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HDB receives over 600 requests for extension

Posted by Singapore Property Launch on 11th November 2014 in Blog

645 HDB flat sellers have requested for a temporary extension of stay in their old flats as at end October, reported the media.

On 22 July, HDB relaxed the rule to help sellers who require more time to renovate their new flats or who are still waiting for funds from the sale of their current units.

The new practice requires both the flat seller and buyer to agree to the temporary extension, which can go by up to three months.

The request for extension must be submitted to the HDB together with the resale application. During such time, the seller must have committed to acquire a completed home, whether it’s a private or HDB unit.

Private arrangements, like the duration of extension and monetary compensation, should also be mutually agreed to by the two parties.

Previously, HDB sellers had to leave their units once the sale was completed, with similar arrangements being made under the table.

The HDB estimates around 15 percent of overall resale transactions, or 2,700 households per year, will benefit from the new practice.


credits: propertyguru


Unveiled: first government land sales under new BCA rules

Posted by Singapore Property Launch on 8th November 2014 in Blog, Property

Unveiled: first government land sales under new BCA rules

WITH new rules to raise productivity in the construction sector kicking in on Nov 1, the first government land sale (GLS) site to come under the new requirements is an Upper Serangoon Road plot. Two other GLS sites – at Yishun Avenue 4 and Jurong West Street 41 – are also selected for prefabricated pre-finished volumetric construction (PPVC), on top of meeting the new requirements.

The Building and Construction Authority (BCA) said it works closely with other agencies to select suitable GLS sites for PPVC, which involves assembling whole rooms orapartment units that are manufactured off-site. Selection factors would include the number of residential units for economies of scale, the surrounding road access and traffic volume, it said.

From Nov 1, projects built on GLS sites have to meet higher building design and constructability standards. Developers who bid for GLS sites will also have to meet a certain level of prefabrication, such as using drywall as internal partitions in residential sites.

For selected sites, developers have to adopt productive technologies, including PPVC for hotels and residential projects, and cross-laminated timber for low and medium-rise buildings. Residential sites are required to use prefabricated bathroom units, while industrial sites need to meet a minimum level of prefabrication.

To give prospective tenderers of the 99-year leasehold site at Upper Serangoon Road more time to factor the new requirements into their bids, the URA said on Thursday that it is extending the tender closing date to Nov 27 from Nov 13. The roughly 10,000-square-metre plot is expected to yield 340 homes, with commercial units on the first floor.

Property consultants were earlier expecting about 10 bidders for the site, with a winning bid of between S$650 and S$750 per square foot per plot ratio (psf ppr), based on previous reports. The implementation of the new requirements, however, is widely expected to translate into higher costs in the short term.

R’ST Research director Ong Kah Seng now expects the top bid to be S$600-650 psf ppr, down from his earlier forecast of S$620-650 psf ppr, as he believes developers will factor in rising construction costs and higher development risks. He reckons that those developers who are also contractors would have more confidence in estimating construction costs.

SLP International executive director Nicholas Mak noted that the increase in the demand for prefabricated parts could mean higher costs for his company since the number of pre-fabrication factoriesis limited in the short term.

“As a result, the increase in construction cost can either lead to a fall in GLS land tender prices or an increase in future property prices. Land tender prices are unlikely to fall if the GLS land sites are considered attractive by developers.”


credits: stproperty


District 11 detached house up for auction

Posted by Singapore Property Launch on 6th November 2014 in Blog
District 11 detached house up for auction

image: colliers international

A corner single-storey detached house along 18 Dalkeith Road(pictured) in District 11 has been put up for auction as an estate sale, Colliers International announced today.

The freehold property comprises an attic, four bedrooms and a lush garden. It sits on an elevated rectangular-shaped site of approximately 9,980 sq ft and has double road frontages.

Under the 2014 Master Plan, the site is zoned for “two-storey bungalows” use.

Located off Dunearn Road, the house is near Botanic Gardens MRT station, as well as the future Stevens MRT station, and is accessible via Pan Island and Central Expressways. Adam Food Centre, Coronation Shopping Plaza, and Sixth Avenue Centre are nearby, and schools in the vicinity include Singapore Chinese Girls’ School, Anglo-Chinese School (Barker Road), and St Joseph Institution.

The indicative price for the house is between $19 to 21 million.

Deputy Managing Director of Colliers International Grace Ng says, “To be sold with vacant possession, the property is ideal for developers or owner-occupiers. Alternatively, the successful buyer can consider sub-dividing the land to build two bungalows averaging at 4,990 sq ft each – to accommodate large extended families to stay next to each other.”

There are only around 10,660 detached houses across Singapore, according to Ng.

The auction is slated for 21 November.

credits: propertyguru


4,000 two-room BTO flats to be launched next year

Posted by Singapore Property Launch on 6th November 2014 in Blog
4,000 two-room BTO flats to be launched next year

image: HDB

Next year’s Build-To-Order (BTO) exercises will include about 4,000 two-room flats to cater to demand from singles and low-income families, Minister of National Development Khaw Boon Wan said in a written response to a query in yesterday’s parliamentary session.

The government intends to launch four BTO exercises in 2015, for a total of 16,900 new flats.

To augment the supply of new flats, HDB will conduct Sale of Balance Flat (SBF) exercises, adding several thousand units of unsold balance flats to the market.

“As the number of new Singaporean family formations is estimated at about 15,000 each year, we are confident that the proposed supply should be adequate. Moreover, as resale prices continue to moderate, we can expect more buyers to return to the resale market rather than await the building of BTO flats,” Mr Khaw said.

He added the government cannot leave completed HDB flats empty to wait for a surge in demand as buffer stock is not cost-free.

“What we can do is to try to project and build ahead of demand as closely as it is possible. At this point, our focus is on ensuring a smooth transition from the ramp-up to a more sustainable phase, as the supply and demand for BTO flats achieve a better balance,” Mr Khaw said.

Yesterday, the government shared HDB resale flats cost around 31 per cent more than BTO flats in the suburbs.

credits: propertyguru


The Seletar Mall opening on November 28

Posted by Singapore Property Launch on 4th November 2014 in Blog
The Seletar Mall opening on November 28


SINGAPORE’S newest shopping centre, The Seletar Mall, will open its doors to the public on Friday, Nov 28, Singapore Press Holdings (SPH) said yesterday.

The mall, which obtained its Temporary Occupation Permit last Tuesday, was developed by a joint venture between SPH and United Engineers (UE).

SPH has a 70 per cent stake in the joint venture and UE has 30 per cent.

The mall, at 33 Sengkang West Avenue, has already achieved an occupancy rate of 99.6 per cent.

The four-storey complex with two basement retail levels will house more than 130 brands over a net lettable area of 188,000 sq ft. There are about 380 carpark spaces at basements 3, 4 and 5.

The mall at the junction of Sengkang West Avenue and Fernvale Road has a diverse mix of tenants, including supermarket FairPrice Finest, cineplex Shaw Theatres, foodcourt Foodfare, Japanese casual clothing company Uniqlo, women-only fitness centre Amore Fitness & Boutique Spa, and department store BHG. Eateries include Din Tai Fung, Fish & Co, Paradise Inn and Shokudo, while lifestyle and apparel retailers include Challenger Mini, City Chain, Giordano and Popular Bookstore.

The mall also features a wide range of children’s enrichment centres, such as Aspire Hub Education, Han Language Centre and The Ballet and Music Company.

BB Spa, Early Learning Centre, Ergo Factors, Hokey Pokey, Lamkins, Mothercare and Poney round up the retail offerings for parents and children.

The mall will celebrate Christmas with a series of promotions, performances and activities, such as special treats for children, including airbrush tattoos and craft activities.

credits: stproperty


SPH buys 60% of real estate analytics firm for S$30m

Posted by Singapore Property Launch on 3rd November 2014 in Blog

SPH buys 60percent of real estate analytics firm for S$30m

SINGAPORE Press Holdings (SPH) has acquired a 60 per cent stake in privately-held CoSine Holdings, the holding company for StreetSine Technology Group which consists of StreetSine Singapore, StreetSine Hong Kong and digital platforms Singapore Real Estate Exchange (SRX) and Hong Kong Real Estate Exchange (HRX), for S$30 million.

StreetSine Singapore will integrate SRX and STProperty into one digital platform to offer consumers and real estate professionals end-to-end real-time information, property applications and other services for transacting real estate in Singapore.

SPH purchased the stake from Sam Baker and Jeremy Lee, the founders of CoSine Holdings, and several other minority shareholders under an agreement inked on Oct 31.

Mr Baker and Mr Lee will maintain a combined stake of 40 per cent in StreetSine and will continue to run the company as chief executive officer and chief technology officer, respectively.

SPH and CoSine’s founders have also entered into a put and call option agreement, whereby SPH has the right to require the founders to sell their 40 per cent interest in CoSine and the founders have the right to require SPH to purchase the option shares subject to the conditions of the agreement.

“StreetSine has set the standards for providing users with real-time pricing information and easy computation like X-ValueTM, the market’s standard for computer-generated real-time property appraisals,” said Leslie Fong, senior executive vice-president of SPH’s Marketing Division.

“STProperty has all the up-to-date and reliable listings any consumer could possibly want. By combining SRX and STProperty, we offer consumers and real estate professionals a one-stop shop for all the information they will need for all property-related transactions. That’s win-win-win,” he added.

The transaction is not expected to have a material effect on SPH’s net tangible assets or earnings per share for the financial year ending August 2015.

The acquisition was done through SPH’s wholly-owned SPH Interactive.

credits: The Business Times