Because the housing options in Hong Kong started to be rather short, due to the high demand, nano flats represented one of the best choices a couple of years ago. A nano flat is a very small living area, smaller than the space dedicated to parking a car. Due to its very reduced size, it was possible to build a higher number in a rather short time, so that the demand could be met. Practically, this type of residential unit offers the owner the chance to sleep somewhere safe and warm, but that was about it. When these units first emerged, they managed to grab the attention of home seekers. But, as it appears, the popularity of the nano flats is beginning to significantly drop.
Housing board is expected to launch a few new flats by the upcoming year. There are around 15,000 built to order apartments that will be designed in a few popular areas of the city such as Kallang/Whampoa, Jurong West and Sengkang. Earlier it was estimated that agency would launch around 17000 flats in the year 2018, but reports reveal that they have actually launched only 15800. It was a considerable fall as compared to the 17,584 number of flats launched in the previous year.
The chief executive of PropNex Realty, Mr. Ismail Gafoor revealed that the number of flats estimated to be launched in the year 2019 would be the least since the year 2015. Important to mention that the flat count in that year was 15100 only. Studies reveal that it happened just because of the normalization in subscription from 2 to 2.4 times within the past three years.
Progress is of course a good thing. New developments, new amenities, more and better infrastructure, all these are projects that a nation needs to undertake, in order to move up to the next level, to satisfy the ever-increasing demands and needs from a growing population. Progress can come at a price however, and it would be sad if we look back in a generation’s time and realise the cost of that progress is the complete eradication of everything that came before. The things that we all grew up with. The things that made Singapore, Singapore. That is why it is such good news what is happening with the former national aerated water factory on Serangoon Road.
2019 is most likely to be a year for unexpected turns in the residential property market of Singapore. Property prices which had escalated by almost 7 percent in the first six months this year have only risen by 3 percent since then. This may stay the same or dip lower in the coming year spelling good news for homeowners looking to make an investment in the new year.
2018 saw a whopping 10% rise in home prices and the Government had to add in restrictive measures by July to bring stability to the soaring numbers. Several aggressive land bids from developers for new and old areas in the early half of the year had caused the sudden inflation in market rates.
The Housing Development Board (HDB) of Singapore recently announced that it will be releasing lesser HDB flats in 2019. HDB had previously launched 17,584 flats in 2017 and projected the launch of an estimated 17,000 flats in 2018. However, only about 15,800 flats were up for sale this year. The number will go further down to around 15,000 in 2019.
After former sale closers, URA (Urban Redevelopment Authority) of Singapore recently released two more residential properties along with two other plots that can be used for residential as well as commercial purpose. All four plots have a 99 years lease and the overall yield from these properties is expected to be somewhere around 1915 homes.
These sites are launched under the land sales programme of government in the H2 of 2019. Two properties under this programme will fall under theconfirmed list; they are located at Middle Road and Sims Drive area.
The Middle Road site is somewhere around 7463 square metres,andit is intended for dwelling purpose; however, the first story can be usedfor commercial needs. In the high-rise zone, these buildings can have 20 stories; whereas, the low-rise zones are limited to six stories only. The government has authorized builders to design 375 apartments at this site, but it is not recommendedfor development of houses (Strata landed), serviced apartments and private condominiums.
Do you remember the old cinema and bowling venue that once entertained people in Queenstown? Well, whether you do remember or not, you should know that the entire site that has more than just these two is finally put out for sale. The area already received the approval to be transformed into a new and modern commercial building, with a total number of six storeys and underground parking spaces. Thus, the residents of the neighborhood can expect new stores and restaurant to appear in the new future, even a top-notch cineplex at the 250 Commonwealth Avenue address.
The Monetary Authority of Singapore (MAS) released its annual Financial Stability Review on November 23, 2018. The review reveals a recurrent 3 percent rise in household debt every third quarter of the year. MAS attributes this spike in debts to a 3.4 percent rise in housing loans noticed in the third quarter of every year in the recent past.
Given the consistency of this trend of increase in household debts, MAS advices prospective real estate buyers to be cautious of the market rates of interest on housing loans when attempting to fund their purchases. MAS adds that the rise in household debt is consistent with the growth in income rates and is indicative of healthy balance sheets of Singapore’s household market supply.