Category Archives: Residential property

Property news regarding katong residential neighbourhood. Villas, Bungalows and landed properties. Condos, Apartments. Stay in Katong, experience life @ Katong.

Activities, Condos, Economics, General News, HDB, Landed Property, Residential property

Q1 Credit update: Mortgage loans up 20%

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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

Activities, Condos, General News, Mountbatten-Meyer-Tg Rhu, Neighbourhood news, Residential property

The Albracca in Meyer Road cashing in on the hot collective sale market

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Home owners at The Albracca in Meyer Road are hoping to cash in on the hot collective sale market. The property is up for sale for about $62 million to $65 million, which works out to about $1,262 to $1,323 per sq ft per plot ratio for the 11-unit freehold development near Tanjong Rhu, located opposite the upcoming Katong Park MRT station slated to be ready in 2023.

Apartment sizes at the 10-storey The Albracca range from 1,658 sq ft to 3,972 sq ft, thus each owner may get from $3 million to over $7 million from the enbloc sale.

The 23,400 sq ft Meyer Road site is zoned residential, with an allowable gross plot ratio of 2.1 under the 2014 Master Plan. The property’s prime location being near Katong Park MRT station, excellent views and a lower price quantum should attract to a wide pool of developers.

The site can potentially be redeveloped into a high-rise project, housing 65 apartments with an average size of 70 sq m or about 750 sq ft.

The four en bloc deals with a combined value of $1.5 billion sealed so far in 2017 were: One Tree Hill Gardens of District 9, Goh & Goh Building of Beauty World area as well as former HUDC estates Rio Casa and Eunosville.

The value so far has already surpassed the three deals worth $1 billion done for the whole of last year.

Activities, HDB, Residential property

HDB resale prices has fallen 11.7% from 2013 peak

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The resale volume for Housing Board (HDB) flats fell by 11.6 % last month from May, with 1,753 HDB resale flats were sold last month (June), compared with 1,984 in May.

At the same time, resale prices last month fell slightly, by 0.1 %, compared with May. The resale prices for the types of flats are as follows:
– three-room flats slipped 0.2 %.
– four-room flats fell by 0.3 %.
– five-room HDB flats fell by 1.5 %
– executive flats rose by 1.7 %

Across the board, HDB resale prices have fallen by 11.7 % since their peak in April 2013. Since June last year, prices have fallen slightly, by 0.2 %.

In June, HDB resale prices in mature estates rose by 0.8 % from May, compared with a 0.9 % dip in non-mature estates.

Activities, General News, Landed Property, Neighbourhood news, Property news, Residential property

Q2 Landed homes sale highest since 2012

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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.

Activities, Landed Property, Property news, Residential property

Geylang Lor 3 to be returned to state

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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.
 

Activities, Condos, Economics, Landed Property, Lifestyle and Neighbourhood news, Neighbourhood news, Property news, Residential property

Make Singapore land Great again! Courtesy of 38 Oxley Road

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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?

Activities, Condos, General News, Neighbourhood news, Property news, Residential property

More HUDC Estates in heat for enbloc sales

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After the 2 recent enbloc deals involving HUDB estates being successfully sealed, namely Rio Casa and Eunosville, two more privatised HUDC estates are in the midst of launching tenders for collective sales process. Rio Casa in Hougang sold last month for $575 million and Eunosville in Sims Avenue sold for $765 million in a deal finalised this week.

The 560-unit Tampines Court may launch its tender in July, while 336-unit Florence Regency in Hougang is in the early stages. Tampines Court owners are seeking at least $960 million for the large Tampines Street 11 site, spanning over 702,000 sq ft.

Built in the 1980s and privatised in 2002, Tampines Court has 14 blocks, with 432 maisonettes and 128 apartments. Its first try of $405 million was dismissed by the Strata Titles Board in 2008. In 2011, it failed to obtain the required level of approval from residents. This is its third bid for a collective sale.

Another privatised HUDC project, Florence Regency in Hougang Avenue 2, will also start its collective sale process soon. It is the first attempt for the development, with about 71 years left on the lease.

Since the 1970s, 18 projects were built under the HUDC or Housing and Urban Development Company scheme. All have since been privatised and nine have been sold, including Shunfu Ville and Raintree Gardens last year.

HUDC sites are said to appeal to developers owing to their location in mature estates and the potential to be further intensified, given their layout and the size of units. However, the huge size of their land plots may put off some bidders, owing to rules requiring developers to build and sell all units within a designated time frame or face huge fines.

Some other potential HUDC Estate for collective sales
1. Braddell View (618K sqft land, 918 units)
2. Chancery Court (123K sqft land. 136 units)
3. Ivory Heights (825K sqft land, 654 units)
4. Laguna Park (677K sqft land, 528 units)
5. Lakeview Estate (242K sqft land, 240 units)
6. Pine Grove (893K sqft land, 660 units)
7. Serangoon Ville (296K sqft land, 244 units)