{"id":133457,"date":"2022-12-27T08:20:35","date_gmt":"2022-12-27T01:20:35","guid":{"rendered":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/hdb-investigating-vacant-bto-flats-being-sold-on-the-open-market-sloane-residences-obtains-top-sells-close-to-90-of-units-and-more\/"},"modified":"2022-12-27T16:33:09","modified_gmt":"2022-12-27T09:33:09","slug":"hdb-investigating-vacant-bto-flats-being-sold-on-the-open-market-sloane-residences-obtains-top-sells-close-to-90-of-units-and-more","status":"publish","type":"post","link":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/hdb-investigating-vacant-bto-flats-being-sold-on-the-open-market-sloane-residences-obtains-top-sells-close-to-90-of-units-and-more\/","title":{"rendered":"HDB investigating \u201cvacant\u201d BTO flats being sold on the open market, Sloane Residences obtains TOP, sells close to 90% of units, and more"},"content":{"rendered":"


\nHDB investigating \u201cvacant\u201d BTO flats being sold on the open market, Sloane Residences obtains TOP, sells close to 90% of units, and more20th December to 27th\u00a0December 2022
\nThe Housing and Development Board (HDB) revealed that it is probing cases of \u201cvacant\u201d Build-to-Order (BTO) flats \u2013 or those which appear to have never been lived in \u2013 that are being sold on the open market. Meanwhile, Tiong Seng announced that Sloane Residences has obtained a Temporary Occupation Permit (TOP) and sold close to 90% of its units.
\n\u00a0
\n1) HDB investigating \u201cvacant\u201d BTO flats being sold on the open market<\/p>\n

HDB revealed that it is probing cases of \u201cvacant\u201d BTO flats \u2013 or those which appear to have never been lived in \u2013 that are being sold on the open market.
\n\u201cThis includes the cases mentioned in recent media reports, some of which have already been under investigation at the time of media\u2019s reporting,\u201d it told CNA.
\nIn fact, it had taken enforcement action in 53 cases where BTO owners did not occupy their flats during the Minimum Occupation Period (MOP) between 2017 and November this year. Of these cases, 21 involved compulsory acquisition by HDB, while the rest were issued warnings or financial penalties.
\nThe Straits Times reported that the MOP breaches irked some Singaporeans, with reactions ranging from disappointment towards the inadequacy of policies curbing such unlawful practices to anger towards the flat owners.
\nIt noted that the public outcry mirrors \u201cbroader unhappiness over public housing issues and the difficulties that some Singaporeans face in getting their BTO flats\u201d, added the report.
\n\u00a0
\n2) Sloane Residences obtains TOP, sells close to 90% of units<\/p>\n

Sloane Residences, a 12-storey freehold condominium project in prime District 10, has obtained TOP and sold close to 90% of its units, reported The Business Times.
\nConstruction group Tiong Seng shared that the development witnessed a \u201csharp uptick\u201d in buyer interest since it achieved TOP on 18 November 2022, with eight units snapped up within four weeks.
\nThe units were sold for between $2,677 and $3,366 per sq ft (psf), with the overall average selling price hovering at $2,907 psf.
\nSingaporeans accounted for 54% of the buyers, while foreigners and permanent residents comprised the remaining 46%.
\nLocated at 17 Balmoral Road, Sloane Residences is 70% owned by TSKY development, which is a joint venture (JV) between Ocean Sky International and Tiong Seng, with the latter holding a 60% stake in the JV.
\n\u00a0
\n3) En bloc tenders for People\u2019s Park Centre, Loyang Valley close without bids<\/p>\n

People\u2019s Park Centre and Loyang Valley became the latest collective sales sites not to receive any bid during the close of their tender, reported The Business Times.
\nThis is the second collective sale attempt for People\u2019s Park Centre. The 13-storey development was first put up for collective sale on 6 July 2022 carrying a reserve price of $1.8 billion. It was relaunched on 8 November 2022 at the same reserve price, after its first attempt closed with no bids.
\nIndustry observers pointed to its hefty price tag \u2013 at above $1 billion \u2013 as a stumbling block for developers.
\nMeanwhile, this is the first attempt for Loyang Valley, which had a reserve price of $980 million.
\n\u201cThere are a few expressions of interest,\u201d said Terence Lian, Huttons Asia\u2019s Head of Investment Sales. \u201cWe are following up with the interested developers and remain hopeful of a good outcome for Loyang Valley subsidiary proprietors.\u201d
\nLooking ahead, property consultants expect many residential en bloc sites to remain unsold next year, due to a mismatch in price expectations between sellers and buyers.
\nFor this year, 37 collective sale sites were put on the market, of which 12 were successfully sold.
\nRelated article:\u00a0Will En Bloc Make a Comeback in 2023? We Review the Past Failed En Bloc List
\n\u00a0
\n4) HDB launches Tampines Avenue 11, Plantation Close sites for tender
\nSource: HDB
\nHDB has launched two land parcels \u2013 a mixed-use commercial and residential site at Tampines Avenue 11 as well as an executive condominium (EC) site at Plantation Close \u2013 for tender.
\nRelated article:\u00a013 Freshly MOP-ed Resale Executive Condos in 2022\/2023
\nWith a leasehold tenure of 99 years, the two sites can potentially yield around 1,685 residential units. Tenders for the sites will close on 27 June 2023.
\nOrangeTee expects the Tampines Avenue 11 site to attract about two to five bidders, with the highest bid ranging from about 1,150 to $1,250 per sq ft per plot ratio (psf ppr).
\nHuttons Asia, on the other hand, expects the EC site at Plantation Close to attract up to eight bidders, with the top bid ranging from about $630 to $680 psf ppr.
\nTenders for the Plantation Close site will be evaluated under a modified concept and price revenue tender system, in which tenderers will be required to submit \u201can alternative bid on top of a base Prefabricated Prefinished Volumetric Construction (PPVC) bid\u201d.
\n\u201cThe alternative bid may be of a non-PPVC technology or a hybrid of technologies which could yield the specified productivity improvement,\u201d said HDB.
\n\u00a0
\n5) Freehold bungalow in Braddell Heights on sale for $23mil
\nA freehold single-storey bungalow in Clifton Vale within the Braddell Heights estate has been put up for sale with an indicative price of $23 million or $1,465 per sq ft (psf) on the land area, revealed marketing agent PropNex Realty.
\nThe detached house occupies an elevated plot spanning 15,705 sq ft in District 13. The site is within an area designated for two-storey bungalow landed housing.
\nRelated article:\u00a0Singapore District Map: Defining the CCR, RCR and OCR by the 28 Districts
\nHenry Benjamin Lim, Head of Good Class Bungalows and Prestige Landed at PropNex, noted that the site can be subdivided \u201cinto three plots (of about 5,200 sq ft each) with a detached home to be built on each plot\u201d.
\nHe also expects the site to attract keen interest from the developers \u201cin view of the of the limited supply of brand-new detached houses in the area and growing demand for larger homes among families\u201d.
\nThe tender for the freehold bungalow closes on 18 January 2023.
\n\u00a0
\n6) Freehold semi-detached house at Goodman Road on sale for $9.6mil
\nA freehold semi-detached house along Goodman Road in District 15 has been put up for sale via expression of interest (EOI) with a guide price of $9.6 million, revealed exclusive marketing agent Savills Singapore.
\nThe house occupies a 4,271 sq ft site zoned \u201cResidential, two-storey semi-detached\u201d under the 2019 Master Plan. This means the price is $2,247 per sq ft (psf) based on the land area.
\n\u201cThis is a rare opportunity for a buyer to acquire a sizeable freehold residential plot within an affluent district at a palatable quantum. Given the limited supply of these landed plots and the rarity of them coming up for sale, we expect strong demand from owners residing within the enclave,\u201d said Yap Hui Yee, Savills Singapore\u2018s Senior Director of Investment Sales and Capital Markets.
\nThe EOI exercise for the property closes on 12 January 2023.
\n\u00a0
\n7) 39 properties auctioned in 2022, total sales value at $88.93mil
\nSingapore saw 39 properties sold under the hammer in 2022, with the total sales value at $88.93 million.
\nEdmund Tie said it represented a 22.3% year-on-year decline as 2021 registered 32 properties sold under the hammer for a total sales value of $114.42 million.
\n\u201cAgainst the robust primary and secondary markets this year, bolstered by the strong rental market, particularly in the residential segment, 2022 is still, nonetheless, a relatively healthy year for the property auction market,\u201d said Joy Tan, Edmund Tie\u2019s Head of Auction and Sales.
\nShe believes that the lower sales value for this year is partly due to \u201cfewer high-value transactions of $5 million and above\u201d.
\nFor this year, 459 properties were put up for auction, of which 58% (267) were owner listings, and 34% (158) were mortgagee listings. The rest comprised other types of listings, such as estate, sheriff, and MCST sales.
\nRelated article:\u00a0How to Buy a Property on Mortgagee Sale in Singapore: An Easy 5-Step Guide
\nThe share of owner listings is the highest in seven years. It is also the second consecutive year that owner listings surpassed mortgagee listings.
\nLooking ahead, Edmund Tie expects more distressed sales in 2023, amid the rising interest rates and economic uncertainties.
\n\u00a0
\n8) Optimistic outlook for the construction industry<\/p>\n

Singapore\u2019s construction sector is slowly but surely tackling cost and labour issues brought about by the COVID-19 pandemic as well as the ongoing war in Ukraine, reported CNA.
\nNotably, a drop in metal prices has provided the sector with some breathing space, albeit construction firms still need to contend with a manpower crunch which has affected productivity.
\nTo make up for\u00a0the lost time, some construction firms leveraged technology to raise productivity and save on labour costs.
\nIn fact, authorities said construction output this year had recovered close to pre-pandemic levels.
\nWith this, Bao Te, Associate Professor for Economics at Nanyang Technological University\u2019s School of Social Sciences, has described the construction sector\u2019s outlook for the coming years as \u201cpretty good\u201d thanks to rising demand for the industry.
\n\u201cBasically, there is increasing demand for both residential properties and commercial properties in Singapore,\u201d he said.
\nBut whether supply can meet the increasing demand depends on how fast the construction industry can overcome material and labour shortages, while contending with factors that are beyond its control, such as energy prices, supply chain disruptions and geopolitical tensions.
\n\u00a0
\n9) Prime retail, suburban rents to move up next year
\nSavills Research expects inflationary pressures to push up retail sales revenue and increase advertising and conservancy costs next year, reported Singapore Business Review.
\nSavills believes these factors will \u201coverride the softer economic conditions and ultimately lift rents marginally\u201d.
\nWith this, prime Orchard retail rents are expected to increase up to 1% to 2% year-on-year, while prime suburban rents will increase 2% to 3% year-on-year.
\nSingapore\u2019s retail market is undergoing significant changes, with landlords raising rental expectations while some tenants struggle with increased operating costs.
\nThis saw some retailers being forced to move to less prime locations, and the vacated space is being occupied by new entrants or more successful retailers willing to pay the higher rental expectations.
\n\u00a0
\n10) ESR-Logos REIT sells aerospace training facility for $7.1mil
\nESR-Logos REIT (E-LOG) has agreed to sell 70 Seletar Aerospace View for $7.1 million, announced its manager in an SGX filing.
\nLocated within Seletar Aerospace Park, the property is an aerospace training facility with a gross floor area of 4,992 sq m. It has a remaining lease of around 19 years.
\nThe manager does not expect the sale to materially affect \u201cE-LOG\u2019s net asset value and distribution per unit for the financial year ending 31 December 2022\u201d.
\nIt added that the net proceeds will be \u201cdeployed to repay outstanding borrowings and\/or fund general working capital requirements\u201d.
\nThe sale, which is subject to JTC\u2019s approval, is expected to be completed in the second quarter of 2023.
\nOnce completed, E-LOG\u2019s portfolio will consist of 81 properties \u2013 exclusive of 48 Pandan Road which is held via a joint venture \u2013 across Singapore, Australia and Japan as well as investments at three property funds within Australia.
\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 investigating \u201cvacant\u201d BTO flats being sold on the open market, Sloane Residences obtains TOP, sells close to 90% of units, and more<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

HDB investigating \u201cvacant\u201d BTO flats being sold on the open market, Sloane Residences obtains TOP,...<\/p>\n","protected":false},"author":1,"featured_media":133458,"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-133457","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\/12\/hdb-construction.jpg?fit=820%2C410&ssl=1","jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/p75ss1-yIx","jetpack-related-posts":[{"id":142782,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/about-6830-hdb-bto-june-2024-flats-to-launch-landlord-slammed-for-morgue-like-listing-and-more\/","url_meta":{"origin":133457,"position":0},"title":"About 6,830 HDB BTO June 2024 Flats to Launch, Landlord Slammed for "Morgue-like" Listing, and More","date":"February 26, 2024","format":false,"excerpt":"\r About 6,830 HDB BTO June 2024 Flats to Launch, Landlord Slammed for \"Morgue-like\" Listing, and More20 to 26 February 2024 HDB will launch around 6,830 June 2024 BTO flats. 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