US mortgage defaults stabilise in Q3
Cumulative defaults for residential mortgages in the US showed signs of stabilising in Q3 2011, according to a report by Standard & Poor's (S&P). It said that cumulative defaults for US home loans are levelling, an improvement that started at the beginning of the year.“Much of...
Continue Reading • 16 Nov 2011
URA releases sales conditions for Rangoon/Farrer Park hotel site
The Urban Redevelopment Authority (URA) has released detailed sales conditions for a hotel site at the junction of Rangoon Road and Farrer Park Station Road.The land site is available for sale under the reserve list of the H2 2011 government land sales (GLS) programme.Conveniently located above...
Continue Reading • 16 Nov 2011
YTL Land & Devt announces new CEO
Property developer YTL Land & Development Berhad (YTL L&D) has appointed Kemmy Tan Peck Mun as its newest Chief Executive Officer.“The Singapore and regional property market has tremendous growth potential with the rise of personal wealth and growing demand for high-quality, luxury...
Continue Reading • 16 Nov 2011
Property sales volumes in Asia Pacific rise 18%
Property sales volumes in the Asia Pacific region rose 18 percent year-on-year to US$96.8 billion (S$125.4 billion) as of 30 September 2011, according to the latest quarterly report by the Asia Pacific Real Estate Association (APREA) and Real Capital Analytics (RCA).Quarter-on-quarter, real...
Continue Reading • 16 Nov 2011
Yishun residential site attracts 8 bids
The tender for a 99-year leasehold site at Yishun Avenue 1/Miltonia Close was closed yesterday, with a total of eight bids received.A consortium comprising T G Development Pte Ltd and Master Contract Services Pte Ltd submitted the highest bid of S$138.9 million.S L (Serangoon) Pte Ltd offered the...
Continue Reading • 16 Nov 2011
Private home sales down 15% in October
The number of private homes sold in October fell 15 percent month-on-month to 1,387 units. Including executive condos (ECs), the volume of sales reached 1,638 units, down from 2,064 in September.The bulk of the sales came from the Outside Central Region (OCR) — 1,144 units were sold last...
Continue Reading • 16 Nov 2011
Over 500 flats to make way for new highway
More than 500 HDB flats in the four-block Rochor Centre will be demolished to make way for a 5.6 km, three-lane dual carriageway tunnel that will complete the southern stretch of the North-South Expressway (NSE).According to the Land Transport Authority (LTA), the fully underground tunnel will...
Continue Reading • 16 Nov 2011
3 residential sites up for sale
Three residential sites are being launched for sale via public tender today.The first site is Thomson View Condominium, which has a total land area of 540,314 sq ft and a gross plot ratio (GPR) of 2.1.Zoned for residential development, the site is priced between S$595 million and S$635...
Continue Reading • 15 Nov 2011
Chinese developers avoiding land auctions
In recent months, there have been fewer takers for land sites on offer in some major Chinese cities. Of 11 land parcels in Jinan, Shandong province, nine have failed to draw even the minimum asking prices at auctions, while two plots went to single bidders at bottom prices.The sites had been...
Continue Reading • 15 Nov 2011
Residential investment sales drop sharply by 50.4%
Residential investment sales fell 50.4 percent to S$2.20 billion in the third quarter of this year, according to a Savills report. Nevertheless, the sector still managed to contribute the highest share of 48.6 percent in total investment sales.The report also revealed that six residential sites...
Continue Reading • 15 Nov 2011
Condo units at The Palette snapped up in preview
An overwhelming 200 of 300 units were snapped up during the preview launch of The Palette at Pasir Ris Grove, a residential project by City Developments Ltd (CDL).The 99-year leasehold development comprises 892 residential units and has an average selling price of S$870 psf, with prices ranging...
Continue Reading • 15 Nov 2011
Mortgage demand among first-time Aussie buyers returns
The demand for new home loans among first-time home buyers in Australia is beginning to return, according to figures from a recent QBE LMI report.The influx of new mortgage customers is important for the country’s property market because it encourages “upgraders” to enter the...
Continue Reading • 15 Nov 2011
Design Studio's revenue down, but remains upbeat
Design Studio Furniture Manufacturer Ltd, one of Singapore’s leading premier furniture manufacturers, has posted S$20.2 million in revenue for the third quarter of this year, down from S$30.3 million over the same period last year.It added that revenue for the nine months ended 30 September...
Continue Reading • 15 Nov 2011
BBR clinches S$179m HDB contract
Local construction and specialist engineering firm BBR Holdings has secured a contract from the Housing and Development Board (HDB) to develop 1,386 new homes in Pasir Ris Neighbourhood 5 for S$179 million.Clinched through its subsidiary Singapore Piling & Civil Engineering, the contract...
Continue Reading • 15 Nov 2011
Sim Lian records net profit of S$103m
Property developer Sim Lian Group Ltd announced that its net profit in the first quarter ending 30 September 2011 increased nine times from S$11 million recorded a year ago.The sudden jump in earnings for the three months ended 30 September 2011 was due to higher revenue contributions from its...
Continue Reading • 14 Nov 2011
Over 40% of Belvia units snapped up
Over 40 percent of units in the first phase of Belvia were snapped up during its booking last week, said the developer CEL Development Pte Ltd.Belvia, a Design Build Sell Scheme (DBSS) project along Bedok Reservoir Crescent, comprises 488 three-, four- and five-room flats spread across six...
Continue Reading • 14 Nov 2011
UK home loans and remortgages dip in Sept
Home loans and remortgages in the UK dipped month-on-month in September, according to the Council of Mortgage Lenders (CML).Loans for home purchases valued at £7.1 billion were lower by two percent in number and down five percent in value in September, when compared to data from August,...
Continue Reading • 14 Nov 2011
Medini Iskandar continues to lure investors
After securing investments from Beijing-based property developer Zhouda Group, Iskandar Investment Bhd (IIB) has managed to attract another firm to be part of the on-going development of Medini.Medini Land Sdn Bhd, a wholly-owned subsidiary of IIB, has signed a joint venture (JV) agreement with...
Continue Reading • 14 Nov 2011
Tiong Seng posts S$6.8m profit in Q3
Singapore property developer and construction group Tiong Seng Holdings Limited has posted a net profit attributable to equity holders of S$6.8 million for the third quarter ended 30 September 2011.The group’s revenue surged 41 percent to S$127.3 million in Q3 2011, from S$90.0 million in...
Continue Reading • 14 Nov 2011
Private home sales expected to fall this month
Several analysts have said that data for private home sales, which is expected to be released this week, could fall by 15 to 20 percent month-on-month to between 1,200 and 1,600 units in October.Private home sales in September were strong, with buyers snapping up 1,631 units and defying market...
Continue Reading • 14 Nov 2011