Income ceiling for BTO flats may be raised
THE Government is studying the possibility of raising the current $8,000 income ceiling for purchasing new flats under the Build-to-Order (BTO) scheme, Prime Minister Lee Hsien Loong said on Monday.
He disclosed at a media briefing that when the $8,000 cap was raised to $10,000 for the slightly more upmarket Design, Build and Sell Scheme (DBSS) flats last year, the Government also considered lifting the income ceiling for BTO flats and resale flat subsidies.
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http://www.straitstimes.com/GeneralElection/News/Story/STIStory_663812.html
Mall tenants petition for lower rents
MORE than 20 retailers at shopping mall 313@Somerset have banded together to petition for lower rents after struggling to attract customers – despite high numbers of people passing through.
They had signed leases with premium rents comparable to those at other Orchard Road malls in the hope that 313@Somerset’s location above an MRT station would bring plenty of passing trade.
http://www.straitstimes.com/BreakingNews/Singapore/Story/STIStory_669150.html
Rental growth for residential units expected to moderate
Rental growth for residential units is expected to moderate over the next few years, as 30,491 new homes come onstream in 2013.
Liang Thow Ming, head of residential services at Credo Real Estate, said: "With an uncertain economic going outlook ahead – especially due to the global situation – (and) probably less foreigners coming in – especially due to the recent displeasure about the influx of foreigners in Singapore – in terms of demand, we would see a slight drop; in terms of supply, we will probably see a huge increase.
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http://www.channelnewsasia.com/stories/singaporebusinessnews/view/1128005/1/.html
En bloc sale market picking up: analysts
The en bloc sale market has been feverishly picking up activity this year.
Apart from more en bloc properties being offered for sale, analysts say that the average prices for the sites have also increased by more than 50 per cent compared to a year ago.
However, the offer prices have yet to surpass the levels seen by the market at the peak of the property boom in 2007.
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http://www.channelnewsasia.com/stories/singaporebusinessnews/view/1128235/1/.html
First executive condo in Pasir Ris since 2002
NTUC Choice Homes has launched its first executive condominium (EC) in Pasir Ris since 2002.
Belysa was open for viewing from Friday till next Monday. Sales bookings will open from May 25.
As at 6pm on Friday, about 86 applications were received – nearly a third of the 315-unit development.
The condo which is located near the Pasir Ris MRT station will boast a full range of condominium facilities.
The 3-bedroom units range from 829 to 1,216 square feet and will cost between S$574,000 and S$841,000.
The biggest 4-bedroom unit is about 1,420 square feet, costing S$952,000.
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http://www.channelnewsasia.com/stories/singaporelocalnews/view/1130166/1/.html
16% of private home buyers in S’pore in Q1 are foreigners: DTZ
Foreign buyers accounted for 16 per cent of private home purchases in Singapore in the first quarter of this year, setting a new record high, according to real estate consultant DTZ Research.
The previous high of 15 per cent was recorded in the fourth quarter of 2007.
The proportion of mainland Chinese among non-Singaporean buyers – comprising foreigners and PRs – hit a new record high of 24 per cent in the first quarter of 2011.
It is the first quarter that Chinese nationals are the top foreign purchasers of residential properties in Singapore.
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http://www.channelnewsasia.com/stories/singaporebusinessnews/view/1130960/1/.html
Orchard Road retail space rentals expected to moderate
The rise in rentals for retail space along Orchard Road is expected to moderate over the year, and may reach a turning point soon, according to some experts.
They have mixed views over whether there is currently an oversupply of retail space in the shopping belt, following a petition for lower rents last week by tenants at shopping centre 313 Somerset who complained of poor business.
Over the past two years, a handful of shopping malls have opened along Orchard Road, increasing the retail space there by about 30 per cent.
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http://www.channelnewsasia.com/stories/singaporebusinessnews/view/1131673/1/.html
Dragon Mansion up for en bloc sale
Prime residential freehold property Dragon Mansion at 14 Spottiswoode Park has been put up for collective sale tender by its sole marketing agent Jones Lang LaSalle.
Another Dragon Mansion site, located at 18 Spottiswoode Park, was sold to Roxy Pacific subsidiary Roxy Land in December 2009 for S$100.8 million. It has since been redeveloped into the new Spottiswoode 18.
The land site for sale has a redevelopment area of 39,176 square feet.
It includes another land site housing a substation.
The redevelopment area has a gross plot ratio of 2.8 and its new property can be built up to 36 storeys.
There is no development charge payable on the site.
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http://www.channelnewsasia.com/stories/singaporebusinessnews/view/1132114/1/.html
Rental scammer suspect held
Police have arrested a 45-year-old man who is believed to have been involved in at least 13 reports of rental scam at Block 1 Lorong Lew Lian.
In all the cases, the 21 victims responded to rental advertisements placed in the Chinese newspapers between March 4 and 29 this year.
The suspect allegedly arranged for the victims to view the unit for rent and collected between S$500 and S$4,800 from them as deposits, telling them they could move in the following month.
After collecting the money, the man became un-contactable.
The suspect was arrested on Tuesday at about 7.15pm at HarbourFront.
He will be charged on Thursday in court with cheating.
He can be jailed up to 10 years and fined.
Meanwhile, the police advise members of the public to adopt the following crime prevention measures when seeking a unit for rent:
a) Visit the flat you wish to rent and ensure the person you are dealing with is the rightful flat owner. Request documentary proof of flat ownership that bears the flat owner’s name.
b) Insist that the owner registers the subletting with HDB within seven days from the subletting date.
c) Seek service from a licensed estate agent or registered salesperson (also known as property agent).
http://www.channelnewsasia.com/stories/singaporelocalnews/view/1132632/1/.html
Late Choa Kim Keat’s villa sold
The historical beachside villa of the late Choa Kim Keat has been sold to Far East Organization for S$103.8 million.
The property was put up for sale by the estate of the late Eric Choa, the grandson of Choa Kim Keat.
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http://www.channelnewsasia.com/stories/singaporebusinessnews/view/1134034/1/.html
Balestier touted up-and-coming city fringe estate
The historical Balestier area is going through a makeover, with swanky new residential projects and several hotels now seen lining its streets.
It is also attracting high demand from young couples and professionals looking for a convenient city fringe property.
Still, home prices in Balestier are not rising as fast as other city fringe areas, but analysts say this trend may change once government works to spruce up the area are complete.
According to data from the Urban Redevelopment Authority, home prices in Balestier are growing more slowly than those in other city fringe areas, increasing by 9 per cent on-year compared with the overall city fringe price growth of 11 per cent on-year.
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http://www.channelnewsasia.com/stories/singaporebusinessnews/view/1134928/1/.html
Orchard Road rents move up a spot in global ranking
Orchard Road has moved up one place in the global ranking of rents because of the strong Singapore dollar.
It moved up a notch to 26th place in the Global Retail Survey 2011 carried out by Colliers International.
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http://www.channelnewsasia.com/stories/singaporebusinessnews/view/1134919/1/.html
Unit prices for DBSS project in Tampines hit record high
Would you pay S$880,000 for a new HDB flat? That is the top price for a five-room unit at Centrale 8, the new Design-Build-and-Sell-Scheme in Tampines and it sets a new record, surpassing prices of some resale flats in the area.
Launch prices for five-room units range between S$685,000 and S$880,000. At 108 square metres, these are smaller than most new HDB flats, but potential customers said the units are better designed.
Centrale 8 is located near Tampines town centre, near upcoming developments. Its sales launch saw about 300 customers on Thursday morning. Applications for its 708 units close on June 21.
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http://www.channelnewsasia.com/stories/singaporebusinessnews/view/1135575/1/.html
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