RESIDENTIAL MARKET
Forestville: Changes to plans not approved yet
The developer behind Forestville was stopped from launching the executive condominium (EC) project as it had made changes to the development plans which had not been approved yet.
In response to a Straits Times query yesterday, the Urban Redevelopment Authority (URA) said its Controller of Housing (COH) found out last Friday that Hao Yuan was intending to launch its Forestville EC project for sale.
"Based on our preliminary investigation, we found that the developer has launched the project with some proposed changes to the development plans which had not been approved yet. This is not allowed."
It said the COH instructed Hao Yuan on the same day not to sell units in the project, pending further investigations.
"The results of the investigation will help us determine what further actions to take," it said.
The debacle began on Friday when developer Hao Yuan Investment launched the Woodlands project without approval from the COH.
Hao Yuan carried on with the launch but told agents not to collect cheques as sales could not be conducted. Potential buyers were also told that no Option-to-Purchase document could be issued.
Agents were also told to return all cheques collected, a day after the launch, Hao Yuan said in a statement at the weekend.
The most that potential buyers could do was to lodge an "expression of interest", which the developer said it would honour.
Meanwhile, some potential buyers of units at Forestville EC are still waiting to get their cheques back amid continued uncertainty over the project.
There was still plenty of uncertainty evident yesterday when potential buyers - the project has attracted 1,201 applications - tried to come to terms with the weekend's developments.
Some told The Straits Times that their agents had arranged for the return of cheques, but others said they had not been told that the cheques would be returned.
The showflat was closed when The Straits Times visited it yesterday. Hao Yuan declined to say when it would re-open.
Source: The Straits Times –1 January 2013
Developer keen on more EC penthouses
The developer of Citylife @ Tampines, an executive condominium (EC) that sparked controversy over a huge $2.05 million penthouse, is keen on building penthouses in future EC projects.
"Based on the good response for the penthouses... we will attempt to do it better for our future projects, if that avenue is still available to developers," Amara Holdings chief executive Albert Teo told The Straits Times yesterday in an e-mail message.
"We will be open to developing other EC projects as long as there are any such viable opportunities."
When asked to elaborate on what "do it better" meant, Mr Teo said he was referring to "better designs and ability to meet the needs of home buyers".
Mr Teo added that the penthouses at Citylife "seem to appeal to multi-tier families desiring to live under one roof", and called this "a pro-family practice to be encouraged".
Citylife also has three-bedroom and four-bedroom dual-key units. Dual-key units allow for multigenerational living or leasing.
Amara leads the consortium that developed the 514-unit Citylife @ Tampines. Its partners are Kay Lim Holdings and SingXpress Land.
Citylife was launched last Saturday, and all its 16 penthouses were snapped up by noon that day.
Mr Teo said that the "overwhelming response is largely within expectations".
"We strongly believe that this will appeal to the sandwiched class, which is characterised by more sophisticated taste in homes, home lifestyles and interior decoration," he said.
But Mr Teo added that the homes Amara will build in future will remain "in line with (the) authorities' direction and requirements".
The Ministry of National Development warned last Friday that it is closely watching developments in the EC segment.
It had told The Straits Times that it will consider further measures if needed, regarding the sky-high prices of some EC units.
"Minister for National Development Khaw Boon Wan has recently blogged about his concerns that the EC developers should observe the intent and spirit of the EC housing scheme when marketing their projects," a ministry spokesman said.
The latest focal point in the debate over EC prices is Citylife's huge 4,349 sq ft "presidential" penthouse suite, which includes a 1,600 sq ft roof terrace.
It became the first EC unit to eclipse the $2 million mark last Saturday, when it was sold to a multigenerational family.
Industry players have raised suggestions such as imposing a minimum number of units to be built on an EC site, or a maximum size for an EC apartment.
Source: The Straits Times –1 January 2013
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