Tag Archives: over

En bloc sales soars by over 4-fold, says MND

An aerial view of Rio Casa, a 286-unit development at Hougang Avenue 7. (Photo: Knight Frank Singapore)

Collective sales have surged from around 600 units for the whole of 2016 to about 2,700 existing private homes so far this year, revealed the Ministry of National Development (MND) during a parliamentary session on Monday (6 November).

MND thinks that the strong sales growth is due to two primary factors.

“First, more developers are keen to replenish their land banks.  There has been a healthy increase in the sales of new units in the first three quarters of the year, which in turn means that the unsold supply in the pipeline has come down. To illustrate, there are about 17,200 units as at Q3 2017, down from about 40,000 units in 2012. “

“Second, successful en-bloc sales in 2016 may have encouraged more owners of ageing residential projects to initiate the en-bloc sale process this year to monetise their assets.”

These are MND’s responses to the queries of MP for Nee Soon GRC Dr Lim Wee Kiak regarding the main driving forces for the recent spike in en bloc sales.

He also asked if whether there is a need to increase the number of residential sites offered under the Government Land Sales (GLS) programme, and what is the effect of the robust en bloc sales on the property market’s outlook over the next six months.

In reply, the MND said that the en-bloc residential sites sold since last year are expected to be launched for sale in the next one to two years. And these upcoming units and other key factors like population and income growth as well as prevailing market conditions will be taken into account before deciding the number of state land to be made available for sale.

Specifically, it noted that the GLS programme is updated on a half-yearly basis, with Confirmed List sites designated to be released for sale within the next six months, while Reserve List plots will be triggered for sale once a developer has committed to a minimum bid price. This implies that the latter will only be purchased by home builders if they feel that there exists underlying demand.

The authorities will also continue to closely monitor market trends and take necessary actions to ensure that the property sector is stable and sustainable, said the MND, adding that the details of 1H 2018 GLS programme will be announced by year-end.

 

This article was edited by Keshia Faculin.

Latest News from PropertyGuru

Widow sues grandson over Farrer Road family home

Claiming a 60 percent stake in the $ 4 million Farrer Road family home, 80-year-old widow Madam Lim Hoon Neo sued her 39-year-old grandson, Ang Wee Chai who had been named by her husband sole executor of the estate, reported The New Paper.

She was not mentioned in her husband’s will, in which the house was willed only to their eldest grandson and youngest son.

Madam Lim filed the suit after Ang Wee Chai has sought a court order to sell the two-storey terraced house and for his two uncles and grandmother to vacate the property.

He claims that he is merely fulfilling the wishes of his grandfather, who is the sole registered owner of the house.

Mr Ang Ho Sai, who died in 2014, and Madam Lim had five children, but one died in 1982.

They agreed to acquire the Farrer Road house in 1967 for $ 36,500.

According to Madam Lim, she contributed 60.3 percent or $ 22,000 to the purchase price.

Her lawyer, Tan Siah Yong, noted that the house was placed under the sole name of her husband since he was the one handling the transaction and the head of the family.

Based on her contribution, however, Madam Lim owns 60.3 percent of the house.

With this, Madam Lim wants the court to declare her right to live in the property until it is sold, after which she should be given 60.3 percent of the proceeds.

Ang Wee Chai, on the other hand, claims that the suit is just one of the attempt of his grandmother to thwart his efforts to administer the estate.

He revealed that Madam Lim and his two uncles had been blocking his efforts by refusing to cooperate with his attempts to dispose of the house in accordance with the will.

 

This article was edited by Keshia Faculin.

Latest News from PropertyGuru

3 HDB flats resold for over $1mil

Despite a steady drop in HDB resale prices, at least three units in Holland Village and Commonwealth have been sold for more than $ 1 million so far this year, reported the Straits Times.

According to PropNex, one of them is a 36th-floor unit at Block 18D in Holland Drive that changed hands for $ 1.03 million in July. The other two are situated at Block 50, Commonwealth Drive. One fetched $ 1.028 million in August, while the other sold for $ 1.035 million in October.

PropNex property agent Michelle Chia, who was involved in the Holland Village deal, revealed that the unit was bought by a couple in their 20s, who were attracted by the “million-dollar view” of the landed properties in the vicinity and the flat’s nearness to many amenities like the Holland Village MRT station.

Surprisingly, the trio are just regular HDB flats and are not among those that have often commanded high prices, such as units in Pinnacle@Duxton, executive apartments and homes constructed under the Design, Build and Sell Scheme (DBSS).

For instance, a DBSS penthouse at Bishan’s Natura Loft was sold for $ 1.18 million last February.

A Pinnacle@Duxton flat that fetched $ 1.12 million set a new record for the most expensive HDB resale transaction last year, while a five-roomer at Clementi Towers went for $ 1,005,000.

While Clementi Towers was the first HDB development fused with a shopping mall and bus interchange, HDB blocks in Commonwealth and Holland Village don’t enjoy such features as they were intended to house those displaced by the Housing Board’s Selective En Bloc Redevelopment Scheme (SERS).

Meanwhile, a representative from PropNex noted that an HDB flat at Block 18C, Holland Drive changed hands for $ 975,000 in August

“We can expect prices at this block to be around this rate, possibly crossing the million-dollar mark again, in the near future, as buyers are prepared to pay over $ 1 million for the units’ size and their central location,” added the spokesman.

 

This article was edited by Keshia Faculin.

Latest News from PropertyGuru

Tinley Park Mired in Legal Mess over Apartment Complex

Tinley Park Mired in Legal Mess over Apartment Complex
TINLEY PARK, IL — The Village of Tinley Park might have to consider hiring additional legal help, as it faces a lawsuit by the developer between the Reserve apartment development, in addition to one by residents. The Village Board on Tuesday approved …
Read more on Patch.com

Former Morgan City Housing Authority Director, employee plead guilty to
The bonuses were not approved by the civil service board or the Morgan City Housing Authority Board of Directors. Span received … The U.S. Office of Housing and Urban Development, Office of Investigations, conducted the investigation. Assistant U.S. …
Read more on KLFY

Portsmouth Redevelopment and Housing Authority official resigns
She said she is proud to have helped the city obtain two community revitalization grants from the U.S. Department of Housing and Urban Development. The authority demolished public housing complex Ida Barbour and built Westbury, … Authority board …
Read more on Virginian-Pilot

error: Content is protected !!