High-end housing project breaks ground at Capitol site

A high-end residential project will soon rise at the site of the iconic Capitol Building and Stamford House as it broke ground yesterday for a possible launch between March and April next year.

The residential project, which is expected to house 34 units, is part of a landmark mixed-use development plan that will comprise retail, hotel, residential and theatre facilities when completed. 

The Capitol Theatre will be conserved and transformed into a cinema with 800 seats. 

Its developer, Capitol Investment Holdings, said it has awarded the S$338 million contract to Japanese firm Shimizu Corp for the restoration of the site.

The entire project is expected to be completed by the fourth quarter of 2014.

Source: Today -23 Nov 2011

Singaporeans advised to be prudent when purchasing property

Minister for National Development Khaw Boon Wan said Tuesday that Singaporeans should be prudent when purchasing property.

There is a wide range of housing options and prospective buyers should think wisely and buy within their budget, he said.

Mr Khaw was responding to a question asked by Pasir Ris-Punggol Member of Parliament (MP) Gan Thiam Poh on whether there were plans to review the existing pricing policy for HDB flats to ensure that public housing remains affordable for Singaporeans.

He cited the deteriorating global economic situation as one of the reasons to be wary.

"The current low interest rate will not stay low forever. Any global economic recession may also affect their (Singaporeans') jobs.
"On the other hand, existing HDB owners should refrain from cashing out their flats without thinking through their subsequent housing plans," he said.

Mr Khaw also said several Build-to-Order(BTO) launches have stabilised prices of new HDB flats since May and that BTO prices are affordable for newlywed first-timers.

The minister also commented on the issue of second-timers purchasing flats.

"For second-timers, the issue is more complicated as they rely more on the resale market and our influence over the resale market is indirect.

"The current resale prices are the results of an imbalance in supply and demand. We are taking active steps to re-balance them, but we need time," he said.

Source: The Straits Times – 22 November 2011

Rochor flats hot property?

Some housing analysts are predicting that HDB flats in Rochor Centre could become hot property now that they have been slated to make way for the North-South Expressway (NSE).

Residents have been offered a relocation package that includes priority for a new flat in Kallang.
This may appeal to those looking for a quicker way of buying into the Kallang area.

Such practices are not uncommon.
Housing analysts said such practices surfaced when the government carried out similar relocation programmes under the Selective En-bloc Redevelopment Scheme, which offered similar compensation packages as those offered to Rochor residents.

But analysts said potential buyers should think twice, as units in Rochor normally cost 10 to 20 per cent more, given their city location.
Recent resale data showed a three-room unit in the area went for S$470,000, with a cash premium of $50,000.

Tighter rules over the purchase of resale flats should also cause potential buyers to reconsider.
The HDB has suspended sales of Rochor Centre units for a month to give residents time to consider the relocation package before selling their units.

Source : Channel NewsAsia – 17 Nov 2011

Students help potential buyers queue for Bedok Residences units

SINGAPORE: Units at a new property launch will go on sale on Wednesday, but some 500 people are already queuing for them. 

And about 100 of them are students. 

Most of the students said they are helping family or friends queue for a spot in Bedok Residences, a development coming up at Bedok New Town.

Interested buyers must get a queue number, and the students said they are being paid about S$10 an hour to do the job.

Residents in the area said some of them have been there since 10pm on Sunday.

Bedok Residences will have 583 units and is part of a 15-storey integrated development consisting of residential units, a shopping mall and a transportation hub.

The development is by CapitaLand Residential Singapore and CapitaMalls Asia.

Source: ChannelNewsAsia - 21 Nov 2011