It should be more sensitive to tough economic times BUSINESSES big and small are being ravaged by the global economic downturn, with firms here down on their knees pleading for all the help that they can get, from cash to measures that will help them reduce their costs. The Government has recognised their plight and has promised help. Prime Minister Lee Hsien Loong said the Government would help workers...
General
Today reporters were offered discounts and freebies to sweeten the deal BARELY an hour into the showflat tour, the senior executive of a property consultancy firm, brokering a private condominium, decided it was time to reveal his trump card. “Don’t say I said it,” he said, almost whispering, as he pushed across the table to us a piece of paper with a blow-by-blow breakdown of his offer. The latest...
More people are looking to refinance their home loans in the past few months with lower interest rates, but not without difficulties. Key benchmark interest rates have been dropping since governments around the world embarked on their rate cutting campaign a few months ago to revive the slumping economy. As a result, the Singapore Interbank Offered Rate (SIBOR) has more than halved in the past three to...
The global credit crunch and increasing competition for funding spell tough times ahead for Commercial-Mortgage Backed Securities (CMBS) in Singapore. Fitch Ratings says such securities will face difficulties when it comes to refinancing this year. This is due in part to growing competition for funding from various real estate and casino developments in Singapore. However, the recent strong cash flow...
En bloc projects being leased out instead of getting rebuilt MANY new homes recently built for the well-heeled in Singapore are sitting empty. Only 45 per cent of the luxury projects launched since June 2006 have been sold as of November last year, according to property consultancy CBRE. This period saw the roll-out of 20 projects in this segment, which has a total of 2,209 units, some of which have yet...
But proper screening required, say landlords WITH job losses expected to spike and bonuses becoming restrained, more homeowners may resort to renting out spare rooms to make ends meet, say analysts. Although carving out a space in your home for strangers may mean a loss of privacy and inevitable adjustments to the way you live, it can also help with monthly mortgage payments and other...
2008 saw a drastic fall in sales of luxury apartments in Singapore. Property consultancy CB Richard Ellis said 1,096 caveats were lodged in 2008 – a fifth of the sales volume in 2007. In 2007, the average launch price of luxury projects ranged from S$2,000 to S$4,000 per square foot. But by the end of 2008, the average launch price of such homes had fallen to a range of between S$2,000 and S$2,600 per...
Shares of CapitaCommercial Trust (CCT) rallied to a two-month high on Wednesday following an announcement that it would refinance as much as S$580 million of mortgage-backed securities. The counter was up 7 per cent to S$1.00. Analysts are also cheering the company's decision to scrap a billion-dollar redevelopment plan in Singapore's business district as more developers are expected to hold back...
Court said temple's acquisition based on planning factors AN APPEAL by three devotees to get back the site of their 66-year-old temple off Bartley Road has been dismissed. In an 18-page judgment released on Monday, the Court of Appeal rejected the trio's contention that the Government's acquisition of the land had violated the Republic's Constitution. The three devotees of Jin Long Si Temple - Ms Eng...
Businessman accused of vandalising property at East Coast estate WHEN the possibility of a collective sale for Laguna Park was announced in December 2007, some residents held back, hoping this would drive up the estate's value. But things turned ugly later at the East Coast area condominium, which was hit by a spate of vandalism cases after several residents opposed the sale. Cars belonging to residents...