The last land parcel for an EC residential site for 2015 was launched for sale on 29 Dec 2015 by the HDB. Developers welcome the news given that the Government has been trimming land supply across both condo and EC segments.


Moderate interest is expected for the 1.84ha executive condominium (EC) plot, which can yield about 520 units, in Yio Chu Kang Road because this Yio Chu Kang EC site is not near an MRT station but very accessible by road and also close to amenities, including Hougang 1 mall and Rosyth School. It is also surrounded by mature HDB estates that could provide a catchment of potential EC buyers. With numerous EC projects still holding many unsold units, developers may be cautious in their bidding, with an expected top bid coming in between $260 psf ppr and $300 psf ppr, and some four to eight parties contesting.

11 Dec 2015 - After much anticipation and excitement, The Urban Redevelopment Authority (URA) has decided to award the tender for a residential land parcel at Clementi Avenue 1 to reputable developers Singland Homes and UOL Venture Investments, after receiving the highest bid submission of $302.1 million from the developers. This will translate to approximately $6,620 per square metre or equivalent to $615 per square foot per plot ratio.

The tender for this plum land parcel of 99-year leasehold site measuring 140,339 sq ft closed on the 9th of December 2015 after attracting six bids. With a maximum permissible gross floor area of 491,190 sq ft, the land parcel could yield 460 homes.

Located in the western region of Singapore, the land parcel site is close to the National University of Singapore (NUS), Clementi Sports Hall and Jurong Lake District, which is just one station away from Clementi MRT station. This makes this residential land parcel at Clementi Avenue 1 an attractive choice for potential home owners.

http://www.latestprojectlaunch.com

On 1 Dec 2015, Reuters reported that Australia unveiled new investment rules to crack down on foreigners who unlawfully own residential properties as well as to improve scrutiny on acquisitions of farmland from overseas.

Australia also plans to fine and even jail foreigners who violate rules to purchase existing homes instead of new launch residential properties or buildings under construction.

Real estate prices in Australia have skyrocketed over the years, especially in Melbourne and Sydney, with growing concerns that cash rich foreign buyers, particularly those from China, have inevitably inflated the market greatly. In order to protect their own domestic market, the Australian government has new laws to punish foreigners illegally buying Australian real estate of up to three years imprisonment or fines of A$135,500 for foreign individuals and A$675,000 for foreign companies.

New civil penalties supporting divestment orders and ensuring people who break the rules do not profit from their actions also come into effect, including forfeiting any capital gains made on divestment of a property and fines for third parties who knowingly assist foreign investors to break the rules.For the first time, fees on foreign investment applications will also be levied. Australia also tightened scrutiny and transparency on foreign ownership of agricultural production amid concerns of valuable assets going to foreigners, therefore foreign buyers must be screened by the national regulator.