US home foreclosures drop
The number of home foreclosures in the US slid three percent between May and June, said foreclosure listings website RealtyTrac. But the country’s swelling numbers of troubled homeowners remains high.“While the foreclosure problem is being managed on the surface, a massive number of...
Continue Reading • 16 Jul 2010
Interior Affairs set to open in Singapore
Interior Affairs, a one-stop experience centre that offers a wide variety of European kitchen and bathroom solutions in Singapore, is set to open its doors to the public on July 17.The 28,000-sq-ft, $3-million venue features 32 kitchen and 27 bathroom showcases.René Maan, managing director...
Continue Reading • 16 Jul 2010
Singapore retail sales down 0.9 percent in May
Retail sales in Singapore dropped 0.9 percent on-month in May driven by another month of weak motor vehicle sales.According to data released by the Department of Statistics, retail sales, excluding automobiles, would have dropped by just 0.1 percent. Automobiles sales dropped 8.0 percent on-month...
Continue Reading • 16 Jul 2010
Singapore investor sentiment index in Q2 plunged 7%
Singapore economy might suffer from external events, having caused a fall in investor sentiment in Q2 this year, said leading financial firm ING.ING’s Investor Sentiment Index for Singapore in Q2 dropped seven percent to 140 from the previous quarter, against a backdrop of growing optimism...
Continue Reading • 16 Jul 2010
Global commercial property investment volumes almost double
Preliminary global direct commercial property investment volumes have recorded a strong recovery in Q2 from last year.Jones Lang LaSalle claimed that commercial real estate investment volumes achieved US$66 billion in the second quarter, which nearly doubled the 2009 level.According to Jones Lang...
Continue Reading • 16 Jul 2010
Australand establishes A$1.3b debt facility
CapitaLand subsidiary Australand has arranged an unsecured syndicated bank debt facility worth A$1.3-billion (S$1.57 billion).Kieran Pryke, chief financial officer of Australand, said: “We are pleased to have achieved this first step in moving to a totally unsecured borrowing...
Continue Reading • 16 Jul 2010
W Hotels launches The Residences at W Bali - Seminyak
W Hotels Worldwide has announced the launch of The Residences at W Bali – Seminyak – the company’s first residential project in Indonesia.Located in the Seminyak area on the paradise island of Bali, The Residences at W Bali – Seminyak features 79 private villa-style...
Continue Reading • 16 Jul 2010
FEO acquires 31 Parbury Avenue for $55m
Property developer Far East Organisation (FEO) has signed a deal to purchase 31 Parbury Avenue off Upper East Coast Road for $55 million, which translates to around $898 psf of land area.The 61,240-sq-ft freehold site currently houses a two-storey bungalow, which can be redeveloped into eight...
Continue Reading • 16 Jul 2010
Over 100 units of Terrene @ Bukit Timah snapped up
More than 100 units of the Terrene at Bukit Timah condo project has been snapped up.This comprises 80 percent of the 130 units released during a private preview which started on July 8. The remaining 42 units of the 172-unit project will be released today during the official launch.The 999-year...
Continue Reading • 16 Jul 2010
US mortgage applications drop
US mortgage applications for home purchases dropped to a 13-and-a-half-year low last week, said Mortgage Bankers Association (MBA), a further sign of decline in the home loan market since the federal tax credit ended in April.There have been concerns arising for months that the incentive was...
Continue Reading • 15 Jul 2010
S'pore investment projects in the UK increase by 50 percent
The number of Singaporean investment projects in the United Kingdom has increased by 50 percent in 2009 – from eight to 12 projects – in spite of the global economic downturn.Some of the projects were from well-known Singapore companies, such as ST Engineering, UOB and OCBC.This was...
Continue Reading • 15 Jul 2010
Amendments to Land Strata Titles Act takes effect
Changes to the Land Strata Titles Act will take effect starting today, following the enactment of the Amendment Act in Parliament on May 18.The amendments aim to provide more clarity to the process of en bloc sales and balance property owners’ interest.One of the amendments is the...
Continue Reading • 15 Jul 2010
Singaporean banks remain stable
Ratings firm Standard & Poor's (S&P) said banks in Singapore continue to be stable as it affirmed its ratings for UOB, OCBC and DBS.S&P gave DBS an AA- long-term rating with a stable outlook and an A-1+ short-term rating, whilst OCBC and UOB both received an A+ long term ratings with...
Continue Reading • 15 Jul 2010
Singapore set to become world's fastest-growing economy in 2010
Economists said Singapore is set to become this year’s fastest-growing economy in the world, following the government’s upgrade of the annual growth forecast to 13-15 percent.The new estimate, up from the previous prediction of a 7.0-9.0 percent expansion, exceeds forecasts of about...
Continue Reading • 15 Jul 2010
GIC reaps gains from Sunway divestment
The Government of Singapore Investment Corp (GIC) has reaped gains from the Sunway Real Estate Investment Trust (REIT)’s recent listing in Malaysia.GIC divested its stakes in the Sunway Resort Hotel portfolio and Sunway Pyramid Shopping Mall to the REIT, reaping returns that exceeded its...
Continue Reading • 15 Jul 2010
14 strata shops put up for sale
Fourteen freehold strata shop units located on the second floor of Holland Road Shopping Centre have been offered for sale.The units, which occupy a total floor area of 5,543 sq ft, have separate titles but will be sold jointly. Currently, all the units are being rented by various tenants and the...
Continue Reading • 15 Jul 2010
Melrose Court up for collective sale
Melrose Court, a freehold site located at No.10, Lorong Limau has been launched for en bloc sale through a public tender.The site currently houses a four-storey residential development comprising 32 units, and is zoned for residential use. It has a maximum land area of 23,789 sq ft and a plot...
Continue Reading • 15 Jul 2010
Older condos selling at a loss
Despite the sky-rocketing property prices in Singapore, some private properties are valued below their original purchase price.A news report indicated that even with the recent growth in the real estate market, some over 10-year-old condominiums are priced approximately 20 percent cheaper than...
Continue Reading • 15 Jul 2010
Singapore among most active commercial property investors
Singapore is one of the most active regional investors in the Asia-Pacific in terms of cross border commercial real estate investments, according to a study conducted by property consultancy group DTZ Research.DTZ said investors from Singapore, Australia and Hong Kong spent almost US$1.8 billion...
Continue Reading • 15 Jul 2010
UK mortgage lenders still face hurdles
Mortgage lenders in the UK still face tough challenges due to economic uncertainty, as well as tougher capital requirements that will continue to weigh on vulnerable companies, while stronger players are taking advantage by making more acquisitions, said Moody's Investor Service.Higher funding...
Continue Reading • 14 Jul 2010