According to the latest monthly vehicle population statistics from the Land Transport Authority (LTA), the number of fully electric private cars has been experiencing exponential growth. As of October 2023, there are approximately 10,426 fully electric vehicles (EV) on the road, constituting just 1.6% of the total car population of 649,786. The government aims for all vehicles to adopt cleaner energy by 2040, with plans to install 60,000 EV charging points by 2030 across public and private premises. Read more
Author: My Exclusive Condo
What You Need to Know about Your New Condo’s Parking Spaces
Examining recent new launch land tender details reveals that the provision of a 1-to-1 parking ratio might no longer be obligatory for private condo developers. This is contingent upon the Technical Conditions specified in the Land Tender context, particularly for sites well-connected to public transport or designated car-lite precincts. In cases where parking spaces are outnumbered by dwelling units, buyers must be informed upfront in the Option to Purchase and Sales & Purchase Agreement. Read more
Lentor Hills Estate: A Haven of Modern Comfort
New Lentor Hills Estate
Lentor Hills Estate is a new and tranquil residential area located in District 26 of Singapore. This peaceful neighborhood is surrounded by predominantly landed houses, low to mid-rise condominiums, and natural habitats. It falls under the Ang Mo Kio Planning Area, part of the URA North-East Region rejuvenation plan. The estate is adjacent to the Central Water Catchment area, where you can explore various parks and nature reserves and, including Lower and Upper Pierce Reservoir Park, Lower and Upper Seletar Reservoir Park, MacRitchie Reservoir, Thomson Nature Park and Ang Mo Kio-Bishan Park. Nature enthusiasts often visit this area for outdoor activities and to escape the hustle and bustle of the city. It is bordered by Teacher’s Housing Estate to the south and Sindo Industrial Estate to the west.
Hike in HDB and Condo Rents; Demands for Bigger Flats Still High in Landlord’s Market
As per the stats obtained from the month of October, rents for private Singapore Condo and HDB flats increased in October with the rise in demand. This is possibly the outcome of recently implemented cooling measures as more tenants these days are looking forward to HDB flats at comparatively lower rental prices.
An exponential rise of 1.8% in HDB rents has been experienced in the market during October month. However, it was 3.3% in the month of September. On the other side, the executive flats are experiencing a rise of 6.1% in rents.
A larger number of HDB flats were rented in the month of October. The volume has further increased by 10.3% leading to the estimated number of 1995 units in comparison to only 1809 units rented out in September.
HDB Resale Flat Experience Considerable Price Hike in November
As per a recent market update for November month, prices of HDB resale flats experienced a hike for the 29th straight month. As a result, a higher number of units exchanged hands with the recently applied cooling measures. If we compare the trends of October month with November month, the prices of HDB resale flats grew much faster with a change from 0.5% to 0.6%. On yearly basis, prices increased by almost 10%.
Punggol Waterfront BTO Projects Receives BCA Award for Impressive Design
The barrier-free linkways and communal spaces at transport nodes and neighborhood center at Waterfront I & II of Northshore provide residents with the unique experience of seafront living without compromising accessibility and comfort. These features proved to be extremely useful to promote this project and it ultimately helped to win Building & Construction Authority Award for excellent design.
The built-to-order project at Punggol housing estate is one of the four winning constructions. Note that all these sites received the highest universal design rating for their innovative appeal. The winners of this award presented universal design principles for creating a highly accessible and inclusive environment, especially for elders, children, and people with disabilities.
31ha of Forested Areas to Have 10,000 New Homes in Bedok
Almost 31ha of forested land in Bedok is expected to receive clearance by the end of 2029 to have a Bayshore Housing development that is expected to be ready by the middle of 2030. As per the recent environmental assessment report from Housing Board, the target areas have conservation value ranging from minor to moderate – mainly due to the lesser number of species with conservation, species with richness, and enhanced dominance of flora with non-native significance.
The reports reveal that the areas targeted for clearance are listed among the last substantial forests from eastern Singapore. Moreover, the construction activities in this area are expected to leave some irreversible effects, mainly due to the considerable loss of bird species and plants.
DHI Water & Environment consultancy conducted a study that included baseline surveys from April 25 to July 21 in the year 2022. It covered approximately 31.4 ha of a total development site of 60 ha which is equivalent to 84 football fields. This complete construction site is linked to Upper East Coast Road in the north direction; however, the south side is connected to East Coast Parkway. The areas that are not studied in this survey include some highly vegetated sites that are now cleared for leading MRT station-related construction activities.
The forested land of almost 31ha is expected to be cleared for the Bayshore area housing project and the residents here will be served by two main MRT stations in the coming years. The recent environmental survey was conducted to understand the impact of upcoming developments along with mitigation measures.
Strong Demand for HDB Rental Properties in Singapore Ensures Landlord’s Market
After the recent cooling measures applied in the Singapore housing market, the rental prices for private apartments & housing board flats have grown fast and the scenario indicates strong pressure on the rental market during the coming months. Studies reveal that HDB rental properties have climbed by almost 3.2% during the month of September which is comparatively higher than 2.4% rise reported in August. This report is presented with reference to both non-mature as well as mature estates in the Singapore housing area.
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HDB Monitoring if Cooling Measures Impacts Prices of Smaller and 4-Room Resale Flats
The prices for smaller as well as four-room housing board resale flats are to be monitored by experts if any hike is observed after cooling measures. This is due to the fact that some aspiring analysts and home buyers have expressed major concern related to the curbs posed on the owner’s private properties may further moderate the demands for larger HDB resale flats & five-room apartments. These scenarios may increase demands and as a result, the prices for smaller resale flats and four-room apartments may also increase.
Right from September 30th, the owners of private properties need to wait for almost 15 months after the sale of their current home to buy a non-subsidized resale flat at the Housing Board. However, owners that have crossed the age gap of 55 and above may move from private accommodations to smaller resale flats or four-room flats. If we consider the wait-out period of 15 months, when there is a temporary measure with moderate demand, it is important to recognize that there are more seniors that need to look for retirement adequacy. With this, it is important to provide them avenues and options for the right size condos and four-room apartments or smaller HDB flats that may serve their needs better.
Mr. Lee, National Development Minister, also stated that a large number of owners from private properties are now looking forward to buying HDB resale flats and this count has doubled within the last two years. This scenario has a direct impact on the property cycle, especially when they try to sell private properties while moving to the HDB resale market as in this situation they can pay higher cash to close the deals fast.
With a 7% Jump for Suburban Condos, Private Home Prices Rise by 3.4% in Q3
Right after the launch of some new condominiums in Singapore suburbs, there has been a strong demand for these residential units which further contributed to a considerable price hike. Reports reveal that the prices of private homes are rising high consistently up to this third quarter of the year.
In comparison to the previous months, there has been an estimated rise of 3.4% in the prices of private homes; however, it is slightly down from the 3.5% mark of the second quarter. This growth in the prices was mainly triggered by some non-landed segments in the area where prices went up to 4.1% in comparison to 3.6% in the previous quarter and this growth has been observed even after the rise in mortgage rates in banking institutions.
With Tighter Housing Loans, Private Home Owners Need to Wait for 15 Months to Buy HDB Flats
Recent news updates reveal that the Singapore government will now restrict the maximum amount that new homeowners can borrow, so that the borrowers may find it easier to service these loans.
The market scenarios show a consistent rise in the interest rates after cooling measures and it is likely to increase further. Therefore, authorities are now taking several essential measures to ensure that home buyers can borrow within the limit and it will further help to moderate demand for new homes in the market.
GuocoLand’s Lentor Modern Condo 84% Sold On Launch Weekend
Lentor Modern, one of the most popular projects with an private residential integrated development from GuocoLand has experienced a great weekend after launch. Reports reveal that this property has a total of 605 apartments out of which 508 apartments were sold straight away on the first weekend, which makes up 84% of the total condos available.
This site is designed with an mixed-development that is integrated with that is to be designed on the Lentor Hills area with an estimated price of $1856 psf to $2538 psf. The initial launch prices for these units started somewhere from $1.07M for the one-bedroom apartment of 527 sq ft; however, the estimated price for four bedroom apartment with a 1528 sq ft dimension is presented at $3.33 million.
Reopening in Singapore Fuels Hike in Land Betterment Charge Rates
The rates for land betterment charges (LBC) in Singapore have been considerably raised for commercial, residential, and industrial needs. Among all, the rates for non-landed residential properties are experiencing the highest rise due to robust property market conditions in Singapore. It is further influenced by healthy bids for collective sale sites and state-owned lands. The developers are paying LBC which further replaced the need for development charges and this scenario is improving the utilization of available sites while opening doors to create bigger projects on them.
Chinese Developers Experiencing Range of Winding-up Lawsuits
In China, creditors are knocking on the doors of legal offices to demand payments from embattled Chinese property firms. This is highlighting a major turmoil in the property sector. The developers are now rushing to set up plans to resolve the debt issues and the impact can be seen in the real estate industry.
Some of the most recent cases in court were filed against Jiayuan International Group and Sunac China Holdings. Note that these are the two big names among at least six builders that have received plenty of winding-up petitions within the past few months in the Cayman Islands and Hong Kong. Moreover, China Evergrande Group, Jiayuan, and Sunac have also scheduled their hearings for November month.
75% of Units at Sky Eden@Bedok Sold Right After Launch Event
More than 70% of all Sky Eden@Bedok condominiums got sold on the launch day itself with an average price per dquare feet of of $2,100. This mixed development at Bedok Town Center is the first residential project in the last 10 years; it has a total of 158 units out of which 118 units were sold recently on Wednesday. The developers in a recent interview revealed that all 2-bedroom units at this site were completed sold.
The acting COO (chief operating officer), Ms. Lorraine Shiow at Fraser Property recently said that this development is close to the mature estate and this is the main reason why it is drawing maximum attention from buyers. The home buyers at this location will be able to access several thriving economic hubs nearby this location; it includes Paya Lebar and Changi. These sites are expected to undergo a major renovation in the coming years; as a result, this Singapore East site will become more popular for buyers in the future.
This leasehold property which comprises of a 99 years lease is made up of 2 to 4-bedroom units with dimensions starting from a 657 sq ft all the way to 1302 sq ft. The development is also planned to have the construction of 12 shops on the ground floor. Note that the units at this site are being sold at a $1937 psf price which leads to a pricing of S$1.31 million for two bedroom unit. Lee Sze Teck, Senior Director of Huttons Asia recently said that most of the buyers at this site belong to Singapore.