Monday, January 10, 2011
Mass market condos expected to lead demand for private homes
Mass market condos expected to lead demand for private homes
By Joanne Chan | Posted: 06 January 2011 1656 hrs
SINGAPORE : With private home prices at record highs, industry players expect developments catering to the mass market to lead demand this year.
They said Singapore property is viewed as good investment, but affordability will be key amid rising prices.
Singapore's growing economy and low borrowing rates have injected ample liquidity into the market.
Industry players said Singaporeans are looking to invest in what's seen as a safe and appreciating asset - property.
And with the HDB resale market largely closed off to private property owners, those looking for a second property to invest in are eyeing mass market condominiums.
Cooling property measures introduced on August 30 last year disallow dual ownership of private property and an HDB flat. So, a private home owner has to sell off his property first before he is allowed to buy an HDB flat.
Foreigners settling in Singapore will also drive demand for mass market condos - typically those going for S$1,000 or less per square foot.
"We have two groups of foreigners. We have foreigners who are very rich, and there are foreigners who come to Singapore who just want a new place for their children to grow up. They are not as rich... so a lot of them enter the mass market. They will buy condominiums near public schools and near public transportation," said Chris Koh, director of Dennis Wee Group.
Foreign investors who traditionally might have snapped up more expensive developments are also thinking twice.
"Going forward, people see risk. So even though they may have enough cash to put a downpayment for something high-end or in the mid-tier, I think sometimes in order to mitigate the risk, they may still go for the mass market," said Colin Tan, head of Research & Consultancy at Chesterton Suntec International.
Despite the property cooling measures introduced last August, the Republic is still widely seen by investors as a good place to park their money, compared to other countries in the region who have introduced tougher anti-speculation measures. Hong Kong, for example, imposed a 15 per cent stamp duty on all properties sold within six months of purchase.
Market watchers expect private home prices to inch up one to two per cent each quarter.
They said this is in line with Singapore's expected economic growth.
- CNA /ls
- wong chee tat :)
By Joanne Chan | Posted: 06 January 2011 1656 hrs
SINGAPORE : With private home prices at record highs, industry players expect developments catering to the mass market to lead demand this year.
They said Singapore property is viewed as good investment, but affordability will be key amid rising prices.
Singapore's growing economy and low borrowing rates have injected ample liquidity into the market.
Industry players said Singaporeans are looking to invest in what's seen as a safe and appreciating asset - property.
And with the HDB resale market largely closed off to private property owners, those looking for a second property to invest in are eyeing mass market condominiums.
Cooling property measures introduced on August 30 last year disallow dual ownership of private property and an HDB flat. So, a private home owner has to sell off his property first before he is allowed to buy an HDB flat.
Foreigners settling in Singapore will also drive demand for mass market condos - typically those going for S$1,000 or less per square foot.
"We have two groups of foreigners. We have foreigners who are very rich, and there are foreigners who come to Singapore who just want a new place for their children to grow up. They are not as rich... so a lot of them enter the mass market. They will buy condominiums near public schools and near public transportation," said Chris Koh, director of Dennis Wee Group.
Foreign investors who traditionally might have snapped up more expensive developments are also thinking twice.
"Going forward, people see risk. So even though they may have enough cash to put a downpayment for something high-end or in the mid-tier, I think sometimes in order to mitigate the risk, they may still go for the mass market," said Colin Tan, head of Research & Consultancy at Chesterton Suntec International.
Despite the property cooling measures introduced last August, the Republic is still widely seen by investors as a good place to park their money, compared to other countries in the region who have introduced tougher anti-speculation measures. Hong Kong, for example, imposed a 15 per cent stamp duty on all properties sold within six months of purchase.
Market watchers expect private home prices to inch up one to two per cent each quarter.
They said this is in line with Singapore's expected economic growth.
- CNA /ls
- wong chee tat :)
Punggol Topaz popular with home buyers
Punggol Topaz popular with home buyers
By Joanne Chan | Posted: 04 January 2011 1147 hrs
SINGAPORE : The Housing and Development Board's (HDB) latest public housing project, Punggol Topaz, is a hit with home buyers.
As at 5pm on Tuesday, it received 6,846 applications for the 1,010 units available. This works out to nearly 7 applications for each unit offered. Applications close at midnight.
But the strong demand for new flats is proving to be a continuing problem for those in search of their first home.
27-year-old Han Heyuan and his fiancee Kristin Chan have been house-hunting for the past two years.
Put off by high asking prices in the resale market, they set their sights on a new flat.
But it has been four times unlucky for the couple.
They said: "We have tried for four different applications - two BTO (Build-To-Order) flats and two Sale of Balance Flats. And so far, we have not been successful. We had a few opportunities to do an HDB (first) appointment. But unfortunately, by the time our queue number arrived, we received the unfortunate SMS from HDB that our ethnic quota has been filled."
Hoping their fifth attempt proves to be the winner, the couple recently applied for a five-room flat in Punggol Topaz.
HDB sets aside 95 per cent of all new flats for first timers. But for couples like Mr Han and his fiancee, the odds do not appear to be in their favour. Short of a successful ballot this time, their only option is to continue staying with their parents or to fork out thousands of dollars in cash to secure a resale flat.
Market watchers are not surprised by the strong interest in Punggol Topaz, due to its good location - it is walking distance to Punggol MRT station and Punggol Reservoir.
Another factor is the price.
Eugene Lim, associate director at ERA Asia Pacific, said: "The pricing of the flats is about 20 to 25 per cent cheaper than resale flats in the area. And these resale flats are already 10 years old. So this makes the new flats attractive to first-time buyers."
For example, a four-room unit in Punggol Topaz costs S$329,000, while a similar sized resale flat in the surrounding area can fetch up to S$432,000.
Market watchers said Punggol Topaz is unique in its attributes and not all projects will see such a high demand.
The last BTO project in Yishun drew just over three applicants for each unit offered.
HDB has said it plans to release 11,000 new flats in the first half of this year.
- CNA/ac/ms
- wong chee tat :)
By Joanne Chan | Posted: 04 January 2011 1147 hrs
SINGAPORE : The Housing and Development Board's (HDB) latest public housing project, Punggol Topaz, is a hit with home buyers.
As at 5pm on Tuesday, it received 6,846 applications for the 1,010 units available. This works out to nearly 7 applications for each unit offered. Applications close at midnight.
But the strong demand for new flats is proving to be a continuing problem for those in search of their first home.
27-year-old Han Heyuan and his fiancee Kristin Chan have been house-hunting for the past two years.
Put off by high asking prices in the resale market, they set their sights on a new flat.
But it has been four times unlucky for the couple.
They said: "We have tried for four different applications - two BTO (Build-To-Order) flats and two Sale of Balance Flats. And so far, we have not been successful. We had a few opportunities to do an HDB (first) appointment. But unfortunately, by the time our queue number arrived, we received the unfortunate SMS from HDB that our ethnic quota has been filled."
Hoping their fifth attempt proves to be the winner, the couple recently applied for a five-room flat in Punggol Topaz.
HDB sets aside 95 per cent of all new flats for first timers. But for couples like Mr Han and his fiancee, the odds do not appear to be in their favour. Short of a successful ballot this time, their only option is to continue staying with their parents or to fork out thousands of dollars in cash to secure a resale flat.
Market watchers are not surprised by the strong interest in Punggol Topaz, due to its good location - it is walking distance to Punggol MRT station and Punggol Reservoir.
Another factor is the price.
Eugene Lim, associate director at ERA Asia Pacific, said: "The pricing of the flats is about 20 to 25 per cent cheaper than resale flats in the area. And these resale flats are already 10 years old. So this makes the new flats attractive to first-time buyers."
For example, a four-room unit in Punggol Topaz costs S$329,000, while a similar sized resale flat in the surrounding area can fetch up to S$432,000.
Market watchers said Punggol Topaz is unique in its attributes and not all projects will see such a high demand.
The last BTO project in Yishun drew just over three applicants for each unit offered.
HDB has said it plans to release 11,000 new flats in the first half of this year.
- CNA/ac/ms
- wong chee tat :)
Parliament passes changes to Women's Charter
Parliament passes changes to Women's Charter
By Imelda Saad | Posted: 10 January 2011 1917 hrs
SINGAPORE: Parliament has passed sweeping changes to the Women's Charter, which was last amended 15 years ago.
The key to the changes is making sure divorced men pay up to support their children and ex-wives.
Following the changes, a man who defaults on maintenance payments will have to go for financial counselling and do community service.
His maintenance debts can also be reported to credit bureaus, which would affect his credit worthiness.
And to protect kids, the court can transfer matrimonial assets - divided between parents - to a Children's Development Account.
Still, some MPs questioned if more can be done, such as confiscating a spouse's travel documents, imposing curfews or even confiscating handphones.
But Community Development, Youth and Sports Minister Vivian Balakrishnan said such sanctions would be difficult to enforce.
Instead, the government has opted for measures such as requiring those who re-marry to declare their maintenance debts.
There were also calls for greater parity in the treatment between men and women in issues related to a failed marriage, such as access-to-children rights.
In reply, Dr Balakrishnan made clear that just as men are expected to pay maintenance, women should also comply fully to a court's access orders and not use their children as bargaining chips.
The minister also explained why even after 50 years, the Women's Charter will not be renamed to a more gender neutral "Family Charter" to reflect the changing role of men and women in bringing up kids.
He said: "The brutal truth is even today after we have made much progress, women and children still need protection. Furthermore, we also have to ask ourselves whether as a society, have we reached a point where the majority of us are willing to say that a woman has the responsibility to support a man after a divorce?
"I'm not sure outside this House that a majority of people have come round to this view. So my sense is: we will hold the current position but flag this up as a constant review."
- CNA/ir
- wong chee tat :)
By Imelda Saad | Posted: 10 January 2011 1917 hrs
SINGAPORE: Parliament has passed sweeping changes to the Women's Charter, which was last amended 15 years ago.
The key to the changes is making sure divorced men pay up to support their children and ex-wives.
Following the changes, a man who defaults on maintenance payments will have to go for financial counselling and do community service.
His maintenance debts can also be reported to credit bureaus, which would affect his credit worthiness.
And to protect kids, the court can transfer matrimonial assets - divided between parents - to a Children's Development Account.
Still, some MPs questioned if more can be done, such as confiscating a spouse's travel documents, imposing curfews or even confiscating handphones.
But Community Development, Youth and Sports Minister Vivian Balakrishnan said such sanctions would be difficult to enforce.
Instead, the government has opted for measures such as requiring those who re-marry to declare their maintenance debts.
There were also calls for greater parity in the treatment between men and women in issues related to a failed marriage, such as access-to-children rights.
In reply, Dr Balakrishnan made clear that just as men are expected to pay maintenance, women should also comply fully to a court's access orders and not use their children as bargaining chips.
The minister also explained why even after 50 years, the Women's Charter will not be renamed to a more gender neutral "Family Charter" to reflect the changing role of men and women in bringing up kids.
He said: "The brutal truth is even today after we have made much progress, women and children still need protection. Furthermore, we also have to ask ourselves whether as a society, have we reached a point where the majority of us are willing to say that a woman has the responsibility to support a man after a divorce?
"I'm not sure outside this House that a majority of people have come round to this view. So my sense is: we will hold the current position but flag this up as a constant review."
- CNA/ir
- wong chee tat :)
Rules to be eased for foreign lawyers to practise corporate law
Rules to be eased for foreign lawyers to practise corporate law
By Tanya Fong | Posted: 10 January 2011 1732 hrs
SINGAPORE: A new Foreign Practitioner Certificate (FPC) will allow foreign lawyers to practise corporate law in Singapore, under proposed amendments to the Legal Profession Act introduced in Parliament by Law Minister K Shanmugam on Monday.
The new certificate will see a relaxation of the current policy which only accepts foreign lawyers with degrees from universities that are approved by the Attorney-General.
The Law Ministry says the FPC will allow Singapore to diversify legal talent in the commercial areas.
Currently more than 900 foreign lawyers are registered with the Attorney-General's Chambers to practise only foreign law, with about 3,500 lawyers in total practising law in Singapore.
Foreign lawyers who wish to obtain the FPC will have to pass a Foreign Practitioner Examination, to be run by the Singapore Institute of Legal Education.
The same goes for Singaporean corporate lawyers with overseas qualifications.
The institute, to be headed by former Attorney-General Professor Walter Woon, is expected to open before the end of the year.
- CNA/ir
- wong chee tat :)
By Tanya Fong | Posted: 10 January 2011 1732 hrs
SINGAPORE: A new Foreign Practitioner Certificate (FPC) will allow foreign lawyers to practise corporate law in Singapore, under proposed amendments to the Legal Profession Act introduced in Parliament by Law Minister K Shanmugam on Monday.
The new certificate will see a relaxation of the current policy which only accepts foreign lawyers with degrees from universities that are approved by the Attorney-General.
The Law Ministry says the FPC will allow Singapore to diversify legal talent in the commercial areas.
Currently more than 900 foreign lawyers are registered with the Attorney-General's Chambers to practise only foreign law, with about 3,500 lawyers in total practising law in Singapore.
Foreign lawyers who wish to obtain the FPC will have to pass a Foreign Practitioner Examination, to be run by the Singapore Institute of Legal Education.
The same goes for Singaporean corporate lawyers with overseas qualifications.
The institute, to be headed by former Attorney-General Professor Walter Woon, is expected to open before the end of the year.
- CNA/ir
- wong chee tat :)
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