Punggol Road Extension

A new road extension to the Punggol Central road was opened for public use on November 25, 2018. The road opening ceremony was conducted in the presence of several persons of eminence. MPs for Pasir Ris-Punggol GRC, including Deputy Prime Minister Teo Chee Hean were among those attending the road opening. The extension was declared open in front of a large gathering. Nearly 400 enthusiastic Punggol residents graced the event.

 

The extension road is a part of a much bigger expansion project undertaken by the Land Transport Authority (LTA).  Estimated at $185 million, the project aims at lowering the traffic gridlocks and hold-ups that have become commonplace on the KPE-TPE intersection. The primary objective of the project is to improve the overall traveling experience on the roads leading outwards from the north-eastern town of Punggol.

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The property cooling measures from July have the purpose of stabilizing the market

Recently, there was an event at The Ritz-Carlton Millenia, where Mr Lawrence Wong, Minister for National Development of SIngapore explained why the Government adopted the measures that became active in July, concerning the property market of Singapore. As Mr. Wong said, these cooling measures have the purpose to avoid bubbles on the market and keeping the prices stable at the same time. The property market should evolve according to the trend outlining income increases and follow certain economic fundamentals, this is why the Government will not accept a hands-off attitude when it comes to the real estate sector of Singapore.

The previously mentioned event took place with the occasion of the 59th anniversary of the Real Estate Developers’ Association of Singapore, celebrated with a festive dinner. It was also a very good opportunity for the participants to catch up with the latest news and consolidate their relationships. Of course, Mr. Wong, who represented the Singaporean Government at the event, wanted to let everybody know that the Government will continue to intervene in the property market of the country when and if needed, in order to maintain stability in the property cycle. Thus, no one should be caught by surprise if the authorities will launch measures or decide to make certain adjustments.

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Selling an HDB: Do I Really Need a Property Agent?

 

In one word no, you do not need a property agent to sell your HDB property, but whether or not you should use one is a completely different matter. The answer to that depends mainly on your own situation, your experience, how comfortable you are in doing the work that would otherwise be carried out by an property agent, and how eager you are for a quick sale. Here we look what you need to consider before attempting to sell your HDB flat yourself.

 

Selling an HDB: Do I really need a Property Agent?
Selling an HDB: Do I really need a Property Agent?

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New flats released in upcoming Tengah Town

On November 13, 2018, the Housing and Development Board (HDB) of Singapore put over 7200 flats for sale. While most of these are Build-To-Order (BTO) units, the rest are Balance Flats. Of the said number as many as 1,620 are units in Plantation Grove, Plantation District. Plantation is one of five developing housing districts in the upcoming town of Tengah.

 

Tengah, an agrarian locality that has served as a military training ground in the past, is being built up to become one of Singapore’s most eco-friendly new towns. It has earned the distinction of being the ”first forest town” of Singapore. It is also the first planned township in over two decades.

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Sales of Condos Going Paperless

People that are connected to the real estate world will be happy to know that a fully digitized sales booking platform has been launched recently. It is designed with a motive to save unlimited sheets of paper that are otherwise wasted by property agents and developers to finalize the deal.

 

Showsuite is an advanced system that works by combing few latest technologies; the list includes 3D technology virtual reality and many other innovations as well. It can help to digitalize all the information related to unsold units, new projects so that buyers and agents can get an instantupdate about any property they find interesting around.

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Preview of Kent Ridge Hill Residences

Last Saturday, at 10th of November 2018, Oxley Holdings had sold 110 units for their latest new launch condo development that is along South Buona Vista Road. This development, named Kent Ridge Hill Residences is a low rise private development located within 10 minutes walk from the Pasir Panjang MRT station. Comprising of 498 apartments which are of 5 storey high and 50 strata houses, this Kent Ridge Hill condo is made up of units ranging from 1-Bedroom to 5-Bedroom.

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Launch of Whistler Grand

New Launch condo, Whistler Grand is finally launched at West Coast and it has received great attention right from the first day. City Development Limited developer recently gave an interview to The Sunday Times saying that out of 240 units launched on the day, 150 were snapped by around 5pm. The head of this property development firm told that these condos are gaining more popularity in the market due to their ultimate design, great location and affordability. Moreover, most of these units are priced at an affordable range of less than $1 million. Hence, people find it easier to invest on these wonderful condos.
Alan Cheong, the senior director of Savills Singapore recently told that 150 units that were sold present an estimated take-up the rate of 21% that is observed to be quite high for the current state of real estate market. Reports revealed that right when the total servicing ratio was introduced in the year 2013; properties were having only half of the take-up rate as compared to this recent sale.

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The Voluntary Early Redevelopment Scheme for 2018

 

The fact that the government developed rehabilitation programs for older flats is no secret. Many people live in apartments that are already a few decades old, which were offered in leases for a period of 99 years. Once the lease period expires, the flats will return to the property of the government while their former owners move to new locations or are supported by the government to find new places. But, as it is known, the authorities in Singapore desire to modernize and update all of these old flats, with the help of the Voluntary Early Redevelopment Scheme. The scheme means that once a person ends up living in a flat that is 70 years old or older, it is possible to choose the Voluntary Early Redevelopment Scheme and tap into the modernization opportunities offered by the government.

 

As you may have noticed, this program is called a “Voluntary Scheme”. This is due to the fact that, according to the officials, the financial support offered in case someone opts for the scheme is not that generous. In other words, the authorities will help old HDB flats find other places to live until their flats are modernized, but the support probably won’t be as great as some would desire. Thus, the scheme is voluntary and only those that consider the conditions acceptable can unroll. So, if one chooses to find another place to live instead of opting for the modernization of an old flat, he or she has all the freedom and right to do so.

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