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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Three Adjoining Little India Conservation Shophouses Open for Sale with Price Tag of $11m

 

Marketing agent Cushman and Wakefield recently announced the sale options at Little India Heritage area where three adjoining corner shophouses are available with a reserve value of S11 million.

 

These properties have individual land titles and are located in the total land area of around 3,870 square feet; whereas the estimated floor area for the entire site is 7771 sq. ft. As per the indicative price range of $11 million; the price per sq. ft floor area can be calculated to be somewhere around $1,415 sq. ft.

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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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New EC sites along Canberra Link and Fernvale Lane

HDB has recently launched an Executive condominium site for tender. The site is the first EC land parcel that is released for GLS (Government Land Sales). The site is located along Canberra Link and is closed to Sembawang MRT Station. With a land size of approximately 1.67 Hectares (16,690 square metres), this upcoming Caberra Link EC will have a 99 year-leasehold and is expected to yield approximately 385 condominium apartments..

 

The tender for this site will be closed on the 13th July 2019.

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Latest Update About LTA’s 2040 Blueprint: New MRT Station To Get New Line Extensions With New Rail Line

On May 25th, the Land Transport Authority in Singapore made an announcement for extension of several plans, and one of the most popular projects in the list is the MRT network.

Note that, the new MRT stations at Sungei Kadut, Brickland and Northeast stations will be now attached to the North-South line and this project will be completed probably by mid-2030.

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New Rules for Buying Homes with housing loans from HDB and Central Provident Fund

People in Singapore always had the opportunity to buy homes with the help of housing loans offered by HDB, plus the chance to use their Central Provident Fund or CPF for the same purposes. Well, starting with the beginning of May, this year, these rules will change. What does this mean? Is this good news or bad news? In fact, it would be better to say that the old rules will be updated, so that homebuyers enjoy a bigger degree of flexibility. Also, these updates could change the odds for homes that are getting older as time passes by.

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Uncompleted developments in Hillview Terrace and Joo Chiat

The Singapore real estate developing market received a setback recently with two unfinished projects getting declared as indefinitely stalled. One of the projects is a freehold condo comprising of 70 apartments located at Laurel Tree which is in the Hillview Terrace estate. The other, a mixed development project which includes 96 apartment units and 17 commercial units in Joo Chiat, is known as the Sycamore Tree.

Both projects were being developed under Tan Hock Keng and were to receive temporary occupation permits by December 2016. However, construction has not moved ahead since the end of 2018 leading the controller of Housing at the Urban Redevelopment Authority (URA) to examine the funds of the said projects.

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