High-end market on a downward spiral?
by Cheryl TaySluggish demand for high-end homes has lowered developers’ profits of late. If this trend continues, the luxury market could eventually hit rock-bottom in the days to come.With prices of luxury homes expected to fall by 15 percent this year, foreign demand is expected to dry up...
Continue Reading • 9 May 2012
Sales at Eight Riversuites up to 200 units
By Romesh Navaratnarajah:United Engineers Limited (UEL) has sold around 200 units at its Eight Riversuites condo project (pictured) in Whampoa near Boon Keng MRT station, according to the latest report by The Business Times.It noted that the average price of the project, after discounts, is...
Continue Reading • 8 May 2012
MAS to act decisively to control inflation
By Romesh Navaratnarajah:The Monetary Authority of Singapore (MAS) should implement policies that react “decisively” to control short-term inflation driven by strong demand. However, the policies should restrain, and not quash price pressures caused by long-term supply constraints,...
Continue Reading • 8 May 2012
Wells Fargo gains market share as competitors retreat
By Romesh Navaratnarajah: Wells Fargo & Co. (WFC), one of the leading mortgage companies in the US, has surpassed its market share record due to cutbacks by its competitors, and not because of its own actions, according to Scott Simon, Mortgage-debt Head of California-based Pacific Investment...
Continue Reading • 8 May 2012
URA ties up with Abu Dhabi's UPC
By Romesh Navaratnarajah:The Urban Redevelopment Authority (URA) has tied up with the Abu Dhabi Urban Planning Council (UPC) to exercise joint efforts in the land use and urban planning sector.Under a newly-signed Memorandum of Understanding (MOU), the two government bodies agreed to engage in...
Continue Reading • 8 May 2012
Beijing officials reject 14000 housing applications
By Romesh Navaratnarajah:In line with efforts to tighten the property market, Beijing’s authorities have turned down applications of more than 14,000 families who looked to buy apartments last year.Local officials said the rejections were necessary to curb out-of-control housing prices. The...
Continue Reading • 8 May 2012
Watercolours EC nearly twice oversubscribed
By Romesh Navaratnarajah:The newly launched executive condo (EC) development, Watercolours (pictured), has seen strong buyer interest and is nearly two times oversubscribed. Surpassing the 416 units that could be booked starting 1 June, e-applications have already totalled 807 as of yesterday,...
Continue Reading • 8 May 2012
Woodlands EC site awarded to China-based developer
By Romesh Navaratnarajah:The Housing and Development Board (HDB) has awarded a residential site (pictured) at the junction of Woodlands Avenue 5 and Woodlands Drive 16 to Hao Yuan Investment Pte Ltd. The Chinese firm offered the top bid of S$247 million, while the second highest offer came from...
Continue Reading • 8 May 2012
Strong week for private home sales
By Romesh Navaratnarajah:Approximately 325 new private homes were sold over the past week, amid property launches and rock bottom interest rates. 67 units were sold at Far East Organization’s 338-unit SeaHill in West Coast Link, taking total sales to 185 units since it was launched last...
Continue Reading • 8 May 2012
London's Chelsea Creek set for Singapore launch
By Romesh Navaratnarajah:UK developer St George will unveil Chelsea Creek (pictured), a new waterside project located at King’s Road, London, at an exhibition to be held at St. Regis Hotel, Singapore on 11 to 13 May.Designed by Squire and Partners, an award-winning architectural practice,...
Continue Reading • 7 May 2012
Golden opportunity for Aussie borrowers
By Romesh Navaratnarajah:Home loan borrowers in Australia should maintain their repayments at higher rates and pay their mortgages sooner as this could lead to a golden opportunity, said Damian Smith, CEO of RateCity.“It's the best financial decision that they could make on a...
Continue Reading • 7 May 2012
China to boost construction of green buildings
By Romesh Navaratnarajah:Green buildings will account for 30 percent of China’s new construction projects by 2020, according to an official statement. Jointly released by the Ministry of Housing and Urban-Rural Development and the Ministry of Finance, this marks the first time that the...
Continue Reading • 7 May 2012
Myanmar wants Singapore's expertise in property devt
By Romesh Navaratnarajah:In a bid to enhance Myanmar’s urban landscape (pictured), its Minister for Construction, U Khin Maung Myint, expressed his country’s willingness to welcome Singapore firms that are keen on developing hotels, high-end condos and serviced apartments in the...
Continue Reading • 7 May 2012
Illegal short-term rentals on the rise
By Romesh Navaratnarajah:A rising number of homeowners are earning extra income by renting spare rooms to paying guests for a few days, even advertising on short-term accommodation websites. Over the last five years, the practice has become more common on websites like Airbnb, Wimdu, 9flats and...
Continue Reading • 7 May 2012
Top 10 architects, developers recognised at BCI Asia Awards
By Romesh Navaratnarajah:The 10 most active architecture firms and property developers in Singapore will be receiving accolades at the 8th BCI Asia Awards to be held today at the Conrad Hotel. The portfolios of these developers include US$4.64 billion (S$5.77 billion) worth of properties that...
Continue Reading • 4 May 2012
Mortgage rates in US still plunging
By Romesh Navaratnarajah:US mortgage rates are continuing to plunge to record lows, as signs of slow growth create doubts about the strength of the economic recovery.According to latest figures by Freddie Mac, the average rate for 30-year fixed mortgages declined to 3.84 percent for the week...
Continue Reading • 4 May 2012
FLO Residence set to launch in Punggol
By Romesh Navaratnarajah:FLO Residence (pictured), a 530-unit condo development in Punggol is set to launch this month at an average price of S$850 psf.A joint-venture (JV) project between ZACD Investments Pte Ltd and Capital Development Pte Ltd, it is situated at Punggol Field Walk and is within...
Continue Reading • 4 May 2012
Mass market units see strong demand over Labour Day weekend
By Romesh Navaratnarajah:The long Labour Day weekend has paid off for many public and private projects in the country, with property buyers turning up at showflats in full force and snapping up units. For instance, the 447-unit Pasir Ris One DBSS (Design, Build and Sell Scheme) project was...
Continue Reading • 4 May 2012
Shoebox units pushing down the value of non-landed homes
By Romesh Navaratnarajah:The popularity of small apartments pushed down the total value of non-landed homes by 22 percent last year compared to 2010, according to the latest report by CBRE. A total of 13,611 caveats were lodged for new non-landed homes in 2011 amounting to S$16.568 billion,...
Continue Reading • 4 May 2012
Woodlands EC site attracts top bid of S$247m
By Romesh Navaratnarajah:The tender for a 99-year leasehold site (pictured) released by the Housing and Development Board (HDB) at the junction of Woodlands Avenue 5 and Woodlands Drive 16 has attracted a total of five bids, with China-based firm Hao Yuan Investment Ltd offering the top bid of...
Continue Reading • 4 May 2012