Month: November 2022

Almost 31ha of forested land in Bedok is expected to receive clearance by the end of 2029 to have a Bayshore Housing development that is expected to be ready by the middle of 2030. As per the recent environmental assessment report from Housing Board, the target areas have conservation value ranging from minor to moderate – mainly due to the lesser number of species with conservation, species with richness, and enhanced dominance of flora with non-native significance.

The reports reveal that the areas targeted for clearance are listed among the last substantial forests from eastern Singapore. Moreover, the construction activities in this area are expected to leave some irreversible effects, mainly due to the considerable loss of bird species and plants.

DHI Water & Environment consultancy conducted a study that included baseline surveys from April 25 to July 21 in the year 2022. It covered approximately 31.4 ha of a total development site of 60 ha which is equivalent to 84 football fields. This complete construction site is linked to Upper East Coast Road in the north direction; however, the south side is connected to East Coast Parkway. The areas that are not studied in this survey include some highly vegetated sites that are now cleared for leading MRT station-related construction activities.

The forested land of almost 31ha is expected to be cleared for the Bayshore area housing project and the residents here will be served by two main MRT stations in the coming years. The recent environmental survey was conducted to understand the impact of upcoming developments along with mitigation measures.

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After the recent cooling measures applied in the Singapore housing market, the rental prices for private apartments & housing board flats have grown fast and the scenario indicates strong pressure on the rental market during the coming months. Studies reveal that HDB rental properties have climbed by almost 3.2% during the month of September which is comparatively higher than 2.4% rise reported in August. This report is presented with reference to both non-mature as well as mature estates in the Singapore housing area.
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The prices for smaller as well as four-room housing board resale flats are to be monitored by experts if any hike is observed after cooling measures. This is due to the fact that some aspiring analysts and home buyers have expressed major concern related to the curbs posed on the owner’s private properties may further moderate the demands for larger HDB resale flats & five-room apartments. These scenarios may increase demands and as a result, the prices for smaller resale flats and four-room apartments may also increase.

Right from September 30th, the owners of private properties need to wait for almost 15 months after the sale of their current home to buy a non-subsidized resale flat at the Housing Board. However, owners that have crossed the age gap of 55 and above may move from private accommodations to smaller resale flats or four-room flats. If we consider the wait-out period of 15 months, when there is a temporary measure with moderate demand, it is important to recognize that there are more seniors that need to look for retirement adequacy. With this, it is important to provide them avenues and options for the right size condos and four-room apartments or smaller HDB flats that may serve their needs better.

Mr. Lee, National Development Minister, also stated that a large number of owners from private properties are now looking forward to buying HDB resale flats and this count has doubled within the last two years. This scenario has a direct impact on the property cycle, especially when they try to sell private properties while moving to the HDB resale market as in this situation they can pay higher cash to close the deals fast.

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