Tag Archives: Singapore Property

Applications approved for shop-house offices & commercial schools

Posted on 9 Jun 2012 | Comments Off on Applications approved for shop-house offices & commercial schools

The Urban Redevelopment Authority has approved 10 applications from shop-house owners to use the upper floors of their property as offices and commercial schools.

This follows the relaxation of rules to allow the premises to be used as offices and commercial schools.

Analysts said the take-up rate is encouraging.

Using shop-houses as business space is becoming increasingly popular.

But the number of such units has not been increasing.

Analysts said this shortage has caused shop-house rentals in the CBD area to rise by some 20 to 30 per cent over the past two years.

Renting a shop-house’s first floor costs some S$7-S$10 per square foot while the second floor costs S$4-S$6 per square foot.

Currently, shop-house owners are allowed to use their first floor for any type of business activity.

The upper floors are restricted to home offices, student care centres, aged homes, community institutions, hostels, serviced apartments and hotels.

With the new rules, shop-house owners have more options to use their space.

But they will also need to get permission from the Land Transport Authority to have either an office or commercial school on their upper floors. This is to prevent traffic congestion around the property.

Source : CNA – 2012 Jun 7

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Posted in Office / Retail / Industrial, Property Market / Real Estate

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BTO flats: ‘Better chances’ for second-time buyers

Posted on 7 Jun 2012 | Comments Off on BTO flats: ‘Better chances’ for second-time buyers

The chances of second-time buyers securing build-to-order (BTO) flats have improved significantly over the last seven months, according to the latest statistics shared by National Development Minister Khaw Boon Wan yesterday.

The application rate for second-timers stands at 8.8, compared with 10.9 in March and 25.9 in November last year.

In non-mature estates, the application rate for second-timers is now 7.3, similar to 7.0 in March.

The Government had revised balloting rules in March to favour second-timers in applying for a BTO flat.

Writing on his blog yesterday, Mr Khaw said it was “greatly reassuring” that the resultant application rates showed that second-timers “significantly improved on their chances, while first-timers’ rate remained satisfactory”.

As at 5pm yesterday, 11,410 people had applied for 4,600 new flats offered in the Housing and Development Board’s latest BTO tender exercise.

This results in an overall application rate of 2.5, which, Mr Khaw felt, “is quite encouraging”.

Locations that were the most popular with second-timers included three-room units at Choa Chu Kang with a 23.9 subscription rate, and four-room units at Kallang Whampoa with a rate of 20.8.

Compassvale Boardwalk in Sengkang proved to be the most popular with first-timers, with a subscription rate of 3.8 for the four-room and 2.9 for five-room units.

The overall application rate for first-timers stands at 1.6 – lower than 2.2 in March and similar to the 1.6 in January this year and November last year.

“If first-timer application rates hold steady at below 2, I will be able to help even more second-timers get their new flats,” said Mr Khaw.

The latest numbers also meant a stabilising effect on prices in the resale market, said Mr Lee Sze Teck, senior manager of research and consultancy at the Dennis Wee Group.

“People now have more options, so the demand is more stable,” he said.

Mr Khaw also noted that the Toh Yi Studio Apartments, which were controversial when first launched, have proven popular.

About 220 people have applied for the project’s 132 units, of which 12 per cent are existing Toh Yi residents.

Source : Today – 2012 Jun 6

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Posted in HDB

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