Unnecessary Lending By Banks To Be Curbed For A Sustainable Property Market

Unnecessary Lending By Banks To Be Curbed For A Sustainable Property Market

PM Lee spoke at length about various issues during his address on the eve of National Day Rally. Apart from many other agenda points, he particular spoke about the property related issues. He informed the audience about Government’s decision to introduce measures to cool down the prices of public and private properties, more so the later. His announcement had made all stake holders sit back and rethink their investment priorities.

In Sequel to PM’s address, senior and second ministers have started to meet people from various strata of society to not only discuss the finer details of these measures but also to seek feedback. Issues like, Permanent Residents being allowed to purchase private property, National servicemen and schemes for them to purchase HDB houses and foreign investors etc. are the main themes of these interactions.

In this connection, second minister for Finance and Transport, Mr. Lim met women grassroots leaders. In his efforts to explain the purpose and extent of new measurements, he informed the leaders about the primary goals and objectives of introducing them. He was candid in informing the women that his government was aiming to stabilize the property market. Property market has witnessed one of the peek values in recent months. The psf prices are actually all time high. This is led to delay of many condominiums as property development projects. Low waged citizen are finding it harder and harder to get a decent house for their families. Recent upsurge of prices has brought in many middle level investors who are indulging in speculative buying.

Government has serious concerns that this non-sustainable condition can lead to huge monitory losses when this fragile bubble is busted. Government’s concerns are further substantiated by the rising rates of housing loans. The demand –supply fulcrum has enabled the banks to offer quicker loans to ever increasing number of applicants. Resultantly, banks are offering more loans to more people at higher rates.

This easy accessibility of money has prompted many buyers to jump on the band wagon to make some quick profits. But problem is aggravated when such investors get loans to invest on speculations rather than backed up by a thorough analysis of market. This is not even close to a professional way to dealing with such a sensitive sector. Now, Mr. Lim is reported to have said that government was aiming to put curbs on this easy money in an effort to ensure that genuine home-seekers can purchase houses at affordable prices.

One of reasons of price hike has also been adjudged to be the policy announced by the Government that now foreigners were also eligible to purchase houses on 99 years lease. Many locals have raised objections that this will further whip the galloping prices of properties in Singapore. However, Mr. Lim brushed aside such concerns and opined that it was basically good for the citizen and the country that foreigners were permitted to bring in their money and invest in Singapore. This was surely going to benefit the local population of Singapore in the long run. Therefore, His Government had no intentions to restrict the inflow of foreigners and bar them from property related investments.

Buy Sell Rent invest In Singapore Property Real Estate

Mindy Yong

( +65 ) 91002985

Mindy@MindyYong.com

www.hotvictory.com

www.property-elite.com

Havelock Road Hotel Site Attracts Unexpected Number Of Bids »« Government’s Price Cooling Measures Delay Launch Of Residential Complexes

Government’s Price Cooling Measures Delay Launch Of Residential Complexes

Government’s Price Cooling Measures Delay Launch Of Residential Complexes

PM Lee’s government has taken up concrete steps to harness the steeping prices of properties in Singapore. The prices of residential units have been sky-rocketing for quite some time. They are now even beyond all earlier records. This prompted the Government to introduce stringent measures to control the prices. These measures, announced last week have cast extreme care on developers and investors alike.

The Price-cooling measures aim at; keeping the price range within affordable range for citizen. Lately, it was being observed that more and more citizens were finding it very hard to manage a decent and habitable housing under prevalent economic circumstances. Government was also aware of the risks this highly unstable trend could have on the small as well as big investors. The bubble was not expected to persist for ever, and it was only a matter of time before this bubble exploded, leaving many investors high and dry. Banks were also having a field day as housing loans were not being offered at much higher interest rates than popularly accepted. This situation was detrimental to financial safety of citizens and could rob them of their hard earned money.

One of the other contributing factors has also been quoted as the constant and steady increase in the population of Singapore, which is expected to cross 6.6 million sooner than expected. This surge has been due primarily to open-door-policy of Singapore to allow foreign work force into Singapore. This unbridled trend has caused my citizens to question the validity of this policy in the wake of employment concerns of Singaporeans.

Singapore’s private as well as public properties prices have also been on the burner due to speculative investments in the market. Many large and middle level investors chose to invest in this sector causing an all times high surge. It is also being reported that some of the investors were common citizens who wanted to make quick bucks riding on the tide.
Nevertheless, it will be unfair to put the blame of speculative purchases on small on large investors only. It was middle level investors who could be apportioned this label for their obvious adventures into these waters.

Now, Government has finally moved in to control this trend. To this end, many measures have been announced. It has been decided to increase the stamp duty period from 1 to 3 years. Sellers are not required, under this new regime to ensure 3 year’s stamp duty is in place before they can sell the house. Moreover, residents / house owners will now be required to pay 30 per cent of purchase price immediately upon purchase. This was previously fixed at 20 per cent.

These measures have prompted many developers to delay the release of even completed condominiums. Many developers are also seen to delay the launch their projects. Although, recent release of NV Residences have sparked some rays of hopes of revival of the industry coupled with government’s decision to permit Permanent Residents to buy and own houses, however, these are minor events which are not likely to impact the overall industry on the whole.

Buy Sell Rent invest In Singapore Property Real Estate

Mindy Yong

( +65 ) 91002985

Mindy@MindyYong.com

www.hotvictory.com

www.property-elite.com

Unnecessary Lending By Banks To Be Curbed For A Sustainable Property Market »« HBD Announces The Sale Of New Flats

HBD Announces The Sale Of New Flats

HBD Announces The Sale Of New Flats

Due to rapid expansion in population density in Singapore, government has been making efforts to coup up with the needs of residential areas. In this context the Housing and Development Board (HDB) has remained upfront. The influx of the permanent residents due to government’s economic policies has also been enormous over the past few decades. HDB has made all out efforts to withstand the challenges of the residences deficiency.

The different models for the construction and development of number of sites have been experimented-with by the board authorities. Out of these different models the units built on the orders have gained popularity among the masses. The applicants feel safe and sure of the allotment for these units as these are almost complete or get completed in earlier time frame. Once such projects are offered by the board a large number of applications are received in almost no time.

One such project with the name of Waterway Terraces was launched by the board on the closing day of last financial year. The project was well received by the people.
Now after the announcement of anti-speculation measures by the government, board has announced the release of some 3,032 units. Out of these 1,408 are the units which are built on orders and remaining 1,624 have built in ten different sites. The total number of residential units released by the board has touched a glorious figure of 12,876. The board has assured that they will also make another 16,000 new units for sale this year. The board has the plans to offer another handsome amount of 22,000 new flats for sale next year.

Besides the newly announced residential units, the board has also offered five new sites for tenders for building of residential units in the private sector as well. After the enforcement of the new rules in the real estate by the government a very cautious approach has been adopted by the developers and the builders alike.

The newly offered sites have been offered keeping in view the buyers’ interests. Most of these sites are located very close to already developed residential areas. These new sites are very appealing and prior to Aug30 may have been sold at very high bids. But after the adoption of the anti-speculation measures by the government a very warm response may not be achieved in the first place. The buyers and the developers have adopted the policy to first observe and then commit has been adopted for the obvious reasons.

The real estate players are likely to sit back and watch the people response to the units already made available for sale by the board and other stake holders in the market. It has been speculated that not much of the money will be floated in the market for the investment purposes. Only genuine buyers with some risk takers will like to make the sales and purchases for these units. A temporary slump is likely to be observed however the long term projects are likely to gain the dividends in view of revised prices of real estates.

Buy Sell Rent invest In Singapore Property Real Estate

Mindy Yong

( +65 ) 91002985

Mindy@MindyYong.com

www.hotvictory.com

www.property-elite.com

Government’s Price Cooling Measures Delay Launch Of Residential Complexes »« Backdating May Cause Foul Of The Law

Backdating May Cause Foul Of The Law

Backdating May Cause Foul Of The Law

Anti-speculation measures announced by the government on Aug30 have tightened the loop for any dodging or foul play in the real estate business. According to one of the rule announced the property owners will have to sell their earlier property before purchase of the Housing and Development Board (HDB) flats. They may also be required to pay thirty percent of the down payment. Banks will lend a loan only up to 70% of total land value. The figures for the down payment are up by ten percent.

In the down payment the applicants will now be required to pay ten percent in cash which is five percent more than the previous rates. Similarly the bank loans have also been reduced from 80%. The new rules have been made applicable to the deals after the Aug 30. The previous sales and purchases will continue to be governed by the old rules.

Due to loophole available in the rules a practice has now been observed that the sellers have reported to have backdated their sales even after the enforcement of the new rules. Experts have declared it as malpractice and the culprits are likely to face penalty for dodging the rules.
The room for this dodging of the rule exists. The officials said that there is no compulsion that the option for the purchase or sale will only be signed in the presence of some legal authority. It is actually signed between the seller and purchaser.

The opportunity for such an act by the seller or purchaser remains limited as the law permits a grace period of fourteen days to go for the decision to continue with the deal or may cancel the same for own reasons.

The newly announced rules have been viewed critically by the major players in the market. Very conscious approach is being adopted by them in placing bids for the sites of future projects. However, the middle and lower class buyers have expressed satisfaction over these rules. The results of these rules will take some time to affect the market dynamics.
The rule to apply with 30% down payment seems to be in place to bring the original buyers in the market. The investment properties are being discouraged. The factors which mainly caused inflation of the prices of properties have tried to be addressed by the government. HDB units are now expected to be purchased only by the genuine buyers. The minimum occupation period condition will bar the occupants to go for another property besides the one already held by them.

The concerns have been expressed many a times that despite the stringent measures adopted by the government there still may be a certain percentage which might like to dodge out the rules and take risk for the investment purposes. The HDB has announced penalty of $5000 or six months imprisonment or both for the defaulters. The back dating of the sale or purchase is a possibility; however the experts have cautioned the people not to indulge in such like unwanted practices.

Buy Sell Rent invest In Singapore Property Real Estate

Mindy Yong

( +65 ) 91002985

Mindy@MindyYong.com

www.hotvictory.com

www.property-elite.com

HBD Announces The Sale Of New Flats »« Clemenceau Hotel Site Siphons In $813 psf; $101 Million

Clemenceau Hotel Site Siphons In $813 psf; $101 Million

Clemenceau Hotel Site Siphons In $813 psf; $101 Million

Clemenceau Hotel site now belongs to RB Capital Hotels for the next 99 years. RB Group as the highest bidder among top thirteen hotel groups bidding for the project. The Groups was almost double the amount ahead of next highest bid. The site has a gross floor area of 11,555 sqm. The lucrative site is next to famous Central Mall. It can have upto 7 storeys.

Singapore is one of the most frequently visited countries by foreign tourists. It can very rightly boast of touching more than 1 million marks alone in July this year. Cuisine, Bays and Quays, hospitality industry and proximity of other frequented countries have made Singapore a must-stopover. This has not come easy. Government has been concentrating on building mega structures to provide world class residential suites for the esteemed guests. The rooms’ bookings have to be months in advance due to huge influx of tourists. Many of the tourists even have to reschedule their trips due to want of rooms. However, investors, developers and Singapore Tourism Board along with URA are constantly expanding and improving the services and facilities.

This auction has come at a time, when the property market on the whole, was playing a wait and sees game. The price control measures announced have bridled some of the speculative buyers and there seems to be a pause in the hectic market. The buyers are still waiting to see the exact effects these measurements can have on the prices of private property in Singapore. Although a small fraction of genuine buyers are purchasing the residential units unabated, still the market has been lukewarm for the last couple of days.

If one sector has emerged unscathed in this scenario, it is the hospitality industry. The ever increasing tourists in have brightened the prospects of reinvigoration of property market. The bid has surprised many of the analysts. Who had expected the bids to remain to the tune of $500-600 psf. But RB Group has outwitted them by a huge margin.

The Clemenceau hotel site was one of the most sought after localities. It has the proximity of other entertainment facilities and was first offer by the government in two years. Previous ones had been mild success. But increasing room rents, more than 90 per cent room occupancy and high inflow of tourist has prompted the government to kick start the process.
Many property consultants have taken a positive note of this development. They have suggested that government measures, Higher development charges (CD) and apprehension of general investors were unable to shake the confidence of RB hotel group.

Singapore is one of the most beautiful and well established hotel industry countries. PM Lee has made it a point to visit the Singapore Cuisine Festival in Central China during his seven days state visit to the neighbor. He is likely to seek further exchange programs with the leading economic power in the region. Premier has not only hinted at more vigorous economic ties between the two countries, he has also asked the youth to develop friendships with the youth of China to foster greater ties.

Buy Sell Rent invest In Singapore Property Real Estate

Mindy Yong

( +65 ) 91002985

Mindy@MindyYong.com

www.hotvictory.com

www.property-elite.com

Backdating May Cause Foul Of The Law »« HDP new launch is not just affordable, but can be marked as “the best investment plan”

HDP new launch is not just affordable, but can be marked as “the best investment plan”

HDP new launch is not just affordable, but can be marked as “the best investment plan”

Singapore is a developed country, whose economy is increasing day to day. Property developers’ playing a major role in economy’s robust Government needs 7-8% GDP increase in this financial year. For this purpose Government has already launched many new projects to meet, not only residential requirements but also increase in GDP.

Data shows that market value is around 21% higher since 2007.As the population increasing rapidly, the housing requirement is also increasing. Buyers tend to buy flats to live in, this trend increased sales volume. Not only sales volume increases but prices are also increased.

Residential market showed sharp growth in last few months. Keeping these views in mind, the housing Development Board (HDP) launched 3,032 flats for sale. This launch can be marked as “the largest batch of flats”, in single launch. HDP choose Yishun River View site for residential flats for sale. Yishun is a suburban town of Singapore. HDP choose Yishun river view, due to its transport facility, shopping arenas, education, health facilities like;
Mass Rapid transit station (MRT), is located in Yishun town.

Bus interchange. People like this place because of its public transport facility.
Junior College. There are total 17 junior collages in all over a county and Yishun junior College is one of them.
Shopping belt. Residential flats are near city hall shopping belt, which is one of the most visited places.
Cineplex. Yishun 10 cineplex is one of the largest multiplex of Asia having 10 screens.
HDP divide their new residential flat launch in two broad categories;

• Built- To-Order (BTO), including total 12876 flats. Its price ranges $ 630-$870 for studio, and $287-$370 for 5 bedroom apartment.

• Sale Balance Flat (SBF) includes 1408 flats. Its price ranges $104000-$126000 for 2/ 3 bedroom apartment and $354000-$482000for executive condos. Executive condos having full condo facilities like Gym, Squash court, Playground, Tennis court, and 24 hour security.

Analyst’s claims that, this is the best choice for those who spend 1/4th of their salary in loan payments, because these flats are affordable, and They are also app 40% below than market value.

So it’s the best option for those also who want to buy it as a future investment Residential flats are in great demand ,so Property Gurus expecting its over subscription . Some says it may be 5-6%, others assuming over 8%, over subscription. No doubt this will be the best launched project of Singapore Government. This new launch is not only affordable but also the best future investment. Comparing its price with market value it is the best deal not only for buyers but also for developers.

This project has very good prospects for medium and large firms, developers and investors. Their confidence may have been hot by government’s decision to cool the prices, but a plethora of other factors are still favourable for such investments. Government has indeed introduced certain other schemes which are in place to keep the residential units etc. under affordable price. Government needs to draw the delicate balance between interests of the common citizens and those of investors and developers.

Buy Sell Rent invest In Singapore Property Real Estate

Mindy Yong

( +65 ) 91002985

Mindy@MindyYong.com

www.hotvictory.com

www.property-elite.com

Clemenceau Hotel Site Siphons In $813 psf; $101 Million »« Black And White Bungalows Up For Lease

Black And White Bungalows Up For Lease

Black And White Bungalows Up For Lease

Words spread that 33 colonial-era bungalows will be up for lease again. Built in a historical architecture the black and white bungalows, situated at Mount Pleasant, offers occupants a trip down the heritage lane.

These almost 50- year old bungalows had been built for the colonial families belonging to the British Empire that came to Singapore. The black and white hue due to the exterior being colored white with supporting beams painted black are a characteristic to these homes.

These bungalows are set in a very typical tropical landscape of Singapore. The lush green road on which they are located is named ‘Heritage Road’ since the bungalows are rich in heritage. These beautiful bungalows are further divided into three types. Although each one of them are far separated from each other, with the neighbors being unknown to each other, they are further categorized upon their size with the largest being completely alien to its next door.

It is hard to imagine in today’s fast pace life of Singapore that such a housing facility exists but it is true. These bungalows have a majestic aura to them which is very craved and nostalgic for some. Though it is centrally located the total area upon which it is located cuts it off from nearby amenities like good eateries. This means that whenever the occupants feel like going out for a bite, they have to travel a bit. Real Estate specialists believe that this cannot be a big issue because Mt Pleasant already expects tenants from the niche class.

Singapore Land Authority (SLA) has recently released news about opening the site for tender for master tenancy of these 33 bungalows. The lease to the present occupants expires in December 2010. They have a Gross Floor Area (GFA) ranging from 210 square meter to 1,140 sq m. collectively the bungalows have a total area of 17,300 sqm. Together the land area equals to 181,600 sq m.

The tender has invited attention from some 30 company representatives. Property analysts forecasts that the monthly rentals could go up to $20,000 to $40,000. The expected rent for the master tenancy of all 33 bungalows is $488,300 per month.

Properties ranging from apartments, condos, HDB flats, bungalows all are in demand in Singapore. The target market for all these housing units is different and hence attracts potential buyers from different areas. There are laws that affect sale of HDB flats, and acts that affect sale and purchase of housing units. All these are factors that decide what the hottest deal in town is.

All pros and cons kept in mind; Singapore housing sector has a good future. Many a tenders have surprised investment analysts when the turnout was unexpected. Therefore what will come out of the tender of Mt Pleasant Bungalows, only time will tell, however the bungalows are a rare find although these characteristic black and white bungalows are also seen on other parts of the island. These houses have been extensively renovated because owing to its age it required heavy maintenance. They still however have a nostalgic ambience to them.

Buy Sell Rent invest In Singapore Property Real Estate

Mindy Yong

( +65 ) 91002985

Mindy@MindyYong.com

www.hotvictory.com

www.property-elite.com

HDP new launch is not just affordable, but can be marked as “the best investment plan” »« Can DC Recovers and Boosts our Economy

Can DC Recovers and Boosts our Economy

Can DC Recovers and Boosts our Economy

Singapore is the most prosperous country of south Asia, and its economy is the prosperous economy of the world. Thou Singapore are the smallest country of south Asia consist of 63 islands. Singapore can be claimed as the most competitive country of Asia, having capitalized mixed economy. The latest World Bank report suggests, Singapore as the easiest place to set up business. The laws of Singapore are based on English laws system having various international laws. Singapore’s Building and Construction laws have distinctive features and not elsewhere; used. Land and Building laws are basically identical to international laws.

People thought that Singapore Government imposed new development charges on land; but it’s not true, basically Government increased enhancement fee on residential areas. Ministry of National Development (MND) imposed 13% development charges for both landed and non-landed houses. Economic Analysts appreciate this increase. They took it as the reboot for economy and help economy in terms of recovery and boost. Singapore citizens are bit confused about this new amendment in law.

MND sets a simple formula, DC is basically a levy imposed when any one seeks permission to use any enhancement in residential area as hotel resort or any kind of enhancement, for both landed and non-landed residential areas. It is imposed when permission granted to applicant, and the land owner or applicant has to pay it. DC is imposed according to the value and ratio of area. The DC rate will be reviewed two times in one year, usually in March and then in September.

DC is not only beneficial for Government but also for the land owners. It will help to increase land value as well as housing prices. Although these are the highest DC rate since2008, but Government claimed that it will be reviewed soon. Singapore is claimed as the best and liberal economy for trade. Major developments in the field of construction, property, tourism, leisure helping countries economy to get boost. DC also helps increase in economy and will meet future challenges as the whole world is no in crises. Many critics have raised objections that this development charge ruling is likely to further enhance the property prices by up to 15 per cent.

They are still unable to draw a parallel between government’s decision to bring down the prices of property in general and residential units in particular. However, many analyst also claim that these development charges are levied only when a property in converted into a more value property. Therefore, since the developer is earning more from same property, therefore, government is justified in claiming an extra share of 13 per cent from them. These development charges are estimated to cost around 5-10 per cent of total investment. The impact can at best be described as marginal on the overall industry.

It is natural conclusion that development charges are not levied to extract revenue from the developer only for the sake of it. It has its obvious plus side which will enable the government to regularize the property, gather more revenue to be spent on HDB etc projects, extend financial assistance to low waged citizens and recognise the services of National Servicemen through monitory assistance.

Buy Sell Rent invest In Singapore Property Real Estate

Mindy Yong

( +65 ) 91002985

Mindy@MindyYong.com

www.hotvictory.com

www.property-elite.com

Black And White Bungalows Up For Lease »« Government Increase Development Charges to 13 %

Government Increase Development Charges to 13 %

Government Increase Development Charges to 13 %

It will not be wrong to say that Singapore has perhaps some of the most regulated property markets in the world. The scarcity of land, high influx of tourist and Permanent Residents seem to squeeze the landmass even further. Singapore has many bodies that are responsible to coordinate, oversee and manage the property industry.

Just a day after the announcement of price cooling measures for the private property, Government has announced the increase in the development charges. This increase will be effective for both, landed and non-landed houses.

Singapore has recovered well from the recession and resultantly property sector has witnessed a surge in the prices of residential units. This surge can also be attributed to the speculative buying by middle level investors. Moreover, Permanent residents have also been permitted to buy and own a house on 99-years lease hold basis. This has increased the demand for house many folds.

It is being estimated that this increase is more likely to be transferred to the buyers. The developers will definitely increase the prices of houses proportionally. This can also act as a price cooling mechanism as it will now pose more caution on un-suspecting, speculative buyers.
Developers have obviously raised concerns over the increase. They remark that they are already levied enough duties and taxes and this recent increase will add to the already inflated prices of houses. They suggest that it was un-warranted to announce the increase coupled with the measures by the Government. It will only scare away the genuine buyers.

Government functionaries and officials have, however brushed aside these observation. They are reported to have said that Development Charges have been increased after a thorough and comprehensive study. The Development Charges account for only 5-10 % of over cost. So it is not likely to impact the overall industry severely. Government has also devised the plans to lower down the prices of HDB houses and facilitate the low waged citizens.

Property consultants and analysts do not seem to agree with the government version of the impact. They suggest that some of the localities may witness even up to 30% increase in the overall price of houses. Therefore, either buyers will be paying higher costs or the developers will be hard pressed to retain the properties in the wake of absence of buyers at such high rates. In both cases, measures to cool the price as well as this increase may try to level out the effects of each other.

But fact of the matter is that recent increase my not impact the prices but the measures are definitely taking their toll. Weekend auctions of mass-residential condo have witnessed fewer visitors and even lesser buyers.

The increase in Development Charges is not levied alone in the housing sector. These have also been enhanced for the industrial and commercial sectors. But, these increases as minor as compared to housing sectors.
Some of the pundits are still eyeing the launch of other projects. They assume that there are catalysts present in the market and that it will not be long before a balance is struck between the interests of investors and home-seekers. They assume that measures will have positive impact of stabilizing the private property industry and DC enhancement will further cement its foundations.

Buy Sell Rent invest In Singapore Property Real Estate

Mindy Yong

( +65 ) 91002985

Mindy@MindyYong.com

www.hotvictory.com

www.property-elite.com

Can DC Recovers and Boosts our Economy »« Melrose Court Gains $44 Million Price Tag

Melrose Court Gains $44 Million Price Tag

Melrose Court Gains $44 Million Price Tag

After the announcement of tight rules to bring the prices of the real estates to some reasonable level market watchers are observing the fresh sales critically. Though no profound effects of these rules are expected in first place yet the market dynamics have started getting down wards trend. Government officials have recently clarified rule position of certain laws announced on Aug30. Lowering of the rates have been anticipated by the officials with concerns to have some flexibility in the rules on case to case basis.

Another important development reported is that Freehold Melrose Court that was released few days back could achieve a significant land mark of $44 million against the expected $48 million. It is said to have achieved five percent to ten percent beyond the set reserve price despite the lower rate. The average price of the land remained about $665 per square foot per plot ratio. A sum of $277,235 has been included in this price as the developmental expenditure on a 2.8 total plot ratio.

This land has actually been bought by the Melrose Land which is a syndicate of eminent investors. This deal will come into effect after the node by the Strata Titles Board. Despite the lower rates in the market the Melrose Land is likely to get profit of $1.129 million to $2.261 million. This will entail the developers to work out some imaginative development, building and the selling schemes so as the potentials buyers are attracted in a big way. Another significant factor which will determine the profit margin is the size of the plot for construction of the residential units. The lands bought for the units are likely to be developed over a long period of time and the prices of today’s market may not hold good for the times to come.

The site was planned for the development two years back. Now once the site was made available for sale it was feared that the price reserved for the sale of the site may have to be lowered. But the market officials have stated that once the sale is on then the reserved prices have to be intact. Though this site has not been able to achieve the set price of $48 million yet the sold price has remained above the reserved price by some percentage. The group buying the site will have the gross residential area of 23,789 square foot. During plan of development two years ago the plot ratio was fixed at 2.8. After inclusion of all the allied charges the site is expected to achieve a price of $665 per square foot per plot ratio.

The group buying this site that is Melrose Land will face an uphill task of developing it into very attractive and ideal location for the real occupiers. New market strategies will be required. The long term effects of the anti-speculation measures on this project will be less as the development works get some time to be matured. It is likely that the prices will get stabilized before the finished product is made available for sale.

Buy Sell Rent invest In Singapore Property Real Estate

Mindy Yong

( +65 ) 91002985

Mindy@MindyYong.com

www.hotvictory.com

www.property-elite.com

Government Increase Development Charges to 13 % »« Bukit Timah Site Seeks Buyer