Ascott Reit sees revenue increase to S$78.9m
By Romesh Navaratnarajah: Ascott Residence Trust (Ascott Reit) posted an eight percent rise in revenue to S$78.9 million in Q2 2012, coupled with a four percent increase in gross profit at S$42.7 million. Revenue growth was mainly attributed to contributions from the newly-acquired Citadines...
Continue Reading • 30 Jul 2012
Singapore property tops Hong Kong: UOB Kay Hian
By Romesh Navaratnarajah: Even with an expected 10 to 15 percent drop in sales volumes this year, Singapore’s property market is still expected to perform better than rival Hong Kong because of three main reasons, noted UOB Kay Hian. Firstly, Boston Consulting Group reported that Singapore...
Continue Reading • 30 Jul 2012
Two property agents punished for misconduct
By Romesh Navaratnarajah: The Council for Estate Agencies (CEA) is taking a tough stance once again, imposing disciplinary action on two rogue property agents. Ronald Pun Siew Hong was charged with sending abusive messages to a woman inquiring about a rental property while Kee Lee Ping failed to...
Continue Reading • 27 Jul 2012
Lacklustre demand for Aussie mortgages despite rate cuts
By Romesh Navaratnarajah: Despite a 125 basis point cut in the interest rate since November, the Reserve Bank of Australia (RBA) has failed to stimulate demand for home loans amid growing concerns of a prolonged decline in the country’s property market. The annual growth of outstanding...
Continue Reading • 27 Jul 2012
New KL landmark launching units in Singapore
By Romesh Navaratnarajah: Banyan Tree Signatures (pictured), Kuala Lumpur’s new landmark, will launch premium units in its residential component – Banyan Tress Residences at the Fullerton Hotel Singapore this weekend (28 – 29 July). Set to become one of the tallest residential...
Continue Reading • 27 Jul 2012
GCB market perking up after sluggish 2012 start
By Romesh Navaratnarajah: The Good Class Bungalow (GCB) market showed improved performance in Q2 2012 following an initial slowdown in Q1 due to the introduction of the additional buyer’s stamp duty (ABSD) which was launched in December. According to caveats analysis by CBRE, the number of...
Continue Reading • 27 Jul 2012
Enticing showflats attract more buyers, say experts
By Romesh Navaratnarajah: Developers are aware that aside from a good location, an attractive showflat can also lure buyers into acquiring a property. “Generally, the showflat is the primary marketing tool for developers to promote their new condominium,” said Elson Poo, General...
Continue Reading • 27 Jul 2012
Private home prices scale to new high
By Romesh Navaratnarajah:Private home prices climbed 0.4 percent in Q2 2012, up from the 0.1 percent rise in Q1, according to the Urban Redevelopment Authority (URA). Prices of non-landed properties in the Core Central Region (CCR) and Rest of Central Region (RCR) grew 0.6 and 0.4 percent...
Continue Reading • 27 Jul 2012
UK mortgage approvals hit lowest since Sept 1997
By Romesh Navaratnarajah: Mortgage approvals in the UK fell to its lowest level in 15 years last month, according to a high street banking report. In total, 51,610 mortgage approvals valued at £6.5 billion (S$12.7 billion) were recorded in June, the lowest number of mortgage approvals seen...
Continue Reading • 26 Jul 2012
Roxy-Pacific in JV to acquire Harbour View Gardens
By Romesh Navaratnarajah:RH West Coast, a wholly-owned subsidiary of Roxy-Pacific Holdings, is looking at a joint venture with an independent shareholder and two real estate companies to acquire a freehold residential site at Harbour View Gardens (pictured) along Pasir Panjang Road for S$33...
Continue Reading • 26 Jul 2012
Jones Lang acquires Credo Real Estate
By Romesh Navaratnarajah: Property consultancy Jones Lang LaSalle (JLL) today announced its acquisition of property advisory firm Credo Real Estate.Karamjit Singh (pictured), Credo's Managing Director, said he hopes the move will help his company increase market share both locally and overseas....
Continue Reading • 26 Jul 2012
Luxury apartment rentals dip 0.8%
By Romesh Navaratnarajah: Monthly rentals of luxury apartments fell 0.8 percent in Q2 this year due to tighter immigration rules, noted Colliers International Research. The consultancy stated that stricter immigration controls affected spill-over leasing demand from foreigners who cancelled or...
Continue Reading • 26 Jul 2012
Housing prices could fall 10%-15%, says bank
By Romesh Navaratnarajah: Housing prices in Singapore could drop 10 to 15 percent in the next 12 months, according to a report by UBS.UBS claimed that while the property market remains resilient despite the government’s cooling measures, it is near a tipping point. However, this outlook is...
Continue Reading • 26 Jul 2012
Bungalow in Holland Rise GCB area up for sale
By Romesh Navaratnarajah: A 53,000 sq ft land site within the Holland Rise Good Class Bungalow (GCB) area is up for sale by tender. Zoned for GCB housing, the vacant site is located 400m from the MRT station and Holland Village. It has been subdivided into three plots, two of which can be...
Continue Reading • 26 Jul 2012
Aussie firm linked to world's richest woman buys Sentosa condos
By Romesh Navaratnarajah: A company linked to Australian mining tycoon Gina Rinehart’s Hancock Prospecting is acquiring two units at Seven Palms (pictured), a Sentosa Cove condo project by SC Global Developments for S$57.2 million, according to sources who spoke to The Business Times....
Continue Reading • 26 Jul 2012
Singapore is 2nd most financially literate country in Asia Pacific
By Romesh Navaratnarajah: Singapore has been ranked second on the MasterCard Worldwide Index of Financial Literacy, trailing behind Taiwan and New ZealandWith over 6,900 respondents from 14 countries in the Asia Pacific region taking part in the survey, the study touched on three aspects of...
Continue Reading • 25 Jul 2012
US 30-year mortgage drops to 3.35%
By Romesh Navaratnarajah: The 30-year mortgage rate dropped to a new low and has declined consistently for much of the year, according to real-time tracking by property portal Zillow. Based on data from Zillow Mortgage Marketplace, the 30-year fixed mortgage rate fell to 3.35 percent from 3.42...
Continue Reading • 25 Jul 2012
Residential sector leads Singapore investment sales
By Romesh Navaratnarajah: The residential market in Singapore dominated investment sales, contributing 54 percent of total transactions in Q2 2012, according to a report by Savills Research. As for total investment sales, the consultancy said it grew 52.4 percent from S$4.9 billion in Q1 to S$7.4...
Continue Reading • 25 Jul 2012
World's smallest house is one sq m
By Romesh Navaratnarajah: Berlin-based architect Van Bo Le-Mentzel has designed what could be the smallest house in the world at just one sq m (pictured). Called the One-Sqm-House, Le-Mentzel has described it as a place where “no one other than I, myself, can decide what happens with this...
Continue Reading • 25 Jul 2012
Pan Pacific sees potential in Myanmar serviced apartments
By Romesh Navaratnarajah:Singapore-listed Pan Pacific Hotels Group feels that Myanmar’s serviced apartments have strong potential for growth. “Service suites have a unique position in Myanmar. As ADB (Asian Development Bank), as World Bank, as United Nations start sending in people,...
Continue Reading • 25 Jul 2012