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Keep calm and buy Executive Condominium

GOOD NEWS 

Income Ceiling for purchasing of Executive Condominium has been revised from $12000 to $14000, for more info, read HERE

Look no further, contact me @ 98803768 for a non obligation discussion in getting your dream home now.

Click HERE for more Executive Condominium information. 

Keep calm and buy ECSource – HDB

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Avoid the worst time to sell your HDB

Owners planning to sell their Housing & Development Board (HDB) flats would be wise to study the supply situation and avoid certain peak periods which may weaken their bargaining position. These peak seasons may arise when buyers of executive condominium (EC) dispose their existing HDB flats once they receive keys to their new homes. For instance, more than 6,000 EC units are expected to be completed in 2018, putting the year in the alert zone.

Under HDB rule, upgraders must sell their existing HDB flat within six months from the issuance of the Temporary Occupation Permit (TOP) for the EC. Buyers whose ECs received TOP in 1Q15, for example, would have to sell their existing HDB flat by 3Q15. Such restriction could result in a surge of HDB resale flats entering the market in certain seasons, tipping the market in favour of buyers and putting sellers in a disadvantaged position.

Surveys on certain EC projects showed that such upgraders may account for more than half of new EC buyers. An anticipated 8,800 HDB resale flats therefore could enter the market from now until 4Q19, based on half the 18,083 EC units receiving TOP between 4Q14 and 4Q19. The bulk of these or 3,400 resale flats will come on-stream in 2018, followed by 1,800 units in 2016 (see Table 1 and Figure 1). To put things in perspective, they represent 20% and 11% of total HDB resale volume in 2014 respectively.

Table 1: Estimated TOP dates of EC projects and disposal of HDB flats

Estimated TOP dates of EC projects and disposal of HDB flats

Source: Developers, HDB, URA, The Edge Property

Against this backdrop, sellers might consider putting their units on the market this year instead of 2016 to avoid head-on collision with these upgraders. Another incentive in favour of selling this year would be the clipping of Build-To-Order (BTO) supply from 22,455 units in 2014 to 16,900 in 2015. This could potentially draw buyers back to the resale market and reverse the downtrend in prices. According to latest statistics from HDB, prices of resale flats have declined for seven consecutive quarters for a total of 9.2% from 2Q13’s peak to 1Q15.

Figure 1: Projected supply of HDB resale flats disposed by EC buyers

Projected supply of HDB resale flats disposed by EC buyers

Source: HDB, URA, The Edge Property 

Those looking to sell on a longer time horizon might wish to note several window periods where supply from upgraders would be on a low ebb such as the second half of 2017. Barring any changes in market sentiments, it might be prudent for sellers to err on the side of caution and avoid peak periods that might psychologically empower buyers and put pressure on prices.

The year 2018 will see a strong surge in supply from upgraders of ECs that are currently being marketed such as The Amore,Bellewaters, Bellewoods, Lake Life and The Terrace. Eight more EC projects are expected to be launched this year.

Source - THE EDGE, HDB URA
*This article appeared in The Edge Property Pullout of Issue 677 (May 18) of The Edge Singapore.

2 Executive Condominium Housing Development Sites at Yishun

On  27 Mar 2014,  the Housing & Development Board (HDB) and Urban Redevelopment Authority (URA) will be releasing three residential sites for sale in March 2014 under the 1st Half 2014 (1H2014) Government Land Sales (GLS) Programme in order to provide developers and home buyers with more choices for private housing,  Together, these three sites can yield about 1,300 residential units. The two Executive Condominium sites at Yishun Street 51 are launched for sale under the Confirmed List.  I guess the winning developers will leverage of the superior geographical advantage of these 2 plot of lands and oriented most units  to face the Orchid Park Country Club Golf Course and the Lower Seletar Reservoir. Cool. Home owners may admire a panoramic view of Seletar Reservoir and Orchid Country Club’s golf course from the comfort of their own home which is hard to find in Singapore now a days where views are often obstructed by high rise buildings.  So potential buyers , stay tuned.  

View of Ochird Country Club Golf Course

View of Ochird Country Club Golf Course

Below are the details of the sale sites –

Proposed Development Executive Condominium Housing
Location Yishun Street 51 (Parcel A)  (PDF 311KB) Yishun Street 51 (Parcel B)  (PDF 310KB)
Site Area 17,940.20 sq m 18,260.40 sq m
Maximum GFA 
[GPR]
50,232.56 sq m
[2.8]
51,129.12 sq m
[2.8]
Maximum Building Height 56m AMSL 56m AMSL
Estimated Dwelling Units 490 520
Lease Term 99 years 99 years

As of 22/5/2013 12 noon, 6 bids were received for Yishun Street 51 (Parcel A) and 8 bids were received for Yishun Street 51 (Parcel B) . 

The details of the provisional tender results are below:

I) Executive Condominium Housing Site at Yishun Street 51 (Parcel A)

S/N
Name of Tenderer
Tender Price
($)
$psm/GFA
($)
1
Verwood Holdings Pte. Ltd. and TID Residential Pte. Ltd.
$178,500,000
$3,553.47
2
Sim Lian Land Pte Ltd
$174,800,000
$3,479.81
3
Nanshan Group Singapore Co. Pte. Ltd.
$173,100,000
$3,445.97
4
FCL Tampines Court Pte. Ltd. and KH Capital Pte. Ltd.
$171,980,000
$3,423.68
5
Hoi Hup Realty Pte Ltd, Sunway Developments Pte Ltd and Investment Focus Pte Ltd
$157,350,000
$3,132.43
6
Wee Hur Development Pte Ltd
$145,000,000
$2,886.57

 

ii) Yishun Street 51 (Parcel B)

S/N
Name of Tenderer
Tender Price
($)
$psm/GFA
($)
1
JBE Holdings Pte Ltd
$184,130,000
$3,601.27
2
Nanshan Group Singapore Co. Pte. Ltd.
$176,200,000
$3,446.18
3
Verwood Holdings Pte. Ltd. and TID Residential Pte. Ltd.
$176,000,000
$3,442.27
4
FCL Tampines Court Pte. Ltd. and KH Capital Pte. Ltd.
$164,010,000
$3,207.76
5
Wee Hur Development Pte Ltd
$155,000,000
$3,031.54
6
Hoi Hup Realty Pte Ltd, Sunway Developments Pte Ltd and Investment Focus Pte Ltd
$154,730,000
$3,026.26
7
Sim Lian Land Pte Ltd
$150,280,000
$2,939.23
8
CEL Residential Development Pte Ltd
$138,800,000
$2,714.70

 

Source - HDB

Refining the Executive Condominium Housing Scheme

http://app.mnd.gov.sg/Newsroom/NewsPage.aspx?ID=5023&category=Press+Release&year=2013&RA1&RA2&RA3

Refining the Executive Condominium Housing Scheme
09 Dec 2013 07:30 PM
The Government will implement three measures for Executive Condominium (EC) developments to bring the terms for ECs closer to that for public housing, and help support a stable and sustainable EC market. This follows a review by MND on the EC Housing Scheme, taking into account feedback from the Our Singapore Conversation on Housing.

I. Reduce EC Cancellation Fees

2   First, we will reduce the cancellation fees for ECs from 20% to 5% of the purchase price. This will relieve the financial burden of buyers who have to cancel their EC bookings after signing the Sale & Purchase Agreement. The new cancellation fee will be applied to EC land sales which are launched on or after 9 Dec 2013, including those where the tenders have not closed.

3   The cancellation fee for ECs is currently set at 20% of the purchase price, similar to those for private housing. However, unlike buyers of private housing, buyers of EC units cannot sub-sell their units if they cannot complete their purchase, and have to pay the cancellation fee. This has especially imposed significant financial burden on young couples who subsequently are not able to proceed with their marriage and hence the EC purchase.

4   We will therefore align the cancellation fees for EC units with that for HDB Build-to-Order (BTO) flats, and reduce them from 20% to 5% of the purchase price.

II. Resale Levy for Second-Timer Applicants

5   Second, we will now require second-timer applicants who buy EC units directly from property developers to pay a resale levy, similar to second-timer applicants who buy BTO flats. The new requirement will be applied to EC land sales which are launched on or after 9 Dec 2013, including those where the tenders have not closed.

6   Currently, second-timer applicants who buy EC units directly from property developers benefit from the lower EC prices arising from the initial eligibility and ownership restrictions imposed on EC purchases. However, they do not need to pay a resale levy. The alignment of treatment with second-timer applicants who buy BTO flats will ensure greater parity.

III. Revision of Mortgage Loan Terms

7   Third, the Monetary Authority of Singapore (MAS) will cap the Mortgage Servicing Ratio (MSR) for housing loans granted by financial institutions for EC units bought directly from property developers at 30% of a borrower’s gross monthly income. This is in line with earlier measures introduced by the HDB and MAS to encourage financial prudence among buyers of public housing. It discourages EC buyers from over-stretching their finances and supports an affordable and sustainable EC market.

8   The 30% MSR cap will apply to EC purchases where the Option to Purchase is granted on or after 10 Dec 2013.1

Enquiries

9   For further enquiries on any of the above measures, the public can contact the HDB Sales Customer Service Line: 1800-866-3066.

Issued by: Ministry of National Development
Date 9 Dec 2013


 

 Source - MND Singapore

4 Residential site launched by URA & HDB

To provide developers and home-buyers with more choices for private housing, the Housing & Development Board (HDB) and the Urban Redevelopment Authority (URA) will be releasing four residential sites for sale in November 2013 under the Government Land Sales (GLS) Programme for the second half of 2013 (2H2013).

The residential site at Upper Paya Lebar Road and two Executive Condominium sites at Canberra Drive and Anchorvale Crescent are launched for sale today under the Confirmed List. The Executive Condominium site at Choa Chu Kang Drive is made available for application today on the Reserve List. Looking forward for all residential site as all are within walking distance to MRT stations. Buyers whom do not wish to wait so long can click here for existing condo and EC launch.

Together, these four sites can yield about 2,350 residential units.

 

UPPER PAYA LEBAR ROAD

CHOICE LOCATION WITH EXCELLENT CONNECTIVITY
The land parcel is located within an established residential estate and near the Bartley Mass Rapid Transit (MRT) station. Future residents will enjoy convenient access to all parts of Singapore via the MRT system and major expressways such as the Central Expressway and Pan Island Expressway.

RETAIL AND DINING
A wide range of shopping and dining facilities are available at the nearby Serangoon Town Centre. Heartland Mall and the NEX Shopping Mall which are located just 10 minutes’ drive away.

SCHOOLS
Reputable schools such as Maris Stella Primary and High Schools as well as Paya Lebar Methodist Girls’ Primary and Secondary Schools are also nearby.

PARTICULARS OF LAND PARCEL

Location Upper Paya Lebar Road
Site Area+ 20,077.6 m2
Lease Period 99 years
Allowable Development Residential
Permissible Gross Floor Area (GFA) 56,218 m2
Maximum Building Height 64 m AMSL ++
Project Completion Period+++ 60 months

Government Land Sale Nov 2013 - Upper Paya lebar

 

CANBERRA DRIVE – 

Sembawang-Canberra+Dr

Particulars of Land Parcel
Location : Canberra Drive
Proposed Development : Executive Condominium
Site Area : 28,562.5 sqm
Permissible Gross Floor Area [Gross Plot Ratio] : Maximum – 59,981.25 sqm [2.1]
Minimum –53,983.13 sqm
Project Completion Period : 48 months from the date of acceptance of tender
Lease Term : 99 years

Location PLan - Canberra Drive

ANCHORVALE CRESCENT –

Anchorvale Crescent

Particulars of Land Parcel
Location : Anchorvale Crescent
Proposed Development : Executive Condominium
Site Area : 16,280 sqm
Permissible Gross Floor Area [Gross Plot Ratio] : Maximum – 48,840 sqm [3.0]
Minimum – 43,956 sqm
Project Completion Period : 48 months from the date of acceptance of tender
Lease Term : 99 years

Location PLan - Anchorvale Crescent

 

CHUA CHU KANG DRIVE – 
Choa+Chu+Kang+E6

Particulars of Land Parcel
Location : Choa Chu Kang Drive
Proposed Development : Executive Condominium
Site Area : 19,058.0 sqm
Permissible Gross Floor Area [approx. Gross Plot Ratio] : Maximum – 53,362.4 sqm [2.8]
Minimum –48,026.16 sqm
Project Completion Period : 48 months from the date of acceptance of tender
Lease Term : 99 years

 

Source - HDB, URA

 

 

suburban condominiums marching above $1,200 per sq ft

Land For SaleDespite several rounds of cooling measures, land prices have continued to rise resulting in most suburban condominiums exceeding the $1,200 per sq ft (psf) price threshold.

Most suburban residential sites under the Government Land Sales programme that have not been officially launched are expected to go beyond the $1,200 psf price tag. 2 of which have already been marketed

The site at Sengkang West Way is the only site that is expected to launch close to $1,000 psf. On the opposite end, the most expensive launches are scheduled to launch at New Upper Changi RoadYishun Ring Road and Ang Mo Kio Avenue 2, all of which are expected to cost more than $1,400 psf. These developments are in sync with the trend of recent suburban launches that hit above the $1,200 psf on average, some of which include the J Gateway in Jurong which launched at a median price of $1,486 psf and Urban Vista that was launched at a median price of $1,503 psf. Location Plan for Land Parcel at Ang Mo Kio Avenue 2

Analysts predict that the market is able to withstand a threshold of $1,500 psf if total prices remain relatively affordable. Tightening credit may dampen sales volumes in the medium-term, but suburban condominium prices should remain at an affordable price of up to $1.5 million.

Research experts say that prices are increasing because developers are building smaller units with higher psf prices and the demand for suburban condos come mostly from buyers upgrading from their Housing Board flats.

The increase in suburban condo prices alternatively boost the popularity of executive condos (ECs), making them significantly more affordable than suburban condos, but this may not be for long as even EC prices are set to go beyond $800 psf soon.

 

Source – iProperty.com, URA

Sea Horizon executive condo at Pasir Ris to launch at $800psf.

Sea Horizon, an executive condominium (EC) near Pasir Ris Beach will launch next week at an average price of $800 psf, industry players say, the highest so far for an EC.

The 495-unit Sea Horizon is located at Pasir Ris Drive 3/Pasir Ris Rise. Units range from 71 sq m two-bedders to 160 sq m five-bedders and penthouses.

Developers Hao Yuan Investment and Sustained Land said in a statement on Friday, 2nd Aug 2013 that the units at Sea Horizon will have full-height windows and some bedrooms will come with French balconies.

sea-horizon-ec-logo

Source – http://www.straitstimes.com , http://www.mcc.sg/

Record price for Executive Condominium (EC) site in Jurong

An executive condominium (EC) site in Yuan Ching Road/Tao Ching Road opposite Jurong Country Club has attracted a top bid of S$418.53 per square foot per plot ratio (psf ppr), a new record high for an EC site. The site, which can yield about 610 homes, also received a total of 16 bids. the top bidder was a consortium comprising Evia Real Estate (5), BBR Development, CNH Investment and OKP Land. The buzz in the location, following strong sales at J Gateway condo last month, also contributed to the strong demand for the EC plot. Thanks to URA’s Jurong lake district master plan

Jurong Lake District1

Jurong Lake District1

Its $418.53 psf ppr bid suppressed  the previous EC land record of $392 psf ppr set for a plot in Tampines Central 7 in 2011 that is now being developed into The Trilliant. Past transaction shows that units at The Trilliant is sold at around $850 psf range.

The breakeven is estimated to be in the region of S$700-$750 psf, which translates to a selling price of about S$900 psf. This could set a all time high record for the EC market.

EC SITE JURONG YUAN CHING

EC SITE JURONG YUAN CHING

YUAN CHING ROAD / TAO CHING ROAD (EC)

LAND ATTRIBUTES
STATUS TENDER CLOSED ON 30 JUL 2013
SITE USE EC
SITE AREA (SQM) 20,213.1
SITE GFA (SQM) 60,639.3
HIGHEST BID ($M) 272.8
HIGHEST BID ($PSF) 418.0
NUMBER OF BIDS 16
DEVELOPER’S BREAKEVEN ( Estimated )
LAND ($M) 272.8
CONSTRUCTION ($M) 130.5
LAND FINANCING ($M) 19.1
PROFESSIONAL / LEGAL / TAXES ($M) 32.0
MARKETING / OTHERS ($M) 5.5
EST. TOTAL COST ($M) 459.9
EST. BREAKEVEN ($PSF PPR) 705

 

Source – Straits Time, HDB, Propertyguru, Squarefoot Research, URA

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