Core Central boom expected on back of private property stability
The private residential property market continued its recovery in 4Q09 with a 7.4% increase in its price index to 165.7, just 11.8 points shy of the previous peak in 2Q08 of 177.5.“We are seeing signs of stability and the potential for sustained growth,” says PropNex CEO Mr Mohamed...
Continue Reading • 22 Jan 2010
Mass market private homes becoming a new trend
Mass market private homes established a positive start to the recovery of the property market last year, which was spurred by stable demand and priced-to-sell projects in the early part of the year.Home buyers, dominated by HDB upgraders, were responsible for the overcrowding in showflats during...
Continue Reading • 22 Jan 2010
Population of Filipinos in Singapore to rise
Filipinos will continue to flock to Singapore to work, particularly with Resort World Sentosa (RWS) IR’s opening. This is despite an earlier promise made by Prime Minister Lee Hsien Loong to “slow down” the intake of foreigners.PM Lee had already defended his pro-foreigner...
Continue Reading • 22 Jan 2010
Genting Group raises its shares in Iskandar project
The Genting Group is already planning to build a huge mall, another resort, and an even “more interactive theme park” just across the Causeway in Iskandar Malaysia, as it prepares to launch its casino and theme park at Resorts World Sentosa (RWS).“We want visitors to Sentosa to...
Continue Reading • 22 Jan 2010
Will the private housing rally sustain?
Increased buying spurred sales of developers in July 2009 to an amazing 2,772 units. The figure is more than three times the monthly average sales of 700 to 900 units for the last 10 years.If the monthly average of more than 1,400 units sold did not make policymakers sit up, the robust sales...
Continue Reading • 22 Jan 2010
GCBs may become pricier this year
Good class bungalows (GCBs) have a unique standing in the Singapore residential market. With only 2,400 units around the country, these detached homes are highly exclusive.They are situated in 39 designated areas and usually sit on a plot size of at least 15,070 square feet or 1,400 square...
Continue Reading • 22 Jan 2010
Australians must be cautious about mortgage scams
Home loan buyers in Australia must be cautious about "sham arrangements" that promise customers tax deductions to which they are not entitled to and aid them to repay their mortgage, said one expert.Terry Hayes, a senior tax writer at Thomson Reuters, said the Tax Office is advising...
Continue Reading • 22 Jan 2010
Resales dominated Q4's private home deals
Instead of visiting a developer's showflat, a high level of private home buyers turned to the resale market in Q4 last year. It was probably the result of fewer project launches in the fourth quarter, and the removal of the Interest Absorption Scheme (IAS) in September 2009.The analysis for...
Continue Reading • 21 Jan 2010
Foreign buyers show varying home price preferences
Asians, excluding Indonesians, were among the top foreign buyers of private homes in 2009. They mainly purchased units with prices ranging from $500,000 to $1 million, while most Western buyers (US, Australians and UK citizens) picked up homes mostly in the $1.5 to 5 million price...
Continue Reading • 21 Jan 2010
Singaporean wants PRs to live in rented flats
As an indication that many Singaporeans believe that Permanent Residents (PRs) should take the blame for the sky-rocketing prices of HDB flats, another Singaporean has written to the Straits Times, criticizing the pro-foreigner housing policies of the ruling party.Ms. Wan Siew Kay reckoned that...
Continue Reading • 21 Jan 2010
Mortgage pain not yet over
In a sign that the problems in the US banking sector are far from over, declining bond trading revenue and faltering mortgage lending in Q4 have been reported by lenders, including the Bank of America Corp.Stock investors have ignored some of the problems and instead focused on the improving...
Continue Reading • 21 Jan 2010
Urban Suites continues to receive positive response
CapitaLand's Urban Suites' Phase 2 launch has drawn keen interest from buyers who have snapped up units despite a price hike.In Singapore, an additional 16 sales were clinched since the Phase 1 launch of the project closed early in January; while all the 50 units released in Jakarta, Indonesia...
Continue Reading • 21 Jan 2010
Sentosa IR staff gear up for today's opening
The first integrated resort in Singapore opens its doors to the public today.About 8,000 employees of Resorts World Sentosa will be working behind the scenes to keep the integrated resort running.The integrated resort’s whitewashed corridors connect almost the entire grounds of Resorts...
Continue Reading • 20 Jan 2010
Orchard View at Angullia Park to launch in Q1 2010
Wheelock Properties is planning to launch its Orchard View freehold project at Angullia Park in the first quarter of this year.The news comes after CapitaLand boosted its sales from the Urban Suites project, where it sold 126 units – about 96 percent of the 140 units launched and 76 percent...
Continue Reading • 20 Jan 2010
Westpac Bank reduces availability of mortgage options
Westpac Bank in Australia has been forced to close part of its RAMS home loans business to reduce the availability of its mortgages.Funding problems have forced the Australian bank to inform its mortgage brokers that RAMS-branded products will no longer be disseminated to third parties, said a...
Continue Reading • 20 Jan 2010
Law to safeguard clients in property deals changed
Proposed changes that restrict the access of lawyers to their client’s money in property deals has been tweaked by the Law Ministry, which is going for a second round of public consultation before the finalization of the changes.The new suggestions will allow conveyancing lawyers to hold...
Continue Reading • 20 Jan 2010
Luxury home prices could reach 2007 high
Prices of luxury homes are predicted to come back to its 2007 high by the end of 2010 or perhaps next year.This positive outlook is based on the assumption that the world economy will continue to improve, said City Developments Executive Chairman Kwek Leng Beng.His prediction regarding the...
Continue Reading • 20 Jan 2010
Singaporean wants PRs to be banned from selling HDB flats at a profit
An enraged Singaporean by the name of Lua Eng Chuan has written to the Straits Times Forum demanding that PRs be banned from selling their HDB flats at a profit.Mr. Lua’s response is to remarks made by Law Minister K. Shanmugam yesterday about foreigners being falsely accused of driving up...
Continue Reading • 20 Jan 2010
UK market bombarded with new mortgage products
The number of mortgage products offered to borrowers in the UK increased for the third consecutive month in January this year to 2,516 different loan products, according to MoneySupermarket.com’s report.During its peak in August 2007, the number of distinct mortgages offered by lenders...
Continue Reading • 19 Jan 2010
Malaysia keen to draw foreign property investors
The Malaysian government is keen to draw more foreign property investors particularly from Singapore, UK and India.According to Malaysia’s Foreign Investment Committee, a comprehensive deregulation of investment guidelines has been designed to assist overseas buyers.“The most...
Continue Reading • 19 Jan 2010