UOL's full-year profit nearly triples to $424.1 million
Property developer UOL Group said that its profit for the full year of 2009 almost tripled to $424.1 million.The group’s good performance came on the back of a 12 percent increase in revenue to $1 billion.According to UOL, the increase was due primarily to higher income from property...
Continue Reading • 24 Feb 2010
Prime office rents continue to fall
Prime office space rental rates continue to soften and could slip another two to three percent this quarter, according to Cushman & Wakefield.“The relocations of office tenants from existing to new buildings will exert pressure on rents...prime rents would remain soft over the first...
Continue Reading • 24 Feb 2010
Marina Bay Sands set to open on April 27
Las Vegas Sands Corp has announced plans to launch the first phase of the $5.5-billion Marina Bay Sands on 27 April 2010.Marina Bay Sands, the most expensive integrated resort property ever built, will immediately hold its first event – the annual conference of the Inter-Pacific Bar...
Continue Reading • 24 Feb 2010
Fewer US borrowers delay their mortgage payments
The number of American borrowers that fell behind on their mortgage payments declined sharply at the end of 2009, a sign that the US foreclosure crisis is beginning to ease.The Mortgage Bankers Association said that the number of borrowers who missed out just one payment for their mortgage...
Continue Reading • 23 Feb 2010
Singapore shares close flat
Singapore shares ended flat on Monday, as heavy selling of property stocks dominated the Straits Times Index.Singapore’s Straits Times Index closed 0.32 point at 2,757.46. Gainers outnumbered losers 269 to 167, and overall volume was 1.12 billion shares worth $1.2 billion.Property traders...
Continue Reading • 23 Feb 2010
Singaporeans get fairer property tax system
Starting next year, owners of flats or private properties with an annual value of $65,000 will have to pay up to $240 less in property taxes.The recently announced progressive property tax system will exempt owner-occupiers from tax on the first $6,000 of the annual value of their homes.The $25...
Continue Reading • 23 Feb 2010
Government must act now to prevent drastic measures later, says Minister Mah
National Development Minister Mah Bow Tan revealed that the market cooling measures introduced by the government back in September 2009 had "some impact" in cooling down the property market, but were clearly not enough.The government then opted to take on small, pre-emptive steps to...
Continue Reading • 23 Feb 2010
Government has no control over property prices, says PM Lee
Prime Minister Lee Hsien Loong has reiterated for the second time in a month that his administration has no control over property prices.“We can try to influence it, but whether it goes up or goes down depends on sentiment, depends on what happens in the region and the world…,”...
Continue Reading • 23 Feb 2010
RBS delays home repossessions in the UK
The Royal Bank of Scotland (RBS) has pledged not to begin home repossession proceedings in the UK for six months after a mortgage customer first falls into arrears.According to RBS, the reason they are doing this is to ease the pressure on owners who are struggling to pay their mortgages. The...
Continue Reading • 22 Feb 2010
President Obama reveals US$1.5 billion housing crisis plan
US President Barack Obama has unveiled a package of measures amounting to $1.5 billion. This is intended to assist victims of the US housing crisis in the state of Nevada, where the collapse hit particularly hard.“This fund's going to help out-of-work home owners prevent preventible...
Continue Reading • 22 Feb 2010
PM Lee urges Singaporeans to treasure their homes
During a Chinese New Year gala dinner held at Ang Mo Kio, Prime Minister Lee Hsien Loong urged Singaporeans to treasure their homes and not sell them prematurely to settle a debt or make a quick buck.PM Lee said that their homes are important investments for the future and can help Singaporeans...
Continue Reading • 22 Feb 2010
Government introduces two measures to cool property market
Two new measures have been introduced by the government in an attempt to prevent a bubble from forming in the private homes sector and to cool the property market. These measures came into effect on Saturday.The measures will make it more expensive and difficult for speculators to acquire and...
Continue Reading • 22 Feb 2010
New property measures do not appease property fever
New measures were introduced on Saturday to curb speculation in the real estate market.As such, all residential properties purchased on Saturday and sold within a year will be imposed with a Seller's Stamp Duty, while home loans from financial institutions will be capped at 80 percent of the...
Continue Reading • 22 Feb 2010
Mortgages from UK's six largest banks dropped to 49,000
Mortgage approvals by the six largest banks in the UK dropped in January, as freezing weather across the country prevented homebuyers from arranging loans.According to a sample from the lending panel of the Bank of England, the total number of home loans granted by these institutions was 49,000,...
Continue Reading • 19 Feb 2010
Yoma Strategic narrows Q3 losses as Myanmar real estate market recovers
Yoma Strategic Holdings, a real estate developer, said its Q3 net loss narrowed to $420,000 compared with its loss amounting to $510,000 over the same period a year ago.However, its Q3 revenue increased 47 percent to $5.31 million from $3.61 million in the same quarter a year before.According to...
Continue Reading • 19 Feb 2010
FY earnings of Hiap Hoe more than quadruples to $34.3 million
Niche property developer Hiap Hoe said its net profit for the full year more than quadrupled by 319.5 percent to a record $34.3 million.Hiap Hoe’s good performance was attributed to revenue recognition from several of its development projects.For the full year, its revenue increased 272...
Continue Reading • 19 Feb 2010
2010 GDP forecast of MTI revised to 4.5-6.5 percent
Singapore’s economy is expected to grow 4.5 to 6.5 percent this year, after a 20 percent decline in 2009, according to the Ministry of Trade and Industry (MTI).MTI also said that the Singaporean government had earlier projected that the economy would likely grow 3 to 5 percent this year....
Continue Reading • 19 Feb 2010
Siglap V unit sold for $1,634 psf
Few people associate the leafy suburbs of Siglap with high property prices. However, one unit there has been sold for about $1,634 psf – a surprising price for a project that is not situated in the central area.According to data by the Urban Redevelopment Authority (URA), the Siglap V...
Continue Reading • 19 Feb 2010
Investors eyeing property mortgages in Malaysia
Malaysia appears to be an attractive place for those who want to take out a mortgage on an overseas property.According to a report by NuWire Investor, the housing market in Malaysia is set for a recovery this year, after two consecutive years of decline.The low interest rates, favourable taxes...
Continue Reading • 18 Feb 2010
Orchard Road hotels and retailers unfazed by IR opening
Singapore’s Universal Studios and first casino at Resorts World Sentosa garnered all the attention over the Lunar New Year holidays.However, some are wondering if the focus on roller coaster rides and roulette tables will affect the performance of the mainland's central shopping belt along...
Continue Reading • 18 Feb 2010