Luxury properties in China see poor sales
Most of the luxury real estate projects in Beijing are seeing poor sales even in the back-to-boom market, say industry insiders.According to the Beijing Times, almost 70 percent of the properties for sale in the 30 most expensive projects are still on the market, where some have languished for...
Continue Reading • 6 Sept 2010
Hong Kong to auction Kowloon Tong residential site
Hong Kong will sell a residential site in the Kowloon Peninsula, adjacent to the land parcel sold for a record price last month.According to the Lands Department, the auction for a land parcel on Ede Road in the Kowloon Tong district was triggered by a property developer who committed to bid at...
Continue Reading • 6 Sept 2010
Remaining Belle Vue apartments set for relaunch
Property developer Wing Tai Holdings has announced the re-launch of the remaining luxury apartments in its Belle Vue Residences located at Oxley Walk, with prices ranging from $2,300 psf to $2,800 psf.Edmund Cheng, deputy chairman of Wing Tai Holdings, also said that he believed the government...
Continue Reading • 6 Sept 2010
New Aussie rules may increase mortgage rates
Banks in Australia may impose higher mortgage rates on borrowers to offset the costs of new liquidity rules that will drive up prices of the country’s safest financial assets.The global banking regulator, Basel Committee, is requiring banks to boost their holdings of the top-rated...
Continue Reading • 6 Sept 2010
Penalties await rule violators
HDB will be depending on non-subsidised flat buyers to declare if they own private properties in Singapore or abroad, but those found making false declarations will surely face penalties, including up to six months imprisonment or a fine of up to $5,000, or both.HDB announced these details on...
Continue Reading • 6 Sept 2010
Queensland the next property hotspot?
A report by Jones Lang LaSalle (JLL) has suggested that Queensland, the third largest state in Australia, and its capital Brisbane, should be on the radar of foreign investors, given the state's strong growth prospects.The Sunshine State has considerably surpassed larger Australian states over...
Continue Reading • 6 Sept 2010
New look for Bedok Town Centre
Bedok Town Centre is set to receive a total makeover in the next four years, with the construction of private homes and a new integrated public transport hub. These new developments will rise on a land parcel that will also have 35,000 sq m of space for commercial use.The seamless linking of...
Continue Reading • 3 Sept 2010
State property up for rent
The Singapore Land Authority (SLA) has appointed DTZ to help launch a state property located at 27 Scotts Road for rent through a public tender.The site has a total land area of 3,706 sq m and a gross floor area of approximately 357 sq m. The property is slated for mixed use, including food and...
Continue Reading • 3 Sept 2010
Hoi Hup and Sunway acquire Miltonia Close site
A 99-year leasehold residential site at Miltonia Close has been awarded to Hoi Hup Realty Ltd and Sunway Developments Ltd after they jointly offered the highest bid of $165 million.The land parcel is located in Yishun and is slated for strata landed housing or condominium development. It has a...
Continue Reading • 3 Sept 2010
Shanghai home prices jump 70%
The sales volume of new residential units in Shanghai, excluding those that are allocated for relocated residents under the urban redevelopment plans, increased 70 percent to 730,000 sq m last month, according to a report released by Shanghai Uwin Real Estate Information Services Co.Prices of new...
Continue Reading • 3 Sept 2010
Hong Kong home sales surge 33% in August
Home sales in Hong Kong jumped 33 percent last month, as demand prevailed over the government’s measures to curb property prices by committing to increase land supply and tightening mortgage rules.Total sales of homes hit HK$69.2 billion ($8.9 billion) in August from HK$52.2 billion in...
Continue Reading • 3 Sept 2010
US mortgage rates set new record
Mortgage rates in the US set a new record-low, reducing the costs of borrowing for homebuyers as demand slumps.The 30-year average rate of fixed mortgages dropped to 4.32 percent in the week ended yesterday from 4.36 percent last week, according to a statement released by Freddie Mac. Meanwhile,...
Continue Reading • 3 Sept 2010
GIC hires country head for India
The real estate arm of the Government of Singapore Investment Corporation (GIC) has confirmed the appointment of Kishore Gotety as its country head for India.Mr. Gotety's appointment, which took effect on August 23, suggests that GIC believes there are good investment opportunities in the Indian...
Continue Reading • 3 Sept 2010
8 Singapore firms make it to Forbes list
Eight locally-listed companies have made it to the Forbes list of best small- and medium-sized firms, attributed to growing sectors like property, resources and infrastructure.The number of Singapore companies on the “Best Under A Billion” list of Forbes Asia has increased from five...
Continue Reading • 3 Sept 2010
$788.9m bid for Bedok site
A 99-year leasehold site at New Upper Changi Road / Bedok North Drive has received a total of nine bids in a public tender that closed yesterday.The highest bid for the site was $788.9 million, offered by a joint bid from Brilliance Residential Ltd. and Brilliance Trustee Ltd., a wholly-owned...
Continue Reading • 2 Sept 2010
Luxury spa to open at W Retreat in Thailand
W Retreat Koh Samui, the first W Retreat in Southeast Asia, has revealed details of its signature spa, the aWay® Spa, which is set to open later this year.aWay® Spa W Retreat Koh Samui features 576 sq m of indoor and outdoor spa treatment areas that offer complete renewal and total...
Continue Reading • 2 Sept 2010
Proof needed to get a loan
Singapore home owners hoping to get an 80 percent loan on new property must first present evidence that their existing home has been sold.According to the MAS, home owners must present proof in the form of a purchase agreement and signed sale, as well as certification showing that stamp duty for...
Continue Reading • 2 Sept 2010
Same rules apply for overseas homes
People owning a property overseas will still have to comply with the new rules on property ownership if they are planning to purchase an HDB resale flat.The clarification came amidst uncertainty on who might not be exempted from the new regulations, which states that home owners planning to...
Continue Reading • 2 Sept 2010
Economic growth may shoot above 15%
Singapore’s economy may cross the 15 percent growth mark this year, surpassing the earlier forecast of 13 to 15 percent made by the government.According to 20 economists and analysts polled by the Monetary Authority of Singapore (MAS), the local economy is likely to expand between 14.9...
Continue Reading • 2 Sept 2010
Market cap of Singapore-listed firms falls to $759b
Singapore-listed companies saw a 0.5 percent decline in their market capitalisation from $763.1 billion as of end-July to $759.4 billion as of end-August, a downward trend that could continue in the future, said analysts.Property stocks beat a late retreat in the month after Monday’s...
Continue Reading • 2 Sept 2010