New Master Plan 2014 is Gazetted

After a long time wait, the Chief Planner has finally gazetted the new plans which will determine the land laws for the next 5 years.

Published Date: 06 Jun 2014

The Chief Planner has gazetted the Master Plan 2014 on 6 June 2014. The Master Plan 2014 is the statutory land use plan that guides the physical development of Singapore for the medium term.

As part of the Master Plan, all 75 heritage buildings proposed for conservation under the Draft Master Plan 2013 were also gazetted today. See Annex A for the list of buildings.

The gazetting of the Master Plan concludes the year-long review of the Draft Master Plan 2013, which was exhibited in November 2013 for a month at The URA Centre Atrium and URA website. During this period, the exhibition attracted some 61,000 visitors, and the website had more than 513,000 page views. The review also involved consultations with Members of Parliament, grassroots leaders, professional institutions and other stakeholders. We thank members of the public for their positive and constructive feedback.

Read the full release here. To view the gazetted Master Plan 2014, you can browse it here.

URA Masterplan 2013 is almost here. MCE too

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.

Getting Ready for URA Masterplan 2013

I‘m surprised. Everyone that I’ve talked to seem to have forgotten that our priceless URA Master Plan is due for a new gazette this year; From the last update it was done in November 2008, and I hope it should be around the same time that this is happening for this year as well.

Singapore’s Master Plan is updated every 5 year, and with each update comes very important updates that determines the land usage of the country. During 2003, a lot of emphasis was on enhancement on plot ratio around the public transportation stations and for our current 2008 revision, the core was strengthened and determined to decentralize and even out the business hubs around the whole region. The Urban Redevelopment Authority of Singapore (URA) is the statutory board which is in charge of gazetting this important plan. You can read more about Master Plan 2008 here.

Should the timeline be similar, you would be expecting URA to be having a Draft soon for public comments and gazette to happen towards the end of the year.

What Should We Expect from Master Plan 2013?

All these are based on assumptions of what has happened for the past years after 2008. Ministry of National Development has already penned down a very lovely eBook on their focus with each individual sectors (basically everywhere. Central, North, South, East and West) and the concentration of improving existing mature townships. Concentration was done especially on the commercial nodes in the country so as to have people working closer to where they are living around the island. Continue reading “Getting Ready for URA Masterplan 2013” →

New URA Housing Development Rules

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.

Press Release Source from URA

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).

Thumbs up.

URA Stops Allowing Landed Homes In Condominiums

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)

Online Article on Business Times “Curb of Backdoors Buys of Landed Homes”

Online Circular from URA “Treatment of Developments Comprising A Mix of Strata Landed Housing and Apartment Units”

URA Development Charges Revised – Commercial and Industrial Upwards

URA has just revised the development charges for the following groups:-

The DC rates for Group A (Commercial) have increased by an average of 22%, with the largest increase of 32% in Sector 101 (Paya Lebar Central: Paya Lebar / Eunos / Macpherson Road area).

For Group B1 {Residential (landed)}, the DC rates have on average increased by 17%, with the largest increase of 20% in 22 out of 118 geographical sectors.

The DC rates for Group B2 {Residential (non-landed)} have also increased by an average of 12%. The largest increase is 39% in Sector 57 (Serangoon Road / Whampoa / Bendemeer Road area).

For Group C (Hotel/Hospital), the DC rates have an average increase of 7% with the largest increase of 9% in Sectors 1, 2 & 7(Cecil Street / Boon Tat Street / Robinson Road area), and Sectors 19, 20 & 21 (Havelock Road / Clemenceau Avenue / New Bridge / South Bridge Road / Upper Pickering Street area).

The DC rates for Group D (Industrial / Warehousing Use) has increased by 31% on average, with the largest increase of 55% in Sector 114 (Tuas / Pioneer Road / Jurong / Sungei Kadut / Mandai Estate / Woodlands area) and Sector 115 (Woodlands / Sembawang / Yishun area).

The rest remains unchange.

Official press release can be found here.

There’s a lot of activities going on in the commercial/light industrial real estate scene including both sales and rental market. Would we see another spike in their prices?

Private Homes Slide 5.9% in 2Q 2009

The Urban Redevelopment Authority (URA) has flashed its figures for the 2nd quarter, showing a softer slide as compared to the previous quarter this year.

Based on the estimated price index of private residential property, prices fell from 139.9 points in the 1st Quarter 2009 to 131.7 points in the 2nd Quarter 2009. This represents a decline of 5.9%, compared with the 14.1% decline in the previous quarter .. (source, URA)

Despite having such results which surprised many analysts, we know that the market was moving tremendously towards the 2nd half of the 2nd quarter as primary sales surges and developers readjusting their launch prices upward.

It’s a dilemma situation where sentiments over-rule the current economy situation as local buyers are now pouring back into the market to avoid missing any possible bubble that our local real estate industry might be creating.

Buying, anyone? ;)

Singapore Private Residential Price Plunged Further in Q1 2009

URA Released Figures for Q1 2009

The Urban Redevelopment Authority (URA) has released its figure for 1st quarter of this year on its real estate statistics. The figures for private residential sale prices has declined 14.1% on overall, abeit slightly more over the projected rate of 13.8% by URA.

Rest of Central Region was hit the hardest with a -17.0% quarter on quarter (qoq), with Core Central Region (CCR) at 16.2% and Outside Central Region (OCR) at 7.3% qoq.

Landed residential decline softer than its non-landed counterparts at 9.2% (qoq).

Rentals Have Dipped

Rentals have fell by 8.5% this quarter, as compared to the previous quarter of 5,3%, a much sharper dip. You can download a compilation of rentals data with individual residential projects here.

Even HDB data wasn’t spared either. Although HDB prices are still holding up, but the cash over valuation (COV) has been declining since Q1 2008. A complete data release is on URA’s website.

Will The Slide Stop From Here?

Highly unlikely. We will see further contraction in prices before it eases out. Property prices are highly tied to economy status and reacts especially much to local stock market situation. As property price index is a lagging indicator, until our economy picks up, we won’t see any high rally in property prices anytime soon. You can take a look on Salary.sg’s chart which pegs STI’s performa to property market index.

Again, we should see secondary sub-sale market picking up as supplies are getting ready soon. Pressure will be on buyers who have purchased their homes on Deferred Payment Scheme (DPS) and have not secured their finances.

More analysis from Nicholas Mak, Knight Frank on URA Q1 released data here.

Definition Areas of CCR, RCR and OCR

Core Central Region (CCR)

Singapore prime postal district areas 9, 10, 11, Downtown Planning area and Sentosa.

Rest of Central Region (RCR) and Outside Central Region (OCR)

Postal district areas that are outside Core Central Region 9, 10, 11, Downtown Planning area and Sentosa.

RCR areas are depicted in the Central Region Boundary line excluding CCR. Any areas which is out of the boundary line is considered OCR.

Refer to the map from URA here.

URA Gazettes Master Plan 2008

Alas, the Urban Redevelopment Authority (URA) of Singapore has finally gazetted the Master Plan 2008. The draft version of the plan has been online since months back and has already interestingly piped the way that our country will be shaped the next 10 years.

Sunrise from The Sail on 34th floor, construction of Sands Integrated Resort (photo credit:Tom Bodley)

If you have trouble understanding what is Master Plan from URA, here’s the official textbook definition

“Statutory land use plan that guides physical development of the country for the next 10 to 15 years”

It’s law for developers and anyone that has got to do with land, buildings in the next 10 – 15 years according to the plan.

The online version of Master Plan 2008 was much better than the former 2003 in terms of use. Much clearer when you can actually search for the specific place rather than zooming in to look at the map. I like this change particularly ;)

Plot Ratio Change? Nay

Well, not much plot ratio change has been introduced as compared to former MP 2003. The focus for this plan is to introduce 3 regional hubs into our heartland, Jurong Lake District, Kallang Riverside and Paya Lebar Central.

I’m no good forecaster, but should this three hubs be established decently and effectively, we can probably see plot ratio increase for buildings that are around the new circle line entrances of new stations that is springing up around the hubs in the next MP 2013.

What’s Gonna Happen In 5 Years Time?

I’ve actually seen work already happening and working around my residential area in Geylang. Part of the leisure plan for water body has already started since months back. We’ll expect to see the landscape of our country changed yet again for the better.

I can’t see any reason why this plan could fail with the successes of the previous MPs, that said with the additional help not only from planners but even the public floor, where 300 feedbacks were taken into serious consideration after the draft Master Plan 2008 exhibition was up since 6 months ago.

Live. Work. Play.

Singapore will evolve for the better. I’m excited with the new changes coming up, are you?