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- HDFC property fair coming again
HDFC property fair coming againCommentQuote0Flag
- Unitech has opened a direct sales office in SuntecCommentQuote0Flag
- SBI buying property for housing staff in Singapore: Report
SINGAPORE: The State Bank of India (SBI) is investing in accommodation-based property in Singapore, ensuring higher grade housing requirements of its expatriate staff, a media report saidon Tuesday.
The apartment purchases should help reduce rental costs by 20 to 25 per cent within the next three years, SBI Singapore Chief Executive and Country Head Anil Kishora was quoted as saying in a report by local daily 'The Straits Times'.
"It will stabilise our cost base. In some sense, it would insulate us from any future increases in pricing, as we won't be paying any rentals," Kishora said, adding that buying property also helps to boost productivity.
According to the report, SBI would want to purchase at least 10 to 20 more units to house staff as it ramps up its local presence.
SBI had recently advertised for purchasing high grade apartments, ranging from 1,100 to 1,400 sq ft in size, near to main schools and rail-based transit system.
It provides housing accommodations to its expatriate staff, 41 of whom are non-resident Indians out of the 241 people employed here.
The SBI expansionary move was in stark contrast to other foreign banks, many of which were cutting jobs and curbing incentives like housing allowances for expatriates as they rebuild balance sheets following the global financial crisis, the report said.
SBI was also enjoying strong support from the growing numbers of Indian companies setting up offices in Singapore.
"Traditionally, Indian companies would operate out of other centres, such as the UK, the US and to some extent Hong Kong, but now most of them prefer to do business out of Singapore," he was quoted as saying.
SBI has a qualified full banking licence, which allows it to operate out of 25 business locations. It has seven branches and 21 ATMs, mainly catering to non-resident Indians and Indian tourists.
SBI buying property for housing staff in Singapore: Report - The Economic TimesCommentQuote0Flag
- Coutts Asia CIO bearish on Singapore property
SINGAPORE -- Investors appear to be "in denial" about the risks over residential property in Hong Kong and Singapore and that a slowdown in purchases will mean lower prices, private bank Coutts' chief investment officer for Asia and the Middle East said today (June 3).
"You get that fuzzy period when everyone tells you everything is fine until the point when the bank tells you (that) you must sell or you face a cash-flow problem," Mr Gary Dugan told the Reuters Wealth Management Summit in Singapore. "That new price point could be dramatically below where we are." Mr Dugan is bearish on residential property in Hong Kong and Singapore, an asset class hugely popular among rich Asians, and noted that the fall in prices has already begun in Asian real estate investment trusts (REITs). REITS dropped sharply in value last week. "People realise we have seen the low point in interest rates and therefore if I go out and borrow money today on a flexible rate, I could see the cost of that loan go up by a 100 basis points or 200 basis points over the course of the next one to two years," Mr Dugan said.
JAPAN RISING Mr Dugan also said that Japanese stocks are attractive as the economy recovers after two decades in the doldrums and investors should not be alarmed by the sell-off over the past week. "If you look at the underlying patterns of most things that you are going to worry about as a medium-term investor in Japan... there's nothing that breaks the back of that positive story," Mr Dugan said. Rising inflation is breathing life into the economy, he said, plus business confidence and industrial production levels are also stronger. The Nikkei share average tumbled to a nearly six-week low today as sharp declines in US stocks dampened fragile sentiment in Japanese equities that have now fallen 15.5 per cent from a 5-1/2 year peak hit last month. Mr Dugan, however, reiterated his bank's positive views on Japan, noting there was widespread support for the reforms promised by Prime Minister Shinzo Abe.
Coutts, the private banking arm of Royal Bank of Scotland Group PLC, did not give a target for the Nikkei stock index. Japanese firms are expected to report earnings per share (EPS) growth of 68 per cent this year and 18 per cent in 2014, much faster than the 11 per cent and 8 per cent rises forecast respectively for US stocks, Coutts said in a note to clients last week, citing estimates by Goldman Sachs. REUTERSCommentQuote0Flag
- DBS Has launched their India remit service. Used it for first time this week got INR credited in under 4 hours
and what i really liked about their service is that it allows you to see the actual SGD/INR conversion rate before you confirm the transaction ...
Posted from my iPad using Forum RunnerCommentQuote0Flag
- Deflating The Housing Bubble: Singapore Sets An Example For Rest Of Asia
Singapore, the city-state infamous for banning gum to prevent litter, ramped up efforts this year to bring down home prices, which have surged 33 percent since 2009. Measures include a raised minimum down payment on second-homes, a cap on debt at 60 percent of a borrower’s income, higher stamp duties on home purchases and an increase in real estate taxes, Bloomberg reported on Wednesday.
These measures, introduced four years ago after home prices climbed 25 percent between 2006 and 2008, are among the most comprehensive regulations from governments currently battling housing bubbles, according to Vishnu Varathan, an economist at Mizuho Bank Ltd.
“The government has enacted all these measures quite early,” said Vikrant Pandey, a Singapore-based analyst at UOB Kay Hian Pte, the securities unit of Southeast Asia’s third-largest lender, United Overseas Bank Ltd. (UOB). “They want to contain a bubble from reaching levels where it brings down the whole system.”
And the measures are working – at least they have proven more successful than those enacted by the governments in Hong Kong and China, where policy makers experimented with a variety of initiatives to limited success.
Singapore, on the other hand, saw the slowest growth in six quarters in the three months that ended Sept. 30. Sales declined and mortgage growth fell to 13 percent in July from 18 percent two years ago, according to Bloomberg.
The average price of a new 1,000-square-foot condo is between $1 million and $1.2 million Singapore dollars ($799,000 to $965,638), whereas a similar sized apartment in Hong Kong, where prices have more than doubled since 2009, would cost between $8.1 and $12.8 million Hong Kong dollars ($1.04 to $1.65 million).
Other measures from the Singaporean government include a cut on the maximum period for new loans to buy public housing from 30 to 25 years, a cap on mortgage payments at 30 percent of gross monthly incomes, down from 35 percent, according to the Housing & Development Board. The loan limitations contributed to a 52 percent slide in the city’s private home sales to 1,246 in September from a year earlier, according to Bloomberg.
“Sales of homes will be lower and the effects on mortgage lending in terms of slower loan growth will continue to be felt over the next few quarters,” said Ken Ang, an analyst at Phillip Securities Pte in Singapore.CommentQuote0Flag
- Saw an article in CNA that SPRs buying properties has seen a drop in the last few months probably due to the nrw regulations bannung first time PRs from buying property for 3 years
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- Originally Posted by newbiebuyerSaw an article in CNA that SPRs buying properties has seen a drop in the last few months probably due to the nrw regulations bannung first time PRs from buying property for 3 years
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For sure it will effect the HDB resale market. The COVs are anyway at their multi-quarter lows..CommentQuote0Flag
- Does anybody know about this...Singapore PR - indian - owns a HDB flat - MOP not yet over...
Can he invest in Indian property?CommentQuote0Flag
- Originally Posted by neeravksDoes anybody know about this...Singapore PR - indian - owns a HDB flat - MOP not yet over...
Can he invest in Indian property?
You can if you not looking to take out the equity from hdb loan for reinvestingCommentQuote0Flag
- Originally Posted by Magadh_PrideYou can if you not looking to take out the equity from hdb loan for reinvesting
I dont think its that
I came across this :
HDB InfoWEB: Eligibility Conditions : Living in HDB flats : Purchase Private PropertyCommentQuote0Flag
- There is a ref to CPF grant which I don't think PRs get as a conditionCommentQuote0Flag