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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
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According to the Urban Redevelopment Authority (URA) data, private home sales in the core central region (CCR) jumped by almost 25 per cent quarter on quarter in the second quarter of this year to 1,930 units, the strongest quarter since the last quarter in 2010 when 2,014 units were transacted.
Covid pandemic that has wrecked havoc across the world has failed to dent Singapore's status as a global wealth hub with well-off individuals choosing to invest their wealth here. Singapore has seen more private banks like UBS, Citi and HSBC expanding their wealth businesses despite the Covid-19 crisis as large numbers of family offices and wealth management firms are lured to this sunny island by its attractive fundamentals.
With Covid and political unrest seen in many countries, high-net-worth individuals are choosing to stay and even become residents in what is one of the safest countries in the world - Singapore.
Covid pandemic that has wrecked havoc across the world has failed to dent Singapore's status as a global wealth hub with well-off individuals choosing to invest their wealth here. Singapore has seen more private banks like UBS, Citi and HSBC expanding their wealth businesses despite the Covid-19 crisis as large numbers of family offices and wealth management firms are lured to this sunny island by its attractive fundamentals.
With Covid and political unrest seen in many countries, high-net-worth individuals are choosing to stay and even become residents in what is one of the safest countries in the world - Singapore.
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This time round, local domestic Singaporean buyers are becoming a dominant force in our luxury market as their market share is growing faster than the foreigners. Data from URA shows that 75.7 per cent or 2,315 luxury condominium units in the first half of this year were bought by Singaporeans, up from the 71.2 per cent (961 units) in the first half of last year. In absolute numbers, foreigner purchases of luxury condominium units have similarly increased from 162 units to 254 units over the same period, indicating that foreign buyers are gradually streaming back despite the global lockdowns and higher stamp duties imposed in 2018.
Singapore is definitely still growing as a wealth hub due to its strong legal system and sophisticated private banking community with a light touch framework that assures the (high-net-worth) community of the safety of their investments, while encouraging ongoing innovation and strengthening Singapore's growing reputation as a wealth-tech hub.
Singapore may have leapfrogged many advanced cities, including Hong Kong, to be one of the most popular investment destinations for the rich and famous. Over the past decade, efforts to build the country's economic infrastructure and financial hub have raised its global profile and allure to wealthy investors.
Singapore is definitely still growing as a wealth hub due to its strong legal system and sophisticated private banking community with a light touch framework that assures the (high-net-worth) community of the safety of their investments, while encouraging ongoing innovation and strengthening Singapore's growing reputation as a wealth-tech hub.
Singapore may have leapfrogged many advanced cities, including Hong Kong, to be one of the most popular investment destinations for the rich and famous. Over the past decade, efforts to build the country's economic infrastructure and financial hub have raised its global profile and allure to wealthy investors.
The millionaire population has grown exponentially in Singapore to about 270,000 this year. Singapore ranks 11th globally in terms of millionaire density, with more than 1,300 ultra-high-net-worth people with wealth exceeding US$50 million (S$67.4 million).
The rising incomes of many locals have raised their aspirations to own luxury properties. Affluent families and wealthy millennials are moving up the ladder from their first purchase to owning premium homes. Even the middle income group among Singaporeans is snagging a slice of the pie by purchasing smaller luxury units.
Real estate advisor Kiwi Lim from Huttons Asia believe that the wealthy are attracted to Singapore's unique combination of factors like low crime rates, multi-racial environment with the ability of its people to communicate fluently to both Chinese & English speaking nationalities, Singapore's political stability, business friendliness, clear banking laws, very transparent land ownership and conveyancing procedures, legal transparency, convenience, very comprehensive infrastructure, etc as these combined factors reduce the downside risks to part their excess cash or for their investments in Singapore as compared to other major cities worldwide. Singapore is also a unique gateway for Asian & Western countries to trade in a comfortable organised business friendly manner. Such factors greatly enhanced Singapore's property values allowing investors to enjoy attractive capital appreciation in the long run.
The rising incomes of many locals have raised their aspirations to own luxury properties. Affluent families and wealthy millennials are moving up the ladder from their first purchase to owning premium homes. Even the middle income group among Singaporeans is snagging a slice of the pie by purchasing smaller luxury units.
Real estate advisor Kiwi Lim from Huttons Asia believe that the wealthy are attracted to Singapore's unique combination of factors like low crime rates, multi-racial environment with the ability of its people to communicate fluently to both Chinese & English speaking nationalities, Singapore's political stability, business friendliness, clear banking laws, very transparent land ownership and conveyancing procedures, legal transparency, convenience, very comprehensive infrastructure, etc as these combined factors reduce the downside risks to part their excess cash or for their investments in Singapore as compared to other major cities worldwide. Singapore is also a unique gateway for Asian & Western countries to trade in a comfortable organised business friendly manner. Such factors greatly enhanced Singapore's property values allowing investors to enjoy attractive capital appreciation in the long run.
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In the first half of this year, almost 3,500 luxury homes were sold, surpassing the annual sales from 2018 to last year. The landed housing segment has similarly seen a demand surge, with over 2,100 properties transacted islandwide in the first seven months of this year, almost triple the 780 transactions a year ago.
At the luxury end, well-heeled buyers snapped up 272 luxury condominium units that cost over $5 million in the first half of this year, the highest half-year transactions since the first half of 2014. Out of these condominium units, about 70 were super luxury homes above $10 million - one of them was a 611 sq m sprawling luxury apartment at Les Maisons Nassim that was sold for $39 million in May 2021.
On a per square foot (psf) basis, the most expensive luxury condo transaction was a 282 sqm resale condo unit at Eden in Draycott Park, which changed hands for $6,024 psf in March.
Top-selling new luxury condominiums include Midtown Modern, Irwell Hill Residences, Leedon Green, Fourth Avenue Residences, Hyll on Holland, The Avenir, Royalgreen, Kopar At Newton and The M. In the resale condo market, D'Leedon, 8 Saint Thomas, Wallich Residences and Marina One Residences were among the most popular resale projects in the CCR.
At the luxury end, well-heeled buyers snapped up 272 luxury condominium units that cost over $5 million in the first half of this year, the highest half-year transactions since the first half of 2014. Out of these condominium units, about 70 were super luxury homes above $10 million - one of them was a 611 sq m sprawling luxury apartment at Les Maisons Nassim that was sold for $39 million in May 2021.
On a per square foot (psf) basis, the most expensive luxury condo transaction was a 282 sqm resale condo unit at Eden in Draycott Park, which changed hands for $6,024 psf in March.
Top-selling new luxury condominiums include Midtown Modern, Irwell Hill Residences, Leedon Green, Fourth Avenue Residences, Hyll on Holland, The Avenir, Royalgreen, Kopar At Newton and The M. In the resale condo market, D'Leedon, 8 Saint Thomas, Wallich Residences and Marina One Residences were among the most popular resale projects in the CCR.
Straits Times article on 19 Sept 2021
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Avenue South Residence is a new condo by UOL to be a gateway to the live-work-play lifestyle of the future Greater Southern Waterfront - a dynamic city centre with exuberant business and lifestyle opportunities. You may click this image for ebrochure & prices. Expected to TOP in 3rd qtr next year, its nearly 80% sold
Singapore's economy looks to be on the rebound after its worst recession since independence last year as countries around the world progresses with their vaccination campaigns with many developed nations seeing more than half of their populations vaccinated against the pandemic.
Sectors such as bio-medical, manufacturing, construction, transportation and logistics are likely to see healthy growth next year as nations open up for more trade and tourism. External demand for goods and services produced in Singapore is also expected to see an increase as global trade resumes slowly to pre-Covid levels.
Sectors such as bio-medical, manufacturing, construction, transportation and logistics are likely to see healthy growth next year as nations open up for more trade and tourism. External demand for goods and services produced in Singapore is also expected to see an increase as global trade resumes slowly to pre-Covid levels.
Singapore is sticking to its plan to cautiously reopen more sectors of its economy and live with the coronavirus as its case count surges, relying on one of the world’s highest vaccination rates to keep hospitalizations low. Looser restrictions will help consumer-facing industries and ease labour shortages.
After a better-than-expected first half of 2021, driven partly by strong manufacturing and finance sector output, the second half of this year should see outward-oriented sectors remain healthy barring a major setback for the global economy.
Singapore's economy is expected to grow 6.5% this year and 4.1% in 2022 on expectations of revived global demand, as well as relaxing of domestic and border restrictions as its vaccination rate hit more than 80% of the overall populace.
After a better-than-expected first half of 2021, driven partly by strong manufacturing and finance sector output, the second half of this year should see outward-oriented sectors remain healthy barring a major setback for the global economy.
Singapore's economy is expected to grow 6.5% this year and 4.1% in 2022 on expectations of revived global demand, as well as relaxing of domestic and border restrictions as its vaccination rate hit more than 80% of the overall populace.
Overall the real estate sector has done well on the back of increased genuine demand from Singaporean households, low interest rates, policy support helping businesses and households as well as confidence that the world will be able to overcome Covid virus soon.
Real estate professional Kiwi Lim from Huttons Asia believe developers in Singapore are starting to keep a serious lookout for enbloc opportunities among the older private residential developments as they expect the broader economy to continue recovering in the years ahead anticipating broad-based property market recovery.
Developers are no longer expecting the government to release more Government Land Sites than the usual scheduled releases. This means developers will have to look towards older private estates for choice developments to acquire if they hope to top up their much needed land banks to generate more revenue in the years to come.
Real estate professional Kiwi Lim from Huttons Asia believe developers in Singapore are starting to keep a serious lookout for enbloc opportunities among the older private residential developments as they expect the broader economy to continue recovering in the years ahead anticipating broad-based property market recovery.
Developers are no longer expecting the government to release more Government Land Sites than the usual scheduled releases. This means developers will have to look towards older private estates for choice developments to acquire if they hope to top up their much needed land banks to generate more revenue in the years to come.
Flynn Park in Pasir Panjang has been sold for $371 million to a joint venture between Hoi Hup Realty and Sunway Developments - brokered by Savills Singapore
The recent successful enbloc of Flynn Park in Pasir Panjang which exceeded the reserve price that owners are willing to sell for. The enbloc sale worked out to approximately $1,355 per sq ft per plot ratio (psf ppr) or approximately $1,318 psf ppr if we include the 7 per cent bonus balconies. The future development may have to sell at $2,500 psf onwards based on rough estimates.
Kiwi Lim believe that this time round, developers may be more focused on acquiring smaller private residential developments as developers expect pay higher prices to the enbloc sellers in this current sellers market in the face of acute shortage of upcoming new launch condo projects in the market from now till end of 2023. If domestic demand for properties continue to be strong, supply will be further squeezed to record low levels.
Meanwhile we've been receiving enquiries from potential Asian investors who are keen on Singapore real estate. Since Covid-19, Singapore has become an even more popular investment market for foreign investors who are very positive on the outlook for the Singapore real estate market.
Kiwi Lim believe that this time round, developers may be more focused on acquiring smaller private residential developments as developers expect pay higher prices to the enbloc sellers in this current sellers market in the face of acute shortage of upcoming new launch condo projects in the market from now till end of 2023. If domestic demand for properties continue to be strong, supply will be further squeezed to record low levels.
Meanwhile we've been receiving enquiries from potential Asian investors who are keen on Singapore real estate. Since Covid-19, Singapore has become an even more popular investment market for foreign investors who are very positive on the outlook for the Singapore real estate market.
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The Landmark is a city area new condo on the elevated hillside of Pearl's Hill within 1 km of River Valley Primary with 3 bedroom units priced attractively from $2,1xx psf. Click to receive floorplans, ebrochure, pricelist & more.
Property and rental of homes near popular primary schools will likely see an increase in prices after MOE announced on Thursday (Sept 9) changes to the Primary 1 Registration framework to help more children secure a place in a school near their home.
Real estate professional Kiwi Lim from Huttons Asia believe that this move by MOE to favour Proximity versus Affiliation will mean that parents who are school alumni of good schools will no longer have a strong advantage over those who stay near the school when registering their children for Primary 1 admission at the respective schools if a school has more applications than vacancies in phase 2C of registration, priority will be given to Singaporeans living closer to the school.
This may see prices of homes near top schools soar even higher than their current high prices in the market right now after the Ministry of Education's (MOE) announcement on Thursday. However home prices within the area may not jump drastically as more homes will be in the new school radius (see diagram below).
Real estate professional Kiwi Lim from Huttons Asia believe that this move by MOE to favour Proximity versus Affiliation will mean that parents who are school alumni of good schools will no longer have a strong advantage over those who stay near the school when registering their children for Primary 1 admission at the respective schools if a school has more applications than vacancies in phase 2C of registration, priority will be given to Singaporeans living closer to the school.
This may see prices of homes near top schools soar even higher than their current high prices in the market right now after the Ministry of Education's (MOE) announcement on Thursday. However home prices within the area may not jump drastically as more homes will be in the new school radius (see diagram below).
The revised method of calculating proximity will encompass more homes within 1km and 2km of schools. PHOTO: MOE.GOV.SG
Another change involved revising the methodology for calculating the distance between home and school. Currently home-school distance is calculated from a single reference point. With the change, home-school distance will be based on the school land boundary - from any point on the boundary around the school to the registrant's home.
Straits Times Graphics
Straits Times Graphics
It is believed that more parents would consider moving closer to their desired primary school since greater weight will be given to children living closer to the school. This increase in demand for homes in the vicinity is likely to drive rental prices up because most people might not be able to afford buying a home near popular schools. However, property prices might not jump drastically as the revised method of calculating proximity will encompass more homes within 1km and 2km of schools.
Sengkang Grand Residences is a rare fully integrated new condo that will benefit from the expanded radius proximity to Nan Chiau Primary School. Click to receive ebrochure, floorplans & pricelist. More than 80% sold.
Under the latest changes, each primary school will have to allocate 40 spots to pupils with no links at the start of the next Primary 1 registration exercise. Therefore from next year, more Primary 1 places will be set aside from the next registration exercise to take in children who do not qualify for priority admission with the number of places reserved for this group to be doubled to 40. They are currently eligible for Phase 2C of the annual exercise - the open phase for those who have no links with the school and priority is given to those who live nearby.
While 40 places will be set aside for Phase 2C, Phase 2B will continue to have 20 places. This phase is for children of parent volunteers and those with links to clan associations. On top of this, applicants in Phase 2C will also be allocated two-thirds of the remaining vacancies from earlier phases while those eligible for Phase 2B, will be allocated one-third of the places. Previously, remaining vacancies from earlier phases were split evenly between both phases.
MOE said this decision is in line with its broader objective of setting aside more places for Phase 2C to ensure that more children with no prior connection to the school can go to a school near their home.
While 40 places will be set aside for Phase 2C, Phase 2B will continue to have 20 places. This phase is for children of parent volunteers and those with links to clan associations. On top of this, applicants in Phase 2C will also be allocated two-thirds of the remaining vacancies from earlier phases while those eligible for Phase 2B, will be allocated one-third of the places. Previously, remaining vacancies from earlier phases were split evenly between both phases.
MOE said this decision is in line with its broader objective of setting aside more places for Phase 2C to ensure that more children with no prior connection to the school can go to a school near their home.
News Extracted From MOE Online & Straits Times Online
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Upcoming Infrastructure Developments in the Eastern Part of Singapore - Straits Times
Singapore’s economy is vibrant, with plenty of good jobs and opportunities for our people. Almost all Singaporeans have a home. Most live in quality public housing, with green parks and water bodies within their neighbourhood. Our heartlands are lively with community activities. Our people move around with ease and peace of mind.
From independence, Singapore's urban planning policies and redevelopment strategies paid close attention to holistic economic, social and environmental outcomes. Almost all Singaporeans have a home. Most live in quality public housing, with parks and water bodies in the vicinity. Our heartlands are lively with community activities. Our people move around with ease and peace of mind.
From independence, Singapore's urban planning policies and redevelopment strategies paid close attention to holistic economic, social and environmental outcomes. Almost all Singaporeans have a home. Most live in quality public housing, with parks and water bodies in the vicinity. Our heartlands are lively with community activities. Our people move around with ease and peace of mind.
Parc Komo is a Japanese inspired freehold mixed development condo above a shopping mall, cafes, amenities & NTUC supermarket in a private enclave near Changi Region, with attractive prices starting from $1,4xx psf. Don't miss our spacious 2 bedroom apts from below $1.1 mil. Click for ebrochure & developer's VIP price list.
Changi Region's Future Developments - URA
Changi Region
The Singapore government has huge plans for the eastern part of the island in Changi Region to transform it into a vibrant “live-work-play-learn” ecosystem around the airport to become a - Business Gateway To The World.
Changi Region is set to be a vibrant and thriving economic hub, hosting industries that maximise synergies with Changi Airport. To keep pace with growing air travel and freight demands, Changi Airport is increasing its capacity and enhancing its offerings progressively with the completion of Terminal 1’s expansion and the upcoming opening of Jewel Changi Airport in mid-April 2019. Looking forward, the future Terminal 5, Changi East Industrial Zone and Changi East Urban District will provide additional capacity for Changi Airport’s future growth.
Changi Aviation Park: New aviation-related industries
The existing Changi Aviation Park will be expanded with the development of Changi East Industrial Zone, providing a home for new aviation-related sectors and businesses. The expansion of cargo facilities will allow Changi’s handling capabilities to increase to three million to 5.4 million tonnes a year when the project is completed to cater to new aviation-related sectors and businesses that rely on air connectivity to the world.
Changi City: Waterfront District
Possibly a waterfront district in the longer term, it offers exciting new recreational and tourism possibilities and seamless inter-modal “fly-ferry” linkages from Terminal 5. The new waterfront district will be linked to the Changi East Urban District, which may provide new offices, conference facilities, hotels and serviced apartments. Freight transport and aviation-related organisations may also conduct research and development in Changi Business Park, leveraging expertise from the Singapore University of Technology and Design.
Changi City: Innovative lifestyle business district – SUTD & Changi Business Park
Leveraging on Singapore University of Technology and Design (SUTD) and Changi Business Park (CBP), an innovative ecosystem with a live-in community would attract businesses and institutions involved with freight transportation/aviation-related research and development, including artificial intelligence and robotics technology.
Changi City: Innovative lifestyle business centre– Changi East Urban District
A fifth terminal for Changi Airport is in the pipeline, and will be the airport’s largest when completed, able to serve up to 50 million passengers annually. The airport’s expansion will also see a third runway added, allowing it to run on a three-runway system by the mid-2020s. Located at the doorstep of the future Terminal 5, there could be new offices, smart work centres, flexible conference rooms and halls, hotels and serviced apartments, set amidst lushly landscaped public spaces within the new Changi East Urban District.
The Singapore government has huge plans for the eastern part of the island in Changi Region to transform it into a vibrant “live-work-play-learn” ecosystem around the airport to become a - Business Gateway To The World.
Changi Region is set to be a vibrant and thriving economic hub, hosting industries that maximise synergies with Changi Airport. To keep pace with growing air travel and freight demands, Changi Airport is increasing its capacity and enhancing its offerings progressively with the completion of Terminal 1’s expansion and the upcoming opening of Jewel Changi Airport in mid-April 2019. Looking forward, the future Terminal 5, Changi East Industrial Zone and Changi East Urban District will provide additional capacity for Changi Airport’s future growth.
Changi Aviation Park: New aviation-related industries
The existing Changi Aviation Park will be expanded with the development of Changi East Industrial Zone, providing a home for new aviation-related sectors and businesses. The expansion of cargo facilities will allow Changi’s handling capabilities to increase to three million to 5.4 million tonnes a year when the project is completed to cater to new aviation-related sectors and businesses that rely on air connectivity to the world.
Changi City: Waterfront District
Possibly a waterfront district in the longer term, it offers exciting new recreational and tourism possibilities and seamless inter-modal “fly-ferry” linkages from Terminal 5. The new waterfront district will be linked to the Changi East Urban District, which may provide new offices, conference facilities, hotels and serviced apartments. Freight transport and aviation-related organisations may also conduct research and development in Changi Business Park, leveraging expertise from the Singapore University of Technology and Design.
Changi City: Innovative lifestyle business district – SUTD & Changi Business Park
Leveraging on Singapore University of Technology and Design (SUTD) and Changi Business Park (CBP), an innovative ecosystem with a live-in community would attract businesses and institutions involved with freight transportation/aviation-related research and development, including artificial intelligence and robotics technology.
Changi City: Innovative lifestyle business centre– Changi East Urban District
A fifth terminal for Changi Airport is in the pipeline, and will be the airport’s largest when completed, able to serve up to 50 million passengers annually. The airport’s expansion will also see a third runway added, allowing it to run on a three-runway system by the mid-2020s. Located at the doorstep of the future Terminal 5, there could be new offices, smart work centres, flexible conference rooms and halls, hotels and serviced apartments, set amidst lushly landscaped public spaces within the new Changi East Urban District.
The Jovell is a brand new condo near the Changi Region of Singapore. With a huge sprawling land size of more than 240,000 sqft, The Jovell condo features extraordinary waterscape and lush tropical gardens with an amazing lagoon swimming pool that is more than 200m long. 2 bedroom from below $900k. Click to for more info & prices
Capitalising on the Connectivity of Changi Airport and Local Synergies
Connectivity to Changi Region will be improved to support the growth of Changi Airport. The newly announced Cross Island Line Phase 1 will complement existing MRT lines and reduce travel time to Changi Region. We are also studying the extension of the Cross Island Line and the Thomson-East Coast Line to serve Changi Airport. There will be new road corridors and other road improvements. With the Tanah Merah Ferry Terminal at the doorstep of the future Terminal 5, there is potential for seamless “fly-ferry” linkages.
Changi Region is much more than just an employment node. It can have a diverse range of recreation and tourism attractions. From the rich, rustic heritage of Changi Point to the iconic lifestyle and entertainment options within Jewel Changi Airport, a wide range of unique leisure attractions will be connected by the Round Island Route and cycling network. In the longer-term, a waterfront district could be developed to offer exciting new recreational and tourism possibilities.
Connectivity to Changi Region will be improved to support the growth of Changi Airport. The newly announced Cross Island Line Phase 1 will complement existing MRT lines and reduce travel time to Changi Region. We are also studying the extension of the Cross Island Line and the Thomson-East Coast Line to serve Changi Airport. There will be new road corridors and other road improvements. With the Tanah Merah Ferry Terminal at the doorstep of the future Terminal 5, there is potential for seamless “fly-ferry” linkages.
Changi Region is much more than just an employment node. It can have a diverse range of recreation and tourism attractions. From the rich, rustic heritage of Changi Point to the iconic lifestyle and entertainment options within Jewel Changi Airport, a wide range of unique leisure attractions will be connected by the Round Island Route and cycling network. In the longer-term, a waterfront district could be developed to offer exciting new recreational and tourism possibilities.
Treasure at Tampines is a 99-year leasehold condominium located in Tampines near Changi Region in the east of Singapore. Formerly the site of Tampines Court, Treasure at Tampines is expected to be completed in year 2023. Click for ebrochure and VIP developer pricing.
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Nearly 3,000 home owners in the five ongoing Build-To-Order (BTO) housing projects will face further delays with two large public BTO projects facing possible hold-ups as Greatearth Corp and Greatearth Construction main contractor for these sites has gone bust.
Buyers consisting of mainly younger couples aged between 25 to 35 years old in these 2,982 BTO units across these affected BTO projects: Sky Vista @ Bukit Batok, Senja Heights and Senja Ridges in Bukit Panjang, and Marsiling Grove in Woodlands have been affected.
The fifth one is West Coast Parkview in Clementi, located opposite West Coast Park. This serves as one of the Selective En bloc Redevelopment Scheme (Sers) replacement sites for residents in Blocks 513 to 520 West Coast Road.
Delayed Further
Buyers of Senja Ridges and Senja Heights who bought in 2016 would be most disappointed as they were expected to be completed in the last quarter of this year and the first quarter of 2022. Buyers of Sky Vista @ Bukit Batok, launched in August 2017, was expected to be completed in the third quarter of next year. Marsiling Grove's expected completion date was in the fourth quarter of 2022, and West Coast Parkview in the second quarter of 2023.
Buyers consisting of mainly younger couples aged between 25 to 35 years old in these 2,982 BTO units across these affected BTO projects: Sky Vista @ Bukit Batok, Senja Heights and Senja Ridges in Bukit Panjang, and Marsiling Grove in Woodlands have been affected.
The fifth one is West Coast Parkview in Clementi, located opposite West Coast Park. This serves as one of the Selective En bloc Redevelopment Scheme (Sers) replacement sites for residents in Blocks 513 to 520 West Coast Road.
Delayed Further
Buyers of Senja Ridges and Senja Heights who bought in 2016 would be most disappointed as they were expected to be completed in the last quarter of this year and the first quarter of 2022. Buyers of Sky Vista @ Bukit Batok, launched in August 2017, was expected to be completed in the third quarter of next year. Marsiling Grove's expected completion date was in the fourth quarter of 2022, and West Coast Parkview in the second quarter of 2023.
Senja Heights comprises 2 residential blocks which house 552 units of 2-room Flexi, 3-, and 4-room Flats. 1 block is 18 storeys high and the other is a staggered block with height ranging from 32 to 38 storeys.
Kiwi Lim from Huttons Asia is not surprised to see news of main contractors going bust as the government had already previously cautioned that developers may need to allow for main contractors to re-quote higher prices as contractors are faced with much higher construction costs due to Covid. But such an old and reputable main contractor like Greatearth going bust is news that came as a shock to many.
HDB could have allowed the main contractors to re-quote HDB with higher prices above what was originally agreed years ago for these ongoing projects which may lead to an unexpected cost increment of hundreds of millions of dollars for these 5 BTO projects - according to a rough off the cuff estimation.
Private condo developers have allowed their main cons to re-quote higher construction costs in order to prevent them from going bust - this has also led to developers raising the prices for current and upcoming new condo launches due to the unforeseen higher costs of building the new condo projects.
On 23 April 2021, Minister Lawrence Wong, who led the multi-ministry task force tackling Covid-19, said Covid had a major impact on the construction sector leading to longer wait time for the completion of Housing Board Build-To-Order (BTO) flats and private apartments as well as a huge rise in cost of labour and materials which has escalated by 30 per cent to 50 per cent.
Kiwi Lim believe at least one third of the almost 3,000 households may pull out of the BTO projects and switch to resale HDB flats in more matured estates or resale condos as these couples may not be willing to wait an additional 2 to 3 years on top of the number of years that they have already endured. Some of these couples already had babies or are finding it too stressful to stay with their in-laws especially from WFH arrangements at home.
HDB could have allowed the main contractors to re-quote HDB with higher prices above what was originally agreed years ago for these ongoing projects which may lead to an unexpected cost increment of hundreds of millions of dollars for these 5 BTO projects - according to a rough off the cuff estimation.
Private condo developers have allowed their main cons to re-quote higher construction costs in order to prevent them from going bust - this has also led to developers raising the prices for current and upcoming new condo launches due to the unforeseen higher costs of building the new condo projects.
On 23 April 2021, Minister Lawrence Wong, who led the multi-ministry task force tackling Covid-19, said Covid had a major impact on the construction sector leading to longer wait time for the completion of Housing Board Build-To-Order (BTO) flats and private apartments as well as a huge rise in cost of labour and materials which has escalated by 30 per cent to 50 per cent.
Kiwi Lim believe at least one third of the almost 3,000 households may pull out of the BTO projects and switch to resale HDB flats in more matured estates or resale condos as these couples may not be willing to wait an additional 2 to 3 years on top of the number of years that they have already endured. Some of these couples already had babies or are finding it too stressful to stay with their in-laws especially from WFH arrangements at home.
Greatearth Pte Ltd consisting of Greatearth Corp and Greatearth Construction is one of the most reputable main con in Singapore with awards and accolades received for a huge number of projects in the past
Greatearth Corp and Greatearth Construction Goes Bust
Greatearth Pte Ltd ("Greatearth" or the "Group") is famous in Singapore as a very reputable and Singapore's oldest and most established integrated building services companies with over 150 years of engineering and construction heritage together with its predecessors. Its competencies span the property value chain including Property Development, Engineering, Construction, as well as specialty services such as Geo-Technical Foundation Work and Procurement.
Construction Excellence
BCA Certificate Of Merit For
Construction Excellence
You may click here for all of the amazing list of awards and accolades received by Greatearth.
Greatearth Pte Ltd ("Greatearth" or the "Group") is famous in Singapore as a very reputable and Singapore's oldest and most established integrated building services companies with over 150 years of engineering and construction heritage together with its predecessors. Its competencies span the property value chain including Property Development, Engineering, Construction, as well as specialty services such as Geo-Technical Foundation Work and Procurement.
Construction Excellence
BCA Certificate Of Merit For
Construction Excellence
- The Rochester
- Paterson Suites
- Serangoon Gardens Country Club
- Raffles Town Club
- Orchid Country Club
You may click here for all of the amazing list of awards and accolades received by Greatearth.
