Balestier - Red-light area to red-hot property

Balestier is shrugging off its unsavoury red-light reputation and luring buyers with some new projects.

A key move in the area's makeover was the refurbishing of the Sun Yat Sun Memorial Hall and the integrated hotel-park complex comprising Zhongshan Mall, Zhongshan Park, and the Days and Ramada hotels.

Buyers, including expatriates on tight budgets forced out of the city centre, see Balestier as a handy substitute given its proximity to the centre of town but with prices below those for neighbouring Novena and Toa Payoh.

Brisk sales at Bartley Ridge on launch day

The Bartley Ridge condominium being built near the upcoming new Bidadari township development proved popular with buyers on launch day yesterday.

The Straits Times understands that more than 200 units were sold by 4pm.

About 900 people turned up with their agents at 11am to enter a ballot for flats at the 99-year leasehold project between Serangoon and Paya Lebar.

Ho Bee leases out luxury units to ride out property troughs

The lacklustre market for high-end homes has prompted developer Ho Bee Group to lease out units at its completed projects.

Ho Bee has developed several pricey projects in Sentosa Cove, including Seascape and Turquoise, but sales have been hit by several rounds of cooling measures and a slowing economy.

The firm has responded by leasing out apartments, with 70 per cent of its unsold units in Sentosa already tenanted. Ho Bee chairman Chua Thian Poh told The Straits Times: "We hope by the time the market (is all right again), we can put the apartments on the market for sale again.

Review of rules for housing estate agents being finalized

The Council for Estate Agencies (CEA) is finalising its review of regulations for agents with input from stakeholders, according to Senior Minister of State for National Development Tan Chuan-Jin.

Having experienced the new regulatory system since CEA was set up two-and-a-half years ago, he said, some industry members had raised issues and given feedback.

The agency itself has also gained experience through its handling of cases. Since its formation, CEA has received about 2,300 complaints, or an average of four a day.

HDB backs down on acquiring flat; legal challenge averted

A flat owner's bid to challenge the HDB's move to take back his five-room unit ended yesterday when the Housing Board told the High Court it will withdraw its notice of intent to acquire the flat.

Mr Chew Teck Fatt in return agreed not to proceed with his judicial review application. Justice Woo Bih Li, who made no order on the application, ruled that HDB pay Mr Chew's legal costs at the closed-door hearing.

Yesterday's turn of events staved off a potential landmark case on whether the decisions of the HDB and the office of the Minister of National Development can be the subject of judicial review.

Property investment in Singapore to rise

Singapore can expect a significant uptick in property investment activity this year, on the back of an expected 15-20 per cent increase in global investment activity, which is likely to surpass US$1 trillion for the first time since 2007.

Cooling measures in Hong Kong (double stamp duty) and China (more aggressive implementation of capital gains tax) will generate strong investor sentiment for Singapore and Tokyo. This is a turnaround from last year, a slow year of investment trading, which is defined in the report as deals of US$5 million and above; last year, Singapore saw virtually no price growth.

BTO flat buyers face longer wait amid labour and supply strains

Home buyers might have a longer wait for the keys to their Build-To-Order (BTO) flats. A combination of the construction industry labour crunch and a ramp-up in the Housing Board's building programme is stretching the completion period for new BTO projects by several months.

The private sector has already taken a hit as contractors push back deadlines and take longer to complete projects, as the industry struggles with fewer workers.

Potong Pasir set to get infusion of new life

Potong Pasir has long been something of a backwater but it is likely to spring to life in the next few years, with as many as 1,000 new homes set to be built there.

The new condominiums which will boost the supply of private homes in the neighbourhood are Nin Residence, 18 Woodsville, Sant Ritz, and the newest kid on the block - Sennett Residence.

Sennett Residence, which is closest to the Potong Pasir MRT station, has sold more than 70 per cent of its 332 apartments since its launch last week. The average price of units at the project was $1,450 per sq ft (psf).

Any fresh HDB curbs will affect new buyers only: Khaw Boon Wan

National Development Minister Khaw Boon Wan yesterday gave the assurance that any fresh curbs that would be introduced to make public housing more affordable - including disallowing the reselling of HDB flats on the open market - would apply only to new buyers, not existing flat owners.

The clarification came after earlier mention of such possible curbs last week unnerved the market and drove property stocks down, as many buyers of private homes are HDB upgraders. Keppel Land, Wing Tai Holdings and City Developments have fallen 2-3.8 per cent while CapitaLand has lost 4.8 per cent.

Two-room HDB flats may not appeal to many singles

Going by the numbers alone, the next launch of two-room Housing Board flats in July could be massively over-subscribed as a result of the recent move to allow singles to buy the units.

Eight in 10 working singles - some 150,000 Singaporeans - are now eligible to buy the smaller flats, which make up only a small fraction of the units launched each year.

But property watchers and singles themselves also say many of those eligible may give the flats a wide berth because of their small sizes and far-flung locations.