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Natura Loft DBSS - Bishan
1 Nov 2021 - A five-room Housing Board (HDB) flat in Bishan changed hands for an all-time record $1.36 million this month, three days after it was put up for sale.
The unit at Block 273B Bishan Street 24 - in a Design, Build and Sell Scheme (DBSS) project called Natura Loft - smashed the previous high of $1.295 million logged in July by a five-room unit in the same project.
The sale of the 120 sq m unit, on the 37th floor of a 40-storey block, makes it the most expensive HDB resale unit. It has about 88 years and 10 months left on its lease.
Located in Bishan HDB Estate, Natura Loft is a Design, Build and Sell Scheme (DBSS) development that houses a total of 480 units in three residential blocks. Natura Loft remains attractive to residents with its panoramic view and central locations. It is located near Bishan MRT Station and Marymount MRT Station as well as major expressways such as the Central Expressway (CTE) and the Pan Island Expressway (PIE). Top-notch educational institutions in the vicinity include Catholic High School, Townsville Primary School, and Teck Ghee Primary School. Residents of Natura Loft could conveniently pick up their groceries at Bishan North Shopping Mall and Junction 8.
The unit at Block 273B Bishan Street 24 - in a Design, Build and Sell Scheme (DBSS) project called Natura Loft - smashed the previous high of $1.295 million logged in July by a five-room unit in the same project.
The sale of the 120 sq m unit, on the 37th floor of a 40-storey block, makes it the most expensive HDB resale unit. It has about 88 years and 10 months left on its lease.
Located in Bishan HDB Estate, Natura Loft is a Design, Build and Sell Scheme (DBSS) development that houses a total of 480 units in three residential blocks. Natura Loft remains attractive to residents with its panoramic view and central locations. It is located near Bishan MRT Station and Marymount MRT Station as well as major expressways such as the Central Expressway (CTE) and the Pan Island Expressway (PIE). Top-notch educational institutions in the vicinity include Catholic High School, Townsville Primary School, and Teck Ghee Primary School. Residents of Natura Loft could conveniently pick up their groceries at Bishan North Shopping Mall and Junction 8.
The sellers will only sell if the buyer can pay above $1.295 million when they engaged their marketing agent to market it around mid-October. The HDB flat enjoys unblocked city view, centrally located and has bright, airy interior. The buyers exercised the option to purchase the unit for $1.36 million on Sunday (Oct 31), according to documents seen by Straits Times.
DBSS units were built by private developers, with each development characterised by unique external features and better interior finishes. Purchasers are subjected to the same eligibility criteria and regulations as HDB owners.
These units are sought after due to their rarity - the Government suspended land sales for DBSS projects in 2011 -and larger living spaces. There are 13 DBSS projects, all launched between 2006 and 2011.
DBSS units were built by private developers, with each development characterised by unique external features and better interior finishes. Purchasers are subjected to the same eligibility criteria and regulations as HDB owners.
These units are sought after due to their rarity - the Government suspended land sales for DBSS projects in 2011 -and larger living spaces. There are 13 DBSS projects, all launched between 2006 and 2011.
Where the million dollar HDB flats are located - Straits Times
The record deal also comes on the back of a buoyant HDB resale market, in which prices hit a record high in the third quarter of this year.
The $1.295 million transaction in July, the second-highest record price, beat the third-highest price – set by another five-room unit in the same Bishan DBSS project in August – by $15,000.
In the latest deal, the Natura Loft flat has widened the price gap by $65,000, a clear indication of the robust HDB resale market.
Even though this news comes three days after the announcement of a new prime location public housing (PLH) model, which imposes stricter selling and buying conditions on future HDB flats in prime areas to keep them affordable and inclusive, but Bishan is not considered a prime location under the PLH model but is popular among home hunters who are willing to pay more for resale HDB flats there.
"We are seeing increased demand for HDB resale and property sales volume has been going strong in Singapore and so are the prices at certain locations. We see this in the private housing market as well. In fact if you look at the statistics, you may be surprised that more than 2/3 of the million dollar HDB flats in Singapore are not located in the city" said Kiwi Lim from Huttons Asia, "good schools in the vicinity plays an important part for families with young children, and for this group of buyers, prime may not necessarily mean the city area anymore".
The $1.295 million transaction in July, the second-highest record price, beat the third-highest price – set by another five-room unit in the same Bishan DBSS project in August – by $15,000.
In the latest deal, the Natura Loft flat has widened the price gap by $65,000, a clear indication of the robust HDB resale market.
Even though this news comes three days after the announcement of a new prime location public housing (PLH) model, which imposes stricter selling and buying conditions on future HDB flats in prime areas to keep them affordable and inclusive, but Bishan is not considered a prime location under the PLH model but is popular among home hunters who are willing to pay more for resale HDB flats there.
"We are seeing increased demand for HDB resale and property sales volume has been going strong in Singapore and so are the prices at certain locations. We see this in the private housing market as well. In fact if you look at the statistics, you may be surprised that more than 2/3 of the million dollar HDB flats in Singapore are not located in the city" said Kiwi Lim from Huttons Asia, "good schools in the vicinity plays an important part for families with young children, and for this group of buyers, prime may not necessarily mean the city area anymore".
Inspired by Straits Times news article on 31 Oct 2021
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The first project under a new model for public housing in prime locations will be built in Rochor and launched at the Build-to-Order (BTO) exercise next month - image: HDB
In a joint statement on Wednesday (27 Oct), the Ministry of National Development (MND) and the Housing Development Board (HDB) announced a new model of HDB BTO in prime districts that aims to keep HDB flats located in prime districts affordable and inclusive to the majority of Singaporeans.
Under the new scheme, Housing Board (HDB) flats that are built in prime, central locations in Singapore from today onwards will be subjected to a 10-year minimum occupation period (MOP). Additional subsidies will be clawed back by the government upon their resale as well under the new prime location public housing (PLH) model.
Buyers who want one of these flats on the resale market will have to meet the prevailing eligibility conditions for buying a flat directly from the HDB . These include having at least one applicant who is a Singapore citizen, meeting the household income ceiling of $14,000 and not holding a private property or sold any in the last 30 months.
Singles above 35 years old will not be allowed to buy these PLH flats. This is in contrast to current rules that do not place limitations on singles above the age of 35 buying resale flats. The new PLH model will be implemented for public housing in prime, central locations such as the city centre and Greater Southern Waterfront area.
Under the new scheme, Housing Board (HDB) flats that are built in prime, central locations in Singapore from today onwards will be subjected to a 10-year minimum occupation period (MOP). Additional subsidies will be clawed back by the government upon their resale as well under the new prime location public housing (PLH) model.
Buyers who want one of these flats on the resale market will have to meet the prevailing eligibility conditions for buying a flat directly from the HDB . These include having at least one applicant who is a Singapore citizen, meeting the household income ceiling of $14,000 and not holding a private property or sold any in the last 30 months.
Singles above 35 years old will not be allowed to buy these PLH flats. This is in contrast to current rules that do not place limitations on singles above the age of 35 buying resale flats. The new PLH model will be implemented for public housing in prime, central locations such as the city centre and Greater Southern Waterfront area.
HDB provides additional subsidies, on top of the existing subsidies provided for other Build-To-Order (BTO) flats, to ensure these flats under the PLH model are launched at affordable prices. HDB will claw back the additional subsidies as a percentage of the resale price, also known as the "subsidy recovery", when the owner sells the unit. The subsidy recovery applies only to the first resale, and not to subsequent resale transactions. The exact percentage of the subsidy recovery will be announced next month, at the launch of the Rochor BTO project, the first site under the PLH model. It may be adjusted for other projects in the future depending on market conditions and the amount of subsidies given by HDB.
This new model for public housing in prime locations will apply only to future projects and not retrospectively to existing public housing, so The Pinnacle @ Duxton will not be affected. The Pinnacle @ Duxton was launched by HDB in 2004 during the recession where property prices were at a low.
When HDB launched The Pinnacle @ Duxton in 2004, it was priced from around $300 psf when some older private condos were selling at $200 psf at that time leading to analysts calling it an overpriced BTO. Almost all media reports where ridiculing the price set by HDB for Pinnacle causing more than 2,500 applicants to give up on their chance to own a unit at Pinnacle. Because of this, applicants with ballot numbers above 4,500 had a chance to buy and are now seeing their home's psf prices hitting above $1,000 psf. Recently, many complained to HDB regarding the lottery effect enjoyed by Pinnacle BTO owners leading to calls for future HDB BTOs in prime locations to face tougher restrictions.
This new model for public housing in prime locations will apply only to future projects and not retrospectively to existing public housing, so The Pinnacle @ Duxton will not be affected. The Pinnacle @ Duxton was launched by HDB in 2004 during the recession where property prices were at a low.
When HDB launched The Pinnacle @ Duxton in 2004, it was priced from around $300 psf when some older private condos were selling at $200 psf at that time leading to analysts calling it an overpriced BTO. Almost all media reports where ridiculing the price set by HDB for Pinnacle causing more than 2,500 applicants to give up on their chance to own a unit at Pinnacle. Because of this, applicants with ballot numbers above 4,500 had a chance to buy and are now seeing their home's psf prices hitting above $1,000 psf. Recently, many complained to HDB regarding the lottery effect enjoyed by Pinnacle BTO owners leading to calls for future HDB BTOs in prime locations to face tougher restrictions.
Have HDB buyers finally breached the psychological barrier of $1,000 psf for resale HDB flats?
The first project under a new model for public housing in prime locations will be built in Rochor and launched at the Build-to-Order (BTO) exercise next month.
The project will have a mix of 960 three-room and four-room flats, and also include 40 two-room rental flats, as part of efforts to make living in prime areas accessible to all. It will be located on two plots of land along Weld Road and Kelantan Road next to Jalan Besar MRT station.
An open-air carpark next to Sim Lim Tower used to occupy one plot, while the other was vacated by the Sungei Road flea market in July 2017. Besides an MRT station at their doorstep, future residents will also be within walking distance of Berseh Food Centre and Stamford Primary School.
Kiwi Lim from Huttons Asia felt many will still apply for the upcoming BTO exercise in Rochor even under the new measures for BTOs in prime location because this location is very central and surrounded by amenities and eateries. "I congratulate the successful applicants of the Telok Blangah Beacon BTO project that was recently launched in May this year at around $700k for a 4 room BTO unit which saw 3,124 applicants vying for 70 Telok Blangah 4 room BTO flats. They are very lucky to be excluded from these new strict measures as they are also located near the Greater Southern Waterfront mega development. I expect the pricing of the Rochor BTO project to be priced similar to Telok Blangah Beacon BTO even with these new stricter measures implemented." said Kiwi.
The project will have a mix of 960 three-room and four-room flats, and also include 40 two-room rental flats, as part of efforts to make living in prime areas accessible to all. It will be located on two plots of land along Weld Road and Kelantan Road next to Jalan Besar MRT station.
An open-air carpark next to Sim Lim Tower used to occupy one plot, while the other was vacated by the Sungei Road flea market in July 2017. Besides an MRT station at their doorstep, future residents will also be within walking distance of Berseh Food Centre and Stamford Primary School.
Kiwi Lim from Huttons Asia felt many will still apply for the upcoming BTO exercise in Rochor even under the new measures for BTOs in prime location because this location is very central and surrounded by amenities and eateries. "I congratulate the successful applicants of the Telok Blangah Beacon BTO project that was recently launched in May this year at around $700k for a 4 room BTO unit which saw 3,124 applicants vying for 70 Telok Blangah 4 room BTO flats. They are very lucky to be excluded from these new strict measures as they are also located near the Greater Southern Waterfront mega development. I expect the pricing of the Rochor BTO project to be priced similar to Telok Blangah Beacon BTO even with these new stricter measures implemented." said Kiwi.
Straits Times online 27 Oct 2021
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CDL, CapitaLand & Ascott Residence Trust (Ascott Reit) teamed up to redevelop the Liang Court site into an integrated development in the heart of Clark Quay.
A market-first financing solution for seniors owning private property in Singapore – the DBS Home Equity Income Loan (DBS EIL) allows Singaporeans and Permanent Residents aged 65 to 79, to borrow against their fully-paid private residential property to top up their CPF Retirement Sums which will be used for the CPF LIFE[1] scheme.
By doing this, seniors are able to receive higher monthly payouts under the CPF Life (Lifelong income for the elderly) scheme — a national longevity insurance annuity scheme that allows CPF account holders to receive higher monthly payouts to supplement their retirement funds for as long as they live.
Seniors who take up this loan scheme, called a home equity income loan, are not required to make monthly repayments and are still able to live in their property. Borrowers may choose to sell their property any time. If the property’s value declines during the loan period, they will not be required to make payment to reduce the loan amount.
The loan will last for up to 30 years or until the youngest borrower reaches 95, and the interest rate is fixed at 2.88 per cent a year throughout the loan period.
By doing this, seniors are able to receive higher monthly payouts under the CPF Life (Lifelong income for the elderly) scheme — a national longevity insurance annuity scheme that allows CPF account holders to receive higher monthly payouts to supplement their retirement funds for as long as they live.
Seniors who take up this loan scheme, called a home equity income loan, are not required to make monthly repayments and are still able to live in their property. Borrowers may choose to sell their property any time. If the property’s value declines during the loan period, they will not be required to make payment to reduce the loan amount.
The loan will last for up to 30 years or until the youngest borrower reaches 95, and the interest rate is fixed at 2.88 per cent a year throughout the loan period.
The DBS Home EIL is targeted at senior Singaporeans and PRs to unlock the equity of their private homes to enhance monthly retirement income. (Source: DBS)
The DBS Home Equity Income Loan enables seniors to unlock their housing equity and receive payouts via CPF LIFE.
In summary:
In summary:
- Singapore residents aged 65 to 79 living in fully paid private properties may borrow against their home to top up their Central Provident Fund accounts.
- The money can be used to top up CPF Life, an annuity scheme giving them monthly payments for life.
- They may continue living in the property or choose to sell it anytime, and are not required to make monthly loan repayments.
- Sales proceeds from selling the property in future will be used to repay the loan.
- The loan will last for up to 30 years, with its interest rate fixed throughout the loan period. Currently, the loan will be extended at 2.88 per cent per annum, but this rate could be adjusted for subsequent borrowers based on changing market conditions.
- Top-ups are not required if the property's value falls during the loan period.
- Rather than making monthly repayments, the loan amount and accrued interest under this scheme will be repaid as one lump sum at loan maturity. The bank will reach out to the customers and their family members a year before maturity to remind them.
- In cases where customers are bankrupted during the loan tenure or outlive loan maturity, the bank "will not take immediate action against the property", DBS said
Source: DBS
Kiwi Lim from Huttons Asia felt that seniors who are cash-poor but asset-rich may find this as a means to monetise their home similar to the Singapore government's lease buyback scheme which allows public housing HDB flat owners to monetise their flats to supplement their retirement income. However, the 2.88 per cent interest rate was markedly higher than current prevailing mortgage rates, and the descendants of the senior borrowers may be left with a smaller inheritance value in future.
You may click HERE for more information on the newly launched DBS Home Equity Income Loan.
You may click HERE for more information on the newly launched DBS Home Equity Income Loan.
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Jalan Tembusu GLS land parcel in D15 is expected to attract much interest from developers - photo from URA
Last week in September, URA launched two residential sites under the Confirmed List of the 2H2021 Government Land Sales (GLS) programme for developers to submit their land bids. One site is Lentor Hills Road (Parcel A) and the other site is at Jalan Tembusu. A site under the Reserve List, Lentor Hills Road (Parcel B) is also open for application.
The 99-year leasehold site at Jalan Tembusu is in District 15. The 210,545 sq ft plot is about 1km from Dakota MRT station on the Circle Line and 600m from the upcoming Tanjong Katong MRT station on the Thomson-East Coast Line.
Nearby schools in the vicinity include Chung Cheng High School (Main), Tanjong Katong Girls’ School, and Tanjong Katong Secondary School. F&B and amenities around the site are located along Tanjong Katong Road and Parkway Parade shopping mall is close to the site.
The 99-year leasehold site at Jalan Tembusu is in District 15. The 210,545 sq ft plot is about 1km from Dakota MRT station on the Circle Line and 600m from the upcoming Tanjong Katong MRT station on the Thomson-East Coast Line.
Nearby schools in the vicinity include Chung Cheng High School (Main), Tanjong Katong Girls’ School, and Tanjong Katong Secondary School. F&B and amenities around the site are located along Tanjong Katong Road and Parkway Parade shopping mall is close to the site.
The Jalan Tembusu GLS will be near the upcoming Tanjong Katong MRT station - photo: URA
Jalan Tembusu GLS Land Parcel Details:
Site area: 19,567.6 m2
Maximum gross floor area: 54,790 m2
Estimated number of units: 645 units
Nearest MRT station: Tanjong Katong MRT (ready in 2024), Dakota MRT
Primary schools within 1km: Haig Girls’, Tanjong Katong Primary
The 210,624 sq ft site at Jalan Tembusu is 1km from Dakota MRT Station on the Circle Line and 600m from the upcoming Tanjong Katong MRT Station on the Thomson-East Coast Line. The 99-year leasehold plot in District 15 is at the junction of Tanjong Katong Road and Jalan Tembusu and it is connected to Mountbatten Road and the East Coast Parkway (ECP). The future condo project on this piece of land would probably be higher than the low rise neighbouring private residential developments surrounding it and residents may enjoy unblocked views.
The Jalan Tembusu land plot also has strong locational attributes, as the future upcoming condo development will be near the upcoming Tanjong Katong MRT station, East Coast Park, and amenities along East Coast Road.
Site area: 19,567.6 m2
Maximum gross floor area: 54,790 m2
Estimated number of units: 645 units
Nearest MRT station: Tanjong Katong MRT (ready in 2024), Dakota MRT
Primary schools within 1km: Haig Girls’, Tanjong Katong Primary
The 210,624 sq ft site at Jalan Tembusu is 1km from Dakota MRT Station on the Circle Line and 600m from the upcoming Tanjong Katong MRT Station on the Thomson-East Coast Line. The 99-year leasehold plot in District 15 is at the junction of Tanjong Katong Road and Jalan Tembusu and it is connected to Mountbatten Road and the East Coast Parkway (ECP). The future condo project on this piece of land would probably be higher than the low rise neighbouring private residential developments surrounding it and residents may enjoy unblocked views.
The Jalan Tembusu land plot also has strong locational attributes, as the future upcoming condo development will be near the upcoming Tanjong Katong MRT station, East Coast Park, and amenities along East Coast Road.
Jalan Tembusu GLS land parcel - photo: URA
Kiwi Lim from Huttons Asia expect the Jalan Tembusu plot of land successful tender price to be at least $1,380 psf ppr as developers are currently hungry for land parcels in order to build more condo projects to keep their staff employed. Developers are especially eyeing land parcels in good locations. Located in District 15, the Jalan Tembusu land plot is near Dakota which has not seen new condo projects for many years and Tanjong Katong area is a popular area for many home buyers for its rustic charm surrounded by good schools, amenities and eateries.
The tender for the two Confirmed List sites - Lentor Hills Road (Parcel A) and Jalan Tembusu land parcel closes on January 18, 2022.
The tender for the two Confirmed List sites - Lentor Hills Road (Parcel A) and Jalan Tembusu land parcel closes on January 18, 2022.
Credit: EdgeProp Singapore, 30 September, 2021
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Chuan Park Condo In Serangoon Is Very Attractively Priced In Its Collective Sale Attempt At $938 Mil
Chuan Park condo is located next to Lorong Chuan MRT station on the Circle line, only one stop away from the Serangoon MRT station interchange
More than 80 per cent of the owners at Chuan Park Condominium in Serangoon located right beside Lorong Chuan MRT station (circle line) have consented to the collective sale of this huge private residential condo development situated at 240 to 250 Lorong Chuan and agreed to put up their homes for collective sale via public tender at an indicative price of $938 million, said marketing agent ERA.
Spanning a huge sprawling estate consisting of estimated 400,588 sq ft, Chuan Park condominium has a gross plot ratio of 2.1 and an achievable proposed gross floor area (GFA) of 841,236.3 sq ft. After factoring in the 7 per cent bonus GFA, this amounts to an estimated $1,042 per sq ft per plot ratio. According to ERA, a development charge is not payable for the transaction due to the existing high base line.
The 99-year leasehold property may be redeveloped by the winning bidder into a mega condo project of approximately 900 to 919 units.
Spanning a huge sprawling estate consisting of estimated 400,588 sq ft, Chuan Park condominium has a gross plot ratio of 2.1 and an achievable proposed gross floor area (GFA) of 841,236.3 sq ft. After factoring in the 7 per cent bonus GFA, this amounts to an estimated $1,042 per sq ft per plot ratio. According to ERA, a development charge is not payable for the transaction due to the existing high base line.
The 99-year leasehold property may be redeveloped by the winning bidder into a mega condo project of approximately 900 to 919 units.
Chuan Park condo's units are very spacious and their recent caveated transactions are around $1,030 psf
Chuan Park condominium is located right beside Lorong Chuan MRT and about less than 10 mins walk to Serangoon Bus Interchange or NEX mall. In its vicinity are hawker centres such as Serangoon Garden Market and Food Centre as well as neighbourhood cafes and bars.
Completed in 1985, Chuan Park offers a total of 452 units. Chuan Park shows a promising sale and rental demand where since the completion of project, there have been a total of 114 sale transactions and 733 rental transactions according to Propertyguru.
Schools in the area also include CHIJ Our Lady of Good Counsel, St Gabriel's primary and secondary schools, Raffles Girls' Secondary School, Nanyang Junior College, the Australian International School as well as several others.
Completed in 1985, Chuan Park offers a total of 452 units. Chuan Park shows a promising sale and rental demand where since the completion of project, there have been a total of 114 sale transactions and 733 rental transactions according to Propertyguru.
Schools in the area also include CHIJ Our Lady of Good Counsel, St Gabriel's primary and secondary schools, Raffles Girls' Secondary School, Nanyang Junior College, the Australian International School as well as several others.
Chuan Park condo did not reach an 80% agreement for collective sale in their attempt in 2018 but this time round finally changed their mind. This year, developers in Singapore are starved of land parcels in their portfolios to develop future projects and the enbloc fever may be kickstarted by Chuan Park condo's collective sale attempt this year.
Real estate professional Kiwi Lim from Huttons Asia felt that Chuan Park condo is sitting on a piece of prime land with a large land size for development of a very nice future private residential project in Serangoon next to Lorong Chuan MRT station on the Circle line, only one stop away from the Serangoon MRT station interchange with integrated bus interchange that connects to the Northeast line as well as NEX shopping mall, eateries and green parks in a quiet locale near private landed enclave. "In my opinion, the price is very very attractive and I believe the Chuan Park collective sale committee will receive more than one offer by large developers or consortiums bidding for this prime land in Serangoon. I believe Chuan Park's enbloc will be successful" said Kiwi.
The tender for Chuan Park condo's collective sale will close on Nov 18 at 3.30pm.
Real estate professional Kiwi Lim from Huttons Asia felt that Chuan Park condo is sitting on a piece of prime land with a large land size for development of a very nice future private residential project in Serangoon next to Lorong Chuan MRT station on the Circle line, only one stop away from the Serangoon MRT station interchange with integrated bus interchange that connects to the Northeast line as well as NEX shopping mall, eateries and green parks in a quiet locale near private landed enclave. "In my opinion, the price is very very attractive and I believe the Chuan Park collective sale committee will receive more than one offer by large developers or consortiums bidding for this prime land in Serangoon. I believe Chuan Park's enbloc will be successful" said Kiwi.
The tender for Chuan Park condo's collective sale will close on Nov 18 at 3.30pm.
Straits Times on 5 Oct 2021
