Tag Archives: URA

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.

TDSR framework exempted from home mortgage refinancing 

MAS announced in September that borrowers may be exempted from Total Debt Servicing Ratio (TDSR) framework when refinancing their homes. The TDSR rules still apply to new housing loans. The authority also noted that this is not an easing of property cooling measures. This measure is seen to be providing some stability to the property market in the current lull, as well as the current labour market.  

URA changes for STRATA landed housing development

URA have revised the guidelines for strata landed housing developments to improve their compatibility with the environment of landed housing estates. This complements efforts to inject more greenery in Singapore’s urban environment in the recently announced LUSH 2.0 Programme.

There is a new set of formulae to determine the maximum number of houses allowed in various types of strata landed housing developments and new guidelines to enhance the communal facilities and greenery provision within such developments.

The Urban Redevelopment Authority (URA) has revised the guidelines for strata landed housing developments to improve their compatibility with the environment of landed housing estates. The revised guidelines also complement URA’s efforts to inject more greenery in our urban environment in the recently announced LUSH 2.0 Programme.

Under the revised guidelines, there is a new set of formulae to determine the maximum number of houses allowed in various types of strata landed housing developments. The new formulae will generally result in fewer strata landed units compared to the previous formulae. It addresses feedback from residents in landed housing estates that such developments could inject a disproportionately large number of units, causing additional traffic and parking problems as well as creating a more congested living environment.

There are also new guidelines to enhance the communal facilities and greenery provision within such developments. Developers will have to set aside at least 45 per cent of the land area for communal open space, up from the current 30 per cent. Of this, a minimum of 25 per cent has to be set aside for on-ground greenery while up to 20 per cent can be used for communal facilities like swimming pools and playgrounds.

The revised guidelines apply with immediate effect from 23 August 2014. See Annex A for an overview of the revised guidelines.

More space for more play

Commonly known as cluster housing, strata landed housing is a form of landed housing that comes with strata titles. They are allowed within landed housing estates, including Good Class Bungalow Areas.  It offers home buyers a housing option that combines landed housing living with communal facilities and greenery like those available in private condominiums.

Communal open space forms part of the common property area of strata landed housing developments and include gardens, landscaped areas and recreational facilities such as swimming pools and playgrounds for the common enjoyment of the residents. Communal open spaces safeguard the provision of communal facilities and spaces within the development, and create a sense of openness that many people desire.

By increasing the minimum communal open space to be set aside in strata landed housing developments and mandating minimum on-ground greenery coverage, we hope that strata landed housing developments will further enhance the quality of the living environment for residents.

 
 

URA private home index down 1%; HDB resale index retreats 1.4%

http://www.businesstimes.com.sg/premium/top-stories/q2-home-prices-slide-further-slower-clip-20140726

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PRICES of private homes and HDB resale flats have continued to soften in the second quarter amid a pick-up in transaction volumes.

But even though the quarter-on-quarter dips are smaller than in Q1, the prognosis is hardly cheery – besides mounting supply, demand is clipped by the total debt servicing ratio (TDSR) framework, and in the case of HDB flats, the mortgage servicing ratio as well.

The Urban Redevelopment Authority’s private home price index fell one per cent in Q2, after easing 1.3 per cent in Q1. This is the third straight quarterly drop. Total transactions – new sales, resales and subsales combined – rose 46.4 per cent to 4,118 units from 2,813 in Q1. Year on year, the Q2 index was down 2.8 per cent.

Meanwhile, HDB’s resale flat price index eased 1.4 per cent, compared with 1.6 per cent in Q1. This is the fourth consecutive drop in the index. The 4,389 resale applications registered in Q2 was up 16.1 per cent from a quarter earlier. The Q2 index reflects a year-on-year drop of 5.3 per cent.

Property consultants expect the full-year drop for the HDB index to be 4-8 per cent and for the the URA index, 5-8 per cent.

The trend is expected to continue next year. Eugene Lim, key executive officer of ERA Realty, said: “MAS (Monetary Authority of Singapore) has maintained their stand that TDSR will remain for the long term and that it is still early days to tweak any of the cooling measures. Therefore, we can expect the moderation in property prices to continue into 2015. Volumes are likely to be flat.

“Economically, we are doing well. The employment situation is good. Logically, the property market should be moving upwards in tandem with the economy. However, we are seeing moderate price declines due to the increasing supply as well as policy measures which are designed to put a check on property prices.”

JLL national director Ong Teck Hui said: “What I will be looking out for is whether the market has softened to a stable level, characterised by mild or gradual price decline of about one-odd per cent per quarter, and steady transaction volume – or whether the converse will happen: volumes could decline significantly further and leading to greater magnitude of quarterly price declines.”

URA’s Q2 data out yesterday shows that the price decline for landed homes has gathered pace – 1.7 per cent compared with 0.7 per cent in Q1.

The price decline for non-landed private homes, however, moderated to 0.8 per cent, from 1.3 per cent. Prices in suburban locations, or the Outside Central Region, retreated 0.9 per cent, faster than Q1’s 0.1 per cent dip.

In the city-fringe, or Rest of Central Region, prices edged down 0.4 per cent, compared with a 3.3 per cent drop in Q1.

Core Central Region (CCR) fell 1.5 per cent, compared with Q1’s 1.1 per cent drop. CCR covers the Downtown Core planning area, Sentosa and the traditional districts 9, 10 and 11.

Chia Siew Chuin, director at Colliers International, noted that “the CCR has been hit by a prolonged drought in foreign buying, high price tags and some potential buyers facing difficulty obtaining loans for higher-value properties due to TDSR”.

She also said that developers of high-end properties affected by Qualifying Certificate rules are facing pressure to finish selling their projects within two years of obtaining Temporary Occupation Permit (TOP). This has made them more inclined to trim prices to move units.

Ms Chia forecasts a 10-15 per cent price drop for luxury and super-luxury condos for the year.

Meanwhile, URA’s rental index for private homes dipped 0.6 per cent after shedding 0.7 per cent in Q1.

In the first half, 9,016 private homes were completed, that is, received TOP. With 8,066 more slated for completion in H2, taking full-year completions to a record 17,082, rents are expected to come under greater pressure.

The vacancy rate of private homes has risen to 7.1 per cent at end-Q2 from 6.6 per cent at end-Q1.

In the public housing market, substantial supply is also expected to put a dampener on resale flats. Based on HDB data, launches of Build-To-Order (BTO) flats are expected to total about 22,400 units this year, following 2013’s 25,139 and 2012’s 27,084.

On top of that, the Sale of Balance Flats (SBF) will amount to some 6,400 units this year. In 2013 and 2012, the figures were 7,074 and 7,153 respectively. The large numbers of BTO and SBF flats will reduce appetite for resale flats, say market watchers.

Adding further pressure on HDB resale flat prices, said PropNex CEO Mohamed Ismail, is an “imminent flood in supply of HDB resale homes from existing HDB flat owners collecting the keys to new BTO flats and private properties”.

HDB resale transaction volumes, however, may improve slightly due to lower asking prices. Mr Ismail expects around 17,000 resale HDB flat transactions for this year. SLP International’s Nicholas Mak forecast 15,500-16,800 units. Both their figures would be the lowest since 1997. Last year, 18,100 HDB flats changed hands in the resale market.

URA report on 68% fall of private homes sold

The number of units sold in June fell by 68 per cent from the previous month to 482 units, according to data by the Urban Redevelopment Authority.

Sales of private homes by developers in Singapore fell by about two-thirds in June from May, hurt by ongoing Government measures to cool the housing market.

Data compiled by the Urban Redevelopment Authority (URA) on Tuesday (July 15) showed developers sold 482 units in June, down 68 per cent from May when sales of 1,488 units were booked.

The bulk of the sales involved homes located outside the central region, with 269 units changing hands. Another 46 sales were made in the central region, while the rest of central region accounted for 167 units, the URA data revealed.

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URA announcing urban greenery initiatives

LUSH 2.0: Extending the greenery journey skywards

Published Date: 12 Jun 2014

The Urban Redevelopment Authority (URA) announced new urban greenery initiatives and enhancements to the LUSH (Landscaping for Urban Spaces and High-Rises) programme today to further strengthen efforts in greening the city and to encourage more pervasive greenery within our high-rise urban environment.

Termed LUSH 2.0, the enhanced programme will cover more development types ranging from residential developments to office, retail and even hotel developments. The geographical coverage of LUSH 2.0 will also extend substantially to cover most of Singapore. See Appendix A for more details on LUSH, including the new and enhanced initiatives under LUSH 2.0.

“The provision of greenery in Singapore has always been important in our planning –  not just  because  it  beautifies our  city,  but  because  we  see the  value of greenery in improving our quality of life. This is an effort that involves many partner agencies, as well as developers and building owners, working together to create a lush environment for people to enjoy. Through LUSH 2.0, we hope to bring greenery literally to greater heights in Singapore,” said Ng Lang, Chief Executive Officer of URA.

A significant amount of greenery within developments today is a result of URA guidelines, which require developers to provide greenery in various forms. For example, developers had to provide tree planting verges along the public roads and other site boundaries as early as 30 years ago.

In 2009, URA launched the LUSH programme to consolidate and synergise a number of new and existing green initiatives that encourage more skyrise greenery in private developments. The programme encourages building owners and developers to provide well-planted and designed communal green spaces at both the ground and upper levels of buildings, such as sky terraces and roof gardens. The programme also encourages good design of aesthetically-pleasing green spaces so that urban dwellers in Singapore are always close to greenery.

Since its introduction, we have added more than 40 hectares of green spaces within our urban environment, equivalent to 130 primary school fields. Greenery is well-integrated within our developments in the form of sky terraces, rooftop gardens and vertical green walls. With LUSH 2.0, URA hopes to facilitate even more pervasive and accessible urban greenery so that we can further enhance our people’s living and working environment, and overall well-being.

A lusher living environment for all to enjoy

Master Plan Gazetted

http://www.ura.gov.sg/uol/media-room/news/2014/jun/pr14-33.aspx

The Chief Planner has gazetted the Master Plan 2014 on 6 June 2014. The Master Plan 2014 is the statutory land use plan that guides the physical development of Singapore for the medium term.

As part of the Master Plan, all 75 heritage buildings proposed for conservation under the Draft Master Plan 2013 were also gazetted today. See Annex A for the list of buildings.

The gazetting of the Master Plan concludes the year-long review of the Draft Master Plan 2013, which was exhibited in November 2013 for a month at The URA Centre Atrium and URA website. During this period, the exhibition attracted some 61,000 visitors, and the website had more than 513,000 page views. The review also involved consultations with Members of Parliament, grassroots leaders, professional institutions and other stakeholders. We thank members of the public for their positive and constructive feedback.

Master Plan 2014

Both the Master Plan 2014 and the Master Plan Written Statement 2014 are available in hard copy at The URA Centre, Atrium, Customer Service Centre, for public viewing.

They are also available online at http://www.ura.gov.sg/uol/master-plan.aspx?p1=View-Master-Plan&p2=master-plan-2014. In addition, the “Master Plan 2014 – Singapore” mobile app is available for download from both iTunes and Google Play.

Members of the public can contact the URA Customer Service Hotline at 6221 6666 during office hours for any queries.