Orchard Scotts is the winner of the FIABCI Prix d’Excellence 2009 (Residential Category). This makes Far East Organization the only developer in the world to win five FIABCI Prix d’Excellence Awards, the highest honour in international real estate.
Orchard Scotts is a study in modernism by none other than the most cutting-edge artictectural firm in America; the highly acclaimed, award-winning Arquitectonica of Miami, Florida. The designer of such architectural gems as the The Atlantis, Beverly Hills Residences and The Westin New York at Times Square, Arquitectonica is recognised worldwide for its excellence and innovative design.
One of the last sizeable freehold sites in Orchard Road, Belle Vue is a collaborative effort by an award winning team led by world acclaimed Japanese architect Toyo Ito applauded for his organic geometries and sensitive interpretation of nature.
Through an intimate setting with nature, the units are planned in a manner that balances the best possible relative position to each other.
HDB is also extending its hands for people with its second concessionary loan by allowing buyers who is downgrading, upgrading or buying flat of the same type to borrow.
Previously, only buyers who are upgrading their flats are allowed to borrow the second time directly from HDB. This might have unintentionally caused families who are not ready to upgrade their flats to do so.
Right Sizing the Quantum for the Second Concessionary Loan
HDB will reduce the quantum of the secondary concessionary loan by the full CPF proceeds and part of the cash proceeds from the sale of the existing or immediate past HDB.
Flat buyers can keep the greater of $25,000 or half of the cash proceed (including cash deposit received) and determine the quantum of the second loan to be granted.
50% of the cash proceeds (including deposit and cash over valuation) from the sale of the immediate past HDB flat and all of the CPF balance to finance the purchase of the next flat.
HDB will also be helping home owners who will be buying their next flat before selling their existing one by allowing them to apply for the second concessionary loan by granting them a bigger laon at commercial interest rates. The commercial interest rates are pegged to the 3-month average non-promotional interest rate for HDB flats offered by the 3 local banks.
They will redeem this loan with the full CPF refund from the sale of existing flat and part of the cash proceeds and will be reverted back to a concessionary rate loan.