AMID the current negative interest rate environment, where inflation is rising faster than interest rates, United Overseas Bank (UOB) has launched a housing loan with an overdraft (OD) feature. The OD facility gives customers the flexibility to invest, to reap potentially higher returns. Kevin Lam, head of UOB’s loans division, said he expects interest rates […]
Archive | January 9, 2008
LATEST US DATA: Existing home sales down 2.6% in Nov
Stringent lending practices, prospects that prices will keep falling deter buyers (ATLANTA) The number of Americans signing contracts to buy previously owned homes fell more than forecast in November, signalling further deterioration in housing. The National Association of Realtors’ index of pending home sales decreased 2.6 per cent to 87.6, following a revised 3.7 per […]
When US sneezes, Asia now does not catch cold
THE axiom ‘when the US sneezes, Asia catches cold’ does not hold true any more. Asian economies have become less dependent on the United States market, though not completely immune to its changes. That, at least, was the consensus at the 6th Annual Business Outlook Forum, jointly organised by the Singapore Chinese Chamber of Commerce […]
Queenstown flat sold for record $890k
21st-storey executive flat in Mei Ling Street was bought for $300,000 in 1992 THE brief for the property agent was simple: Find an HDB flat with great views and near an MRT station. Top floors only – and, it appears, never mind the price. Two intense days of door-knocking and a record $890,000 later, the […]
Middle Road office block up for sale
A FIVE-storey office building in the Beach Road district has been launched for sale amid a severe shortage of office space in Singapore. The freehold building is the former P H building at 33 Middle Road and has an indicative price of $23 million, said marketing agent Colliers International. ‘We forsee strong interest from investors […]
CapitaLand shares fall after news of offer for Ascott
IT WAS a tale of two share prices yesterday, after Monday night’s surprise announcement that CapitaLand wanted to take The Ascott Group private. The property giant’s stock dropped by 5.3 per cent to $5.92, while Ascott shares rocketed 41.3 per cent to $1.71. That price almost matched CapitaLand’s offer of $1.73 a share for the […]
Israeli tycoon moves into record London mansion
LONDON – One of Israel’s wealthiest men has bought the most expensive new house in Britain, a home in north London complete with cinema and nightclub, costing 35 million pounds (S$99.4 million), reports said on Tuesday. Billionaire Lev Leviev, who made his fortune in diamonds, plans to move in to the house in Hampstead with […]
UPFRONT: As the dollar loses its charm, the world frets
WASHINGTON – IN CHARLIE Wilson’s War, a new movie based on a true story and starring Tom Hanks, a Texan congressman convinces the United States administration to back a plan to oust the Soviets from Afghanistan. It involves ‘greening’ Afghanistan – pumping a billion dollars a year to arm the Afghan mujahideen. The plan works, […]
S’pore occupancy costs up 106%
This makes it 13th most expensive place to work in: DTZ report OCCUPANCY costs in Singapore have soared 106.4 per cent over the past year – among the highest increase across the 137 locations surveyed – according to a new report. This means that Singapore is now the 13th most expensive place to work in […]
Sers residents approve consultancy exercises
EFFORTS to build more cohesive public housing communities seem to have paid off. Most of the 500-plus households involved in two recent consultation exercises deemed them effective, encouraging similar exercises in the future. The consultations, announced in July last year by the Forum on HDB Heartware, were with selective enbloc redevelopment scheme (Sers) residents on […]
Paragon in $82m facelift, expansion
SPH investment to yield contemporary facade, more retail, commercial space THERE will be a new look for Paragon shopping centre come October. The Orchard Road mall will get a $45 million makeover – to update its building facade and increase retail space. The facelift will begin this month, and is expected to be completed in […]
High-density homes may complement Paya Lebar hub
Study says they may come up on sites that are currently industrial estates (SINGAPORE) The development of vacant state sites already zoned for commercial use immediately around Paya Lebar MRT Station will spearhead the transformation of the area into a commercial hub. More interestingly, however, high-density homes may also come up slightly further away on […]
CapitaLand makes $990m offer to take Ascott private
Company sees value in subsidiary that has not been recognised by market, analysts say (SINGAPORE) Property giant CapitaLand yesterday made a general offer for its listed subsidiary Ascott Group in a deal that values the serviced residence unit at $2.8 billion. CapitaLand, South-east Asia’s largest property firm by market value, owns 66.5 per cent of […]
Businesses stay upbeat on S’pore economy: survey
Optimism balance is still at 84% despite greater uncertainty (SINGAPORE) Despite a gloomier outlook and inflation fears, Singapore businesses remain optimistic about the local economy, a global survey of private businesses has found. Accounting firm Grant Thornton International’s latest International Business Report ranked Singapore fourth, with an optimism balance of 84 per cent, unchanged from […]
China probes foreign investment in property
(BEIJING) China has launched a nationwide probe into foreign investment in the red-hot real estate market, state media said yesterday, while mulling new measures should existing limits prove ineffective. The State Administration for Industry and Commerce at the end of November had ordered branches across the country to carry out the probes, the Shanghai Securities […]
Beijing cracks down on hoarding of land
(BEIJING) China took aim yesterday at real estate developers that hoard land in the latest government initiative to increase the supply of housing and curb property inflation. Land acquired from local governments that goes undeveloped for more than a year will be subject to an ‘idle land charge’ of 20 per cent of the purchase […]
Two residential sites off Mandai Rd up for auction
PROPERTY firm Colliers International yesterday announced the auction of two residential sites off Mandai Road. Both plots have 999-year leases from Oct 16, 1884. The sites are being sold on a nonvacant basis. This means the buyers will be responsible for vacating the tenants. The two sites are at 20-28 and 43-56 Meng Suan Road. […]
US slowdown won’t eat into S’pore growth: MM Lee
Temasek, GIC comfortable with Merrill, UBS, he says (SINGAPORE) A slowdown in the American or European economy will not reduce the rate of Singapore’s economic growth, according to Minister Mentor Lee Kuan Yew. Barring a ‘big recession’, China and India – where the economies are tipped to expand by 8-10 per cent yearly – will […]
FOCUS: TRENDS 2008 – Trend-spotting in watershed year
World is so well connected that word of trends in one place can spread across the world in minutes IN THE Internet era, keeping up – with the Joneses, the news or whatever else – is a lot easier than it used to be. But staying ahead of the pack, at a time when bloggers […]
Two landed sites to go on sale with tenancies
Prices should be less than market rate as house owners need to be compensated TWO sizeable landed residential plots off Mandai Road will be sold via auction later this month – with prices expected to be below the market rate for comparable plots. The catch: The 23 houses that sit on the land are owned […]
CapitaLand makes $1.73-a-share offer for rest of Ascott
Move to privatise service residence arm a bid to strengthen unit’s market position PROPERTY giant CapitaLand plans to privatise The Ascott Group, its listed service residence arm, in a bid to strengthen Ascott’s position in the market and streamline the group’s operations. The move was announced in a statement to the Singapore Exchange late last […]
NEW LOOK, MORE SPACE: Paragon to get $82m makeover
PARAGON Shopping Centre will soon sport a new look. The icon along Singapore’s Orchard Road shopping strip is embarking on an $82-million makeover that will give it a new facade and more retail and office space by the end of the year. Its new front will include pop-out glass boxes that will lift shopfronts above […]
Inflation and trade surplus driving yuan: Central bank
BASEL (SWITZERLAND) – CHINESE central bank governor Zhou Xiaochuan has said the trade surplus and faster inflation are driving the yuan’s appreciation. The currency’s gains reflect ‘economic data’, Mr Zhou told reporters yesterday in Basel, where he was meeting Group of 10 central bankers. The surplus, rising prices and Chinese institutions selling currency reserves ‘may […]
TAKING STOCK: Asian markets slide on Wall Street’s poor showing
Blue chips lead the drop as ST Index closes 2.5% lower on worries over American economy TRADERS knew it was coming after the Friday night fright on Wall Street, but it did not make yesterday’s bloodletting any less painful. The Dow Jones Industrial Average’s 256-point retreat, sparked by worrying jobs figures, suggested that the theoretical […]
WALL STREET INSIGHT: Outlook for 2008: Big on turmoil, small on gains
Most economists expect US economy to narrowly avoid recession this year NEW YORK CORRESPONDENT NO MATTER whether stocks in the US equity market are able to thrive this year or even achieve the slim singledigit gains that most of the Wall Street market strategists The Business Times polled have set for their end of year […]
Uphill trek ahead as building costs keep rising
Study suggests strain on resources, no let-up this year (SINGAPORE) The construction boom here is stretching resources, as costs of building materials look set to keep climbing through 2008. Already, building costs are almost on par with Hong Kong, double that of Beijing, and just 30 per cent below New York. And according to a […]
THE 2008 CAMPAIGN: US economy slipping towards recession: Hillary Clinton
The economy is likely to become a bigger factor in the US presidential campaign in the coming weeks as it moves beyond Iowa and this week New Hampshire primary into more populous states such as California and Florida (MANCHESTER, New Hampshire) Democratic presidential contender Hillary Clinton believes that the US economy is heading towards a […]
Fed will cut rates by 50pts this month, says Goldman
Slowing economy will prompt aggressive move, it says (WASHINGTON) Goldman Sachs Group, one of the 20 primary dealers that trade directly with the Federal Reserve, said the central bank will reduce its target rate by half a percentage point to 3.75 per cent on or before Jan 30. The securities firm still projects a cut […]
Several MRT station ‘hot spots’ likely in the future
Interest in these areas rises as Govt readies review of land use masterplan A MAJOR review of the town plan governing the development of land across Singapore is due this year – and keen interest centres on the use of land near MRT stations. Property analysts have identified several MRT station ‘hot spots’, but they […]
US state probes broker’s role in sub-prime losses
BOSTON – MASSACHUSETTS said last Friday that it launched an investigation to determine Merrill Lynch’s role in investments linked to sub-prime mortgages made by the city of Springfield that have fallen in value. Merrill was subpoenaed by Massachusetts regulators after the value of collateralised debt obligations (CDOs) the United States brokerage firm sold to Springfield […]
YOUR PERSONAL ADVISER: FINANCE
How can landlord reclaim house when tenant fails to pay rent? Q MY FRIEND’S three-room terrace house in Singapore was rented out to a divorcee and her daughter. The tenant put down a total deposit of $1,200, consisting of one month’s rental of $1,000 and $200 for utility bills. The tenant last paid rent in […]
PROPERTY: Are condo-like HDB flats good value?
They might come with fancy trappings but can’t be bought and sold freely like private condos THE high-end HDB flats launched yesterday at Boon Keng are the talk of the town. Styled to look like private condominiums, the flats in City View @ Boon Keng will boast timber flooring and large bay windows, as well […]
wallstreet: Fears of recession send US stocks tumbling
NEW YORK – US STOCKS tumbled on Friday, dragging the Dow to its worst three-day start to a year since the Great Depression, as a sharp rise in the unemployment rate heightened fears that the economy is heading into a recession. Technology shares were the worst performers in a broad-based decline after chipmaker Intel Corp […]
HORIZON TOWERS COURT CASE: Minority owners want High Court to overturn STB decision
This again throws successful completion of en bloc sale in doubt (SINGAPORE) The Horizon Towers saga is far from over. In fact, it’s starting anew. Disgruntled minority owners have banded together to appeal against a decision by the Strata Titles Board (STB) last month to approve the enbloc sale of the development. All nine of […]
Consumption to hit record low
(BEIJING) China’s consumer spending, blamed for lacklustre contribution to the world’s fastest-growing economy compared with investment and trade, will hit a record low in more than two decades, despite anticipated higher growth in urban income than that of the aggregate economy, according to analysts. The inflation-adjusted disposable income of Chinese urban residents would increase by […]
Hot 2008 topic: The rising cost of living
WHEN Trade and Industry Minister Lim Hng Kiang announced last November that inflation could hit 4 per cent or 5 per cent in the first quarter of this year, analysts and consumers sat up. It would be a ‘historic high’ in the 25 years since 1983. The previous high was in July 1991, when it […]
WEEKLY MARKET REPORT: Is a coming US recession fully priced in yet?
SINGAPORE – By now, you’d have to wonder whether an aggressive cutting of US interest rates really is the answer, or instead of doing so and inflating yet more bubbles the best medicine for an ailing US economy is to simply let its excesses and imbalances correct themselves, lengthy though the process may be. Financial […]
Circle Line key to higher plot ratios: JLL
Study looks at how Master Plan 2008 could change landscape, usher in new initiatives (SINGAPORE) When Master Plan 2008 is unveiled sometime this year, certain areas are likely to see an increase in plot ratios. A study by Jones Lang LaSalle has tried to zero in on which areas could be allowed more intensive use […]
Keppel Bay Bridge: a new waterfront icon
SINGAPORE’S newest bridge was officially opened by President SR Nathan yesterday evening to the accompaniment of a spectacular pyrotechnics show. It is the first public bridge to be built by a private developer and will be handed over to the Land Transport Authority. Spanning 250 metres, Keppel Bay Bridge is the longest cable-stayed bridge locally. […]
Market St Car Park may be redeveloped into offices
The total project cost could range from $1 billion to $1.5 billion CAPITACOMMERCIAL Trust (CCT) has been granted outline planning permission by the Urban Redevelopment Authority (URA) to redevelop Market Street Car Park into an office tower that could cost up to $1.5 billion. Lynette Leong, chief executive of CCT’s manager CapitaCommercial Trust Management Ltd, […]
Yanlord acquires site for residential devt in Shanghai
REAL estate developer Yanlord Land Group is extending its presence in Shanghai through the purchase of a residential development site for 600.4 million yuan (S$118.7 million). Yanlord subsidiary Shanghai Renjie Hebin Garden Property Co acquired the 117,459 square metre site in Qingpu District in a government auction last month. Commenting on the acquisition, Yanlord chairman […]
Condo-like flats in Boon Keng going on sale
Hot demand expected for second lot of public housing offered by private developers A FLURRY of applications is expected for the latest batch of flats that look like condominiums but sell for just about two-thirds the price of condo units in the same area. The second batch of public housing being offered by private developers […]
PRIVATE BANKING: Private banks still upbeat on 2008
Sub-prime woes have not changed their expansion plans in this part of the world, private bankers LOSSES suffered by banking giants over sub-prime writedowns have not dampened the ambitious growth plans of their private banking divisions in Singapore. Private banks here are upbeat on 2008, saying the wealth management pie will continue to grow strongly […]
Home prices feel pull of gravity after 31% rise
Q4 tempers spectacular growth of 2007; mass market may shine this year (SINGAPORE) Private home prices rose 31.0 per cent in 2007 – the biggest year-on-year jump since 1999 – despite a slowdown in the fourth quarter caused by the withdrawal of the Deferred Payment Scheme (DPS) and sub-prime woes, flash estimates show. HDB resale […]
Rental flats for needy to be allocated from this month
A TOTAL of 2,194 rental flats will be added to the public housing supply by early 2010 to help the needy, in a move first announced in November 2006. The first batch of newly converted flats – consisting of 180 one and two-room units at Block 852, Woodlands Street 83 – will be allocated from […]
High rentals don’t worry some MNCs
They are still expanding their premises: C&W report RISING office rents may have forced some businesses to adopt a wait-and-see approach on expansion here but others are expanding anyway. A report by Cushman & Wakefield (C&W) reveals that key leasing transactions in December 2007 include Swiss wealth manager Julius Baer taking up 26,000 sq ft […]
Back lane in Balestier up for sale
Other properties up for auction include Changi bungalow, studio apartment THE Official Receiver is auctioning off a back lane at Jalan Bunga Raya in the Balestier Road/Irrawaddy Road area. The freehold strip of land, with a land area of 3,331 sq ft, is behind a row of seven terrace houses which are part of a […]
Two property investment opportunities in the offing
Changi Hotel site going for $55m, Geylang shophouse devt priced at $36m THE site of Changi Hotel, on Changi Road, is being offered for redevelopment with an asking price of $55 million. The 26,433 square foot site has a plot ratio of 3.0 and can be redeveloped with a maximum gross floor area (GFA) of […]
Spain’s Colonial seeks to sell assets
(MADRID) The Spanish stock market regulator suspended trade in beleaguered Spanish property firm Inmobiliaria Colonial yesterday, as papers reported it was seeking more asset sales to relieve its heavy debt load. The suspension comes on the heels of a turbulent week for Spain’s second- largest real estate company after chairman Luis Portillo quit last Friday […]
Seattle on edge as housing gloom looms
Economists expect city to be caught in national slump (SEATTLE) It’s the kind of house that a year or two ago would have been snapped up in days: a refurbished rambler in a woodsy residential neighbourhood minutes from downtown. The asking price: US$559,000. But after seven weeks, Kristen and Al Dittmaier have not received a single […]
