Do you remember the old cinema and bowling venue that once entertained people in Queenstown? Well, whether you do remember or not, you should know that the entire site that has more than just these two is finally put out for sale. The area already received the approval to be transformed into a new and modern commercial building, with a total number of six storeys and underground parking spaces. Thus, the residents of the neighborhood can expect new stores and restaurant to appear in the new future, even a top-notch cineplex at the 250 Commonwealth Avenue address.
Buyer & Seller Must Know
Financial Stability Review of Singapore by MAS
The Monetary Authority of Singapore (MAS) released its annual Financial Stability Review on November 23, 2018. The review reveals a recurrent 3 percent rise in household debt every third quarter of the year. MAS attributes this spike in debts to a 3.4 percent rise in housing loans noticed in the third quarter of every year in the recent past.
Given the consistency of this trend of increase in household debts, MAS advices prospective real estate buyers to be cautious of the market rates of interest on housing loans when attempting to fund their purchases. MAS adds that the rise in household debt is consistent with the growth in income rates and is indicative of healthy balance sheets of Singapore’s household market supply.
Punggol Road Extension
A new road extension to the Punggol Central road was opened for public use on November 25, 2018. The road opening ceremony was conducted in the presence of several persons of eminence. MPs for Pasir Ris-Punggol GRC, including Deputy Prime Minister Teo Chee Hean were among those attending the road opening. The extension was declared open in front of a large gathering. Nearly 400 enthusiastic Punggol residents graced the event.
The extension road is a part of a much bigger expansion project undertaken by the Land Transport Authority (LTA). Estimated at $185 million, the project aims at lowering the traffic gridlocks and hold-ups that have become commonplace on the KPE-TPE intersection. The primary objective of the project is to improve the overall traveling experience on the roads leading outwards from the north-eastern town of Punggol.
The property cooling measures from July have the purpose of stabilizing the market
Recently, there was an event at The Ritz-Carlton Millenia, where Mr Lawrence Wong, Minister for National Development of SIngapore explained why the Government adopted the measures that became active in July, concerning the property market of Singapore. As Mr. Wong said, these cooling measures have the purpose to avoid bubbles on the market and keeping the prices stable at the same time. The property market should evolve according to the trend outlining income increases and follow certain economic fundamentals, this is why the Government will not accept a hands-off attitude when it comes to the real estate sector of Singapore.
The previously mentioned event took place with the occasion of the 59th anniversary of the Real Estate Developers’ Association of Singapore, celebrated with a festive dinner. It was also a very good opportunity for the participants to catch up with the latest news and consolidate their relationships. Of course, Mr. Wong, who represented the Singaporean Government at the event, wanted to let everybody know that the Government will continue to intervene in the property market of the country when and if needed, in order to maintain stability in the property cycle. Thus, no one should be caught by surprise if the authorities will launch measures or decide to make certain adjustments.
Selling an HDB: Do I Really Need a Property Agent?
In one word no, you do not need a property agent to sell your HDB property, but whether or not you should use one is a completely different matter. The answer to that depends mainly on your own situation, your experience, how comfortable you are in doing the work that would otherwise be carried out by an property agent, and how eager you are for a quick sale. Here we look what you need to consider before attempting to sell your HDB flat yourself.
Preview of Parc Esta
Sales of Condos Going Paperless
People that are connected to the real estate world will be happy to know that a fully digitized sales booking platform has been launched recently. It is designed with a motive to save unlimited sheets of paper that are otherwise wasted by property agents and developers to finalize the deal.
Showsuite is an advanced system that works by combing few latest technologies; the list includes 3D technology virtual reality and many other innovations as well. It can help to digitalize all the information related to unsold units, new projects so that buyers and agents can get an instantupdate about any property they find interesting around.
Preview of Kent Ridge Hill Residences
Last Saturday, on the 10th of November 2018, Oxley Holdings sold 110 units for their latest new launch condo development along South Buona Vista Road. This development, named Kent Ridge Hill Residences is a low-rise private development located within 10 minutes walk from the Pasir Panjang MRT station. Comprising 498 apartments which are 5 storeys high and 50 strata houses, this Kent Ridge Hill condo comprises units ranging from 1-bedroom to 5-bedroom.
Buying an HDB: Do I Really Need a Property Agent?
Compared with selling a flat, it is much easier, more straightforward and a lot less stressful buying your HDB flat on your own without the assistance of an agent. Like with everything, especially if you are doing it for the first time, it is essential that you go into the process fully prepared, and with as much information as possible.
The Voluntary Early Redevelopment Scheme for 2018
The fact that the government developed rehabilitation programs for older flats is no secret. Many people live in apartments that are already a few decades old, which were offered in leases for a period of 99 years. Once the lease period expires, the flats will return to the property of the government while their former owners move to new locations or are supported by the government to find new places. But, as it is known, the authorities in Singapore desire to modernize and update all of these old flats, with the help of the Voluntary Early Redevelopment Scheme. The scheme means that once a person ends up living in a flat that is 70 years old or older, it is possible to choose the Voluntary Early Redevelopment Scheme and tap into the modernization opportunities offered by the government.
As you may have noticed, this program is called a “Voluntary Scheme”. This is due to the fact that, according to the officials, the financial support offered in case someone opts for the scheme is not that generous. In other words, the authorities will help old HDB flats find other places to live until their flats are modernized, but the support probably won’t be as great as some would desire. Thus, the scheme is voluntary and only those that consider the conditions acceptable can unroll. So, if one chooses to find another place to live instead of opting for the modernization of an old flat, he or she has all the freedom and right to do so.
Launching of upcoming development in West Singapore
CDL to preview highly anticipated whistler grand. The latest residential launch in West Coast
Last weekend Whistler Grand which is proudly developed by the City Development limited is launching their showflat for VVIP preview. This is a residential scheme which is being launched on the West Coast of Singapore. Its location is such that connects it with the Jurong Lake District, which is known as the second best Central district in Singapore.
Should I Buy a Private Condo or Resale HDB?
There is a growing number of people in Singapore who are faced with just this dilemma. Those who fall between the gap by earning too much money to enable them to buy a BTO, but purchasing an apartment in a private condo is just too much of a stretch for them to be 100% comfortable with. In the middle of this of course is the option of buying a resale HDB. Many of those, rightly or wrongly, see a private condo as the best option, but it is just a case of whether or not the sacrifices and the tightening of other budgets are worth it.
As a result of cooling measures, the price rise in the private home sector slows down
As a result of cooling measures, the price rise in the private home sector slows down
According to the estimates released by the Urban Redevelopment Authority, or URA, the prices of private homes barely managed to rise a 0.5% in the period between July and September, in comparison with the latest three-month period. This more than obvious slowing down of price increases is due to the fact that the authorities of Singapore introduced a set of cooling measures back in July, this year. Considering that the second quarter brought rises of 3.4% in this sector and that the first quarter recorded rises of 3.9% the slowing down in the third quarter is noticeable.
The Government may join forces with Private Developers for the improvement of older homes
It is well known that the Government is looking for the best ways to redevelop homes that are growing older. So, when they reach their age limit, they can be transformed into new homes that meet modern requirements of quality and comfort much better. The plan includes the units leased by the Housing Board on long periods, like those on a 99-years lease. Of course, there is still time for many of these homes, but the authorities want to make sure that everything is set in place and best solutions are found before the re-development process actually begins.
When is the Best Time to Buy a Condo?
That is the million dollar question (often literally). A better one might well be is there a best time to buy a condo? The answer to that is yes, but it almost certainly is different depending on your circumstances, why you are looking to buy, where and what you are looking to buy. That is why you can ask a dozen people, and look at another dozen articles asking when is the best time to buy and you will end up with 24 conflicting answers.