URA to launch tender for site near Potong Pasir MRT station
By Romesh Navaratnarajah: The Urban Redevelopment Authority (URA) will launch the public tender for a residential with first-storey commercial site (pictured) at Tai Thong Crescent (Parcel C), after a developer committed a minimum price of S$154.47 million.Made available for sale through the...
Continue Reading • 12 Jul 2012
Companies must maintain Singapore's reputation in China: PM
By Romesh Navaratnarajah: Although China keeps an open door for Singapore companies, they must still possess and maintain the good reputation of the city-state, according to Prime Minister Lee Hsien Loong.“Every year, another one percent of the Chinese population move from rural areas to...
Continue Reading • 11 Jul 2012
Fixed-rate mortgage in demand despite cheaper tracker-rate loans
By Romesh Navaratnarajah: Several experts believe that fixed-rate mortgages will still be popular in the UK even though tracker-rate mortgages are currently cheaper due to the Bank of England’s record low base rate of 0.5 percent.Borrowers think that paying a premium for a fixed-rate...
Continue Reading • 11 Jul 2012
Buy an island for S$6.4m
By Romesh Navaratnarajah: Red Rock Island, a 2.4ha mass of rock located at the northern part of San Francisco Bay, is up for sale at a reduced price of US$5 million (S$6.4 million).The island offers a secluded beach, fishing activity and a view of the San Francisco skyline. According to realtor...
Continue Reading • 11 Jul 2012
Property market moving in the stable path, says Khaw
By Romesh Navaratnarajah: Following the implementation of recent cooling measures, indications that the property market is moving in a stable and more sustainable path are now more apparent, according to Khaw Boon Wan, Minister for National Development.Despite this, Khaw said that the...
Continue Reading • 11 Jul 2012
Market shows tepid reaction to CapitaLand-Ascott deal
By Romesh Navaratnarajah: The recent deal between CapitaLand and Ascott Residence Trust (Ascott Reit) gained a lukewarm reaction from the market, with both counters recording only a mild boost in prices.Although CapitaLand is considered the “greater beneficiary” of the deal,...
Continue Reading • 11 Jul 2012
ABSD to have ripple effect on housing prices: expert
By Romesh Navaratnarajah: The additional buyer’s stamp duty (ABSD) imposed on foreigners purchasing private homes in Singapore has had a ‘ripple effect’ on prices and will eventually cool the market, said a property expert.Dr. Liao Wen-Chi of the National University of...
Continue Reading • 10 Jul 2012
Uptick predicted for Vietnam
By Andrew Batt: Improving macroeconomic fundamentals have seen residential property buyers exploring the Vietnamese market for opportunity, although a wide-scale increase in transaction volumes is still someway off, according to new research from CBRE Vietnam.Vietnam’s slow economic...
Continue Reading • 10 Jul 2012
Asia Gardens put up for sale
By Romesh Navaratnarajah: Asia Gardens (pictured), an 84-unit condo development located within the upcoming Spottiswoode residential cluster has been launched for collective sale.According to marketing agent Savills Singapore, the development sits on a 72,059 sq ft land parcel and has a gross...
Continue Reading • 10 Jul 2012
London could face housing crunch
By Romesh Navaratnarajah: London could see a supply shortfall of at least 37,000 homes over the next five years, or a high of 50,000 if the number of new affordable housing projects are not increased, according to a Savills Research report. The shortfall is due to possible limitations which could...
Continue Reading • 10 Jul 2012
Stunning Singapore sales for The Crest
By Andrew Batt:EXCLUSIVE: Thai-listed developer SC Asset sold an incredible 52 units at The Crest Sukhumvit 34 (pictured) during its global launch in Singapore last weekend, underlining the substantial interest in Thailand properties among Singaporean buyers.The 28-storey freehold condominium,...
Continue Reading • 10 Jul 2012
CapitaLand to acquire S$359m property from Ascott Residence Trust
By Romesh Navaratnarajah: CapitaLand, the largest property developer in Southeast Asia, has announced that it will acquire Somerset Grand Cairnhill (pictured) from associate Ascott Residence Trust for S$359 million. The property will be jointly redeveloped by CapitaLand Residential Singapore and...
Continue Reading • 10 Jul 2012
Big names sign up for awards
By Andrew Batt:Singapore’s Far East Organization and Malaysia’s Sunway Integrated Properties have signed up as industry sponsors for the South East Asia Property Awards 2012.“Far East Organization is delighted to sponsor this year’s South East Asia Property Awards, which...
Continue Reading • 9 Jul 2012
15% discount on mortgages reappears in Shanghai
By Romesh Navaratnarajah: First-time home buyers in Shanghai can now enjoy greater mortgage rate discounts from several banks, according to a financial report by cs.com.cn. The Industrial and Commercial Bank of China, China Construction Bank and Agricultural Bank of China, together with other...
Continue Reading • 9 Jul 2012
ASEAN homes are best property investments, says report
By Romesh Navaratnarajah: The ASEAN (Association of Southeast Asian Nations) region has witnessed a 15 percent year-to-date rebound in property prices, with Indonesia and Singapore taking the lead. Indonesia’s strong performance was underpinned by its favourable growth prospects as well as...
Continue Reading • 9 Jul 2012
China's property cooling measures a long-term policy
By Romesh Navaratnarajah: Following a move by China's central bank to cut interest rates which triggered a rise in property stocks, Premier Wen Jiabao reckons that the country must continue its property tightening measures and prevent prices from rebounding. Controlling property investment and...
Continue Reading • 9 Jul 2012
8000 new private homes planned for H2
By Romesh Navaratnarajah: Approximately 8,000 new private homes will come onstream into the market in the next six months, according to analysts. As such, prices are expected to remain stable notwithstanding the risk of oversupply. In the pipeline are over 700 new units from Hong Leong Group, TID...
Continue Reading • 9 Jul 2012
More expats looking at Balestier for affordable homes
By Romesh Navaratnarajah: Homes in Balestier are becoming a preferred choice for buyers, especially among expatriates who cannot afford to buy expensive city centre properties. While units in Balestier are usually 20 percent more affordable than nearby prime areas, they are still fairly central....
Continue Reading • 9 Jul 2012
Property buyers, sellers protected from economic worries
By Romesh Navaratnarajah: Despite the challenging global economic situation, Singapore’s AAA rating protects both property sellers and buyers, according to a Savills report on the residential market. The report echoed the Ministry of Trade and Industry’s cautious growth outlook for...
Continue Reading • 6 Jul 2012
US mortgage rates fall to new record lows
By Romesh Navaratnarajah:Average mortgage rates in the US dropped again this week breaking previous record lows. This is due to a contraction in the manufacturing sector and lower consumer spending. According to mortgage giant Freddie Mac, the 30-year fixed-rate mortgage rate fell to 3.62...
Continue Reading • 6 Jul 2012