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Just 149 units of new private homes were sold last month in February - a 65.6 per cent drop from 433 a year ago, compared with 281 new private home units transacted in January this year.
"Some buyers may be on a wait-and-see attitude in the face of ample new launch options and secretly hoping that the US Federal Reserve may cut interest rates later this year," said Kiwi Lim from the largest private real estate agency - Huttons Asia, "soft global economic conditions and war may also dampen buyer sentiments for the time being, but I feel this also indicates that developers are likely to launch their condo projects at more realistic pricings to entice buyers."
The Business Times also recently reported several projects that may see their ABSD deadline by 2024 this year or be hit with hefty stamp duty penalties for missing the deadline with Cuscaden Reserve being one of the projects that were highlighted.
The Straits Times (ST) reported that Cuscaden Reserve had secured an ABSD deadline extension to 2024. The luxury leasehold condo Cuscaden Reserve in District 10 is relaunching at a discounted offer starting from S$2,900 per square foot (psf), after an initial sales deadline to clear all unsold units in 2023 was extended to 2024. This is about 20 per cent lower than the average price of about S$3,600 psf that 12 units have sold for since the Orchard area condo was launched in September 2019.
"This is indeed a great opportunity that is not often available where investors or home buyers who desire a prestigious Cuscaden address can secure a 'paper gain' buying at a 'hugely discounted' price compared to previous buyers." said Kiwi Lim.
At yesterday's relaunch of Cuscaden Reserve on 16 March 2024, the developer saw 45 (57%) out of 79 units released were sold by private placement. More than 80 cheques were collected as expressions of interest (EOI) during the two-week preview that began on 2nd March.
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Yesterday's sales launch of Lentor Mansion - a luxury private residential condo project jointly developed by GuocoLand and Hong Leong Holdings saw a whopping 75% of its total units snapped up by eager buyers - mainly comprising owner-occupiers made up of 99% Singaporeans and PRs within the weekend preview. Approximately 400 units of mostly 2 bedrooms and 3 bedrooms were sold to buyers who loved the design of the development and its layout with average prices around $2,1xx psf - $2,4xx psf as at 17 March (Sunday).
Inspired by the black-and-white bungalows and the second project in GuocoLand’s Mansion series after Meyer Mansion which is located in District 15 along Meyer Road, Lentor Mansion evoked the elegance of the colonial era black-and-white bungalows and the natural environment surrounding such heritage homes.
Lentor Mansion’s double-storey clubhouse - with the black-and-white bungalow theme, named “The Mansion”, is the social nexus of the entire development where residents can welcome their guests at the drop-off point and host them in the various function rooms.
Lentor Mansion is also the first private residential condo project sold post-harmonisation of the strata and gross floor area by URA and other government agencies. The harmonisation of the floor area was introduced for GLS sites sold from Sept 1, 2022.
"Harmonising the floor areas will translate to more efficient residential units and Lentor Mansion will be selling units based on liveable space - excluding the areas for the aircon ledge." said Kiwi Lim
Credit: Straits Times, Edgeprop and Business Times
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Map of Sentosa Sensoryscape's two-tier walkway linking Resorts World Sentosa in the north & Sentosa’s beaches in the south for a ridge-to-reef experience featuring the island’s lush interior & beachfronts (Photo: Sentosa)
Sentosa Sensoryscape is opening on 14 March during the one-week school break will be one of the biggest new attractions on the island since the launch of Resorts World Sentosa in 2010.
The government's strategic plan to revitalise the central north-south precinct will ensure Sentosa continues to be attractive in a highly competitive tourism climate. Connecting Resorts World Sentosa in the north to Sentosa’s beaches in the south, the new Sentosa Sensoryscape garden walkway opens to the public next week on 14th March with immersive displays and new experiences.
Covering an area of about 5½ football fields or 30,000 sqm, the two-tier new garden walkway at Sentosa Sensoryscape will link Resorts World Sentosa in the north and Sentosa’s beaches in the south for a ridge-to-reef experience that includes the island’s lush interior and its beachfronts. The immersive 350m-long pathway of Sentosa Sensoryscape will tantalise your five senses as well as your ‘sixth sense’ which is imagination through a night-time experience with digital light art projection with AR called the ImagiNite together with an assortment of majestic gardens and breathtaking displays that will delight your senses.
"Part of the Sentosa Brani URA Masterplan 2019 that is expected to be implemented in phases over the next two decades, the new Sentosa Sensoryscape garden walkway will probably be the first mile-stone project of The Greater Southern Waterfront district." said Kiwi Lim, real estate analyst who has been looking forward to the mega transformation at the Southern part of Singapore.
The Sentosa Sensoryscape will amaze and wow you as you allow your senses to be heightened while taking a slow immersive walk along some of its highlights below:
1. LOOKOUT LOOP
Surrounded by tall trees and verdant greenery, the Lookout Loop is an open plaza with a spiral walkway at its centre. Follow the path up and you’ll come face-to-face with panoramic views of the sea and surrounding foliage. There will also be pre-programmed intermittent mist effects that will cool down visitors so that they can enjoy the sights in comfort.
2. TACTILE TRELLIS
Feel a whole array of sensations at Tactile Trellis, located a short walk away from Lookout Loop. The garden comprises petal-like concrete elements and touch-responsive plants – giving you a fun, interactive experience.
3. SCENTED SPHERE
If Tactile Trellis was all about touch, then Scented Sphere is all about smell. The structure boasts scented foliage so you can take in natural, therapeutic fragrances as you admire nature.
4. SYMPHONY STREAMS
At Symphony Streams, water trickles down from various pods, creating polyphonic effects. As such, visitors can unwind to the serene sounds, coupled with the calming coastal breeze.
5. PALATE PLAYGROUND
The space is a literal adventure for your taste buds as it is home to many edible plants, from aromatic herbs to exotic spices. Some of the potential activities that can be held here include herb and spice workshops, tea tastings and meditation classes.
6. GLOW GARDEN
Glow Garden is flanked by rows of mesmerising giant flower stalks. At night, these stalks come to life as they rhythmically shift colours and illuminate the plaza situated at the southern end of Sentosa Sensoryscape.
7. IMAGINITE
Unlike the other points featured on this list, ImagiNite is not a structure but rather an experience. At night, guests at Sentosa Sensoryscape will be immersed in a nature-inspired soundscape, that’s bolstered with projection mapping and augmented reality.
Sentosa Island’s Entrance Fees (Extracted from singsaver.com.sg)
The Greater Southern Waterfront Mega Development
The Greater Southern Waterfront (GSW) is a mega redevelopment project in Singapore that aims to transform the southern coastline of the island into a vibrant waterfront district spanning an area of about 2,000 hectares and one of the largest urban transformation projects in Singapore that was announced in 2019 by Prime Minister Lee Hsien Loong during his National Day Rally.
Comprising of 30km of beautiful coastline stretching from Pasir Panjang to Gardens by the Bay East, the Greater Southern Waterfront (GSW) will be transformed into a new major gateway and location for urban living along Singapore’s southern coast that is twice the size of Punggol or six times the size of Marina Bay.
A continuous waterfront promenade will seamlessly connect various places of interest along the Greater Southern Waterfront in future. Along this corridor, the new Pasir Panjang Linear Park will connect West Coast Park to Labrador Nature Reserve, and offer park users a glimpse of Pasir Panjang’s working container port and Power District up close. Other future connections will also link up places of interest along the waterfront to the hilltops for visitors to enjoy a distinctive recreational experience.
By taking full advantage of Singapore’s southern coastline, there can be more opportunities to improve how we live, work and play. The Keppel Club site will be redeveloped into a new residential precinct. Future residents will enjoy convenient access to the waterfront, nature and two nearby MRT stations.
Remember to visit Sentosa and experience an immersive and enchanting sensory journey, where you can discover more of Sentosa and awaken your senses. Sentosa Development Corporation will also work to refresh your experience over time, with new surprises introduced along the way. See ya.
Above news from Straits Times and Channelnewsasia
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The Ministry of National Development (MND) and the Housing Development Board (HDB) in a press release today on 5 March, Tuesday announced that eligible young couples will get more help when buying a new Housing Board (HDB) flat from June this year, including a reduced initial downpayment of 2.5% of the purchase price if the BTO flat.
The reduced initial downpayment may be a “significant financial barrier” for some couples and will ease the initial cost for these couples when buying a Build-to-Order (BTO) from the Junes sales exercise this year onwards.
Currently, young couples – full-time national servicemen (NSFs), students, or those who have completed their studies or National Service within the last 12 months of applying for the HDB flat eligibility letter – can apply for a new BTO flat first and defer their income assessment for housing grants or loans to just before key collection.
This is because if income was assessed at the time of application, these couples may not be eligible for grants such as the Enhanced CPF Housing Grant (EHG), which requires at least one party to be continuously employed for a minimum of 12 months. By deferring income assessment to the collection of keys, they are more likely to be eligible for the grant and may even qualify for a higher loan amount.
To be eligible, these couples must be current full-time students, recent graduates or national servicemen. At least one party must be aged 30 or below, and the couple must be married or applying for a flat under the Fiance-Fiancee Scheme.
Other eligibility conditions for deferred income assessment include the requirement for at least one applicant to be 30 years old or below. The couple must be married or are applying for a flat under the Fiance-Fiancee Scheme, which has a minimum age requirement of 21 years old.
For Build-to-Order (BTO) applications from 30 September 2022, the down-payment will be 20%. This can be paid using a combination of CPF Ordinary Account (CPF OA) savings and cash. The minimum cash down-payment is 5%. For example, if the purchase price of your BTO is S$400,000, your down-payment would be S$80,000.
Under the current staggered down-payment scheme, these young couples are able to pay the minimum down-payment of 20 per cent for their flat in two instalments. The first down-payment is either 5 or 10 per cent, depending on the type of loan taken. The second instalment is due at key collection. Since they have deferred their income assessment, they will only receive their EHG closer to key collection and must rely on their own savings or support from family for initial costs of booking a flat thus the new enhanced staggered down-payment scheme will reduce the initial down-payment to 2.5 per cent.
Since 2018, more than 3,700 couples have tapped on the deferred income assessment, with support from the staggered downpayment scheme, to ease their upfront costs and start their home ownership journey early.
"This newly announced lower downpayment scheme may improve the application rate for Plus and Prime BTO flats as young couples may intend to stay longer in their flats and is more accepting of the 10 year MOP period" commented Kiwi Lim.
The Housing Development Board (HDB) is responsible for providing affordable public housing to the residents of Singapore with the majority of Singaporeans living in HDB flats, which are available for purchase or rent. HDB public housing estates are designed to promote community bonding and social cohesion through the provision of communal facilities, community programs, and events which helps to foster a sense of belonging and neighborliness among residents.
HDB plans, designs, and develops public housing estates across Singapore, including the construction of new HDB flats, upgrading of existing estates, and provision of amenities and facilities.
Real estate professional Kiwi Lim praised HDB for its efforts in consistently exploring and developing sustainable and innovative solutions for public housing, such as green building technologies, smart home features, and eco-friendly initiatives to reduce energy consumption and carbon footprint for its newer BTO estates, like in Tengah where forest and nature themes are featured strongly in the planning and design of the districts to weave nature into homes. The BTO estate of Tengah are designed with considerations in the 5 key elements of neighborhood landscapes - soil, flora and fauna, outdoor comfort, water, and people. All the districts in Tengah will incorporate biophilic designs to connect residents more closely to nature, to promote better health and well-being.
Reference: MND, Channelnewsasia & Business Times
