It was no surprise that some developers tried to secure adjacent private housing plots in two Government Land Sales tenders that closed simultaneously last Thursday. The only question was how strong the interest would be and whether this batch tender method would help moderate or even lower land prices. The experiment by the Urban Redevelopment Authority (URA) of closing the tenders for the two adjacent...
General
The National Development Ministry will decide soon on an appropriate cap on the percentage of flats that can be sublet to foreigners in HDB blocks, so as to maintain the Singaporean character of the heartlands. Writing in his latest blog entry titled "Preventing Foreigner Enclaves", Minister Khaw Boon Wan said in deciding the cap, he was mindful of the need to balance the impact on those who rely on...
Cash premiums for resale flats fell below S$10,000 in November for the first time since July 2009. According to flash estimates compiled by the Singapore Real Estate Exchange (SRX), the cash-over-valuation (COV) for HDB resale flats reached S$8,000 in November. Meanwhile, 13.1 per cent of HDB resale deals closed below valuation in November, up from October's 8.5 per cent. Sengkang, Choa Chu Kang, and...
Singapore's household net wealth has grown over the past 10 years and now stands at about four times GDP as at the third quarter this year. But the Monetary Authority of Singapore (MAS) warns that some over-leveraged households may be vulnerable when interest rates increase. In its annual financial stability review report, the central bank says household debt has gone up over the years, with mortgage...
Prices of Singapore Real Estate Investment Trusts, or S-REITs, have declined some 20 per cent year to-date from its peak in May as fears over rising interest rates dampened investor interest in this sector. However, some analysts say interest in the sector will return once S-REITS prove that they can mitigate rate risks. S-REITs have taken a hit since the US Federal Reserve hinted that it may start...
While property measures implemented over the last few years have dampened the rising momentum in the housing market, price levels remain high and the Government will step in, if necessary, to ensure stability and sustainability, the Monetary Authority of Singapore (MAS) said yesterday. Sales volume and price growth in the housing market have moderated, but developers continue to put in firm bids for...
The government has said it will be scaling back the supply of new flats in 2014. This year, the HDB launched over 25,000 Build-To-Order (BTO) flats. One property analyst expects BTO flats to be reduced by between 30 and 50 per cent next year. Jeffrey Hong, CEO of GPS Alliance, said "(A gradual) 30 to 50 per cent reduction should be sufficient to test the market from quarter to quarter...
The government will begin to taper off massive construction of public housing from 2014 as supply and demand for public housing return to balance. In a blog post published on Monday evening, National Development Minister Khaw Boon Wan said the last three years of sustained ramp-up have helped to "restore the balance in our housing market". However, Mr Khaw said the tapering will be done in a...
Singaporeans seemed undeterred by the recent property tax rules announced by the Malaysian government. More than half of the 192 indicative bookings for the latest project in Medini Iskandar -- Paradiso Nuova -- came from Singaporeans. Its developers say they are confident that the Medini properties will be exempted from the new cooling measures but analysts note that it might be best to wait for...
A private residential site next to the Aljunied MRT Station from the government's reserve list has been triggered for sale. The Urban Redevelopment Authority (URA) said it had accepted an application from a developer, which has committed to bid at least S$95 million for the site. The land parcel was made available for sale through the Reserve List system on May 15. As the minimum price committed...