{"id":131837,"date":"2022-11-28T07:35:25","date_gmt":"2022-11-28T00:35:25","guid":{"rendered":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/copen-grand-ec-fully-sold-hdb-launches-nearly-10000-flats-in-november-sales-exercise-extends-application-period-and-more\/"},"modified":"2022-11-28T15:42:28","modified_gmt":"2022-11-28T08:42:28","slug":"copen-grand-ec-fully-sold-hdb-launches-nearly-10000-flats-in-november-sales-exercise-extends-application-period-and-more","status":"publish","type":"post","link":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/copen-grand-ec-fully-sold-hdb-launches-nearly-10000-flats-in-november-sales-exercise-extends-application-period-and-more\/","title":{"rendered":"Copen Grand EC fully sold, HDB launches nearly 10,000 flats in November sales exercise, extends application period and more"},"content":{"rendered":"


\nCopen Grand EC fully sold, HDB launches nearly 10,000 flats in November sales exercise, extends application period and more22nd November\u00a0to 28th November 2022
\nCopen Grand, the first executive condominium (EC) in Tengah Town, has been fully sold after second-time buyers snapped all the remaining 146 units at the 639-unit development. Meanwhile, the Housing and Development Board (HDB) launched 9,655 Build-to-Order (BTO) flats for sale on 23 November\u00a02022 \u2013 its largest BTO offering in a single launch.
\n\u00a0
\n1) Copen Grand EC fully sold<\/p>\n

Copen Grand, the first EC in Tengah Town, has been fully sold after second-time buyers snapped all the remaining 146 units at the 639-unit development, reported The Business Times citing developers City Developments Limited (CDL) and MCL Land.
\nMark Yip, CEO of Huttons Asia, called the development the best-selling EC for this year, noting that it was the first EC project to be fully sold during a second balloting.
\n\u201cThe value proposition for Copen Grand is very strong. (It has the) first mover\u2019s advantage, unrivalled accessibility to three MRT stations, proximity to future Tengah Integrated Transport Hub and Tengah Boulevard Bus Interchange,\u201d he said.
\nRelated article:\u00a099 Condos Near MRT Stations (North-South Line, NSL): Prices, TOP Dates, and More (2022)
\nUnder prevailing EC regulations, only 30% of the project can be allocated for second-time buyers during launch.
\nLaunched on 22 October 2022, the project had an average price of $1,300 psf, with units purchased under the deferred payment scheme priced at 3% higher.
\nCopen Grand sold about 73% of the units during its first day of launch. Transacted prices ranged from $1.09 million for a two-bedroom plus study unit to $2.17 million for a five-bedder premium unit.
\n\u00a0
\n2) HDB launches nearly 10,000 flats in the November sales exercise, extends application period<\/p>\n

The HDB launched 9,655 BTO flats for sale on 23 November 2022 \u2013 its largest BTO offering in a single launch.
\nThe flats are spread across 10 projects within both mature and non-mature estates in Queenstown, Kallang Whampoa, Bukit Batok, Yishun and Tengah.
\nFor this month\u2019s BTO and Sales of Balance (SBF) exercise, HDB extended the application period from the usual seven days to nine days \u2013 providing prospective buyers \u201cmore time to consider the wide range of flats offered\u201d.
\nWith this, applicants can make their online flat application until 1 December 2022 via the HDB InfoWEB.
\n\u201cThe bulk of the almost 10,000 flat supply, or close to 6,000 new flats, are located in non-mature estates,\u201d said HDB CEO Tan Meng Dui.
\n\u201cWith 95% of four-room and larger flats in this bumper crop set aside for first-timer households, and additional ballot chances for them, we encourage first-time applicants to apply for flats in the non-mature estates to increase their chances of securing a new BTO flat,\u201d he added.
\n\u00a0
\n3) Tengah BTO projects to have shorter waiting times, pilot new building tech
\nTwo upcoming BTO projects in Tengah \u2013 offering a total of about 2,077 units \u2013 will pilot construction technologies such as 3D concrete printing to raise productivity.
\nGarden Waterfront I & II @ Tengah will also have the shortest waiting times, at 3.3 years, among the projects launched during the BTO sales exercise on 23 November 2022, reported CNA.
\nHDB launched a bumper crop of nearly 10,000 flats across 10 different projects.
\nThe two new projects in Tengah will feature 18 residential blocks ranging from nine to 16 storeys, with two-room Flexi units as well as three-room to five-room flats, including rental flats within Garden Waterfront I @ Tengah.
\nRelated article:\u00a07 Affordable 5-Room HDB Resale Flats Under $600,000 in Singapore
\n\u201cThe large offering in the non-mature estate of Tengah will cater to the diverse needs of flat-buyers, and provide ample affordable flat options with short waiting times for first-time applicants,\u201d said HDB.
\nIncluding these two projects, about 17,000 flats would have been offered in Tengah since November 2018, when the first BTO project Plantation Grove was launched.
\nAlthough there had been some delays due to the pandemic, \u201cmore than 70% of these projects currently have a waiting time of four years or less,\u201d pointed HDB.
\n\u00a0
\n4) Government releases two residential sites, EC plot up for sale
\nThe Government has released three Reserve List residential sites for sale under the Government Land Sales (GLS) Programme.
\nThe Urban Redevelopment Authority (URA) launched the 20,572.1 sq m condominium site at Jalan Tembusu and the 13,451.1 sq m condominium site at Clementi Avenue 1. The two sites are expected to yield 825 units and 500 units, respectively.
\nHDB launched the third site at Senja Close, which spans 10,159.2 sq m and is designated for EC development. It is expected to yield about 300 units.
\nOf the three sites, the Clementi Avenue site has the highest probability of being triggered for sale due to the lack of new mass-market condominium projects within the Clementi area, said ERA Realty.
\nHuttons Asia\u2019s Senior Director of Research Lee Sze Teck, however, believes developers \u201cmight want to keep their options open and not trigger these sites for sale\u201d, given the upcoming release of the 1H 2023 GLS sites in December.
\nBut if successfully triggered, he expects all three sites to attract three to five bids, with the Clementi site attracting a top bid of between $1,000 and $1,100 per sq ft per plot ratio (psf ppr).
\n\u00a0
\n5) \u2018Mature\u2019, and \u2018non-mature\u2019 HDB estate classification may be replaced, third category possible \u2013 say experts<\/p>\n

Experts believe the review of the terms \u201cmature\u201d and \u201cnon-mature\u201d HDB estates may lead to the replacement of such terms and the addition of a third category \u2013 which may be known as \u201cemerging\u201d or \u201csemi-mature\u201d estate, reported TODAY.
\nChris International Founder Chris Koh said the classification of non-mature and mature estates may be removed since the distinction between these two types of estates had already become unclear.
\nInstead, buyers can rely on the Prime Location Public Housing (PLH) or non-PLH classification to determine the proximity of homes to amenities like shopping centres, public transportation and the city centre.
\nChristine Sun, Senior Vice-President of Research and Analytics at OrangeTee & Tie, suggested using geographical location in classifying estates.
\nOne Global Group Senior Analyst, Research and Content Creator Mohan Sandrasegeran, on the other hand, suggested using population density in determining whether an area is developed or not.
\n\u00a0
\n6) More Singaporeans face difficulties paying housing loans<\/p>\n

A new survey found that more Singaporeans are facing \u201csome difficulties in paying off their mortgage loans\u201d, at 40%, up from 31% last year, reported CNA citing OCBC\u2019s Financial Wellness Index report.
\nOCBC noted that more Singaporeans are unable to pay their housing loans on time at 14% versus 9% in 2021. In fact, those looking to sell or downgrade their homes in order to pay for their loans have also increased from 6% in 2021 to 8%.
\nRelated article: Cash, CPF, or Both? 5 Singaporean Households Share How They\u2019re Paying Off Their Mortgage
\n\u201cThis has resulted in more Singaporeans worried about home financing \u2013 38% worry about not being able to afford a home, an increase from 36% last year,\u201d it said.
\nDespite these, banks said mortgage foreclosures are rare, with DBS saying that it has not seen delinquencies due to higher home loan interest rates.
\nUOB, on the other hand, shared that the proportion of borrowers impacted by the interest rate hikes was \u201cinsignificant compared to the total mortgage portfolio of the bank\u201d.
\nThe banks added that they would do their best to help those facing financial difficulties.
\n\u00a0
\n7) Rent for co-living spaces to increase amid strong demand
\n\u00a0<\/p>\n

Demand for co-living spaces in Singapore has been on the uptrend, with operators registering occupancy rates of above 95% \u2013 thanks to more people seeking temporary housing while they wait for their new homes to be completed, reported CNA.
\nThe hike is also attributed to the return of expatriates for work in Singapore following the COVID-19 pandemic.
\nWith this, industry players expect rental for such spaces to shoot up.
\n\u201cThis is a trend that we don\u2019t see (just) for co-living, it\u2019s actually across the industry. So we actually did increase the rates to be aligned with the market,\u201d said Lyf\u2019s Area Manager Genevieve Khua.
\nCo-living operator Lyf said rents for their spaces will increase by 20% to 25%.
\nCompetitor Coliwoo, on the other hand, said it will also raise its rent, albeit the hike will be capped at $200 to keep prices affordable.
\nDespite the rising rent, those staying in co-living spaces believe they are still cheaper compared to those in the open market.
\n\u00a0
\n8) HDB rent prices increase the most in heartland areas
\nAfter dropping or staying mostly stagnant during the 10 quarters before the COVID-19 pandemic, rent prices of HDB flats have soared since the start of the pandemic and mostly in the heartlands rather than the central regions, reported CNA.
\nHDB data showed that some of these towns saw HDB rents hit record highs in Q3 2022.
\nRelated article:\u00a0HDB Rental Flat Prices in Singapore: How Much You Need to Earn to Afford Different Flat Types (Q3 2022)
\nIn fact, rental prices for five-room flats jumped by up to 47.4% compared with Q1 2020. Punggol registered the biggest hike, with median monthly rent hitting $2,800. It was followed by Woodlands and Sengkang.
\nRents for four-room flats also increased by 13% to 47.4%, with the same three towns registering the highest increases in rents.
\nIn fact, even smaller three-room flats also posted rent increases, with demand driven by lower-salary migrant workers who were afraid of losing jobs if they decide to go home during the pandemic, said Savills Executive Director for Research and Consultancy Alan Cheong.
\nIn search of cheaper accommodation, these workers looked to new towns with lower rents pushing up rental prices for three-room flats in Woodlands, Hougang and Jurong West.
\n\u00a0
\n9) Private home sales volume down 9.7% in Q3 2022<\/p>\n

Singapore saw the transaction volume of private homes drop 9.7% quarter-on-quarter to 6,148 units in the third quarter of 2022 from the previous quarter\u2019s 6,811 units, reported Singapore Business Review.
\nEdmund & Tie attribute the decline in volume to \u201cmacroeconomic headwinds, rising interest rates and a slowdown in sales activities during the Hungry Ghost month that happened from 29 July to 26 August 2022\u201d.
\nNotably, the proportion of homes sold to foreigners remained stable at 4.7% in Q3 2022 from 4.8% in Q2 2022.
\nForeign demand improved both within the Rest of Central Region (RCR) at 4.7% and the Outside Central Region (OCR) at 2% during the quarter under review.
\nRelated article:\u00a0Singapore District Map: Defining the CCR, RCR and OCR by the 28 Districts
\n\u201cThis is likely that foreign buyers are casting their nets wider to include more affordable properties located in the fringe and suburban locations, amid rising prices,\u201d the real estate expert said.
\nThe residential overall price index rose 3% in Q3 2022 \u2013 marking its 10th consecutive quarter of increase.
\nLooking ahead, Edmund & Tie expects private home prices to soften to around 9% compared to 10.6%, while primary sales is expected to rise by 1% to 3% to around 7,000 to 8,000 units in 2023.
\n\u00a0
\n10) Retail vacancy eases to a three-year low in Q3
\nOverall retail occupancy in Singapore improved in the third quarter of 2022, due to higher take up within the Central Region \u2013 bringing the retail vacancy rate to 7.8% or its lowest since 2019, revealed Savills Research.
\nThe Central Region saw the vacancy rate drop 0.5% quarter-on-quarter to 9.3%, while that within the OCR held firm at 5.1%.
\n\u201cConcurrently, prime retail rents continued to rise in Q3 as more foreign brands, who are more willing to match up to the landlords\u2019 higher rental expectations, entered the local market,\u201d said Savills.
\nWith this, Savills monthly prime rents within Orchard and Suburban areas climbed 1% quarter-on-quarter to $21.30 per sq ft (psf) and 0.7% quarter-on-quarter to $23.20 psf, respectively.
\n\u201cWith the return of the office crowd, CBD Prime retail rents have firmed and businesses that are continuing their operations around the Raffles Place micro-market can anticipate paying higher rents, especially so with Clifford Centre at Raffles Place closing end-2022,\u201d noted Savills.
\n\u00a0
\nLooking for a property in Singapore? Visit PropertyGuru\u2019s\u202fListings,\u202fProject Reviews\u202fand\u202fGuides.\u00a0
\nFarhan Shafie, Digital Content Specialist at PropertyGuru, edited this story. To contact him about this story, email: farhanshafie@propertyguru.com.sg.\u00a0
\n
\nSource : proppertyguru.com.sg\/Property Market
\nRead more…Copen Grand EC fully sold, HDB launches nearly 10,000 flats in November sales exercise, extends application period and more<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Copen Grand EC fully sold, HDB launches nearly 10,000 flats in November sales exercise, extends...<\/p>\n","protected":false},"author":1,"featured_media":131838,"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-131837","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\/11\/private-home-singapore.jpg?fit=820%2C410&ssl=1","jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/p75ss1-yip","jetpack-related-posts":[{"id":130663,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/hdb-may-waive-wait-out-period-for-some-private-property-owners-cdl-opens-copen-grand-ec-for-preview-and-more\/","url_meta":{"origin":131837,"position":0},"title":"HDB may waive wait-out period for some private property owners, CDL opens Copen Grand EC for preview, and more","date":"October 10, 2022","format":false,"excerpt":"\r HDB may waive wait-out period for some private property owners, CDL opens Copen Grand EC for preview, and more4th\u00a0October to 10th\u00a0October 2022 Private property owners who can show that they obtained an Option to Purchase (OTP)\u00a0for a resale Housing and Development Board (HDB) flat before the cooling measures kicked\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.siamlandbank.com\/propertynews\/wp-content\/uploads\/2022\/10\/private-home-singapore.jpg?fit=820%2C410&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":131138,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/new-private-home-sales-surge-125-in-september-copen-grand-ec-sells-73-of-units-on-launch-day-and-more\/","url_meta":{"origin":131837,"position":1},"title":"New private home sales surge 125% in September, Copen Grand EC sells 73% of units on launch day, and more","date":"October 25, 2022","format":false,"excerpt":"\r New private home sales surge 125% in September, Copen Grand EC sells 73% of units on launch day, and more18th\u00a0October\u00a0to 25th October 2022 New private home sales in Singapore more than doubled in September, surging 125% to 987 units, thanks to robust sales at Lentor Modern and Sky Eden\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"https:\/\/i2.wp.com\/www.siamlandbank.com\/propertynews\/wp-content\/uploads\/2022\/10\/singapore-home.jpg?fit=820%2C410&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":132232,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/most-residential-property-owners-to-face-higher-taxes-next-year-72-of-tenet-ec-sold-at-first-day-of-launch-and-more\/","url_meta":{"origin":131837,"position":2},"title":"Most residential property owners to face higher taxes next year, 72% of Tenet EC sold at first day of launch and more","date":"December 5, 2022","format":false,"excerpt":"\r Most residential property owners to face higher taxes next year, 72% of Tenet EC sold at first day of launch and more29th\u00a0November\u00a0to 5th\u00a0December 2022 Most owners of Housing and Development Board (HDB) flats and private residential properties will face higher property taxes from 1 January next year following a\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"https:\/\/i1.wp.com\/www.siamlandbank.com\/propertynews\/wp-content\/uploads\/2022\/12\/HDB-flats-in-Bukit-Panjang-e1482292252491.jpg?fit=1200%2C600&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":139410,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/around-1900-choa-chu-kang-october-2023-bto-flats-to-be-launched-an-altura-ec-unit-sets-new-price-record-of-1585-psf-and-more\/","url_meta":{"origin":131837,"position":3},"title":"Around 1,900 Choa Chu Kang October 2023 BTO Flats to be Launched, An Altura EC Unit Sets New Price Record of $1,585 PSF, and More","date":"October 2, 2023","format":false,"excerpt":"\r 26 September to 2 October 2023 Altura, an executive condominium (EC)\u00a0at Bukit Batok West Avenue 8, has sold a 980 sq ft unit for $1.55 million, which works out to a record price for an EC: $1,585 per sq ft (PSF). 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Meanwhile, 3,000\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"https:\/\/i1.wp.com\/www.siamlandbank.com\/propertynews\/wp-content\/uploads\/2022\/10\/singapore-view.jpg?fit=820%2C410&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":112306,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/hdb-launches-8170-flats-in-november-sales-exercise\/","url_meta":{"origin":131837,"position":5},"title":"HDB launches 8,170 flats in November sales exercise","date":"November 12, 2019","format":false,"excerpt":"\r This includes 4,571 BTO flats in Tengah, Ang Mo Kio and Tampines, as well as 3,599 flats under the Sale of Balance Flats scheme within mature and non-mature estates, like Bishan and Clementi. 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