Aussie low-doc borrowers more likely to default
By Romesh Navaratnarajah: Australian borrowers who took out ‘low-doc’ mortgages are more likely to default than people with standard loans, according to a research by the Reserve Bank of Australia (RBA).‘No-doc’ or low-doc mortgages are loans with higher interest rates...
Continue Reading • 22 Aug 2012
Wing Tai Holdings to yield 337 homes in new project
By Romesh Navaratnarajah: Wing Tai Holdings will soon develop a five-block, 18-storey residential project at 105 & 107 Tampines Road, said a company release.The development will offer a total of 337 residential units in addition to a commercial unit. The homes would range from one- to four-...
Continue Reading • 22 Aug 2012
UK mortgage lending up 8%
By Romesh Navaratnarajah:Gross mortgage lending in the UK rose eight percent to £12.7 billion (S$24.99 billion) in July as compared to £11.7 billion (S$23 billion) in June, an indication that the property market is continuing its volatile trajectory, according to data from the Council...
Continue Reading • 21 Aug 2012
London agents looking for positive post-Olympic activity
By Andrew Batt: Activity in the UK housing market has slowed after a much healthier first half to the year in comparison to the last, leaving agents hoping that the end of a string of special events, including the Queen's Jubilee and the Olympics, will see enthusiasm for those wishing to move or...
Continue Reading • 21 Aug 2012
S'pore property taxes are 2nd highest globally
By Romesh Navaratnarajah: Property taxes in Singapore were ranked second highest among global world-class cities, according to latest data from Savills Research. A Singapore Business Review report noted that the city-state’s property taxes at S$57,059 are only S$1,180 lower than Hong Kong,...
Continue Reading • 21 Aug 2012
US buyers and sellers more dissatisfied
By Andrew Batt: A new study in the US shows that home-buyer satisfaction is at an all-time low, and that home-seller satisfaction is also declining. The Home Buyer/Seller Satisfaction Study, published by J.D. Power and Associates, found that overall satisfaction among buyers is at its lowest...
Continue Reading • 21 Aug 2012
HDB awards Chip Eng Seng S$137.3m contract
By Romesh Navaratnarajah:Chip Eng Seng Corporation has clinched a S$137.3 million deal from the Housing and Development Board (HDB) to build seven blocks comprising 862 units and other facilities in the neighbourhood of Bukit Panjang. The contract was awarded to Chip Eng Seng Contractors (1988)...
Continue Reading • 21 Aug 2012
Former DBS Land CEO eyes another China devt
By Romesh Navaratnarajah:Han Cheng Fong, the former CEO of Fraser & Neave (F&N) and DBS Land is set to venture into a new mixed-use project in Yinchuan, China. The 1.3 million sq m development (pictured) will comprise of residential units (80 percent) including low and high-rise...
Continue Reading • 17 Aug 2012
33% of Aussie baby-boomers to retire facing mortgages
By Romesh Navaratnarajah: Around 33 percent of Australia’s baby-boomers will still be paying off their mortgages when they retire, shattering any plans of spending their retirement savings on themselves, according to a survey by RaboDirect. To deal with the “mortgage hangover”,...
Continue Reading • 17 Aug 2012
GCB for sale, price tag: S$106m
By Romesh Navaratnarajah: A Good Class Bungalow (GCB) at Nassim Road is on the market for a staggering S$106 million. If sold for that amount, it would be the most expensive home sold on mainland Singapore to date. Listed on PropertyGuru, the asking price for the GCB beats all previous records....
Continue Reading • 17 Aug 2012
S'poreans ranked among top luxury home buyers abroad
By Romesh Navaratnarajah: Three Asian nationalities led by Singapore have made it to the top 10 list of luxury home buyers abroad, according to the Wealth Report 2012 by Knight Frank and Citibank. Singaporeans, along with buyers from China and Hong Kong were listed as the top purchasers of luxury...
Continue Reading • 17 Aug 2012
Analyst: Don't blame UOB for 50-year loan
By Romesh Navaratnarajah: United Overseas Bank’s (UOB) 50-year home loan has received widespread criticism, with National Development Minister Khaw Boon Wan calling it a “gimmick”.But Cedric Chng, Research Analyst at Jones Lang LaSalle (JLL) Singapore, said that the bank cannot...
Continue Reading • 17 Aug 2012
Jalan Sultan site launched for public tender
By Romesh Navaratnarajah: A reserve list site slated for hotel or commercial-residential development at Victoria Street / Jalan Sultan (pictured) has been launched for public tender, according to the Urban Redevelopment Authority (URA). The 8,423.2 sq m site is expected to yield a maximum...
Continue Reading • 17 Aug 2012
More spot checks to ensure safer construction sites
By Cheryl Tay: In an effort to prevent construction-related accidents, the Ministry of Manpower (MOM) will increase its random inspections of construction sites by 50 percent in the coming weeks.The announcement follows recent high-profile worksite accidents, including the collapse of...
Continue Reading • 17 Aug 2012
City Dev posts weaker Q2 earnings
By Romesh Navaratnarajah:City Developments (City Dev) earnings for Q2 2012 plummeted 38 percent to S$138 million while revenue fell 19 percent to S$788 million. DBS said the company’s Q2 earnings were pulled down by the lack of one-offs and timing of residential billings. The bearish...
Continue Reading • 17 Aug 2012
US mortgage applications down
By Romesh Navaratnarajah: Despite low interest rates, the number of US mortgage applications fell last week, while demand for new mortgages declined for a fifth consecutive week, according to the Mortgage Bankers Association (MBA). MBA’s seasonally adjusted index for home loan application...
Continue Reading • 16 Aug 2012
Singapore to be world's richest country by 2050
By Romesh Navaratnarajah:Singapore is set to be among the world’s richest economies by 2050 on a per capita basis, according to a study by Knight Frank and Citibank. Other Asian countries such as Hong Kong, Taiwan and South Korea topped the list on the back of rapid growth in the Asian...
Continue Reading • 16 Aug 2012
Kovan Lodge up for collective sale
By Romesh Navaratnarajah:Kovan Lodge (pictured), a freehold residential site at Kovan Road is up for sale by tender, according to marketing agent Mount Everest Properties. Sited on a 27,090 sq ft plot, Kovan Lodge could be redeveloped into a larger residential development, subject to approval by...
Continue Reading • 16 Aug 2012
Super-prime home sales jump 80% in July
By Romesh Navaratnarajah:Private home sales in the month of July for Singapore's Core Central Region (CCR) jumped by almost 80 percent month-on-month to reach 253 units.Data from the Urban Redevelopment Authority (URA) showed that figures were boosted by robust sales at the 510-unit V On Shenton...
Continue Reading • 16 Aug 2012
Private home sales jump 42% in July
By Romesh Navaratnarajah: Prior to the upcoming Ghost Month, which is a traditionally quiet period in Singapore's property market, private home sales have risen according to URA's (Urban Redevelopment Authority) data for July. 1,943 new homes were sold last month, a 42 percent jump...
Continue Reading • 15 Aug 2012