118 HDB flats involved in mortgagee sales

118 HDB flats involved in mortgagee sales

There had been 118 cases of completed mortgagee sales involving HDB flats from January 2013 to November 2017, according to a parliamentary reply from the Ministry of National Development on Wednesday (10 January).

It stated this in response to a question from Gan Thiam Poh, Member of Parliament (MP) for Ang Mo Kio Group Representation Constituency (GRC).

Notably, mortgagee sales happen when people default on their housing loans, resulting in banks auctioning off the property to reclaim the amount they lent plus interest.

Gan also asked how many flat lessees have approached the Housing and Development Board (HDB) with the intention of selling their flats to the government agency, as they were unable to dispose the unit via the open market.

“HDB does not buy back flats from flat owners and does not keep records of requests by flat owners who wish to sell their flats to HDB,” replied the Ministry, adding that flat owners who have fulfilled the five-year minimum occupation period (MOP) are allowed to sell their units in the open market.

The Housing Board does not meddle in such transactions mutually agreed upon by the seller and buyer, it said in response to Gan’s query on how the government agency assists sellers in disposing their flats.

“HDB does, however, facilitate the sale of flats on the open market through measures such as publishing information on recent resale transactions on its website, and providing a resale checklist to guide sellers and buyers through the process.”

Furthermore, Gan asked how many flats have been sold by lessees with the sale proceeds being insufficient to return to their individual accounts with the Central Provident Fund (CPF).

The Ministry answered that these numbered about six percent of the total HDB flats transacted in the open market between January 2013 and November 2017.

Gem Residences Toa Payoh Braddell MRT

Gem Residences location is extraordinarily unique. The 99 year old leasehold development in district 12 is surrounded by a plethora of amenities and connectivity. Toa Payoh is famous for the number of wet markets, food centres and eating houses. Dwellers of Gem Residences Toa Payoh will be spoilt for choices such as Lorong 4 Toa Payoh Block 93 Market and Food Centre, Lorong 5 Toa Payoh Block 75 Food Centre, Lorong 8 Toa Payoh Block 210 Market And Food Centre, Toa Payoh Vista Market, Kim Keat Palm Market, Food Centre, Toa Payoh West Market, Food Court and Whampoa Makan Place Market.

  • Educational Institutes Gem Residences Toa Payoh Lorong 4 residents has plenty of good schools nearby to choose from. Pei Chun Public School, First Toa Payoh Primary School, Guangyang Primary School, CHIJ Primary School (Toa Payoh), Marymount Convent School, Kuo Chuan Presbyterian, St Gabriel’s Primary School,St Andrew’s Junior School, Catholic High School (Primary), Raffles Institution, First Toa Payoh Secondary School, CHIJ Secondary School (Toa Payoh), Raffles Junior College and St. Andrew’s Junior College. New Condo in Toa Payoh Lorong 4/ Lorong 6 is near to Global Indian International School, SJI International School, Australian International School and Curtin University of Technology are all within close proximity to Gem Residences Condo.

The Gem Residences showflat is beautifully done up and all interested buyers should view it!

2,500 households took up HDB’s Lease Buyback Scheme

HDB resale flat

About 2,500 families have successfully applied for the Housing and Development Board’s Lease Buyback Scheme (LBS) since it was launched in March 2009, according to a written parliamentary reply from the Ministry of National Development on Monday (8 January).

It stated this in response to a question from Gan Thiam Poh, Member of Parliament (MP) for Ang Mo Kio Group Representation Constituency (GRC).

Moreover, Gan asked about each applicant’s average payout, and whether the amount they each received has been impacted by the falling resale prices and rental income of HDB flats.

“The average LBS proceeds among the households who have benefited from the scheme to date is about $146,000,” replied the Ministry.

“The payout is dependent on the market value of the flat at the time of application. Specifically, the LBS proceeds (comprise) the market value of the flat with its full remaining lease, minus the value of the lease retained by the household and any outstanding monies due to HDB.”

Under this scheme, elderly owners can sell part of their HDB flat’s remaining lease and opt to retain a length of the lease based on the age of the youngest owner.

The proceeds from this will be used to top up their CPF Retirement Account (RA). They can then use their CPF RA savings to purchase a CPF LIFE plan, which will provide them with a monthly income for life.

To avail of LBS, all owners of a flat must reach the age of at least 65, and their combined monthly household income should not exceed $12,000. At least one of them must be a Singapore Citizen and they must not own a second property.

Furthermore, all owners must have fulfilled a Minimum Occupation Period (MOP) of five years. The scheme is only applicable to four-room or smaller HDB flats, and there must be at least 20 years of lease to sell to the Housing Board.

credits to propertyguru

Daintree residence condo sp setia toh tuck road

The Toh Tuck road condo site was the talk of the town during the launch of government land sales in the second quarter of 2016. Anticipating the uptrend of Singapore’s real estate market, it attracted a whopping 24 land-hungry developers to participate in the bidding with Malaysian developer SP Setia emerging winner. Submitting the highest bid at SGD $265 million, SP Setia International (S) Pte Ltd’s offer translates to a Daintree Residence price of land at $939 per square foot based on the maximum permissible gross floor area (GFA) of 26,210 square meter (282,122 square feet).

Bearing a plot ratio of 1.4, Daintree Residence is expected to feature 327 units luxurious residential units in multiple towers of 5 storeys in height. The development is a short walk away from Beauty World MRT station that serves the Downtown Line 2 and shopping complexes such as Bukit Timah Shopping Centre, Beauty World Center and Beauty World Plaza. The Daintree Residence condo is also near to Bukit Batok Nature Park and Bukit Timah Nature Reserve for residents who enjoy outdoor activities.

Functional Layout – SP Setia is an International developer that is rather well known for their practical layout being presented to buyers. Daintree Residences Toh Tuck Road floor plan is anticipated to feature 1 bedroom to 4 bedrooms unit mix that are fully renovated with custom built-in wardrobes and cabinets. Fitting nicely into every space brilliantly, the finishings are meant to minimize wastage and maximize space for buyers to live comfortably and not feel claustrophobic within the unit.


Head down to the Daintree Residence showflat now to take a look!

Knight Frank names new residential head for Asia Pacific

Knight Frank has appointed Victoria Garett as head of residential for Asia Pacific, based in Singapore.

Garrett, who spent four years in Dubai as Knight Frank’s head of the new homes team, relocated to Singapore in August 2017, focusing on the residential business in China. This saw her setting up residential teams in Shenzhen and Guangzhou.

In view of Knight Frank’s plan of growing and developing its Asia Pacific residential business, Garrett will oversee the marketing of overseas and local developments, sales and leasing.

“In this new year, we are looking at engaging with our clients on a more intimate level, particularly so where wealth preservation and inter-generational wealth transfer issues take centre stage for high-net-worth investors,” said Garrett.

“Providing clients with an integrated regional perspective on the opportunities developing across the region and beyond is how we would like to differentiate our services to our clients.”

credits to propertyguru

Gov’t spent $1.93bil on home improvement programme

Gov’t spent $1.93bil on home improvement programme

The Housing and Development Board (HDB) revealed that $1.93 billion had been spent under the Home Improvement Programme (HIP) since its launch in 2007 until 31 March this year, while another $40 million was spent under the Enhancement for Active Seniors (EASE) scheme.

HIP is for older HDB flats built up to 1986 which have not undergone the Main Upgrading Programme.

EASE, on the other hand, retrofits flats with elderly-friendly features. It is usually offered along with HIP in order to make it more convenient for residents, since improvement works could be carried out simultaneously, reported Channel News Asia.

As at November 2017, almost 149,000 households applied for EASE since its introduction in July 2012, with around 97,000 opting for the scheme together with HIP. The rest applied for the programme under the Direct Application scheme.

Focused on improvements within the housing units, HIP helps unit owners deal with common maintenance problems connected to ageing flats. It will only proceed when at least 75 percent of the eligible households within a block had voted in favour of the programme.

Notably, there are three primary components of work under HIP – Optional, Essential and EASE improvements.

Fully paid by the government, essential improvements are aimed at enhancing public health and safety standards, with works including repair of structural cracks or spalling concrete as well as pipe socket replacements with new clothes drying racks.

Works under the optional components include the upgrade of existing toilets and replacement of gates, main doors and refuse chute hoppers, while EASE improvements include slip-resistant treatment of toilet floor tiles and installation of ramps and grab bars.

Although home owners pay for the combination of improvement works they require, such works are heavily subsidised by the government by up to 95 percent.

In fact, upgrading works at 101,000 flats from 113 projects have already been completed as at 30 November 2017, while another 139,400 flats are in different stages of progress. HDB is set to select the remaining eligible flats by end-2018.

Among those who had their flats upgraded under the HIP and EASE programmes is Mr. Chew Ang Moh. While Chew is still able-bodied, he had opted for the EASE improvements.

“Since we have the chance to do so, we have arranged for the improvement works to be done now. We know we’re not getting any younger, and we don’t know when our bodies may fail us. So it’s important that we arranged for this to be done early,” said the 70-year-old Chew, who lives in a four-room flat with his 65-year-old wife, son and three grandchildren.

credits to propertyguru

New Yishun Street 51 Executive Condo already obtained TOP

Signature at Yishun is a brand new executive condominium development by JBE Holdings Pte Ltd. Located in Yishun street 51, the 99 years leasehold new Yishun EC will be one of the latest EC project after the successful sell-out of The Canopy in year 2010. Signature at Yishun EC is expected to house 525 residential units with a wide unit mix of 2 / 3 / 4 bedrooms in 11 towers of 12 storeys, addressing to most of EC buyers needs.

  • Safe Entry Price – Being an executive condo, Signature at Yishun price will be definitely lower than its nearby counterparts which are about 20% – 30% higher. Also with the G.E.M.S World Academy(Singapore) and Seletar Aerospace Park around the Yishun Street 51 EC, the potential for future capital appreciation is higher and thus a lower risk to enter now!
  • Vantage Views – Signature at Yishun offers four great views of either the Swimming Pool, the beautiful Golf Course, Reservoir or Waterbody.

Enquire to visit the Signature at Yishun EC showflat now!

Rivercove Residences EC Anchorvale Lane EC by Hoi Hup

Rivercove Residences is a brand new EC situated in Anchorvale Lane, Sengkang of District 19. The large 226,000 square feet land is expected to house 635 residential units with communal facilities and parking space for residents. To be jointly developed by Hoi Hup Realty and Sunway Developments, the new Anchorvale lane EC is poised to attract home buyers with its unique location.

  • Layout – With reference to hoi Hup Realty’s past project launches, we can expect the practicality to be presented in Rivercove Residences EC floor plan. From a small family startup to multi generations, there will definitely be a suitable unit for everyone!
  • On top of the cheaper entry of Rivercove Residences price, there are generally a low supply of ECs especially in the next 2 years. As seen on the HDB website, Rivercove Residences EC is the only upcoming EC to be launched in 2018. Additionally, there are also no supply of ECs in the vicinity following the sell out of The Terrace EC(747 units), The Amore EC(378 units), Treasure Crest EC(504 units), The Vales EC(517 units) and Hundred Palms EC(531 units). Basically there are 0 supply in the area and this upcoming one will be the final chance for buyers who would like to reside in this location.
  • Extensive Facilities – Rivercove Residences Anchorvale Lane residents will get to enjoy a full fledged gym, 50m lap pool, bbq pit, function room, clubhouse etc.

Go right down to visit the Rivercove Residences EC showflat now!

Oxley Holdings acquires freehold property from interested person

Oxley Holdings logo

Oxley Holdings, via its wholly-owned subsidiary Oxley Amethyst Pte Ltd, has exercised an option to acquire a property along Balestier Road for $38 million from Owen Private Limited.

With a land area of around 1,118.4 sq m, the freehold property is zoned residential with commercial on the first storey at a gross plot ratio of 3.0.

In an SGX filing, Oxley revealed that Owen’s shareholders – Ching Chiat Kwong, Low See Ching and Tee Wee Sien – are also Oxley’s executive chairman and CEO; deputy CEO and substantial shareholder, respectively.

It noted that the three hold 47.5 percent, 42.5 percent and 10 percent, respectively, of the issued share capital of Owen.

But while the acquisition is an interested person transaction, the approval of shareholders will not be needed since the purchase consideration is around 3.5 percent of the group’s latest audited net tangible assets as at 30 June 2017.

Oxley believes that the purchase will enable it “to undertake a larger development project of greater value by amalgamating the property” with No. 3 Tessensohn Road and an adjoining state land.

Separately, Oxley announced that it has taken a 25.5 percent stake in Australian firm Pindan Capital Mermaid Beach (PC Mermaid Beach).

This comes after Oxley Australia subscribed for 4.845 million fully paid ordinary shares in PC Mermaid Beach, which has an issued share capital of A$19 million (S$19.7 million).

The remaining share capital comprising 14.155 million ordinary shares is held by Pindan Capital Investments, a fully-owned subsidiary of Pindan Group, in which Oxley holds a 40 percent interest.

“PC Mermaid Beach has acquired a 1,417-square metre site in the centre of Broadbeach and Mermaid Beach on the Gold Coast, Australia and intends to undertake a high-rise residential development on the site, subject to obtaining all relevant regulatory approvals,” it said.

Oxley explained that the investment in PC Mermaid Beach is in line with the group’s expansion plans.

credits to propertyguru

Bedok gets new red cycling paths

Bedok Reservoir Park crop

The Land Transport Authority (LTA) has opened the first 5km of the planned 13km bike paths, with the rest to be opened next month, reported The Straits Times.

The paths run along Sims Avenue East, Chai Chee Road, Bedok North Street 2, Bedok North Avenue 3 and New Upper Changi Road.

“When the entire network is completed, it will feature additional bicycle crossings, bicycle parking boxes and wheeling ramps to make it safer and more conducive for cycling,” said the LTA spokesman.

Painted red, the new paths around Bedok are modelled after the paths first used in Ang Mo Kio, which served as the test bed for new cycling infrastructure.

The LTA noted that the red lanes are popular with residents since they could be easily distinguished from regular footpaths.

“The prominent hue of these cycling paths also help alert pedestrians to the presence of cyclists and personal mobility device users,” it added.

The government began construction of the cycling network in the middle of 2015.

Bedok is poised to be Singapore’s ninth cycling town by 2018, joining the likes of Pasir Ris, Punggol and Jurong Lake District.

The government targets to construct cycling paths along all 26 Housing Board towns comes 2030, contributing to a nationwide network of 700km.

To date, the network is now at over 400km.

credits to propertyguru