Oxley JV to unveil Loft @ Nathan
Loft @ Nathan condominium project, the latest freehold project developed by Oxley JV, is expected to launch next week. Located at 31 Nathan Road, the development is close to the junction of Nathan Road and River Valley Road. The seven-storey property features 121 residential units, which...
Continue Reading • 30 Jul 2010
New rules to cause exodus of property agents
As the government is implementing tough new regulations, thousands of property agents in Singapore are expected to bail out of the industry over the next 17 months. The new rules will impose examinations and a basic educational standard on property agents. Currently, there are no such...
Continue Reading • 30 Jul 2010
US borrowers on trend to reduce loans
US borrowers are pouring in more cash at mortgage closings, according to the US Federal Home Loan Mortgage Corp.Around 22 percent of borrowers who refinanced first-lien home loans paid off mortgage closings with cold cash, the third-highest percentage since Freddie Mac began recording borrowers...
Continue Reading • 29 Jul 2010
HK land parcel sold for US$ 1.33 billion at auction
A land parcel in Hong Kong’s most expensive residential area was sold for US$1.33 billion or HK$10.4 billion in a government land auction yesterday, boosting one of the world’s luxury property markets.Unlisted property developer Nan Fung Group offered the highest bid for the...
Continue Reading • 29 Jul 2010
GSS a blessing for Orchard retailers
Orchard Road’s retailers saw a 5 to 15 percent increase in sales during the Great Singapore Sale (GSS) compared to last year, according to the Orchard Road Business Association (Orba). It claimed that boutique shops such as Zara, Guess and Topshop recorded higher sales of almost...
Continue Reading • 29 Jul 2010
JLL reports $32 million net income for Q2
Jones Lang LaSalle (JLL) has reported a net income of $32 million or $0.72 per share in the second quarter this year, compared with a net loss of $14 million or $0.14 per share over the same period last year. The group’s adjusted net income hit $37 million in the second quarter this...
Continue Reading • 29 Jul 2010
Ascott to launch Citadines Bali Kuta
CapitaLand's Ascott recently won a contract from Indonesian developer PT Rudy Indopratama Sejahtera to develop a serviced residence in Bali, Indonesia. The 174-unit serviced residence located in Kuta will be called Citadines Bali Kuta. The five-storey residence is targeted to open in 2012...
Continue Reading • 29 Jul 2010
Overwhelming response for the Scala
Hong Leong Group said that more than 75 percent of its newest residential project, The Scala , has been sold at an average price of $1,150 psf. Located in Serangoon Avenue 3, the 99-year leasehold, 468-unit development was made available for sale on Wednesday. Its developers said the project...
Continue Reading • 29 Jul 2010
A new measure of real estate's market sentiment
The National University of Singapore's Department of Real Estate (DRE) has teamed up with the Real Estate Developers' Association of Singapore (Redas) to create a Real Estate Sentiment Index (RESI), which shows a lower reading in Q2 this year than in the previous quarter. Industry players...
Continue Reading • 29 Jul 2010
NUS confirms slowdown in June's private home prices
The National University of Singapore’s (NUS) latest flash estimates have confirmed a rapid slowdown in the growth of prices of non-landed private homes in June compared with May. The overall price index of NUS for non-landed homes in June climbed 0.3 percent month-on-month, compared...
Continue Reading • 29 Jul 2010
Eurozone mortgage lending picking up
Eurozone mortgage borrowing increased last month after nearly two years of a slump, a sign that bank lending across the region may be coming back to life.According to data released by the European Central Bank, mortgage lending for home purchases grew 3.4 percent last month, the fastest pace...
Continue Reading • 28 Jul 2010
LG Singapore launches LG Fiesta
For the first time, LG Singapore has organised LG Fiesta, a four-day special promotional event offering customers special prices and great product bundling across its product lines, which range from mobile phones, to home entertainment to home appliances. The event marks the celebration of the...
Continue Reading • 28 Jul 2010
Visitor arrivals in June set record
The Singapore Tourism Board (STB) said visitor arrivals in June increased 26.7 percent to 950,000 from 750,000 over the same period last year, setting a new June record and indicating a seventh consecutive month increase.There was a total of 3.8 million visitor days in June, which refers to the...
Continue Reading • 28 Jul 2010
Australand expects $120 million net profit
Australand, whose redevelopment of 357 Collins Street in Melbourne's CBD forms a major part of its development pipeline, is expecting its 2010 net profit to be the same as last year’s $120 million.The diversified property group earlier reported a net profit of $72.2 million for the...
Continue Reading • 28 Jul 2010
CDLHT profit in Q2 up 49.2%
CDL Hospitality Trusts (CDLHT) has announced that its net profit in the second quarter surged 49.2 percent to $28.70 million, primary attributed to the higher occupancies, room rates and contributions from its recently acquired hotels in Australia.CDLHT said it saw a 45.4 percent increase in room...
Continue Reading • 28 Jul 2010
Ho Bee tops bid for Buona Vista site
Ho Bee Investment has put a top bid of $410.99 million for a 99-year leasehold commercial site at North Buona Vista Drive, and said it is planning to invest nearly $1 billion for the development of the site.The tender for the site has attracted two bids, one from Ho Bee and the other one from...
Continue Reading • 28 Jul 2010
Eco-friendly law for existing buildings
The Building and Construction Authority (BCA) is planning to implement a new law in Singapore to get homeowners to renovate their properties in a more environmentally-friendly manner. With only 8 percent of nearly 210 million sq m of existing floor area of establishments in the country have been...
Continue Reading • 28 Jul 2010
Additional courses for building specialists
The boom in the construction industry over the past few years has resulted in a shortage of qualified specialists and surveyors.The Building and Construction Authority (BCA) revealed that Singapore Institute of Surveyors and Valuers (SISV) and the BCA Academy (BCAA) will implement several...
Continue Reading • 28 Jul 2010
Real estate companies terminate thousands of housing agents
Thousands of housing agents have been axed by real estate companies ahead of the improved regulations intended to enhance the industry’s professionalism.A statutory board known as the Council for Estate Agencies will be established under a new regulatory framework to be enforced by the...
Continue Reading • 28 Jul 2010
Mortgage fraudsters in Australia target the elderly and migrants
Mortgage fraudsters in Australia are on the rise, and they are targeting migrants and the elderly, according to a report.Rogue property agents, developers, valuers, loan originators and accountants will defraud banks and other lending institutions to achieve their cons, said Ian Graham, chief...
Continue Reading • 27 Jul 2010