RESIDENTIAL MARKET
MND opens up plum sites for private housing
The Ministry of National Development (MND) brought some joyous tidings with the announcement that it will release some plum sites for private housing in the first half of the coming year. Many are in locations that have been rarely touched of late as part of the Government Land Sales (GLS) programme.
MND is trying to pull off a balancing act. It will be releasing roughly the same quantum of land over the next six months as it did in the current half-year. It is seeking the right balance between developers' appetite for residential land and potential oversupply as a record number of homes come onstream in the next few years.
Still, market watchers were surprised by the choice sites up for grabs. These include a landed housing site in Coronation Road/Victoria Park Road that can generate about 140 landed homes. The plot is next to the Victoria Park and Rebecca Park Good Class Bungalow Areas. It used to be a Chinese cemetery, where graves were exhumed sometime ago. The Urban Redevelopment Authority (URA) will launch this site in March.
In June, the URA will roll out a site on Mount Sophia, a chunk of which comprises an area which most recently housed the arts enclave called "Old School" and formerly accommodated the Methodist Girls' School. The 2.4-ha site - which includes the former Trinity Theological College and Nan Hwa Girls' School - can be developed into a low-rise condo of about 505 units.
Yet another low-rise condo site is at Faber Walk in the Ulu Pandan area which can yield about 210 units, slated for launch in April. All three land parcels are on the confirmed list, where sites are launched according to a pre-stated schedule, regardless of demand.
In the reserve list, a 2-ha plot on Siglap Road - next to Victoria School, flanked by Mandarin Gardens and Laguna Park, and facing East Coast Park and beach - will be made available in May. As it is on the reserve list, it will be launched for tender only upon successful application by a developer.
Developers are also expected to be keen on two new commercial and residential sites introduced in the H1 2013 programme - a confirmed list plot in Yishun Central (next to the MRT station, bus interchange and Northpoint Shopping Centre) and a reserve list plot next to Potong Pasir MRT Station.
MND will be launching confirmed-list sites that can generate some 6,935 private homes (including 3,110 executive condos or ECs). Through the reserve list, it is offering land for a further 7,100 private homes. The quantum is similar to the current H2 2012 slate.
The URA's spokesman said: "Most of the private residential sites in the (H1 2013) confirmed list are in Outside Central Region or Rest of Central Region - where more affordable private housing is expected to be built".
The H1 2013 confirmed list will supply about 33,360 sq m gross floor area (GFA) of commercial space, with reserve list sites that can generate a further 281,320 sq m. Both figures are lower than the 80,280 sq m and 308,200 sq m respectively in the current half. Market watchers suggest MND's strategy reflects the current soft mood in the office leasing market.
MND noted that H1 2013's reserve list will have three sites for office developments - at Marina View/Union Street in the new Downtown, Cecil Street and Sims Avenue - which are being carried over from the H2 2012 reserve list. These can be triggered by the market, if there is demand. Currently, there is about 1.17 million sq m (12.6 million sq ft) GFA of office supply in the pipeline.
Hotel rooms supply from H1 2013's sites will halve to 1,740 rooms, from 3,655 in the current half. In both periods, the supply is solely through the reserve list.
Source: Business Times –15 December 2012
Plethora of residential sites for developers to choose from
Releasing sites in the Central Region will bring more live-in population nearer to the city centre and help cut commutes to work. At the same time, releasing sites near MRT stations will enable more residents to have better access to the public transport network.
So said the Urban Redevelopment Authority (URA) in response to BT's queries on the government's strategy to release several plum private residential sites including in the prime districts for the first-half 2013 Government Land Sales (GLS) programme.
These include a rare landed housing plot in Coronation Road, abutting the Victoria Park and Rebecca Park Good Class Bungalow Areas. The District 10 site, scheduled for launch in March next year, is expected to yield some 140 landed homes.
Said a URA spokesman: "When selecting sites for the GLS Programme, we want to ensure that there is a good distribution of sites across the island to provide more choices for home-buyers. Similarly the sites can yield a variety of housing types - ranging from landed houses to high-rise condos - to cater to different lifestyles and budgets.
"Some sites are also chosen to meet planning and development objectives."
Property consultants also point to an agglomeration of sites in the vicinity of city-fringe MRT stations on the Western line, such as Tiong Bahru, Redhill and Queenstown, in recent GLS programmes.
Five executive condo sites have been earmarked for launch on the confirmed list in the first half of next year, adding up to to 3,110 units. They comprise a site in Woodlands Avenue 5/Avenue 6, one in Sengkang, two in Punggol and site near Jurong Lake. The last site can generate about 610 units and is located at the corner of Tao Ching and Yuan Ching roads - opposite Fairway Country Club, Lakeside Fishing Village and overlooking the lake. It is due to be launched in June 2013.
Source: Business Times –15 December 2012
Record $1.33m for HUDC flat at Shunfu Road
Another fresh record has been set for the most expensive HUDC apartment - again at the popular Shunfu Road enclave.
A 1,660 sq ft maisonette, located at the heart of the yet-to-be privatised estate, was sold for $1.33 million last month, according to data-crunching firm Singapore Real Estate Exchange. This tops the $1.28 million mark reported in September for the same type of flat at the same estate.
The news extends the trend of record-breaking prices for premium Housing and Urban Development Company (HUDC) and Housing Board resale apartments.
A new record was also set in September for the most expensive HDB flat when a buyer paid $1 million for an executive flat in Queenstown.
HUDC units were introduced in the 1970s for aspiring middle-income families, and were phased out about a decade later as interest in them dwindled. Out of 18 such projects, 12 have been legally privatised, while the rest are pending legal privatisation.
Analysts say records in the HUDC market will continue to tumble as long as sellers hold out for higher prices under the current exuberant market conditions, and buyers are lured by choice locations and hopes of a collective sale windfall after privatisation.
The Straits Times understands that the seller of the Shunfu flat is an engineer who had bought it 16 years ago at a "good price". Back then, such apartments sold for less than $400,000.
The mid-level unit at Block 316 has a view of the green lawn just in front of it. Nestled at the centre of the estate, it is insulated from traffic noise by the other blocks, yet still within walking distance of nearby amenities.
The 358-unit Shunfu Ville has been popular with home buyers because it is near a market, eateries, Marymount MRT station and brand-name schools like Raffles Institution, Marymount Convent School and Catholic High School.
Work has already begun on the privatisation of Shunfu Ville. A carpark entrance barrier and a guard house are being added, and the estate is being fenced up.
Unusually, no cash premium was paid above the flat's valuation, as the property was valued by a bank at $1.38 million.
Source: The Straits Times –15 December 2012
HUDC flats' median price crosses $1m mark
For the first time, the median resale price of yet-to-be privatised HUDC apartments has exceeded the $1 million mark - in the third quarter of this year.
It has even inched upwards slightly in the current quarter, according to data-crunching firm Singapore Real Estate Exchange, which has tracked official data and transactions from various property firms since 2006.
This comes on the back of a record-breaking unit in Shunfu Road, which was sold last month for $1.33 million.
The median resale price for HUDC apartments in the fourth quarter is now $1.04 million.
Property analysts said the results were to be expected, but warned buyers about over-extending themselves for property that may not bear profit.
The resale price data is gleaned from transactions in the five estates pending legal privatisation.
They are Bishan (Shunfu), Serangoon North, Hougang North N3, Hougang North N7 and Potong Pasir.
Braddell View is not on the list as units there were not sold under the Housing and Development Act and are considered private property.
This year, 13 units from the five estates were sold for more than $1 million, compared with only five last year.
While the Shunfu units typically command higher prices, some of the 13 were from Hougang and Serangoon North.
HUDC apartments were introduced in the 1970s for middle-income families who could afford bigger flats, but were phased out in 1987 after private property prices fell and drew interest away from them.
In total, the 18 HUDC projects comprised 7,731 units, and were all sold on 99-year leases.
Source: The Straits Times –17 December 2012
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