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Subscribe to this list via RSS Blog posts tagged in EC

Recent rules implemented by the URA dictate developers ensure their showflats are accurate representations of units up for sale before they open them for viewing.

This will apply to all showflats built after 20th July, 2015. As per URA, spot checks will be directed by the Controller of Housing to guarantee engineers comply with the standards.

Ventures first to be influenced by the new guidelines incorporate Criterion EC and Signature@Yishun.

Engineers of The Criterion official townhouse (EC) at Yishun have fused measures, for example, names determining position and thickness of uprooted dividers, and records including materials, completions and fittings.

As indicated by the URA, designers who neglect to consent to new principles can have their licenses suspended or disavowed. They may additionally be fined up to S$5,000, face a prison term of close to 6 months, or both.

Taken from iProperty

Tagged in: EC property URA
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With fewer property launches in Singapore, private home sales decreased 69.3 per cent in August.

According to statistics published by the Urban Redevelopment Authority (URA), property developers managed to sell 495 new private homes in August; a reduction from July, when 1,611 units were sold.

These numbers exclude executive condominiums (ECs). With the sale of ECs included, 961 units were sold in August as compared to 2,106 units in July.

August saw the launch of 598 non-EC units, as compared to 1,468 in July. For numbers including EC units, 1,305 units were launched in August, a difference of more than 1,000 units compared to July’s launch of 2,623 units.

The sluggish market performance was also thought to be a result of developers focusing on launching units from existing projects.

These projects included High Park Residences in Fernvale, North Park Residences in Yishun, and Corals at Keppel Bay. The top three selling projects were High Park Residences, Botanique at Bartley and Adana @ Thomson.

Taken from iProperty

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One of the most memorable highlights of this year’s National Day Rally was the raising of income ceilings, as the government moves to enhance the affordability and accessibility of public housing.

Income ceilings for new Housing and Development Board (HDB) flats and Executive Condominiums (ECs) have been raised by S$2,000, to S$12,000 and S$14,000 respectively.

Senior citizen income ceilings for monetising schemes—such as the Lease Buyback Scheme, the Silver Housing Bonus, and short-lease two-room flats—have increased from S$10,000 to S$12,000. Singles’ income ceilings increased from S$5,000 to S$6,000, enabling more to qualify for new or resale two-room HDB flats.

This is in line with the rising real income of the populace and to bring more eligible people into the fold. The income ceiling required of the Special CPF Housing Grant (SHG) will also be reworked from the current S$6,500 to S$8,500.

Similarly, the maximum housing grant amount has been doubled to S$40,000, helping to make homes more affordable for lower and middle income families.

Taken from iProperty

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Developers recorded 1,594 private home sales in July, compared to 375 in June. According to the Urban Redevelopment Authority (URA), this was the highest since June 2013. Fernvale Development’s High Park Residences saw a near sell-out, with 1,169 out of 1,186 units offered sold, with SLP International Property Consultants’ executive director Nicholas Mak citing affordable prices ($989 psf) as the main reason.

Another notable project included The Botanique at Bartley on Upper Paya Lebar Road, with 63 units sold at a median of S$1,282 psf. Sales volumes of executive condominiums (EC) peaked as well, with 495 units sold last month, compared to 110 units in June.

Two new launches contributed to the increase – The Brownstone on Canberra Drive, with 187 units sold at a median of S$818 psf, and The Vales, with 79 units sold at a median of S$788 psf.

Dr Chua Yang Liang, Head of Research for Singapore and South-east Asia of JLL, told TODAY that while July’s sales figures were high, total sales volume for 2015 are likely to stay between 6,500 to 7,500 units.

Taken from iProperty

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With upcoming launches adding to the executive condominium (EC) glut, the 2,200 unsold EC units as of June are the highest in almost a decade.

In an interview with Channel News Asia, Executive Director of Research and Consultancy at SLP International Property Consultants, Mr Nicholas Mak said, "During the heyday of the EC launch market that was in 2011 to 2013, the number of e-applications each EC project can sometimes achieve is double the number of units available.

One of the reasons why the demand was strong was also because of rising HDB resale and condominium prices.

When prices of the mass market condos are rising very rapidly, it begins to go out of reach of some HDB upgraders who will then turn to the EC market as an alternative. But right now, the prices of mass market condominiums are sliding and HDB resale prices are also fairly stagnant."
The biggest EC project to date, Sol Acres, garnered 800 e-applications for its first 707 units. The Vales EC sold less than 20 per cent of its 517 units when it opened for booking more than a week ago.

Compared to November 2014, more than 95 per cent of its units at Lake Life EC were sold in two days.

Orange Tee’s Senior Manager of Research and Consultancy Mr Wong Xian Yang attributed the poor response to the resale levy that has deterred second-time buyers who usually contribute to half the purchase of units at an EC development.

The CEO of Century 21 Singapore, Mr Ku Swee Yong, said that a revision of the household income cap for ECs would increase demand however, families with household salaries of S$13,000 or S$14,000 are likely to take private properties into consideration as well.

The Brownstone EC enjoyed high sales, according to City Developments Limited (CDL), with 185 units sold at an average of S$810 per square foot and all five-bedroom penthouses snapped up.

According to CDL, a majority of units were sold to first-time buyers. Prices started from S$596,000 for a two-bedroom unit, $695,200 for a three-bedroom unit, S$835,200 for a four-bedroom unit, and S$1.316million for a penthouse.

Competitive prices, attractive recreational facilities (such as luxury pools, social gardens and a junior skating ring) and close proximity to the planned Canberra MRT station were cited as reasons for the high sales.

Taken from iProperty

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Despite the sluggish executive condominium (EC) market and predictions that upcoming launches will add to the supply glut, the newly launched Brownstone received 300 e-applications and over 2,000 visitors at the sales gallery on its opening weekend on 11 July.

The luxurious 638-unit EC is situated at Canberra Drive, next to the future Canberra MRT Station on the North-South Line in Sembawang, which Mr Eugene Lim, Key Executive Officer at ERA Realty Network, the marketing agency for Brownstone, believes helps the EC stand out.

The EC includes 42 two-bedroom units, 428 three-bedroom units, 162 four-bedroom units and six five-bedroom penthouse with prices ranging from $599,000 to $680,000 for a two-room unit, and $869,000 to $990,000 for a four-room unit.

According to data by the Urban Redevelopment Authority, 4,176 EC units remained vacant as of May, while in the previous year, it was 2,738 units. This means that vacancy rates increased to 15.1 per cent in the first four months of this year compared to six per cent last year.

Commenting on the positive response, director of property firm Chris International, Mr Chris Koh, said in an interview with TODAY, “Considering the number of ECs on the market, buyers are spoilt for choice, so a 50 per cent (application rate) on the development’s first weekend is not bad”.

Government policies such as the Mortgage Servicing Ratio’s cap of 30 per cent and resale levy implemented on second-time buyers have put a lid on demand.

Taken from iProperty

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More executive condominium (ECs) developers are getting innovative to entice buyers and differentiate themselves amid weak market circumstances. As of last month 4,176 EC units remained unsold.

This is an increase from 2,738 in May 2014.

The Vales EC in Sengkang is marketing two-storey villa units which are 159 square metres each with private parking lots.

While prices are not fixed, it is expected to compete with Bellewaters EC which boasts a median price of S$813 per square feet (psf). Booking is expected to start on 18 July.

Meanwhile, cycling is the main attraction at Westwood Residences which launched on 30 May. It boasts 500 bicycle lots, a maintenance area and a shared velodrome, an arena for track cycling.

Lake Life which launched in November, on the other hand, offers residents a variety of classes ranging from baking to fitness-related lessons.

Price trends in the property market have caused EC developers to get creative.

While ECs are popular when the price gap between private and public housing widens, the recent narrowing prices have caused some stress on developers, Mr Nicholas Mak, Executive Director of Research and Consultancy at SLP International Property shared.

Taken from iProperty

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A quarter of the 480 units were sold in the most current official apartment suite (EC) extend on the first day of booking.

120 units at Westwood Residences, situated at Jurong West, were gobbled up by purchasers by 7pm on 30 May.

Before the booking date 500 booking applications were made. Costs for the EC venture range from S$620,000 for a two-room unit to S$1.1 million for a five-room unit.

Engineers affirmed that this midpoints about S$783 per square foot, marginally not exactly the given cost of S$800 per square foot. Westwood Residences is likewise the first EC to be changed by resale toll rules.

EC purchasers who have some time ago purchased HDB pads or ECs are likewise influenced by the new changes.

Taken from iProperty

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The mid-end segment of ECs rose from three each penny in December 2014 to 19 each penny a month back, according to OSK-DMG. The mass-business area enrolled the staying 81 each penny of the dispatches in January 2015.

There were 415 units (notwithstanding ECs) dispatched a month back, a 683 each penny month-on-month increase, as architects were reluctant to dispatch new units in the midst of the Christmas season.

First class part dispatches were lost in January 2015.

Taking following a week back's news on Hao Yuan Investment introducing the top offer of S$103.79 million for the EC range bundle at Woodland, the Housing & Development Board (HDB) regarded the site to Hao Yuan Investment.

The site is the last one of the three EC destinations under the Confirmed List of the Government Land Sales (GLS) Program for H2 2014.

The other two destinations are found at Sembawang Road and Anchorvale Crescent independently.

Taken from ST Property

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The late example of smaller authority condo suite (EC) units will likely continue as designers try to modify their own specific gainfulness and sensibility for buyers, as showed by property specialists met by Channel NewsAsia.

SLP International reported that the ordinary size of a three-room unit tumbled to 1,100 square feet (sq ft) in the latest five years; it augmented some place around 1,200 and 1,300 sq ft in the 1990s.

So additionally, Mr Alan Cheong, Senior Director at Savills Singapore said, "Today, we are getting around 1,050 to around 1,200. So the span has authoritatively moved down."

Yet there are continuously more diminutive units, for instance, the 700 sq ft two room units displayed in 2005, property specialists determined that a cutoff exists for how little units can go.

Mr Cheong said "In light of the way that ECs are more for own use - for the starting five years' base occupation period.

What's more subsequently to develop anything tinier, creators will be putting it all on the line that buyers there are not going to start a typical family with children, or even with a cleaning authority."

To allow more people to qualify and buy houses, Ms Lee Bee Wah, Chairman of the Government Parliamentary Committee for National Development has obliged an addition in pay top for purchase of ECs and HDB cushions.

Ms Lee proposed that tops should be adjusted upwards by S$2,000 to S$3,000 to meet climbing pay levels.

The current month to month pay tops for ECs and HDB cushions are S$10,000 and S$12,000 independently.

Taken from ST Property

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CBRE discharged a report that expressed the quantity of unsold Executive Condominiums (EC) has expanded by eleven every penny month-on-month to 2,251 units in January.

Mr Desmond Sim, Head of Research at CBRE, told the Singapore Business Review that the business is changing as purchasers are progressively picking homes from existing dispatches, to get them inside a shorter time allotment.

The Housing and Development Board (HDB) as of late declared that notwithstanding the seven offers got for the EC area bundle at Woodland Avenue 12, the top offer submitted was the most minimal on record in three-and-a-half years.

Hao Yuan Investment submitted S$103.79 million or about $278 every sq ft every plot degree (psf ppr) as the top offer for the 99-year leasehold EC site. In January, an alternate EC site at Anchorvale Crescent pulled in just three offers with the delicate honored to Sim Lian Group at an offer of $280 psf ppr.

Mr Ong Teck Hui, National Director for Research & Consultancy at JLL told Singapore Business Review that the 17 to 30 every penny take-up rate for the past EC dispatches in November and December 2014 clarifies why designers are submitting fundamentally bring down delicate offers for EC locales.

He included that, “This…reflects an expectation of EC prices correcting.”

Taken from ST Property

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The URA and the HDB release a joint articulation on 6 January to react to open worries around a columbarium to be constructed inside a proposed sanctuary at Fernvale Link in Sengkang.

The orgs guaranteed the occupants of the encompassing Build-to-Order (BTO) ventures and official townhouse (EC) improvement that the sanctuary will "incorporate well with the encompassing advancements, the same way other existing spots of love have been coordinated in numerous private domains".

They included that the plot of land had been zoned as a "position of love" as per the URA Master Plan since 2003 and a greater part of spots of love spotted islandwide incorporate columbarium offices.

The URA Master Plan gives data on future land use, however property investigators remarked to Channel Newsasia that numerous home purchasers don't know how to get to and utilize the data.

However Mr Eugene Lim, Key Executive Officer at ERA Realty told Channel Newsasia that a certain level of uncertainty stays considerably in the wake of exploring the Master Plan, "… the Master Plan just lets you know about zoning and the thickness.

You won't realize what really is going to be fabricated until the delicate determinations are set up by the URA or HDB." A disclaimer showing the potential consideration of a columbarium was said to have been incorporated in the Fernvale Lea BTO development brochure.

Taken from ST Property

Tagged in: EC hdb property URA
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The official apartment suite (EC) business sector saw a sharp climb in deals a month ago, however examiners anticipate that deals in December will back off. Insights from the URA showed that designers sold just about ten times the quantity of Ecs in November (855 units) as contrasted with October (90 units).

There were a sum of three Ecs available to be purchased a month ago; in particular Lake Life, Bellewaters and Bellewoods, with Lake Life best regarding deals.

At the point when talked with by Channel Newsasia, Mr Alan Cheong, Senior Director of Research and Consultancy at Savills Singapore, said, "The quantity of EC units sold a month ago is higher than the aggregate number of EC units sold in the initial ten months of this current year. This is the aftereffect of repressed demand meeting repressed supply as there was a nonappearance of new Ecs".

The Amore, an EC at Punggol Central that opened for applications from last Saturday is the main remaining EC to come without a resale demand. Costs for the 395-unit venture are S$780 to S$800 every square foot.

Conversely, URA measurements demonstrated that offers of private homes diminished by 49.5 every penny in November. Experts ascribed the falling deals to the year-end regular lull and the expanded concentrate on less expensive Ecs to pander to existing credit demands.

TRE Residences, the best performing private extend a month ago, sold a minor 52 out of 250 units at an average of S$1,588 every square foot (psf), though Lake Life saw offers of 533 out of 546 units at an average cost of S$869 psf.

Property masters talked with by Channel News Asia foresee that 2014 will see short of what 8,000 private property units sold, which is about a large portion of the business figure (14,948) of 2013.

Investigators expect that engineers are unrealistic to give rebates on ventures because of the high land cost.

Mr Lim Yong Hock, Key Executive Officer of Propnex Realty, proposed to Channel Newsasia that engineers may use distinctive techniques, for example, diminishing property sizes, to permit the quantum to be more moderate.

Taken from ST Property

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The Housing and Development Board (HDB) distributed that it would be releasing two new land groups – an Executive Condominium site at Anchorvale Crescent in Sengkang and a mixed business private site at Yishun Avenue 4, accessible to be acquired in November 2014.

The EC site found in Sengkang covers 17,450 sq m, with a most great unpleasant floor zone of 52,350 sq m. The Yishun site epitomizes 9,760 sq m, with a most compelling terrible floor domain of 27,327 sq m.

HDB uncovered that the two objectives are required to yield pretty about 700 private units.

Both land bundles are sold on a 99-year leasehold period. The end dates for the tenders are 30 December 2014 for the Anchorvale Crescent EC site and 13 January 2015 for the Yishun Avenue 4 site.

Taken from ST Property

Tagged in: EC hdb
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Opportunity rates of authority townhouses (EC) are pounding without end's most imperative in more than five years, as an outcome of a storm of new EC units in the property market.

As demonstrated by the Urban Redevelopment Authority (URA), the rate of vacant EC units has expanded from 12.2 each penny to 16.2 each penny in Q3 2014.

Moreover, the HDB resale business is chilling off with HDB resale trades declining from 25,094 in 2012, to 18,100 in 2013 and 12,683 as of Q3 2014 as showed by latest HDB estimations.

Furthermore, private condominiums have moreover seen a 1.4 each penny augment in unfilled units, with 21,569 units void in Q3 2014 – up from 21,268 in Q2 2014.

In any case, the private opening rate stays unaltered for Q3 at 7.1 each penny quarter on quarter after five successive quarters of augmentation since Q2 2013, according to the Savills Residential Leasing Briefing.

The amount of EC finishes is anticipated to be 2,845 in 2015, while 20,244 non-landed private units are in the pipeline for 2015.

Taken from ST Property

Tagged in: EC property prices URA
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Cooling measures influencing neighborhood engineers and nearby buyerspricing for Lake Life, an official condo (EC) in the Jurong Lake District, will be lower than its introductory demonstrative level.

The 99-year leasehold venture will be valued at a normal of $857 every square foot, with unit costs running from $799 to $930 every square foot. The venture designers, Evia Real Estate, have estimated 84 every penny of units at short of what $1.1 million, to keep costs reasonable.

Vincent Ong, Managing Partner of Evia Real Estate, communicated concerns to TODAY about the danger of abundance supply in the property market – private units, Build-to-Order (BTO) pads and Ecs – influencing offer of half breed open private homes, for example, Ecs.

The consortium of designers headed by Evia Real Estate investigated the profiles of its 1,853 e-candidates, uncovering that the buying force of these potential home purchasers was lower than foreseen. The EC will start bookings on 8 November. Mr Ong predicts a large portion of the units will be sold amid the first weekend.

The Ministry of National Development (MND) has tended to worries about the manufacture up of surplus property in the business sector. It published awhile ago that BTO level supply would be lessened from 22,400 to 16,900 units in 2015. The MND expressed in the Singapore Business Review, "our center is on guaranteeing a smooth move from the incline up to a more maintainable stage, as the supply and demand for BTO pads accomplish a finer equalization."

Approximately 4,000 two-room pads will likewise be incorporated in one year from now's BTO supply to take care of demand from single and low-wage families.

Emulating cost diminishes in private and HDB properties in Q3, costs in Singapore are required to keep falling because of expanded supply and tight financing measures. In a discourse at Credit Counseling Singapore's tenth commemoration lunch, Deputy Prime Minister and Finance Minister, Mr Tharman Shanmugaratnam said, "

In the event that we don't get a compelling inversion after each one rise, property costs will run in front of the development of family wages over the long haul, which we ought to keep away. 

 

Taken from ST Property

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Sim Lian tops bids for EC site, beating market expectations

 

b2ap3_thumbnail_ST-Report---Chua-Chua-Kang-EC-Site-Sale.JPG

 

The latest state tender for an executive condominium (EC) site in Choa Chu Kang Drive shows that developers would still make a beeline for attractive sites.

Located about 550 metres from Choa Chu Kang MRT Station and Bus Interchange and Lot One Shoppers' Mall, the 1.9-hectare plot drew eight bids, with the highest at S$361.08 psf ppr from Sim Lian Land - slightly above market expectations.

Some market watcher had expected the site to draw 5-6 bids with the winning bid at S$320-350 psf ppr. However, he added: "I see a mix of both caution and optimism. The optimism is in the top bid being higher than expected; the caution is the top bid being pretty close to the S$357 psf ppr average price for the two adjacent Choa Chu Kang Grove EC plots sold in February - despite the latest site being more attractive."

The pair of Choa Chu Kang Grove sites are about 1.1 km from Choa Chu Kang MRT Station.

At the latest tender in Choa Chu Kang Drive, Sim Lian's bid was just 2.2 per cent above the next highest, $353.21 psf ppr, from a consortium comprising Hoi Hup Realty, Sunway Developments and Oriental Worldwide Investments.

The number of bids and close winning margin indicate the healthy interest in the EC market, despite current market conditions.

City Developments Limited (CDL) unit Verwood Holdings teamed up with TID Residential to bid nearly S$343 psf ppr, the third highest. Back in March 2011, CDL had paid S$321 psf ppr for the next-door plot, on which it is developing The Rainforest EC project.

Also bidding at Thursday's tender were Nanshan Group Singapore (S$337 psf ppr) and Qingjian Realty (S$331.08 psf ppr). A partnership of Evia Real Estate (6), Ho Lee Group, CNH Investment, OKP Land and Lian Soon Holdings offered S$311.46 psf ppr while MCL Land priced the site at S$305.17 psf ppr . This was significantly lower than the S$357 psf ppr average price that it had paid earlier this year for the pair of Choa Chu Kang Grove plots, in a much inferior location. MCL plans to amalgate the plots and build a project of over 1,300 units.

The lowest bid at Thursday's tender - from Koh Brothers unit KBD Ventures - was S$280.21 psf ppr.

The strong turnout of eight bidders along with the higher-than-expected top bid of S$361 psf ppr constrasts with the lacklustre performance seen two months ago for an EC site in Sembawang Avenue, about 550 metres from Sembawang MRT Station.

That site drew just four bids and its winning bid of S$320 psf ppr was the lowest price for an EC site since November 2012.

ECs are a public-private housing hybrid with initial buyer eligibility and resale conditions that are fully lifted 10 years after the completion of the project.

Demand for ECs has softened following the December 2013 introduction of a mortgage service ratio (MSR) cap for EC purchases from developers.

Nevertheless, pent-up demand for this housing type is expected for the five EC project launches slated by year-end.

This is because no new EC projects have been launched in nearly a year, following regulations announced in January 2013 stipulating that developers would be allowed to sell units in EC projects only 15 months from the date of award of the site, or after completion of foundation works, whichever is earlier. Given that mass-market condo prices have started to soften, most analysts would expect prices of EC units to follow suit.

Market watchers reckon that based on the top bid for the Choa Chu Kang Drive site, the breakeven cost could be around S$700-720 psf. This still leaves the bidder with some cushion for a potential price softening from current levels. In the first half of this year, developers' sales of EC units averaged around S$790 psf going by caveats data.

When contacted, a Sim Lian spokesman said that the group expects to launch a project on the site in early 2016, given current rules. "We're looking at a project of 500-plus units. This is an attractive location, near the MRT station, a fairly big suburban mall and other amenities."

Developers who pay high prices for EC sites may raise the proportion of smaller-sized units - for instance, by building more two-bedders instead of three-bedroom units, in order to keep the price quantum within reach of buyers' MSR cap.

Source: Business Times – 5 September 2014

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