{"id":134973,"date":"2023-02-27T09:11:53","date_gmt":"2023-02-27T02:11:53","guid":{"rendered":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/terra-hill-sells-38-of-units-during-launch-30-housing-projects-face-sales-deadline-in-2023-and-more\/"},"modified":"2023-02-27T17:40:55","modified_gmt":"2023-02-27T10:40:55","slug":"terra-hill-sells-38-of-units-during-launch-30-housing-projects-face-sales-deadline-in-2023-and-more","status":"publish","type":"post","link":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/terra-hill-sells-38-of-units-during-launch-30-housing-projects-face-sales-deadline-in-2023-and-more\/","title":{"rendered":"Terra Hill Sells 38% of Units During Launch, 30 Housing Projects Face Sales Deadline in 2023, and More"},"content":{"rendered":"


\nTerra Hill Sells 38% of Units During Launch, 30 Housing Projects Face Sales Deadline in 2023, and More21st\u00a0February to 27th February 2023
\nFreehold luxury project Terra Hill sold 102 units or 38% of its 270 units at an average price of $2,650 per sq ft (PSF) during its launch. Meanwhile, about 30 residential projects are facing a critical sales deadline this year, when they will need to sell all unsold units or pay a hefty stamp duty.
\n\u00a0
\n1. Terra Hill sells 38% of units on launch weekend<\/p>\n

Terra Hill, a freehold luxury condominium project at Pasir Panjang, sold 102 units or 38% of its 270 units at an average price of $2,650 PSF during its launch, reported The Business Times.
\nAmong the units sold were\u00a0seven of the development\u2019s Prestige Collection, which was transacted at an average of over $2,850 PSF, revealed joint developers Hoi Hup Realty and Sunway Developments.
\nWong Siew Ying, Head of Research at PropNex Realty, said the $2,650\u00a0PSF average price is \u201creasonable\u201d for a freehold project within the city fringe area.
\nShe added that the take-up rate of more than one-third is also within their expectations, given the high interest rates.
\nHuttons\u2019 Senior Research Director Lee Sze Teck said buyers comprised a mix of investors and homebuyers mostly residing in the west of Singapore.
\n\u201cBoth groups of buyers were drawn to the proximity to the future upcoming Greater Southern Waterfront, which is starting to take shape,\u201d said Lee.
\n\u00a0
\n2. Nearly 30 residential projects face an Additional Buyer\u2019s Stamp Duty (ABSD) deadline in 2023
\nFor this year, about 30 residential projects are facing a critical sales deadline, in which they need to sell all unsold units or pay a hefty stamp duty, reported\u00a0The Business Times.
\nThese projects have around 1,400 unsold units as of mid-February 2023, most of which are in the Core Central Region (CCR).
\nProjects that seemed to be most at risk include Cuscaden Reserve, which has 182 unsold units, The Landmark (173 unsold units) and Leedon Green (108 unsold units), which showed data consolidated by Huttons and ERA Realty.
\nNicholas Mak, Head of Research and Consultancy at ERA Realty, said developers can avoid the stamp duty payment by offering discounts, higher commissions to agents, interior design or discounts for renovation works.
\nDevelopers may also sell the remaining units to a property fund, which can lease the units for recurrent income or sell them for profit, said Lee Sze Teck, Senior Research Director at Huttons.
\nMeanwhile, it may be more cost-effective for projects with lower take-up rates to pay the ABSD on the land price, said Edmund Tie\u2019s Head of Research and Consulting Lam Chern Woon.
\n\u00a0
\n3. Hong Heng Mansions goes en bloc with a $133 million price<\/p>\n

Hong Heng Mansions has been launched for collective sale with a reserve price of $133 million, reported The Business Times citing marketing agent ERA Realty Network.
\nExcluding the land betterment charge, the $133 million price works out to a land rate of around $1,208\u00a0PSF ppr.
\nLocated along Sembawang Road, the freehold development in District 26 features 41 residential units and 17 commercial units. It sits on a 78,644 sq ft site that is zoned for mixed-use under the 2019\u00a0Urban Redevelopment\u00a0Authority (URA)\u00a0Master Plan with a gross plot ratio of 1.4.
\nERA said the site could be redeveloped up to a gross floor area of around 110,102 sq ft, subject to the approval of relevant authorities.
\nThe tender for Hong Heng Mansions closes on 18 April 2023.
\n\u00a0
\n4. Return of Chinese buyers not to affect Singapore property prices
\nWhile interest from mainland Chinese buyers for Singapore properties is anticipated to increase following the reopening of China\u2019s international borders, property analysts do not believe it will cause a significant impact on property prices since foreign buyers account for a small proportion of total transactions, reported CNA.
\nIn January 2023, National Development Minister Desmond Lee revealed that Singapore citizens acquired 79.9% of private residential properties in 2022, while Singapore Permanent Residents (SPRs) and foreigners made up 13% to 16% and 3.5%, respectively.
\nAnalysts pointed out that although Chinese buyers tend to account for a sizeable portion of foreign property acquisitions, they make up a tiny portion of overall transactions.
\nThey noted that the ABSD of 30% and the uncertain economic climate will also limit demand.
\nNonetheless, they expect the luxury property market to benefit from the expected surge in Chinese buyers. In fact, super-wealthy Chinese were said to be behind some of the acquisitions at the luxury condo project Klimt Cairnhill in January 2023.
\n\u00a0
\n5. Property agents do not expect resale HDB flat sellers to raise prices<\/p>\n

Despite the hike in CPF housing grants for first-time buyers, property agents do not expect sellers of resale HDB flats to raise their asking prices as it may deter potential buyers.
\nThis comes as buyers are generally price-sensitive, given the uncertain economic condition, they told TODAY.
\nPropNex agent Fahmi Hassan noted that it is still \u201ctoo early to tell\u201d the kind of impact the new measures would have on flat prices, adding it may take around two to three months before the effect would manifest.
\n\u201cPersonally, I don\u2019t think prices may even go up at all because if they do, first-time buyers may not be able to afford them. There will definitely be sellers who try to increase prices, but it won\u2019t be a drastic increase in the overall market,\u201d said PropNex agent Shiddique Asyraaf.
\nMoreover, demand for resale flats has decreased since the implementation of the last cooling measures in September last year, making it unlikely for sellers to raise prices, said Arasan of ERA Real Estate.
\n\u00a0
\n6. \u201cNo shame\u201d in admitting a mistake, said Deputy Prime Minister and Minister of Finance Lawrence Wong on WP\u2019s 2019 paper on housing policy
\nThe Worker\u2019s Party\u2019s (WP) 2019 paper on Singapore housing policy has been the subject of debate on 24 February 2023, with Mr Wong saying the WP had suggested cutting back on the construction of new HDB flats and should acknowledge it was wrong in its assessment, reported CNA.
\nHe pointed out that if the Government had taken WP\u2019s advice, the situation with property prices would have been worse.
\nMr Wong said the WP should show humility and that there is \u2018no shame\u2019 in admitting a mistake, noting that no one could have predicted what happened.
\nWP Members of Parliament (MPs), however, said the Government\u2019s interpretation of its 2019 paper was taken out of context.
\nWP Chief and Leader of the Opposition Pritam Singh argued that the paper was published in response to the Voluntary Early Redevelopment Scheme (VERS) and that its focus was on long-term housing dynamic trends.
\nHe noted that the People Association Party (PAP) seemed to be silent on the paper\u2019s context and was using it to gain political mileage.
\n\u00a0
\n7. Lowering the land cost for HDB flats would destabilise the property market<\/p>\n

Mr Wong\u00a0said the Government cannot simply lower the cost of state land to reduce the price of HDB flats, noting that doing so would destabilise the property market, reported The Business Times.
\nMoreover, it would not address the underlying cause \u2013 which is the COVID-era supply issues.
\n\u201cYou cannot just change the way land is priced to bring down the selling price of flats,\u201d said Mr Wong in response to MPs who raised concerns and proposed solutions relating to public home prices.
\n\u201cIf you were to try to artificially \u2018reset\u2019 the housing market in this manner, you will risk destabilising the entire property market.\u201d
\nHe explained that the root cause of high prices can be addressed by ramping up the supply of Build-to-Order (BTO) flats and catching up with the pandemic-induced delays.
\nAnd since it will take some time for supply to increase, the Government has addressed demand by introducing greater BTO priority for first-timer families with children as well as couples aged 40 and below.
\nThe Government has also raised the CPF housing grant for resale flats to assist first-time families and singles with more urgent housing needs.
\n\u00a0
\n8. MPs voice concern over higher resale grants\u2019 impact, call for more support for families
\nMPs have voiced their concern over the potential impact of the higher housing grants offered to first-time buyers of resale flats and asked for more data and support, especially for families, reported The Business Times.
\nMP Gan Thiam Poh (Ang Mo Kio GRC), is worried that the hike in CPF housing grants may lead to a sudden increase in resale prices, affecting non-first-time buyers, including divorcees, and families who have fallen on hard times.
\nMP Gerald Giam (Aljunied GRC) said the Government should not rely on raising housing grants, but rather provide help to \u201cempty nesters\u201d who wish to sell their larger flats to secure 2-room Flexi flats and Community Care Apartments.
\nNon-constituency MP Hazel Poa, on the other hand, called for land sale proceeds to be treated as revenue and used to subsidise public housing.
\nMeanwhile, Mr Gan suggested extending the additional ballot for BTO application to families with two or more children. At the same time, Sengkang GRC MP He Ting Ru called for singles to be allowed to purchase new flats from the age of 28 instead of 35.
\n\u00a0
\n9. Rents for non-landed private homes to rise 10 to 15% in 2023
\nHuttons Asia expects rents for non-landed private homes to rise by 10% to 15% in 2023, following a 29.7% jump in 2022.
\nIn an article posted in The Business Times, Lee Sze Teck, Senior Research Director and Mark Yip, Chief Executive Officer of Huttons Asia, attributed the rental hike in 2022 to several factors, including the active hiring of companies, hybrid work, tight supply of homes for rent, return of foreign students, co-living operators and rising interest rates.
\nThey noted that the upcoming completion of 17,427 private homes this year may also contribute to higher rental prices.
\n\u201cWhile there may be a large number of completed homes in 2023, this may only moderate the\u00a0number of rent increases as new homes usually achieve a higher rent compared to older homes,\u201d they said.
\nOther factors that could contribute to the rise in rents include property tax hikes, interest rate movements, a slower economic environment and the influx of businesses from China.
\n\u00a0
\n10. One-third of HDB car parks to receive Electric Vehicle (EV) charging points by\u00a0end of 2023
\nThe Land Transport Authority (LTA) has launched the first six electric vehicle charging points under its large-scale tender, with the charging points located at two public car parks in Boon Lay and Telok Blangah, reported CNA.
\nTransport Minister S Iswaran described the deployment of the chargers as an important step in building the electric vehicle ecosystem in Singapore, saying it eliminates the range anxiety among drivers.
\n\u201cBy making charging points ubiquitous across the island, especially in our HDB (car parks), we hope to eliminate that range anxiety and therefore encourage greater adoption,\u201d he said.
\nLTA revealed that 2,000 more charging points will be deployed in more than 700, or one-third of HDB car parks by the end of 2023. This is in line with Singapore\u2019s target of deploying 12,000 EV charging points by 2025.
\nMeanwhile, LTA shared that it has set up a subsidiary, EV-Electric Charging Pte Ltd, to oversee the EV charging points\u2019 deployment.
\nThe subsidiary will help coordinate the upgrade of supporting electrical infrastructure as well as plan the deployment of charging points.
\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…Terra Hill Sells 38% of Units During Launch, 30 Housing Projects Face Sales Deadline in 2023, and More<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Terra Hill Sells 38% of Units During Launch, 30 Housing Projects Face Sales Deadline in...<\/p>\n","protected":false},"author":1,"featured_media":134974,"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-134973","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\/2023\/02\/68784216_s-Cropped.jpg?fit=820%2C410&ssl=1","jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/p75ss1-z6Z","jetpack-related-posts":[{"id":77626,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/new-futura-condo-sells-18-units-at-average-price-of-3200-psf\/","url_meta":{"origin":134973,"position":0},"title":"New Futura condo sells 18 units at average price of $3,200 psf","date":"January 22, 2018","format":false,"excerpt":"\r 18 of the 25 units released for sale were sold at an average price of $3,200 psf. 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Image:\u00a0WeR1 Consultants OLA, a Spanish-themed executive condominium (EC) project in Sengkang, sold 30% or 167 of its 548 units during its first weekend of sales, revealed property developer Anchorvale.\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]}],"_links":{"self":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/134973"}],"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=134973"}],"version-history":[{"count":0,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/134973\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/media\/134974"}],"wp:attachment":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/media?parent=134973"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/categories?post=134973"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/tags?post=134973"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}