Category Archives: Landed Property

Guillemard sites poised for redevelopment

Local mid-sized developer Roxy-Pacific Holdings’ associate company RH Guillemard was acquiring two freehold residential sites at 2 and 6 Guillemard Lane for a total price of $33.5 million. The developer plans to combine the two sites with two other freehold sites at 12 and 14 Guillemard Lane for residential development. Roxy-Pacific had announced the acquisition of 12 and 14 Guillemard Lane on Sept 15. The four sites have an estimated total land area of 25,601 sq ft.

Under the 2014 Master Plan, the sites are zoned “residential” and have a gross plot ratio of 2.8. Gullemard Road plies between the Sports Hub and the Paya Lebar MRT station, and has since seen many indie pubs, cafes and restaurants popping up in the area. It is becoming a hip place for nearby local residents. These residents previously may find hard to locate a nice ambience for dining, among the nearby eateries in Geylang area which are either too crowded or some among less desired neighbourhoods.

Guillemard Lane is located in the middle of Guillemard Road, which is near to the popular Old Airport Hawker Centre and is poised to see greater redevelopment spilled over from the Paya Lebar area as well as the Old Airport/Kallang region.

 

Q1 Credit update: Mortgage loans up 20%

Credit Bureau just recently release a report on consumer credit behaviour and how people use credit balances, as well as their payment delinquency and default rates in both secured and unsecured credit facilities. Home loans are examples of secured facilities, while unsecured debt refers to loans with no collateral, like those racked up on credit cards or overdrafts.
The highlights are as follows:

1. Mortgage loan applications rose 20 % in the three months to March 31 from the preceding quarter. The average mortgage for people aged between 21 and 29 had the greatest quarter-on-quarter change among several age groups, rising 3.4 %.

Home loan applications could have been given a boost after the Government tweaked some property cooling measures in early March since the curbs were implemented in 2009. For example the seller’s stamp duty holding period for homes bought from March 11 was shortened to three years from four years. Subsequently the sales of new private homes surged to a near four-year high in March.

2. Motor vehicle loan applications rose 4.13 %. Consumers aged between 30 and 34 had the most significant change in motor vehicle loans, with average borrowings up 5.1 %.

3. Credit card applications fell 5.97 %, while those for personal loans dropped 5.94 %. Credit card applications still made up 72 % of about 331,600 new credit applications across all facilities in the first quarter, with home loans next on 14 %. People aged between 35 and 39 were doing better than others when it came to paying off debts, with their delinquency rate for credit cards falling 5.4 % quarter-on-quarter, while the personal loan rate dropped 8.74 %.

For more details the link to report is as follows
http://www.creditbureau.com.sg/sites/default/files/CBSConsumerCreditReportQ12017.pdf

Q2 Landed homes sale highest since 2012

538 landed homes were sold in the second quarter – this is the highest quarterly volume since the fourth quarter of 2012. Overall, the number of landed homes sold has increased, driven by falling prices and limited supply of landed homes. URA flash estimates released recently indicated that prices of landed residential properties fell further by 0.4 % for Q2, down from a 1.8 % drop in the previous quarter.

The market for good class bungalows (GCBs) is lukewarm although the market for smaller bungalows in GCB areas is on a rise. Good class bungalows (GCBs) are the most prestigious segment of landed property in Singapore.

Geylang Lor 3 to be returned to state

In a first for residential properties in Singapore, 191 private terraced houses in Geylang Lorong 3 will be returned to the state when their leases run out at the end of 2020, with no extension allowed.

For the 33 home owners who are still residing there, time is running out. They will have to hand back vacant units to the Singapore Land Authority (SLA) when their leases run out in 31/2 years, with no compensation.

Only 33 units are owner-occupied. The remaining units are used for religious activities or are rented out to foreign workers when the homes’ original owners moved out over the years.

This is the first time that a residential plot of land will reach the end of its lease. The 2ha plot of land in Geylang Lorong 3 will be earmarked for future public housing, but the SLA did not give a timeline for when the redevelopment process will start or be completed.
 

Make Singapore land Great again! Courtesy of 38 Oxley Road

38 Oxley Road is the top Singapore address in the media right now. What is the big deal about centre of dispute of Singapore’s first Family? How much does this plot of land worth?

Private properties rose to 27% of total housing stock

THE number and proportion of private properties in Singapore grew in the decade between 2006 and last year. The total number of private condominium units and landed homes went up from 243,000 to 372,000 in that time, taking their share of the overall dwelling units from the 22 per cent in 2006 to 27 per cent last year.

Meanwhile, the number of Housing Development Board (HDB) flats grew from 880,000 units to 1,011,000 during the period. But despite this increase, the proportion of HDB flats out of the total housing stock went down from 78 per cent to 73 per cent.

National Development Minister Lawrence Wong unveiled these figures in Parliament. The ratio is “expected to remain stable” over the next few years, with 72 per cent of all dwelling units projected to be HDB flats in 2020.

However, he added, this proportion refers only to the housing stock in Singapore – not the total proportion of people living in flats, which remains at about 80 per cent.

Leases running out for these old homes

The reality of an expiring lease is slowly seeping in for an estimated 30 households – out of 190 private landed homes – still living in the Geylang Lorong 3 estate.

Besides Geylang Lorong 3, there are at least three other private residential estates with fewer than 40 years left on the lease. At Jalan Chempaka Kuning in Bedok, a 70-year leasehold property with 17 years left, residents have been asking the land’s trustee to extend the lease at each annual general meeting.

Four private estates with less than 40 years of lease left:

A) GEYLANG LORONG 3

Tenure: 60-year leasehold from 1960 Lease expiry: 2020

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B) JALAN CHEMPAKA KUNING/PUTEH

Tenure: 70-year leasehold from 1964 Lease expiry: 2034

Jln Chempaka kuning.png

C) FUYONG ESTATE, BUKIT TIMAH

Tenure: 99-year leasehold from 1947 Lease expiry: 2046

fuyong estate.png

D) RIFLE RANGE ROAD

Tenure: 99-year leasehold from 1952 Lease expiry: 2051

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