Posted by Agent Tay on August 2nd, 2010
Lian Beng has successfully been awarded the contract to build the new condo in Serangoon, next to Nanyang Junior College and Lorong Chuan MRT station, named – The Scala. This leasehold condo project is developed by Hong Leong Group.
Lian Beng received the S$119.5 million contract to build five towers (about 17-18 stories high).
Work on The Scala is expected to commence in October and be completed by the fourth quarter of 2013.
This is the second building contract Lian Beng clinched since June this year. In late June, Lian Beng was awarded an S$88.3 million contract by UOL Development to build a 36-storey residential development at Spottiswoode Park Road.
Lian Beng seems to be getting quite a few jobs, and with the property market showing no signs of easing up, more is yet to come.
Posted by Agent Tay on August 2nd, 2010
SIBOR recorded its largest decline since Aug 31 2009 (by 1.4 basis points) to 0.466 percent, this is the lowest level since May this year. What this means is that property loans are expected to be kept LOW!!
Singapore’s three-month interbank (SIBOR) loan rate fell the most in 11 months as record economic growth on the island and signs of expansion globally bolstered confidence in the nation’s lenders.
A few finance experts that I’ve communicated with (in confidence), said that with the U.S. state of economy, interest rates over there will remain low, this is in hope that the low interest rate environment will encourage expenditure, and reduce the burden by many companies, municipalities, and even state governments.
But to many Singaporeans, much of what’s going on in the US or Europe/London isn’t much of their concern (although it does have impact on our economy, many are apathetic about this). Most importantly, you and I would be interested in how this will influence our mortgage loans.
Stay tuned for more news on mortgage rates and bank loans – competition is just going to get stiffer (do you hear my hands rubbing)? Yes time to refinance for those that aren’t locked-in!!
Posted by Agent Tay on August 2nd, 2010
If you do not know what I am talking about, you must be confused by the headline. The deal with the new property tax is this – China will impose an additional 1% property tax on properties that are 3 times more than the average market price. This is Baloney in my view. Its so unsubstantial to quantify a property tax based on such a flimsy qualification. And the idea is to TRIAL it in Shanghai first, and this “TRIAL” is only going to be going online in 2012 – well that’s a whopping 1.5 years to go.
China has been known for its efficiency as well. Its previous measures such as the restricted loans to real estate developers and imposed higher interest rates and down payments for second mortgages did help to cool surging property prices that rose by records in some cities in the second quarter. And these measures were introduced at a mere “snap of the fingers”. A directive from the top brass in the ruling party.
My view is that the market believes that this new property tax is a hoax as well. Why? Just look at some of the property counters on SGX, one of the most popularly traded Yanlord, is seeing high volume for sometime, and still shows signs of an upward trend, although it seems to be meeting resistance.
So stay tuned for this interesting bit of news. Its going to be quite a show for sure. Subscribe to us – and be connected.
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