Redevelopment of the iconic Golden Mile Complex

The iconic Golden Mile Complex may turn into an important integrated development project if it manages to find an en bloc buyer, says the Urban Redevelopment Authority (URA). This was announced on January 8, 2019, in response to an application submitted for redeveloping the existing complex with an additional block.

 

The Golden Mile Complex, situated on the Golden mile stretch between Nicoll Highway and Beach Road. It holds historic importance as the Urban Renewal Department of the Housing and Development Board’s first Sales of Site programme. The programme was conceptualized as part of a redevelopment project of Singapore’s Central Area.

 

Completed in 1973, the 16-storeyed Golden Mile Complex used to be one of the highlights of the area. Built at an original cost of S$18 million, the complex integrated several functionalities including shopping malls, clubs, ticketing centers besides housing units. The property has a land area of 1.3 hectares approx and was designed with a step-terraced architectural layout. The complex is considered to be one of the earliest mixed-use developments in Singapore’s urban landscape and has been redeveloped in minor ways time and again since.

 

However, in the recent past, the complex has turned into an urban slum owing to personal development and extensions carried out by individual owners within the site. Much of these personal add-ons and constructions have been carried out without a thought to others around the apartments and this has turned the site into an eyesore. The Golden Mile complex has been critiqued several times in recent times for turning into a source of national disgrace.

 

The complex has been on a 99-year-old leasehold since 1969. But owing to its current dilapidated state the URA decided to put it up on en bloc sale with an $800 million reserve price. More than 80% of the current owners signed an agreement to this effect in August 2018.

 

At the current reserve price, the current residential owners, who are 68 in number, stand to get a gross payout of between $1.27 million and $6 million each. The 418 shop units may get a payout anywhere between $200,000 and $7 million each, dependent on the size, location and other specifics of their units. The gross payout for the 227 office units is similarly estimated to be between $360,000 and $3 million each.

 

As of now, if an en-bloc buyer is found, the URA has agreed to consider an estimated 86,000 sqm of the complex space for mixed-use development with facilities like offices, serviced apartments, hotels and retail spaces as part of the plan. This is subject to the buyer’s willingness to conserve the historic main building of the complex which has rightfully become a landmark in Singapore’s urban history.

 

It is hoped that a buyer is found soon and the new Golden Mile Complex will turn into an essential part of the redevelopment of the Beach Road corridor. This would indeed be a unique opportunity for preservation and incorporation of an iconic site into a new development if the selling goes through smoothly.

 

Depending on the buyer’s proposals for the land use, a new premium and lease upgrading premium will be made effective. It is hoped that the new buyer will top the lease up to 99 years as well. The tender exercise for the sale will be closed on January 30, 2019, at 3 pm SGT.

 

https://www.straitstimes.com/business/property/if-iconic-golden-mile-complex-is-conserved-ura-will-consider-86000-sq-m-for-mixed

 

 

New launch Condo in the city fringe / city

A higher number of HDB homeowners can now enjoy a buyback of their remaining leases

The HDB allowed some homeowners to obtain their money back on the remainder of their leases, if they wanted to move out of the homes they bought at one point. But, unfortunately, not all homeowners were able to enjoy this buyback scheme until recently. This led to the appearance of numerous senior citizens that are living in large apartments, which can generate rather considerable costs. Mr. Tang Lum Sui, for example, is one of those seniors. He is a widower and living in a large apartment, with 5 rooms. For quite a while now he’s been trying to obtain access to this scheme, but without any success.

Read more

How Much Should You Pay to A Property Agent in Singapore?

 

When a property agent provides services in the real estate industry; he/she definitely deserve some amount as commission. But most of the sellers and buyers often get confused about how much they should pay. Well! There are several factors associated with the property agent’s commission. If you are taking services from these professionals to buy, sell or rent a property, below we have highlighted few details to ease your confusion for commission payment.

 

Types of property agents:

The Sellers’s/ Landlord’s Agent:

Property sellers and landlords often need an agent to plan the promotion and presentation of their unit through various means. These agents also bring buyers from different locations while scheduling and managing the viewing process. Even the legal issues and negotiation related affairs are also handled by these agents. 

 

The Tenant’s/Buyer’s Agent:

These property agents work for searching appropriate properties for the clients and coordinate viewings as per their need. They also take responsibility for negotiating with the landlord’s/seller’s agent. 

 

Common practices for the commission:

The rates for agent’s commission are listed below as per the complexity involved in various property deals:

 

For rented and leased properties:

In this case, landlords or sellers are responsible for paying agent’s commission; tenant doesn’t pay any fee. In Singapore, it the rented property is above S$3,500 with two years lease, landlords pay an amount equal to one month’s rent. Whereas, if the property of the sameamount has only one year’s lease, landlords pay half month’s rent in the form of agent’s commission. 

If the property is rented for a two-year lease, but the amount is below S$3500, landlords pay one month’s commission, and for a one-year lease, the fee is half a month’s rent. However, if the tenant has also hired an agent to assist in property search, they also pay one month’s rent and half month’s rent as commission in respective cases. 

It is important to understand that there is no hard and fast rule about this commission amount; the terms are described only on the basis of common practices. 

 

Commission for condos:

In case an agent provides services to the seller for finalizing the deal of a non-landed private property as like condos; the seller has to pay 2% of the actual amount to the agent. The seller’s agent usually divides this money with the buyer’s agent. 

 

HBD resale flats:

Those who are seeking property agent’s services for processing HDB resale flats need to pay a reasonable amount in the form ofcommission. As per the common scenario in Singapore, sellers usually pay around 2% of the total amount whereas buyer’s pay 1% of the total amount to the agent as his professional fee or commission. 

 

Landed Properties:

For the simple landed properties, sellers need to pay around 2% of the total amount to the agent as commission. However, the buyer does not pay any amount because mostly the seller’s agent takes responsibility to split the amount between both service providers. 

If you are in search of some trustworthy property agent to sell or buy property; it is important to talk about the commission amount in advance to ensure complete peace of mind.

 

 

The information above were extracted from the article link below, visit the site for more details now,

https://cnalifestyle.channelnewsasia.com/trending/property-agent-commission-in-singapore-how-much-should-you-pay-11066830

 

 

 

Do you know that if you are buying a new launch condo directly from the developer, you do not have any to pay any professional fee to the property agent? The interest rate for the bank loan of a development under-construction is also lower than that of a resale condo in the initial stage. Take a look at the list of some of the latest new condo in Singapore below,

 

 

 

 

 

Foreigners can now enjoy longer flat rental periods

The HDB renectly launched great news for all foreign tenants that are looking for HDB apartments for rent in Singapore. Those that have work or immigration passes that exceed a period of two years will be able to enjoy longer rental periods. This way, they won’t have to worry about where they will leave after a while. But, it is worth knowing that the new changes are not applicable to all foreigners. In the case of Malaysian and Singaporean citizens, the rental period of flats remains the same, and that is three years only.

 

Read more

Sagging prices of nano flats in Hong Kong drive home buyers to other options

Because the housing options in Hong Kong started to be rather short, due to the high demand, nano flats represented one of the best choices a couple of years ago. A nano flat is a very small living area, smaller than the space dedicated to parking a car. Due to its very reduced size, it was possible to build a higher number in a rather short time, so that the demand could be met. Practically, this type of residential unit offers the owner the chance to sleep somewhere safe and warm, but that was about it. When these units first emerged, they managed to grab the attention of home seekers. But, as it appears, the popularity of the nano flats is beginning to significantly drop.

Read more

Build-To-Order Flats About to Launch in the Year 2019

Housing board is expected to launch a few new flats by the upcoming year. There are around 15,000 built to order apartments that will be designed in a few popular areas of the city such as Kallang/Whampoa, Jurong West and Sengkang. Earlier it was estimated that agency would launch around 17000 flats in the year 2018, but reports reveal that they have actually launched only 15800. It was a considerable fall as compared to the 17,584 number of flats launched in the previous year.

 

The chief executive of PropNex Realty, Mr. Ismail Gafoor revealed that the number of flats estimated to be launched in the year 2019 would be the least since the year 2015. Important to mention that the flat count in that year was 15100 only. Studies reveal that it happened just because of the normalization in subscription from 2 to 2.4 times within the past three years.

Read more

New Lease of life for the National Aerated Water Factory

Progress is of course a good thing. New developments, new amenities, more and better infrastructure, all these are projects that a nation needs to undertake, in order to move up to the next level, to satisfy the ever-increasing demands and needs from a growing population. Progress can come at a price however, and it would be sad if we look back in a generation’s time and realise the cost of that progress is the complete eradication of everything that came before. The things that we all grew up with. The things that made Singapore, Singapore. That is why it is such good news what is happening with the former national aerated water factory on Serangoon Road.

Read more

Price of residential properties may remain or drop in 2019

2019 is most likely to be a year for unexpected turns in the residential property market of Singapore. Property prices which had escalated by almost 7 percent in the first six months this year have only risen by 3 percent since then. This may stay the same or dip lower in the coming year spelling good news for homeowners looking to make an investment in the new year.

 

2018 saw a whopping 10% rise in home prices and the Government had to add in restrictive measures by July to bring stability to the soaring numbers. Several aggressive land bids from developers for new and old areas in the early half of the year had caused the sudden inflation in market rates.

Read more

Four New Sites Released for Sale by Government

 

After former sale closers, URA (Urban Redevelopment Authority) of Singapore recently released two more residential properties along with two other plots that can be used for residential as well as commercial purpose.  All four plots have a 99 years lease and the overall yield from these properties is expected to be somewhere around 1915 homes.

 

These sites are launched under the land sales programme of government in the H2 of 2019. Two properties under this programme will fall under theconfirmed list; they are located at Middle Road and Sims Drive area.

 

The Middle Road site is somewhere around 7463 square metres,andit is intended for dwelling purpose; however, the first story can be usedfor commercial needs. In the high-rise zone, these buildings can have 20 stories; whereas, the low-rise zones are limited to six stories only. The government has authorized builders to design 375 apartments at this site, but it is not recommendedfor development of houses (Strata landed), serviced apartments and private condominiums.

Read more

The place where the bowling alley and cinema were once in Queenstown is out for sale

Do you remember the old cinema and bowling venue that once entertained people in Queenstown? Well, whether you do remember or not, you should know that the entire site that has more than just these two is finally put out for sale. The area already received the approval to be transformed into a new and modern commercial building, with a total number of six storeys and underground parking spaces. Thus, the residents of the neighborhood can expect new stores and restaurant to appear in the new future, even a top-notch cineplex at the 250 Commonwealth Avenue address.

Read more

Financial Stability Review of Singapore by MAS

The Monetary Authority of Singapore (MAS) released its annual Financial Stability Review on November 23, 2018. The review reveals a recurrent 3 percent rise in household debt every third quarter of the year. MAS attributes this spike in debts to a 3.4 percent rise in housing loans noticed in the third quarter of every year in the recent past.

 

Given the consistency of this trend of increase in household debts, MAS advices prospective real estate buyers to be cautious of the market rates of interest on housing loans when attempting to fund their purchases. MAS adds that the rise in household debt is consistent with the growth in income rates and is indicative of healthy balance sheets of Singapore’s household market supply.

Read more

Punggol Road Extension

A new road extension to the Punggol Central road was opened for public use on November 25, 2018. The road opening ceremony was conducted in the presence of several persons of eminence. MPs for Pasir Ris-Punggol GRC, including Deputy Prime Minister Teo Chee Hean were among those attending the road opening. The extension was declared open in front of a large gathering. Nearly 400 enthusiastic Punggol residents graced the event.

 

The extension road is a part of a much bigger expansion project undertaken by the Land Transport Authority (LTA).  Estimated at $185 million, the project aims at lowering the traffic gridlocks and hold-ups that have become commonplace on the KPE-TPE intersection. The primary objective of the project is to improve the overall traveling experience on the roads leading outwards from the north-eastern town of Punggol.

Read more

The property cooling measures from July have the purpose of stabilizing the market

Recently, there was an event at The Ritz-Carlton Millenia, where Mr Lawrence Wong, Minister for National Development of SIngapore explained why the Government adopted the measures that became active in July, concerning the property market of Singapore. As Mr. Wong said, these cooling measures have the purpose to avoid bubbles on the market and keeping the prices stable at the same time. The property market should evolve according to the trend outlining income increases and follow certain economic fundamentals, this is why the Government will not accept a hands-off attitude when it comes to the real estate sector of Singapore.

The previously mentioned event took place with the occasion of the 59th anniversary of the Real Estate Developers’ Association of Singapore, celebrated with a festive dinner. It was also a very good opportunity for the participants to catch up with the latest news and consolidate their relationships. Of course, Mr. Wong, who represented the Singaporean Government at the event, wanted to let everybody know that the Government will continue to intervene in the property market of the country when and if needed, in order to maintain stability in the property cycle. Thus, no one should be caught by surprise if the authorities will launch measures or decide to make certain adjustments.

Read more