Singles over 35 can now buy new HDB flats

Posted on 30 Jul 2013 | Comments Off on Singles over 35 can now buy new HDB flats

Up to 30% of new BTO two-room flats kept aside for eligible singles earning S$5,000 and under a month.

Singles over 35 years of age and who meet certain criteria can buy new flats directly from the HDB as of today (July 30).

The Housing and Development Board (HDB) has launched nearly 4,000 for sale under the July Build-to-Order (BTO) exercise in Bukit Merah, Sengkang and Yishun. The flats, ranging from studio apartments to five-room flats, are being offered to meet diverse housing needs, the HDB said in a statement today.

A total of 519 new two-room flats in Sengkang and Yishun will be offered in this BTO exercise, comprising 301 units in new BTO projects, and another 218 units from previous BTO exercises.

First-timer singles will enjoy up to 30 per cent of the two-room flat supply in these non-mature estates. Eligible singles must be at least 35 and earn S$5,000 or less a month.

Singles who apply for these flats under the Joint Singles Scheme (JJS) will pay the same BTO price as married couples. However, singles who apply under the Single Singapore Citizen Scheme (SSC) will pay S$15,000 more than married couples.

Singles who later marry will receive the CPF Housing Top-Up Grant of S$15,000 after marriage.

This is similar to existing schemes for singles, who are eligible for a total of S$30,000 in CPF Housing Grants under the JSS and S$15,000 under the SSC.

Previously, singles aged 35 and above could only buy resale flats of any size and in any location. Those earning a monthly salary of S$5,000 or less and buying a 5-room or smaller resale flat, get a CPF housing grant of S$15,000.

This new housing policy was promised by Prime Minister Lee Hsien Loong in last year’s National Day Rally and confirmed in Parliament by National Development Minister Khaw Boon Wan.

Today – 30 Jul 2013

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More condo units returned in 2013

Posted on 30 Jul 2013 | Comments Off on More condo units returned in 2013

The number of Singapore buyers choosing to return their private property units has been rising throughout 2013, although there seems to be a variety of reasons why people opt to forfeit 1.25 percent of the purchase price.

Last month saw 97 units returned to developers according to published data from SquareFoot Research. That number, although high, remained below the April year-to-date record of 152 units.

According to the study, the project seeing the highest number of returned units was Stratum with 18, although the developer denied that number was correct, adding that a total of 16 units were returned over the course of a two-month period – and a further two units were exchanged.

The developer suggested that buyers may have taken the decision to return their units for a variety of reasons, including changing their minds and opting for a more suitable unit, or realising they would be unable to obtain financing for their purchase.

Other developments seeing multiple returned units last month, according to the research, included The Lanai (2), Canberra (5), La Fiesta (2), Jade Residences (2), Midtown Residences (5), Cambio Suites (2), Whitehaven (4), Newest (6), Twin Fountains (6), Corals at Keppel Bay (9) and Kap Residences (7).

Seven units were also returned by buyers of CityLife@Tampines.

A spokesperson for the developer told PropertyGuru: “All seven units which were returned happened because the buyers subsequently discovered they did not meet the qualifying criteria to buy an executive condo under current Housing Development Board (HDB) rules.”

The spokesperson added that all seven had since been sold to other buyers.

Far East Organization’s luxury development Ferra also saw three units returned during June, with a spokesperson clarifying: “I can confirm that the number of Ferra units sold as of mid-May was 8. As of July 29 the number of Ferra units sold is five.”

The spokesperson declined to provide further details or reasons why units were returned.

SquareFoot’s Research shows a direct correlation between property prices and the number of returned units for more than five years, although no official data exists for the precise numbers, or reasons they are being forfeited.

Property Guru – 30 Jul 2013

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