About 3,100 households have taken up the Lease Buyback Scheme (LBS) since its introduction in March 2009, said National Development Minister Lawrence Wong in Parliament on Monday (Oct 1). Giving a breakdown, he said this comprises 830 households in four-room flats, 2,030 households in three-room flats, and the remaining 240 households in smaller flats. Mr Wong was responding to Members of...
Prices of resale flats for the third quarter fell 0.2 per cent, continuing a declining trend, according to flash estimates released by the Housing and Development Board (HDB) on Monday (Oct 1). The resale price index - which provides information on the general price movements in the resale public housing market - is estimated to have slid to 131.5 from 131.7. Resale prices for HDB flats have been on...
At the 2018 National Day Rally, Prime Minister Lee Hsien Loong highlighted efforts by the Government to rejuvenate and redevelop older HDB towns to avoid the situation where entire towns were built in a rush in the 1970s and 1980s from recurring. PM Lee explained: “If we do not plan ahead, 99 years later, all the leases in such towns will expire around the same time, and all the flats will be returned...
Almost 60 years since the Housing Development Board (HDB) was established, a new concern has arisen – expiring leases of old HDB flats. While most flats in Singapore have a remaining lease of at least 60 years, many home owners are concerned that the value of their flat will depreciate over time, trapping and eroding the equity in them. Concerns over depreciating values have been further...
Stating that the proposed Voluntary Early Redevelopment Scheme (Vers) is “not a panacea” to the public housing lease decay issue, a Credit Suisse report released on Wednesday (Sept 19) expects the price gap to widen between Housing and Development Board (HDB) flats and private apartments over time. Increasingly, those who can afford it will also turn to private homes as a better store of value. As a...
An executive condominium (EC) site along Anchorvale Crescent received seven bids at the close of the tender on Friday (Sep 14), with just S$899 separating the two highest offers. The top bid ofS$318,888,899 was submitted jointly byEvia Real Estate and Gamuda (Singapore), with the second highest offer of S$318,888,000 from CNQC Realty (Treasure) Investment. The 17,137-sq-m land parcel can yield a...
HDB flats were in the limelight again earlier this year, when the matter of lease decay became a hot-button issue. Many flat owners were concerned over the value of their own flats, as it was mentioned that they would eventually become zero at the end of 99 years and that not all flats will be eligible for the Selective En Bloc Redevelopment Scheme (Sers). In fact, only an estimated 5 per cent of HDB...
The Government will not rule out the possibility of giving private developers a role in the Voluntary Early Redevelopment Scheme (VERS), Minister for National Development Lawrence Wong said in Parliament on Monday (Sep 10). Responding to a question from MP Cheryl Chan, Mr Wong said the Government already “inject(s) some private development” in the redevelopment process for the Selective En bloc...
An imagined Housing Redevelopment Board may have more schemes to provide more options for home owners to monetise their old flats but the housing announcements at the National Day Rally provides a heartening start, say two observers from the NUS Institute of Real Estate Studies. “We will continue to transform our city … and in 30 to 40 years’ time, we will rebuild our existing towns,” said Prime...
HDB resale prices rose 0.1 per cent in August from July, according to flash estimates by real estate portal SRX Property on Thursday. August is the first full month since surprise measures aimed at cooling the private residential market took effect in early July. But it is also traditionally a quieter month, as it coincides with the month-long Hungry Ghost Festival. Prices in August have dipped 1.7...
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