Developer reach .7mil in extension fees

CapitaLand had had to pay $2.7 million to expand its deadline to sell the remaining units at The Interlace.

This works out to S$21,000 per 7 psf, documented $ unit or S TODAYonline.

Originally, the remaining flats at the 1,040-unit condominium on Depot Street should have been disposed by 13 March, but since spending the months. have another charges, CapitaLand’s deadline to promote the left over properties there h AS been

Still, the developer moved 222 residential units with a combined worth S$506 million in the city state throughout the period under review, up from the S$197 million it earned for promoting 69 units per year ago.

Last month, Property Developers’ Organization of Singapore (REDAS) President Augustine Tan estimated that developers in Singapore could carry almost S$100 million in extension fees for failing to sell their remaining stock in 2016.

In its latest earnings report, CapitaLand revealed that it’s identified purchasers for 8 9 percent of the units it’s established to date, including the 55-unit The Nassim at Nassim Hill and the 109-unit Victoria Park Villas in Victoria Park Street are set to be unveiled in H1 2016. Its Cairnhill Nine advancement also posted strong sales, with 193 out of the 268 units changing hands as of last Thursday (14 April).

Another purpose for the lower sales is the absence of good value gain of S$59.6 million arising from the usage change of Ascott Heng Shan Shanghai in Q1 2015. But the fall in New Launch revenue was partly offset by greater contributions from rents at its serviced residence business and CapitaGreen, as well as sales in China.

Despite the drop in revenue, CapitLand’s earnings after tax and minority interests (PATMI) soared by 35.4 percent year-on-year to S$218.3 million in Q1 2016, thanks to the divestment of a house in China, Somerset ZhongGuanCun Beijing.

Aid minute- own properties that are timers

The Ministry of National Development (MND) revealed yesterday the details of the Fresh Start Housing Scheme, which aims to provide homes for second-timers, or families that previously loved one housing subsidy but currently live in public rental flats.

Underneath the scheme, eligible families with school-going children will each be able to obtain a two-room Flexi level in a Build-to-Order (BTO) or Sale of Equilibrium Flats (SBF) sales exercise.

These units can come with brief leases including 45 to 65 years, to keep prices affordable. They’ll also have an extended Minimum Occupation Period (MOP) of 20 years to ensure their owners’ kids will have dwellings to get a lengthier period.

Individuals who qualify will probably be given another HDB concessionary loan, regardless of the amount of preceding loans they’ve obtained from the Housing Board. They will likewise manage to make use of Treasure Crest their CPF contributions as down payment, or to service the monthly mortgage instalments.

Of this grant, a fixed S$20,000 will be disbursed just before key set — regardless of the chosen lease — while the remaining amount will be distributed in annual tranches over five years.

The Fresh Start Housing Scheme, which will be implemented in late 2016, is open to widowed, divorced or married parents. Each household must have at least one Singaporean parent, with at least one Singaporean child to qualify. Additionally, they need to have inhabited a public rental flat for at least two years without amassing three or maybe more months of rental arrears in the preceding 12 months.

Eventually, all such families must have the Ministry of Social and Family Development’s Letter of Social Assessment (LSA), which demonstrates the parents are gainfully employed and manag(s) the household finances well, and the kids attend school consistently. For participating families to receive the yearly part of the grants’ balance the LSA must be renewed every year.

Meanwhile, the Tenants’ Priority Scheme continues to be extended to second-timer families living in public rental flats, so as to give them greater priority when applying for a HDB flat.

Previously, just first-timers surviving in public rental units qualified. But starting in the May sales exercise, 10 percent of the supply for two-room Flexi and three-room flats will probably be allocated to second-timers, and shared with those applying under the Resettlement, Move, and Selective En-bloc Redevelopment Scheme (SERS).

Sim Lian Group {is among the very recognized property developer

has been creating quality homes for Singaporeans way back for over 35 years and is among the very established property developer in Singapore The Group’s expertise in developing quality homes in Singapore has enabled it to assemble award winning developments in property projects in Singapore for Sim Lian New EC in Sengkang.

Cheng Lim LRT Sim Lian Land

Sim Lian Land diverse interest in many Sim Lian Acreage Anchorvale EC makes it a natural class to enter the Singapore Exchange to collect capital resources to acquire its interest in the Singapore property marketplace. Sim Lian Land has many interest in commercial residential and industrial developments in several locations in Singapore.

Sim Lian Group is headed by a solid team of real estate people that have varied experience in building quality projects in Singapore. The Group has also found many exciting periods in the Singapore Real Estate marketplace and hence may be sure of the qualities in property development. The solid reputation of the firm additionally means that it is rank amongst the TOP 100 brands in Singapore from 2009 to 2013.

Sim Lian Group started out as a humble player in the Singapore’s building construction industry for Sian Lian Land EC and has established itself as a player with ethics and dedication to quality homes in Singapore such as Anchorvale EC by Sim Lian. Sim Lian Group seeks to align their interest with stakeholders to reach both their intentions coherently for Sim Lian Land Cheng Lim LRT EC and continues to develop a trusting relationship with its principal contractors.

Sim Lian Group for Treasure Crest Sengkang EC also seek to give a cost that is competitive to its stakeholders and customers by providing highly synergistic stage which permit the sharing of resources to attain economy of scale. This has enable the group to supply better pricing for its Anchorvale Sim Lian EC home buyers and at exactly the same time providing gain for its stakeholders and investors in Sengkang MRT Station.

Treasure Crest EC Sim Lian

The work of Sim Lian Group is always to build its name through strategic alliances with different firms so that there can be many more synergies in the team whereby owners of Sim Lian ECs can take advantage of the brand new team located in Anchorvale Crescent EC. The spokes man for Sim Lian Land indicate that they are able to streamline their building strategies to bring in less construction cost for the development.

Sim Lian Group has also won numerous awards for the design of ECs and their condominiums as emphasis is placed a good deal on the landscaping along with the aesthetic appeal of the outlook of the development. There’s Treasure Crest EC evidence that Sim Lian Group, predicated on its design strategies, will have the ability to continuing bagging these results to bring in more design attractiveness to its buyers.

Sim Lian Land indicate that they are anticipating sales of the new EC to be powerful as the location of the plot of property is strategically located near to shopping centres as well as Sengkang Mall. Sim Lian Group has a total of 90 construction projects so far with many giving winning layouts under its belt. Owners can consequently be sure of the caliber of the development its subsidiaries as well as by Sim Lian Group.

Sim Lian Treasure Crest Anchorvale Sim Lian

Singapore home now less popular with investors

Singapore’s recognition Sturdee Residences with home investors has decreased though still considered a protected marketplace.

Singapore’s appeal like a house investment destination for institutional shareholders has diminished in 2013, in Japan and Australia, notably compared to other developed Asia Pacific locations.

This decrease in popularity has been attributed to the house cooling procedures, as well as the flood in logistics and office space amid consumer sentiment that was softer, said UBS by The Straits Times in a written report.

In reality, house prices, in addition to the volume of loans and realestate offers, in the event the cooling steps had not been released might have been greater by around 33 percent, explained the central bank in November 2015.

Nevertheless, some investors see Singapore being a secure marketplace, and there’s been no exodus of property people, accordingto Graham Mackie, UBS Property Management’s Mind of Global Real Estate for Asia Pacific.

Inbound investment to Singapore increased 157 percent 3.4 billion in 2015 on a yearly basis, based on knowledge from Actual Capital Analytics. But that is still a far cry in the outbound cash of US$28.7 billion, which placed a development of 49 percent.

Meanwhile, more cash has been pumped into Japan’s and Australia home industries, in comparison to those in Singapore, Hongkong and China. Realestate yields in Australia can also be somewhat greater than the riskfree charges available in the market.

“Australia is a relatively reliable marketplace with solid rule of law. The dollar has depreciated significantly against the US dollar, and people that are more swayed by currency criteria observe Australia as relatively cheaper,” added Mackie.

Rochor Centre to be demolished soon

The four bright coloured housing blocks will likely be demolished to make way for a fresh expressway.

Rochor Centre, a public housing estate in the Bugis area dating back to the 1970s, will be demolished by the conclusion of this year to make way for the newest North-South Expressway.

Constructed in 1977, it consists of four bright coloured HDB blocks that originally placed 567 homes and 183 stores. While 36 households have relocated as of January 2016, but due to the imminent redevelopment, 106 stores have closed.

Yet, many long time residents are saddened about being forced to move out of Rochor Centre.

An Indian who speaks English, Victor Devan, 70, Teochew, Hokkien and Cantonese, calls it a heartland in Singapore.

Moving to another dwelling is distressing as they have developed excellent relationships with their neighbours, added Devan, who is affectionately called ‘orh hia’ (black brother) by neighbours and shopkeepers in the Parc Riviera estate.

In accordance with Member of Parliament for Jalan Besar GRC, Denise Phua, which includes Bugis, life WOn’t be the same for the residents, but they could look forward to more greenery along with a tranquil surroundings compared to that in busy Rochor.

Of this, 15 percent chosen to relocate to units close to former neighbours in Rochor Centre or their relatives.

Rochor Centre is one of three historical public housing estates that may shortly be torn down for redevelopment. The others are Dakota Crescent and four low rise HDB blocks in Siglap, that were constructed in 1958 and 1964 , respectively.

S P Setia Berhad – Firm Review

S P Setia Berhad is recognised as Malaysia’s leading listed real estate player with an established track record of innovation-driven and standard-setting developments. The Group’s strength lies in its art in creating purposeful surroundings predicated on its development philosophy of Live Learn Work Play.

The developer has constructed a solid base in Malaysia offering an extensive product range including eco refuges, townships, luxurious residences, business parks, commercial and retail developments.

To property development it refocused its core business in KL Eco City Price 1996 with encouraging companies in wood, infrastructure and construction -based production.

Award-winning Programmer

S P Setia is the only Malaysian developer to be recognised six times from the International Real Estate Federation (FIABCI) for three Greatest Master Plan Developments, one Best Residential (Low-Rise) Development, a Specialised Job (Purpose-Built) and a Greatest Retail Development award.

No other developer has achieved this feat since the inception of the awards.

A Growing International Presence

Within the last seven years, the Group has spread its wings to the Uk, Singapore, Australia and more recently Vietnam.

Following this success, the Group has additionally launched a mixed development project called Eco Xuan at Lai Thieu in Tuan A District, Binh Doung Province.

In Singapore, S P Setia established an office in 2009 and two years later, the Group acquired a 29,440 sq ft site to develop a high rise condominium called 18 Woodsville. The successful launching of this project spurred the developer to acquire another parcel of land for the luxury high rise project of Eco Sanctuary.

In June 2011, the Group previewed its first project in Melbourne called Fulton Lane, a high rise condominium with distinctive structure given by the acclaimed Karl Fender of Fender Katsalidis Architects.

The successful launch of Fulton Lane spurred S P Setia to look at more opportunities in Melbourne and the Group acquired another piece of land, this time on the upmarket St Kilda Road, also for its Parque project in the City of Melbourne.

In April 2012, S P Setia was invited by the Malaysian Government to head the Malaysian association formed to jointly develop the China-Malaysia Qinzhou Industrial Park (QIP). In September the same year, S P Setia obtained Battersea Power Station jointly with Sime Darby and the Employees Provident Fund through a joint venture association.

Driving the Malaysian Property Sector

S P Setia enjoys a powerful presence in the state of Selangor, Malaysia through its flagship projects, the 2,525-acre Setia Alam and 791-acre Setia Eco Park. In town of Kuala Lumpur, the developer has constructed three high-end projects which are Setiahills, Duta Tropika and Duta Nusantara.

Leveraging on the powerful demand for investment and commercial level properties, S P Setia has also expanded into the commercial sector with projects such as SetiaWalk, the Group’s first maiden retail mall project, Setia Avenue called Setia City Mall and also the coming KL Eco City.

S P Setia is also well established three other key economic areas in Malaysia, in the state of Penang, Johor and Sabah.

Are property costs affected by petroleum costs?

The prices of property and petroleum may not be associated, but property prices could be still affected by the economic impact of falling oil prices.

Petroleum costs are constantly in the headlines. While other nations have found prices of fuel and petroleum -based products go down, costs in Singapore stay high. Alfred Chia describes how oil prices and property prices are linked.

Falling oil prices have really been for the past six months in the news, and property prices are also on the decline. Can there be a connection between them both?

Before we are able to understand petroleum costs, we should first comprehend how they are calculated. In general, when we talk about oil prices, we are referring to the prices of Brent crude, a specific level of oil pulled from the North Sea. Brent crude is used to cost about two thirds of the world’s internationally traded crude oil supplies. At time of writing, Brent crude is about USD 41.20 per barrel.

Figure 1 compares housing prices that are international and Brent oil prices. Global housing costs are derived from the Global Housing Price Index by the International Monetary Fund (IMF), which is an aggregate of actual (i.e., inflation adjusted) house costs across states.

At first glance, there seems to be little correlation between both of these asset groups. As there is an overall international economic boom which pushed up costs of the majority of asset classes, including bonds, equities and commodities both assets appreciated. Subsequently, between 2008 and 2009, marketplaces were hit by the Global Financial Crisis (GFC), which saw both oil and housing prices drop, along with most other asset categories.

However, alongside the international ecoomy, petroleum prices recovered from 2009 onwards before plunging in mid 2014 due to production outpacing international demand. Global property costs failed to follow the oil price trend, showing little correlation between both of these asset classes.

On a worldwide level at least, we do not see a correlation between home prices and oil prices.

When we compare the Urban Redevelopment Authority’s (URA) Singapore Property Price Index and oil prices, it might seem that they go in tandem (refer to Figure 2). However, oil price movements have been more explosive, particularly since June 2014, when it began to dive drastically.

Though it’s on a downwards trend, the price index of uRA remains relatively constant. Like global housing prices, there seems to be little correlation between Singapore property prices and also the costs of oil.

However, while oil prices are not strongly correlated with property costs, it is an essential commodity that may have an indirect influence on home prices, and paints a picture of the worldwide market. Brent crude oil costs have dropped from a high of USD115.19 per barrel on 19 June 2014, to a low of USD26.01 per barrel on 20 January 2016. This translates to a 77 percent fall in Brent crude costs over a period of 20 months.

The most talked about reason for this drastic fall is overcapacity and overproduction since the start of 2014. Yet, apart from supply side reasons, worldwide demand for this commodity also impacts prices. A global economic slow down places downward pressure on prices and reduces the need for oil. Given both supply- and demand-side pressures on the prices of oil, it’s no wonder that costs have dropped quickly as they’ve and as sharply, setting budgetary pressures on economies that rely strongly on income.

Now, with all the world facing a worldwide market slowdown, particularly in China, the International Energy Agency (IEA) has forecasted that global demand for oil will fall in 2016. In the short run, low petroleum costs will put pressures on the petroleum and gas (O&G) sector, and related businesses. This might adversely impact the banks that have high exposures to the sector. Furthermore, it is not unlikely that volatility in the equities and commodities markets will persist.

It is likely that property costs will be adversely affected by a global economic slow down in Singapore. With banking and and firms already hit O&G laying off staff, property buyers might be more hesitant to enter the marketplace, particularly security is a concern.

As the price of production has fallen in the long run, low oil prices will be a big increase to the overall market. This might lead the following stage of growth. Thus, low petroleum prices may not be the reason for doom and gloom that many news reports mention.

Aside from oil costs being a relevant indicator of global economc growth, there are other indexes that have a direct impact on the property market in Singapore, such as interest rate movements, the demand for and supply of properties, and government policies.

They can be necessary to ensure that the market continues to be sustainable, and doesn’t overheat, while cooling measures seem to have negatively influenced the property marketplace. Nevertheless, with the imminent international economic slowdown, it is essential to keep a detailed eye out there, to be sure it is not overly adversely hit, and maintains steady increase.

With lowered costs in Singapore, and assorted indicators indicating a heavy thunderstorm on the road, property owners should review their financial situation.

More importantly, property owners also have to ensure their properties can be afforded Gem Residences by them. For those people who are facing financial pressures, they may have to consider biting the bullet and downgrading. Nonetheless, property owners that are fiscally fit can consider taking advantage of lowered prices, and consider rearranging their property portfolios, or updating.

Experts share suggestions for Fresh Start Housing Scheme

Experts share ideas for Fresh Start Housing Scheme

Pros hope the 2016 Budget, that’ll be announced this Thursday (24 March), will solve some present kingsford hillview peak issues with the Fresh Start Housing Scheme, reported Channel NewsAsia.

This scheme helps HDB tenants buy their own flat, with people who formerly owned a home, and a focus on families with young kids.

But a key issue is finetuning the eligibility standards to ensure such help is really deserved by the beneficiaries, said DTZ’s Research Head Lee Nai Jia.

“I think this is a remarkable scheme. The essential problem is how we’re going to identify this group as well as their income ceiling, and (how we are going to define) the type of advantages to give this group.”

According to member of the Government Parliamentary Committee for National Development, Saktiandi Supaat, the system provides a second chance to families now renting a HDB flat, particularly those who were forced to sell their original unit because of an unavoidable problem.

However, the support should take into consideration the distinct conditions of every household.

For example, families would first have to show evidence they have the resources to cover the new flats.

Besides supplying grants and the genuine house, it is also vital that you educate families about fiscal management responsible homeownership, and activities to maintain kingsford hillview peak their kids in school, clarified the Fei Yue Family Service Centre.

“We don’t want to come to a stage where they’re on the scheme, and then there’s a setback, and they are penalised or thrown out of the scheme,” said the centre’s main social worker, Lilian Ong.

The Housing Board as well as the Ministry of National Development have held public consultations on executing the scheme, to gather suggestions. The opinions comprises provision of more grants and concessionary loans, in addition to shorter leases.

Residential land prices down 5.8% in 2015

The amount of land sites in Singapore for prime office and residential projects did not change in the next half of 2015, based on Knight Frank’s latest Prime Asia Development Land Index.

However, for the whole year, residential land prices in the city state dropped by 5.8 percent, while office costs grew by six percent.

“The soft demand in the home and office lease markets as a result of both domestic and external economic challenges coincided with strong supply pipelines to weaken the demand for property,” said Knight Frank.

“Firms in Singapore continued to face challenges from economic restructuring in the face of inadequate demand, while home buyers’ assurance was hurt by the prospect of climbing rates of interest and volatility in financial markets.” The residential cooling measures were also a factor in curbing demand, added the consultancy.

T Space Tampines

Northwave EC

Gem Residences Condo

Meanwhile, costs of residential sites in Asia increased by three percent in H2 2015, up from 1.2 percent in the preceding six months. Tokyo and Phnom Penh led the region, with prices shooting up by 14.8 percent and 26.2 percent respectively for the year.

Knight Frank’s index monitors acreage costs in 13 major cities across Asia.

Singaporeans are required to pay a ABSD?

Should a citizen who are able to purchase a second or third property through the Total Debt Servicing Ratio (TDSR) regime even have to pay the Additional Buyer’s Stamp Duty (ABSD)? This was a question presented by Mr Christopher De Souza in Parliament on Monday, reported Channel NewsAsia.

He encouraged the authorities while retaining the ABSD for foreigners and TDSR for Singaporeans to remove the ABSD for Singaporeans.

“By keeping the TDSR, the Singaporean is only going to be allowed a credit line that’s within his means. By retaining the ABSD for foreigners, we help ensure that the foreigners WOn’t enter the Singaporean market in an exceedingly speculative way,” said the MP for Holland-Bukit Timah GRC. (See Cairnhill Nine Condo )

First introduced in December 2011, the ABSD was revised upwards in January 2013 to rein in Singapore’s escalating residential property costs.

Singaporeans are required to pay a ABSD of seven percent for a second property, and 10 percent for a third and following property. However, foreigners have to pay a ABSD of 15 percent for their first and subsequent property purchases.

The TDSR framework restricts the amount borrowers can spend on debt repayments to 60 percent of their gross monthly income.