S’pore govt releases 2 residential sites for sale

S’pore govt releases 2 residential sites for sale

Posted: 19 January 2012 1139 hrs

SINGAPORE: Two new residential sites have been launched for sale by public tender on Thursday, to provide home-buyers and developers with more choices for private housing.

The Urban Redevelopment Authority (URA) and Housing and Development Board (HDB) said the sites are at Hillview Avenue and Upper Serangoon View/Upper Serangoon Road.

The two parcels are under the Confirmed List of the first half of this year’s (1H2012) Government Land Sales (GLS) Programme.

Together, they will yield about 805 units, as part of the total 7,000 residential units to be launched under the GLS Programme for the first six months of this year.

The land parcel at Hillview Avenue is about 1.26 ha, located within an established residential estate in the west region.

The site can potentially yield about 370 private housing units and is near the future Cashew and Hillview MRT Stations.

These stations are part of the Downtown Line 2 Mass Rapid Transit system that will provide residents with convenient access to the city centre when it is completed in 2015.

The land parcel at Upper Serangoon View/Upper Serangoon Road is about 1.24 ha, and is located in the north-east region and in close proximity to Hougang MRT Station and Bus Interchange.

Earmarked for an executive condominium development, the site can potentially yield about 435 units and is easily accessible via nearby TPE, KPE and CTE.

- CNA/cc

Source : Channel NewsAsia – MediaCorp Pte Ltd Copyright

New measures have already dampened property market »« HDB studio apartments not suitable for younger singles: Khaw

HDB studio apartments not suitable for younger singles: Khaw

HDB studio apartments not suitable for younger singles: Khaw

Posted: 18 January 2012 1525 hrs

SINGAPORE: National Development Minister Khaw Boon Wan said HDB studio apartments do not fit the housing needs of younger singles.

He said these apartments are sold with a short 30-year lease which is appropriate for retirees but not necessarily for younger people.

Mr Khaw said this in response to a question from MP Dr Intan Azura Mokhtar.

She had asked if his ministry will consider allowing singles who are 55 years old or younger to buy HDB studio apartments.

Dr Intan said: “There are residents who have come and approached me. They are singles, without family members or not very well-to-do. They can’t afford the high COV of resale flats or buy a flat from the private market. There isn’t much option for them.”

Mr Khaw replied: “There’s a wide range of potential house buyers so housing is a very complex problem. I will approach these problems systematically, I have to set priorities. In due course, I will be able to address all the various segments. But I decided to just zero in for the first 12 months on the first-timers and I think we’re delivering some results.”

- CNA/fa

Source : Channel NewsAsia – MediaCorp Pte Ltd Copyright

S’pore govt releases 2 residential sites for sale »« HDB housing preferred option in easing rental flat demand

HDB housing preferred option in easing rental flat demand

HDB housing preferred option in easing rental flat demand

Posted: 17 January 2012 2032 hrs

SINGAPORE: Housing residents in an HDB flat within an HDB community, with access to HDB estate facilities is preferred over dormitory-type temporary housing.

The latter may not be suitable for family-based households.

National Development Minister Khaw Boon Wan said this in a written parliamentary reply, in response to Chua Chu Kang GRC MP Zaqy Mohamad.

Mr Zaqy had asked if the government will consider easing the short-term demand for HDB rental housing by providing temporary lodging, similar to those built for foreign worker dormitories until the new rental flats are completed.

Mr Khaw said currently, there are 1,900 applicants on the HDB rental flat waiting list.

The average waiting time has been shortened to five months.

He said as the government ramps up the supply of rental flats, it’ll be able to clear the outstanding demand while meeting demand from new applicants.

Those in the rental queue who urgently need temporary housing can be offered an HDB flat under the Interim Rental Housing Scheme.

- CNA/ck

Source : Channel NewsAsia – MediaCorp Pte Ltd Copyright

HDB studio apartments not suitable for younger singles: Khaw »« Private home sales fall in December

Private home sales fall in December

Private home sales fall in December

By Millet Enriquez | Posted: 16 January 2012 1259 hrs

SINGAPORE: Sales of new private homes in Singapore fell 63 per cent in December to 632 units, according to data released by the Urban Redevelopment Authority (URA).

That’s significantly lower than the 1,702 private homes sold in November.

Analysts said that’s the steepest monthly decline since 2009, when the government scrapped the Interest Absorption Scheme (IAS).

And sales volume could dip further as buyer’s sentiment remain cautious.

Units at The Palette in Pasir Ris were among the top sellers in December.

Amidst the lull of the holiday period and the latest round of property cooling measure, the project managed to book 61 units.

Analysts said private homes in suburban areas will continue to dominate sales volume in the coming months.

In 2011, a total of 11,272 units were launched in the area, with 10,404 units sold. They accounted for over 60 per cent of launches and sales volume last year, said Colliers International.

Donald Han, vice-chairman, Cushman & Wakefield, said: “We expect more launches particularly in outside the central region. Why? Because the government has a slew of Government Land Sales Programme over the last 18 months and majority of these Government land Sales Programme has to be translated into to new project launches by developers.”

All in, some 489 units were sold in the outlying areas in December.

In contrast, only 35 units were sold in the prime districts.

Meanwhile, a total of 108 units were sold in the city fringes.

As expected, the introduction of the Additional Buyer’s Stamp Duty (ABSD) has put off many buyers in the high-end home segment, particularly foreigners.

Colin Tan, head of Research and Consultancy, Chesterton Suntec International, said: “The sales are quite dismal and I think it’s reflective of the kind of shock that the market received. And I think given the current numbers, I think the weak sales volume will persist.”

Experts said sales volume could drop further to around 600 to 1,000 units in the next two months as buyers take a wait-and-see approach.

For 2012, analysts said demand for new homes could fall by 20 per cent while prices could drop 10 to 15 per cent.

Ku Swee Yong, CEO, International Property Advisor, said: “Developers could do several things. Other than incentives and discounts, developers could also increase the quality and specifications of the products they are building in order to maintain the prices.”

Prices will likely remain flat for the next few months. But as sales volumes drop, analysts said developers may consider cutting prices. And by March, developers could start competing for buyers.

Han said: “When the dust settles, I think the market activity will come back again in terms of property activity mainly because of the low interest rate environment that we have.

Overall, there were 16,027 private homes sold in 2011 – a slight dip from the 16,292 units sold in 2010.

- CNA/cc/ck

Source : Channel NewsAsia – MediaCorp Pte Ltd Copyright

HDB housing preferred option in easing rental flat demand »« Priority is to help S’poreans own first flat: Khaw

Priority is to help S’poreans own first flat: Khaw

Priority is to help S’poreans own first flat: Khaw

Posted: 16 January 2012 1448 hrs

SINGAPORE: National Development Minister Khaw Boon Wan has said imposing an income ceiling for resale flats will deprive flat owners of the full market value of their flats.

He was answering a question in Parliament on Monday on whether the ministry would consider limiting the sale of 3-room or smaller flats to lower income Singaporeans.

Chua Chu Kang GRC MP Zaqy Mohamad noted that the Cash-Over-Valuation (COV) for 3-room flats is much higher than that for 4- and 5-room flats in recent years.

He added that the huge COV is a barrier for those who need to downgrade from a bigger flat.

Mr Khaw said: “Our priority is to help Singaporean families own their first flat. But here, the member is obviously talking about second-timers, somebody who has bought it and then sold the flat for whatever reason, and then try to come back, and face difficulties.

“The data do not quite suggest so because I’ve been looking at the median income of BTO flat applicants, the latest batch. For 3-roomers, it’s about S$2,500 per month.

“But for resale flat, again the latest data, the median income is S$3,000, so which is not significantly different from the BTO applicants…

“I think our advice to our constituents is we will help you, we’ll help practically every Singaporean family to own their first flat, and buy within your budget and then please keep it.

“If you want to upgrade, that is a good development, but make sure, do your sums and then you should not have a problem doing so.”

- CNA/al

Source : Channel NewsAsia – MediaCorp Pte Ltd Copyright

Private home sales fall in December »« HDB pumps in S$11m to help 3,300 shops

HDB pumps in S$11m to help 3,300 shops

HDB pumps in S$11m to help 3,300 shops

Posted: 13 January 2012 1133 hrs

SINGAPORE: The Housing and Development Board (HDB) will set aside another S$11 million to help 3,300 shops in 35 sites enhance their business vibrancy and competitiveness.

This is as part of its fourth batch of the Revitalisation of Shops (ROS) scheme.

HDB will also extend its co-funding portion for promotional events from the current three years to six years, in response to requests from the Merchant Associations (MAs).

The Revitalisation of Shops (ROS) scheme is part of the Government’s ongoing measures to help HDB retailers.

Piloted in November 2007, it has three components: co-funding for upgrading of common area, co-funding for promotional events and rent-free periods for tenants to renovate their shops.

The MAs may choose to take up all, or a combination of the measures.

For this fourth batch, HDB has selected a total of 35 sites for ROS co-funding: four sites for upgrading of common area and promotional events, and 31 sites for promotional events.

- CNA/fa

Source : Channel NewsAsia – MediaCorp Pte Ltd Copyright

Priority is to help S’poreans own first flat: Khaw »« HDB resale prices moderate in Q4

Strong response for EC at Choa Chu Kang

Strong response for EC at Choa Chu Kang

By Hetty Musfirah | Posted: 11 January 2012 1946 hrs

SINGAPORE: There’s been a strong take-up rate for the latest executive condominium (EC) project at Choa Chu Kang.

Some 150 units of The Rainforest were sold on the first day of booking.

The latest 466-unit development offer units priced from S$601,000 to S$1.01 million.

The Rainforest also saw strong demand from second-time buyers.

Only five per cent of the project is allocated to second-time buyers and all these units were taken up on Wednesday, said the developers City Developments Limited and TID Pte Ltd – a joint venture between Hong Leong Group and Mitsui Fudosan.

- CNA/ck

Source : Channel NewsAsia – MediaCorp Pte Ltd Copyright

Liang Seah shophouses for sale »« Five BTO projects launched, offering 3,923 flats

Five BTO projects launched, offering 3,923 flats

Five BTO projects launched, offering 3,923 flats

By Qiuyi Tan | Posted: 11 January 2012 1044 hrs

SINGAPORE: The Housing and Development Board (HDB) launched five Build-To-Order (BTO) projects on Wednesday.

The BTO launch, the first this year, offers 3,923 new flats in Choa Chu Kang, Punggol, Sengkang and Tampines.

And a further 4,110 new flats will be offered for sale in the next BTO launch in March, in Bedok, Bukit Batok, Bukit Panjang, Bukit Timah, Clementi, Geylang and Toa Payoh.

In total, HDB plans to offer 25,000 BTO units for the entire year.

HDB says at least 95 per cent of the flat supply (excluding Studio Apartments) will be set aside for first-timer households. Eligible first-timer households can also enjoy various housing grants to help them own a new BTO flat.

The projects launched on Wednesday are Fernvale Lea in Sengkang, Sunshine Gardens in Choa Chu Kang, Tampines Alcoves and Tampines GreenTerrace in Tampines, and Waterway Sunbeam in Punggol.

The selling prices for units at Fernvale Lea range from S$83,000 for a 2-room unit to S$283,000 for a 5-room unit.

For Sunshine Gardens, the price range is from S$77,000 for Studio Apartments to S$295,000 for a 5-room unit.

For units at Tampines Alcoves and Tampines GreenTerrace, the price range is from S$86,000 for Studio Apartments to S$292,000 for a 4-room unit.

And at Waterway Sunbeam, the price range is from S$152,000 for a 3-room unit to S$340,000 for a 5-room unit.

All these prices exclude grants.

Analysts expect strong demand for the Tampines projects, but the other projects are not likely to see 100 per cent take-up rate.

Mr Lim Yong Hock, senior vice president at PropNex Realty, said: “We can see the take-up rate has moderated over the last one year, from subscription of more than five times. Now, we have moderated down to one-over times.

“I believe today’s launch will probably see further moderation of the take-up rates. But of course, in a good location, the take-up rate will still be very strong, like Tampines (Alcoves). It’s a hot location and it’s also near a future MRT station, Tampines West.”

Mr Lim said applicants are being more selective as more BTO projects, some of them in mature estates, are in the pipeline.

He added: “Of course, everybody hopes to apply for a good location. So some of them may even wait for the March launch before they even put in their applications.”

The vast majority of new flats are reserved for first-time applicants, and only five per cent go to second-timers.

If take-up rates continue to moderate, analysts expect the government to start allocating more flats for second-timers as early as the first half of the year.

Minister for National Development Khaw Boon Wan had said in his blog last year that second-timers can expect more BTO flats to be reserved for them, starting 2012.

More information is available on HDB InfoWEB.

- CNA/fa/ck

Source : Channel NewsAsia – MediaCorp Pte Ltd Copyright

Strong response for EC at Choa Chu Kang »« Two freehold residential sites up for grabs

Two freehold residential sites up for grabs

Two freehold residential sites up for grabs

By Pamela Koh | Posted: 09 January 2012 2151 hrs

SINGAPORE: Two freehold redevelopment sites – Asia Gardens and Jade Towers – have been put up for collective sale by tender.

The two sites are located in districts 2 and 19 respectively.

The collective sale of Asia Gardens has an indicative price of between S$302.6 million to S$307.7 million, or about S$1,500 to S$1,525 per square foot (psf) per plot ratio (ppr).

No development charge is payable for this site.

Meanwhile, Jade Towers is expected to fetch between S$108.8 million to S$110.8 million, or S$826 to S$841 psf ppr.

Asia Gardens, an 84-unit condominium development, is the last available freehold residential plot in the Spottiswoode enclave of district 2.

Located along Lew Lian Vale, off Upper Serangoon Road in District 19, Jade Towers comprises two 10-storey blocks with a total of 72 apartments of about 1,453 sq ft each.

According to its marketing agent Savills Singapore, the site can be redeveloped into 101 new condominium units averaging 1,200 sq ft each if the plot utilises a near rectangular configuration.

This is also the first time that both developments have achieved the relevant 80 per cent majority mandate to proceed with the collective sales exercise.

The tender for Jade Towers and Asia Garden will close at 3pm on 16 February 2012 and 29 February 2012 respectively.

- CNA/ck

Source : Channel NewsAsia – MediaCorp Pte Ltd Copyright

Five BTO projects launched, offering 3,923 flats »« Industrial rent dips on slower growth

Industrial rent dips on slower growth

Industrial rent dips on slower growth

By Pamela Koh | Posted: 09 January 2012 2058 hrs

SINGAPORE: Rents for business park space and offices have stagnated over the last six months.

This is according to research by DTZ which is part of commercial property giant UGL Limited.

Rent for business park space has remained unchanged at S$4.38 per square foot per month in the second half of 2011.

This is a contrast to the robust 6.6 per cent growth registered in the first half.

Likewise, average rent for hi-tech industrial space rose 6 per cent in the first half of 2011 but remained unchanged at S$3.00 per sq ft/month for the rest of the year.

Average rent for first storey conventional private industrial space also stalled in the second half of last year after rising 4.9 per cent in the first half to S$2.15 per sq ft per month.

The growth in rental values for these units also slowed down to 4.9 per cent last year compared to 5.1 per cent in 2010.

DTZ said this is due to the slow down in Singapore’s economy and a decline in manufacturing output last year.

Singapore’s economic growth has slowed to an estimated 4.8 per cent after the exuberant 14.5 per cent growth in 2010.

Manufacturing output fell in 2011, marred by regional supply-side disruptions from natural disasters in Japan and Thailand. Declining global demand as the Euro zone debt crisis deepens has also contributing factors.

Still, there is still a silver lining.

Capital values for industrial space have continued to rise in the second half of 2011 buoyed by investor demand.

Transactions of strata factory space rose more than 10 per cent to 1,733 in 2011, up from 1,562 transactions for the year prior.

For the whole of 2011, capital values for private industrial first storey resale spaces rose 5.7 per cent while that for upper-storey resale spaces grew by 10.8 per cent.

- CNA/ck

Source : Channel NewsAsia – MediaCorp Pte Ltd Copyright

Two freehold residential sites up for grabs »« Demand for luxury homes still upbeat despite economic uncertainty