100% say 'yes'
Holland Hill Lodge owners asking for between $15 million and $16 million
05:55 AM Jan 29, 2010
by Millet Enriquez emelita@mediacorp.com.sg
SINGAPORE - Holland Hill Lodge in Holland Hill has been put up for collective sale.
The 3-storey residential development sits on a corner rectangular shaped land measuring some 9,033 square foot (sq ft).
The property was built in the mid-1990s and comprises 11 units of varying sizes and a basement car park.
The marketing agent Credo Real Estate announced the tender for the freehold residential development with the asking price of between $15 million and $16 million. This translates to a land price of between $1,038 per square foot (psf) per plot ratio (ppr) and $1,107 psf ppr.
The collective sale has received 100 per cent consent from the 11 tenants and requires no approval from the Strata Title's Board.
The marketing agent said the property can be redeveloped into a 12-storey boutique residential development with 22 apartments averaging 620 sq ft in size.
The buyer can refurbish and reconfigure the apartments to increase the number of rooms, which can be used as hostel or serviced apartments.
Owners of the property will get between $900,000 for studio units and $2.1 million for a 3 plus one bedroom maisonnette, said executive director of Credo Real Estate, Yong Choon Fah.
Ngee Ann Polytechnic real estate lecturer Nicholas Mak said the collective sale may be pricing itself too high, as transacted prices of property in the Holland Hill area was only at $900 psf to $1,000 psf in the fourth quarter of last year. In May 2009, a property in the area was sold for only $622 psf, said Mr Mak.
While property prices in the area may have risen in the past few months, Mr Mak believes the asking price for the residential property is "a bit aggressive".
As such, it may be challenging to find a willing buyer, unless there are some other factors that the buyer sees in the property.
This buyer would have to be able to sell the redeveloped property at $1,600 psf to be viable.
URL http://www.todayonline.com/Business/EDC100129-0000082/100-say-yes
Saturday, January 30, 2010
ST Forum : Burden of disbanding panel shouldn't fall on those against collective sale
Jan 29, 2010
Burden of disbanding panel shouldn't fall on those against collective sale
THE Law Ministry's reply on Thursday ('En bloc sale panels already have a lifespan') to my letter on Monday ('Save owners from sword of Damocles') has not addressed the following problem.
As I understand it, a collective property sale expires one year after the first subsidiary proprietor has signed the collective sale agreement. However, until this signing process is triggered, a collective sale committee has, in legal fact, indefinite tenure.
Which means that even if it chooses to stay around for 20 years, legally there is no mechanism to disband it automatically.
The ministry suggests that the owners can do so by holding an annual general meeting (AGM) or extraordinary general meeting to do so. No doubt this is so. This means that those who oppose a collective sale must become active in collecting signatures and rally for votes.
My question is: Shouldn't the law be refined to have an automatic mechanism to disband a sale committee, which has, after say 12 months, not even collected that first signature?
This is a loophole in the law which should be addressed. No committee should have carte blanche to exist indefinitely.
The law is clear on management councils. These must be dissolved and re-elected at an AGM and have a limited tenure of one year.
Why should collective sale committees be allowed to operate indefinitely unless they choose to dissolve themselves or are booted out?
In my condo, the collective sale committee is restarting the process after 27 months. One member has sold and others have moved out of their condo units.
More than 10 per cent of the residents are new owners. They did not vote in this committee.
Moreover, the agents say they need even more time to 'evaluate' the situation.
Unless legal deadlines are set, those who want to stay on live with this situation hanging over their heads. I hope the ministry will consider a revision of the rules.
Susan Prior (Ms)
Burden of disbanding panel shouldn't fall on those against collective sale
THE Law Ministry's reply on Thursday ('En bloc sale panels already have a lifespan') to my letter on Monday ('Save owners from sword of Damocles') has not addressed the following problem.
As I understand it, a collective property sale expires one year after the first subsidiary proprietor has signed the collective sale agreement. However, until this signing process is triggered, a collective sale committee has, in legal fact, indefinite tenure.
Which means that even if it chooses to stay around for 20 years, legally there is no mechanism to disband it automatically.
The ministry suggests that the owners can do so by holding an annual general meeting (AGM) or extraordinary general meeting to do so. No doubt this is so. This means that those who oppose a collective sale must become active in collecting signatures and rally for votes.
My question is: Shouldn't the law be refined to have an automatic mechanism to disband a sale committee, which has, after say 12 months, not even collected that first signature?
This is a loophole in the law which should be addressed. No committee should have carte blanche to exist indefinitely.
The law is clear on management councils. These must be dissolved and re-elected at an AGM and have a limited tenure of one year.
Why should collective sale committees be allowed to operate indefinitely unless they choose to dissolve themselves or are booted out?
In my condo, the collective sale committee is restarting the process after 27 months. One member has sold and others have moved out of their condo units.
More than 10 per cent of the residents are new owners. They did not vote in this committee.
Moreover, the agents say they need even more time to 'evaluate' the situation.
Unless legal deadlines are set, those who want to stay on live with this situation hanging over their heads. I hope the ministry will consider a revision of the rules.
Susan Prior (Ms)
ST Forum : Cash premiums indicate real value of flats
Jan 29, 2010
Cash premiums indicate real value of flats
I REFER to last Saturday's report, 'Cash premiums for HDB flats hit a high'.
Why is there so much focus on premium over valuation when valuations by property agencies have no fundamental basis?
Such valuations are based simply on comparable recent transactions and are virtually meaningless to the long-term buyer.
For example, in the landed housing segment, valuations were severely depressed during the economic downturn from November 2008 until March last year, and property agencies used valuations based on transactions of similar properties.
So, if a desperate seller needed to sell his property at virtually any price (which was the only price available at that time), that absurdly became the 'valuation' for the next seller.
Many so-called valuations were even less than government land auction prices 12 to 15 years ago, even though the replacement cost of these properties was far higher.
Ultimately, the fundamental value of properties depends on future rental yields, replacement cost of the property and more subjective 'growth catalysts' such as higher incomes and population, and new developments.
Based on these factors, the public market valuation reflected in cash premiums is a more reliable indicator than superficial valuations by property agencies, which is nothing more than a fee generator for them.
Bobby Jayaraman
Cash premiums indicate real value of flats
I REFER to last Saturday's report, 'Cash premiums for HDB flats hit a high'.
Why is there so much focus on premium over valuation when valuations by property agencies have no fundamental basis?
Such valuations are based simply on comparable recent transactions and are virtually meaningless to the long-term buyer.
For example, in the landed housing segment, valuations were severely depressed during the economic downturn from November 2008 until March last year, and property agencies used valuations based on transactions of similar properties.
So, if a desperate seller needed to sell his property at virtually any price (which was the only price available at that time), that absurdly became the 'valuation' for the next seller.
Many so-called valuations were even less than government land auction prices 12 to 15 years ago, even though the replacement cost of these properties was far higher.
Ultimately, the fundamental value of properties depends on future rental yields, replacement cost of the property and more subjective 'growth catalysts' such as higher incomes and population, and new developments.
Based on these factors, the public market valuation reflected in cash premiums is a more reliable indicator than superficial valuations by property agencies, which is nothing more than a fee generator for them.
Bobby Jayaraman
ST : Punggol to get green makeover
Jan 29, 2010
Punggol to get green makeover
New estate will be first eco-town in Singapore, says Mah Bow Tan
By Jessica Cheam
Treelodge@Punggol, HDB's first green housing project, has solar panels and rainwater recycling. -- ST PHOTO: SAMUEL HE
THE former sleepy fishing village of Punggol is to undergo a green makeover that will transform it into Singapore's first 'eco-town'.
National Development Minister Mah Bow Tan said on Wednesday that the northern coastal town is to serve as a testbed for innovative green technologies.
Testing such technologies at Punggol will allow the Housing and Development Board (HDB) to lower the implementation cost of these solutions and to replicate them across other towns, he added.
The HDB sees Punggol, one of Singapore's younger towns, as being ideally placed to undergo the planned transformation.
It is already home to HDB's first green housing project, Treelodge@Punggol, which features solar panels and rainwater recycling.
A waterway is being built at Punggol that will feature green landscapes and bring nature closer to residents.
The town has small, intimate estates featuring common green areas, accessible amenities and a well-integrated public transport network.
The HDB hopes the town's green living environment will raise awareness of environmental sustainability.
To bring about Punggol's revamp, it will be working with government agencies and private sector firms in the areas of energy, waste and water management.
The HDB is adopting a three-pronged approach to the development of the eco-town.
This will involve implementing effective urban planning designs that encourage residents to adopt greener lifestyles, using green technologies and educating residents through grassroots events.
Speaking to a 500-strong audience yesterday at an HDB-hosted housing conference at Suntec City, chief executive Tay Kim Poh said the HDB viewed such investment as being in line with its goal of providing a higher quality of life for residents.
'As the largest developer in Singapore, we have the responsibility to promote environmental sustainability,' he said.
He added that in recent years the HDB had been driving a number of initiatives to combat climate change.
It is introducing solar systems at four precincts - Tampines, Bukit Panjang, Tanjong Pagar and Marine Parade - with a combined capacity of 600 kilowatt-peak that will be used to offset the energy consumption of the towns.
Mr Tay underlined the importance of constantly rejuvenating ageing towns, and said HDB intends to extend to all towns its Remaking Our Heartland urban rejuvenation programme for public housing estates.
Over the next 20 to 30 years, this massive programme will revitalise older towns and estates, he said.
jcheam@sph.com.sg
Punggol to get green makeover
New estate will be first eco-town in Singapore, says Mah Bow Tan
By Jessica Cheam
Treelodge@Punggol, HDB's first green housing project, has solar panels and rainwater recycling. -- ST PHOTO: SAMUEL HE
THE former sleepy fishing village of Punggol is to undergo a green makeover that will transform it into Singapore's first 'eco-town'.
National Development Minister Mah Bow Tan said on Wednesday that the northern coastal town is to serve as a testbed for innovative green technologies.
Testing such technologies at Punggol will allow the Housing and Development Board (HDB) to lower the implementation cost of these solutions and to replicate them across other towns, he added.
The HDB sees Punggol, one of Singapore's younger towns, as being ideally placed to undergo the planned transformation.
It is already home to HDB's first green housing project, Treelodge@Punggol, which features solar panels and rainwater recycling.
A waterway is being built at Punggol that will feature green landscapes and bring nature closer to residents.
The town has small, intimate estates featuring common green areas, accessible amenities and a well-integrated public transport network.
The HDB hopes the town's green living environment will raise awareness of environmental sustainability.
To bring about Punggol's revamp, it will be working with government agencies and private sector firms in the areas of energy, waste and water management.
The HDB is adopting a three-pronged approach to the development of the eco-town.
This will involve implementing effective urban planning designs that encourage residents to adopt greener lifestyles, using green technologies and educating residents through grassroots events.
Speaking to a 500-strong audience yesterday at an HDB-hosted housing conference at Suntec City, chief executive Tay Kim Poh said the HDB viewed such investment as being in line with its goal of providing a higher quality of life for residents.
'As the largest developer in Singapore, we have the responsibility to promote environmental sustainability,' he said.
He added that in recent years the HDB had been driving a number of initiatives to combat climate change.
It is introducing solar systems at four precincts - Tampines, Bukit Panjang, Tanjong Pagar and Marine Parade - with a combined capacity of 600 kilowatt-peak that will be used to offset the energy consumption of the towns.
Mr Tay underlined the importance of constantly rejuvenating ageing towns, and said HDB intends to extend to all towns its Remaking Our Heartland urban rejuvenation programme for public housing estates.
Over the next 20 to 30 years, this massive programme will revitalise older towns and estates, he said.
jcheam@sph.com.sg
ST : Let market forces decide
Jan 29, 2010
RESALE FLAT PRICES
Let market forces decide
I READ with interest Wednesday's letter by Mr Robin Chua, 'Costly flats - How did it come to this?'
Mr Chua appears to allude to the fact that the procreation rate has not risen because of higher prices of public housing, and 'mixed signals' in which young couples are urged to marry and have children early to help increase the procreation rate but then told indirectly to wait five years to buy a flat and start a family.
Without doubt, there have been calls to stop the practice of high cash over valuation (COV) and lower HDB resale prices. My take is that things should remain as they are and be dictated by market forces.
My paternal grandparents bought their first HDB flat in Bedok in the 1970s for about $7,000 - a sum that was paid in full in cash. Today, that three-room flat in a mature estate could be sold for $200,000 or more.
I believe elderly Singaporeans who bought such flats would be thankful they can cash out and unlock the value of their fully paid-up flats to see them through their remaining years.
Other Singaporeans who bought their flats later, say in the 1980s, would also be exuberant as they can capitalise on the capital appreciation of their HDB flats to downgrade to smaller units and use the savings for retirement and other needs.
A case in point is the Lease Buyback Scheme, where Singaporeans living in three-room flats can unlock the value of their homes and live on regular monthly payments from the authorities. This mechanism shows how the housing system can enrich Singaporeans when they reach retirement age and that citizens have a stake in the country and their well-being is not forgotten.
Another group who would have benefited from high HDB resale prices and COV prices is those who were caught in the property craze of 1996-1997. Some Singaporeans bought their HDB flat at a peak, and the value of their home tumbled. In negative equity then, these owners must now be relieved and thankful for the system, plus other external factors that steered them back to positive territory.
In essence, these factors play a part in stimulating economic activity where sellers of HDB resale flats with excess cash and housing agents with their sales commission contribute to gross domestic product figures with their spending. When this happens, the economy is buoyant, jobs are created, people are employed and confidence is restored.
Again, my take is that we are fortunate to have a system to help citizens secure an HDB flat tailored to suit their household income, have a stake in the country and ensure capital appreciation of their assets which will come in handy for future needs.
Irwan Jamil
RESALE FLAT PRICES
Let market forces decide
I READ with interest Wednesday's letter by Mr Robin Chua, 'Costly flats - How did it come to this?'
Mr Chua appears to allude to the fact that the procreation rate has not risen because of higher prices of public housing, and 'mixed signals' in which young couples are urged to marry and have children early to help increase the procreation rate but then told indirectly to wait five years to buy a flat and start a family.
Without doubt, there have been calls to stop the practice of high cash over valuation (COV) and lower HDB resale prices. My take is that things should remain as they are and be dictated by market forces.
My paternal grandparents bought their first HDB flat in Bedok in the 1970s for about $7,000 - a sum that was paid in full in cash. Today, that three-room flat in a mature estate could be sold for $200,000 or more.
I believe elderly Singaporeans who bought such flats would be thankful they can cash out and unlock the value of their fully paid-up flats to see them through their remaining years.
Other Singaporeans who bought their flats later, say in the 1980s, would also be exuberant as they can capitalise on the capital appreciation of their HDB flats to downgrade to smaller units and use the savings for retirement and other needs.
A case in point is the Lease Buyback Scheme, where Singaporeans living in three-room flats can unlock the value of their homes and live on regular monthly payments from the authorities. This mechanism shows how the housing system can enrich Singaporeans when they reach retirement age and that citizens have a stake in the country and their well-being is not forgotten.
Another group who would have benefited from high HDB resale prices and COV prices is those who were caught in the property craze of 1996-1997. Some Singaporeans bought their HDB flat at a peak, and the value of their home tumbled. In negative equity then, these owners must now be relieved and thankful for the system, plus other external factors that steered them back to positive territory.
In essence, these factors play a part in stimulating economic activity where sellers of HDB resale flats with excess cash and housing agents with their sales commission contribute to gross domestic product figures with their spending. When this happens, the economy is buoyant, jobs are created, people are employed and confidence is restored.
Again, my take is that we are fortunate to have a system to help citizens secure an HDB flat tailored to suit their household income, have a stake in the country and ensure capital appreciation of their assets which will come in handy for future needs.
Irwan Jamil
ST : HDB reviews rules to stamp out possible speculation
Jan 29, 2010
HDB reviews rules to stamp out possible speculation
By Jessica Cheam
THE Housing Board is embarking on a review of its rules to ensure that property speculators are not abusing the system - and driving up flat prices.
It will check if any rules are 'encouraging or allowing' people to speculate on HDB flats, said National Development Minister Mah Bow Tan.
At the same time, it will step up efforts to make sure people do not get away with abusing the system.
Some disgruntled homebuyers, priced out of a rising market, worry that some HDB buyers are exploiting the rules to try to make a fast profit.
They claim these speculators snap up flats on the resale market and then either rent them out illegally or sell them legally after the stipulated one-year period.
Under HDB rules, citizens and permanent residents who buy resale flats without housing grants or HDB loans must live in the flats for at least one year before selling, or at least three years before renting out the entire flat.
Speaking on the sidelines of a housing conference hosted by the HDB on Wednesday, Mr Mah said these claims were worth checking and he wanted to ensure that such factors were not inflating the market artificially.
He said it would not do if buyers were buying flats because they hoped to make money through flipping or selling the flats later on, or by renting them out without living in them.
He did not know how prevalent such practices were, but added that 'anecdotally, you do hear cases, so I want to make sure that this is not happening'.
The HDB's findings will be out in a couple of months, he said.
Industry observers said that if there were speculators, they would be less likely to be flipping HDB flats - reselling them quickly - and more likely to be renting them out.
'HDB flats in good locations enjoy very high rental yields, up to 7 or 8 per cent. Even if owners are not legally allowed to rent out their whole flat, you hear of creative cases where they do so anyway,' said ERA Asia Pacific associate director Eugene Lim.
Agents said an owner might lock up a room to make it seem he is still living there, even though he has rented out the entire flat.
Chesterton Suntec International research and consultancy director Colin Tan said this has gone on for years, but these cases were hard to prove and needed a major effort to enforce.
Mr Mah acknowledged that recent housing data had raised fresh concerns about high resale flat prices.
Latest HDB figures showed the median cash amount paid by buyers for resale flats over and above a flat's valuation, known as Cash-over-Valuation (COV), doubled to $24,000 in the last three months of last year compared to the previous quarter.
Resale flat prices also rose 3.9 per cent in the final three months of last year to hit a fresh record, taking the full-year jump to 8.2 per cent.
Mr Mah said the Government did not wish to meddle in the resale market, and COV payments were part and parcel of the market.
'If you're a buyer, you feel anxious, understandably you want prices to be low. But if you're a seller, you want prices to be high. It's not possible for the Government to set the resale prices,' he said.
'The buyer might be happy today, but tomorrow he's a seller and if we set the prices of what he wants to sell, he'll be unhappy.
'Let the price be set by willing buyers and willing sellers. We don't, and should not, interfere in the resale market.'
Mr Mah also downplayed the impact of permanent residents on the resale market.
'Our numbers show that the PRs are buying about 20 per cent, or one in five flats sold. So yes, they do have some impact, but they don't have such a great impact,' he said.
Asked if PRs should be restricted from buying in the resale market, Mr Mah said that was not the right thing to do.
PRs also need a place to live, he said, and the solution was to make a clear distinction between Singaporeans and PRs in terms of the grants they get.
--------------------------------------------------------------------------------
Existing rules
· Resale flats bought on the open market without a CPF housing grant and with a private bank loan can be sold one year from the effective date of resale.
· Owners of HDB flats are allowed to sublet the whole flat after living in it for three years, for those who bought it on the open market without a CPF grant;
or five years, for those who bought it directly from the HDB or on the open market with a CPF housing grant.
· Owners of HDB flats are allowed to sublet bedrooms if they own a three-room or bigger flat. There is no minimum occupation period for renting rooms out. Owners have to adhere to the number of tenants allowed by the HDB.
· No prior approval from HDB is required for subletting of the bedrooms.
But with effect from Monday, flat owners who sublet bedrooms in their HDB flats will have to register with HDB within seven days of doing so.
· HDB said yesterday that those who illegally sublet entire flats may have their flat compulsorily acquired or pay a penalty.
HDB reviews rules to stamp out possible speculation
By Jessica Cheam
THE Housing Board is embarking on a review of its rules to ensure that property speculators are not abusing the system - and driving up flat prices.
It will check if any rules are 'encouraging or allowing' people to speculate on HDB flats, said National Development Minister Mah Bow Tan.
At the same time, it will step up efforts to make sure people do not get away with abusing the system.
Some disgruntled homebuyers, priced out of a rising market, worry that some HDB buyers are exploiting the rules to try to make a fast profit.
They claim these speculators snap up flats on the resale market and then either rent them out illegally or sell them legally after the stipulated one-year period.
Under HDB rules, citizens and permanent residents who buy resale flats without housing grants or HDB loans must live in the flats for at least one year before selling, or at least three years before renting out the entire flat.
Speaking on the sidelines of a housing conference hosted by the HDB on Wednesday, Mr Mah said these claims were worth checking and he wanted to ensure that such factors were not inflating the market artificially.
He said it would not do if buyers were buying flats because they hoped to make money through flipping or selling the flats later on, or by renting them out without living in them.
He did not know how prevalent such practices were, but added that 'anecdotally, you do hear cases, so I want to make sure that this is not happening'.
The HDB's findings will be out in a couple of months, he said.
Industry observers said that if there were speculators, they would be less likely to be flipping HDB flats - reselling them quickly - and more likely to be renting them out.
'HDB flats in good locations enjoy very high rental yields, up to 7 or 8 per cent. Even if owners are not legally allowed to rent out their whole flat, you hear of creative cases where they do so anyway,' said ERA Asia Pacific associate director Eugene Lim.
Agents said an owner might lock up a room to make it seem he is still living there, even though he has rented out the entire flat.
Chesterton Suntec International research and consultancy director Colin Tan said this has gone on for years, but these cases were hard to prove and needed a major effort to enforce.
Mr Mah acknowledged that recent housing data had raised fresh concerns about high resale flat prices.
Latest HDB figures showed the median cash amount paid by buyers for resale flats over and above a flat's valuation, known as Cash-over-Valuation (COV), doubled to $24,000 in the last three months of last year compared to the previous quarter.
Resale flat prices also rose 3.9 per cent in the final three months of last year to hit a fresh record, taking the full-year jump to 8.2 per cent.
Mr Mah said the Government did not wish to meddle in the resale market, and COV payments were part and parcel of the market.
'If you're a buyer, you feel anxious, understandably you want prices to be low. But if you're a seller, you want prices to be high. It's not possible for the Government to set the resale prices,' he said.
'The buyer might be happy today, but tomorrow he's a seller and if we set the prices of what he wants to sell, he'll be unhappy.
'Let the price be set by willing buyers and willing sellers. We don't, and should not, interfere in the resale market.'
Mr Mah also downplayed the impact of permanent residents on the resale market.
'Our numbers show that the PRs are buying about 20 per cent, or one in five flats sold. So yes, they do have some impact, but they don't have such a great impact,' he said.
Asked if PRs should be restricted from buying in the resale market, Mr Mah said that was not the right thing to do.
PRs also need a place to live, he said, and the solution was to make a clear distinction between Singaporeans and PRs in terms of the grants they get.
--------------------------------------------------------------------------------
Existing rules
· Resale flats bought on the open market without a CPF housing grant and with a private bank loan can be sold one year from the effective date of resale.
· Owners of HDB flats are allowed to sublet the whole flat after living in it for three years, for those who bought it on the open market without a CPF grant;
or five years, for those who bought it directly from the HDB or on the open market with a CPF housing grant.
· Owners of HDB flats are allowed to sublet bedrooms if they own a three-room or bigger flat. There is no minimum occupation period for renting rooms out. Owners have to adhere to the number of tenants allowed by the HDB.
· No prior approval from HDB is required for subletting of the bedrooms.
But with effect from Monday, flat owners who sublet bedrooms in their HDB flats will have to register with HDB within seven days of doing so.
· HDB said yesterday that those who illegally sublet entire flats may have their flat compulsorily acquired or pay a penalty.
ST : New flats every month for first half
Jan 29, 2010
New flats every month for first half
THE Housing Board will launch new flats every month over the next six months in response to growing fears that demand is outstripping supply.
National Development Minister Mah Bow Tan, speaking on the sidelines of a housing event on Wednesday, said that 'HDB will build flats to meet demand as long as there's genuine demand'. It is looking to offer 7,000 new flats in the first half of this year and is planning 12,000 for the whole of 2010.
For higher income earners who aspire to own private property, Mr Mah said the HDB was catering to this group by selling land for development into executive condominiums - a hybrid flat with condo facilities but HDB rules.
He assured first-time buyers that there was no need to rush into buying, given that there are 'more than sufficient flats'. 'If there is even stronger demand, of course HDB will build even more flats,' he said.
Mr Mah claimed the high subscription rates at recent launches - at popular projects such as Dawson, where 11 applications were received for every flat - was not a measure of genuine demand.
'We know that many of them are multiple applicants...they apply every month to make sure they have a better chance...that means the number of subscribers may appear large, but it doesn't mean that that is the total demand,' he said.
'The final test is when we finally offer the flats to these buyers, (we'll) see what the take-up rate will be.'
The minister emphasised that if there was real demand, the HDB would respond with its build-to-order (BTO) scheme.
'As the name suggests...you order, we build. That's the situation.'
Mr Mah pointed out that waiting for a flat to be built was not new. In the past, home buyers have had to wait for as long as seven years for a flat, he said.
Under the BTO scheme, HDB is 'promising, in a way...that you will get your flat in three to four years, once you have booked it.'
JESSICA CHEAM
New flats every month for first half
THE Housing Board will launch new flats every month over the next six months in response to growing fears that demand is outstripping supply.
National Development Minister Mah Bow Tan, speaking on the sidelines of a housing event on Wednesday, said that 'HDB will build flats to meet demand as long as there's genuine demand'. It is looking to offer 7,000 new flats in the first half of this year and is planning 12,000 for the whole of 2010.
For higher income earners who aspire to own private property, Mr Mah said the HDB was catering to this group by selling land for development into executive condominiums - a hybrid flat with condo facilities but HDB rules.
He assured first-time buyers that there was no need to rush into buying, given that there are 'more than sufficient flats'. 'If there is even stronger demand, of course HDB will build even more flats,' he said.
Mr Mah claimed the high subscription rates at recent launches - at popular projects such as Dawson, where 11 applications were received for every flat - was not a measure of genuine demand.
'We know that many of them are multiple applicants...they apply every month to make sure they have a better chance...that means the number of subscribers may appear large, but it doesn't mean that that is the total demand,' he said.
'The final test is when we finally offer the flats to these buyers, (we'll) see what the take-up rate will be.'
The minister emphasised that if there was real demand, the HDB would respond with its build-to-order (BTO) scheme.
'As the name suggests...you order, we build. That's the situation.'
Mr Mah pointed out that waiting for a flat to be built was not new. In the past, home buyers have had to wait for as long as seven years for a flat, he said.
Under the BTO scheme, HDB is 'promising, in a way...that you will get your flat in three to four years, once you have booked it.'
JESSICA CHEAM
ST : HDB quota for PRs may not avoid enclaves
Jan 29, 2010
HDB quota for PRs may not avoid enclaves
Many PRs congregate through renting, rather than buying, flats: MPs
By Rachel Chang
The Ethnic Integration Policy, introduced in 1989, aims to maintain a healthy racial mix in housing estates by stipulating maximum proportions for the key ethnic groups. Above, PRs and new citizens mixing wih neighbours at a grassroots event last year. -- MY PAPER FILE PHOTO
LAST December, MP Lim Wee Kiak saw a notice pasted illegally on a wall in his Canberra ward of Sembawang GRC. It was written entirely in the Myanmar language.
Curious, he got it translated. The notice was from a real estate agent offering his services solely to Myanmar permanent residents (PRs) looking for flats here.
Dr Lim was disturbed as he saw this as a tell-tale sign that ethnic congregation of foreigners was beginning in HDB estates.
Such concerns are evidently shared by the Government.
The HDB disclosed on Wednesday that it was considering introducing a separate ethnic quota for PRs to prevent enclaves from forming in estates.
Earlier, Minister Mentor Lee Kuan Yew said at a dialogue that the Government did not want to see new citizens congregate and would disperse them across HDB estates.
Recognition of this as an issue was welcomed by seven MPs who were contacted yesterday about the situation in their wards, and for their views on how such a quota could be implemented.
The HDB has not provided details of what the changes might entail.
But several MPs did point out yesterday that it was through renting of flats in the same areas - and not necessarily buying flats - that PRs have also been able to congregate.
Latest available data showed that as of June last year, only 4.9 per cent of HDB flats were owned by PRs.
Hence, a quota imposed on home-buying by PRs might make little difference.
The Ethnic Integration Policy (EIP), introduced in 1989, aims to maintain a healthy racial mix in housing estates by stipulating maximum proportions for the key ethnic groups.
But MP Charles Chong, whose Punggol Central ward, like all new estates, has seen an influx of foreigners, said the EIP now is too porous for a new generation of PRs.
'The Indian community is pretty diverse. Sri Lankan is classified as Indian; Bangladeshi, Pakistani, northern Hindi-speaking Indians are all classified as Indians (for purposes of the EIP).'
If there are no sub-divisions, there could arise an enclave, say of Bangladeshis, all staying in the same block or precinct, he pointed out.
The same goes for mainland Chinese, Taiwanese or Chinese-Indonesians, who are all classified under 'Chinese'.
Dr Lim argued, however, that the important distinction to make is not within ethnic classifications, but between Singaporeans and PRs. He said there are some floors of HDB blocks in his ward where more than half the residents are foreign.
They are a mix of nationalities. So although there is no 'ethnic' enclave as such, there is a high concentration of foreigners 'to the point where Singaporeans feel threatened and become a minority'.
When that happens, then it becomes an issue, he said.
Dr Lim suggested a quota limiting the proportion of PRs in each precinct or block to the proportion of PR homeowners nationwide - or about 5 per cent.
MP Ho Geok Choo - who recalled a visitor describing her Boon Lay ward as being so cosmopolitan that it felt like being overseas - said a quota would help dampen excessive property prices. This would make it more difficult for PRs to artificially inflate prices in certain areas by all snapping up flats there, she said.
It would also assuage the concern of those Singaporeans who feel besieged in their neighbourhood by new sights and smells. On her house visits, every block throws up at least two or three Singaporeans who voice their concerns about this, she said.
But ultimately, a quota on home-buying may not make much of a difference.
Jurong GRC MP Halimah Yacob said more than 70 per cent of foreigners in her Bukit Batok East ward are renting. They rent in the area as it is close to their workplaces in the West.
While it is possible to envision an ethnic enclave of renters, 'there's nothing you can do (about where PRs rent)', she said. The rental market is left entirely to free market forces.
Regardless, director of Dennis Wee Properties, Mr Chris Koh, foresees a big plus if a new quota is implemented: It would puncture the belief that some Singaporeans have that their flats can fetch a higher price if they sell them to PRs.
Sellers who hear that a certain nationality is prominent in the neighbourhood pressure agents to find such buyers, thinking it will mean more profits, he said.
'If quotas are set... we can tell them, 'We hit the quota max already and we have to be realistic about the price.''
rchang@sph.com.sg
--------------------------------------------------------------------------------
THE ISSUE
The Government wants to ensure PRs are dispersed across HDB estates to prevent enclaves from forming. As a result, the HDB is considering introducing separate ethnic quotas for PRs.
HDB quota for PRs may not avoid enclaves
Many PRs congregate through renting, rather than buying, flats: MPs
By Rachel Chang
The Ethnic Integration Policy, introduced in 1989, aims to maintain a healthy racial mix in housing estates by stipulating maximum proportions for the key ethnic groups. Above, PRs and new citizens mixing wih neighbours at a grassroots event last year. -- MY PAPER FILE PHOTO
LAST December, MP Lim Wee Kiak saw a notice pasted illegally on a wall in his Canberra ward of Sembawang GRC. It was written entirely in the Myanmar language.
Curious, he got it translated. The notice was from a real estate agent offering his services solely to Myanmar permanent residents (PRs) looking for flats here.
Dr Lim was disturbed as he saw this as a tell-tale sign that ethnic congregation of foreigners was beginning in HDB estates.
Such concerns are evidently shared by the Government.
The HDB disclosed on Wednesday that it was considering introducing a separate ethnic quota for PRs to prevent enclaves from forming in estates.
Earlier, Minister Mentor Lee Kuan Yew said at a dialogue that the Government did not want to see new citizens congregate and would disperse them across HDB estates.
Recognition of this as an issue was welcomed by seven MPs who were contacted yesterday about the situation in their wards, and for their views on how such a quota could be implemented.
The HDB has not provided details of what the changes might entail.
But several MPs did point out yesterday that it was through renting of flats in the same areas - and not necessarily buying flats - that PRs have also been able to congregate.
Latest available data showed that as of June last year, only 4.9 per cent of HDB flats were owned by PRs.
Hence, a quota imposed on home-buying by PRs might make little difference.
The Ethnic Integration Policy (EIP), introduced in 1989, aims to maintain a healthy racial mix in housing estates by stipulating maximum proportions for the key ethnic groups.
But MP Charles Chong, whose Punggol Central ward, like all new estates, has seen an influx of foreigners, said the EIP now is too porous for a new generation of PRs.
'The Indian community is pretty diverse. Sri Lankan is classified as Indian; Bangladeshi, Pakistani, northern Hindi-speaking Indians are all classified as Indians (for purposes of the EIP).'
If there are no sub-divisions, there could arise an enclave, say of Bangladeshis, all staying in the same block or precinct, he pointed out.
The same goes for mainland Chinese, Taiwanese or Chinese-Indonesians, who are all classified under 'Chinese'.
Dr Lim argued, however, that the important distinction to make is not within ethnic classifications, but between Singaporeans and PRs. He said there are some floors of HDB blocks in his ward where more than half the residents are foreign.
They are a mix of nationalities. So although there is no 'ethnic' enclave as such, there is a high concentration of foreigners 'to the point where Singaporeans feel threatened and become a minority'.
When that happens, then it becomes an issue, he said.
Dr Lim suggested a quota limiting the proportion of PRs in each precinct or block to the proportion of PR homeowners nationwide - or about 5 per cent.
MP Ho Geok Choo - who recalled a visitor describing her Boon Lay ward as being so cosmopolitan that it felt like being overseas - said a quota would help dampen excessive property prices. This would make it more difficult for PRs to artificially inflate prices in certain areas by all snapping up flats there, she said.
It would also assuage the concern of those Singaporeans who feel besieged in their neighbourhood by new sights and smells. On her house visits, every block throws up at least two or three Singaporeans who voice their concerns about this, she said.
But ultimately, a quota on home-buying may not make much of a difference.
Jurong GRC MP Halimah Yacob said more than 70 per cent of foreigners in her Bukit Batok East ward are renting. They rent in the area as it is close to their workplaces in the West.
While it is possible to envision an ethnic enclave of renters, 'there's nothing you can do (about where PRs rent)', she said. The rental market is left entirely to free market forces.
Regardless, director of Dennis Wee Properties, Mr Chris Koh, foresees a big plus if a new quota is implemented: It would puncture the belief that some Singaporeans have that their flats can fetch a higher price if they sell them to PRs.
Sellers who hear that a certain nationality is prominent in the neighbourhood pressure agents to find such buyers, thinking it will mean more profits, he said.
'If quotas are set... we can tell them, 'We hit the quota max already and we have to be realistic about the price.''
rchang@sph.com.sg
--------------------------------------------------------------------------------
THE ISSUE
The Government wants to ensure PRs are dispersed across HDB estates to prevent enclaves from forming. As a result, the HDB is considering introducing separate ethnic quotas for PRs.
ST : Developer triggers office site for sale
Jan 29, 2010
Developer triggers office site for sale
By Fiona Chan
A SHORT-TERM office site on Mohamed Sultan Road that the Government failed to sell two years ago has garnered renewed interest.
A developer has agreed to put in a bid of $9.33 million for the land - twice the offer that came in for the site in 2008.
The new bid for the 0.62ha spot has triggered a public tender that will start in two weeks' time, the Urban Redevelopment Authority (URA) said yesterday. It did not identify the developer.
Located between Kim Yam Road and Martin Road, the site can host a four-storey building with a total floor area of almost 100,000 sq ft. It is being sold with a shorter-than-usual 15-year lease.
In August 2008, the URA put the site up for sale without waiting for a developer to make an offer. That was to ease a space crunch that was sending office prices soaring. But the financial crisis struck the next month, resulting in only one bid coming in, at $4.65million. The URA rejected the bid as too low.
Since then, the office market has slumped and is just starting to turn the corner. Prices rose 1 per cent in the final quarter of last year, the first increase in six quarters, according to URA data.
But property consultants do not see the fresh interest as a sign of brighter days for the market.
Mr Li Hiaw Ho, executive director of CBRE Research, said there is still more than ample supply of office space over the next few years, so the bidder for this site is more likely to be a company that needs office space rather than a developer anticipating an upturn in the market.
Separately, a housing site has also been put up for sale by its owners. Holland Hill Lodge, an 11-unit freehold development in Holland Hill, has been launched for collective sale.
The estate, built in the mid-1990s, sits on a 9,033 sq ft site with an existing gross floor area of 18,086 sq ft, said marketing agent Credo Real Estate yesterday. All the owners have agreed to the sale and are asking for $15 million to $16 million, or $1,038 to $1,107 per sq ft of gross floor area.
Developer triggers office site for sale
By Fiona Chan
A SHORT-TERM office site on Mohamed Sultan Road that the Government failed to sell two years ago has garnered renewed interest.
A developer has agreed to put in a bid of $9.33 million for the land - twice the offer that came in for the site in 2008.
The new bid for the 0.62ha spot has triggered a public tender that will start in two weeks' time, the Urban Redevelopment Authority (URA) said yesterday. It did not identify the developer.
Located between Kim Yam Road and Martin Road, the site can host a four-storey building with a total floor area of almost 100,000 sq ft. It is being sold with a shorter-than-usual 15-year lease.
In August 2008, the URA put the site up for sale without waiting for a developer to make an offer. That was to ease a space crunch that was sending office prices soaring. But the financial crisis struck the next month, resulting in only one bid coming in, at $4.65million. The URA rejected the bid as too low.
Since then, the office market has slumped and is just starting to turn the corner. Prices rose 1 per cent in the final quarter of last year, the first increase in six quarters, according to URA data.
But property consultants do not see the fresh interest as a sign of brighter days for the market.
Mr Li Hiaw Ho, executive director of CBRE Research, said there is still more than ample supply of office space over the next few years, so the bidder for this site is more likely to be a company that needs office space rather than a developer anticipating an upturn in the market.
Separately, a housing site has also been put up for sale by its owners. Holland Hill Lodge, an 11-unit freehold development in Holland Hill, has been launched for collective sale.
The estate, built in the mid-1990s, sits on a 9,033 sq ft site with an existing gross floor area of 18,086 sq ft, said marketing agent Credo Real Estate yesterday. All the owners have agreed to the sale and are asking for $15 million to $16 million, or $1,038 to $1,107 per sq ft of gross floor area.
BT : Mary Chia enters hotel business
Business Times - 29 Jan 2010
Mary Chia enters hotel business
By OLIVIA HO
LIFESTYLE and wellness provider Mary Chia Holdings Ltd has entered into a joint venture to develop a heritage hotel in Singapore.
The group, together with businessman Lee Boon Leng, will operate Hotel Culture, a local company incorporated last September. Hotel Culture has purchased properties worth $20 million on Chinatown's Mosque Street for the development of the hotel.
Hotel Culture has an issued and paid-up share capital of $500,000, of which 51 per cent is held by Mary Chia and 49 per cent by Mr Lee. Mary Chia paid for its shares in cash, from proceeds of its initial public offering. To fund the $20 million purchase price for the properties, $16 million will be borrowed externally, $500,000 will be from equity, and the remaining $3.5 million will be derived from shareholders' loans.
In addition, the development cost for the hotel is estimated to be about $6 million, of which $3 million will be financed by borrowings and $3 million by shareholders' loans. Mary Chia's share of the shareholders' loans of $1.53 million will be funded through internal resources and/or borrowings.
The group said that the move will complement Mary Chia's lifestyle and wellness business. Mary Chia intends to both expand its range of offerings and broaden its asset and earning bases. Hotel Culture is also expected to provide the company, best known for its beauty and slimming services, with an alternative long-term source of revenue.
Mr Lee is the spouse of Wendy Ho, the chief executive and controlling shareholder of Mary Chia. He is also the son-in-law of the group's executive chairman and controlling shareholder Mary Chia.
Due to his experience in the food and beverage business, he will take charge of this aspect of Hotel Culture's business. Mary Chia will handle the hotel's lifestyle and wellness services.
The hotel, to be developed from restored Chinatown shophouses, will have 92 rooms, 'with retail and a lifestyle and wellness centre on its first storey'.
Mary Chia enters hotel business
By OLIVIA HO
LIFESTYLE and wellness provider Mary Chia Holdings Ltd has entered into a joint venture to develop a heritage hotel in Singapore.
The group, together with businessman Lee Boon Leng, will operate Hotel Culture, a local company incorporated last September. Hotel Culture has purchased properties worth $20 million on Chinatown's Mosque Street for the development of the hotel.
Hotel Culture has an issued and paid-up share capital of $500,000, of which 51 per cent is held by Mary Chia and 49 per cent by Mr Lee. Mary Chia paid for its shares in cash, from proceeds of its initial public offering. To fund the $20 million purchase price for the properties, $16 million will be borrowed externally, $500,000 will be from equity, and the remaining $3.5 million will be derived from shareholders' loans.
In addition, the development cost for the hotel is estimated to be about $6 million, of which $3 million will be financed by borrowings and $3 million by shareholders' loans. Mary Chia's share of the shareholders' loans of $1.53 million will be funded through internal resources and/or borrowings.
The group said that the move will complement Mary Chia's lifestyle and wellness business. Mary Chia intends to both expand its range of offerings and broaden its asset and earning bases. Hotel Culture is also expected to provide the company, best known for its beauty and slimming services, with an alternative long-term source of revenue.
Mr Lee is the spouse of Wendy Ho, the chief executive and controlling shareholder of Mary Chia. He is also the son-in-law of the group's executive chairman and controlling shareholder Mary Chia.
Due to his experience in the food and beverage business, he will take charge of this aspect of Hotel Culture's business. Mary Chia will handle the hotel's lifestyle and wellness services.
The hotel, to be developed from restored Chinatown shophouses, will have 92 rooms, 'with retail and a lifestyle and wellness centre on its first storey'.
TODAY Online : HDB tasked to prevent loopholes
HDB tasked to prevent loopholes
05:55 AM Jan 29, 2010
by Joanne Chan and Hoe Yeen Nie
SINGAPORE - HDB flats are for owner-occupation and not speculation or rental investment, National Development Minister Mah Bow Tan said yesterday.
He has tasked the Housing and Development Board to review their regulations to ensure that no loopholes are being exploited.
Fresh concerns over the affordability of public housing were sparked when HDB's latest housing data revealed that resale flat prices continued to climb in the fourth quarter of last year.
In addition, the median cash premium that home owners have to pay upfront doubled to $24,000, prompting calls for the government to step in.
But Mr Mah, speaking on the sidelines of an HDB event, noted that the resale market should be allowed to operate as a free market, with prices set on a "willing buyer, willing seller" basis.
"Now, if you are a buyer, you feel anxious because you want prices to be low. But if you are a seller, you want prices to be high. So it's not possible for the Government to set the resale prices."
While promoting a free market, Mr Mah drew the line at speculation and stressed that public housing is for owner-occupation.
As such, Mr Mah said the HDB is relooking rules to ensure that prices are not being artificially inflated.
"If somebody is coming in the hopes of making money, through flipping or selling the flats later on, or to buy to rent without staying in there, I think that's not possible, that's not the idea of HDB flats."
He declined to say which rules are being studied.
Aside from reviewing regulations, Mr Mah said he had also asked the HDB to step up enforcement against those who break the rules.
"I don't know if it's extensive but anecdotally you do hear one or two cases. So we want to make sure that this is not happening," he added.
Recent reports suggested that some flat owners at the newly completed Pinnacle@Duxton, had rented out their entire units without a minimum occupation period.
This is considered illegal under HDB's housing rules.
Observers said many of the transactions are done under the table - making enforcement difficult even if the rules are tightened.
Mr Chris Koh of Dennis Wee Realty noted that new rules requiring home owners to report the details of their tenants are an incentive for them to be honest. But he believes that there is scope to increase the penalties further, and to penalise agents who facilitate illegal transactions.
Copyright 2010 MediaCorp Pte Ltd | All Rights Reserved
05:55 AM Jan 29, 2010
by Joanne Chan and Hoe Yeen Nie
SINGAPORE - HDB flats are for owner-occupation and not speculation or rental investment, National Development Minister Mah Bow Tan said yesterday.
He has tasked the Housing and Development Board to review their regulations to ensure that no loopholes are being exploited.
Fresh concerns over the affordability of public housing were sparked when HDB's latest housing data revealed that resale flat prices continued to climb in the fourth quarter of last year.
In addition, the median cash premium that home owners have to pay upfront doubled to $24,000, prompting calls for the government to step in.
But Mr Mah, speaking on the sidelines of an HDB event, noted that the resale market should be allowed to operate as a free market, with prices set on a "willing buyer, willing seller" basis.
"Now, if you are a buyer, you feel anxious because you want prices to be low. But if you are a seller, you want prices to be high. So it's not possible for the Government to set the resale prices."
While promoting a free market, Mr Mah drew the line at speculation and stressed that public housing is for owner-occupation.
As such, Mr Mah said the HDB is relooking rules to ensure that prices are not being artificially inflated.
"If somebody is coming in the hopes of making money, through flipping or selling the flats later on, or to buy to rent without staying in there, I think that's not possible, that's not the idea of HDB flats."
He declined to say which rules are being studied.
Aside from reviewing regulations, Mr Mah said he had also asked the HDB to step up enforcement against those who break the rules.
"I don't know if it's extensive but anecdotally you do hear one or two cases. So we want to make sure that this is not happening," he added.
Recent reports suggested that some flat owners at the newly completed Pinnacle@Duxton, had rented out their entire units without a minimum occupation period.
This is considered illegal under HDB's housing rules.
Observers said many of the transactions are done under the table - making enforcement difficult even if the rules are tightened.
Mr Chris Koh of Dennis Wee Realty noted that new rules requiring home owners to report the details of their tenants are an incentive for them to be honest. But he believes that there is scope to increase the penalties further, and to penalise agents who facilitate illegal transactions.
Copyright 2010 MediaCorp Pte Ltd | All Rights Reserved
BT : 54 units at Holland Residences sold
Business Times - 29 Jan 2010
FOCUS ON PROPERTY
54 units at Holland Residences sold
By KALPANA RASHIWALA
THE home buying buzz continues at showflats. Allgreen Properties is said to have sold 54 units at its Holland Residences condo at Taman Warna released this week. The average price of the 68 units released in the 83-unit project is $1,625 per square foot; but the figure is weighed down by private enclosed spaces for ground-floor units in the five-storey freehold project.
Singaporeans bought 80 per cent of the units sold, says Joseph Tan, executive director at CB Richard Ellis, which is marketing the project.
In a more upscale location, a joint venture between BBR Holdings and SP Tao's Shing Kwan Pte Ltd has sold seven of the total 16 units at its six-storey freehold 8 Nassim Hill project since last Friday. The development is expected to receive Temporary Occupation Permit at the end of March this year.
The project comprises eight townhouses and eight penthouses - all of them triplex units spanning across three levels. The townhouses occupy the project's lower three levels and range from about 4,200 sq ft to 4,500 sq ft, while the penthouses, which are on the upper three storeys, are about 3,200 sq ft each. Each of the 16 units has its own swimming pool; each townhouse also has its own garden at the back.
The 16 units are priced between $3,100 psf and $3,400 psf or $11-14 million apiece. Singaporeans bought two of the seven units sold so far; the other five were picked up by foreigners - from Europe and Hong Kong.
In the Beach Road area, Hong Fok Corporation is said to have recently released upper-floor units at its 99-year leasehold Concourse Skyline priced at $2,200 psf to $2,400 psf. The 360-unit development reaches up to 43 storeys.
Over at Holland Residences, one-bedroom units (601 sq ft) and two bedders (ranging from 957 to 979 sq ft) were the first to be snapped up at this week's preview.
The project also has three- and four-bedroom units as well as penthouses. Prices of one bedders start from $1.06 million. Two bedders cost between $1.63 million and $1.73 million. The most expensive units sold was $3.6 million for a four-bedroom duplex penthouse.
The average price of $1,600 psf for Holland Residences is higher than the $1,500 psf at which Ho Bee is selling its nearby Parvis, a 12-storey condo at Holland Hill.
However, there are no one-bedroom units in Parvis; developers typically can command a higher per square foot price for smallish units as the lumpsum amount is still relatively small.
Hence the tendency among some developers to build projects with a higher proportion of smallish units to achieve a higher overall average psf price for the development.
At a Knight Frank auction yesterday, a 1,206 sq ft unit on the 10th floor of Leedon 2 changed hands for $1.38 million or $1,144 psf. Leedon 2, a freehold development, is said to be more than 20 years old.
Copyright © 2010 Singapore Press Holdings Ltd. All rights reserved.
FOCUS ON PROPERTY
54 units at Holland Residences sold
By KALPANA RASHIWALA
THE home buying buzz continues at showflats. Allgreen Properties is said to have sold 54 units at its Holland Residences condo at Taman Warna released this week. The average price of the 68 units released in the 83-unit project is $1,625 per square foot; but the figure is weighed down by private enclosed spaces for ground-floor units in the five-storey freehold project.
Singaporeans bought 80 per cent of the units sold, says Joseph Tan, executive director at CB Richard Ellis, which is marketing the project.
In a more upscale location, a joint venture between BBR Holdings and SP Tao's Shing Kwan Pte Ltd has sold seven of the total 16 units at its six-storey freehold 8 Nassim Hill project since last Friday. The development is expected to receive Temporary Occupation Permit at the end of March this year.
The project comprises eight townhouses and eight penthouses - all of them triplex units spanning across three levels. The townhouses occupy the project's lower three levels and range from about 4,200 sq ft to 4,500 sq ft, while the penthouses, which are on the upper three storeys, are about 3,200 sq ft each. Each of the 16 units has its own swimming pool; each townhouse also has its own garden at the back.
The 16 units are priced between $3,100 psf and $3,400 psf or $11-14 million apiece. Singaporeans bought two of the seven units sold so far; the other five were picked up by foreigners - from Europe and Hong Kong.
In the Beach Road area, Hong Fok Corporation is said to have recently released upper-floor units at its 99-year leasehold Concourse Skyline priced at $2,200 psf to $2,400 psf. The 360-unit development reaches up to 43 storeys.
Over at Holland Residences, one-bedroom units (601 sq ft) and two bedders (ranging from 957 to 979 sq ft) were the first to be snapped up at this week's preview.
The project also has three- and four-bedroom units as well as penthouses. Prices of one bedders start from $1.06 million. Two bedders cost between $1.63 million and $1.73 million. The most expensive units sold was $3.6 million for a four-bedroom duplex penthouse.
The average price of $1,600 psf for Holland Residences is higher than the $1,500 psf at which Ho Bee is selling its nearby Parvis, a 12-storey condo at Holland Hill.
However, there are no one-bedroom units in Parvis; developers typically can command a higher per square foot price for smallish units as the lumpsum amount is still relatively small.
Hence the tendency among some developers to build projects with a higher proportion of smallish units to achieve a higher overall average psf price for the development.
At a Knight Frank auction yesterday, a 1,206 sq ft unit on the 10th floor of Leedon 2 changed hands for $1.38 million or $1,144 psf. Leedon 2, a freehold development, is said to be more than 20 years old.
Copyright © 2010 Singapore Press Holdings Ltd. All rights reserved.
BT : HDB to turn Punggol into eco-town
Business Times - 29 Jan 2010
FOCUS ON PROPERTY
HDB to turn Punggol into eco-town
Area will test ideas and tech promoting sustainable devt
By EMILYN YAP
THE Housing and Development Board (HDB) has identified Punggol as Singapore's first eco-town, and the area is set to become a 'living laboratory' for ideas and technologies promoting sustainable development.
HDB announced this yesterday, together with plans to install solar panels at Tampines, Bukit Panjang, Tanjong Pagar and Marine Parade.
'As the largest developer in Singapore, we have the responsibility to promote environmental sustainability,' said HDB CEO Tay Kim Poh at the International Housing Conference at Suntec Singapore.
As an eco-town, Punggol will become home to more environmentally friendly buildings. New developments along the waterway passing through the town are likely to have higher Green Mark ratings.
Punggol will also have facilities such as cycling paths and spaces for car sharing services, to encourage residents to adopt more environmentally-friendly ways of getting around.
When it comes to testing new technologies in energy, waste and water management, Punggol will be taking the lead. More importantly, HDB will look at lowering implementation costs and replicating these solutions in other towns.
HDB will also be working with advisers, town councils and grassroots leaders to encourage residents in Punggol to adopt a greener lifestyle. For instance, there will be outreach programmes to educate them about the eco-town's environment and design.
Other towns will be getting their share of action in promoting environmental sustainability. Following the successful trial installation of solar photovoltaic (PV) panels at Serangoon and Wellington,
HDB will be testing the technology in Tampines, Bukit Panjang, Tanjong Pagar and Marine Parade.
This move is part of HDB's $31 million plan to test solar PV panels in 30 HDB precincts by 2015. Last week,
HDB agreed to collaborate with the Solar Energy Research Institute of Singapore on two projects.
In the meantime, HDB will continue to rejuvenate older towns and estates through the Remaking Our Heartland programme. It plans to extend the programme to all other towns, after Punggol, Yishun and the Dawson estate, Mr Tay said.
FOCUS ON PROPERTY
HDB to turn Punggol into eco-town
Area will test ideas and tech promoting sustainable devt
By EMILYN YAP
THE Housing and Development Board (HDB) has identified Punggol as Singapore's first eco-town, and the area is set to become a 'living laboratory' for ideas and technologies promoting sustainable development.
HDB announced this yesterday, together with plans to install solar panels at Tampines, Bukit Panjang, Tanjong Pagar and Marine Parade.
'As the largest developer in Singapore, we have the responsibility to promote environmental sustainability,' said HDB CEO Tay Kim Poh at the International Housing Conference at Suntec Singapore.
As an eco-town, Punggol will become home to more environmentally friendly buildings. New developments along the waterway passing through the town are likely to have higher Green Mark ratings.
Punggol will also have facilities such as cycling paths and spaces for car sharing services, to encourage residents to adopt more environmentally-friendly ways of getting around.
When it comes to testing new technologies in energy, waste and water management, Punggol will be taking the lead. More importantly, HDB will look at lowering implementation costs and replicating these solutions in other towns.
HDB will also be working with advisers, town councils and grassroots leaders to encourage residents in Punggol to adopt a greener lifestyle. For instance, there will be outreach programmes to educate them about the eco-town's environment and design.
Other towns will be getting their share of action in promoting environmental sustainability. Following the successful trial installation of solar photovoltaic (PV) panels at Serangoon and Wellington,
HDB will be testing the technology in Tampines, Bukit Panjang, Tanjong Pagar and Marine Parade.
This move is part of HDB's $31 million plan to test solar PV panels in 30 HDB precincts by 2015. Last week,
HDB agreed to collaborate with the Solar Energy Research Institute of Singapore on two projects.
In the meantime, HDB will continue to rejuvenate older towns and estates through the Remaking Our Heartland programme. It plans to extend the programme to all other towns, after Punggol, Yishun and the Dawson estate, Mr Tay said.
BT : Mohd Sultan Rd office site up for sale
Business Times - 29 Jan 2010
FOCUS ON PROPERTY
Mohd Sultan Rd office site up for sale
New bid is double the one URA received in 2008
By EMILYN YAP
THE Urban Redevelopment Authority (URA) will be launching a transitional office site at Mohamed Sultan Road for sale in around two weeks' time, after a developer committed to pay at least $9.33 million for it.
The bid, which works out to $94 per square foot per plot ratio (psf ppr), is double that which URA received in 2008 when it last tried to sell the site. This has raised a few eyebrows, considering the soft state of affairs in the office market.
The 15-year-leasehold office site has a site area of 66,482 sq ft and a maximum permissible gross floor area (GFA) of 99,728 sq ft. It can accommodate a four-storey building.
DTZ executive director Ong Choon Fah believes that the parcel stood out because of its location, which is not too far from the central business district and is near entertainment spots at Clarke Quay. Companies in the creative industry may find the site attractive, she said.
Cushman & Wakefield Singapore managing director Donald Han agrees that the site's location is appealing. Given the relatively high offer, he suggests that the bidder could be a firm looking to own and occupy the site, or a developer which 'knows the game, and is confident of developing transitional office sites'.
He added that the bidder could be expecting a recovery in the office market and as a result, higher rents in future, after the development on the office site is ready around the second half of 2011.
Leasing activity in the office market has picked up in the last few months as the economy stabilised. 'Although we expect office rents to continue to slide perhaps to the end of this year or early next year, the worst is probably over,' says Mrs Ong. 'There's a lot more confidence.'
But both consultants do not expect to see many other bidders for the site when the tender is launched. With this bid being so much higher than the previous one, 'there could be some segments saying 'it's not cheap',' Mr Han quipped.
URA had launched the site for sale in August 2008 when it was on the confirmed list. It received one bid of $4.65 million or $47 psf ppr from RSP Architects Planners & Engineers, but rejected it as it was too low. URA transferred the site to the reserve list in October that year.
The agency last sold a transitional office site at Scotts Road/Anthony Road in May 2008, for $32.99 million or $226 psf ppr.
Separately, owners of the freehold residential development Holland Hill Lodge have put their estate up for collective sale. The asking price ranges from $15 million to $16 million, and this translates to a land price of $1,038-$1,107 psf ppr, based on a gross plot ratio of 1.6.
The site measures some 9,033 sq ft and the existing GFA of the development is 18,086 sq ft. The owners are checking with the authorities on whether this GFA can be fully utilised upon redevelopment.
Credo Real Estate is marketing the site and the tender closes on Feb 25.
Copyright © 2010 Singapore Press Holdings Ltd. All rights reserved.
FOCUS ON PROPERTY
Mohd Sultan Rd office site up for sale
New bid is double the one URA received in 2008
By EMILYN YAP
THE Urban Redevelopment Authority (URA) will be launching a transitional office site at Mohamed Sultan Road for sale in around two weeks' time, after a developer committed to pay at least $9.33 million for it.
The bid, which works out to $94 per square foot per plot ratio (psf ppr), is double that which URA received in 2008 when it last tried to sell the site. This has raised a few eyebrows, considering the soft state of affairs in the office market.
The 15-year-leasehold office site has a site area of 66,482 sq ft and a maximum permissible gross floor area (GFA) of 99,728 sq ft. It can accommodate a four-storey building.
DTZ executive director Ong Choon Fah believes that the parcel stood out because of its location, which is not too far from the central business district and is near entertainment spots at Clarke Quay. Companies in the creative industry may find the site attractive, she said.
Cushman & Wakefield Singapore managing director Donald Han agrees that the site's location is appealing. Given the relatively high offer, he suggests that the bidder could be a firm looking to own and occupy the site, or a developer which 'knows the game, and is confident of developing transitional office sites'.
He added that the bidder could be expecting a recovery in the office market and as a result, higher rents in future, after the development on the office site is ready around the second half of 2011.
Leasing activity in the office market has picked up in the last few months as the economy stabilised. 'Although we expect office rents to continue to slide perhaps to the end of this year or early next year, the worst is probably over,' says Mrs Ong. 'There's a lot more confidence.'
But both consultants do not expect to see many other bidders for the site when the tender is launched. With this bid being so much higher than the previous one, 'there could be some segments saying 'it's not cheap',' Mr Han quipped.
URA had launched the site for sale in August 2008 when it was on the confirmed list. It received one bid of $4.65 million or $47 psf ppr from RSP Architects Planners & Engineers, but rejected it as it was too low. URA transferred the site to the reserve list in October that year.
The agency last sold a transitional office site at Scotts Road/Anthony Road in May 2008, for $32.99 million or $226 psf ppr.
Separately, owners of the freehold residential development Holland Hill Lodge have put their estate up for collective sale. The asking price ranges from $15 million to $16 million, and this translates to a land price of $1,038-$1,107 psf ppr, based on a gross plot ratio of 1.6.
The site measures some 9,033 sq ft and the existing GFA of the development is 18,086 sq ft. The owners are checking with the authorities on whether this GFA can be fully utilised upon redevelopment.
Credo Real Estate is marketing the site and the tender closes on Feb 25.
Copyright © 2010 Singapore Press Holdings Ltd. All rights reserved.
BT : HDB doing 'speculation' checks, will root it out
Business Times - 29 Jan 2010
HDB doing 'speculation' checks, will root it out
Mah says flats not meant for punting, will relook rules
By UMA SHANKARI
(SINGAPORE) The Housing & Development Board (HDB) is checking to see if buyers are using its government-subsidised flats to speculate in the property market - even as resale flat prices hit a new high in the fourth quarter of 2009.
'There are some people who are saying that people are buying HDB flats for speculation,' said Minister for National Development Mah Bow Tan. 'So let's look at that, see whether it is really happening and if so, whether any of our rules are allowing it to happen.'
Speculation 'shouldn't be' taking place as HDB flats under the government's home ownership programme are for people to live in, Mr Mah added. He was speaking to reporters on the sidelines of the International Housing Conference on Wednesday.
The minister has asked HDB to relook its rules to make sure that prices are not being artificially inflated. 'I have asked HDB to review its rules and see whether there are any rules that are encouraging and allowing people to speculate in HDB flats,' he said.
The move comes as HDB resale prices hit a new record in Q4 2009, with prices climbing 3.9 per cent from the previous quarter. The median cash-over- valuation (COV) for all resale transactions doubled to $24,000 in Q4 from $12,000 in Q3.
Answering questions on whether HDB flats were still affordable, Mr Mah noted that the resale market should be allowed to operate as a free market, with prices set on a 'willing buyer, willing seller' basis. So if there is 'genuine' demand, prices will climb.
But he drew the line at speculation and stressed that public housing is for owner-occupation. He did not say which rules are being studied, but added that the review should be completed in a few months' time.
Aside from reviewing regulations, Mr Mah said he has also asked HDB to step up enforcement. 'I've asked HDB to also step up on any possible breaking of the rules. I don't know if it's extensive, but anecdotally you do hear of one or two cases,' he added. 'We want to make sure that this is not happening.'
Analysts BT spoke to said that there was little speculative activity in the HDB market - in the sense that few buyers are buying flats with the sole purpose of flipping them.
'In my opinion, there is little or no speculative activity in the HDB market. I think the existing rules are relatively adequate,' said PropNex Realty chief executive Mohamed Ismail.
Under existing rules, home buyers who receive a grant from HDB can sell their flats only after five years. Singaporeans who choose not to take up grants - as well as PRs who are not eligible for any grants - can sell their flats after a year if they have not received a loan from HDB.
However, there are concerns that people could be buying flats for rental investment. Recent media reports have suggested that some flat owners at the newly completed Pinnacle@Duxton have rented out their entire units without a minimum occupation period. This is illegal under HDB's rules.
But market watchers pointed out that it will be difficult to check if an HDB flat is being occupied solely by renters.
Going forward, HDB will launch another 12,000 new flats this year as demand for public housing grows. Some 7,000 flats will be pushed out in just the first half of 2010.
'So long as there is demand, so long as there is a genuine take-up rate, HDB will build,' Mr Mah said.
Copyright © 2010 Singapore Press Holdings Ltd. All rights reserved.
Mr Mah: So long as there is demand and genuine take-up, HDB will build
HDB doing 'speculation' checks, will root it out
Mah says flats not meant for punting, will relook rules
By UMA SHANKARI
(SINGAPORE) The Housing & Development Board (HDB) is checking to see if buyers are using its government-subsidised flats to speculate in the property market - even as resale flat prices hit a new high in the fourth quarter of 2009.
'There are some people who are saying that people are buying HDB flats for speculation,' said Minister for National Development Mah Bow Tan. 'So let's look at that, see whether it is really happening and if so, whether any of our rules are allowing it to happen.'
Speculation 'shouldn't be' taking place as HDB flats under the government's home ownership programme are for people to live in, Mr Mah added. He was speaking to reporters on the sidelines of the International Housing Conference on Wednesday.
The minister has asked HDB to relook its rules to make sure that prices are not being artificially inflated. 'I have asked HDB to review its rules and see whether there are any rules that are encouraging and allowing people to speculate in HDB flats,' he said.
The move comes as HDB resale prices hit a new record in Q4 2009, with prices climbing 3.9 per cent from the previous quarter. The median cash-over- valuation (COV) for all resale transactions doubled to $24,000 in Q4 from $12,000 in Q3.
Answering questions on whether HDB flats were still affordable, Mr Mah noted that the resale market should be allowed to operate as a free market, with prices set on a 'willing buyer, willing seller' basis. So if there is 'genuine' demand, prices will climb.
But he drew the line at speculation and stressed that public housing is for owner-occupation. He did not say which rules are being studied, but added that the review should be completed in a few months' time.
Aside from reviewing regulations, Mr Mah said he has also asked HDB to step up enforcement. 'I've asked HDB to also step up on any possible breaking of the rules. I don't know if it's extensive, but anecdotally you do hear of one or two cases,' he added. 'We want to make sure that this is not happening.'
Analysts BT spoke to said that there was little speculative activity in the HDB market - in the sense that few buyers are buying flats with the sole purpose of flipping them.
'In my opinion, there is little or no speculative activity in the HDB market. I think the existing rules are relatively adequate,' said PropNex Realty chief executive Mohamed Ismail.
Under existing rules, home buyers who receive a grant from HDB can sell their flats only after five years. Singaporeans who choose not to take up grants - as well as PRs who are not eligible for any grants - can sell their flats after a year if they have not received a loan from HDB.
However, there are concerns that people could be buying flats for rental investment. Recent media reports have suggested that some flat owners at the newly completed Pinnacle@Duxton have rented out their entire units without a minimum occupation period. This is illegal under HDB's rules.
But market watchers pointed out that it will be difficult to check if an HDB flat is being occupied solely by renters.
Going forward, HDB will launch another 12,000 new flats this year as demand for public housing grows. Some 7,000 flats will be pushed out in just the first half of 2010.
'So long as there is demand, so long as there is a genuine take-up rate, HDB will build,' Mr Mah said.
Copyright © 2010 Singapore Press Holdings Ltd. All rights reserved.
Mr Mah: So long as there is demand and genuine take-up, HDB will build
CNA : MRT Circle Line phase 2 opening set to push property prices up: estate agents
MRT Circle Line phase 2 opening set to push property prices up: estate agents
By Maggie Chong, Channel NewsAsia | Posted: 28 January 2010 2008 hrs
SINGAPORE: The opening of the second phase of the Circle Line MRT in April is definitely something to look forward to for residents living nearby. But those looking to sell or rent their homes are set to benefit as well.
Property agents said the opening of the 11 new stations along the Circle Line is likely to push property prices up.
Agents MediaCorp spoke to estimate home prices will increase by 10 per cent while office rents will go up by 20 per cent.
They said estates like Serangoon, Bishan and Paya Lebar have a lot of market potential while units in industrial estates are also expected to be in high demand.
Eddy Ng, division director, ERA Real Estate, said: "Most of the workers are taking public transport, it can be very accessible for them, if there's an MRT line that leads them back home after work." - CNA/vm
By Maggie Chong, Channel NewsAsia | Posted: 28 January 2010 2008 hrs
SINGAPORE: The opening of the second phase of the Circle Line MRT in April is definitely something to look forward to for residents living nearby. But those looking to sell or rent their homes are set to benefit as well.
Property agents said the opening of the 11 new stations along the Circle Line is likely to push property prices up.
Agents MediaCorp spoke to estimate home prices will increase by 10 per cent while office rents will go up by 20 per cent.
They said estates like Serangoon, Bishan and Paya Lebar have a lot of market potential while units in industrial estates are also expected to be in high demand.
Eddy Ng, division director, ERA Real Estate, said: "Most of the workers are taking public transport, it can be very accessible for them, if there's an MRT line that leads them back home after work." - CNA/vm
CNA : First eco-town in Punggol, solar panels in more HDB precincts
First eco-town in Punggol, solar panels in more HDB precincts
By Ting Kheng Siong, Channel NewsAsia | Posted: 28 January 2010 2027 hrs
SINGAPORE: Plans are underway to turn Punggol into Singapore's first eco-town as part of the sustainable development blueprint.
The aim is that over the next five years, energy consumption in public areas will go down by up to 30 percent while energy use in households is targeted to decrease by 10 percent.
HDB said that as a new town, Punggol is perfect as a test bed for green technologies. These include facilities in carparks for people to power up their electric cars, and solar panels to generate electricity.
HDB CEO, Tay Kim Poh, said: "We will provide a lot more greenery in the town in terms of park, green connectors, roof gardens. Buildings will be designed so there is good cross-ventilation, and they don't really have to use their air-con."
A pilot scheme in Serangoon and Sembawang estates to use solar power has also seen energy consumption drop by 40 percent.
It will soon be extended to Tampines, Marine Parade, Tanjong Pagar and Bukit Panjang estates.
The aim is to install solar panels at 30 housing estates over five years.
- CNA/ir
By Ting Kheng Siong, Channel NewsAsia | Posted: 28 January 2010 2027 hrs
SINGAPORE: Plans are underway to turn Punggol into Singapore's first eco-town as part of the sustainable development blueprint.
The aim is that over the next five years, energy consumption in public areas will go down by up to 30 percent while energy use in households is targeted to decrease by 10 percent.
HDB said that as a new town, Punggol is perfect as a test bed for green technologies. These include facilities in carparks for people to power up their electric cars, and solar panels to generate electricity.
HDB CEO, Tay Kim Poh, said: "We will provide a lot more greenery in the town in terms of park, green connectors, roof gardens. Buildings will be designed so there is good cross-ventilation, and they don't really have to use their air-con."
A pilot scheme in Serangoon and Sembawang estates to use solar power has also seen energy consumption drop by 40 percent.
It will soon be extended to Tampines, Marine Parade, Tanjong Pagar and Bukit Panjang estates.
The aim is to install solar panels at 30 housing estates over five years.
- CNA/ir
CNA : HDB reviewing rules to weed out speculators & rental investors
HDB reviewing rules to weed out speculators & rental investors
By Joanne Chan/Hoe Yeen Nie, Channel NewsAsia | Posted: 28 January 2010 1747 hrs
SINGAPORE: The Housing and Development Board (HDB) is reviewing its rules to curb speculation and illegal subletting in the public housing market.
National Development Minister Mah Bow Tan said the move is to ensure prices are not being artificially inflated.
The review comes amid fresh concerns over the affordability of public housing sparked off by HDB's latest data that showed resale flat prices continued to climb in the fourth quarter of last year.
In addition, the median cash premium that home owners have to pay upfront doubled to S$24,000, prompting calls for the government to step in.
But Mr Mah noted that the resale market should be allowed to operate as a free market, with prices set on a "willing buyer, willing seller" basis.
He said: "Now, if you are a buyer, you feel anxious because you want prices to be low. But if you are a seller, you want prices to be high. So it's not possible for the government to set the resale prices.
"If you were to interfere in the COV (Cash-Over-Valuation), or the resale flat market, essentially, you are saying the government should set the resale flat prices which I think both parties will be unhappy. Why? Because the buyer may be happy today, but today if he's a buyer, tomorrow he would be a seller. Then when we set the prices and he wants to sell, he will be unhappy."
While promoting a free market, Mr Mah drew the line at speculation and stressed that HDB flats are for "owner-occupation, not speculation or rental investment."
As such, Mr Mah said the housing board is relooking rules to ensure that prices are not being artificially inflated.
"If somebody is coming in and buying because they hope to make money, through flipping or selling the flats later on, or to buy to rent without staying in there, I think that's not possible. That's not the idea of HDB flats," he said.
Mr Mah declined to say which rules are being studied. But he noted that the review will be completed in a few months' time.
How much impact will the review have? Housing analysts said speculators are not the main problem, because prices are not rising fast enough to lure them in.
ERA's Asia-Pacific associate director Eugene Lim noted that for speculators to be lured into the market, prices have to be moving up very fast. But that's not happening in the public housing market. For example, prices of HDB flats only increased by 8.2 percent in the past year.
He added that the mandatory holding period before you can sell your flat - one year if you've taken a bank loan; 2.5 years for those who borrowed from HDB - also acts as a deterrent against flipping.
Mr Lim said: "It's basically a case of demand more than supply, because there are probably more people with immediate housing needs now, who cannot wait for the three years for new flats to be built. There is also an increasing population of PRs. They're not allowed to buy from HDB direct, so they have to go to the resale market."
But Mr Lim noted that while business from PRs now accounts for 25 percent of his firm's business, up from 20 percent previously, that is still considered small. He added the review of rules is a sign that HDB is "leaving no stone unturned".
But demand is being pushed up partly by those who buy flats to earn rent.
Mr Lim said: "If an investment gives you 7 to 8 percent (returns), it is certainly very attractive to look at. Because it's quite easy to rent out HDB flat. It doesn't cost much - with $300,000 or $400,000 you can get a HDB flat, you can get good returns, it does attract a fair number of people to look at this option."
Latest HDB figures showed that between January 2008 and December last year, 56 homeowners were caught renting out their flats illegally.
And recent reports suggested that some flat owners at the newly completed Pinnacle@Duxton had rented out their entire units without a minimum occupation period. This is illegal under HDB's housing rules.
Home buyers who received a grant from HDB must stay in their flat for a minimum of five years before they can sublet their entire unit. For those who do not use a grant, there's a minimum occupation period of three years.
Offenders face a fine of between S$1,000 and S$21,000 and may even have their flats repossessed.
Mr Mah said: "I've asked HDB to also step up on any possible breaking of the rules. I don't know if it's extensive but anecdotally you do hear one or two cases. So we want to make sure that this is not happening."
But observers said many of these transactions are done under the table. So even if rules are tightened, enforcement will be difficult.
However industry players like Chris Koh of Dennis Wee Realty noted that new rules requiring homeowners to report the details of their tenants are an incentive for them to be honest.
But he felt that there is scope to increase the penalties further, and to penalise agents who facilitate illegal transactions.
And to help curb demand, analysts suggested tweaking rules on how flats are financed.
Currently, a buyer can take out a loan to pay for up to 90 percent of the purchase price of a new or resale flat.
Analysts suggested HDB lower that quantum and make buyers fork out a larger down-payment. This could force them to reassess just how much they can afford, thereby serving as a check on escalating prices.
- CNA/ir
By Joanne Chan/Hoe Yeen Nie, Channel NewsAsia | Posted: 28 January 2010 1747 hrs
SINGAPORE: The Housing and Development Board (HDB) is reviewing its rules to curb speculation and illegal subletting in the public housing market.
National Development Minister Mah Bow Tan said the move is to ensure prices are not being artificially inflated.
The review comes amid fresh concerns over the affordability of public housing sparked off by HDB's latest data that showed resale flat prices continued to climb in the fourth quarter of last year.
In addition, the median cash premium that home owners have to pay upfront doubled to S$24,000, prompting calls for the government to step in.
But Mr Mah noted that the resale market should be allowed to operate as a free market, with prices set on a "willing buyer, willing seller" basis.
He said: "Now, if you are a buyer, you feel anxious because you want prices to be low. But if you are a seller, you want prices to be high. So it's not possible for the government to set the resale prices.
"If you were to interfere in the COV (Cash-Over-Valuation), or the resale flat market, essentially, you are saying the government should set the resale flat prices which I think both parties will be unhappy. Why? Because the buyer may be happy today, but today if he's a buyer, tomorrow he would be a seller. Then when we set the prices and he wants to sell, he will be unhappy."
While promoting a free market, Mr Mah drew the line at speculation and stressed that HDB flats are for "owner-occupation, not speculation or rental investment."
As such, Mr Mah said the housing board is relooking rules to ensure that prices are not being artificially inflated.
"If somebody is coming in and buying because they hope to make money, through flipping or selling the flats later on, or to buy to rent without staying in there, I think that's not possible. That's not the idea of HDB flats," he said.
Mr Mah declined to say which rules are being studied. But he noted that the review will be completed in a few months' time.
How much impact will the review have? Housing analysts said speculators are not the main problem, because prices are not rising fast enough to lure them in.
ERA's Asia-Pacific associate director Eugene Lim noted that for speculators to be lured into the market, prices have to be moving up very fast. But that's not happening in the public housing market. For example, prices of HDB flats only increased by 8.2 percent in the past year.
He added that the mandatory holding period before you can sell your flat - one year if you've taken a bank loan; 2.5 years for those who borrowed from HDB - also acts as a deterrent against flipping.
Mr Lim said: "It's basically a case of demand more than supply, because there are probably more people with immediate housing needs now, who cannot wait for the three years for new flats to be built. There is also an increasing population of PRs. They're not allowed to buy from HDB direct, so they have to go to the resale market."
But Mr Lim noted that while business from PRs now accounts for 25 percent of his firm's business, up from 20 percent previously, that is still considered small. He added the review of rules is a sign that HDB is "leaving no stone unturned".
But demand is being pushed up partly by those who buy flats to earn rent.
Mr Lim said: "If an investment gives you 7 to 8 percent (returns), it is certainly very attractive to look at. Because it's quite easy to rent out HDB flat. It doesn't cost much - with $300,000 or $400,000 you can get a HDB flat, you can get good returns, it does attract a fair number of people to look at this option."
Latest HDB figures showed that between January 2008 and December last year, 56 homeowners were caught renting out their flats illegally.
And recent reports suggested that some flat owners at the newly completed Pinnacle@Duxton had rented out their entire units without a minimum occupation period. This is illegal under HDB's housing rules.
Home buyers who received a grant from HDB must stay in their flat for a minimum of five years before they can sublet their entire unit. For those who do not use a grant, there's a minimum occupation period of three years.
Offenders face a fine of between S$1,000 and S$21,000 and may even have their flats repossessed.
Mr Mah said: "I've asked HDB to also step up on any possible breaking of the rules. I don't know if it's extensive but anecdotally you do hear one or two cases. So we want to make sure that this is not happening."
But observers said many of these transactions are done under the table. So even if rules are tightened, enforcement will be difficult.
However industry players like Chris Koh of Dennis Wee Realty noted that new rules requiring homeowners to report the details of their tenants are an incentive for them to be honest.
But he felt that there is scope to increase the penalties further, and to penalise agents who facilitate illegal transactions.
And to help curb demand, analysts suggested tweaking rules on how flats are financed.
Currently, a buyer can take out a loan to pay for up to 90 percent of the purchase price of a new or resale flat.
Analysts suggested HDB lower that quantum and make buyers fork out a larger down-payment. This could force them to reassess just how much they can afford, thereby serving as a check on escalating prices.
- CNA/ir
CNA : Mary Chia expands into hotel business
Mary Chia expands into hotel business
By Mok Fei Fei, Channel NewsAsia | Posted: 28 January 2010 1332 hrs
SINGAPORE: Catalist-listed lifestyle and wellness service provider Mary Chia is expanding into the hotel business.
It said it has entered into a joint venture agreement with businessman Lee Boon Leng to set up a firm called Hotel Culture.
Hotel Culture's primary business is to operate a hotel, a lifestyle and wellness centre, food and beverage and other hotel-related activities.
For a start, Hotel Culture has exercised an option to buy three properties located at Mosque Street for S$20 million. The properties will be re-developed into a 92-room heritage hotel by the joint venture firm.
Mary Chia said the new hotel will embrace a new lifestyle concept comprising a wellness spa that is integrated with hotel facilities. It added that the acquisition is part of its effort to innovate and introduce new brands into the market.
To pay for the properties, Mary Chia said about S$16 million will be borrowed externally, with the rest of the money coming from shareholders' loans or equity.
- CNA/sc
By Mok Fei Fei, Channel NewsAsia | Posted: 28 January 2010 1332 hrs
SINGAPORE: Catalist-listed lifestyle and wellness service provider Mary Chia is expanding into the hotel business.
It said it has entered into a joint venture agreement with businessman Lee Boon Leng to set up a firm called Hotel Culture.
Hotel Culture's primary business is to operate a hotel, a lifestyle and wellness centre, food and beverage and other hotel-related activities.
For a start, Hotel Culture has exercised an option to buy three properties located at Mosque Street for S$20 million. The properties will be re-developed into a 92-room heritage hotel by the joint venture firm.
Mary Chia said the new hotel will embrace a new lifestyle concept comprising a wellness spa that is integrated with hotel facilities. It added that the acquisition is part of its effort to innovate and introduce new brands into the market.
To pay for the properties, Mary Chia said about S$16 million will be borrowed externally, with the rest of the money coming from shareholders' loans or equity.
- CNA/sc
CNA : One of Orchard Road's oldest hotel renamed after S$200m facelift
One of Orchard Road's oldest hotel renamed after S$200m facelift
By Asha Popatlal/Cheryl Lim, Channel NewsAsia | Posted: 28 January 2010 2255 hrs
SINGAPORE: It's one of the oldest hotels along the Orchard Road shopping belt and it had a grand re-opening on Thursday with a new name. It's now called the Mandarin Orchard Singapore.
The hotel, previously called the Meritus Mandarin, had undergone a S$200 million facelift.
Now there's also has a spanking new shopping area called the Mandarin Gallery.
And it was a big celebration this evening with the President S R Nathan as Guest-of-Honour. - CNA/vm
By Asha Popatlal/Cheryl Lim, Channel NewsAsia | Posted: 28 January 2010 2255 hrs
SINGAPORE: It's one of the oldest hotels along the Orchard Road shopping belt and it had a grand re-opening on Thursday with a new name. It's now called the Mandarin Orchard Singapore.
The hotel, previously called the Meritus Mandarin, had undergone a S$200 million facelift.
Now there's also has a spanking new shopping area called the Mandarin Gallery.
And it was a big celebration this evening with the President S R Nathan as Guest-of-Honour. - CNA/vm
CNA : Office site at Mohamed Sultan Road put up for sale by public tender
Office site at Mohamed Sultan Road put up for sale by public tender
By Mok Fei Fei, 938LIVE | Posted: 28 January 2010 2135 hrs
SINGAPORE: An office site at Mohamed Sultan Road has been put up for sale by public tender. The Urban Redevelopment Authority said it has accepted an application from a developer to put up the site for sale.
Since October 2008, the land parcel was made available for sale through the Reserve List System.
Under the system, a site would be released for sale only if a bid with an acceptable minimum price is received.
URA said a developer has committed to put in a bid of not less than S$9.33 million for the site.
As such, the sale process has been triggered.
URA will launch the public tender for the site in about two weeks.
The site has an area of 0.62 hectares and can generate a maximum permissible gross floor area of 9,265 square metres.
The land parcel is offered for sale on a 15-year lease. - 938LIVE/vm
By Mok Fei Fei, 938LIVE | Posted: 28 January 2010 2135 hrs
SINGAPORE: An office site at Mohamed Sultan Road has been put up for sale by public tender. The Urban Redevelopment Authority said it has accepted an application from a developer to put up the site for sale.
Since October 2008, the land parcel was made available for sale through the Reserve List System.
Under the system, a site would be released for sale only if a bid with an acceptable minimum price is received.
URA said a developer has committed to put in a bid of not less than S$9.33 million for the site.
As such, the sale process has been triggered.
URA will launch the public tender for the site in about two weeks.
The site has an area of 0.62 hectares and can generate a maximum permissible gross floor area of 9,265 square metres.
The land parcel is offered for sale on a 15-year lease. - 938LIVE/vm
ST : Separate ethnic quota for PRs
Jan 28, 2010
Separate ethnic quota for PRs
Move to prevent them from forming enclaves in public housing estates
By Kor Kian Beng
THE Housing Board is considering introducing a separate ethnic quota for permanent residents to prevent them from forming enclaves in public housing estates.
Its spokesman disclosed yesterday that the HDB was considering tweaking the Ethnic Integration Policy (EIP) but did not elaborate on the details.
PRs and Singaporeans are now subject to the same quota under the EIP, which aims to maintain a healthy racial mix in housing estates by stipulating maximum proportions for the key ethnic groups.
The HDB's statement followed comments made by Minister Mentor Lee Kuan Yew during a dialogue at an event marking the HDB's 50th anniversary.
Asked by the moderator, Professor Tommy Koh, if the EIP would be expanded to include new Singaporeans, Mr Lee said the Government was doing so.
Said Mr Lee: 'We're not allowing new Singaporeans, whether from China, India or Malaysia or whatever, to congregate in the same tower blocks, which they are already beginning to do. They buy second-hand flats and they congregate.
'So we say 'no, no'. We have a record of how many new citizens living where, and we keep their numbers dispersed.
'It (EIP) is a very valuable instrument of communal harmony.'
The HDB spokesman clarified later that it was still considering the proposed change for PRs, whose numbers have risen in recent years.
The swell has triggered concerns of PRs forming enclaves in housing estates.
Last November, National Development Minister Mah Bow Tan said, in response to a query in Parliament, that the Government was monitoring the situation and would consider measures to prevent the congregation of PRs and foreigners in the housing estates.
Mr Mah also said PRs are already subject to the EIP, which was introduced in 1989. Latest official statistics show there are 533,200 PRs.
They own around 5 per cent of the nearly 900,000 HDB flats islandwide. PRs can buy only resale flats.
Under the EIP, proportions for the main ethnic groups - Chinese, Malays and Indian/Others - in each block and each precinct of around 10 to 12 blocks are subject to quotas. Sale of an HDB flat to a buyer from an ethnic group that has reached the block or the precinct limit is not allowed.
Over the years, disgruntled buyers and sellers have called for the HDB to tweak the quota or to abolish it completely.
Mr Lee said yesterday the situation was no different in the EIP's early years, when residents preferred neighbours of their own ethnic group.
The audience got a clear sense of how seriously he viewed the EIP, in his reply to Prof Koh's question if he considered the scheme a 'successful experiment'.
Said Mr Lee: 'No, it was not an experiment... It was force majeure. We inflicted it on the people, we knew it would work, we knew it would be uncomfortable.
'I got the Malay MPs and the ministers together, explained it and I said this was the only way. If we didn't do this, we would remain separate communities and never integrate.'
Separate ethnic quota for PRs
Move to prevent them from forming enclaves in public housing estates
By Kor Kian Beng
THE Housing Board is considering introducing a separate ethnic quota for permanent residents to prevent them from forming enclaves in public housing estates.
Its spokesman disclosed yesterday that the HDB was considering tweaking the Ethnic Integration Policy (EIP) but did not elaborate on the details.
PRs and Singaporeans are now subject to the same quota under the EIP, which aims to maintain a healthy racial mix in housing estates by stipulating maximum proportions for the key ethnic groups.
The HDB's statement followed comments made by Minister Mentor Lee Kuan Yew during a dialogue at an event marking the HDB's 50th anniversary.
Asked by the moderator, Professor Tommy Koh, if the EIP would be expanded to include new Singaporeans, Mr Lee said the Government was doing so.
Said Mr Lee: 'We're not allowing new Singaporeans, whether from China, India or Malaysia or whatever, to congregate in the same tower blocks, which they are already beginning to do. They buy second-hand flats and they congregate.
'So we say 'no, no'. We have a record of how many new citizens living where, and we keep their numbers dispersed.
'It (EIP) is a very valuable instrument of communal harmony.'
The HDB spokesman clarified later that it was still considering the proposed change for PRs, whose numbers have risen in recent years.
The swell has triggered concerns of PRs forming enclaves in housing estates.
Last November, National Development Minister Mah Bow Tan said, in response to a query in Parliament, that the Government was monitoring the situation and would consider measures to prevent the congregation of PRs and foreigners in the housing estates.
Mr Mah also said PRs are already subject to the EIP, which was introduced in 1989. Latest official statistics show there are 533,200 PRs.
They own around 5 per cent of the nearly 900,000 HDB flats islandwide. PRs can buy only resale flats.
Under the EIP, proportions for the main ethnic groups - Chinese, Malays and Indian/Others - in each block and each precinct of around 10 to 12 blocks are subject to quotas. Sale of an HDB flat to a buyer from an ethnic group that has reached the block or the precinct limit is not allowed.
Over the years, disgruntled buyers and sellers have called for the HDB to tweak the quota or to abolish it completely.
Mr Lee said yesterday the situation was no different in the EIP's early years, when residents preferred neighbours of their own ethnic group.
The audience got a clear sense of how seriously he viewed the EIP, in his reply to Prof Koh's question if he considered the scheme a 'successful experiment'.
Said Mr Lee: 'No, it was not an experiment... It was force majeure. We inflicted it on the people, we knew it would work, we knew it would be uncomfortable.
'I got the Malay MPs and the ministers together, explained it and I said this was the only way. If we didn't do this, we would remain separate communities and never integrate.'
ST : HDB looks forward on its 50th birthday
Jan 28, 2010
HDB looks forward on its 50th birthday
By Jessica Cheam
EVEN as Singapore's public housing agency looks back to celebrate its achievements over the past 50 years, it will face increasing challenges that mean evolving to meet changing needs.
The Housing and Development Board (HDB), which marks its 50th birthday on Feb 1, must meet these challenges while maintaining its three-pronged approach of environmental, economic and social sustainability, National Development Minister Mah Bow Tan said yesterday.
He was addressing more than 500 delegates from around the world at the opening ceremony of a three-day international housing conference hosted by the HDB and held at Suntec City.
'In this globalised world, we face many common challenges: climate change, migration, demographic shifts, shrinking resources, among others,' he told the conference. 'These changes impact all cities alike, large or small, developed or developing, sooner or later.'
The conference was a great opportunity for policymakers, architects and urban planners to exchange ideas.
The growing challenges that HDB will face include an ageing population, which may require further innovations in housing policies or building design, he said. Others included integrating the growing number of new Singapore citizens and the effects of rising affluence.
'As the public housing authority, HDB's key task is to find innovative ways to accommodate our people, taking these challenges into account,' he said.
Speakers at the three-day conference, which discussed themes such as environmental sustainability, include housing ministers from Spain, Finland and Australia, and senior government officials from the United States and Hong Kong.
Hong Kong's Secretary for Transport and Housing Eva Cheng said Hong Kong faced similar challenges as Singapore over land size and a growing population, and had ensured public housing for lower-income earners. She will be speaking at the conference today.
Addressing the audience, HDB chief executive Tay Kim Poh also acknowledged yesterday that HDB has 'achieved much that we are proud of', but it is also mindful of the 'challenges to housing that are shaped by the changing needs and expectations of our people'.
HDB looks forward on its 50th birthday
By Jessica Cheam
EVEN as Singapore's public housing agency looks back to celebrate its achievements over the past 50 years, it will face increasing challenges that mean evolving to meet changing needs.
The Housing and Development Board (HDB), which marks its 50th birthday on Feb 1, must meet these challenges while maintaining its three-pronged approach of environmental, economic and social sustainability, National Development Minister Mah Bow Tan said yesterday.
He was addressing more than 500 delegates from around the world at the opening ceremony of a three-day international housing conference hosted by the HDB and held at Suntec City.
'In this globalised world, we face many common challenges: climate change, migration, demographic shifts, shrinking resources, among others,' he told the conference. 'These changes impact all cities alike, large or small, developed or developing, sooner or later.'
The conference was a great opportunity for policymakers, architects and urban planners to exchange ideas.
The growing challenges that HDB will face include an ageing population, which may require further innovations in housing policies or building design, he said. Others included integrating the growing number of new Singapore citizens and the effects of rising affluence.
'As the public housing authority, HDB's key task is to find innovative ways to accommodate our people, taking these challenges into account,' he said.
Speakers at the three-day conference, which discussed themes such as environmental sustainability, include housing ministers from Spain, Finland and Australia, and senior government officials from the United States and Hong Kong.
Hong Kong's Secretary for Transport and Housing Eva Cheng said Hong Kong faced similar challenges as Singapore over land size and a growing population, and had ensured public housing for lower-income earners. She will be speaking at the conference today.
Addressing the audience, HDB chief executive Tay Kim Poh also acknowledged yesterday that HDB has 'achieved much that we are proud of', but it is also mindful of the 'challenges to housing that are shaped by the changing needs and expectations of our people'.
ST : 65% satisfied with property agents: Poll
Jan 28, 2010
65% satisfied with property agents: Poll
By Dickson Li
TWO out of three people are satisfied with the service they get from real estate agents but there is still room for improvement, according to a survey conducted by Ngee Ann Polytechnic.
Of the 1,041 people questioned in the poll - 564 of whom had prior experience of property transactions - 64.6 per cent said they were either satisfied or very satisfied with the service they got from their agents.
Another 27.7 per cent felt neutral about the service provided, while the remainder were either very dissatisfied or dissatisfied.
Even among those who were satisfied, 71.1 per cent reported negative experiences of their property agents.
Chief among their complaints was failing to negotiate a 'good' price for the property. The second most common gripe was being given the 'wrong advice'.
Of the survey's respondents, 63.8 per cent felt that a property agent should have at least two years of relevant work experience before being accredited by a professional body.
The polytechnic's real estate lecturer Nicholas Mak, who is the survey's research coordinator, said: 'Two years is an indicator of the standard a real estate professional accreditation body should require from its members.'
An overwhelming majority - 96.6 per cent - of respondents called on the Government to implement changes to the industry.
The most popular proposed action was for the implementation of a property agent certification scheme. Although such a scheme might involve higher costs, 49.1 per cent of respondents did not mind paying a higher commission if they got experienced property agents.
Dr Tan Tee Khoon, chief executive of the Singapore Accredited Estate Agencies, acknowledged that despite a variety of measures taken towards self-regulation, 'there is still much to be desired of this industry'.
Publication of the Ngee Ann Polytechnic survey, which was conducted in the middle of last year, comes before the expected publication of the Ministry of National Development's proposed regulatory framework for the real estate industry.
65% satisfied with property agents: Poll
By Dickson Li
TWO out of three people are satisfied with the service they get from real estate agents but there is still room for improvement, according to a survey conducted by Ngee Ann Polytechnic.
Of the 1,041 people questioned in the poll - 564 of whom had prior experience of property transactions - 64.6 per cent said they were either satisfied or very satisfied with the service they got from their agents.
Another 27.7 per cent felt neutral about the service provided, while the remainder were either very dissatisfied or dissatisfied.
Even among those who were satisfied, 71.1 per cent reported negative experiences of their property agents.
Chief among their complaints was failing to negotiate a 'good' price for the property. The second most common gripe was being given the 'wrong advice'.
Of the survey's respondents, 63.8 per cent felt that a property agent should have at least two years of relevant work experience before being accredited by a professional body.
The polytechnic's real estate lecturer Nicholas Mak, who is the survey's research coordinator, said: 'Two years is an indicator of the standard a real estate professional accreditation body should require from its members.'
An overwhelming majority - 96.6 per cent - of respondents called on the Government to implement changes to the industry.
The most popular proposed action was for the implementation of a property agent certification scheme. Although such a scheme might involve higher costs, 49.1 per cent of respondents did not mind paying a higher commission if they got experienced property agents.
Dr Tan Tee Khoon, chief executive of the Singapore Accredited Estate Agencies, acknowledged that despite a variety of measures taken towards self-regulation, 'there is still much to be desired of this industry'.
Publication of the Ngee Ann Polytechnic survey, which was conducted in the middle of last year, comes before the expected publication of the Ministry of National Development's proposed regulatory framework for the real estate industry.
ST : En bloc sale panels already have a lifespan
Jan 28, 2010
En bloc sale panels already have a lifespan
I REFER to the letters on Monday by Ms Susan Prior ('Save owners from sword of Damocles') and Mr Augustine Cheah ('Loopholes in law').
Ms Prior suggests that a collective sale committee should have a limited lifespan. This is already provided for in the Land Titles (Strata) Act. The committee will automatically dissolve on expiry of the collective sale agreement. The agreement will expire if the requisite consent level is not attained within 12 months from the date of the first signatory.
The committee can also be dissolved by an ordinary resolution at a general meeting. Further, if no one has signed the agreement, the owners can dissolve the committee at any general meeting.
Mr Cheah claims that there had been no clarification or reply from the Ministry of Law to letters by many, including him, on purported loopholes in collective sale legislation.
Mr Cheah should know that what he says is inaccurate. The ministry has regularly responded to various letters on the matter.
The ministry has also previously responded to a Forum letter from one Mr Augustine Cheah (who is probably the same writer). The ministry's reply to Mr Cheah ('En bloc sales: Rights of all owners adequately protected') was published on Aug 21 last year.
As for Mr Cheah's call to tighten the legislation, the public is assured that the ministry has always actively considered feedback received, consulted industry experts and introduced amendments where appropriate. The ministry will continue to do so.
Chong Wan Yieng (Ms)
Head, Corporate Communications
Ministry of Law
En bloc sale panels already have a lifespan
I REFER to the letters on Monday by Ms Susan Prior ('Save owners from sword of Damocles') and Mr Augustine Cheah ('Loopholes in law').
Ms Prior suggests that a collective sale committee should have a limited lifespan. This is already provided for in the Land Titles (Strata) Act. The committee will automatically dissolve on expiry of the collective sale agreement. The agreement will expire if the requisite consent level is not attained within 12 months from the date of the first signatory.
The committee can also be dissolved by an ordinary resolution at a general meeting. Further, if no one has signed the agreement, the owners can dissolve the committee at any general meeting.
Mr Cheah claims that there had been no clarification or reply from the Ministry of Law to letters by many, including him, on purported loopholes in collective sale legislation.
Mr Cheah should know that what he says is inaccurate. The ministry has regularly responded to various letters on the matter.
The ministry has also previously responded to a Forum letter from one Mr Augustine Cheah (who is probably the same writer). The ministry's reply to Mr Cheah ('En bloc sales: Rights of all owners adequately protected') was published on Aug 21 last year.
As for Mr Cheah's call to tighten the legislation, the public is assured that the ministry has always actively considered feedback received, consulted industry experts and introduced amendments where appropriate. The ministry will continue to do so.
Chong Wan Yieng (Ms)
Head, Corporate Communications
Ministry of Law
ST : 'No' to more rental housing
Jan 28, 2010
'No' to more rental housing
By Rachel Chang
BUILDING more flats for rent could ease the burden on younger Singaporeans starting out in life - just as it could help others invest their resources in developing their businesses.
The idea of increasing the Housing Board's pool of rental flats to help those Singaporeans concerned about affordable housing, was put to Minister Mentor Lee Kuan Yew at a conference yesterday.
But he was quick to disagree, arguing that it was tantamount to putting the HDB in a position of subsidising rents indefinitely. It would also create a 'dependency group' - those constantly dependent on the Government and on subsidies.
The right policy is to, instead, subsidise the price of the flat for the buyer, who then has an asset that will appreciate in value as the economy grows.
'I'll improve the surroundings, I'll improve the lifts, the conditions, I'll give you more space. But it is yours and you look after it. And we do not have rundown public housing like other countries which are rental (units),' he said.
The idea was put forward by Professor Deng Yongheng, director of the National University of Singapore's Institute of Real Estate Studies. He said that having more rental flats would help low-income earners, and also allow others to put their money into meeting 'entrepreneurship and other demands'.
Mr Lee said that for those needing resources for their businesses, there was 'nothing to stop you from taking your house, your flat, you go to the bank and say... I've got so much more to pay, this is my income, I need this capital to start a business'.
The HDB clarified later to the media, however, that an HDB flat cannot be used as collateral for a bank loan.
In his response at the dialogue, Mr Lee also said that young Singaporeans wanting to invest in business and not be burdened with financing a flat, could rent from the private sector:
'If you believe you can be a great entrepreneur, then rent a flat from somebody. All the HDB flats are now rentable.'
Mr Lee also disagreed with another idea, raised by Ambassador-at-large Tommy Koh, that the HDB could build retirement communities like those found in Australia and the United States.
Mr Lee said he had read an article by a US doctor, who had assets but who stopped his practice and went into such a home.
'This retirement home was like a hotel and there were other doctors with whom he could discuss things at an intellectual level... He is in that profession, so he has saved enough to pay for the facilities as if it were a hotel,' Mr Lee said.
'You want American standards of living, be an American doctor. Singapore cannot give you that. We haven't got that kind of economy, nor that kind of land. Not even the developer can afford to go and retire in that kind of situation.'
'No' to more rental housing
By Rachel Chang
BUILDING more flats for rent could ease the burden on younger Singaporeans starting out in life - just as it could help others invest their resources in developing their businesses.
The idea of increasing the Housing Board's pool of rental flats to help those Singaporeans concerned about affordable housing, was put to Minister Mentor Lee Kuan Yew at a conference yesterday.
But he was quick to disagree, arguing that it was tantamount to putting the HDB in a position of subsidising rents indefinitely. It would also create a 'dependency group' - those constantly dependent on the Government and on subsidies.
The right policy is to, instead, subsidise the price of the flat for the buyer, who then has an asset that will appreciate in value as the economy grows.
'I'll improve the surroundings, I'll improve the lifts, the conditions, I'll give you more space. But it is yours and you look after it. And we do not have rundown public housing like other countries which are rental (units),' he said.
The idea was put forward by Professor Deng Yongheng, director of the National University of Singapore's Institute of Real Estate Studies. He said that having more rental flats would help low-income earners, and also allow others to put their money into meeting 'entrepreneurship and other demands'.
Mr Lee said that for those needing resources for their businesses, there was 'nothing to stop you from taking your house, your flat, you go to the bank and say... I've got so much more to pay, this is my income, I need this capital to start a business'.
The HDB clarified later to the media, however, that an HDB flat cannot be used as collateral for a bank loan.
In his response at the dialogue, Mr Lee also said that young Singaporeans wanting to invest in business and not be burdened with financing a flat, could rent from the private sector:
'If you believe you can be a great entrepreneur, then rent a flat from somebody. All the HDB flats are now rentable.'
Mr Lee also disagreed with another idea, raised by Ambassador-at-large Tommy Koh, that the HDB could build retirement communities like those found in Australia and the United States.
Mr Lee said he had read an article by a US doctor, who had assets but who stopped his practice and went into such a home.
'This retirement home was like a hotel and there were other doctors with whom he could discuss things at an intellectual level... He is in that profession, so he has saved enough to pay for the facilities as if it were a hotel,' Mr Lee said.
'You want American standards of living, be an American doctor. Singapore cannot give you that. We haven't got that kind of economy, nor that kind of land. Not even the developer can afford to go and retire in that kind of situation.'
TODAY Online : Housing and Development Board faces 3 key challenges
Housing and Development Board faces 3 key challenges
05:55 AM Jan 28, 2010
by Joanne Chan and S Ramesh joannechan@mediacorp.com.sg
SINGAPORE - Public housing in the 21st century must evolve to meet changing needs, according to National Development Minister Mah Bow Tan.
And the Housing and Development Board (HDB) will face three key challenges: Shifting demographics, ageing estates and a need for sustainable development.
On emerging population trends that will shape future housing policies, he said: "With globalisation and changing demographics, we also see an increasingly affluent population with a growing international outlook and rising expectations. Through immigration, the population is rising and becoming more diverse with different needs."
These changes will require not only greater integration efforts but may prompt other lifestyle changes and, thus, increased expectations of what public housing can provide.
Mr Mah was speaking yesterday at the opening of the International Housing Conference in Singapore.
Singapore's ageing society may require further innovations in housing policies or building design, he also said, highlighting the second challenge: The steadily ageing profile of HDB flats and towns. There will be an urgent need to upgrade, redevelop and rejuvenate older estates to keep them relevant and vibrant.
The third consideration was the need to minimise the impact of growth on the environment and to use resources efficiently. This will contribute to Singapore's overall quest to provide a green and healthy living environment, through careful long-term planning.
Mr Mah said that environmental, economic and social sustainability have been major and constant considerations in the design of HDB towns and flats. "Design guidelines are developed to take into account Singapore's tropical climate. The choice of materials, design and construction methods are also carefully considered, as they have major bearings on buildability, resource consumption and future maintenance requirements," he said.
In the past half century, the HDB has garnered significant international recognition, including the United Nations Public Service Award.
And while new challenges may shape housing policies differently in the future,Mr Mah said the core mission of HDB remained unchanged: Providing Singaporeans with affordable quality homes and building cohesive communities.
He urged the HDB to continue its pursuit of sustainable public housing for the next 50 years and beyond.
05:55 AM Jan 28, 2010
by Joanne Chan and S Ramesh joannechan@mediacorp.com.sg
SINGAPORE - Public housing in the 21st century must evolve to meet changing needs, according to National Development Minister Mah Bow Tan.
And the Housing and Development Board (HDB) will face three key challenges: Shifting demographics, ageing estates and a need for sustainable development.
On emerging population trends that will shape future housing policies, he said: "With globalisation and changing demographics, we also see an increasingly affluent population with a growing international outlook and rising expectations. Through immigration, the population is rising and becoming more diverse with different needs."
These changes will require not only greater integration efforts but may prompt other lifestyle changes and, thus, increased expectations of what public housing can provide.
Mr Mah was speaking yesterday at the opening of the International Housing Conference in Singapore.
Singapore's ageing society may require further innovations in housing policies or building design, he also said, highlighting the second challenge: The steadily ageing profile of HDB flats and towns. There will be an urgent need to upgrade, redevelop and rejuvenate older estates to keep them relevant and vibrant.
The third consideration was the need to minimise the impact of growth on the environment and to use resources efficiently. This will contribute to Singapore's overall quest to provide a green and healthy living environment, through careful long-term planning.
Mr Mah said that environmental, economic and social sustainability have been major and constant considerations in the design of HDB towns and flats. "Design guidelines are developed to take into account Singapore's tropical climate. The choice of materials, design and construction methods are also carefully considered, as they have major bearings on buildability, resource consumption and future maintenance requirements," he said.
In the past half century, the HDB has garnered significant international recognition, including the United Nations Public Service Award.
And while new challenges may shape housing policies differently in the future,Mr Mah said the core mission of HDB remained unchanged: Providing Singaporeans with affordable quality homes and building cohesive communities.
He urged the HDB to continue its pursuit of sustainable public housing for the next 50 years and beyond.
TODAY Online : Call for agent accreditation
Call for agent accreditation
05:55 AM Jan 28, 2010
SINGAPORE - The latest study on the professional standards of property agents have resulted in a strong call for their mandatory certification.
The study by Ngee Ann Polytechnic showed that while most respondents were satisfied with the services rendered by property agents, about a third - or 348 out of 1,041 - said they had experienced bad service.
The two most common complaints were the failure to negotiate a good price for their property, as well as wrong advice given by agents.
More than seven in ten said accreditation is necessary.
Most felt there should be a minimum requirement of two years of relevant working experience before agents are accredited by an independent professional organisation.
Currently, with accreditation being on a voluntary basis, the majority of the agents are not certified. In fact, out of the 33,000 or so agents here, only a quarter or about 8,000 are accredited.
Mr Nicholas Mak, a lecturer in real estate at Ngee Ann Polytechnic said professionalising the industry is more important at the time of a property boom because it is during such times that fair weather agents enter the industry.
"They just come in when the market is good, get a few deals earn several thousand dollars in commission and then after that disappear when the market is not doing so well," said Mr Mak. "In the meantime they are not properly trained, they may not follow certain codes of conduct and it may actually result in certain malpractices which in a way, it's just a small minority of these black sheep which gives the industry a bad name."
The Singapore Accredited Estate Agencies Limited said the good news is that 12,000 people have registered or are set to take the Common Exam for Sales Person. This, it said, will go some way in standardising the "level of competency" among housing agents here. Imelda Saad
05:55 AM Jan 28, 2010
SINGAPORE - The latest study on the professional standards of property agents have resulted in a strong call for their mandatory certification.
The study by Ngee Ann Polytechnic showed that while most respondents were satisfied with the services rendered by property agents, about a third - or 348 out of 1,041 - said they had experienced bad service.
The two most common complaints were the failure to negotiate a good price for their property, as well as wrong advice given by agents.
More than seven in ten said accreditation is necessary.
Most felt there should be a minimum requirement of two years of relevant working experience before agents are accredited by an independent professional organisation.
Currently, with accreditation being on a voluntary basis, the majority of the agents are not certified. In fact, out of the 33,000 or so agents here, only a quarter or about 8,000 are accredited.
Mr Nicholas Mak, a lecturer in real estate at Ngee Ann Polytechnic said professionalising the industry is more important at the time of a property boom because it is during such times that fair weather agents enter the industry.
"They just come in when the market is good, get a few deals earn several thousand dollars in commission and then after that disappear when the market is not doing so well," said Mr Mak. "In the meantime they are not properly trained, they may not follow certain codes of conduct and it may actually result in certain malpractices which in a way, it's just a small minority of these black sheep which gives the industry a bad name."
The Singapore Accredited Estate Agencies Limited said the good news is that 12,000 people have registered or are set to take the Common Exam for Sales Person. This, it said, will go some way in standardising the "level of competency" among housing agents here. Imelda Saad
BT : Hiap Hoe, SuperBowl JV to open 2 hotels
Business Times - 28 Jan 2010
Hiap Hoe, SuperBowl JV to open 2 hotels
By NISHA RAMCHANDANI
PROPERTY developer Hiap Hoe and SuperBowl Holdings, which owns and manages leisure and recreational facilities, are investing $300 million to open two hotels in Balestier through their 50:50 joint venture company, HH Properties.
HH has appointed Wyndham Hotel Management - which is part of the Wyndham Hotel Group - to run the two hotels. The hotel group's portfolio consists of over 7,000 hotels and 11 brands.
The two hotels will be operated under the Ramada and Days Inn brands, which are new-to-market brands for Singapore.
The 390-room Ramada Singapore at Zhongshan Park will have more than 6,400 square feet of meeting space and will be linked to an adjacent office block. The Days Hotel Singapore, also at Zhongshan Park, will have 405 rooms. Both hotels are slated to open their doors in 2014.
'Singapore is one of the most important business and leisure destinations in the Asia-Pacific region and we are thrilled to introduce our Ramada and Days Inn brands to the market,' said Tom Monahan, Wyndham Hotel Group's executive vice-president of international development. 'We are very excited to be working with HH Properties as we expand our global footprint.'
While Hiap Hoe and SuperBowl Holdings have worked together in the past on residential projects such as The Beverly, this is the maiden venture into the hospitality industry for both companies.
The Balestier site was awarded to HH Properties in August 2008, when HH Properties acquired the land for some $75 million. The land cost is included in the $300 million investment.
Located opposite the Sun Yat Sen Nanyang Memorial Hall, it has a land area of about 190,000 sq ft and a gross permissible floor area of about 421,000 sq ft. HH Properties will also construct commercial developments on the site.
Teo Ho Beng, managing director of Hiap Hoe Group said: 'We have spent a considerable amount of time planning the project. We selected Wyndham Hotel Group to manage the hotels based on its strong brand portfolio and track record.'
Hiap Hoe, SuperBowl JV to open 2 hotels
By NISHA RAMCHANDANI
PROPERTY developer Hiap Hoe and SuperBowl Holdings, which owns and manages leisure and recreational facilities, are investing $300 million to open two hotels in Balestier through their 50:50 joint venture company, HH Properties.
HH has appointed Wyndham Hotel Management - which is part of the Wyndham Hotel Group - to run the two hotels. The hotel group's portfolio consists of over 7,000 hotels and 11 brands.
The two hotels will be operated under the Ramada and Days Inn brands, which are new-to-market brands for Singapore.
The 390-room Ramada Singapore at Zhongshan Park will have more than 6,400 square feet of meeting space and will be linked to an adjacent office block. The Days Hotel Singapore, also at Zhongshan Park, will have 405 rooms. Both hotels are slated to open their doors in 2014.
'Singapore is one of the most important business and leisure destinations in the Asia-Pacific region and we are thrilled to introduce our Ramada and Days Inn brands to the market,' said Tom Monahan, Wyndham Hotel Group's executive vice-president of international development. 'We are very excited to be working with HH Properties as we expand our global footprint.'
While Hiap Hoe and SuperBowl Holdings have worked together in the past on residential projects such as The Beverly, this is the maiden venture into the hospitality industry for both companies.
The Balestier site was awarded to HH Properties in August 2008, when HH Properties acquired the land for some $75 million. The land cost is included in the $300 million investment.
Located opposite the Sun Yat Sen Nanyang Memorial Hall, it has a land area of about 190,000 sq ft and a gross permissible floor area of about 421,000 sq ft. HH Properties will also construct commercial developments on the site.
Teo Ho Beng, managing director of Hiap Hoe Group said: 'We have spent a considerable amount of time planning the project. We selected Wyndham Hotel Group to manage the hotels based on its strong brand portfolio and track record.'
BT : Lucky Plaza medical suites up for sale
Business Times - 28 Jan 2010
Lucky Plaza medical suites up for sale
THE second phase of Orchard Medical Specialists Centre will be offered for sale and rent from tomorrow by Hong Property Investments.
The fifth floor of Lucky Plaza has been transformed into an exclusive medical hub with occupants engaged in fields such as psychological medicine, dentistry and women's wellness. Since the first launch some two years ago, eight units have been sold and another 30 are tenanted.
The remaining 18 units are now being offered for sale at average prices of $3,100 to $3,200 per square foot (psf) and for rent at $11 to $12 psf per month.
Knight Frank, which is marketing the units, said that with the renewed buying interest in high-end apartments at Orchard Road as well as the continued growth in medical tourism in Singapore, medical practitioners and retail investors can generally envisage the capital appreciation and the rentability of the medical suites in the mid to long term.
According to Knight Frank, at the nearby 99-year Mount Elizabeth Medical Centre, a 1,206 sq ft unit changed hands at $3,701 psf last month while another 893 sq ft unit was sold for $4,798 psf in November last year.
Over at Novena Medical Centre, there were some transactions of the 99-year leasehold units in the range of $2,800 psf to $3,000 psf.
Rents of medical suites in the Orchard Road vicinity, such as at Paragon Medical Centre and Mount Elizabeth Medical Centre, are in the range of $14-$16 psf, Knight Frank said.
Copyright © 2007 Singapore Press Holdings Ltd. All rights reserved.
Lucky Plaza medical suites up for sale
THE second phase of Orchard Medical Specialists Centre will be offered for sale and rent from tomorrow by Hong Property Investments.
The fifth floor of Lucky Plaza has been transformed into an exclusive medical hub with occupants engaged in fields such as psychological medicine, dentistry and women's wellness. Since the first launch some two years ago, eight units have been sold and another 30 are tenanted.
The remaining 18 units are now being offered for sale at average prices of $3,100 to $3,200 per square foot (psf) and for rent at $11 to $12 psf per month.
Knight Frank, which is marketing the units, said that with the renewed buying interest in high-end apartments at Orchard Road as well as the continued growth in medical tourism in Singapore, medical practitioners and retail investors can generally envisage the capital appreciation and the rentability of the medical suites in the mid to long term.
According to Knight Frank, at the nearby 99-year Mount Elizabeth Medical Centre, a 1,206 sq ft unit changed hands at $3,701 psf last month while another 893 sq ft unit was sold for $4,798 psf in November last year.
Over at Novena Medical Centre, there were some transactions of the 99-year leasehold units in the range of $2,800 psf to $3,000 psf.
Rents of medical suites in the Orchard Road vicinity, such as at Paragon Medical Centre and Mount Elizabeth Medical Centre, are in the range of $14-$16 psf, Knight Frank said.
Copyright © 2007 Singapore Press Holdings Ltd. All rights reserved.
CNA : HDB considering imposing a quota on PRs in resale flats
HDB considering imposing a quota on PRs in resale flats
By Asha Popatlal, Channel NewsAsia | Posted: 27 January 2010 2113 hrs
SINGAPORE: The Housing & Development Board (HDB) is considering imposing a quota on Permanent Residents buying resale HDB flats. This could be done in the same way that racial quotas are imposed to prevent ethnic enclaves.
The issue came up in a dialogue session on public housing with Minister Mentor Lee Kuan Yew where questions on affordability and aspirations were brought up.
Public housing has come a long way from where it started 50 years ago. Still, issues remain. These include how foreigners are perceived to affect pricing of flats.
Mr Lee said over the next five years, the intake of foreigners will slow down but that means Singaporeans will have to increase their productivity.
Going further, dialogue moderator Professor Tommy Koh asked if more could be done to integrate those already here, in much the same way that the Ethnic Integration Policy was introduced in 1989 in public housing estates to get races mingling.
Mr Lee said: "Could the same approach be adopted towards integrating new Singaporeans? We are not allowing new Singaporeans whether from China, India, Malaysia, or whatever, to congregate in the same tower blocks, which they are already beginning to do.
"They buy second hand flats and they congregate. So we have a record of how many new citizens living where and we keep their numbers dispersed. It's a very valuable tool of communal harmony."
HDB later clarified that a quota policy on PRs for resale flats was being considered.
One other issue that came up during the dialogue is that of affordability, which has come up repeatedly. One suggestion was to have HDB provide more rental housing units.
Mr Lee said: 'I completely disagree with that policy. It will lead us into all kinds of problems. You are getting a dependency group - dependent on the government on constant subsidies, whereas our philosophy is 'I give you this asset, I will increase the value of the asset as the economy grows but it is yours and you look after it.' And we do not have run down public housing like other countries which are rental."
Mr Lee was also asked for his take on a recent media report that at least three opposition parties were eyeing National Development Minister Mah Bow Tan's ward with the aim of making public housing affordability an election issue.
He explained: "What is affordabilty? From the point of view of the buyer? And the government that is subsidising you? The government has to price it at a level that is fair to the revenue it is collecting and fair to the individual, not only the present buyer but past and future buyers. If Mr Mah is unable to defend himself, he deserves to lose.
"No country in the world has given its citizens and families an asset as valuable as what we have given every family here. And if you say that policy is at fault, you must be daft."
Mr Lee was speaking before some 500 delegates from 20 countries at a housing conference. - CNA/vm
By Asha Popatlal, Channel NewsAsia | Posted: 27 January 2010 2113 hrs
SINGAPORE: The Housing & Development Board (HDB) is considering imposing a quota on Permanent Residents buying resale HDB flats. This could be done in the same way that racial quotas are imposed to prevent ethnic enclaves.
The issue came up in a dialogue session on public housing with Minister Mentor Lee Kuan Yew where questions on affordability and aspirations were brought up.
Public housing has come a long way from where it started 50 years ago. Still, issues remain. These include how foreigners are perceived to affect pricing of flats.
Mr Lee said over the next five years, the intake of foreigners will slow down but that means Singaporeans will have to increase their productivity.
Going further, dialogue moderator Professor Tommy Koh asked if more could be done to integrate those already here, in much the same way that the Ethnic Integration Policy was introduced in 1989 in public housing estates to get races mingling.
Mr Lee said: "Could the same approach be adopted towards integrating new Singaporeans? We are not allowing new Singaporeans whether from China, India, Malaysia, or whatever, to congregate in the same tower blocks, which they are already beginning to do.
"They buy second hand flats and they congregate. So we have a record of how many new citizens living where and we keep their numbers dispersed. It's a very valuable tool of communal harmony."
HDB later clarified that a quota policy on PRs for resale flats was being considered.
One other issue that came up during the dialogue is that of affordability, which has come up repeatedly. One suggestion was to have HDB provide more rental housing units.
Mr Lee said: 'I completely disagree with that policy. It will lead us into all kinds of problems. You are getting a dependency group - dependent on the government on constant subsidies, whereas our philosophy is 'I give you this asset, I will increase the value of the asset as the economy grows but it is yours and you look after it.' And we do not have run down public housing like other countries which are rental."
Mr Lee was also asked for his take on a recent media report that at least three opposition parties were eyeing National Development Minister Mah Bow Tan's ward with the aim of making public housing affordability an election issue.
He explained: "What is affordabilty? From the point of view of the buyer? And the government that is subsidising you? The government has to price it at a level that is fair to the revenue it is collecting and fair to the individual, not only the present buyer but past and future buyers. If Mr Mah is unable to defend himself, he deserves to lose.
"No country in the world has given its citizens and families an asset as valuable as what we have given every family here. And if you say that policy is at fault, you must be daft."
Mr Lee was speaking before some 500 delegates from 20 countries at a housing conference. - CNA/vm
CNA : Public housing in 21st century must meet changing needs: Minister Mah
Public housing in 21st century must meet changing needs: Minister Mah
By S.Ramesh, Channel NewsAsia | Posted: 27 January 2010 1640 hrs
SINGAPORE: Singapore's National Development Minister Mah Bow Tan said public housing in the 21st century must evolve to meet changing needs.
But the core mission of the HDB remains unchanged - that of providing Singaporeans with affordable quality homes and building cohesive communities.
Speaking at the International Housing Conference in Singapore, Mr Mah noted the HDB will face increasing challenges due to shifting demographics. These include an aging population which may require further innovations in housing policies or building design.
These include an aging population, which may require further innovations in housing policies or building design.
In addition, with more new Singapore citizens, greater integration efforts will be required.
Mr Mah said rapid globalisation and affluence may also prompt other lifestyle changes and with it, increased expectations of what public housing can provide.
Singapore is also facing the steadily ageing profile of HDB flats and towns. So there will be an urgent need to upgrade, redevelop and rejuvenate older estates.
Mr Mah said HDB must meet these challenges and continue achieving environmental, economic and social sustainability. This will contribute to Singapore's overall quest to provide a green and healthy living environment, through careful long-term planning.
In the past half century, HDB achieved much for Singapore and garnered significant international recognition, including the UN Public Service Award.
And he urged HDB to continue its relentless pursuit of sustainable public housing for the next 50 years and beyond. - CNA/vm
By S.Ramesh, Channel NewsAsia | Posted: 27 January 2010 1640 hrs
SINGAPORE: Singapore's National Development Minister Mah Bow Tan said public housing in the 21st century must evolve to meet changing needs.
But the core mission of the HDB remains unchanged - that of providing Singaporeans with affordable quality homes and building cohesive communities.
Speaking at the International Housing Conference in Singapore, Mr Mah noted the HDB will face increasing challenges due to shifting demographics. These include an aging population which may require further innovations in housing policies or building design.
These include an aging population, which may require further innovations in housing policies or building design.
In addition, with more new Singapore citizens, greater integration efforts will be required.
Mr Mah said rapid globalisation and affluence may also prompt other lifestyle changes and with it, increased expectations of what public housing can provide.
Singapore is also facing the steadily ageing profile of HDB flats and towns. So there will be an urgent need to upgrade, redevelop and rejuvenate older estates.
Mr Mah said HDB must meet these challenges and continue achieving environmental, economic and social sustainability. This will contribute to Singapore's overall quest to provide a green and healthy living environment, through careful long-term planning.
In the past half century, HDB achieved much for Singapore and garnered significant international recognition, including the UN Public Service Award.
And he urged HDB to continue its relentless pursuit of sustainable public housing for the next 50 years and beyond. - CNA/vm
CNA : Wyndham Group to manage two new hotels at Balestier Rd
Wyndham Group to manage two new hotels at Balestier Rd
By Ryan Huang, Channel NewsAsia | Posted: 27 January 2010 1722 hrs
SINGAPORE : The world's largest hotel company Wyndham Group is starting operations in Singapore by managing two new hotels at Balestier Road.
Wyndham will partner a joint venture (JV) between local property developer Hiap Hoe and Superbowl Holdings.
This is also the JV's foray into the hospitality sector.
The busy Balestier Road area is fast becoming home to more hotels.
The latest two will be managed by the Wyndham Group.
There will be about 10 hotels in the area eventually, but Wyndham said there will still be demand for its mid-scale hotels.
They will cater mainly to medical tourists, due to their proximity to nearby hospitals.
Thomas Monahan, EVP, International Development, Wyndham Group, said: "Singapore is a critical market place in Asia. It is a showcase market place. It is where every hotel company wants to be, and there is certainly a shortage of room inventory in the three- and four-star market place for international brands.
"Our brands are a perfect fit for the market place, and they will help us grow in the Asia Pacific. If you look at the room inventory, most of it exists in the upscale (segment) and so these two properties will be positioned in the midscale, three- and four-star, where there is a lack of inventory in that market place."
Wyndham is planning to use Singapore as a base to build up its Asian presence.
The two new hotels will operate under the Ramada and Days Inn brands, and will each have about 400 rooms.
They will be separated by a public park, which is being developed as part of a government condition attached to the land development.
Besides the hotels, there will also be an adjacent office block and an integrated hub for dining and entertainment.
This is the first time that Hiap Hoe and Super Bowl are going into the hospitality business.
It is part of the duo's strategy to seek more steady growth.
Teo Ho Beng, managing director, Hiap Hoe Group, said: "The hotel will give us a very good recurring income, whereas for property development, you will be more dependent on the property cycle.
"Our location is near to the medical facilities that are coming up in this area, and we will be able to cater to some of this outpatient requirement that comes here for consultation."
The total cost of the development is about S$300 million.
Both hotels are expected to be open in 2014. - CNA/ms
By Ryan Huang, Channel NewsAsia | Posted: 27 January 2010 1722 hrs
SINGAPORE : The world's largest hotel company Wyndham Group is starting operations in Singapore by managing two new hotels at Balestier Road.
Wyndham will partner a joint venture (JV) between local property developer Hiap Hoe and Superbowl Holdings.
This is also the JV's foray into the hospitality sector.
The busy Balestier Road area is fast becoming home to more hotels.
The latest two will be managed by the Wyndham Group.
There will be about 10 hotels in the area eventually, but Wyndham said there will still be demand for its mid-scale hotels.
They will cater mainly to medical tourists, due to their proximity to nearby hospitals.
Thomas Monahan, EVP, International Development, Wyndham Group, said: "Singapore is a critical market place in Asia. It is a showcase market place. It is where every hotel company wants to be, and there is certainly a shortage of room inventory in the three- and four-star market place for international brands.
"Our brands are a perfect fit for the market place, and they will help us grow in the Asia Pacific. If you look at the room inventory, most of it exists in the upscale (segment) and so these two properties will be positioned in the midscale, three- and four-star, where there is a lack of inventory in that market place."
Wyndham is planning to use Singapore as a base to build up its Asian presence.
The two new hotels will operate under the Ramada and Days Inn brands, and will each have about 400 rooms.
They will be separated by a public park, which is being developed as part of a government condition attached to the land development.
Besides the hotels, there will also be an adjacent office block and an integrated hub for dining and entertainment.
This is the first time that Hiap Hoe and Super Bowl are going into the hospitality business.
It is part of the duo's strategy to seek more steady growth.
Teo Ho Beng, managing director, Hiap Hoe Group, said: "The hotel will give us a very good recurring income, whereas for property development, you will be more dependent on the property cycle.
"Our location is near to the medical facilities that are coming up in this area, and we will be able to cater to some of this outpatient requirement that comes here for consultation."
The total cost of the development is about S$300 million.
Both hotels are expected to be open in 2014. - CNA/ms
ST Forum : Costly flats
Jan 27, 2010
Costly flats
'How did it come to this?'
MR ROBIN CHUA: 'Although, unlike young couples, I am unaffected by the spike in flat prices, Saturday's report, 'Cash premiums for HDB flats hit a high', with its slew of price-spiking catchphrases - 'buyers desperate', 'high demand' and 'tight supply' - begs this question: After 40 years of public housing, how did it come to this? The Housing Board should stop insisting that enough flats are being built. The over-subscription by many times at each launch of public flats clearly shows that there are not enough new flats, thus pushing buyers towards the resale market, which in turn pushes prices and cash-over-valuation (COV) up; it's a vicious price circle. The irony is that on the one hand, young couples are urged to marry and have children early to help increase the procreation rate; and on the other hand, they are indirectly told to wait five years to get a flat and start a family.'
Costly flats
'How did it come to this?'
MR ROBIN CHUA: 'Although, unlike young couples, I am unaffected by the spike in flat prices, Saturday's report, 'Cash premiums for HDB flats hit a high', with its slew of price-spiking catchphrases - 'buyers desperate', 'high demand' and 'tight supply' - begs this question: After 40 years of public housing, how did it come to this? The Housing Board should stop insisting that enough flats are being built. The over-subscription by many times at each launch of public flats clearly shows that there are not enough new flats, thus pushing buyers towards the resale market, which in turn pushes prices and cash-over-valuation (COV) up; it's a vicious price circle. The irony is that on the one hand, young couples are urged to marry and have children early to help increase the procreation rate; and on the other hand, they are indirectly told to wait five years to get a flat and start a family.'
ST Forum : Tenants cannot sublet HDB flats to others
Jan 27, 2010
Tenants cannot sublet HDB flats to others
I REFER to Ms Mary Tan's letter last Tuesday, 'Subletting - Relaxation of rules works against genuine residents'. HDB flats are primarily meant for owner-occupation.
Each household can own only one HDB flat at any one time. However, we recognise that some flat owners may need to sublet their rooms or flat to meet their financial needs.
Therefore, flat owners can sublet their flats if they meet the HDB's policy requirements. Flat owners who wish to sublet their whole flat must obtain approval from HDB and fulfil the minimum occupation period. HDB's approval is not needed to sublet room(s) within a flat.
From Feb 1, owners who sublet rooms must register the subletting with the HDB within seven days of doing so. They must also notify the HDB when they renew or terminate their subletting contracts and when there are changes to their tenants' particulars.
The new requirement supports the Ministry of Home Affairs' efforts to eradicate loan-sharking activities, and to better protect HDB residents.
Flat owners who sublet rooms or their whole flat must comply with our terms and conditions, and ensure that their tenants do not disturb or inconvenience other residents unnecessarily.
Tenants cannot further sublet the flat to others. The HDB takes a very serious view of unauthorised subletting of flats and will act accordingly.
Foo-Ho Yoke Ming (Mrs)
Deputy Director (Branch Operations)
Housing & Development Board
Tenants cannot sublet HDB flats to others
I REFER to Ms Mary Tan's letter last Tuesday, 'Subletting - Relaxation of rules works against genuine residents'. HDB flats are primarily meant for owner-occupation.
Each household can own only one HDB flat at any one time. However, we recognise that some flat owners may need to sublet their rooms or flat to meet their financial needs.
Therefore, flat owners can sublet their flats if they meet the HDB's policy requirements. Flat owners who wish to sublet their whole flat must obtain approval from HDB and fulfil the minimum occupation period. HDB's approval is not needed to sublet room(s) within a flat.
From Feb 1, owners who sublet rooms must register the subletting with the HDB within seven days of doing so. They must also notify the HDB when they renew or terminate their subletting contracts and when there are changes to their tenants' particulars.
The new requirement supports the Ministry of Home Affairs' efforts to eradicate loan-sharking activities, and to better protect HDB residents.
Flat owners who sublet rooms or their whole flat must comply with our terms and conditions, and ensure that their tenants do not disturb or inconvenience other residents unnecessarily.
Tenants cannot further sublet the flat to others. The HDB takes a very serious view of unauthorised subletting of flats and will act accordingly.
Foo-Ho Yoke Ming (Mrs)
Deputy Director (Branch Operations)
Housing & Development Board
ST : New flats will stay affordable: PM Lee
Jan 27, 2010
New flats will stay affordable: PM Lee
Govt has less control over resale flat prices, but enough flats for all
By Jeremy Au Yong
WHILE the Government will keep the prices of new Housing Board flats in check, it has less control over prices in the resale market.
This state of affairs was highlighted by Prime Minister Lee Hsien Loong last night when he commented for the first time on what has been one of the hottest topics of discussion.
Speaking at a gala dinner to mark the HDB's 50th anniversary, Mr Lee stressed the Government was committed to keeping HDB flats affordable and that its new flats are priced within the means of the vast majority of Singaporeans.
On top of that, it would also build enough new flats to cater to demand as the population grows. In fact, to cap its 50th year, the HDB will build its one millionth flat this year.
However, the Government does not have control over the prices of resale flats, he said.
His explanation: 'These resale prices are set by individual households who transact flats on a willing buyer, willing seller basis, and are affected by movements and sentiments in the wider economy, including the private property market.
'Hence, resale prices of HDB flats will fluctuate from year to year.'
Despite these short-term fluctuations, Mr Lee said these flats would still hold their value in the long run.
'Over the long term, the value of HDB flats depends on the strength of the Singapore economy. Provided Singapore continues to do well, our flats will maintain their value, and Singaporeans can enjoy an appreciating asset,' he said.
The affordability of resale HDB flats has been in the spotlight, following a slew of reports showing a surge in prices.
Latest HDB data show resale prices rising 3.9 per cent in the final three months of last year to hit a fresh record, bringing the full-year increase to 8.2 per cent.
Similarly, the median Cash-over-Valuation (COV) paid for HDB flats in that period was $24,000 - double the $12,000 median in the third quarter last year. COV refers to the cash a buyer pays over and above a flat's valuation.
Price discussions aside, Mr Lee, in his address, looked back at the 50-year history of the HDB, starting from 1960 when it was formed to tackle Singapore's housing crisis to the present day when it is the provider of quality housing to most Singaporeans.
As he reflected on its successes, he threw up an interesting poser: Given that the entire population is housed, and the HDB has fulfilled its original mission, does it still have a role to play?
His reply: 'I have no doubt the answer is 'yes'.'
He explained that the HDB would remain relevant because it performs a crucial dual role: a housing and a social role.
'It is both a matter of capability - who can build, plan and manage these estates - and also a matter of social policy.
'Nobody else but the Government can build houses not just to achieve a housing objective, but to achieve a social goal - racial integration, community bonding, establishing and upgrading and maintaining a high quality living environment for the whole community,' he said.
But the environment the HDB is working in now has changed, as with the expectations of the people, he said.
'Singaporeans' aspirations have risen sharply. Finding a roof over our heads is no longer the pressing requirement. The HDB flat is not just a shelter, but also a key investment asset,' he noted.
So, when people look for a flat now, many more considerations are involved, he said: 'They want the right flat, in the right locality, at the right time and at the right price. Such high expectations are understandable, since buying a flat is a major commitment for a young couple setting up a home together.'
He stressed the HDB is committed to providing Singaporeans with high quality public housing, although it cannot accommodate every preference and meet every expectation.
The gala dinner also launched the International Housing Conference, which will run till Friday. Some 500 local and foreign delegates, as well as housing experts, are here to discuss such housing issues as urban planning and environmental sustainability.
New flats will stay affordable: PM Lee
Govt has less control over resale flat prices, but enough flats for all
By Jeremy Au Yong
WHILE the Government will keep the prices of new Housing Board flats in check, it has less control over prices in the resale market.
This state of affairs was highlighted by Prime Minister Lee Hsien Loong last night when he commented for the first time on what has been one of the hottest topics of discussion.
Speaking at a gala dinner to mark the HDB's 50th anniversary, Mr Lee stressed the Government was committed to keeping HDB flats affordable and that its new flats are priced within the means of the vast majority of Singaporeans.
On top of that, it would also build enough new flats to cater to demand as the population grows. In fact, to cap its 50th year, the HDB will build its one millionth flat this year.
However, the Government does not have control over the prices of resale flats, he said.
His explanation: 'These resale prices are set by individual households who transact flats on a willing buyer, willing seller basis, and are affected by movements and sentiments in the wider economy, including the private property market.
'Hence, resale prices of HDB flats will fluctuate from year to year.'
Despite these short-term fluctuations, Mr Lee said these flats would still hold their value in the long run.
'Over the long term, the value of HDB flats depends on the strength of the Singapore economy. Provided Singapore continues to do well, our flats will maintain their value, and Singaporeans can enjoy an appreciating asset,' he said.
The affordability of resale HDB flats has been in the spotlight, following a slew of reports showing a surge in prices.
Latest HDB data show resale prices rising 3.9 per cent in the final three months of last year to hit a fresh record, bringing the full-year increase to 8.2 per cent.
Similarly, the median Cash-over-Valuation (COV) paid for HDB flats in that period was $24,000 - double the $12,000 median in the third quarter last year. COV refers to the cash a buyer pays over and above a flat's valuation.
Price discussions aside, Mr Lee, in his address, looked back at the 50-year history of the HDB, starting from 1960 when it was formed to tackle Singapore's housing crisis to the present day when it is the provider of quality housing to most Singaporeans.
As he reflected on its successes, he threw up an interesting poser: Given that the entire population is housed, and the HDB has fulfilled its original mission, does it still have a role to play?
His reply: 'I have no doubt the answer is 'yes'.'
He explained that the HDB would remain relevant because it performs a crucial dual role: a housing and a social role.
'It is both a matter of capability - who can build, plan and manage these estates - and also a matter of social policy.
'Nobody else but the Government can build houses not just to achieve a housing objective, but to achieve a social goal - racial integration, community bonding, establishing and upgrading and maintaining a high quality living environment for the whole community,' he said.
But the environment the HDB is working in now has changed, as with the expectations of the people, he said.
'Singaporeans' aspirations have risen sharply. Finding a roof over our heads is no longer the pressing requirement. The HDB flat is not just a shelter, but also a key investment asset,' he noted.
So, when people look for a flat now, many more considerations are involved, he said: 'They want the right flat, in the right locality, at the right time and at the right price. Such high expectations are understandable, since buying a flat is a major commitment for a young couple setting up a home together.'
He stressed the HDB is committed to providing Singaporeans with high quality public housing, although it cannot accommodate every preference and meet every expectation.
The gala dinner also launched the International Housing Conference, which will run till Friday. Some 500 local and foreign delegates, as well as housing experts, are here to discuss such housing issues as urban planning and environmental sustainability.
ST : Circle Line's city leg to open on April 17
Jan 27, 2010
Circle Line's city leg to open on April 17
11-station stretch links Bras Basah, Suntec, Beach Road to suburbs
By Christopher Tan, Senior Correspondent
The entrance of Stadium MRT station is adorned with sports-inspired artwork. The opening of the new stations means those living in the north, north-east and east can head to the city without having to pass the busy City Hall and Raffles Place interchanges. -- ST PHOTO: BRYAN VAN DER BEEK
CATCH a concert at the Indoor Stadium, go shopping at Suntec City, then hop over to the Old Airport Road hawker centre for supper.
All this will be just a train ride away when the next stretch of the MRT Circle Line opens on April 17.
The line's 11-station city leg will link the Suntec, Beach Road and Bras Basah areas to the suburbs.
Among the stations to open will be Nicoll Highway - the station that delayed construction of the Circle Line when its former site collapsed in April 2004.
The station has been rebuilt about 100m from its old site.
The 11 new stations join five others that opened last May, linking Bartley to Marymount.
With more stations up and running, the Circle Line's ridership is expected to soar, from a current daily average of 30,000 to about 200,000.
Announcing the opening date of the next stretch, Transport Minister Raymond Lim said the Circle Line will cut travel time for many.
For example, it takes about 25 minutes for a Serangoon resident to travel by bus to Singapore Post's Paya Lebar headquarters. From April 17, the same trip by train will take 12 minutes.
An Ang Mo Kio resident heading for the Old Airport Road food centre now takes 40 minutes to get there by bus. With the Circle Line, the trip will take 25 minutes, including a transfer at Bishan station.
The upcoming stretch of the Circle Line has two new interchanges: the Dhoby Ghaut mega-exchange and Paya Lebar, which links the Circle Line to the East-West Line.
This will allow people living in the north, north-east and east to head to the city and back without going through the busy City Hall and Raffles Place interchanges.
Other operational interchanges on the Circle Line are the Serangoon and Bishan stations.
Asked why the new stretch could not be opened earlier, say in time for Chinese New Year, Mr Lim said April 17 was a date the Land Transport Authority (LTA) was comfortable with.
'They had to be sure that it is safe and reliable,' he said.
Asked if bus services along the line would be reduced, he said the LTA would work with bus operators to see how they can feed commuters to the line.
He added that the rest of the 33km Circle Line will open some time next year. This will link areas like Thomson, Farrer, Holland Village, Pasir Panjang and Telok Blangah, with stops at places such as the Botanic Gardens, the National University of Singapore, the One-North techpark, Haw Par Villa and HarbourFront.
The LTA said construction work on this portion of the line is almost complete.
LTA group director Sim Wee Meng said track-laying will be completed by April, followed by the remaining electrical and mechanical works.
All roads diverted by Circle Line work will be back to their original alignment by December, he added.
Meanwhile, residents are looking forward to the new stations opening in April, after more than eight years of construction.
Retiree and MacPherson resident Bernard Ng, 66, said: 'I'll definitely use it. It's convenient, wherever you're going.'
Businesswoman and Upper Paya Lebar resident Vivien Toh, 51, said she will hop onto the line from the Bartley station. 'It's a 15-minute walk away, so I'll probably get my husband to drop me off there,' she quipped. 'The children will also find it convenient.'
Marine Parade GRC MP Lim Biow Chuan is happy that three new stations are in his ward: Mountbatten, Dakota and Stadium. He noted that there are at least 25 blocks of flats within walking distance of the Mountbatten and Dakota stations.
Rail operator SMRT Corp is expected to improve takings from the Circle Line, which has been running at a loss since last year. Besides the expected spike in ridership, it will also enjoy a jump in rentable space.
Circle Line's city leg to open on April 17
11-station stretch links Bras Basah, Suntec, Beach Road to suburbs
By Christopher Tan, Senior Correspondent
The entrance of Stadium MRT station is adorned with sports-inspired artwork. The opening of the new stations means those living in the north, north-east and east can head to the city without having to pass the busy City Hall and Raffles Place interchanges. -- ST PHOTO: BRYAN VAN DER BEEK
CATCH a concert at the Indoor Stadium, go shopping at Suntec City, then hop over to the Old Airport Road hawker centre for supper.
All this will be just a train ride away when the next stretch of the MRT Circle Line opens on April 17.
The line's 11-station city leg will link the Suntec, Beach Road and Bras Basah areas to the suburbs.
Among the stations to open will be Nicoll Highway - the station that delayed construction of the Circle Line when its former site collapsed in April 2004.
The station has been rebuilt about 100m from its old site.
The 11 new stations join five others that opened last May, linking Bartley to Marymount.
With more stations up and running, the Circle Line's ridership is expected to soar, from a current daily average of 30,000 to about 200,000.
Announcing the opening date of the next stretch, Transport Minister Raymond Lim said the Circle Line will cut travel time for many.
For example, it takes about 25 minutes for a Serangoon resident to travel by bus to Singapore Post's Paya Lebar headquarters. From April 17, the same trip by train will take 12 minutes.
An Ang Mo Kio resident heading for the Old Airport Road food centre now takes 40 minutes to get there by bus. With the Circle Line, the trip will take 25 minutes, including a transfer at Bishan station.
The upcoming stretch of the Circle Line has two new interchanges: the Dhoby Ghaut mega-exchange and Paya Lebar, which links the Circle Line to the East-West Line.
This will allow people living in the north, north-east and east to head to the city and back without going through the busy City Hall and Raffles Place interchanges.
Other operational interchanges on the Circle Line are the Serangoon and Bishan stations.
Asked why the new stretch could not be opened earlier, say in time for Chinese New Year, Mr Lim said April 17 was a date the Land Transport Authority (LTA) was comfortable with.
'They had to be sure that it is safe and reliable,' he said.
Asked if bus services along the line would be reduced, he said the LTA would work with bus operators to see how they can feed commuters to the line.
He added that the rest of the 33km Circle Line will open some time next year. This will link areas like Thomson, Farrer, Holland Village, Pasir Panjang and Telok Blangah, with stops at places such as the Botanic Gardens, the National University of Singapore, the One-North techpark, Haw Par Villa and HarbourFront.
The LTA said construction work on this portion of the line is almost complete.
LTA group director Sim Wee Meng said track-laying will be completed by April, followed by the remaining electrical and mechanical works.
All roads diverted by Circle Line work will be back to their original alignment by December, he added.
Meanwhile, residents are looking forward to the new stations opening in April, after more than eight years of construction.
Retiree and MacPherson resident Bernard Ng, 66, said: 'I'll definitely use it. It's convenient, wherever you're going.'
Businesswoman and Upper Paya Lebar resident Vivien Toh, 51, said she will hop onto the line from the Bartley station. 'It's a 15-minute walk away, so I'll probably get my husband to drop me off there,' she quipped. 'The children will also find it convenient.'
Marine Parade GRC MP Lim Biow Chuan is happy that three new stations are in his ward: Mountbatten, Dakota and Stadium. He noted that there are at least 25 blocks of flats within walking distance of the Mountbatten and Dakota stations.
Rail operator SMRT Corp is expected to improve takings from the Circle Line, which has been running at a loss since last year. Besides the expected spike in ridership, it will also enjoy a jump in rentable space.
BT : HDB flats to stay affordable for Singaporeans: PM Lee
Business Times - 27 Jan 2010
HDB flats to stay affordable for Singaporeans: PM Lee
By EMILYN YAP
(SINGAPORE) The government is committed to keeping public housing affordable for Singaporeans, said Prime Minister Lee Hsien Loong yesterday.
He was speaking at a gala dinner for the International Housing Conference, organised by the Housing and Development Board (HDB) to mark its 50th anniversary this year.
The message came on the back of recent HDB data, showing resale flat prices reaching a new high in Q4 2009. Cash premiums for resale flats also jumped.
Mr Lee noted that HDB prices its new flats so that the vast majority of Singaporeans would be able to purchase them. The agency will also build enough flats to meet demand from a growing population.
'However, the government has less control over housing prices in the resale market,' he said. These prices are reached on a willing buyer, willing seller basis, and are affected by other factors in the economy, including those in the private property market.
As a result, resale flat prices will fluctuate, Mr Lee said. 'But over the long term, the value of HDB flats depends on the strength of the Singapore economy. Provided Singapore continues to do well, our flats will maintain their value, and Singaporeans can enjoy an appreciating asset.'
Demand for resale flats was strong for most of 2009. HDB said last Friday that its resale price index hit 150.8 points in Q4, up 8.2 per cent from the previous year.
The median cash premium for all resale transactions doubled to $24,000 in Q4 from Q3. It has since dipped to $22,000 for the first half of this month. With a robust housing market, HDB will be launching 12,000 new build-to-order flats this year.
Today, more than eight in 10 Singaporeans live in HDB flats and nine out of 10 HDB households own their flats. The situation is markedly different from that in 1959, when less than 10 per cent of the population of 1.6 million owned a home.
There are now more than 900,000 flats across the island and HDB will be building the one millionth this year.
Mr Lee believes that HDB still has a role to play. While private housing has become more readily available, it caters mostly to higher-income groups - HDB still needs to provide good-quality public housing to most Singaporeans.
But he also recognised that Singaporeans' aspirations have risen sharply, and a flat acts not just as a shelter, but also as a key investment asset. Home seekers now have many considerations in choosing a flat.
'HDB is committed to providing Singaporeans with high quality public housing, even though I hope Singaporeans can understand that it cannot accommodate every preference and meet every expectation,' he said.
Some 800 guests, including delegates and speakers attending the conference, former national development ministers and former HDB executives were at the dinner.
HDB flats to stay affordable for Singaporeans: PM Lee
By EMILYN YAP
(SINGAPORE) The government is committed to keeping public housing affordable for Singaporeans, said Prime Minister Lee Hsien Loong yesterday.
He was speaking at a gala dinner for the International Housing Conference, organised by the Housing and Development Board (HDB) to mark its 50th anniversary this year.
The message came on the back of recent HDB data, showing resale flat prices reaching a new high in Q4 2009. Cash premiums for resale flats also jumped.
Mr Lee noted that HDB prices its new flats so that the vast majority of Singaporeans would be able to purchase them. The agency will also build enough flats to meet demand from a growing population.
'However, the government has less control over housing prices in the resale market,' he said. These prices are reached on a willing buyer, willing seller basis, and are affected by other factors in the economy, including those in the private property market.
As a result, resale flat prices will fluctuate, Mr Lee said. 'But over the long term, the value of HDB flats depends on the strength of the Singapore economy. Provided Singapore continues to do well, our flats will maintain their value, and Singaporeans can enjoy an appreciating asset.'
Demand for resale flats was strong for most of 2009. HDB said last Friday that its resale price index hit 150.8 points in Q4, up 8.2 per cent from the previous year.
The median cash premium for all resale transactions doubled to $24,000 in Q4 from Q3. It has since dipped to $22,000 for the first half of this month. With a robust housing market, HDB will be launching 12,000 new build-to-order flats this year.
Today, more than eight in 10 Singaporeans live in HDB flats and nine out of 10 HDB households own their flats. The situation is markedly different from that in 1959, when less than 10 per cent of the population of 1.6 million owned a home.
There are now more than 900,000 flats across the island and HDB will be building the one millionth this year.
Mr Lee believes that HDB still has a role to play. While private housing has become more readily available, it caters mostly to higher-income groups - HDB still needs to provide good-quality public housing to most Singaporeans.
But he also recognised that Singaporeans' aspirations have risen sharply, and a flat acts not just as a shelter, but also as a key investment asset. Home seekers now have many considerations in choosing a flat.
'HDB is committed to providing Singaporeans with high quality public housing, even though I hope Singaporeans can understand that it cannot accommodate every preference and meet every expectation,' he said.
Some 800 guests, including delegates and speakers attending the conference, former national development ministers and former HDB executives were at the dinner.
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