Category Archives: HDB

Resale flat prices increase, but COV premiums drop 9% in Q1

Posted on 25 Apr 2011 | Comments Off on Resale flat prices increase, but COV premiums drop 9% in Q1

The price of resale flats went up in the first quarter of 2011, but Cash-Over-Valuation premiums fell to S$21,000 – a 9 per cent drop from the previous quarter, according to data from the HDB.

Observers attribute the lower COV premiums to the government’s cooling measures which took effect in the first quarter of this year.

Going forward, analysts have mixed views on the outlook for COV premiums.

“Currently the COVs have come to a point where it is not going any much lower. Based on our PropNex data, the COV for the month of April has already gone up to a median at S$23,000, which is where we were starting prior to the first quarter,” said PropNex CEO Mohamed Ismail.

For the first quarter of 2011, the price of resale flats rose 1.6 per cent.

This is higher than the 2.5 per cent increase in the previous quarter.

Meanwhile, median sublet rents in Q1 remained relatively stable with increases from 1-room and 5-room flats and decreases from 2-room flats.

Subletting transactions rose by 8 per cent to 6,365 cases.

Some analysts believe COV premiums will likely continue to fall as a result of new supply coming on stream.

Separately, HDB said it will launch another 3,185 flats in Hougang, Sembawang, Sengkang and Punggol for sale under the April 2011 Build-to-Order BTO exercise.

This will bring the total supply of new BTO flats this year to 22,000, compared to the 16,000 BTO flats that were offered last year.

“I think the fact that there’s going to be 22,000 new HDB dwellings up in the marketplace, and the government’s ramping up in terms of its development missionary to develop more HDB properties…will mean vendors cannot hold on to their COV asking prices,” said Mr Donald Han, vice chairman of Cushman and Wakefield.

Despite the supply of new flats, Mr Han believes there could be a one to two per cent uptake in HDB resale prices in the next one or two quarters.

Mr Ismail also thinks the resale prices will trend up, as new supply of BTO flats are not a perfect substitute for the resale units.

Source : CNA – 25 Apr 2011

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Residents fret over new lift landings

Posted on 24 Apr 2011 | Comments Off on Residents fret over new lift landings

The Housing and Development Board’s (HDB) Lift  (LUP) has remained popular with home owners for its benefits but to some residents, the lift landing designs at some HDB blocks may cause potential problems.

For Ms Sophie Fernando, a resident in a five-room flat in Block 258, Jurong East Street 24, she is concerned that the new lift landing next to her balcony could be a springboard for burglars to break-in.

Ms Fernando said that she had asked the HDB to install full-height metal bars at the lift landing to ensure that any possible access to her unit by burglars would be sealed off but the request was turned down.

In response to media queries, the HDB said it had looked into the request and that “a full metal grille is not necessary … as the distance between the lift lobby and balcony is sufficiently set back and complies with the building guidelines”.

When MediaCorp visited the block, a resident on the second floor highlighted that the canopies, meant to minimise rainwater from splashing into the ground floor lift lobby, is another easy access point for burglars.

But the HDB explained that the sloped, 600mm-wide canopy is a difficult foothold and that anyone who wanted to jump into the window must leap at least 1.5m to the nearest window ledge to get to the next foothold, making “the risk of falling off the block with such a move being very high”.

For another HDB resident, who wanted to be only known as Mrs Lee, the new lift lobby allows strangers to look from the balcony straight to her kitchen. She plans to line her side of the lift lobby with potted plants in order to block the view into her flat.

Mrs Lee said she now regrets agreeing to the LUP in her flat. “I’m living on the second floor and I’m healthy enough to walk up on my own, I don’t really need lift upgrading,” said the 51-year-old.

Mrs Lee said that, despite having seen the floor plan and designs during the consultation stage, she was still struck by  another unpleasant surprise – the lift shaft seemed to have blocked light to the staircase landings. In response, the HDB said that residents can approach the Town Council for assistance on common area lighting.

The HDB adds that lift upgrading in the block was given the go-ahead after more than 80 per cent of the units voted “yes” during the polling in March last year.

Yuhua constituency Zone 1 Residents’ Committee chairman P Rajoolingam said that any further complaints on lift upgrading can be made to the grassroots leaders, who will take further action should more residents made their concerns known.

By Lynda Hong

Source  – Todayonline – 24 Apr 2011

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