More private residential sites in Central Region

Posted on 18 Jun 2014 | Comments Off on More private residential sites in Central Region

After establishing more employment hubs near the suburbs in the past few years, the government is auctioning off more housing sites in the Central Region in a bid to reduce workers’ commuting time.

Under the H2 2014 Government Land Sales (GLS) Programme’s Confirmed List, 33.2 percent of private housing supply is located within the Central Region, up from 28.9 percent in the first half of the year and 15.1 percent during the same period in 2013.

The proportion is also significantly larger than the recent low of 8.6 percent in H1 2012.

According to a URA representative in media reports, the sale and development of residential sites in the Central Region will provide more choices to home buyers, enabling them to live closer to their workplace.

Notably, this region consists of the Core Central Region (CCR) and the Rest of Central Region (RCR).

Image (by URA): Map of Central Region

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Posted in Government, Property Market / Real Estate

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Rental market largely unaffected by foreigner quotas

Posted on 18 Jun 2014 | Comments Off on Rental market largely unaffected by foreigner quotas

It has been six months since authorities imposed quotas on subletting HDB flats to foreigners and only about one percent of Housing Board neighbourhoods have reached the limit as of June, according to HDB in media reports.

Notably, this is about the same proportion affected by the policy when it was implemented in January.

Since then, only 11 percent of the flats in a block or eight percent of the flats in a neighbourhood can be wholly sublet to foreigners or Permanent Residents (PRs). However, Malaysians are exempt from the restrictions due to cultural similarities.

Additionally, the rule does not apply to renting out rooms.

The measure is aimed at preventing the “formation of foreigner enclaves in HDB estates, and maintain the Singaporean character of our HDB heartland,” said HDB.

Property agents noted although the overall rental market has been cool, it has been largely unaffected by the new measure unless they are focusing on desirable areas, such as near MRT stations in the west.

“Most of the blocks that are more popular near the MRT are affected,” said Dennis Wee Realty agent Jimmy Chua.

Century 21’s CEO Ku Swee Yong expects the quotas to affect Jurong East, where two hospitals, with over 4,000 healthcare workers, are set to be completed in a year.

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Posted in HDB, Rental / Lease

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