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Subscribe to this list via RSS Blog posts tagged in Executive Condominium

Is the growing divergence in prices of resale public housing flats and private homes snuffing out the Singaporean dream of owning a condominium?

190418113030 HDB images newpropertydream

While price data might underscore such fears, market watchers note that there are many mitigating factors to keep the upgrading momentum from owners of Housing & Development Board (HDB) flats going, who sell their flats to move to private housing.

First, the truth be told, price indices do not tell the whole story, said Edmund Tie & Company CEO Ong Choon Fah.

The HDB resale landscape has been uneven, with larger flats in mature and sought-after estates such as Toa Payoh, Bishan, Ang Mo Kio, Bukit Merah, Geylang and Queenstown holding up in prices or even registering an increase in Q4 2017 from Q4 2012, based on median resale prices published on the HDB website.

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sumang walk ec site

SINGAPORE: A land parcel at Sumang Walk attracted 17 bids at the close of its tender on Tuesday (Feb 27).

The Housing and Development Board (HDB) said the sale site, earmarked for executive condominium (EC) housing, received a joint top bid of S$509.37 million from CDL Constellation and TID Residential. This works out to about S$6,275 per square metre of the gross floor area (GFA).

Mr Ong Teck Hui, National Director for Research at JLL, said: “At $583 psf/pr, it is a stunning top bid for the subject parcel which is way above market expectations and also a record EC unit land price. 

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Amid persistent industry lobbying for the lifting of property cooling measures, the government has reiterated its view that it remains premature to do so. The Real Estate Developers’ Association of Singapore (Redas) has warned of a potential downward price spiral given the supply deluge and rising vacancy rates. But there have been mixed signals from property launches last year, with some projects seeing strong interest while others were met with a cold reception. Here, BT looks at what’s hot and what’s not in 2015.

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The Housing & Development Board (HDB) has launched for sale an Executive Condominium (EC) site on Yio Chu Kang Road, with analysts saying the tender is likely to attract conservative bids from developers amid a large unsold inventory.

The 99-year leasehold site, released from the Confirmed List of the second half of the 2015 Government Land Sales programme, sits on a 198,302 sqf area and may yield 520 homes, said the HDB yesterday. It also released for application under the Reserve List yesterday an EC site at Sumang Walk in Punggol. This parcel has a land area of about 291,233 sqf and may yield 820 units.

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Sales of new private homes jumped 39 per cent last month from October, mainly due to the high take-up at the newly launched The Poiz Residences in Potong Pasir, a showing analysts said signalled steady underlying demand for projects that are in good locations and attractively priced.

Transaction volumes are likely to pick up next year, the analysts said, with prices expected to drop as developers are under pressure to offload unsold homes to avoid paying the Additional Buyer’s Stamp Duty (ABSD). Developers will be subject to an ABSD — introduced in Dec 2011 — if they fail to complete a residential project and sell all its units within five years.

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Amid all the gloom and doom surrounding the private residential market, a more contrarian view that has emerged now points to green shoots of recovery in the second half of 2016.

A continual downward drift in residential prices is almost a foregone conclusion in light of rising vacancies, impending interest-rate hikes and a slowing economy, consultants say.

But some believe transactions could see a rebound in the second half of 2016 as value emerges in some areas, such as the high-end market and secondary sales.

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Develoers' sales will probably be more subdued in June, when virtually no new project launches will take place, property consultants said.

Sales were already tepid in May: 638 private residential units were sold, 45 per cent fewer than the 1,167 in April. And 207 executive condominium (EC) units were sold, buoyed mainly by the launch of Westwood Residences in Jurong West, up from 126 in April.

That brought developers' total residential sales to 845 units - still a significant drop from the 1,293 in April.

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An overwhelming majority of property consultants predict that the government will further trim land supply for private housing development in the confirmed list for the second half of this year, citing the sharp slowdown in home sales and the substantial supply pipeline.
They also expect the authorities to offer commercial sites on the confirmed list and/or reserve list in locations such as Paya Lebar and Woodlands to speed up their development as commercial hubs.
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Prices of small completed private apartments and condos in Singapore recovered in July after slipping for two consecutive months, latest flash estimates from the National University of Singapore (NUS) show.

Market watchers suggest the Total Debt Servicing Ratio (TDSR) framework, which took effect from June 29, could be driving buyers to the small-unit segment.
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New rules governing permanent residents (PRs) buying HDB resale flats could send ripple effects through the markets for private homes and executive condominiums (ECs), say analysts.

As the rules announced on Tuesday make it harder for PRs to buy resale flats, they may seek mass-market condos instead.
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Executive condominium (EC) developers are again pulling out all the stops in the battle for buyers as competition intensifies in the second half of this year.

Developers of projects under this very popular public-private housing hybrid are no longer allowed to build gargantuan penthouse suites after unit-size restrictions were imposed in January.
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National Development Minister Khaw Boon Wan has reiterated that he wants to engineer a "soft landing" in the resale market for Housing & Development Board (HDB) flats, and noted that recent cooling measures are taking effect, going by the latest HDB Resale Price Index released yesterday.

He revealed this on Thursday night at a session of Our Singapore Conversation (OSC), which was specific to housing.
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The executive condominium (EC) scheme cannot carry on in its current form, said National Development Minister Khaw Boon Wan, hinting that there may be changes afoot.

At a session of an Our Singapore Conversation on housing on Thursday, he noted the "sense of inequity" at the profit that EC buyers can make on their units.
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Most analysts expect developers' sales to moderate over the next few months after they hit a record 2,793 units in March, nearly four times the 712 units sold in February.

The record figure was due to pent-up demand arising from developers holding back launches in February in the aftermath of January's cooling measures and also due to the Chinese New Year festive period.
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In a move to moderate tender bids and future property prices, the tender for three sites will close on the same day for the first time.

Included in this exercise is an executive condominium (EC) site at Punggol Central, one of the four sites released as part of the Government Land Sales Programme for the first half of 2013.
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Numbers just in show that the property market made history in 2012, with developers selling a record 22,290 private homes, excluding executive condos. The tally, which shattered the previous record of 16,292 units in 2010, was boosted by brisk sales in December when developers offloaded 1,410 units.

But history is unlikely to repeat itself in the wake of last Friday's cooling measures which target investment demand, even by Singaporeans, in addition to foreign buying.
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Posted by on in Residential
The public housing sector, as well as the hybrid executive condominium (EC) market, will bear a significant load from the slew of cooling measures introduced by the government yesterday.

Beyond a broad range of measures that apply across residential properties, they will be subject to further specific policies announced by the authorities yesterday, which market watchers have welcomed.
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Move over, shoebox apartments. Penthouse units have claimed the spotlight ever since the launch of a 4,349 sq ft penthouse suite at an executive condominium (EC) in Tampines last month.

The unit, including a 1,600 sq ft roof terrace, was sold for $2.05 million - the most expensive EC penthouse ever sold.
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Showflats were quiet yesterday, following a surge of customers last Friday eager to beat the new cooling measures which kicked in on Saturday.

The government announced its seventh and most sweeping package of property cooling measures on Friday, including higher additional buyers' stamp duty as well as stricter borrowing limits.
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The Government's intention to fix a loophole that allows property developers to sell off free outdoor open spaces for profit has got them worried.

They fear the Urban Redevelopment Authority (URA) will now slap a charge on such spaces if they are sold as private roof terraces or ground-level private enclosed spaces.

Instead, they hope the URA review will - at most - restrict the size of such areas.
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