SUPPLIES, SUPPLIES, SUPPLIES!

4 November 2011

The evidence for a price drop in Singapore's residential property market is stacking up even as investors here continue to buy up small units in the outskirts, setting new highs for average per sq ft prices.

The Urban Redevelopment Authority (URA) released last Friday the full set of third-quarter property data - sending a clear signal about the avalanche of supply of homes.

About 80 pages of the URA report were on the private residential market. Two things stuck out: The expected supply of homes getting the Temporary Occupation Permit (TOP) for this year and next year increased yet again, surpassing previous forecasts; and the vacancy total of non-landed properties at 12,975 units is just shy of that during the Lehman Brothers crisis peak in 3Q2009 at 13,084 units.

In a previous commentary in Today (Feb 11), we had cautioned that "we need to be wary about the supply in 2011 and 2012 because the global economic recovery remains elusive." At that time, the complete set of URA data for 4Q2010 was just published and the expected TOP supply for this year was 8,430 units and for next year was 8,116 units. In that same article, IPA's projections for the total completions this year and next year were 11,500 units each year.

Just nine months later, the official forecast for this year has risen 29 per cent to 10,889, with 9,196 completed in the first three quarters and another 1,693 due for completion in 4Q2011. The number for next year rose to 48 per cent to 12,043. If investors had made their decisions to invest this February thinking that the supply in this year and next year will be moderate at 8,000 over units, they may be stuck, especially because of the hefty seller's stamp duty.
The huge supply hitting the market will arrive earlier than official forecasts. In the interests of operational efficiency, including collecting progress payments, developers and construction companies are generally ahead of planned schedules, especially for projects that are by and large fully sold. We believe that, over the next few quarters, expected TOP numbers will continue to grow for 2012 and 2013 stock. We have revised our estimates for completions in 2012 to 2015 (See table).

The second point of note in the URA data is the number of vacant private homes. During the quarter, 4,565 units were granted TOP and that resulted in an increase of 2,173 vacant units. The overall vacancy rate rose from 5.1 per cent in 2Q2011 to 5.8 per cent in the last quarter. We are approaching and will soon breach the peak vacancy of 6.2 per cent in 3Q2009, about a year after the collapse of Lehman.

Vacancy rates will increase over the next few quarters if the take-up from tenants does not outpace the TOP supply. Looking at the pipeline of completions, we see for example, Alexis, Optima, Reflections, Parvis, etc., coming onstream. These are projects that attracted a significant proportion of investors rather than owner-occupiers. There will be strong competition among landlords for tenants.

On the surface, the market may look healthy to some as many of the recent launches were significantly sold out within the first two months of launch, including the HDB's record supply of Build-To-Order flats.

But, as emphasised in my book Real Estate Riches, we need to look beyond the take up at launches and match physical supply to real demand from families. When the completions of HDB and mass market condominiums swamp us in 2012 to 2015, we may end up paying for today's excesses, unless the doors to foreigners open wide again like in 2006 to 2008.

Around the world, many banks are retrenching or slowing down hiring, the electronics sector is downsizing and the current wave of corporate profits have been derived not from significant expansion of business but mainly from cost reduction. Inflation remains stubbornly high and economic growth stays low.

In Singapore, low interest rates support holding power and cash-rich investors seeking to beat inflation are still looking at real estate investments.

I believe the prices for landed properties will continue to rise, perhaps a little more slowly than the 2.4 per cent and the 3.6 per cent increase in the last two quarters, respectively.

Since holding power is steady and there is a strong deterrent in the form of the seller's stamp duty, the sub-sale and resale categories should not see significant discounting unless the residents' unemployment rate rises significantly. However, there is room in the new sales category for prices to dip. Recent transacted prices for new sales in the mass market show that developers have enough profit headroom to accept lower prices and still generate normal profits.

On balance, in the immediate term, we expect a 5 to 10 per cent reduction in private residential prices, i.e. a drop of the URA PPI from 205.7 points to around 190 within the next 12 months, mainly due to new sales from mass markets where the supply wave is strongest.

Where prices go beyond next year would depend on recovery of the global economy and how Singapore might benefit. For those who need to invest because their cash reserves are earning too little interest income, our advice is: Do not buy into an imaginary future rental income, invest in apartments that come with tenancy. Even in a seemingly high market like today's, good value can be found in districts 9 and 10, where 10-year-old condominiums might be gotten for around S$1,200 to S$1,400 psf, similar to the price levels of some of the new properties in the Outside Central Region.

by Ku Swee Yong, founder of real estate agency International Property Advisor, specialising in property services for high-net-worth clients. He is the author of Real Estate Riches: Understanding Singapore's Property Market in a Volatile Economy.

NOTHING WORKS LIKE CREDIT TIGHTENING

Judging from the recent experience of countries in the region, it appears nothing is more effective in managing runaway real estate markets - in the absence of a recession - than a bout of credit tightening.

Other cooling measures like higher downpayment rules, steeper stamp duties and property taxes coupled with various caps and limits on purchases have been shown to be less effective without the accompaniment of some form of credit tightening.

In the region, the booming property markets in India and Australia were among the first to be tamed by interest rate hikes. These tightening moves were soon followed by the monetary authorities in neighbouring countries. The major motivation for the rate hikes was to combat runaway inflation but real estate and other businesses suffered collateral damage.

I remember a period when the pace of credit tightening in India was so relentless that it elicited loud howls of protest from the business community. Indian developers fanned out across the region, some of them coming to Singapore - which was seen as an oasis of liquidity - to seek fresh funds from investors or partners in a bid to rescue stalled projects.
What happened to India some years back is now happening to China. The debt crisis in the southern city of Wenzhou is a good example of how severe the fallout on other sectors of the economy can be.

For India, the housing market seems to have caught hold of a second wind and the property cycle for some cities is on the upswing again.

However, the problem of high property prices is so huge in China that, even as the screws on credit grow ever tighter, some city authorities see it fit to introduce even more drastic measures.

On Tuesday, the southern city of Zhuhai set a cap for home prices at 11,285 yuan (S$2,264) per sq m, possibly the most extreme property price-tightening measure imposed by a Chinese city so far. Developers asking for a price higher than that will be refused the permits to sell their projects.

Other blunt measures introduced earlier in some Chinese cities included limiting each household to a single purchase. This led to some "paper" divorces as some investors tried to get around the rule.

The compounding effect of the slew of cooling measures in China has now led to falling sales and prices in some cities and to huge discounts for some projects whose developers are having cash flow problems. If overall prices have not yet been corrected in China, it looks like this may happen within the next few months.

Chinese developers who were on the brink of tipping over three to four years ago were given a reprieve when Beijing pumped trillions of yuan into the economy in response to the global financial crisis resulting from the US sub-prime fiasco. Will another global crisis be their saviour this time?
Being so close to China, both in distance as well as in economic links, it was only a matter of time before trends taking place in China were mirrored in Hong Kong.

The overall value of housing transactions halved last month in Hong Kong from a year ago. In terms of residential units, sales dropped 2.2 per cent from September. Although direct purchases from developers rose from the previous month, these were not enough to offset the slide in secondary market transactions. Trend-wise, it was the 10th straight month of declining home sales.
A fund manager based there told me that Hong Kong developers will stubbornly resist lowering their prices until it begins to hurt. In the meantime, he feels sales volume will continue to decline.

Barclays Capital Research recently issued a report which predicted that Hong Kong residential property prices would drop 35 to 45 per cent over the next two years. Will it come to pass?
For Singapore property investors, the tension must be building up although they are not showing signs of panic.

Let us wait and see what happens to Hong Kong. It might also be comforting to know that a recent survey released in Shanghai showed that nearly half of Chinese who have assets worth more than 10 million yuan are considering emigration.

Can these be the potential new citizens who will come to our rescue?

Colin Tan is head of research and consultancy at Chesterton Suntec International.

Source: Today - 4 November 2011

Homebuyers less keen on HDB resale flats with new measures

MORE build-to-order (BTO) flats introduced in September and the recent raising of the income ceiling for HDB homebuyers have slowed sales of resale public housing flats.

However, the ramp-up in public housing supply has failed to stop prices of resale units from rising.

Data from the Housing and Development Board (HDB) released Friday showed resale applications falling 10 per cent to 5,903 cases in Q3 from 6,581 the previous quarter.

At the same time, resale units continued to exchange hands at ever higher prices. The HDB Resale Price Index hit a record high of 187.2 in the third quarter, 3.8 per cent higher than the previous quarter, and 11.6 per cent higher than Q3 2010.

In Tampines, for example, the median resale price of an executive flat was $630,000 in Q3 - 4.8 per cent higher than Q2's $601,000.

In September, HDB attempted to cool demand in the secondary market by putting up 8,200 BTO and sale-of-balance flats (SBF) for sale.

It announced Friday that it would launch 4,200 BTO flats in Bedok, Bukit Panjang, Hougang, Punggol and Yishun in November. This brings the tally of public housing flats launched in 2011 up to 28,000 units.

Propnex Realty CEO Mohamed Ismail said that weakened resale transaction volumes show that the increased supply of public housing and the recently raised income ceiling for first- time buyers has persuaded some homebuyers to cross over to the BTO flat market.
'The lack of supply and high prices (of resale flats) have made it more difficult to conclude deals,' added ERA Realty key executive officer Eugene Lim.

Yet, resilience in resale flat prices means that demand for these units remains strong, say experts.
'The release of these new flats has not eradicated the strong demand for resale flats consisting of buyers who are singles, permanent residents, HDB upgraders and downgraders, as well as private property downgraders,' noted Mr Ismail.

The supply of HDB resale flats has remained tight, adding to price increases.

Homeowners grew reluctant to part with their property to get another after the government lowered the loan-to-value limit to 60 per cent for existing homeowners, leading to a supply crunch.

'This is worsened by the mindset that sellers add on a COV (cash over valuation) component despite increasing valuations. They are able to do this because supply is tight and demand is strong,' said Mr Lim.

For an executive flat in Tampines, median COV was chased up to $68,000 in the third quarter, from $51,000 in Q2.

Real estate analysts see resale transactions and prices moderating in Q4.
'With COV becoming a thorny issue with many young couples, it is expected that they will opt for new flats since the amount of cash they are forking out can be less or similar to what they pay for a resale flat,' said Dennis Wee Realty.
Mr Ismail thinks COV levels will rise further in Q4 before plateauing by mid-2012.
But there is a chance that COV levels will edge higher, he cautioned.

'If would-be HDB upgraders continue to be priced out of mass-market private properties, and the supply of resale flats does not rise fast enough or remains limited due to the minimum occupation period for both first-timers and non-first-time buyers, then increased demand for HDB resale flats may push COV levels up even further,' said Mr Ismail.

Source: Asia One - 1st Nov 2011

$15m top bid for Mountbatten Road transitional office site

A TRANSITIONAL office site on Mountbatten Road, which was put up for sale by the government last month, drew 11 bidders at the close of the tender yesterday.

The top bid of $15.01 million or $119 per square foot per plot ratio (psf ppr) came from an individual, Chen Chew Yen. If the site is awarded, it will be the first time in more that 18 months that a transitional office site - that is, office sites that are launched for sale with 15-year leases - will be sold.

Mr Chen's bid was 12.6 per cent higher than the second highest bid from Heeton Holdings. Heeton bid $13.3 million or $106 psf ppr.
Analysts expected a top bid of $100-120 psf ppr when the site was launched for sale.

The Mountbatten Road land parcel has a site area of about 1.17 hectares and a maximum permissible gross floor area of about 126,000 sq ft. The site was first made available for sale through the reserve list in October 2008.

The Urban Redevelopment Authority (URA) first launched transitional office sites in 2007 as a creative solution to tackle immediate shortages in office space. Six sites have been sold since.

Analysts said that the site could be popular with office users who have budgetary constraints.
Some of these users may now be operating in industrial buildings, with questionable legality of use, paying rentals of $3.50-4.50 psf per month. Attractively priced office space would appeal to these users who could then operate openly without fear of enforcement checks, he added.

Source: Business Times – 2 November 2011

Green Lodge put up for collective sale, EOI at Oxley

Green Lodge, a freehold development located on Toh Tuck Road, has been put up for collective sale.

Separately, an Expression of Interest (EOI) exercise was launched yesterday for 71 and 73 Oxley Rise, a freehold site zoned for 'commercial and residential' use.

The Green Lodge site has an asking price that is above $195 million, or about $866 per square foot per plot ratio (psf ppr). The sale is being conducted through a tender exercise which will close on Dec 8 at 3pm.

The freehold property sits on a land area of about 14,035 square metres (151,075 sq ft). According to the 2008 Master Plan, the site can be redeveloped into a five-storey condominium project at a gross plot ratio of 1.4. Green Lodge currently has an approved density of equivalent plot ratio 1.4896
, which means no development charge is payable.

Assuming an average apartment size of 1,000 sq ft and a building efficiency of 90 per cent, the site can accommodate about 210 residential units.

As for the Oxley Rise site, it has a site area of 25,630 sq ft and a gross plot ratio of 4.2 under the 2008 Master Plan.

This means it has the potential to be redeveloped into a new project with a gross floor area of 107,646 sq ft with 20 per cent commercial use and 80 per cent residential use, subject to approval from the relevant authorities.

Source: Business Times – 3 November 2011

HDB UNVEILS ROADMAP TO GUIDE IN ITS VISION FOR LIVEABLE TOWN S3

The Housing & Development Board (HDB) has unveiled a "Roadmap for Better Living in HDB Towns", which is focused on three key thrusts: Well-designed, sustainable, and community-centric towns.

To do this, the HDB said its roadmap will set out key priorities for the board's professional focus over the next five to 10 years to "deliver a better living environment and meet the evolving lifestyle aspirations of HDB residents".

With so many external consultants playing a part in town development, the HDB said there is a greater need to guide them to attain the planning vision of its towns.

One example of this is the urban design guidelines for projects along the Punggol waterway to maximise access to the water by having tiered-building heights, with lower buildings in front and taller ones behind so more units can have a water view.

To support the Sustainable Singapore Blueprint, the HDB will also collaborate with private-sector professionals to create resource-efficient buildings.

The blueprint contains strategies and initiatives that could help Singapore achieve economic growth and a good living environment, over the next two decades.

For example, well-oriented buildings and micro climatic modelling will help towns capture cool breezes and improve ventilation, minimising the cost of air-conditioning.

Some 70 per cent of HDB's building components are also prefabricated compared to less than 30 per cent in private sector developments.

This means higher construction productivity of 2.28 man days per square metre as compared to 3.13 man days per sq m in private developments.

To further drive sustainability, the HDB has also been test-bedding solar generated power in several of its towns since 2009.

The HDB added while design and sustainability represent the "hardware" elements of public housing, physical infrastructure alone does not make a vibrant and endearing town. Hence, the third thrust will focus on the "heart-ware" of building cohesive and resilient communities.

To do this, the HDB aims to encourage more residents to take ownership of the facilities and to build stronger neighbourly ties in their towns.

The roadmap was unveiled at the HDB awards ceremony yesterday.
National Development Minister Khaw Boon Wan gave out 15 awards to HDB's consultants and contractors for exemplary performance and innovation in HDB projects.

Source: Today - 3 Nov 2011

Home sales unlikely to surpass 2010 record

With uncertainties in the global economy affecting housing demand, private home sales in Singapore may come close to 2010's record high but are unlikely to exceed the figure, according to many experts.

The number of private homes sold in the first nine months of this year reached 12,301 units, compared with 12,051 units sold over the same period last year.

However, experts said a slower fourth quarter will likely leave this year's final figure below last year's total record. Property developers sold 16,292 homes in 2010, as rock-bottom interest rates and pent-up demand from first-time buyers and upgraders brought the real estate market to a new high.
Experts noted that a good local economy and low interest rates should underpin demand for private homes. However, the gloomy economic forecast has dampened market sentiment and the series of property cooling measures have also curbed speculative buying.

Source: Propertyguru – 2 November 2011

New home loans continue to dip in Q3

THE volume of new home loans granted by banks here continued to fall in the third quarter, as volatile financial markets made both borrowers and lenders more cautious in the housing market.
Some $12.41 billion in new housing loans was granted in Q3, down 3.5 per cent from the $12.86 billion in Q2, according to the latest estimates by the Monetary Authority of Singapore. That follows a 4.2 per cent drop in housing loans granted in Q2 compared to Q1.

As in the previous quarter, new loans granted for owner-occupied property fell by more than loans for investment property.

The average loan-to-value (LTV) ratio for housing loans across the industry was unchanged in Q3, at 44.1 per cent, compared to Q2.
The industry-wide LTV average is calculated by weighting each financial institution's LTV ratio by the volume of outstanding loans it granted. It is based on an MAS survey of housing loans at financial institutions that account for over 90 per cent of the total outstanding housing loans extended by the industry, MAS said.

Source: Business Times – 1 November 2011

Laguna Park, Henry Park Apartments up for collective sale

Laguna Park at Marine Parade Road is up for collective sale with a reserve price of S$1.25 billion.
Together with Henry Park Apartments, which is also up for collective sale at between S$170 million and S$180 million, the total value of properties that have come up for sale in October has hit close to S$5 billion.

With over 10 sites now available for sale, developers appear to be spoilt for choice.

Nicholas Wong, Executive Director (Investment) at Knight Frank, said that developers are looking at collective sales with some caution now and added that any sale will depend on the attributes of the site and the developer's risk appetite as well as market sentiment.

He also noted that the Government Land Sales Programme is offering developers many alternative sites.
Knight Frank is marketing the 677,493 sq ft Laguna Park site and it believes the proximity to the seafront would a key selling point for any new development. Based on the reserve price, the land price comes to about S$954 per square foot per plot ratio.

Laguna Park was put up for sale earlier this year with a reserve price of S$1.33 billion. But the tender closed without a successful bid.

While the downward revision of the reserve price suggests that sellers might be more motivated to sell now, Mr Wong said that new requirements for en bloc sales allow a development to be put up for sale for one year only after receiving 80 per cent approval from homeowners. When this lapses, sellers have to seek a new mandate. So some sellers choose to relaunch the site for sale within the year instead, added Mr Wong.

Tan Hong Boon, Deputy Director, Credo Real Estate, pointed out that no collective sale has been transacted at over S$200 million yet. "Generally, the key will be the land price and quantum," he said.
Credo is marketing the 99,000 sq ft Henry Park site. Based on its asking price, the land price works out to be S$1,216-S$1,287 per square foot per plot ratio.

Still, Mr Tan does not believe that the slew of collective sale sites will mean land prices will fall. "Some sellers may have lowered their asking prices but their reserve price has stayed the same," he added.

Mr Wong is still positive on the Singapore property market too. "Barring the worsening in the global economic situation, the property market here should remain stable," he said.

The tender for Laguna Park will close on December 6, while the tender for Henry Park closes on December 1.

Source : Channel NewsAsia – 31 Oct 2011

URA releases White site at Marina View / Union Street on the Reserve List

The Urban Redevelopment Authority (URA) has released the detailed sales conditions for a White site at Marina View / Union Street today. The subject land parcel is made available for application under the Reserve List of the second half 2011 Government Land Sales Programme. Developers interested in purchasing the site can now apply to URA for it to be put up for tender.

With direct frontage to the planned Central Linear Park linking Marina Boulevard to Straits Boulevard, the land parcel is the third sale site to be made available for sale at Marina View. The first two White sites at Marina View were sold in 2007. The development on the first sale site (i.e. Asia Square Tower 1) was completed earlier this year. The development on the second sale site (i.e. Asia Square Tower 2) is currently under construction, and is scheduled for completion in 2013.

The development on the White site at Marina View / Union Street will contribute to building up the critical mass of office space in the Marina Bay area and developing the precinct as an international business and financial district.
The land parcel is ideally located within the Marina Bay area, a vibrant and exciting location to work, live and play in, and adjacent to the existing Central Business District (CBD) at Shenton Way.

With a site area of 0.78 ha, the land parcel will have a maximum permissible gross floor area (GFA) of 101,628 m2 and offers a unique opportunity for a distinctive landmark office development in a prime downtown location. A minimum of 71,140 m2 (about 70% of the maximum permissible GFA) will be stipulated for office use to continue with our momentum to grow Marina Bay into an international business and financial hub. The remaining GFA can be developed for additional office use or other complementary uses such as residential and other commercial uses, such as retail, hotel and entertainment uses.

The site also enjoys direct frontage onto the future Central Linear Park linking Marina Boulevard to Straits Boulevard and has panoramic views of the city skyline and Marina Bay. Well served by the Common Services Tunnel – a comprehensive system of underground tunnels which house and distribute utility service lines, the future office tenants will have access to uninterrupted supply of major utilities, emergency back-up services and the capacity for expansion to meet changing utility needs.

The Marina Bay area, Singapore's downtown district, is located within the heart of the city. It comprises the existing CBD at Raffles Places, Shenton Way and Marina Centre, together with the new development area around the Bay. The district will be an international business and financial hub and is envisaged to be a dynamic, 24/7, Garden City by the Bay.

Marina Bay is shaping up well with a number of key developments that have been completed such as One Raffles Quay, One Marina Boulevard, The Sail @ Marina Bay, Marina Bay Financial Centre, Marina Bay Sands Integrated Resort, Fullerton Heritage and Asia Square Tower 1.

Other exciting attractions that have been added to the loop of existing attractions around the bay, include The Singapore Flyer – one of the tallest observation wheels in the world, a 3.5 km long promenade and a new iconic pedestrian bridge featuring the world's first double helix design construction. In addition, the Gardens by the Bay (totalling 100 ha) which comprises three unique new waterfront gardens, each with its own distinctive character, will be completed in phases starting from end 2011.

Suntec City to undergo S$410m revamp

Suntec Real Estate Investment Trust (Suntec REIT) has announced a S$410 million asset enhancement initiative (AEI) for its flagship asset, Suntec City.

The AEI is scheduled to start in mid-2012, and will comprise a S$230 million capital expenditure in remaking Suntec City Mall and a further S$180 million on Suntec Singapore International Convention and Exhibition Centre (Suntec Singapore).

Suntec REIT holds an effective interest of 60.8 per cent in Suntec City. On completion in mid-2015, the development will offer almost 1 million sq ft of retail lettable space.

In a statement released on Monday, the REIT manager said Suntec City Mall's net property income is expected to increase by 33 per cent or S$23 million. This would represent a 10.1 per cent return on investment for unit holders and an 84 per cent increase in capital value over capital expenditure.

Mr Yeo See Kiat, Chief Executive Officer of ARA Trust Management (Suntec) Ltd, which manages Suntec REIT, said: "During the execution of the AEI works, we would use part of the sales proceeds from Chijmes to mitigate the temporary dip in DPU."
Last week, Suntec REIT announced that it entered into a property sale agreement with PRE 8 Investments Pte Ltd for the sale of Chijmes at a price of S$177 million or S$2,218 psf on net lettable area.

Source : Channel NewsAsia – 31 Oct 2011

Clementi DBSS Trivelis receives 2,877 applications

The latest Design, Build and Sell Scheme (DBSS) development, Trivelis, has received a total of 2,877 applications when it closed on Monday.

There are 888 units – this means there are 3.26 people vying for each unit.

The development along Clementi Avenue 4 is the first DBSS project in the area. 60 per cent of applicants are first time buyers.
The units have an average indicative price of S$650 per square foot, about 10 to 15 per cent higher than other DBSS projects.

Analysts said most buyers have an income of some S$10,000, and they are buying such developments because of the better location and facilities of DBSS flats. This will also help push the resale value up in the future.
All three DBSS projects launched this month – including Belvia in Bedok and Lake Vista@Yuan Ching – have been oversubscribed.

Source : Channel NewsAsia – 31 Oct 2011

Private housing prices moderate

Prices of private residential properties increased by 1.3 per cent in the third quarter of 2011, lower than the 2.0 per cent rise in the previous quarter.

This was the eighth consecutive quarter in which the rate of increase in overall private housing prices had moderated, according to real estate statistics released on Friday by the Urban Redevelopment Authority (URA). Prices of non-landed properties in Core Central Region (CCR) — which includes postal districts 9, 10 and 11 — increased at a slower pace of 0.7 per cent in the third quarter, compared to the 1.6 per cent rise in the previous quarter.

Meanwhile, prices for Rest of Central Region2 (RCR) and Outside Central Region (OCR) increased by 1.2 per cent and 2.1 per cent respectively in the third quarter.

This is slightly higher than the 1.1 per cent and 1.7 per cent increase in the previous quarter. Rentals of private residential properties rose by 0.8 per cent in the third quarter, less than the 1.3 per cent increase in the previous quarter.

URA said there was a total supply of 76,255 uncompleted private residential units from projects in the pipeline, as at the end of the third quarter this year.

This supply is higher than the 71,111 units in the previous quarter, and also the highest ever recorded since such data was first available in 1999. Meanwhile, the total stock of completed Executive Condominium (EC) units remained unchanged at 10,430 units as at the end of the third quarter.

In addition,there were 5,332 EC units in the pipeline. URA added that another 1,115 EC units could come from the EC sites that have been released for sale via the 2nd Half 2011 government land sales (GLS) Programme.

Source : Channel NewsAsia – 28 Oct 2011

MCC Land wins tender to develop EC project at Yishun

MCC Land has won the tender to develop an executive condominium project at Yishun Avenue 7 and Canberra Drive.

The Housing and Development Board said the tender was awarded at nearly S$214 million.
The site on a 99-year lease can yield 725 units.

Source : Channel NewsAsia – 31 Oct 2011October 31, 2011

Prices of resale HDB flats up 3.8% in Q3 2011

SINGAPORE - Resale prices of Singapore government-built HDB apartments rose 3.8 per cent in the third quarter from the preceding three months, accelerating from the gain of 3.1 per cent in the second quarter, local TV reported on Friday.
The Housing and Development Board's estimate of the price increase was unchanged from the preliminary figure released earlier this month.

The number of transactions, however, fell to 5,903 from 6,581 in the preceding quarter.

Resale prices of HDB apartments, which house about 80 per cent of Singapore's 5.1 million population, have been rising faster than prices of homes built by private developers due to a shortage of lower-cost accommodation in the city-state.

Prime Minister Lee Hsien Loong said earlier this month the government hopes to stabilise the housing market in four years.
The Urban Redevelopment Authority said on Friday private home prices in Singapore rose 1.3 per cent in the third quarter compared with the preceding three months - the slowest pace of increase in eight quarters.

Source: Asia one -Oct 31, 2011