Tuesday, March 28, 2006
URA releases third Orchard Road prime site for sale
 The Urban Redevelopment Authority (URA) has released another prime site on Orchard Road for sale. The Somerset Central site, which is located above the Somerset MRT Station, is planned for a commercial development, said URA in a statement on Tuesday. The land has been placed on the Reserve List of the government's land sales programme, the URA said. Under the reserve list system of allocating land, a site is only made available for public tender after a developer offers what the authorities deem an acceptable price. The site, which comprises 0.7ha of land, will yield a total gross floor area of 39,410 square metres and is offered for sale under a 99-year lease. Already a regionally famous shopping district, Orchard Road is being redeveloped to achieve the government's vision for the area as "one of the greatest shopping streets in the world, a pulse for fashion and all things hip and happening." "Plans for remaking Orchard Road are rapidly taking shape with the successful sale of the two commercial sites at Orchard Turn and Orchard Road/Killiney Road in December 2005 and January 2006 respectively," the URA added. The release of the latest and the third commercial site "will complement the existing and future developments in the area", the URA said. "These developments will expand the diverse range of shopping outlets available and generate added vibrancy to activities along Orchard Road," it said. - CNA/ir |
// posted by Shajahan @ 3:55 PM 
Wednesday, March 22, 2006
New sites identified for selective en bloc redevelopment scheme
Three new sites have been identified for the Selective En Bloc Redevelopment Scheme (SERS), bringing the total number of SERS projects to 64 since the scheme was started in 1995.
The new sites include Blocks 5 to 10 along Yung Ping Road and Yung Kuang Road, Blocks 180 to 182 and 184 at Boon Lay Drive, as well as Blocks 216, 217, 219 and 220 at Boon Lay Avenue.
These properties are between 30 and 33 years old, comprising 1,873 sold flats.
HDB will offer replacement housing for affected flat owners at locations like Kang Ching Road, Tan Ching Road, Jurong West Streets 64 and 93.
Eligible SERS flat owners will be invited to register for their replacement flats between the end of this year and middle of next year.
Eight rental HDB shops at Boon Lay Drive and Boon Lay Avenue will also be cleared as part of the SERS development.
Eligible tenants will be granted an ex-gratia payment of $60,000 per tenancy and a 10 percent discount on successful bids for other HDB rental commercial properties. - CNA/ir
The new sites include Blocks 5 to 10 along Yung Ping Road and Yung Kuang Road, Blocks 180 to 182 and 184 at Boon Lay Drive, as well as Blocks 216, 217, 219 and 220 at Boon Lay Avenue.
These properties are between 30 and 33 years old, comprising 1,873 sold flats.
HDB will offer replacement housing for affected flat owners at locations like Kang Ching Road, Tan Ching Road, Jurong West Streets 64 and 93.
Eligible SERS flat owners will be invited to register for their replacement flats between the end of this year and middle of next year.
Eight rental HDB shops at Boon Lay Drive and Boon Lay Avenue will also be cleared as part of the SERS development.
Eligible tenants will be granted an ex-gratia payment of $60,000 per tenancy and a 10 percent discount on successful bids for other HDB rental commercial properties. - CNA/ir
Yahoo! Mail
Bring photos to life! New PhotoMail makes sharing a breeze.
// posted by Shajahan @ 5:11 PM
Tuesday, March 21, 2006
HDB offers 321 flats for sale under walk-in selection scheme
SINGAPORE : The Housing and Development Board has launched 321 units of flats for sale under a walk-in selection exercise.
The flats are located in Bukit Batok, Bukit Panjang and Choa Chu Kang.
They comprise 30 units of four-room flats, 105 units of five-room flats and 186 units of Executive Flats.
Buyers can view the show flats set up in Bukit Panjang and Choa Chu Kang.
The walk-in selection exercise will be conducted at the HDB Hub. Queue numbers will be issued from March 21. - CNA/de
The flats are located in Bukit Batok, Bukit Panjang and Choa Chu Kang.
They comprise 30 units of four-room flats, 105 units of five-room flats and 186 units of Executive Flats.
Buyers can view the show flats set up in Bukit Panjang and Choa Chu Kang.
The walk-in selection exercise will be conducted at the HDB Hub. Queue numbers will be issued from March 21. - CNA/de
Yahoo! Travel
Find great deals to the top 10 hottest destinations!
// posted by Shajahan @ 10:20 AM
Monday, March 20, 2006
More estate upgradings soon for residents of Holland-Bukit Panjang, Punggol 21
SINGAPORE : Holland-Bukit Panjang and Punggol 21 residents can look forward to a more exciting living environment - thanks to several multi-million dollar upgrading master plans.
Bukit Panjang has been carved out of the Holland-Bukit Panjang GRC following the release of the electoral boundaries report.
But MPs in the area say they plan to contest strongly in both Bukit Panjang and Holland-Bukit Timah and serve residents there as a team.
Dr Vivian Balakrishnan, Minister for Community Development, Youth and Sports, and MP for Holland-Bukit Panjang GRC, says: "After the elections, we will run this as one town council - Bukit Panjang, Buona Vista, Ulu Pandan and Bukit Timah - so this will really be a team effort as we have performed in the last five years.
"The residents have seen for themselves how a closely-knit team have been able to function and to deliver on all the promises we have made to the residents."
Mr Lim Swee Say, Minister in Prime Minister's Office and MP for Holland-Bukit Panjang GRC, says: "Our strategy will be to contest strongly for both the SMCs as well as the GRCs.
"We hope the opposition will consider to do the same thing so that the PAP team and the opposition team can both put up the strongest team possible and let the voters decide which team will serve their needs better."
Residents can look forward to a Sports Hub, lift upgrading programme and covered linkways.
Over at Punggol 21, its riverbanks will be lined with a 10-kilometre park connector that will be integrated into the heartlands.
Various plots of land around Punggol Point and Sungei Serangoon will also be tendered out by 2007.
Ms Penny Low, MP for Pasir Ris-Punggol GRC, says: "The long-term plan is still to develop a residential area, but the interim period of between three to 10 years is to use them for community activities, for recreation."
They will be converted into community and recreation hubs where residents can expect chalets, food and beverage outlets, and lifestyle hangouts.
Mr Teo Chee Hean, Defence Minister, says: "We never take anyone for granted and I think the residents know whether there is a contest or no contest, General Election or no General Election, we always work with them and try to look after the interests as best as we can."
Ms Low says: "These park connectors, we will commence work from the year 2007, starting with the Sungei Serangoon up to Punggol Point itself but it will also connect downwards, that means southwards to the southern part of Sungei Serangoon." - CNA/de
Yahoo! Mail
Use Photomail to share photos without annoying attachments.
Bukit Panjang has been carved out of the Holland-Bukit Panjang GRC following the release of the electoral boundaries report.
But MPs in the area say they plan to contest strongly in both Bukit Panjang and Holland-Bukit Timah and serve residents there as a team.
Dr Vivian Balakrishnan, Minister for Community Development, Youth and Sports, and MP for Holland-Bukit Panjang GRC, says: "After the elections, we will run this as one town council - Bukit Panjang, Buona Vista, Ulu Pandan and Bukit Timah - so this will really be a team effort as we have performed in the last five years.
"The residents have seen for themselves how a closely-knit team have been able to function and to deliver on all the promises we have made to the residents."
Mr Lim Swee Say, Minister in Prime Minister's Office and MP for Holland-Bukit Panjang GRC, says: "Our strategy will be to contest strongly for both the SMCs as well as the GRCs.
"We hope the opposition will consider to do the same thing so that the PAP team and the opposition team can both put up the strongest team possible and let the voters decide which team will serve their needs better."
Residents can look forward to a Sports Hub, lift upgrading programme and covered linkways.
Over at Punggol 21, its riverbanks will be lined with a 10-kilometre park connector that will be integrated into the heartlands.
Various plots of land around Punggol Point and Sungei Serangoon will also be tendered out by 2007.
Ms Penny Low, MP for Pasir Ris-Punggol GRC, says: "The long-term plan is still to develop a residential area, but the interim period of between three to 10 years is to use them for community activities, for recreation."
They will be converted into community and recreation hubs where residents can expect chalets, food and beverage outlets, and lifestyle hangouts.
Mr Teo Chee Hean, Defence Minister, says: "We never take anyone for granted and I think the residents know whether there is a contest or no contest, General Election or no General Election, we always work with them and try to look after the interests as best as we can."
Ms Low says: "These park connectors, we will commence work from the year 2007, starting with the Sungei Serangoon up to Punggol Point itself but it will also connect downwards, that means southwards to the southern part of Sungei Serangoon." - CNA/de
Yahoo! Mail
Use Photomail to share photos without annoying attachments.
// posted by Shajahan @ 12:27 PM
Thursday, March 16, 2006
52% of households changed residences between 1995 and 2005: statistics dept
SINGAPORE : Slightly over half the households in Singapore changed residences between 1995 and 2005.
According to the Department of Statistics, some 52 percent or approximately 350,000 households shifted house in the past 10 years.
62 percent of those who moved, upgraded to a bigger unit.
The Lows belong to the group of Singaporeans who have upgraded their housing in the past 10 years.
Their first HDB flat was a 4-room apartment in Bishan.
In 2004 they traded in that flat for a private apartment in Lakeview.
With 150 square metres compared to the previous 105, the family has plenty of room - even to have their children's friends over for the holidays.
Eicher Low, Home Upgrader, says: "We have four kids and they are all in the stage of growing up so they need more space to run around and of course with the larger flat they also have their own room, whereas when we were in Bishan with a 4-room they have to share."
Still, the move came with a price difference of some $100,000, and the Lows say they have arranged to service their housing loan over the next 25 years.
But they feel that being close to nature and the view of the MacRitchie Reservoir Park make it worth their while.
Six in 10 Singaporeans who shifted to bigger HDB flats also have an average outstanding loan exceeding $100,000.
While the Low family may be a more common statistical example in Singapore moving from a smaller to a larger apartment, a significant number of Singaporeans staying in bigger HDB flats and private housing moved to smaller housing in the last 10 years.
33 percent of those in 5-room HDB flats who moved downgraded to smaller flats, while 73 percent of those in landed properties also made the move to smaller housing.
This might have been because of lifestyle choices, or in the case of older Singaporeans, changes in circumstances like children moving out. - CNA/de
According to the Department of Statistics, some 52 percent or approximately 350,000 households shifted house in the past 10 years.
62 percent of those who moved, upgraded to a bigger unit.
The Lows belong to the group of Singaporeans who have upgraded their housing in the past 10 years.
Their first HDB flat was a 4-room apartment in Bishan.
In 2004 they traded in that flat for a private apartment in Lakeview.
With 150 square metres compared to the previous 105, the family has plenty of room - even to have their children's friends over for the holidays.
Eicher Low, Home Upgrader, says: "We have four kids and they are all in the stage of growing up so they need more space to run around and of course with the larger flat they also have their own room, whereas when we were in Bishan with a 4-room they have to share."
Still, the move came with a price difference of some $100,000, and the Lows say they have arranged to service their housing loan over the next 25 years.
But they feel that being close to nature and the view of the MacRitchie Reservoir Park make it worth their while.
Six in 10 Singaporeans who shifted to bigger HDB flats also have an average outstanding loan exceeding $100,000.
While the Low family may be a more common statistical example in Singapore moving from a smaller to a larger apartment, a significant number of Singaporeans staying in bigger HDB flats and private housing moved to smaller housing in the last 10 years.
33 percent of those in 5-room HDB flats who moved downgraded to smaller flats, while 73 percent of those in landed properties also made the move to smaller housing.
This might have been because of lifestyle choices, or in the case of older Singaporeans, changes in circumstances like children moving out. - CNA/de
Yahoo! Mail
Use Photomail to share photos without annoying attachments.
// posted by Shajahan @ 12:11 PM
Monday, March 13, 2006
More upgrading plans for Bukit Panjang housing estate
SINGAPORE : Bukit Panjang residents will be able to enjoy more facilities with the unveiling of new projects at a Town Day celebration.
MP and Chairman for the Holland-Bukit Panjang Town Council Teo Ho Pin says a new sports complex with swimming pool will finally be built after years of lobbying.
Some $2 million will also be spent on covered linkways to connect the bus stops, train stations and all HDB blocks in the district.
Announcements of Lift Upgrading Programme for two clusters of blocks in the area also drew more cheers from the residents.
The town council will also request to expedite LUP for the remaining 39 blocks in Bukit Panjang.
On the upcoming General Election, Dr Teo says the community bonds in Bukit Panjang are strong and the grassroots is ready for any contest.
He says the key strength in Bukit Panjang is the community bond between grassroots leaders, all agencies and the residents. - CNA/de
Relax. Yahoo! Mail virus scanning helps detect nasty viruses!
MP and Chairman for the Holland-Bukit Panjang Town Council Teo Ho Pin says a new sports complex with swimming pool will finally be built after years of lobbying.
Some $2 million will also be spent on covered linkways to connect the bus stops, train stations and all HDB blocks in the district.
Announcements of Lift Upgrading Programme for two clusters of blocks in the area also drew more cheers from the residents.
The town council will also request to expedite LUP for the remaining 39 blocks in Bukit Panjang.
On the upcoming General Election, Dr Teo says the community bonds in Bukit Panjang are strong and the grassroots is ready for any contest.
He says the key strength in Bukit Panjang is the community bond between grassroots leaders, all agencies and the residents. - CNA/de
Relax. Yahoo! Mail virus scanning helps detect nasty viruses!
// posted by Shajahan @ 2:27 PM
Wednesday, March 08, 2006
New HDB resale levy may hit private home market, benefit executive condo
SINGAPORE : Latest changes to the HDB resale levy system may have a negative impact on the low-end private home market but could potentially benefit the executive condominium segment.
That is according to property consultants that Channel NewsAsia spoke to.
The government announced last week that it was standardising the resale levy imposed on HDB homeowners who sell their first subsidised flat to buy another.
Under the changes announced, the HDB resale levy will be fixed at between $15,000 and $50,000 depending on the size of the flat.
Previously, it was pegged at between 15 percent and 25 percent of the flat's market value.
According to consultants, the change translates to cost savings for homeowners, which could amount to as much as about $40,000 for an executive flat.
And they are generally positive about the impact of the new levy on the HDB market.
Analysts say lower resale levies may encourage more transactions in the HDB primary market and reduce the current backlog of unsold new flats, estimated at some 9,000 units.
This could also benefit the HDB resale market, which has seen the bottoming out of prices since the fourth quarter of last year.
But there are concerns that the change might hurt the lower end of the private residential market.
That is because, with the lower levy, potential HDB upgraders might see value in buying another HDB flat rather than a private home.
And the executive condominium market is one sector that will potentially benefit.
"I think that this change in the resale levy is expected to have a positive impact for the executive condominium market. This is because for HDB upgraders who are thinking of moving into a new executive condominium unit, you have to pay a resale levy. But with the reduction of the resale levy, it would encourage more to do so," said Nicholas Mak, director of Consultancy and Research at Knight Frank.
While the changes to the levy system are generally welcomed, analysts say there is scope for further fine tuning.
"I think that one way to fine tune this scheme is to impose a levy only on those who have enjoyed capital gains when they sell their flats and are buying their second one from the HDB. There are some owners who are currently incurring capital losses, so why should they be hit twice especially they are in financial difficulties and need to downgrade," said Mak.
After two quarters of decline, HDB resale prices posted a 0.4 percent rise in the fourth quarter of last year.
- CNA /ls
That is according to property consultants that Channel NewsAsia spoke to.
The government announced last week that it was standardising the resale levy imposed on HDB homeowners who sell their first subsidised flat to buy another.
Under the changes announced, the HDB resale levy will be fixed at between $15,000 and $50,000 depending on the size of the flat.
Previously, it was pegged at between 15 percent and 25 percent of the flat's market value.
According to consultants, the change translates to cost savings for homeowners, which could amount to as much as about $40,000 for an executive flat.
And they are generally positive about the impact of the new levy on the HDB market.
Analysts say lower resale levies may encourage more transactions in the HDB primary market and reduce the current backlog of unsold new flats, estimated at some 9,000 units.
This could also benefit the HDB resale market, which has seen the bottoming out of prices since the fourth quarter of last year.
But there are concerns that the change might hurt the lower end of the private residential market.
That is because, with the lower levy, potential HDB upgraders might see value in buying another HDB flat rather than a private home.
And the executive condominium market is one sector that will potentially benefit.
"I think that this change in the resale levy is expected to have a positive impact for the executive condominium market. This is because for HDB upgraders who are thinking of moving into a new executive condominium unit, you have to pay a resale levy. But with the reduction of the resale levy, it would encourage more to do so," said Nicholas Mak, director of Consultancy and Research at Knight Frank.
While the changes to the levy system are generally welcomed, analysts say there is scope for further fine tuning.
"I think that one way to fine tune this scheme is to impose a levy only on those who have enjoyed capital gains when they sell their flats and are buying their second one from the HDB. There are some owners who are currently incurring capital losses, so why should they be hit twice especially they are in financial difficulties and need to downgrade," said Mak.
After two quarters of decline, HDB resale prices posted a 0.4 percent rise in the fourth quarter of last year.
- CNA /ls
// posted by Shajahan @ 1:57 PM
Tuesday, March 07, 2006
Collective sales demand seen to remain strong amid higher land costs
They say they see no lack of developers placing strong bids for collective or en-bloc sale sites in prime locations.
And that is despite rising land prices and the recent hikes in development charges.
Market watchers say collective sale site-owners can expect prices that are some 20% higher than last year's.
There has been an increasing number of prime collective sale sites in the market in recent months, and analysts say they expect the momentum to continue.
Just last week, Eng Lok Mansion along Napier Road was sold for a record $1,218 per square foot per plot ratio.
That was just one month after another Orchard area property - Angullia Mansion - was sold for $1,058 per square foot per plot ratio.
These unit prices have edged pass the $1,093 record high set by Scott Towers in 1997.
Analysts say such rising land prices are leading potential en-bloc site owners to expect 20% higher premiums compared to last year.
"As a result of the improvements over the last six months in particular, we've found that expectations have risen in response to the good news, which has also translated to higher land prices. And the higher land prices are now yielding owners perhaps a premium of 50% or so. This, I expect, can continue for the next six months or so," said Jeremy Lake, Investment Properties Executive Director at CB Richard Ellis.
Industry watchers say they do not expect the recent hike in development charges to hurt developers' appetite.
And that is because land prices, especially in prime areas, are rising at an even faster pace.
And in a sellers' market, some say the higher costs will likely be passed on to property buyers.
"Some of the latest increase in development charges was the biggest in six years. In a rising market, as we've witnessed today, there's a good chance that this cost will be passed on to the eventual buyer of the end units of the new projects," said Lui Seng Fatt, regional director of Head of Investments at Jones Lang LaSalle.
It is estimated that every 10% hike in development charge will translate into a 6% increase in costs incurred by developers.
- CNA /ls
// posted by Shajahan @ 3:40 PM