UK mortgage approvals rose slightly in March
Mortgage approvals in the UK rose slightly in March, as income restriction affected the residential market’s recoveryAccording to the Bank of England, mortgage approvals for home purchases rose to 47,557 in March, compared to 46,708 in February, while net lending increased to 400 million...
Continue Reading • 5 May 2011
HK residential sales drop to 2-year low
Homes sales in Hong Kong dropped to their lowest level in over two years in April, as increasing mortgage rates and government curbs fuelled concern that a two-year price surge may come to an end.The number of transactions fell by 37.6 percent to 7,635 homes in April, the lowest since March 2009,...
Continue Reading • 5 May 2011
Election unlikely to affect property prices, says bank chief
Singapore’s elections are unlikely to affect property prices, according to Aamir Rahim, Chief Executive at Citi Private Bank (Asia Pacific).“Investors look at simple facts: Singapore’s stability and continuity in its policy regime are important. Stability is the most important...
Continue Reading • 5 May 2011
S'pore hotel room rates to rise
Singapore’s hospitality market is expected to grow at a strong rate this year, according to commercial property advisory firm CB Richard Ellis (CBRE).CBRE Hotels anticipates an increase of between 10.0 and 15.0 percent in average room rates, from last year’s levels. It also expects to...
Continue Reading • 4 May 2011
HK's secondary home sales an indicator of market condition
The secondary home market in Hong Kong is more suggestive of the effects of the government’s tightening measures than the results of the Hung Hom land auction, according to Thomas Kwok Ping-kwong, Vice Chairman and Managing Director of Sun Hung Kai Properties (SHKP).“There are...
Continue Reading • 4 May 2011
Hillview Avenue site sold for S$289.8m top bid
A commercial-cum-residential site at Hillview Avenue has been awarded to Tuas Technology Park Ltd, after it offered the highest bid of S$289.8 million (approximately S$672.60 psf ppr) in a public tender that closed on 28 April.The land site, which was launched for sale on 28 February, has a total...
Continue Reading • 4 May 2011
Wing Tai Q3 profit sees meteoric rise
Wing Tai Holdings posted strong results, primarily in the third quarter, attributed to the progressive recognition of contributions the from Floridian in Bukit Timah and Helios Residences in the Cairnhill area.Helios Residences obtained its temporary occupation permit in January and 71 of...
Continue Reading • 4 May 2011
TCT's Q1 revenue climbs 14%
Treasury China Trust (TCT) has posted a 14 percent increase in gross revenue to RMB100.13 million (S$19.45 million) in the first quarter of this year, while its net property income rose 3.5 percent to S$12.45 million.“We are delighted with our first quarter results for 2011, posting a...
Continue Reading • 4 May 2011
MoLi Apartments to enter Singapore market
MoLi, a rising star in the serviced apartment industry, has announced the expansion of its services to Singapore. Until last month, MoLi Apartments had been servicing the corporate travel and leisure industry only in Paris, London and New Delhi.However, recent joint ventures (JVs) have allowed...
Continue Reading • 4 May 2011
PM Lee sorry about housing issues
Singapore Prime Minister Lee Hsien Loong said the government could have moved more quickly and efficiently to address the shortfalls in the country’s housing and transport industries.The Prime Minister also acknowledged that things do not always go as planned and there might be side effects...
Continue Reading • 4 May 2011
CBRC to impose 50% down payment on China's home buyers
First-time home buyers in mainland China may have to pay as much as 50 percent of the purchase price starting this month, according to Nanjing-based newspaper Xinhua Daily. It said that the China Banking Regulatory Commission (CBRC) will only permit lenders to offer mortgages provided that the...
Continue Reading • 4 May 2011
British expats within Europe forced to sell up and return home
A large number of expats are being forced to sell up their second homes abroad and return to the UK due to the rising mortgage rates and the weakening sterling.With the first rate increase in Europe since July 2008, the Euro has strengthened against the pound and over 300,000 second home owners...
Continue Reading • 3 May 2011
No property bubble in China, says HK developer
“Humongous demand” from consumers and actions by the central government reduce the possibility that China’s real estate market will collapse, according to Ronnie Chan, Chairman of Hong Kong-based developer Hang Lung Properties Ltd.The concern over a property bubble is a...
Continue Reading • 3 May 2011
HK home prices spike, show flats attract thousands
Several new home launches scheduled this week will expect healthy response, going by the thousands viewing show flats over the long weekend.Kerry Properties raised prices above HK$10,000 psf at its Lions Rise development in Wong Tai Sin, after registering over 3,000 visitors a day during the...
Continue Reading • 3 May 2011
La Meyer condo goes en bloc
The La Meyer freehold condominium development at 66 Meyer Road has been offered for en bloc sale through a public tender, said property consultancy firm Cushman & Wakefield, which is marketing the property.The 50,560 sq ft development is located near the exclusive Meyer Road and is expected...
Continue Reading • 3 May 2011
WP: Govt should strengthen CPF fund
Workers' Party (WP) candidate Chen Show Mao suggested yesterday that the government should strengthen the Central Provident Fund (CPF) model and grow the people's money, as recommended by the World Bank.Mr. Chen, who was speaking at a rally for Moulmein-Kallang Group Representation Constituency...
Continue Reading • 3 May 2011
SDA suggests rental scheme to help first-time buyers
The Singapore Democratic Alliance (SDA) is suggesting a rental scheme to help first-time flat buyers become home owners.In its first rally for the 2011 General Election, the SDA cited issues such as increasing HDB flat prices and the high cost of living as the main reasons why changes to...
Continue Reading • 3 May 2011
RP wants lower age limit for singles to acquire flats
The Reform Party (RP) wants to lower the age limit for single Singaporeans eligible to acquire a HDB flat, said Ho Soak Harn, a member of the RP's West Coast Group Representation Constituency (GRC) team, at the West Coast Park rally last night.She said that this can be achieved by offering one-...
Continue Reading • 3 May 2011
Govt considers raising income ceiling for BTO flats
The government is planning to raise the current S$8,000 income ceiling for buying new flats under the Build-to-Order (BTO) scheme, according to Prime Minister Lee Hsien Loong.He said when the S$8,000 cap was raised to S$10,000 for the slightly more upper-class Design, Build and Sell Scheme (DBSS)...
Continue Reading • 3 May 2011
GCB transactions pick up in April
Transactions in the Good Class Bungalow (GCB) market appear to have picked up in April, after moderating in Q1, according to some agents.Urban Redevelopment Authority (URA) Realis data reveals two transactions done in April for a total of S$65 million, including a 32,626 sq ft property on Belmont...
Continue Reading • 3 May 2011