{"id":127552,"date":"2022-07-05T03:21:21","date_gmt":"2022-07-04T20:21:21","guid":{"rendered":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/hdb-offers-two-new-rehousing-options-for-sers-flat-owners-singapore-private-homes-hdb-resale-prices-up-in-q2-2022-and-more\/"},"modified":"2022-07-05T11:29:21","modified_gmt":"2022-07-05T04:29:21","slug":"hdb-offers-two-new-rehousing-options-for-sers-flat-owners-singapore-private-homes-hdb-resale-prices-up-in-q2-2022-and-more","status":"publish","type":"post","link":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/hdb-offers-two-new-rehousing-options-for-sers-flat-owners-singapore-private-homes-hdb-resale-prices-up-in-q2-2022-and-more\/","title":{"rendered":"HDB offers two new rehousing options for SERS flat owners, Singapore private homes, HDB resale prices up in Q2 2022 and more"},"content":{"rendered":"


\nHDB offers two new rehousing options for SERS flat owners, Singapore private homes, HDB resale prices up in Q2 2022 and more28th June to 4th\u00a0July 2022
\nThe Housing and Development Board (HDB) unveiled two additional rehousing options under the Selective En bloc Redevelopment Scheme (SERS) to provide more choices and meet the different housing needs of residents. Meanwhile, Singapore saw private home prices and HDB resale prices increase at a faster rate in Q2 2022, compared to the previous quarter.
\n\u00a0
\n1) HDB offers two new rehousing options for SERS flat owners
\nBlocks 562 to 565 Ang Mo Kio Avenue 3 are the blocks selected for SERS. Source: Google Maps
\nThe Housing and Development Board (HDB) unveiled two additional rehousing options under the\u00a0SERS to provide more choices and meet the different housing needs of residents.
\nUnder the first option, SERS flat owners will be given the option to buy three-room or larger replacement flats on a shorter 50-year lease, instead of a fresh 99-year one, provided it is able to last the flat owners until at least the age of 95.
\nThe second option allows seniors at the SERS site to take up the Lease Buyback Scheme (LBS) for their existing flat.
\nThe additional options will be offered to eligible flat owners, starting from Ang Mo Kio Ave 3 SERS site.
\n\u201cIt takes into consideration feedback from some older residents who feel they do not need a fresh 99-year lease for their new replacement flat and would like to move into a replacement flat of similar size as their existing flat without any cash top-up,\u201d said HDB.
\nIt added that the two new options will \u201calso be extended to flat owners of blocks 212 to 218 Marsiling Crescent\/Lane whose flats were announced for acquisition on 26 May 2022 for the redevelopment and extension of Woodlands Checkpoint\u201d.
\nThis move comes after several affected\u00a0flat owners expressed concern over having to pay more to acquire similar-sized flats in the same neighbourhood. Over 600 households were impacted by\u00a0the latest Ang Mo Kio SERS exercise. Additionally, the\u00a0Minimum Occupation Period (MOP)\u00a0guideline for replacement flats under SERS has been modified by HDB. Buyers\u00a0can only sell their replacement flats on the open market five years after receiving their keys.
\n\u00a0
\n2) Singapore private home prices climb 3.2% in Q2 2022<\/p>\n

Private home prices in Singapore climbed at a faster rate of 3.2% in the second quarter of 2022, or almost five times than the 0.7% increase registered in the previous quarter, showed flash estimates from the Urban Redevelopment Authority (URA).
\nCatherine He, Head of Research at Colliers, attributed the price growth to \u201cthe well-received launches, which were sold at higher benchmark prices\u201d.
\nPiccadilly Grand and LIV @ MB, for instance, sold over 70% of their units during launch day.
\n\u201cUnits at Piccadilly Grand were sold at a median price of $2,175 psf while those at LIV @ MB were sold at a median price of $2,405 psf. That pushed prices up by 6% in 2Q 2022,\u201d noted Huttons Asia.
\nWith this, private home prices rose 3.9% in the first half of 2022, despite the cooling measures rolled out by the Government in December 2021.
\n\u201cThe sheer weight of demand is simply outpacing the backlog of supply as Singapore normalises from the pandemic years,\u201d said Leonard Tay, Head of Research at Knight Frank.
\nAccording to\u00a0Dr. Tan Tee Khoon, Country Manager, PropertyGuru Singapore, given the potential capital appreciation of private property and the current strong performance of the private rental markets, demand for private property will probably persist among buyers seeking an investment property. Still, they will have to weigh the potential gains against having to pay the increased Additional Buyer\u2019s Stamp Duty (ABSD).\u00a0
\n\u00a0
\n3) HDB resale prices up 2.6% in Q2 2022<\/p>\n

Flash estimates from the\u00a0Housing and Development Board (HDB) showed that resale prices of\u00a0HDB flats rose at a faster rate of 2.6% in Q2 2022 compared to the 2.4% hike registered in the previous quarter.
\nOn an annual basis, HDB resale prices rose 11.8%.
\nChristine Sun, Senior Vice-President of Research and Analytics at OrangeTee & Tie, said the continual price growth came as no surprise amid the substantial improvement in buyers\u2019 confidence.
\n\u201cOur economy is almost fully reopened and growth has picked up faster than in many other countries. Further, the public housing market is usually less susceptible to macroeconomic fluctuations, unlike investment properties.\u201d
\nMeanwhile, Huttons Asia noted that the interplay of \u201cmarket dynamics from an increased supply of BTO flats and price resistance from buyers has worked well in stabilising the pace of price increase\u201d.
\nHuttons expects HDB resale prices to grow by up to 10% for the whole of 2022, following an adjustment towards more stability in the second half of 2022.
\nThere are a few reasons driving the rise of HDB resale prices, according to\u00a0Dr. Tan Tee Khoon, Country Manager, PropertyGuru Singapore. Aside from the persisting BTO construction delays pushing young families into the resale market, there is an enduring buying preference for larger resale flats in mature HDB estates on the city fringe.
\nLooking at HDB resale transaction data for Q2 2022 (as of 1 July 2022), the most sought-after flat type are 4-room flats (42.7%), followed by 5-room flats (25.8%).\u00a0Both\u00a0HDB upgraders and first-time buyers are gunning for these more expensive\u00a0flats, keeping demand and prices up.
\n\u00a0
\n4) HDB launches EC site at Bukit Batok West Avenue 5
\nOn 28 June 2022, HDB launched a residential site at Bukit Batok West Avenue 5. Source: HDB
\nA 16,623.7 sq m executive condominium (EC) site at Bukit Batok West Avenue 5 has been put up for sale under the Confirmed List of the Government Land Sales (GLS) Programme for the first half of 2022, revealed the Housing and Development Board (HDB).
\nThe 99-year leasehold site is expected to yield around 495 residential units.
\nThe tender for the site will close on 13 September and will be batched together with two other Urban Redevelopment Authority (URA) residential sites at Lentor Central and Lentor Hills Road.
\nHuttons Asia noted that the launch of the site marks \u201cthe third site for EC development within the span of a year\u201d.
\n\u201cThe three sites can potentially offer up to 1,500 EC units for sale,\u201d it said.
\nHuttons expects the Bukit Batok West Avenue site to attract up to eight bids, with the estimated bids ranging between $640 and $680 per sq ft per plot ratio (psf ppr).
\nThe site is close to a range of primary and secondary schools, as well as Millennia Institute. Le Quest shopping mall and West mall will provide future residents F&B and entertainment options. The nearest MRT station is Bukit Batok MRT station on the North South Line, but that is likely set to change as the Jurong Region Line (JRL) begins running from 2024 onwards.
\n\u00a0
\n5) Singapore ranked 53rd most affordable housing market<\/p>\n

The city-state has been listed as the 53rd most affordable housing market by Demographia in its International Housing Affordability rankings, reported Singapore Business Review.
\nThis comes as Singapore registered a housing affordability median of 5.8. Notably, a median of 5.1 and above is considered severely unaffordable, while a median of 3.0 and below is affordable.
\n\u201cSingapore\u2019s median multiple rose from 4.6 in 2019, to a severely unaffordable 5.8 in 2021, reflecting the impacts of the pandemic shock,\u201d said Demographia.
\nIt noted that HDB\u2019s goal of encouraging Singaporeans to have their own home has been achieved in 2020 when the homeownership rate stood at 88%.
\nFor this year\u2019s ranking, Pittsburg, Pennsylvania in the United States emerged as the most affordable housing market, while the least affordable is Hong Kong.
\nDemographia\u2019s study rates middle-income housing affordability across eight countries \u2013 namely, Australia, China, Canada, New Zealand, Ireland, Singapore, the United States and the United Kingdom.
\nMillion-dollar HDB flats in Singapore continue to make headlines, though these flats only make up less than 1% of all HDB flat transactions.\u00a0However, as HDB resale prices continue to climb,\u00a0so\u00a0do the million-dollar HDB flat transactions.
\nAs of\u00a01 July 2022, 163 million-dollar flats have been transacted in 2022. Notably, Woodlands and Pasir Ris saw their first million-dollar flats in May 2022.\u00a0Should this momentum keep up, we will be looking at another record-breaking year for million-dollar flats in 2022.\u00a0
\n\u00a0
\n6) Jansen Mansions sold en bloc for $19.1mil
\nJansen Mansion in Kovan has been sold en bloc to Macly Capital for $19.1 million, slightly above the owners\u2019 $18.9 million reserve price, revealed marketing agent PropNex Realty.
\nThe collective sale tender closed on 28 June 2022 and follows two previous failed attempts by the owners in 2021 and 2018.
\nPropNex noted that the sale price works out to a land rate of $863 per sq ft per plot ratio (psf ppr), after factoring in the development charges and the 7% bonus balcony space.
\n\u201cThis year, we saw more interest in this plot of land compared to last year. Some of the attributes of Jansen Mansions that appealed to interest parties were the 999-year land lease, the bite-size quantum, and its location amidst well-established neighbourhoods of Serangoon and Kovan,\u201d said Tracy Goh, Head of Investment and Collective Sales at PropNex.
\nLocated at 25 Jansen Road, near Serangoon MRT interchange station, the 12-unit Jansen Mansion occupies a 1,541.5 sq m site that is zoned for residential use under the 2019 Master Plan with a plot ratio of 1.4.
\nRelated article: Potential En Bloc Condos in Singapore: Does Yours Stand A Chance in 2022?
\n\u00a0
\n7) Singapore home loan rates reach a new high at 3.08%<\/p>\n

Singapore saw home loan rates push past 3% to a new high as UOB raised the rate for its three-year fixed rate package to 3.08% per annum, from 2.8% previously, reported The Straits Times.
\nThe previous high in recent times was in mid-2019 at 2.88%.
\nHome loan rates within the city-state have been steadily increasing since Q4 2021 when three-year fixed rates were pegged at 1.15%.
\nDBS Bank has raised the rate for its two- and three-year fixed rate packages to 2.75%, while Citi confirmed that its new two-year fixed rate package is offered at 2.95% for Citigold clients.
\nThe hike in interest rates comes as the US Federal Reserve started to aggressively increase rates to combat inflation. So far this year, the Fed has raised rates three times by a total of 1.5 percentage points or 150 basis points, bringing its benchmark rate to the range of 1.5% to 1.75%.
\nRelated article:\u00a0HDB Loan Vs Bank Loan 5 Key Differences: The Complete Guide to Financing Your HDB in Singapore
\nAccording to Paul Wee, Vice President, PropertyGuru Finance, PropertyGuru Group, such adjustments are expected and the likelihood of banks withdrawing their fixed-rate packages altogether\u00a0increases significantly when interest rates become too volatile.
\n\u201cMany banks in Singapore have withdrawn fixed packages given the steadily rising interest rates. We expect banks to continue monitoring these packages closely and replace them with fixed-rate packages with higher rates, as and when there are significant movements in the reference rates.\u201d
\n\u00a0
\n8) Choosing the right home loan package \u2013 fixed, floating or hybrid
\nWith interest rates on the uptrend, borrowers are faced with the task of choosing which home loan package works best for them \u2013 fixed, floating or hybrid.
\nLee Meng Choe, Executive Director (advisory) at Gen Financial Advisory, said fixed rate packages will suit those with stable incomes and are averse to risks or uncertainty since a fixed amount is payable every month \u2013 making it easier for household budgeting, reported The Straits Times.
\nHowever, a fixed-rate package is not suitable for those looking to pay down their home loans or sell their homes in the next few years since it usually comes with pre-payment penalties, said OCBC Bank\u2019s Head of Home Loans Maryanne Phua.
\nFor those looking to offload their property or pay down their mortgage soon, she recommends the SORA-pegged floating packages, which are offered with shorter lock-in periods.
\nRelated article:\u00a0SIBOR vs SOR vs SORA: What Do These Rates Mean for Your Home Loans?
\nLee explained that floating rates are suitable for borrowers who can tolerate uncertainty as well as prepared to look around for better deals.
\nThe hybrid loan packages, on the other hand, are suitable for those who do not mind a little risk from a floating rate package while enjoying the benefits of certainty from a fixed-rate package, he added.
\n\u00a0
\n9) Borrowers should exercise caution amid a hike in interest rates<\/p>\n

The recent hike in rates for home loans is a stark sign that the era of cheap financing is over.
\nNotably, Singapore\u2019s biggest lender DBS Bank raised its fixed rates on mortgages to 2.75%, while dropping its five-year fixed-rate package.
\nOCBC Bank offered a fixed-rate package at 2.65%, while UOB raised its rates for its three-year fixed-loan package to 3.08% from 2.8%.
\nWith interest rates expected to increase further, the risk of defaults among Singapore borrowers is \u201cmitigated by the Total Debt Servicing Ratio (TDSR) framework which takes into account various debt obligations in working out how much buyers can borrow\u201d, said The Straits Times.
\nIt added that financial prudence should remain the watchword in case interest rates increase rapidly and continue to be elevated in the next couple of years.
\n\u201cThis is especially so as the challenges from higher interest rates are taking place amid ongoing geopolitical tensions. There is the handling of the Covid-19 situation in China and Hong Kong, the Russia-Ukraine crisis, as well as concerns over the mid-term elections in the US,\u201d it said.
\nDuring such volatile market conditions, there are several steps you can take, according to Paul Wee:<\/p>\n

Refinance to fixed-rate loan packages to mitigate the likelihood of higher SIBOR or SORA reference rates.
\nConsider making partial or full repayments if rates become too high via cash and\/or CPF to manage cash flow demands.
\nConsider increasing the use of CPF for monthly loan servicing.
\nSplit or refinance loans into separate fixed or variable loans to spread the risk between two portfolios.<\/p>\n

\u00a0
\n10) Government launches seven sites under 2H 2022 Industrial GLS programme
\nThe Government has launched seven sites, totalling 6.36ha, under its Industrial Government Land Sales (IGLS) programme for the second half of 2022.
\nOf these, four are on the Confirmed List and three are on the Reserve List. All seven sites are zoned for Business 2 use, which means general and special industries are to be located here.
\nThe four Confirmed List sites are located at Jalan Papan, Tampines North Drive 5 and Gul Drive. The Tampines North Drive 5 site has a leasehold tenure of 30 years, while the rest have 20 years.
\nThe Reserve List sites, on the other hand, are in Woodlands Industrial Park, Jalan Papan and Tampines North Drive. The Jalan Papan site has a leasehold tenure of 20 years, while the other two have 30 years.
\n\u201cThe Government will continue to release sufficient land through the IGLS programme to ensure an adequate supply of industrial space in Singapore,\u201d said the Ministry of Trade and Industry.
\n\u00a0
\nLooking for a property in Singapore? Visit PropertyGuru\u2019s\u00a0Listings,\u00a0Project Reviews\u00a0and\u00a0Guides.
\nCheryl Chiew, Digital Content Specialist at PropertyGuru, edited this story. To contact her about this story, email: cheryl@propertyguru.com.sg.
\n
\nSource : proppertyguru.com.sg\/Property Market
\nRead more…HDB offers two new rehousing options for SERS flat owners, Singapore private homes, HDB resale prices up in Q2 2022 and more<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

HDB offers two new rehousing options for SERS flat owners, Singapore private homes, HDB resale...<\/p>\n","protected":false},"author":1,"featured_media":127553,"comment_status":"false","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"spay_email":"","footnotes":"","jetpack_publicize_message":"","jetpack_is_tweetstorm":false,"jetpack_publicize_feature_enabled":true},"categories":[1],"tags":[],"class_list":["post-127552","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-property-news"],"jetpack_featured_media_url":"https:\/\/i1.wp.com\/www.siamlandbank.com\/propertynews\/wp-content\/uploads\/2022\/07\/HDB-offers-two-new-rehousing-options-for-SERS-flat-owners-cover-image.jpg?fit=820%2C410&ssl=1","jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/p75ss1-xbi","jetpack-related-posts":[{"id":90060,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/macpherson-lane-hdb-blocks-identified-for-sers\/","url_meta":{"origin":127552,"position":0},"title":"MacPherson Lane HDB blocks identified for SERS","date":"June 1, 2018","format":false,"excerpt":"\r New replacement flats for affected residents will be built at Circuit Road near MacPherson MRT station. (Photo: HDB) Three Housing and Development Board (HDB) blocks at MacPherson Lane have been identified for the Selective En bloc Redevelopment Scheme (SERS). \u201cBlocks 81 to 83 MacPherson Lane comprise 313 sold flats,\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":53792,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/vast-majority-of-hdb-flats-not-qualified-for-sers\/","url_meta":{"origin":127552,"position":1},"title":"Vast majority of HDB flats not qualified for SERS","date":"May 5, 2017","format":false,"excerpt":"\r Prices of HDB resale units may not increase as sharply as during 2006 to 2012. National Development Minister Lawrence Wong revealed that most public housing are not eligible for the Selective En Bloc Redevelopment Scheme (SERS), whereby the government purchases homes at prevailing market rate, while the residents are\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":127100,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/hdb-revises-occupancy-rule-for-sers-replacement-flat-new-private-home-sales-in-singapore-more-than-doubled-reaching-a-six-month-high-in-may-and-more\/","url_meta":{"origin":127552,"position":2},"title":"HDB revises occupancy rule for SERS replacement flat, new private home sales in Singapore more than doubled, reaching a six-month high in May and more","date":"June 21, 2022","format":false,"excerpt":"\r 14th\u00a0June to 20th\u00a0June 2022 The Housing and Development Board (HDB) has revised its minimum occupancy rule for replacement flats under\u00a0Selective En Bloc Redevelopment Scheme (SERS). Meanwhile, sales for new private homes more than doubled in May, rising 105.5% to 1,356 units last month from 660 units in April. \u00a0\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"https:\/\/i1.wp.com\/www.siamlandbank.com\/propertynews\/wp-content\/uploads\/2022\/06\/news-20-june-cover-image-1.jpg?fit=820%2C410&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":131591,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/compensation-for-ang-mo-kio-sers-residents-is-about-7-5-higher-than-previous-estimates-about-3-of-hdb-flat-owners-have-at-least-one-private-property-and-more\/","url_meta":{"origin":127552,"position":3},"title":"Compensation for Ang Mo Kio SERS residents is about 7.5% higher than previous estimates; About 3% of HDB flat owners have at least one private property and more\u00a0","date":"November 14, 2022","format":false,"excerpt":"\r Compensation for Ang Mo Kio SERS residents is about 7.5% higher than previous estimates; About 3% of HDB flat owners have at least one private property and more\u00a0\u00a08th November to 14th November 2022\u00a0 The compensation to be received by Ang Mo Kio residents whose Housing and Development Board (HDB)\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"https:\/\/i1.wp.com\/www.siamlandbank.com\/propertynews\/wp-content\/uploads\/2022\/11\/singapore-overview.jpg?fit=820%2C410&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":127825,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/new-private-home-sales-shrank-64-in-june-on-lack-of-new-launches-prime-non-landed-landed-residential-sales-down-in-1h-2022-and-more\/","url_meta":{"origin":127552,"position":4},"title":"New private home sales shrank 64% in June on lack of new launches, Prime non-landed, landed residential sales down in 1H 2022 and more","date":"July 19, 2022","format":false,"excerpt":"\r New private home sales shrank 64% in June on lack of new launches, Prime non-landed, landed residential sales down in 1H 2022 and more12th July to 18th July New private home sales in Singapore plunged 64% month-on-month in June \u2013 a two-year low \u2013 amid a lack of new\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.siamlandbank.com\/propertynews\/wp-content\/uploads\/2022\/07\/news_on_18_jul_cover_image.jpg?fit=820%2C410&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":126891,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/launch-of-the-may-2022-bto-projects-nine-hdb-blocks-in-marsiling-to-make-way-for-woodlands-checkpoint-expansion-and-more\/","url_meta":{"origin":127552,"position":5},"title":"Launch of the May 2022 BTO projects, nine HDB blocks in Marsiling to make way for Woodlands Checkpoint expansion, and more","date":"May 31, 2022","format":false,"excerpt":"\r Launch of the May 2022 BTO projects, nine HDB blocks in Marsiling to make way for Woodlands Checkpoint expansion, and more24th May to 30th\u00a0May 2022 Property analysts do not expect the launch of two new May 2022 BTO projects under the Prime Location Public Housing (PLH) model in Queenstown\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"https:\/\/i1.wp.com\/www.siamlandbank.com\/propertynews\/wp-content\/uploads\/2022\/05\/singapore-city-buildings.jpg?fit=820%2C410&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/127552"}],"collection":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/comments?post=127552"}],"version-history":[{"count":0,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/127552\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/media\/127553"}],"wp:attachment":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/media?parent=127552"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/categories?post=127552"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/tags?post=127552"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}