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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2 New Freehold Development in Bartley

On 15 April 2019, the SingHaiyi Group announced the opening of showflats for public viewing for two of their ongoing freehold condominium projects in Bartley. The announcement, made at a media gathering at 16 Tai Seng Street, revealed that the show flats would be open for viewing on 18th April 2019 onwards.

The first showflat is for the upcoming Gazania condo. This project is being developed in How Sun Drive. The Gazania has been designed to accommodate 250 flat units in a layout consisting of seen five-storeyed buildings. The flats will range for one-bedroom to four-bedroom units and are scheduled for completion towards the end of 2022. Currently, the estimated prices for the 440 sq ft one-bedroom flats begin at $1 million. The 1800 sq ft four bedroom penthouse flats are likely to be up on the market at a starting price of approximately $3.3 million.

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No Rise In Interest Rates, Says Fed

Amidst the slow economic growth in the US, the Federal Reserve has announced that interest rates will not rise throughout 2019. After a meeting which lasted for 2 days, the monetary policymakers decided that the interest rate is going to remain at 2.25% – 2.5%. The Fed also made an announcement that by September, the 3rd Quarter of 2019, they will not be decreasing their bond portfolio. The main reason for this is to ensure that the borrowing rates will be kept low.


Before now, the feds had raised the interest rates four times last year and up to nine times since 2015. By indicating that there will be no further rate increases for 2019, the Fed foresees that there might be a rate increases in year 2020 and likely none in the year of 2021.

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The Selegie Centre to undergo en-bloc sale



The Selegie Centre, located in district 7, is a development consisting of a number of 25 apartments and 33 shops. It appears that the Peak Tower Corp managed to get its hands on the development, after paying the price of $120 million. Thus, the owners of apartments and shops in this building can expect to get anything between $1m and $12m once the transaction completes. The truth is that it wasn’t easy for this development to sell en-bloc. This is the third time such a sale is attempted and, in the end, it turned out to be a successful one as well.


The development has an age that is worth being taken into consideration, so it will need a bit of care and attention in order to reach its potential. M. Thomas, the sales committee chairman, stated that the building requires a good amount of repairs and it was really the best time for it to be brought back to life in a different way. The committee believes that the transformation of the Selegie Center will turn this development in a landmark and will benefit the outlook of the precincts existent in Little India and Tekka.


The center did its job properly for the past 30 years, since it first emerged on the landscape of district 7, at the junction formed out of the Mackenzie and Selegie roads. The location of the development is very good, as there are three different MRT stations within a walking distance from it. We are talking about Little India, Dhoby Ghaut, and Rochor MRT stations. At this moment, the development has a total number of 10 stories and was built on the spot that used to be an important transportation hub between the 50s and 60s.


What’s the future of the Selegie Centre? The buyer and, implicit, the winner of this bid, Peak Tower Corp, think about building either a hotel or a commercial center in its place. Backed up by a successful Indonesian developer and industrialist, there are high chances for the company to come up with a beautiful modern project in the place of the old Selegie Centre. For both the people residing in the area and those commuting through his part of Singapore, the new development will definitely be a pleasant change of background. It is nice to see old buildings transforming into new and modern ones, which are more capable of answering to the current needs and requirements of the city.



Singapore affected by slowing down of China’s economy

The sustained trade slowdown experienced by the Chinese economy in the recent times leaves Singapore in an unguarded position with regard to the current economic flows.

Examining the trade turnovers of twenty-three economies within the Asia-Pacific region, a report published by Mody’s Investors Service on March 20, 2019, attempted to highlight how China’s current economy affected the rest of the continent. In particular, it tried to assess which countries stood to gain and which might lose out greatly owing to the changes in China’s present-day trade and investments

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2 freehold sites at Caravan Roads released for sale

2 Caravan Road and 21 Caravan Road, both freehold developments have been put up for sale. The sites are located on Lavender Street and are currently inviting public tenders. While the site at 2 Caravan Road is open for bidding at $47.4 million, 21 Cavan Road invites tender proposals starting at $12.6 million.

The land area of 2 Cavan Road is estimated to be about 20,100 square feet. Currently, the site has a building of mixed architecture. This building which was built in 1950, is part single-storeyed and part three-storeyed. It has served industrial and warehousing purposes. The conservation of this building in redevelopment plans will place the starting rate for development charges for this site at $18.9 million.

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The rules concerning the Central Provident Fund will loosen up when it comes to older flats offered by the HDB


Ever since the month of August 2018, Mr Lawrence Wong, the National Development Minister of Singapore, said that solutions are being searched when it comes to the Central Provident Fund and the purchase of older apartments offered by the HDB for resale. The changes that are about to be made, concerning the loan rules of this fund, will become effective starting with the month of May 2019.

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Pasir Ris

The name of both the town and planning area, Pasir Ris is situated on the northern coast of Singapore’s East Region. As well as its coastline, the area also has the Serangoon River which forms its western boundary (with Punggol). Changi lies to the east, Sengkang to its southwest while Paya Lebar and Tampines are both on its southern border. Pasir Ris is a little over 15 square kilometres in area, and currently is home to approximately 140,000 residents.


Pasir Ris Town Centre
The future Pasir Ris Town Centre ( Photo Credit: HDB). Pasir Ris Town is currently under part of the ROH (Remaking our Heartland) Programme by HDB. Improved infrastructures and more greenery will be added to enhance the living environment of the town.


Though there is a school of thought that the town somehow derives its name from the Malay word for bolt rope – ris, accepted wisdom (understandably) is that it comes from the Malay phrase white sands, a feature of that stretch of the coastline.

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South Buona Vista


This area of Singapore is mostly known for its eponymous road. It is more than that however, with some of the most iconic and interesting places on the island right on its doorstep. It is also a great place for those with an interest in history. Located on the southern slopes of Kent Ridge park, it is easy to see how it got its name. Buona Vista is Italian for good view. That moniker may have been given to it before the Pasir Panjang Terminal was built, but it still holds true today.


South Buona Vista Road - 99 Bends
South Buona Vista Road (Photo Credit : NParks.gov.sg)

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Turning Sentosa to become a tourist attraction like Bali

City Developments Limited (CDL) which has made a name for itself in the real estate world as Singapore’s second-largest developer, has recently put forward a proposal that looks to redefine Singapore’s existing tourism industry.


Addressing the Government, executive chairman of CDL, Mr.Kwek Leng Beng requested that the enclave of Sentosa be marketed as a tourism must-visit. He suggests that the island of Sentosa, which is currently a property hub estimated at billions, be repositioned to reflect an image which is as important as Bali’s – the current tourism mecca of Singapore.

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New residential plot in Clementi Ave 1

A public tender has recently been released by Urban Redevelopment Authority (URA) of Singapore for a residential site located along Clementi Avenue 1. Located in a prime spot near the Clementi Stadium and minutes from the Clementi Swimming Complex, NUS High School of Mathematics and Science and Nan Hua High School and, the site is to be developed into a residential condominium project. This tender is to be of 99 years duration. The tender is approved into the Confirmed List for the 2019 Government Land Sales (first 6 months)  Programme.

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Changes in Development Charge In Singapore

The development charge (DC) rates in Singapore for the fiscal period of March 1 to August 31, 2019  were released recently by the Urban Redevelopment Authority (URA).These rates are revised biannually by the Ministry of National Development on March 1 and Sept 1 respectively. The new rates are determined on the basis of the recent sales and land value assessment carried out by the taxman’s Chief Valuer at the Inland Revenue Authority of Singapore (IRAS)across various land groups in the officially demarcated 118 geographical sectors of Singapore.

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Several condominiums projects got an unhoped lift from the future Cross Island MRT line

Effective transportation and meeting the demand for homes on the market are two of Singapore’s main concerns. Constant improvements are brought in these sectors so that the residents of this country can enjoy a better and more satisfying life. Connectivity between the island’s various districts is extremely important, as many people prefer living away from busy commercial centers. Considering that the MRT lines are among the most popular, the Cross Island MRT line that will soon be made is definitely going to change everybody’s life. What is more important is that several Singapore condominium projects will be unexpectedly lifted by this line. We are talking about those that will have the stations of this MRT line in their area of development.


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