA Asset generates S$941m investor commitments
By Romesh Navaratnarajah: Cheung Kong group’s affiliate, ARA Asset Management Ltd, announced that it has raised about S$1 billion investor commitments for its private real estate funds.The S$941 million gross investor commitments were raised through ARA Asia Dragon Fund II and ARA China...
Continue Reading • 22 Aug 2012