Rebound in retail sales in October

Rebound in retail sales in October

By Fiona Chan

The 6 per cent increase in retail sales in October was the biggest monthly rise since February and a marked contrast to the 8 per cent fall seen in September. –ST FILE PHOTO

CONSUMERS started to ease open their wallets in October in response to a brightening economic outlook.

Retail sales during the month were 6 per cent higher than in September - the biggest monthly rise since February and a marked contrast to the 8 per cent fall seen in September.

‘Retail sales look to continue improving, in line with the economic recovery and better consumer sentiment,’ said UOB economist Chow Penn Nee.

‘Job losses have also been relatively tame, which will bolster consumer spending.’

However, despite October’s uptick, retail sales are 4.4 per cent lower than they were in October last year, according to figures released by the Department of Statistics yesterday.

But this year-on-year drop is the smallest in 10 months, and much less than the 12 per cent plunge in September.

After falling year-on-year for 13 straight months - starting from October last year when the financial crisis took hold - sales may finally turn positive early next year, Ms Chow believed.

‘We might see an on-year increase in January or February next year, due to the low base effect,’ she said.

Car sales were up sharply in October, with showrooms selling 8.1 per cent more vehicles than they did in September. Without the car sector, overall retail sales would have dipped by 1.9 per cent, instead of rising 6 per cent.

The strong car showing is likely to be a blip rather than the start of a sustainable upward trend, said Ms Chow.

She said consumers may have rushed to buy vehicles in October due to the Government’s announcement of a reduction in the supply of Certificates of Entitlement (COEs) in September.

Retailers of food and beverages also fared well in October compared with September, with an 8.2 per cent jump in sales.

Department stores did almost as well, logging a 7.2 per cent sales increase for the period.

Retailers of watches and jewellery saw a 7.5 per cent hike in sales, while those selling telecommunications gadgets and computers sold 5.3 per cent more.

Supermarket saw their sales fall in October - by 3.1 per cent - while provision shop sales dropped 1.7 per cent.

Retailers of recreational goods and furniture and household equipment were similarly hit, with sales decreasing by between 2.5 and 4.3 per cent.

Source : Straits Times - 16 December 2009

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New private home sales down again

New private home sales down again

November marks fourth month of decline; landed properties are in favour

By Joyce Teo, Property Correspondent

MARKET LEADERS: Core central region developments proved to be the top sellers last month, including Parvis condominium in Holland Hill, where Ho Bee launched 130 units and sold 103 of them, and Marina Bay Suites, where 87 units were sold at a single-day preview.

SALES of new private homes fell in November for the fourth month in a row, following July’s sales peak.

Data released yesterday by the Urban Redevelopment Authority shows that property developers sold just 600 units last month, compared with 815 in October and 1,143 in September.

A whopping 2,772 units were offloaded when the market reached its high point in July.

The dip in sales contrasts with an uptick in launches, with 923 units unveiled last month, up from 570 units in October.

Last month’s continued decline in new private home sales did not surprise property experts, who had predicted a weaker take-up rate because of the seasonal slowdown and the Government’s anti-speculation measures introduced in September.

While low, the sales figure of 600 units is still higher than the 192 units registered for the same month a year ago. And it brings total sales from January to November to 14,243 units - just 568 units short of the 2007 record of 14,811 units.

Like the previous month, November was characterised by no major mass market launches, while landed projects continued to prove a popular market niche, noted real estate company CB Richard

Ellis. Mass market or suburban sales accounted for just 159 units and sales of projects in the rest of the central region or city fringe areas totalled 79 units.

Singapore’s core central region took the lion’s share - 60 per cent of units sold or 362 units. It also had the majority of launches - 671 units.

Last month’s top seller proved to be Parvis in Holland Hill, where Ho Bee launched 130 units and sold 103 of them at a median price of $1,507 per sq ft.

Marina Bay Suites also did well, with 87 units sold at a single-day preview.

Espada in St Thomas Walk managed to achieve higher prices on a per sq ft basis given that it comprised mostly small-format units. One- and two-bedroom homes, ranging from 355 sq ft to 721 sq ft, made up 96 per cent of the 232 units in the project, according to CB Richard Ellis.

Jones Lang LaSalle said November’s sales data suggested that the impact of anti-speculation measures was felt most keenly in city-fringe and suburban locales, where markets are driven mostly by HDB upgraders who are more sentiment-driven and price-cautious.

While the high-end sector continued to lead the market last month, said Ngee Ann Polytechnic real estate lecturer Nicholas Mak, the climb in sales was from a low base and so was bound to seem impressive.

‘The number of core central region units launched in November almost doubled from the previous month, but sales rose by less than 20 per cent,’ he added.

Jones Lang LaSalle’s head of research for South-east Asia Chua Yang Liang noted that the take-up rate of 54 per cent in the core central region suggested that developers may have been too optimistic in marketing their launches last month.

However, despite a poor showing of actual units sold on the city fringes, this sub-market managed a take-up rate of 146 per cent, he added. More units were sold than launched during the month as buyers bought unsold units that were launched earlier.

Strong buying sentiment in prime condo projects, according to Jones Lang LaSalle, is chiefly being driven by affordable prices - unlike in the previous peak in 2007.

The firm’s in-house data shows that the average capital value for prime properties within the core central region has grown the most so far this quarter, but is still some 16 per cent shy of the previous peak recorded in 2007.

Average resale prices in non-prime markets grew at a lower rate of 5 per cent, but they are already almost back to the 2007 peak, the firm said.

According to a DMG Research report released yesterday evening, the key thing to note about the market is the sustained level of appetite for high-end properties.

Sales activity and prices have yet to approach the previous peak, but buying appetite and price movement are expected to gain upward momentum over the next six months on the back of the integrated resorts’ opening, solid global macroeconomic news flow and increased foreign buying, it said.

For now, the market is likely to remain cautious until buying interest picks up from February next year, said Dr Chua.

Source : Straits Times - 16 December 2009

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Pick-your-layout flats for Dawson estate

Pick-your-layout flats for Dawson estate

Scheme for the young to live close to parents revived and tweaked

By Esther Teo

THE eagerly anticipated new flats in the mature Dawson estate in Queenstown were launched for sale yesterday - complete with plenty of wow factors.

For the first time, the Housing Board (HDB) is offering flexible flat layouts to best suit individual family needs. Three floor plans are available: a standard layout, a larger living room option or a larger master bedroom option.

The HDB is also tweaking a plan first tried 22 years ago which allows young families to live close to elderly parents by selling flats in pairs.

HDB deputy chief executive (estates and corporate) Yap Chin Beng said that in 1987, these flats in estates such as Bishan were sold like a single unit.

‘Under this new arrangement, however, there are two units with each applicant - the married child and elderly parents - needing to meet the respective conditions. We believe that through this arrangement we can relook this multi-generation living arrangement,’ he said.

In 1987, 367 units were built but the plan was scrapped due to poor demand.

The studio apartments housing elderly parents will have separate entrances to maintain privacy, with connecting doors to the young families’ flats.

Mr Yap said the HDB was trying to offer more options to homebuyers to suit different lifestyles. ‘Depending on the response we will consider extending these two schemes to other projects as well.’

The upgrading of Dawson estate was always going to be a head-turner, with two towers soaring more than 40 storeys amid the charm of the older style estate. The towers will feature sustainable and environmentally friendly features, and classy finishing touches.

The flats are being built under the HDB’s build-to-order (BTO) scheme with 1,718 premium flats being launched.

They are among 2,670 new flats announced by HDB yesterday, which included two other BTO projects - Montreal Dale in Sembawang and Segar Grove in Bukit Panjang. Together, they form the final batch to complete the 5,000 new units announced by National Development Minister Mah Bow Tan in October.

There are 105 studio apartments, 231 two-roomers, 643 three-roomers, 1,489 four-roomers and 202 five-room flats.

Marketing executive Desiree Ng, 23, is drawn by the affordable prices and prime location. She plans to marry within three years so the 2015 completion is ideal.

‘I will probably choose the larger living room option as my family tends to spend more time there. I think it’s great that HDB is offering such flexibility and thinking about catering to different lifestyle needs,’ she said.

The rejuvenation plans for Dawson estate were announced by Prime Minister Lee Hsien Loong in his National Day Rally speech in 2007 as part of HDB’s Remaking Our Heartland (ROH) initiative.

Laid-back Dawson estate was earmarked for about 10,000 new HDB and private flats to inject new life there.

The two new Dawson projects - SkyVille and SkyTerrace - were designed by award-winning local architects.

Typical three-room units of 63 sq m are priced from $280,000 to $365,000, four-roomers of 81 sq m to 85 sq m cost $373,000 to $504,000, while five-room flats of 98 sq m to 101 sq m cost $532,000 to $643,000.

Conveniently located along Margaret Drive and Dawson Road, the area is well served by the Queenstown MRT station and bus services, parks, recreational facilities and eateries.

The Dawson homes will boast touches such as timber flooring for bedrooms and porcelain ceramic tiles for living rooms. The facade and landscaping are also more elaborate, with features such as sky gardens throughout.

HDB expects the Dawson flats to be many times oversubscribed.

The flexi-layout scheme applies in SkyVille and the multi-generation living scheme in SkyTerrace, which will offer 65 studio apartments linked to four-room or five-room flats. These will be allocated to married children and their parents for joint application.

Ngee Ann Polytechnic real estate lecturer Nicholas Mak said that these initiatives, coupled with the Dawson flats’ prime location in a mature estate, appear certain to generate strong interest. ‘Initiatives like the flexi-layout will put pressure on private developers to offer more innovative products for homebuyers.’

Montreal Dale and Segar Grove will offer 424 and 528 standard flats respectively, comprising two-, three- and four-room units. Applications for these new flats can be submitted online

Source : Straits Times - 16 December 2009

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October retail sales drop 4.4%

October retail sales drop 4.4%

But Citi sees positive momentum into first half of next year

By NISHA RAMCHANDANI

RETAIL sales in October fell 4.4 per cent year on year, according to data released by the Department of Statistics yesterday.

Excluding motor vehicles, sales were 0.8 per cent lower than October last year.

Retail sales (on a seasonally adjusted basis) rose 6 per cent in October compared with September, due to strong sales of motor vehicles. Excluding motor vehicles, retail sales decreased 1.9 per cent month on month.

Sales from motor vehicles dropped 14.6 per cent in October compared with the corresponding month last year, while sales at petrol service stations were also lower, declining 10.1 per cent on the back of lower prices and volume of sales.

Other categories which posted weaker sales year on year included watches and jewellery - which declined 4.7 per cent, and optical goods and books, which was 4.3 per cent lower.

On the other hand, sales for food and beverages grew by 9.3 per cent and wearing apparel and footwear was higher by 6.9 per cent.

Citi economist Kit Wei Zheng expects the healthier labour market and pick up in visitor arrivals to bolster retail sales.

‘We expect 20,000- 30,000 jobs to be created in Q4 2009, with close to 40,000 jobs created in Q1 2010. This should translate to better spending power and consumer confidence going into the holiday season.’

Mr Kit reckons that retail sales (excluding motor vehicles) are likely to see positive momentum into the first six months of next year, but also added that the outlook for motor vehicle sales was less optimistic given the smaller COE quotas next year.

Meanwhile, the catering trade fell 5.2 per cent year on year in October, but rose 1.1 per cent (seasonally adjusted) month on month.

Receipts of food caterers and other eating places dropped by 8.3 per cent and 8.9 per cent respectively year on year while restaurants saw sales decline by 1.9 per cent.

Receipts at fast food outlets were marginally lower by 0.4 per cent compared to October last year.

Source : Business Times - 16 December 2009

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HDB launches four more BTO projects

HDB launches four more BTO projects

By UMA SHANKARI

THE Housing and Development Board (HDB) yesterday launched four new build-to-order (BTO) projects - including two highly anticipated developments in Queenstown - bringing the total supply of BTO units to 13,500 this year.

SkyVille@Dawson: A new flexi-layout scheme will give buyers more flat design options
2,670 new units are being offered in the latest BTO exercise - the largest number of flats at any one launch in recent years, HDB said.

The Queenstown projects are SkyVille@Dawson and SkyTerrace@Dawson. HDB expects an overwhelming response for the 1,718 premium flats in these developments, even though the homes are dearer than units at the other two BTO developments.

This is because SkyVille@Dawson and SkyTerrace@Dawson are near Singapore’s city centre and also close to Queenstown MRT station. Plans to rejuvenate Dawson estate were announced by Prime Minister Lee Hsien Loong in 2007.

The two other projects are Montreal Dale at Sembawang and Segar Grove at Bukit Panjang.

The total flat supply at all four projects comprises 105 studio apartments, and 231 two-room, 643 three-room, 1,489 four-room and 202 five-room flats.

‘These four projects, spread across three towns, offer home-buyers a wide range of options to suit their budgets and preferences,’ HDB said.

Some 95 per cent of the two, three, four and five-room flats will be set aside for first-timers.

Flat buyers can also look forward to more BTO projects next year. HDB said that it is prepared to launch at least one BTO project every month if there is sustained demand for new flats. For starters, in January, prospective buyers can expect 1,300 BTO flats at Choa Chu Kang and Hougang.

HDB also said that it is piloting two schemes for the Dawson projects - a flexi-layout scheme for SkyVille@Dawson and a multi-generational living scheme in SkyTerrace@Dawson. The former will give buyers more flat design options, while the latter allows parents and married children to buy paired flats.

Source : Business Times - 16 December 2009

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HDB, NUS plan climatic study in Punggol

HDB, NUS plan climatic study in Punggol

By JOYCE HOOI

THE Housing Development Board (HDB) and the National University of Singapore (NUS) yesterday signed a collaboration agreement for the country’s first township climatic study in Punggol Town.

Close to $960,000 has been set aside for the implementation of the project, which is jointly funded by the Ministry of National Development, HDB and NUS.

It is expected to be completed by end-2010.

‘The signing today marks a deeper cooperation between HDB and NUS to carry out cutting-edge research for Punggol town. The results from the study will enable a more effective design for sustainability,’ said Tay Kim Poh, chief executive officer of HDB.

‘HDB residents can look forward to a sustainable living environment that capitalises on naturally ventilated buildings and optimises energy efficiency.’

This study of the climatic conditions for Punggol will lay the groundwork for superior wind flow and cross ventilation, energy efficient buildings, natural energy resources and tropical green architecture within a township.

Punggol, which is HDB’s youngest town, has been earmarked to become Singapore’s most eco-friendly town, as part of its billing as a waterfront town.

‘As the vision of Punggol Town to become Singapore’s most eco-friendly town continues to unfold, NUS is pleased to share our expertise in design and environmental sustainability, and contribute to its design and development,’ said Barry Halliwell, NUS’s deputy president for research and technology.

‘The project will serve as an exemplary example to illustrate the creation of an energy-efficient and sustainable urban living environment through research-based township planning.’

The study will be led by Wong Nyuk Hien from the department of building at the NUS School of Design and Environment.

It will feature the use of software for a range of things, from the Geographical Information Systems (GIS) software that will be used to map the landscape of Punggol Town, to the Ecotect software that will capture the solar radiation profile of Punggol Town in order to identify the best locations for solar panels.

The Punggol area has been the target of intensive development in recent years. Almost 44 per cent of new flats launched in Singapore in the last two years have been in Punggol.

Source : Business Times - 16 December 2009

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Bedok site tipped at over $500m

Bedok site tipped at over $500m

Proposed project on reserve list site to be integrated with new bus interchange

By KALPANA RASHIWALA

A PLUM 99-year leasehold site next to Bedok MRT Station that some property consultants say could be worth more than $500 million is now open for application by developers through the Government’s reserve list.

Plum location: The 2.49-ha plot can be built into a suburban mall with about 220,000 sq ft of net lettable area and a condominium with 500 units, analysts say
The 2.49-hectare plot, which is zoned for commercial and residential use, can be built into a suburban mall with about 220,000 sq ft of net lettable area and a condominium with about 500 units, analysts say.

The proposed development will incorporate a new bus interchange, which will replace the existing interchange that is part of the site.

A maximum gross floor area (GFA) of 87,157.7 square metres (or 938,157 sq ft ) is stipulated for the plot. Of this, the retail component could be around 338,665 sq ft, translating to about 220,000 sq ft of net lettable area (NLA).

The project’s residential GFA could be about 562,900 sq ft. ‘Based on the simulation for the bus interchange done by Land Transport Authority, the estimated GFA for the bus interchange concourse is 3,400 sq metres (about 36,600 sq ft),’ said a spokeswoman for the Housing and Development Board, the sales agent for the land parcel.

CB Richard Ellis executive director Li Hiaw Ho points out that Bedok MRT Station is likely to be an interchange station for the future Eastern Region Line, which is scheduled to be built by 2020. ‘So this is going to be a very busy location. It’s ideally suited for another regional shopping centre with a residential component,’ he added.

The Government has previously said that the sale and development of the site will form part of rejuvenation plans for Bedok Town Centre.

Knight Frank managing director Danny Yeo says: ‘Bedok is a good location compared to many suburban areas because it’s not that far out. It’s a pretty mature town, currently served by older HDB shophouses. However, they are not very well connected and organised; a new mall will draw a lot of retailers as it’s going to be connected to the MRT station and integrated with the new bus interchange.’

HDB says the plot is located at the heart of Bedok New Town, which has a HDB population of about 196,000 currently.

Mr Yeo argues that the proposed mall will cater to not only these HDB flat dwellers but those living in condos and landed homes in the fringe of Bedok. ‘It will pose quite a bit of a challenge to malls in places like Tampines and Simei,’ he added.

He estimates the land value for the project’s retail component at about $800-900 psf of potential GFA while CBRE’s Mr Li put the figure at $850-900 psf per plot ratio (psf ppr). Either way, the breakeven cost works out to about $2,000 psf of retail NLA. Mr Li estimates a land value of about $400 psf ppr for the residential component, reflecting a breakeven cost of around $800 psf.

Mr Yeo predicts a good showing by developers at the tender. ‘They can sell the apartments to recoup part of the investment in the project. This will allow developers more leeway to bid more aggressively for the site,’ Mr Yeo suggests.

Being on the reserve list, the site will be launched for tender only upon successful application by a developer that undertakes to offer a minimum acceptable price.

Mr Li rates the chances of the site being triggered for release as quite high, despite the fact that the Government is scheduled to release eight residential sites on the confirmed list in the first half of next year.

Source : Business Times - 16 December 2009

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New condo sales fall for 4th straight month

New condo sales fall for 4th straight month

But rate of decline is easing; attention shifts to mid-tier and high-end homes

By UMA SHANKARI

(SINGAPORE) The number of new private homes sold in November fell 26 per cent month-on-month to 600 - the fourth straight monthly fall since July’s peak.

November sales were also the lowest since January, when just 108 units were sold.

Analysts say the month by month decline is due to cooling interest among mass-market buyers - typically HDB upgraders - as prices in this segment have climbed since the second quarter.

In November, just 27 per cent of all units sold were in the outside central region (OCR) - a proxy for suburban mass-market locations. The OCR also accounted for only 21 per cent of launches in November.

In contrast, 60 per cent of the homes sold were in the core central region (CCR) which includes the prime districts, financial district and Sentosa Cove. Sales in the CCR more than doubled from 152 in September to 362 in November.

Data from the Urban Redevelopment Authority also shows that the CCR accounted for 73 per cent of units launched last month as developers tried to cash in on returning interest in the high-end segment.

‘With a lack of new mass-market offerings, attention in the month turned towards the mid-tier and the high-end,’ said DBS Group Research analyst Adrian Chua. ‘Things were more interesting at the mid and high-end.’

Attractive prices in the high-end segment also helped.

‘Strong buying sentiment in this sub-market (the CCR) is mainly supported by affordable prices compared with the previous peak in 2007, especially developments with good specifications and prime strategic locations,’ said Chua Yang Liang, Jones Lang LaSalle’s head of research for Southeast Asia and Singapore.

In fact, the private residential property market has again become an investors’ market, as upgraders start to stay away.

PropNex chief executive Mohamed Ismail said that while upgraders are cautious, serious investors are buying with confidence, picking up properties in good locations mostly in the $1,500-$2,500 per square foot range.

An analysis by Savills Singapore showed the average unit price fetched seems to have risen.

In October, 78 per cent of units sold were in the $750-$1,000 and $1,000-$2,000 psf price bands. But in November, 73 per cent of units sold had moved up one price band to between $1,000-$2,000 and $2,000-3,000 psf.

‘This translates to a remarkable increase of 106 more units sold at the higher price band of between $2,000-$3,000 psf,’ said Christine Sun, Savills’ senior manager for research & consultancy.

The best-performing project in November was Ho Bee’s Parvis at Holland Hill, with 103 units sold at a median price of $1,507 psf. Next in line was the high-profile Marina Bay Suites by Keppel Land, Hongkong Land and Cheung Kong, in the upcoming Marina Bay Financial Centre, where 87 units were sold during a one-day private preview at a median price of $2,159 psf. Six whole floors were reportedly sold to Singaporeans and Singapore permanent residents from Indonesia and other Asian countries.

Another high-end project that did well is Novelty Group’s Espada at St Thomas Walk, which sold 61 units at a median price of $2,322 psf.

The market also appears to be nearing its bottom, analysts say. While November marked a fourth monthly fall in transaction numbers, the rate of decline seems to be slowing.

The month-on-month fall from October to November was 26 per cent, down from a 29 per cent fall from September to October and a 37 per cent fall from August to September.

In the 11 months from January to November, a total of 14,243 units were sold, just 568 fewer than the the 14,811 units sold at the peak of the market in 2007.

‘We believe sales will continue to taper off into December and also on a year-on-year basis into 2010, when we expect around 8,000 to 10,000 units to be sold,’ said DBS’s Mr Chua. ‘We also expect a greater percentage of sales in 2010 will come from the high-end segment.’

CB Richard Ellis likewise expects take-up in 2010 to moderate to 8,000-10,000 units, and reckons prices could rise 5-10 per cent.

Source : Business Times - 16 December 2009

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S’pore’s next port of call may be rising in the west

S’pore’s next port of call may be rising in the west

Surveys underway in Tuas View Extension, which looks set to become next big port development

By RONNIE LIM AND VINCENT WEE

(SINGAPORE) Tuas View Extension - the hockey stick-shaped piece of land at the westernmost tip of Singapore - looks set to become the country’s next major port development.

Adding to the buzz: SembMarine is starting this month construction of the first phase of its yard at Tuas View Extension, where it will relocate its Jurong operations
The Maritime and Port Authority (MPA) is scheduled to start its own soil investigation and seismic surveys there anytime now, reinforcing market talk of a relocation in the medium to long term of Singapore’s port operations in the city centre to the west.

Separately, Sembcorp Marine is this month also starting construction of the $750 million first phase of its new yard at a 206-ha site there, just as JTC Corporation is exploring developing a shared waterfront facility for marine and oil & gas firms at the location.

According to the MPA tender for a consultant to carry out the soil investigation and seismic study, the port authority is targeting for work to start in Novem-ber/December, with the contract period covering 14 months.

‘There will be reclamation in that area, although not immediately after the soil investigation project,’ it added.

The soil investigation will be carried out in the anchorages and JTC working area at Tuas View Extension, while a large portion of the seismic survey is within the anchorage, the tender document said.

‘There are already a lot of ships anchored there as the water is deep, and the location looks ideal,’ said one source who has heard of the possible shift of part of MPA’s operations to the area.

Another industry official added that he had heard talk of the planned MPA move as far back as a couple of years ago.

From an economic viewpoint, a relocation of MPA’s city-centre port operations will free the prime, not to mention expensive, land there for other commercial development.

When asked about the port move, an MPA spokesman would only say that ‘there is no firm plan for Tuas View area at the moment. We will share details when ready’.

SembMarine just last month announced its plans to build a massive, integrated yard at Tuas View Extension to which it will relocate its present Jurong operations.

Development of its 73.3-ha first phase will be completed by 2013, with the entire new yard to be built over 12 years. It is understood that JTC is about to complete reclaiming land needed for the phase 2 development of SembMarine’s yard.

Earlier in June, JTC said that given the shortage of industrial waterfront land, it was also looking at building a shared waterfront facility at Tuas View for small and medium enterprises to load and unload their goods, and by marine and offshore engineering companies for their manufacturing operations.

An update on this project is expected from JTC next month.

An industry source said that setting up an offshore supply base on the site would make sense.

There used to be a supply base at Shipyard Road in Jurong which has since closed, when all the offshore supply facilities here relocated to the Loyang Offshore Supply Base in the east. The west coast, however, is now under-served, especially with the growth of the offshore industry there.

Meanwhile, reflecting the buzz in the area, JTC has just called a tender for soil investigation for a proposed road at phase 3 of the Tuas View Extension site.

Source : Business Times - 16 December 2009

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HDB offers 2,670 new flats under four Build-To-Order projects

HDB offers 2,670 new flats under four Build-To-Order projects

By Hetty Musfirah

SINGAPORE: First-time homebuyers now have more options when it comes to getting their dream home.

The Housing Board is offering 2,670 new flats through four Build-to-Order projects launched on Tuesday. This brings the total flat supply for this year to 13,500 units.

HDB said two BTO projects in Queenstown estate, SkyVille @ Dawson and SkyTerrace @ Dawson, cater mainly to buyers who are prepared to pay more for a prime location and better finishes.

HDB expects an overwhelming response to these flats. Prices start from S$112,000 for a Studio Apartment, S$280,000 for a three-room, S$373,000 for a four-room and S$532,000 for a five-room flat.

The Dawson projects, which are more than 40 stories high, will offer new features. For those who want to stay close to their parents, they can buy “paired flats” at SkyTerrace under the Multi-Generation Living Scheme.

Yap Chin Beng, deputy chief executive officer, Estates and Corporate, HDB, said: “Altogether, we have 65 paired studio apartment with four-room flats, or studio apartment with five-room flats so that the married children and parents can apply under a single application.

“The flats are connected through connecting doors, but each unit have their own main entrances.”

Buyers of SkyVille will get to choose the layout of their homes under the Flexi-Layout Scheme - for example, they can opt for a bigger living room area but fewer bedrooms.

The other two BTO projects are Montreal Dale in Sembawang and Segar Grove in Bukit Panjang. Prices for the standard flats start from S$72,000 for a two-room unit, S$125,000 for three-room flat and S$210,000 for a four-room unit.

95 per cent of the two, three, four and five-room flats offered through the four BTO projects will be set aside for first-timers.

Market watchers said with the latest batch of BTO projects, homebuyers now have a wider range of options to suit their budgets and preferences.

Eugene Lim, associate director, ERA Real Estate, said: “Some of the new flat buyers have expressed that there is not many locations to choose from. But actually now, it is pretty much spread out. You have your central location and also what you call the suburban locations. So it sort of caters to the needs of flat buyers.”

HDB said there will be more BTO projects in 2010. It is prepared to launch at least one BTO project every month if there is a sustained demand for new flats. - CNA/vm

Source : Channel NewsAsia - 16 December 2009

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