Property agent jailed for fraud
By Romesh Navaratnarajah: Desmond Tan Hock Heng, a 24-year-old property agent has been sentenced to 12 weeks imprisonment for using fake stamp certificates. This makes him the first agent to be jailed under the Stamp Duties Act. According to a media report, Tan admitted to cheating the...
Continue Reading • 25 May 2012
Boom in Malaysian property exhibitions
By Romesh Navaratnarajah: Malaysian properties are gaining in popularity among prospective buyers in Singapore, witnessed by the large number of property exhibitions being advertised in various newspapers today that are offering good investment opportunities. For instance, there’s...
Continue Reading • 25 May 2012
HDB dwellers drove demand for shoebox units in Q1
By Romesh Navaratnarajah: A huge 52 percent of total residential purchases in Singapore during the first quarter were for units sold between S$1,000 and S$1,500 psf, the first time such homes formed the bulk of sales. A new report from DTZ revealed that home sales in this price bracket have...
Continue Reading • 25 May 2012
US mortgage rates hit another low
By Romesh Navaratnarajah: Average 30-year fixed-rate mortgages in the US dropped to its lowest point in four consecutive weeks, leading to a decline in borrowing costs as recovery in the housing market takes shape. According to latest data by Freddie Mac, the average rate for 30-year fixed...
Continue Reading • 25 May 2012
China disperses more money for affordable housing
By Romesh Navaratnarajah: China’s central government has given out 66 billion yuan (S$13.3 billion) in subsidies to help build 2.3 million public homes for rent this year, said the Ministry of Finance. The homes are just one of five categories of state-subsidised public housing in the...
Continue Reading • 25 May 2012
Is The Grass Really Greener Overseas?
By Andrew Batt: More than 400 overseas property deals are being done in Singapore every month, and that number looks set to increase as more developers look to tap into the local penchant for property.No official data exists for the number of Singaporeans who are buying overseas property. The...
Continue Reading • 25 May 2012
More builders and developers going green
By Romesh Navaratnarajah: A record 24 developers received Green and Gracious Builder Awards this year, reflecting a growing consciousness across the industry to integrate eco-friendly features in property developments.Along this line, Lee Yi Shyan, Minister of State for Trade and Industry and...
Continue Reading • 25 May 2012
Novena Ville sold in collective sale for S$131.5m
By Romesh Navaratnarajah: The Novena Ville (pictured) mixed-use development has been sold to Fragrance Realty Ltd, a wholly-owned subsidiary of Fragrance Group Ltd for S$131.5 million.Located along Thomson Road, the freehold project comprises 33 apartment units and 10 shop units. It occupies a...
Continue Reading • 25 May 2012
Farrer Drive site up for tender
By Romesh Navaratnarajah:A residential site at Farrer Drive (pictured) was launched for sale yesterday after a developer committed to bid a minimum price of S$88.89 million, said the Urban Redevelopment Authority (URA). The 99-year leasehold plot was made available for sale on 16 April 2012 under...
Continue Reading • 25 May 2012
S'pore has least happy millionaires in Asia
By Andrew Batt: Singapore, Hong Kong and South Korea are home to Asia's least happiest millionaires while those in Malaysia, Indonesia and Thailand are the most contented, according to a new report. The findings, part of the Futurepriority Report 2012 published by Scorpio Partnership and...
Continue Reading • 25 May 2012
Inflation hits 4-month high: MAS
By Romesh Navaratnarajah: The Monetary Authority of Singapore (MAS) has announced that inflation climbed to a four-month high in April, following simultaneous increases in housing and transport costs. In a statement, the MAS said that the consumer price index grew 5.4 percent in April compared to...
Continue Reading • 24 May 2012
Martin No. 38 hailed as 'Building of the Year'
By Romesh Navaratnarajah:SC Global’s warehouse-themed apartment development – Martin No. 38 (pictured) has clinched the prestigious Building of the Year Award and the top Design Award in the residential category at the Singapore Institute of Architects (SIA) Architectural Design...
Continue Reading • 24 May 2012
More redevelopment sites up for sale
By Romesh Navaratnarajah:Two residential sites located at Hillview Avenue and Amber Road have been put up for sale.The first plot at 63 Hillview Avenue measures 230,915 sq ft and has a gross plot ratio of 1.92. Indicative pricing for the site is S$330 million, which works out to S$925 psf ppr...
Continue Reading • 24 May 2012
UK remains top choice for wealthy expats
By Andrew Batt: According to recent data obtained by leading commercial law firm Pinsent Masons, the UK remains one of the most sought after expat destinations. The number of high net worth investors being issued investor visas to stay in the UK rocked over seven-fold - from 43 in 2008 to...
Continue Reading • 24 May 2012
UK mortgage activity up 16%
By Romesh Navaratnarajah:Home loan activity in the UK remains relatively strong despite the volatile economy and mortgage rate increases, according to the National Mortgage Index by the Mortgage Advice Bureau (MAB).The index shows that mortgage activity remains strong with year-on-year figures...
Continue Reading • 24 May 2012
Star City development in Myanmar selling well
By Romesh Navaratnarajah:More than 50 percent of units at the third block of the Star City residential project (pictured) in Myanmar have been snapped up, according to Serge Pun & Associates Group (SPA Group), a joint development partner of Yoma Strategic Holdings, a Singaporean firm. It said...
Continue Reading • 24 May 2012
Shoebox units "almost inhuman": CapitaLand CEO
By Romesh Navaratnarajah: Singapore should put restrictions on the rising number of shoebox units as they are “almost inhuman”, according to CapitaLand CEO Liew Mun Leong (pictured). “I am dead against shoebox developments,” he said in an article by Bloomberg. “The...
Continue Reading • 24 May 2012
Haus @ Serangoon Garden clinches BCA Green Mark Platinum award
By Cheryl Tay:In recognition of its green designs and technologies, Haus @ Serangoon Garden (pictured) has received the BCA Green Mark Platinum award, making history as the very first residential estate in the country to receive the honour.“This is a first time we have awarded the Green...
Continue Reading • 23 May 2012
BofA to buy back S$330m of loans from Freddie Mac
By Cheryl Tay:Bank of America Corp, the second-biggest lender in the US, will buy back US$330 million (S$421.55 million) of mortgages from Freddie Mac, after flaws were discovered in how they were made.Dan Frahm, a company spokesman, said the payments on most of the loans are current. Meanwhile,...
Continue Reading • 23 May 2012
Singapore remains Asia's top convention city for 2011
By Cheryl Tay:Singapore has retained its position as Asia’s top convention city for 10 straight years, according to the latest global rankings by the International Congress and Convention Association.Singapore is also the only Asian city among the top five convention cities worldwide,...
Continue Reading • 23 May 2012