Tag Archives: HDB

Eunosville up for collective sale by tender

Posted on 19 Jun 2013 | Comments Off on Eunosville up for collective sale by tender

A 330-unit residential development, Eunosville, is up for collective sale by tender with a reserve price of S$688 million, according to its exclusive marketing agent Jones Lang LaSalle (JLL). If sold, the development located opposite the Eunos MRT station will be the second largest ex-HUDC estate sold collectively in absolute price terms, as well as the largest en bloc sale in six years.

Built in the late 1980s by the former Housing and Urban Development Company (HUDC), a unit of the HDB, Eunosville was privatized in 2011. With a land area of approximately 376,712 sq ft and a gross plot ratio (GPR) of 2.8, the development is zoned Residential under the Master Plan 2008. The site could potentially yield 1,000 units with an average size of 1,100 sq ft.

En bloc sales specialist Credo Real Estate was appointed by the owners as their property consultants for the collective sale in May 2012. Credo Real Estate was later acquired by JLL in September.

“It is not often that a privatised HUDC estate is launched for collective sale, largely due to the sheer size of such estates,” says Mr Tan Hong Boon, Regional Director of Investments at Jones Lang LaSalle.

“The lack of new supply of large-scale residential projects in the vicinity should also bode well for the successful purchaser of Eunosville. Based on latest URA-compiled statistics provided by developers, there are only about 30 unsold new residential units available in large projects (of at least 300 units) within the 2-km radius of Eunosville,” added Tan.

The owners of Eunosville are expecting offers in excess of their minimum price of S$688 million, or S$799 psf ppr over its potential GFA, including estimated differential premiums of S$155 million payable to top up the lease to 99 years.

According to the release, the minimum bid rate of S$799 psf/pr is highly competitive compared to a number of sold Government Land Sales (GLS) sites close to MRT stations.

The existing development is comprised of six mid-rise and four low-rise blocks and has a remaining lease of about 74.5 years. The owners are on their first attempt at selling the estate on a collective basis.

The tender for Eunosville closes on 24 July at 2:30 pm.

Source PropGuru – 19 Jun 2013

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Balance flats a hit with those under priority scheme

Posted on 14 Jun 2013 | Comments Off on Balance flats a hit with those under priority scheme

Completed new flats proved popular with married couples who are expecting a child or have one aged under 16 in the most recent sales exercise.

Applications under the Parenthood Priority Scheme (PPS) formed about 119 per cent of the completed units on offer, according to Housing and Development Board (HDB) figures. This meant that there were more than two applicants per unit.

The latest exercise was the first to feature the enhanced scheme, which reserves half of balance flats on offer for these married couples. Nearly half of the 8,000 units offered comprised balance flats, with units available in Toa Payoh, Queenstown and Pinnacle@Duxton.

In contrast, PPS applications formed about 14 per cent of those for Build-to-Order (BTO) flats. This means that almost all PPS applicants who applied under the BTO exercise can select a flat, if they choose to, said the HDB.

With one in five PPS applicants comprising married couples who are expecting a child, analysts felt it reflected the group’s urgent housing needs. When asked if completed units should be released more promptly to meet the needs of some, Mr Chris Koh of Chris International felt the current strategy was adequate as it allowed for more choice. “If the units were released at every exercise, the numbers would not be significant. As Sale of Balance Flats (SBF) exercises have been more popular than BTOs, it would ensure that figures won’t be skewed to the SBF units and BTOs would still enjoy some demand,” he said.

The Studio Apartment Priority Scheme, which made its debut in the latest exercise, also witnessed high demand for completed units. Applications under the scheme comprised 150 per cent of the studio apartments offered under SBF, while those for BTOs made up 17 per cent. The scheme is meant for seniors who want to move to a studio apartment that is close to their current home or near their children.

Source – Today – 14 June 2013

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