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Normanton Park up for collective sale

Posted by Singapore Property Launch on 17th October 2015 in Blog

Normanton Park up for collective sale

The 38-year-old Normanton Park condominium (pictured) will go en bloc next Thursday, 22 October, after 80 percent of the owners agreed to the sale, reported The Straits Times.

Comprising 488 units, the 99-year leasehold development at 1 Normanton Park near Kent Ridge MRT station was completed in 1977. Unit sizes range from 1,270 sq ft to 1,550 sq ft.

The reserve price of the property is around $840 million, or $605 psf per plot ratio, revealed marketing agent Mount Everest Properties. Each owner is expected to make an average of about $1.6 million to $1.7 million from the sale.

The news article added that this is the largest en bloc deal in the country since 2007.

Zoned for residential use, the 660,000 sq ft site has a plot ratio of 2.1 under the URA Master Plan 2014.

Located close to the National University Hospital (NUH) and Alexandra hospital, the new development could generate 1,388 housing units and also incorporate medical facilities.

The tender for the collective sale will close on 19 January.

credits: propertyguru

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Hong Kong home prices hit record high in August

Posted by Singapore Property Launch on 11th October 2015 in Blog

Hong Kong home prices hit record high in August

Hong Kong saw home prices increase for the fifth consecutive month to reach a record high in August, overcoming concerns that an expected interest rate hike in the US may soften demand in one of the most expensive property markets in the world, reported Reuters.

According to official data, private home prices in Hong Kong climbed 1.1 percentage points month-on-month in August to 305 points. This figure is 16.8 percent higher than the previous year, and a fifth straight monthly gain. However, it was the smallest gain recorded in five months.

Hong Kong Financial Secretary John Tsang had earlier warned of a correction in the red-hot property market due to an expected increase in housing supply in the fourth quarter, and the possible interest rate hike by the US Federal Reserve.

Notably, home prices in Hong Kong have soared by more than 170 percent since 2008, due to a supply shortage and low interest rates, effectively nullifying a series of cooling measures introduced by the government, which include a 15 percent tax on foreign buyers.

credits: propertyguru

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HDB to build 4 new neighbourhood centres in Hougang, Punggol and Sembawang

Posted by Singapore Property Launch on 6th October 2015 in Blog

HDB to build 4 new neighbourhood centres in Hougang, Punggol and Sembawang

The Housing Board plans to build four new neighbourhood centres in Hougang, Punggol and Sembawang over the next three years, reported TODAY online.

Designed based on public feedback, the new neighbourhood centres will have lush terraces, waterfront features, green systems such as rainwater harvesting and public transport connections.

All four centres will feature a sheltered community plaza where residents can gather and mingle during community events or daily activities.

“We want to plan towns that are well designed, sustainable as well as community-centric…HDB is not just a developer and master planner, we also play a social role,” said Fong Chun Wah, HDB’s Group Director (Development and Procurement).

To serve around 5,000 to 6,000 households, they will be one-stop centres where residents can find a vast array of amenities such as food courts, supermarkets and other retail and dining options. All four will be designed to link to transport nodes such as an existing or upcoming MRT or LRT station, or a bus stop.

Oasis Terraces, for instance, will be located next to Oasis LRT station at Punggol Waterway. Designed to resemble a landscaped hill, it will feature cascading gardens as well as scenic views of the waterfront. It will also be home to the Punggol Polyclinic, which is set to become one of Singapore’s biggest polyclinics.

In view of Punggol Northshore’s goal of becoming Singapore’s first “Smart and Sustainable District”, the centre at Northshore Plaza will be a testbed for technologies such as smart fans, lighting, as well as an electronic carpark monitoring system.

Over at Sembawang, the three-storey Canberra Plaza will have an elevated link bridge connecting directly to the future Canberra MRT station. It will also have 11,000 sqm of floor space for a water playground for children, event plaza, restaurants, food courts and enrichment centres.

Meanwhile, Buangkok Square in Hougang will feature a sheltered community plaza that is integrated with a neighbourhood park where residents can stroll around rain gardens and enjoy facilities such as fitness stations and playgrounds.

The four new neighbourhood centres are the first to be built by HDB in over a decade. The last ones were Punggol Plaza and Pioneer Mall, which were completed in 2004. The agency explained that it had stopped doing so in order to “increase private sector participation in the provision of commercial facilities in HDB Towns”.

However, it noted that private developers usually build neighbourhood centres if they see that the population is large enough to support their business operations, creating inconvenience to residents.

As such, HDB decided to take back the role of building the neighbourhood centres to meet the needs of residents.

Image: Artist’s impression of Oasis Terraces. Source: HDB

credits: propertyguru

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Prime site near Serangoon MRT for sale

Posted by Singapore Property Launch on 4th October 2015 in Blog

Prime site near Serangoon MRT for sale

A 99-year leasehold residential site at Lorong Liew Lian in Upper Serangoon was launched for public tender on Thursday, after it was made available for sale on the reserve list of the Government Land Sales (GLS) Programme for the second half of 2015, said the Urban Redevelopment Authority (URA).

On 22 September, URA announced that it had received an application from a developer for the site to be triggered for sale. The developer committed a minimum bid of $250 million in the tender.

The 150,711 sq ft site will have a maximum permissible gross floor area of 452,138 sq ft, and is expected to yield about 465 housing units.

Located within an established residential estate, the site is close to Serangoon MRT station, NEX shopping mall and reputable schools such as Maris Stella High and Nanyang Junior College.

The tender for the land parcel will close on 5 November 2015. Any tender below the minimum bid price of $250 million will not be considered, said URA.

credits: propertyguru

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800,000 households to receive utility rebates

Posted by Singapore Property Launch on 3rd October 2015 in Blog

800,000 households to receive utility rebates

More than 800,000 Singaporean HDB households will receive GST Voucher – U-Save rebates this month, revealed the Ministry of Finance.

Eligible households will receive a GST Voucher – U-Save of up to $65, depending on their flat type.

Those living in 1- to 2-room flats will be able to offset about three to four months of utilities bills on average, while 3- to 4-room households can offset about one to two months of utilities bills on average.

The rebates are distributed every quarter and form a component of the permanent GST Voucher scheme, designed to help lower- and middle-income Singaporean households with their living expenses.

For more information, the public can call SP Services at 6671 7117, or email spservices@singaporepower.com.sg.

credits: propertyguru

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Yishun EC sells 20% of units

Posted by Singapore Property Launch on 30th September 2015 in Blog
Signature at Yishun view

Potential view from Signature At Yishun

Signature at Yishun, the first executive condominium (EC) launched after the government raised the qualifying income ceiling to $14,000 from $12,000, sold about 20 percent of its units after opening for bookings last Saturday, reported Channel NewsAsia.

“There are buyers whose income is more than $12,000. The percentage I would estimate is 20 percent of our total sales,” said Patrick Lam, CEO of JBE Holdings.

“This year is Singapore’s SG50 celebrations. We wish to assist buyers to achieve their dream home at affordable prices.”

Located at Yishun Street 51, the 525-unit project received 507 e-applications.

Majority of the units sold were three- and four-bedroom units, said the developer, adding that two-bedders were also available.

Prices at the project are around $750 psf, lower than average prices at other ECs which are about $800 psf.

Although the developer described the response as encouraging, one analyst believes that an application rate of under one buyer per unit is a clear indication of a weak market, given the price as well as the fact that the income ceiling has increased by around 16 percent.

“Perhaps the market is weak partly due to the global environment and stock market, the currency situation not being very favourable. But some of the buyers may also be concerned about interest rates that are continuing to rise as well as their employment security.

“Furthermore, in the next few months we can expect a few more EC launches, plus the existing launched but unsold stock of about 4,000 over units. I think that will allow buyers to go around Singapore to look for whatever is the most suitable,” said Century 21 CEO Ku Swee Yong.

Meanwhile, The Criterion, another EC project in Yishun, opened for online applications last Thursday, 24 September.

credits: propertyguru

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