31% of Australians financially unfit for home loans
A study by BankWest, a subsidiary of the Commonwealth Bank of Australia, revealed that nearly 31 percent of Australians are “financially unfit” to apply for a home loan.The study also found that only 17 percent of Australians are financially capable of obtaining a mortgage.Those who...
Continue Reading • 8 Apr 2011
More HK flats to be released in April
Property developers are preparing to launch 11 residential projects this April, a move welcomed by home buyers in Hong Kong.Kerry Properties will release the first 50 units of the 968-unit Lions Rise development at Wong Tai Sin, with a selling price of approximately HK$12,000 psf.Despite the...
Continue Reading • 8 Apr 2011
Bangkok's City Viva Mall to open in May
Bangkok property developer Sun Assets Global, a subsidiary of Nimit Group, is scheduled to launch The City Viva community mall on Sathorn Road next month.According to reports, 92 out of the 280 planned shops have already opened, while the rest are expected to open in May.Managing Director Suriya...
Continue Reading • 8 Apr 2011
HSBC revises GDP growth
HSBC has amended this year’s gross domestic product (GDP) growth forecast from 5.2 percent to 5.8 percent.This was mainly due to the recent high frequency observed in industrial productions and retail sales.According to HSBC, the expansion is expected to hold up in the coming quarters but...
Continue Reading • 8 Apr 2011
Bendemeer Road site attracts S$543m top bid
A 99-year leasehold site at Bendemeer Road / Whampoa East drew a higher-than-expected top bid of S$543 million from United Engineers (UE).This works out to around S$774 psf on a gross floor area (GFA) of 65,163.7 sq m.Li Hiaw Ho, Executive Director of CB Richard Ellis (CBRE) Research, expects...
Continue Reading • 8 Apr 2011
Q1 property investment deals down 40%
Property investment deals in Singapore dropped 40 percent to S$7.2 billion in the first quarter, according to figures released by DTZ Research.Deals tracked by DTZ Research on a year-on-year basis showed that investment sales reached more than twice the value seen in the first quarter last year...
Continue Reading • 8 Apr 2011
MAS to unveil monetary policy on 14 April
The Monetary Authority of Singapore (MAS) will announce its half-yearly monetary review on 14 April.The MAS is also expected to tighten its policy further, enabling the local currency to gain more strength to combat foreign inflation.The government will also reveal the city-state’s first...
Continue Reading • 8 Apr 2011
Global housing market growth sluggish
Global home prices climbed only 2.8 percent last year, as more markets saw negative growth in the fourth quarter, according to the Global House Price Index 4Q 2010 by global real estate agent Knight Frank.Asia Pacific recorded the highest price increases at 7.5 percent per annum, followed by the...
Continue Reading • 8 Apr 2011
Tiong Seng wins S$192m HDB contract
The Housing Development Board (HDB) has awarded a S$192 million contract to Tiong Seng Contractors Ltd, a wholly-owned subsidiary of Tiong Seng Holdings Limited, for the construction of the 1,072-unit Waterway Terraces in Punggol West.The building contract also includes the construction of car...
Continue Reading • 8 Apr 2011
US mortgage applications down in March
The total number of new mortgage applications in the US dropped two percent in the week ending 1 April, as refinances fell significantly, according to recent statistics from the Mortgage Bankers Association.The number of consumers who sought refinances for their current home loans fell 6.2...
Continue Reading • 7 Apr 2011
Property price stability China's top priority
China should include housing price stabilisation in its primary monetary policy goals, according to a top government official, a day after the central bank has increased interest rates for the fourth time since October 2010.Since property acquisition is a significant part of consumer spending,...
Continue Reading • 7 Apr 2011
Art hub to transform West Kowloon
The planned US$2.8 billion West Kowloon Cultural District in Hong Kong will transform the area’s landmark and status as a luxury neighbourhood, similar to the high-end suburbs across Victoria Harbour. The 40 ha art hub, designed by Norman Foster, the architect behind London's Gherkin tower,...
Continue Reading • 7 Apr 2011
Wing Tai shoots for HK$1.4b in sales this year
Wing Tai Properties is planning to release more flats on the market this year, in a bid to surpass last year’s sales.The firm has set a target of HK$1.4 billion from home sales at its Seymour and Forfar projects this year.Forfar, a Kowloon Tong project, is estimated to contribute HK$400...
Continue Reading • 7 Apr 2011
Pan Pacific Hotels to open new hotel in Singapore
Pan Pacific Hotels will launch its flagship PARKROYAL hotel in Singapore in 2012.Designed by multi award-winning design and architecture firm WOHA, the hotel on Upper Pickering Street will feature a hotel-in-a-garden concept with sustainable features that have earned it a Green Mark Platinum...
Continue Reading • 7 Apr 2011
Singapore homes top choice for ultra-rich Asians
Singapore’s top quality education has placed the country second on the list for second-home purchases for ultra-rich Asians, especially the Chinese and Indians, according to The Wealth Report 2011 compiled by Citi Private Bank and Knight Frank.Meanwhile, when it comes to principal...
Continue Reading • 7 Apr 2011
Property market still going strong
The Singapore land sales market achieved four record prices, which revealed the unwavering optimism of developers, despite the global uncertainties.A recent of Colliers International study showed that property developers display upbeat sentiment and optimism in the country’s property...
Continue Reading • 7 Apr 2011
HK's first yuan-denominated IPO gets regulatory nod
Hui Xian Real Estate Investment Trust (REIT), the real estate flagship firm owned by Li Ka-shing, has obtained regulatory clearance to open Hong Kong’s first yuan-denominated REIT.After the much-awaited approval from the Securities and Futures Commission (SFC), the joint parties, BOC...
Continue Reading • 6 Apr 2011
Bigger mortgages in the US to cost more
The most popular home loans in the US are about to get smaller and applicants who want bigger loans must act soon to avoid higher mortgage costs and fewer options.Ken Trepeta, Director of Real Estate Services at the National Association of Realtors, said that lower mortgage limits mean that loan...
Continue Reading • 6 Apr 2011
Laverne's Loft set for Friday launch
Laverne’s Loft, a five-storey, 44-unit residential development in District 15, will be launched this Friday.Zhiwei Lin, a property specialist, said, “Laverne's Loft will be attractive because of its low quantum and its location in the choice living district of Singapore, (which is)...
Continue Reading • 6 Apr 2011
Singapore luxury home prices rank No.3 globally
Singapore’s high-end homes recorded the third largest increase in prices globally, behind Shanghai and Mumbai, according to a new report released today.Compiled by property consultancy Knight Frank and Citi Private Bank, The Wealth Report 2011 found that Singapore’s luxury home prices...
Continue Reading • 6 Apr 2011