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HDB Resale Flats smash S$980,000 Price Tag!

RESIDENTIAL MARKET

Seven units smash $980,000 price tag

SEVEN HDB resale flats have been sold for at least $980,000 - five in this year alone, property agency data show.

And according to the Singapore Real Estate Exchange, which collates information from the Housing Board and major property firms, a $1 million deal for an executive maisonette in Queenstown is in the works.

All seven transactions were in mature towns where there are well-developed transport links and amenities.

Three were in Bishan, two in Queenstown, and one each in Kallang and Toa Payoh. They range from 1,180 sq ft to 1,850 sq ft.

ERA Realty key executive officer Eugene Lim said these flats are likely to be on higher floors, well maintained and nicely done up, saving the new owner a tidy sum in renovations.

Upward prices of mass market condominiums are also driving up the prices of premium public flats.

A typical unit at the 99-year leasehold Watertown condominium in Punggol, for instance, can fetch about $1,300 psf. In contrast, the latest record-breaking deal for the 1,800 sq ft executive maisonette in Bishan cost about $550 psf.

Buyers of premium flats are typically private-property downgraders who have cashed out and want to live in a flat of comparable size. They can also afford high cash over valuation (COV).

There were two recently reported transactions where such downgraders paid high COVs - $168,000 for an executive maisonette in Tampines and $135,000 for a five-room flat in Holland Drive.

Source: The Straits Times – 7 September 2012

Bishan HDB Maisonette sold at Record Price.. again!

RESIDENTIAL MARKET

Bishan HDB executive maisonette changes hands for record $980,000

DESPITE its steep $980,000 asking price, a Bishan executive maisonette was snapped up on the first day of an open house held to sell it.

The buyers are a Singapore citizen and her Chinese-national father, and the seller is a Singaporean woman who is relocating to Shanghai for work.

The price tag makes this the most expensive Housing Board (HDB) resale flat sold. The last record was held by an executive flat in Toa Payoh, which was sold for $910,000 in May this year.

The $980,000 includes a $200,000 cash over valuation (COV), which is a premium paid to the seller in cash. It is also believed to be the highest ever COV reported.

ERA Realty's Cheryl Clare Ng, the agent of the Bishan seller, said 40 people viewed the 25-year-old property in Bishan Street 13 within the first two hours of the open house in June.

Its simple furnishings did not deter the buyers.

Instead, they were won over by how it is a spacious 1,800 sq ft and comes with a rare 150 sq ft open roof terrace.

Other attractions, Ms Ng noted, are its proximity to amenities such as schools.

The Bishan bus and MRT interchange is less than a 10-minute walk away.

"It's also on the 19th floor, has a great view and it is very airy most of the time," she said.

Such spacious maisonette units with open terrace roofs are hard to come by. There are only 48 such homes islandwide.

In 2005, a unit like this would have cost about $550,000.

Ms Ng said the buyers got a good deal: "If you compare it to a similar condo unit, you are effectively paying half the price for twice the space."

The $980,000 price equates to about $550 per sq ft.

A similar-sized condominium unit nearby would fetch at least $1,300 psf.

Property analysts, however, were quick to point out that the record-breaking deal is a one-off that is unlikely to drive up resale flat prices or COV quantums.

ERA Realty key executive officer Eugene Lim said he is not surprised that the Bishan unit fetched a high price since such homes are rare and flats in the area usually command a premium.

Source: The Straits Times – 7 September 2012

Hong Kong Restricts Foreign Homebuyers

Hong Kong on Thursday announced the first step in a policy aimed to restrict foreigners from buying property, in a move seen to be targeting mainland buyers who have been blamed for pushing up property prices.

Chief executive Leung Chun-ying said only Hong Kong permanent residents will be able to buy flats to be built on two sites that will provide around 1,100 homes next year under a so-called "Hong Kong land for Hong Kong people" policy.

Bids Decline for Suburban En Bloc Sites

RESIDENTIAL MARKET

Bids likely to dip for small suburban en bloc sites

DEVELOPERS eyeing collective sale sites might have to redo their sums as the Government caps the number of homes that can be built in non-landed developments outside the central area.

Experts say the newly announced guidelines that discourage the fast-rising number of tiny "shoebox" homes will likely temper developers' bids, particularly for certain small suburban collective sale sites.

This is because shoebox homes - typically less than 50 sq m - can often be sold at higher per sq ft (psf) prices.

Bids for upcoming sites would have to factor in the larger average size of units mandated under the new rules, which are usually expected to feature lower psf selling prices.

The experts add that smaller collective sale land plots are likely to be the most affected by this change as small and mid-sized developers often churn out more units on such sites to claw back the land cost.

Sites that do not have a gross plot ratio (GPR) of 1.4 and with a gross floor area of 30,000 sq ft to 80,000 sq ft will likely be the most affected.

These other sites might see bid prices fall by about 3 per cent to 5 per cent as developers turn cautious and scale back their aggressive bids.

Larger sites that cost more than $200 million are usually the target of bigger players who do not build just shoebox units, and so they might be less affected.

UOB Kay Hian analyst Vikrant Pandey noted that developers keen on riding the shoebox wave will become less aggressive both in acquiring collective sale sites and in their land tender bids for suburban land parcels.

This is likely to result in a change in strategy for developers of small mass market projects such as Oxley Holdings and Roxy-Pacific Holdings, he said.

But experts point out that the impact of the rules has also been muted by an earlier change in guidelines last November that sounded a warning that the Government was closely watching the shoebox segment.

New rules then had set minimum plot sizes for apartment blocks and restricted the number of units that can be built on certain sites, ensuring that some ground will be free for landscaping or facilities.

URA has also been stricter in granting provisional permission. It has been known to throw back building plans with too many shoebox units, sending a signal to the industry that changes were at hand, an expert added.

Source: The Straits Times – 6 September 2012

The Crest Sukumvit 34 Cocktail Event

Another New Measure by Gov~~

Gov says "Scrap scheme for siblings to buy flats"... and so we listen and obey.


Read the story...

Another group of buyers just flew out of my hands.. just like that..

Well.. I just got to work around government's policies and see how things come along. At least, there is still work to be done. :)

How to Save and Invest for Your First Property Downpayment

The recent rise in the property market has added worry to those who has yet to own a home. To many people, especially the young families, will find it increasingly challenging to save enough for the downpayment of a house. If you belong to this category and wonder what can you do to put yourself closer to the reality of owning a house, there is a link which I want you to read.

http://www.propwise.sg/how-to-save-and-invest-for-your-first-property-downpayment/
courtesy of: propwise.sg

Enjoy and be enriched! Congrats to those who got their BTOs recently. :( I didn't get mine.

Bankruptcy Act in Singapore

Recent studies have shown that more bankrupts owe larger sums and more people under 30 are facing this situation. From Jan 1 to April 24, 621 people owing about $224 million in total were made bankrupt. This means each had an average debt of $360,000.



Q: What does it mean to be bankrupt?

Many are unaware that it comes with several restrictions on one’s personal freedom and that it has long-term consequences.


Q: What is the minimum debt level at which an individual can be made bankrupt by a creditor?

The level was raised from $2,000 to $10,000 in 1999. You might owe a bank less than $10,000, but you could still be made bankrupt if the aggregate amount of all the debts, which include credit card and car loans, held by you is $10,000 or more. That is, if you owe these creditors for a certain amount of time (i.e. half a year) and refuse to pay up promptly.



Q: When the Official Assignee (OA) seizes a bankrupt’s belongings, which personal and home items is he allowed to keep?


Section 78(2) of the Bankruptcy Act lists the property that is specifically excluded from being divided among a bankrupt’s creditors, being:
1) Property held by the bankrupt in trust for any other person;
2) The tools, if any, of his trade;
3) Such clothing, bedding, furniture, household equipment and provisions as are necessary for satisfying the basic domestic needs of the bankrupt and his family; and
4) Any property of the bankrupt that is excluded under any other written law.


Q: How much of the bankrupt’s pay is he allowed to keep for the family’s monthly expenses and for paying his debt?

The bankrupt is allowed to support himself and his family.

Under Section 82, he is duty-bound to account for any money or property he receives after becoming a bankrupt. These include his income and, after allowing for a sum that is ‘reasonably necessary’ for him and his family’s maintenance, he is required to hand over anything in excess to the OA. This is for division among creditors.

Q: I have been working for many years with a good record. Will my bankruptcy put my job in jeopardy?
Depending on the occupation, the regulations might require the termination of your services or redeployment to another job.

This is usually the case for those providing advice or executing transactions in the financial services industry.


Q: Will my employer be told of my bankruptcy?
In some jobs, you might be required to inform your employer. Also, note that your bankruptcy will be advertised, so employers or third parties could find out from reading the newspapers, said Ms Lie Chin Chin, the managing director of law firm Characterist.


Q: Can I take a holiday overseas while I’m in bankruptcy?

You must seek the OA’s permission. The OA may require you to reveal who is paying your holiday expenses, said Mr Singh.

If you leave Singapore without approval, you can be jailed for up to two years or fined up to $10,000, or both.


Q: What difficulties might I face from having been a bankrupt?

Credit Bureau Singapore, a commercial entity set up by the banks, will keep a record of your bankruptcy for six years. This will be given to banks if you apply for a credit facility after your discharge.

Banks could reject your applications for between three and five years after your discharge. You could find it hard to get a credit card or housing and car loans.

Public searches with Ipto on an ex-bankrupt’s record of bankruptcy will throw up the bankruptcy for up to six years after the bankrupt’s discharge.

For my detail oriented friends, the following URL links you to the Singapore Government Statute Website.
http://statutes.agc.gov.sg/non_version/cgi-bin/cgi_getdata.pl?actno=2000-REVED-20&doctitle=BANKRUPTCY%20ACT&date=latest&method=part&segid=962608314-000996

Non Landed Homes Decline 0.7%

According to the Singapore Residential Price Index (SRPI) of the National University of Singapore (NUS), non landed homes in the private sector saw a decrease of 0.7% after a consecutive increase of 1.1% in August and September.

Going forward, experts say that mass market homes should moderate further given the large supply of development sites being opened up for Government land sales. However, it will have little impact on mid-tier and luxury home prices, which could see further increase given the positive economic outlook in 2011.