Almost a decade in waiting, a new development looks set to launch soon in district 19, Lorong Ah Soo near Serangoon Central area. And it is going to be huge.
Probably the biggest development to be launched in district 19, Lorong Ah Soo nearby to Serangoon central. The land size is about 7 football fields or half a million sq ft.
The new 99 leasehold development, The Minton by Kheng Leong Pte Ltd, replacing the old Minton Rise, will consist of 18 towers, 15 to 17 storey high, of approximately 1150 units with wide range of unit types - from 1 bedroom to 4 bedroom, penthouses and a special configuration of dual key 2 bedroom plus 1 bedroom - which will appeal to property buyers of all sorts.
The facilities and landscape promises to be extraordinary luxurious as the development theme is "One Home. 3 Extraordinary Worlds of Luxurious facilities."
The location is not only superb but exciting with the upcoming NEX mega mall at Serangoon central with 600,000 sq ft floor space - as big as Ion Orchard. Home owners will be pampered for choices with so many amenities to shop, entertain and feast featuring key tenants such as Fairprice Xtra Hypermart, Cold Storage, Courts, Shaw 10 screen Cineplex, Serangoon Public Library and many more..all 300 shops and restaurants in total.
Serangoon central is also the interchange for the Northeast and Circle MRT line with a bus interchange right next to it, making traveling anywhere a swift. It is just as convenient by road with 2 expressway, CTE, KPE and TPE just 5 minutes drive away.
The location will also appeal to parents who have school going children as there are many choice schools including international schools within the vicinity.
When will it be launched and will it be a sell out? It will certainly attract a lot of interest and there will be many investors ready to make swift decisive purchase. So don't wait to find out and regret on a good investment.
As buying property is a big financial commitment, preparation is the key to a wise decisive purchase.
Here is how you can get a head start...
First subscribe to developer sales news update and request for a non-obligatory presentation about the development. Get an indicative price and study the site layout and floor plan. This will help you to decide the unit you like in advance. As this development will attract a lot of interest it will be wise to select a few units just in case others beat you to it.
It will also be wise to plan your financing ahead by talking to your banker and request for an AIP (approval in principle).
When developer invites for VIP preview and announces the selling price you will be ready to make that critical decision.
Tuesday, April 27, 2010
Monday, April 26, 2010
HDB looking at shortening wait for new flats
Buyers of new HDB flats may be able to get their keys more quickly.
The Housing & Development Board is looking at how to shorten the wait, from three years to two or two-and-a-half years.
National Development Minister Mah Bow Tan said the HDB will consider building new flats before selling them, especially in cases where the subscription rate is high.
He also stressed that new HDB flats remain affordable.
HDB tests this by comparing monthly mortgage installments to monthly household income.
The average Debt Service Ratio or DSR in the last six months were in the range of 17 to 25 per cent.
Mr Mah noted that this is close to the CPF contribution rate of 23 per cent, and is well within the international housing affordability benchmark of 30 to 35 per cent.
Mr Mah said: “At 25 per cent DSR for a three-room flat, we’re talking on the average of a monthly installment of $528. But the $528 can be almost fully paid using the CPF contributions. So in that particular instance, that family would probably need to pay something like $40-50 per month in cash.
“Based on the current situation, and based on the situation we’ve been seeing over the last 10 years, these figures indicate our new flats are well affordable, well within the means of all the different income groups.”
Source : Channel NewsAsia – 26 Apr 2010
The Housing & Development Board is looking at how to shorten the wait, from three years to two or two-and-a-half years.
National Development Minister Mah Bow Tan said the HDB will consider building new flats before selling them, especially in cases where the subscription rate is high.
He also stressed that new HDB flats remain affordable.
HDB tests this by comparing monthly mortgage installments to monthly household income.
The average Debt Service Ratio or DSR in the last six months were in the range of 17 to 25 per cent.
Mr Mah noted that this is close to the CPF contribution rate of 23 per cent, and is well within the international housing affordability benchmark of 30 to 35 per cent.
Mr Mah said: “At 25 per cent DSR for a three-room flat, we’re talking on the average of a monthly installment of $528. But the $528 can be almost fully paid using the CPF contributions. So in that particular instance, that family would probably need to pay something like $40-50 per month in cash.
“Based on the current situation, and based on the situation we’ve been seeing over the last 10 years, these figures indicate our new flats are well affordable, well within the means of all the different income groups.”
Source : Channel NewsAsia – 26 Apr 2010
Market watchers welcome proposed changes to en bloc sale regulations
Market watchers have welcomed proposed changes to the en bloc sale regulations tabled in Parliament on Monday. They said the move is timely and could help stabilise property prices.
Farrer Court was among 111 estates sold at the peak of the en bloc market in 2007.
This year, there are only four deals so far and analysts expect the market to pick up as developers replenish their land bank.
The four en bloc sales this year are Changi Complex, Diamond Tower, Culford Garden and an industrial plot at Jalan Ampas.
And developers may well benefit from proposed new rules that will speed up the collective sale process, such as reducing the number of Extraordinary General Meetings required.
Christina Sim, director, Investment, Capital Markets, Cushman & Wakefield, said: “The truth is that the gestation for en bloc sales is just far too long usually when you get an en bloc ready for marketing. The market may have moved down to ease up and to shorten the gestation period is a good thing for the developers.”
Smaller developers, currently priced out of the state land market, may also benefit.
Observers also support rules to make it harder to restart an en bloc process after a failed attempt, including a two-year restriction period.
Tan Hong Boon, deputy managing director, Credo Real Estate, said: “This is a safeguard to the owners to minimise interference into their lives for certain projects or owners are too eager to re-initiate the en bloc process right after the failure. With that higher requirement for requisition, I think that ensures that there is sufficient interest from the owners to move ahead within the two-year period.”
The first re-try to convene an Extraordinary General Meeting to reappoint a sale committee will need the backing of at least 50 per cent share value or total number of owners.
For second or subsequent re-tries during the two-year period, 80 per cent will be needed.
Currently, the requisition threshold is set at 20 per cent by share vale or 25 per cent of the total number of owners.
Analysts said the changes may push up potential land supply and curb runaway property prices.
Some market watchers said about 50 developments are currently in the process of preparing for collective sale and they expect about 20 sites, mostly small and medium ones to hit the market by the end of the year.
Some of the potential en bloc sales this year include Neptune Court, Mandarin Gardens and Meyer Place.
The 528-unit Laguna Park at Marine Parade is also expected to convene an EOGM to elect a sale committee on May 2nd.
The deal fell through last year when they could not find a buyer for the property at S$967 million.
Source : Channel NewsAsia – 26 Apr 2010
Farrer Court was among 111 estates sold at the peak of the en bloc market in 2007.
This year, there are only four deals so far and analysts expect the market to pick up as developers replenish their land bank.
The four en bloc sales this year are Changi Complex, Diamond Tower, Culford Garden and an industrial plot at Jalan Ampas.
And developers may well benefit from proposed new rules that will speed up the collective sale process, such as reducing the number of Extraordinary General Meetings required.
Christina Sim, director, Investment, Capital Markets, Cushman & Wakefield, said: “The truth is that the gestation for en bloc sales is just far too long usually when you get an en bloc ready for marketing. The market may have moved down to ease up and to shorten the gestation period is a good thing for the developers.”
Smaller developers, currently priced out of the state land market, may also benefit.
Observers also support rules to make it harder to restart an en bloc process after a failed attempt, including a two-year restriction period.
Tan Hong Boon, deputy managing director, Credo Real Estate, said: “This is a safeguard to the owners to minimise interference into their lives for certain projects or owners are too eager to re-initiate the en bloc process right after the failure. With that higher requirement for requisition, I think that ensures that there is sufficient interest from the owners to move ahead within the two-year period.”
The first re-try to convene an Extraordinary General Meeting to reappoint a sale committee will need the backing of at least 50 per cent share value or total number of owners.
For second or subsequent re-tries during the two-year period, 80 per cent will be needed.
Currently, the requisition threshold is set at 20 per cent by share vale or 25 per cent of the total number of owners.
Analysts said the changes may push up potential land supply and curb runaway property prices.
Some market watchers said about 50 developments are currently in the process of preparing for collective sale and they expect about 20 sites, mostly small and medium ones to hit the market by the end of the year.
Some of the potential en bloc sales this year include Neptune Court, Mandarin Gardens and Meyer Place.
The 528-unit Laguna Park at Marine Parade is also expected to convene an EOGM to elect a sale committee on May 2nd.
The deal fell through last year when they could not find a buyer for the property at S$967 million.
Source : Channel NewsAsia – 26 Apr 2010
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