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Subscribe to this list via RSS Blog posts tagged in hdb

Posted by on in New Launches

Rochor-Centre.original.jpg

Most of the residents at Rochor Centre have relocated, while the few remaining ones have until the end of this week to move out, according to the Housing and Development Board (HDB) in a report by TODAYonline.

The iconic estate, known for its multi-coloured residential blocks, will be demolished to make way for the 21.5km long North-South Corridor, an expressway which will link the city centre with towns in northern Singapore.

On Thursday (29 December), the HDB said nearly all the 567 households there have obtained the keys to their replacement flats, with 504 families opting to resettle at Kallang Trivista in Upper Boon Keng Road.

Although most of the residents have returned the keys to their flats in Rochor Centre, some have asked the authorities to extend the deadline, as they are not able to vacate their premises by year-end.

Among them is housewife Shanel Yep, 38, who intends to relocate to a flat in Bendeemer before the Chinese New Year.

“We have considered their individual circumstances and will continue to work with them to vacate the units as soon as possible. For security reasons, we have advised the remaining residents to move out soon,” said an HDB spokesman.

Once all residents have moved out, the property will be handed over to the Land Transport Authority (LTA).

 

Credits: Propertyguru

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The Pinnacle@Duxton in Tanjong Pagar has recorded three transactions of above $1 million so far this year for its 5-room flats, similar to the four deals seen in the first three months of 2015.

The development has regularly made headlines in recent months. For example, a unit was sold for $1.08 million ($945 psf) in November 2015, the most expensive sale ever for a 5-room flat in Singapore. In January this year, a unit changed hands for approximately $1.07 million.

According to Eugene Lim, Key Executive Officer of ERA Realty, which helped to broker both deals, these flats commanded sky-high prices due to their unblocked, panoramic views of the city, and the Pinnacle’s status as a landmark project.

Aside from its proximity to MRT stations, another key selling point is the scarcity of such units. “Not everyone at the Pinnacle wants to sell. Those who have decided to sell are leveraging to get the maximum premium for their units,” Lim said.

Based on statistics from ERA, the two said transactions were three percent higher than the average transacted price of $977,846 for a 5-room flat at the project. But compared to older flats in the area, such as those at Smith Street and Tanjong Pagar Plaza, this translates to a premium of 25 percent to 46 percent.

The current resale prices are also a far cry from the original selling price range of between $345,100 and $439,000 for the 5-roomers during the project’s launch in 2004.

Nevertheless, Lim noted that these record flat prices are unique to the Pinnacle. “They do not represent the majority of resale HDB transactions, which are trading at around valuation in the current market environment.”

It’s also unlikely that prices of 5-room flats there will rise significantly higher or reach the $2 million mark, as home buyers could easily purchase a private apartment within the area for the same price, he said.

Looking ahead, prices of HDB resale flats are expected to remain stable, while transaction volume is expected to pick up as the reduced focus on cash-over-valuation (COV) premiums would attract buyers in immediate need of housing, or those who do not qualify for Build-To-Order (BTO) flats, added Lim.

Credits: Propertyguru

Tagged in: BTO ERA hdb
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Posted by on in New Launches

The tender for an executive condominium (EC) site at Yio Chu Kang Road closed on Thursday (18 Feb), after attracting 10 bids, according to the Housing and Development Board (HDB).

Launched for sale on 29 December 2015 under the confirmed list of the second half 2015 Government Land Sales (GLS) Programme, the approximately 198,302 sq ft site has a maximum gross floor area (GFA) of about 555,267 sq ft.

Property developer Hoi Hup Realty submitted the top bid of $183.8 million, which translates to about $331 psf on the GFA. Offered on a 99-year lease, the site is expected to yield around 520 EC units.

Desmond Sim, CBRE Research Head, Singapore and South East Asia, said: “It has been some time since an EC plot has been put up for sale in the Hougang and Yio Chu Kang area in the north-eastern part of Singapore. The site is located in a mature residential estate and is relatively close to the city. These attributes probably account for the high rate of participation and the competitive bids garnered for the plot.

“Its close proximity to Rosyth School gives developers further confidence that demand might stem from young couples planning to enrol their children in the school. These factors will contribute to the selling points of the future project.”

Other nearby amenities include the Hougang 1 shopping mall, Hougang Sports Centre and Nanyang Polytechnic. The area is served by the Hougang, Buangkok and Kovan MRT stations.

The HDB said a decision on the award of the tender will be announced at a later date after the bids have been evaluated.

Credits: Propertyguru

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Posted by on in New Launches

A five-room flat at City View @ Boon Keng has been resold for $855,000, making it the first unit to be sold at the Design, Build and Sell Scheme (DBSS) project, reported My Paper, citing Housing Board records.

Situated on the 24th floor, the 109 sqm flat was sold a few months before homeowners at the project are allowed to sell their units.

The HDB had given the owners, a young couple with two children, special approval to sell the unit even before the five-year minimum occupation period (MOP) for the project ends in April.

They purchased the unit for $627,000 back in 2008 during the launch of the project.

Prices for the three- to five-room units ranged between $349,000 and $727,000, prompting concerns that the units were overpriced by public housing standards.

The average price of $520 psf was wedged between those of 99-year leasehold private condos and resale HDB flats within the area.

However, property experts believe that investment into the project will pay off.

Commenting on the said transaction, Chris Koh, Director of property consultancy Chris International, said: “Despite having paid a premium, the fact that they can walk away with a profit of one-third the launch price in today’s sluggish resale market is not bad.”

The sellers revealed that they had initially asked for $950,000 for the unit.

“We realised it was unrealistic, especially given the current market,” shared the 34-year old wife, who declined to be named. “But we still think we made a reasonable profit.”

Comprising three 40-storey blocks of 714 flats, City View @ Boon Keng is close to Kallang Community Club and the Boon Keng and Bendemeer MRT stations.

And with more units expected to enter the market soon, PropNex agent James Lim expects resale prices for the project to breach the million-dollar mark, much like at Pinnacle@Duxton, partly due to its city-fringe location.

“There are a lot of low-lying buildings around the area, especially on the side facing Lavender and Jalan Besar, so the view is unblocked.”

Credits: Propertyguru

Tagged in: 2008 dbss hdb
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National Development Minister Lawrence Wong revealed that around nine in 10 first-timer families and seven in 10 second-timer families had successfully applied for Build-To-Order (BTO) flats in non-mature estates from 2013 to 2015, reportedChannel NewsAsia.

Responding to a parliamentary query from MP Alex Yam, Wong said that most flat applicants who were unsuccessful in their multiple applications had applied for flats that are in high demand but are limited in supply, like those located in mature estates and balance flats.

He stated that the Housing Board had tapered the BTO supply to 15,100 flats in 2015 from 22,400 in 2014 after the demand-supply balance was restored.

In 2016, the HDB is looking to release around 18,000 BTO units in order to meet the new demand arising from recent policy changes such as the enhanced Special CPF Housing Grant and higher income ceilings, the Minister said.

“We will continue to monitor the market closely and adjust the supply when necessary, in line with our broader plan to keep supply at a sustainable level over the long-term,” added Wong.

Credits: Propertyguru

Tagged in: BTO BTO Buyers hdb
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Posted by on in New Launches

New HDB flats have remained affordable over the past few years, said the Housing and Development Board (HDB) and reported Channel NewsAsia.

In fact, first-time home buyers used an average of less than 25 percent of their monthly income to pay for their housing loans in 2014, which is below the international benchmarks of 30 to 35 percent.

Moreover, around 80 percent of first-timers used their CPF savings to service their monthly instalments, with no cash outlay required.

As of November 2015, HDB has offered $1.6 billion in Additional CPF Housing Grants (AHG) since 2006 to almost 83,000 households, and $297.61 million in Special CPF Housing Grants (SHG) to nearly 20,000 households since 2011.

In an update, HDB revealed that eligible first-timers now enjoy up to $80,000 in housing grants – comprising up to $40,000 in SHG and up to $40,000 in AHG.

Enhancements to the SHG unveiled at the National Day Rally last year took effect from the Build-To-Order (BTO) and Sale of Balance Flats exercises held in November. This saw the SHG being extended to around 6,500 households earning up to $8,500 – an increase from the previous ceiling of $6,500 – to purchase new flats in non-mature estates.

HDB noted that all eligible families received a higher SHG amount that reached up to $20,000 and above in some cases. The income ceiling for singles and the maximum SHG amount received by them were half of that of households.

Meanwhile, those who benefitted from the AHG rose above 13,000 in 2011 and peaked in 2012 at 13,325. It then dwindled to 8,098 between January and November 2015.

“For 2011, HDB had launched the largest number of BTOs – up to 28,000 units. And in 2012, they launched about 25,000 units. With the large number of BTO launches and with the pent-up demand, obviously there are more people who will be applying and obviously the number of people applying for the grant would be highest,” explained PropNex Key Executive Officer Lim Yong Hock.

The easing of demand over the years, particularly during the past two years, resulted in fewer applicants for the grant and BTO flats, he added.

Credits: Propertyguru

Tagged in: 2016 BTO hdb
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Posted by on in New Launches

The Housing and Development Board (HDB) will explore the use of smart planning tools in existing as well as upcoming towns and estates, reported Channel NewsAsia.

It has already used modelling tools to visualise shade, wind flow and heat to plan and design building forms and precincts in Punggol town, Singapore’s first eco-precinct.

Under the Smart HDB Town Framework, the Housing Board uses two types of smart planning tools to improve the planning and design of HDB towns.

The Urban Environmental Modelling (UEM), for instance, simulates environmental conditions like wind flow and solar irradiance, or the amount of energy generated by the sun per unit area.

HDB revealed that this was used at the Treelodge @ Punggol project (pictured), where simulations enabled town planners to design blocks to maximise wind flow as well as identify areas that will receive large amounts of heat from the sun so that they can introduce more greenery to reduce heat build-up.

The modelling tool also highlights shaded areas, allowing planners to site community facilities such as childcare centres and playgrounds in places that get more shade.

The Complex Systems Modelling (CSM), on the other hand, is a decision-making tool which simulates the impact of green initiatives.

This enables architects, engineers and town planners to more accurately assess the trade-offs in introducing new sustainable features in towns and choose the most effective combination of solutions.

Planners for the Yuhua precinct in Jurong used the CSM to weigh the energy savings of smart lighting, which adjusts the lighting’s intensity based on footfall, against the higher costs of installing it compared to using LED lights for corridors. It was also used by HDB in the urban planning for Punggol Northshore.

HDB said it plans to use the tool in existing towns in order to assess the feasibility of introducing the HDB Greenprint programme.

It added that it will progressively leverage the said modelling tools to complement town planning efforts to deliver well-designed homes in self-sufficient, green and sustainable towns.

Credits: Propertyguru

Tagged in: hdb hdb development
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With the residential market stabilising, analysts believe that this could be an opportune time to tweak the property cooling measures.

Private resale home prices have fallen by around eight percent, while HDB resale prices have dropped by about 10 percent from their 2013 highs, reported Channel NewsAsia.

In fact, one analyst feels that a slowing economy could offer the best environment to ease some of the curbs without fear of market spikes.

“If the Government’s main concern or restrictions against removing or lessening some of the cooling measures are fears that once the measures are reduced, prices will again rebound and grow quite rapidly, then perhaps the best environment for the Government to ease off on some of the cooling measures is when the economy is in the slow state of growth or even maybe in a recession,” noted Nicholas Mak, Executive Director of Research and Consultancy at SLP International.

“In such a situation, housing demand will naturally be weaker if the Government were to remove any of the cooling measures in such an environment, then the chances of prices growing strongly are minimised,” he added.

Although potential home buyers are concerned about the normalisation of interest rates, one observer believes that the market has already factored this in.

“The only kind of risk is maybe interest rates increasing in the coming year. However the market would have already factored that in, because loan approvals are based on a 3.5 percent interest rate calculation, whereas current housing rates are at two percent, or if even there was any increase, it would possibly be quite less than 2.5 percent in total,” said ERA Realty Key Executive Officer Eugene Lim.

“So you’d still be paying less than what your approval was based on. There’s still quite some buffer. There is no danger of people being priced out of the market because of interest rate increase.”

Looking ahead, another consultant expects 2016 to pick up where the market has left off this year, with transaction volumes continuing to improve as “50-50” buyers could come back into the market.

“In 2016, we’ll see buyers starting to come back into the market because in the new sale market, prices will remain pretty firm. And it has been remaining pretty firm for areas like the RCR (Rest of Central Region) and OCR (Outside Central Region), the mid-tier and mass market for new sales, because land costs have not really fallen that much. In fact it’s gone up for some recent tenders,” said Alan Cheong, Research Head at Savills.

 

“It’s only in the resale market that transaction volumes may start to pick up (as) the number of buyers who’ve been sitting on the sidelines start to see value emerge in the resale market.”

Credits: Propertyguru

Tagged in: 2013 hdb HDB Resale
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