Hong Leong Finance is offering rates of as low as 0.98 per cent a year on loans to buyers of its sister firm City Developments’ (CDL) The Residences at W Singapore at Sentosa Cove.

For the Waterbank at Dakota condominium, United Overseas Bank (UOB) is offering an enticing deal: the commonly used benchmark rate SOR (Singapore swap offer rate) plus 0 per cent during the construction period. The project is being developed by UOL group, which has close ties to UOB.

Hong Leong Finance’s package for the 228-unit The Residences at W Singapore is based on a special variable home rate, currently 7.25 per cent a year. The first year’s rate now stands at 0.98 per cent or the special rate minus 6.27 per cent. The rate for the second year stands at 1.58 per cent, the third 2.58 per cent and thereafter 3.28 per cent.

A Hong Leong Finance spokesman said the firm had also offered a special financing package for another CDL project, Cube 8, but the rates were not as low as those for The Residences at W Singapore.

CDL is part of the Hong Leong group.

At The Residences at W Singapore, those who take up the financing package get an extra perk: a one-year membership offering dining privileges at F&B outlets under the Millennium & Copthorne International group, said Hong Leong Group.

The Residences at W Singapore was released for sale late last month at $2,500 to $3,000 per sq ft.

CDL said then that it had sold about a quarter of the 56 units released for sale.

At the 99-year leasehold Waterbank at Dakota, the special financing package is an SOR-pegged home loan. SOR is now at 0.46 per cent.

UOB and UOL could not provide details of the financing package but industry sources put it at the three-month SOR rate plus 0 per cent for the duration of the construction period.

Once the project obtains a temporary occupation permit, the rate becomes SOR plus 1.35 per cent.

The 616-unit project has seen sales already crossing 370 units. Prices, too, have risen and now range from more than $1,000 psf to more than $1,300 psf.

UOB also offered special packages for previous UOL projects but the rates were not as low as for Waterbank at Dakota, sources said.

‘Banks have always been very keen to tie up with developers for new launches. They will offer a very competitive rate in such exclusive arrangements,’ said Knight Frank’s managing director of residential services Peter Ow.

‘But in these two cases, for rates to go that low, I must say I have been in the business for more than 25 years and I have not heard of such rates. The conditions may be rather stringent.’

Source : Straits Times – 15 Apr 2010

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The 228-unit luxury project is being developed by City Developments Ltd (CDL), another Hong Leong Group unit.

HLF said that its home loan offerings feature some of the best interest rates in town.

‘With an active property market, customers are no doubt looking for good home loan packages,’ said HLF president Ian Macdonald. ‘Our priority is to cater to their needs with competitive offers and quality service.’

Buyers at The Residences at W Singapore Sentosa Cove will enjoy a home loan interest rate of 0.98 per cent in the first year, 1.58 per cent in the second year, 2.58 per cent in the third year and 3.28 per cent subsequently.

Customers will also be entitled to a one-year a la carte membership offering dining privileges at F&B outlets under the Millennium & Copthorne International group – CDL’s hotel unit.

HLF said that competitive rates and efficient services have helped it increase its share of the home loans market. Under its packages, buyers of HDB, private and good-class bungalow properties can choose from variable rates of as low as 1.23 per cent, 1.48 per cent and 1.13 per cent a year respectively, the finance company said.

CDL said on April 5 that it had sold 19 units of The Residences at W Singapore Sentosa Cove at $2,500-3,000 per sq ft. CDL has marketed the project in Singapore and Hong Kong and plans to hold roadshows in Shanghai and Jakarta.

Source : Business Times – 15 Apr 2010

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This is in tandem with the mall’s official opening this weekend. The branch will be open from 9am to 4pm today and tomorrow.

HLF will be extending competitive home loan rates for nearby condominium City Square Residences, as well as private home owners. For customers who take up the company’s variable rate packages between March 20 and 27, rates will be as low as 1.08 per cent per annum.

These customers will also be presented with a year’s à la carte membership to a lifestyle privilege scheme driven by Millennium & Copthorne International Ltd (MCIL).

In a series of promotions valid till March 27, HLF’s HDB home loan rates start from 1.13 per cent per annum for a loan amount of $100,000 and above, and customers will receive M&C vouchers. They will also get MCIL dining vouchers for a $20,000 share loan.

Depositors who place a minimum fixed deposit of $10,000 for at least six months or open/top up their savings account with at least $3,000 this weekend will receive a Prosperity Chopstick set.

‘These great treats and rewards reaffirm our strong commitment to serve the community with great value-added products and services,’ said HLF president Ian Macdonald.

‘It is also our way of saying ‘thank you’ to our customers for their continued support,’ he added.

Source : Business Times – 20 Mar 2010

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