Posted by goldenpeace on 01-Mar-2009
SINGAPORE : Singapore's Housing and Development Board Lease Buyback Scheme started on Sunday, after two years in the works.
Five applications were received in the first hour.
The scheme is designed to help cash-poor, asset-rich seniors meet their retirement needs.
72-year-old Koh Chiong Eng is afraid he may lose his petrol pump attendant job soon because of his age.
If that happens, meeting daily expenditure will become difficult, as his wife does not work.
Hence, they were among the first in Singapore to sign up for the Lease Buyback Scheme - where HDB buys back the tail-end of the lease of their flat, leaving them with a shorter 30-year lease.
They will get a first-time payout of S$5,000, and monthly payments of about S$600 till death.
The amount is calculated based on the estimated valuation of their their-room flat - at S$236,000.
The payout varies depending on the valuation of the flat, done by independent assessors.
An estimated 25,000 households are eligible for the scheme, and concerns have been raised about some seniors' reluctance to part with their properties.
But it is not an issue with Mr Koh.
He said: "I can't take the flat with me if I die. It is better to sell it to the government and get money to meet my daily needs."
Some seniors are also reluctant because of the Asian value of leaving property to their children. Commenting on the issue, National Development Minister Mah Bow Tan said: "I hope at the same time, their children will also look after them. But you and I know that this is not a given."
Seniors will get to stay in their homes for 30 years after they sign up. And if they are still alive after the 30-year lease, alternative arrangements such as nursing home stays, will be made for them.
Mr Mah said: "The benefit of the scheme really is, you stay where you are and you get a rental income. My instruction to HDB is to make sure that as many eligible elderly households as possible are familiar with the scheme."
So HDB will organise exhibitions at 11 towns with a high elderly population.
Officers will also go door-to-door to invite the elderly to the exhibitions.
To be eligible, home owners must be aged 62 and above, enjoyed only one housing subsidy, and almost paid off their home loan.
The scheme is not open to those living in four-room or larger flats. Mr Mah said this is because they have the option of downgrading to unlock the value of their homes, and get cash. But he said HDB may consider extending the scheme to them, if there is sufficient demand.
Source - CNA/ms
Sunday, March 1, 2009
'Flippers' back at condo launches
Posted by goldenpeace on 01-Mar-2009
Speculators were among buyers at the recent sell-out sale of all 293 units at Alexis @ Alexandra, a newly launched condominium.
Another project, Caspian, in Jurong, sold around 515 of its 712 units at about the same time.
‘For sale’ ads followed both launches last month - but sub-sale buyers are not rushing in.
Yesterday, there was no huge crowd, but a steady stream of more than 300 people turned up at the launch of developer Hiap Hoe’s The Beverly in Toh Tuck Road.
Its spokesman did not say how sales went for the 31 apartments that were released in the 118-unit development at an average of $750 per sq ft.
Property agents reported signs of attempted ‘flipping’ - quick profit sales from having bought at the developer’s price - but they also said few sub-sale buyers were biting.
They noted that in the case of Alexis and Caspian, shortly after they were launched, ads for subsales began to appear.
An agent who declined to be named said about 10 per cent of Alexis’ 293 units were being flipped.
Property agents cited the relatively low pricing as reasons for buyers wanting to do a flip. Prices for Caspian apartments started at $580 psf, while those at Alexis @ Alexandra were priced on average at $850 to $1,100 psf.
In addition, property agent K.L. Goh, who is marketing two sub-sale units at Alexis, said: ‘Although the market is bad, Alexis is located near Queenstown MRT station and is highly sought after.’
The owners of a two-bedroom apartment are asking for $880,000, up from the $760,000 they paid for it.
Property agent Leslie Yap, who is helping a buyer market a two-bedroom apartment at Caspian for about $580,000, said: ‘She bought it at $527,400 and even if she can make a little profit, I think it’s quite good in such a short time.’
Meanwhile, agents said the response from sub-sale buyers was still rather cautious. Mr Yap said last Friday that he had received only one call that day for the Caspian unit.
‘Even though this is a very popular project, the response is still very bad and it may be difficult for buyers to make a profit right now,’ he said.
Mr John Murray, 41, who works in IT company EMC, was at the launch of The Beverly.
He said: ‘I’ve noticed that the prices are down from when I went house-hunting five or six months ago. This is actually a great time to buy.’
But he did not buy a unit yesterday.
Not that easy
‘Even though this is a very popular project, the response is still very bad and it may be difficult for buyers to make a profit right now.’ - PROPERTY AGENT LESLIE YAP, on recently launched Caspian in Jurong. He noted that the response from sub-sale buyers was still cautious.
Source : Sunday Times - 1 Mar 2009
Speculators were among buyers at the recent sell-out sale of all 293 units at Alexis @ Alexandra, a newly launched condominium.
Another project, Caspian, in Jurong, sold around 515 of its 712 units at about the same time.
‘For sale’ ads followed both launches last month - but sub-sale buyers are not rushing in.
Yesterday, there was no huge crowd, but a steady stream of more than 300 people turned up at the launch of developer Hiap Hoe’s The Beverly in Toh Tuck Road.
Its spokesman did not say how sales went for the 31 apartments that were released in the 118-unit development at an average of $750 per sq ft.
Property agents reported signs of attempted ‘flipping’ - quick profit sales from having bought at the developer’s price - but they also said few sub-sale buyers were biting.
They noted that in the case of Alexis and Caspian, shortly after they were launched, ads for subsales began to appear.
An agent who declined to be named said about 10 per cent of Alexis’ 293 units were being flipped.
Property agents cited the relatively low pricing as reasons for buyers wanting to do a flip. Prices for Caspian apartments started at $580 psf, while those at Alexis @ Alexandra were priced on average at $850 to $1,100 psf.
In addition, property agent K.L. Goh, who is marketing two sub-sale units at Alexis, said: ‘Although the market is bad, Alexis is located near Queenstown MRT station and is highly sought after.’
The owners of a two-bedroom apartment are asking for $880,000, up from the $760,000 they paid for it.
Property agent Leslie Yap, who is helping a buyer market a two-bedroom apartment at Caspian for about $580,000, said: ‘She bought it at $527,400 and even if she can make a little profit, I think it’s quite good in such a short time.’
Meanwhile, agents said the response from sub-sale buyers was still rather cautious. Mr Yap said last Friday that he had received only one call that day for the Caspian unit.
‘Even though this is a very popular project, the response is still very bad and it may be difficult for buyers to make a profit right now,’ he said.
Mr John Murray, 41, who works in IT company EMC, was at the launch of The Beverly.
He said: ‘I’ve noticed that the prices are down from when I went house-hunting five or six months ago. This is actually a great time to buy.’
But he did not buy a unit yesterday.
Not that easy
‘Even though this is a very popular project, the response is still very bad and it may be difficult for buyers to make a profit right now.’ - PROPERTY AGENT LESLIE YAP, on recently launched Caspian in Jurong. He noted that the response from sub-sale buyers was still cautious.
Source : Sunday Times - 1 Mar 2009
Time to license all estate agents
Posted by goldenpeace on 01-Mar-2009
I refer to the article, ‘License all agents, say experts’ (Feb 8).
I have been a licensed property agent since 1992, and am a member of the Institute of Estate Agents (IEA) and operate my own agency. I fully support the move to license all estate agents.
Licensed property agents and IEA members have to adhere to proper conduct and abide by a code of ethics, failing which we will be penalised or even have our licences revoked.
Unlicensed property agents, on the other hand, can easily get away with unethical practices; they can simply quit their agencies and join other agencies.
The time is right for this issue to be looked into - for the good of the industry and the public.
Conee Wuan (Ms)
Source : Sunday Times - 1 Mar 2009
I refer to the article, ‘License all agents, say experts’ (Feb 8).
I have been a licensed property agent since 1992, and am a member of the Institute of Estate Agents (IEA) and operate my own agency. I fully support the move to license all estate agents.
Licensed property agents and IEA members have to adhere to proper conduct and abide by a code of ethics, failing which we will be penalised or even have our licences revoked.
Unlicensed property agents, on the other hand, can easily get away with unethical practices; they can simply quit their agencies and join other agencies.
The time is right for this issue to be looked into - for the good of the industry and the public.
Conee Wuan (Ms)
Source : Sunday Times - 1 Mar 2009
Saturday, February 28, 2009
Government lowers development charge for properties by 4%-15%
Posted by goldenpeace on 28-Feb-2009
The government has lowered the redevelopment tax on non-landed residential property by 15 per cent on average – a more drastic cut than the 6 per cent it made half a year ago.
The biggest reductions affect higher-end properties in prime locations, including Marina Bay, Robertson Quay, River Valley, Orchard Road, Grange/Tanglin, Newton and Holland Road areas.
Some market watchers had been hoping for even deeper reductions, given the weak property market due to the current recession.
But property consultant Chesterton Suntec International said the 15 per cent drop is an accurate reflection of current land valuations.
Chesterton Suntec analyst Colin Tan said regular review of the development charge or DC rate is based on actual transaction values in the previous six months, and not on market sentiment.
He said the cut could help the slumping property market.
“Of course, we are just seeing the beginning of a drop so it will take a lot more, maybe the next DC rate cut, to ensure that it’s profitable now to move forward. Generally, the taxes do not act as an incentive or disincentive, it’s the market. But it lessens the obstacles,” said Mr Tan.
According to CB Richard Ellis, land values are expected to moderate in the course of this year. It said DC rates for non-landed residential use probably fell because of comparatively lower prices for new launches in the residential market in the last six months.
The DC rates for hotel and hospital properties fell by 10 per cent and business zone commercial use properties decreased by 4 per cent.
The development charge is levied when a property is redeveloped into a more valuable project, for example, after an en bloc sale.
The Singapore government adjusts the DC rate every six months to reflect the value of land here. The latest revision will take effect from March 1.
Source : Channel NewsAsia - 27 Feb 2009
The government has lowered the redevelopment tax on non-landed residential property by 15 per cent on average – a more drastic cut than the 6 per cent it made half a year ago.
The biggest reductions affect higher-end properties in prime locations, including Marina Bay, Robertson Quay, River Valley, Orchard Road, Grange/Tanglin, Newton and Holland Road areas.
Some market watchers had been hoping for even deeper reductions, given the weak property market due to the current recession.
But property consultant Chesterton Suntec International said the 15 per cent drop is an accurate reflection of current land valuations.
Chesterton Suntec analyst Colin Tan said regular review of the development charge or DC rate is based on actual transaction values in the previous six months, and not on market sentiment.
He said the cut could help the slumping property market.
“Of course, we are just seeing the beginning of a drop so it will take a lot more, maybe the next DC rate cut, to ensure that it’s profitable now to move forward. Generally, the taxes do not act as an incentive or disincentive, it’s the market. But it lessens the obstacles,” said Mr Tan.
According to CB Richard Ellis, land values are expected to moderate in the course of this year. It said DC rates for non-landed residential use probably fell because of comparatively lower prices for new launches in the residential market in the last six months.
The DC rates for hotel and hospital properties fell by 10 per cent and business zone commercial use properties decreased by 4 per cent.
The development charge is levied when a property is redeveloped into a more valuable project, for example, after an en bloc sale.
The Singapore government adjusts the DC rate every six months to reflect the value of land here. The latest revision will take effect from March 1.
Source : Channel NewsAsia - 27 Feb 2009
Friday, February 27, 2009
Will it be a Champion?
Posted by goldenpeace on 27-Feb-2009
Mixed views on whether pricing is attractive to buyers
THE first batch of HDB flats for this year has been launched, but do they reflect homebuyers‚ budgets in this downturn? And are their prices an indication of what to expect from other projects later this year?
Champion Court, at the junction of Champions Way and Woodlands Avenue 1, was launched yesterday under the Build-To-Order (BTO) system, where projects are only built when a certain level of demand is reached.
The 815 new flats include the first studio apartments in Woodlands and are priced below their equivalent market prices to ensure affordability, said the Housing and Development Board (HDB).
There are 182 three-room flats priced from $118,000 to $142,000, and 224 four-room flats with prices ranging from $194,000 to $227,000. Five-room flats - of which there are 185 - are from $247,000 to $296,000. The others are smaller studio apartments and three-room units.
Member of Parliament Lim Wee Kiak (Sembawang) who raised the issue of affordable housing in Parliament recently, said Singaporeans could be paying under $100,000 for a three-room flat if they make use of Government grants.
PropNex CEO Mohamed Ismail said he expects the project to be “five times oversubscribed” since prices are up to 40 per cent lower than resale flats in the area.
But Chesterton International‚s head of consultancy and research Colin Tan does not expect response to be good. Besides the less-than-ideal location, prices are not attractive enough for the smaller-sized apartments, he said.
Mr Tan said HDB should reconsider pricing some of its new flats “in far-flung suburban locations such as Woodlands” by about $20,000 to $30,000 lower.
But Dennis Wee Group‚s vice-president Chris Koh expects prices to remain constant since HDB should have “factored in” the long recession and “priced accordingly.”
HDB will launch some 3,000 BTO flats in the first half of this year, mostly in Ponggol.
Out of these, 1,400 will be smaller studio apartments, two- and three-room flats. It will also continue to monitor demand in other towns.
Applications can be submitted online at www.hdb.gov.sg until March 11.
Source : Today - 27 Feb 2009
Mixed views on whether pricing is attractive to buyers
THE first batch of HDB flats for this year has been launched, but do they reflect homebuyers‚ budgets in this downturn? And are their prices an indication of what to expect from other projects later this year?
Champion Court, at the junction of Champions Way and Woodlands Avenue 1, was launched yesterday under the Build-To-Order (BTO) system, where projects are only built when a certain level of demand is reached.
The 815 new flats include the first studio apartments in Woodlands and are priced below their equivalent market prices to ensure affordability, said the Housing and Development Board (HDB).
There are 182 three-room flats priced from $118,000 to $142,000, and 224 four-room flats with prices ranging from $194,000 to $227,000. Five-room flats - of which there are 185 - are from $247,000 to $296,000. The others are smaller studio apartments and three-room units.
Member of Parliament Lim Wee Kiak (Sembawang) who raised the issue of affordable housing in Parliament recently, said Singaporeans could be paying under $100,000 for a three-room flat if they make use of Government grants.
PropNex CEO Mohamed Ismail said he expects the project to be “five times oversubscribed” since prices are up to 40 per cent lower than resale flats in the area.
But Chesterton International‚s head of consultancy and research Colin Tan does not expect response to be good. Besides the less-than-ideal location, prices are not attractive enough for the smaller-sized apartments, he said.
Mr Tan said HDB should reconsider pricing some of its new flats “in far-flung suburban locations such as Woodlands” by about $20,000 to $30,000 lower.
But Dennis Wee Group‚s vice-president Chris Koh expects prices to remain constant since HDB should have “factored in” the long recession and “priced accordingly.”
HDB will launch some 3,000 BTO flats in the first half of this year, mostly in Ponggol.
Out of these, 1,400 will be smaller studio apartments, two- and three-room flats. It will also continue to monitor demand in other towns.
Applications can be submitted online at www.hdb.gov.sg until March 11.
Source : Today - 27 Feb 2009
Those 224 studio flats...
Posted by goldenpeace on 27-February-2009
The new build-to-order (BTO) flats at Champions Court in Woodlands caught their eye, but the young couple decided to stick with their application for a four-room flat at Sengkang even though prices were similar.
Why? Bride-to-be Izyanty Asmary, 23, said she was “not comfortable” with having studio apartments - targetted for senior Singaporeans - in the same residence, and the Woodlands flats appeared to be more cramped.
For the first time, studio apartments, comprising 224 of the 815 units, will be up for sale in Woodlands. The apartments come with elderly-friendly features such as grab bars and non-slip flooring.
Member of Parliament Dr Lim Wee Kiak (Sembawang) pointed out that “different demographics would make the community more interesting. It also encourages community to help one another.”
Families can get a bigger unit, while the older folks live in the studio apartment, he noted, they could help take care of young children.
There are 30 units of 37-sq metre studio apartments priced between $57,000 to $64,000, and 164 units of 47-sq metre apartments priced from $71,000 to $80,000 up for sale.
Source : Today - 27 Feb 2009
The new build-to-order (BTO) flats at Champions Court in Woodlands caught their eye, but the young couple decided to stick with their application for a four-room flat at Sengkang even though prices were similar.
Why? Bride-to-be Izyanty Asmary, 23, said she was “not comfortable” with having studio apartments - targetted for senior Singaporeans - in the same residence, and the Woodlands flats appeared to be more cramped.
For the first time, studio apartments, comprising 224 of the 815 units, will be up for sale in Woodlands. The apartments come with elderly-friendly features such as grab bars and non-slip flooring.
Member of Parliament Dr Lim Wee Kiak (Sembawang) pointed out that “different demographics would make the community more interesting. It also encourages community to help one another.”
Families can get a bigger unit, while the older folks live in the studio apartment, he noted, they could help take care of young children.
There are 30 units of 37-sq metre studio apartments priced between $57,000 to $64,000, and 164 units of 47-sq metre apartments priced from $71,000 to $80,000 up for sale.
Source : Today - 27 Feb 2009
Thursday, February 26, 2009
HDB launching Build-To-Order flats in Woodlands
Posted by goldenpeace on 26-Feb-2009
SINGAPORE: For the first time, the Housing and Development Board (HDB) is launching studio apartments in Woodlands under the Build-To-Order scheme.
Called Champions Court, there will be 224 units of studio apartments, 182 units of 3-room, 224 units of 4-room and 185 units of 5-room flats available.
3-room flats will cost at least S$118,000, while prices of 4-room flats and 5-room flats will start from S$194,000 and S$247,000 respectively.
Champions Court will be located near the Woodlands Regional Centre at the junction of Champions Way and Woodlands Avenue 1.
The studio apartments will be equipped with elderly friendly features such as grab bars and non-slip floors.
Potential buyers can log onto the HDB website for more information.
Source - CNA/so
SINGAPORE: For the first time, the Housing and Development Board (HDB) is launching studio apartments in Woodlands under the Build-To-Order scheme.
Called Champions Court, there will be 224 units of studio apartments, 182 units of 3-room, 224 units of 4-room and 185 units of 5-room flats available.
3-room flats will cost at least S$118,000, while prices of 4-room flats and 5-room flats will start from S$194,000 and S$247,000 respectively.
Champions Court will be located near the Woodlands Regional Centre at the junction of Champions Way and Woodlands Avenue 1.
The studio apartments will be equipped with elderly friendly features such as grab bars and non-slip floors.
Potential buyers can log onto the HDB website for more information.
Source - CNA/so
Wednesday, February 25, 2009
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Floorplans - Helios Residences Penthouse Type P1
Helios Residences
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Type P1 - Lower Level
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Type P1 - Upper Level
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Type P1 - Roof Terrace
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Type P1 - Lower Level.jpg)
Type P1 - Upper Level.jpg)
Type P1 - Roof Terrace
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