Keppel appoints former ExxonMobil (China) boss to its Board
By Romesh Navaratnarajah: Keppel Corporation Limited has announced that Tan Puay Chiang (pictured), former Chairman of ExxonMobil (China) Investment Co, has been appointed as the company’s independent director. Lee Boon Yang, Chairman of Keppel Corporation Limited, said: “His...
Continue Reading • 21 Jun 2012
China suffering from oversupply of luxury homes
By Tejaswi Chunduri: China’s luxury property market faces a large oversupply, with significant unsold inventory in the market, according to John R Carter, Managing Editor, Asia & Managing Director, China at Market News International (MNI). Speaking to PropertyGuru, he noted that...
Continue Reading • 21 Jun 2012
Singapore now has more rich people than Hong Kong
By Romesh Navaratnarajah: Singapore is now home to more wealthy people than Hong Kong, according to a report by RBC Wealth Management and Capgemini. But despite the rise in the number of high-net-worth individuals (HNWIs), the amount of investable wealth they owned declined last year, pulled down...
Continue Reading • 21 Jun 2012
Why buy an island when you can buy an Atoll
By Andrew Batt: If you have the money and want your own private island, you’re spoiled for choice with options from around the world, but it’s rare that an entire private atoll is made available to private property buyers and investors.A complete island atoll in French Polynesia...
Continue Reading • 21 Jun 2012
Indonesian tycoon's Singapore home worth S$100m
By Romesh Navaratnarajah: The Singapore home of the late Liem Sioe Liong (pictured), one of Indonesia’s richest men, is valued at approximately S$100 million, according to a report in Indonesia’s TEMPO Interactive.The 96-year old Indonesian tycoon passed away in Singapore on June 10...
Continue Reading • 20 Jun 2012
Singapore economy resolute amid global shocks
By Romesh Navaratnarajah: Singapore showed a high level of resilience to global financial shocks, despite its dependence on global trade and finance as well as the openness of its economy. According to Moody’s Investors Service, Singapore’s stable outlook and Aaa sovereign rating are...
Continue Reading • 20 Jun 2012
Elderly UK homeowners losing their golden years?
By Romesh Navaratnarajah: UK homeowners aged 60 and above who are struggling to pay off their mortgages jumped nearly 50 percent in two years, according to the Consumer Credit Counselling Service (CCCS), Britain’s largest debt charity.Records show that phone calls from this age group, which...
Continue Reading • 20 Jun 2012
150 private homes returned last month
By Romesh Navaratnarajah: Home buyers returned a total of 150 private homes to property developers last month, according to Square Foot Research. The units were bought in April and accounted for 5.7 percent of the more than 2,600 non-landed homes, including executive condominiums (ECs) sold...
Continue Reading • 20 Jun 2012
Two land sites to yield 820 homes
By Romesh Navaratnarajah: The Urban Redevelopment Authority (URA) and Housing and Development Board (HDB) have launched two residential sites at Tanah Merah Kechil Road (pictured) and Bright Hill Drive that will provide developers and home buyers with more private housing options. In total, the...
Continue Reading • 20 Jun 2012
US mortgage rates hold near record lows
By Romesh Navaratnarajah: Despite the improvement in the US housing sector, mortgage rates are still near record lows, with 30-year fixed mortgages averaging 3.71 percent in the past week, according to Freddie Mac’s weekly survey. According to an article in Smart Money, the mortgage...
Continue Reading • 19 Jun 2012
Canada the new frontier for Singapore property investors
By Romesh Navaratnarajah: With many Singaporeans looking overseas for good property deals, Canada is slowly becoming an alternative investment destination for buyers and investors, backed by its stable economy and affordable properties. Gearing up to meet the expected demand, Canadian developer...
Continue Reading • 19 Jun 2012
Singapore investor confidence ticks up
By Romesh Navaratnarajah: Investor confidence in Singapore improved in the second quarter, according to an Investor Attitudes report by Friends Provident International (FPI). The report, based on an online survey of 1,000 investors by ICM Research, revealed a five-point increase to 17 in the...
Continue Reading • 19 Jun 2012
Banyan Tree to unveil Vietnam resort
By Cheryl Tay: Banyan Tree Holdings will unveil its first project in Vietnam - the Laguna Lang Cô integrated resort (pictured), on 1 November.Located on a 280-ha site along the coast of central Vietnam, the resort includes Banyan Tree and Angsana hotels and spas, private villas and...
Continue Reading • 19 Jun 2012
Majority of China's cities see home prices decline
By Romesh Navaratnarajah: A record 54 of the 70 Chinese cities tracked by the government saw a drop in home values last month, as developers lowered prices to increase sales amid housing curbs. According to new data released by the statistics bureau, the eastern city of Wenzhou recorded the...
Continue Reading • 19 Jun 2012
Kemaman View sold en bloc for S$45.5m
By Romesh Navaratnarajah: Aylesbury Pte Ltd, a privately held developer, has successfully acquired Kemaman View (pictured), a freehold residential development off Balestier Road in a collective sale for S$45.5 million. Jeffrey Goh, Head of Investment Sales at HSR, which brokered the deal, said:...
Continue Reading • 19 Jun 2012
Greek vote is good news for investors
By Andrew Batt: The Greek election results have come as a huge relief for property buyers and investors, although prices are expected to remain relatively inexpensive by global standards.The result gave everyone concerned with European economic stability cause for a collective sigh of relief. The...
Continue Reading • 19 Jun 2012
Sky Habitat's high price spurs interest in other projects
By Romesh Navaratnarajah: Sky Habitat (pictured), which made headlines in April for its record prices of around S$1,700 psf, rekindled buyer demand in some other projects that were launched before the 509-unit development hit the market. While sales of units at Sky Habitat have been tepid, its...
Continue Reading • 18 Jun 2012
More discounts likely for Beijing's mortgage takers
By Romesh Navaratnarajah: Home buyers in Beijing could enjoy better deals in future, as several Chinese banks are planning to offer mortgages at higher discount rates. The majority of the city’s buyers enjoy a 15 percent discount. The People’s Bank of China (PBOC), the central...
Continue Reading • 18 Jun 2012
Entire estate under the hammer
By Andrew Batt:Property buyers will get the chance to buy land and 14 houses at an auction in Ireland next month – with the starting price set at just S$80,000.The land and houses are located in the village of Castlemaine, Country Kerry, in the Republic of Ireland, in an area which has been...
Continue Reading • 18 Jun 2012
Sentosa Cove home sales fell 50% in 2011
By Romesh Navaratnarajah: Sentosa Cove (pictured) failed to deliver good home sales numbers on the back of a general slowdown in the luxury property sector. According to consultants, the changing trend is due to attractive deals being offered in other areas, a lack of new launches on...
Continue Reading • 18 Jun 2012