UK mortgage lenders demand high deposits
Mortgage lenders in the UK continue to demand high down payment, making it difficult for homebuyers to secure mortgages to purchase homes. About 58 percent of mortgage deals offered today need a minimum down payment of 25 percent, while only 8 percent require a minimum deposit of 10 percent of...
Continue Reading • 3 Aug 2010
China property bubble built on conflicting policy
Giant state-owned companies across China are bidding up prices on land parcels for big real estate developments unrelated to their key businesses.For instance, state-owned company Anhui Salt Industry Corp, which has 11,000 employees and access to government salt mines, is developing Platinum Bay,...
Continue Reading • 3 Aug 2010
Oxley Land unit acquires stake in Golden Flower Group
An associate company of Oxley Land has acquired a majority stake in Golden Flower Group, which is controlled by the family of Indonesian businessman Nico Po, and owns a residential site located at 55 Devonshire Road.The deal is believed to have valued the freehold site at approximately $1,380 psf...
Continue Reading • 3 Aug 2010
Lian Beng wins contract to build The Scala
Local building construction company Lian Beng Group has won a $119.5-million contract to build the 99-year leasehold condominium project, The Scala, located at Serangoon Avenue 3, close to NEX Mega Mall and Lorong Chuan MRT Station.The contract was awarded by property developer Hong Leong Group....
Continue Reading • 3 Aug 2010
Balmoral Condo up for sale
Balmoral Condominium, which is located in District 10, has been put up for sale through a public tender with an indicative price of $171 million to $175 million. This translates to around $1,866 to $1,910 psf per plot.More than 80 percent of the owners have already agreed to the en bloc sale,...
Continue Reading • 3 Aug 2010
US to implement new law for mortgage brokers
A new lending law for mortgage brokers will be implemented in the US, aimed at reducing mortgage fraud and increasing consumer protection.The Secure and Fair Enforcement for Mortgage Licensing Act of 2008 (SAFE Act) sets minimum standards for state registration and licensing of mortgage brokers,...
Continue Reading • 2 Aug 2010
China's land supply soars
Land supply for real estate use in China has increased 98.4 percent year-on-year in the first half of 2010, along with the supply of land for low-income housing, which climbed 100 percent, said the Ministry of Land and Resources.The land supply for residential property use increased 112.5 percent...
Continue Reading • 2 Aug 2010
SGX Q4 profit down 13%
Singapore Exchange Limited has reported a 13 percent drop in its net profit in the fourth quarter, but increased its dividend and stressed that it is confident about prospects.SGX and Asian competitors like Hong Kong Exchanges and Clearing have already seen a drop in stock market trading volumes...
Continue Reading • 2 Aug 2010
United Overseas Australia pretax down in H1
Property developer and property investment company, United Overseas Australia has announced that its pretax profit in the first half of 2010 dropped A$116 million to A$25 million from the previous year.It said the huge decline was attributed to the timing of the project completion, which greatly...
Continue Reading • 2 Aug 2010
Stamford Land Q1 profit up
Property developer Stamford Land has increased its Q1 net earnings more than 10 times, from $3.2 million in 2009 to $38 million this year, in spite of flat topline revenue of nearly $52 million.The huge increase in the Q1 result was largely due to the $47.7-million gains on fair value of...
Continue Reading • 2 Aug 2010
Tuan Sing's profit jumps 56% in Q2
Tuan Sing Holdings saw its net profit in Q2 jump 56 percent to $5.53 million, attributed to revenue increase in the property and industrial services segments.The company also lifted its net profit to $26.42 million in the first half of this year, more than six times the $4.3 million net profit in...
Continue Reading • 2 Aug 2010
Ascott announces new expansion plans
The Ascott Limited, the service residence arm of CapitaLand, has laid down new plans to expand its portfolio by over 50 percent in the next five years.Ascott hopes to significantly contribute to the growth of CapitaLand, possibly accounting for as much as 20 percent of the group’s earnings...
Continue Reading • 2 Aug 2010
MND to privatise 3 HUDC estates
Three HUDC estates have been identified by the Ministry of National Development for privatisation.A total of 797 flats have been identified, which are located at Hougang North Neighbourhood 3, Hougang North Neighbourhood 7, and Potong Pasir.To privatise the HUDC estates, residents must obtain at...
Continue Reading • 2 Aug 2010
UK house prices, home loans drop
The price of a typical property in the UK dropped 0.5 percent this month, as demand from homebuyers remained subdued. This means that the annual house price inflation also declined 6.6 percent from 8.7 percent in June. The average price of a UK home is £169,347 compared with...
Continue Reading • 30 Jul 2010
SMART Expos to celebrate 20th event in Singapore
SMART Investment & International Property Expos, a series of overseas property exhibitions that cater to Asia’s increasing appetite for international real estate, is set to celebrate its 20th event from October 9 to 10 at the Suntec Exhibition and Convention Centre in...
Continue Reading • 30 Jul 2010
HK apartments continue to boom
Hong Kong has completed nearly 7,000 apartment units in the first half of 2010. This is 97 percent of the total amount that was constructed in 2009, according to statistics released by the Transport and Housing Bureau. But many analysts believe that the large number of apartments constructed...
Continue Reading • 30 Jul 2010
S'pore's richest keep getting richer
The latest list of Forbes wealthiest individuals and families in Singapore indicated that the top 40 richest Singaporeans are now worth US$45.7 billion (S$62 billion), up 17 percent from US$39 billion in 2009. The list is made up of popular entrepreneurs, business leaders and...
Continue Reading • 30 Jul 2010
HK Land's H1 profit up 70%
Property developer Hongkong Land Holdings has posted a 70 percent increase in net profit to US$1.39 billion in the first half of 2010, following a US$402-million loss in 2009.The company said H1 profit, excluding revaluation losses or gains, increased to US$477 million from US$281 million a year...
Continue Reading • 30 Jul 2010
Properties in suburban areas worth a look
Property investors who have a longer term perspective towards property acquisitions but have a lower budget may consider properties located in suburban areas rather than in prime locations. Prices in new coming suburban areas remain within reach and units there also have upside potential,...
Continue Reading • 30 Jul 2010
Construction costs may rise, say experts
Singapore’s construction costs may climb by as much as 6 percent in 2011 when government rules that restrict foreign workers set in, according to several property experts. Among the manpower constraints that will start this month include a rise in the foreign worker levy and a...
Continue Reading • 30 Jul 2010