RESIDENTIAL MARKET
HDB won't shrink flats, says Khaw
NATIONAL Development Minister Khaw Boon Wan has offered some clarity on the ever-emotive issue of HDB flat sizes, giving his assurance that Singapore will not go the way of cities such as Hong Kong and Tokyo, where flats have become tiny.
Speaking to The Straits Times, Mr Khaw said the Government is committed 'to maintain a good quality of life', and there are no plans to shrink HDB flats. Any future change in flat sizes will depend largely on family sizes, he said.
Mr Khaw noted at the forum that HDB's design norms had not changed since 1997. 'My comment at that dialogue was in response to a question. I was purely stating that HDB plans (flat sizes) based on certain design norms, and as far as I know, it has not changed for the past 15 years,' he told ST in a recent interview.
But his answer at the forum seemed to contradict information in a table the HDB released in November last year, which showed a change in flat sizes from the 1990s to the 2000s.
The HDB has clarified that the timeframes in that table showed the flat sizes prevalent in each decade, not when they last changed. It shows, for example, that four-room flat sizes increased from 73 sq m in the 1970s to 105 sq m in the 1980s, before decreasing to 100 sq m from 1990 to 1996, and to 90 sq m since 1997. Household size for that flat type over the decades fell from 6.5 in the 1970s to the current 3.7.
As for future flat sizes, Mr Khaw said he would clear the backlog of demand for flats before considering changes to flat designs.
Any change would also depend on whether the Government has the resources, and if there is a significant need.
Source: The Straits Times – 12 June 2012
Buyers still active in property sector
DEVELOPERS notched up healthy weekend sales at both mass market and upscale projects.
High-end 1919 on Mount Sophia is already more than 90 per cent sold after 68 of the 75 black-and-white apartments on offer were snapped up.
The freehold project being developed by Aurum Land was launched last Saturday. It is due for completion by 2015.
Average prices range from $2,000 per sq ft (psf) to $2,200 psf, while patio units - on the ground floor with a bigger balcony - start from $1,600 psf. Unit sizes range from 560 sq ft to 1,302 sq ft. This works out to at least $1.12 million for a 560 sq ft unit.
On the mass market front, Hoi Hup Realty's Sea Esta sold nearly 200 units at its preview on Sunday.
One-bedroom units, of at least 517 sq ft, are on offer from $488,000. Three-bedders, measuring at least 904 sq ft, start from $760,000. The 376-unit condo is expected to be officially launched next week.
For instance, mass market condos usually sell 40 per cent of their units within two weeks, he said
Another recent launch, Tropika East in suburban Eunos, has sold 45 of its 105 units.
The freehold project is being developed by Tong Eng Group and was launched last Saturday.
A three-bedroom unit of between 1,033 sq ft and 1,109 sq ft will cost from $1,150 psf to $1,275 psf - a minimum price of $1.3 million.
Penthouses of 840 sq ft to 1,819 sq ft are going for $1,000 psf on average, so the smallest penthouse starts from $1 million.
One- and two-bedders are also available. The condo, near the upcoming euHabitat, will be ready by June 2016.
In Punggol, Qingjian Realty's River Isles has sold about half of its released units.
Launched on June 2, the 99-year-leasehold project has a total of 610 units, but only 410 have been released to date.
Units are going for between $830 and $850 psf, on average. Three-bedroom units - measuring 893 sq ft to 1,173 sq ft - cost at least $736,500.
The suburban launches - which attract mostly HDB upgraders - have posted healthy figures because many upgraders have made money on their HDB flats in the last five years.
Source: The Straits Times – 12 June 2012
INDUSTRIAL MARKET
Leases for new industrial sites slashed
THE Government is slashing lease terms for industrial sites sold in the second half of this year in a bid to stem the soaring prices of these sites. As fast-rising costs crimp the bottom line, the Government is also rolling out a bumper supply of industrial land with these shorter leases.
The Ministry of Trade and Industry (MTI) said yesterday that all sites to be sold in the industrial Government Land Sales (GLS) programme from next month to December will be capped at 30 years. Previously, industrial sites sold had tenures as long as 60 years.
A total of 47.69ha of land - about 1.4 times last year's total - will be put up for sale this year in areas such as Tuas, Ubi, Serangoon and Woodlands.
Experts expect the move to curb industrial land price rises. Industrial land prices surged a staggering 27 per cent last year, then rose a further 7.3 per cent in the first three months of this year.
The issue of high land prices and high rents has been a pressing one among local companies and small and medium-sized enterprises, already facing a painful adjustment from the restructuring of the economy.
But rents may not fall so quickly. Rents might come down only earliest next year as a surge of completed supply enters the market.
A supply of 500,000 sq m of multiple-use factory space is expected to be completed both in this year and next. This is about three times the average annual supply for the past five years.
Source: The Straits Times – 12 June 2012
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