Source : The Straits Times, July 15, 2008
SALES of private homes in June almost doubled to 801 units, from 453 units in May, according to monthly figures released by the Urban Redevelopment Authority on Tuesday.
The positive data is largely due to an increase in new launches. Last month, some 1,069 new homes were launched by developers, up significantly from 474 launched in May.
Clover by the Park, a mass market project in Bishan alone accounted for 197 units sold in June while 144 units of Dakota Residences in Dakota Road were snapped up.
However, the mood in the property market remains largely cautious.
Tuesday, July 15, 2008
Singapore C.Bank Sees More Downside Risks To Markets
Source : Reuters, July 14, 2008
Singapore's central bank said it is closely monitoring financial markets in the wake of the crisis surrounding U.S. mortgage giants Fannie Mae and Freddie Mac, and warned of big downside risks in global markets.
"Significant challenges and downside risks in the international financial markets remain and financial institutions and investors should stay vigilant," the Monetary Authority of Singapore said on Monday.
"The direct impact of the credit crisis on financial markets and financial institutions in Singapore has been relatively modest so far," the central bank said.
Singapore's Straits Times stock market index <.FTSTI> has fallen 16 percent this year. The country's three banks have suffered relatively modest writedowns on their debt investments as a result of the credit crunch.
The U.S. Treasury and Federal Reserve called on Sunday for sweeping measures to lend money and buy equity, if necessary, in Fannie Mae and Freddie Mac, which own or guarantee $5 trillion in debt -- close to half the value of all U.S. mortgages.
The U.S. government plan to bolster the government-sponsored mortgage financiers helped calm markets on Monday, but did little to allay fears about the health of the U.S. financial system. [ID:nSP52252]
The MAS declined to comment on whether any of Singapore's foreign reserves are invested in debt from Fannie and Freddie.
Singapore had about $177 billion in its foreign reserves as of the end of June.
Foreign central banks, mostly in Asia, hold $979 billion of the $5 trillion bonds and mortgage-backed bonds sold by Freddie and Fannie.
Singapore's central bank said it is closely monitoring financial markets in the wake of the crisis surrounding U.S. mortgage giants Fannie Mae and Freddie Mac, and warned of big downside risks in global markets.
"Significant challenges and downside risks in the international financial markets remain and financial institutions and investors should stay vigilant," the Monetary Authority of Singapore said on Monday.
"The direct impact of the credit crisis on financial markets and financial institutions in Singapore has been relatively modest so far," the central bank said.
Singapore's Straits Times stock market index <.FTSTI> has fallen 16 percent this year. The country's three banks have suffered relatively modest writedowns on their debt investments as a result of the credit crunch.
The U.S. Treasury and Federal Reserve called on Sunday for sweeping measures to lend money and buy equity, if necessary, in Fannie Mae and Freddie Mac, which own or guarantee $5 trillion in debt -- close to half the value of all U.S. mortgages.
The U.S. government plan to bolster the government-sponsored mortgage financiers helped calm markets on Monday, but did little to allay fears about the health of the U.S. financial system. [ID:nSP52252]
The MAS declined to comment on whether any of Singapore's foreign reserves are invested in debt from Fannie and Freddie.
Singapore had about $177 billion in its foreign reserves as of the end of June.
Foreign central banks, mostly in Asia, hold $979 billion of the $5 trillion bonds and mortgage-backed bonds sold by Freddie and Fannie.
LTA Unveils Locations Of DTL Stage 2 Stations
Source : The Straits Times, Jul 15, 2008
THE locations of stations along Downtown Line Stage 2, a 16.6km stretch joining residents in Bukit Panjang and Bukit Timah to the city centre, were revealed on Tuesday.
The line, one of half a dozen new rail projects Singapore is embarking on up to 2020, will make stops near schools like Singapore Chinese Girls School, Raffles Girls School, Hwa Chong Institution and National Junior College.
The line, one of half a dozen new rail projects Singapore is embarking on up to 2020, will make stops near schools like Singapore Chinese Girls School, Raffles Girls School, Hwa Chong Institution and National Junior College.
Several residential developments like the Equatorial, Blossomvale as well as the Housing Board heartland of Bukit Panjang will also have stations near them.
Starting from Singapore's downtown is the line's southern-most station of Rochor. North of this is the first of three interchanges, Little India station, which connects the North-east Line.
Next is Newton Interchange, near Singapore's most famous hawker centre; and then Stevens Station, under Stevens Road and a stone's throw from the Raffles Town Club.
After that comes the Botanic Gardens Station, which intersects with the Circle Line.
The line then moves through Singapore's most prestigious residential area, with stops near Duchess Avenue, Sixth Avenue (actually nearer to Fourth) and Blackmore (near King Albert Park).
In the vicinity are the Nissan and BMW showrooms.
From there, the line crosses over to the shop-and-dine hub of Beauty World, where a station will be located.
Stations north of Beauty World are Hillview (near Dairy Farm) and Cashew (near Assumption English School and St Joseph's Church).
Next, the Downtown Line links up with the Bukit Panjang LRT, at the Petir station.
The line terminates at Gali Batu Depot, which is to be sited on part of the Kwong Hou Sua Teochew Cemetery.
In all, there are 12 stations, of which three are interchanges (Little India, Newton and Botanic Gardens). As with the Circle Line, the Land Transport Authority will be asking the public to suggest permanent names for the other nine stations.
Stage 2 of Downtown Line is part of a $12 billion 40km project linking the north-western and eastern parts of Singapore to the new downtown. Major construction will start middle of next year.
Stage 1 is is where the Integrated Resort, Gardens by the Bay and new financial district are. Stage 3 goes through MacPherson, Bedok Reservoir and Tampines areas to end at the East-West Line's Expo Station.
The LTA, meanwhile, on Tuesday gave another progress report on the Circle Line. Stage 3, linking Bartley to Marymount, is on track to be the first portion of the orbital rail line to be opened in mid-2009.
The five stations along this stretch are expected to attain temporary occupation permits by end of this year.
Overall, about 90 per cent of tunnels of the 33km line are completed, with the rest by early next year.
THE locations of stations along Downtown Line Stage 2, a 16.6km stretch joining residents in Bukit Panjang and Bukit Timah to the city centre, were revealed on Tuesday.
The line, one of half a dozen new rail projects Singapore is embarking on up to 2020, will make stops near schools like Singapore Chinese Girls School, Raffles Girls School, Hwa Chong Institution and National Junior College.
The line, one of half a dozen new rail projects Singapore is embarking on up to 2020, will make stops near schools like Singapore Chinese Girls School, Raffles Girls School, Hwa Chong Institution and National Junior College.
Several residential developments like the Equatorial, Blossomvale as well as the Housing Board heartland of Bukit Panjang will also have stations near them.
Starting from Singapore's downtown is the line's southern-most station of Rochor. North of this is the first of three interchanges, Little India station, which connects the North-east Line.
Next is Newton Interchange, near Singapore's most famous hawker centre; and then Stevens Station, under Stevens Road and a stone's throw from the Raffles Town Club.
After that comes the Botanic Gardens Station, which intersects with the Circle Line.
The line then moves through Singapore's most prestigious residential area, with stops near Duchess Avenue, Sixth Avenue (actually nearer to Fourth) and Blackmore (near King Albert Park).
In the vicinity are the Nissan and BMW showrooms.
From there, the line crosses over to the shop-and-dine hub of Beauty World, where a station will be located.
Stations north of Beauty World are Hillview (near Dairy Farm) and Cashew (near Assumption English School and St Joseph's Church).
Next, the Downtown Line links up with the Bukit Panjang LRT, at the Petir station.
The line terminates at Gali Batu Depot, which is to be sited on part of the Kwong Hou Sua Teochew Cemetery.
In all, there are 12 stations, of which three are interchanges (Little India, Newton and Botanic Gardens). As with the Circle Line, the Land Transport Authority will be asking the public to suggest permanent names for the other nine stations.
Stage 2 of Downtown Line is part of a $12 billion 40km project linking the north-western and eastern parts of Singapore to the new downtown. Major construction will start middle of next year.
Stage 1 is is where the Integrated Resort, Gardens by the Bay and new financial district are. Stage 3 goes through MacPherson, Bedok Reservoir and Tampines areas to end at the East-West Line's Expo Station.
The LTA, meanwhile, on Tuesday gave another progress report on the Circle Line. Stage 3, linking Bartley to Marymount, is on track to be the first portion of the orbital rail line to be opened in mid-2009.
The five stations along this stretch are expected to attain temporary occupation permits by end of this year.
Overall, about 90 per cent of tunnels of the 33km line are completed, with the rest by early next year.
Federal Reserve Tightens US Home Mortgage Lending
Source : Channel NewsAsia, 15 July 2008
WASHINGTON - The US Federal Reserve on Monday tightened home mortgage lending in a bid to improve consumer protection from practices blamed in part for the worst US real-estate crisis in decades.
The Fed said its board of governors approved rules for home mortgage loans "to better protect consumers and facilitate responsible lending."
"The proposed final rules are intended to protect consumers from unfair or deceptive acts and practices in mortgage lending, while keeping credit available to qualified borrowers and supporting sustainable homeownership," Fed chairman Ben Bernanke said in a statement.
"Importantly, the new rules will apply to all mortgage lenders, not just those supervised and examined by the Federal Reserve."
The new rules address two categories: all home mortgages and a newly defined category of "higher-priced mortgage loans" -- effectively the subprime, or high-risk, home loans at the heart of spiraling loan defaults that burst a housing bubble two years ago.
In the sub-prime category, lenders will have to assess borrowers' ability to repay the loan, verify their income sources and will be barred from penalising prepayment except in certain circumstances.
For all home mortgage loans, the rules prohibit certain practices such as pyramiding late fees, coercing a real-estate appraiser to misstate a home's value and providing deceptively low cost estimates for the loan.
"Although the high rate of delinquency has a number of causes, it seems clear that unfair or deceptive acts and practices by lenders resulted in the extension of many loans, particularly high-cost loans, that were inappropriate for or misled the borrower," Bernanke said.
The approved rules mainly encompass proposals the Fed made in December. Most of them take effect on October 1, 2009. - AFP /ls
WASHINGTON - The US Federal Reserve on Monday tightened home mortgage lending in a bid to improve consumer protection from practices blamed in part for the worst US real-estate crisis in decades.
The Fed said its board of governors approved rules for home mortgage loans "to better protect consumers and facilitate responsible lending." "The proposed final rules are intended to protect consumers from unfair or deceptive acts and practices in mortgage lending, while keeping credit available to qualified borrowers and supporting sustainable homeownership," Fed chairman Ben Bernanke said in a statement.
"Importantly, the new rules will apply to all mortgage lenders, not just those supervised and examined by the Federal Reserve."
The new rules address two categories: all home mortgages and a newly defined category of "higher-priced mortgage loans" -- effectively the subprime, or high-risk, home loans at the heart of spiraling loan defaults that burst a housing bubble two years ago.
In the sub-prime category, lenders will have to assess borrowers' ability to repay the loan, verify their income sources and will be barred from penalising prepayment except in certain circumstances.
For all home mortgage loans, the rules prohibit certain practices such as pyramiding late fees, coercing a real-estate appraiser to misstate a home's value and providing deceptively low cost estimates for the loan.
"Although the high rate of delinquency has a number of causes, it seems clear that unfair or deceptive acts and practices by lenders resulted in the extension of many loans, particularly high-cost loans, that were inappropriate for or misled the borrower," Bernanke said.
The approved rules mainly encompass proposals the Fed made in December. Most of them take effect on October 1, 2009. - AFP /ls
URA Offers Upper Changi Residential Site For Sale
Sourc : The Straits Times, July 15, 2008
A RESIDENTIAL site at New Upper Changi Road and Tanah Merah Kechil Avenue was put up for sale by the Urban Redevelopment Authority (URA) on Tuesday.
+Logo.gif)
The land parcel is one of four residential sites to be sold through the confirmed list under the Government Land Sales Programme for the second half of 2008.
Covering an area of 0.99 ha, the site, within an established private residential estate, will have a maximum permissible gross floor area of 27,652 sqm.
More details on the site are available on the URA website (www.ura.gov.sg)
A RESIDENTIAL site at New Upper Changi Road and Tanah Merah Kechil Avenue was put up for sale by the Urban Redevelopment Authority (URA) on Tuesday.
+Logo.gif)
The land parcel is one of four residential sites to be sold through the confirmed list under the Government Land Sales Programme for the second half of 2008. Covering an area of 0.99 ha, the site, within an established private residential estate, will have a maximum permissible gross floor area of 27,652 sqm.
More details on the site are available on the URA website (www.ura.gov.sg)
Subscribe to:
Posts (Atom)
.jpg)
