Redevelopment of the iconic Golden Mile Complex

The iconic Golden Mile Complex may turn into an important integrated development project if it manages to find an en bloc buyer, says the Urban Redevelopment Authority (URA). This was announced on January 8, 2019, in response to an application submitted for redeveloping the existing complex with an additional block.

 

The Golden Mile Complex, situated on the Golden mile stretch between Nicoll Highway and Beach Road. It holds historic importance as the Urban Renewal Department of the Housing and Development Board’s first Sales of Site programme. The programme was conceptualized as part of a redevelopment project of Singapore’s Central Area.

 

Completed in 1973, the 16-storeyed Golden Mile Complex used to be one of the highlights of the area. Built at an original cost of S$18 million, the complex integrated several functionalities including shopping malls, clubs, ticketing centers besides housing units. The property has a land area of 1.3 hectares approx and was designed with a step-terraced architectural layout. The complex is considered to be one of the earliest mixed-use developments in Singapore’s urban landscape and has been redeveloped in minor ways time and again since.

 

However, in the recent past, the complex has turned into an urban slum owing to personal development and extensions carried out by individual owners within the site. Much of these personal add-ons and constructions have been carried out without a thought to others around the apartments and this has turned the site into an eyesore. The Golden Mile complex has been critiqued several times in recent times for turning into a source of national disgrace.

 

The complex has been on a 99-year-old leasehold since 1969. But owing to its current dilapidated state the URA decided to put it up on en bloc sale with an $800 million reserve price. More than 80% of the current owners signed an agreement to this effect in August 2018.

 

At the current reserve price, the current residential owners, who are 68 in number, stand to get a gross payout of between $1.27 million and $6 million each. The 418 shop units may get a payout anywhere between $200,000 and $7 million each, dependent on the size, location and other specifics of their units. The gross payout for the 227 office units is similarly estimated to be between $360,000 and $3 million each.

 

As of now, if an en-bloc buyer is found, the URA has agreed to consider an estimated 86,000 sqm of the complex space for mixed-use development with facilities like offices, serviced apartments, hotels and retail spaces as part of the plan. This is subject to the buyer’s willingness to conserve the historic main building of the complex which has rightfully become a landmark in Singapore’s urban history.

 

It is hoped that a buyer is found soon and the new Golden Mile Complex will turn into an essential part of the redevelopment of the Beach Road corridor. This would indeed be a unique opportunity for preservation and incorporation of an iconic site into a new development if the selling goes through smoothly.

 

Depending on the buyer’s proposals for the land use, a new premium and lease upgrading premium will be made effective. It is hoped that the new buyer will top the lease up to 99 years as well. The tender exercise for the sale will be closed on January 30, 2019, at 3 pm SGT.

 

https://www.straitstimes.com/business/property/if-iconic-golden-mile-complex-is-conserved-ura-will-consider-86000-sq-m-for-mixed

 

 

New launch Condo in the city fringe / city

A higher number of HDB homeowners can now enjoy a buyback of their remaining leases

The HDB allowed some homeowners to obtain their money back on the remainder of their leases, if they wanted to move out of the homes they bought at one point. But, unfortunately, not all homeowners were able to enjoy this buyback scheme until recently. This led to the appearance of numerous senior citizens that are living in large apartments, which can generate rather considerable costs. Mr. Tang Lum Sui, for example, is one of those seniors. He is a widower and living in a large apartment, with 5 rooms. For quite a while now he’s been trying to obtain access to this scheme, but without any success.

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How Much Should You Pay to A Property Agent in Singapore?

 

When a property agent provides services in the real estate industry; he/she definitely deserve some amount as commission. But most of the sellers and buyers often get confused about how much they should pay. Well! There are several factors associated with the property agent’s commission. If you are taking services from these professionals to buy, sell or rent a property, below we have highlighted few details to ease your confusion for commission payment.

 

Types of property agents:

The Sellers’s/ Landlord’s Agent:

Property sellers and landlords often need an agent to plan the promotion and presentation of their unit through various means. These agents also bring buyers from different locations while scheduling and managing the viewing process. Even the legal issues and negotiation related affairs are also handled by these agents. 

 

The Tenant’s/Buyer’s Agent:

These property agents work for searching appropriate properties for the clients and coordinate viewings as per their need. They also take responsibility for negotiating with the landlord’s/seller’s agent. 

 

Common practices for the commission:

The rates for agent’s commission are listed below as per the complexity involved in various property deals:

 

For rented and leased properties:

In this case, landlords or sellers are responsible for paying agent’s commission; tenant doesn’t pay any fee. In Singapore, it the rented property is above S$3,500 with two years lease, landlords pay an amount equal to one month’s rent. Whereas, if the property of the sameamount has only one year’s lease, landlords pay half month’s rent in the form of agent’s commission. 

If the property is rented for a two-year lease, but the amount is below S$3500, landlords pay one month’s commission, and for a one-year lease, the fee is half a month’s rent. However, if the tenant has also hired an agent to assist in property search, they also pay one month’s rent and half month’s rent as commission in respective cases. 

It is important to understand that there is no hard and fast rule about this commission amount; the terms are described only on the basis of common practices. 

 

Commission for condos:

In case an agent provides services to the seller for finalizing the deal of a non-landed private property as like condos; the seller has to pay 2% of the actual amount to the agent. The seller’s agent usually divides this money with the buyer’s agent. 

 

HBD resale flats:

Those who are seeking property agent’s services for processing HDB resale flats need to pay a reasonable amount in the form ofcommission. As per the common scenario in Singapore, sellers usually pay around 2% of the total amount whereas buyer’s pay 1% of the total amount to the agent as his professional fee or commission. 

 

Landed Properties:

For the simple landed properties, sellers need to pay around 2% of the total amount to the agent as commission. However, the buyer does not pay any amount because mostly the seller’s agent takes responsibility to split the amount between both service providers. 

If you are in search of some trustworthy property agent to sell or buy property; it is important to talk about the commission amount in advance to ensure complete peace of mind.

 

 

The information above were extracted from the article link below, visit the site for more details now,

https://cnalifestyle.channelnewsasia.com/trending/property-agent-commission-in-singapore-how-much-should-you-pay-11066830

 

 

 

Do you know that if you are buying a new launch condo directly from the developer, you do not have any to pay any professional fee to the property agent? The interest rate for the bank loan of a development under-construction is also lower than that of a resale condo in the initial stage. Take a look at the list of some of the latest new condo in Singapore below,

 

 

 

 

 

Foreigners can now enjoy longer flat rental periods

The HDB renectly launched great news for all foreign tenants that are looking for HDB apartments for rent in Singapore. Those that have work or immigration passes that exceed a period of two years will be able to enjoy longer rental periods. This way, they won’t have to worry about where they will leave after a while. But, it is worth knowing that the new changes are not applicable to all foreigners. In the case of Malaysian and Singaporean citizens, the rental period of flats remains the same, and that is three years only.

 

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