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November, 2011:

iProperty.com Singapore Site Search Oct 2011

Nov 28th, 2011
by Singapore Property Resources and Guides, HDB, Districts and Archived listings.
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With one more month to the end of 2011, we are still racing ahead with a hatful of good news. According to comScore Media Metrix Mar-Oct 2011, iProperty.com.sg is #1 for real estate in Singapore. The iProperty Group also received the BRW Fast 100 award for being the 4th fastest growing business in Australia. Thank you for always staying on iProperty.com.sg and supporting our endeavours to bring you all things on property.

Now, let's track back to October and look at what you have been searching for on iProperty.com.sg - which are the Top 10 Districts, the Top 20 Condominiums, and the Top 10 New Property Developments. And of course, some of you have been searching for HDB flats. We hear you, and this month, we have included the Top 10 Most-Searched HDB Estates for your consideration.

Top 10 Most Searched Districts – Oct 2011

In October, District 19 topped the chart moving 1 rank up from Q3 and H1 2011, as District 15 took 2nd place for the first time this year. A quick comparison at the property transactions that had been happening in these 2 districts showed that District 19 have always enjoyed more sales as their average psf is much lower than the more expensive District 15.

According to caveats lodged at URA in Oct 2011, the average psf of condos in District 19 is S$917 as compared to District 15's S$1,265. An interesting note: Out of 2,014 condo sales in Oct 2011, a good 28.5% (more than a quarter) came from District 19. It sure is a hot district!

We saw some movements in the rankings from 6th to 10th, with District 1 making into the charts for the first time. We are all familiar with District 1 - a place where you will see luxury apartments. The average psf of condominiums in District 1 is the highest in Singapore - a whopping S$2,243 psf in Oct 2011. Compare this to the national average of S$1,068 psf in Oct. Does this indicate an increasing appetite for high-end properties?

Top 20 Most Searched Condominiums – Oct 2011

Icon remained the most searched condominium on iProperty.com.sg. Its median psf also increased from S$1,728 in September to S$1,908 in November. Located in District 2, Icon had a median psf of S$1,728 in September*.

Soaring into No. 2 is Suites @ Cairnhill, which is a popular condo for rent due to its central location and proximity to the Newton MRT station.

There are 7 other new entrants into the Top 20 charts and we've listed their latest median psf from caveats lodged at URA* for you to compare before making your property decision.

  1. Trevista at No. 7: S$1,134 psf (Nov 11)
  2. The Rochester at No. 10: S$1,420 psf (Oct 11)
  3. Parc Vera at No. 11: S$840 psf (Developers' Sale in Oct 11)
  4. Soleil @ Sinaran at No. 12: S$1,915 psf (Nov 11)
  5. Alexis at No. 15: S$1,675 psf (Oct 11)
  6. Kerrisdale at No. 18: S$960 psf (Nov 11)
  7. Heritage View at No. 20: S$1,088 psf (Nov 11)

Top 10 Most Searched New Developments – Oct 2011

Woodhaven remained at the top of the chart, commanding a staggering 15.89% of searches on new property developments on iProperty.com.sg. Closing in on 2nd and moving up 3 notches is The Cape by Far East SOHO in popular District 15.

For the first time, Thomson Grand made it into the charts and did the new property launch made it high. At 3rd place, the Upper Thomson Road condo has a median price of S$1,384 psf in Nov 2011.

Other notable mentions: Regent Residences, The Tennery and Livia - all new entrants that are fast becoming popular with property buyers and investors.

Top 10 Most Searched HDB Estates – Oct 2011

Sharing these results for the first time, we hear that many of you are interested to know which HDB estates are most popular in Singapore. In our enduring efforts to help you make the best property decisions, here they are with the median resale price of a 4-roomHDB flat.

Are you surprised by Bedok topping the chart despite the Bedok Reservoir drownings?  We are not though. Although Bedok saw a very minute decrease in transaction volume (from 125 units in June to 98 units in October), its median resale price for a 4-room HDB resale flat in October was S$440,000, a increase from S$410,000 in June.

Bishan has always been a much sought-after HDB estate, with its central location, good amenities and popular schools. A 4-room HDB resale flat in Bishan is S$527,500 in October 2011. And the prices of that Bishan flats seem to be on an upward climb.

Another highlight is Serangoon, which is seeing phenomenal increase in popularity due to the opening of the full Circle Line and Serangoon NEX. A 4-room HDB resale flat in Serangoon is S$453,000 in October 2011. Similar to the HDB flats in Bishan, we are seeing a steady increase in prices since January 2011.

Now, what are criteria are you interested in when searching for your dream home in Singapore? Other keywords that you have been searching for include: studio, shophouse, MRT, Simei, Holland, and penthouse.

*Source: URA Property Market Information

Far East Organization launches the SOHO brand with sneak preview of The Scotts Tower

Nov 23rd, 2011
by Singapore Property Resources and Guides, HDB, Districts and Archived listings.
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Far East Organization (FEO) unveiled Far East SOHO, its latest brand encompassing SOHO residential and commercial properties in Singapore. In the same launch, iProperty.com Singapore had a sneak preview of The Scotts Tower. (TST is now open for preview.)

Though SOHO-style living is not new to the Singapore market, FEO hopes to redefine this urban lifestyle, and give room and power to property buyers to exhibit their personal style and creativity in their SOHO space.

Closely attuned to the changing lifestyle and housing demands in Singapore, Far East SOHO properties seek to appeal to homebuyers with the ability to personalize living space and create a 3-dimensional spatial haven for work-live-play.

To do this, all Far East SOHO developments will offer to urbanites: 

1. Strategic locations - easy and quick accessibility to the City
2. Excellent connectivity - broadband and transport connections to work and play
3. Flexible space - floor-to-ceiling heights of at least 3.4 meters, color palette options and a semi-white plan

"Buyers can expect a number of new stylish and distinctive Far East SOHO project launches in the months ahead. We are thrilled to have pushed the property envelope in achieving this significant milestone today. Our team will now endeavor to build on our SOHO equity with quality products that are synonymous with the best designs, locations, transportation connectivity and services offered. Indeed, home buyers can aspire to take on a brand new SOHO lifestyle where they are part of the new economy while enjoying the all in one living-working-playing concept offered by our SOHO projects," concluded Mr Chia Boon Kuah, CEO, Property Sales and Executive Director of Far East Organization.

Other SOHO projects previously launched by Far East Organization include: The Central above Clarke Quay MRT station, The Tennery at Woodlands Road and Choa Chu Kang junction, and The Cape on Amber Road.

A Sneak Preview of The Scotts Tower

Locating at 38 Scotts Road, the latest SOHO development by Far East Organization is The Scotts Tower (TST) which will be launching next week. This 31-storey development consists of 231 SOHO apartments – each with a built-in platform that you can customize into either a bedroom or a working space.

Conceptualised by UNStudio‘s co-founder and star architect Ben van Berkel, The Scotts Tower would have 128 units of 1-bedroom apartments (624-667 sq ft), 80 units of 2-bedroom apartments (807-904 sq ft), 20 units of 3-bedroom apartments (1,227-1,389 sq ft), and 3 units of 4-bedroom apartments (2,928-3,315 sq ft).

Facilities to help urbanites with their fast-paced lifestyles include:

  • Exclusive concierge services
  • Housekeeping and laundry assistance
  • Customized  storage solutions
  • Broadband connectivity
  • Wi-Fi enabled meeting pods
  • Private party deck on level 25
Want to see how the interior can look in a 1-bedroom or 2-bedroom unit? Head over to our Facebook page for a sneak preview.

The Scotts Tower is estimated to TOP in 2016.

Home buyers in Singapore positive about prices of public housing

Nov 22nd, 2011
by Singapore Property Resources and Guides, HDB, Districts and Archived listings.
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Recent government measures taken to address concerns surrounding the public housing market appear to have brought about some positive sentiments among home buyers, as demonstrated by a recent Poll conducted by iProperty.com.sg, Singapore’s number one property website.

The poll, conducted from August to November this year, asked respondents for their opinions on whether public housing prices will stabilise within the next three to five years – as mentioned by Minister for National Development Khaw Boon Wan earlier this year. 1,033 participants responded to the poll.

Key findings as follows:

1.   More than a third of respondents (36.9%) believe that three to five years is a fair assessment for public housing prices to stabilise.

2.   Trailing slightly behind are 31.9% of respondents who, on the other hand, think that prices will never stabilise and more radical measures need to be taken.

3.   19.9% of respondents think that the government is doing a stellar job and prices will stabilise over the next 1 to 2 years.

4.   11.3% thinks approximately 5 to 7 years is needed for prices to stabilise.

From the findings, it can be seen that a clear majority – 56.8% - are of the opinion that the government is either on track or will likely exceed expectations on their three-to-five year projection to cool the public housing market.

However, a significant minority – 43.2% - remain skeptical that public housing prices will stabilise in the timeframe put forward. Further to this, a large portion of this group – 31.9% of respondents - appear unconvinced of the current measures adopted by the government and feel further action needs to be taken.

Much of the positive sentiment can be attributed to the range of measures and plans the government had rolled out in the second half of the year. These measures include a series of new Built-to-Order (BTO) launches in July, September and November, injecting several thousand new units into the market. These include developments in highly-coveted mature estates such as Bedok, Yishun and Hougang. Complementing this were recent announcements made to enhance chances for repeat applicants bidding for new units, lifting of the income ceiling for Executive Condominiums, and for Barrier-Free Accessibility (BFA) features to be made available across all HDB estates by the end of December 2011.

“The findings of our Poll paint an encouraging picture, showing that measures taken by the government have borne some fruit,” said Shaun Di Gregorio, Chief Executive Officer of iProperty Group Limited. “However, as encouraging as these numbers are, we should also not forget that there is still a significant level of dissatisfaction still pervading the market.”

Referring in particular to the 31.9% of respondents who said that prices will never stabilise, Shaun Di Gregorio said that what the government does in the next six to 12 months will be crucial in winning over this group of skeptics. Key issues that may have contributed to this outlook include the pricing of units under the Design, Build and Sell Scheme (DBSS) and exceptionally high cash-over-valuation figures for some highly sought-after resale units.

“Affordability and lack of suitable options will continue to be the two most important factors for home buyers. While we are seeing a gradually-increasing level of positivity in the market, other concerns, such as the still-increasing price of property and fears of a potential economic downturn in 2012, will be key considerations that may mean the difference between a positive and less-than-positive 2012 for potential home buyers,” he added.

Effects of cooling measures kick in

Nov 20th, 2011
by Singapore Property Resources and Guides, HDB, Districts and Archived listings.
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A possible sign that the effects of government-initiated cooling measures are taking effect, newly released data from Credit Bureau Singapore (CBS) suggest that property investors are scaling back on their purchases.


(Is the smaller number of buyers with existing housing loans a result of recent cooling measures? Image courtesy of thinkstock.)

The figures, gathered from all major banks, indicated a significant drop in the number of buyers who already have an existing loan or more, taking out new property loans. The proportion of these buyers dipped to 33% in the first eight months of 2011, from 38% for all of 2010.

Experts say that buyers entering the market with pre-existing loans are usually property investors.

However the reverse cannot be said. Those taking out a new loan with no existing mortgage are not necessarily first-time home buyers, they could also be investors. CBS pointed out that some of these buyers may have already fully paid off their home loans, or are owners of Housing Development Board (HDB) flats with HDB loans. This means the figures could be underestimating the actual number of investors in the market.

No matter the number of investors, one thing is clear: it is evident that January’s tough cooling measures – not to mention those previously done in February 2010, August 2010 and September 2009 – are putting a downward pressure on investor demand.

The latest rules include a reduced loans-to-value (LTV) ratio of 60% for buyers with an existing housing loan. The previous ratio was 70%. As such, a home buyer now has to come up with an upfront figure of 40%.

Furthermore, constantly rising housing prices (prices shot up 18% in 2010 and saw an additional 6% hop in the first nine months of 2011), an even larger amount has to be footed upfront now, further reducing the buyer pool. In fact, experts feel this new rule will probably be the main deterrent for property investors. SLP International research head Nicholas Mak told The Straits Times that the tumbling number of loan holders who have an existing mortgage goes to prove that the lowered LTV ratio in particular “was effective and had an impact”.

Another measure is the raising of stamp duty of up to 16% on sellers if the property is sold within a year of purchase. The sellers’ stamp duty is payable if a home is sold within four years, where it was previously three.

The result: CBS reported that 50,588 people took out loans from January to August 2011 – a 6% dip from the 53,803 figure in the same period last year.

PropNex chief executive Mohamed Ismail commented that the cooling measures had the dual effect of ensuring financial institutions were not overexposed, and that buyers were practicing prudence in housing purchases.

In agreement, OrangeTee executive director Steven Tan felt the 33% proportion is “healthy and acceptable”. He added that it was unlikely that the authorities will implement any more measures. “The reduced gearing will mean that Singaporeans are less overexposed and, should interest rates rise or if the residential market turns, they will be less affected.”

However, Tan noted that an unintended effect was a growing number of developers building smaller apartments in reaction to these policy changes. CBS data seems to agree, showing that loans under $1 million continue to dominate: they make up 90% of all new loans since January 2010. But judging by the strong demand these smaller homes are enjoying, perhaps the worst the price inflation is over.

Will curbs to foreign buying be implemented?

Nov 17th, 2011
by Singapore Property Resources and Guides, HDB, Districts and Archived listings.
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As more foreigners make Singapore their home, some Singaporeans are growing worried that their presence will further reduce limited housing supply and push prices up and out of their budgets.


(Citizens are growing concerned that foreigners flocking to Singapore are pushing housing prices up. Image courtesy of thinkstock.)

The figures
The percentage of foreigners buying private homes is slowly but surely rising. In the first eight months of 2011, one-third of condominium buyers were non-Singaporeans and permanent residents (PRs), compared to last year’s 28%.

Business Times recently reported that foreigners excluding PRs made up 20.1% of the total number of uncompleted private homes in Q3, up from 16.3% in Q2. Among all private housing purchases, foreigners excluding PRs accounted for 16% in the first half of 2011, from 12% in 2010.

The new trend
In the past, as foreigners generally went for up-market homes in districts 9-11, their purchases had little effect on the average Singaporean buyer, said Dennis Wee Group director Chris Koh. However, recent times unveiled a fairly new trend where non-Singaporeans purchase mass-market homes (houses under $1 million) – a segment that previously received little interest from them, and are well sought after by Singaporean upgraders.

Foreign share of such housing reached 28% in the first nine months of 2011. The figure was 22% last year and 19% in 2009, according to caveats lodged with the Urban Redevelopment Authority.

The societal effect
Some Singaporeans have begun associating the growing number of foreign mass-market home buyers with their soaring prices. The segment saw an 18% jump last year, and another 6% increase in the first nine months of 2011.

Concerned locals are becoming more territorial and voicing their displeasure. Yahoo! user San Mao said, “Foreign ownership in Singapore need to be [tightened] further.”

Yahoo! user Singapore Son agreed, “The fact [is] that foreigners, not only take jobs away from Singaporeans, they also push prices up for properties, transport and generally, the cost of living.”

Suggested solutions
In a bid to pacify Singaporeans, decision-makers are considering the implementation of curbs to restrict foreign purchase of private homes. Last month, MP for Holland-Bukit Timah GRC Christopher de Souza made such a suggestion, citing that in Australia, foreigners are only allowed to buy new properties and sell them to citizens.

More finance-related suggestions include placing caps on the number of mortgages or shrinking the proportion of a property’s value that can be borrowed. Some industry insiders suggested the introduction of a capital gains tax for foreigners who make gains from selling a private property.

Few realise, however, that there already are restrictions for non-Singaporean home buyers. For instance, foreigners are only allowed to purchase landed homes in Sentosa Cove. PRs can buy landed homes in other parts of Singapore, but only with approval. Resale HDB flats are reserved for Singaporeans, and PRs who meet a stringent set of criteria. The private condominium market offers a level playing field for both citizens and foreigners: both locals and foreigners are subject to a sellers’ stamp duty of up to 16%.

Complications
Knight Frank group managing director Danny Yeo felt that restrictions should only be reserved for those neither living nor working in Singapore, not for PRs and long-term residents.

National Development Minister Khaw Boon Wan explained last month that rising housing prices are not solely due to foreign purchases, and that other factors include low interest rates and Singapore’s strong economic leanings. It is vital that housing policies do not hurt the economy, he said.

Still, insiders feel that authorities will try to balance pleasing Singaporeans and upholding its economic emphasis by implementing calibrated curbs that will only affect a certain group of foreigners.

Will curbs to foreign buying be implemented?

Nov 17th, 2011
by Singapore Property Resources and Guides, HDB, Districts and Archived listings.
Comments are off for this post
As more foreigners make Singapore their home, some Singaporeans are growing worried that their presence will further reduce limited housing supply and push prices up and out of their budgets.


(Citizens are growing concerned that foreigners flocking to Singapore are pushing housing prices up. Image courtesy of thinkstock.)

The figures
The percentage of foreigners buying private homes is slowly but surely rising. In the first eight months of 2011, one-third of condominium buyers were non-Singaporeans and permanent residents (PRs), compared to last year’s 28%.

Business Times recently reported that foreigners excluding PRs made up 20.1% of the total number of uncompleted private homes in Q3, up from 16.3% in Q2. Among all private housing purchases, foreigners excluding PRs accounted for 16% in the first half of 2011, from 12% in 2010.

The new trend
In the past, as foreigners generally went for up-market homes in districts 9-11, their purchases had little effect on the average Singaporean buyer, said Dennis Wee Group director Chris Koh. However, recent times unveiled a fairly new trend where non-Singaporeans purchase mass-market homes (houses under $1 million) – a segment that previously received little interest from them, and are well sought after by Singaporean upgraders.

Foreign share of such housing reached 28% in the first nine months of 2011. The figure was 22% last year and 19% in 2009, according to caveats lodged with the Urban Redevelopment Authority.

The societal effect
Some Singaporeans have begun associating the growing number of foreign mass-market home buyers with their soaring prices. The segment saw an 18% jump last year, and another 6% increase in the first nine months of 2011.

Concerned locals are becoming more territorial and voicing their displeasure. Yahoo! user San Mao said, “Foreign ownership in Singapore need to be [tightened] further.”

Yahoo! user Singapore Son agreed, “The fact [is] that foreigners, not only take jobs away from Singaporeans, they also push prices up for properties, transport and generally, the cost of living.”

Suggested solutions
In a bid to pacify Singaporeans, decision-makers are considering the implementation of curbs to restrict foreign purchase of private homes. Last month, MP for Holland-Bukit Timah GRC Christopher de Souza made such a suggestion, citing that in Australia, foreigners are only allowed to buy new properties and sell them to citizens.

More finance-related suggestions include placing caps on the number of mortgages or shrinking the proportion of a property’s value that can be borrowed. Some industry insiders suggested the introduction of a capital gains tax for foreigners who make gains from selling a private property.

Few realise, however, that there already are restrictions for non-Singaporean home buyers. For instance, foreigners are only allowed to purchase landed homes in Sentosa Cove. PRs can buy landed homes in other parts of Singapore, but only with approval. Resale HDB flats are reserved for Singaporeans, and PRs who meet a stringent set of criteria. The private condominium market offers a level playing field for both citizens and foreigners: both locals and foreigners are subject to a sellers’ stamp duty of up to 16%.

Complications
Knight Frank group managing director Danny Yeo felt that restrictions should only be reserved for those neither living nor working in Singapore, not for PRs and long-term residents.

National Development Minister Khaw Boon Wan explained last month that rising housing prices are not solely due to foreign purchases, and that other factors include low interest rates and Singapore’s strong economic leanings. It is vital that housing policies do not hurt the economy, he said.

Still, insiders feel that authorities will try to balance pleasing Singaporeans and upholding its economic emphasis by implementing calibrated curbs that will only affect a certain group of foreigners.

Home seekers buy smaller flats

Nov 13th, 2011
by Singapore Property Resources and Guides, HDB, Districts and Archived listings.
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How do homebuyers counter the ever-rising housing prices?


(Singapore is moving towards the cramped housing of cities like Hong Kong. Image courtesy of thinkstock.)

According to the Urban Redevelopent Authority (URA), it seems more are doing so by going for smaller homes.

The URA index, which tracks prices of flats, shot up 18% last year. In the first nine months of this year it inched up another 6%. Currently prices are 16% higher than the index’s previous peak in the second quarter of 2008.

More specifically, the URA index moved up just 1.3% in the three months leading to September 30. September 30 marked the eighth consecutive quarter of moderation, as cooling measures and global economic turmoil formed a wet blanket on buyer interests.

Yet while it appears that prices are decreasing their growth rate, home seekers have adapted by lowering their expectations and downgrading the sizes of their homes, said DTZ Research. It found that private homes of less than 1,000 sq ft made up 41% of all sales in the first three quarters of this year. This is up from 35% in 2010 and 22% in 2007.

DTZ head of Asia-Pacific research Chua Chor Hoon noted that buyers generally look at the absolute price of a home instead of its per sq ft (psf) price when deciding if they can afford a piece of property. “Hence, new home sizes have become smaller so that the overall quantum still remains affordable for home buyers even while the unit price rises,” she said to The Straits Times.

Other industry insiders spoke of how recent land tenders have yielded more units than what was initially estimated. This is because developers have begun banking on the shrinking-home trend. OrangeTee head of research and consultancy Tan Kok Keong observed that apartment sizes have shrunk across most segments. While suburban three-room flats ranged 1,000-1,100 sq ft a few years ago, new projects offering the same type of homes now span just 900-1,000 sq ft.

Interestingly, this smaller-home trend plays to the developers’ advantage – smaller units generally boast higher psf prices.

Why then are home hunters more readily accepting of such new projects? The reason is simple: as prices of homes in Singapore rise, buyers are becoming less willing to shell out more money for a flat of the same size. At the same time, the face value price – in spite of the relatively higher psf – would still add up to an amount that buyers find acceptable.

Should this buying trend continue, Singapore could be looking at a cramped (and expensive) housing scene similar to what Japan and Hong Kong are already experiencing.

Freehold or 99-year leasehold

Nov 13th, 2011
by Singapore Property Resources and Guides, HDB, Districts and Archived listings.
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It seems freehold home prices have proved to be more resilient against troubling recent months than their 99-year leasehold counterparts, according to a recent report.


(Leasehold and Freehold markets are often tailored to specific property interests.)

Credo Real Estate has found that prices for freehold properties (both condominiums and landed) have been doing better than similar homes with 99-year leases since Q3 2010, a time marked by cooling measures and economic uncertainty.

Leasehold condo prices crawled less than 1% upwards each quarter in the 15 months leading to September 30, but freehold condos averaged quarterly hikes of 2.2%. Likewise as leasehold condos appreciated 48% in the past decade, freehold ones shot up 62% in the same period, reported Credo.

Similarly, the landed homes front saw prices of leasehold terraced properties dip 0.1% in the three months leading up to September 30 (the first decline in at least 15 months), while freehold landed homes jumped 4.9%. In the past 10 years, freehold terrace prices have soared 97% and leaseholds, 52%.

“Freehold or 999-year leasehold are the preferred tenure for many property buyers as many are concerned that the value of 99-year leasehold properties may not appreciate well when the duration of the leasehold reduces,” added the report. Indeed, freehold and 999-year homes proved popular, holding 61-69% of the new sales market from 2007 to 2009 – the result of a thriving 2006-2007 collective sales market that provided a strong supply in the years to follow.

The report further noted that both home segments have taken hits since July 2010, when two additional rounds of cooling measures were implemented. In addition, the recent financial market uncertainties that surround the euro zone crisis have put a damper on home buying sentiments.

The mere 3,000-unit supply of freehold or 999-year homes from sites sold en bloc last year – due to the collective sale market’s “modest recovery” could mean that prices will remain on a upward march.

The leasehold front, however, seems to be doing better in recent times: new 99-year leasehold homes (excluding executive condominiums) have contributed to the bulk of new sales, taking up 60% of the market share in the first three quarters of 2011. Last year they constituted 50%. As a result, prices have upped 18% in 2010, rising a further 6% within the first nine months of 2011.

Which should you choose?

The general rule seems to be: choose freehold if you are an investor, and 99-year leasehold if you are an upgrader.

Based on its track record, it is hardly a surprise for Credo’s research and consultancy head Ong Teck Hui to recommend freehold houses for buyers looking at property investment.

99-year leasehold homes, on the other hand, should be more suited to buyers looking to move into them, because of their relative price stability. “They still have a price advantage over freehold equivalents and many 99-year leasehold projects are located near amenities and transportation nodes,” said Ong. “These are crucial factors, especially for upgraders, for whom affordability and convenience rank high on their priorities. Such attributes can be found in sites in or near HDB estates which the Government puts out for tender on a regular basis under its land sales programme.”

With authorities pushing out a bumper supply of 99-year leasehold state land over the past year to meet demand, prices of 99-year leasehold homes should remain relatively stable for subsequent years. Some 16,000-17,000 of such homes can be expected from these sites.