Nov 8, 2009
YOUR LETTERS
HDB: Divorcee should be able to get loan
We refer to the letter from Ms Norliah Abu, 'Divorced and can't afford a flat' (Oct11).
We have looked into Ms Norliah's circumstances. She has enjoyed housing subsidies in the form of a Central Provident Fund (CPF) housing grant and HDB concessionary loan. She transferred her executive flat to her ex-husband in December 2007.
Based on her CPF savings and her monthly salary, she should be able to obtain a bank loan to purchase a flat.
Ms Norliah and her two children are currently living with her brother. She has applied for a four-room flat in Jurong West under our Sale of Balance Flats exercise.
The average purchase price of a four-room flat in Jurong West is about $260,500.
Based on the Housing Board's preliminary assessment, she will need a bank loan of about $140,000 for the intended flat purchase. She can pay her monthly instalments solely using her monthly CPF contributions.
She can also consider buying a more affordable flat to minimise her loan.
Ms Norliah is not eligible to apply for a subsidised rental flat, as it is meant for the needy who have no other housing options.
If she is unable to obtain a bank loan, she may contact the HDB on 6490-3827 for assistance.
Tay Koon Quie
Deputy Director (Sales)
Housing & Development Board
Monday, November 9, 2009
Tiny flats a good buy?
(Abstract from The Straits Times 8th Nov, 2009)
First, there were the 'mickey mouse' apartments of 500 sq ft or smaller. In Suites@Guillemard. for example, there are units as small as 258 sqft, which is the size of 21/2 carpark spaces. Now penthouses in several developments to be launched have shrunk too, to less than 1,000 sqft. In Kembangan Suites, there are shrunken penthouses as small as 635 sq ft, about the size of an average three-room Housing Board flat.
The trend of 'mickey mouse' flats took off last year. Nearly 500 of them have been bought this year, up from 299 last year and 275 in 2007. Driving the sales is affordability. Amid rising prices, a 350 sq ft one-bedder going for less than $400,000 can be alluring.
Industry people are divided over how viable these small flats are. One of them assumed that most buyers are investors. The problem? They may have difficulty leasing them out long-term, so they may have to settle for monthly, weekly or even hourly renting. Some investment! Another property specialist says it is hard to imagine anyone living comfortably in a 300 sq ft apartment, but lifestyles evolve and tiny spaces in the heart of town could appeal to singles.
The Sunday Times is amused by the trend. We hope it is a passing fad. Buyers should not be so desperate to own private property that they will plonk down good money for what is most affordable without regard for acceptable living space. It would be too late to regret their purchase if they discover that the tight squeeze is just unliveable.
Also, why do such buyers not consider HDB flats? They are larger and much cheaper. The landscaped grounds and living environment are comparable to those of a mid-range condominium. If they are singles, which is likely the case, they can buy resale HDB flats. They can easily get a four-room or even five-room unit for $400,000.
Ultimately, it is their decision. Good luck, we say.
First, there were the 'mickey mouse' apartments of 500 sq ft or smaller. In Suites@Guillemard. for example, there are units as small as 258 sqft, which is the size of 21/2 carpark spaces. Now penthouses in several developments to be launched have shrunk too, to less than 1,000 sqft. In Kembangan Suites, there are shrunken penthouses as small as 635 sq ft, about the size of an average three-room Housing Board flat.
The trend of 'mickey mouse' flats took off last year. Nearly 500 of them have been bought this year, up from 299 last year and 275 in 2007. Driving the sales is affordability. Amid rising prices, a 350 sq ft one-bedder going for less than $400,000 can be alluring.
Industry people are divided over how viable these small flats are. One of them assumed that most buyers are investors. The problem? They may have difficulty leasing them out long-term, so they may have to settle for monthly, weekly or even hourly renting. Some investment! Another property specialist says it is hard to imagine anyone living comfortably in a 300 sq ft apartment, but lifestyles evolve and tiny spaces in the heart of town could appeal to singles.
The Sunday Times is amused by the trend. We hope it is a passing fad. Buyers should not be so desperate to own private property that they will plonk down good money for what is most affordable without regard for acceptable living space. It would be too late to regret their purchase if they discover that the tight squeeze is just unliveable.
Also, why do such buyers not consider HDB flats? They are larger and much cheaper. The landscaped grounds and living environment are comparable to those of a mid-range condominium. If they are singles, which is likely the case, they can buy resale HDB flats. They can easily get a four-room or even five-room unit for $400,000.
Ultimately, it is their decision. Good luck, we say.
Career switch pays off
Property agent earns more and has more time to spend with her little daughter
(Abstract from The Straits Times 8th Nov, 2009 by Lorna Tan)
Wishing to spend more time with her two-year-old daughter, Ms Faith Teo left her advertising and marketing managerial post at financial magazine The Edge to become a property agent in July.
So far, her decision to join RealStar Premier Property Consultant as an associate sales manager has proven to be financially rewarding. Not only did she earn the title of 'top rookie' in the third quarter of this year, but her income has gone up as well.
'I'm earning more than before. In the first three months at RealStar, I already earned what I would previously earn in a year, which was $70,000," said Ms Teo, 34.
Her biggest property transaction to date was a 3,000 sq ft bungalow in Bukit Timah, on a land area of 12,000 sq ft, which she marketed for $10.6 million together with another agent. It was a co-broke deal and Ms Teo pocketed $25,000 in commission.
Armed with a chemical processing diploma from Singapore Polytechnic in 1995, Ms Teo worked in the advertising sales departments of a few media and print firms for several years.
She studied part-time while working and graduated with a business administration degree (marketing) awarded by La Trobe University, Melbourne, in 2000. Prior to The Edge, where she worked for three years, she was a senior advertising manager at CR Media.
When it comes to financial planning, she and her husband, Mr Allan Chin, 36, a director in a global risk management firm, share an investment portfolio comprising stocks and cash. They have a daughter, Anya.
Q: Are you a spender or saver?
I save 25 per cent of my income, which goes into investments. Another 25 per cent goes to family expenses and parents' allowances, and the balance 50 per cent is channelled into charitable causes which include the Salvation Army, National Kidney Foundation and World Vision.
Q: How much do you charge to your credit cards every month?
I usually use two out of my six credit cards, which are all supplementary cards from my husband. On average, I charge less than $500 a month on my cards. We pay our card bills in full every month. I draw only about $200 a month from the ATM as I usually use my credit cards.
Q: What financial planning have you done for yourself?
I have a whole life cover, three endowment plans, a hospitalisation policy and several investment- linked policies.
Allan manages our combined investment portfolio. We have a five- to 10-year investment horizon and our target returns are between 5 and 10 per cent per annum. Our current portfolio is about 70 per cent in cash and 30 per cent in blue-chip equities like CapitaLand and real estate investment trusts (Reits) like CMT, StarHill and Suntec Reit. The latter includes my personal investment of about $50,000 in stocks. Separately, I invested $20,000 of my Central Provident Fund savings in investment-linked insurance plans. The funds are mainly in emerging markets and India.
We favour more cash and liquidity for rainy days. We track our family balance sheet's 'quick ratio' (derived from current assets divided by current liabilities) carefully such that we have sufficient emergency cash to last us for at least 11/2 to two years.
Q: Moneywise, what were your growing up years like?
I grew up living with my parents and younger sister in a four-room HDB flat in Jalan Rajah. Life was simple. My father helped to run my paternal family's provision stall in Balestier and delivered gas cylinders, while my mum sewed clothes at home to supplement the family income.
My mum has always been the prudent one who taught us about the importance of savings and self-reliance, and educated us about the dangers of borrowing money and being in debt to other people and banks. She is the one who saved for our family needs. I also learnt from my dad when I helped out at the provision stall. Be hard-working and honest in your work and money will come.
Q: How did you get interested in investing?
Until I started reading financial books, my knowledge of financial planning was very simple. I was scrimping on what I made and saving very hard...a painfully slow process. Later, I read interesting books like Robert Kiyosaki's Rich Dad Poor Dad and Don't Go To School, which made me ponder on the importance of financial planning. I even attended a two-hour talk by the man himself here in 2001. I also read books by Warren Buffett and Jack D. Schwager.
Last year, I attended some seminars on exchange traded funds and online trading.
Q: What property do you own?
We own a 1,248 sq ft, four-room HDB flat in Bukit Batok. It is our matrimonial home which we bought in 1998 for $276,000. Back then, my husband had just started working as a bank management trainee after his graduation.
Q: What's the most extravagant thing you have bought?
I think my most extravagant purchase was the four Furla bags I bought for a total of $1,400 during a clearance sale last year. I've no regrets as they are of good quality and design and will last me a long time. One is a cream document bag and the other three are handbags of different colours.
Q: What's your retirement plan?
About $6,000 a month in present value will be sufficient for both of us to live very comfortably in our golden years. I plan to continue as a real estate professional for as long as I can work. We hope to be financially independent by our 40s and spend more time with Anya and our loved ones. My belief has always been 'Do your best and God will do the rest'.
We expect our passive income flow to come from Reits and rentals from our future investment properties.
Q: I drive?
A red Toyota Wish.
lorna@sph.com.sg
Lessons from mum and dad
'My mum has always been the prudent one who taught us about the importance of savings and self-reliance, and educated us about the dangers of borrowing money and being in debt to other people and banks. She is the one who saved for our family needs. I also learnt from my dad when I helped out at the provision stall. Be hard-working and honest in your work and money will come.'
MS FAITH TEO, on what she learnt during her growing up years
--------------------------------------------------------------------------------
WORST AND BEST BETS
Q: What has been your worst investment to date?
In October 2007, I invested $10,000 in Singapore-listed stock China Oilfield purely out of hearsay and without diligent research.
I bought 10 lots at the initial public offering price of $1 per share.
I'm still invested in the stock and my paper losses amount to $8,350.
Q: And your best investment?
My best investments have been in love, family and friendship, which have delivered great upside beyond the financial dimension. My investments in blue-chip equities like CapitaLand, and local Reits like CapitaMall Trust have been good. From 2007 to now, I have invested about $50,000. Expected returns are about 4 per cent to 5per cent per annum.
(Abstract from The Straits Times 8th Nov, 2009 by Lorna Tan)
Wishing to spend more time with her two-year-old daughter, Ms Faith Teo left her advertising and marketing managerial post at financial magazine The Edge to become a property agent in July.
So far, her decision to join RealStar Premier Property Consultant as an associate sales manager has proven to be financially rewarding. Not only did she earn the title of 'top rookie' in the third quarter of this year, but her income has gone up as well.
'I'm earning more than before. In the first three months at RealStar, I already earned what I would previously earn in a year, which was $70,000," said Ms Teo, 34.
Her biggest property transaction to date was a 3,000 sq ft bungalow in Bukit Timah, on a land area of 12,000 sq ft, which she marketed for $10.6 million together with another agent. It was a co-broke deal and Ms Teo pocketed $25,000 in commission.
Armed with a chemical processing diploma from Singapore Polytechnic in 1995, Ms Teo worked in the advertising sales departments of a few media and print firms for several years.
She studied part-time while working and graduated with a business administration degree (marketing) awarded by La Trobe University, Melbourne, in 2000. Prior to The Edge, where she worked for three years, she was a senior advertising manager at CR Media.
When it comes to financial planning, she and her husband, Mr Allan Chin, 36, a director in a global risk management firm, share an investment portfolio comprising stocks and cash. They have a daughter, Anya.
Q: Are you a spender or saver?
I save 25 per cent of my income, which goes into investments. Another 25 per cent goes to family expenses and parents' allowances, and the balance 50 per cent is channelled into charitable causes which include the Salvation Army, National Kidney Foundation and World Vision.
Q: How much do you charge to your credit cards every month?
I usually use two out of my six credit cards, which are all supplementary cards from my husband. On average, I charge less than $500 a month on my cards. We pay our card bills in full every month. I draw only about $200 a month from the ATM as I usually use my credit cards.
Q: What financial planning have you done for yourself?
I have a whole life cover, three endowment plans, a hospitalisation policy and several investment- linked policies.
Allan manages our combined investment portfolio. We have a five- to 10-year investment horizon and our target returns are between 5 and 10 per cent per annum. Our current portfolio is about 70 per cent in cash and 30 per cent in blue-chip equities like CapitaLand and real estate investment trusts (Reits) like CMT, StarHill and Suntec Reit. The latter includes my personal investment of about $50,000 in stocks. Separately, I invested $20,000 of my Central Provident Fund savings in investment-linked insurance plans. The funds are mainly in emerging markets and India.
We favour more cash and liquidity for rainy days. We track our family balance sheet's 'quick ratio' (derived from current assets divided by current liabilities) carefully such that we have sufficient emergency cash to last us for at least 11/2 to two years.
Q: Moneywise, what were your growing up years like?
I grew up living with my parents and younger sister in a four-room HDB flat in Jalan Rajah. Life was simple. My father helped to run my paternal family's provision stall in Balestier and delivered gas cylinders, while my mum sewed clothes at home to supplement the family income.
My mum has always been the prudent one who taught us about the importance of savings and self-reliance, and educated us about the dangers of borrowing money and being in debt to other people and banks. She is the one who saved for our family needs. I also learnt from my dad when I helped out at the provision stall. Be hard-working and honest in your work and money will come.
Q: How did you get interested in investing?
Until I started reading financial books, my knowledge of financial planning was very simple. I was scrimping on what I made and saving very hard...a painfully slow process. Later, I read interesting books like Robert Kiyosaki's Rich Dad Poor Dad and Don't Go To School, which made me ponder on the importance of financial planning. I even attended a two-hour talk by the man himself here in 2001. I also read books by Warren Buffett and Jack D. Schwager.
Last year, I attended some seminars on exchange traded funds and online trading.
Q: What property do you own?
We own a 1,248 sq ft, four-room HDB flat in Bukit Batok. It is our matrimonial home which we bought in 1998 for $276,000. Back then, my husband had just started working as a bank management trainee after his graduation.
Q: What's the most extravagant thing you have bought?
I think my most extravagant purchase was the four Furla bags I bought for a total of $1,400 during a clearance sale last year. I've no regrets as they are of good quality and design and will last me a long time. One is a cream document bag and the other three are handbags of different colours.
Q: What's your retirement plan?
About $6,000 a month in present value will be sufficient for both of us to live very comfortably in our golden years. I plan to continue as a real estate professional for as long as I can work. We hope to be financially independent by our 40s and spend more time with Anya and our loved ones. My belief has always been 'Do your best and God will do the rest'.
We expect our passive income flow to come from Reits and rentals from our future investment properties.
Q: I drive?
A red Toyota Wish.
lorna@sph.com.sg
Lessons from mum and dad
'My mum has always been the prudent one who taught us about the importance of savings and self-reliance, and educated us about the dangers of borrowing money and being in debt to other people and banks. She is the one who saved for our family needs. I also learnt from my dad when I helped out at the provision stall. Be hard-working and honest in your work and money will come.'
MS FAITH TEO, on what she learnt during her growing up years
--------------------------------------------------------------------------------
WORST AND BEST BETS
Q: What has been your worst investment to date?
In October 2007, I invested $10,000 in Singapore-listed stock China Oilfield purely out of hearsay and without diligent research.
I bought 10 lots at the initial public offering price of $1 per share.
I'm still invested in the stock and my paper losses amount to $8,350.
Q: And your best investment?
My best investments have been in love, family and friendship, which have delivered great upside beyond the financial dimension. My investments in blue-chip equities like CapitaLand, and local Reits like CapitaMall Trust have been good. From 2007 to now, I have invested about $50,000. Expected returns are about 4 per cent to 5per cent per annum.
The Penthouse Squeeze
They were bungalows in the sky once; now penthouses can be smaller than 800 sq ft!
(Abstract from The Straits Times 8th Nov, 2009 by Joyce Teo)
Mention penthouses and one immediately thinks of big, luxurious bungalows in the sky, with wraparound views and a multimillion- dollar price tag.
But these days they can be as small as 800 sq ft or less.
These penthouses have come on the market along with mostly yet-to-be-completed developments featuring 'mickey mouse' apartments of 500 sq ft or less.
There is no market data on the number of these small penthouses but a survey of some recent projects with small units shows they are not uncommon.
At the recently released five- storey, 40-unit City Loft project near Farrer Park MRT station, the two-bedroom penthouses are 743 to 904 sq ft in size.
Another recent launch Suites@Guillemard - with units as small as 258 sq ft - has penthouses of 797 to 1,109 sq ft. Some sales were done around a median level of $1,250 psf.
At the 114-unit Siglap V, penthouses come as small as 760 sq ft and go up to 1,300 sq ft. This yet-to-be-launched project opposite Siglap Centre otherwise offers units starting from 380 to 730 sq ft.
Kembangan Suites also has small penthouses that come with private jacuzzis. The smallest, at 635 sq ft, includes a roof terrace that looks similar to the size of the private jacuzzi.
The project's 60 units were sold for $775 to $1,097 psf in March.
These penthouses of around 700 to 780 sq ft may appear to be as big as a three-room HDB flat - HDB's new build-to-order project Fernvale Palms, for instance, offers three- room units of about 721 sq ft - but they have less usable space.
'These small penthouses are a more recent phenomenon - some units will lose more usable space to planter boxes and bay windows, in addition to the staircase and roof terrace,' said Ngee Ann Polytechnic lecturer Nicholas Mak.
The Urban Redevelopment Authority (URA) does not differentiate penthouses from other residential units, so there are no specific planning guidelines or requirements for penthouses.
'As long as the premises are used for residential purposes, the layout and design features of penthouses are left to the developer or the owner to decide, depending on the market or the owner's needs,' said a URA spokesman.
The Merriam-Webster dictionary defines a penthouse as a structure or dwelling built on the roof of a building.
Still, not all private developments have penthouses. EL Development did away with them for its sold-out 19-storey Illuminaire on Devonshire, which has only apartments of 441 to 721 sq ft.
'If you build a lot of small units, it may be a mismatch to have a four-bedroom penthouse,' explained its managing director Lim Yew Soon.
There may not be any official guidelines for penthouses, but the industry norm for one has always been a large, top-floor unit with a rooftop terrace.
Otherwise, a penthouse will be no different from any apartment, experts said. Size matters too.
'I think penthouse buyers have a certain expectation of sizes,' said DP Architects director Tai Lee Siang. 'The norm is still around 2,000-3,000 sq ft. At $5 million to $10 million, they don't make much difference for anyone who could be earning a few million dollars a month.'
Said Jones Lang LaSalle's head of residential, Ms Jacqueline Wong: 'A penthouse is typically 3,000 sq ft and up. It is at least a duplex unit, has four bedrooms and rooftop access. They are bungalows in the sky.'
Penthouses are also mostly for owner occupation.
Huge ones were in vogue during the run-up of 2006 to 2007, when developers were vying with one another to build bigger and bigger units, and to add super-posh features to differentiate the penthouses from regular units.
In late 2006, a five-bedroom penthouse at Marina Bay Residences made the news when it was sold for nearly $27 million, or $2,446 psf. It boasts a whopping 11,012 sqft from the 53rd to 55th floors, and has a rooftop terrace, a 20m outdoor pool and two private lift lobbies.
At one point during the boom, the psf price for penthouses cost even more than that for regular units. But today, you can buy a penthouse with a budget of less than $1 million.
Industry experts said these low-priced units are clearly aimed not at the typical penthouse buyers, but at investors or buyers looking for an affordable apartment.
Because affordability is key, developers are building smaller apartments.
They reap higher profits if units are sold at a higher marginal price than larger units, said National University of Singapore associate professor for real estate Sin Tien Foo. 'The absolute values for small units are also more affordable and they appeal to a wider target group.'
So far, buyers have indeed been biting. Kembangan Suites, for instance, got very strong response.
'I think people will gradually accept smaller penthouses so long as these are highest premium units in a development and usually located at the highest floors,' said Mr Tai.
'If the entire building comprises small units, a 1,000 sq ft penthouse is not unthinkable.'
(Abstract from The Straits Times 8th Nov, 2009 by Joyce Teo)
Mention penthouses and one immediately thinks of big, luxurious bungalows in the sky, with wraparound views and a multimillion- dollar price tag.
But these days they can be as small as 800 sq ft or less.
These penthouses have come on the market along with mostly yet-to-be-completed developments featuring 'mickey mouse' apartments of 500 sq ft or less.
There is no market data on the number of these small penthouses but a survey of some recent projects with small units shows they are not uncommon.
At the recently released five- storey, 40-unit City Loft project near Farrer Park MRT station, the two-bedroom penthouses are 743 to 904 sq ft in size.
Another recent launch Suites@Guillemard - with units as small as 258 sq ft - has penthouses of 797 to 1,109 sq ft. Some sales were done around a median level of $1,250 psf.
At the 114-unit Siglap V, penthouses come as small as 760 sq ft and go up to 1,300 sq ft. This yet-to-be-launched project opposite Siglap Centre otherwise offers units starting from 380 to 730 sq ft.
Kembangan Suites also has small penthouses that come with private jacuzzis. The smallest, at 635 sq ft, includes a roof terrace that looks similar to the size of the private jacuzzi.
The project's 60 units were sold for $775 to $1,097 psf in March.
These penthouses of around 700 to 780 sq ft may appear to be as big as a three-room HDB flat - HDB's new build-to-order project Fernvale Palms, for instance, offers three- room units of about 721 sq ft - but they have less usable space.
'These small penthouses are a more recent phenomenon - some units will lose more usable space to planter boxes and bay windows, in addition to the staircase and roof terrace,' said Ngee Ann Polytechnic lecturer Nicholas Mak.
The Urban Redevelopment Authority (URA) does not differentiate penthouses from other residential units, so there are no specific planning guidelines or requirements for penthouses.
'As long as the premises are used for residential purposes, the layout and design features of penthouses are left to the developer or the owner to decide, depending on the market or the owner's needs,' said a URA spokesman.
The Merriam-Webster dictionary defines a penthouse as a structure or dwelling built on the roof of a building.
Still, not all private developments have penthouses. EL Development did away with them for its sold-out 19-storey Illuminaire on Devonshire, which has only apartments of 441 to 721 sq ft.
'If you build a lot of small units, it may be a mismatch to have a four-bedroom penthouse,' explained its managing director Lim Yew Soon.
There may not be any official guidelines for penthouses, but the industry norm for one has always been a large, top-floor unit with a rooftop terrace.
Otherwise, a penthouse will be no different from any apartment, experts said. Size matters too.
'I think penthouse buyers have a certain expectation of sizes,' said DP Architects director Tai Lee Siang. 'The norm is still around 2,000-3,000 sq ft. At $5 million to $10 million, they don't make much difference for anyone who could be earning a few million dollars a month.'
Said Jones Lang LaSalle's head of residential, Ms Jacqueline Wong: 'A penthouse is typically 3,000 sq ft and up. It is at least a duplex unit, has four bedrooms and rooftop access. They are bungalows in the sky.'
Penthouses are also mostly for owner occupation.
Huge ones were in vogue during the run-up of 2006 to 2007, when developers were vying with one another to build bigger and bigger units, and to add super-posh features to differentiate the penthouses from regular units.
In late 2006, a five-bedroom penthouse at Marina Bay Residences made the news when it was sold for nearly $27 million, or $2,446 psf. It boasts a whopping 11,012 sqft from the 53rd to 55th floors, and has a rooftop terrace, a 20m outdoor pool and two private lift lobbies.
At one point during the boom, the psf price for penthouses cost even more than that for regular units. But today, you can buy a penthouse with a budget of less than $1 million.
Industry experts said these low-priced units are clearly aimed not at the typical penthouse buyers, but at investors or buyers looking for an affordable apartment.
Because affordability is key, developers are building smaller apartments.
They reap higher profits if units are sold at a higher marginal price than larger units, said National University of Singapore associate professor for real estate Sin Tien Foo. 'The absolute values for small units are also more affordable and they appeal to a wider target group.'
So far, buyers have indeed been biting. Kembangan Suites, for instance, got very strong response.
'I think people will gradually accept smaller penthouses so long as these are highest premium units in a development and usually located at the highest floors,' said Mr Tai.
'If the entire building comprises small units, a 1,000 sq ft penthouse is not unthinkable.'
More land for homes soon, so don't rush
Private developers will have a variety of sites to choose from by first half of 2010, says Mah
(Abstract from The Straits Times 8th Nov,2009 by Goh Chin Lian)
There is no need to rush to buy homes, now that a slew of land parcels will be released to private developers in the first half of next year.
That was the assurance given yesterday by National Development Minister Mah Bow Tan.
Similarly, he assured developers that they will have a variety of sites to choose from, with some up for grabs as early as January.
He was speaking to reporters a day after the Government announced that at least eight residential sites - and as many as 26 - will be offered to developers.
It made the move to allay fears of a shortage of homes in the private property market that may have sent prices surging to levels seen in the previous boom.
Five of the 26 sites are for executive condominiums, to cater to the 'sandwiched group', Mr Mah said.
These are people who do not qualify for new HDB flats because they earn more than the $8,000 monthly income cap, but who may find private property too expensive.
The 26 sites could yield 10,550 private homes, the most from half-yearly government land sales since the second half of 2001.
Mr Mah said: 'It sends a signal that there is ample supply, and if the demand is high, we are able to meet this demand by releasing more land.'
Another 60,000 units are also in the pipeline and have yet to be sold, he pointed out.
'So no need to panic, no need to rush. Just take your time, look around, and you will find a home that's suitable for you and that is within your budget,' he said.
Earlier, Mr Mah presented certificates to 41 newly registered professional engineers, at an annual event to recognise the contributions of such professionals.
In his speech, he identified two challenges facing engineers.
One is to find ways to make buildings environmentally friendly and adopt sustainable construction practices, such as using more recycled materials.
Another challenge is to advance the construction industry through innovation, such as the prefabrication technology used to build the 50-storey residential towers at Pinnacle@Duxton.
Mr Mah also recognised the Professional Engineers Board's efforts to promote the profession as a lifelong career.
New blood is needed, he pointed out, as six in 10 professional engineers with practising certificates are aged 50 or above.
(Abstract from The Straits Times 8th Nov,2009 by Goh Chin Lian)
There is no need to rush to buy homes, now that a slew of land parcels will be released to private developers in the first half of next year.
That was the assurance given yesterday by National Development Minister Mah Bow Tan.
Similarly, he assured developers that they will have a variety of sites to choose from, with some up for grabs as early as January.
He was speaking to reporters a day after the Government announced that at least eight residential sites - and as many as 26 - will be offered to developers.
It made the move to allay fears of a shortage of homes in the private property market that may have sent prices surging to levels seen in the previous boom.
Five of the 26 sites are for executive condominiums, to cater to the 'sandwiched group', Mr Mah said.
These are people who do not qualify for new HDB flats because they earn more than the $8,000 monthly income cap, but who may find private property too expensive.
The 26 sites could yield 10,550 private homes, the most from half-yearly government land sales since the second half of 2001.
Mr Mah said: 'It sends a signal that there is ample supply, and if the demand is high, we are able to meet this demand by releasing more land.'
Another 60,000 units are also in the pipeline and have yet to be sold, he pointed out.
'So no need to panic, no need to rush. Just take your time, look around, and you will find a home that's suitable for you and that is within your budget,' he said.
Earlier, Mr Mah presented certificates to 41 newly registered professional engineers, at an annual event to recognise the contributions of such professionals.
In his speech, he identified two challenges facing engineers.
One is to find ways to make buildings environmentally friendly and adopt sustainable construction practices, such as using more recycled materials.
Another challenge is to advance the construction industry through innovation, such as the prefabrication technology used to build the 50-storey residential towers at Pinnacle@Duxton.
Mr Mah also recognised the Professional Engineers Board's efforts to promote the profession as a lifelong career.
New blood is needed, he pointed out, as six in 10 professional engineers with practising certificates are aged 50 or above.
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Pre-development Land Investing
In business for over 30 years, success in providing real estate investment opportunities to clients around the world is a simple, yet effective separation of roles and responsibilites. The four pillars of strength guide the land from the research and acquisition, through to the exit, including the distribution of proceeds to our clients ......
To know more how this is really work for you and your clients....
Please contact me Terence Tay @ (+65) 9387-5896 or email : terencetay.kh@gmail.com
To know more how this is really work for you and your clients....
Please contact me Terence Tay @ (+65) 9387-5896 or email : terencetay.kh@gmail.com
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