Banks cannot approve home loans at showflats: MAS
By Romesh Navaratnarajah: Banks are prohibited from approving loans at temporary locations such as showflats, according to the Monetary Authority of Singapore (MAS). While borrowers can file their mortgage applications at such places, the loan must be approved or rejected at a branch, noted the...
Continue Reading • 6 Aug 2012
Serangoon Gardens still got the groove
By Romesh Navaratnarajah: Despite being relatively older compared to other housing estates in Singapore, Serangoon Gardens is still a sought-after residential enclave. Originally built to house British soldiers, the upper middle-class neighbourhood now attracts a slew of buyers-turned-residents...
Continue Reading • 6 Aug 2012
Hougang to finally get upgrading works
By Romesh Navaratnarajah: Several ageing HDB blocks in Hougang are set to get a much needed upgrade, along with several precincts eligible for improvement works under two national upgrading programmes. Six blocks in Hougang Avenue 3 – 1, 2, 6, 7, 24, 25 — will be enhanced under the...
Continue Reading • 6 Aug 2012
Khaw urges caution, slams 50-year loan
By Romesh Navaratnarajah: Given the tough economic conditions, National Development Minister Khaw Boon Wan has advised Singaporean home buyers to be realistic about their finances. Speaking at a National Day Observance Ceremony in Sembawang GRC yesterday, the Minister highlighted that...
Continue Reading • 6 Aug 2012
Kensington Palace Gardens is world's most expensive address
By Andrew Batt: London’s Kensington Palace Gardens (pictured) remains the home of the most expensive address in the world according to a survey of record prices for residential real estate in ten ‘world class’ cities published by Savills.The top price of £8,500 psf...
Continue Reading • 6 Aug 2012
Property buyers out in force
By Andrew Batt:Thousands of property buyers and investors went shopping for condominiums and villas from across Thailand on the first day of the DDProperty Showcase event (pictured) at the Central Rama 9 shopping mall in Bangkok yesterday.The event, which runs until August 8, features leading...
Continue Reading • 3 Aug 2012
Sky Habitat sales spur strong results for CapitaLand
By Romesh Navaratnarajah: Property developer CapitaLand successfully sold 202 residential units in Singapore during Q2 2012, according to OCBC Investment Research. A significant increase from just 57 units in Q1, the improved sales was mainly attributed to the launch of Sky Habitat (pictured) in...
Continue Reading • 3 Aug 2012
BCA puts stop to demolition works at 5 Shenton Way
By Cheryl Tay: Following the partial collapse of a multi-storey carpark during demolition works at 5 Shenton Way (pictured), the Building and Construction Authority (BCA) has revoked the permit for the works.The Ministry of Manpower (MOM) also issued a stop work order for the demolition of the...
Continue Reading • 3 Aug 2012
Roxy-Pacific posts net profit rise
By Romesh Navaratnarajah: Roxy-Pacific Holdings Limited posted an eight percent growth in net profit to S$17.7 million for the second quarter. The rise was mainly attributed to a 13 percent uptick in topline to S$52.7 million compared to S$46.7 million in Q2 2011. Improved turnover was buoyed by...
Continue Reading • 3 Aug 2012
Chateau Eliza tries for en bloc again
By Romesh Navaratnarajah: Knight Frank Singapore has re-launched the collective sale of Chateau Eliza (pictured), a prime freehold residential redevelopment site at Mount Elizabeth. With a land area of 17,997 sq ft and a plot ratio of 2.8 under the 2008 Master Plan, Chateau Eliza comprises 37...
Continue Reading • 3 Aug 2012
Singapore to become a city in a garden: URA
By Romesh Navaratnarajah:In a bid to improve the quality of living in Singapore, the Urban Redevelopment Authority (URA) will implement creative strategies to tap on Singapore’s key natural assets, according to a report by Singapore Business Review. Under its “City in a...
Continue Reading • 3 Aug 2012
UOB pioneers on the spot home loan approval service
By Romesh Navaratnarajah: United Overseas Bank Limited (UOB) has launched a new service that helps genuine home buyers secure an immediate decision on their home loan application. A first in Singapore, buyers visiting a showflat can obtain instant confirmation on their loan eligibility...
Continue Reading • 3 Aug 2012
CBRE, JLL boost Q2 profit
By Romesh Navaratnarajah: CBRE Group and Jones Lang LaSalle (JLL), two of the leading global real estate services firms have posted higher profits for Q2 2012, although both warned that the real estate industry is affected by global economic conditions. CBRE’s earnings during the period,...
Continue Reading • 2 Aug 2012
Collapse at V On Shenton construction site
By Romesh Navaratnarajah: According to reports, an excavator fell on its side at a construction site across from DBS Building this afternoon. Witnesses in and around Robinson Road heard a loud bang just before 5pm followed by momentary tremors. The site is believed to be the former UIC Building...
Continue Reading • 2 Aug 2012
UK launches cheap loan scheme
By Romesh Navaratnarajah: The Bank of England’s new Funding for Lending scheme has sharply reduced the cost of long-term, fixed-rate mortgages for borrowers with a minimum deposit of 40 percent. Designed to give lenders access to funds at low interest rates, the scheme enables small...
Continue Reading • 2 Aug 2012
PropertyGuru scores record growth in first half
By Romesh Navaratnarajah:PropertyGuru, Asia’s leading property portal group, achieved a 62 percent growth in business leads generation for its clients and partners in 1H2012.The strong growth benefits the company’s over 21,000 paying real estate agents and developer advertisers, which...
Continue Reading • 2 Aug 2012
424 PropNex salespersons rewarded for service excellence
By Romesh Navaratnarajah:PropNex Realty today recognised 424 salespersons who have exhibited service excellence and demonstrated determination, loyalty and commitment to the company. Held in conjunction with the company’s Quarterly Convention at Kallang Theatre, the PropNex Ambassador...
Continue Reading • 2 Aug 2012
S'pore projects boost CapitaLand's net profit
By Romesh Navaratnarajah: Property developer CapitaLand posted a net profit of S$519.1 million for 1H2012, up 3.7 percent over the same period last year. The group also achieved an 11.2 percent growth in revenue to S$1,503.6 million, buoyed by an increase in shopping mall revenue, fee-based...
Continue Reading • 2 Aug 2012
URA grants provisional permission to several projects
By Cheryl Tay: The Urban Redevelopment Authority (URA) awarded provisional permission (PP) to several large projects in the second quarter, including two mega developments by M+S Pte Ltd, a tie-up between Temasek Holdings and Malaysia's Khazanah Nasional.In April, M+S received PP for a mixed...
Continue Reading • 2 Aug 2012
Majority stake in Southbank SOHO block up for sale
By Romesh Navaratnarajah: An approximately 56 percent stake in the Southbank SOHO block (pictured) is up for sale by Expression of Interest (EOI) with an asking price of S$63 million or S$1,812 psf, according to marketing agent CBRE. The Southbank mixed development comprises a 40-storey...
Continue Reading • 2 Aug 2012