{"id":128536,"date":"2022-08-08T07:51:00","date_gmt":"2022-08-08T00:51:00","guid":{"rendered":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/orto-leisure-park-ground-up-initiative-in-yishun-to-make-way-for-housing-ang-mo-kio-sers-residents-now-allowed-to-apply-for-bto-flat-in-same-estate-and-more\/"},"modified":"2022-08-08T15:58:54","modified_gmt":"2022-08-08T08:58:54","slug":"orto-leisure-park-ground-up-initiative-in-yishun-to-make-way-for-housing-ang-mo-kio-sers-residents-now-allowed-to-apply-for-bto-flat-in-same-estate-and-more","status":"publish","type":"post","link":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/orto-leisure-park-ground-up-initiative-in-yishun-to-make-way-for-housing-ang-mo-kio-sers-residents-now-allowed-to-apply-for-bto-flat-in-same-estate-and-more\/","title":{"rendered":"ORTO leisure park, Ground-Up Initiative in Yishun to make way for housing, Ang Mo Kio SERS residents now allowed to apply for BTO flat in same estate and more"},"content":{"rendered":"


\nORTO leisure park, Ground-Up Initiative in Yishun to make way for housing, Ang Mo Kio SERS residents now allowed to apply for BTO flat in same estate and more2nd August to 8th\u00a0August 2022
\nTwo state land tenants in Yishun \u2013 ORTO leisure park and non-profit Ground-Up Initiative (GUI) \u2013 will have to vacate their premises by next year to make way for planned developments. Meanwhile, Ang Mo Kio residents who were affected by the Selective En bloc Redevelopment Scheme (SERS) can now apply for a Build-To-Order (BTO) flat within the same estate.
\n\u00a0
\n1) ORTO leisure park, Ground-Up Initiative in Yishun to make way for housing
\nSource: Google Maps
\nTwo state land tenants in Yishun \u2013 ORTO leisure park and non-profit Ground-Up Initiative (GUI) \u2013 will have to vacate their premises by next year to make way for planned developments, reported The Straits Times.
\n\u201cSLA has offered both tenants an extension up to 30 June 2023, to facilitate their transition plans,\u201d said a Singapore Land Authority (SLA) spokesman.
\nThe 5.15ha leisure park at 81 Lorong Chencharu occupies a 70ha site that is zoned for residential use, subject to detailed planning.
\nMeanwhile, a colonial-era bungalow located at 50 Bah Soon Pah Road in Yishun will be preserved as part of a new HDB residential estate.
\nAccording to Roots.gov.sg, the resource portal of the National Heritage Board (NHB), the bungalow is one of two built in 1912 by the Bukit Sembawang Rubber Company to house its manager and assistant manager.
\nThe Straits Times\u00a0also reported that the bungalow is currently undisturbed amid a flurry of activity due to earthworks at the 40ha site.
\n\u201cThe bungalow will not be affected by the works, and agencies are studying possible uses for the bungalow as part of the future residential estate,\u201d said a URA spokesman.
\nYishun has seen two BTO launches, Yishun Glen in Feb 2022 and\u00a0Yishun Beacon\u00a0in May 2022, this year. Another launch is expected during the upcoming BTO launch in November 2022. The November 2022 Yishun BTO launch exercise will be a short walk away from Lower Seletar Reservoir Park.
\n\u00a0
\n2) Ang Mo Kio SERS residents now allowed to apply for BTO flat in the same estate
\nAng Mo Kio residents who were affected by\u00a0the SERS\u00a0can now look forward to applying for a BTO flat within the same estate, reported The Straits Times.
\nThis comes as the upcoming BTO sales exercise for this month will see up to 10% of the flats at Central Weave @ Ang Mo Kio project set aside for priority allocation for eligible households, which includes residents affected by SERS.
\nIn a letter to Ang Mo Kio residents, HDB explained that it allowed residents to apply for such a project since its estimated delivery possession date (DPD) is within 2029 and it is situated within Ang Mo Kio Town.
\nResidents can also apply for other BTO projects during the August BTO sales exercise, such as Woodlands South Plains in Woodlands, Keat Hong Grange in Choa Chu Kang and Sun Plaza Spring in Tampines, subject to the 10% priority application.
\nNotably, the DPD of these projects is no later than 30 March 2029.
\nFor\u00a0SERS sites announced on or after 7 April 2022, the\u00a0Minimum Occupation Period (MOP)\u00a0for replacement flats under SERS has been adjusted. Instead of seven years from the date of selection, they will be allowed to sell their flat on the open market only after five years from the date of key collection.
\nRelated articles:\u00a0<\/p>\n

HDB BTO Aug 2022 Woodlands Review: Right Beside Woodlands South MRT Station on the Thomson-East Coast Line
\nHDB BTO Aug 2022 Choa Chu Kang Review: Affordable, Larger Homes Close to Green Spaces
\nHDB BTO Aug 2022 Tampines Review: 10 Minutes Away from Tampines and Tampines East MRT Stations<\/p>\n

\u00a0
\n3) Leong Mun Wai calls for temporary suspension of SERS
\nThe blocks chosen for the Ang Mo Kio Housing and Development Board\u2019s Selective En bloc Redevelopment Scheme are 562, 563, 564 and 565. Source: Google Maps
\nNon-Constituency Member of Parliament (NCMP) Leong Mun Wai has filed a petition in Parliament seeking to review the compensation and relocation options given to SERS residents and impose a moratorium on\u00a0the scheme, reported CNA.
\nHe filed the petition on behalf of five residents at the Ang Mo Kio SERS site.
\nDescribing the current SERS compensation policy as \u201coutdated\u201d, the petition filed by the Progress Singapore Party NCMP called for \u201cfairer\u201d compensation and rehousing options for affected residents at Ang Mo Kio and those in future SERS projects.
\nThey also wanted HDB to waive resale levy as well as stamp and legal fees at all future SERS exercises instead of applying them on a case-by-case basis.
\n\u201cWe also ask that the substantial increase in cost of living be taken into consideration,\u201d they said, pointing to rising interest rates, significant inflation and the looming Goods and Services Tax increase in 2024.
\nWith this, the signatories of the petition wanted a moratorium imposed on the scheme pending the findings and recommendations of the review.
\nHDB has followed the issues raised by the 600 affected residents closely. Aside from providing\u00a0replacement flats with shorter 50-year leases, the move to reserve 10% of the flats in the upcoming August 2022 BTO launches for these\u00a0residents\u00a0ensure they\u00a0are provided for and their concerns heard.
\n\u00a0
\n4) Additional $66mil to be allocated for studies into ageing infrastructure
\nThe Government will allocate an additional $66 million to the Cities of Tomorrow research and development programme in the next five years, reported CNA.
\nMinister for National Development Desmond Lee said the additional allocation will support developing solutions that can \u201chelp upgrade\u201d the ageing infrastructure of Singapore and create more space for the city\u2019s needs.
\n\u201cWe will also develop solutions that use the latest technology, like data analytics and AI (artificial intelligence), to enable more effective urban planning that can cope with more complexity,\u201d he said at this year\u2019s World Cities Summit.
\n\u201cThrough more R&D collaborations amongst the Government, the research community and our private sector, we hope that the cross-pollination of ideas will strengthen our innovation ecosystem for our urban built environment and help our city better address our emerging challenges ahead.\u201d
\nNotably, the Government has set aside $150 million for the Cities of Tomorrow programme when it was launched in 2017. The Ministry of National Development (MND) also announced an additional $110 million allocation for the programme earlier this year.
\n\u00a0
\n5) Freehold residential building at Wilkie Road up for sale for $9.2mil
\nSource: Google Maps
\nA freehold residential building located at 62 Wilkie Road has been put up for collective sale with an indicative price of $9.2 million or $1,644 per sq ft (psf) based on a 5,597 sq ft total strata area, revealed marketing agent PropNex Realty.
\nThe District 9 building, which comprises three duplex apartments, occupies a 2,542.4 sq ft site that is zoned for residential use under the 2019 Master Plan with a gross plot ratio of 2.1.
\nPropNex Realty\u2019s Head of Investment and Collective Sales Tracy Goh noted that the building is ideal \u201cfor multi-generational families who wish to live together under one roof and procure the building for own use\u201d.
\n\u201cAlternatively, investors can also acquire the building for legacy planning and enjoy the capital appreciation over time, while leasing the apartments out for recurring rental income,\u201d she added.
\nThe tender for 62 Wilkie Road closes on 7 September 2022.
\nThe property is about a 10-minute walk to Little India, Bencoolen, Dhoby Ghaut, and Rochor MRT stations. This provides residents access to the Downtown, North East, North South lines.
\n\u00a0
\n6) Condo buyers, including Singaporeans, sue Country Garden Danga Bay developer<\/p>\n

A class action lawsuit has been filed against Johor developer Country Garden Danga Bay, with the buyers alleging fraud and misrepresentation, reported TODAY.
\nThe 49 buyers \u2013 from China, Malaysia and Singapore \u2013 allege that the developer\u2019s luxury condominium units were not delivered as advertised. The buyers claim that changes were made to their sales and purchase agreements after they had signed them.
\nThey are seeking compensation, albeit the amount they are seeking was not clear.
\nTwo Singaporeans who acquired units at Country Garden Danga Bay shared that several defects were seen at their apartments when they received them around 2018.
\n\u201cIt\u2019s like buying a Ferrari but getting a Proton instead,\u201d said 49-year-old businessman Adam (not his real name).
\nIt is believed that the class action lawsuit is the biggest case to be filed against the Johor developer so far.
\n\u00a0
\n7) Transactions for strata office units down in 1H 2022<\/p>\n

Singapore\u2019s strata office market saw transaction volume decline 15.7% to 145 units, with a combined value of $365.1 million, in the first half of 2022, from 172 units, totalling $461.9 million, in the second half of 2021.
\nKnight Frank attributed the slowdown in sales activity to the dwindling saleable stock of strata offices.
\n\u201cWith the recent successful collective sale of a few strata commercial buildings, existing owners of other strata buildings may be holding on to their units in hopes of also embarking on the en bloc route,\u201d said Mary Sai, Knight Frank Singapore\u2019s Executive Director of Capital Markets.
\nMeanwhile, the removal of limits on gathering size and operating hours at retail establishments has spurred renewed interest in the strata retail market.
\nAlthough the 126 units that were sold in 1H 2022 were less than the 137 units shifted in 2H 2021, the total transacted value was still 8.8% higher at $290.9 million compared to 2H 2021\u2019s $267.4 million.
\n\u00a0
\n8) CBD Grade A office rent rose 0.4% in Q2 2022<\/p>\n

Central Business District (CBD) Grade A office rents increased 0.4% quarter-on-quarter to $9.47 per sq ft (psf) in the second quarter of 2022, revealed Savills.
\nThis comes as net demand for such spaces surged 130.5% to 136,000 sq ft in Q2 2022 from 59,000 sq ft in Q1 2022.
\nNotably, the City Hall micro-market posted the biggest quarterly rental growth at 1.3% to $9.82 psf, making it the second-highest rent after the Marina Bay micro-market.
\nSavills noted that the tightening of supply and demand balance, along with high inflation, \u201cis pushing landlords to raise gross rents\u201d.
\n\u201cAlthough there are economic challenges, with low levels of new supply, rents have been able to rise to offset inflation and future environmental-related expenditures,\u201d said Savills Singapore\u2019s Executive Director of Research Alan Cheong.
\n\u00a0
\n9) Ascendas Reit to buy Philips APAC Center for $104.8mil
\nAscendas REIT has proposed to acquire Philips APAC Center at 622 Lorong 1 Toa Payoh from Philips Electronics Singapore for $104.8 million.
\nIn an SGX filing, the REIT shared that the acquisition is well-aligned with its \u201cstrategic intention and will strengthen both its portfolio and customer base\u201d.
\nAs of 30 June 2022, the property is leased to four tenants, and \u201chas an occupancy rate of 95.7% and a long WALE of 4.5 years\u201d.
\nUpon completion of the acquisition, over two-thirds of the property\u2019s gross floor area will be leased back to Philipps. It will serve as the firm\u2019s APAC headquarters with a focus on its healthcare and technology business.
\n\u00a0
\n10) Ascott acquires first lyf-branded property in Tokyo
\nThe Ascott, CapitaLand Investment Limited\u2019s lodging business unit, is acquiring its first lyf-branded co-living property in Tokyo through its Ascott Serviced Residence Global Fund (ASRGF).
\nThe ASRGF is the private equity fund of Ascott with Qatar Investment Authority.
\nTo be named lyf Ginza Tokyo, the 140-unit co-living property is set to open in June next year. It is ASRGF\u2019s fourth acquisition this year, deploying almost $400 million across four countries in less than five months.
\nWith the acquisition of the Tokyo property, ASRGF will have 12 properties with more than 2,300 units across 91 countries.
\n\u201cWith the addition of lyf Ginza Tokyo, we are close to the full deployment of ASRGF. We seek to establish more lodging funds and attract like-minded capital partners to tap on Ascott\u2019s established investment and operational expertise to grow,\u201d said Mak Hoe Kit, Managing Director for Lodging Private Equity Funds and Head of Business Development at Ascott.
\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…ORTO leisure park, Ground-Up Initiative in Yishun to make way for housing, Ang Mo Kio SERS residents now allowed to apply for BTO flat in same estate and more<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

ORTO leisure park, Ground-Up Initiative in Yishun to make way for housing, Ang Mo Kio...<\/p>\n","protected":false},"author":1,"featured_media":128537,"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-128536","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-property-news"],"jetpack_featured_media_url":"https:\/\/i0.wp.com\/www.siamlandbank.com\/propertynews\/wp-content\/uploads\/2022\/08\/cover-image-for-news-1.jpg?fit=820%2C410&ssl=1","jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/p75ss1-xra","jetpack-related-posts":[{"id":125800,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/three-bto-projects-face-further-delays-ang-mo-kio-site-picked-for-sers-offers-significant-redevelopment-potential-and-more\/","url_meta":{"origin":128536,"position":0},"title":"Three BTO projects face further delays, Ang Mo Kio site picked for SERS offers \u2018significant\u2019 redevelopment potential and more","date":"April 12, 2022","format":false,"excerpt":"\r Three BTO projects face further delays, Ang Mo Kio site picked for SERS offers \u2018significant\u2019 redevelopment potential and more5th April to 11th April 2022 The Housing and Development Board (HDB) informed flat buyers at three Build-to-Order (BTO) projects that the completion of their homes would be further delayed. Analysts\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.siamlandbank.com\/propertynews\/wp-content\/uploads\/2022\/04\/Yishun-Boardwalk-hdb.jpg?fit=820%2C410&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":112324,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/ang-mo-kio-bto-flats-expected-to-be-most-sought-after\/","url_meta":{"origin":128536,"position":1},"title":"Ang Mo Kio BTO flats expected to be most sought after","date":"November 13, 2019","format":false,"excerpt":"\r The project\u2019s proximity to two MRT lines is seen as the main attractive points.\u00a0 The 450 units in Ang Mo Kio are expected to be the most sought after in the latest Build-To-Order (BTO) sales exercise as they are the first flats to be launched within the mature estate\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":112490,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/robust-interest-for-larger-bto-flats-in-ang-mo-kio-tampines\/","url_meta":{"origin":128536,"position":2},"title":"Robust interest for larger BTO flats in Ang Mo Kio, Tampines","date":"November 20, 2019","format":false,"excerpt":"\r Competition for Tengah\u2019s bigger flats, however, was sparse. Image: HDB Bigger Build-to-Order (BTO) flats within the mature estates of Tampines and Ang Mo Kio proved to be a hit among homebuyers at a Housing and Development Board (HDB) sales exercise that ended on Monday (18 November), while smaller units\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"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":128536,"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":89032,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/hdb-launches-6992-flats-in-may\/","url_meta":{"origin":128536,"position":4},"title":"HDB launches 6,992 flats in May","date":"May 22, 2018","format":false,"excerpt":"\r Artist\u2019s impression of the Kim Keat Beacon BTO project in Toa Payoh. (Photo: HDB) The Housing and Development Board (HDB) launched 6,992 flats for sale on Tuesday (22 May) under its May exercise. This comprises 3,970 Build-To-Order (BTO) and 3,022 balance flats. More: 1,500 HDB Flats Launching In Tengah\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"https:\/\/i1.wp.com\/www.siamlandbank.com\/propertynews\/wp-content\/uploads\/2018\/05\/May-2018-BTO-prices.jpg?fit=893%2C714&ssl=1&resize=350%2C200","width":350,"height":200},"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":128536,"position":5},"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":[]}],"_links":{"self":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/128536"}],"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=128536"}],"version-history":[{"count":0,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/128536\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/media\/128537"}],"wp:attachment":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/media?parent=128536"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/categories?post=128536"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/tags?post=128536"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}