Revision of the Home Loan Board Rate – Singapore Residential Financing Rate (SRFR) - Maybank

Revision of the Home Loan Board Rate – Singapore Residential Financing Rate (SRFR)

Please be informed that the SRFR will be revised from 3.75% p.a. to 4.00% p.a. with effect from 18 February 2016. Since the introduction of the Singapore Residential Financing Rate (SRFR) in 2007, this is the first time a revision will be made. The revision is undertaken after much consideration and in view of the prevailing market conditions. Your loan interest rate and monthly instalment will be affected by this SRFR revision if your  loan interest rate is pegged: at SRFR OR below the SRFR (for example, SRFR less 1.10% per annum) OR above the SRFR (for example, SRFR plus 0.50% per annum) How much will your monthly instalment be revised? Your monthly instalment will increase as a result of this SRFR revision. The increase in monthly instalment amount is estimated at S$12 for every S$100,000 loan. However, your monthly instalment will not be revised immediately, we will write to you in March 2016 to inform you of your revised monthly instalment which will commence from April 2016. Using CPF funds to service your monthly instalment? For private property If you are using your CPF funds (partially or fully) to service your monthly instalment, you may submit your application for revision : with your SingPass online via CPF Board website. using the CPF form 4B : “Application to Use CPF savings to Repay Housing Loan for Private Property (PPS Form 4B)”, which can be located on CPF Board website. You may wish to note the processing period required by CPF Board for effecting such revisions, as any shortfall in the amount received by the bank through CPF Board will be debited from your designated Maybank loan servicing deposit account. For HDB property If you have previously submitted the “Letter of Authorisation” to the bank, any revision to your monthly instalment will be automatically updated with the CPF Board hence no further action is required on your part. If you have not submitted the “Letter of Authorisation” previously and you are using your CPF funds (partially or fully) to service your monthly instalment, you may submit your application for revision : with your SingPass online via CPF Board website. using the CPF form HBL/4 : “Application to Use CPF savings for Partial/Full Repayment of Housing Loan or Revision/Cessation of Monthly CPF Deduction of HDB Flat Financed with Bank Loan”, which can be located on CPF Board website. You may wish to note the processing period required by CPF Board for effecting such revisions, as any shortfall in the amount received by the bank through CPF Board will be debited from your designated Maybank loan servicing deposit account. To find out if you have previously submitted the “Letter of Authorisation”, you can call us at 1800 629 2265 (1800 MAYBANK).

- womg chee tat :)

CPF Building sold for S$550m to Ascendas Land company

CPF Building sold for S$550m to Ascendas Land company
The public tender for the sale of the building attracted three bids, the highest of which was by Southernwood Property, a company wholly owned by Ascendas Land.

POSTED: 26 Nov 2015 12:26 UPDATED: 26 Nov 2015 23:37

SINGAPORE: The landmark CPF Building at 79 Robinson Road has been sold for a higher-than-expected S$550 million, the CPF Board announced on Thursday (Nov 26).

The public tender for the sale of the building attracted three bids, the highest of which was by Southernwood Property, a company wholly owned by Ascendas Land.

Ascendas plans to redevelop CPF Building into an office building with supporting retail elements, said Mr Manohar Khiatani, President & Group CEO of Ascendas and Deputy Group CEO of Ascendas-Singbridge.

"With the CPF Building, Ascendas would be able to offer quality CBD office space to complement our business park offerings to our customers in Singapore,” he added.

BID PRICE HIGHER THAN EXPECTED

Analysts had expected the building to fetch about S$450 million.

The CPF Board said the bid from Southernwood Property met all tender criteria, "including the strength of their financial standing and purchase conditions such as the assignment of tenancies to the new owner".

The other two bids were S$538.28 million by Leapford, a company owned by Pacific Century Regional Developments, and S$280 million by OUE Reef Development.

The CPF Board will be moving to Novena Square Towers “to free up prime office space in the Central Business District for higher-value uses”. Its corporate operations relocated on Nov 23.

The CPF Service Centre will continue to operate at 79 Robinson Road until further notice.

- CNA/dl

- wong chee tat :)

Strong demand for 4-, 5-room flats at Bidadari

Strong demand for 4-, 5-room flats at Bidadari
According to data on HDB's website, the five-room units are already more than six times subscribed as of 8.15pm on Wednesday (Nov 18).

By Patrick John Lim
POSTED: 19 Nov 2015 00:04

SINGAPORE: Demand for four- and five-room flats at Bidadari estate near Toa Payoh has already exceeded supply, just a day after HDB launched its biggest-ever sale of new units on Tuesday (Nov 17).

Of the more than 12,400 flats on sale, more than 2,140 are at Bidadari. They range from two-room flexi to five-room units.

According to data on HDB's website, the five-room units at Bidadari are already more than six times subscribed as of 8.15pm on Wednesday. A total of 948 applications for the 151 five-room units available have been registered.

Considering just second-timer applicants alone, the subscription rate stands at more than 45 times, as there are only 151 five-room units open for application.

Applications for four-room units totalled 1,537, above the 1,229 on offer.

Prices for the Bidadari new flats are higher than those for BTO units in non-mature estates.

Demand for three-room flats was more subdued, with 183 applications for 567 available units.

An analyst Channel NewsAsia spoke with anticipates strong demand for the units at Bidadari. "It has access to various amenities, and is nearby two MRT stations - Potong Pasir and Woodleigh MRT, so definitely it will command a premium in pricing. So as such, because there are not many launches, BTO flats in mature estates, I will expect demand to be good for the Bidadari flats, even despite its sort of premium pricing," said OrangeTee manager for Research and Consultancy Wong Xian Yang.

Applications for HDB's latest round of BTO and balance flats are open till 11.59 pm on Nov 26, and interested parties can apply online any time before then.

Successful applicants will be determined by a computer ballot and not on a first-come-first-served basis.

- CNA/dl

- wong chee tat :)

Private home sales jump 60.1% in October

Private home sales jump 60.1% in October

Property developers sold 546 new private residential units last month, up from the 341 units sold in September, according to data released by the Urban Redevelopment Authority.

POSTED: 16 Nov 2015 15:14 UPDATED: 16 Nov 2015 15:45

SINGAPORE: Sales of new private homes jumped 60.1 per cent last month.

Excluding executive condominiums (ECs), developers of private homes sold 546 units in October, up from the 341 units sold in September, data from the Urban Redevelopment Authority (URA) showed on Monday (Nov 16).

The rise in sales came as developers launched 434 units last month, an 11 per cent increase from the 391 units launched the previous month.

When ECs are included, developer sales rose to 822 units last month compared with 629 units in September.

However, the number of ECs sold was 4 per cent fewer than the previous month, at 276 units. This was in line with the drop in launches, which was 505 units in October, compared with 525 units in September.

The Criterion was the only EC launched last month, which sold 41 out of its 505 units at a median price of S$805 per square foot.

- CNA/av


- wong chee tat :)

First batch of flats in new Bidadari estate to be launched this month

First batch of flats in new Bidadari estate to be launched this month
Nearly 2,140 flats in three projects in Bidadari will be launched in a Build-To-Order (BTO) exercise in the second half of November.

By Hetty Musfirah Abdul Khamid, Channel NewsAsia
POSTED: 15 Nov 2015 13:06 UPDATED: 15 Nov 2015 15:16

SINGAPORE: The first batch of Build-To-Order (BTO) flats in the new Bidadari estate will go on sale in the second half of this month.

More than half of the 2,139 flats available – 1,229 units – will be four-room flats. Another 192 will be two-room flats under the Flexi scheme, 567 will be three-room flats and 151 will be five-room units. The flats will be progressively completed from the third quarter of 2019, HDB said.

Located in the central region of Singapore, Bidadari is a new housing area to be developed as part of Toa Payoh town. The estate comprises four districts – Alkaff, Woodleigh, Park Edge and Bartley Heights – spanning 93 hectares of land.

The first three housing projects in Bidadari to be launched in the November 2015 BTO exercise will be in Alkaff district, the largest in the estate.

(Photo: An artist's impression of the Alkaff Vista project)

The first project will be Alkaff Vista, scheduled to be ready by the third quarter of 2019. Located along Upper Serangoon Road, the project will have four residential blocks with varying heights from seven to 17 storeys, comprising 350 units of four-room and five-room flats.

(Photo: An artist's impression of Alkaff LakeView)

Alkaff LakeView will be completed next, and is expected to be ready in the last quarter of 2019. Located along Upper Aljunied Road, the project will have three 17-storey blocks comprising 531 units of three- and four-room flats.

(Photo: An artist's impression of Alkaff Courtview)

Alkaff Courtview, also located along Upper Serangoon Road, will be completed in the second quarter of 2020. The project will have six residential blocks of between six and 17 storeys, with 192 two-room flexi flats. Under the Flexi scheme, those aged 55 and above can buy these flats with a lease of between 15 and 45 years in five-year increments.

COMMUNITY IN A GARDEN

Envisioned to be a "Community in a Garden", the Bidadari estate will have features such as a new 10-hectare Bidadari Park and a greenbelt which passes through the estate from Bartley Road to Upper Serangoon Road.

(Photo: All three precincts in Alkaff district will have multi-level green decks)

The estate will also be flanked by social and commercial facilities along with pedestrian and cycling networks which aim to provide seamless access to transport nodes.

HDB’s Director of Urban Planning Lim Shu Ying said: “We hope to encourage residents to take on walking and cycling as an alternative form of transport and moving around, rather than a car. We have also planned to have more bike sharing and car-sharing within the estates so that it will be easier for residents who do not own the car to be able to move around as well.”

(Photo: Courtyard spaces in Alkaff CourtView where residents can rest and relax.)

STRONG DEMAND EXPECTED

The flats in the Alkaff district of Bidadari will be part of the 7,000 BTO flats to be launched later this month, alongside other flats in Punggol Northshore, Bukit Batok, Choa Chu Kang, Hougang and Sengkang.

Property watchers Channel NewsAsia spoke to are expecting strong demand for the Bidadari flats.

(Photo: A verandah at Alkaff CourtView with a sheltered walkway and space for residents' activities.)

"This is the first BTO launch after the raised income ceiling to S$12,000. I believe a lot of buyers have actually been holding back waiting for Bidadari launch, we will expect the take up to be very, very hot,” said ERA Realty’s Key Executive Officer Eugene Lim.

The majority of the buyers are expected to be families and those planning to start a family, he said, adding that the flats are likely to attract those with young children as the estate is located near several reputable schools.

“Even though this was previously a cemetery, there is already a success story in the case of Bishan, where the flats are among the most highly priced in Singapore and highly sought after," Mr Lim said.

Mr Chris Koh, director of estate agency Chris International, said buyers will likely have to pay a premium for the flats due to their central location. He expects prices to be 10 per cent higher than flats in Punggol and Sengkang.

Demand for the two-room flexi flats, which are open to those above the age of 55, will also likely be high, he said.

- CNA/cy

- wong chee tat :)

Revision of HDB Resale Price Index (RPI)

Revision of HDB Resale Price Index (RPI)

Date issued : 09 Dec 2014

 The Resale Price Index (RPI) provides the general price trend of resale HDB flats. The index computation methodology was last revised in 2002. Since then, the variety of resale flats, e.g. design, age, location, which has been transacted in the resale market has increased. It is therefore timely to update the computation methodology of the RPI. From the 4th quarter 2014, HDB will update the computation methodology of the RPI by:

i) Adopting the Stratified Hedonic Regression Method;
ii) Switching to 5-quarter fixed weights; and
iii) Adopting a new base period of 1Q2009.

New Stratified Hedonic Regression Method

2Currently, the RPI is computed using the stratification method, with a representative basket of towns and flat models. Resale prices are stratified into segments based on flat types, models and regions. The average prices for each segment are then aggregated using 12-quarter moving average weights to derive the index.

3With effect from the 4th quarter 2014, HDB will adopt the stratified hedonic regression method to compute the RPI. This method will control for variations in flat attributes, such as proximity to amenities, age and floor level, through a hedonic regression, to derive the general price movements in each segment. These are then aggregated using 5-quarter capital value fixed weights to derive the aggregate price change. To better reflect prevailing market structure, the weights will be updated once every three years. Please see Annex  (PDF 218KB) for the graphical illustration.

Updated Base Period

4Along with these changes, the base period will be updated to 1Q2009, from 4Q1998. This means that the RPI for 1Q2009 will be at 100. The current RPI series from 1Q1990 to 3Q2014 will be re-scaled to the new base period of 1Q2009. This adjustment will only impact the absolute levels of the index (see Table 1 and Chart 1), and the quarterly percentage changes will remain unchanged.

Table 1: Comparison of Current and Rebased RPIs

Quarter	Current RPI (4Q1998=100)	Current RPI (Rebased to 1Q2009=100)
Previous base 4Q1998	100	72.3
New base 1Q2009	138.3	100
2Q2009	140.2	101.4
3Q2009	145.2	105.0
4Q2009	150.8	109.0
1Q2010	155.0	112.1
2Q2010	161.3	116.6
3Q2010	167.8	121.3
4Q2010	172.0	124.4
1Q2011	174.8	126.4
2Q2011	180.3	130.4
3Q2011	187.2	135.4
4Q2011	190.4	137.7
1Q2012	191.6	138.5
2Q2012	194.0	140.3
3Q2012	197.9	143.1
4Q2012	202.9	146.7
1Q2013	205.5	148.6
2Q2013	206.6	149.4
3Q2013	204.8	148.1
4Q2013	201.7	145.8
1Q2014	198.5	143.5
2Q2014	195.7	141.5
3Q2014	192.4	139.1

Note: The re-scaling uses a factor of 100 (new index in 1Q2009) / 138.3 (original index in 1Q2009) multiplied on the original index level to derive the re-based index level for the respective quarters. Indices from 1Q1990 to 4Q2008 will be similarly re-scaled using the same factor. Due to rounding, there could be some differences in the quarterly price change compared to the RPI series before re-scaling.

Chart 1: Rebased RPI (1Q2009=100)  (JPG 1152KB)

5Back-testing of the index using the new method on 2014 data shows that there is no change in trend, and the quarterly changes follow closely to those computed using the current method (Table 2).

Table 2: Back-testing of RPI Based on Current Method and Revised Method

Time Period	Current RPI	Revised RPI
1Q2014	-1.6%	-1.9%
2Q2014	-1.4%	-1.5%
3Q2014	-1.7%	-1.8%

6The stratified hedonic regression methodology will be adopted from the next index release, i.e. the release of the flash estimate of 4Q2014 RPI in Jan 2015.

- wong chee tat :)

95% of Jurong EC snapped up on first day of sales

95% of Jurong EC snapped up on first day of sales

Lake Life is the first executive condominium project in Jurong in 17 years. Out of the 546 units, 521 have been sold.

SINGAPORE: The first executive condominium (EC) project in Jurong in 17 years opened for booking on Saturday (Nov 8), and it has already sold 95 per cent of its units - 521 units. This makes Lake Life EC the project that sold the most number of units on the first day of sales since June last year.

Sales of the project crossed the 50 per cent mark by noon. By 4pm, 446 units were snapped up.

Its developer said the "overwhelming response" is likely due to the project's location - at Jurong Lake District, and recent announcements by the government to further develop the Jurong area.

Two buyers Channel NewsAsia spoke with are HDB dwellers living in the vicinity. They said in addition to location, price was also a key consideration.

Prices of the 546-unit development average S$857 psf, lower than the earlier indicative prices of S$880 to S$890 psf, with a two-bedroom unit going for S$685,000 on average.

"In terms of the price per square foot, I think this was quite attractive compared to the private developments - I think about 25 to 30 per cent less compared to the other private developments that we saw,” said buyer Nilesh Jadha, who currently owns a five-room HDB flat.

"We love Jurong, we have been staying here for many years and this is the first EC project after 17 years,” said another buyer, Bryan Loh. “We also looked around at other private properties but they are overpriced. I think this EC is the right price for us to buy and stay."

The next EC in Jurong will be launched after the first quarter of next year. It is located at Westwood Avenue, near Nanyang Technological University.



- CNA/xq


- wong chee tat :)

Private property prices down for fourth straight quarter

Private property prices down for fourth straight quarter

Prices of private residential properties fell by 0.7 per cent in the third quarter following a 1 per cent decrease in the previous quarter, the Urban Redevelopment Authority (URA) said.

SINGAPORE: Prices of private residential properties in the third quarter fell by 0.7 per cent from the previous quarter – the fourth consecutive quarter of decline, the Urban Redevelopment Authority (URA) said on Friday (Oct 24).

The price decline was observed across all segments of the private residential property market, URA said. Prices of non-landed properties in the Core Central Region (CCR) declined by 0.8 per cent from the previous quarter, following the 1.5 per cent decrease in the April to June period. Prices in the Rest of Central Region (RCR) declined by 0.4 per cent, the same rate of decline as in the previous quarter. In Outside Central Region (OCR), prices declined by 0.3 per cent, after the 0.9 per cent decline in the previous quarter. Prices of landed properties declined by 1.8 per cent, following the decrease of 1.7 per cent in the previous quarter.

Rentals of private residential properties in the third quarter fell by 0.8 per cent from the previous quarter, compared with a 0.6 per cent decline in the April to June period.

LAUNCHES AND TAKE-UP

Developers launched 1,294 uncompleted private residential units excluding Executive Condominiums (ECs) in the third quarter, lower than the 2,843 units in the second quarter, URA said. A total of 1,531 private residential units (excluding ECs) were sold by developers during the quarter, compared with 2,665 units in the previous quarter.

No new EC units were launched for sale during the quarter. Developers sold 162 EC units in the third quarter, compared with the 154 units sold in the second quarter.

RESALES AND SUB-SALES

The number of resale transactions fell to 1,288 in the third quarter, down from 1,389 transactions in the previous quarter. Resale transactions accounted for 43.6 per cent of all sale transactions during the quarter, compared with 33 per cent in the second quarter.

There were 136 sub-sale transactions in the third quarter, down from 158 transactions in the previous quarter. Sub-sales accounted for 4.6 per cent of all sale transactions in the quarter, up from the 3.8 per cent recorded in the April to June period.

SUPPLY IN THE PIPELINE

As at the end of the third quarter, there were 74,496 uncompleted private residential units (excluding ECs) in the pipeline, compared with 76,014 units in the previous quarter. Of this number, 28,120 units remained unsold. Adding the 14,131 upcoming EC units, there are a total of 88,627 units in the pipeline.

Another 8,550 units (including ECs) will soon be added to the pipeline supply, the URA said.

- CNA/cy


- wong chee tat :)

Singapore private home sales up sharply in September

Singapore private home sales up sharply in September

Developers sold 648 new private homes last month, a 48.3 per cent increase from the 437 units sold in August, according to the Urban Redevelopment Authority.

SINGAPORE: Buyers returned to the private housing market in September, with sales of homes surging 48.3 per cent from the previous month.

Excluding executive condominiums (ECs), developers sold 648 new units last month, up from the 437 units sold in August, data from the Urban Redevelopment Authority showed on Wednesday (Oct 15). Including Executive Condominiums (ECs), 707 new units were sold in September.

The strong sales came as developers launched more units for sale, with 514 units launched last month, up from 399 units launched in August.

- CNA/cy


- wong chee tat :)

City Gate Condo

- wong chee tat :)

A-REIT acquires and leases back Hyflux Innovation Centre for $191.2 mil

A-REIT acquires and leases back Hyflux Innovation Centre for $191.2 mil

WRITTEN BY THE EDGE  
THURSDAY, 26 JUNE 2014 09:08

Ascendas Funds Management (S) Limited, the manager of Ascendas Real Estate Investment Trust (A-REIT) is acquiring Hyflux Innovation Centre located at 80 Bendemeer Road for a total purchase consideration of $191.2 million.

Upon completion of the acquisition, Hyflux and Hydrochem will leaseback 50% of Gross Floor Area of 43,434 sqm for 15 years while all existing third party tenants in the property will be assigned to A-REIT. The property will have an occupancy rate of 83.9% and the vendor will provide rental support for the remaining vacant space for three years.

Hyflux Innovation Centre is located within the Kallang Industrial Estate and is within three minutes’ walk to Boon Keng MRT station along the North-East Line. The property is a 10-storey high-specifications building with a basement and surface car park. Current tenants include Hyflux, NEC, Covidien Private Ltd, American Express and Renesas Electronics Singapore Pte Ltd.

Tan Ser Ping, Executive Director and Chief Executive Officer of A-REIT Manager, said, “We are pleased to strengthen our relationship with Hyflux Ltd, with a sale-and-leaseback arrangement at Hyflux Innovation Centre. This property is a prime high-specifications development located at the fringe of the central business district. Hyflux’s commitment to lease 50% of gross floor area for 15 years will extend A-REIT’s weighted lease expiry profile to 3.96 years.”

Following the above acquisition, A-REIT’s weighted average lease term to expiry is expected to increase from 3.85 years to 3.96 years. A-REIT will own a total of 103 properties in Singapore and two business park properties in China.



- wong chee tat :)

Govt may tweak quota system to help married couples live near their parents

Govt may tweak quota system to help married couples live near their parents

Tweaking the quota system is one option the government could look into to improve the chances of those hoping to live near their parents.

SINGAPORE: Tweaking the quota system is one option the government could look into to improve the chances of those hoping to live near their parents.

Minister of State Mohamad Maliki Osman said this at the second housing conversation session on Saturday which aims to find out what more can be done to help extended families live together or close by.

He said another area is to consider extending grants to second-time home buyers purchasing HDB resale flats near their parents.

Thirty-six married participants attended the second housing conversation.

About a third said they were in favour of giving absolute priority to those hoping to buy a new flat near their parents.

32-year-old Arina Tan, who has a one-year-old daughter, said: "We had been balloting for a flat near our parents for four times but we weren't able to get it. For the fifth time, we tried a further place at Yishun where the government has opened up more flats at the non-mature estates. We were able to get it.

“We have our flat in Yishun but we still stay weekdays at my in-laws place because of the baby. She can take care of her and we do not need to travel every day from Yishun to Jurong."

A week ago, courting couples gave a resounding "no" when asked if they were in favour of giving absolute priority to those hoping to buy a new flat near their parents.

To prevent people from abusing the system, some participants said there should be conditions if absolute priority is given such as extending the Minimum Occupation Period from five, to 10 years.

However, some also acknowledged the challenges of giving absolute priority.

"If somebody were to have absolute priority, then there would be another group that wouldn't have anything at all so I think it's a bit difficult," said Joewind Han.

About half of the participants also said while they did not want absolute priority, they were in favour of more priority being given.

One option could be to tweak the quota system instead.

Dr Maliki said: "As we try to look at ways to enhance the opportunities for young couples to live near their parents, one option is to see how best we can tweak at the quota system. Today, we have about 85 per cent of BTO flats allocated to first-timers, 15 per cent to second-timers.

"One option is if you want to really look at ways to enhance the possibility, or increase the chances of second-timers who want to live near their parents, maybe we can set aside a quota within perhaps that 15 per cent. They can possibly look at how their chances can be better met. But nonetheless, we are still exploring some of these ideas."

Participants also discussed whether second-time home buyers should get housing grants when buying a resale flat near their parents.

Currently, first time home buyers purchasing a resale flat get a S$30,000 CPF Housing Grant, but this goes up to S$40,000 when they buy a resale flat to live together with, or near their parents.

Some had suggested that the additional S$10,000 be given to both first and second-timers.

Dr Maliki said: "This is a significant shift when we talk about giving grants to second-timers but I think they recognise the proposal is to give grants to those wanting to live near their parents and this is for those who did not get to exercise that option when they bought their first flat so I think it's quite a rational proposition.

"That's something that we can try to consider how else we can facilitate couples who have moved on to their next phase of their life stage to live near their parents. If it means that a grant can incentivise that, a grant can facilitate that, we will be prepared to consider that."

Participants were also split when asked if the government should continue building more Three-Generation (3Gen) flats.

Some said while they were in favour of having more 3Gen flats built, they also hoped some design improvements could be made.

"As a concept, it's great but I think if the useable space, the common spaces are not tweaked well, it could just lead to hot housing," said Goh Ling Pin.

"There could be extra conflict within the house like a lot of people crammed within a smaller space might not fulfil the purpose of helping a family get along," Goh added.

His wife Christine Choo said: "We are living with my father-in-law and I believe that he will like to have his own privacy as well, and for us to have our own privacy, but yet at the same time we want to live together so having a dual-key system where he's just next door and we're under one roof and for us to take care of the financing, would be very helpful for elderly who is also a retiree."

Dr Maliki said: "We're looking at the needs, the profile of different family types, size commensurate with the size of the family too. We want to make it optimal for families when they use the spaces."

Dr Maliki said how the first batch of 3Gen flats in Yishun pans out will have to be observed before fine-tuning designs.

The next housing conversation session is on June 19 and will target seniors with children above 21.

- CNA/fa

- wong chee tat :)

New private home sales nearly double in May

New private home sales nearly double in May

The improved sales volume came as developers launched 1,790 new units in May, nearly three times more than the 600 homes in the previous month.

SINGAPORE: The private residential property market sprang to life in May after months of remaining in the doldrums, with developers’ sales surging 96 per cent as buyers snapped up units at the slew of new launches last month.

Developers sold 1,470 new private homes last month, nearly doubling the 749 units that they moved in April, latest data by the Urban Redevelopment Authority (URA) showed on Monday (June 16). Including executive condominiums (ECs), new developer sales rose to 1,528 units in May from 797 units in April.

The number of new private homes sold last month is the highest monthly figure since the Total Debt Servicing Ratio was introduced in June last year. The improved sales volume also came as developers launched 1,790 new units into the market in May, nearly three times more than the 600 homes recorded in the previous month.

"It is a function of supply, and supply that was with good attributes and good locations, as well as projects that were priced very attractively," Mr Desmond Sim, the Head of CBRE Research Singapore said of the rise.

Two projects by City Developments topped the best-selling list for the month. Coco Palms at Pasir Ris Grove moved 590 of the 600 condominium units launched at a median price of S$1,018 per square foot (psf), while Commonwealth Towers at Commonwealth Avenue sold 275 of 400 homes at S$1,626 psf.

Analysts note the higher sales volume last month is a sign that underlying demand is strong, but some say it may be too early to rejoice.

"The statistics in May do show that buyers did come back (to the market), but that is after five months of drought, of very low sales," said Mr Nicholas Mak, the Executive Director of Research and Consultancy at SLP International Property Consultants.

"In May, we actually saw a surge in the number of units launched. Developers launched roughly about three times more private home units in May compared to April. But the take-up rate only doubled. It actually shows that the private home market is still fairly soft," Mr Mak said.

Observers say attractive prices will continue to be the key consideration for buyers against the backdrop of existing cooling measures.

For instance, the 100 units sold last month at The Panorama at Ang Mo Kio were transacted at a median price of $1,241 psf. This is about eight per cent lower than what units were going for at the project's launch in January this year.

Another project in the vicinity also achieved similar results after it slashed prices. Developers of The Sky Habitat in Bishan trimmed prices by some 13 percent when the project was re-launched last month. It then sold 130 units at a median price of $1,377 per square foot.

"Projects like Panorama and Sky Habitat, they have turned in very good numbers after they have relaunched at better pricings. With the success of this, I am not surprised that developers out there will consider that as an option to move units," said Mr Sim.

For the whole of 2014, analysts expect developers to sell about 9,500 to about 12,000 units. That is about 20 per cent shy of some 15,000 units sold in 2013.


-TODAY/cy

- wong chee tat :)

Resale prices, volume for non-landed private homes fall in May

Resale prices, volume for non-landed private homes fall in May

The number of resale transactions for non-landed private homes in May fell by 7.5 per cent from April, while prices dipped 0.3 per cent to mark a 17-month low, the Singapore Real Estate Exchange estimated.

SINGAPORE: Resale transactions for non-landed private residential units fell by 7.5 per cent month-on-month in May, and prices dipped slightly to mark a 17-month low since December 2012, according to Singapore Real Estate Exchange (SRX).

In its flash report for May released on Monday (June 9), SRX said an estimated 421 transactions were registered, down from the 455 transactions in April. This represented a 42.6 per cent drop from the 734 units resold in the same month last year, it added.

Commenting on this, real estate agency ERA said: "Buyers may have diverted their attention to hot new projects that were launched by developers at attractive prices, for example Commonwealth Towers, as well as projects relaunched by developers at lower revised prices such as Sky Habitat."

Overall resale prices dipped slightly by 0.3 per cent, with the city area leading the drop with 2.9 per cent and the suburbs seeing a 0.3 per cent dip. The city fringes climbed by 0.6 per cent though, the report stated.

The majority, or 16 of 25 districts, experienced negative Transaction Over X-value in May, led by District 9 (Orchard, Cairnhill, River Valley) and 14 (Geylang, Eunos), SRX said.

Bucking the trend, units in the Bukit Timah, Holland Road and Tanglin district (District 10) posted the highest positive Transaction Over X-value among districts with more than 10 transactions with S$80,000. This was followed by those in Upper Bukit Timah and Ulu Pandan (District 21) with S$29,000, it noted.

"Resale prices have continued to fall with sellers becoming more realistic about reduced demand. The private resale market remains gloomy and prices may continue to moderate to the loan curbs like the Total Debt Servicing Ratio (TDSR)," ERA said.

- CNA/kk

- wong chee tat :)

Fewer people selling HDB flats immediately after Minimum Occupation Period

Fewer people selling HDB flats immediately after Minimum Occupation Period

Only 470 HDB flats were sold within a year of owners meeting the Minimum Occupation Period last year, half of 2012's numbers.

SINGAPORE: Fewer people are selling their new Housing and Development Board (HDB) flats immediately after meeting the Minimum Occupation Period (MOP), said HDB Tuesday (June 3).

Currently, owners are required to physically occupy their flat for five years, before they are allowed to sell their home in the open market or sublet the entire unit. They are also not allowed to buy or invest in a private residential property during their MOP.

Now, it seems fewer are choosing to sell once they've met that requirement.

According to HDB, there were only 470 flats sold within one year of meeting the MOP in 2013. This is less than half the number seen in 2012, when 1,006 flats were sold.

In 2010, the number was 1,338 -- the highest in the last five years. In 2011, only 1,231 units were sold.

"Last year's HDB resale prices have started to moderate," said Mr Eugene Lim, Key Executive Officer at ERA Realty Network. "We saw prices start to come down, especially towards the second half of last year. So those who are not in urgent need of selling their flat would probably want to wait it out for the next cycle, instead of selling their flat when the market is going down. They are probably waiting for the next upturn."

In the meantime, more are choosing to sublet their flats within one-year of meeting the MOP. There were 412 units sublet last year, up from 268 units in 2012 and 322 units in 2011.

"People see public housing as a price asset, because the minute they sell it, they are not able to generate income and at the same time, they are not able to enter the (HDB) market again," said Mr Mohamed Ismail, CEO of PropNex. "Today we are talking about public housing having a decent rental yield of about 4 to 4.5 per cent, which is marginally higher than private property, which would have 3 to 3.5 per cent (rental yield)."

"A lot of homeowners feel if they were to dispose of their HDB flat and buy a private property, and subsequently buy a HDB again, they will be forced to sell off their private property," added Mr Lim. "This is the current government policy, so most homeowners if they can afford to, will try and hold on to both their HDB flats and their private property."

HDB owners who buy private property, are not required to dispose of their existing HDB flat. However, private property owners who buy an HDB flat are given six months to sell off their private property after the purchase of the flat.

HDB says over the last five years, the proportion of those who own a private residence and HDB flat concurrently has remained stable at around four per cent. However, analysts say the absolute number could have grown since there are more HDB flats in the system today.

"The base has gotten much bigger," said Mr Lim. "That means there are absolutely more flats in the system today."

"If the percentage increased to double-digits, then we would be concerned." said Mr Ismail. "Are there a lot of people trying to hold on to public housing and yet invest? I think these are very reasonable and acceptable numbers."

With prices in the HDB resale market still moderating, analysts say it is unlikely that HDB apartment owners will see any urgency in selling off their flat in the coming year. Experts say they expect the number of people choosing to sublet their flat to go up, even though rental is likely to remain relatively flat.

- CNA/ek

- wong chee tat :)

HDB Launches 6,454 Flats

HDB Launches 6,454 Flats

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Date issued : 22 May 2014

 Today, HDB launched 6,454 flats for sale in a mix of mature and non-mature towns/estates under the May 2014 joint Build-To-Order (BTO) cum Sale of Balance Flats (SBF) exercise.

2The May 2014 BTO exercise will offer 3,071 BTO flats over four projects in the non-mature towns of Bukit Batok  (PDF 917KB) andWoodlands  (PDF 1461KB). This is the third BTO launch for 2014, bringing the total number of BTO flats offered for sale this year to 9,707 units.

3Together with the 3,383 balance flats offered in this exercise, HDB has offered a total of 13,090 flats for sale in the first half of 2014 to meet the housing needs of Singaporeans.

May 2014 BTO Exercise

4A wide range of flats, including 2-room to 5-room flats and 3Gen flats, is offered to meet the diverse housing needs of first-timers, second-timers, multi-generation families, and singles. As with all new public housing developments launched since Jan 2014, HDB will introduce a standard suite of eco-features in all four projects, which will help to manage water, energy and waste more efficiently.

5First-timers will continue to enjoy priority flat allocation, with at least 85% (for 4-room and 5-room) and 70% (for 2-room and 3-room) of the BTO flat supply set aside for them. Eligible first-timer singles have the option of applying for a 2-room flat in either Marsiling Greenview, West Crest @ Bukit Batok or West Valley @ Bukit Batok.

6Married/courting couples who wish to apply for a 3Gen flat together with their parent(s) can apply for one at Marsiling Greenview. Other multi-generation families who wish to live near each other in the same BTO project can apply under the Multi-Generation Priority Scheme HDB will set aside up to 15% of the Studio Apartments (SAs), 2-room and 3-room flats in a BTO project (subject to a minimum of 20 units each) for parents applying under MGPS. The same number of 2-room and bigger flats will be set aside in the same BTO project for their married children. (MGPS). There will be flats set aside in Marsiling Greenview, West Crest @ Bukit Batok and West Valley @ Bukit Batok for this purpose.

7Eligible first-timer households can enjoy up to $60,000 of housing grants, comprising the Additional CPF Housing Grant (AHG) (up to $40,000) and the Special CPF Housing Grant (SHG) (up to $20,000). With these grants, 2-room, 3-room, 4-room and 5-room flats could be purchased from $12,000, $94,000, $194,000 and $298,000 respectively (see Table 1). Further details can be found in Annex A1  (PDF 526KB).

Table 1: May 2014 BTO Prices

Project	Flat Type	Selling Price(Excluding Grants@)	Selling Price (Including Grants^)
Non-Mature Towns
Marsiling Greenview  (JPG 503KB)	2-room*	From $72,000	From $12,000
	3-room	From $144,000	From $94,000
Marsiling Greenview Admiralty Flora  (JPG 448KB)	4-room	From $229,000	From $194,000
	5-room	From $308,000	From $298,000
Marsiling Greenview	3Gen	From $323,000	From $313,000
West Valley @ Bukit Batok (JPG 501KB) West Crest @ Bukit Batok (JPG 479KB)	2-room*	From $84,000	From $24,000
West Valley @ Bukit Batok	3-room	From $164,000	From $114,000
West Valley @ Bukit Batok West Crest @ Bukit Batok	4-room	From $265,000	From $230,000
West Crest @ Bukit Batok	5-room	From $371,000	From $361,000

Notes:
* Come in two sizes of 36 sqm (Type 1) and 45 sqm (Type 2).

^ The assumed housing grants are meant for applicants applying as a family nucleus or two singles under the Joint Singles Scheme for a 2-room BTO flat. SHG is also applicable only to 2-room, 3-room and 4-room flats in the non-mature estates:

i) 2-room flat: $60,000 (comprising AHG of $40,000 and SHG of $20,000 where applicable)

ii) 3-room flat: $50,000 (comprising AHG of $30,000 and SHG of $20,000 where applicable)
iii) 4-room flat: $35,000 (comprising AHG of $15,000 and SHG of $20,000 where applicable)
iv) 5-room flat / 3Gen flat: $10,000 (AHG only)

The actual grant amounts vary based on income and choice of flat type. Read more on various CPF Housing Grants available.

^@ Singles who apply under the Single Singapore Citizen Scheme will pay $15,000 more than the married couples. Eligible singles can also apply for AHG and SHG. The actual grant amounts will vary based on income. Read more on the various CPF Housing Grants available.

May 2014 SBF Exercise

8HDB will offer 3,383 balance flats in 11 non-mature and 13 mature towns/estates under the SBF exercise. They comprise 887 Studio Apartments (SAs), 95 units of 2-room, 476 units of 3-room, 1,241 units of 4-room, 674 units of 5-room, and 10 units of Executive flats.

9Flats offered under the SBF exercise are reserved for families. At least 95% of the supply of balance flats (excluding SAs) will be set aside for first-timers. In addition, 50% of the SAs will be set aside for eligible elderly flat applicants under the Studio Apartment Priority Scheme (SAPS), which enables them to age-in-place in the town of their current home or near their married children.

10SBF flats come in a wide range of flat types, locations and selling prices (see Table 2). About 16% are already completed, while the remaining 84% are under construction. Pricing details and applicable ethnic quotas of the SBF flats offered are in Annex A2  (PDF 314KB)

Table 2: Summary of May 2014 SBF Prices

Flat Type#	Selling Price  (Excluding Grants)	Selling Price (Including Grants)^
Non-Mature Towns/Estates
Studio Apartment	From $76,000#	-
2-Room	From $110,000	From $50,000
3-Room	From $150,000	From $100,000
4-Room	From $244,000	From $209,000
5-Room	From $313,000	From $303,000
Executive	From $475,000	-
Mature Towns/Estates
Studio Apartment	From $89,000#	-
2-Room	From $251,000	From $211,000
3-Room	From $192,000	From $162,000
4-Room	From $308,000	From $293,000
5-Room	From $351,000	From $341,000
Executive	From $505,000	-

Notes:
^ The assumed housing grants are meant for applicants applying as a family nucleus. SHG is also applicable only to 2-room, 3-room and 4-room flats in the non-mature estates:

i) 2-room flat: $60,000 (comprising AHG of $40,000, and SHG of $20,000 where applicable) ii) 3-room flat: $50,000 (comprising AHG of $30,000, and SHG of $20,000 where applicable) iii) 4-room flat: $35,000 (comprising AHG of $15,000, and SHG of $20,000 where applicable) iv) 5-room flat: $10,000 (AHG only) The actual grant amounts vary based on income and choice of flat type. Read more on various CPF Housing Grants available.

# SAs are sold on a 30-year lease, beginning from the date of key collection. Prices are inclusive of the elderly-friendly fittings/finishes.
Please refer to esales.hdb.gov.sg to check the lease commencement date of each block. 

Advice for Flat Buyers

11Applicants are strongly advised to apply for a BTO flat in non-mature towns to enjoy a higher chance of success in securing a flat. Though SBF flats have a shorter waiting time to completion, the number of units in each town is small and is likely to attract high application rates.

12Regular updates on the number of applications submitted for the various flat types/towns will be published on the HDB InfoWEB. Applicants are advised to check for updates before submitting their application.

.

Application for May 2014 BTO and SBF Exercises

13Application for new flats launched in the May 2014 BTO and SBF exercises can be submitted online on the HDB InfoWEB from today, 22 May 2014 (Thursday) to 28 May 2014 (Wednesday). Applicants can apply for only one flat type/category in one town/estate under either the BTO or SBF Exercise.

14More details on application procedures can be found in Annex B  (PDF 106KB).

15For enquiries, the public can:

- Log on to esales.hdb.gov.sg; or 
- E-mail hdbsales@mailbox.hdb.gov.sg; or
- Visit the HDB Sales Office to speak with our Customer Relations Executives during office hours (Mon to Fri 8 am to 5 pm, Saturday 8 am to 1 pm).

Next BTO Launch in July 2014

16In July 2014, HDB will offer about 3,810 BTO flats in Punggol, Sembawang, Toa Payoh, Woodlands and Yishun. More information on the flats to be offered under the July 2014 BTO exercise is available on the HDB InfoWEB.

¹ HDB will set aside up to 15% of the Studio Apartments (SAs), 2-room and 3-room flats in a BTO project (subject to a minimum of 20 units each) for parents applying under MGPS. The same number of 2-room and bigger flats will be set aside in the same BTO project for their married children.

- wong chee tat :)