Tag Archives: Build & Sell Scheme

Homeowners upset about DBSS delay

Owners of Centrale 8 – a Design, Build & Sell Scheme (DBSS) development in Tampines – are unhappy about the delay in getting the keys to their new flats, said media reports.

They received a letter from developer Sim Lian Group in February informing them the keys will be given to them in May or June.

June is now over and they have yet to receive their keys. Some are scrambling to find alternative housing arrangements after the leases of their rental homes ended last month.

However, they are actually getting their flats ahead of schedule, given that the expected Temporary Occupation Permit (TOP) for the development was initially set for October, but was brought forward to June.

Early last month, Sim Lian Group also informed the homeowners of the possible delay in receiving their keys due to the vesting process – which involves transferring the development site to the HDB for lease administration as well as to the Town Council for maintenance of the carparks and common areas.

“Buyers should note that the expected vacant possession date is an estimated one and actual delivery of vacant possession may occur before or after the vacant possession date,” said a spokesperson from Sim Lian Group.

Industry experts said developers are unlikely to issue such letters to buyers unless they are completely sure of the dates.

This is because “owners might commit to the date given and, if the deadline is not met, the reputation and credibility of the developer would be doubted,” according to ECG Group Chief Executive Eric Cheng.

However, the developer is not in the wrong as long as it has not violated the legal date of completion.

With this, he advised owners to be cautious and “not take these dates as foolproof.”

HDB resale price increased 1.6% in Q1

HDB resale prices increased in the first quarter of this year, albeit at a slower rate, as property cooling measures kicked in.

The Resale Price Index increased 1.6 per cent in Q1, compared with 2.5 per cent in the previous quarter.

Cash-Over-Valuation premiums dropped nine per cent or S$2,000 to S$21,000 from the previous quarter, with the proportion of resale cases transacting above valuation remaining at 96 per cent.

Data released from HDB also showed that the number of resale transactions fell by about four per cent to 6,228 cases in first quarter of 2011.

Median sublet rents in Q1 remained relatively stable with increases from one-room and five-room flats and decreases from two-room flats.

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

The total number of HDB flats approved for subletting rose to about 36,400 units in Q1, compared to about 35,000 units in the previous quarter.

HDB also announced that it will launch another 3,185 flats located in Hougang, Sembawang, Sengkang and Punggol for sale under the April 2011 Build-to-Order (BTO) exercise.

In total, HDB said it will offer 22,000 new BTO flats in 2011 if demand is sustained.

Last year, a total of 16,000 BTO flats were offered.

In addition to the BTO flats, units under the Design, Build & Sell Scheme (DBSS) and the Executive Condominium (EC) Housing Scheme will be offered as well.

An EC site at Punggol with an estimated yield of 700 units, and two DBSS sites at Sengkang and Bendemeer Road with a potential yield of about 1,500 units, will be released for tender in May and June 2011 respectively.

Source : CNA – 25 Apr 2011