THE rising property market has brought executive condominiums (ECs) back from the brink of extinction.
These homes - which are halfway between public housing and private condominiums - suddenly looked much more appealing after rules for buyers wererelaxed on Tuesday.
Property consultants now expect that more plots for ECs, such as the 2.27ha site placed on the market on Tuesday, will soon be offered.
The main reason: the widening gap between prices of resale Housing Board flats and those of private condos. ECs, which come with condo facilities but with sale restrictions similar to those for public housing, were introduced in 1995 to bridge this gap.
They became relatively unpopular, however, after the property market plunged a few yearslater, making private condos more affordable.
In fact, when the first few ECs hit the resale market in 2004 after the minimum five-year occupation period, many were sold at a loss or at breakeven prices. This was because they were booked when prices were at their peak in 1996.
Many people expected Far East Organization's La Casa in Woodlands to be the last EC project on the market when it was launched for sale in 2005.
'Mass market condo prices were in the doldrums, making ECs redundant. Today, that's a different story,' said Colliers International's director of research and consultancy, Ms Tay Huey Ying.
Private home prices surged 22.9 per cent in the first nine months of the year - more than twice the rate achieved by resale HDB flats.
Lower-priced ECs are more attractive now because prices of condos in the suburbs - where ECs tend to be sited - have started to move up significantly. In the July- September period, prices of non-landed homes outside the central region rose 7.9 per cent. Consultants expect this growth to continue.
The easing of EC rules is also expected to increase demand from people looking to move from HDB flats. The HDB removed a hurdle for upgraders by scrapping a resale levy payable by EC buyers who had previously bought government-subsidised flats.
Buyers of new EC units are also no longer barred from buying second new EC units or new flats. In addition, the HDB now requires developers to reserve 90 per cent of units for first-time buyers in the first month of sale.
Although ECs still cannot be sold within the first five years and remain out of bounds to foreigners within the first 10 years, the easing of rules has helped ECs shake off their tag as second-rate condos, said Mr Eric Cheng, the executive director of the HSR property group.
Potential buyers include property agent Lester Tan, 27, who has been living with his parents for the past five years since he got married.
He and his wife started looking for a condo about two years ago, but regretted waiting so long to buy one, as prices have shot up.
He said: 'We heard that the Punggol EC may be launched, and we are quite excited about it.'
Potential upgraders like Ms Elsie Cheng, 31, are also eyeing the future EC in Punggol. The teacher - who lives with her husband, seven-month-old son and maid in a two-bedroom EC unit in Tampines - is looking to move into a bigger EC.
'Why pay so much for a private condo?' she asked.
Knight Frank's head of research and consultancy, Mr Nicholas Mak, said the changes were likely to raise the proportion of upgraders among EC buyers, from an estimated 5 per cent to 10 per cent, to 20 per cent to 25 per cent.
Developers such as Frasers Centrepoint Homes, which built the Lilydale and Quintet ECs, are optimistic. Its chief operating officer, Mr Cheang Kok Kheong, told The Straits Times: 'The EC will do well in today's market as a hybrid property - apartments with condo facilities but without private condo price tags.'
He added: 'As a reflection of the strong confidence and growth potential of the EC market, we expect to see increased competition in this market segment and more developers taking part in upcoming EC land tenders.'
Buyers hoping to make a quick buck from ECs, however, should take heed. 'The (full) value of the EC will not be realised immediately but in 10 years, subject to the property market being buoyant at that time,' said PropNex chief executive Mohamed Ismail.
For now, all eyes are on the EC site in Punggol Field. Estimated to be able to fit about 620 homes, it will be put up for tender once a developer commits to a minimum bid that meets the Government's reserve price.
The EC units, however, will meet only a small portion of the current demand for new homes. In a recent HDB sales exercise, almost 8,000 families applied for just 400 flats in Telok Blangah, while more than 1,600 applied for 516 homes in Punggol.
Growing interest
The HDB has removed a hurdle for upgraders by scrapping a resale levy that executive condo (EC) buyers who already own HDB flats have to pay.
ECs bridge the price gap between HDB flats and private homes. Private home prices rose 22.9 per cent in the first nine months of the year - more than twice the rate achieved by HDB flats.
ECs are more attractive now because prices of condos in the suburbs - where they tend to be sited - have started to move up significantly.
Thursday, November 22, 2007
Friday, September 14, 2007
Gardens and sea to frame new Marina South homes
A landmark residential district - with lush gardens by its side, a spectacular view of the sea and the Sands Integrated Resort a mere stone's throw away - will rise over the next few years to add further gloss to the Marina Bay area.
Some 60 hectares of land, on which 11,000 homes will be built, has been set aside for the project. The Marina South Residential District (MSRD) will also have 1.6 million sq ft set aside for hotel use, another 678,000 sq ft of commercial space and even a primary and a secondary school. There will also be community facilities for all to enjoy, the government announced yesterday.
The entire project will be developed over a 15 to 20-year period once the supporting infrastructure has been put in place, said the Urban Redevelopment Authority (URA).
URA also said given the size of the area, it is likely that the land parcels will be released in phases.
The government agency is master planning the project as the next stage of development for the Marina Bay area.
Marina Bay, which is touted as the centrepiece of Singapore's urban transformation into a vibrant, global city, is already home to several upcoming prime projects - including the Marina Bay Sands Integrated Resort and the 100-ha Gardens By the Bay.
This residential site is located between the upcoming Garden at Marina South and the Straits of Singapore.
URA hopes that MSRD will offer its residents the best of both worlds - a rare opportunity to experience waterfront living together with the lush greenery provided by the garden.
'Obviously, it is a choice location - right between the garden and the sea,' said Knight Frank managing director Tan Tiong Cheng. 'The view will be even better than that from the Marina Bay integrated resort.'
Said Colliers International's director for research and consultancy Tay Huey Ying: 'The area will provide a very wholesome residential environment.'
The bid to develop MSRD is in line with the government's 2001 Concept Plan - a long term plan that guides Singapore's development over the next 40 to 50 years - which called for more city living options for Singaporeans.
Then, URA said that those who like the downtown buzz can look forward to having 90,000 more units to choose from, mostly in the New Downtown at Marina South.
Experts expect that homes in MSRD will be popular, especially with foreigners.
'It is possible that the primary and secondary schools could be foreign schools,' said Colin Tan, Chesterton International's head of research and consultancy.
However, market watchers mostly said that even when boosted by this latest news, home prices in the Marina Bay area are not likely to reach those fetched by luxury projects in the Orchard Road vicinity anytime soon.
'I don't think the development will overtake Orchard Road in terms of prices and appeal to foreigners,' said Ms Tay. Facilities catering to foreign residents, such as foreign schools and embassies, are now located in the Orchard Road vicinity, she said.
Knight Frank's Mr Tan agreed: 'At the end of the day, Marina South is a new district; it is not tested.'
In addition, concerns exist about the infrastructure in the area. For one, the road network in the Marina Bay area will have to be improved, analysts said.
Right now, URA is looking to garner new and innovative ideas to distinguish MSRD.
Together with the Singapore Institute of Architects, it is organising a competition, which will close on November 12, for design ideas for the district. A sum of $50,000 has been set aside to be awarded for up to 10 best ideas.
Some 60 hectares of land, on which 11,000 homes will be built, has been set aside for the project. The Marina South Residential District (MSRD) will also have 1.6 million sq ft set aside for hotel use, another 678,000 sq ft of commercial space and even a primary and a secondary school. There will also be community facilities for all to enjoy, the government announced yesterday.
The entire project will be developed over a 15 to 20-year period once the supporting infrastructure has been put in place, said the Urban Redevelopment Authority (URA).
URA also said given the size of the area, it is likely that the land parcels will be released in phases.
The government agency is master planning the project as the next stage of development for the Marina Bay area.
Marina Bay, which is touted as the centrepiece of Singapore's urban transformation into a vibrant, global city, is already home to several upcoming prime projects - including the Marina Bay Sands Integrated Resort and the 100-ha Gardens By the Bay.
This residential site is located between the upcoming Garden at Marina South and the Straits of Singapore.
URA hopes that MSRD will offer its residents the best of both worlds - a rare opportunity to experience waterfront living together with the lush greenery provided by the garden.
'Obviously, it is a choice location - right between the garden and the sea,' said Knight Frank managing director Tan Tiong Cheng. 'The view will be even better than that from the Marina Bay integrated resort.'
Said Colliers International's director for research and consultancy Tay Huey Ying: 'The area will provide a very wholesome residential environment.'
The bid to develop MSRD is in line with the government's 2001 Concept Plan - a long term plan that guides Singapore's development over the next 40 to 50 years - which called for more city living options for Singaporeans.
Then, URA said that those who like the downtown buzz can look forward to having 90,000 more units to choose from, mostly in the New Downtown at Marina South.
Experts expect that homes in MSRD will be popular, especially with foreigners.
'It is possible that the primary and secondary schools could be foreign schools,' said Colin Tan, Chesterton International's head of research and consultancy.
However, market watchers mostly said that even when boosted by this latest news, home prices in the Marina Bay area are not likely to reach those fetched by luxury projects in the Orchard Road vicinity anytime soon.
'I don't think the development will overtake Orchard Road in terms of prices and appeal to foreigners,' said Ms Tay. Facilities catering to foreign residents, such as foreign schools and embassies, are now located in the Orchard Road vicinity, she said.
Knight Frank's Mr Tan agreed: 'At the end of the day, Marina South is a new district; it is not tested.'
In addition, concerns exist about the infrastructure in the area. For one, the road network in the Marina Bay area will have to be improved, analysts said.
Right now, URA is looking to garner new and innovative ideas to distinguish MSRD.
Together with the Singapore Institute of Architects, it is organising a competition, which will close on November 12, for design ideas for the district. A sum of $50,000 has been set aside to be awarded for up to 10 best ideas.
Tuesday, September 11, 2007
En bloc law to change in early October 2007
The current statute that governs en bloc sale will be made more transparent and fairer for the various stakeholders. Among the proposed changes to take place in early October include:
Sales committees must be properly formed and elected.
The signing of Collective sales agreements (CSAs) will be witnessed by lawyers who can clarify doubts and explain terms and liabilities.
Cooling-off period
Potential sellers will have a five-day 'cooling-off period' after they have signed the CSA.
Majority consent to include area of development
The definition of majority consent has been changed to mean 80% of share value as well as 80% of the areas of the development. Currently majority consent means 80% or 90% of the project’s share value, depending on whether it is more than 10 years old or less. In the new rule, the first condition still applies but now a second condition is required which include 80% or 90% of the area of the development, again depending on whether the project is more than 10 years old or less.
Requirements for general meetings.
A sales committee will have to be elected by more than 50% of owners present at a general meeting of the management corporation before signing of the CSA may begin. Likewise, property consultant and lawyer will have to be appointed at a general meeting. Key issues such as apportionment of sales proceeds and the terms and conditions of the CSA will also need to be discussed and formalised during general meetings.
Monthly updates by Sale Committee
The sales committee will also have to provide monthly, instead of bi-monthly updates of the consent level to keep all owners in the loop.
Requirement of tender or auction
Every launch for sale must be through a public tender or auction which means that the majority consent would have been obtained prior to that. The sales committee can engage in follow-up negotiations with any bidder, when the tender/auction fails to attract the reserved price. But a sale by private treaty must be concluded within 10 weeks of the close of the tender/auction. Otherwise, the tender will have to be relaunched for sales efforts to resume.
Market Reaction to proposed changes
As it is, many potential en bloc projects may speed up the signing of CSA to avoid doing everything all over again when the new law comes into effect. But in the longer term, there may be fewer en bloc sale sites as it would take a longer time to launch a site for sale unless the market is booming.
Lawyers' fees for collective sales, usually $3,000 to $4,000 per unit, could double or triple because of the additional duties thrust on lawyers. The lawyers will be required to witness signatures and certify the monthly updates on the consent level. The whole process of requiring lawyers to witness signatures will slow down the speed of putting en bloc sale sites onto the market.
Sales committees must be properly formed and elected.
The signing of Collective sales agreements (CSAs) will be witnessed by lawyers who can clarify doubts and explain terms and liabilities.
Cooling-off period
Potential sellers will have a five-day 'cooling-off period' after they have signed the CSA.
Majority consent to include area of development
The definition of majority consent has been changed to mean 80% of share value as well as 80% of the areas of the development. Currently majority consent means 80% or 90% of the project’s share value, depending on whether it is more than 10 years old or less. In the new rule, the first condition still applies but now a second condition is required which include 80% or 90% of the area of the development, again depending on whether the project is more than 10 years old or less.
Requirements for general meetings.
A sales committee will have to be elected by more than 50% of owners present at a general meeting of the management corporation before signing of the CSA may begin. Likewise, property consultant and lawyer will have to be appointed at a general meeting. Key issues such as apportionment of sales proceeds and the terms and conditions of the CSA will also need to be discussed and formalised during general meetings.
Monthly updates by Sale Committee
The sales committee will also have to provide monthly, instead of bi-monthly updates of the consent level to keep all owners in the loop.
Requirement of tender or auction
Every launch for sale must be through a public tender or auction which means that the majority consent would have been obtained prior to that. The sales committee can engage in follow-up negotiations with any bidder, when the tender/auction fails to attract the reserved price. But a sale by private treaty must be concluded within 10 weeks of the close of the tender/auction. Otherwise, the tender will have to be relaunched for sales efforts to resume.
Market Reaction to proposed changes
As it is, many potential en bloc projects may speed up the signing of CSA to avoid doing everything all over again when the new law comes into effect. But in the longer term, there may be fewer en bloc sale sites as it would take a longer time to launch a site for sale unless the market is booming.
Lawyers' fees for collective sales, usually $3,000 to $4,000 per unit, could double or triple because of the additional duties thrust on lawyers. The lawyers will be required to witness signatures and certify the monthly updates on the consent level. The whole process of requiring lawyers to witness signatures will slow down the speed of putting en bloc sale sites onto the market.
Some Katong commercial properties up for collective sale
FACED with flagging businesses and dwindling human traffic, the shop owners of several commercial buildings in Katong are coming together to sell their properties en bloc.
This has led to renewed interest in the old East Coast hotspot recently, sparking hopes among residents and shopkeepers nearby that the area - famed for its good food and old-world charm - will get the rejuvenation it needs to boost its image.
At least five commercial buildings along Mountbatten Road and East Coast Road have appointed marketing agents to launch collective sales.
These include Katong Mall, Paramount Hotel and Shopping Centre, Roxy Square, Katong Plaza and the iconic Katong Shopping Centre, said Mr Lui Seng Fatt, the regional director and head of investments at Jones Lang LaSalle.
Back in its heyday, Katong Shopping Centre was the heart and soul of the East. But as the years wore on, the lack of entertainment facilities and an attractive retail mix made it a poor rival to other malls nearby such as Parkway Parade.
Many of these buildings in Katong are more than 20 years old and, in the case of Katong Shopping Centre, which opened in 1973, more than 30.
Dr Lim Un Huat, owner of several shops at Katong Mall, told The Straits Times most shop owners were in favour of the en bloc sales, and were waiting for the right price to sell.
Mr Lui said the 'tired-looking' buildings were overdue for a revamp, especially since residential projects in the area have gone upmarket.
This has led to renewed interest in the old East Coast hotspot recently, sparking hopes among residents and shopkeepers nearby that the area - famed for its good food and old-world charm - will get the rejuvenation it needs to boost its image.
At least five commercial buildings along Mountbatten Road and East Coast Road have appointed marketing agents to launch collective sales.
These include Katong Mall, Paramount Hotel and Shopping Centre, Roxy Square, Katong Plaza and the iconic Katong Shopping Centre, said Mr Lui Seng Fatt, the regional director and head of investments at Jones Lang LaSalle.
Back in its heyday, Katong Shopping Centre was the heart and soul of the East. But as the years wore on, the lack of entertainment facilities and an attractive retail mix made it a poor rival to other malls nearby such as Parkway Parade.
Many of these buildings in Katong are more than 20 years old and, in the case of Katong Shopping Centre, which opened in 1973, more than 30.
Dr Lim Un Huat, owner of several shops at Katong Mall, told The Straits Times most shop owners were in favour of the en bloc sales, and were waiting for the right price to sell.
Mr Lui said the 'tired-looking' buildings were overdue for a revamp, especially since residential projects in the area have gone upmarket.
Friday, September 7, 2007
Singapore Sports Hub
The Sports Hub will be Singapore's premier land and sea sports, entertainment and lifestyle hub with integrated programming. A unique cluster development of integrated world-class sports facilities within the city, it will play a critical role in accelerating the development of sports industry, excellence and participation and take sports to the next level in Singapore.The Sports Hub neatly captures all three components in one masterstroke. It will draw international events to its world-class facilities, and offer events management enterprises some of the largest potential crowds ever to assemble in Singapore. It will encourage large numbers of people to adopt and pursue sports and make sports part of their life. And it will offer exceptionally compelling opportunities for sports-related enterprises, federations, and organizations to bring their message to an enormous, interested audience.Construction and management of this development are to be handled under the public-private partnership (PPP) model. Proposals by the three pre-qualified consortiums are currently being evaluated, and the successful consortium is expected to be announced in December 2007. The facilities to be built are as follows:Located on a 35ha site in Kallang, the Sports Hub will include the following facilities:
A new 55,000-capacity National Stadium with a retractable roof;
A 6,000-capacity indoor Aquatic Centre that meets world tournament standards;
A 3,000-capacity multi-purpose arena which will be scalable and flexible in layout;
41,000 sq m of commercial space
A Water Sports Centre
The existing 12,000-capacity Singapore Indoor Stadium; and
Supporting leisure and commercial developments
A 6,000-capacity indoor Aquatic Centre that meets world tournament standards;
A 3,000-capacity multi-purpose arena which will be scalable and flexible in layout;
41,000 sq m of commercial space
A Water Sports Centre
The existing 12,000-capacity Singapore Indoor Stadium; and
Supporting leisure and commercial developments
The Sports Hub is well connected to the Mass Rapid Transit network, major expressways and is only 15 minutes from the Singapore Changi International airport. A new Stadium MRT station will be operational when the Hub construction is completed. From Day One, fans will have low-cost, hassle-free access to the Sports Hub.The Sports Hub is also located next to the Marina Bay area and is poised to ride on the wave of exciting developments at Marina Bay like the Marina Bay Sands Integrated Resort, Marina Barage, Singapore Flyer and the floating platform at Marina Bay. The Hub is the first and largest sports facilities infrastructure Public-Private-Partnership (PPP) projects in the world. It is also Singapore's largest and flagship PPP project of this nature.While the Sports Hub is under construction, the new floating stage at Marina Bay will host sporting and other events. Literally floating on the water, the stage will bring some of the highest-profile international events ever to grace Asia, while at the same time remaining available to showcase exceptional local talent and regional competitions. These activities form the key lead up programmes towards a successful start of the Sports Hub in 2011.
COMMENTS
Personally I forsee property prices in Tanjong Rhu area to keep on rising in the next 5 years as the area is in proximity to (1) new Sports Hub, (2) new Stadium MRT station,
(3) new retail mall (former Kallang Leisure Mall), (4) Suntec & Marina area, and (5) CBD.
Pebble Bay at Tanjong Rhu
Desired Condominiums In The East (1) - Pebble Bay @ Tanjong Rhu
Tenure: 99 years leasehold
No. of Units: 510
TOP Date: 1997
No. of Units: 510
TOP Date: 1997
Average Transacted Price in
August 2007 : $1,125 psf
July 2007 : $1,088 psf
Pebble Bay, one of Singapore's first waterfront condominium developments located in the prime Tanjong Rhu area, obtained its Temporary Occupation Permit (TOP) in October 1997.
The project which is a joint venture with CapitaLand, offers 510 units of luxurious apartments with 20 different designs in sizes ranging from 850 sf to 6,114 sf. The units comprise a mix of studio, 2/3/4-bedroom and penthouse apartments with floor areas ranging from 90 sm to 400 sm. Outstanding amenities and recreational facilities, lush tropical landscaping and panoramic views form an integral part of the development.
The project which is a joint venture with CapitaLand, offers 510 units of luxurious apartments with 20 different designs in sizes ranging from 850 sf to 6,114 sf. The units comprise a mix of studio, 2/3/4-bedroom and penthouse apartments with floor areas ranging from 90 sm to 400 sm. Outstanding amenities and recreational facilities, lush tropical landscaping and panoramic views form an integral part of the development.
Location
Pebble Bay's strategic location in the prime Tanjong Rhu area, ensures easy access to all parts of Singapore. The Central Business District, Orchard Road and Changi Airport are just a few minutes’ drive away via the East Coast Parkway expressway and Nicoll Highway.
Moreover, the project which is adjacent to a proposed marina, offers panoramic waterfront views, outstanding amenities and easy access to recreational facilities in the Kallang Basin. It is within walking distance to The National Stadium, Indoor Stadium, Kallang Tennis Centre and Kallang Theatre and a proposed commercial village with food kiosks and outdoor shopping.
Pebble Bay's strategic location in the prime Tanjong Rhu area, ensures easy access to all parts of Singapore. The Central Business District, Orchard Road and Changi Airport are just a few minutes’ drive away via the East Coast Parkway expressway and Nicoll Highway.
Moreover, the project which is adjacent to a proposed marina, offers panoramic waterfront views, outstanding amenities and easy access to recreational facilities in the Kallang Basin. It is within walking distance to The National Stadium, Indoor Stadium, Kallang Tennis Centre and Kallang Theatre and a proposed commercial village with food kiosks and outdoor shopping.
Facilities
Pebble Bay offers world-class resort style facilities. Amongst its landscaped gardens are a swimming pool, a lagoon pool, a wading pool, spa and bubble pool, tennis courts and squash courts. In addition, there is a golf driving range, putting green, fitness circuit, gymnasium, steam rooms and a children’s playground.
Pebble Bay offers world-class resort style facilities. Amongst its landscaped gardens are a swimming pool, a lagoon pool, a wading pool, spa and bubble pool, tennis courts and squash courts. In addition, there is a golf driving range, putting green, fitness circuit, gymnasium, steam rooms and a children’s playground.
To top off the excellent waterfront view and luxurious facilities, Pebble Bay is created with superb quality finishes using natural materials and specially designed stone finishes to mark the luxury resort ambiance.
Wednesday, September 5, 2007
Astoria Park Condominium Unit Transactions
Astoria Park Condominium
28 - 34 Lorong Mydin
TOP in 1995
Tenure - 99 years wef 01 May 1993
District 14
354 units
2 bedrooms - 79 to 93 sqm
3 bedrooms - 109 to 122 sqm
Friday, August 24, 2007
Friday, July 27, 2007
St Patrick's View Goes On En Bloc Sale (Business Times, 26 July 2007)
It has been sold en bloc to TG Development Pte Ltd (TGD) for $79 million.
This is 25% higher than the indicated price when the collective sale was launched three months ago.
On its bullish bid, TGD managing director Ong Boon Chuan said: 'The prices for Districts 9, 10 and 11 are quite high but there is room for more upside in the outskirts.'
At $79 million, the price works out to $682 per sq ft per plot ratio (psf ppr), including an estimated development charge of $302,318 for the 83,013 sq ft site.
TGD plans to build a five-storey development of about 100 units with unit sizes of between 1,000 sq ft and 1,400 sq ft. The launch is targeted for mid-2008.
The breakeven cost is estimated at around $1,000 psf, which means new units have to be sold in excess of this.
Comments
Apartments in St Patrick's Row may be worth considering. Saw a unit there in 1st quarter 2006. Now a bit regret not buying.......Sigh......
Thursday, July 26, 2007
MediaCorp launches interactive ad portal mocca.com
SINGAPORE: Hunting for a home will soon be more than just about trawling through pages of property listings in the newspapers, thanks to a new e-classified website.
Called mocca — which stands for MediaCorp Online Communities and Classified Advertising — the new channel raises the interactivity factor such as users search, for free, in categories from cars to fashion.
Videos and articles by MediaCorp news agencies TODAY and Channel NewsAsia about property trends as well as links to nearby amenities such as schools will also pop up with the property listing in the new MediaCorp e-classified platform.
"If you think about how classified ads work now, it's very much a one-way thing. The person advertises and you, as the potential buyer, just read about it and do not interact," said MediaCorp's vice-president (New Media Business) Timothy Goh.
"With mocca, you can watch videos of the product and then talk about it in discussion forums as we roll this out progressively. This will bring the peer-to-peer marketplace closer."
In the pipeline for mocca — launched today — are features such as discussion forums for like-minded sellers and buyers, Mr Goh said.
These features will also be available for other search categories, such as travel, education, jobs and fitness.
Posting an ad is free for all categories, except property and vehicles.
There is a charge of $15 for each seven-day listing in these two categories. The advertiser can upload up to five images and a video link with each ad.
Ads on the other categories will expire after seven days. Advertisers can edit or completely change an ad whenever they want during these seven days, after which they have to renew the listing.
The one-week time limit is to ensure that ads on mocca are current, Mr Goh said, pointing out that many online classified advertising sites have lengthy expiration periods or none at all, which create the illusion of having a high volume of ads.
However, a sweetener awaits early birds: There is no charge to post all classified ads on mocca (www.mocca.com) for its first month. - TODAY/ac
Wednesday, July 25, 2007
Park Connector Network
The Park Connector Network is an island-wide network of linear open spaces that link up major parks, nature sites and housing estates in Singapore. The network will be linked up in phases over the next 10 years and when the entire network is completed, it will form a green network, spanning over 300 km across the whole island, making it convenient to travel from park to park.
The park connectors vary in length, ranging from about 2 km to 10 km, making them ideal for those who like to take short walks to exercise, as well as to cater to cyclists who prefer longer distances. They are usually found alongside the many rivers and canals that flow through the island and are often used as convenient shortcuts to housing estates, MRT stations, and schools.
The park connector optimises the use of land such as drainage reserves, foreshore and road reserves by turning them into beautiful green corridors for recreation.
And green corridors they certainly are! Fringed by lush landscaping on one side, and the river on the other, the park connectors' long stretches of paved tracks make for an enjoyable and safe walk or cycling trip, away from the hustle and bustle of traffic noise and exhaust fumes. Look up among the trees and shrubs, and you would probably see colourful birds and butterflies flitting among the greenery that line the park connectors. The park connector brings one close to nature, yet it is not far from urban areas as well.
Comments
Out of the 15 park connectors in Singapore, 6 of them are located in the EAST. They are (1) Bedok Park Connector, (2) Geylang Park Connector, (3) Kallang Park Connector, (4) Kallang-Geylang Park Connector, (5) Siglap Park Connector, and (6) Tampines Park Connector. Thus a potential house hunter may take into consideration if his/her desired location is siutated near a park connector so as to take advantage of the benefits a park connector can offer.
Will property market see a repeat of 1996?
Business Times Article, 25 July 2007, Kalpana Rashiwala.
THERE'S a sense of deja vu in the air for those of us who witnessed the last residential property boom in the 1990s. Record prices being reported by developers, an en bloc sale being attempted in just about every private estate, foreign buying at record levels, and subsales again in favour.
Even the government's approach to dealing with the situation seems reminiscent of 1996, according to some market watchers.
The Ministry of National Development and Urban Redevelopment Authority have been giving assurances lately that there will be sufficient supply of homes and that they will make more sites available, if necessary. And just like over a decade ago, MND and URA have recently been making public more information on the property market to provide greater transparency.
Flashback to the mid-90s. As far back as 1994, the government raised booking and forfeiture fees to curb speculative activity. But speculation picked up again and in January 1996, URA announced that the government had set aside enough land for 100,000 private homes for the five-year period from 1997 to 2001 - more than thrice the amount necessary to meet its target of releasing land for 6,000 private homes a year.
The following month, URA revealed the sales status (as defined by options granted by developers) of individual private residential projects, and said it would do this each quarter. This was to correct any wrong impression of high take-up rates.
Fast forward to 2007. Last month MND announced the biggest Government Land Sales (GLS) Programme with enough land for about 8,000 private homes.
Earlier this month, URA said that there were about 32,700 yet-to-be-sold private homes in uncompleted projects as of Q1 2007 - possibly enough to meet demand for the next three years.
On the transparency front, URA last week released for the first time information on the number of units sold for each uncompleted private residential project by price bracket, in the month of June. Such information will henceforth be released monthly.
But what if, like in 1996, such measures fail to calm the market?
The thing with the property market is that it is primarily sentiment driven. In a bull run, people may not heed reason and logic and are driven by fear and greed instead.
When the strategy of giving assurances of adequate supply and releasing more market information failed to stem speculation in 1996, the authorities were forced to announce a slew of measures on May 14 that year.
These included taxing as income the gains made from selling properties within three years of purchase and introducing a sellers' stamp duty for those who sold residential properties within three years of purchase.
Financing was also clamped down. Banks could not make housing loans for more than 80 per cent of the purchase price or value of a property, whichever was lower. Permanent residents were limited to one Singapore dollar housing loan each while foreigners were denied such loans altogether.
All of the May 1996 anti-speculation measures were subsequently removed during the property doldrum.
To many market industry participants now, the writing is on the wall. They figure that the government may come up with measures to cool the market if the property bull run threatens Singapore's competitiveness.
However, the stakes are higher now. Many credit the current property boom to the government's efforts to promote Singapore, which have put Singapore on the radar screens of overseas property investors again, and its embrace of foreign talent and high net-worth individuals.
In short, many of the foreign investors in the local property market today were wooed by Singapore.
Slapping a set of harsh measures might send out a negative message about Singapore as an investment destination as a whole.
Also, speculation is yet to reach the heady levels seen in 1996.
Some in the industry think a 'whisper campaign' by the government to tighten financing targeted at banks and developers may be less harsh and avoid a panic crash.
For example, banks could be asked to be more careful in screening housing loan applications. 'Maybe, instead of giving loans up to the maximum 90 per cent of the value of homes, they could limit this to 80 per cent.
This will make people think twice before they pay record prices for homes,' reckons a seasoned industry observer.
Deferred payment schemes extended by developers could also be moderated or suspended, some industry players said. The ability to buy a property by making an initial payment of just 10 or 20 per cent of its value, with the next payment postponed to after the project is completed, makes things a whole lot easier for those thinking of flipping properties for a quick gain. Removing deferred payments should help take the froth from the market.
But there is a school of thought which believes that getting rid of the deferred payment, which often entails buyers paying 3 to 5 per cent more for the price of a home than under a progressive payment scheme, could crash the market.
Some suggest that taxing gains from selling properties within a short period of time may be a fairer way to contain the current exuberance. Those who make quick gains from flipping their properties should be prepared to part with a portion of their gain by paying income tax on it.
It remains to be seen if history will repeat itself.
Monday, July 23, 2007
List of Postal Districts
Comments
Ever wonder what/where the newspapers/media are referring to whenever they mentioned up class residential areas like "district 9" or "district 10"? Or do you know which district are you staying in? Hope this helps!
Friday, July 20, 2007
Kallang-Paya Lebar Expressway (KPE) in 2008
The KPE which is scheduled for completion in 2008 is a dual-carriageway expressway with three lanes in each direction and eight interchanges. The 12-km Kallang/Paya Lebar Expressway (KPE) will stretch from the East Coast Parkway (ECP) in the south to the Tampines Expressway (TPE) in the North East. To be built at an estimated cost of S$1.8 billion, the expressway includes about 9 km of tunnel, which will be the longest underground expressway in South East Asia.
Starting at the ECP, the Kallang section of the expressway crosses beneath the Geylang River, the National Stadium area, Nicoll Highway, Mountbatten Road, Geylang Road, Sims Avenue and the Pan Island Expressway (PIE).
The Paya Lebar section of the expressway continues below the Pelton Canal for almost 2 km. It then crosses under Paya Lebar Road, and at the same time over the new Circle Line, to reach Airport Road.
The line of the tunnels progress for almost 3.5km below Airport Road and Paya Lebar Air Base before emerging at ground level at Defu Lane 3. The expressway then continues at grade for 3 km, crossing over Tampines Road on a flyover to meet up with TPE at Lorong Halus.
Comments
Upon completion and open to traffic, the KPE should be able to help ease traffic congestion in areas such as "Still Road-Jln Eunos-Eunos Link-Hougang Ave 3" as well as "Paya Lebar-Upper Paya Lebar". It's great news for drivers staying in the East!
Latest
Ministry of Transport (MOT) has announced that the Phase 1 of the Kallang-Paya Lebar Expressway (KPE) will be opened to traffic on 26 October 2007.
The KPE Phase 1, is the section from the ECP to the PIE. A total of four entry slips and four exit slips will be opened under KPE Phase 1.
There are two entry slips for motorists to enter the KPE (Northbound) heading towards the PIE (Eastbound), exiting near Kallang Way:
(i) Entry slip from the ECP (AYE) direction
(ii) Entry slip from the ECP (Changi) direction
Motorists coming from the PIE from both direction can enter the KPE (Southbound) by using the entry point near Kallang, to head towards the ECP (AYE bound), or the ECP (Changi bound), both exiting near Fort Road.
Thursday, July 19, 2007
Reserve List site next to Tanah Merah MRT station available in Nov 2007
CommentsGoing by the good sales performance of Casa Merah in April-June 2007, subject site which is located right next to Tanah Merah MRT station will surely attract the attention of many potential developers. As the subject site is only available for bidding in Nov 2007 earliest, the fastest possible launching of the proposed condo development should be in second half of 2008. So prices of apartment units that are situating near MRT stations along the East Line would look upon the future launch prices of subject development as a good indicator for asking prices. Example of condominiums that are in close proximity to MRT stations are The Trumps and Astoria Park near Kembangan MRT station.
URA Sale of Sites Programme, Reserve List Site at Simei St 4
There is a residential site near Simei MRT station which the Urban Redvelopment Authority of Singapore (URA) has placed under it's Reserve List and waiting for potential developers to trigger the tender. Going by the recent brisk sales for the newly launched condo named "Casa Merah" by NTUC Choice Homes & Wing Tai, developers may be interested in bidding for this site soon. Comments
So it may be worthwhile for potential home buyers interested in resale private apartments to consider developments such as Modena, Tropical Spring, Simei Green Condominium etc. The selling prices for this proposed condo development in the near future may in one way or another affect secondary market prices.
Government announced to build the Eastern Region Line - MRT
In addition to the upcoming Circle Line expected to be completed by 2010, the government has announced plans to build three new lines, namely the Bukit Timah Line, the Eastern Region Line and the Jurong Region Line. The three lines are estimated to cost more than S$11 billion and will be built within the next 10 to 15 years.
Comments
Referring to the above MRT System Map which I received from an email almost a year ago (understand it was initially posted on LTA website but was eventually taken off to avoid confusion/speculation by the public), the Eastern Region Line will complement the existing East West Line and enhance inter- and intra-town travelling in the eastern region. The line will benefit residents in Tampines, Bedok, Marine Parade, Macpherson and Kaki Bukit.
Bedok will be one of the 5 interchange stations for the Eastern Region Line and more often than not, the government will prefer developments to be intensified within 100 to 200 metres radius of a MRT station.
With the ageing Bedok Central, are we going to witness an urban renewal of this town in the next 5 to 10 years? Already HDB is currently constructing about 10 blocks of high rise HDB flats near the MRT station. In addition, FRASERS Centrepoint Ltd (FCL) bought the Bedok and Changi theatre sites (near the MRT) for $40.8 million in Nov 2006 and plans to develop the leasehold sites into a mall.
Furthermore, Professor S Jayakumar, DPM, MP - East Coast GRC, announced in Dec 2005 that East Coast Town, which includes places like Bedok and Siglap, is slated for a makeover over the next 5 years in a programme with a price tag of S$500 million.
So let's cross our fingers and hope for the best!
Circle Line to breath New Lease of Life in the East?
The Circle Line (CCL) which is set to fully complete in 2010 will be a fully underground orbital line linking all radial lines leading to the city. The line will interchange with the North-South Line, East-West Line and North East Line.
Comments
With Paya Lebar as one of the seven interchange stations for the Circle Line, I really hope this infrastructure development would bring about a greater transformation in this area and incidentally make it more "happening". Paya Lebar has been identified as a sub-regional centre in URA's Concept Plan 2001 but "activities" has not really took off since. The only prominent development in that area is the Singapore Post Centre.
Wednesday, July 18, 2007
Changes in Development Charge (DC) Rates!!!
The Ministry of National Development (MND) has announced that development charge rates will be revised from the current 50 per cent of the appreciation in land value to 70 per cent. The revised rates take effect immediately and apply to development applications where provisional permission is issued on or after 18 July. For land with title restrictions on the use and intensity, which are subjected to a levy of differential premium by the Singapore Land Authority, the differential premium will be similarly adjusted to the 70 per cent rate based on the published table of development charge rates.
Comments:
This essentially increases developers' cost of paying DC by 40%!!! Is this a one off measure? Or is this going to be one of the many policies that the government is going to implement to cool the current buoyant property market. Are we going to witness a fall in the number of enbloc /collective sales? I hope not! :-)
See
East The Best - 1st Posting!!!
Hi, I resided in the Central area (Telok Blangah) of Singapore in the first 20 years of my life till my family shifted to the Eastern part of Singapore. Since then, I've fell in love with many of the wonderful things that the 东方 of Singapore can offer.
While on my way to work this morning (18 July 2007), I suddenly thought of writing a blog about the latest property related issues/news in the East area. Initially I hesitated but eventually I told myself that since my passion has always been in REAL ESTATE......why not!......go ahead and write/post something!
That's how I ended up with my very first posting, which YOU have just finished reading :-)
Cheers
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