Hong Kong Household Hunt

The anti-government protests are gaining momentum and with it the economy of Hong Kong continues to see steep changes. The real estate market, in particular, has seen a tremendous fall since June 2019. Given the current political situation, it will likely worsen in 2020.

In the past few months, over 16,000 rounds of tear gas have been fired by the police to restrain the anti-China protestors. Several vehicles, shops and homes have been vandalised. Hong Kong even cancelled its popular New Year’s Eve fireworks event this year.

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Federal rates to stand still for some time according to policymakers

In the latest meeting of 2019, the policymakers of the US Federal Reserve have concluded that the interest rate for 2020 will be on hold for some time now as the central bank is looking forward to introducing fresh new alterations in their monetary policy. The authority was fundamentally meaning to knit-in the changes to facilitate enhanced liquidity in the financial markets and introduce a repurchase facility.

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Upcoming EC Sites

The Housing Development Board (HDB) of Singapore has recently made available two upcoming land parcels for executive condominium developments.

EC units bring to residents the dual advantage of both public and private housing as they are built on public plots by private developers. As such while the house ownership eligibility rules, amenity dues and charges remain under the public household system, the units typically feature several facilities such as a recreational clubhouse, gym, swimming and jacuzzi facilities, etc, which is the same as a private condominium.

 

As of September 2019, any legal resident of Singapore whose household income is $16,000 or above, can apply for purchasing EC units.

 

One of the two sites made available by HDB is a 184, 85 sq feet plot in Fernvale Lane in Sengkang. This land parcel has a maximum permissible gross floor area of 516,280 sq ft and has the potential to house an estimated 480 flats.

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Can an extension for ABSD save the market for residential units?

The City Developments Limited (CDL) has recently called for an extension to the existing timeline for the sale of property in the face of low demands in the market.

 

As of September 30, 2019, the Urban Redevelopment Authority recorded an estimated 32,000 unsold private residential units in Singapore. Currently, there is a policy in effect which mandates that developers complete construction and have all units sold within a timeline of 5 years of acquiring the land. Failure to do so results in levying hefty fees on the firms concerned.

 

Given the lull in the current demand for residential units in the market, there is a call for amending the existing policy and to extend the deadline to a time period of seven to ten years for selling off all units in a project.

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Faster Economic Growth Predicted for Singapore in 2020

On December 13, 2019, a report from Nomura Holdings revealed that the coming year may be a better one for Singapore economically. The country is expecting to see a faster growth in its annual GDP rate in 2020 than it had this year.

 

The speculation is that the growth rate for the country’s economy is likely to rise by 1.3 per cent overall. The growth in GDP has only been an average of 0.5 per cent this year.

 

Though not a huge margin, the rise is looked forward to with much anticipation. A worldwide innovation upswing, including growing international interest for semiconductors, is expected to keep the country’s electronics sector flourishing in the global market. This will also give the Government an opportunity to even out some of the country’s pertinent market risks.

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URA is activating Kampong Bugis and River Valley Sites for application

As per the modified regulations of the Urban Redevelopment Authority (URA), the process of application for a white site situated in Kampong Bugis and a hotel site right at the heart of River Valley Road has been initiated for the Government to put it up on the reserve list. Interestingly, the sites that were enlisted in the reserve list for the second half of 2019 of the Government Land Sales (GLS) program has been pushed to the former half of the upcoming year.

 

The primary objective underlying the release of the Kampong Bugis site located at the mouth of the Kallang River to a master developer is to open doors for its architectural developments followed by the implementation of several modern solutions and car-lite ingenuities across the entire district. If reports are to be believed, the circumscribing area of Kampong Bugis that is nearly about 8.2ha can bear up to 4,000 houses and a maximum of 50,000 square meters for miscellaneous purposes including communities, offices, retails and serviced apartments. Taking all of this into consideration, the entire Gross Floor Area (GFA) of the site sums to 390,000 sq. m.

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Homebuyers in AMK, Tampines have already gotten into the race of securing larger BTO flats

As per the reports submitted on Monday, buyers who are looking forward to securing properties in the region of AMK are hurrying into the race to procure the bigger and better version of the Build-To-Order flats through the Housing Board Sales Exercise. Ang Mo Kio is hailed as the largest unit-type that has ever been rolled out in the estate and includes an area that can support about 235 four-room flats, and considering the surging demand of the assets, the process has witnessed applications from more than 13 first-time applicants. However, compared to these larger units, the look-out for the smaller three-room flats was incredibly low and drew only two applicants each.

In Tampines, the statistics were quite similar with around 11 applications registered for the 218 five-room flats and 193 five-room flats; nevertheless, in the case of the three-room flats, they did not attract more than three applicants each for the 90 units held up for sale. The newly-flourishing flats of Tengah town too are experiencing an analogous plea where the four and five-room flats were welcomed by two applications for each and the average bid for the three-room units summed to about 0.7, meaning, all the applicants will, without a doubt, receive individual flats.

Apart from this, the other flat units which mostly comprised of two-room Flexi flats couldn’t invite the desired subscriptions and qualified to an average of 0.3 in both Tampines and Ang Mo Kio and 0.1 in Tengah. Therefore, to encourage people to enroll for the two-room Flexi flats, the elderly citizens will be provided with the flexibility to even choose their lengths of the lease. Additionally, applicants who are past 55 years of age can lease the flats for a period of up to 15 to 45 years with periodic increments every five years. Also, on last Tuesday, the BTO released 4,571 flats for sale and was thus undoubtedly qualified as the last and largest BTO sales operation of 2019.

Ruling out the grants for the four-room and five-room flats in Ang Mo Kio and Tampines is expected to start from $451,000 and $508,000 respectively. Another pointer that must be surfaced here is that the sales exercise in concern offered 3,599 units designated under the Sale of Balance Flat scheme that is distributed amongst 14 mature towns including that of Clementi and Bishan and 11 non-mature towns such as Punggol and Bukit Panjang. Even though this sale followed the legacy of National Development, it was accompanied by larger grants and enhanced income ceilings for first-time buyers.

The fundamental reason behind this disparity of demand is now nothing but obvious; because the income ceilings have been stretched, it means now more people will be equipped to procure these flats and hence will naturally resort to the choices that come with larger spaces and enriched comfort. This tendency is also supported by the amount of time made available to the people to make a choice, a factor which is distinct from the previous sale.

 

 

For mroe details, visit the page below.

https://www.straitstimes.com/singapore/housing/buyers-make-a-beeline-for-bigger-bto-flats-in-amk-tampines

Hong Kong home prices experience a fall for the 5th month in a row

 

Taking into consideration the present political discrepancies that the country is going through, the plunge of the prices for private homes in Hong Kong for the fifth month straight in October shouldn’t come as a surprise to however readers; however, the silver lining in this configuration appears to be the rate of fall which is slower when compared to the earlier months. In October, the prices of the flats dropped by 1.3 percent in what is considered to be one of the world’s most expensive property markets while in September, it underwent a fall rate of 1.7%. According to the predictions of Mr. Thomas Lam who is the executive director of property consultancy branch at Knight Frank, the present social and economic status of Honk Kong will reflect themselves in the dipping prices in November and December, but, if lower interest rates are capitalized upon sincerely, it may lend some support to the statistics.

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One Holland Village, The Mixed-Use Development To Incorporate Community Spaces, Offices, Retail And Homes

The famous One Holland Village being developed at Holland Drive is going to feature mixed-use spaces, including community buildings, office, retail, 255 serviced units, and 296 residential apartments. Note that the sale for these residences will be launched by November 30th, Saturday.

In this development, the retail store space has been assigned to some big brands, including pharmacy chain Guardian, supermarket Cold Storage, movie theatre The Projector, and a non-profit art as well as culture organization – The Rice Company.

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HDB Announced Sale for 8200 Flats, Including 4600 BTO Flats in Tampines, AMK, and Tengah

After the successful closure of previous sales, now Housing Board at Singapore launched another lot of 4571 new Built-to-Order flats. They are open for sale by the end of this year, and this launch is considered to be the biggest BTO exercise for November 12th, Tuesday.

At the same time, 3599 flats are to be sold as per the Sale of Balance Flats scheme. This offer is open for both non-mature and mature estates, including Clementi and Bishan.

With this, the total numbers of flats launched for sale by the year 2019 are 8170, and it is the highest count for HDB this year.

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HDB resale market-facing growth because of higher grants

Quite distinct from the figures of September, October 2019 witnessed a rapid escalation in the number of resales conducted of the Housing Board Flats; this improvement can be solely attributed to the higher grants and stretching of income windows for the first time since the last month. As per the reports submitted by the real estate portal under SRX Property, a total of 2,213 HBD resale flats altered their ownership; this implies the fact that there has been an 18% increase when compared to the statistics of September. Furthermore, if this year’s figures are placed alongside last year’s, one would find that the resale volume has grown by 10.6%. One possible source of this change could be the alterations brought into action recently in the market policies.

 

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Hong Kong’s reign as the financial stalwart is most likely to be challenged by Singapore and Shanghai

In the past few years, several reports assured that Hong Kong will soon have to let go of its long-held position as Asia’s most influential International Financial controller; but interestingly, the capital has time and again crushed these assumptions. However, this time it seems there is no escape and the prophecy is most likely to come true. For years, this city has maintained its stature because of the flexibility of the financial laws and as a result, encouraged China to accommodate the global markets and draw the leading financial initiators towards it. The present scenario, nevertheless, has a distinct story to relate altogether; today, the number of stocks enrolled under it is five lesser in number when compared with Shanghai and additionally, its wealth management industry parallelly, is witnessing infinite challenges to keep up with the pace of Singapore’s growth.

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10 Private Residences Will Enjoy Consistent Modernization Processes

 

 

It seems that a number of 10 private residences are in luck, as they are about to be modernized according to the latest standards. What does this mean? It means that they will be equipped with special ramps for wheelchair access, lighting for footpaths, and beautiful landscape features among other improvements that will be part of the face-lift process. The Ministry of National Development made the announcement not so long ago. The improvements will have a total cost of $29 million and they are more than welcome. With their help, those homes will not only look better but will also offer upgraded living conditions to their residents.

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Self-driving vehicles will be tested in the west part of Singapore

 

It is well-known the fact that self-driving vehicles are one of the major interests of humankind. Since technology managed to develop with incredible speed, the man started to dream about developing vehicles that can drive by themselves. These cars have already been invented. They just need to be approved for being driven on public roads with regularity. For this, a number of safety standards must be met. In other words, extensive testing is needed in order to determine if the used technology is safe enough for the passengers, other traffic participants, and pedestrians alike.

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Hong Kong Real Estate Recession

The Hong Kong government has planned to release data regarding the present condition of the city economy to update to knowledge base of all residents, hoteliers, and retailers.

 

The market has undergone a 0.4 percent contraction during the second quarter and now by the third quarter, the gross domestic product figures are expected to fall by 0.6 percent. These two repeated falls reveal that Hong Kong economy is now suffering from technical recession. This kind of financial crisis in the Hong Kong market was observed decades ago.

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