Suntec REIT eyes convention centre
Suntec Real Estate Investment Trust (Suntec REIT) has plans to acquire the entire Suntec International Convention & Exhibition Centre. However, this is unlikely to happen until the convention centre has been repositioned to produce a more stable income stream.“Eventually, we hope for...
Continue Reading • 2 Mar 2010
Copthorne Orchid to proceed with condo plans
As its tenants have heard before, the Copthorne Orchid Hotel will be converted into a condominium.In 2005, property developer City Developments Ltd (CDL) expressed its plan to turn the hotel into a condominium, but it did not happen.CDL owns Millennium & Copthorne (M&C), which operates...
Continue Reading • 2 Mar 2010
Property buyers not deterred by speculation curbs
More than 300 of the 350 units released at The Estuary condominium have been sold as of Monday.The MCL Land project in Yishun is the first major property launch since the government announced its measures to curb property speculations.Over 80 individuals were seen in The Estuary's showflat at...
Continue Reading • 2 Mar 2010
US mortgage crisis may hit again
The United States could be facing another mortgage crisis, as a number of option-Adjustable Rate Mortgages (ARMs) approach the 10-year mark.Josh Chisari, the portfolio manager of UBS’s American equities team, said that these could cause major problems to the banking sector, as home...
Continue Reading • 1 Mar 2010
Chinese Premier vows to make housing more affordable
Chinese Premier Wen Jiabao said he is committed to taming the “wild horse” of the escalating housing market in China, and maintain prices at an affordable level during his term as Premier.Mr. Wen made his promise after several netizens complained about the increasing housing prices...
Continue Reading • 1 Mar 2010
DC rates for residential homes increase
The improved real estate market has prompted the government to increase the fees that developers pay to develop the use of residential sites.This fee, referred to as the development charge (DC), closely reflects the recent values of properties and lands, as it is adjusted every six months. A...
Continue Reading • 1 Mar 2010
Developers set to convert CBD offices into prime new homes
About one million sq ft of office space located in the Central Business District (CBD) is set to be converted into at least 1,000 private homes within the next three years.According to property analysts, developers are now considering to renovate older office buildings in the current CBD in...
Continue Reading • 1 Mar 2010
Aussie Home Loans is one of Australia's fastest growing franchises
Australia's Aussie Home Loans has been named as one of the country’s fastest growing franchises in BRW Magazine’s annual Fast Franchises list.Aussie Home Loans came in at seventh spot in the list, which ranks companies based on their average annual growth for three years.BRW Magazine...
Continue Reading • 26 Feb 2010
Yanlord Land's Q4 net profit drops 16 percent
Chinese property developer Yanlord Land recorded a 16-percent drop in its Q4 net profit to $118.4 million.The result came on the back of a 48 percent decline in revenue to $214 million, which was largely due to the decrease in gross floor area delivered.However, the company’s overall net...
Continue Reading • 26 Feb 2010
CDL to start construction of its South Beach project next year
City Developments (CDL) will start building the $2.5-billion South Beach project in Beach Road next year, said CDL Executive Chairman Kwek Leng Beng.Mr. Kwek gave recent updates on the project, as he unveiled that the company’s net profit in Q4 made a 77 percent increase. The project was...
Continue Reading • 26 Feb 2010
URA releases Hougang site for tender
A 99-year leasehold site at Hougang Ave 2 is now open for application from interested developers, according to the Urban Redevelopment Authority (URA).Six new residential sites had been introduced by URA to the reserve list under the government’s land sales programme in the first half of...
Continue Reading • 26 Feb 2010
REDAS members to bring forward property launches
The Real Estate Developers' Association of Singapore (REDAS) recently announced that its members will bring forward property launches.REDAS added that its efforts are only limited by the land available and thus, adequate supply remains the long-term solution to a stable market. The association...
Continue Reading • 26 Feb 2010
MBS CEO says April 27 target is 'ambitious'
With about two months to go before the Phase One opening of Marina Bay Sands (MBS), Thomas Arasi, its president and chief executive, says the construction schedule of the project is 'ambitious'.Still, Mr. Arasi remains positive that it will go well.“Everything is aligning itself to the...
Continue Reading • 26 Feb 2010
Australian government supports mortgage market competition
The Australian government is taking measures to encourage competition in the mortgage market, said Treasurer Wayne Swan.Mr. Swan suggested that the federal government’s investment in triple-A rated mortgage backed securities is giving more options to Australians who decided to compare home...
Continue Reading • 25 Feb 2010
Lower gearing provides MRCB more chances to acquire land in Malaysia
The lower gearing of Malaysian Resources Corporation Bhd (MRCB) has provided more chances to acquire a new land bank for future growth, according to Kenanga Research.“The successful rights issue, which raised RM514 million (S$212.7 million), lowered net gearing to 0.3 times from 1.25 times....
Continue Reading • 25 Feb 2010
Beijing to scrap home purchase incentives
Beijing will scrap home purchase incentives following the surge in property prices, reducing the range of sales-tax exemption on the housing market and implementing the 40 percent down payment requirement for a second home.In a statement, the Beijing Municipal Commission of Housing and...
Continue Reading • 25 Feb 2010
FEO tops bid for Ten Mile site
The Urban Redevelopment Authority (URA) announced that the residential site at the junction of Woodlands Road and Choa Chu Kang Road has been awarded to Far East Organisation's Dollar Land Singapore.The company submitted the highest bid for the 15,645.2-sq-m residential site, which amounted to...
Continue Reading • 25 Feb 2010
UK home loan approvals drop as stamp duty relief ends
Home loan approvals by high street banks in the UK fell sharply in January, after the stamp duty relief ended on smaller property transactions. Stamp duty on home sales are now at £125,000, after a higher threshold of £175,000 was seen to help kick-start the housing market this...
Continue Reading • 24 Feb 2010
Record price achieved for Ardmore Park unit
Prime property prices may still be far behind the record levels hit during the property boom in 2007, but one project in Orchard Road recently achieved a new record price.A 2,885-sq-ft unit at Ardmore Park was sold for $10.64 million, or $3,688 psf – a record price for the project.According...
Continue Reading • 24 Feb 2010
Swiss bank chief remains optimistic about Singapore property market
Burkhard Varnholt, chief investment officer of Bank Sarasin, said that Singapore real estate is “exceptionally attractive” from a yield and capital appreciation perspective.Dr. Varnholt dismisses fears of a bubble, even with the introduction of new measures in the country to control...
Continue Reading • 24 Feb 2010