Asia Pacific leads market recovery
The real estate market in the Asia Pacific region has come out of the global financial crisis in pole position.According to Lim Lam Yuan, President of Singapore’s Institute of Surveyors and Valuers, the increased interest was attributed to heightening investment opportunities for prime...
Continue Reading • 2 Mar 2011
Reserve Bank of Australia's mortgage rates stay stagnant
The Reserve Bank of Australia (RBA) has opted to the keep its interest rates at the current 4.75 percent level.Glenn Stevens, Governor of RBA, said the bank is expecting the inflation rate to remain consistent with the target of between two and three percent over the next 12 months.He added that...
Continue Reading • 2 Mar 2011
China's property market not in a bubble
China’s real estate market is not in a bubble, according to Morgan Stanley. The country’s property sector lacks the defining characteristics of a bubble: valuations, a sharp and steady increase in prices and excessive financial leverage.Going by all three factors, China is “just...
Continue Reading • 2 Mar 2011
W Hotels makes Indonesian debut
W Hotels Worldwide has launched W Retreat & Spa — Seminyak, its third Retreat to open in the past 12 months and the first W Hotel in Indonesia.“We are excited to bring the W brand to Bali,” said Miguel Ko, President and Chairman of Starwood Hotels & Resorts, Asia...
Continue Reading • 2 Mar 2011
New World H1 profit up 30%
Hong Kong developer New World Development Co., which is controlled by billionaire Cheng Yu-tung, has posted a 30 percent increase in underlying profit in the first half of the fiscal year, on the back of strong revenue from property sales.The company said its net income, excluding property...
Continue Reading • 2 Mar 2011
Indonesia's Montigo Resorts Residences enjoys exclusive Singapore launch
Montigo Resorts Residences, the first five-star luxury homes project in Batam Island, Indonesia, was exclusively unveiled in Singapore last weekend.The project is set amid the 12 ha Montigo Resorts, Nongsa, which comprises private homes and luxury hotel accommodation. Offering 45 luxury...
Continue Reading • 2 Mar 2011
DC rates spike across all property segments
The latest development charge (DC) rates for the period of 1 March 2011 to 31 August 2011 have seen an across-the-board gain in all real estate segments, said DBS.The hotel segment saw the largest increase in DC rates at an average of 27 percent, with Orchard, Clarke Quay, Marina Bay and Sentosa...
Continue Reading • 2 Mar 2011
Developers accelerate property launches
Property developers are speeding up the launches of their residential properties, with some developers releasing projects five months after the site’s acquisition.This is contrary to the trend in past years, when the majority of developers took approximately 12 to 15 months to launch...
Continue Reading • 2 Mar 2011
UK mortgage lenders implementing higher SVR
Some mortgage lenders in the UK are implementing higher Standard Variable Rates (SVR), requiring borrowers to repay their home loans in full for minor breaches, according to the Financial Services Authority (FSA).FSA highlighted a raft of lender tactics, which it noted was detrimental to...
Continue Reading • 1 Mar 2011
Singapore a magnet for mainland Chinese home buyers
Mainland Chinese acquired private homes in Singapore at a record pace in Q4 last year, according to the Urban Redevelopment Authority (URA).Analysts also said that more mainland Chinese will continue to invest in the Singapore property market, due to China’s tightening measures. Mainland...
Continue Reading • 1 Mar 2011
The Fortredale up for sale through public tender
CB Richard Ellis (CBRE) has put The Fortredale, a prime freehold residential site located at 2 Tanjong Rhu Road, up for sale through a public tender.With an area of 23,020 sq ft, the site is zoned for residential use under the 2008 Master Plan. It has a 2.1 gross plot ratio and a permissible...
Continue Reading • 1 Mar 2011
Ministry of National Development releases revised DC rates
The Ministry of National Development (MND) has revised the development charges (DC) rates for the period between 1 March 2011 and 31 August 2011.The DC rates for commercial use have risen by about 13 percent, with Sector 9, covering Peck Seah Street, Maxwell Road and Anson Road, seeing the...
Continue Reading • 1 Mar 2011
Pullman opens first hotel in Indonesia
Pullman has entered the Indonesian market with the opening of Pullman Bali Legian Nirwana, a five-star resort-style hotel situated at the nexus connecting the prime entertainment and shopping areas of Kuta and Legian.Philippe Battle, General Manager of Pullman Bali Legian Nirwana, commented,...
Continue Reading • 1 Mar 2011
Overseas Union Enterprise's full-year profit recovered from 2009's loss
Mainboard-listed Overseas Union Enterprise Limited (OUE) has announced that its 2010 full-year profit reached S$777.2 million, reversing a net loss of S$93.4 million in 2009.The strong performance was attained on the back of a 56.8 percent increase in revenue to S$215.6 million, driven primarily...
Continue Reading • 1 Mar 2011
Prices of non-landed private homes up 2.6%
Non-landed private home prices climbed 2.6 percent in January, based on the monthly index compiled by the National University of Singapore (NUS).According to the Singapore Residential Price Index (SRPI), the growth in home prices gained momentum in January. Prices surged one percent in December...
Continue Reading • 1 Mar 2011
Bishan site sold for S$550.1m
A land parcel at Bishan Street 14 has been awarded to Bishan Residential Development Ltd after offering the highest bid of S$550.1 million in a public tender that closed on 24 February.The site was made available for sale on 21 January 2011, under the confirmed list of the 1H2011 GLS programme,...
Continue Reading • 1 Mar 2011
Hillview Ave site up for public tender
The Urban Redevelopment Authority (URA) has launched a commercial-cum-residential site at Hillview Avenue for sale under the confirmed list of the 1H2011 GLS programme.The site has a total area of 14,294.3 sq m and a maximum gross floor area (GFA) of 40,025 sq m, with a leasehold period of 99...
Continue Reading • 1 Mar 2011
New Treasure Bay resort set to transform Bintan
Treasure Bay Bintan, the 835 acre world-class water resort city being developed on the coast of Bintan, looks set to transform the island into a tourism hub.Phase One of the project covers 222 acres of land, with construction due for completion by 2015. With a development cost of S$425 million,...
Continue Reading • 28 Feb 2011
UOB expects mortgage applications to fall
United Overseas Bank (UOB) expects mortgage applications in Singapore to drop by between 15 and 20 percent in the second half of the year, said Mr. Wee Ee Cheong, Chief Executive Officer of UOB.He added that the decline in home loan applications can be largely attributed to the impact of the...
Continue Reading • 28 Feb 2011
Singapore's DC rates poised to rise
Property consultants said development charges (DC) will likely rise, starting 1 March, due to higher land and real estate prices over the past six months.DC rates are revised every 1 March and 1 September by the Ministry of National Development (MND) of the year across Singapore’s 118...
Continue Reading • 28 Feb 2011