Tag Archives: URA

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

A picture speaks a thousand words

A picture speaks a thousand words. Dear Readers, Below are researches done by OCBC on the current situation of Singapore’s property market. What do you read from the chart below?

Feel free to share with me.

Private Residential units Sold ( completed and Uncompleted ) Residential Price and rental Indexes Total Supply of pvt residential units in pipeline Vacancy in private residential units

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.

Almost 5% down in private home prices 2014

8CYPrices of private properties in Singapore fell by 4.79 percent during the first nine months of 2014, compared to an annual increase of 2.1 percent in the same period last year, revealed a report from Global Property Guide.

On a quarterly basis, prices of private units dipped by 0.38 percent in Q3 from the previous three months.

At the same time, residential demand in the city-state is dropping. The report stated that sales of housing units plunged 38.6 percent to 1,465 units in the third quarter from last year, according to data from the Urban Redevelopment Authority (URA).

Singapore’s economy is also slowing, with forecasts of 2.96 percent growth this year, down from 3.9 percent in 2013, according to the International Monetary Fund (IMF).

Of the 10 Asian markets tracked in the report, only Singapore and China saw house prices decline during the year.

Source - Propertyguru

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

Government Land Sales (GLS) Programme – 1H2014

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 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, while the residential site at Margaret Drive will be made available on the Reserve List.

North residents, it’s chance for your to upgrade. Almost 1000 EC units available in near future.

 

Government Land Sales (GLS) Programme

 

Location PLan - Parcel A Location PLan - Parcel B Location PLan - Parcel C

Singapore Property Market Cooling Measures

Below is a comprehensive view of the latest government policies related to the residential property market. These policies are often referred to as the ‘Property Market Cooling Measures‘.

Source : SRX

 

» Click to Calculate your Stamp Duty.

A Brief Summary of Cooling Measures

1. Additional Buyer’s Stamp Duty (ABSD)

Citizenship ABSD Rate on Primary
Home Purchase
ABSD Rate on Secondary
Home Purchase
ABSD Rate on Tertiary &
Subsequent Purchase
Singapore Citizens N/A 0% –> 7% 3% –> 10%
Permanent Residents 0% –> 5% 3% –> 10% 3% –> 10%
Foreigners1 and non-individuals 10% –> 15% 10% –> 15% 10% –> 15%

Note:1.Citizens of the USA, Switzerland, Liechtenstein, Norway, Iceland will be treated the same as Singapore Citizens due to FTA agreement.

2. Sellers’ Stamp Duty (SSD)

Residential Property Sold In Year 1 Year 2 Year 3 Year 4
SSD Rate since Feb 2010 Same as basic
Buyer Stamp Duty
N/A N/A N/A
SSD Rate since Aug 2010 Same as basic
Buyer Stamp Duty
2/3 of basic
Buyer Stamp Duty
1/3 of basic
Buyer Stamp Duty
N/A
SSD Rate since Jan 2011 16% 12% 8% 4%

3. Loan-to-Value (LTV) Ratio

Source: SRX / StreetSine

Policy Details

Effective Date Major Cooling Measures that Affect Residential Property Market
27 August, 2013 1. Singapore Permanent Resident Households need to wait three years from the date of obtaining SPR status, before they can buy a resale HDB flat.
2. Maximum tenure for HDB housing loans is reduced from 30 years to 25 years. The Mortgage Servicing Ratio (MSR) limit is reduced from 35% to 30% of the borrower’s gross monthly income.
3. Maximum tenure of new housing loans and re-financing facilities granted by financial institutions for the purchase of HDB flats (including DBSS flats) is reduced from 35 years to 30 years. News loans with tenure exceeding 25 years and up to 30 years will be subject to tighter LTV limits.
29 June, 2013 1. TDSR: Financial institutions are required to consider borrowers’ other outgoing debt obligations when granting property loans. His total monthly repayments of his debt obligations should not exceed 60 per cent of his gross monthly income.
2. In particular, MAS requires:
-borrowers named on a property loan to be the mortgagors of the residential property for which the loan is taken;
-“guarantors” who are standing guarantee for borrowers otherwise assessed by the financial institutions at the point of application for the housing loan not to meet the TDSR threshold for a property loan to be brought in as co-borrowers; and
-in the case of joint borrowers, that financial institutions use the income-weighted average age of borrowers when applying the rules on loan tenure.
12 January, 2013 1. ABSD: Citizens pay 7/10% on second/third purchase (from 0/3%); Permanent Residents (PR) pay 5/10% for first/second purchase (from 0/3%); foreigners and non-individuals now pay 15%.
2. LTV for second/third loan now 50/40% from 60%; non-individuals’ LTV now 20% (from 40%).
3. Mortgage Servicing Ratio (MSR) for HDB loans now capped at 35% of gross monthly income (from 40%); MSR for loans from financial institutions capped at 30%.
4. PRs no longer allowed to rent out entire HDB flat.
6 October, 2012 1. Mortgage tenures capped at a maximum of 35 years.
2. For loans longer than 30 years or for loans that extend beyond retirement age of 65 years: LTV lowered to 60% for first mortgage and to 40% for second and subsequent mortgages.
3. LTV for non-individuals lowered to 40%.
8 December, 2011 1. ABSD introduced for further cooling measures:
– Foreigners and non-individuals pay 10%, PRs buying second and subsequent property pay 3%, Singaporeans buying third and subsequent property pay 3%.
2. Developers purchasing more than four residential units and following through on intention to develop residential properties for sale would be waived ABSD
– To qualify, developers have to produce proof of development and sale within five years.
14 January, 2011 1. Holding period for imposition of SSD increased to four years from three.
2. SSD rates raised to 16%, 12%, 8% and 4% of consideration.
3. LTV lowered to 60% from 70% for second property.
4. LTV for non-individual residential purchasers capped at 50%.
30 August, 2010 1. Holding period for imposition of SSD increased to three years from one.
2. Minimum cash payments raised to 10% from 5% for buyers with one or more outstanding housing loans.
3. LTV lowered to 70% from 80% for second properties.
20 February, 2010 1. Introduction of SSD for residential property and land sold within one year of purchase.
2. LTV lowered to 80% from 90% on all housing loans except HDB loans.
14 September, 2009 1. Interest absorption scheme (deferment of instalments until TOP) and interest-only housing loans (interest payment only until TOP) were scrapped for all private properties.

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

 

 

Mixed-use site at Yishun Ave 2 at $1,077 per sq ft (psf)

According to HDB website, the highest bid for land parcel at Yishun Avenue 2 / Yishun Central 1 which is launched for tender on 28th Jun 2013 is $1,428,880,000. It is from North Gem Development Pte. Ltd. & FC North Gem Trustee Pte. Ltd. (as Trustee-Manager of North Gem Trust) Units of Frasers CentrepointIt translates into a price of $1,077 per sq ft (psf) per plot ratio (ppr) . YES!!! $1077psf just for the land in suburban area. It is 47 per cent higher than the next highest bid of S$969.3 million submitted jointly by Far East Civil Engineering, Far East Orchard and Sekisui House.

Location Yishun Avenue 2 / Yishun Central 1  (PDF 473KB)
Proposed Development Mixed Commercial & Residential Development Integrated with Bus Interchange & Community Club
Site Area 41,084.9 sq m
Maximum GFA [GPR] 123,254.7 sq m [3.0]
Maximum Building Height 56m AMSL
Estimated Dwelling Units 890
Lease Term 99 years

The tender closed at 12 noon today with 5 bids received. –

S/N

Name of Tenderer

Tender Price ($)

$psm/GFA ($)

1

North Gem Development Pte. Ltd. & FC North Gem Trustee Pte. Ltd. (as Trustee-Manager of North Gem Trust)

$1,428,880,000

$11,592.90

2

Far East Civil Engineering (Pte.) Limited, Far East Orchard Limited & Sekisui House, Ltd.

$969,333,333

$7,864.47

3

Zenlead Investments Pte. Ltd. & Zenmost Developments Pte. Ltd.

$930,000,000

$7,545.35

4

Sim Lian (Focus) Pte Ltd & Sim Lian (Brilliant) Pte Ltd

$875,000,000

$7,099.12

5

Yorkshire Investments (1) Pte. Ltd. and Yorkshire Trustee Pte. Ltd. (in its capacity as trustee of Yorkshire Mall Trust)

$704,500,000

$5,715.81

Yishun Land Parcel

Yishun Land Parcel

I will estimate that the launch price for residential property in this plot of land to be above $1600 psf range. This includes the building cost and of course  the profit  for the developer. Christopher Tang, CEO of Frasers Centrepoint Commercial, said in a statement that the company plans to develop a “12-storey integrated complex comprising 900 residential units sitting on top of a retail mall, bus interchange and community club“. That’s a huge development. If you do not know how big is a 900 unit residential projects, Take THE INTERLACE by Capitaland as reference. It is a project that housed 1040 units.

It seems like prices for properties in suburban are marching above $1200 psf.  Very soon, we shall see properties in Suburban selling in $1600 psf range judging from the results of the recent  HDB land sale. The possibility is very high especially when Executive Condos launch are expected to hit $800psf or above.  So dear buyers, still waiting for the best time to buy cheaper properties in the near future? I think the chance is slim. When is the best time to buy? well, I would say it is ‘last time’.   🙂

More about Yishun. Yishun estate is set for a major makeover, with proposals to turn its town centre into the hub of the north over the next few years according to HDB and URA. Land has been set aside in Yishun for medical specialty centres such as polyclinic and Hospital and other commercial developments. Yishun residents are also among the first to pilot HDB’s new upgrading schemes that are aimed at middle-aged estates which are over 20 years old.

New Yishun Town Centre

New Yishun Town Centre

A rejuvenation programme for Yishun Town Centre promises to breathe new life into the middle-aged estate. Count on new community spaces, improved pedestrian linkages, and an integrated mixed-use development with bus interchange at Yishun Central ( land parcel at Yishun Avenue 2 / Yishun Central 1  ) New park connectors will make it easier to get from nearby homes to Lower Seletar Reservoir, while the park around Yishun Pond will be enhanced for residents’ enjoyment.

Enhanced park - Yishun

Enhanced park – Yishun

 

Source – http://www.hdb.gov.sg, http://www.ura.gov.sg, CNA. http://business.asiaone.comhttp://www.straitstimes.com/

4 Industrial sites up for tender

JTC Corp and the Urban Redevelopment Authority yesterday released four sites with a total land area of 3.4 ha for sale under the Second Half 2013 Industrial Government Land Sales programme. – http://www.todayonline.com/

JTC LogoTwo sites in Tuas South, plots 4 and 28, have a 21-year 9-month tenure and a gross plot ratio of 1.0. They are zoned for Business-2 development. Under URA’s guideline, Business 2 or B2 development are areas used or intended to be used for industry, warehouse, utilities and telecommunication uses, whereby the business uses will imposed nuisance buffer more than 50m and within health and safety buffers. Special industries such as manufacture of industrial machinery, shipbuilding and repairing, may be allowed in selected areas subject to evaluation by the Competent Authority.

Tuas South Street 7 Plot 28 – 

Tuas South Street 7 Plot 28

PARTICULARS OF LAND PARCEL​ ​ ​
Location​ Tuas South Street 7 (Plot 28)
Site Area 5,047.4 sqm​
Lease Period 21 years 9 months
Allowable Development​+ B2
Permissible Gross Plot Ratio​​ 1.0​
Maximum Building Height​++​ 63.5m AMSL*​
Project Completion Period​+++​ 60 months​
Developer’s Packet^
Purchase Developer’s Packet at $107
(inclusive of GST)
Information Counter, The JTC Summit
Mon-Fri, 9am-12pm & 2pm-5.30pm
1. Location Plan
2. Control Plan
3. Topographical Plan
4. Cadastral Survey Plan
5. Soil Test Report
6. Conditions of Tender
7. Technical Conditions of Tender
8. Envelope Cover
Latest Amendments to Tender Documents​ Nil​
Specific Questions & Answers​ Nil​
Status Open for Tender
Date of Launch 29 August 2013
Date of  Tender Closing 10 October 2013

Tuas South Street 6 Plot 4 – 

TausSouthAve43-Y13-Plot23-Loc.jpg

PARTICULARS OF LAND PARCEL​ ​ ​
Location​ Tuas South Street 6 (Plot 4)
Site Area 3,036.7 sqm​
Lease Period 21 years 9 months
Allowable Development​+ B2
Permissible Gross Plot Ratio​​ 1.0​
Maximum Building Height​++​ 63.5m AMSL*​
Project Completion Period​+++​ 60 months​
Developer’s Packet^
Purchase Developer’s Packet at $107
(inclusive of GST)
Information Counter, The JTC Summit
Mon-Fri, 9am-12pm & 2pm-5.30pm
1. Location Plan
2. Control Plan
3. Topographical Plan
4. Cadastral Survey Plan
5. Soil Test Report
6. Conditions of Tender
7. Technical Conditions of Tender
8. Envelope Cover
Latest Amendments to Tender Documents​ Nil​
Specific Questions & Answers​ Nil​
Status Open for Tender
Date of Launch 29 August 2013
Date of  Tender Closing 10 October 2013

URA-logoThe two other plots in Gambas Crescent, parcel 1 and 2, have a 30-year tenure and a gross plot ratio of 2.5. They are zoned for Business-1 development. These are areas used or intended to be used for industry, warehouse, utilities and telecommunication uses for which the relevant authority (eg. NEA) does not impose a nuisance buffer greater than 50m.

This 2 B1 Site at Gambas Crescent is accessible for any consumer because it is near the Sembawang MRT Station and the Sembawang Bus Interchange. It is also located near residential sites which ensure that the future development at the land parcel will receive a steady flow of laborers. Note that it is also located very near to the upcoming EC launch at Sembawang, Skypark Residences.

Source – http://www.jtc.gov.sg/Sales-Rental/Government-Land-Sales-Programme/Pages/default.aspx

http://www.todayonline.com , http://www.channelnewsasia.com , http://www.ura.gov.sg/sales/GLS-URA.html

For industrial Properties for sale, please visit HERE

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