NEW COOLING MEASURES BUT …

NEW COOLING MEASURES BUT …

They are by no means the last should they fail to curb property market: Analysts
by Esther Ng and Cheow Xin Yi

SINGAPORE – More restrictions to curb the sizzling property market were unveiled yesterday by the Government, five months after its last round of measures and its fourth in 16 months.

And these latest cooling measures – described by some industry players as “too punitive” – are by no means the last should they fail to tame the market, analysts said.

Research Consultancy SLP International executive director Nicholas Mak said: “This is going to basically drive another nail into the coffin of anybody who has thoughts of short-term investments.”

Ms Tessa Chan, in her 30s, told MediaCorp the latest measures have put the brakes on her plans to own a second property.

She said: “Those who have already benefitted (from the high property prices) … will have another bite at the cherry because they’re already sitting on cash waiting. But, for those are coming into the party late, too bad.”

Like the previous Government interventions, the four tools announced yesterday after the stock market closed – and which take effect today – were aimed at discouraging short-term investment and to soak up excessive liquidity sloshing around.

They came only a few hours after buyers snapped up all the units available at the Loft@Holland (picture), Oxley Holdings’ latest “shoebox” residential project.

And such signs of froth in the market could be removed for at least two to three months, property analysts predicted.

The timing of the announcement – days before December home sale figures will be released – suggests that the Government may be concerned about the property prices seen between September and last month, according to Cushman & Wakefield managing director Donald Han.

While prices seem to have stabilised compared to the first half of last year, a rise in sales volumes, as seen in November, would have an upward effect on prices, said Mr Han, who suspects that there was also an aggressive take-up in December.

Mr Mak said that his firm’s research showed that subsales, as a percentage of total residential transactions, have been falling since the second quarter of 2009, from 14 per cent then to 9 per cent most recently.

“Since short-term property speculation is not at a problematic level, the latest round of Government intervention could be prompted by other factors, such as strong demand for residential properties due to high level of liquidity,” he said.

For those who are looking to flip property for a quick buck, however, Mr Mak said they may be deterred by the move to increase the duration, from the current three years to four years, in which the Seller’s Stamp Duty applies.

It could force some buyers of uncompleted homes to hold on to those properties until they are completed and, for completed properties, to lease them until the end of the four-year period.

Mr Mak added: “The duty rate of 16 per cent and 12 per cent for residential properties which are bought and sold in the first and second year respectively would almost cream off the profit made from such short-term investments.”

But not everyone could be out to make a fast buck. International Property Advisor director Ku Swee Yong said there may be “hardship cases”, where someone sells a condo “to save his business from bankruptcy or for (treating) a brain tumour”.

First-time buyers of private residential properties have less to worry as they would not bear the brunt of the latest measures.

For instance, lowering the limit on housing loans, from 70 per cent to 60 per cent of valuation for individuals with one or more outstanding housing loans at the time of the new housing purchase, will not affect new home buyers, said Mr Han.

Instead, it will “take some wind out of the mass market – properties below $2,000 per square foot – and mass market buyers trying to get their second or third property”.

The new measuresby Esther Ng- Holding period for imposition of Seller’s Stamp Duty (SSD) increased from three to four years.

- SSD rates raised to 16 per cent, 12 per cent, 8 per cent and 4 per cent for homes bought today and thereafter and which are sold in the first, second, third and fourth year, respectively.

- Loan-To-Value (LTV) limit lowered to 50% on housing loans for property purchasers who are not individuals.

- LTV limit lowered from 70 per cent to 60 per cent for individual property purchasers with one or more outstanding housing loans.
Source : TODAYonline  MediaCorp Press Ltd’s copyright

A CLEAR MESSAGE THE GOVERNMENT WILL NOT BE MESSED WITH »« NEW HOME LOANS AND PROPERTY LAUNCHES TO BE HIT

NEW HOME LOANS AND PROPERTY LAUNCHES TO BE HIT

NEW HOME LOANS AND PROPERTY LAUNCHES TO BE HIT

by Chris Howells

SINGAPORE – A knee-jerk reaction to the latest round of property cooling measures is expected to hit banks and developers but industry players believe that normal service will resume.

For now though, banks here are likely to see a dip in new housing loan applications, while developers may postpone new launches.

Commenting on the latest measures, the Real Estate Developers’ Association of Singapore (REDAS) said it expects these measures to discourage speculative demand but remains confident that the local “property market will continue to be underpinned by sound economic fundamentals and a favourable business environment”.

Still, analysts expect developers to hold back on new launches.

Referring to the last round of cooling measures, which were rolled out on Aug 30 last year, Credo Real Estate managing director Karamjit Singh noted that, this time around, developers would also “hold back temporarily, as they assess demand and sentiment before launching their projects”.

As a result, sales volumes would drop in the short term, he said.

Describing the latest measures as “a fourth and more decisive wave of prudential curbs”, Barclays Capital economist Wai Ho Leong said any impact on prices may only be gradual.

Said Mr Leong: “We maintain that the risks for property prices and rents over the next four years are to the downside. Even so, the downward correction will occur gradually, given that Singapore is in the midst of a strong cycle of wealth creation, which has been fuelled by a surge in inward migration and rising asset values.”

The cooling measures come at a time when home buyers have been keen to leverage on the low interest rates – and a fall in demand for mortgage loans could put further pressure on the profitability of banks here.

OCBC Bank head of consumer secured lending Phang Lah Hwa said: “The new property measures will have an impact on new housing loan applications, as we expect potential home buyers to be more cautious and will take their time to review their options.”

Ms Lui Su Kian, DBS Bank’s senior vice-president and head of deposits and secured lending, noted that the measures would mean investors would have to commit higher cash amount for their downpayments.

But with the Chinese New Year – traditionally a quiet period for the property market – around the corner, Ms Lui noted that it would take some time before the impact could be ascertained.

RBS head of South East Asian equity research Trevor Kalcic said: “There is very likely to be a slightly negative impact on the banks … but it won’t be a material impact. The reason is that mortgages are a relatively small component of overall earnings.”
Source : TODAYonline  MediaCorp Press Ltd’s copyright

NEW COOLING MEASURES BUT … »« Prime Retail Rents here 14th Highest Globally

Prime Retail Rents here 14th Highest Globally

Prime Retail Rents here 14th Highest Globally

The average cost of prime retail rentals in the world has stabilized although it is still considered as high. There are some highly urbanized areas where there is a lack of retail space rentals; while there are also other areas experiencing an excess of retail space rentals where there are no takers. There should be a balance between these two in order to avoid a market bubble.

New York is still the number one contender with the highest annual prime retail rent in the amount of US$1,800 psf. Sydney ranks second with an annual prime retail rent of US$1,218 psf; with Hongkong coming in third place with an annual prime retail rent of US$1,113 psf.

Singapore went up a few notches to rank as number 14 globally, although the prime retail rents here went down slightly in the third quarter. Last year, Singapore’s ranking was number 18.
Singapore is now the 14th most expensive place in the world for prime retail shops.

In Q3, the average prime retail rent here was US$473 per sq ft per year ($51.80 psf per month). This is according to CB Richard Ellis. This was a 1.4 per cent drop from last year; and a 0.5 per cent fall from Q2. However, we have still managed to hold ourselves up with the rank of number 14th country with the highest prime rental rates in the world. Our businesses are doing well. Our economy is doing fine.

According to CBRE Singapore retail services director, rents in the prime area of Orchard Road have become more competitive. Property landowners here have become more cooperative and responsive in supporting the businesses of their tenants. They are aware that activities in the third quarter are generally slower and quieter after the Great Singapore Sale. And so they are supportive of their tenants’ creativity and efforts to generate more business.

Here in Singapore, shop retailers are eagerly awaiting the year-end festivities. They have been encouraged by a 15 per cent growth forecast, the estimates of higher tourist arrival for 2010 as well as a change in spending habits due to a projected growth in wages. These forecasts and estimates have made the shop retailers generally more optimistic about their business growth up till the end of 2010.

Some of the countries in the Asia Pacific region that ranked slightly ahead of Singapore are Tokyo, Melbourne and Guangzhou.

Some Asian markets such as Shanghai, Beijing, Tokyo, Taipei and Hongkong experienced an stabilized or even slight increase in the average prime rent cost. However, in some cities in China and India there is still the threat of a glut in new office retail space. There is always the fear of a real estate market bubble. There is always the problem of a lot of office rental space that is left without tenants This is often caused by unrealistic forecasts

Buy Sell Rent invest In Singapore Property Real Estate

Mindy Yong

( +65 ) 91002985

Mindy@MindyYong.com

www.hotvictory.com

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NEW HOME LOANS AND PROPERTY LAUNCHES TO BE HIT »« CapitaLand Rolls Out 1,715-Unit D’Leedon on Farrer Rd

CapitaLand Rolls Out 1,715-Unit D’Leedon on Farrer Rd

CapitaLand Rolls Out 1,715-Unit D’Leedon on Farrer Rd

District 10 is one of the upscale real estate sites in Singapore. One of the properties in this area is the former Farrer court. This has been purchased by CapitaLand, a high-rise developer for a record $1.3 billion at the peak of the real estate property boom.

On-going construction on this site is the D’Leedon, a 99-year leasehold residential project. This is comprised of seven high-end residential towers and 12 residential villas. The smallest unit will be about 900 sq ft; while some of the villas will be more than 4,000 sq ft. It is composed of 1,715 units. D’Leedon is believed to be the largest single condominium project ever in Singapore. However, CapitaLand, the developer, is expected to work on the project only in phases.

CapitaLand has started to market the project. The D’Leedon model unit has been built and flyers have started to be distributed to prospective buyers by the real estate agents. Pre-selling of the units is now underway.

The entire development project would cost around $3 billion, CapitaLand revealed in 2008. The project’s breakeven cost was pegged at around $1,350 psf to $1,450 psf by Patricia Chia, who was head of CapitaLand’s residential arm at that time.

Zaha Hadid and architectural theorist Patrik Schumacher are in charge of the project. They have been designing in Singapore for around 10 years now. Also involved in D’Leedon’s design is the Singaporean architecture and engineering firm of RSP.

The design of the buildings will be in the recognised style of architect Zaha Hadid, the first female recipient of the coveted Pritzker Architecture Prize. Her design for the project D’Leedon consists of seven 36-storey buildings with 150-metre towers . The towers will appear as if they grew out of the sunken gardens in the project’s landscape. The towers will appear to have “petals”. The tops of the buildings will appear to be like “fingers” of varied lengths.

Buy Sell Rent invest In Singapore Property Real Estate

Mindy Yong

( +65 ) 91002985

Mindy@MindyYong.com

www.hotvictory.com

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Prime Retail Rents here 14th Highest Globally »« HDB Launches Lakeside Site for 580 DBSS Flats

HDB Launches Lakeside Site for 580 DBSS Flats

HDB Launches Lakeside Site for 580 DBSS Flats

A public shelter site located at Lakeside is being initiated for sale by the Housing and Development Board (HDB). This site has the possibility of generating 580 flats. This move is under the supervision of the HDB’s design- build- and- sell – scheme (DBSS).

The government’s DBSS system gives enormous benefits to the developer who wins the bid because he is able to exercise his freedom in designing, costing and promoting the units. He is given more autonomy to make his own decisions. The DBSS system gives support to developers and contractors.

This piece of land has an area of 2.1 hectares and is located at Yuan Ching Road. Its position is near the Jurong Lake and the Jurong Country Club Golf Course. It is also near educational establishments such as the Jurong Secondary School.

However, even though the site has good neighbors and establishments, it is not considered a good location. The reason for this is because it is far from an MRT station. The Lakeside and Boon Lay train stations are several bus rides away. It is therefore not considered a good investment.

One of the attributes of an ideal location or site is the availability of transportation. This is a major consideration in purchasing a real estate property. It is a necessary convenience for the buyer.

The property has a leasehold term of 103 years. Estimated forecast of bids could range from $133.5 million to $147 million. Expected to bid are four to six bidders who are contractors or developers. As this is not a very attractive property because of its distance from MRT stations, the bids are expected to go lower. This was revealed by Nicholas Mak, Research Executive Director of SLP International Property Consultant.

Proposals for this site are still being accepted. Acceptance of bids will close on January 5.

First-time buyers are now able to afford these new DBSS units. Since this is a public housing project, they can even apply for a CPF housing grant in the amount of US$30,000. This is an incentive given to original buyers . However, they will not be entitled to acquire a HDB concessionary loan.

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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CapitaLand Rolls Out 1,715-Unit D’Leedon on Farrer Rd »« Primary Market Shrugs Off Impact of Cooling Measures as Oct Sales Rise; Industry Watchers Wonder if this will Prompt New Steps from the Govt

Primary Market Shrugs Off Impact of Cooling Measures as Oct Sales Rise; Industry Watchers Wonder if this will Prompt New Steps from the Govt

Primary Market Shrugs Off Impact of Cooling Measures as Oct Sales Rise; Industry Watchers Wonder if this will Prompt New Steps from the Govt

The sales of private houses soared in the month of October government restrictions and attempts to control prices. This could mean that the restrictions were either not given enough attention or ignored by the buying public or they were not affected by such restrictions. Either way, some analysts believe that the government might yet initiate another set of policies and restrictions to curb real estate buying and selling and control the market.

Sales of private houses greatly increased by 16.1 per cent for the month of October. This increase was due partly to the release of new units at the luxurious The Glyndebourne and Suites, both located at premier districts. The buyers apparently were not affected by the government restrictions or had the means to circumvent these same restrictions.

The figure does not include the sales of the two new executive condominiums – The Canopy at Yishun and the Esparina Residences near the Buangkok MRT Station. Both these executive condominiums were oversubscribed. These two condominiums were the top sellers for the month of October. The last sale of executive condominiums was five years ago.

Because of the success of the executive condominiums, a lot of developers decided to cash-in on the trend . This resulted in the construction of smaller housing units, which were also grabbed by the buying public because of their affordable price and luxurious amenities inspite of their being public housing units. Moreover the demand for housing of the mass market was redirected to the executive condominiums.

This, together with the sales of private houses, accounted for the phenomenal increase in sales of housing units in October. This increase in sales is expected to continue until the end of the year.

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 Launches Lakeside Site for 580 DBSS Flats »« UOL Group Reports Strong Sales of Spottiswoode Residences Condo

UOL Group Reports Strong Sales of Spottiswoode Residences Condo

UOL Group Reports Strong Sales of Spottiswoode Residences Condo

The Spottiswoode Residences Condo is the latest expensive project of the UOL Group. Its pre-selling blitz received a very strong affirmative reaction from buyers, as revealed by the UOL Group.

A pre-selling blitz is a sales event maneuvered by a real estate company to herald the opening of a new project – in this case, the Spottiswoode Residences Condo. An “Open House” is offered wherein the prospective buyers will see how the finished unit will appear. A team of real estate brokers is employed to distribute flyers and attend to the queries of the prospective buyers. Pre-selling promos and discounts are given at this time.

The Spottiswoode Residences Condo is a 36-storey high- rise condominium building located near the Outram MRT Station. It is composed of 351 units. A good number of the units are one- and two- bedroom apartments. The rest are the high-end or luxury units composed of the three-bedroom units and the penthouses. The Scottiswoode Residences Condo has seven elite luxury penthouses.

The floor areas of the one-bedroom and two-bedroom apartments and the three-bedroom luxury units vary from 603 square feet to 1,421 square feet. The prices of the units vary from $1,720 per square feet and $2,150 per square feet. A penthouse unit was sold for $1,850 per square feet.

At the pre-selling sales blitz held last November 12, a total of 150 units were offered for pre-selling. 87 per cent or 130 units were reserved out of the original 150 units. This is no mean feat and is indicative of what the buyers consider of the project.

At the formal launch of the Spottiswoode Residences Condo on Wednesday, November 17, another 80 units will be offered for sale. As with the first sales blitz, a very warm and positive sales response is expected.

A great majority of the buyers who reserved units in the project are Singaporeans. They comprise the 87 per cent of the buying public who made reservations for units. Most of the Singaporeans made reservations for the high-end luxury units. These fashionable units afforded them a panoramic and overlooking view of the sea.

“We believe buyers are excited about the potential transformation of the area into another waterfront city comparable to Marina Bay and an extended CBD are offering new lifestyle and workplace options.” This was expressed by Dolly Lian, UOL Group’s General Manager for Marketing.

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Mindy Yong

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Mindy@MindyYong.com

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Primary Market Shrugs Off Impact of Cooling Measures as Oct Sales Rise; Industry Watchers Wonder if this will Prompt New Steps from the Govt »« S’pore Tops in Office Rental Growth

S’pore Tops in Office Rental Growth

S’pore Tops in Office Rental Growth

The increase in the third quarter Grade A rents here in Singapore have made the office space owners very happy. The increase greatly outweighed the gains made in other business centres in the Asia Pacific region.

According to a survey made by Jones Lang LaSalle (JLL), Singapore and Beijing, China topped the list. In local currency terms, both garnered quarterly net effective rental growth of 10.9 per cent. This reflects the net rental income that goes to the property owners and is exclusive of payables such as property taxes and maintenance fees.

The total occupancy cost paid by a tenant is called the gross rental income. While net rental income is a the pure rental income that goes to the owner after deducting all maintenance fees and property taxes that have to be paid.

Out of 26 Asia Pacific cities that were considered in terms of net effective rent incomes, Singapore came out fourth. Per JLL, an average of US$671 (S$870) per sq m went to the property owners.

Singapore’s ranking followed those of Hongkong, Tokyo and Mumbai. But Singapore was ahead of other regional business centres such as Ho Chi Minh City, Kuala Lumpur and Bangkok. They were ranked were 6th, 21st and 22nd, respectively.

In the third quarter, the average Grade A gross effective rent here in Singapore was $8.70 per sq ft of net rentable area per month. This rate is below peak levels in the years 1991, 1996 and 2008 which carried a percentage of 16 per cent, 23 per cent and 52 percent, respectively. But it was above level in the year 2000. The statistics were gathered by the JLL.

More increases are expected by the end of the year , notwithstanding the 12.3 per cent prime Grade A gross effective increase already earned.

The outlook looks good also the years 2011 and 2012. The potential for increase is already forecast based on the current trends. JLL reported.

A lot of office spaces is expected to be opened by next year. This means that there will be a lot of openings for office rentals. Vacancy levels will also rise next year.

Rental growth is expected to be slower in first half of next year inspite of the steady demand as compared with the second half of the year up to the year 2012.

As stated by Chris Archibold, JLL head of markets, the last six months evidenced an increasing level in tenancy interest. Part of this was brought about by the various relocation investments made by other countries. These relocation moves and show of confidence in the area further boosted investors’ thrust.

He further added that although there will be an increase in vacancies next year, this will not pose any threat or problem in connection with rental rates. Most of the office space units have already been committed or pre-sold.

More markets are expected to gain in strength as the bargaining power of the office space owners increases. This is evidenced by the 1.8 percent increase in the third quarter as reported by the Asia Pacific Office Rental Index.

This increase in prime office rates was helped considerably by the relocation of multinational corporations within the area and the expansion plans of the existing companies in the area. These multinational companies created the demand for office space, according to Mr Ong Kah Seng, senior manager for Asia Pacific Research of Cushman and Wakefield’s.

These companies generally accept the fact that rental rates are still considered on a low level as compared to the peaks achieved in mid-2008. He further states that an oversupply of office space will not occur since construction of new buildings was very slow and at a low level in the years 2008 and 2009. Again, no real estate market bubble is forecast.

Buy Sell Rent invest In Singapore Property Real Estate

Mindy Yong

( +65 ) 91002985

Mindy@MindyYong.com

www.hotvictory.com

www.property-elite.com

UOL Group Reports Strong Sales of Spottiswoode Residences Condo »« China buyers dominate in S’pore Properties project

China buyers dominate in S’pore Properties project

China buyers dominate in S’pore Properties project

The presence of China buyers is increasing in the market as more and more are coming from HK and China’s cool market.

(SINGAPORE) Many and many people are coming towards Singapore in search of homes. They are occupying many housing projects and there is an assumption that this quantity will increase more in future. The reason is that there is a clamp down in properties from the authorities in china and Hong Kong.

There has been an analysis about home occupiers and it shows that almost 20% of private and permanent residences have been bought by Chinese and in this way they are contributing as the biggest foreigners settling in Singapore. This analysis has been done by DTZ property consultancy. This proportion stated above is much higher than the official data available from 1995. That data was provided by government sector.

No Chinese have become the 2nd largest property buyers in Singapore as non-Singaporean buyers. Apart from them Indonesians occupy the largest amount of houses and they are the biggest non-Singaporean buyers in Singapore. However Malaysians have taken the top spot with 21% and Indians are at 4th spot with 14% of market volume.

Taking as a whole figure the foreigners are accounted as 23% of the 7888 private home residential at the moment.

Singaporeans are the biggest share holders in the market as they have bought 73% of the houses and remaining 3% percent is occupied by different companies.

From 2007 onwards the presence of buyers has grown in Singapore. This has been said by DTZ. Just a quarter ago they were occupying 17% of private homes but today they are almost 23% in ration to Singaporeans. Malaysians and Indonesians are termed as the biggest buyers of property in Singapore.

DTZ has also stated that due to current real estate situations in china, the ratio of china buyers may increase in near future in Singapore as more Chinese people will be looking forward to buy properties overseas and Singapore is supposed to be the hot buying place for them.
The Chinese govt. has introduced new rules in real estate market to cool down the home loans ratio. In this way they have increased the down payments and have increased the term of lease. This will cause more Chinese buyers to go outside of the country buying new properties in overseas locations.

Hong Kong govt. is also taking some measure to cool down the current property conditions. This will also increase the number of buyers in Singaporean market.

A few day ago a new rule has been implied in the market. According to this rule those people who will be going to seell their properties in next in next 6 months will have to pay a tax of almost 15 % in accordance with total transaction price of the property. This has been done by imposing a special duty stamp on all transactions related to property.

There has been probable expectation from Chinese buyers towards market to go up a little bit. This has been said by Credo Real estate Executive Director Ong Teck Hui. In its results some of the Chinese buyers will be moving towards Singapore.

Some Chinese buyers prefer to buy properties in Hong Kong and this trend will also effect on Singaporean market Ong Teck said.

Phylicia Ang who is residential director at Savills has agreed with this point and he says the due to tightening policies implied by Chinese government a trend of buying properties in Singapore can be increased by Chinese buyers. We will be seeing more Chinese buyers then before in the market as a result of rules implemented by Chinese government. She also added that not many people buy homes in Singapore just form investments point of view. They do it because they want to settle down and become a family member here.

Peter Ow who is managing director ar Knight Frank said that Singapore is such a city in the world with which they feel very comfortable. So they will prefer to buy properties here in Singapore.

He also added that many Chinese people buy properties in Singapore in a biased way by their private banking sector or with the help of local developers who have established their offices in china. An example is Far East Organization.

Whenever we talk about buying properties in Singapore then it becomes a hot topic. The reason is increasing prices in property in Singapore however Singapore govt. has taken many measure so that property market can be kept stable since last September.

The financial Minister Tharman Shanmugartnam has said on last Monday that Govt. is has decided to keep an eye on the current situations so that additional steps can be taken when required. This is to make sure that the financial stability is still there in the market for buyers and sellers.

Most of the property consultants in Singapore don’t want the govt. to tighten the policies for property buying and selling as it has been done in china and Hong Kong. They should not do this at least for the time being however in future some more steps can be taken by the govt. Mr. Ong at Credo also said that govt. will wait to see how market responds in future to evaluate the required measures to be implemented in the market.

Buy Sell Rent invest In Singapore Property Real Estate

Mindy Yong

( +65 ) 91002985

Mindy@MindyYong.com

www.hotvictory.com

www.property-elite.com

S’pore Tops in Office Rental Growth »« Over 1300 families have been benefited by Rental flat scheme

Over 1300 families have been benefited by Rental flat scheme

Over 1300 families have been benefited by Rental flat scheme

Last year in January a rental flat scheme was started by (IRH) housing scheme. This scheme was introduced to help citizens having financial issues and problems. Almost 1318 families have been benefited with this entire project since then.

In a written update provided by Mah Bow Tan for Dr Lam Pin MIN (Ang Mo Kio GRC) it is stated that almost 311 families have moved out of these flats. since then.
This scheme was launched to help families with financial problems to help them get temporary residence until they get some permenat residence of their own. Dr Lam had requested the ministry about the demands of this housing scheme.

Since 31st March a great number of families have been benefited with this project. Reports show that almost 611 families have acquired help with this project and almost 87 are those families that have finally moved on.

A family acquiring this scheme will be sharing 3 room flat with another family. Two families will be living in a single flat. However if family is big then this limitation can be waived for their ease.

Since all these families are going through financial problems so it was important to make flat sharing necessary so that rent can be low and divided between two families. In this way no family will have to bear extra burden of rent as it will be divided equally.
All those families living in this housing scheme are charges $300 – $400 monthly. These charges include all utilities, services and conservancy charges etc.

If such case comes in which family is big and need more space then they can be allowed to occupy a 2 room flat and it can given out on rent to that family by IRH.

The location of IRH flats are Toa Payoh, Bedok South and Havelock Road. It is important to mention here that in these localities flats of 3 rooms are given out at rent for $1000 – $1200 a month.

Such families that were in financial difficulties and couldn’t afford to live in luxury were meant to avail this facility of IRH flat housing scheme. Such families really needed to downgrade their living standard to get in better financial condition are short period of time.
This scheme really helped people in financial trouble as they were able to sell their own flats immediately and move into rental flats. In this way they were able to live in such rental flats that were priced very below as compared to market rates in that area.

The main concern was to reduce number of families getting defaulter in terms of home loans and this scheme really helped the people in need and govt. authorities.

Buy Sell Rent invest In Singapore Property Real Estate

Mindy Yong

( +65 ) 91002985

Mindy@MindyYong.com

www.hotvictory.com

www.property-elite.com

China buyers dominate in S’pore Properties project »« Tampine’s site for executive Condo receives six Bids