Shanghai banks suspend lending due to skyrocketing housing prices
The China Securities Journal has revealed that banks in Shanghai have either ceased mortgage lending or are imposing stringent requirements on granting loans.According to its report, the central bank’s initiative to widen the base of total deposits allocated for reserves further restricted...
Continue Reading • 9 Sept 2011
IRAS threatens foreclosure on pre-war house if owners don't pay S$7,000
A pre-war terrace house on Devonshire Road in Somerset faces foreclosure after the home owners failed to pay property tax for two years, amounting to around S$7,000.The Inland Revenue Authority of Singapore (IRAS) served the owners with a notice of sale in August 2011.If the home owners fail to...
Continue Reading • 9 Sept 2011
Record profits for property companies in Singapore
Most of the 97 companies that released their full-year earnings for the financial year ended June 2011 saw continued growth, with combined net profits of approximately S$2.4 billion, 14.6 percent higher than the total earnings recorded in the previous financial year.Three of the top five earners...
Continue Reading • 9 Sept 2011
Second Naumi Hotel in Singapore to open next year
Naumi Hotels Pte Ltd, one of the premier luxury hotel companies in Singapore, has announced the opening of its second hotel at Keong Saik Road in 2012. The announcement came after The Royal Peacock Hotel Pte Ltd sold the The Saff to the Hind Group for slightly below S$42.1 million.“The...
Continue Reading • 8 Sept 2011
Hoi Hup to conduct balloting for Arc at Tampines today
Property developer Hoi Hup Sunway Tampines Ltd will conduct booking and balloting for its latest executive condominium (EC) development Arc at Tampines today, after being two times oversubscribed since it accepted registrations of interest on 31 August 2011.Many property agents said prices for...
Continue Reading • 8 Sept 2011
Singapore advances in WEF Global Competitiveness Report
Singapore has overtaken Sweden to take the second spot in the latest World Economic Forum (WEF) Global Competitiveness Ranking, as it develops economic growth and solid public institutions.The country advanced from third place, securing its lead among other Asian economies, while the UK returns...
Continue Reading • 8 Sept 2011
US mortgage demand falls for third straight week
Despite mortgage rates falling to record lows, the demand for home loans in the US continued to fall for the third consecutive week, according to the latest data from the Mortgage Bankers Association (MBA).The MBA’s seasonally adjusted mortgage applications index, comprising both home...
Continue Reading • 8 Sept 2011
Upper Serangoon site gets S$270.28m top bid
The tender of a residential site located at Upper Serangoon Crescent / Upper Serangoon Road was closed yesterday, with Allgreen Properties Limited offering the top bid of S$270.28 million, or S$3,136.53 psm of gross floor area (GFA).FCL Topaz Pte Ltd, Far East Civil Engineering (Pte) Limited and...
Continue Reading • 8 Sept 2011
The Ascott Ltd enters Chinese, Vietnamese markets
Scheduled to open in 2014, the Ascott Financial City Chengdu is set to be the first residential development to carry the Ascott brand name in the southwestern part of China.The 58-storey development will house 181 units, including one- to four-bedroom apartments and feature facilities such as a...
Continue Reading • 8 Sept 2011
Singapore the 2nd most expensive place to build in Asia
Singapore ranked second on the list of the most expensive places to build in Asia, according to the 2011 International Construction Cost Report released by EC Harris.Coming in behind Japan and sharing the spot with Hong Kong, Singapore is also among the top 20 most expensive countries to build...
Continue Reading • 8 Sept 2011
Freehold site on Robin Road up for grabs
A freehold residential site on Robin Road has been launched for en bloc sale, with an indicative price of S$58 million.Located off Bukit Timah Road, the 40-year-old site sits on a 23,084 sq ft land plot situated directly across The Chinese International School and Singapore Chinese Girls Primary...
Continue Reading • 8 Sept 2011
China to closely monitor S$756b housing scheme
China will closely monitor a national affordable housing programme estimated to cost four trillion yuan (S$756 billion) over five years, according to a report by Xinhua news service.The report said that the Chinese government will send 10 inspection teams to 20 different provinces across the...
Continue Reading • 8 Sept 2011
APREA reveals new Board of Directors
The Asia Pacific Real Estate Association (APREA), which represents and promotes the real estate sector in the Asia Pacific region, has announced its new Board of Directors.Established in 2005, the non-profit industry association has adopted a new governance structure to provide direct...
Continue Reading • 8 Sept 2011
UK lenders slash mortgage rates
For the past 12 years, mortgages in the UK have been affordable, with average repayment at just 28 percent of borrowers’ take-home pay, the lowest since 1999. Conversely, 2007 mortgage repayments took up 48 percent of their earnings.According to Halifax, a mortgage lender, the development...
Continue Reading • 7 Sept 2011
Asia Pacific disasters to raise property catastrophe reinsurance premiums
The Asia Pacific region can expect tighter terms and conditions in the property market, as international reinsurers attempt to regain some of the losses caused by the series of disasters that have hit the region.According to a report by Singapore Business Review (SBR), higher premiums on...
Continue Reading • 7 Sept 2011
HK land sale falls short of market expectations
A land sale in Hong Kong yesterday failed to meet market expectations, signifying a continuing cool-down in the region’s property market.With a total area of 13,393 sq m, a site located on the city’s outskirts was sold for S$483 million (HK$3.12 billion) yesterday, lesser than the...
Continue Reading • 7 Sept 2011
Keppel Land subsidiary set to open new office in China
Keppel Land Limited’s property management subsidiary, Alpha Investment Partners Limited (AIP), has announced that it will open a new office in Shanghai, China.The announcement came after AIP closed two deals in Shanghai earlier this year.“AIP is committed to grow and deepen its...
Continue Reading • 7 Sept 2011
CapitaLand goes ahead with S$3.66m share buyback
CapitaLand, Southeast Asia’s largest real estate company, bought back 1.5 million shares yesterday, or 0.035 percent of its issued share capital, in its inaugural buyback exercise.The group said it paid S$2.42 to S$2.45 per share, with the average price paid at S$2.435. Including clearing...
Continue Reading • 7 Sept 2011
Marina Bay Sands gets new CEO
Marina Bay Sands (MBS) has appointed George Tanasijevich as its new Chief Executive Officer and President, replacing Thomas Arasi, who left the company in February this year.A gaming analyst noted that Tanasijevich was well-received within the firm and has good relations with the Singapore...
Continue Reading • 7 Sept 2011
Unveiled: New residential property to grace Canary Wharf, London
The Baltimore Wharf residential development in Canary Wharf has been unveiled, raising the curtain on one of the most dynamic residential developments of the 21st century. The launch of the development comes as Asian investors’ interest in UK property continues to be strong.“Not only...
Continue Reading • 7 Sept 2011