Tuesday, 29 November 2011
Monday, 28 November 2011
Singapore | Useful Information About Singapore Hdb Flat for Sale | Seven ...
The Housing & Development Board (HDB) is Singapore’s public housing authority. Its aim was to resolve housing shortage issues after Singapore gained independence in 1965, building flats mainly for rental by low-income groups. Today, HDB flats have become the most sought after properties in Singapore as they are comparatively affordable. HDB estates are self-sufficient with facilities such as supermarkets, clinics, shopping centers, schools, playgrounds and more. The convenience it promises with amenities in close proximity, coupled with the ease of transportation are some of the reasons why millions today have chosen HDB flats as their number one housing option. As such, knowing some useful information about Singapore HDB flat for sale will put you in a better position to choose the next property to purchase.
There are a total of 6 HDB flats available for purchase, all of which undergo regular upgrading works to ensure that amenities available are able to meet the needs of its people. They are Studio Apartments (SA), 2,3,4,5 room units and executive units.
Studio Apartments are the smallest of its kind and require the least maintenance. They are usually occupied by the elderly and hence have built in equipments that are up to date and an easy to use. The 2 bedroom units are designed to meet the needs of the lower income families, housing about 2 to 3 family members each. The 3 to 4 room units are targeted towards middle-income family groups, offering space and design for middle-sized families. 5 room units and executive units are the largest HDB flats that are able to accommodate large families or extended families. They have additional bathrooms and living area, and are wonderfully designed to ensure that all are able to live comfortably together. These HDB flats vary in design and layout, depending on the estate’s fixture as well as the owner’s individual taste.
Most would agree that living in a HDB flat is like being part of a closely-knit community. Getting to know next-door neighbors and having weekly gatherings at the void decks are some of the reasons why adults and kids alike enjoy being a resident of their estate.
There are various criteria to fulfill in order to qualify as an applicant for a HDB flat. You need to be able to fulfill the respective HDB regulations for your preferred housing unit, and participate in either a Balloting Exercise (BE) or Built To Order (BTO) process. In short, the BE involves interested buyers balloting for existing HDB flats, whereas the BTO process involves interested owners of a preferred location submitting tender for construction of that estate. You should check the various government websites to ensure that you are eligible to apply for a particular HDB flat at your preferred location. Other things that need your attention could include the use of your Central Provident Fund (CPF), Medisave fund levy costs.
These useful information about Singapore HDB flat for sale are critical in helping you to make a well informed decision regarding HDB flats in the future.
On iProperty – HDB section: http://www.iproperty.com.sg/hdb/ you can search for HDB in Singapore by estate, type and popularity. You get comprehensive information on buying and renting HDB. You can find out what the popular estates are, read estate guides and useful articles.
MeyerJan
http://www.articlesbase.com/real-estate-articles/useful-information-about-singapore-hdb-flat-for-sale-705847.html
Studio Apartments are the smallest of its kind and require the least maintenance. They are usually occupied by the elderly and hence have built in equipments that are up to date and an easy to use. The 2 bedroom units are designed to meet the needs of the lower income families, housing about 2 to 3 family members each. The 3 to 4 room units are targeted towards middle-income family groups, offering space and design for middle-sized families. 5 room units and executive units are the largest HDB flats that are able to accommodate large families or extended families. They have additional bathrooms and living area, and are wonderfully designed to ensure that all are able to live comfortably together. These HDB flats vary in design and layout, depending on the estate’s fixture as well as the owner’s individual taste.
Most would agree that living in a HDB flat is like being part of a closely-knit community. Getting to know next-door neighbors and having weekly gatherings at the void decks are some of the reasons why adults and kids alike enjoy being a resident of their estate.
There are various criteria to fulfill in order to qualify as an applicant for a HDB flat. You need to be able to fulfill the respective HDB regulations for your preferred housing unit, and participate in either a Balloting Exercise (BE) or Built To Order (BTO) process. In short, the BE involves interested buyers balloting for existing HDB flats, whereas the BTO process involves interested owners of a preferred location submitting tender for construction of that estate. You should check the various government websites to ensure that you are eligible to apply for a particular HDB flat at your preferred location. Other things that need your attention could include the use of your Central Provident Fund (CPF), Medisave fund levy costs.
These useful information about Singapore HDB flat for sale are critical in helping you to make a well informed decision regarding HDB flats in the future.
On iProperty – HDB section: http://www.iproperty.com.sg/hdb/ you can search for HDB in Singapore by estate, type and popularity. You get comprehensive information on buying and renting HDB. You can find out what the popular estates are, read estate guides and useful articles.
MeyerJan
http://www.articlesbase.com/real-estate-articles/useful-information-about-singapore-hdb-flat-for-sale-705847.html
Originally posted: Useful Information About Singapore Hdb Flat for Sale | Seven …
Sunday, 27 November 2011
Singapore | DBSS flats losing relevance? « Lushhomemedia
Analysts said flats sold under the Design, Build and Sell Scheme (DBSS) may be losing their relevance, as the gap in the housing market they previously served is now covered by Build-To-Order (BTO) flats.
The income ceiling to qualify for a BTO flat was recently raised to S$10,000 – the same as DBSS flats.
Since the public outcry over the record-breaking asking prices of a previous DBSS launch, Centrale 8, and the following clamp-down on land sales for such projects, some analysts believe the days of DBSS projects are numbered.
But in the housing market, it’s all about location and pricing.
Belvia in Bedok is the latest DBSS project to be launched.
It saw a healthy crowd, receiving more than 200 applications on its first day.
Raymond Chia, CEO of CEL Development, said: “Bedok Reservoir is a mature estate; we feel there’s a ready demand. If you look at houses around here, they are mainly 20 to 30 years old. People who’ve grown up in the area, they are familiar with the surroundings and amenities. Out of convenience and to be near their parents, this can be a choice to them.”
And instead of being a negative impact, Mr Chia sees the outcry over Centrale 8 as a “talking point”.
Developer Sim Lian’s Centrale 8 made the news in June when its highest asking price for a DBSS flat was S$880,000 – almost as expensive as Executive Condominiums, which boast amenities such as swimming pools and tennis courts.
Sim Lim eventually backed down and slashed $100,000 off its priciest units.
The 488-unit Belvia project has 3-room to 5-room units, and an indicative price of $570 per square foot.
“Transport is quite convenient, and a new MRT is coming up. And it’s near to the PIE and if you want to go somewhere it’s very convenient,” said one Singapore resident.
“I grew up in the East, and my parents are just staying nearby. I think the location is tied with the price. So I believe with the new MRT to be built, I think the price to pay is justifiable,” said another.
Market watchers point out that DBSS projects are public housing and have to be priced accordingly.
Mohd Ismail, CEO of PropNex, said: “DBSS price should be at least 20 per cent cheaper than executive condos, or slightly more; it could be about 25 per cent, that would be ideal.
“It would make very little sense for someone to pay a high price where the differentiation between executive condos and (DBSS flats) is not even 20 per cent. Then I think you’re not entering into a good deal.”
Two other DBSS projects will be launched later this month in Clementi and Jurong.
Source : Channel NewsAsia – 14 Oct 2011
Since the public outcry over the record-breaking asking prices of a previous DBSS launch, Centrale 8, and the following clamp-down on land sales for such projects, some analysts believe the days of DBSS projects are numbered.
But in the housing market, it’s all about location and pricing.
Belvia in Bedok is the latest DBSS project to be launched.
It saw a healthy crowd, receiving more than 200 applications on its first day.
Raymond Chia, CEO of CEL Development, said: “Bedok Reservoir is a mature estate; we feel there’s a ready demand. If you look at houses around here, they are mainly 20 to 30 years old. People who’ve grown up in the area, they are familiar with the surroundings and amenities. Out of convenience and to be near their parents, this can be a choice to them.”
And instead of being a negative impact, Mr Chia sees the outcry over Centrale 8 as a “talking point”.
Developer Sim Lian’s Centrale 8 made the news in June when its highest asking price for a DBSS flat was S$880,000 – almost as expensive as Executive Condominiums, which boast amenities such as swimming pools and tennis courts.
Sim Lim eventually backed down and slashed $100,000 off its priciest units.
The 488-unit Belvia project has 3-room to 5-room units, and an indicative price of $570 per square foot.
“Transport is quite convenient, and a new MRT is coming up. And it’s near to the PIE and if you want to go somewhere it’s very convenient,” said one Singapore resident.
“I grew up in the East, and my parents are just staying nearby. I think the location is tied with the price. So I believe with the new MRT to be built, I think the price to pay is justifiable,” said another.
Market watchers point out that DBSS projects are public housing and have to be priced accordingly.
Mohd Ismail, CEO of PropNex, said: “DBSS price should be at least 20 per cent cheaper than executive condos, or slightly more; it could be about 25 per cent, that would be ideal.
“It would make very little sense for someone to pay a high price where the differentiation between executive condos and (DBSS flats) is not even 20 per cent. Then I think you’re not entering into a good deal.”
Two other DBSS projects will be launched later this month in Clementi and Jurong.
Source : Channel NewsAsia – 14 Oct 2011
Saturday, 26 November 2011
Friday, 25 November 2011
Singapore | Real Estate Buying & Selling Guide in Singapore
Have you ever wondered how hdb and condo resale market works? Doesn't it baffle your mind a bit? Doesn't it spark your curious mind, and make you think incessantly about it? Are you interested in learning facts, trivia and other interesting information about it? You have come to the right place because every so often we update this site with various information about hdb and condo resale market. Click on the links and start reading!
Real Estate Buying & Selling Guide in Singapore
Author: Wantanee KhamkongkaewSingapore is situated in southeastern Asia, between Malaysia and Indonesia. It has a total area of 692.7 sq km, including 10 sq km water area. The country has a coastline of 193 km and it is about 3.5 times the size of Washington, DC.
Singapore became a British trading colony in 1819 and eventually developed into one of the empire’s most important trading centers. Singapore joined the Malaysian Federation in 1963 and remained part of the federation for two years. The country became independent on August 9, 1965. Now Singapore is one of the world’s wealthiest countries with strong international trade. Singapore’s seaport is one of the world’s busiest ports in terms of volume handled. The country has a per capita income equal to that of the leading nations of the world.
Singapore has a population of 4,553,009, and a population growth rate of 1.275%, according to latest statistics available. The population consists of 76.8% Chinese, 13.9% Malaysians, 7.9% Indians and 1.4% others, according to 2000 census.
A number of commercial and industrial property services and agents are available in Singapore. Most of them offer comprehensive real estate property listings of office, factory, land, shop, warehouse, retail space, building, hotel, restaurant, coffee shop and food court available for sale or rent. If you are buying, selling or renting your commercial property, it is advisable that you hire the services of a reliable real estate agent. Owners very often list their real estate properties with these agents for sale, rent and lease. They help owners market their property with maximum exposure and commitment. You can also resort to online search.
If you are buying a private property or housing development board (HDB) unit in Singapore, ensure that you understand all the pitfalls before you sign the deal. That would help you avoid getting into legal or financial tangles during and after the transaction. Find an agent who is familiar with your preferred location and the nature of property you have in mind. It is highly recommended that you hire the services of an agent from a listed real estate agency. Also ensure that he is a member of the Institute of Estate Agents (IEA). Discuss your requirements with the agent and let him know your preferences in detail. This will help him take the right decisions and serve you in a professional manner.
It is also highly recommended that you ascertain that the seller is the actual owner of the property. You can also request for proof of ownership before signing the documents. Also, verify if the seller is legally eligible to sell the property. In the case of a mortgaged private property, the bank may not allow an owner who is unable to top up the shortfall on his bank loan to go through with the transaction.
Remember that HDB development units have several restrictions for resale. The government has fixed a minimum period of occupancy for the seller before he would be eligible to sell the unit. In the case of a flat bought directly from the housing development board or bought with a Central Provident Fund grant, the owner must have physically occupied the flat for at least five years before it can be sold.
The owner of a resale unit must have physically occupied it for a period of 30 months before he can sell it. Remember that real estate transaction is a legally binding contract. You must first ensure your eligibility to purchase a property. Foreigners have certain restrictions to buy Singapore properties. Only an experienced real estate agent can help you avoid legal complications.
Once you have finally decided on the location and size of the commercial property that you would buy, consider the amount of money you are able to invest. A number of software exists to help your agent accurately calculate the cost of buying a property. It is important that you provide your agent with accurate data regarding your financial position. That will help him chalk out a proper financial plan for you. If you are going for a bank loan, it is a good idea to talk to two or three banks and find out a financial plan that suits you most.
Article Source: http://www.articlesbase.com/real-estate-articles/real-estate-buying-selling-guide-in-singapore-360738.html
About the Author
Wantanee Khamkongkaew is an independent author evaluating and commenting on leading International Property Consultants in Asia and Greater China, especially CB Richard Ellis.
There are lots of issues to be considered about hdb and condo resale market, and those that are heavily into the subject are likely to want to know more. Even if this article serves as no more than an introduction, nothing stops you from putting the information to good use.
Thursday, 24 November 2011
Singapore | Buy or Sell your Condo or HDB flat
If you are looking to Buy or Sell your Condo or HDB flat …
Call Alfred Wong Tel +65- 9858 3241
CEA certified and registered property agent, R011691F
Wednesday, 23 November 2011
Singapore | BTO supply rises, easing market imbalance
With the market imbalance indicating signs of improvement, the Housing and Development Board (HDB) recently ramped up the supply of new flats to meet demand.
According to a report by Channel NewsAsia, BTO launches in September
witnessed a moderate to low subscription rate, implying that almost
everyone will have the chance to buy a flat.
Except for a project in Ang Mo Kio, which saw about six applicants for each three-room unit it offered, other BTO projects in areas such as Sengkang, Jurong East and Punggol drew less than three applicants per flat.
In November, the HDB will launch another 4,200 BTO flats.
The report added that there are plans to develop a new town in Bidadari that can house up to 12,000 units. The site, which is a former cemetery, is located near the business district and is serviced by two MRT stations.
“The government may need five to 10 years to remove all traces of the cemetery. It may need to perhaps change the name of Bidadari and it takes also about that length of time to gradually change the impression of many home buyers,” said Nicholas Mak, Executive Director at SLP International.
To contact the journalist, you may send your message to editor@propertyguru.com.sg
More from PropertyGuru:
BTOs going ahead despite poor response
Fun run organised to celebrate opening of HDB’s Punggol Waterway
HDB prices near new Circle Line MRT stations up 10%
HDB resale prices rise faster in Q3
Except for a project in Ang Mo Kio, which saw about six applicants for each three-room unit it offered, other BTO projects in areas such as Sengkang, Jurong East and Punggol drew less than three applicants per flat.
In November, the HDB will launch another 4,200 BTO flats.
The report added that there are plans to develop a new town in Bidadari that can house up to 12,000 units. The site, which is a former cemetery, is located near the business district and is serviced by two MRT stations.
“The government may need five to 10 years to remove all traces of the cemetery. It may need to perhaps change the name of Bidadari and it takes also about that length of time to gradually change the impression of many home buyers,” said Nicholas Mak, Executive Director at SLP International.
To contact the journalist, you may send your message to editor@propertyguru.com.sg
More from PropertyGuru:
BTOs going ahead despite poor response
Fun run organised to celebrate opening of HDB’s Punggol Waterway
HDB prices near new Circle Line MRT stations up 10%
HDB resale prices rise faster in Q3
Tuesday, 22 November 2011
Monday, 21 November 2011
Prices of resale HDB flats up 3.8% in Q3 2011
October 28th, 2011
SINGAPORE – Resale prices of Singapore government-built HDB apartments rose 3.8 per cent in the third quarter from the preceding three months, accelerating from the gain of 3.1 per cent in the second quarter, local TV reported on Friday.
The Housing and Development Board’s estimate of the price increase was unchanged from the preliminary figure released earlier this month.
The number of transactions, however, fell to 5,903 from 6,581 in the preceding quarter.
Resale prices of HDB apartments, which house about 80 per cent of Singapore’s 5.1 million population, have been rising faster than prices of homes built by private developers due to a shortage of lower-cost accommodation in the city-state.
Prime Minister Lee Hsien Loong said earlier this month the government hopes to stabilise the housing market in four years.
The Urban Redevelopment Authority said on Friday private home prices in Singapore rose 1.3 per cent in the third quarter compared with the preceding three months – the slowest pace of increase in eight quarters.
The Housing and Development Board’s estimate of the price increase was unchanged from the preliminary figure released earlier this month.
The number of transactions, however, fell to 5,903 from 6,581 in the preceding quarter.
Resale prices of HDB apartments, which house about 80 per cent of Singapore’s 5.1 million population, have been rising faster than prices of homes built by private developers due to a shortage of lower-cost accommodation in the city-state.
Prime Minister Lee Hsien Loong said earlier this month the government hopes to stabilise the housing market in four years.
The Urban Redevelopment Authority said on Friday private home prices in Singapore rose 1.3 per cent in the third quarter compared with the preceding three months – the slowest pace of increase in eight quarters.
Sunday, 20 November 2011
Singapore | BTOs going ahead despite poor response
The Housing and Development Board’s (HDB) plan to develop seven Build-To-Order (BTO) projects is on track, despite muted response from home buyers.
Of the seven projects released in September 2011, three attracted relatively low subscription rates, the HDB said.
These include Golden Peony in Jurong West, and Anchorvale Harvest and Fernvale Rivergrove in Sengkang.
Anchorvale Harvest and Fernvale Rivergrove had a subscription rate of 1.3, while Golden Peony’s subscription rate was only 0.6.
“Based on past experience, these projects are not likely to achieve a 70 percent take-up rate at the selection-exercise stage,” said the HDB.
“This will enable the applicants for the three projects to get their flats early and at the same time as applicants for other BTO projects launched in this exercise.”
All seven BTO projects are set for completion between 2014 and 2015.
In addition, the HDB noted it will release another 4,200 BTO flats in November and 25,000 BTO flats next year.
To contact the journalist, you may send your message to editor@propertyguru.com.sg
More from PropertyGuru:
Fun run organised to celebrate opening of HDB’s Punggol Waterway
HDB prices near new Circle Line MRT stations up 10%
HDB resale prices rise faster in Q3
HDB sees strong demand for balance flats
These include Golden Peony in Jurong West, and Anchorvale Harvest and Fernvale Rivergrove in Sengkang.
Anchorvale Harvest and Fernvale Rivergrove had a subscription rate of 1.3, while Golden Peony’s subscription rate was only 0.6.
“Based on past experience, these projects are not likely to achieve a 70 percent take-up rate at the selection-exercise stage,” said the HDB.
“This will enable the applicants for the three projects to get their flats early and at the same time as applicants for other BTO projects launched in this exercise.”
All seven BTO projects are set for completion between 2014 and 2015.
In addition, the HDB noted it will release another 4,200 BTO flats in November and 25,000 BTO flats next year.
To contact the journalist, you may send your message to editor@propertyguru.com.sg
More from PropertyGuru:
Fun run organised to celebrate opening of HDB’s Punggol Waterway
HDB prices near new Circle Line MRT stations up 10%
HDB resale prices rise faster in Q3
HDB sees strong demand for balance flats
Saturday, 19 November 2011
Friday, 18 November 2011
Thursday, 17 November 2011
Singapore | Fun run organised to celebrate opening of HDB's Punggol Waterway
The Housing & Development Board (HDB) is working with the McDonald's
fast-food chain on a jointly organised fun run to be held during the
official opening of HDB's Punggol Waterway this Sunday.
The event aims to foster community spirit through various activities, such as the waterway run. So far, response has been encouraging, with 900 sign-ups within the first three days of registration.
Highlights will include an official opening by Prime Minister Lee Hsien Loong, as well as games, merchandise stalls, performances and pyrotechnics.
Dr Cheong Koon Hean, CEO of HDB, said, "HDB does not just provide housing alone. HDB also cares about bringing communities together. A fun run like this is a great way to get our residents to enjoy activities and to get to know each other. And now that we have a beautiful venue like Punggol Waterway, I am looking forward to more of such community events in the future."
Looking ahead, both HDB and McDonald's will collaborate on other projects to encourage community participation and healthy living in Singapore.
To contact the journalist, you may send your message to editor@propertyguru.com.sg
The event aims to foster community spirit through various activities, such as the waterway run. So far, response has been encouraging, with 900 sign-ups within the first three days of registration.
Highlights will include an official opening by Prime Minister Lee Hsien Loong, as well as games, merchandise stalls, performances and pyrotechnics.
Dr Cheong Koon Hean, CEO of HDB, said, "HDB does not just provide housing alone. HDB also cares about bringing communities together. A fun run like this is a great way to get our residents to enjoy activities and to get to know each other. And now that we have a beautiful venue like Punggol Waterway, I am looking forward to more of such community events in the future."
Looking ahead, both HDB and McDonald's will collaborate on other projects to encourage community participation and healthy living in Singapore.
To contact the journalist, you may send your message to editor@propertyguru.com.sg
Wednesday, 16 November 2011
SIngapore | HDB prices near new Circle Line MRT stations up 10%
Property agents have revealed that prices of HDB flats near 12 Circle
Line stations, which are due to open on 9 October, have increased,
according to a Channel NewsAsia report.
The report highlighted that prices of three-room flats close to Holland Village station climbed around 10 percent compared to last year, reflecting an increase of as much as S$440,000.
Meanwhile, a five-room high-floor flat in Telok Blangah was recently sold at S$810,000. A comparable unit further away was said to be priced at around S$110,000 less.
Similarly, rental rates also rose by 10 to 20 percent. Thus, a four-room flat could have a monthly rent of between S$2,500 and $S2,800.
Cash-Over-Valuation (COV) for resale transactions have also increased by 10 to 20 percent in locations close to the stations.
To contact the journalist, you may send your message to editor@propertyguru.com.sg
The report highlighted that prices of three-room flats close to Holland Village station climbed around 10 percent compared to last year, reflecting an increase of as much as S$440,000.
Meanwhile, a five-room high-floor flat in Telok Blangah was recently sold at S$810,000. A comparable unit further away was said to be priced at around S$110,000 less.
Similarly, rental rates also rose by 10 to 20 percent. Thus, a four-room flat could have a monthly rent of between S$2,500 and $S2,800.
Cash-Over-Valuation (COV) for resale transactions have also increased by 10 to 20 percent in locations close to the stations.
To contact the journalist, you may send your message to editor@propertyguru.com.sg
Tuesday, 15 November 2011
Singapore | How to Sell Your Condo in Today’s Tough Market
Thanks for visiting our hdb and condo resale market website. You
will find the latest information, discussions about the pros and cons of
each aspect, and also, a large community of readers who regularly share
their ideas and opinions on the latest developments. It is as important
now as it ever was to examine the issue carefully. After all, without
the facts, how can we know we are making the right choice?
We recently came across the article below and we have posted it on our site because it addresses some of the unanswered questions and raises some new ones at the same time. If you like what you see here, be sure to come back and, let your friends know.
Condo owners have the same problems home owners have in this tough market but with one added disadvantage. They’re selling a condo.
Buying a condo is buying into lifestyle. A lifestyle that is very different from owning a house. The upside of owning a condo is little to no maintenance, they are usually in trendy neighborhoods, and many have amenities like swimming pools and workout rooms. The downside is you have no yard, you have a common wall(s) with your neighbor(s), and little freedom when it comes to major remodeling.
Some buy condos not because of the lifestyle they offer but because of their value. You can get more space for your dollar. However, those that were looking at condos a few years ago can now afford to buy a house.
Knowing what attracts buyers to condos is one of the keys to successfully unloading your property. The other major factors you’ll need to know are price, quality, and hiring the right real estate agent.
“It’s All About Price”
You’re not going to get the same price in today’s market that you would have received from your condo a few years ago. In order to sell your condo you can’t price it competitively you have to price it to beat your competition.
Additionally, it’s harder for first time home buyers to get a loan to buy a condo. If they can’t get one, then the 20 percent down usually turns them away.
“It’s all about price,” says Mary Ann Grabel of Greenwich Fine Properties in Greenwich, Connecticut. “People who really want or need to sell are willing to take less than what they paid two or three years ago.”
If you’re dead set on getting top price for your condo then be prepared not to sell. It’s that simple.
“The ‘Wow’ Factor”
“If it doesn’t shine, nobody’s going to buy it,” warns Cyndi Johnston, a broker with RE/MAX Equity Group in Portland, Oregon.
Not only do condo buyers want the lowest price possible, but they also want the best quality possible. If that makes them sound picky it’s only because they are picky. Condo buyers have that luxury.
Obviously, you’ll want to “stage” your condo as best as possible. That means you’ll be removing about half of your belongings, taking down pictures and other personal mementos, and getting rid of all pets (moving them to a friend’s house). Basically, you’ll want the condo to look as generic as possible—inviting to prospective buyers.
Besides the staging, you’ll also want to remodel any weak spots. We don’t mean redo the kitchen, but if the counters are in bad shape or the carpet needs replacing now is the time to do it. A fresh coat of paint is not enough in a tough market.
“Part of the reason is that you have all these decorating programs on TV,” says Tom Apligian, a realtor for Re/Max in Plano, Texas. “People want to walk in and say ‘wow!’ The “wow” factor is very important today.”
“In What Circles?”
You’ll want a knowledgeable, responsible, and capable real estate agent. You’ll also want one that knows how to market a property.
To help you pick an agent, interview at least five. Compare and contrast their fees, their resumes, and their marketing and promotion ideas. Try to find the right agent for you—one that will go the extra mile, knows the local market, and is well-connected.
“…you should ask your selling agent, ‘In what circles will you be promoting my home?’ Many times, the sale comes down to who you know,” advises Johnston.
Once you find the right agent, make sure you work with them on marketing your condo. In these tough times it pays to be creative. Nothing, no matter how crazy it may sound, is off limits.
“Like Pulling Teeth”
A lot of condos are built in great locations with excellent views. If your condo has an excellent view take a picture, preferably at a favorable time of day (sunrise or sunset).
While your camera is out, take lots of pictures of your condo. Make sure your pictures include outside areas (like decks and patios), how light filters in, and storage areas.
Tell everyone you know that you’re selling your condo. Word of mouth is a great marketing tool. Even if your friends and co-workers aren’t interested they might know someone who is.
In order to buy a condo many lenders are going to need information about the Home Owners Association. The sooner you start this process the better.
“Getting the HOA to fill this stuff out is like pulling teeth,” laments Ernest Cooper from RE/MAX Equity Group in Portland, Oregon.
Compiling all the necessary information beforehand will help speed up the sale when you finally find a buyer.
“What’s Wrong With That Property?”
As hard it might sound, take your condo off the market after 90 days. That doesn’t mean you’re done trying to sell it and you have to live there forever. It just means your condo needs to take a break. After awhile you can put it back up for sale.
“If a house sits on the market, people start to wonder, ‘what’s wrong with that property. How come it’s not selling?’” explains Elizabeth Weintraub an agent for Lyon’s Real Estate in Sacramento.
About the Author: Carl Johnston write for Homeguide411.com, a comprehensive directory of home professionals and an in-depth resource for home owners and home buyers. Visit the Homeguide411.com blog where you can read original and useful articles such as How to Hire a Home Repairman.
Source: www.isnare.com
Permanent Link: http://www.isnare.com/?aid=611412&ca=Real+Estate
What do you think of the hdb and condo resale market website? Let us know your thoughts and comments by leaving a reply on our entries or by sending us an email. We would love to hear from you.
If you feel we missed an important update, let us know and we'll be happy to create a post!
We recently came across the article below and we have posted it on our site because it addresses some of the unanswered questions and raises some new ones at the same time. If you like what you see here, be sure to come back and, let your friends know.
How to Sell Your Condo in Today’s Tough Market
By Riley SantosoCondo owners have the same problems home owners have in this tough market but with one added disadvantage. They’re selling a condo.
Buying a condo is buying into lifestyle. A lifestyle that is very different from owning a house. The upside of owning a condo is little to no maintenance, they are usually in trendy neighborhoods, and many have amenities like swimming pools and workout rooms. The downside is you have no yard, you have a common wall(s) with your neighbor(s), and little freedom when it comes to major remodeling.
Some buy condos not because of the lifestyle they offer but because of their value. You can get more space for your dollar. However, those that were looking at condos a few years ago can now afford to buy a house.
Knowing what attracts buyers to condos is one of the keys to successfully unloading your property. The other major factors you’ll need to know are price, quality, and hiring the right real estate agent.
“It’s All About Price”
You’re not going to get the same price in today’s market that you would have received from your condo a few years ago. In order to sell your condo you can’t price it competitively you have to price it to beat your competition.
Additionally, it’s harder for first time home buyers to get a loan to buy a condo. If they can’t get one, then the 20 percent down usually turns them away.
“It’s all about price,” says Mary Ann Grabel of Greenwich Fine Properties in Greenwich, Connecticut. “People who really want or need to sell are willing to take less than what they paid two or three years ago.”
If you’re dead set on getting top price for your condo then be prepared not to sell. It’s that simple.
“The ‘Wow’ Factor”
“If it doesn’t shine, nobody’s going to buy it,” warns Cyndi Johnston, a broker with RE/MAX Equity Group in Portland, Oregon.
Not only do condo buyers want the lowest price possible, but they also want the best quality possible. If that makes them sound picky it’s only because they are picky. Condo buyers have that luxury.
Obviously, you’ll want to “stage” your condo as best as possible. That means you’ll be removing about half of your belongings, taking down pictures and other personal mementos, and getting rid of all pets (moving them to a friend’s house). Basically, you’ll want the condo to look as generic as possible—inviting to prospective buyers.
Besides the staging, you’ll also want to remodel any weak spots. We don’t mean redo the kitchen, but if the counters are in bad shape or the carpet needs replacing now is the time to do it. A fresh coat of paint is not enough in a tough market.
“Part of the reason is that you have all these decorating programs on TV,” says Tom Apligian, a realtor for Re/Max in Plano, Texas. “People want to walk in and say ‘wow!’ The “wow” factor is very important today.”
“In What Circles?”
You’ll want a knowledgeable, responsible, and capable real estate agent. You’ll also want one that knows how to market a property.
To help you pick an agent, interview at least five. Compare and contrast their fees, their resumes, and their marketing and promotion ideas. Try to find the right agent for you—one that will go the extra mile, knows the local market, and is well-connected.
“…you should ask your selling agent, ‘In what circles will you be promoting my home?’ Many times, the sale comes down to who you know,” advises Johnston.
Once you find the right agent, make sure you work with them on marketing your condo. In these tough times it pays to be creative. Nothing, no matter how crazy it may sound, is off limits.
“Like Pulling Teeth”
A lot of condos are built in great locations with excellent views. If your condo has an excellent view take a picture, preferably at a favorable time of day (sunrise or sunset).
While your camera is out, take lots of pictures of your condo. Make sure your pictures include outside areas (like decks and patios), how light filters in, and storage areas.
Tell everyone you know that you’re selling your condo. Word of mouth is a great marketing tool. Even if your friends and co-workers aren’t interested they might know someone who is.
In order to buy a condo many lenders are going to need information about the Home Owners Association. The sooner you start this process the better.
“Getting the HOA to fill this stuff out is like pulling teeth,” laments Ernest Cooper from RE/MAX Equity Group in Portland, Oregon.
Compiling all the necessary information beforehand will help speed up the sale when you finally find a buyer.
“What’s Wrong With That Property?”
As hard it might sound, take your condo off the market after 90 days. That doesn’t mean you’re done trying to sell it and you have to live there forever. It just means your condo needs to take a break. After awhile you can put it back up for sale.
“If a house sits on the market, people start to wonder, ‘what’s wrong with that property. How come it’s not selling?’” explains Elizabeth Weintraub an agent for Lyon’s Real Estate in Sacramento.
About the Author: Carl Johnston write for Homeguide411.com, a comprehensive directory of home professionals and an in-depth resource for home owners and home buyers. Visit the Homeguide411.com blog where you can read original and useful articles such as How to Hire a Home Repairman.
Source: www.isnare.com
Permanent Link: http://www.isnare.com/?aid=611412&ca=Real+Estate
What do you think of the hdb and condo resale market website? Let us know your thoughts and comments by leaving a reply on our entries or by sending us an email. We would love to hear from you.
If you feel we missed an important update, let us know and we'll be happy to create a post!
Monday, 14 November 2011
Singapore | Factors To Be Considered For Real Estate Investment In Singapore
Welcome to our website, which is devoted to hdb flat sales, condo
sales. Thousands of people search the internet looking for information
about this every month. We have pulled all the best information together
and put it under one roof.
We have separated the key issues and put them on their own pages to make them easier to access. You will find the posts highly informative, and while here, have a look at the comments as well. There are lots of great suggestions from our readers, in fact, share your own suggestions, we would love to hear them.
Before you do though, check out the article below: it is intelligently written and the author makes some insightful points.
Singapore is one of the most enchanting destinations in the world, situated at the Malaysian Peninsula’s southern tip, between Indonesia and Malaysia, in South East Asia. Sprawling over an area of about 650 square kilometers, Singapore boasts of superb infrastructure, disciplined society, and excellent transportation facilities.
Its airport, Singapore Changi International Airport, has been continuously voted among the excellent airports in the world. In addition to being a leader in fields including oil refining and distribution and shipbuilding and repairing, Singapore is also a major center of finance, communication, and electronics.
In spite of being a highly modern destination, the city retains its charm and presents a multicultural heritage, which is an elegant mix of Indian, Chinese, Eurasian, and Malaysian cultures. Above all, Singapore is one of the world’s cleanest as well as securest cities in the world. In a snap shot, Singapore is a destination packed with scores of tourist spots as well as business opportunities. Perhaps for these reasons, real estate properties in Singapore, both residential and commercial, are much sought after.
According to records, the price of a residential property in Singapore is about 550,000 US dollars. Majority of the Singaporeans live in public housing as well as flats developed by the Housing Development Board (HDB.) Mostly, these housing choices are located within highly developed neighborhoods complete with food centres, clinics, schools, supermarkets, and recreational facilities. Ang Mo Kio Town, Bishan, Bukit Batok, Clementi, Hougang, Punggol, Simei, Tampines, Toa Payoh, Woodlands, and Yishun, are few among the popular HDB neighborhoods.
Depending upon the requirements of investors, HDB offers different types of accommodation options, such as, three-room, four-room, five-room, and executive flats. A three-room flat is mostly about 1,000 square feet, and consists of two bedrooms. With an area of about 1200 square feet, four-room flats usually include three bedrooms. When comes to executive flats, they are relatively larger than other HDB housing options, and mostly contain three bedrooms. A good number of Singaporeans also live in private housing including apartments, condo units, and landed properties.
No matter you prefer to invest in HDB options or private housing options, it is important to take into consideration certain important matters in order to not to get into legal as well as financial tangles. Some among them are:
Ownership : When you decide to invest in a particular property, it must be made sure that the seller is the real owner of the property. In order to ensure, you may request for proof making the purchase.
Bankruptcy : In some instances, the actual seller of the real estate may be a bankrupt. Hence, when you decide to invest in such a property, it must be verified whether seller is eligible to carry out with the sale processes and have received a written consent of the Official Assignee for the purpose.
Eligibility : Prior to investing in a Singapore real estate market, it must be ensured that you comply with legal requirements. The Residential Property Act and HDB’s laws with regard to the purchase of a property in Singapore are quite daunting. Further, the Singapore government has imposed certain restrictions for a foreigner to invest in a property here.
Choosing a Realtor or Real Estate Firm that goes with your needs
Above all, to find and invest in a property in Singapore, it is important that you choose a competent realtor who is able to cater to your unique requirements. It would be an added advantage if the realtor or real estate agency you have chosen is a Listed Housing Agency as well as carry a membership from the Institute of Estate Agents (IEA.) Clearly specify your budget and requirements, so that they can help you find your dream property. Browsing through the internet and leaning on such sources as magazines, reviews, and newspapers, can help you find a realtor that goes with your needs.
Other factors include:
- Location: For instance, expat community mostly prefers to stay in such areas in the city as the Nissam Road, Orchard Road, and Nathan Road. Properties located in areas including East Coast, Clementi, and Pasir Panjang, are also much popular among the expats.
- Type and Size: Before searching for a property, it must be determined in which type of property would you like to stay. It is also vital to determine the size of your preferred accommodation, ie, whether it should be one-bedroom, two-bedroom, or more.
- Facilities and Amenities: It is also important that you should have a clear idea on what kind of facilities and amenities that must be included in your preferred accommodation option.
Article Source: http://www.articlesbase.com/real-estate-articles/factors-to-be-considered-for-real-estate-investment-in-singapore-318067.html
About the Author
Wantanee Khamkongkaew is an independent author evaluating and commenting on leading International Property Consultants in Asia and Greater China, especially CB Richard Ellis.
It's great to read that someone at least knows the 'ins' and 'outs', isn't it? Amongst our readers, this article really turned the tide on the debate that was taking place.
Many readers have given us feedback to say they are going to tackle their hdb flat sales, condo sales in a very different way as a result. Will you?
We have separated the key issues and put them on their own pages to make them easier to access. You will find the posts highly informative, and while here, have a look at the comments as well. There are lots of great suggestions from our readers, in fact, share your own suggestions, we would love to hear them.
Before you do though, check out the article below: it is intelligently written and the author makes some insightful points.
Factors To Be Considered For Real Estate Investment In Singapore
Author: Wantanee KhamkongkaewSingapore is one of the most enchanting destinations in the world, situated at the Malaysian Peninsula’s southern tip, between Indonesia and Malaysia, in South East Asia. Sprawling over an area of about 650 square kilometers, Singapore boasts of superb infrastructure, disciplined society, and excellent transportation facilities.
Its airport, Singapore Changi International Airport, has been continuously voted among the excellent airports in the world. In addition to being a leader in fields including oil refining and distribution and shipbuilding and repairing, Singapore is also a major center of finance, communication, and electronics.
In spite of being a highly modern destination, the city retains its charm and presents a multicultural heritage, which is an elegant mix of Indian, Chinese, Eurasian, and Malaysian cultures. Above all, Singapore is one of the world’s cleanest as well as securest cities in the world. In a snap shot, Singapore is a destination packed with scores of tourist spots as well as business opportunities. Perhaps for these reasons, real estate properties in Singapore, both residential and commercial, are much sought after.
According to records, the price of a residential property in Singapore is about 550,000 US dollars. Majority of the Singaporeans live in public housing as well as flats developed by the Housing Development Board (HDB.) Mostly, these housing choices are located within highly developed neighborhoods complete with food centres, clinics, schools, supermarkets, and recreational facilities. Ang Mo Kio Town, Bishan, Bukit Batok, Clementi, Hougang, Punggol, Simei, Tampines, Toa Payoh, Woodlands, and Yishun, are few among the popular HDB neighborhoods.
Depending upon the requirements of investors, HDB offers different types of accommodation options, such as, three-room, four-room, five-room, and executive flats. A three-room flat is mostly about 1,000 square feet, and consists of two bedrooms. With an area of about 1200 square feet, four-room flats usually include three bedrooms. When comes to executive flats, they are relatively larger than other HDB housing options, and mostly contain three bedrooms. A good number of Singaporeans also live in private housing including apartments, condo units, and landed properties.
No matter you prefer to invest in HDB options or private housing options, it is important to take into consideration certain important matters in order to not to get into legal as well as financial tangles. Some among them are:
Ownership : When you decide to invest in a particular property, it must be made sure that the seller is the real owner of the property. In order to ensure, you may request for proof making the purchase.
Bankruptcy : In some instances, the actual seller of the real estate may be a bankrupt. Hence, when you decide to invest in such a property, it must be verified whether seller is eligible to carry out with the sale processes and have received a written consent of the Official Assignee for the purpose.
Eligibility : Prior to investing in a Singapore real estate market, it must be ensured that you comply with legal requirements. The Residential Property Act and HDB’s laws with regard to the purchase of a property in Singapore are quite daunting. Further, the Singapore government has imposed certain restrictions for a foreigner to invest in a property here.
Choosing a Realtor or Real Estate Firm that goes with your needs
Above all, to find and invest in a property in Singapore, it is important that you choose a competent realtor who is able to cater to your unique requirements. It would be an added advantage if the realtor or real estate agency you have chosen is a Listed Housing Agency as well as carry a membership from the Institute of Estate Agents (IEA.) Clearly specify your budget and requirements, so that they can help you find your dream property. Browsing through the internet and leaning on such sources as magazines, reviews, and newspapers, can help you find a realtor that goes with your needs.
Other factors include:
- Location: For instance, expat community mostly prefers to stay in such areas in the city as the Nissam Road, Orchard Road, and Nathan Road. Properties located in areas including East Coast, Clementi, and Pasir Panjang, are also much popular among the expats.
- Type and Size: Before searching for a property, it must be determined in which type of property would you like to stay. It is also vital to determine the size of your preferred accommodation, ie, whether it should be one-bedroom, two-bedroom, or more.
- Facilities and Amenities: It is also important that you should have a clear idea on what kind of facilities and amenities that must be included in your preferred accommodation option.
Article Source: http://www.articlesbase.com/real-estate-articles/factors-to-be-considered-for-real-estate-investment-in-singapore-318067.html
About the Author
Wantanee Khamkongkaew is an independent author evaluating and commenting on leading International Property Consultants in Asia and Greater China, especially CB Richard Ellis.
It's great to read that someone at least knows the 'ins' and 'outs', isn't it? Amongst our readers, this article really turned the tide on the debate that was taking place.
Many readers have given us feedback to say they are going to tackle their hdb flat sales, condo sales in a very different way as a result. Will you?
Sunday, 13 November 2011
Singapore | Tips for condo hunting in Singapore | Find Email Address
In the event that you like to get a condo in Singapore for either
investment or own residential purpose, I own a few tips for you.
I was recommended by a friend to look at this Executive Condo Singapore
website as she managed to find her Pinevale executive condominium
through this site. She had just arrived at Singapore from the US a
little bit ago and planned to find her very own private apartment.
Normal condo can be a little beyond her reach and thus she started
searching for executive condominium which can be slightly more
affordable and is sold with full condominium facilities.
For your details, Executive Condominiums or EC were shown appeal to Singaporeans who is able to afford over an HDB flat but find condominium to become out from their reach. EC owners who’ve stayed in their EC and met the five-year minimum occupation period can sell their EC in the open market. Starting from 6th to 10th year, EC may be sold in the open market to only Singapore Citizens or Singapore Permanent Residents. From 11th year, foreigners and corporate bodies can buy ECs in the property market. ECs are often value-for-money investments since they are quite new along with good condition and can depend on 25% less expensive than private mass-market homes! In August 2011, the monthly household income ceiling was increased from S$10,000 to S$12,000 for Executive Condominium units so that more households now are eligible for them which will result in increased demand.
Addititionally there is another considerably new condo called Icon which is located in the Tanjong Pagar area which I would recommend. This is probably the highest private apartmentin Singapore possesses many amenities e.g. tennis courts, Jacuzzi, sauna, BBQ pits, gym, fitness station, pavilions, as well as a playground. I realize a large number of expats like living in this condo because it is very nearby the CBD and in addition it has one of several highest sales and rental transactions in Singapore with many different units changing hands on a monthly basis. I recommend this site to view more details on Icon condominium in Singapore .
Besides these, there’s also a new condo development springing up at Hougang area called Parc Vera that will be launching very soon in October 2011. The developer is Sim Lian Group. It is located along Hougang Ave 7 in accordance with this Parc Vera Hougang Condo Site . But I think it is just not very close any MRT train station or any shopping malls. I reckon that maybe it is going to mostly be bought by local buyers to occupy by themselves instead of for investment purposes.
Happy house hunting!
For your details, Executive Condominiums or EC were shown appeal to Singaporeans who is able to afford over an HDB flat but find condominium to become out from their reach. EC owners who’ve stayed in their EC and met the five-year minimum occupation period can sell their EC in the open market. Starting from 6th to 10th year, EC may be sold in the open market to only Singapore Citizens or Singapore Permanent Residents. From 11th year, foreigners and corporate bodies can buy ECs in the property market. ECs are often value-for-money investments since they are quite new along with good condition and can depend on 25% less expensive than private mass-market homes! In August 2011, the monthly household income ceiling was increased from S$10,000 to S$12,000 for Executive Condominium units so that more households now are eligible for them which will result in increased demand.
Addititionally there is another considerably new condo called Icon which is located in the Tanjong Pagar area which I would recommend. This is probably the highest private apartmentin Singapore possesses many amenities e.g. tennis courts, Jacuzzi, sauna, BBQ pits, gym, fitness station, pavilions, as well as a playground. I realize a large number of expats like living in this condo because it is very nearby the CBD and in addition it has one of several highest sales and rental transactions in Singapore with many different units changing hands on a monthly basis. I recommend this site to view more details on Icon condominium in Singapore .
Besides these, there’s also a new condo development springing up at Hougang area called Parc Vera that will be launching very soon in October 2011. The developer is Sim Lian Group. It is located along Hougang Ave 7 in accordance with this Parc Vera Hougang Condo Site . But I think it is just not very close any MRT train station or any shopping malls. I reckon that maybe it is going to mostly be bought by local buyers to occupy by themselves instead of for investment purposes.
Happy house hunting!
Saturday, 12 November 2011
Singapore | HDB launches record supply of flats for sale
The Housing & Development Board (HDB) launched more than 8,200 flats
for sale yesterday, under the joint Build-To-Order (BTO) and Sale of
Balance Flats (SBF) exercises.
So far, this is the biggest supply of flats in a single launch and home buyers from all income groups can enjoy a wide range of flat type selections in both new and mature estates.
The HDB noted that a total of 5,415 new flats will be developed in seven BTO projects, located in Sengkang, Jurong East, Jurong West, Punggol and Ang Mo Kio.
Prices for a three-room HDB flat start from S$134,000, while the highest price for a five-room flat could be S$375,000.
In addition, HDB will offer 2,847 flats under the SBF Exercise. These units will be located in 15 estates (nine in non-mature estates and six in mature estates).
The agency added that first-time buyers will be given priority, with at least 95 percent of the flat supply (excluding studio apartments) reserved for them.
“The abundant supply of flats is timely with the increased income ceiling in August as those who are eligible to purchase BTO homes are now having a higher chance of securing a flat,” said Mohamed Ismail, Chief Executive Officer of PropNex Realty.
“First-time buyers are given priority, thus more will be successful and we estimate that the subscription for BTO flats will not exceed three times. As for flats released in matured estates, we foresee that the application will not be more than five times.”
Going forward, more flats can be expected, as HDB will be releasing another 4,200 BTO flats in November 2011. This will bring the total flat supply offered under the BTO and SBF exercises to 28,000 this year.
To contact the journalist, you may send your message to editor@propertyguru.com.sg
So far, this is the biggest supply of flats in a single launch and home buyers from all income groups can enjoy a wide range of flat type selections in both new and mature estates.
The HDB noted that a total of 5,415 new flats will be developed in seven BTO projects, located in Sengkang, Jurong East, Jurong West, Punggol and Ang Mo Kio.
Prices for a three-room HDB flat start from S$134,000, while the highest price for a five-room flat could be S$375,000.
In addition, HDB will offer 2,847 flats under the SBF Exercise. These units will be located in 15 estates (nine in non-mature estates and six in mature estates).
The agency added that first-time buyers will be given priority, with at least 95 percent of the flat supply (excluding studio apartments) reserved for them.
“The abundant supply of flats is timely with the increased income ceiling in August as those who are eligible to purchase BTO homes are now having a higher chance of securing a flat,” said Mohamed Ismail, Chief Executive Officer of PropNex Realty.
“First-time buyers are given priority, thus more will be successful and we estimate that the subscription for BTO flats will not exceed three times. As for flats released in matured estates, we foresee that the application will not be more than five times.”
Going forward, more flats can be expected, as HDB will be releasing another 4,200 BTO flats in November 2011. This will bring the total flat supply offered under the BTO and SBF exercises to 28,000 this year.
To contact the journalist, you may send your message to editor@propertyguru.com.sg
Friday, 11 November 2011
Singapore | New Construction or Resale Home?
Have you just acquired hdb resale but are unsure how to get the
best use out of it? Do you want one but don't know if it would be the
right thing for you?
Have a look at the article below. We are sure it will point you in the right direction. Based on our feedback so far, it has helped hundreds of our readers. While you are here, have a look at some of the other articles as they, too, are filled with advice and tips on how to avoid the common mistakes.
New Construction or Resale Home?
As you begin your home search in Myrtle Beach you will have to make a decision between buying a new construction home or resale. This article will take a look at the pros and cons of each, so that you can narrow down which preference will work best for you and your family.
Myrtle Beach Resale Home
Pros
Location – Older, established neighborhoods are often very popular because they are located in the heart of a thriving area of the city. In addition, most of the oceanfront and beach access properties have already been built, which means that it can be very difficult to purchase a lot or new construction home in these areas.
Established Landscaping – One of the biggest things that set older homes apart from a new neighborhood is the landscaping. It takes years for trees and plantings to grow into a beautiful and lush garden. An older home is perfect for homeowners who are looking for larger trees and mature flowerbeds and shrubs, while a new home is often a blank slate that requires years of work and patience before the landscaping is right.
Cons
More Maintenance/Repairs – When you move into a home that is ten or more years old you can expect that you will need to make many repairs and replacements over the next few years. A couple of examples are appliances that wear out and roof shingles that need replacing. Truly older homes might have an entire mechanical system that needs to be replaced, like new electrical wiring or HVAC equipment.
Not energy Efficient – Older homes will never be as energy efficient as a modern home since many of the advances made in the last several years in insulation, low-E windows, energy star appliances, and mechanical systems were not available when the home was first built. Some of these items can be added over time as things need replacing, but many would require a significant remodel to be included into the home.
New Construction in Myrtle Beach
Pros
Location – New construction homes around Myrtle Beach are often designed within a master planned community that features many more amenities than an older neighborhood.
Warranties – Your new home will come with warranties on the products and installation that last between 2 to over 10 years depending on the item. This gives you assurance that you home will not cost you hundreds to thousands of dollars in repairs after your purchase.
Modern Upgrades – Granite countertops, stainless appliances, and home theater wiring are a few of the modern features that new homes offer. Many of these items aren’t available in older homes and would require significant remodeling.
Energy Efficient Design – Tight home construction, energy star appliances, and advanced mechanical systems can be found in most new homes today. This will allow you to keep your utility bills low, while enjoying a more comfortable home.
Cons
Little To No Landscaping – New construction will often come with a pretty basic landscaping package that does little for those who really love established trees and bushes. Instead, it will take some planning, hard work, and time to get your yard to look good.
These are just a few of the pros and cons associated with buying a new construction home versus a resale home in Myrtle Beach. Deciding on the home features that are a priority to you will help dramatically in your home search.
About the Author: Preston Guyton is a Realtor and Custom Home Builder serving the Myrtle Beach real estate market. For more information on Myrtle Beach homes and properties, contact Preston today or visit PrestonGuyton.com
Source: www.isnare.com
Permanent Link: http://www.isnare.com/?aid=511391&ca=Real+Estate
Now, wasn't that an easy read? We hope that you found the article as useful as we did. It's hard to understand why some information is written in a way that just makes it impossible to decipher. Hdb resale is so important to so many people that getting the right information, the first time, makes all the difference in making a timely decision. And who has time to wait these days?
Have a look at the article below. We are sure it will point you in the right direction. Based on our feedback so far, it has helped hundreds of our readers. While you are here, have a look at some of the other articles as they, too, are filled with advice and tips on how to avoid the common mistakes.
New Construction or Resale Home?
By Preston GuytonNew Construction or Resale Home?
As you begin your home search in Myrtle Beach you will have to make a decision between buying a new construction home or resale. This article will take a look at the pros and cons of each, so that you can narrow down which preference will work best for you and your family.
Myrtle Beach Resale Home
Pros
Location – Older, established neighborhoods are often very popular because they are located in the heart of a thriving area of the city. In addition, most of the oceanfront and beach access properties have already been built, which means that it can be very difficult to purchase a lot or new construction home in these areas.
Established Landscaping – One of the biggest things that set older homes apart from a new neighborhood is the landscaping. It takes years for trees and plantings to grow into a beautiful and lush garden. An older home is perfect for homeowners who are looking for larger trees and mature flowerbeds and shrubs, while a new home is often a blank slate that requires years of work and patience before the landscaping is right.
Cons
More Maintenance/Repairs – When you move into a home that is ten or more years old you can expect that you will need to make many repairs and replacements over the next few years. A couple of examples are appliances that wear out and roof shingles that need replacing. Truly older homes might have an entire mechanical system that needs to be replaced, like new electrical wiring or HVAC equipment.
Not energy Efficient – Older homes will never be as energy efficient as a modern home since many of the advances made in the last several years in insulation, low-E windows, energy star appliances, and mechanical systems were not available when the home was first built. Some of these items can be added over time as things need replacing, but many would require a significant remodel to be included into the home.
New Construction in Myrtle Beach
Pros
Location – New construction homes around Myrtle Beach are often designed within a master planned community that features many more amenities than an older neighborhood.
Warranties – Your new home will come with warranties on the products and installation that last between 2 to over 10 years depending on the item. This gives you assurance that you home will not cost you hundreds to thousands of dollars in repairs after your purchase.
Modern Upgrades – Granite countertops, stainless appliances, and home theater wiring are a few of the modern features that new homes offer. Many of these items aren’t available in older homes and would require significant remodeling.
Energy Efficient Design – Tight home construction, energy star appliances, and advanced mechanical systems can be found in most new homes today. This will allow you to keep your utility bills low, while enjoying a more comfortable home.
Cons
Little To No Landscaping – New construction will often come with a pretty basic landscaping package that does little for those who really love established trees and bushes. Instead, it will take some planning, hard work, and time to get your yard to look good.
These are just a few of the pros and cons associated with buying a new construction home versus a resale home in Myrtle Beach. Deciding on the home features that are a priority to you will help dramatically in your home search.
About the Author: Preston Guyton is a Realtor and Custom Home Builder serving the Myrtle Beach real estate market. For more information on Myrtle Beach homes and properties, contact Preston today or visit PrestonGuyton.com
Source: www.isnare.com
Permanent Link: http://www.isnare.com/?aid=511391&ca=Real+Estate
Now, wasn't that an easy read? We hope that you found the article as useful as we did. It's hard to understand why some information is written in a way that just makes it impossible to decipher. Hdb resale is so important to so many people that getting the right information, the first time, makes all the difference in making a timely decision. And who has time to wait these days?
Thursday, 10 November 2011
Singapore | HDB sees strong demand for balance flats
Unsold Housing & Development Board (HDB) flats have seen strong
response, with over 14,000 potential home buyers applying for the flats.
Called “balance flats,” the 2,847 flats include outstanding units from earlier Build-to-Order (BTO) launches, those bought back by the HDB and surplus replacement flats under the Selective En Bloc Redevelopment Scheme.
The balance flats are spread across 15 towns, including non-mature estates such as Woodlands and Punggol and mature estates such as Bukit Merah and Queenstown.
Launched on 22 September, the unsold HDB flats were put on sale along with 5,415 BTO flats in Sengkang, Jurong East, Jurong West, Punggol and Ang Mo Kio.
Prices of balance flats range from S$82,000 for a two-room unit in Sengkang to S$611,000 for a five-room flat in Bukit Merah.
Apart from this exercise, a parallel BTO launch for new flats was conducted on the same day. However, it received muted response, with some BTO estates and flat types undersubscribed on the last day of application.
Prices of the BTO units range from S$70,000 for a 398.3 sq ft studio apartment in Sengkang, while a 1,205.5 sq ft five-room unit in Punggol starts from S$375,000.
Applications for both exercises closed yesterday.
Market experts believe the large demand was due to the revision of the income eligibility policy, to S$10,000 from S$8,000.
“The Sale of Balance Flats exercise was supposed to be the supporting cast and the BTO exercise the main star of the show. But the supporting cast has outshone the main star now,” said Nicholas Mak, Research Head at SLP International.
To contact the journalist, you may send your message to editor@propertyguru.com.sg
Called “balance flats,” the 2,847 flats include outstanding units from earlier Build-to-Order (BTO) launches, those bought back by the HDB and surplus replacement flats under the Selective En Bloc Redevelopment Scheme.
The balance flats are spread across 15 towns, including non-mature estates such as Woodlands and Punggol and mature estates such as Bukit Merah and Queenstown.
Launched on 22 September, the unsold HDB flats were put on sale along with 5,415 BTO flats in Sengkang, Jurong East, Jurong West, Punggol and Ang Mo Kio.
Prices of balance flats range from S$82,000 for a two-room unit in Sengkang to S$611,000 for a five-room flat in Bukit Merah.
Apart from this exercise, a parallel BTO launch for new flats was conducted on the same day. However, it received muted response, with some BTO estates and flat types undersubscribed on the last day of application.
Prices of the BTO units range from S$70,000 for a 398.3 sq ft studio apartment in Sengkang, while a 1,205.5 sq ft five-room unit in Punggol starts from S$375,000.
Applications for both exercises closed yesterday.
Market experts believe the large demand was due to the revision of the income eligibility policy, to S$10,000 from S$8,000.
“The Sale of Balance Flats exercise was supposed to be the supporting cast and the BTO exercise the main star of the show. But the supporting cast has outshone the main star now,” said Nicholas Mak, Research Head at SLP International.
To contact the journalist, you may send your message to editor@propertyguru.com.sg
Wednesday, 9 November 2011
Singapore | Find The Best Home Loan in Singapore – MoneyLine.sg
Finding the right Home Loan can be a hectic and intimidating process. This is not an easy decision and you need to make sure you’re getting the best loan possible. MoneyLine.sg makes it easy and fast to get excellent deals for different Home Loans, Refinancing Loans and HDB loans that are tailored to your specific needs. MoneyLine.sg, Singapore’s leading money portal, compares different Home Loans side by side and links you to the right provider once you find your preferred Home Loan.
Excerpt from: Find The Best Home Loan in Singapore – MoneyLine.sg
Tuesday, 8 November 2011
Singapore | HDB resale prices rise faster in Q3
With limited supply and strong demand in the HDB resale market, the
Resale Price Index (RPI) has reached 187.1, a 3.8 percent rise from the
previous quarter, according to HDB’s Q3 2011 flash estimates.
The robust demand for resale flats comes from buyers who are seeking homes for their own occupation, including permanent residents (PRs), singles, HDB upgraders and downgraders and private property downgraders.
However, due to the January cooling measures, as well as the reduced 60 percent loan-to-value (LTV) ratio and the revised minimum occupation period to five years, homeowners are reluctant to sell or move, leading to a supply crunch and pushing median resale prices up.
“We expect the momentum to continue and prices to increase by 11 percent for year 2011,” said Mohamed Ismail, Chief Executive Officer of PropNex.
Despite a massive increase of 82.35 percent in HDB resale flat prices over the past five years, PropNex estimates prices will stabilise with the launch of more BTO and SBF flats.
In November 2011, the HDB will be launching another 4,200 BTO flats for sale in various estates, including Bukit Panjang, Bedok, Hougang, Yishun and Punggol.
For the whole year, the HDB is on track to deliver 25,000 BTO flats.
Meanwhile, flash estimates released by the URA highlighted that private home prices climbed 1.3 percent quarter-on-quarter to another record high of 205.7, with the Core Central (CCR), Rest of Central (RCR) and Outside Central (OCR) regions recording incremental increases of 0.8 percent, 1.1 percent and 2.1 percent respectively.
To contact the journalist, you may send your message to editor@propertyguru.com.sg
The robust demand for resale flats comes from buyers who are seeking homes for their own occupation, including permanent residents (PRs), singles, HDB upgraders and downgraders and private property downgraders.
However, due to the January cooling measures, as well as the reduced 60 percent loan-to-value (LTV) ratio and the revised minimum occupation period to five years, homeowners are reluctant to sell or move, leading to a supply crunch and pushing median resale prices up.
“We expect the momentum to continue and prices to increase by 11 percent for year 2011,” said Mohamed Ismail, Chief Executive Officer of PropNex.
Despite a massive increase of 82.35 percent in HDB resale flat prices over the past five years, PropNex estimates prices will stabilise with the launch of more BTO and SBF flats.
In November 2011, the HDB will be launching another 4,200 BTO flats for sale in various estates, including Bukit Panjang, Bedok, Hougang, Yishun and Punggol.
For the whole year, the HDB is on track to deliver 25,000 BTO flats.
Meanwhile, flash estimates released by the URA highlighted that private home prices climbed 1.3 percent quarter-on-quarter to another record high of 205.7, with the Core Central (CCR), Rest of Central (RCR) and Outside Central (OCR) regions recording incremental increases of 0.8 percent, 1.1 percent and 2.1 percent respectively.
To contact the journalist, you may send your message to editor@propertyguru.com.sg
Monday, 7 November 2011
Singapore | Property buyers may be caught out with the following rules
Singapore government Announces new property buying regulation
New Singapore property buyer regulation announced with effect from 30th Aug 2010 . The following regulations are effective . With severe shortage in HDB housing due to mismatch in supply and demand, the Singapore government hopes to use Property regulation to ameliorate a severe problem.
Property Seller are faced with a Seller Stamp duty
- From 30th August 2010, seller stamp duty will be applicable within a 3 years holding period.
- The amount payable is 1% on the first $180,000, 2% on the second $180,000 and 3% thereafter of the property price.
Cash Down-payment
The minimum cash portion of the downpayment is increased from 5% to 10% of the valuation of the property.
Loan quantum reduces from the 2nd property onwards
The new property regulations in Singapore will hit some investors and buyers.
If you already have 1 or more outstanding home loan, all banks and financial institutions regulated by MAS can only lend up to 70% of the valuation amount if property buyers have one or more outstanding housing loans at the time of buying another property.
The reduction in the percentage of loan limit for housing loans applies to the following properties: -
- Private residential properties.
- Executive Condominiums
- HUDC flats
- HDB flats
- Design, Build and sell scheme (DBSS) flats
If this is your first residential property, the loan to valuation limit remains at 80%.
Seller stamp duty Calculation
Seller stamp duty is applied on a pro-rated basis. If the property is; -
- One year holding period – Full stamp duty is applicable
- Two year holding period , 2/3 of the stamp duty is applicable
- Sold within the 3rd year (i.e. > 2 year and
HDB houses – Seller stamp duty
Seller stamp duty will not affect the HDB flats as the minimum occupation period for HDB flat is at least 3 years.
For more details, please check with MAS or IRAS.
IRAS enquiries: 6351-3697 or 6351 3698
Downpayment for HUDC, HDB flats, Design, Build and sell Scheme (DBSS flats)
The cash downpayment increase from 5% to 10% of the valuation limit is only applicable to the those who has one or more outstanding housing loan at the time of applying for a housing loan for a new property purchase or those who are borrowing from financial institution regulated by MAS.: -
- Private residential properties.
- Executive Condominiums
- HUDC flats
- HDB flats
- Design, Build and sell scheme (DBSS) flats
For loans granted by HDB for HDB flats including those design, build and sell scheme (DBSS) flats. These will continue to enjoy a Loan to valuation limit of 90%.
HDB loans are offered to eligible first-time flat buyers and some second timers who are right-sizing their flats to meet their housing needs.
People who are eligible for HDB loans must first WIPE OUT all their CPF ordinary account balance before HDB loan is granted.
For those taking a second concessionary HDB loan, they must use the CPF refund and the 50% of the cash proceeds from the sale of their previous flat before they are granted a HDB loan.
Definitions
Date of purchase is deemed as the date when buyer exercise the option or signs the sales and purchase agreement, whichever is earlier.
See original: Property buyers may be caught out with the following rules
Sunday, 6 November 2011
Surge in new home supply likely in 2012 | Singapore Condo – New …
Surge in new home supply likely in 2012 | Singapore Condo – New …
Straits Times: Fri, Nov 04
AN ANTICIPATED surge of new private homes may come sooner than officially forecast, according to a report by property consultancy International Property Advisor (IPA).
In its November estimates, it said 14,000 new homes might be completed next year, significantly more than the 12,043 new home completions predicted by the Urban Redevelopment Authority (URA) in its third-quarter property forecast.
The predictions for 2013 follow a similar trend, with IPA’s estimate of 17,000 homes far ahead of the 12,882 new homes anticipated by the URA.
IPA chief executive Ku Swee Yong said his forecasts are based on the fact developers often complete projects within three years, shorter than the estimated legal completion period of up to five years developers are bound by. A faster completion date translates to speedier payments from buyers.
‘Buyers make progress payments at each stage of completion so the quicker the job gets done, the sooner the developers can get paid,’ said Mr Ku.
While the shorter wait for homes will be good news for buyers who intend to occupy the new units, Mr Ku cautioned that it could turn out to be a double-edged sword for investors.
‘As an investor, yes, you get the apartment earlier, but you might have bought it anticipating a stronger rental demand because fewer homes were expected to be completed within the same year.
‘It could mean you are entering a market that is very congested with new apartments, which may severely affect the rental demand for your investment property.’
Fears of a weakening global economy could lead to a slowdown in the rental market, weaker demand for more new homes and developers reducing prices to maintain a consistent pace of sales for new homes, said Mr Ku.
‘Last quarter, a project may have launched for $900 per sq ft with a 90 per cent sell-out rate in two months. But developers might be led to lower their prices in order to achieve the same sales pace next year.’
Mr Ku said the market might experience a 5 per cent to 10 per cent dip in the prices of new and resale private residential property within the next year.
The concerns about the oncoming supply of new private homes translated to more cautious bids for a government land sale site at the junction of Punggol Central and Edgedale Plains.
The tender exercise for the 99-year leasehold land parcel closed yesterday, attracting Qingjian Realty’s top bid of $215.9 million.
With a gross floor area of 654,105 sq ft, the new development could have about 610 apartments.
Source: The Straits Times © Singapore Press Holdings Ltd
Straits Times: Fri, Nov 04
AN ANTICIPATED surge of new private homes may come sooner than officially forecast, according to a report by property consultancy International Property Advisor (IPA).
In its November estimates, it said 14,000 new homes might be completed next year, significantly more than the 12,043 new home completions predicted by the Urban Redevelopment Authority (URA) in its third-quarter property forecast.
The predictions for 2013 follow a similar trend, with IPA’s estimate of 17,000 homes far ahead of the 12,882 new homes anticipated by the URA.
IPA chief executive Ku Swee Yong said his forecasts are based on the fact developers often complete projects within three years, shorter than the estimated legal completion period of up to five years developers are bound by. A faster completion date translates to speedier payments from buyers.
‘Buyers make progress payments at each stage of completion so the quicker the job gets done, the sooner the developers can get paid,’ said Mr Ku.
While the shorter wait for homes will be good news for buyers who intend to occupy the new units, Mr Ku cautioned that it could turn out to be a double-edged sword for investors.
‘As an investor, yes, you get the apartment earlier, but you might have bought it anticipating a stronger rental demand because fewer homes were expected to be completed within the same year.
‘It could mean you are entering a market that is very congested with new apartments, which may severely affect the rental demand for your investment property.’
Fears of a weakening global economy could lead to a slowdown in the rental market, weaker demand for more new homes and developers reducing prices to maintain a consistent pace of sales for new homes, said Mr Ku.
‘Last quarter, a project may have launched for $900 per sq ft with a 90 per cent sell-out rate in two months. But developers might be led to lower their prices in order to achieve the same sales pace next year.’
Mr Ku said the market might experience a 5 per cent to 10 per cent dip in the prices of new and resale private residential property within the next year.
The concerns about the oncoming supply of new private homes translated to more cautious bids for a government land sale site at the junction of Punggol Central and Edgedale Plains.
The tender exercise for the 99-year leasehold land parcel closed yesterday, attracting Qingjian Realty’s top bid of $215.9 million.
With a gross floor area of 654,105 sq ft, the new development could have about 610 apartments.
Source: The Straits Times © Singapore Press Holdings Ltd
Saturday, 5 November 2011
TODAYonline | Singapore | Housing for the needy, first-timers are …
SINGAPORE – There will be “many more” speeches on housing in Parliament over the next five years but Minister for National Development Khaw Boon Wan chose his first yesterday to lay out the priorities over the first two years.
He reiterated a commitment to help first-time flat buyers earning less
than S$10,000 a month get their first Housing and Development Board
(HDB) home “as soon as possible”, as well as address the housing needs
of families with a household income of less than S$1,500 per month.
“These are the two groups I can help most during my first two years,” Mr Khaw said. “But I am aware there are other groups of home buyers: The singles, the second-timers, the upgraders, the downgraders. I will attend to them more fully in due course.”
The Government has committed to build 50,000 Build-To-Order (BTO) units. If demand remains strong beyond next year, Mr Khaw said the Government has “the resources and the capacity to build more than 100,000 HDB flats during this term”. This may include BTO projects in the proposed Bidadari estate, which can potentially house up to 12,000 units.
Earlier yesterday, the HDB said plans to build ahead of order are continuing with seven BTO projects, despite the subdued response from home buyers. Among the seven BTO projects launched last month, three had relatively low application rates.
While the Government will not launch any BTO projects in Tengah during this term, Mr Khaw said it would put in infrastructure like roads.
In tandem, Mr Khaw said he was “tackling the issue of affordability head on” and has “stabilised the prices” of about 13,000 BTO flats. He noted the May, July and September BTO prices were “roughly comparable” to similar units launched in April.
“The upcoming BTO launch next month will repeat this pattern. Newlyweds eyeing new HDB flats do not need to worry that BTO price will run ahead of their income,” Mr Khaw said.
As for households earning less than S$1,500 per month and for whom home ownership is now out of reach, Mr Khaw said the Government would be building more rental flats and “using interim facilities” such as dormitories at the former Malayan Railway site in Tanjong Pagar. Since May, the Government has housed 1,400 more families and cut waiting time for a rental unit to six months.
Mr Khaw also revealed he would be reviewing the rental structure. Emeritus Senior Minister Goh Chok Tong had told him about tenants who worked to raise their income, only to see it going to the HDB through higher rental. “He has a point … we can consider introducing more rental tiers, with smaller increments in rental adjustments so the incentive to work harder and earn more is not unwittingly diminished,” Mr Khaw said.
He hopes to raise the chances of second-timers getting a BTO flat, which will reduce demand in the HDB resale market and moderate resale prices. Only 5 per cent of BTO flats are now kept for second-timers but they make up 40 per cent of applicants.
As for private housing, which makes up 23 per cent of the market, the Urban Redevelopment Authority will continue to release land parcels to meet demand. But Mr Khaw ruled out removing the cooling measures for now. “We will continue to monitor market conditions closely and, if need be, we will take further measures,” he said.
“These are the two groups I can help most during my first two years,” Mr Khaw said. “But I am aware there are other groups of home buyers: The singles, the second-timers, the upgraders, the downgraders. I will attend to them more fully in due course.”
The Government has committed to build 50,000 Build-To-Order (BTO) units. If demand remains strong beyond next year, Mr Khaw said the Government has “the resources and the capacity to build more than 100,000 HDB flats during this term”. This may include BTO projects in the proposed Bidadari estate, which can potentially house up to 12,000 units.
Earlier yesterday, the HDB said plans to build ahead of order are continuing with seven BTO projects, despite the subdued response from home buyers. Among the seven BTO projects launched last month, three had relatively low application rates.
While the Government will not launch any BTO projects in Tengah during this term, Mr Khaw said it would put in infrastructure like roads.
In tandem, Mr Khaw said he was “tackling the issue of affordability head on” and has “stabilised the prices” of about 13,000 BTO flats. He noted the May, July and September BTO prices were “roughly comparable” to similar units launched in April.
“The upcoming BTO launch next month will repeat this pattern. Newlyweds eyeing new HDB flats do not need to worry that BTO price will run ahead of their income,” Mr Khaw said.
As for households earning less than S$1,500 per month and for whom home ownership is now out of reach, Mr Khaw said the Government would be building more rental flats and “using interim facilities” such as dormitories at the former Malayan Railway site in Tanjong Pagar. Since May, the Government has housed 1,400 more families and cut waiting time for a rental unit to six months.
Mr Khaw also revealed he would be reviewing the rental structure. Emeritus Senior Minister Goh Chok Tong had told him about tenants who worked to raise their income, only to see it going to the HDB through higher rental. “He has a point … we can consider introducing more rental tiers, with smaller increments in rental adjustments so the incentive to work harder and earn more is not unwittingly diminished,” Mr Khaw said.
He hopes to raise the chances of second-timers getting a BTO flat, which will reduce demand in the HDB resale market and moderate resale prices. Only 5 per cent of BTO flats are now kept for second-timers but they make up 40 per cent of applicants.
As for private housing, which makes up 23 per cent of the market, the Urban Redevelopment Authority will continue to release land parcels to meet demand. But Mr Khaw ruled out removing the cooling measures for now. “We will continue to monitor market conditions closely and, if need be, we will take further measures,” he said.
Friday, 4 November 2011
Singapore | Singapore National Day Rally 2011 Pt4/4 – 14Aug2011
PM Lee announces new initiatives on housing, education & jobs
SINGAPORE: Prime Minister Lee Hsien Loong on Sunday announced new
initiatives on housing, healthcare, education and jobs, as he pledged to
put Singaporeans first. These measures include raising the qualifying
income ceiling for HDB home buyers, increasing the number of places for
Singaporeans at local universities, making healthcare more affordable
and tightening the hiring of foreign workers. In his first National Day
Rally speech since the General Election in May, Mr Lee said the thrust
of the government’s policies will be a Singaporean-first approach, even
as the country stays open to the world. He noted concerns over rising
home prices, healthcare costs and the inflow of foreigners – all hot
button issues at the recent elections. Mr Lee said: "I can fully
understand and empathise with concerns because it has been a difficult
ride, bumpy, stormy and causing anxiety from time to time but we are
tackling these problems – building more flats, improving public
transport, managing inflow of foreign workers and immigrants. "It will
take a while to solve these problems because they are big and
complicated issues, but we are heading in the right direction and things
will get better. So please be patient." On housing, the prime minister
made the commitment to keep housing available and affordable for
Singaporeans. The government will raise the qualifying income ceilings
of households for HDB’s Build-To-Order (BTO <b>…</b>
Tuesday, 25 October 2011
Singapore | Mass market home prices average $1 million
Values for new and resale private homes have surpassed the threshold of $1 million, according to a new study. This is up from $970,000 in the three months to June 30, according to data compiled by Mr Ku Swee Yong, chief executive of International Property Advisor, and the Singapore Condo agency.
Read the original: Mass market home prices average $1 million
Monday, 24 October 2011
Singapore | 100000 new HDB flats over 5 years
The respective ministers have spoken in parliament. What is the housing situation for the 5 years ahead? It seems that 100,000 HDB flats will be built. Will this relieve newly weds of their financial burden, does this mean anything for other societal groups such as the singles, elderly, lower-income groups?
The government has committed to helping newlyweds earning less than $10,000 a month obtain their first build-to-order (BTO) flat as soon as possible, stating it is able to construct more than 100,000 flats in its current term. Second-timers too can look forward to better chances of getting a BTO flat, as the government considers raising the proportion of units set aside for them in a year’s time.
National Development Minister Khaw Boon Wan mentioned this in Parliament, as he shared plans for the next two years. Recently married first-timers are getting Mr Khaw’s immediate attention. The government is building 50,000 HDB flats in the first two years and ‘if the demand remains strong, we have the resources and the capacity to build more than 100,000 HDB flats during this term of government’, he said. New flats may start coming up in Bidadari, which can potentially accommodate up to 12,000 units.
The government will also start planning for Tengah town – with a capacity for 56,000 units when fully developed – although it will not launch BTO projects there in its current term. What it will do is start building infrastructure such as roads and drains, and the works will commence later than those at Bidadari.
On the issue of affordability, Mr Khaw said that the government has ‘stabilised the prices’ of BTO flats since May. ‘We have moderated price changes such that after adjusting for differences in location, amenities and other physical attributes, the May, July and September BTO prices were roughly comparable to the prices of similar units in the April BTO launch. The upcoming BTO launch next month will repeat this pattern,’ Mr Khaw said.
Families earning less than $1,500 a month which are in need of subsidised rental flats are also on Mr Khaw’s priority list. The government is looking at introducing more rental tiers – with smaller increments in rents as incomes rise – to retain the incentive for families to work harder and earn more, he said. The waiting time for rental flats may also drop further in the next couple of years as new rental blocks become available. As for other groups of homebuyers, Mr Khaw said he would attend to them ‘more fully in due course’.
Second-time flat applicants, for instance, may get better chances of obtaining a unit some time next year as the government progressively clears outstanding demand from first-timers. It estimates that there are about 16,000 first-timer families still waiting to buy a new HDB flat, and there are 15,000 new applicants each year. The government keeps only 5 per cent of BTO flats for second- timers, even though they make up 40 per cent of BTO applicants. ‘It is my hope that in a year’s time, we can raise the percentage allocation for second-timers to improve their chances of getting a flat,’ Mr Khaw said. This will further cut demand in the HDB resale market and resale prices should begin to moderate, benefiting other homebuyers such as singles, he added.
Separately, HDB said that three out of seven BTO projects launched last month had attracted relatively low application rates. Golden Peony in Jurong West saw an application rate of 0.6; Anchorvale Harvest and Fernvale Rivergrove in Sengkang saw an application rate of 1.3. ‘Based on past experience, these projects are not likely to achieve 70 per cent take-up rate at the selection exercise stage,’ HDB said. ‘Nonetheless, in line with the new approach of building ahead of order, HDB has proceeded to start the process of building all seven BTO projects.’
Source: The Straits Times © Singapore Press Holdings Ltd. Reprinted with permission.
Editor’s Commentary:
Are consumers looking forward to the number of new flats, or are they looking for lower prices of existing flats? Are these two issues a matter of cause and effect?
Related posts:
There will be another launch in November 2011 of BTO flats. Wil there be more like this – Waterway Woodcress in Punggol (part of HDB’s September bumper crop of 8,200 HDB flats). Photo by HDB.
The government will also start planning for Tengah town – with a capacity for 56,000 units when fully developed – although it will not launch BTO projects there in its current term. What it will do is start building infrastructure such as roads and drains, and the works will commence later than those at Bidadari.
Fernvale Rivergrove BTO flats. Photo by HDB.
Families earning less than $1,500 a month which are in need of subsidised rental flats are also on Mr Khaw’s priority list. The government is looking at introducing more rental tiers – with smaller increments in rents as incomes rise – to retain the incentive for families to work harder and earn more, he said. The waiting time for rental flats may also drop further in the next couple of years as new rental blocks become available. As for other groups of homebuyers, Mr Khaw said he would attend to them ‘more fully in due course’.
Second-time flat applicants, for instance, may get better chances of obtaining a unit some time next year as the government progressively clears outstanding demand from first-timers. It estimates that there are about 16,000 first-timer families still waiting to buy a new HDB flat, and there are 15,000 new applicants each year. The government keeps only 5 per cent of BTO flats for second- timers, even though they make up 40 per cent of BTO applicants. ‘It is my hope that in a year’s time, we can raise the percentage allocation for second-timers to improve their chances of getting a flat,’ Mr Khaw said. This will further cut demand in the HDB resale market and resale prices should begin to moderate, benefiting other homebuyers such as singles, he added.
Golden Peony BTO flat in Jurong West. Image courtesy of HDB.
Source: The Straits Times © Singapore Press Holdings Ltd. Reprinted with permission.
Editor’s Commentary:
Are consumers looking forward to the number of new flats, or are they looking for lower prices of existing flats? Are these two issues a matter of cause and effect?
Related posts:
View original post: 100000 new HDB flats over 5 years
Jurong HDB For Sale | Singapore
If you are looking to Buy or Sell your Condo or HDB flat in Jurong…
Call Alfred Wong Tel +65- 9858 3241
CEA certified and registered property agent, R011691F
Singapore | Singapore National Day Rally 2011 Pt4/4 – 14Aug2011
PM Lee announces new initiatives on housing, education & jobs SINGAPORE: Prime Minister Lee Hsien Loong on Sunday announced new initiatives on housing, healthcare, education and jobs, as he pledged to put Singaporeans first. These measures include raising the qualifying income ceiling for HDB home buyers, increasing the number of places for Singaporeans at local universities, making healthcare more affordable and tightening the hiring of foreign workers. In his first National Day Rally speech since the General Election in May, Mr Lee said the thrust of the government’s policies will be a Singaporean-first approach, even as the country stays open to the world. He noted concerns over rising home prices, healthcare costs and the inflow of foreigners – all hot button issues at the recent elections. Mr Lee said: “I can fully understand and empathise with concerns because it has been a difficult ride, bumpy, stormy and causing anxiety from time to time but we are tackling these problems – building more flats, improving public transport, managing inflow of foreign workers and immigrants. “It will take a while to solve these problems because they are big and complicated issues, but we are heading in the right direction and things will get better. So please be patient.” On housing, the prime minister made the commitment to keep housing available and affordable for Singaporeans. The government will raise the qualifying income ceilings of households for HDB’s Build-To-Order (BTO <b>…</b>
Excerpt from: Singapore National Day Rally 2011 Pt4/4 – 14Aug2011
Subscribe to:
Posts (Atom)