Land Betterment Charge – Elevate your Land Value Interest

Intensified Land Usage – Land Betterment Charge

With recent developments relaunching for en-bloc sales, the Land Betterment Charge (LBC) is something we might encounter frequently. It is another significant cost that could influence developers’ decisions on whether to replenish their land stocks and intensify their land use, especially considering the uncertainty surrounding construction costs and bank rates at present.

The Land Betterment Charge (LBC) is a new term that landowners or developers will need to become familiar with if they wish to enhance their development or intensify their land’s usage by redeveloping.

It will replace the previously known Development Charge (DC), Difference Premium (DP) and Temporary Development Levy (TDL). The Land Betterment Charge take effect on 1st August 2022.

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URA Floor Area Harmonization

New Floor Area Definition to Adopt

Various government agencies adopt different definitions of floor areas for their respective purposes, leading to confusion among property owners. In particularly those owners undertaking additions and alterations in their strata units.

 

Different Agencies Method Of Measurements

 

Beginning on 1 June 2023, these government agencies will adhere to the standardized new definition for floor areas set by URA. This measure aims to standardize measurements and expedite application processes with the agencies.

The new definition will apply to all development applications from 1 June 2023, and to all Government Land Sales (GLS) launched for sale from 1 September 2022 onwards. The affected new launches will include upcoming Lentor Mansion, Marina Garden Lane site, Jalan Tembusu site and subsequent new launches.

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Thomson-East Coast Line – Future of Urban Mobility

New MRT Rail Line – Thomson-East Coast Line

The Thomson-East Coast Line (TEL) is anticipated to commence full operations in 2025. Following the latest announcement in December 2023, Land Transport Authority (LTA) will transfer Stage 4 stations of this new line to the operator SMRT. This transfer will occur in early 2024 after LTA completes its train testing. Before the official commencement, further familiarization with operating, maintaining, and managing incidents is required at SMRT’s end. With the launch of TEL Stage 4, which includes seven new stations, the Thomson-East Coast Line is nearing completion. Read more

The Heritage Springleaf Estate Unfolded in Upper Thomson

Springleaf Estate

Springleaf Estate – Upper Thomson Road

Springleaf Estate is situated in the North region of Singapore along Upper Thomson Road/Sembawang Road. It is within the Yishun Planning area in District 26—an area characterized by a low-density population. The site is primarily occupied by low-rise landed housing, eateries, shops, forested areas, and Nee Soon Camp. Bounded by the Seletar Expressway and Mandai Road, the main access road is Upper Thomson Road/Sembawang Road. This precinct shares District 26 with another emerging location, Lentor Hills Estate. The only difference is that it is under the Ang Mo Kio Planning area in the Northeast region. Despite this distinction, both estates share very similar attributes.

Springleaf Estate - Upper Thomson Road
Springleaf Estate – Upper Thomson Road

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Navigating EV Charging in Singapore Condo Development

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

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.

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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.

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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%.

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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.

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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.

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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.

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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.

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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.

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