New homes in The Central Business District of Singapore

To ensure that the CBD area of Singapore is not solely a district used for work and business, the government has made plans to bring in more homes to the business district, creating a live, work and play environment. This was part of the CBD Scheme announced by Mr Lawrence Wong, Minister for National Development during the launching of the Draft Master Plan. There will be plans for some 2000 private apartments in the Marina South area.

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Old but Gold – Older Flats in Demand Again

After the authories have announced the extended usage of Central Provident Fund (CPF) for HDB buyers, old flats are in demand again. In recent times, there was a fall in the price of older flats. But the reformulated CPF rules have made it possible for a large number of people to buy the older flats. After the relaxed CPF rules, the sale of older flats increased by 18.3 percent whereas, in March and April of 2018, the sale increased only by 4.6 percent. If one has to give numbers, about 1783 flats that are 30 years older have been sold during May and June of this year whereas the number was 1507 in the last year.

 

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HDB Breaks Record with a Boon Keng Flat Sale worth $1.2 Million

After the sale of a five-room flat in the nearby Block 9 for $1,185,000 Sgd in January, HDB’s resale price was quite stable. In July, it even saw a drop at 0.2 percent. However, it set a new record this month with the sale of another five-room flat at Boon Keng. It sold at $1,205,000 which is $5000  more than the January sale.

 

The analysts are of the opinion that this record price has been paid because of the sheer quality of the location. The flat, situated at the Boon Tiong Road at Tiong Bahru, is a part of a comparatively new settlement situated amidst old and reputable estate. The communication facility is also mention-worthy, as two MRT stations are nearby. The downtown line and the North East line, both are easily accessible through Bendemeer and Boon Keng respectively.

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Singapore Building Sector Expected to Growth but With Little Uncertainty

 

As per the recent updates from Fitch Solutions Macro Research, the residential, as well as non-residential building sector in Singapore, is expected to rise by 3.2 percent in 2019 and 2.3 percent in the year 2020. This hike in the real estate sector is actually supported by the strong pipeline of several well-planned projects in the area.

However, the firm also revealed that there are some uncertainties related to this rise due to US-China trade issues and due to the expected recession in coming quarters. Read more

Singapore Parents to Ditch Cooling Measures by Buying Property on Their Child’s Name

It is not expected from a 24-year-old student to invest in a penthouse worth $2.1 million; especially in the most expensive real estate market in the entire world.

 

As per a recent report from Singapore real estate sector, Shawn owned a loft-style apartment at leafy central Bukit Timah region and the payment for the same was done by his mother. Experts reveal that such scenarios are becoming more common in this market because of the cooling measures and increase stamp duty on buying 2ndand 3rdhome. Hence, parents are buying new homes for their children.

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Prices of private homes in Singapore have soared high

As estimated, the prices of private condos / apartments have reached their highest mark since the last five years, in the second quarter of 2019. Statistics have shown that the rise in demand for private residential areas in the nucleas and its outer circle of the city has led to the overall hike in its prices. The rate of rise is by 1.3% that has led to 150.5 points which is the highest elevation since the year 2014, that encountered an index point of 151.3. The upsurge has taken place in the last three months of the year after witnessing a fall in the 1st quarter by 0.7%.

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Singapore’s lowest economic growth at 1.2% in the year’s first quarter

 

Recorded as the slowest growth in the last 10 years, Singapore’s economic growth was less than 1.2% of the growth that was expected; a direct repercussion of the malfunctioning of the major manufacturing units in the country which is in turn because of the trade tension globally predominant and experienced between the United States and China and their electronic clash. Another two probable reasons influencing this slog can be the sedate economic growth of China, along with the Brexit getting postponed till October 31. The last time the country’s growth touched this low was during the period of April-June 2009. But this time, the recorded growth was lesser than both the predictions of the Ministry of Trade and Industry who calculated it to by 1.3% and the analyst’s polls by Bloomberg who expected it would be 1.4%. Even though the MTI further decreased its assumed growth window assessing the present conditions from 1.5%-3.5% to 1.5%-2.5%, still the final outcome did not fall within the same.

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Rental rates of of private condos fall while those of HDB flats sore high

The survey reports that have been recently submitted show that the rents for the private condos on non-landed areas have gone down by a considerable margin and the decrease has now been recording for consecutive two months. Although Singapore condos have seen a certain fall in the rates, the rents of the Housing Board (HDB) flats have gone up considerably. Like the last month of May, in June too, the rent rates of the condos dropped by a total of 0.2% taking into consideration all the units that are both in the nucleus and border of the city.

If we are to divide the whole city into three succeeding circles, the private rents in the innermost and outermost ring that form the core and the circumambient regions to the central part, saw a decrease in the rents by 0.5% and 1.1% respectively, while the intermediate ring that forms the integral portion of the city, saw a hike by 0.9% of the rents. Read more

The Things You Should Always Look for When Viewing a Resale House

Moving into your new home should be an exciting time for you and your family. A time for putting down roots, getting to know your new neighbourhood and neighbours, and having a safe, relaxing place to rest your head at night. For all that to happen, and it not to turn into a nightmare, you need to make sure you do your research first. Here are the things you should ALWAYS look for when viewing and considering your next home.

 

Resale Home
Resale Home

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Government cuts on private home supply by 15% for the confirmed list of second-half land sales program

As per the recent updates, Government has cut the private residential housing supply from few confirmed sites for the second half of 2019; this decision was taken as per the Government Land Sales (GLS) program. It happened due to a considerable fall in demand after executing cooling measures and the large supply services that will be upcoming. Read more

Expanded HDB Scheme Allow Buyers to Book Flats Immediately

 

Here is great news for the buyers who are looking for BTO or new HDB flats in the market; they can now book Housing Board flat right within one day after applying for one.

Note that, this opportunity is limited to the 123 flats that fall under the Re-Offer of Balanced Flats; these flats actually remained unsold during previous booking exercises.

Out of these HDB flats, there are 105 of them which are located in areas like Toh Payoh, Bukit Merah, and Ang Mo Kio. Which are all in the mature towns. Whereas the rest 18 are situated at some non-mature sites such as Jurong West and Bukit Batok.

Although some of these flats are being sold with ethnic restrictions; Chinese buyers have a selection of 26 flats in the list where are 115 and 119 units for Malay buyers and buyers such as Indians and other races respectively.

There is no big issue about size of the flat as it is revealed that coming to one half of these flats are three roo3-room flats (57 units in total) whereas 17 of the unit are the modern 3Gen HDB Flats. To qualify for the 3G flats,  a family nucleus which constitutes parents of the married children will have to be present.

The four roomers which comprises of 23 units will be the most popular choice amongst all. Other than this, buyers are also given choices of 20 Five-room flats, 2 Executive HDB flats and 3 2-room flexi units.

Note that, these flats were originally announced in the month of February; today they are a part of a newly expanded scheme of HBD and the prime idea is to make public housings more within reach to interested home buyers.

As per the newly implemented scheme launched for these flats, buyers are allowed to view the property listings via online; they can submit an application by following a few simple steps and choose their unit even by the next day. It clearly means that they can move to their flats as soon as possible.

Build to Order flats that are still available after the BTO slelection can be purchased during Re-Offer of Balance Flats exercise or during Sale of Balance Flats. You can check all updates related to these sales on HDB website.

As per recent updates, new batch of ROF flats will be available for booking two times a year; buyers can apply in the month of February and August as well. These properties are more suitable to the soon to be married couples with loads of facilities all around.

 

https://www.straitstimes.com/singapore/housing/expanded-hdb-scheme-lets-buyers-book-flats-the-next-day

Increased Sales of Private Properties

After going through huge pressure from the pipelined projects, property developers recently pushed out 9 new private home projects in the month of April. However, analysis reveals that most of the sale in the last month was observed from those which were launched earlier.

As per the stats released by the Urban Redevelopment Authority (URA), almost 735 units were sold in April; however, now the sale improves by almost 30% as the recent target they achieved is 952 units; but this percentage is still 15% lesser as compared to the 1122 units that were booked in the month of May by the previous year.

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