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Daily Archives: 14 Sep 2009

HDB caters to 8 out of 10 S’poreans to suit different budgets & needs

Posted on 14 Sep 2009 | Comments Off

The topic of the affordability of HDB flats was raised in Parliament on Monday during question time. In his reply, National Development Minister Mah Bow Tan has again emphasised that they remained affordable.

He explained the public housing body caters to eight out of ten Singaporeans earning from S$1,500 a month to S$8,000 a month with different types of flats, needs and tastes.

And the HDB is putting up Executive Condominium sites for sale in the confirmed list next year to offer more housing choices for the higher income group.

However, Members of Parliament said the affordability of HDB flats is an issue of concern among their residents.

Jessica Tan, GPC Chair, Finance and Trade and Industry and MP for East Coast GRC, said: “We know resale flats are rising in prices. How can HDB help to ensure that it stays affordable especially for the young couples who are looking to own their first flats.”

Mr Mah explained that affordability is about the price of the flat and the income levels of the families concerned. Also the type of flat they can buy would depend on ability to service the loan. Continue reading →

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Tagged HDB, Housing Development Board

Marina Bay Residences hits $2,500 psf

Posted on 14 Sep 2009 | Comments Off

In the Marina Bay area, transactions at Marina Bay Residences have once again reached stratospheric levels, with prices returning to levels seen in 2H2007. Sub-sales of units at Marina Bay Residences have steadily crept up from a low of $1,433 psf in April to a high of $2,500 psf last month. This is the highest price per square foot achieved not just in 2009 but since May last year, when a 3,961 sq ft penthouse on the 52nd floor changed hands for $10.7 million, or $2,700 psf.

The 55-storey, 428-unit luxury residential tower is part of the first phase of the Marina Bay Financial Centre (MBFC), a multi-billion-dollar mixed-use development jointly built by the consortium of Keppel Land, Hongkong Land and Cheung Kong (Holdings). When the 99-year upmarket condominium first previewed in December 2006, all the units were snapped up at an average price of $1,850 psf within days without the need for an official launch.

Marina Bay Residences is scheduled to be completed in mid-2010, and as the completion of the Marina Bay Sands integrated resort nears, and interest mounts, prices have naturally also increased.

Most recently, a 1,227 sq ft, 50th level unit at the condominium was sold for $3.07 million, or $2,500 psf. According to caveats lodged with URA Realis, the seller of the apartment had purchased the two bedroom unit at the launch three years ago and paid $2.71 million ($2,205 psf) for it.

On the 51st level, a 1,130 sq ft apartment was recently sold for $2.71 million ($2,400 psf). This is the second time the unit has changed hands in a sub-sale. The last time it happened was in July 2007, when it was sold for $2.49 million ($2,200 psf). The original buyer of the unit paid $2.07 million ($1,835 psf) when the project was first rolled out. Continue reading →