Landed properties have been in focus after the cooling measures was introduced by the government this year. Since the measures, landed transactions has been picking up tremendously, with local investors seeking alternative channel as oppose to strata condominium area. There are many reasons to believe as well that the investors felt that there’s a disparity in terms of value between strata space and land prices. With such a strict supply of houses in Singapore, where could we empower ourselves to know more about this niche segment in the robust Singapore real estate market?
Getting Great Deals
As a prospective buyer or investor, you would be having houses ranging from inter terraces to detached houses available island-wide displayed right in front of you. You would be able to tell the price difference in different districts and tell whether you would be getting yourself a good deal.
HDB Steps up against illegal subletting by enforcing more checks and placed the heartlanders’ concerns with regards to Permanent Residents monetizing public housing.
HDB flats are primarily meant for owner occupation. Those who wish to sublet their flats must meet the Minimum Occupation Period (MOP) and obtain HDB’s approval before they can do so. This rule applies to both Singapore Citizens (SCs) and Singapore Permanent Residents (SPRs).
Enforcement Actions Taken Against Unauthorised Subletting
2In 2011, HDB carried out 7,000 flat inspections and took action against 56 flat owners for unauthorised subletting. Of these, HDB has initiated compulsory acquisition action against 18 flat owners for blatantly infringing subletting rules. (See Annex A (PDF 22KB) for details of 3 cases where HDB has initiated compulsory acquisition actions as the flat owners have blatantly abused the public housing system and flouted HDB rules.)
Revised Subletting Rules for Singapore Permanent Residents (SPRs)
HDB reviews policies and rules regularly to keep them relevant. As part of ongoing reviews, the rules for subletting by flat owners who are SPRs will be revised with effect from 11 Jul 2012.
It just shows how flexible can they be when it comes to tweaking the rulings to curb with certain issues. These are measures definitely to appease the citizens to prevent possible abuse of monetizing public housing for rental income.
But of course, people who are illegally subletting their flats now should be wary.
Some design perspectives of the new project FLO Residence is out,
Artiste Impressions of FLO Residence
For those who are not familiar with ADDP Architect, they are the ones responsible for Grand Duchess at St Patrick’s, NIN Residence, Natura Loft, Parc Emily and many more award winning residential enclaves.
With effect from 18th April 2012, the new Housing Development Rules changes in the Housing Development Act (HDA) kicks in for greater transparency for the consumers when purchasing a brand new home from the primary sale market. Extracted from URA, these are among the key changes:-
1. Mandatory information to intending home-buyers
Developers will have to provide more information on the housing project and property to home-buyers before the issue of the Option-to-Purchase. The information to be provided would include a drawn-to-scale location plan and site plan of the project, unit floor plan and a breakdown of a unit’s floor area by the various spaces such as bedrooms, balconies and bay windows.
2. Track record of developers
Developers will have to provide information on at least one completed project they had built to home-buyers before the issue of the Option-to-Purchase.
3. Home-buyers’ consent for changes to a housing unit
Developers will have to obtain the home-buyer’s consent for changes in a unit that would affect the home-buyer, e.g. changes to the layout of the unit.
4. Extend controls on advertisements to those on websites
Existing controls on advertisements in newspapers and sales brochures will be extended to advertisements on websites. Similar to advertisements in newspapers and sales brochures, advertisements on websites must not contain any false or misleading information.
This definitely gives a whole new level of transparency to home buyers (especially the first timers), and they would expect what they see is what they mostly will get (minus off the interior design treatment).
I would not think that should affect too much on the property market since they account for less than 1% of the property transactions in Singapore, but MAS has mentioned it will scrap off the Financial Investor Scheme (FIS) from the Global Investor Program soon.
Under the GIP scheme, the foreigner has to invest S$2.5 million in a new company in Singapore or expand an existing business that has an annual turnover of at least S$30 million.
EDB said the details of the changes will be available on the Contact Singapore website next Sunday.
The GIP, along with the Monetary Authority of Singapore’s Financial Investor Scheme are seen as quick ways for wealthy foreigners to obtain permanent resident status in Singapore.
Business Times published today with regards to the “loophole” which the developers has Strata houses which does not require Land Dealings Approval Unit (LDAU) approval for foreigners to buy in.
Some projects mentioned which did very well in their primary sales are euHabitat in Jalan Eunos, Thomson Grand at Upper Thomson, Archipelago at Bedok.
These is niche since apart from Sentosa Cove (LDAU still required, but Fastracked), there are no other areas which allows foreign buyers to purchase a landed type property without approval, even for cluster housings.
These creates a unique selling point as well for great future capital gains with its limited number of its kind since it offers flexibility and features of a landed property and yet has great communal facilities (even better than cluster housings since land parcel is bigger and shares the same condominium facilities as the rest of the apartment condos)