HDB New Site Tender For DBSS Housing Sites

HDB New Site Tender For DBSS Housing Sites

HDB Singapore is always in search of new and exciting project to keep market stable as well as to cope with the need of required housing land. HDB offers a wide range of flat choices for every budget range and specially for first time buyers. They Offer a wider range of designs and various price ranges from less than $1,500 -$10,000 a month. For the purpose of more choices and variety for buyers, HDB allowed private developers to participate in public housing projects, initially by participating Executive Condominium Housing Scheme in the 1990s, and after that new project known as Design Build and Sell Scheme in the 2000s.

According to HDB in the DBSS project ,the developers tender for the land and responsible for designing, pricing and selling off the flats. By completion of the building, the developer will hand over the entire development site to HDB for lease administration. This will help to overcome the requirement of public housing and ensure quality and safety of residential buildings. HDB invited tenders and the tenders will close by 12 noon on 30 Nov 2010. Tender packets can be purchased at $105 from HDB Office Under DBSS different schemes will be launched soon for first time buyers, and for those having low monthly income. The first site is Upper Sera goon rd, a parcel of land, located across Punggol Park, proposed for public housing, having 20,000sq m site area. The estimated dwelling units are 630 for 103 years (999 years lease plus including 48 months reserved for construction period).It is located near The Florida and Rio Vista residents. All facilities like shopping, leisure, schools, collages, hospitals, library, swimming pool, sports hall, and food courts are all adjacent to this area and easily accessible.Saragoon road site is well-linked to the Hougang MRT station, Bus Interchange and expressways.

Another DBSS upcoming site at Yuan Ching Road with an estimated yield of 580 units will be launched for tender soon (most probably in November). HDB also announces launch of more sites upon required.

Features of DBSS sites.

- Under DBSS, the developer tenders for the land. And they will be also responsible for designing, pricing and selling the flats. After completion it will be handed over to HDB for lease administration, maintenance.

- The will be at affordable rates.
- Flats come with a 99-year lease and according to HDB criteria.
- Applicant must have monthly income of up to $10,000 can apply.
- HDB reserves 95 %flats for first time buyers.
- HDB will provide technical experience and building practices to successful tendered.
- HDB also offers various loans to buy house/ flat.
- only Singaporean residents or citizens are allowed to buy HDB flats
- No foreigner is allowed to buy HDB flats.

HDB flat buyers must declare if they have; any interest or ownership in private property, local or overseas. HDB announces cooling off period in which they form a checklist to ensure buyers to avoid resale and buying policies of HDB.

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Mindy Yong

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Mindy@MindyYong.com

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2007 or 2010; which is the peak year for Singapore luxury housing market? »« Esparina Residences Record Good Sell Out On First Day

Esparina Residences Record Good Sell Out On First Day

Esparina Residences Record Good Sell Out On First Day

Esparina Residences, a project of Fraser Company has met huge success as it was being expected. The project attracted huge number of visitors’ right from the outset of the launch of the project. The first day of the show flat opening recorded the visitors numbering 1000 plus. This was despite the reduced activity in the sale / purchase of the residential complexes due to cooling measures announced by the government. The project comprises a total of 573 residential units including 2 beds, 3 beds and 4 beds residential apartments as well as executive pent houses. The Esparina Residences is first Executive Condominium residential apartment complex which has been launched in last five years.

The prices of various units are ranging from $590,000 to $723,000 for a two-bed residential unit; prices for a three bed apartment range between $697,000 to $981,000; whereas a four bed room luxury unit is available for a cost of $1 million to $1.18 million. The executive penthouses possess a varied price tag of $864,000 to $1.3 million. A project apart from the first of its kind has also attracted huge interest due to the lucrative prices as well as the facilities being offered to its potential buyers. The Esparina Residences is the only project which is located so close to the MRT station. The factor has further added to the purchase of units from commercial point of view, as it is being expected that the value of these units will substantially increase at some later stage.

Another feature, which has drawn huge public applause is the double key flats, a 2-3 beds studio apartments with separate entries to facilitate more number of resident families, being put on offer.

The balloting for the project commenced on Friday in a tent outside the Showflat. A large number of expectant buyers were waiting for their luck to be tested as well. Due to its features and location close to Bangkok MRT Station, the project was already oversubscribed by the potential buyers. The project from the opening of the show flat attracted approximately 1100 applications for allotment of 573 residential units. Out of the total 573 units, 344 units were allotted to applicants on the first day of the balloting. Most popular sought after were the dual key apartments. Out of total 71 such flats 61 has been sold out. Other apartments sold also include the three bedders which were sold out 212 units out of 283. Out of the 20 pent houses of the project 12 were allotted through the balloting.

Pent houses were particularly sought after by the first time buyers and it was particularly due to $30,000 CPF housing grant being made available to the first time buyers. The grant will ease up the procurement cost as compared to the prices of all such projects in the market.
Another important fact about the project and its applicants/ allotters is that most of the applicants in this project are young professionals and they age between 25 years to 40 years. They also fall in the middle income group and their monthly income ranges in a bracket of S$8,000 to S$10,000.

The project has a leasehold period of 99 years and almost 95% of its units are kept for the first time buyers of the residential apartments.

Buy Sell Rent invest In Singapore Property Real Estate

Mindy Yong

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Mindy@MindyYong.com

www.hotvictory.com

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HDB New Site Tender For DBSS Housing Sites »« A 32 Unit Apartment in Serangoon Vended for S$39.5 million

A 32 Unit Apartment in Serangoon Vended for S$39.5 million

A 32 Unit Apartment in Serangoon Vended for S$39.5 million

An upward trend in the sales of older properties for construction of new residential complexes is being witnessed in the area of Serangoon. Latest on the list is the sale of a 32 unit Glenville residential apartment block. The block has been sold out to Urban Lofts, a reputed and experienced developer of the residential properties. The deal carried a cash transaction of S$39.51 million between the purchase and the seller.

The deal signed between the purchaser and the buyers is bearing a good price tag for both of the parties. The overall price of the projects comes out to a value of about S$740 per square foot per plot ratio. This price is inclusive of the development charges of S$5.3 million. However, development charges will be applied subject to the overall approval. It is being expected that each of the 32 apartment holders is likely to get S$1.179 million to S$1.273 million as a gross payment out of the sales proceeds from the project. However, the sale of the Glenville residential apartment block is subject to the approval by the Strata Tiles Board.

The original size of the site is 43,335 square feet, which has been zoned for residential complex with an overall plot ratio of up to 1.4. The existing structure of the building can be replaced with a new five story building. It is also expected that the new structure will carry enhanced number of residential apartments. This figure is likely to be 57 instead of existing 32. The 5 storied structure is likely to make available a potential gross floor area of approximately 60,670 square feet. All the planned 57 residential apartments will be approximately of the same size i.e 1,000 square feet each.

The marketing experts are of the opinion that the project is likely to attract a large number of potential buyers. This is likely due to the location of the existing structure near Serangoon MRT Station as well as another mega mall “NEX Mega Mall” coming up in the same vicinity. The prime location is also being supported by quite an affordable cost which will be put to offer to the potential buyers.

The experts are indicating that the construction of NEX Mega Mall has enhanced the potential and value of the area and the interest of the investors has been enhanced in the area. This argument is further supported by the sale of another site in the Serangoon area within the span of one month. The other collective sale, which took place in the area was the site of Naung Court in Hougang. This site was sold out at a cost of S$28 million.

The project is likely to become a success story. The cooling measures of the Singapore government on account of purchase of new residential units are also likely to play a pivotal role in this context. The government’s policy is also likely to support the first time buyers with facilities in the mortgage. To own a house for a first time buyer in such a project at a premier location will be an affordable option under existing policies.

Buy Sell Rent invest In Singapore Property Real Estate

Mindy Yong

( +65 ) 91002985

Mindy@MindyYong.com

www.hotvictory.com

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Esparina Residences Record Good Sell Out On First Day »« Robinson Suites @ Robinson Road

Robinson Suites @ Robinson Road

Robinson Suites @ Robinson Road

Robinson Suites, a rare new 42 storey freehold development in CBD. It has a Garden Terrace on 7th floor and a Sky park on

19th floor. The lobby floor is 8m high, with a similarly tall cascading waterfall feature.

Robinson Suites at Robinson Road

Name Of Project = Robinson Suites
Address = 50 Robinson Road(068882)
District = 02
Type of Property: Condominium / Apartment
Tenure = Freehold
Total Numbers Of Units = 167 + 2 Commercial
Estimated Completion Year = 2014

Robinson Suites Unit Types Size :

1 + Study = 484 sq ft ( 44 sq m ) / 495 sq ft ( 46 sq m ) / 506 sq ft ( 47 sq m)
2 bedrooms = 603 sq ft ( 56 square meter ) 614 sq ft (57 square meter)
2 bedrooms Garden Suites = 969 sq ft ( 90 sq m ) 1001 sq ft ( 93 sq m )
Penthouse =1087 sq ft ( 101 sq m ) 1346 sqft ( 125 sq m )

- Most Desirable City Living with all units facing “Billion Dollar” view yet positioned BEST for WORK, LIVE & PLAY.
- City Living Lifestyle has never been any better.
- Rare FREEHOLD development right in the heart of CBD
- 2 mins walk to future Cross Street MRT (Circleline)
- High Capital Appreciation Potential
- Attractive Rental Yield (Expats 1st Choice)
- Fully Equipped kitchen appliances (hob,hood,oven,fridge,washer-cum-dryer)
- Dual-use (SOHO concept) ie. Home Office/Residential
- Ultimate connectivity to Orchard/Marina Bay Sands & IR/Boat Quay, Clarke Quay & Robertson Quay.

MRT Station Nearby Robinson Suites :

Raffles Place MRT
Cross Street MRT
Telok Ayer MRT

Buy, Sell, Rent, Invest, In Singapore

MINDY YONG

( +65 ) 91002985

mindy@mindyyong.com

A 32 Unit Apartment in Serangoon Vended for S$39.5 million »« 13-Storeyed Singapore Technologies Building

13-Storeyed Singapore Technologies Building

13-Storeyed Singapore Technologies Building

The office space sale in Singapore’s business district and other area is witnessing an increasing tenant demand. The surge in commercial office space has resulted in buoyant pricing trend in the market. Many firms have reported enhanced interest by many local and multinational firms in seeking new and upgraded office spaces.

The Singapore economy has resumed its healthy growth after the severe global economic recession. The rapid resurgence of industrial sector, large scale manufacturing, services sector and other commercial activities has triggered the demand for office space all over the cosmopolitan.
The increased demand has enabled many government owned and privately owned office building owners to put their commercial buildings on sale. The response from individual, corporate and joint ventures has been extremely encouraging.

Latest building to come up for sale is Singapore Technologies Building. It is located on the prime location of Lim Teck Kim Road. Cantonment Road is also passing close by. As a matter of fact it is located on the junction of these both roads. The corner site is very popular with many office space seekers.

The asking price per square foot is $1500 for the total lettable area of more than 98,000 sq ft. The building has more than 135 parking sites for the tenants. The closing date for the tenders is 4 November. The site is a thirteen storeyed building that is present in use by many tenants.
The management of the Singapore Technologies Building foresees invest by individuals, cornerstone investors, corporate customers and commercial entities. The management is hopeful of earning more than $150 million. The asking price stands to fetch much more revenue than the asking price.

The jubilant office space market has so far earned more than $1 billion for the first time after 2nd Qtr 2008. The actual estimated revenue is estimated be well beyond $3.5 billion if in-court proceeds are also taken into account.

This healthy trend in office space real estate is seen by many property analysts and consultants as a triggering point for other real estate sector. They see an increased demand in residential properties as well as commercial sites. The international tenants are bound to seek houses in residential areas when they get an office space in Singapore. This is also going to put demand on services and other business. Therefore, mere sale and purchase of office space is being seen as a catalyst to reinvigorate many other businesses. This is a very positive development after a slumber of more than two years

Buy Sell Rent invest In Singapore Property Real Estate

Mindy Yong

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Mindy@MindyYong.com

www.hotvictory.com

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Robinson Suites @ Robinson Road »« $177 Million Bid wins Wing Tai site at Petir Road

$177 Million Bid wins Wing Tai site at Petir Road

$177 Million Bid wins Wing Tai site at Petir Road

Government of Singapore under PM Lee is in the process of offering residential sites for 99 years leasehold. The last quarter saw some site going to highest bidders at $800-$850 pps. The response has so far been moderate. It can neither be out rightly classified as enthusiastic nor a disappointing. However, the number of bidders for Petir Road site has surprised many analysts.

Many analysts had predicted a cautious attitude by most of the investors in the wake of Aug 30 measures announced by the Singapore Government. These measures were intended to bring down the demand of residential sites which had increased due to speculative buying by many middle class investors and individuals. It had prompted the government to introduce price cooling measures aimed at price regulation through various steps. These measures included higher stamp duties, reduced revenue affordability through bank loans and discouraging sale within first year of purchase. The response was almost spontaneous. Many small and large scale investors started to wait and see the effects of these measures. Resultantly, many offerings of land have so far been bid at lower prices by significantly lesser number of investors.

But the latest offering of site at Petir Road has attracted nine bidders. These include, Wing Tai ($177m), Sim Lian Land ($173.8m), Low Keng Haut ($173.8m), Far East Organization and Frasers Centrepoint ($170m), City Developments ($167.6m), Hoi Hup Reality, Sunway Developments and SC Wong Holdings ($167.1m), Partner Vision Holdings ($155.1m), Allgreen Properties ($140.9m) and Teambuild Land ($103m). The highest bidder Wing Tai has tendered $345 ppf psf of gross floor area.

The $345 psf of gross floor area is deemed lower than the expected price of above $350 psf. However, it is not disappointing given the previous sales in the current financial year. The site is expected to fetch more than $800 psf upon launch.

The North-east and Eastern region are latest favorites among the investors, it seems. The previous launches have also attracted more number of investors as compared to other locations. Therefore, one reason for large number of bidders could be the lucrative site location.

The latest bid has also shown that now the investors have become very selective in their investments as against the era of speculative buying. Now, the sites location and future prospects and other professional considerations are the driving forces among many other factors. The market seems to have got rid of the speculative amateur investors. Therefore, it is safe to assume that now the real estate market has stabilized to a great extent and it is now out of the speculation bubble.

It has also shown that in near to far future, not all the sites are likely to attract more bidders. Therefore, government will have to devise means to diversify the locations particularly so if it intends to populate other parts of the Island.

Many analysts are seen reflecting that investors are genuinely interested in real estate market investments but they are still unsure of the exact extent of effects of Aug 30 measures. Moreover, the trend is shifting now to more promising sites and with huge potentials for return and smaller break-even durations.

Buy Sell Rent invest In Singapore Property Real Estate

Mindy Yong

( +65 ) 91002985

Mindy@MindyYong.com

www.hotvictory.com

www.property-elite.com

13-Storeyed Singapore Technologies Building »« Fall In Transactions Of HDB Resale Flats

Fall In Transactions Of HDB Resale Flats

Fall In Transactions Of HDB Resale Flats

September 2010 does not seem to be good for resellers compared to August. Property agents expecting cash premiums are quite worried.

Industry watchers are on the edge, as the economy affects home prices and sales volumes.

The executive director Ong Choon Fah likes the market as a pyramid with each layer providing support to the next. The question is… How can the spectrum not get affected when policies keep changing at lower levels?

It seems changes in freely buying, selling and investing flats in the late 1980’s and early 1990’s was not a wise decision.

The gulf war gave the market a little hic cup in the 1990’s but it was choking when the government allowed PRs to buy resale flats in 1989.

It proved to be a green signal when in 1991, singles aged 35 and above were allowed to buy resale flats. Strong economic growth took place along with low interest rates, private property upgraded as the flat owners took advantage of the rising prices.

It should have gone with the flow, BUT the run up took “a life of its own”. Finally in 1996 measures were taken to end this alien life form. The market was generally quiet for the rest of the year. In 1997 HDB limited flat buyers to live in their flats for the full five years before they could book private homes.

This was not the end when debilitating Asian financial crisis sank both the private and public property markets due to tighter bills. The government tried to control the tide but failed. Not to leave behind the slumping of URA Residential Price Index.

The property market spindled like a wheel in the last decade by the tightening and loosening of the policies. Whenever the government tightened the policies, it seemed a déjà-vu to the veteran industry watchers.

If a private property owner buys a nonsubsidized HDB flat, it is required for him/her to sell his private property within six months of the purchase.

History proves that rules are made to be broken or forced to be reckoned. The elasticity in policies might just prove to be a drop in sales volumes and in prices.
At the end of August, measures were announced in Singapore to cool the property market, that is , slowing property prices.

Buy Sell Rent invest In Singapore Property Real Estate

Mindy Yong

( +65 ) 91002985

Mindy@MindyYong.com

www.hotvictory.com

www.property-elite.com

$177 Million Bid wins Wing Tai site at Petir Road »« Offices Grab More Investor Then Homes

Offices Grab More Investor Then Homes

Offices Grab More Investor Then Homes

Mostly investors are interested to buying offices in Singapore rather than residential property. The reasons for this change in trend might be due to many reasons. These include;

- Singapore is an investment hub; thousands of different companies are working in Singapore so they require some place to run their business.

- Many foreign companies are working in Singapore. Over 1500 US companies set up their offices in Singapore.

- Thousands of businessmen and investors visiting Singapore to seek business opportunities in Singapore.

- It is necessary for any foreign company who wants to set up their business in Singapore, required to hire local office to set up business.

- It is also required for local companies to hire any commercial office, other than residential to set up business.

- Another reason might be Governments strict polices/ measures to cool down property market.

According to report an estimated 1.3 m sq ft net let able area taken out from market for the purpose of redevelopment, mostly for residential use. Few factors count very important in changing attitude toward investing money in offices rather than buying residential property.
Some investors tend to buy commercial property at low prices and redevelop them as residential building. Due to high demand in residential site they can earn a lot of money by changing offices into flats or apartments.

A very new trend emerged in Singapore that people like to buy old buildings. On other hand few companies are selling their old buildings, and new buyers buying them for the purpose of re development. While others invest their money, any buy commercial property and use them as rental property, and earn profit in a form of rental money. Recently an increase in rents is may be due to many reasons like; Small investors and small enterprises could not afford buying their own office in Singapore so, they go for renting option.
Many new and nice up coming projects in pipe line and few will be launched soon. Investors and business man from all over the world are seeking new opportunities for investment in Singapore, so they like to buy or rent new and luxury offices. Other than investors, thousands of visitors visit Singapore every year. Investors require offices to set up their business where as visitors show interest in buying rental property to earn a huge amount as rent.

Statistics show that volume of investment towards office buying increased in Q2 and expected more in Q3. People are looking more cautious in buying houses and especially second homes .so instead of buying second home they prefer to buy offices and use them to earn rent.

Singapore government modified their policy towards permanent resident status. Before modification, home value included in required amount of money, but now government excluded this law. Now people seeking for PR status don’t invest their money in buying home they go for renting option. Another reason is, high interest rate. The interest rate of mortgage loan increasing so people are avoiding taking loans and switching towards renting.

Buy Sell Rent invest In Singapore Property Real Estate

Mindy Yong

( +65 ) 91002985

Mindy@MindyYong.com

www.hotvictory.com

www.property-elite.com

Fall In Transactions Of HDB Resale Flats »« Balloting for Allotment in Esparina Executive Condos

Balloting for Allotment in Esparina Executive Condos

Applicants Await Balloting for Allotment in Esparina Executive Condos

The Esparina Executive Condos, a residential project of Fraser Centrepoint Homes, received a large number of applications after its launch. The showflat of the project was launched on 30th September for the general public and it attracted a large number of potential buyers right from the outset. Keeping in view the ongoing trend of reduced purchase activity, it was being expected that the project will not attract large interest. However, it went against any such expectations and the Esparina project has received more than 1,150 applications for the allotment of a total of 573 units. The applications are almost more than double the number of residential units being put on offer.

Such a large number of applications are being attributed to the facilities being offered in the project, its comparative rates and the first launch of such a project comprising 2 to 4 bed executive condo and pent houses in almost last five years.

Another important fact about the project and its applicants is that most of the applicants for allotment in this project are young professionals and they age between 25 years to 40 years. Most of the applicants fall in the middle income group and their monthly income ranges in a bracket of S$8,000 to S$10,000. Apart from this another important fact is that most of the applicants are presently not residing in the general area of the project rather they are outsiders.

This huge expression of interest is being attributed to the location of the project at a prime locality. All the amenities of the life has been made available in the project and as an added advantage the Bangkok MRT station is at a few minutes’ drive from the project. The Esparina Residences is the only project which is located so close to the MRT station. The factor has further added to the purchase of units from commercial point of view, as it is being expected that the value of these units will substantially increase at some later stage. The prices of various units are ranging from $590,000 to $723,000 for a two-bed residential unit; prices for a three bed apartment range between $697,000 to $981,000; whereas a four bed room luxury unit is available for a cost of $1 million to $1.18 million. The executive penthouses possess a varied price tag of $864,000 to $1.3 million.

The Esparina project at Sengkang, comprises apartment of varying sizes. These sizes range from a two-bedroom flat of 829 square feet to a four-bedroom penthouse of 2,583 square feet. Hence, the project offers economical as well as luxury residential units for the potential purchasers.
The residential units are being offered for sale with initial eligibility as well as the ownership. However, there will be a restriction on the sale of these units like all other public housing schemes. The restriction will remain in force for 10 years; thereafter it will be the discretion of the owner about any future disposal.

Buy Sell Rent invest In Singapore Property Real Estate

Mindy Yong

( +65 ) 91002985

Mindy@MindyYong.com

www.hotvictory.com

www.property-elite.com

Offices Grab More Investor Then Homes »« The Canopy Executive Condominium at Yishun

The Canopy Executive Condominium at Yishun

The Canopy Executive Condominium at Yishun

Despite ongoing slow sale / purchase activities in the real estate business, a number of developers are still preparing to launch their new projects. The Canopy Executive Condominium being developed by MCC Land is ready for a launch in a couple of days. The project comprises a total of 406 units, which will be put on offer for the potential buyers. The project has a lease period of 99 years and it will offer full fledge facilities on the lines of any other condominium in the area. The executive condos are of varying sizes ranging from approximately 872 square feet to 1,410 square feet. The various options available are 2, 3 and 4 bed room units. The project also comprises 22 penthouses, which are of 2,088 to 2,239 square feet. At the launch of the project it is being expected that the prices will range from $600 to $700 per square foot.

The project of MCC Land is located in the estate of Yishun. Yishun is a comparatively well-established estate. The estate comprises of full range of civic facilities and amenities. It houses a number of schools, hospitals and shopping malls and recreational facilities. Just to match the standards of the surroundings, the developers have made an attempt to develop an economical project to facilitate the potential buyers. Moreover, the greener environment has also been given due share in the development of the project. Due to the features of the project, it has been awarded Green Mark Gold Plus standard by the BCA.

The Managing Director of MCC Land while describing the characteristics specially pointed out the basement car park of the project. This was aimed at providing a greener atmosphere around the residential project as well as to provide sufficient open spaces for the kids of the families opting to reside in this project.

The condominiums in this project are also relatively larger as compared to any other such project in the estate. The management is quite certain that due to a number of new features as mentioned above and comparatively lesser rates, the project will attract a large number of buyers. Same has already been witnessed during the show flat activities and it is being expected that the same enthusiasm will be witnessed when booking of the units open on 16th October.

The project is also likely to draw full attention of the first time buyers of residential units since the project offers less immediate cash outlay and it falls within the range of $30,000 housing grant being made available to the first time buyers. This rate is quite lesser as compared to that of a unit being purchased from a re-seller. At the same time a refinancing facility of $15,000 to $45,000 has also been offered for the individuals interested in upgrading their residential units.

All above mentioned conditions dictate that the project is likely to meet a success as compared to other projects in the period of this reduced economic activity.
The project is a second of its being launched within a month. This trend also indicates the growing requirement of the condos, particularly for the middle income group.

Buy Sell Rent Invest In Singapore Property Real Estate

Mindy Yong

( +65 ) 91002985

Mindy@MindyYong.com

www.hotvictory.com

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Balloting for Allotment in Esparina Executive Condos »« Private Residential Units