The Monetary Authority of Singapore (MAS) says banks are not allowed to approve home loans at temporary locations, whether in-principle, verbal or in writing. MAS says while the regulator's rules allow banks to set up a temporary location at a property launch site to receive applications for residential property loans, the loan must be approved or rejected at the bank's branch. A spokesperson said a...
General
With suburban housing prices hitting new highs, markets awash with liquidity and banks introducing longer home loan tenors, I believe it is inevitable that another round of cooling measures will be introduced simply to keep potential price increases in check. In my commentary in Today last week ("Is the glass half empty or half full?" July 27), I said you could choose to interpret the findings of the...
In the private residential market, developer sales continued to slow down in June, when only 1,371 new homes were sold. The Urban Redevelopment Authority's (URA) price index for the second quarter also showed that prices of uncompleted non-landed private homes fell by 0.9 per cent from the previous quarter, while those for completed non-landed private homes increased by 2.3 per cent. The slowdown in...
Singapore's real estate investment trusts (S-REITs) are well placed to weather tight operating conditions, according to a recently published report by Standard & Poor's Ratings Services. The report, titled Why Singapore REITs Can Survive Their Financial Fitness Test, said that the outlook for Singapore's commercial-leasing segment is becoming more challenging and the funding environment is likely to...
Potential home buyers who are visiting showflats can now receive an instant decision on their home loan application on-site under a new service introduced by United Overseas Bank (UOB) on Thursday. UOB said home buyers will be able to find out the status of their loan application as soon as they finish keying in their personal and financial details into UOB's automated approval system, which can be...
An approximately 56 percent stake in the Southbank SOHO block is up for sale by Expression of Interest (EOI) with an asking price of S$63 million or S$1,812 psf, according to marketing agent CBRE. The Southbank mixed development comprises a 40-storey residential block with 197 units and a 20-storey SOHO block with 60 units and 16 retail shops on the first floor. With a combined strata area of 34,740 sq...
Privately-held developer T.K. Yeo, which is controlled by the Yeo Hiap Seng family, has launched Fifteen Robin, the company’s first high-rise residential development at 15 Robin Road. Comprising a total of 32 luxury apartments, the 17-storey project offers 16 two-bedroom units with an average area of 130 sq m and 16 three-bedders averaging 170 sq m. The units are equipped with a range of built-in...
The average home price in China's 100 major cities edged up in July for the second consecutive month, reinforcing signs of a recovery in the property market even as the government seeks to spur broader economic growth, a private sector survey showed on Wednesday. The average price of 8,717 yuan (S$1,700) per square metre in the 100 cities surveyed was 0.33 per cent higher than June, accelerating from...
House prices in Australia's major cities recorded a surprise increase last quarter, the first in more than a year and perhaps an early sign that recent cuts in interest rates are stabilising demand in what has been a very subdued market. Wednesday's figures from the government showed prices for established houses in the major cities rose 0.5 per cent in the second quarter. The first quarter was also...
British house prices fell at their fastest annual pace in nearly three years last month, data from mortgage lender Nationwide showed on Wednesday, as the effects of nine months of recession spread further across the economy. Nationwide reported a 0.7 per cent decline in house prices in July. Prices are now 2.6 per cent lower than a year ago - their biggest annual fall since August 2009. Britain's economy...