Tender Draws only 4 Bidders for Sale of Executive Condo Site in Punggol

Tender Draws only 4 Bidders for Sale of Executive Condo Site in Punggol

The global economic recession and the measures initiated by the Singapore government to keep the housing sector prices under check seem to have affected the bidding process for the sale of a state owned piece of land. The executive condominium site in Punggol which was being offered for a lease of 99 years, managed to attract only 4 bidders at the close of the tender. This lack of competition clearly signals out the cautious approach of the investors in a sector which is undergoing strict government policies.

Out of the four bidders Qingdao Corporation’s bid of $136.2 million was a mere 2.2 percent higher than the nearest competitor which quoted a price tag of $133.2 million. The lowest quoted price amongst the four bidders was $103.4 million.

Chinese Qindao Corporation was the highest bidder with $136.2 million. It comes out to be $237per square foot. The gross total area of the site is 574,578 square feet. The price offered by the Chinese group is the lowest amongst the top bids for the purpose in entire year and at the same time; this tender has drawn lowest number of bidders for any tender during the year. Some analysts do consider these bids as modest considering the location and less civic amenities of the site.

This trend reflects the selective approach of the investors. The real estate developers, apart from present policies, are also paying greater heed to the location as well as the other sites which are coming up in due course of time.

While calculating in terms of construction cost, site even if purchased at the bided rate of $136.2 million, a completed unit will cost around $600 per square foot. This expected price tag is a shade higher from the Park Green, River vale and the Florida, which revolves around $550-$650 per square foot during the last quarter.

A sharp decline in the bid prices have also been witnessed during this quarter. In the 2nd quarter, a $223.7 million were offered by Choice Homes and Chip Eng Seng Corporation jointly. That bid was almost 30 percent higher than the present price tag offered by the Chinese group.
The experts are also viewing these variations in the bids as the success story of government policies, which are aimed at providing cheap residences to the first time buyers. The process though is facilitating the common man interested in purchase of private property, but is affecting the business activity, particularly the real estate industry. The choosy attitude of the investors may cost some negative effects on the economy.

Now, it is to be witnessed that whether this ongoing process will lead to a lower price of houses in the coming year or the developers will be able to yield better profits by increasing the price tags. This primarily will depend whether the same policies will be pursued at that time and the economic climate will remain the same or it will worsen. It will be a real test of nerves for the government policy makers that whether to stick with these or allow some leverages to the developers / investors.

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Mindy Yong

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Vacanza @ East Launches freehold condo in the Kembangan »« Slow Down in Sale of Property Units

Slow Down in Sale of Property Units

Slow Down in Sale of Property Units

Singapore, although is witnessing enhanced economic activity, at the same time the real estate business in general and residential property in particular has faced certain declines. The sale activity in real estate business in the quarter ending September 2010 has witnessed a decline of around 20 percent. During the period under review approximately 3300 units have been sold as compared to 4,380 units in first quarter and 4,033 units in the second. The figures are not painting a rosy picture at this point in time.

The present decline is said to hit the market due to certain cooling measures initiated by the Singapore government. These measures were originally aimed to keep a vigil over the prices of the property. However, these had a negative impact on the sale of these units, which was more evident particularly in the month of September. Amongst the certain possible reasons of this reduced activity, the most believed one is that key players of the real estate industry are consuming a lot of time to coop up with the measures initiated by the government.

Although the business activity in this field was reduced, however, the ideally located projects at popular sites and the ones with lesser budget i.e. small-format units remained most popular with the buyers and did very good business. A number of projects with the above characteristics sold out their complete units. These include:

- The Scala – 468 units
- 368 Thomson – 157 units
- Terrene – 172 units
- Haig 162 – 99 units (small-format projects)
- Dorsett Residences – 68 units (small-format projects)

Apart from the reduced sales activity, a number of well reputed projects managed to set new bench mark prices. These projects included Suburban 99 years leasehold condominiums with a price tag of S $1,095 per square feet and the Greenwich at Seletar road with a price of S $830 per square feet.

Amidst the reduced sale activity of residential units, the activity to acquire land for future sites by the developers continued. During the quarter under review more than 10 new sites have been acquired by the developers from the private sector. Some of the prominent deals in this context are:

- Goodrich Park at a price of S $86 million.
- Meng Gardens at a price of S $137 million.

Apart from the purchases from private sector a number of sites were also purchased from the government including one commercial-residential site. It is expected by the CBRE that the developers will continue exploring the market for new purchase options but they are likely to be less buoyant in future bids.

Considering the present trend of the market, it is being expected that residential sector may continue following the same trend of decline in the 4th quarter of this year and the total volume of the sales is expected to be around 2,000 units.
The sale purchase activity is continuing despite a slump being faced these days. A number of new projects are in the final stages for being launched in the market. These projects include:

- Vacanza
- Esparina Residences
- The Canopy

The residential units sale activity though has slowed down a little, it is expected that these activities will soon pick up the pace. At the same time the reduced activity is also affording opportunity to first time buyers to look for new houses.

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Mindy Yong

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Tender Draws only 4 Bidders for Sale of Executive Condo Site in Punggol »« HDB new ready made solutions to home seekers

HDB new ready made solutions to home seekers

HDB new ready made solutions to home seekers

The Housing and Development Board has yet again come up with two new projects of multiple storey apartments having already offered over 13000 flats during the year. Two apartment buildings, Woodlands Dew and Woodlands Meadow offer a total of 1,329 flats taking a total number of flats the HDB has sold in the current year to 14,200.

These flats are custom-built according to the needs of people belonging to different income groups. Commonly known as BTO (Build to Order) these flats range from two room units to four and five room units with prices varying from $78000 for a two-room flat to $280,000 for a four-room flat in Woodlands Dew whereas the apartments in Woodlands Meadow have been priced between $136,000 to $328,000.

In an attempt to meet fast growing housing demands, HDB will be offering 95% of flats to first time buyers as they want to let maximum people benefit from these fairly-priced modern homes. The design of the buildings is very attractive and the apartments offer all the modern luxuries. So families of different size have a choice of buying a flat that can accommodate all their family members.

Since the housing demand is only expected to grow in the coming months, the Housing Board is determined to offer many more of such projects this year and in the subsequent years. Just in 2010, they are planning to sell more than 16000 new apartments. It has been learnt that HDB has already selected sites in Bukit Panjang, Punggol, Sengkang and Yishun for more BTO housing projects; Bukit Panjang and Sengkang will be hosting new housing projects in the months of October. The number of new flats on offer will be around 1,320. All of these projects have been launched keeping in view average citizens with moderate incomes.

According to a source, new projects to cater the housing needs of the people belonging to higher income groups are also in consideration by the housing and development board.The total number of units to be built under HDB’s Design, Build & Sell Scheme (DBSS) and Executive Condominium (EC) Scheme will be around 4,600.

HDB’s efforts to provide comfortable housing to people from all walks of life are being heavily appreciated by general public. In the times when Singapore’s economy is growing fast, more and more people are looking to buy personal properties especially a home of their own. HDB, realizing the situation early, went on to build amply spacious flats, fulfilling the requirements of buyers, and offered them for sales on very competitive rates. The response was over whelming as people thrived in a bid to buy the flats on first-come-first-served basis. That positive and appreciative response led them to come up with more projects.

Now people hope that the HDB continues to do the good job as in the absence or discontinuation of more such projects, private property developers will have a field day, selling apartments on much higher prices than an average man could afford.

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Mindy Yong

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Mindy@MindyYong.com

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Slow Down in Sale of Property Units »« Orchard road rentals remain unaffected

Orchard road rentals remain unaffected

Orchard road rentals remain unaffected

Months of letting out locations at Orchard road have finally resulted into a steadiness in the rentals over the last two months. It is something that retailers have been hoping for and the chances of having more retailers rushing out to hire locations in the last quarter and during the year-end celebrations have become brighter. $31.10 per square foot was the asking rent during July and in September. Of course the landlords are the least to object.

However according to some property experts things have been different at other locations and especially in the suburbs where the rentals have gone up primarily due to increase in demand. Still the rents have not been as high as one would expect when the demands are high. From an asking rent of $28.50 the rents in the prime suburban slightly went up by half a dollar to $29 per square foot.

Contrary to prime orchard road and suburban locations, where the rents have been steady, it has been learned that rents generally went down in other locations. This trend is not a new one as retailers tend to prefer prime and more frequented places for their businesses and the orchard road has been one of the preferred locations. However the rents at prime suburban locations are also increasing partly due to retailers also moving their businesses in those areas. The differences between the rents at locations in prime orchard and prime suburban started decreasing at the start of 2010 when there was just 12.6 percent difference and it has come down to just 6.6 percent as we enter the last quarter of 2010.

The property developers are keen on developing more spaces for rent as more and more people are rearing to set up stalls and open shops during the formula-1 racing in September and also season ending celebrations in December. One can tell that businesses will continue to expand in the years to come and in the wake of improved global economic conditions and especially in Singapore, things will only get better. According to one estimate about 4.2 million square feet of retail space is likely to be developed for the retailers, over the next five years; half of which is said to be developed in just a over a year’s time. Among the areas most favored by property developers, are Marina Bay Link Mall at Marina Bay and Clementi Mall but it does not mean other suburban areas will be ignited.

The heavy influx of tourists in Singapore is also one of the contributing factors in the growing business opportunities for people as well as the famous Singapore sale that brings in loads of money to retailers. The steadiness in the rentals is an indication of the trust building up between the landlords and the retailers as both look towards reaping the benefits of booming Singapore economy by cooperating with each other. However, they are all hoping for things to remain steady during the coming months.

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Mindy Yong

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Mindy@MindyYong.com

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HDB new ready made solutions to home seekers »« A Race to Sustain Pressure in Property Market

A Race to Sustain Pressure in Property Market

A Race to Sustain Pressure in Property Market

Buyers and Developers wait to see it through

The Asia Pacific region has experienced a pronounced slowdown in real estate transaction volume, as unprecedented events around the globe have effectively reduced capital market liquidity and investor confidence.

In the backdrop of a buoyant economy, a coincidental timing of the Ghost Month and government’s property cooling measures seems to have cast a shadow on the mortgage sales in Singapore. This is seen throughout the island at various show flats where the buyer traffic was down, with an occasional handful of visitors.
However, high employment figure, a strong property market, low interest rates and increasing proportion of properties is indicative of a healthy economic future. Additionally the implementation of the Seller’s Stamp Duty (SSD) in Feb 2010 and the government’s strategy taken in August to cool the real estate market in Singapore has turned the buyers savvier and would now time their sale according to the market.

The measures that the government has taken include increase in cash down payment, total down payment and an extension of the SSD from 1 year period to 3 years period, preventing the home buyers from stretching themselves beyond their means. The buyer can now borrow only 70% of the value as opposed to the 80% initially allowed. They must also dispose-off any other private property within 6 months of purchasing an HDB resale flat on or after 30 Aug. The measures are taken in lieu to the government’s concern towards asset bubbles forming as home prices surge. Amidst the buyer-oriented proceedings the developers have yet to show any signs of being affected.

In retrospect, NV Residences, put forth by City Developments is one such project that bucked the trend of muted sales, with a strong turnout of 90 units sold alone at the Hari Raya weekend. Located at the Pasir Ris, the 1-4 bedroom condominium project was able to see a sale of 250 out of 300 units launched even prior to its official opening. This led to the developers even raising prices with 1-2% margin against the initial price at the time of launch which was $830psf. It is the first large residential project to be released after the government introduced its new property rules. The target market included mostly Singaporeans, the rest were permanent residents and foreigners.

There have seen more than a hundred potential buyers crowding its show flat. A prospective buyer said she was unaffected by the new rules as her other mortgages have been paid in full, and this seems a good opportunity for future investment.

Experts was optimistic about its future sales due to the project’s good location and reasonable pricing.

It was a quiet weekend at the Waterfront Gold at Bedok Reservoir Road, Centro Residences near Ang Mo Kio MRT and Flamingo Valley in Siglap. Some agents have reported a decrease of up to 10 % of walk-in buyers since the cooling measures.

Far East Organization’s Centro Residences did not record any sales on the weekend, however Phase Two sale of The Greenwich at Seletar Hills launched in August saw nine units sale. The 319- unit leasehold project got a total sale of 225 out of 265 units launched at an average price of $1,074 psf.

Waterfront Gold and Flamingo Valley declined to give out their sale report over the weekend.

However experts said that the true situation will unfold only after a couple of months when the mass market’s take-up rate towards the newer launches is revealed. He expects that there might even be a 5 percent to 10 percent reduction in prices.

Buy Sell Rent invest In Singapore Property Real Estate

Mindy Yong

( +65 ) 91002985

Mindy@MindyYong.com

www.hotvictory.com

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Orchard road rentals remain unaffected »« Property Seeks Silver Lining of Sales

Property Seeks Silver Lining of Sales

Property Seeks Silver Lining of Sales

NV Residences take the lion’s share of sale

As the ghost month ends, awaited home seekers come out and surprise market by showcasing a good turn out in the property market. The end of Hungry Ghost Festival marks an end to the negative note prevalent since the commencing of the seventh lunar month; however this cannot be taken as the only reason in the discernable increase of sales. Keen buyers who have received an invaluable period to survey markets and their own economic standing from the property cooling measures that were taken by the government, have come out with a better understanding.

Though the sales have not reached the yesteryear’s ceiling during this time of year, it has shown a favorable response owing to a new major launch namely the NV Residences situated in Pasir Ris. A new condominium with a functional layout and excellent facilities amid a great situational milieu is a 642 unit project of 1-4 bedroom and pent houses put forward by City Developments and the Hong Leong Group. Highlighted features include shadow play house, lighted tents, aqua gym, geometric garden etc.

A show flat was available to preview the project last Wednesday. 160 units out of the 300 units put up for sale were quickly taken up. Since then the project has show a steady increase of sales of another 90 units pushing the average initial price of $830 per square foot up a little.

With the sales previewed, the project plans to have its official launch soon, therefore has closed down the show flat, to prepare itself for the upcoming event.

Though the NV Residences saw the majority of sales in the past two weeks it was not the only one gaining attention. The Minton situated in Hougang Street and Oasis@Elias saw similar sales last weekend. The Minton and Oasis are both again 99- year leasehold condominium projects featuring the best facilities and their own signature attractions like the “3 World” landscaped garden and the “5 Senses Garden” respectively.

Both the projects saw a similar sale of around 10 units per project, and by the end of this week the sales are looking better as compared to the last week. Mr. Peter Ow the managing director of a property services, Knight Frank reflects a happy note on the sales. “It looks like people are settling down, those who are really keen, they are willing to commit” he said.

The Greenwich project which was earlier launched in August by the Far East Organization, celebrated its second phase of sales over the long weekend. This elegant low rise condominium is situated within the vicinity of Seletar Aerospace Park. The highlighted feature of this 1-3 bedroom project is it’s higher than average ceiling height which gives it an airy and spacious ambience. The average price reached after the sale of approximately 225 units was $1,074psf.

Two quarters back, before the property cooling measures were taken property sales were at its highest boom. It was easy to imagine projects featuring shoe box units to be sold out within days. One such project is the World Class Land at Telok Kurau. Its prime features include one-bed apartments of an average price of around $1,300 psf. Though it has been reported that the project saw a several unit sale, it was clearly not sold out.

Amidst the slow and steady sales going on, Industry watchers wait and see where the market is headed. In keeping with the global economic trend coupled with the property cooling steps taken the upcoming projects have a much defined view to attract probable buyers. One such awaited project is the Hoi Hup Sunway’s Vacanza@East at Kembangan. The project is being prepared for a soft launch by the end of this month with an aimed average price of $1,100 psf.

Buy Sell Rent invest In Singapore Property Real Estate

Mindy Yong

( +65 ) 91002985

Mindy@MindyYong.com

www.hotvictory.com

www.property-elite.com

A Race to Sustain Pressure in Property Market »« Housing and Development Board (HDB) to release 2 Executive Condominium sites

Housing and Development Board (HDB) to release 2 Executive Condominium sites

Housing and Development Board (HDB) to release 2 Executive Condominium sites

Are you interested in buying an Executive Condominium?? If yes then you have very good news because for more development in Singapore the Housing and Development Board has declared that two Executive Condominium (EC) sites are for sale and it is mentioned in the confirmed list of the 2010 Government Land Sales Program. These two housing units are very important because these will offer property buyers more housing choices and better places to live. HDB also mentioned that these sites are available on a 99-years lease.

Before going to the mentioned EC sites it would be better to know about the background of HDB and what an Executive Condominium is.

The Housing and Development Board (HDB) is a legislative board of the Ministry of National Development in Singapore and it is responsible for public housing. Singapore faced a serious problem of housing shortage just after its independence. In response, the government made Housing and Development Board. Due to high density of population HDB decided to make flats in the country. More than 80% of Singapore population lives in HDB flats, means almost all the housing development in Singapore is done or monitored by HDB.

Condominium can simply be defined as an “apartment” that the resident “owns” rather than rents and executive condominiums are for those young graduates and professionals who want a better place than HDB flats. In other words ECs are luxurious condominium.

Now going towards the sites, the first new EC site which was mentioned by HDB is located in Tampines Town. It site has an area of more than 20,000 square meters and its gross floor area would be more than 57,000 square meters. Tampines Town is the largest residential area of Singapore and is located in the East Region of the main island. Like other districts in Singapore, it is a densely populated district and home to different group of different races. Many facilities such as schools, supermarkets and swimming complex are available near this site. The tender for this site will be closed at noon on November 23.

The second Executive Condominium is located in Bukit Panjang Town; Bukit Panjang Town is present in the west of Singapore . A portion of this town is situated on a low lying and extended hill, this site is next to Segar LRT station, which connects to Choa Chu Kang MRT station. The area of this site almost 21,000 square meters and its gross floor area is around 62,5000 square meters. The tender for this site will be closed at noon on December 2.

In addition to these two sites, HDB said two new residential sites at Punggol Central and Seletar Road are also going to be released later this month. Seletar is an area of Singapore within its north east region and Punggol is also a very important area of Singapore. So hopefully leasing of these sites will be the first step for those young Singaporeans who want to have good and separate residence in important areas of the country.

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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Property Seeks Silver Lining of Sales »« Singapore’s Open Door Policy to benefit Singaporean Citizen in the Long Run

Singapore’s Open Door Policy to benefit Singaporean Citizen in the Long Run

Singapore’s Open Door Policy to benefit Singaporean Citizen in the Long Run

PM Lee Hsien Loong addressed the National Day Rally at University Cultural Centre. Apart from many other agenda points, he spoke at length about the Permanent Residents (PRs) in Singapore and associated policy matters.

Singapore is home to more than 500,000 PRs. They are playing a very constructive role in the economic development of Singapore. However, Singapore has a stringent policy restricting the privileges to PRs. They are not entitled to own and drive cars, they cannot own private property and cannot obviously get a HDB house either. However, recently Government has decided to allow PRs to buy flats in condominiums. It has triggered a hike in the private property prices to the unhappiness of many citizens.

PM Lee Hsien made it a point to clarify his Government’s stance on the issue. He informed the audience that government has already in the process of taking steps to bring the prices down. He also talked about the open door policy to allow immigrants to come and work in Singapore. It was going to benefit the citizen in the long run, as immigrants will have to leave one day. Moreover, PRs were also helping Singapore control her shrinking workforce and population. Singapore attracts more than 100,000 foreigners annually. But, PM said, it was a policy which need reappraisal, since many citizens were feeling threatened by reduced employment opportunities.

He assured the audience, that rights of citizens were to be preserved at all costs. However, he commented that it was not feasible to shut the door altogether. Singapore may restrict the inflow but disallowing it completely will not benefit citizens. He gave examples of fresh investment in private properties and other business which were creating more revenue and cash inflows for government as public alike. Now government can levy more taxes to be used on the betterment of public. Therefore, he informed that Singapore was likely to remain open to foreign talent albeit allow reduced numbers.

PM Lee also spoke about the policy of his government to facilitate citizens to apply for and get HDB houses at facilitated rates. Middle and low income groups were now to be allowed to participate in DBSS. He announced that government will give S$ 30,000 to citizen to own their houses at appreciating costs to benefit the citizens in the long run.

Mr Lee informed those present at the Rally that his government was going to contribute S$400 million into Workforce Income Supplement for low wage citizens. PM announced the launching of National Service Recognition Award to award S$ 9000 in instalments to National Servicemen during their service to assist them in education and housing expenses.

In the end, PM Lee told his audience that he was ordering the establishment of Population and Talent Division to be headed by Deputy PM. The main purpose of this division will be to oversee and handle the foreign talent, immigration policies and population matters. This initiative will help the government in designing and implementing policies which are beneficial to the citizens through open door policy.

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Mindy Yong

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Mindy@MindyYong.com

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Housing and Development Board (HDB) to release 2 Executive Condominium sites »« Premier for Regular Reviews of FTA to Gain from Growth of China

Premier for Regular Reviews of FTA to Gain from Growth of China

Premier for Regular Reviews of FTA to Gain from Growth of China

Singapore and China share many common interests and goals. Both the countries have entered into Free Trade Agreement (FTA) to benefit mutually from each other. Both the countries have had now 20 years of diplomatic relations and have covered indeed many distances in facilitating economic, cultural and diplomatic ties between both the countries.

China has one of the highest growth rates in the last four decades. China is now diverting the development trends away from her coastal cities. Central China cities have been given the priority to focus on their industrial and infrastructural development. Singapore is seeking to gain from this experiment and experience. Singapore is also seeking to gain better share of tourism from china.

Last one year has seen active diplomatic exchange visits. Highest levels of visits from both countries have forged even deeper friendship between both the countries. Last year China’s President paid an official visit to Singapore. Now Premier of Singapore is scheduled to visit five central China cities to further enhance the economic ties between both the countries. PM will also launch the Tasty Singapore festival to attract more private visits from common Chinese for Singaporean cuisine.

PM Lee has emphasized regular reviews of FTA for the mutual economic benefits of business communities in both the countries. He said that whatever, concerns and suggestions business men have, they should be analyzed for inclusion in FTA. It is through mutual gain that people of both the countries can reap maximum benefits from economic ties.
He also sought to encourage the youth of Singapore to develop stronger friendships with Chinese youth to foster long lasting friendships.

PM Lee‘s visit is also coinciding with the eve of World Expo. Therefore, he has made it convenient to make a special visit. He will be accompanied by his spouse as well as many ministers and officials from trade, commerce and foreign ministries. He will interact with Chinese Government functionaries in the Capital and other cities. He is also planned to meet Singaporean businessmen working in China to learn about their problems and seek proposals for their redress.

PM has emphasized on greater mutual consultations and sought a role in china’s ever increasing growth. His key theme was that by helping China, Singapore can also gain benefits for her development. He is likely to discuss with his Chinese counterparts the prospects to enhance his country’s role in this aspect.

China is witnessing a rapid growth due to her investment friendly policies and successful measure to limit the effects of global recession. As a matter of fact, many had feared the spill over of European and American economic woes onto China’s galloping economy. But it was seen with relief that reduced demand from these continents did little to affect China’s economic growth rate. Her neighbours are increasing seeking to benefit from the policies of China. PM Lee’s visit is all the more important in this backdrop. Interestingly, Singapore Government is not likely to seek concessions in the FTA agreement between both countries three years ago, rather it intends to assist China in her quest and in the process attain economic gains.

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Mindy Yong

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Mindy@MindyYong.com

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Singapore’s Open Door Policy to benefit Singaporean Citizen in the Long Run »« Neighbourhood Renewal Plan Empowers Residents through Participation in Communities’ Development

Neighbourhood Renewal Plan Empowers Residents through Participation in Communities’ Development

Neighbourhood Renewal Plan Empowers Residents through Participation in Communities’ Development

It was year 2007 that Housing Development Board started this brilliant plan. Neighbourhood Development Plan or NRP, as it is commonly known here, is a unique, brilliant and well-conceived idea. It has received wide spread accolade from all residents of communities that have already gone through this phase or which are planned to be improved in near future. The improvement plan of towns has given requisite facelift to many residential schemes to the approval and satisfaction of residents.

The NRP is designed to seek greater and active participation of residential community members’ for this plan. Residents are asked to furnish their proposals for inclusion of certain facilities and structures for the whole community. These proposals are included in the development plan if 3/4th of total residents support it. Previously, many such communities had opted to propose soccer pitches and paved footpaths etc. Moreover, residents are encouraged to suggest those improvements which aim at collective uplift rather has limited applications and utility.

This NRP is quite different than Main and Interim Up-gradation Plans in two ways. In previous plans residents were required to bear the cost of up-gradation works, e.g. if a resident wanted a porch, or a window to be incorporated in his house he was required to pay the cost. Similarly, they could then, suggest individual improvements in their respective houses. However, this new NRP now is to be borne by the government and not a single penny will be demanded of the residents. Similarly, individual plans are not proposed and adopted. This plan is exclusively for neighbourhood improvement. People collectively propose cycling track, a swimming pool, car parks, parks, and pedestrians’ tracks etc. Residents are required to submit their proposal during town hall meetings, door to door surveys and or filling in forms at the offices. These are then deliberated upon; cost effects are calculated and presented to the community for formal acceptance based on agreement by the majority of residents favouring the project.

It is presently planned to be completed in three years starting in 2010. More than 50,000 residents are estimated to benefit from present plan. However, another 150,000 will be afforded this opportunity by the end of project in in next three years. It is likely to cost around $120 to government exchequer. Average expenses per house are estimated to be to the tune of $3400. However, the resultant uplift is worth the expenditure. Residents are reported to be extremely enthusiastic about the plan and have already started discussing potential projects to propose to the management.

HDB, the main organ responsible to build and supervise housing projects is overseeing this plan as well. Authorities at HBD are very positive about such participation by the community members. They are supportive of this idea and follow the proposals very seriously. Officials encourage a wider participation of the residents to learn about their priorities. A reasonable time frame is given to the residents to ponder over and mutually discuss the probable projects. Government intends to repeat this model in other parts on the island due to its usefulness and high approval rates.

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Mindy Yong

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Mindy@MindyYong.com

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Premier for Regular Reviews of FTA to Gain from Growth of China »« A Grand Opening For The Swanky New NV Residences