CHINA’S latest housing initiative is aimed at vacant properties, a major pain point in a crisis that’s dragged on for almost three years. But the package of measures is still too small to end the rout, analysts say.
IT HAS been a tough time for Singapore’s residential en bloc sale market, with one unsuccessful attempt after another. Earlier this month, Pine Grove condominium found no takers at its S$1.95 billion asking price for the 99-year leasehold site, in its fifth bid at a collective sale.
INTUITIVELY, you would think that if a person is unable to secure sufficient loan financing before buying a home, the prudent thing to do would be to not proceed to make such a purchase.
THE People’s Bank of China (PBOC) will establish a nationwide programme to unleash US$41.5 billion in cheap funding to help state-owned companies buy unsold homes.
CHINA is widely expected to hold benchmark lending rates steady on Monday (May 20), a Reuters survey showed, although expectations are growing for a cut in the mortgage reference rate as the authorities scramble to boost housing.
CHINA announced its most drastic move to shore up the beleaguered property market by removing the floor on mortgage rates and encouraging local governments to acquire homes to convert them into affordable housing.
A HONG Kong court adjourned to Jun 11 a hearing of a petition on Friday (May 17) seeking liquidation of Country Garden, providing a breather to the embattled Chinese developer amid Beijing’s efforts to revive the crisis-hit property sector.
SINGAPORE condominium rents fell again in April after a temporary respite in March, based on flash estimates released by SRX and 99.co on Friday (May 17).
CHINA’S government plans to hold a meeting with key officials on Friday (May 17) morning to discuss the property market, including a proposal to clear excess housing inventory, according to sources with knowledge of the matter.
CHINA’S new home prices fell at the fastest monthly pace in over nine years in April, keeping pressure on authorities as intensified efforts to prop up the ailing property sector show few signs of paying off.
COUNTRY Garden Holdings is set to begin a major legal battle on Friday (May 17), squaring off in a Hong Kong court against a creditor seeking the liquidation of the defaulted Chinese developer.
US SINGLE-FAMILY homebuilding and permits fell in April amid a resurgence in mortgage rates, but new construction remains supported by an acute shortage of houses for sale.
PUNGGOL Digital District, a massive new business park campus coming up in north-eastern Singapore, will open progressively from the third quarter of the year, with some 65 per cent of space in eight towers pre-committed.
EIGHT ground-floor strata retail units at 20 Cecil Street have been put on the market for individual sale by private treaty, with asking prices ranging from S$3.8 million to S$7.75 million.
THE shares of Chinese developers jumped on optimism that Beijing will provide policy support for the purchase of unsold homes from distressed builders.
THE Housing and Development Board (HDB) has launched an executive condominium (EC) site at Jalan Loyang Besar for sale via tender, under the government land sales programme’s (GLS) confirmed list for the first half of 2024.
AUSTRALIA’S central bank warned on Thursday there was no quick fix to the country’s housing shortage, which is pushing up prices and rents and adding to inflationary pressures.
CANADA’S housing market posted a surge in the number of properties available for sale, one of the biggest monthly gains in listed inventory on record, as homebuyer demand waned amid persistently high interest rates.
US HOMEBUILDER sentiment soured in May for the first time in six months as high interest rates on home loans kept potential customers on the sidelines and more builders had to offer incentives to lure buyers, data out Wednesday showed.
STRESS in the eurozone market for home loans is “manageable” despite higher interest rates stretching borrowers and lax checks by some banks, the European Central Bank (ECB) said on Wednesday (May 15).
SANDPIPER Hotel in Little India is back on the market via expression of interest with a lower indicative price of S$33 million, said exclusive marketing agent CBRE on Wednesday (May 15).
CHINA is considering a proposal to have local governments across the country buy millions of unsold homes, sources familiar with the matter said, in what would be one of its most ambitious attempts yet to salvage the beleaguered property market.
TUAN Sing Holdings on Tuesday (May 14) confirmed that it has acquired a newly completed mixed-use property located within Robertson Quay for S$140.9 million.
A PLUM, 99-year leasehold private housing site in Singapore near Holland Village MRT station drew three bids at a state tender on Tuesday (May 14). However, they were below market expectations as developers continue to be cautious about large, prime sites.
WHEN China’s local governments began compiling a “whitelist” of housing projects for loans earlier this year, troubled developers hoped it would open a spigot of credit for a sector that remains a major stumbling block to a broad economic revival.
CITY Developments Limited (CDL) has acquired Hilton Paris Opera Hotel from funds managed by Blackstone for 240 million euros (S$350.2 million), it said on Tuesday (May 14).
VANG Shuiming, one of the 10 individuals embroiled in Singapore’s largest money laundering case, was on Tuesday (May 14) sentenced to 13 months and six weeks’ jail.
SOME of the world’s largest investors are making deeper inroads into lending to commercial property, as they snap up market share from retreating banks and bet on an end to the sharp drops in real estate prices.
AGILE Group Holdings, a Chinese developer of villa apartments and high-rise homes, defaulted for the first time on publicly issued US dollar bonds, underscoring lingering distress amid the nation’s unprecedented property crisis.
BRITAIN’S rental crisis is being driven by record net migration as the housing supply fails to keep pace with a growing population, according to new analysis.
INDIA’S top real estate firm DLF reported a nearly 62 per cent rise in fourth-quarter profit on Monday (May 13), aided by strong demand for its premium housing projects and sustained growth momentum from projects launched in previous quarters.
THE resale market for public housing is likely to see less sudden spikes or “outlier” asking prices with the introduction of the Housing & Development Board’s (HDB) new resale flat listing service that has a built-in price-monitoring feature, agents said.
SINGAPORE’S Housing and Development Board or HDB flats are the envy of people globally. Many Singaporeans own their HDB homes, giving them a stake in the country’s prosperity.
SOUTH Korean authorities unveiled measures on Monday (May 13) to support an “orderly soft landing” for real estate project-finance debt, as rising delinquencies in the sector threaten to be a drag on the economy.
A CHINESE programme to backstop debt of distressed developers came within days of being tested for the first time, but averted fuelling debate about the fallout from such intervention after Country Garden Holdings paid bond interest.
A Housing Board flat owner who had converted the doorstep of his property into a fish tank for his koi carp has failed in his appeal to keep the unusual structure.
The Tampines Street 41 resident installed glass panels to the walls around the four steps leading to his ground-floor unit to house about 10 fish, but was unaware that he needed permission to make the alteration.
HDB had said in January that the man could not keep the tank because of safety concerns.
But he lodged an appeal, after working with Tampines Town Council on measures to address issues raised by the housing board.
HDB said yesterday that it had rejected the appeal.
In response to queries from The Straits Times, a spokesman said: "Aside from the safety concerns that were earlier highlighted, there is a more fundamental reason to turn down the request to retain the koi tank.
"The stairway area outside the unit is common property... Any fixed installations by flat owners have to be confined within the premises of their unit, and not placed on common property."
The owner has also acknowledged that the stairway is common property, the spokesman added.
Under the town council's by-laws, it is an offence to have unauthorised fixtures on common property.
The flat's residents also own the adjacent unit, through which they enter the flat with the blocked doorstep.
The owner, who only wanted to be known as Mr Tan, was saddened by the decision.
He said he will have to remove the tank soon, but there is no deadline yet on when to do so.
Mr Tan added: "I think there will be no more appeals, it is a waste of time to me."
He said he had submitted two appeals to the HDB, both of which were unsuccessful.
He had also appealed to the Ministry of National Development (MND) last week.
Mr Tan said MND had suggested that a community pool or tank, where his fish could be moved to, could be built in the area.
Of the proposal, Mr Tan said: "It's not just about digging two holes. You need to think about what is the attraction there and what is really useful for the community.
"Hopefully something good will come out of it. I am a bit tired of this."
His wife said: "We are not creating an eyesore or disturbance... if everybody keeps everything to the house, there will be no soul in the neighbourhood."