Property agents must display Estate Agent Card while working
All real estate agents in Singapore must display their Estate Agent Card when working beginning tomorrow, according to a report from AsiaOne.This is one of the regulatory measures imposed by the Council of Estate Agencies (CEA), following many complaints of unscrupulous activity filed against...
Continue Reading • 28 Feb 2011
Eco-city competition intensifying in China
The Sino-Singapore Tianjin Eco-city is seeing increased competition, as another landmark eco-city forms in Tianjin.Headed by an Italian consortium, the design of the Eco Nanhe Town — Nanhe Jingwu takes inspiration from the urban studies of Leonardo da Vinci for Milan in the late 15th...
Continue Reading • 28 Feb 2011
TCT's net profit exceeds market estimate
Treasury China Trust (TCT) has posted a S$39.61 million net profit after tax for the six months ending 31 December 2010, exceeding the market forecast.“We are pleased to have delivered a strong result for the first period end reporting cycle since our listing in Singapore in June 2010. The...
Continue Reading • 28 Feb 2011
Wheelock acquires five sites in China
Wheelock Properties (Singapore) is acquiring five sites in Fuyang City, Hangzhou for S$279 million (1.44 billion yuan).It is planning to develop about 1,900 residential units on the sites at a total development cost of about S$750 million.Wheelock, through its subsidiary, won the bid for the...
Continue Reading • 28 Feb 2011
a-iTrust acquires five buildings in Hyderabad
Ascendas India Trust (a-iTrust) will acquire five buildings in Hyderabad, India with a total built-up area of approximately 2.2 million sq ft.All five buildings, which are located in India’s Hitec City 2 Special Economic Zone, will be acquired from Indian developer Phoenix Infocity Private...
Continue Reading • 28 Feb 2011
Chinese banks scrap mortgage discounts for Beijing home buyers
The top five banks in China have scrapped mortgage rate discounts for first-time home buyers in Beijing, in a move to curb its red-hot property market, according to the official China Securities Journal.The banks — Industrial and Commercial Bank of China, China Construction Bank Corp, Bank...
Continue Reading • 25 Feb 2011
JLL appoints new Board of Directors members
Jones Lang LaSalle (JLL) has appointed Hugo Bagué and Martin H. Nesbitt as independent, non-executive members of its Board of Directors, effective 1 March 2011.Mr. Bagué and Mr. Nesbitt will both serve on the Board’s Nominating and Governance Committee.Mr. Bagué, who...
Continue Reading • 25 Feb 2011
TCT to acquire RMB575m Huai Hai Mall
Treasury China Trust (TCT) has entered into a binding agreement to acquire 100 percent of Huai Hai Mall in Shanghai for RMB575 million.Situated in the heart of the Shanghai CBD, the acquisition reinforces the trust’s growth strategy in China’s expanding retail sector.“This is...
Continue Reading • 25 Feb 2011
Fortis Global buys S$33m First Reit property
Fortis Global Healthcare, which is owned by the Singh family, is acquiring an upcoming cancer hospital in Singapore from First Real Estate Investment Trust (First Reit) for S$33 million.The acquisition will be financed by internal resources and completed in March.Located at No 19 Adam Road, the...
Continue Reading • 25 Feb 2011
SC Global posts S$144.2m full-year profit
Singapore-based property developer SC Global Developments has posted a full-year profit of S$144.2 million in 2010, an increase of nearly three times the S$56.9 million in the previous year.Revenue for the fiscal year also increased nine percent to S$878.3 million from S$804.7 million, while...
Continue Reading • 25 Feb 2011
More authenticity requirements for housing agents
The Council for Estate Agencies (CEA) has released new regulatory measures to safeguard consumer interest and heighten the professional credibility of the real estate industry.These measures will include photographs of estate agents on CEA’s online public register site; the introduction of...
Continue Reading • 25 Feb 2011
Bishan Street 14 site attracts S$550.1m top bid
A condominium site at Bishan Street 14 has attracted a total of 19 bids, with the highest bid of S$550.1 million offered by Bishan Residential Development Ltd.“The overwhelming response of 19 bids to the residential site at Bishan Street 14 showed that developers are optimistic about the...
Continue Reading • 25 Feb 2011
Mainland purchases of Singapore homes up 3%
The proportion of mainland Chinese buying Singapore residential properties jumped three percent in the fourth quarter of 2010, from 20 percent in the previous quarter.For the full-year 2010, their proportion among non-Singaporean buyers hit a yearly high of 19 percent, against 15 percent in the...
Continue Reading • 25 Feb 2011
Less HDB dwellers acquiring private homes
HDB dwellers accounted for a lower proportion of overall private property transactions in 2010 than in the previous year, according to a DTZ analysis based on data from the Urban Redevelopment Authority (URA).Many of those who purchased private property also opted to take up small units measuring...
Continue Reading • 25 Feb 2011
CDL: 2011 private home prices may fall
Private home prices in Singapore may drop by three to five percent this year, due to the recent government measures, said property developer City Developments Ltd (CDL).Kwek Leng Beng, Executive Chairman of the company, said that home prices may decline after hitting a record level last year and...
Continue Reading • 25 Feb 2011
Tiong Seng net profit hits S$21.4m
Construction group and real estate developer Tiong Seng Holdings Limited has announced that its net profit attributable to equity holders hit S$21.4 million, on revenue of S$252.3 million, for the full year ended 31 December 2010.The lower revenue was mainly attributed to a higher proportion of...
Continue Reading • 24 Feb 2011
Price gap between landed, non-landed homes narrowing
The gap between landed and non-landed property prices has narrowed in psf terms over the past two years, according to analysis by a real estate company.As of end March 2009, detached, semi-detached and terrace houses transacted at discounts of 38, 36 and 23 percent respectively, as compared to...
Continue Reading • 24 Feb 2011
UK mortgage lending picks up in January
Net mortgage lending of UK banks rose in January, as home owners sought to fix their costs, resulting in an increase in refinancing activity, according to data from the British Bankers Association (BBA).Net mortgage lending surged £1.6 billion last month, up from the £0.9 billion...
Continue Reading • 24 Feb 2011
Fake lending: newest trick to evade property curbs
After fake marriages and divorces, the latest trick used by mainland investors to evade tight curbs on home purchases is fake lending.Residents in key cities are prohibited from purchasing a third home, while non-locals can acquire only one home, provided that they present proof of payment of...
Continue Reading • 24 Feb 2011
OCBC: Inflation should not alarm Singaporeans
While the Consumer Price Index (CPI) print for January was higher than market expectations of 4.4 percent year-on-year, OCBC has stated four reasons why Singapore should not be worried.OCBC said the increase was well-flagged and anticipated by the market; the Ministry of Trade and Industry (MTI)...
Continue Reading • 24 Feb 2011