Prime Minister Lee Hsien Loong yesterday reiterated the government’s commitment to improve the conditions and amenities in older housing estates like East Coast and Yishun.
Speaking at the opening of My Waterway@Punggol, PM Lee said that the government will coordinate with the community and residents to improve old neighbourhoods.
Dubbed the “Venice of Punggol”, the waterway was built on a S$225 million budget. The project comes as Punggol is set to house approximately 23,000 families by the end of this year.
“Each estate will not just be a set of block of flats or precincts, but a home for Singaporeans, a community of residents, a place where friendships are made and memories are formed,” he said.
Earlier this year, the government pledged to set aside S$10 billion over the next decade for upgrading projects.
Tuesday, October 25, 2011
Tuesday, October 18, 2011
MPs call for review of housing policies
Singapore’s housing policies were a hot topic during the parliamentary debate on the President's speech yesterday, with several Members of Parliament (MPs) urging a review of the pricing formula for HDB flats.
“CPF grants are helpful but it seems like we are just taking money from one pocket to return it to another. We must seriously consider the pricing formula for HDB flats and seek to make it a transparent one as much as possible,” urged Zainudin Nordin, Chairman of GPC for Manpower.
“This way, we can assure residents that the government is not out to make profits from sales of housing. And by pricing flats more reasonably, we can also relieve the debt service burden of our residents.”
He also urged the Housing and Development Board (HDB) to expand its rental scheme and work out “meaningful subsidies” in order for families to live together safely.
Mr Zainudin pointed out that some people have been settling on interim housing since 2009, and sometimes two families are squeezed into a two-room flat.
“I cannot imagine how school-going children can study, and how parents can keep their young safe while living with strangers. I'm disappointed that we're slow at resolving this issue,” he said.
Meanwhile, another MP, Hri Kumar Nair (Bishan-Toa Payoh GRC) also urged the HDB to allow elderly Singaporeans living in public flats to sell five- or 10-year portions of their HDB leases back to the public housing agency and be paid a lump sum upfront.
This would enable elderly Singaporeans to have more money instead of being “asset-rich but cash-poor”.
Currently, HDB has a Lease Buyback Scheme (LBS) where elderly flat owners living in smaller flats can retain just a 30-year lease on their flats and sell the remaining back to the HDB. In return, they would receive S$5,000 in upfront payment and monthly annuity payments for life.
However, Mr Nair said the monthly payments are too low.
“We should be careful not to build our housing at all cost,” commented Liang Eng Hwa (Holland-Bukit Timah GRC). She emphasised the particular social costs, “which are almost impossible to quantify in dollars and cents.”
“CPF grants are helpful but it seems like we are just taking money from one pocket to return it to another. We must seriously consider the pricing formula for HDB flats and seek to make it a transparent one as much as possible,” urged Zainudin Nordin, Chairman of GPC for Manpower.
“This way, we can assure residents that the government is not out to make profits from sales of housing. And by pricing flats more reasonably, we can also relieve the debt service burden of our residents.”
He also urged the Housing and Development Board (HDB) to expand its rental scheme and work out “meaningful subsidies” in order for families to live together safely.
Mr Zainudin pointed out that some people have been settling on interim housing since 2009, and sometimes two families are squeezed into a two-room flat.
“I cannot imagine how school-going children can study, and how parents can keep their young safe while living with strangers. I'm disappointed that we're slow at resolving this issue,” he said.
Meanwhile, another MP, Hri Kumar Nair (Bishan-Toa Payoh GRC) also urged the HDB to allow elderly Singaporeans living in public flats to sell five- or 10-year portions of their HDB leases back to the public housing agency and be paid a lump sum upfront.
This would enable elderly Singaporeans to have more money instead of being “asset-rich but cash-poor”.
Currently, HDB has a Lease Buyback Scheme (LBS) where elderly flat owners living in smaller flats can retain just a 30-year lease on their flats and sell the remaining back to the HDB. In return, they would receive S$5,000 in upfront payment and monthly annuity payments for life.
However, Mr Nair said the monthly payments are too low.
“We should be careful not to build our housing at all cost,” commented Liang Eng Hwa (Holland-Bukit Timah GRC). She emphasised the particular social costs, “which are almost impossible to quantify in dollars and cents.”
Wednesday, October 12, 2011
2 sites relaunched for collective sale
Colliers International will be re-launching collective sales for two freehold residential sites, St Patrick’s Garden at St Patrick’s Road and Crystal Tower at Ewe Boon Road.
Colliers has yet to release an indicative price for either property. “We have decided to let the market tell us how much it is willing to pay. We will then go to the owners with the bids,” said Tang Wei Leng, Executive Director of Investment Services.
Colliers has yet to release an indicative price for either property. “We have decided to let the market tell us how much it is willing to pay. We will then go to the owners with the bids,” said Tang Wei Leng, Executive Director of Investment Services.
Located at 70 - 120 St Patrick’s Road, St Patrick’s Garden comprises 98 apartments and sits on a 137,559 sq ft freehold land parcel with dual road frontages. It is a part-three / part-four walk-up residential development zoned for residential use with an allowable gross plot ratio of 1.4.
Colliers said no development charge (DC) is payable for a plot ratio of up to 1.54, which takes into consideration an additional 10 percent for balcony space. It noted that the site can be redeveloped into a five-storey residence comprising 176 1,200 sq ft units.
Meanwhile, Crystal Tower is an 11-storey, 28-unit residential development located on an elevated 60,482 sq ft freehold site.
Under the 2008 Master Plan, the property is zoned for residential use, with an allowable gross plot ratio of 1.6. Colliers said a DC of about S$5.2 million is payable for a plot ratio of up to 1.76, which accounts for an additional 10 percent for balcony space.
The site can be redeveloped into a 12-storey residential project comprising 81 1,200 sq ft units, subject to approval from the relevant authorities.
“Freehold sites that are in strategic locations — especially if they are realistically priced – are still highly sought after by developers,” said Tang.
“We remain optimistic of the sale for the two subject sites — given that St Patrick’s Garden is the last remaining sizeable freehold plot of land nestled in a quiet residential enclave located off East Coast Road, while Crystal Tower is a freehold site strategically perched on a hill and located off Bukit Timah Road, a vicinity which has always been a prominent residential location in Singapore.”
The tender for St Patrick’s Garden begins today and will close on 1 November 2011, while the tender for Crystal Tower will start on 18 October and close on 14 November.
Colliers said no development charge (DC) is payable for a plot ratio of up to 1.54, which takes into consideration an additional 10 percent for balcony space. It noted that the site can be redeveloped into a five-storey residence comprising 176 1,200 sq ft units.
Meanwhile, Crystal Tower is an 11-storey, 28-unit residential development located on an elevated 60,482 sq ft freehold site.
Under the 2008 Master Plan, the property is zoned for residential use, with an allowable gross plot ratio of 1.6. Colliers said a DC of about S$5.2 million is payable for a plot ratio of up to 1.76, which accounts for an additional 10 percent for balcony space.
The site can be redeveloped into a 12-storey residential project comprising 81 1,200 sq ft units, subject to approval from the relevant authorities.
“Freehold sites that are in strategic locations — especially if they are realistically priced – are still highly sought after by developers,” said Tang.
“We remain optimistic of the sale for the two subject sites — given that St Patrick’s Garden is the last remaining sizeable freehold plot of land nestled in a quiet residential enclave located off East Coast Road, while Crystal Tower is a freehold site strategically perched on a hill and located off Bukit Timah Road, a vicinity which has always been a prominent residential location in Singapore.”
The tender for St Patrick’s Garden begins today and will close on 1 November 2011, while the tender for Crystal Tower will start on 18 October and close on 14 November.
Friday, October 7, 2011
HDB prices near new Circle Line MRT stations up 10%
Property agents have revealed that prices of HDB flats near 12 Circle Line stations, which are due to open on 9 October, have increased, according to a Channel NewsAsia report.
The report highlighted that prices of three-room flats close to Holland Village station climbed around 10 percent compared to last year, reflecting an increase of as much as S$440,000.
Meanwhile, a five-room high-floor flat in Telok Blangah was recently sold at S$810,000. A comparable unit further away was said to be priced at around S$110,000 less.
Similarly, rental rates also rose by 10 to 20 percent. Thus, a four-room flat could have a monthly rent of between S$2,500 and $S2,800.
Cash-Over-Valuation (COV) for resale transactions have also increased by 10 to 20 percent in locations close to the stations.
The report highlighted that prices of three-room flats close to Holland Village station climbed around 10 percent compared to last year, reflecting an increase of as much as S$440,000.
Meanwhile, a five-room high-floor flat in Telok Blangah was recently sold at S$810,000. A comparable unit further away was said to be priced at around S$110,000 less.
Similarly, rental rates also rose by 10 to 20 percent. Thus, a four-room flat could have a monthly rent of between S$2,500 and $S2,800.
Cash-Over-Valuation (COV) for resale transactions have also increased by 10 to 20 percent in locations close to the stations.
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