Private home sales affected by recent loan restrictions
By Olivia Siong and Seet Sok Hwee
POSTED: 07 Sep 2013 9:18 PM
Several new properties have been launched or opened for preview this weekend but some property developers said sales have been affected by recent loan restrictions.
SINGAPORE: Several new properties have been launched or opened for preview this weekend but some property developers said sales have been affected by recent loan restrictions.
Skywoods condominium at Dairy Farm Road is one of the new properties that has been launched this weekend. It is going at an average of S$1,250 per square foot.
Out of 420 units, 150 units are on offer at this phase.
At its pre-launch on Friday, its developer TA Corporation said 35 units were taken up, a rate it said is slower than before.
The developer said it is feeling the impact of tighter loan restrictions that have been introduced, in particular the Total Debt Servicing Ratio which was announced in June, where only 60 per cent of one's income can be used to service a loan.
Forty-eight-year-old Daniel Ong is thinking of upgrading from his current five-room HDB flat to a private property.
Previously, Mr Ong would have been able to get a loan of up to 80 per cent of the property's value but not now due to the new restrictions.
Some compromises, he said, will have to be made.
"Maybe a smaller unit now or even the location," said Mr Ong.
Some property investors are looking at downsizing their options.
"Previously we were looking for at least a three-room size (unit) but now, most likely we will be talking about a two-room (unit) or maybe even a studio (unit) for investment purposes,” said potential home buyer Raymond Cheong.
"We are more concerned about the price and the locality and stuff now. We can't go to the city-fringe… it's more of mass-market now," he added.
Located at the city fringe, Thomson Three saw a crowded showroom on its first preview day.
However, its developer said it is taking some time to monitor sentiments before actually putting up units for sale.
It has also adjusted its prices to woo buyers amid the tighter loan restrictions.
The project is now expected to go at an average of S$1,350 to S$1,400 per square foot, down from the initial projection of S$1,500 per square foot.
Kam Tin Seah, senior general manager of investment & strategic development at UOL Group said: "We want to give them enough time to absorb in the project, to understand and to see whether this is the project they like to invest in. (Secondly), to speak to the bankers and hopefully within a reasonable time frame, (they can) come back and make a decision."
The executive condominium (EC) market seems to be unfazed.
Over at Sea Horizon at Pasir Ris, about 60 per cent of its 495 units have been sold on the first day of sales.
Tan Zhiyong, managing director of MCC Land (Singapore), said: "We are a bit concerned because of some of the loan restriction measures but we don't think it'll impact ECs that much."
"Most of the buyers are first-timers or upgraders. It's been a while since these measures were announced so they have spoken to the bank to find out whether they can get a loan. About 90 per cent of those who came in today got the units that they wanted," added Mr Tan.
EC buyer Wong Chee Chong said: "We have to be very prudent about that. That's why we have to do some homework, source around, what's the loan quantum before you decide to buy."
Nicholas Mak, executive director of research & consultancy at SLP International Property Consultancy, explained the strong demand for ECs.
"There's not going to be a lot of new supply in the next 12 months. And furthermore, the TDSR framework is directing some mass market condominium buyers towards the EC market because they are able to get more loans if they are buying an EC compared to buying a mass market private condo," said Mr Mak.
With the end of the Hungry Ghost Month, some analysts expect the number of private home sales to be higher in August, and possibly even double last month's figure.
According to latest data from the Urban Redevelopment Authority, there were 481 new private homes sold in July.
It was the lowest sales volume recorded since December 2009.
- CNA/fa
- wong chee tat :)
Showing posts with label Dairy Farm Road. Show all posts
Showing posts with label Dairy Farm Road. Show all posts
Saturday, September 7, 2013
Tuesday, July 23, 2013
Passenger injured in SMRT bus accident discharged
Passenger injured in SMRT bus accident discharged
POSTED: 22 Jul 2013 1:50 PM
The passenger injured in an SMRT bus accident along Dairy Farm Road on Sunday was discharged from hospital on Monday morning.
SINGAPORE: The passenger injured in an SMRT bus accident along Dairy Farm Road on Sunday was discharged from hospital on Monday morning.
The accident on Sunday morning involved an SMRT Service 700A bus, which had flipped and ended up on its side.
Another passenger, who was trapped in the bus, was pronounced dead at the scene by paramedics.
The injured male passenger and the 39-year-old bus driver were sent to National University Hospital.
According to a hospital spokesperson, the driver is in a stable condition and is still warded.
In a Facebook posting, SMRT said that its heart is with the families of those affected, and it is doing its best to support and assist the injured and family of the deceased.
SMRT is working closely with the police on their investigation, which includes providing the driver profile and vehicle maintenance records.
Separately in a statement, the Singapore Road Safety Council urged public transport operators to take all necessary measures to make road safety a prominent part of their operations.
Saddened over the accident, the council said passengers on buses should always feel safe and that it is the last place they should expect to lose their lives.
While police investigations are still on-going, the council's chairman, Mr Bernard Tay, said that public transport operators have a duty to ensure the vehicles comply with safety rules and are properly maintained.
Operators should also ensure that drivers adhere strictly to safe, responsible driving behaviour and habits.
The council added that drivers are expected to have sufficient experience for the safe handling and control of the vehicles, taking into account factors such as varying road conditions and environments, for the safety of their passengers.
- CNA/ac/fa
- wong chee tat :)
POSTED: 22 Jul 2013 1:50 PM
The passenger injured in an SMRT bus accident along Dairy Farm Road on Sunday was discharged from hospital on Monday morning.
SINGAPORE: The passenger injured in an SMRT bus accident along Dairy Farm Road on Sunday was discharged from hospital on Monday morning.
The accident on Sunday morning involved an SMRT Service 700A bus, which had flipped and ended up on its side.
Another passenger, who was trapped in the bus, was pronounced dead at the scene by paramedics.
The injured male passenger and the 39-year-old bus driver were sent to National University Hospital.
According to a hospital spokesperson, the driver is in a stable condition and is still warded.
In a Facebook posting, SMRT said that its heart is with the families of those affected, and it is doing its best to support and assist the injured and family of the deceased.
SMRT is working closely with the police on their investigation, which includes providing the driver profile and vehicle maintenance records.
Separately in a statement, the Singapore Road Safety Council urged public transport operators to take all necessary measures to make road safety a prominent part of their operations.
Saddened over the accident, the council said passengers on buses should always feel safe and that it is the last place they should expect to lose their lives.
While police investigations are still on-going, the council's chairman, Mr Bernard Tay, said that public transport operators have a duty to ensure the vehicles comply with safety rules and are properly maintained.
Operators should also ensure that drivers adhere strictly to safe, responsible driving behaviour and habits.
The council added that drivers are expected to have sufficient experience for the safe handling and control of the vehicles, taking into account factors such as varying road conditions and environments, for the safety of their passengers.
- CNA/ac/fa
- wong chee tat :)
Sunday, July 21, 2013
Passenger dies after SMRT bus flips along Dairy Farm Road
Passenger dies after SMRT bus flips along Dairy Farm Road
By Alice Chia
POSTED: 21 Jul 2013 12:04 PM
UPDATED: 21 Jul 2013 8:31 PM
An accident involving a SMRT bus along Dairy Farm Road towards the Bukit Timah Expressway on Sunday morning has left a man dead and two others injured.
SINGAPORE: An accident involving a SMRT bus along Dairy Farm Road towards BKE on Sunday morning has left a man dead and two others injured.
Bus service 700A had flipped over.
The Singapore Civil Defence Force (SCDF) said it received a call for help at 8.57am.
Its officers found a man, who was a passenger, trapped in the bus.
Paramedics pronounced him dead at the scene.
SCDF said another male passenger and the male driver were injured.
They were sent to National University Hospital, where both have been warded and are in stable condition.
SMRT said that the driver has been with SMRT since January last year and has been driving the route since July 2012.
It also said the driver had a clean service record with no prior accidents or complaints against him.
He had been last at work on an 8.5-hour shift on 20 July and was deployed at 7am on Sunday, having had more than the required eight-hour rest period between his shifts.
"SMRT has a fleet of 1,137 buses, which undergo strict and thorough preventative maintenance checks. These include mandatory LTA inspection repair, as well as predictive and corrective maintenance of components such as braking and steering mechanisms. The bus involved in this morning's accident was last maintained on June 21, and was given a clean bill of health. No brake or steering related problems were noted during the inspection," said Kalai Natarajan, vice president of corporate and marketing communications at SMRT.
SMRT said it is saddened by the incident and is working with SCDF and the police on the case.
- CNA/fa/xq
- wong chee tat :)
By Alice Chia
POSTED: 21 Jul 2013 12:04 PM
UPDATED: 21 Jul 2013 8:31 PM
An accident involving a SMRT bus along Dairy Farm Road towards the Bukit Timah Expressway on Sunday morning has left a man dead and two others injured.
SINGAPORE: An accident involving a SMRT bus along Dairy Farm Road towards BKE on Sunday morning has left a man dead and two others injured.
Bus service 700A had flipped over.
The Singapore Civil Defence Force (SCDF) said it received a call for help at 8.57am.
Its officers found a man, who was a passenger, trapped in the bus.
Paramedics pronounced him dead at the scene.
SCDF said another male passenger and the male driver were injured.
They were sent to National University Hospital, where both have been warded and are in stable condition.
SMRT said that the driver has been with SMRT since January last year and has been driving the route since July 2012.
It also said the driver had a clean service record with no prior accidents or complaints against him.
He had been last at work on an 8.5-hour shift on 20 July and was deployed at 7am on Sunday, having had more than the required eight-hour rest period between his shifts.
"SMRT has a fleet of 1,137 buses, which undergo strict and thorough preventative maintenance checks. These include mandatory LTA inspection repair, as well as predictive and corrective maintenance of components such as braking and steering mechanisms. The bus involved in this morning's accident was last maintained on June 21, and was given a clean bill of health. No brake or steering related problems were noted during the inspection," said Kalai Natarajan, vice president of corporate and marketing communications at SMRT.
SMRT said it is saddened by the incident and is working with SCDF and the police on the case.
- CNA/fa/xq
- wong chee tat :)
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