Singapore Property http://www.singapore-property.sg About Singapore Property Wed, 16 May 2012 16:00:00 +0000 en hourly 1 http://wordpress.org/?v=3.3.2 Guide to Preparing to put your house on the resale market http://www.iproperty.com.sg//news/5271/Guide-to-Preparing-to-put-your-house-on-the-resale-market http://www.iproperty.com.sg//news/5271/Guide-to-Preparing-to-put-your-house-on-the-resale-market#comments Wed, 16 May 2012 16:00:00 +0000 Singapore Property Resources and Guides, HDB, Districts and Archived listings http://www.iproperty.com.sg//news/5271/Guide-to-Preparing-to-put-your-house-on-the-resale-market According to figures reported in the Straits Times, the number of HDB resale transactions hit between 4,000 and 4,500 between January and March this year—almost 30 percent lower than the number of deals seen in the first quarter of 2011.

(Before you pack up and sell your home, take note of these points that will help you achieve a great outcome. Image courtesy of Thinkstock.)

Singapore’s slowing resale market means it is now more important than ever to be prepared before attempting to sell your home.

Whether you’re prepping a private condominium or a Housing Board (HDB) unit for the resale market, there are ways to ensure you have the best chance of a profitable sale. Arm yourself with the following information before you enter your home in the resale market. 

Eligibility to sell

Different resale rules and regulations apply depending on the type of property you own. The first thing you should do is make sure that you have met eligibility criteria to sell.

To be eligible to sell your HDB flat, you have to first fulfil the Minimum Occupation Period (MOP). MOP is the period of time that the HDB owner has to occupy the flat for, before they can sell it in the open market. Depending on the type of flat and how you bought it—whether directly from HDB, or in a resale using a Central Provident Fund (CPF) grant—it ranges from one year to seven years.

For private sales, there is no required MOP.

Decide between an agent, or doing it yourself (DIY)

National Development Minister, Khaw Boon Wan, revealed recently that one in 10 HDB resale transactions in 2011 were completed without real estate agents, through DIY resale deals.
One of the first practical steps you’ll need to take before selling your home will be to decide if your home is best represented by an agent or yourself.

Simply put, opting to sell a property without the help of an agent will save you money in commission and fees. However, it could also create extra work; an agent will take care of complex paperwork and guide the sale process, so it is important to weigh up the pros and cons.

Agree on a sale price

The HDB can help you determine what your home is valued at, via the online resale flat price calculator. Remember to factor in any outstanding loans (be it HDB, bank, or mortgage loans) or CPF monies, which will be deducted from the sale proceeds.

Alternatively, you can obtain a valuation from an independent valuer. An agent will also be able to give you an estimated price but we aware that this could be inflated to try and get your business. It’s also important not to overvalue your home; this will slow the sale process.

For an HDB property a valuation will cost between $117 and $186, depending on the size of the unit and whether the valuation is issued as an email or a mailed hardcopy, which is more expensive.

For private condos you can request a valuation from the bank. A bank valuation will help to determine whether you are buying an overpriced unit or getting a good deal and it’s generally accepted that a bank valuation is far more reliable than an agent’s figure. You can also check with an independent third party such as a Singaporean mortgage consultant who can help you get a correct valuation as different banks will often give different valuation for the same unit.

For both HDB and private resale deals, the final price will involve negotiations between the buyer and seller.

Consider costs and fees

There is no way to avoid the fact that selling your home will cost you money. 
Costs and fees vary for HDB sellers, but in general it could include the following:
• resale application fees
• legal fees
• valuation fees
• outstanding loans
• interest on CPF money utilized
• upgrading costs
• property tax
• service and conservancy charges

For private resale deals, the usual resale fees will apply. These include:
• Valuation
• Advertising
• stamp duty
• solicitors fees

On top of that, sellers who have employed an agent will also have to pay agency fees, which range from one per cent of the sale price (for a HDB resale) to 2 per cent (private resale).

Make your home inviting

The final thing to do before selling your home—and another cost to consider—is giving your property a makeover. Buyers will be more tempted by a well kept home, so it is important to make any repairs you’ve been putting off and clean up. Remove any clutter as well, this could distract a buyer and make the house appear smaller.

Tips!
  1. Small repairs can be done on the cheap if you are creative. For instance, you can smooth in peeling wallpaper with glue.
  2. It’s also important to de-personalise the space by removing personal pictures, artefacts and possessions that could distract a potential buyer. Make sure the space is clear enough for them to imagine living there.
  3. If the property is overly cluttered you could rent a storage unit. Although this will cost money it will free up space and make the apartment appear bigger, which will optimise the chance of a good sale and hopefully make you money in the long run.
]]> http://www.singapore-property.sg/2012/05/16/guide-to-preparing-to-put-your-house-on-the-resale-market/feed/ 0 New condominium offers free cars http://www.iproperty.com.sg//news/5240/New-condominium-offers-free-cars http://www.iproperty.com.sg//news/5240/New-condominium-offers-free-cars#comments Thu, 03 May 2012 16:00:00 +0000 Singapore Property Resources and Guides, HDB, Districts and Archived listings http://www.iproperty.com.sg//news/5240/New-condominium-offers-free-cars A new condominium is raising eyebrows even before its launch—not for its fancy facilities or strategic location—but for the huge freebies on offer. Developers of the 530-unit FLO Residence are dangling a massive carrot in the form of 18 European cars, to buyers of their new Punggol mass market project, slated to launch later this month.

(Developers of FLO Residence are promoting its launch with 18 European cars.)

Analysts say giving away 18 Volkswagen cars to promote a mass market development—one which developers Capital Development and ZACD Investments tout as “possibly the most affordable private residence” in Punggol—is unusual. While luring buyers with modest freebies like shopping vouchers is common in Singapore’s competitive condominium market, mass market homes are still considered the more affordable private housing option.

One analyst thinks these 18 costly freebies are the developers’ attempt to make up for their less known track record. Speaking to The Straits Times, Chesterton Suntec International’s head of research Colin Tan noted, “If you think about it carefully, they don't have to give away 18 cars—they could give away five or 10.”

“They're trying to make a statement.”

As part of the promotion, the first 30 home seekers to purchase a unit at FLO Residence will enter into a lucky draw, where one buyer walks away with a Volkswagen. The remaining 29 will be rolled over into the next round together with the second batch of 30 buyers, where a second buyer will win another car. 

The cars—one a Jetta and the others, Polos—may not come with certificates of entitlement (COEs), but are still worth a sizeable sum. Without their COEs, the Jetta is worth some $75,000, while each Polo is worth about $64,000. For the fortunate winners, these cars could mean a significant discount off the price of their homes, should they choose to sell them.

FLO Residence prices start from $620,000 for a two-bedroom unit with an area of 764-861 sq ft, and from $990,000 for a four-bedroom flat spanning 1,227-1,346 sq ft. Across all units, the average price per sq ft (psf) works out to $850 psf.

The99-year leasehold joint venture condominium is situated at Punggol Field Walk, at the heart of the waterfront estate, and boasts a one-of-a-kind clubhouse that houses a double-decker children’s playhouse and a ‘theatrette’ that offers private screenings, among other facilities.

(The FLO Residence clubhouse boasts stunning architecture and unique facilities.)
Chesterton’s Tan insists that the enormous carrot is not a sign of buyer fatigue in the mass market. On the contrary, he believes “competition is heating up” among developers. “While developers are quite confident of sales, nobody is quite sure how deep the pool of buyers will be. [The developers] are trying to get off to a flying start […] after which they can take their time to sell.”

True enough, SLP International Property Consultants—which is marketing the project—revealed that it is all about the publicity. Its director of residential services Emily Eng told The Straits Times, “We want something that will attract attention. It's something that will get our buyers talking—if you buy this project, you'll get a chance to win a car, versus buying another project when you don't get that chance.”

Eng let on that prices were not marked up for the lucky draw, adding, “If you compare [FLO Residence prices] to the two other private condos in Punggol, A Treasure Trove and Watertown […] you'll know [we're] very competitive.”

At the A Treasure Trove launch last September, units went for an $866 psf on average, while Watertown initial sales in January chalked up an average price of about $1,080 psf.

]]> http://www.singapore-property.sg/2012/05/03/new-condominium-offers-free-cars/feed/ 0 Labour Day sales hit off http://www.iproperty.com.sg//news/5232/Labour-Day-sales-hit-off http://www.iproperty.com.sg//news/5232/Labour-Day-sales-hit-off#comments Wed, 02 May 2012 16:00:00 +0000 Singapore Property Resources and Guides, HDB, Districts and Archived listings http://www.iproperty.com.sg//news/5232/Labour-Day-sales-hit-off The long Labour Day weekend saw property agents working hard, as home seekers sought both private and public sector homes from around Singapore.

(Buyers lap up DBSS, executive condo, and private condo options over the Labour
Day weekend.)

Pasir Ris One emerged a crowd favourite of the public housing front. The Design, Build and Sell Scheme (DBSS) development was, in fact, oversubscribed before e-applications closed off at midnight. The 447-unit project near Pasir Ris MRT Station is said to be the final DBSS project.

DBSS developments are public housing options groomed by private developers. In July 2011, a DBSS project at Tampines sparked public outcry because of its exorbitant asking prices. This then led to a suspension of land sales under the scheme. While the DBSS was later brought under review, projects on land already sold under the scheme—including Pasir Ris One—were still rolled out.

This weekend saw a much different reaction from that of July last year; interest in the 99-year leasehold Pasir Ris One flats was strong despite some units being considered expensive. Developer SingXpress KayLim had previously released indicative prices putting a three-room unit with an area of 700 sq ft between $390,000 and $490,000, or $557 to $700 per sq ft (psf). A five-roomer spanning 1,130 sq ft is priced between $650,000 and $770,000 ($575 to $681 psf).

Industry watchers noted earlier on that Pasir Ris One’s high prices will pit the development against Watercolours, an executive condominium that launched on Tuesday in the same area. True enough, the 416-unit development reported an oversubscription on Wednesday. Sources tell The Straits Times that an average Watercolours unit costs $680-720 psf. Indicative prices for a two-bedroom apartment (starting from 743 sq ft) averaged $500,000 to $600,000, while a three-bedroom unit (from 915 sq ft) costs between $600,000 and $700,000. The deadline for submission of e-applications to the 99-year leasehold project is next Monday. 

Sources also reported that 1 Canberra, a 665-unit executive condominium at Yishun, received nearly 500 e-applications by yesterday. There, a standard three-bedroom home is said to cost between $680,000 and $880,000, while a four-bedroom flat is priced from $860,000 to $970,000.

Meanwhile, the private market’s mass-market segment also reported good sales numbers. SeaHill, the newly launched condominium along West Coast Link, managed to sell 145 of its 200 units at an average price of $1,311 psf. Back at Pasir Ris, the 679-unit Ripple Bay closed 505 sales as of Tuesday, reporting an average selling price of $870 psf.

These figures arrived after the Urban Redevelopment Authority (URA) released its property results for Q1 2012 just last week. According to the URA figures, private residential prices fell 0.1% in this year’s first quarter—a slowdown from the previous quarter’s 0.2% increase.

Industry watchers tell The Straits Times they feel that the healthy sales in both sectors this week could be attributed to eager homebuyers, whose purchases were encouraged by news of a thriving local property market. Said Credo Real Estate executive director Ong Teck Hui, “This, and the positive outlook for the economy, would account for [the buyers'] sentiments and behaviour.”

Senior manager of research and consultancy at Dennis Wee Group Lee Sze Teck added that some of these condominium buyers could be entering the market after waiting in vain for prices to fall. “Sometimes they could also be scared of missing the boat. So they enter the market now after they see strong developer sales in the first quarter.”
]]> http://www.singapore-property.sg/2012/05/02/labour-day-sales-hit-off/feed/ 0 Deck the halls with… Fendi? http://www.iproperty.com.sg//news/5206/Deck-the-halls-with%E2%80%A6-Fendi http://www.iproperty.com.sg//news/5206/Deck-the-halls-with%E2%80%A6-Fendi#comments Wed, 25 Apr 2012 16:00:00 +0000 Singapore Property Resources and Guides, HDB, Districts and Archived listings http://www.iproperty.com.sg//news/5206/Deck-the-halls-with…-Fendi? Singapore’s luxury homes segment has been losing its lustre since December 2011’s property cooling measures cut off much of its demand. With that obstacle in mind, one development that will relaunch this weekend has armed itself with designer furniture.

(Fancy a luxurious living room decked out in your favourite designer brand? Image courtesy of Thinkstock.)

The Lumos is a 36-storey completed condominium at Leonie Hill that has sold 18 of its 53 units since its 2007 launch. Sales in recent years were halted as its developers Koh Brothers Development and Heeton Land wait for more favourable market conditions.

The result is high-profile, high-fashion collaborations with labels Fendi and Kenzo. One unit at The Lumos is now decked out in luxurious Fendi casa furniture, while another is fitted with opulent Kenzo maison furnishings. 

The Fendi unit is a four-room apartment spanning 2,433 sq ft and cost almost $500,000 to furbish. The Kenzo unit houses three rooms within its 1,755 sq ft area and cost nearly $400,000 to outfit.  Both units will be available in July.

“We're not just selling a house, we're selling a lifestyle,” said Koh Brothers Group’s Francis Koh. The managing director and group chief executive officer told The Straits Times that they “want to introduce something new to Singapore buyers” to give them more choice.
 
Indeed, The Lumos has been at the forefront of fancy living. At the time of its launch, the condominium was the first to introduce bathroom windows made of liquid crystal glass, which allowed users to alternate between frosted and clear glass via a switch. Back then, units sold for an average price of at $3,000 per sq ft. Its cheapest unit then sold for about $2.5 million and had an area of 700-800 sq ft.

Heeton Holdings chief operating officer Danny Low estimated that prices of the two exclusive units could range between $5 million and $7 million. Still, it is likely that they are now more attractive than before they had undergone the designer treatment. 

Koh felt that market sentiment in the mass market should remain resilient, but was not as optimistic about the high-end sector, whose slowdown can be in part attributed to December’s tough cooling measures. He said, “I hope that the Government can come up with some rules and regulations […] to have a little bit of differentiation between the luxury market and the mass market.”

Since December, foreign property buyers have to foot an additional 10% buyer’s stamp duty for residential purchases. Foreign purchases have thus significantly slowed, leaving developers scrambling to review their business strategies.

The Lumos is not the first development to offer entirely furnished units with luxury trimmings. Last year, luxury home developer SC Global announced it was collaborating with French brand Hermes to gussy up a five-bedder at The Marq on Paterson Hill. Others are turning to different measures to step up their game. Paterson Suites, for instance, offered a 5% guaranteed rental yield per year at last week’s prelaunch.

At the prelaunch of The Lumos, units offered range from one-roomers to four-roomers, as well as two-storey duplex apartments. Buyers might not get to inspect the Fendi and Kenzo units firsthand this weekend, but pictures of the designer units will be on display. Existing and new owners who also want similar high-fashion furnishings with the brands can consult the developers.

The Lumos’ new positioning might just strike gold. R’ST Research director Ong Kah Seng told The Straits Times that buyers with preferences for such up-market designs would consider the price attractive. “If these two units are taken up quickly, some buyers may be motivated to opt for the same fittings.”
]]> http://www.singapore-property.sg/2012/04/25/deck-the-halls-with-fendi/feed/ 0 Guide to Insuring your Home http://www.iproperty.com.sg//news/5194/Guide-to-Insuring-your-Home http://www.iproperty.com.sg//news/5194/Guide-to-Insuring-your-Home#comments Mon, 23 Apr 2012 16:00:00 +0000 Singapore Property Resources and Guides, HDB, Districts and Archived listings http://www.iproperty.com.sg//news/5194/Guide-to-Insuring-your-Home When it comes to ensuring that the value of your home and its contents are rightly accounted for when unfortunate circumstances hit, no effort should be spared in unearthing the best available insurance plans to suit your needs.

(Don’t get burnt by sudden disasters; get the right policy for your needs. Image courtesy of Thinkstock.)

Assessing your needs

The first step to take in insuring your home is figuring out what you really need, as this will give you an idea of how much coverage to get. Reflect on how much you are financially invested in your piece of property, and how much more you are willing to fork out to protect its value.

• Do you have many valuable possessions? 
Take into account your state-of-the-art computer, expensive jewellery, artwork, or designer furniture. You may also wish to insure items of sentimental value, but don’t get carried away. What is important to you may not be of monetary value.

DirectAsia.com covers loss or damage to your home contents, which they define as “anything inside your house and garden that you would take with you when you move”.

• Is your location prone to damages?
Singapore’s location on the globe may keep us safe from hurricanes or volcanic activity, but some homes remain at risk to the occasional flash-floods and earthquake tremors. If your home is perched on ground level or located on the lower floors of the building, at a low-lying area like Bukit Timah Road or Stevens Road, you might want to choose a policy that covers your belongings and renovations in the event of a flood.

DBS’s HomeShield plan insures against floods with damages up to an excess of $100. DirectAsia.com insures against floods and earthquakes, but covers only homes that have not previously suffered damage from floods and other listed disasters.

• Did you splurge on your home?
If you purchased your home for an extravagant price and lavished it with renovation projects, you might want to spend a bit more to insure your investments in the home. However, stick within your budget and go for the best option you can afford.

Aviva’s Home plan covers fixtures like built-in wardrobes for a maximum sum insured of $100,000.

Basic coverage

Some houses come with their own insurance policies.

When you buy a new Housing Development Board (HDB) flat, you may be required to apply for two kinds of insurance:  the HDB Fire Insurance Policy, and the Home Protection Scheme. The former is meant for those taking a HDB loan. The latter is for those who have arranged for monthly housing repayments via their Central Provident Fund accounts.

The Home Protection Scheme, in particular, is a mortgage-reducing insurance scheme. It ensures that your home will not be lost should you not be able to complete your housing loan payments. More details can be found here

Similarly, private homeowners taking out a bank mortgage have to first take out a fire insurance policy. Some banks, like Standard Chartered, offer free home-insurance for the first year when you take up a housing loan with them.

However, these policies usually have very basic coverage. In a typical fire insurance policy, only the walls and ceilings of your home are covered in the event of a fire. This means you cannot claim for the loss of your flat-screen television. Neither can you claim for items stolen or damaged by other means.
 
Choosing the right policy

If your basic home policy is insufficient, you should search for better solutions in the market.

Take note of these key points when deciding on a suitable plan:

• Items covered
Check if the policy covers renovation costs and the value of contents of your house. Some policies even cover personal accidents and liability, loss or damage to valuables outside your home.

• Definition of terms
Insurers do not all have the same definition of risks. Pay attention to these definitions as they can make a difference to what belongings you can seek damage against, and ultimately the amount you can claim.

• Excess clause 
This is the minimum amount you have to bear for all losses except those resulting from fires. Find out exactly how much you have to foot per item. For example, DBS’s HomeShield plan has an excess clause of $100 for water damages.

Tips:

1. Most insurers offer more than one housing plan. Some, like Aviva, offer you the flexibility to add only the benefits you need, so you won’t have to pay more for a comprehensive plan you won’t fully utilise.
2. Over-insure rather than under-insure, as it is common to accumulate new items in your home over time. The less you insure, the less you can claim. However unlike many insurers, Great Eastern’s HomeSupreme plan has a ‘First Loss Policy’ that does not penalise you for under-insuring.
3. If you are a pet owner, look out for a plan that includes coverage for your beloved animal. Great Eastern provides coverage for the accidental death of pedigree dogs, but there are plans that cover cats and dogs for a handful of unfortunate situations.
]]> http://www.singapore-property.sg/2012/04/23/guide-to-insuring-your-home/feed/ 0 The iProperty Guide to… Insuring your Home http://www.iproperty.com.sg//news/5194/The-iProperty-Guide-to%E2%80%A6-Insuring-your-Home http://www.iproperty.com.sg//news/5194/The-iProperty-Guide-to%E2%80%A6-Insuring-your-Home#comments Mon, 23 Apr 2012 16:00:00 +0000 Singapore Property Resources and Guides, HDB, Districts and Archived listings http://www.iproperty.com.sg//news/5194/The-iProperty-Guide-to…-Insuring-your-Home When it comes to ensuring that the value of your home and its contents are rightly accounted for when unfortunate circumstances hit, no effort should be spared in unearthing the best available insurance plans to suit your needs.

(Don’t get burnt by sudden disasters; get the right policy for your needs. Image courtesy of Thinkstock.)

Assessing your needs

The first step to take in insuring your home is figuring out what you really need, as this will give you an idea of how much coverage to get. Reflect on how much you are financially invested in your piece of property, and how much more you are willing to fork out to protect its value.

• Do you have many valuable possessions? 
Take into account your state-of-the-art computer, expensive jewellery, artwork, or designer furniture. You may also wish to insure items of sentimental value, but don’t get carried away. What is important to you may not be of monetary value.

DirectAsia.com covers loss or damage to your home contents, which they define as “anything inside your house and garden that you would take with you when you move”.

• Is your location prone to damages?
Singapore’s location on the globe may keep us safe from hurricanes or volcanic activity, but some homes remain at risk to the occasional flash-floods and earthquake tremors. If your home is perched on ground level or located on the lower floors of the building, at a low-lying area like Bukit Timah Road or Stevens Road, you might want to choose a policy that covers your belongings and renovations in the event of a flood.

DBS’s HomeShield plan insures against floods with damages up to an excess of $100. DirectAsia.com insures against floods and earthquakes, but covers only homes that have not previously suffered damage from floods and other listed disasters.

• Did you splurge on your home?
If you purchased your home for an extravagant price and lavished it with renovation projects, you might want to spend a bit more to insure your investments in the home. However, stick within your budget and go for the best option you can afford.

Aviva’s Home plan covers fixtures like built-in wardrobes for a maximum sum insured of $100,000.

Basic coverage

Some houses come with their own insurance policies.

When you buy a new Housing Development Board (HDB) flat, you may be required to apply for two kinds of insurance:  the HDB Fire Insurance Policy, and the Home Protection Scheme. The former is meant for those taking a HDB loan. The latter is for those who have arranged for monthly housing repayments via their Central Provident Fund accounts.

The Home Protection Scheme, in particular, is a mortgage-reducing insurance scheme. It ensures that your home will not be lost should you not be able to complete your housing loan payments. More details can be found here

Similarly, private homeowners taking out a bank mortgage have to first take out a fire insurance policy. Some banks, like Standard Chartered, offer free home-insurance for the first year when you take up a housing loan with them.

However, these policies usually have very basic coverage. In a typical fire insurance policy, only the walls and ceilings of your home are covered in the event of a fire. This means you cannot claim for the loss of your flat-screen television. Neither can you claim for items stolen or damaged by other means.
 
Choosing the right policy

If your basic home policy is insufficient, you should search for better solutions in the market.

Take note of these key points when deciding on a suitable plan:

• Items covered
Check if the policy covers renovation costs and the value of contents of your house. Some policies even cover personal accidents and liability, loss or damage to valuables outside your home.

• Definition of terms
Insurers do not all have the same definition of risks. Pay attention to these definitions as they can make a difference to what belongings you can seek damage against, and ultimately the amount you can claim.

• Excess clause 
This is the minimum amount you have to bear for all losses except those resulting from fires. Find out exactly how much you have to foot per item. For example, DBS’s HomeShield plan has an excess clause of $100 for water damages.

Tips:

1. Most insurers offer more than one housing plan. Some, like Aviva, offer you the flexibility to add only the benefits you need, so you won’t have to pay more for a comprehensive plan you won’t fully utilise.
2. Over-insure rather than under-insure, as it is common to accumulate new items in your home over time. The less you insure, the less you can claim. However unlike many insurers, Great Eastern’s HomeSupreme plan has a ‘First Loss Policy’ that does not penalise you for under-insuring.
3. If you are a pet owner, look out for a plan that includes coverage for your beloved animal. Great Eastern provides coverage for the accidental death of pedigree dogs, but there are plans that cover cats and dogs for a handful of unfortunate situations.
]]> http://www.singapore-property.sg/2012/04/23/the-iproperty-guide-to-insuring-your-home/feed/ 0 HDB lift upgrading – the upsides and downsides http://www.iproperty.com.sg//news/5149/HDB-lift-upgrading-%E2%80%93-the-upsides-and-downsides http://www.iproperty.com.sg//news/5149/HDB-lift-upgrading-%E2%80%93-the-upsides-and-downsides#comments Wed, 11 Apr 2012 16:00:00 +0000 Singapore Property Resources and Guides, HDB, Districts and Archived listings http://www.iproperty.com.sg//news/5149/HDB-lift-upgrading-–-the-upsides-and-downsides It is meant to give residents of older Housing Board (HDB) blocks added convenience, but the Lift Upgrading Programme (LUP) isn’t all it’s cracked up to be—there is a price to pay, residents say. 

(The LUP is conducted on a select number of HDB blocks built before 1990. Image
 courtesy of Thinkstock.)

One such HDB dweller is housewife Alice Teo, 65, whose block has been undergoing lift-upgrading works since 2009. Construction will be completed by the middle of this year.

“Since last year, it’s been very dusty and I’ve had to sweep often. And if it’s too noisy, we’ll have to leave the flat till they stop work,” said the Ang Mo Kio Avenue 4 resident. She told The Straits Times she is puzzled as to why construction is taking such a long time.

Similar concerns from residents of Pandan Gardens prompted West Coast GRC MP Foo Mee Har to ask in Parliament on Monday ifshortening the duration ofLUP projects is possible. The Pandan Gardens project also took two years to complete.

“Taken together, for each block on the ground under LUP, the duration of the upgrading programme could take about two years,” responded Minister of State for National Development (MND) Lee Yi Shyan. He added that while advances have been made, the HDB will continue searching for ways to expedite the process.

Contractors revealed to The Straits Times that lift-upgrading works can drag on due to several factors. For one, some blocks require as many as five new lift shafts to build, explained Kenny Ho, a project director at Teambuild Construction.“This has to be done sequentially so as not to inconvenience residents and spread the company’s resources too thin.”

Residents themselves could hinder the process too, he added. Some, who feel that privacy has been compromised because their homes are situated close to the new lifts, might seek their MPs for a redesign. “Work will stop until such issues are ironed out.”

Another factor is the work hours. Unlike condominiums built on vacant land, construction for HDB blocks typically occurs between 8.30am and 6pm—the working hours of the general public—to minimize inconveniences to occupants.

Additionally, an interruption in lift supply can increase the project duration by months.“Besides LUP, the handful of lift contractors who do HDB works might also be bidding for lucrative private jobs, so there may be some delay,” explained Ho.

Yet despite delays, contractors reported that almost all LUP projects are finished on time within two or more years.

Under the LUP, HDBs built before 1990 that do not have lift access to every floor will be renovated with lifts, providing it is feasible and if at least three-quarters of eligible residents vote for it. Currently about 65% of 5,000 selected HDB blocks have been completed. An MND spokesperson said the LUP is on track to be completed by end-2014.

Chesterton Suntec International research head Colin Tan told The Straits Times that there are upsides to LUP projects. Besides easy access to every floor, LUP adds value and marketability to those looking to sell these units.

In the meantime, Mr Lee noted that the HDB has taken measures to expedite the construction process, including using pre-fabricated steel lift shafts. It is also looking into the feasibility of working on one block at a time instead of a few blocks at a go.

Despite her query, Ms Lee told The Straits Times, “I think we need to give reasonable time to contractors in order to do a proper job, otherwise we may face more problems downstream and inconvenience residents further.”
]]> http://www.singapore-property.sg/2012/04/11/hdb-lift-upgrading-the-upsides-and-downsides/feed/ 0 Straits Times showflat check: Developers not adhering to marketing guidelines http://www.iproperty.com.sg//news/5138/Straits-Times-showflat-check-Developers-not-adhering-to-marketing-guidelines http://www.iproperty.com.sg//news/5138/Straits-Times-showflat-check-Developers-not-adhering-to-marketing-guidelines#comments Tue, 10 Apr 2012 16:00:00 +0000 Singapore Property Resources and Guides, HDB, Districts and Archived listings http://www.iproperty.com.sg//news/5138/Straits-Times-showflat-check-Developers-not-adhering-to-marketing-guidelines In March 2011, the authorities proposed a few rules to make the marketing efforts of property developers more transparent. However, a recent Straits Times report suggested that these guidelines have fallen on deaf ears. A random check on six showflats revealed that none had fully complied with the new rules.

(Walls and partitions are commonly knocked down to make show flats appear larger. Image courtesy of Thinkstock.)

Some requirements that all six showflats did not adhered to include placing signs to indicate spaces where walls, doors and partitions have been removed; having location, site and floor plans that are drawn to scale; and disclosing the floor areas of exterior spaces.

The guidelines aim to paint a more accurate picture of living in the actual flat, prevent misleading marketing gimmicks, and make useful information more accessible to homebuyers. But with developers refusing to follow marketing regulations, buyers remain not entirely aware of actual sizes and areas

Industry observers say this indicates a need to make these rules necessary and enforceable, and to do so soon.

Chesterton Suntec International head of research Colin Tan told The Straits Times that the new rules will help overcome various “illusionary effects” of showflats. He cited how some developers have the practices of custom-making smaller bed and replacing walls with glass panels to give the impression of a wider living space.

Instead, Tan suggested that developers prepare two showflats—one in the bare condition that the developers will deliver, and the other featuring a designed interior—“to show what buyers can do to make it feel more spacious”.

“Given the proliferation of small-sized units in Singapore, I believe we should implement these guidelines urgently,” agreed Ku Swee Yong, chief executive of International Property Advisor. He commented to The Straits Times that it is especially pertinent for developers to inform buyers of the sizes of exterior areas like aircon ledges and balconies, because these ‘less useable’ spaces take up a large proportion of shoebox units.

“For a luxury 2,000 sq ft apartment, such areas may take up 8% to 15% of the [space], but for small apartments of 500 sq ft, such low-value areas may take up more than 20% to 30%,” he explained.

However, Propnex chief executive Mohamed Ismail told The Straits Times that there is a limit to how accurate showflats can be. He said, “You can't have a design for every model. You may have six different designs […] and each room may have a different layout depending on which part of the building. A showflat will only choose a sample of the building.”

Property developers, meanwhile, insist they support marketing transparency, but are adamant that measures have already been taken to ensure that showflats are modeled after actual units.

A Keppel Land spokesperson told The Straits Times, “Where there are any disparities due to interior design styling, notices will be displayed at prominent locations informing buyers.”

Regarding the unfulfilled requirements in the showflats checked, developers reasoned that these disparities were either obvious, or could be communicated verbally to visitors.

“Removed doors are understood, so to me it's not necessary [to put up signs indicating so], “said Tuan Sing chief financial officer Chong Chou Yuen to The Straits Times. “But if [the authorities] eventually decides to implement these things, we have no issue. As far as we can see, we have complied with the spirit of the guidelines.”

According to the Urban Redevelopment Authority, the new rules have already undergone consultation with industry players, and are currently “being finalised”. Implementation will take place “in the second half of the year after the Housing Developers (Control & Licensing) Act has been amended”.

]]> http://www.singapore-property.sg/2012/04/10/straits-times-showflat-check-developers-not-adhering-to-marketing-guidelines/feed/ 0 Controversial Toh Yi flats attract strong buyer interest http://www.iproperty.com.sg//news/5135/Controversial-Toh-Yi-flats-attract-strong-buyer-interest http://www.iproperty.com.sg//news/5135/Controversial-Toh-Yi-flats-attract-strong-buyer-interest#comments Wed, 04 Apr 2012 16:00:00 +0000 Singapore Property Resources and Guides, HDB, Districts and Archived listings http://www.iproperty.com.sg//news/5135/Controversial-Toh-Yi-flats-attract-strong-buyer-interest The Housing Board (HDB) project was at the centre of an islandwide controversy when a group of residents petitioned against it. Now, the project—known as Golden Kismis—has attracted strong interest from home seekers.


(Golden Kismis, fitted with senior-friendly facilities, recorded strong demand. Image courtesy of Thinkstock.)

Interest in the elderly-friendly studio apartments were strong despite initial worries that the site, which perches on top of a slope, might be inconvenient for its senior residents. With a subscription rate of 1.6, there were about three applicants for every two units.

The building, located in the estate of Bukit Timah, houses 132 planned units and is part of the bumper supply of 7,978 Build-To-Order (BTO) flats offered last week.

The strong demand seen is comparable to responses seen in recent BTO launches of studio apartments, which property agents say are gaining popularity. November 2011’s BTO launch of Fajar Spring in Bukit Panjang saw a 1.2 subscription rate; in January this year, Sunshine Gardens in Choa Chu Kang closed at 1.5.

In the current BTO exercise, fellow studio apartment project Golden Clover at Toa Payoh garnered a subscription rate of 2.2.

“Studio apartments are getting more popular because as the population ages, many elderly couples prefer to downsize, unlock their asset appreciation and monetise for a better lifestyle with the excess funds for old age,” suggested PropNex chief executive Mohamed Ismail to The Straits Times.

SLP International research head Nicholas Mak noted that BTO launches in mature estates are exceptionally popular because they already house larger pools of elderly residents, who do not have to travel too far to downsize.

According to HDB, studio apartments launched over the past two years saw a general take-up rate of 90%. These flats are equipped with senior-friendly fittings like grab bars, and are meant for Singaporean citizens aged 55 and above.

One of the reasons that Toh Yi residents strongly opposed the Golden Kismis project was that its location was not ideal for those living in it. They said that the senior residents would be required to walk down a 200m slope to reach the coffee shops and clinics.

However, this reason did not seem to deter homebuyers.

“I am so used to this area and watched my neighbours' children grow up from babies. The smaller unit will make it much easier to clean,” said 75-year old applicant Nellie Yap to The Straits Times. The widow currently lives alone in a four-room Toh Yi flat.


She added, “The slope is not a big concern as my current block is already halfway up the slope and I am used to the walking.”

Other applicants sounded concerns about the long walk, but maintained that the apartments’ other features—such as the prime location, familiar environment, and family members living close by—easily won them over.

Said fellow applicant Teo Yeow Seong, 60, to The Straits Times, “It is not a problem for me now but 10 years down the road, who knows? But we can always work around the problem by walking through the blocks where the slope is interspersed by flat areas.” The retiree resides in a five-room flat around the estate.

HDB announced that it would be adding more footpaths to connect the studio units seamlessly to its surrounding neighbourhood. Rest areas will also be constructed along the footpaths.

Speaking of his desire to move closer to his son, retiree and Waterloo Street resident Georgie Chng, 70, told The Straits Times, “This way, all of us can have our own private space yet I am close enough to look after my grandchildren.”
]]> http://www.singapore-property.sg/2012/04/04/controversial-toh-yi-flats-attract-strong-buyer-interest/feed/ 0 5 Great Windows Phone Apps To Make Property Hunting Easier http://www.iproperty.com.sg//news/5125/5-Great-Windows-Phone-Apps-To-Make-Property-Hunting-Easier http://www.iproperty.com.sg//news/5125/5-Great-Windows-Phone-Apps-To-Make-Property-Hunting-Easier#comments Mon, 02 Apr 2012 16:00:00 +0000 Singapore Property Resources and Guides, HDB, Districts and Archived listings http://www.iproperty.com.sg//news/5125/5-Great-Windows-Phone-Apps-To-Make-Property-Hunting-Easier If you've been wondering about how your Nokia Windows Lumia phone will be able to help you in your property search, you've come to just the right place. Here's a quick review on some of the most promising apps available in the Windows Phone Marketplace, guaranteed to help make your new home hunting an enjoyable experience. 


The Fengshui Kua Finder, a free app, is the closest you will get to an actual consultation with Fengshui master on your phone. To get started, you’re asked to fill in your birth date, gender and name, and your “kua” number will be automatically calculated. Once you’ve got this, you can also slide to view  your most favorable directions within the app, and read more about what facings to avoid. This app is especially useful when you are looking to position important furniture pieces such as your office desk or bed, as it provides a handy “kua” chart you can refer to anytime you want to plan out the layout of your home. Fortunately, the app also allows you to save the details of your reading, so you don’t have to key in your personal details each time. The app is also chock-full of valuable information such the philosophy about Fengshui, as well as what the significance of your personal “kua”.   


Perfect for those planning the theme and style of their new homes, Home Decorator is a powerful creative app tool will allow you to not only take photographs of any space, but also choose different colors from an extensive color pallet for rooms and objects with a single touch. The unique features of this app is especially useful for larger areas such as the living room, as the flexibility of Home Decorator allows you to experiment with a variety of colors for different walls (tangerine orange, anyone?) before you even have to pull out your paint brush! 


Rich in features, the Home Affordability app will help you compare your debt-to-income ratio to so you can calculate the affordability of your dream home.  It gives you the option of inputting the current interest rate and choosing a 15 or 30 year mortgage before allocating 31% of your income toward your house payment. The app allows you to enter any savings you want to set aside monthly for incidental expenses, so you don’t stretch yourself too thin by taking on too large a home loan. By taking into account all your future income and spending, this app is an essential tool for helping you visualize your current and future financial position before you commit to a housing mortgage.

GuidePal 

While searching for a new home, many Singaporeans consider easy accessibility to good food almost as important as the transportation network. To help you scope out the eating options in the area, GuidePal’s “online maps” function will zoom in on your location to let you know where are the closest F&B outlets in the area, shopping malls as well as popular tourist attractions the region. While trying GuidePal out in the Bukit Timah area, GuidePal was able to recommend the Dulukala Peran restautant located at Beauty World, famous for its Beef Rendang and Ikan Bakar, both considered to be one of the best in Singapore. For vegetarians, GuidePal picked up on the Original Sin restaurant in the Holland Road area, well known for its delicious middle-eastern flavored Mousakka. To make things even easier for you, the “call” and “show map” functions make it effortless for you to quickly make a reservation and find your way there in a breeze. 


With no registration required, the free iProperty app is the virtual 24-7 real estate agent you always wish you had. You can use the "Find Properties” function to pair you with “for sale” and for “for rent” real estate listings which fit your search criteria. 

By taking your requirements into consideration, the app displays a full list of the properties on the market meeting your search criteria. This means that if you are only interested in "4 room HDB flats" in Bukit Merah, that is all you will see.  

Using GPS, the app determines your position and displays a live map of the nearby listings of properties for rent on sale on the screen. Want to find out more details of a particular property? The “Call Agent” function allows you to directly call, SMS or email the marketing agent via a direct touch button. Other functions from the home page, such as the Condo and Agent Directories and Property News  help to make your property search smooth and hassle-free, making this app a must-have for those serious about being a winner in the property market.
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