Unit at Scotts Square goes for S$3,764 psf
The newly implemented additional buyer’s stamp duty (ABSD) appears to be mainly aimed at foreign buyers, a UOB Kay Hian report noted.“The move will act as a strong deterrent for foreign buyers as their transaction costs would increase by 10 percent overnight,” said Vikrant...
Continue Reading • 19 Dec 2011
Analyst says new measures to stay for good
The additional buyer’s stamp duty could become a permanent fixture in the residential property market even after prices cool, according to Bank of America Merrill Lynch.Chua Hak Bin, an economist at the bank, said cooling measures implemented in 1996 to differentiate between local and...
Continue Reading • 19 Dec 2011
Asian property market cools
After experiencing strong growth since 2009, Asian property markets are now either flattening or declining, according to the Wall Street Journal.Reports from Hong Kong, Sydney, Singapore and Beijing reveal that property values have declined, while the Kuala Lumpur and Bangkok markets remain...
Continue Reading • 19 Dec 2011
PropertyGuru still sees good potential in Asia
Demand for property remains strong in many parts of Asia, particularly in India, Indonesia and China.“There continues to be a growing middle class that is keen on investing in the cross-border property market,” said Steve Melhuish, Group CEO of PropertyGuru Group, the operator of...
Continue Reading • 19 Dec 2011
UK mortgage borrowers face tougher checks
Home buyers in the UK are now facing much tougher checks under new rules by the Financial Services Authority (FSA) to prevent more risky lending.Under the latest regulations, lenders are required to verify the income of every borrower through tougher affordability checks.Borrowers are also not...
Continue Reading • 19 Dec 2011
Govt curbs ease housing inflation in Beijing
China’s housing inflation eased to its lowest level in November this year, primarily due to Beijing’s efforts to rein in high property prices.New home prices climbed 2.2 percent last month, the weakest gain so far this year, in comparison to 2.8 percent in October.According to the...
Continue Reading • 19 Dec 2011
S'pore property auction sales wind down
The recent government cooling measures and global economic conditions have caused significant slowdown in property auctions as the year winds down. “It was much better in the first half of the year,” said Mok Sze Sze, Head of Auctions for Jones Lang LaSalle (JLL). “As general...
Continue Reading • 19 Dec 2011
Big wins for SE Asia at International Property Awards
Property companies throughout South East Asia collected prestigious awards at the International Property Awards in London this week.The annual awards, produced in association with Bloomberg Television and Google, are open to residential and commercial property professionals from around the globe....
Continue Reading • 16 Dec 2011
Decline in number of overseas prime London buyers
The proportion of international buyers of Prime Central London property dropped to 56 percent in the third quarter of 2011 – down from 73 percent during the previous three-month period.Against a backdrop of strong international demand during the first half of 2011, Hamptons International's...
Continue Reading • 16 Dec 2011
Foreigners still snapping up luxury property
Foreign buyers continue to purchase high-end homes in Singapore's prime central districts. In the first 11 months of 2011, they contributed to 28.7 percent of home transactions in the Core Central Region (CCR).A CBRE analysis of caveats data by the Urban Redevelopment Authority (URA) also...
Continue Reading • 16 Dec 2011
UOL to acquire prime residential site at St Patrick's Rd
Property developer UOL Group Ltd, through its wholly-owned subsidiary, Flamegold Pte Ltd, will acquire St Patrick's Garden, a 137,561 sq ft freehold residential site at St Patrick’s Road, for approximately S$172 million.“Flamegold Pte Ltd has exercised an option to purchase and...
Continue Reading • 16 Dec 2011
UK mortgage arrears to climb further in 2012
Rising unemployment in the UK and increasing pressure on household budgets will likely lead to more borrowers falling behind on their mortgages and properties being repossessed next year, according to a new forecast released by the Council of Mortgage Lenders (CML).The agency said that...
Continue Reading • 16 Dec 2011
Punggol Central condo site attracts 13 bids
The HDB has closed the tender for a 99-year leasehold site located along Punggol Central/Punggol Place, with a total of 13 bids received.Wee Hur Development Pte Ltd offered the top bid of S$206.20 million, or S$3,814.41 psm of gross floor area (GFA).A consortium comprising Opal Star Pte Ltd and...
Continue Reading • 16 Dec 2011
New property measures to shift spotlight on Johor
The rise of expensive private homes in Singapore, primarily attributed to the government’s new property tax measures, could turn the spotlight on Johor property next year.According to some analysts, Johor is expected to benefit from the recent residential cooling measures in Singapore, with...
Continue Reading • 16 Dec 2011
En bloc deal ends in lawsuit
A small property agency, which was initially appointed to handle an en bloc sale in Sophia Road but was later advised to drop it, is suing the homeowners for alleged defamation.According to the Isabel Redrup Agency, it is entitled to a sales commission, as it helped broker a S$30.8 million sale...
Continue Reading • 16 Dec 2011
Private home sales rise 13 percent in November
Despite fears that Singapore's property market could slide after the government launched a harsh round of cooling measures last week, data from the Urban Redevelopment Authority (URA) shows that the market is still very robust. In November, the total number of private housing units transacted...
Continue Reading • 16 Dec 2011
Far East still confident in property market
Far East Organization remains optimistic in the long-term prospects of the property market despite the recent government cooling measures. At a seminar held last night at The Scotts Tower (TST) showflat, the developer told a packed audience that it expects Singapore's housing market to remain...
Continue Reading • 16 Dec 2011
Outside Central Region records robust sales
Mass market homes in the Outside Central Region continue to do well, with Bedok Residences and The Palette leading the way, each selling more than 80 percent of units launched in November.Bedok Residences, a 583-unit condo development in Bedok North saw 477 units snapped up at a median price of...
Continue Reading • 15 Dec 2011
Experts predict house prices will slide
Home-buying activity may stall next year, primarily attributed to a forecasted slowdown in the global economy and the two rounds of property cooling measures implemented this year.Despite the bleak economic outlook, home-buying interest remains robust, as witnessed in the long queues at recent...
Continue Reading • 15 Dec 2011
Economic growth to exceed govt forecast
Europe's debt crisis may be affecting global markets, but private sector economists expect Singapore's 2011 growth to be higher than the government’s forecast, according to The Straits Times.A poll by the Monetary Authority of Singapore (MAS) revealed that the economy will grow 5.2 percent...
Continue Reading • 15 Dec 2011