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HDB offers flats in Choa Chu Kang and Hougang

Posted by luxuryasiahome on January 6, 2010

HOME buyers can look forward to plenty of new flats in the year ahead, as the Housing Board (HDB) aggressively ramps up the number of flats to tackle supply concerns.

It launched 1,291 new flats in Choa Chu Kang and Hougang yesterday, with another 1,500 new flats to be put up for sale in Punggol and Woodlands next month.

It is also putting up for sale two new executive condominium sites next Friday, which will cater to middle-income families with private housing aspirations who earn up to $10,000 a month. These sites are in Buangkok Drive and Yishun Ave 11.

In total, the HDB will offer 12,000 new build-to-order (BTO) flats this year if there is sustained demand, it said in a statement yesterday.

This flurry of activity comes amid mounting concerns over the supply of HDB flats. Some analysts say supply is not keeping up with high levels of demand.

Flash estimates released on Monday showed resale flat prices continuing their upward march, rising 3.8 per cent in the fourth quarter last year over the previous quarter to hit a new high.

Real estate agency PropNex’s chief executive Mohamed Ismail said the upcoming BTO projects will not have a big impact on current resale flat prices, owing to the waiting period of three to four years for the new flats.

‘For those who cannot wait, they will still have to turn to the resale market,’ he said. But he noted that the HDB has been launching new flats almost every month since the middle of last year to meet demand.

Yesterday’s new projects – Limbang Green in Choa Chu Kang and Buangkok Vale in Hougang – offer 1,291 standard flats for sale.

Limbang Green in Choa Chu Kang Drive is served by Yew Tee MRT station and has 276 studio apartments, 128 three-room flats and 188 four-roomers. Prices range from $64,000 for a studio unit to $278,000 for a four-roomer.

Buangkok Vale, which is bounded by Buangkok Green and Yio Chu Kang Road, offers 128 two-roomers, 113 three-room flats and 458 four-room homes. Prices start at $88,000 for a two-roomer and go up to $288,000 for a four-room flat.

Mr Ismail expects the flats to be popular and estimates five applications for every flat on offer. Both projects are located in mature estates, and the three- and four-room flats are about 30 per cent and 20 per cent cheaper respectively than similar flats in their areas, he said.

First-timers will get priority for 95 per cent of the flats, and those eligible can apply for a housing grant of up to $40,000. Applications for the new flats are now open and close on Jan 18.

Source : Straits Times – 6 Jan 2010

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How realistic is $8,000 income ceiling for flats?

Posted by luxuryasiahome on January 6, 2010

THERE has been much debate on the $8,000 monthly income ceiling for the purchase of new HDB flats and the ever-increasing prices of resale flats.

The income ceiling is said to be in place to ensure that public housing subsidies are available to those who are unable to afford other forms of housing.

But how realistic is the $8,000 ceiling today? If two graduates have been in the workforce for five or six years, it is almost certain that their combined income would have reached $8,000.

Many of us would have taken on the bread-winner’s role in the family, and thus, would not have much cash savings to afford a resale flat where a 5 per cent cash down payment is required and, on top of that, a hefty cash-over-valuation amount.

We are Singaporeans but we do not enjoy any housing grant, even when we find a place to live that is just across from our parents.

Yvon Lim (Miss)

Source : Straits Times – 6 Jan 2010

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HDB launches another 1,291 build-to-order flats

Posted by luxuryasiahome on January 6, 2010

Another 1,500 units to come in February; some 12,000 could be offered this year

THE Housing and Development Board yesterday launched two build-to-order (BTO) projects at Choa Chu Kang and Hougang, offering 1,291 flats.

The agency plans to release another 1,500 units at Punggol and Woodlands next month. And if demand stays strong, it could make about 12,000 new BTO flats available this year.

PropNex CEO Mohamed Ismail expects to see high subscription rates of at least five times for the just-released flats, with those at Hougang possibly being more popular.

Buangkok Vale at Hougang will offer 699 standard flats, comprising 128 two-room units, 113 three-roomers and 458 four-roomers.

The estate is bounded by Buangkok Green and Yio Chu Kang Road and is close to Hougang and Buangkok MRT stations. Other nearby amenities include Hougang Mall, Hougang Plaza and Hougang Sports Hall.

Selling prices range from $88,000 to $111,000 for a two-roomer, $142,000 to $182,000 for a three-roomer and $231,000 to $288,000 for a four-roomer.

According to HDB, a comparable four-room resale flat near Buangkok Vale costs $310,000 to $356,500.

Limbang Green at Choa Chu Kang will offer fewer flats, and a larger proportion of them will be three-room or smaller. There will be 592 units, comprising 276 studio apartments, 128 three-room flats and 188 four-roomers.

The estate is at Choa Chu Kang Drive, near Yew Tee MRT station and other amenities such as Yew Tee Square and Choa Chu Kang Sports Hall.

Buyers can expect to pay $64,000 to $89,000 for a studio apartment, $140,000 to $169,000 for a three-room flat and $226,000 to $278,000 for a four-roomer.

A comparable four-room resale flat near Limbang Green costs $325,000 to $365,000.

Mr Ismail says that buyers tend to seek four-roomers, and because Buangkok Vale offers more of these, it could be more popular than Limbang Green.

Home seekers have until Jan 18 to submit applications for the new BTO flats.

Demand has been strong for new flats launched recently. For instance, some types of flats at two BTO projects in Queenstown were almost 12 times subscribed when applications closed last month.

Demand has also been high for resale flats, pushing prices up.

According to flash estimates, resale flat prices rose 8.1 per cent in 2009 from a year ago.

Mr Ismail believes that the new BTO projects are unlikely to dampen resale flat prices, given the new units will not be ready for three or four years.

‘Those who cannot wait will still have to turn to the resale market,’ he said.

Source : Business Times – 6 Jan 2010

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HDB launches its first BTO exercise for 2010

Posted by luxuryasiahome on January 5, 2010

As housing prices in Singapore continue to climb, the Government has announced a slew of measures to raise supply.

These measures include Housing and Development Board’s (HDB’s) latest Build-To-Order (BTO) exercise, with 1,291 new flats launched in two locations on Tuesday.

Located in Choa Chu Kang and Hougang, the majority of the new units offered in HDB’s latest BTO exercise are studio apartments and four-room flats.

A studio apartment is priced between S$64,000 and S$89,000, and a four-room unit is selling between S$231,000 and S$288,000.

Already, a steady stream of potential homebuyers showed up on the first day of the launch. The deadline for applications for this BTO exercise is January 18.

With HDB resale prices hitting an all-time high, the government has made plans to raise supply. In addition to holding at least one BTO exercise a month, there are also two executive condominiums in the pipeline – at Buangkok and Yishun.

The Urban Redevelopment Authority also launched a tender for a residential development at Choa Chu Kang Road on Tuesday. The land parcel is the first residential site to be sold through the confirmed list under the Government Land Sales (GLS) Programme for the first half of this year.

Analysts said the increase in housing options will help cool the resale market.

Chris Koh, director, Dennis Wee Group said: “This will cause a lot of Singaporeans to realise that there is no rush because you have more and more land supply, and more and more units to select from.

“And that may eventually bring prices down to a plateau and stop it from rising so quickly.”

But Mr Koh noted that there will always be a group of people who require a flat immediately.

“To buy a brand new flat requires time, whereby they construct it and maybe you get it a few years down the road. Whereas there will always be a group of people who will still go to the resale market, they may need a place immediately,” said Mr Koh.

The resale market will also continue to be a source of housing for homebuyers who cross the 8,000-dollar income ceiling.

Source : Channel NewsAsia – 5 Jan 2010

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New housing ahead for Hougang, Choa Chu Kang and Woodlands

Posted by luxuryasiahome on January 5, 2010

A pair of new Build-to-Order (BTO) projects have been launched by the HDB in Choa Chu Kang and Hougang.

Called Limbang Green and Buangkok Vale, the flats will cost from a low of $64,000 for a Studio flat to a high of $288,000 for a 4-room unit.

The Housing and Development Board said in a news release on Tuesday that the new flats are priced below their equivalent market prices and most of the 2- to 4-room flats will be set aside for first-time buyers.

The latest BTO project will offer a total of 1,291 standard flats with 646 units being 4-room flats and the rest being Studio Apartments (276 units), 2-room flats (128 units) and 3-room flats (241 units).

The development in Choa Chu Kang, called Limbang Green, will have 592 standard flats, comprising 276 Studio Apartments, 128 units of 3-room flats and 188 units of 4-room flats.

The selling price for the Limbang Green flats range from $64,000 to $89,000 for a Studio Apartment; $140,000 to $169,000 for a 3-room flat; and $226,000 to $278,000 for a 4-room flat.

At Hougang, the Buangkok Vale project offers 699 standard flats, comprising 128 units of 2-room flats, 113 units of 3-room flats and 458 units of 4-room flats.

The Buangkok Vale units are priced from $88,000 to $111,000 for a 2-room flat; $142,000 to $182,000 for a 3-room flat; and $231,000 to $288,000 for a 4-room flat.

The HDB said that it aims to keep public housing affordable for first-time homebuyers, and that the market prices take into account the prices of resale flats in the area – adjusted for factors such as location, flat attributes, project design and prevailing market conditions, as determined by professional valuers.

In a month’s time, the HDB also plans to launch another 1,500 flats in Punggol and Woodlands and if there is sustained demand, more BTO projects can be expected, bringing the number of new BTO flats to about 12,000 this year.

In addition, tenders are being called for the sale of two Executive Condominum (EC) housing sites at Buangkok Drive and Yishun Ave 11.

Introduced in 1995, the Executive Condominium Housing Scheme (ECHS) offers households with income of up to $10,000 a month, strata-titled apartments with facilities comparable to private condominiums but with initial eligibility and ownership restrictions similar to public housing.

The Urban Redevelopment Authority (URA) has meanwhile put up for sale by public tender, its first residential site to be sold in 2010 through the Confirmed List under the Government Land Sales (GLS) Programme.

The residential site at Choa Chu Kang Road / Woodlands Road is earmarked for an integrated commercial and residential development, that is co-located with the Ten Mile Junction LRT station.

A 3-storey podium block comprising commercial space and the Ten Mile Junction LRT station is already built and in operation.

The current sale will only include the existing commercial development and the future residential development to be built above the podium.

Source : Channel NewsAsia – 5 Jan 2010

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Resale HDB flat prices hit new high

Posted by luxuryasiahome on January 5, 2010

HOUSING Board (HDB) resale flat prices continue to climb ever higher, with prices in the fourth quarter of last year setting a new record.

Flash estimates released by the HDB yesterday show prices rose by 3.8 per cent in the fourth quarter, bringing last year’s total price rise to about 8 per cent – a surprise outcome for many property experts who had predicted price falls at the start of last year.

The Resale Price Index (RPI) hit 150.7 in the fourth quarter, up from the third quarter’s 145.2 and far beyond the previous peak of 136.9 achieved in the fourth quarter of 1996.

HDB flat prices have risen almost 40 per cent over the past three years.

Private home prices put on an even more impressive 7.3 per cent rise in the fourth quarter of last year compared to the third. This came on top of a 15.8 per cent gain in the third over the second quarter.

Urban Redevelopment Authority estimates released yesterday showed private home prices rose about 1.7 per cent over the whole of last year.

Analysts say the skyward rise in prices is down to demand outpacing supply.

A quicker-than-expected economic recovery during the year and a booming immigrant population, with many new families and expatriates relocating to Singapore post-economic crisis, contributed to the strong demand.

PropNex chief executive Mohamed Ismail said that permanent residents easily made up 20 per cent of his agency’s total HDB sales.

At C&H Realty, this group of buyers account for as many as 50 per cent of all HDB resale transactions, revealed managing director Albert Lu.

Mr Patrick Grove, executive chairman of online portal iproperty.com.sg, said an interesting trend to emerge was the increase in foreigners interested in Singapore properties.

The portal’s traffic from foreign countries grew by up to 20 per cent month-on-month during the second half of last year. This compares to 5 per cent to 10 per cent growth for Singapore-originated searches.

‘There’s more demand for homes now that the worst of the economic crisis is over. Low interest rates are also a key factor, as it’s more affordable than ever to buy a property,’ added Mr Grove.

Ngee Ann Polytechnic real estate lecturer Nicholas Mak pointed out that continued recovery in private home prices meant some home buyers were being priced out of this market, and had to turn to HDB resale flats.

‘As long as the prices of suburban condominiums remain relatively high, there will be space for resale flat prices to expand,’ he said.

Analysts do not see any end in sight to the increase in HDB values. They are predicting price rises in the range of 8 per cent to 15 per cent for HDB flats for 2010.

Mr Lu reckons prices will rise about 3 per cent each quarter. But PropNex’s Mr Ismail predicts a slowdown in the rate of increase – to about 2 per cent during the first quarter of the year.

Despite further flat supplies set to come onstream during the year, Mr Mak expects prices to gain another 8 per cent to 15 per cent this year.

HDB yesterday moved to address supply concerns by announcing it would launch more build-to-order (BTO) flats this year if there was ’sustained demand for new flats’. It would, it added, ‘ensure that there is an adequate supply of flats to meet prevailing housing needs’.

Some 1,300 new flats are to be launched for sale today by HDB in Choa Chu Kang and Hougang.

As an indication of the red-hot demand for homes, there was an overwhelming response to a recent launch by HDB of BTO flats at Dawson, where some flats were more than 11 times oversubscribed.

Industry observers are unsure whether BTO flat supply will have a significant impact on the current high level of demand, given that such flats typically take three to four years to complete.

‘BTO flats do not provide immediate roofs over heads, so resale flats will continue to be in high demand. But the supply of new flats will go towards stabilising HDB resale price increases,’ said Mr Ismail.

Source : Straits Times – 5 Jan 2010

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HDB resale prices climb 3.8% to hit record high in Q4 2009

Posted by luxuryasiahome on January 4, 2010

Prices of resale Housing and Development Board (HDB) flats rose 3.8 per cent in the fourth quarter of 2009, reaching the highest level since 1990, when records of such data began.

The Resale Price Index of public flats stood at 150.7 in the fourth quarter of last year. But some said that spiralling prices will not deter potential buyers.

Despite the record high prices, one real estate consultant said prices of most of the larger HDB units have not increased dramatically.

Donald Han, managing director, Cushman & Wakefield said: “If you look at the overall pricing for the four- and five-room flats, they are all still within the norm, and very much far apart from the kind of headline transaction news that you get of about S$700,000, S$800,000 in that sense.”

According to some others, resale flats have strong potential to rise further due to demand from newly formed families and permanent residents.

Nicholas Mak, real estate lecturer, Ngee Ann Polytechnic said: “Going forward the case of price growth is not going to be 3 to 4 per cent every quarter. Otherwise, we could see very high unsustainable levels for the HDB resale market.

“It is more likely going to grow at a pace of between, perhaps eight to maybe as high as 15 per cent for the whole of 2010.”

The HDB said it will continue to launch more Build-to-Order (BTO) projects this year, if there is a sustained demand for new flats. And it said it will continue to ensure that there is an adequate supply of flats to meet the prevailing housing needs.

For a start, 1,300 BTO flats in Choa Chu Kang and Hougang will be offered for sale on Tuesday. But it will take up to four years before the BTO flats are ready.

So for those who cannot wait, resale flats are one option, thereby, driving up demand and prices.

The HDB will release its detailed resale price data and public housing data for the fourth quarter on January 22.

Source : Channel NewsAsia – 4 Jan 2010

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Prices of HDB flats at record high in Q4 2009

Posted by luxuryasiahome on January 4, 2010

Prices of Housing and Development Board (HDB) flats are at their highest on record.

According to preliminary estimates from the HDB on Monday, the Resale Price Index of public flats stood at 150.7 in the fourth quarter of 2009 – highest on record since data was compiled in 1990.

Estimates show that prices of resale flats rose 3.8 per cent in the last three months of 2009, the fastest pace of growth since the third quarter of 2008. For the whole of last year, prices of resale flats rose about 8 per cent.

HDB said flat buyers can look forward to 1,300 build-to-order (BTO) flats in Choa Chu Kang and Hougang, which will be offered for sale on Tuesday.

The housing board said it will continue to launch more BTO projects this year if there is sustained demand for new flats, and will ensure that there is an adequate supply of flats to meet prevailing housing needs.

The HDB is due to release detailed resale price data and public housing data for the fourth quarter on January 22.

Source : Channel NewsAsia – 4 Jan 2010

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Junk mail goes to HDB doorsteps

Posted by luxuryasiahome on January 3, 2010

Unwanted ‘visitors’ are popping up on the doorsteps of HDB flats.

They are fliers hawking services from cooking gas to tuition, and even stickers which may be glued to front gates.

In the past, advertisers paid runners to slot fliers into letterboxes located at void decks.

But since anti-junk mail locking devices have been installed – which do not allow for slotting – advertisers have resorted to other methods.

These practices have not gone down well with residents like Madam Dolly Goh, 60.

‘My letterbox has the lock function, but now fliers are left on the gate of my flat. Such fliers are a waste of material and effort as I do not act on them,’ said the housewife who lives in the Bedok Reservoir area.

At least one town council is doing something to curb the practice.

Jurong Town Council is giving space to advertisers via notice boards. It has installed them in the lift lobbies in the town centre and in some residential blocks.

The council allows advertisers to put up their fliers free, for 30 days.

Six to 10 A4-sized advertisements can be placed on the notice board. The advertisements commonly seen are those from tuition centres and property agents.

A Sunday Times check with the advertisers found that this method has helped their businesses, with more potential customers making inquiries.

But one advertiser, a property agent who did not want to be named, said he still occasionally gets people to deliver fliers door-to-door.

Mr Ho Thian Poh, general manager of Jurong Town Council, acknowledges that fliers and notices continue to be pasted in common areas like lift landings.

‘Our staff will call and advise them accordingly,’ he said, referring to the action taken against the advertisers.

Currently, 80 per cent of the letterboxes in the Jurong area have the anti-junk mail device.

But Mrs Jennifer Yip, 58, a human resource administrator who lives in Bukit Batok Central, is puzzled over why she continues to get junk mail.

‘My mailbox has the lock but somehow the fliers still get in,’ she said.

According to Mr Ho, several advertisers engage SingPost to deliver their fliers through a bulk mail system called Admail.

SingPost has an opt-out service which prevents unaddressed promotional mail from ending up in letterboxes.

You can request to be taken off the Admail service by calling SingPost’s hotline on 6845-6210.

Since 1995, letterboxes in new HDB blocks have been built with the anti-junk mail device.

Letterboxes in older blocks are also being progressively upgraded with the device.

Source : Sunday Times – 3 Jan 2010

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Skybridge at Pinnacle@Duxton opens for non-residents

Posted by luxuryasiahome on January 1, 2010

The Skybridge at the Pinnacle@Duxton offers a commanding view of the city.

Residents are definitely enjoying what they paid for, but from Friday onwards, non-residents can enjoy the view too for a price.

Non-residents can access the Skybridge, which straddles the 50th floor of the buildings, by paying S$5 per person.

As of 5pm on Friday, 26 people had taken up the offer, soaking in the panoramic view of the area.

Source : Channel NewsAsia – 1 Jan 2010

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