HDB launches three BTO projects in Sengkang, Bukit Panjang

HDB launches three BTO projects in Sengkang, Bukit Panjang

Posted: 28 February 2011

SINGAPORE: The Housing & Development Board (HDB) has launched three Build-To-Order (BTO) projects comprising 1,593 standard flats.

Two of the projects – Fernvale Flora and Fernvale Gardens – are located in Sengkang.

The third, Segar Vale, is in Bukit Panjang.

Units in Segar Vale cost between S$83,000 and S$354,000 while the units at the two Sengkang BTO projects cost between S$88,000 and S$378,000.

Ninety-five per cent of the flat supply will be set aside for First-Timer households.

First-time flat buyers are estimated to use 16 per cent to 24 per cent of their monthly household income to meet their monthly loan payments for flats in Fernvale Flora, Fernvale Gardens and Segar Vale.

HDB said it has ramped up its new flat supply significantly to meet the demand from first-timer households.

This year, it plans to offer up to 22,000 new flats under BTO, if demand is sustained.

In the first six months of 2011, flat buyers can look forward to about 11,000 new BTO flats.

These projects will have a good geographical spread in towns/estates such as Bukit Panjang, Jurong West, Punggol, Sengkang and Sembawang.

The next BTO launch in March 2011 will offer about 1,500 flats in Jurong West and Sengkang.

- CNA/fa

Source : Channel NewsAsia – MediaCorp Pte Ltd Copyright

NEARLY HALF OF S$1B IN PRODUCTIVITY FUND USED »« Singapore property prices continue to firm despite cooling measures

Singapore property prices continue to firm despite cooling measures

Singapore property prices continue to firm despite cooling measures

By Millet Enriquez | Posted: 28 February 2011

SINGAPORE : Non-landed private home prices in Singapore galloped higher in January despite the government’s recent stringent measures to choke off property speculation.

Flash estimates compiled by the National University of Singapore Institute of Real Estate Studies show the overall Singapore Residential Price Index rising by 2.6 percent month-on-month.

This is more than double the one percent increase in the index recorded in December.

The central region sub-index jumped 2.7 percent to 165.3 points, a reversal from a 0.8 percent decline in December.

Meanwhile, the non-central sub-index rose 2.5 percent to 158.8 points, slightly higher than the 2.3 percent increase in December.

Analysts say low interest rates and strong economic growth are pushing home prices up.

While some analysts say it is too early for the numbers to reflect the full impact of the cooling measures, others say it is alarming that prices are still rising so quickly.

And they say that if transaction volumes and prices continue to rise, another round of cooling measures cannot be ruled out.

Colin Tan, Head – Research and Consultancy, Chesterton Suntec International, said: “For month-on-month, it’s 2.6 percent which translates to over 30 percent a year so it’s rather robust and is quite alarming.

There’s still a lot of demand. A lot of these buyers are actually looking to buy real property as a hedge against inflation.

That’s why over the past few days, we have also seen news articles of people moving into gold and other avenues as a hedge against inflation. So property is no exception.

If the price increase continues at this pace, certainly I think the authorities will have to look at it. They may try to postpone and see, give it more time.

But if nothing changes, yes, we can expect another set of cooling measures.”

- CNA/ch

Source : Channel NewsAsia – MediaCorp Pte Ltd Copyright

HDB launches three BTO projects in Sengkang, Bukit Panjang »« MND REVISES DC RATES

MND REVISES DC RATES

MND REVISES DC RATES

by Julie Quek

SINGAPORE – The Ministry of National Development (MND) has revised the rates for development charges (DC) for the next six months, as part of its half-yearly review.

The increases in the rate of DC, the tax payable by the developer when a property site is developed into a more valuable project, will take effect from March 1.

On average, the rates for landed residential property have increased by 18 per cent, with the largest increase of 25 per cent in Sector 108, which includes Holland Road, Sixth Avenue, Eng Neo Avenue, Adam Road and Farrer Road areas.

Some analysts, like Ms Callie Liew, COO of the HSR Property Group, said the increase will lead to a corresponding increase in land costs and expect developers will be “more measured” in their bids going forward.

However, other market watchers said the increase in DC rates is unlikely to have a major impact on collective sales.

Dr Chua Yang Liang, head of research, South-East Asia, Jones Lang LaSalle, said: “DC, as a component of overall development charges, is actually quite a small component. And DC charges are only imposed on those developments that have the potential to be over and above what the site has been approved for.”

Analysts estimated that about 50 to 60 per cent of en bloc projects have no development charge component. They said that only projects with a higher development charge component of 5 per cent or more of total land value, such as land sites re-zoned for a different use, will likely feel a significant pinch from the latest increase.

Meanwhile, DC rates for non-landed residential properties have also been increased, by an average of 11 per cent. The largest increase is 17 per cent in Sector 100, which includes Upper Serangoon Road and Punggol.

Analysts said that before the DC rates are revised, the Chief Valuer takes into consideration how the market has behaved over the previous six months.

Dr Chua said: “It depends very much on where the market is heading, whether there are transactions recorded over the next six months. If there are values that rise, then chances are DC rates may rise accordingly.”

The rates for commercial development have increased by an average of 13 per cent, with the largest increase of 29 per cent in Sector 9, which includes Peck Seah Street, Maxwell Road and the Anson Road area.

For hotels and hospitals, the rates have gone up by an average of 27 per cent, while development charges for industrial and warehousing use have been raised 8 per cent on average.

The ministry said the DC rates for other land uses – which include places of worship, open space, agriculture, drain and roads – have not changed. It added that if there is any disagreement over the development charges payable, developers and owners can opt for a case-by-case valuation by its Chief Valuer.

Source : TODAYonline – MediaCorp Press Ltd’s copyright

Singapore property prices continue to firm despite cooling measures »« THREE BTO PROJECTS LAUNCHED

THREE BTO PROJECTS LAUNCHED

THREE BTO PROJECTS LAUNCHED

SINGAPORE – The HDB has launched three Build-To-Order (BTO) projects comprising 1,593 standard flats in Sengkang and Bukit Panjang.

Units at two of the projects in Sengkang – Fernvale Flora and Fernvale Gardens – cost between S$88,000 and S$378,000. The third, Segar Vale in Bukit Panjang, offers units costing between S$83,000 and S$354,000.

Ninety-five per cent of the flats will be set aside for first-time buyers.

A Propnex spokesperson expects the Sengkang projects to be oversubscribed by “about three times or more” while the Bukit Panjang project could be oversubscribed by “about two times”.

“Oversubscription rates will be lower than in previous years due to the anticipated future supply from the Government, leading to consumers being more selective about the flats for which they apply,” the spokesperson added.

In a statement, the HDB said it has ramped up its new flat supply significantly to meet the demand from first-time buyers.

This year it plans to offer up to 22,000 new flats under the BTO scheme, if demand is sustained.

In the first six months of this year, buyers can look forward to about 11,000 new BTO flats.

These projects will have a good geographical spread in towns and estates such as Bukit Panjang, Jurong West, Punggol, Sengkang and Sembawang.

The next BTO launch this month will offer about 1,500 flats in Jurong West and Sengkang.

Source : TODAYonline – MediaCorp Press Ltd’s copyright

MND REVISES DC RATES »« CHINA CITIZENS BET ON S’PORE HOMES