Property agents expect larger executive condominium (EC) units to be a tough sell following the implementation of the 30 per cent Mortgage Servicing Ratio (MSR) on December 10. Seven executive condominium projects were launched for sale in 2013. They offer a total of 3,337 units, of which 2,337 have been sold as of December 10. Of the remaining units, agents say 48 per cent are larger 4- and...
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With a 30 per cent cap on how much house buyers can borrow to finance their executive condominiums (ECs), analysts expect developers to release more smaller-sized units for sale. However, sales for EC units are expected to slow down with the measures, especially since December is traditionally a lull period for the property market. Authorities have capped the Mortgage Servicing Ratio (MSR) for...
The government has introduced three measures to refine its Executive Condominium Housing Scheme. "The government will implement three measures for Executive Condominium (EC) developments to bring the terms for ECs closer to that for public housing, and help support a stable and sustainable EC market," said a Ministry of National Development (MND) statement on Monday. Reduce EC Cancellation Fee The...
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...
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...
The Housing and Development Board (HDB) launched 8,952 flats on Tuesday for sale in a mix of mature and non-mature estates. In a statement issued on Tuesday, HDB said its joint Build-To-Order (BTO) and Sale of Balance Flats (SBF) exercise for this month is its largest so far. Among the BTO flats launched for sale on Tuesday are 112 three-generation (3Gen) BTO flats at Boon Lay View. Also included...
While the concentration of executive condominiums (ECs) in the north-east region of Punggol and Sengkang has not hurt current demand, analysts warn that buyers may face challenges when they want to resell their units after meeting the minimum occupation period. Eight EC projects currently under construction in the region are expected to be completed within the next five years. This means that close to...
More executive condominium (EC) land sites are expected to be offered on the confirmed list as part of the Government Land Sales (GLS) Programme. Analysts said EC units make up some 2,800 of the 6,000 residential units on the confirmed list for the second half of 2013. And this proportion is expected to rise to meet firm demand in the EC market. The EC market has seen healthy demand in recent...