URA draft master plan for 2013 is out. While I spend sometime in digesting what is happening in the future, the Master Plan on its own is ready for usage. You could even check whether any land is intensified via here.
You can also visit the exhibition for the Draft Master Plan at URA Centre to find out more.
URA Masterplan 2013
Remember I’ve mentioned about the Masterplan is due for update this year? Channel News Asia did a report on the draft Masterplan 2013 which should be exhibiting soon and will be then finalized by next year. Recently I had a discussion with a developer friend and we suspect that there might be some land intensification in this version.
Either intensity or not, this version of Masterplan would be exciting to look at since the current version based on 2008 with revisions of street blocks over the years was definitely deemed successful in terms of urban planning for the nation.
Marina Coast Expressway (MCE) to be opened on 29 December
Probably one of the most costliest expressway to construct (and the most expensive expressway ever built in Singapore), this 10th exciting expressway is set to debute by the end of the year. With this 5km that connects to mainly the Marina Bay area as well as major expressways including KPE, ECP and AYE, this will ease and definitely improve traffic landscape.
Exciting changes doesn’t really end there. This definitely benefits some of the residential and commercial elements along the expressway which has a sea view that was previously pegged by noise levels from ECP.
Watch the video here to understand more about MCE.
Hillview Peak is a 512 unit apartment condominium tucked in lush greenery of Hillview area. This would be Kingsford Development’s first foray into Singapore residential market. Why is Hillview Peak particularly exciting as a brand new condominium that is about to join the ranks of Hillier and Lanai in refreshing the quiet and peaceful vicinity?
Project Name – Kingsford Hillview Peak
Tenure – 99 years leasehold commencing from 4th June 2012
Number of Units – 512
Type – Full Facilities Condominium consisting of one block of 26 Storey and 2 blocks of 12 storey residential apartments
Estimated Year of TOP – 2016 Q4 Continue reading “Hillview Peak – Convenience in an Enclaved Sanctuary”
Just when property market picks up by a little notch, MAS introduced a new cooling measure by introducing debt servicing ratio framework. With effect from 29th of June 2013 (by tomorrow), the new rules will take effect to ensure that a property buyer’s monthly payments do not exceed 60 percent of his income.
This new TDSR (total debt servicing ratio) will apply to loans for the purchase of all types of property, loans secured and refinancing of all related property loans.
This is to encourage prudence on borrowing and refrain borrowers from overexposure to financial risk. Banks will also have to apply a specific medium-term interest rate, or prevailing market rate, whichever is higher, to the property loan that the borrower will be apply for.
This would definitely affect in particular for existing property owners who are seeking to purchase another property for investment, be it residential, commercial or industrial.
[block type=”alert”] You can read more about the framework from the official MAS website here.[/block]No. As all your contracts are inked in and approved, this definitely will not affect your existing mortgages. I suppose what MAS worry about is the possibility of interest rate increasing that might put borrowers who neglect the ratio and is overweight on any type of mortgage loans.
In all honesty, TDSR of 60% has always been the norm, but just not followed through strictly. Now with the framework that is in place, I guess stringent checks with proper documentations are needed before loan gets approved. That might mean that loan approvals might take longer than your usual.
As of current since the framework was just released, our banker friends were not briefed yet on how this would impact their existing and new clients as well. More updates on Monday as soon as more case scenarios are being melted out. Look out for the space here.
My hunch is that MCL Land J-Gateway’s outstanding performance of 738-units selling out today probably triggered this new cooling measure which probably was already in the pipeline.
Having being in the industry to see the different cycles in the market and grooming great people to work with in my team, people right outside my industry always ask what is the most important trait to success in the business. This question always lead me to ponder whether there is one that is more outstanding or more important than the rest of the other traits or whether do they have any order of priorities at all.
And then there are these few atop that is worth mentioning and these are the ones that guides my principle not only in the real estate business but to most of the things I do in life.
To mention that you are responsible is a statement. Wholeheartedly responsible is to be able to do the things even when nobody else might even know or notice that you have done the right thing. In order for you to do well, you would have to be set goals (short, medium and long-term) and stick to them. You would have to plan your week, your months and your quarters and make sure you carry out your tasks. This is responsibility to oneself and plays a crucial part to our business.
Continue reading “5 Most Important Traits of a Real Estate Agent”
Buying a residential property, or even a second one soon? Take note that CPF minimum sum will be revised upwards to $148,000 for period between 1st July 2013 and 30th June 2014. This is a yearly revision which CPF adjusts for inflation. The Minimum Sum was set at $80,000 in 2003 and will be raised gradually until it reaches $120,000 (in 2003 dollars) in 2015.
These amounts will be adjusted yearly for inflation.
More details at CPF website.
So what do you need to take note for property purchase should you use CPF?
If this is the first time you are buying a property, you may choose to use the full sum of your Ordinary Account (OA) as part of your sales proceed towards your first residential property. But should you be buying a second and/or third property onward and should you still decide to use your CPF to pay for your property sales proceed, you are to observe the minimum sum requirements. As of this upcoming adjustment, you are to have at least $74,000 in your Special and/or Ordinary Account before you can use the remaining funds to down pay your next residential property.
Would it be okay if I have 50% of the Minimum Sum (ie. $74,000) in Special Account and I would like to utilize the rest of my Ordinary Account for the next property?
Yes, having the funds in Special Account suffices.
Can I use my CPF funds to downpay investment properties such as Commercial or Industrial ones?
No. As of July 2006, CPF Non-Residential Property Scheme has already been phased out. You can only utilize your CPF account for the sole purpose of purchasing Residential properties only.
Hope this helps in your home purchase planning!
With the recent heatmap and national discussion about executive condominiums, it is hard not to keep an eye on them. Ecopolitan, a Punggol executive condominium is already open for buyers’ registration. To understand whether are you eligible for a executive condominium purchase, check out this comprehensive guide which is prepared by the Housing Development Board (HDB).
About Qing Jian
Qing Jian Group has been in the construction business since 1952 and has huge exposure in mainland China and increasing its footprint in our local Singapore market and is the winning bidder for the latest Government Land Sales executive condominium plot at Woodlands Avenue 5. Not new to our local scene, the developer local accolades include Natura Loft at Bishan, Waterbay, River Isles, Riversound Residences and the fully sold NiN Residence at Potong Pasir.
Its interesting to note that Qing Jian has 5 executive condominium plots which is an achievement recognition on making its presence felt.
Why Ecopolitan
Ecopolitan is located next to Punggol Green Primary School, walking distance to Punggol MRT Station (about 680m) and the Punggol Bus Interchange (690m). As we understand Singapore Government’s emphasis on Punggol 21 plans, we already know some of the features have already been integrated. The lovely promenade is already up and running. You have loads of interesting activity areas especially unique to Punggol. The new executive condominium owners can also enjoy the Waterway Point megamall which is already under construction as its just walking distance away from their new enclave. Location is the key. Continue reading “Punggol Ecopolitan Executive Condominium Open for Registration”
If anyone at this point still suspects whether licensed Salesperson in Singapore deserves their fees, they should take a full look at CEA newly released professional service manual released on the 26th of April 2013.
The manual covers many duties and responsibilities of a Salesperson in general and have very comprehensive case scenarios on how a Salesperson could be disciplined. Some snippets on the official introduction of PSM:-
The Practice Guidelines on the PSM aims to promote professionalism and ethical service in the real estate agency industry. It sets out the dos and don’ts to guide real estate salespersons in their work, and the professional practices expected of them. When the PSM is adopted by the industry, consumers will benefit as salespersons are expected to serve their clients in the latter’s interest.
A Work Group, led by CEA, was formed in November 2011 to develop the PSM. The Work Group comprised representatives from the industry associations – The Institute of Estate Agents, Singapore (IEA), the Singapore Accredited Estate Agencies (SAEA) and the Singapore Institute of Surveyors and Valuers (SISV), estate agencies, the Consumers Association of Singapore (CASE) and relevant government agencies such as the Urban Redevelopment Authority (URA) and the Housing & Development Board (HDB). The Work roup completed an initial draft of the PSM in September 2012. Further consultations with a wider group of industry stakeholders were carried out subsequently to finalise the PSM.
The practice guidelines in the manual will officially take effect on 1st of January 2014 and is going to be read with reference to the Estate Agents Act.
This is a great piece of work done by CEA as they show that they understood more of our line of business as compared to when they form up 2 years ago. I strongly recommend the public to go through this manual to understand the heavy responsibilities coming from a professional licensed Realtor in Singapore.
[block type=”download”]You can read the Professional Service Manual Practice Guidelines 1/2013 by CEA here.[/block]UOL top the bid of the HDB Government Land Sales two days ago amongst 7 other bidders to the plot at $262.1m (about $488.84 per square foot per plot ratio (psf ppr))
Just right by Punggol Reservoir, this is probably the drawing point for UOL’s new nature enclave residential project in the vicinity.
District 28 seems to have quite a fair bit of sales activity, especially pertaining to first time buyers. H2O Residences (a CDL project) has recently sold over 90% of their units and have also revised their pricing after the winning land bid.
[block type=”download”]View the winning bid details from HDB here[/block]As with the recent strong primary sale driven by first time buyers, the Parliament has further re-enhanced and looked at more ways to enforce stricter regimen to the existing Housing Development Act. The last time this was visited was just in February this year. Key notes of changes include:-
Stricter Showroom Construction
Building to scale has already been enforced as to the amendment before, but the bill will require developers to even have all the structural walls to be erected as oppose to having any forms of substitutions (ie, glass or thinner partition) that could mislead buyers.
Ceiling height of the show flat is to be he the same as that approved in the building plan. This bill introduced will empower the Comptroller of Housing to investigate and penalise instances of non-compliance.
Sales Transactions
Developers are now all required to disclose and publish all rebates, discounts and other benefits offered or extended to home-buyers. This also includes any form of reimbursement of any stamp duty or tax granted to home-buyers.
As with disclosures, this would be affecting buyers in terms of their loan applications as well since any rebates or benefits should be factored into the valuation of the sale property.
Comptroller of Housing is also given legal power to collect and publish information on building projects, unit sold and made available for sale by developers. Data collected would be published frequently to aid home-buyer in decision making.
Stricter Enforcements on Developers
Comptroller of Housing has enhancements on their power as well on grounds which they can revoke or suspend a licence.
With all these bill amendments happening, this should reassure home buyers on the transparency of the market. It should at the same time pose some difficulties to some developers as their sales model might have to change.
[block type=”download”]You can read the full speech by Mr. Lee Yi Shyan, Senior Minister of State for Ministry of National Development here.[/block]