Tag Archives: Hougang

HDB launches 3,185 new BTO flats

Posted on 25 Apr 2011 | Comments Off on HDB launches 3,185 new BTO flats

The Housing Development Board (HDB) on Monday launched 3,185 new build-to-order flats, forming the largest supply of subsidised housing in a single launch since 2002.

The offer consists of 105 units of two-room, 541 units of three-room, 1,797 units of four-room and 742 units of five-room flats.

At least 95 percent of the units will be allocated to first-time owners, the HDB said in a statement.

Another 6,070 flats will be up for sale in May and June, it added.

The latest numbers would bring the total HDB flat count to 14,100 units by the end of June, already close to 90 percent of the 16,000 flats offered for the whole of last year.

The projects launched on Monday are Anchorvale Cove in Sengkang, Hougang Parkview in Hougang, Montreal Ville in Sembawang and Waterway Terraces II in Punggol.

The Hougang Parkview and Montreal Ville projects are standard flats with a price tag of at least $92,000 for two-room flats, $158,000 for three-room, $248,000 for four-room and $333,000 for five-room units.

Anchorvale Cove and Waterway Terraces II cater to buyers opting for premium flats, which cost from a minimum of $179,000 for three-room units to $354,000 for five-room units.

The latest HDB projects are expected to be completed in the first quarter of 2014 at the earliest.

For 2011, HDB will offer a total of 22,000 new BTO flats if demand is sustained.

Source : CNA – 25 Apr 2011

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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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