BOJ plan spurs Japanese property stocks
Japanese real estate stocks climbed yesterday as investors expect that the central bank’s plan to purchase assets including real estate investment trusts (REIT) would help drive the industry’s recovery.Additional consolidation in the nation’s 3 trillion yen (US$36 billion) REIT...
Continue Reading • 7 Oct 2010
Serviced flat rentals soar as demand rises
Serviced apartment rentals in Hong Kong have seen strong increases this year due to the influx of expatriates relocating to the region as a result of the growth of financial institutions.Edwin Leong Siu-hung, managing director of Tai Hung Fai Enterprise, which owns two serviced apartment projects...
Continue Reading • 6 Oct 2010
Real estate agents rush for certification
Real estate agents are rushing to take and pass a recognised industry examination by October 22.Under the new Estate Agents Bill, real state companies and their sales staff will need to meet new standards in order to continue their profession.Existing sales agents are now required to pass one of...
Continue Reading • 6 Oct 2010
Singapore Land joins two firms to acquire Shanghai site
Singapore Land Ltd, a Singapore-based investment holding company that focuses on property investment, trading and hotel operations, has announced that it cooperated with Kheng Leong Co and UOL Group Ltd to jointly acquire a land parcel in Shanghai for approximately RMB2.06 billion.The 39,540-sq-m...
Continue Reading • 6 Oct 2010
BofA exits wholesale mortgage operation
The Bank of America, the largest US bank by asset, will exit wholesale mortgage business to focus more on operational resources to support its direct-to-consumer retail business, helping new and existing customers acquire mortgage loans.“By exiting the first mortgage wholesale channel, we...
Continue Reading • 6 Oct 2010
Capitamall Trust repurchases $100m worth of bonds
Capitamall Trust (CMT), the first Real Estate Investment Trust (REIT) in Singapore and a wholly-owned unit of CapitaLand, has announced that it has repurchased convertible bonds (CBs) for approximately $100 million (plus accrued interest) for a total cash consideration of $105.25...
Continue Reading • 6 Oct 2010
Asian investors acquire Beverly Hills site
Investors from Singapore and Hong Kong have announced their acquisition of a development site located in Beverly Hills for $148.3 million in a private auction from Banco Inbursa.Hong Kong-based private equity company Joint Treasure International Ltd, which focuses on global property and...
Continue Reading • 6 Oct 2010
Small flats' high prices may dissuade homebuyers
Homebuyers who are looking for small flats located in urban areas in Hong Kong may be discouraged by escalating prices, such as the HK$6 million being asked for a new 400 sq ft flat in Wan Chai.Queen’s Cube, a joint project between HK’s Urban Renewal Authority (URA) and Nan Fung...
Continue Reading • 6 Oct 2010
S$1.9b worth of new units sold in HK
Hong Kong’s two largest property developers, Cheung Kong Holdings and Sun Hung Kai Properties Ltd, have sold more than S$1.9 billion (HK$11 billion) worth of new properties over the weekend.Cheung Kong Holdings sold 1,143 apartment units at the Oceanaire in the Ma On Shan district for more...
Continue Reading • 5 Oct 2010
Strong demand expected at The Canopy
MCC Land’s The Canopy project in Yishun Avenue 11 is expected to see a strong demand at its preview this coming weekend.Property developer MCC Land, a unit of MCC Group, will launch all the units at the project with a price tag of around $650 psf to $700 psf.The 406-unit, 99-year leasehold...
Continue Reading • 5 Oct 2010
Shenzhen tightens rule on home purchases
Shenzhen has become the first city in China to respond to the central government’s latest measure to curb property prices by limiting households with residency status to acquire only two homes.People living without residency status in Shenzhen, China will not be allowed to purchase any...
Continue Reading • 5 Oct 2010
Australian mortgage rates increase to be used as cover
Banks in Australia may use the next mortgage rates increase as a cover for raising interest rates, according to an analyst.Shane Oliver, chief economist at AMP Capital Investors, said that if the Reserve Bank of Australia (RBA) implements mortgage rate increases tomorrow, many Austalian banks may...
Continue Reading • 5 Oct 2010
Mapletree awarded for eco-friendly business
Integrated business hub Mapletree Business City (MBC) has received the Trane “Energy Efficiency Leader Award”, which recognises organisations that have made significant achievements in environmental sustainability.Developed by Mapletree Investments Pte Ltd, MBC uses innovative methods...
Continue Reading • 5 Oct 2010
Closure of Copthorne Orchid Hotel delayed
The Copthorne Orchid Hotel, which was due for closure by the end of the year to make way for a condominium development, will keep its doors open a little longer as it continues to take bookings until March 31, 2011.Tenants will also keep their operations until that date, though some sources...
Continue Reading • 5 Oct 2010
CapitaLand eyes expansion in Malaysia
Singapore-based property developer CapitaLand Ltd is seeking to expand its presence in Malaysia’s property sector with the robust turnaround of the nation’s economy at an estimated gross domestic product of about 6.5 percent this year.CapitaLand keeps a long-term view of...
Continue Reading • 5 Oct 2010
More shophouses at Jalan Besar under conservation
An additional 51 vernacular buildings and two structures in Jalan Besar, known for its old-world charm shophouses, will be under conservation.“This wraps up our conservation plan for the area,” said National Development Minister Mah Bow Tan. Among the additional shophouses to be...
Continue Reading • 5 Oct 2010
Morgan Stanley: Downside of Singapore REIT prices limited near-term
Downside of prices for Singapore REITs are limited in near term, given the continued demand of investors for higher yield amid low interest rates, said Morgan Stanley.The global financial services firm adds that increasing asset values particularly the office property market, and the stronger...
Continue Reading • 4 Oct 2010
UK lenders cut mortgage rates
Several mortgage lenders in the UK have cut their interest rates for loans after the Bank of England (BoE) warned that it would be more difficult for borrowers to obtain loans.The Post Office reduced its mortgage rates by up to 0.34 percent. Its five-year fixed-rate mortgage now stands at 4.55...
Continue Reading • 4 Oct 2010
One-stop shop for Malaysian property investors
In an effort to promote Malaysia as a property investment destination, Malaysian Property Incorporated (MPI) has launched an office-cum-show gallery at SGX Centre 1, Shenton Way, which intends to be a one-stop shop for property investment queries.Potential investors can get the latest updates on...
Continue Reading • 4 Oct 2010
Oxley Holdings eyeing SGX listing
The recent measures aimed at cooling the property market have not stopped Oxley Holdings from seeking a listing on the Singapore stock exchange. The lifestyle property developer recently lodged its preliminary offer document for a listing on the Catalist board of the Singapore Exchange Securities...
Continue Reading • 4 Oct 2010