The number of shoebox units (small apartments) in Singapore will increase from 2,500 currently to 9,700 by 2015, the government said. Currently around 8 out of 10 shoebox apartments are located in the city. These units appeal to singles and expats with lower transportation costs and travelling time to their workplace. But analysts question the appeal of such units in the heartlands where HDB flats are in...
General
To provide developers and home-buyers with more choices for private housing, the Urban Redevelopment Authority (URA) and Housing & Development Board (HDB) are releasing five residential sites for sale in May 2012. Together, these sites will yield about 2,100 units as part of some 14,000 residential units to be released under the Government Land Sales (GLS) Programme for 1st half 2012 (1H2012). The...
The Ministry of National Development has proposed an amendment to the HUDC Housing Estates Act. This is to primarily facilitate the privatisation of Braddell View. Braddell View - the only HUDC estate left governed by the act - was developed on two different land leases with separate expiry dates. In order to privatise the estate, the different dates need to be harmonised. The existing act empowers the...
The CPF Valuation Limit is not a constraint for most members who are servicing home loans via their CPF savings. This is in response to MP for Pasir Ris-Punggol GRC Gan Thiam Poh's question on whether the CPF Board will review the CPF withdrawal limit for housing. The valuation limit restricts the amount of CPF savings members may use for property purchases to the lower of property price or property...
Mr Khaw on Monday said that the property market has shown signs that it's moving towards a more sustainable path, as he responded to questions on whether the government's various cooling measures have achieved their intended results. Mr Khaw reiterated that private home prices registered a marginal decline in the first quarter of this year (0.1 per cent fall quarter-on-quarter), following nine consecutive...
Minister for National Development Mr Khaw Boon Wan said on Monday that he would not hesitate to intervene in shoe-box unit market should there be clear evidence of unsustainable investor demand. Mr Khaw added that the Ministry of National Development (MND) is watching the situation closely. He however cautioned that it would be hard to intervene at present as the market for shoe-box units in the...
The Singapore Tourism Board has conservatively projected S$24 billion in tourism receipts and some 14.5 million visitors for 2012. This mirrors the World Tourism Organisation's sentiment that international tourism is set to grow at a slower rate. Despite this, it has not stopped hotels here from embarking on refurbishment works to draw more guests. Pan Pacific Singapore started off an extensive S$80...
V on Shenton, a brand new development located at FiVe Shenton Way - an address with a glorious legacy. This new project is being built on the former UIC Building site which once dominated the city skyline as Singapore’s tallest building for many years since its completion in 1973. V on Shenton is within walking distance to the various amenities such as Tanjong Pagar and Raffles Place MRT stations,...
Property developer UOL Group has announced that revenue was 59 percent down at S$297.7 million in the first quarter ended 31 March 2012, attributed to a 75 percent revenue drop in its property development segment to S$153.2 million. Net attributable profit for the quarter also fell 63 percent to S$84 million, from S$230 million over the same period last year. This was mainly due to a 52 percent fall in...
SC Global Developments is acquiring a resort development site in Bali for US$32.5 million (S$40.69 million) via a wholly-owned subsidiary called Tanah Investments Pte Ltd (TIPL). TIPL will acquire shares in two companies, Lotusvale Ltd and Tannerson Ltd, to form an entity, PT Tanah Green Investments (PTTGI), which will undertake the acquisition of the site. SC Global said the price tag was based on a...