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Posted by on in Uncategorized
The massive construction of HDB flats will start to taper off from next year as balance is restored between demand and supply in the market, Minister for National Development Khaw Boon Wan said.

But "we will do so in a measured way, to allow the market to gradually adjust, just like what we had done to cool the property market earlier."
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The government will be launching two 99-year private housing sites in Geylang this month.

Of the two, the one that is expected to draw more developer interest is a plot next to Aljunied MRT Station which has been triggered from the government's reserve list. The successful applicant has agreed to bid at least $95 million, translating to $505.28 per square foot per plot ratio (psf ppr), at tender for the site, which is along Geylang East Avenue 1.
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Sales for Kaleido, a 14-unit cluster of freehold terrace houses along Lorong K Telok Kurau, will start on Jan 4, tagged with an average price of around $1,000 per square foot (psf).

The showflat will open for a private preview this weekend, the project for Amerald Land, a wholly owned subsidiary of Precise Development. Amerald Land is also behind the 16-unit Shiro freehold development in Lorong H Telok Kurau.
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Posted by on in Uncategorized
Many people living and working in sleepy Kampong Bugis are looking forward to the area being transformed into a vibrant residential and lifestyle district as part of government makeover plans.

The prospect of more shops, restaurants and other facilities is proving appealing, especially as it could mean improved property values. "I'm delighted to hear such news, simply because I usually like to buy food near my place. So with the opening of these new places, I have more convenient access to food and leisure activities without travelling," said Mr Sean Liang, a resident of condominium Citylights in Lavender, which is nearby.
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Posted by on in Uncategorized
The number of Housing Board flats being sold below valuation has rocketed, as tighter mortgage rules eat into demand.

According to HDB's latest figures, 105 units were sold in October for less than their appraisal. This accounted for 7 per cent of the total resale volume, a marked increase on the average 0.3 per cent for each month of the first half of the year.
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Posted by on in Residential
Capitamalls Asia will open two new shopping havens next week, one on each side of the island.

On Monday, the shutters will go up at Westgate in Jurong East.

The seven-storey mall will have a net lettable area of 410,000 square feet, roughly the size of Raffles City's retail area.
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Posted by on in Commercial
JTC Corporation yesterday launched four industrial sites zoned for Business-2 development, in Woodlands Industrial Park E9 and Tuas South, for sale by public tender.

The plot in Woodlands has a lease of 30 years and maximum permissible gross plot ratio of 2.5. Based on a land area of about 197,992.3 sq ft, this translates to gross floor area (GFA) of about 494,980.6 sq ft.
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Posted by on in Uncategorized
Property consultants agree that the executive condominium (EC) site in Westwood Avenue will be warmly received, but getting them to agree on their pricing expectations is another matter.

That site was one of two released for tender yesterday by the government, the other being a 99-year leasehold residential site in Lorong Lew Lian.
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Posted by on in Uncategorized
The residential enclave around Flora Drive in Changi is fairly built up but its long-term prospects remain positive, consultants say.

The area is dominated by private condominiums, many of them named after flowers.
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A 560-ROOM hotel in Jurong Town Hall Road by Resorts World Singapore, an office and retail development in Jurong East by Sim Lian, and a revised development proposal by Keppel Land for its Keppel Towers and GE Tower site in Hoe Chiang Road are among a string of development proposals granted provisional permission by the Urban Redevelopment Authority in the third quarter.

Less than a handful of private residential projects received provisional permission in the July-Sept 2013 period.
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Posted by on in Uncategorized
Already accorded special incentives in Iskandar Malaysia, the Medini area is likely to see its perks expanded to include an exemption from real property gains tax (RPGT) in a bid to ensure that the node continues to be favoured by investors.

Although this would result in a more uneven playing field, the federal statutory body tasked with realising the development of the economic zone into a thriving and sustainable metropolis appears to be pushing for the exemption.
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Five plots of land were released yesterday through the Industrial Government Land Sales Programme.

Four of the sites are being offered through the confirmed list. Tenders close on Dec 12 for three sites in Tuas South area (Plots 20, 22 and 24) while the tender for a plot in Gambas Crescent (Parcel 3) closes on Dec 10.
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Posted by on in Commercial
Industrialists who want their leases at JTC-owned factories renewed will have to show that they are taking serious steps to raise productivity, said Teo Ser Luck, Minister of State for Trade and Industry.

It is an important criterion, said Mr Teo in an interview with The Business Times.
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Posted by on in Residential
The majority owner of Serangoon Plaza has bought all of the five-storey Little India complex for $400 million through a collective sale process.

The final sale price, equivalent to $1,946 per sq ft, is about 9 to 11 per cent above the indicative price of $360 million to $368 million, or $1,751 to $1,790 psf. The building was put up for sale in September, and the tender closed on Oct 31.
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Posted by on in Residential
Market forces appear to have brought about a sea change at CapitaLand, whose former boss once famously decried shoebox units as being "almost inhuman".
The giant developer is now building homes that are smaller than 500 sq ft - shoebox size, in other words - to lure buyers seeking lower total price quantums.
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Posted by on in Residential
Office landlords seem to have enjoyed a recovery in this quarter with higher rents on the cards, according to a new report yesterday.

The demand for space is coming from small- and medium-sized enterprises (SMEs), mainly in non-financial industries such as media, information and communications, and businesses in professional and business services.
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Posted by on in Uncategorized
Bold claims by property experts of wielding the secret technique of buying homes with no cash outlay or owning multiple properties have proliferated in recent months, as investors look for ways to circumvent the successive rounds of cooling measures.

This has inevitably raised alarm bells in some quarters.
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Posted by on in Uncategorized
The government will make more two-room flats available to singles, following the overwhelming response to the July launch of Build-To-Order (BTO) flats, during which the 519 units launched attracted 8,800 singles.

The Housing and Development Board (HDB) will, in addition to the 190 BTO units to be rolled out this month, also launch all its remaining two-room flats in non-mature estates from previous BTO exercises.
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Home buyers Boon Lay Choo and Law Khim Huat had their eye on a $3.68 million landed property.

The trouble was that tough housing loan rules had just kicked in and reduced the amount they could borrow.
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Transaction volumes for strata-titled retail properties in the third quarter are at their lowest level in nearly two years, following the implementation of a Total Debt Servicing Ratio (TDSR) framework at the end of June.
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The 126 units that changed hands in Q3 was a 60 per cent plunge from the 382 units sold in the previous quarter. It was the lowest number of strata-titled retail transactions since Q4 2011, when 122 retail properties were transacted.
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