Category Archives: HDB

Mass-market site draws strong developer interest

Posted on 20 Aug 2009 | Comments Off on Mass-market site draws strong developer interest

Hong Leong puts in top bid of $280 psf ppr for the plot in Pasir Panjang

An impressive 13 bids were received for a residential site at Chestnut Avenue in Bukit Panjang at the close of the tender yesterday, reflecting the renewed interest and the growing positive outlook among developers for mass market residential projects.

And the top bid of $143.7 million – or $280 per square foot per plot ratio (psf ppr) – put in by two companies in the Hong Leong Group stable was also much higher than expected by analysts, who had predicted a top bid of $200 psf ppr just a month ago.

Analysts said that developers are looking to restock their landbanks after selling a large number of homes – mostly in the mass market – over the past few months.

‘The level of interest shown by the bidders of this site at Chestnut Avenue indicate a growing appetite for mass market projects, especially so Continue reading →

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Posted in Developers, HDB, Property Market / Real Estate

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Cash upfront for HDB resale flats doubles in a month

Posted on 20 Aug 2009 | Comments Off on Cash upfront for HDB resale flats doubles in a month

THE amount of cash needed upfront to buy an HDB flat resale roughly doubled last month as the exuberant sentiment in the private homes market spilled over into public housing.

Three property agencies told The Straits Times that the median cash-over-valuation, or COV, has shot up across all flat types and has gone above $10,000 for some units.

In two of the more startling examples, a five-room flat at Depot Road sold for $70,000 above its $490,000 valuation, while an executive flat in Pasir Ris sold for $35,000 above its COV of $550,000, according to figures from PropNex and the HSR Property Group.

COV is cash that buyers pay to a seller over and above a flat’s market valuation. It cannot be covered by a mortgage or CPF money, and so serves as an indicator of flat affordability.

What is surprising is the speed at which it doubled in a month, said Mr Colin Tan, Chesterton Suntec International’s research and consultancy director. Continue reading →

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Posted in HDB

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