Tag Archives: Government

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
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Focus less on COV, more on latest transacted price.

To reduce the FOCUS on Cash-Over-Valuation (COV) in negotiations during the sale of a flat, the Housing and Development Board (HDB) will only accept valuation requests from resale flat buyers after they have been granted an Option to Purchase by flat sellers. The latest change will take effect from 5pm March 10, 2014. revised hdb procedure

 Previously, sellers usually got a request for a valuation from HDB  first and then negotiated with buyers over how much more or less should be paid. The excess cash over valuation is known as the COV. Buyers and sellers  will now have to agree upon a price first before getting an official valuation and Housing and Development Board (HDB) will only accept valuation requests from resale flat buyers ( yes, only buyer and they have to pay for it ) after they have been granted an Option to Purchase by flat sellers. Under the new rules, buyers who are granted OTP will also have 21 calendar days, instead of 14 calendar days to exercise the OTP, to adjust to the new procedure. The aim is to  get negotiations to focus on recent transaction prices and reduce the focus on COVs. Currently, resale prices are published twice a month. With immediate effect, HDB will also publish daily prices of resale transactions as soon as they are registered.

While the balance between buyers and sellers has been re-titled, the market is still at very high price, is not at its optimal state, and thus it is premature to withdraw cooling measures, Mr Khaw said.

While it is still too early to gauge the impact of this latest policy, I guess the buyers now will tend to make an offer more conservatively  based on recent transaction prices range to avoid not being able to get the loan amount.

Source -  HDB, Straits Time

Singapore property market will ‘stay healthy’

price-growthThere will probably be a correction in property market prices but a crash is unlikely, said OCBC Bank’s chief executive officer, Mr Samuel Tsien.

Part of the reason for its resilience is because the Singapore market holds a certain appeal to investors, he said.

Still, rising interest rates and cooling measures will have an impact, Mr Tsien told The Straits Times at the sidelines of a major China forum at the Shangri-La Hotel yesterday.

“As a result of the different measures imposed by the Government in making sure that speculative demand has been removed, there will be a slowdown in market activities,” said Mr Tsien.

“I don’t think there will be a crash in the market. There will be some downward adjustment to prices but that is healthy in the long term.”

The Government has instituted seven rounds of property cooling measures since 2009, with the latest round in January.

Other moves aimed at reducing the froth in the markets include lowering limits on loans and raising stamp duties.

The measures have worked to stabilise prices.

In the three months to June 30, prices for mass-market apartments rose 3 per from the previous quarter.

But prices of homes in the city centre dropped 0.2 per cent in the second quarter, after growing 0.6 per cent in the first.

More recently, the central bank put new curbs on loans to prevent borrowers from becoming over-leveraged.

The outlook for interest rates is that they will likely rise in the next two years.

The United States Federal Reserve has indicated that it will start to slow the pace of its monetary stimulus programme and eventually raise interest rates.

The normalisation of rates will help OCBC, said Mr Tsien.

He also feels that the bank, as well as others, will benefit from normalising interest rates, as “it’s going to be beneficial to banks with a significant amount of Casa (current account, savings account) balances”.

This is true for OCBC, as its “Casa balances represent about 51 per cent of our total deposits”.

Casa accounts combine savings and checking accounts to encourage consumers to save with banks.

A higher Casa ratio would mean that a bank has access to a cheaper source of funds, because it pays out less interest on Casa and can lend at a higher rate.

“That will benefit OCBC Bank because lower-yielding deposits or zero interest rate deposits will be able to make some money as a result of the rising interest rates, by lending that money out to the market.”

Mr Tsien also took questions over the bank’s risk management practices, especially regarding the interest rate setting processes.

Last month, OCBC was among the banks here to be censured by the Monetary Authority of Singapore (MAS), and most were told to set aside extra funds to be parked at MAS at zero interest rates.

The amount that OCBC Bank has to deposit as additional reserves is between $700 million and $800 million.

Mr Tsien said that the impact is not significant, as it relates to the opportunity to earn interest on the amount.

He added that the bank has introduced a series of new checks to tighten the rates submissions process.

Sourced from : http://business.asiaone.com/news/singapore-property-market-will-stay-healthy

Prices continue to rise despite cooling

property-price-rise

property-price-rise

Despite numerous government attempts to cool the market, property prices in Singapore have continued to rise in many sectors during the second quarter of 2013.

The latest data from the Urban Redevelopment Authority (URA) showed prices for private homes in Singapore rose one percent quarter-on-quarter, having risen 0.6 percent during the previous three month period.

Non-landed private property prices in the core region declined by 0.2 percent quarter-on-quarter, however there was a significant 3.8 percent jump in prices outside the central region.

Rental prices for private homes were also on the rise during the second quarter – up 0.3 percent quarter-on-quarter but less than the 0.8 percent rise seen during Q1.

Resale prices for Housing Development Board (HDB) properties also continued to increase during the three months ending June 2013, up 0.5 percent from the first three months of the year.

Deputy Prime Minister and Finance Minister Tharman Shanmugaratnam told Reuters earlier this month that the property market has shown signs of stabilising, but that the government would like to see some softening of prices.

Many analysts and market watchers predicted that prices would decline following January’s significant attempts by the government to cool the market, however this latest data suggests those efforts did not have the desired impact.

Source from : Propertyguru

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