Month: September 2021

It has been a long duration of 14 months to observe a consecutive rise in the Housing Board resale prices. As per the recent data of August month received from the SRX real estate portal, the property resale prices climbed at a pace of 1.1% in comparison to July.

 

Moreover, the resale prices are high by 13.7% this year when compared with the August month of 2020. With these fluctuations in the price, it is expected that September month prices may hit a record high in the scenario of strong demands.

 

Although August month came like a hungry ghost month, the construction delays increased, and flat resale demands strengthened with a lesser number of sales. If we look at the reports from the previous month, five Built-To-Order housing projects are already experiencing longer delays due to Greatearth – the main contractor’s decision to run after ongoing financial difficulties. The expected dates for completion of these famous BTO projects as well as many others, got delayed due to supply disruptions and lack of manpower. Furthermore, the covid-19 pandemic left a considerable negative impact on the construction sector.

 

Several affected buyers have now decided to pay an additional amount for resale flats, even if available units are less suitable for their needs since these flats are in ready-to-move condition. With a well-settled home, they can now plan their life with enhanced certainty.

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Flynn Park, located in Pasir Panjang, was recently sold to a joint venture between Sunway Developments and hoi Hup Realty for $371 million. The sale price for this property comes out to be around $1355 per sq ft per plot ratio that further exceeds the reserve price of $365 million for this development.

The first attempt of this development for leading collective sale ended earlier in June 2018 without any buyer. There are 7 percent well-designed bonus balconies on this property, and the land price comes out to be approx $1318 psf ppr.

This particular deal was handled by the famous company Savills Singapore, and they state that this was the largest collection sale site for the year.

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Recent reports reveal that two public projects and five upcoming Built to Order projects are on hold for an indefinite time as the main contractor behind these projects goes bust.

This situation is going to affect more than 2900 home buyers associated with these BTO-projects, including Marsiling Grove in Woodlands, Senja Ridges in Bukit Panjang, Senga Heights, and Sky Vista @ Bukit Batok. The fifth project on the list is located opposite West Coast Park and is known as West Coast Parkview. This one is recognized as a replacement site under Selective En Bloc Development Scheme for residents living in Block 513 to Block 520 on the West Coast Road.

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Analysts in the Singapore Housing Board market states that instead of property age, land availability can serve as a solid measure for the classification of non-mature and mature estates.

It gives investors and buyers a clear sense of amenities and pricing expected in the HDB towns. If we talk about the recently concluded Built to Order sales exercise at Jurong East and Hougang, both these HDB flats received non-mature estate classification.

Nicholas Mak, ERA Reality Head, states that it is more suitable to use land availability as an essential metric from a land planning and policy perspective; however, the age of the flats can be considered as a moving target. He also added that we could not judge a town by its age when some parts are built years ago, and many others are built up recently. Therefore, instead of using the age factor for estimating the mature or non-mature status of towns, it is better to consider the availability of land that can be developed in the future for designing new housing units.

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