Mar 18, 2010
Can building plan be changed after vote?
I REFER to last Saturday's report, 'Lift upgrading in Eunos resumes'.
I share the plight of the affected residents in Eunos in having to put up with poor ventilation and lighting after completion of the lift upgrading. At Block 159, Bishan Street 13 where I live, residents suffered the same fate.
I vividly remember telling the site clerk when the foundation was being dug that the positioning of the lift shaft was not in accordance with the specifications in the drawing plan as voted by residents.
However, HDB staff insisted that the excavation of the lift shaft positioning was in the correct position.
Upon completion of the lift, our earlier misgivings that the design was not the same as what the residents had voted on were confirmed. And as expected, the ventilation and lighting on the second level were below the reasonable expectations of the residents.
The HDB's response was that the lift shaft position was changed after representations made by two executive maisonette units closer to the lift and that nothing could be done to change the situation.
As far as residents are concerned, their votes on the lift upgrading should be honoured. Can the HDB unilaterally change the building plan which the residents had voted on?
As this is a matter of public interest, could the relevant authorities comment on the HDB's unilateral action on the lift upgrading which adversely affects the interest of the residents?
Wee Eng Leong
Thursday, March 18, 2010
ST Forum : Sale of site will worsen traffic congestion
Mar 18, 2010
Sale of site will worsen traffic congestion
I REFER to last Saturday's report, 'Changi residential site up for tender'.
The Government should have factored in the traffic congestion along Loyang Avenue when putting the site up for tender. There is bumper-to-bumper traffic every morning and evening near the cross junction with Tampines Expressway. And residential project The Gale, which was launched last July, will worsen the traffic congestion when it is completed.
There should be a plan to create a new access road from Upper Changi Road North for the residential estates around Flora Drive area rather than put up the mentioned site for tender.
Raymond Er
Sale of site will worsen traffic congestion
I REFER to last Saturday's report, 'Changi residential site up for tender'.
The Government should have factored in the traffic congestion along Loyang Avenue when putting the site up for tender. There is bumper-to-bumper traffic every morning and evening near the cross junction with Tampines Expressway. And residential project The Gale, which was launched last July, will worsen the traffic congestion when it is completed.
There should be a plan to create a new access road from Upper Changi Road North for the residential estates around Flora Drive area rather than put up the mentioned site for tender.
Raymond Er
ST : Siglap condo makes en bloc pitch
Mar 18, 2010
Siglap condo makes en bloc pitch
By Esther Teo
CULFORD Gardens in Siglap has been put up for a collective sale with an asking price of between $37 million and $40 million.
Marketing agent Credo Real Estate's managing director Karamjit Singh said that at this price, each unit owner can expect to get an average of between $1.54 million and $1.66 million from any eventual sale.
The site has a land area of 44,093 sq ft, with 24 units of mainly three-bedroom apartments. It can be redeveloped into about 65 apartment units with an average size of 1,000 sq ft each.
The District 15 freehold site is zoned for a residential development that may be up to five storeys high.
The total gross floor area (GFA) allowed is about 68,000 sq ft, including balconies.
Mr Singh said the asking price for the collective sale translates to about $545 to $589 per sq ft (psf) on potential GFA. At this price range, a developer may expect to break even at about $950 to $1,000 psf.
Recent launches in the vicinity, such as Eastwood Regency off Upper East Coast Road, have averaged about $1,120 psf, Mr Singh added.
Preparations for the collective sale exercise began in early October last year. More than the requisite 80 per cent of owners signed the sale agreement within a month of the first signature.
Mr Singh said the selling points of the site included its proximity to Siglap, now known as the Holland Village of the east.
'There aren't that many sites in that area for redevelopment, and this is one of the few with sizeable land area,' he added.
Last month, Credo Real Estate sealed the first collective sale of the year.
Four owners of a Balestier industrial plot sold their Jalan Ampas site - which can be converted to residential use - for $27.5 million.
More such deals are likely to be inked this year, after a dry year in 2009 when just one collective sale was transacted.
Mr Singh expects to see at least 20 to 40 more such collective sales and even more if the property market continues its upward trend - further driving up land prices.
The tender for Culford Gardens closes on April 8.
Siglap condo makes en bloc pitch
By Esther Teo
CULFORD Gardens in Siglap has been put up for a collective sale with an asking price of between $37 million and $40 million.
Marketing agent Credo Real Estate's managing director Karamjit Singh said that at this price, each unit owner can expect to get an average of between $1.54 million and $1.66 million from any eventual sale.
The site has a land area of 44,093 sq ft, with 24 units of mainly three-bedroom apartments. It can be redeveloped into about 65 apartment units with an average size of 1,000 sq ft each.
The District 15 freehold site is zoned for a residential development that may be up to five storeys high.
The total gross floor area (GFA) allowed is about 68,000 sq ft, including balconies.
Mr Singh said the asking price for the collective sale translates to about $545 to $589 per sq ft (psf) on potential GFA. At this price range, a developer may expect to break even at about $950 to $1,000 psf.
Recent launches in the vicinity, such as Eastwood Regency off Upper East Coast Road, have averaged about $1,120 psf, Mr Singh added.
Preparations for the collective sale exercise began in early October last year. More than the requisite 80 per cent of owners signed the sale agreement within a month of the first signature.
Mr Singh said the selling points of the site included its proximity to Siglap, now known as the Holland Village of the east.
'There aren't that many sites in that area for redevelopment, and this is one of the few with sizeable land area,' he added.
Last month, Credo Real Estate sealed the first collective sale of the year.
Four owners of a Balestier industrial plot sold their Jalan Ampas site - which can be converted to residential use - for $27.5 million.
More such deals are likely to be inked this year, after a dry year in 2009 when just one collective sale was transacted.
Mr Singh expects to see at least 20 to 40 more such collective sales and even more if the property market continues its upward trend - further driving up land prices.
The tender for Culford Gardens closes on April 8.
ST : Sales of private homes up 130%
Mar 18, 2010
Sales of private homes up 130%
Singaporeans are the main drivers of surge last year
By Melissa Sim & Melissa Kok
DOWNTURN? What downturn?
Private home transactions - for both new and resale homes - jumped by more than 130 per cent last year, despite the downturn. Singaporeans were the main drivers of the surge: There was an overall rise of 144 per cent in private property transactions by them last year - 23,516 compared with 9,649 in 2008.
In the non-landed segment, Singaporean purchases rose almost 159 per cent. The rise in landed property purchases was nearly 83 per cent.
But comparatively lower prices here as a result of the credit crunch, the influx of expatriates and the attractiveness of Singapore property also led to more purchases by foreigners.
The number of purchases by foreigners, including permanent residents (PRs), rose 114 per cent overall last year - 6,798 compared to 3,176 in 2008. The bulk of the increase was in the non-landed segment, which rose from 3,036 purchases in 2008 to 6,610 last year - a jump of 118 per cent.
Landed properties showed a year-on-year rise of 34 per cent.
In terms of overall private property transactions, Singaporeans accounted for 76 per cent of all purchases. Foreigners and PRs made up about 22 per cent, with the rest going to companies and others, according to figures from the Urban Redevelopment Authority and DTZ Research.
Checks by The Straits Times showed that among the foreigners, Malaysians, Indonesians, and Chinese and Indian nationals were the most active in the property market. In particular, the proportion of Chinese and Indian nationals has shown a steep hike.
In 1999, they made up 6.6 per cent of total transactions by foreigners and PRs. That proportion grew to 27.3 per cent last year.
Experts said the rising number of purchases by foreigners could also be due to home prices here being more attractive than in cities like Hong Kong and Tokyo.
Ms Christine Sun, senior manager of research and consultancy at Savills Singapore, said: 'The opening of the integrated resort and the strength, resilience and stability of Singapore's economy during the recent downturn could also be plus points.'
She added that the boom came despite a poor economy. 'The market sentiment in the earlier part of 2009 was rather bullish. Many locals were buying due to pent-up demand, and PRs and foreigners could have ridden on the positive market sentiment and bought in as well.'
Mr Jeffrey Hong, executive director of HSR Property Group, said another reason for the rise in transactions was simply that there are more foreigners here.
Latest figures from the Department of Statistics showed there were 533,200 PRs and 1.25 million foreigners in Singapore as of last year, up from 449,200 PRs and one million foreigners in 2007.
Another reason foreigners are buying more homes is that to many, it makes more sense than renting.
Australian Justin Kwan, 26, a doctor who has lived here for more than a year, bought a Newton One condo unit last December. He did not want to go on paying $3,000 in rent, and said property prices were affordable.
simlinoi@sph.com.sg
melk@sph.com.sg
Sales of private homes up 130%
Singaporeans are the main drivers of surge last year
By Melissa Sim & Melissa Kok
DOWNTURN? What downturn?
Private home transactions - for both new and resale homes - jumped by more than 130 per cent last year, despite the downturn. Singaporeans were the main drivers of the surge: There was an overall rise of 144 per cent in private property transactions by them last year - 23,516 compared with 9,649 in 2008.
In the non-landed segment, Singaporean purchases rose almost 159 per cent. The rise in landed property purchases was nearly 83 per cent.
But comparatively lower prices here as a result of the credit crunch, the influx of expatriates and the attractiveness of Singapore property also led to more purchases by foreigners.
The number of purchases by foreigners, including permanent residents (PRs), rose 114 per cent overall last year - 6,798 compared to 3,176 in 2008. The bulk of the increase was in the non-landed segment, which rose from 3,036 purchases in 2008 to 6,610 last year - a jump of 118 per cent.
Landed properties showed a year-on-year rise of 34 per cent.
In terms of overall private property transactions, Singaporeans accounted for 76 per cent of all purchases. Foreigners and PRs made up about 22 per cent, with the rest going to companies and others, according to figures from the Urban Redevelopment Authority and DTZ Research.
Checks by The Straits Times showed that among the foreigners, Malaysians, Indonesians, and Chinese and Indian nationals were the most active in the property market. In particular, the proportion of Chinese and Indian nationals has shown a steep hike.
In 1999, they made up 6.6 per cent of total transactions by foreigners and PRs. That proportion grew to 27.3 per cent last year.
Experts said the rising number of purchases by foreigners could also be due to home prices here being more attractive than in cities like Hong Kong and Tokyo.
Ms Christine Sun, senior manager of research and consultancy at Savills Singapore, said: 'The opening of the integrated resort and the strength, resilience and stability of Singapore's economy during the recent downturn could also be plus points.'
She added that the boom came despite a poor economy. 'The market sentiment in the earlier part of 2009 was rather bullish. Many locals were buying due to pent-up demand, and PRs and foreigners could have ridden on the positive market sentiment and bought in as well.'
Mr Jeffrey Hong, executive director of HSR Property Group, said another reason for the rise in transactions was simply that there are more foreigners here.
Latest figures from the Department of Statistics showed there were 533,200 PRs and 1.25 million foreigners in Singapore as of last year, up from 449,200 PRs and one million foreigners in 2007.
Another reason foreigners are buying more homes is that to many, it makes more sense than renting.
Australian Justin Kwan, 26, a doctor who has lived here for more than a year, bought a Newton One condo unit last December. He did not want to go on paying $3,000 in rent, and said property prices were affordable.
simlinoi@sph.com.sg
melk@sph.com.sg
ST : New rental block? Neighbours say welcome
Mar 18, 2010
New rental block? Neighbours say welcome
By Nur Dianah Suhaimi
A NEW rental HDB block is coming up in Tampines Street 22 - and unlike their neighbours in Pasir Ris and Tampines Street 83, residents there are happy to have it near them.
All 20 residents interviewed by The Straits Times yesterday expressed no objections. Some were even welcoming of their future rental block neighbours who are expected to move in around May.
Their only gripe: the loss of the football field on which the new block is coming up.
Said project manager Koh Chin Lee, 40, whose Block 294 is next to the rental block: 'It is good that we have a place for the poor people to live. They are humans, too. This is a nice neighbourhood and they are welcome here.'
Retiree J. Lim, 68, is confident that the rental block will not affect the value of his five-room flat.
'This is a very good location. We have a market nearby and the MRT station is not too far away. One rental block is not going to change anything,' he said.
The reactions of the Tampines Street 22 residents are a marked contrast to that of residents in Tampines Street 83 and Pasir Ris Drive 6, who kicked up a fuss last month when they discovered that new rental blocks were coming up in their neighbourhoods.
Their main worry: that the rental blocks would lower the quality of the neighbourhoods and the value of their homes.
Some of the residents said they should have been informed earlier.
In the case of Tampines Street 22, MP Irene Ng had mobilised her grassroots leaders to inform residents of the upcoming rental block when she first got the news early last year.
Ms Ng yesterday told The Straits Times that she is very proud of her constituents for not protesting against the rental block in their midst.
'They have been very understanding. Some of them were concerned about space, but when we explained to them properly, they were okay,' she said.
She added that a welcome party will be planned for the new residents when they move in some time around May.
The rental block, which has 270 units, will be completed by the end of this month, the Housing Board confirmed yesterday.
The HDB had earlier told The Straits Times that it is building 7,000 rental flats for the poor and needy over the next three years, to be spread across the island 'to achieve a balanced social mix'.
There are currently about 42,000 rental flats across the island, occupied by those with low income.
Mr K.G. Tan, 58, who lives in Tampines Street 22, believes rental flat residents should not be snubbed.
Said the contractor: 'You never know when your luck is going to change. One day, you might end up living in a rental flat. Just imagine, how will it feel to have everybody not wanting to live near you?'
New rental block? Neighbours say welcome
By Nur Dianah Suhaimi
A NEW rental HDB block is coming up in Tampines Street 22 - and unlike their neighbours in Pasir Ris and Tampines Street 83, residents there are happy to have it near them.
All 20 residents interviewed by The Straits Times yesterday expressed no objections. Some were even welcoming of their future rental block neighbours who are expected to move in around May.
Their only gripe: the loss of the football field on which the new block is coming up.
Said project manager Koh Chin Lee, 40, whose Block 294 is next to the rental block: 'It is good that we have a place for the poor people to live. They are humans, too. This is a nice neighbourhood and they are welcome here.'
Retiree J. Lim, 68, is confident that the rental block will not affect the value of his five-room flat.
'This is a very good location. We have a market nearby and the MRT station is not too far away. One rental block is not going to change anything,' he said.
The reactions of the Tampines Street 22 residents are a marked contrast to that of residents in Tampines Street 83 and Pasir Ris Drive 6, who kicked up a fuss last month when they discovered that new rental blocks were coming up in their neighbourhoods.
Their main worry: that the rental blocks would lower the quality of the neighbourhoods and the value of their homes.
Some of the residents said they should have been informed earlier.
In the case of Tampines Street 22, MP Irene Ng had mobilised her grassroots leaders to inform residents of the upcoming rental block when she first got the news early last year.
Ms Ng yesterday told The Straits Times that she is very proud of her constituents for not protesting against the rental block in their midst.
'They have been very understanding. Some of them were concerned about space, but when we explained to them properly, they were okay,' she said.
She added that a welcome party will be planned for the new residents when they move in some time around May.
The rental block, which has 270 units, will be completed by the end of this month, the Housing Board confirmed yesterday.
The HDB had earlier told The Straits Times that it is building 7,000 rental flats for the poor and needy over the next three years, to be spread across the island 'to achieve a balanced social mix'.
There are currently about 42,000 rental flats across the island, occupied by those with low income.
Mr K.G. Tan, 58, who lives in Tampines Street 22, believes rental flat residents should not be snubbed.
Said the contractor: 'You never know when your luck is going to change. One day, you might end up living in a rental flat. Just imagine, how will it feel to have everybody not wanting to live near you?'
CNA : 2 property owners hope to fetch S$30m for adjacent bungalows
2 property owners hope to fetch S$30m for adjacent bungalows
By Mok Fei Fei | Posted: 17 March 2010 1354 hrs
SINGAPORE: Two owners in the Mountbatten area are jointly putting up their adjacent bungalows for sale for some S$30 million.
Property consultant Cushman & Wakefield said the freehold units at 6 and 8 Margate Road have a combined land area of 24,000 square feet.
The property is zoned for high rise residential development of up to 24 storeys. It has a plot ratio of 2.1, allowing a maximum gross floor area of 50,404 square feet.
According to Cushman & Wakefield, the combined plot of land can allow the new developer to construct between 55 and 60 units with average sizes of 850 square feet.
It added that small concept apartments have been making headlines last year and sold well due to the affordability factor.
The property is expected to fetch in excess of S$30 million.
- CNA/sc
By Mok Fei Fei | Posted: 17 March 2010 1354 hrs
SINGAPORE: Two owners in the Mountbatten area are jointly putting up their adjacent bungalows for sale for some S$30 million.
Property consultant Cushman & Wakefield said the freehold units at 6 and 8 Margate Road have a combined land area of 24,000 square feet.
The property is zoned for high rise residential development of up to 24 storeys. It has a plot ratio of 2.1, allowing a maximum gross floor area of 50,404 square feet.
According to Cushman & Wakefield, the combined plot of land can allow the new developer to construct between 55 and 60 units with average sizes of 850 square feet.
It added that small concept apartments have been making headlines last year and sold well due to the affordability factor.
The property is expected to fetch in excess of S$30 million.
- CNA/sc
Subscribe to:
Posts (Atom)
Pre-development Land Investing
In business for over 30 years, success in providing real estate investment opportunities to clients around the world is a simple, yet effective separation of roles and responsibilites. The four pillars of strength guide the land from the research and acquisition, through to the exit, including the distribution of proceeds to our clients ......
To know more how this is really work for you and your clients....
Please contact me Terence Tay @ (+65) 9387-5896 or email : terencetay.kh@gmail.com
To know more how this is really work for you and your clients....
Please contact me Terence Tay @ (+65) 9387-5896 or email : terencetay.kh@gmail.com
Posts
