{"id":137333,"date":"2023-06-12T06:51:30","date_gmt":"2023-06-11T23:51:30","guid":{"rendered":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/serangoon-may-2023-bto-flats-snatched-up-grange-1866-to-preview-on-17-june-2023-and-more\/"},"modified":"2023-06-12T15:12:57","modified_gmt":"2023-06-12T08:12:57","slug":"serangoon-may-2023-bto-flats-snatched-up-grange-1866-to-preview-on-17-june-2023-and-more","status":"publish","type":"post","link":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/serangoon-may-2023-bto-flats-snatched-up-grange-1866-to-preview-on-17-june-2023-and-more\/","title":{"rendered":"Serangoon May 2023 BTO Flats Snatched Up, Grange 1866 to Preview on 17 June 2023, and More"},"content":{"rendered":"


\nSerangoon May 2023 BTO Flats Snatched Up, Grange 1866 to Preview on 17 June 2023, and More6 to 12 June 2023
\nThe\u00a0May 2023 BTO launch\u00a0saw robust demand for\u00a0Serangoon North Vista\u00a0and\u00a0Bedok South Blossoms, with application rates of 5-room BTO flats among first-timer applicants reaching up to 13. Meanwhile, freehold residential condo Grange 1866 will open for preview on 17 June 2023, with prices for homes starting from $1.577 million.
\n\u00a0
\n1. Robust demand\u00a0recorded\u00a0for the Serangoon and Bedok May 2023 BTO projects<\/p>\n

The\u00a0May 2023 BTO\u00a0sales exercise saw robust demand for bigger BTO flats in mature estates Serangoon and Bedok, reported\u00a0The Straits Times.
\nAs of 8 June 2023, the 129\u00a05-room BTO flats offered in the Serangoon North Vista May 2023 BTO project attracted 2,390 applicants, which works out to over 13 first-timer applicants for every available unit.
\nThe project\u2019s\u00a04-room BTO flats, on the other hand, attracted more than nine first-timer applicants for each unit offered.
\nIn\u00a0Bedok South Blossoms,\u00a05-room and 3Gen BTO flats were also oversubscribed, with over three first-timer applicants battling for every available\u00a0BTO flat.
\nAnalysts attributed the positive response to pent-up demand, as Serangoon and Bedok have not seen a BTO launch for about nine and seven years, respectively.
\nHDB\u00a0revealed that the median application rate for first-time applicants for\u00a03-room and larger BTO flats in the\u00a0May 2023 BTO sales\u00a0exercise was 2.2 for every unit offered.
\nRelated article:\u00a04 Reasons Why Singaporeans Snatched Up the Serangoon May 2023 BTO Flats
\n\u00a0
\n2. Grange 1866 opens for preview on 17 June 2023<\/p>\n

Grange 1866, a freehold\u00a0condo\u00a0at 74 Grange Road in District 10, is set to open for preview on 17 June 2023, with prices starting from $1.577 million.
\nLocated near Orchard MRT station, the 60-unit single tower block project will feature\u00a01- and\u00a02-bedroom units with sizes ranging from 527 to 829 sq ft.
\nDr Tan Tee Khoon, Country Manager \u2013 Singapore, PropertyGuru said: \u201cUnder the current Master Plan 2019, the initiatives to refresh Orchard Road can be summarized under two key thrusts:
\nThe first thrust of the Orchard Road plan is to make her a lifestyle destination. As a lifestyle destination, Orchard Road will offer differentiated experiences in each of the four sub-precincts identified\u00a0\u2013 Tanglin, Orchard, Somerset, and Dhoby Ghaut. The art and artisanal mixed-use neighbourhood is a shopping paradise that features luxury and flagship products, new events and lush green spaces, and family-friendly attractions.
\nThis multivariate transformation of Orchard Road will infuse excitement, diversity and culture that will enhance the livability of the location to different people groups.
\nSecondly, the government has plans to \u2018Bring Back the Orchard\u2019. The initiative includes enhancing Orchard Road as a green urban corridor, linking the Singapore Botanic Gardens\u00a0to\u00a0Fort Canning Park, and ending\u00a0at\u00a0the Singapore River.
\nGrange 1866 is that rare gem of a boutique, freehold development that will benefit from the Master Plan 2019 rejuvenation initiatives for Orchard Road. Given its coveted District 10 residential address, this development holds enormous potential for property seekers looking for capital preservation and appreciation in the long term.\u201d
\nEach unit will be equipped with walk-in wardrobes, appliances, and sanitary fixtures. They will also come with full marble finishes in the living room, dining\u00a0room, and bathroom.
\nThe development will boast a modern, contemporary design, with facilities including a swimming pool and a gym.
\nWith completion slated for December 2029, the project is expected to obtain\u00a0its\u00a0Temporary Occupation Permit (TOP)\u00a0in December 2026.
\n\u00a0
\n3. 48 cheques collected for Eleven@Holland, seven more homes put up for sale
\nThe mortgagee sale of 48 semi-detached homes at Eleven@Holland attracted strong buying interest, with 48 cheques collected from buyers.
\nPriced from $3.7 million to $4.4 million each, the properties are part of the 99-year leasehold project, which comprises 82 units of semi-detached, strata-landed cluster homes.
\nTracy Goh, PropNex Realty\u2019s Head of Investment and Collective Sales, said all 48 cheques came from Singaporean buyers.
\n\u201cBy our estimates, more than 100 interested buyers came to view the properties on 3 June, when the units were opened for viewing,\u201d she added.
\nIn view of the robust interest received, seven more semi-detached homes at the development were put up for sale.
\nWith an average strata area of 3,735 sq ft, the seven properties come with three-storey, an attic, and a basement. Six of the units are being sold with existing tenancies, while the remaining unit is being sold with vacant possession.
\nThe tender for the seven properties will close on 12 June 2023.
\nRelated article:\u00a0Landed Property in Singapore: Good Class Bungalows (GCB), Cluster Houses, and More (2023)
\n\u00a0
\n4. Singapore is among the strongest markets for super-prime homes
\nSingapore has been listed among the world\u2019s strongest markets for super-prime homes, with 37 transactions for such homes registered in Q1 2023, revealed\u00a0Knight Frank.
\nNotably, Singapore is the fifth strongest market globally. Dubai topped the list with 88 sales, followed by Hong Kong, New York and Long Angeles.
\nThe average super-prime sales registered in Singapore stood at $20.96 million.
\nKnight Frank said global super-prime residential sales increased 11% quarter-on-quarter (QoQ) to 417 transactions in Q1 2023. Despite the hike in volume, total sales value declined 4% QoQ to $9.7 billion.
\nThe consultancy sees more subdued conditions for the super-prime home market for the full of 2023, with transactions hitting $33.6 million to $36.3 billion.
\n\u00a0
\n5. HDB resale flats near green spaces fetch higher prices<\/p>\n

A new study found that HDB resale flats located near tree covers \u2013 such as street trees, urban forests, woodlands and nature reserves \u2013 fetched higher prices over the last three decades, reported\u00a0The Straits Times.
\nThese flats were also more popular than those located close to grass patches, showed the study, which was published in Elsevier\u2019s Sustainable Cities and Society.
\nThis comes as grass patches are usually vacant state lands that may soon be redeveloped.
\n\u201cWith declining green areas all around Singapore, buyers tend to value greenery closer to their homes a lot more. Improvements to some of our parks, and nature reserves could also explain why people value them a lot more,\u201d said Teo Hoong Chen, the study\u2019s lead author and a PhD student at the NUS Centre for Nature-based Climate Solutions.
\nIn fact, being close to greenery accounted for up to 11.7% of the flat\u2019s average resale price in the 2010s. This works out to a premium of up to $50,000.
\n\u00a0
\n6. More homeowners engage defect inspection firms
\nDemand for defect inspection at newly-built homes has been on the rise following the completion of many housing projects that had been delayed due to the COVID-19 pandemic, reported\u00a0The Straits Times.
\nJay Ng of defect inspection firm Uncle Defect shared that demand increased by around 20% year-on-year (YoY) in 2023. He revealed that their company conduct inspections at four houses each day, two to three times per week.
\n\u201cThis rise in demand is largely fuelled by a surge in project completions post-pandemic, as well as greater awareness among new homeowners for defect inspection services,\u201d said Absolute Inspection director Tan Wee Kwang.
\nHe shared that the checks are focused on workmanship defects, which could range from minor issues like the misaligned door to a missing screw to more serious problems like choked pipes or water seepage.
\n\u00a0
\n7. Lower interest rates are not enough to bring back home buyers
\nFixed home-loan rates in Singapore have been on the downtrend, indicating that banks are expecting a slowdown in US Federal Reserve\u2019s interest rate hikes, reported\u00a0The Business Times.
\nFixed-rate loans with two to five years lock-in periods at DBS are currently offered at 3.75%, down from 4.25% in January 2023.
\nDespite the decline in borrowing costs, analysts do not expect buyers to return to the housing market immediately, noting that the dip is not significant enough.
\nDepartment of Statistics data showed an easing of households\u2019 debt burden in Q1 2023, which could also indicate a weaker resale market.
\n\u201cOur valuers have been noticing a weakening resale market in Q1 2023, with significantly fewer requests for valuations by banks for resale properties,\u201d said Alan Cheong, Executive Director of Research and Consultancy at Savills Singapore.
\nNonetheless, the lower borrowing costs may force home seekers with immediate housing needs to enter the market.
\nRelated article:\u00a0Will Interest Rates Increase Further In 2023? How This Affects Your Mortgage in Singapore
\n\u00a0
\n8. AI technology is still a long way from replacing real estate agents
\nWith the rise of ChatGPT, more real estate agencies have been integrating artificial intelligence (AI) into their suite of applications.
\nSingapore-based property agency ERA has customised ChatGPT into its app, known as Sales+, allowing its agents to quickly generate emails, property listings and blog posts, reported\u00a0South China Morning Post.
\n\u201cWe see great improvements in productivity levels, which means better client service,\u201d said Marcus Chu, ERA\u2019s Singapore and Asia-Pacific CEO.
\n\u201cI believe ChatGPT has added significant value to our agents and that AI can benefit the real estate industry.\u201d
\nBut while ChatGPT has been helpful to agents, there are still some tasks \u2013 such as price negotiation, service customisation and research into client demands \u2013 that could not be delegated to AI-based assistants.
\nThis comes as these tasks require more interaction, decision-making and critical thinking.
\n\u201cWhile ChatGPT can replace some of the work and save agents time, AI technology has a long way to go before it can attempt to replace agents,\u201d said Laura O\u2019Connor, COO at US-based brokerage firm JPAR Real Estate\u2019s Affiliated Network.
\n\u00a0
\n9. Household net worth rises in Q1 2023, liabilities drop
\nSingapore saw household net worth grow 8.2% YoY to $2.6 trillion in Q1\u00a02023, outpacing the 7.6% hike recorded in Q3 2022, reported\u00a0The Business Times.
\nThe growth was driven by the 11.7% YoY increase in residential asset value, mirroring the growth within the private residential market, where home prices rose 11.4% YoY.
\nMeanwhile, household liabilities \u2013 comprising personal debt and mortgage loans \u2013 dropped 0.02%\u00a0YoY\u00a0to $359.2 billion in Q1 2023.
\nNotably, mortgage loans climbed 0.2%\u00a0QoQ\u00a0and 2.5%\u00a0YoY during Q1 2023.
\nPersonal loans, on the other hand, declined 2.3%\u00a0QoQ\u00a0and 6.5%\u00a0YoY.
\nAlan Cheong, Executive Director of Research and Consultancy at Savills Singapore, attributed the drop in household liabilities to higher interest rates and to households turning more conservative amid economic headwinds.
\nMeanwhile, the hike in residential assets may indicate greater wealth for those who own property and a widening wealth gap between property owners and those without property of their own.
\n\u00a0
\n10. Singapore Turf Club redevelopment to open a mix of possibilities and challenges<\/p>\n

Analysts believe the planned redevelopment of the Singapore Turf Club site will open up a mix of opportunities and challenges given the proximity of the area to the Kranji industrial area as well as the Central Catchment Area and Mandai, reported\u00a0TODAY.
\nWith the Kranji industrial area close by, work will have to be done to shield homes from the pollution coming from the industrial area.
\n\u201cBut this can be easily overcome with the placement of non-residential buildings to create the necessary buffer,\u201d said Lee Sze Teck, Huttons\u2019 Senior Director Of Research.
\nMeanwhile, the site\u2019s proximity to the Central Catchment Area and Mandai offers opportunities to integrate recreational elements into the site\u2019s redevelopment.
\nSpanning around 120 hectares (ha), the Singapore Turf Club can accommodate 20,000 to 40,000 new homes when redeveloped, said analysts.
\n\u00a0
\nLooking for a property in Singapore? Visit PropertyGuru\u2019s\u00a0Listings,\u00a0Project Reviews\u00a0and\u00a0Guides.
\nMarcus Lee, Content Executive at PropertyGuru, edited this story. To contact him about this story, email: marcuslee@propertyguru.com.sg.
\n
\nSource : proppertyguru.com.sg\/Property Market
\nRead more…Serangoon May 2023 BTO Flats Snatched Up, Grange 1866 to Preview on 17 June 2023, and More<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Serangoon May 2023 BTO Flats Snatched Up, Grange 1866 to Preview on 17 June 2023,...<\/p>\n","protected":false},"author":1,"featured_media":137334,"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-137333","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\/06\/grnage-1866-condo-singapore-freehold.jpg?fit=820%2C410&ssl=1","jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/p75ss1-zJ3","jetpack-related-posts":[{"id":137258,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/hdb-extends-may-2023-sales-deadlines-singapore-grapples-with-housing-affordability-issues-and-more\/","url_meta":{"origin":137333,"position":0},"title":"HDB Extends May 2023 Sales Deadlines, Singapore Grapples With Housing Affordability Issues, and More","date":"June 5, 2023","format":false,"excerpt":"\r HDB Extends May 2023 Sales Deadlines, Singapore Grapples With Housing Affordability Issues, and More29 June to 5 May 2023 \u00a0 HDB\u2019s May 2023 BTO and Sale of Balance Flats (SBF) launch deadlines have been extended by three working days \u2013 from 5 June to 8 June 2023 \u2013 after\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.siamlandbank.com\/propertynews\/wp-content\/uploads\/2023\/06\/plantation-weave-parc-meadow-tengah-may-2023-bto-launch-1.jpg?fit=820%2C410&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":63044,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/hdbs-inaugural-re-offer-of-balance-flats-exercise-highly-oversubscribed\/","url_meta":{"origin":137333,"position":1},"title":"HDB\u2019s inaugural re-offer of balance flats exercise highly oversubscribed","date":"August 8, 2017","format":false,"excerpt":"\r \u00a0 The first Re-offer of Balance Flats (ROF) exercise by the Housing and Development Board (HDB) was oversubscribed when it closed on Monday (7 August), with 5,587 applications received for the 1,394 units offered, reported Today Online. First-time applicants accounted for almost 50 percent of the buyers at 2,647,\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":35466,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/4-room-flats-in-kallang-attract-most-attention\/","url_meta":{"origin":137333,"position":2},"title":"4-room flats in Kallang attract most attention","date":"November 23, 2016","format":false,"excerpt":"\r Artist\u2019s impression of Kallang Residences, a new BTO project located near Kallang MRT station. Source: HDB The 4-room Build-To-Order (BTO) flats in Kallang have emerged as the main attraction in the latest exercise by the Housing and Development Board (HDB), with 271 applications submitted for the 158 units during\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":139803,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/october-2023-bto-launch-details-upcoming-december-2023-bto-launch-information-hfe-letter-delays-and-more\/","url_meta":{"origin":137333,"position":3},"title":"October 2023 BTO Launch Details, Upcoming December 2023 BTO Launch Information, HFE Letter Delays, and More","date":"October 10, 2023","format":false,"excerpt":"\r October 2023 BTO Launch Details, Upcoming December 2023 BTO Launch Information, HFE Letter Delays, and More3 to 9 October 2023 Singapore saw private home prices marginally increase by 0.5% in Q3 2023, following a 0.2% decline in Q2 2023. 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On the other hand, the property auction market is forecasted to register a hike in listings, although the success rate is expected\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"https:\/\/i1.wp.com\/www.siamlandbank.com\/propertynews\/wp-content\/uploads\/2022\/01\/singapore-landscape-1.jpg?fit=770%2C433&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":36322,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/strong-demand-from-second-timers-in-latest-bto-exercise\/","url_meta":{"origin":137333,"position":5},"title":"Strong demand from second-timers in latest BTO exercise","date":"November 29, 2016","format":false,"excerpt":"\r This year\u2019s final Build-To-Order (BTO) exercise witnessed strong demand\u00a0as attractive locations help drive interest for\u00a0the projects on offer\u2014particularly from second-time home buyers, reversing the previous decline in overall subscription rate, according to media reports. 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