China property sales up 26% in July
By Romesh Navaratnarajah: China’s property sector showed signs of recovery as revenue from sales grew 26.3 percent in July from a 6.9 percent rise in June, even as property investment declined for three months due to government restrictions. In the first seven months of 2012, property...
Continue Reading • 10 Aug 2012
Singapore's unprofitable housing sector
By Romesh Navaratnarajah:Property developers’ profitability fell 14 percent to a three-year low of S$2.7 billion in the first half of 2012 from S$3.2 billion in 2H2011, according to Square Foot Research.The figure is much lower than the most profitable half-year of 1H2011, when private...
Continue Reading • 10 Aug 2012
Miami-area home fetches record S$59m
By Romesh Navaratnarajah:A waterfront home at Biscayne Bay, Miami was sold for a whopping US$47 million (S$59 million), setting a new record for the luxury market in Miami Beach (pictured). The 30,000 sq ft property on Indian Creek Island was sold by the builders and owners – Shlomi...
Continue Reading • 10 Aug 2012
48% hike in Singapore property investments: DTZ Research
By Romesh Navaratnarajah: Singapore witnessed healthy purchasing demand from home buyers and investors in Q2 2012 despite worries over the Eurozone debt crisis, according to DTZ Research.Property investment rose by 48 percent to S$6.9 billion in the second quarter thanks to more local and...
Continue Reading • 8 Aug 2012
Home Today, Gone Tomorrow
In a country publicly defined by wealth and GDP, a good number of people have only the streets to call home. The PropertyGuru’s Cheryl Tay reports on the worrying prevalence of homelessness in Singapore. Singapore is often hailed by its own government and those in business as a financial...
Continue Reading • 8 Aug 2012
Ang Mo Kio residents aggrieved over new BTO project
By Romesh Navaratnarajah: A proposed Build-to-Order (BTO) project in Ang Mo Kio St 52 has irked nearby residents of the Park Central Design, Build and Sell Scheme (DBSS) project (pictured), who are worried that it would be noisy and dusty and worsen overcrowding in the area. It has been less than...
Continue Reading • 8 Aug 2012
Property market outlook picks up, says survey
By Romesh Navaratnarajah: Property industry players showed marginally improved sentiment in Q2 2012, according to a recent survey carried out by the National University of Singapore (NUS) and Real Estate Developers' Association of Singapore (REDAS).For the quarter, the Composite Sentiment Index...
Continue Reading • 8 Aug 2012
OUE's net profit climbs 33.8%
By Romesh Navaratnarajah: Property developer Overseas Union Enterprise Limited (OUE) posted a 33.8 percent rise in net profit to S$22.8 million in the second quarter, buoyed by strong performance of its hospitality and property investment divisions. OUE’s hospitality division achieved total...
Continue Reading • 8 Aug 2012
UK mortgage market still sluggish
By Romesh Navaratnarajah: UK mortgages continued to moderate due to the poor economic outlook as a result of the Eurozone debt crisis, according to the recent Housing Market Activity Report by Connells Survey & Valuation. In July, the total number of residential valuations grew by eight...
Continue Reading • 8 Aug 2012
Bishan Loft is most expensive EC
By Romesh Navaratnarajah:Bishan Loft (pictured) is the only executive condominium (EC) project to break the S$1,000 psf price mark this year, according to Square Foot Research. Units in the development saw an average selling price of S$1,005 psf while the highest transacted price was S$1,129 psf...
Continue Reading • 8 Aug 2012
Ascott to manage 7th property in the Philippines
By Romesh Navaratnarajah: Ascott Limited, a wholly-owned unit of CapitaLand, has inked a deal to manage the 210-unit Citadines Millennium Ortigas Manila (pictured), a new serviced residence development in Ortigas Center – one of the key business and financial districts of the Philippines....
Continue Reading • 8 Aug 2012
Bright Hill Drive site attracts top bid of S$291.5m
By Romesh Navaratnarajah: A 99-year leasehold residential site at Bright Hill Drive (pictured) attracted a total of six bids, with the highest offer at S$291.5 million or S$719.9 psf ppr, according to the Housing and Development Board (HDB). UVD Pte Ltd, a joint venture (JV) company between UOL...
Continue Reading • 8 Aug 2012
7% drop in US mortgage closing costs
By Romesh Navaratnarajah: Federal regulations have significantly reduced the cost of closing a mortgage for new home buyers, noted a CNN report. Based on the latest survey by Bankrate.com, the average cost of closing a mortgage fell by 7.4 percent over the past year. In June, a borrower looking...
Continue Reading • 7 Aug 2012
Global property market on recovery track, says JLL
By Romesh Navaratnarajah: The global property market rebounded sharply in the second quarter, following a relatively quiet period in Q1, according to Jones Lang LaSalle’s (JLL) Global Market Perspective.In Q2, investment volumes increased 24 percent to US$108 billion (S$134 billion), an...
Continue Reading • 7 Aug 2012
Koh Brothers sees flat results
By Romesh Navaratnarajah: Koh Brothers Group’s gross profit for Q2 2012 rose 15 percent year-on-year to S$10.5 million, backed by higher contributions from the sale of building materials. The group’s net profit stood at S$2.6 million as revenue fell 32 percent to S$50.9...
Continue Reading • 7 Aug 2012
Fewer Chinese buying Singapore homes
By Romesh Navaratnarajah: Fewer Chinese nationals bought properties in Singapore, on the back of China’s slowing economy and additional stamp duty. According to caveats lodged with the Urban Redevelopment Authority (URA), Chinese buyers accounted for 259 home purchases in 1H2012, falling to...
Continue Reading • 7 Aug 2012
Consortium wins S$285m bid for Tanah Merah Kechil Road site
By Romesh Navaratnarajah: The tender for a 99-year leasehold residential site (pictured) at Tanah Merah Kechil Road has been awarded to a consortium comprising Fragrance Group Limited and World Class Land, according to the Urban Redevelopment Authority (URA). The developers beat 12 other bidders,...
Continue Reading • 7 Aug 2012
SingLand, UIC profits down significantly in Q2
By Romesh Navaratnarajah: Singapore Land together with its parent company United Industrial Corporation (UIC) witnessed declines in net earnings for Q2 2012, dragged down by lower profit from operations and lower fair value gains on investment properties. A major office landlord, SingLand...
Continue Reading • 6 Aug 2012
Beyonce and Jay-Z splash US$400k on holiday rental home
By Romesh Navaratnarajah: US pop superstar Beyonce Knowles and husband Jay-Z are renting out a 31,000 sq ft mansion (pictured) in the Hamptons near New York City for a staggering US$400,000 (S$499,160), just for the month of August. Dubbed the Sandcastle, the property will be the couple’s...
Continue Reading • 6 Aug 2012
ECs built and sold for less
By Romesh Navaratnarajah: Developers of executive condominiums (ECs) are enjoying smooth sailing despite stiff competition among other housing types, as ECs typically have a pricing edge over condos due to lower construction costs. With lower building costs, developers can sell units at lower...
Continue Reading • 6 Aug 2012