Businesses worry about departure of two ministers
Singapore’s business community viewed the decisions of Senior Minister Goh Chok Tong and Minister Mentor Lee Kuan Yew to leave the Cabinet with concern and hope, according to The Business Times.Concern that the decision might put the country back due to the loss of global connections and...
Continue Reading • 16 May 2011
Developers urged to rightsize shoebox units
The Urban Redevelopment Authority (URA) is encouraging developers of shoebox units to increase the size of their units, up from 28 sq m to 35 sq m, according to a report in The Business Times.Many analysts said that promoting bigger shoebox units may likely help to cool the property market since...
Continue Reading • 16 May 2011
Resale options for ageing condos
For private property owners, the 60-year mark is considered a major milestone — they could either watch their properties depreciate in value or opt for a collective sale.Although banks are generally reluctant to lend to owners of older properties, things are not as bad as they seem since...
Continue Reading • 16 May 2011
Mortgage rates up in Hong Kong
Hong Kong’s DBS Bank and Bank of China have increased their HIBOR-based housing loan rates for the second time in a month.The new interbank offered rate at BOCHK, which is the SAR’s second largest mortgage provider, took effect on 13 May 2011.The new rate, which is the highest in the...
Continue Reading • 16 May 2011
HK land sites sold above estimates
Three sites in Hong Kong offered by the government for land auction fetched a staggering price of HK$5.7 billion, above analyst estimates, according to The Standard.This marks the developers' confidence that property curbs have not softened demand for luxury homes.The 158,231-sq-ft site of former...
Continue Reading • 16 May 2011
Aspial Corp buys property at Bassein Rd, plans to build apartment
Aspial Corporation, through its wholly-owned subsidiary World Class Land, is buying Chong Kim Apartment at 8 Bassein Road for S$41.1 million.The 1,426.9 sq m freehold apartment is located in prime district 11, with several shopping amenities in the area including United Square, Square 2 and...
Continue Reading • 16 May 2011
Heeton posts strong Q1 results
Niche property developer Heeton Holdings (Heeton) has announced that revenue in the first quarter climbed 29.5 percent to S$9.9 million, on the back of higher sales recognition from property projects such as The Lumos and Juluca.Net profit in the first quarter reached S$2.85 million, slightly...
Continue Reading • 16 May 2011
UOL's Q1 profit up 133% due to property development
Singapore real estate company UOL Group has posted a S$230 million net profit in the first quarter ended 31 March 2011, up 133 percent from S$98.7 million over the same period last year.Q1 revenue also jumped 102 percent to S$725.1 million, from S$358.9 million in the previous year, according to...
Continue Reading • 16 May 2011
Pasir Ris condo site sold for S$246.1m
A land parcel at Jalan Loyang Besar / Pasir Ris Drive 4 has been awarded to MCL Land Ltd, after it offered the highest bid of S$246.1 million in a public tender that closed on 10 May 2011.The site, which was launched for sale on 29 March 2011, has an area of 27,054.8 sq m and a maximum gross...
Continue Reading • 13 May 2011
Vicland Realty buys Haig Mansions for S$21.5m
The 16-unit Haig Mansions has been sold to Vicland Realty for S$21.5 million through an en bloc sale exercise.This translates to a land rate of about S$720 psf ppr at a gross plot ratio (GPR) of 1.54, including the 10 percent gross floor area (GFA) for balconies.With a land area of 20,226 sq ft,...
Continue Reading • 13 May 2011
Plans unveiled for 10 Trinity Square in London
The latest owners of 10 Trinity Square in London — KOP Properties, the property investment and management subsidiary of Singapore-based KOP Group, and Reignwood Group, which jointly acquired the building — have revealed their redevelopment plans for the famous landmark building.This...
Continue Reading • 13 May 2011
SC Global's profit shoots up in Q1
Singapore-based property developer SC Global Developments has posted a net profit of S$72.8 million in the first quarter, a 15-fold increase from the S$4.78 million net profit recorded over the same period last year.This was mainly attributed to higher revenue and gross margins, as well as the...
Continue Reading • 13 May 2011
BCA recognises green-building developers
The Building and Construction Authority (BCA) will be giving the BCA Green and Gracious Builder Awards to 10 exceptional property developers during the BCA Awards ceremony on 19 May.Of these, three developers — Gammon Pte Ltd, Tiong Seng Contractors (Pte) Ltd and Woh Hup Pte Ltd —...
Continue Reading • 13 May 2011
Wing Tai to launch Foresque Residences
Wing Tai Holdings will soon launch the Foresque Residences, with a preview set for 14 May 2011.“We are excited with the upcoming debut of Foresque Residences, which is excellently located on a special belt of wonderful greenery that is situated at Petir Road, between Chestnut Drive and...
Continue Reading • 13 May 2011
HK luxury homes draw China buyers
Wealthy mainland Chinese are acquiring luxury homes worth over HK$100 million each on The Peak and in the Southern District. Hui Ka-yan, Chairman of Evergrande Real Estate, spent more than HK$400 million last year on a 6,000 sq ft house at 6-10 Black’s Link on The Peak, according to reports...
Continue Reading • 13 May 2011
Wheelock's Q1 profit sees slight increase
Luxury real estate developer Wheelock Properties (Singapore) saw a 3.9 percent increase in its net profit to S$52.3 million in the first quarter this year.However, group revenue fell 3.6 percent to S$103 million, attributed to the marginal decline in revenue upon the completion of its Ardmore II...
Continue Reading • 13 May 2011
UK home repossessions surge 15%
A total of 9,100 UK homes were repossessed in the first quarter of 2011, an increase of 15 percent from the previous quarter, according to the Council of Mortgage Lenders (CML).This figure is 10 percent lower compared to the same period last year and remains steady with the quarterly average of...
Continue Reading • 13 May 2011
PropertyGuru to air TV series on Asian real estate
Buying Asia, a six-part television series dedicated to understanding the Asian property market, will be shown on PropertyGuru TV. Hosted by real estate expert, writer, and founder / CEO of IP Global Tim Murphy, the new series will air every Thursday on PropertyGuru TV.The informative new series...
Continue Reading • 12 May 2011
RSYC breaks new ground with dry stack
Republic of Singapore Yacht Club (RSYC), Asia’s oldest yacht club, has broken new ground with the development of a five-storey vertical dry stack, a central part of RSYC’s ongoing S$9 million expansion project.After operating from its modern yacht club building for 11 years, RSYC...
Continue Reading • 12 May 2011
US mortgage fraud drops 41 percent
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Continue Reading • 12 May 2011