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BTO flats, ECs now for the well-off too?

Posted by Singapore Property Launch on 26th June 2015 in Blog

The Vales perspective 10         The Vales location map

 

Image: The Vales EC in Anchorvale Crescent

On Tuesday, National Development Minister Khaw Boon Wan raised the possibility of increasing the income ceiling for applicants of Build-to-Order (BTO) flats and executive condominiums (ECs) for the second time since 2011.

Speaking on MediaCorp’s Chinese-language radio stationCapital 95.8 FM, he said the changes could take effect as early as August or September.

Commenting on the higher income ceiling, Mohamed Ismail, CEO of PropNex Realty said: “It is timely to review the income ceiling as generally Singaporeans’ income have been increasing and in the last two years the subscription rate for BTO flats has been reduced to approximately two times, which was about five times three years ago. This shows that the supply of BTO flats is sufficient to meet Singaporeans’ needs, and by increasing the BTO income ceiling, more Singaporeans can have a chance of owning public housing.”

He suggested that it is only a matter of time before income ceilings will be removed entirely as it is a privilege for all Singaporeans to own a HDB flat.

“Naturally, by increasing the BTO income ceiling, it is also logical to review the income ceiling of potential EC homeowners. With this introduction, the ‘sandwich’ class will rejoice to this impending news as these home buyers have more choices and a better chance of owning a partially subsided housing now. However, we are not expecting a huge rush of home buyers entering the EC market as this segment of homeowners can also consider purchasing private properties,” added Ismail.

The last increase for the BTO income ceiling was four years ago when it was raised from $8,000 to $10,000. Ismail predicts the new limits may increase further by another 20 percent, which works out to $12,000 combined household income for BTO flats. As for the EC income ceiling, it could be lifted to around $14,000 to $15,000 combined household income.

credits: propertyguru

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$483m top bid for Queenstown site

Posted by Singapore Property Launch on 24th June 2015 in Blog

483m top bid for Queenstown site

A residential site at Dundee Road next to Queenstown MRT station attracted nine bids from property developers when its tender closed yesterday, revealed the Housing and Development Board (HDB). Launched for sale on 29 April 2015, the 113,194 sq ft site has a lease of 99-years and could yield 645 housing units.

HY Realty submitted the highest bid of $483.2 million ($871 psf) followed by Allgreen Properties at $445.9 million.

“The top bid reflects the hunger (for) and confidence in this site at Dundee Road, going by its value,” said Desmond Sim, Head of CBRE Research for Singapore & Southeast Asia.

“With a winning margin of eight percent, the bid demonstrates the confidence in the mature estate of Queenstown, with its network of amenities and the MRT being located right next to the site, as well as the stability of the Singapore market.”

A decision on the award of the tender will be made at a later date after the bids have been evaluated.

credits: propertyguru

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Where were buyers searching this week

Posted by Singapore Property Launch on 21st June 2015 in Blog

The Interlace perspective 5

As part of plans to keep our readers better informed of what’s ‘hot’ in the property market, we provide an update of the most searched properties from the PropertyGuru website in the past week, as well as popular buying locations in Singapore.

The soon-to-be launched High Park Residences has emerged as the most searched private condominium. The 99-year leasehold project by developers Chip Eng Seng (CEL), Heeton and KSH is located next to Thanggam LRT station at Fernvale Road and is easily accessible to other parts of Singapore via the Tampines Expressway (TPE), Central Expressway (CTE) and Kallang-Paya Lebar Expressway (KPE).

The recently launched Westwood Residences in Jurong West has retained top spot as the most popular executive condominium (EC) on the portal. Launched in May, the 480-unit EC is selling at a median price of $803 psf. 118 units have so far been sold.

Meanwhile, the top searched HDB estate among prospective buyers is Tampines, the largest residential estate in Singapore, followed by Sengkang and Woodlands.

A full list of the Top 5 searched condos, ECs and HDB estates for sale on PropertyGuru.com.sg appears below.

Happy house hunting!

 

Top 5 condos for sale

1. High Park Residences
2. The Interlace
3. A Treasure Trove
4. Botanique at Bartley
5. Kingsford Waterbay

 

Top 5 ECs for sale

1. Westwood Residences
2. The Vales
3. Bellewoods
4. Bellewaters
5. Sea Horizon

 

Top 5 HDB estates for sale
1. Tampines
2. Sengkang
3. Woodlands
4. Jurong West
5. Hougang

 

credtits: propertyguru

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Existing projects flourish amid limited new supply

Posted by Singapore Property Launch on 20th June 2015 in Blog

The Panorama Condo perspective 2

 

Singapore’s existing residential developments have experienced a resurgence in sales amid the limited number of new launches, according to a report from OrangeTee.

“In the past three months, we have observed improving sales at several existing projects, such as The Panorama and Lakeville, though this could be partly due to seasonal reasons,” said the consultancy. The former was the third top-selling development in May, with 44 units sold at a median price of S$1,232 psf, while the latter was the fourth best-selling development, with 39 units sold at a median price of S$ 1,279 psf.

Looking ahead, OrangeTee believes this trend will continue. “With the continued taper of the GLS programme since 2H 2010, we may see a moderate increase in demand for existing new projects. With fewer projects expected in the launch pipeline, buyers’ choices are narrowed, and some demand might gravitate to existing launches.”

However, the firm believes home prices are unlikely to rebound as the local residential market remains restricted by global economic uncertainties and the government’s series of property cooling measures, especially mortgage curbs.

Nevertheless, as developers offload their existing stock, they should have the wherewithal to maintain prices at their present levels, barring any serious decline in the global economy.

credits: propertyguru

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Revised HDB Lease Buyback proves popular

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

Revised HDB Lease Buyback proves popular

Recent changes to the HDB Lease Buyback Scheme (LBS) which kicked in on 1 April 2015 have been well-received by elderly Singaporeans, revealed National Development Minister Khaw Boon Wan.

In a blog post last Friday, Mr Khaw said 450 households applied for the enhanced LBS. “If all are successful, this will be a 50 percent increase over the 965 households currently participating under LBS,” he stated.

About 214 or half of the new applicants are 4-room flat owners while the other half (236) own 3-room or smaller flats. Around 32 have a monthly income exceeding $3,000, and households with two or more owners make up 50 percent of applicants compared to 33 percent of existing LBS households. This means they will enjoy extra upfront cash due to the lower CPF top-up requirement.

The latest revisions include extending the scheme to 4-room flats, raising the income ceiling from $3,000 to $10,000, offering varying leases, and allowing households with two or more owners to get more upfront cash, noted Mr Khaw.

Launched in 2009, the LBS allows elderly HDB residents to use the tail-end of their flat leases to fund their retirement plan, without leaving their flats.

In addition, the government is reviewing the studio apartment and 2-room flat schemes to address public feedback on the differences between them.

“Both flat types are identical in physical size but offer different terms to suit different clientele. We will see if the schemes can be restructured while continuing to serve our residents’ needs,” explained Mr Khaw.

credits: propertyguru

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Rare home sold for nearly $1m

Posted by Singapore Property Launch on 16th June 2015 in Blog

Rare home sold for nearly 1m

Singapore’s residential resale market witnessed the sale of a rare “landed public home” last week for $958,000, revealed media reports.

Located in Jalan Bahagia in Whampoa, the two-storey, three-room terrace home comes under the HDB as it was built by its predecessor, the Singapore Improvement Trust. There are only 285 such units in Whampoa and Queenstown, with the terrace house among the largest to have changed hands recently.

The acquisition price translates to around $370 psf. In comparison, private landed terrace homes nearby went for over $2,200 psf this year.

“Nowadays, it’s very rare to be able to get any landed house for less than $1.5 million,” said Nicholas Mak, research head at SLP International Property Consultants. However, prices in excess of $1 million were recorded for new freehold and 99-year-leasehold private homes, he said.

The 241 sqm terrace house has under 60 years left on its lease, which started in 1972. Mak noted that buyers of such properties may also have to consider renovation costs, given their age. Nonetheless, HDB terrace homes are much sought after once they enter the market. In March, a 280 sqm terrace house in Jalan Ma’mor, also in Whampoa, was sold for $1.06 million ($350 psf).

The two properties are among five HDB terrace homes to have changed hands this year. An 85 sqm unit was sold for $760,000 in January, a 104 sqm unit went for $875,000 in February, and an 81 sqm unit fetched $708,000 in March.

credits: propertyguru