Tag Archives: Punggol

New SAFRA club at Punggol, Something to cheer for in the Northeast

National servicemen and their families living in the north-eastern part of Singapore can soon look forward to a new SAFRA club house in Punggol.

Punggol Safra 1

To be completed in early 2016, the facility will be the first to be built along a waterway, and will house Singapore’s first indoor water playground, Kidz Amaze.

The five-storey SAFRA Punggol will also house the largest NutureStars childcare centre in Singapore, and more than 10 F&B outlets – the most among all SAFRA clubs.

Guest-of-honour Deputy Prime Minister Teo Chee Hean noted that the development of SAFRA Punggol is part of the Government’s efforts to recognise NSmen (Operationally Ready National Servicemen) and their families for their contributions to national defence.

“Punggol is a growing new town, with some 150,000 residents by next year. Among them will be many NSmen and many young families. We want to serve our NSmen and the needs of their families.Having the SAFRA clubhouse here in the newest of our heartlands will be a constant reminder of what our NSmen are defending – our homes, our families, and the special Singapore that we have built together,” said Guest-of-honour Deputy Prime Minister Teo Chee Hean in the new clubhouse’s ground-breaking ceremony on 18 Jun

SAFRA Punggol is a recommendation put forth by the fifth committee to Recognise the Contributions of Operationally Ready National Servicemen to Total Defence (RECORD V).

Punggol Safra

When competed in 2016, SAFRA Punggol is expected to serve more than 70,000 NSmen living in the vicinity.

Seamlessly integrated with the Punggol Waterway Park, the facility will allow NSmen and their families to run, cycle, kayak or take part in other outdoor activities. It will also offer a gym, cycling and rollerblading facilities, a bowling centre, spa and KTV outlet.

SAFRA members will also enjoy direct access to the swimming pool and other sports facilities at the upcoming Punggol Regional Sports Centre next door.

 

Source from http://www.mindef.gov.sg/
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When will the dropping stop?

The median Cash-Over Value or COV paid for a Housing Board resale flat fell to zero in February 2014, down from $3,000 in January. This was the lowest median cash over valuation (COV) figure since SRX records began in 2006. It is also the first time COV hit zero since 2006.

About 37 per cent of deals, almost 4 in every 10 deals closed below valuation overall. In contrast, only 29.4 per cent of HDB resale deals closed below valuation during January 2014.   Resale prices fell by 1.8 per cent, which means that price level are now at same level as 20 months ago in June 2012. This was the sharpest month-on-month fall since prices started declining in April last year.And fewer flats changed hands.

COV map Mar 2014

Out of the 28 towns in Singapore.12 towns saw zero or negative median COV, an increase from 7 HDB towns in January.  Bukit Panjang, Punggol, Sembawang, Sengkang and Woodlands clocked negative overall median COVs recorded in February 2014 while Bedok, Bukit Batok, Choa Chu Kang, Geylang, Jurong West, Tampines and Yishun recorded zero overall median COV.

HDB transaction feb 2014 ( COV )

Year-on-year, resale volume dropped 6.3 per cent. According to flash estimates, 734 HDB flats were sold last month in the resale market, a 20 per cent month-on-month drop from the 918 units in January. Rental volume also dropped 13.7 per cent year-on-year. An estimated 1,118 HDB flats were rented in February, 25.3 per cent less than the 1,496 rental transactions in January. On a year-on-year basis, February’s rental volume posted a 11.9 per cent drop from 1,296 flats leased over the same month of last year. 

 

number of HDB transacted Jan Feb 2014

number of HDB Rental transacted Jan Feb 2014

source – Straits Time, SRX, CNA

First annual decline in Resale Price Index (RPI) for HDB since 2005

Image

Average prices of HDB resale flats fell for the first time since 2005 last year. Data released by the Housing and Development Board (HDB) showed that the Resale Price Index  RPI fell 1.5 per cent from 204.8 ito 201.7 n then the last three months of the year 2013 .

Year
Quarter
Index
% Change from Previous Quarter
2013
IV
201.7
-1.5%
III
204.8
-0.9%
II
206.6
0.5%
I
205.5
1.3%
2012
IV
202.9
2.5%
III
197.9
2.0%
II
194.0
1.3%
I
191.6
0.6%
2011
IV
190.4
1.7%
III
187.2
3.8%
II
180.3
3.1%
I
174.8
1.6%
2010
IV
172.0
2.5%
III
167.8
4.0%
II
161.3
4.1%
I
155.0
2.8%
Source – HDB

The number of resale transactions for 2013 dropped 28 per cent to 18,100 — the lowest volume since 1997 since HDB started keeping records. Subletting transactions also fell by 3 per cent from 7,505 cases in Q3 of last year to 7,268 cases in the fourth quarter.

Resale Cases Registered between 1st Quarter and 4th Quarter 2013
Quarter
1-Room
2-Room
3-Room
4-Room
5-Room
Executive*
Total
1Q2013
1
159
1,362
1,523
962
328
4,335
2Q2013
3
185
1,640
1,922
1,070
415
5,235
3Q2013
2
172
1,377
1,670
969
339
4,529
4Q2013
1
132
1,251
1,524
784
309
4,001
Total
7
648
5,630
6,639
3,785
1,391
18,100

 

Source – HDB

Fall in HDB resale price is expected due to the many measures imposed by the government especially the mortgage servicing ratio of 30 per cent and also the maximum loan term of 25 years which I have mention in my previous blog entry in Aug 2013.  This measures reduce the buyers’ ability of getting a higher loan to buy a bigger flat. In addition, Singapore Permanent Resident Households need to wait three years from the date of obtaining SPR status, before they can buy a resale HDB flat. The impact of these policies announced recently on HDB resale prices has slowly surfaced. 

Median Cash Over Value or COV have also drop by quite a fair bit. Interestingly, look at Punggol’s figure in the table below. Average COV is $0 for 4 and 5 Room flats. Will COV continue to drop further this year? Will it draw more potential buyers back to the resale market? We shall see.

Median Cash-Over-Valuation (COV) for Resale Cases Registered in the 4th Quarter 2013
Town
1-Room
2-Room
3-Room
4-Room
5-Room
Executive
Ang Mo Kio
*
$10,000
$15,000
*
*
Bedok
*
$5,000
$15,000
$23,500
*
Bishan
*
$32,500
*
*
Bukit Batok
$7,000
$10,000
$20,000
*
Bukit Merah
*
*
$18,000
$30,000
$42,500
Bukit Panjang
*
$8,000
$3,000
$25,000
Bukit Timah
*
*
*
Central
*
*
*
*
Choa Chu Kang
*
$0
$5,000
*
Clementi
$8,000
$15,000
*
*
Geylang
*
$8,900
$15,000
*
*
Hougang
$5,000
$5,000
$10,000
*
Jurong East
$7,500
$10,000
*
*
Jurong West
*
$9,000
$5,000
$2,000
$20,000
Kallang/Whampoa
*
$10,000
$30,000
*
*
Marine Parade
*
*
*
Pasir Ris
*
$6,500
$8,500
$19,000
Punggol
$0
$0
*
Queenstown
*
$10,400
$37,900
*
Sembawang
*
$4,500
$8,000
*
Sengkang
*
*
$3,000
$5,000
*
Serangoon
$12,000
$15,000
*
*
Tampines
$6,500
$9,500
$10,000
$30,000
Toa Payoh
*
$9,300
$28,000
*
*
Woodlands
*
$8,000
$3,300
$6,000
$23,000
Yishun
$3,900
$7,000
$12,900
*

 

Source - HDB, Straits Time



Post you might be interested -
Cooling measures – Maximum tenure for HDB housing loans cut to 25 years
HDB COV $20000, lowest in 30 months, since 2011
More HDB resale with $0 COV
COV going south again
 


HDB median cash premiums hit 4-year low in Aug 2013

With all cooling measures in place, overall median cash premiums for Housing Board (HDB) resale flats continued to fall , reaching a four-year low of $18,000 in August.

Picture credited to : http://180degreehealth.com/

Picture credited to : http://180degreehealth.com/

Data from Singapore Real Exchange (SRX)  showed that Punggol’s executive flats had the lowest cash-over-valuation (COV) by region. Two out of the three transactions there in August were sold below valuation, while the median COV was $13,000 below valuation. – Straits time. How long did we heard this word , BELOW VALUATION?  It seems like the interest for big units have subsided. Might be due to the TDSR and the new cooling measures announced on 27/8/2013.

Without surprise,  the highest median COVs was $120,000, transacted in  Bishan HDB executive flats.

According to Straits time , overall HDB resale prices slipped 0.7 per cent in August 2013, the fourth consecutive monthly drop. This is the first time prices have dropped for four consecutive months since January 2006.

As mentioned in my previous entry, this result comes without any surprise,  I am expecting more zero-COV transactions  and even negative-COV transactions as well in near future. Buyers out there, get your shopping list ready!

Source – Straits Time, SRX, HDB

Plans for Bidadari, Punggol Matilda and Tampines North towns were unveiled this evening.

Khaw-Boon-WanHDB announces exciting new plans for Bidadari, Tampines North and Punggol Matilda today by Minister for National Development Khaw Boon Wan.

The plans for the three new town will take advantage on their individual distinctive character to bring about a unique identity and living experience. They will build on each estate’s history, distinctive local flavour and features according to HDB website.

Let us explore this 3 new towns.

BIDADARI – 

Bidadari 2

Located in the central region of Singapore, Bidadari is bounded by Bartley Road to the north, Upper Serangoon Road to the west, Sennett Estate to the south and Mount Vernon Road to the east. It is well-connected by Woodleigh and Bartley MRT stations on the North-East Line and the Circle Line respectively. Bidadari Estate will be a tranquil urban oasis, where residents can relax and connect with family and friends in a garden-like setting. HDB envisions it to be “A Community in a Garden”.

Some of the highlights for Bidadari Estate include:

  • A 10 ha Bidadari Park with a lake that will form the new green lung for the estate.
  • Six distinctive neighbourhoods, each with unique identities through the use of varied building forms that respond to the different characteristics of Bidadari.
  • Public spaces for community gathering and events within a garden-like setting.
  • A mixed-use Market Square commercial cluster, together with commercial and social communal facilities pavilions to serve the needs of residents.
  • A pedestrianised Upper Aljunied Road transformed into a Heritage Walk with mature trees and which captures fond memories of Bidadari’s heritage.
  • A seamless pedestrian and cycling network to make travelling within Bidadari more pleasant and convenient.

Tampines North 

Tampines North 1

Tampines North is envisioned to be a new “green shoot” and extension of Tampines Town. The vision for Tampines North is “Tampines in Bloom: Budding Communities within a Green Tapestry”. Guided by this vision, Tampines North will capitalise on its existing greenery and proximity to Tampines Town to create an attractive living environment, through five key strategies.

Some of the highlights for Tampines North Estate include:

  • A 7.5 ha meandering Boulevard Park that will form the green spine for Tampines North, providing a scenic and seamless connection between Sun Plaza Park in the south to Sungei Api Api in the north.
  • A “Blossoms Walk” within the Boulevard Park to create a local yet distinct identity.
  • A 10 ha Quarry Park which could connect to Pasir Ris Town in the future.
  • A seamless pedestrian and cycling network that will weave through the various housing districts, enabling residents to cycle and walk around Tampines North with convenient links to the main activity spine.
  • A new distinctive landmark mixed development comprising both commercial and residential uses, and integrated with a bus interchange.

Punggol Matilda

Punggol Matilda 2

Under the Phase 2 master plan for Punggol New Town unveiled in Oct 2012, Punggol will feature seven distinctive eco-town districts, each with a unique identity and character. Capitalising on its proximity to the waterfront and taking inspiration from its heritage, the Matilda district of Punggol is set to be an attractive waterfront housing district with many flats commanding waterfront views. Planning for Matilda was inspired by the ‘verandah’ feature of the old Matilda House and its surrounding lush greenery. Hence the vision of Matilda District – Verandah by the Waterfront”.

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Some of the highlights for Punggol Matilda Estate include:

  • New housing forms with integrated landscaped decks that provide “door-step” accessibility to the precinct amenities.
  • A Community Street leading to the waterfront, designed as an urban verandah with “living rooms” as rest points for residents to sit and chat.
  • Leafy walkways to provide seamless sheltered connectivity between the residential precincts and the waterfront promenade.
  • A vibrant waterfront shopping mall, as well as recreational amenities and parks for community events.

Artist Impression for 3 new towns –

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Source – http://www.hdb.gov.sg

More HDB resale with $0 COV

More people are selling their Housing and Development Board (HDB) flats in the resale market without a Cash-Over-Valuation (COV).   < ( Cash-Over-Valuation (COV) is the difference between the resale price and the market value of the flat. >

LIANHE ZAOBAO 28072013

LIANHE ZAOBAO 28072013

The Singapore Real Estate Exchange (SRX) said transactions involving $0 Cash-Over-Valuation (COV) have more than tripled, from 14 in January 2013 to 49 in July 2013.

The overall median COV dipped to a low of S$20,000 in July, the lowest since 2011.

There is also a trend that more people are selling their flats even below that level – without any cash premium (COV) .

Zero-COV transactions made up 1 per cent of all HDB resale transactions in January 2013 and have progressively went up to 5.7 percent in August 2013 so far.

%of $0 COV HDB Transc 2013

%of $0 COV HDB Transc 2013

Base on my experiences, Previously, it usually took us about 1 to 2 months to close the deal in the resale market.  But now, it may took us as long as 4-6 months.

A lot of sellers are still asking for high COVs despite the fact that the buyer pool is shrinking because of the January cooling measures , the ramp up in BTO (Build-to-Order) supply, the new TDSR policy, and the latest cooling measures by HDB implemented on 27th August 2013.  

According to SRX data, from the beginning of the year 2013 till July 2013, 164 zero-COV transactions were recorded

The top five towns that have seen the most zero-COV transactions are Jurong West, Hougang, Woodlands, Punggol and Sengkang.

These are towns where a lots of new BTO projects were launched by the HDB in the past year. These areas are also affected by the Ethnic Integration Policy (EIP) and SPR Quota which shrink the potential buyer group even further.

With more residential units ( BTOs, EC, Private Condos ) being completed this year, analysts said more sellers can be expected in the HDB resale market.  Which means that we will be expecting more zero-COV transactions can be expected, and even some negative-COV transactions as well.

Our advice to seller and buyers –

– for sellers, you have to be more realistic with the asking price as you are not only competing with the huge ramped up supply for new residences, but with the new policy initialed by the government too. Even though HDB resale flats are being sold with zero cash premium at valuation level, you are still likely to make a profit from your transaction.

-for buyers, if you are serious buyer, it may be time to go shopping again as many units in the resale market are asking at very reasonable price. Engage a responsible agent to serve you and you will be rewarded.

0A5578D2-EF6A-4162-BFDC-38D5BF4813A9 3E445554-8AAB-40E2-AA54-1DBB3B5F0D1A 2857582E-0198-43E4-B250-652444C32333 ABEAFB67-5FF6-4EA7-B8E2-177D5A16B285 B943C947-CCD6-40B7-AA4C-E056BE656242 BC85CAB7-1080-404E-8F75-FF9A1F458F87 C9B88E93-AC2B-40EC-9A94-40A2ADF73265 DF802F64-45F9-4EA4-8544-8FFA03D5EEB7

Source – http://www.channelnewsasia.com/news/singapore/more-hdb-resale-flats/791022.html

http://www.srx.com.sg/ , HDB, Lianhe Zaobao

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