{"id":139299,"date":"2023-09-25T06:28:35","date_gmt":"2023-09-24T23:28:35","guid":{"rendered":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/bukit-panjang-sees-first-million-dollar-hdb-resale-flat-mp-desmond-lee-comments-on-new-hdb-flat-classifications-and-more\/"},"modified":"2023-09-25T14:41:03","modified_gmt":"2023-09-25T07:41:03","slug":"bukit-panjang-sees-first-million-dollar-hdb-resale-flat-mp-desmond-lee-comments-on-new-hdb-flat-classifications-and-more","status":"publish","type":"post","link":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/bukit-panjang-sees-first-million-dollar-hdb-resale-flat-mp-desmond-lee-comments-on-new-hdb-flat-classifications-and-more\/","title":{"rendered":"Bukit Panjang Sees First Million-dollar HDB Resale Flat, MP Desmond Lee Comments on New HDB Flat Classifications, and More"},"content":{"rendered":"


\nBukit Panjang Sees First Million-dollar HDB Resale Flat, MP Desmond Lee Comments on New HDB Flat Classifications, and More19 to 25 September 2023
\nA 1,367 sq ft HDB executive resale flat in Bukit Panjang changed hands for $1.02 million in September 2023, making it the first HDB resale flat within the estate to breach the million-dollar mark. Meanwhile, Minister for National Development Desmond Lee said many Singaporeans supported imposing a longer Minimum Occupation Period (MOP) during the Forward Singapore Housing conversations as they felt that HDB flats should be used primarily for owner-occupation.
\n\u00a0
\n1. Bukit Panjang sees first million-dollar HDB flat
\nA 1,367 sq ft HDB executive resale flat in Bukit Panjang changed hands for $1.02 million in September 2023, making it the first HDB resale flat within the estate to breach the million-dollar mark.
\nSRI noted that the price works out to $746 per sq ft (PSF).
\nNestled between levels 28 and 30 of Block 181 at Jelebu Road, the executive apartment comes with a 99-year leasehold tenure which started in 2003.
\nBlock 181 is near various amenities, including the Hillion Mall, the Bukit Panjang MRT station, and the Bukit Panjang Integrated Transport Hub.
\n\u201cThis enviable accessibility to public transportation and shopping centres makes this particular resale flat an attractive and practical option for those seeking a convenient and comfortable living experience in Bukit Panjang,\u201d said SRI.
\n\u00a0
\n2. Most Singaporeans support longer MOP
\nMinister for National Development Desmond Lee shared in Parliament that many Singaporeans supported imposing a longer\u00a0MOP during\u00a0the Forward Singapore Housing conversations as they felt that HDB flats should be used primarily for owner occupation, reported CNA.
\nHe noted that the decision to impose a 10-year MOP for new Plus HDB flats is aimed at striking a balance between strengthening Singaporeans\u2019 intent for owner occupation and providing them with the flexibility to move home due to genuine reasons.
\nMr Lee also pointed out that while the majority of HDB flats come with a shorter MOP of five years, most Singaporeans stay in their flat for 10 years or more before deciding to sell them.
\nHe made the statement in response to MP Xie Yao Quan\u2019s (PAP-Jurong) query on whether the government could lower the MOP for Plus flats.
\nMeanwhile, the Ministry of National Development (MND) said the new BTO flat classification can help keep public housing affordable, noting that without it \u2013 prices of flats in choice locations will \u201cbecome more expensive and out of reach for many Singaporeans over time\u201d due to their good location and attributes.
\n\u201cBy launching them as Prime or Plus flats, the additional subsidies and tighter restrictions, including the income ceiling upon resale, will help to moderate demand for such flats, and keep prices affordable to Singaporeans from a wider range of income levels,\u201d said MND as quoted by Singapore Business Review.
\nRelated article: National Day Rally 2023 Summary: Standard, Plus, Prime Flat Categories, More Single Housing Options, and More
\n\u00a0
\n3. OK Lim\u2019s Good Class Bungalow (GCB) on Third Avenue is on sale for $30 million
\nA two-storey GCB located at 20 Third Avenue has been put up for sale with a guide price of $30 million or about $2,058 PSF.
\nNestled on a 14,576 sq ft site, the freehold property has a total gross floor area (GFA) of about 100,000 sq ft.
\nKnight Frank revealed that it is Hin Leong group founder OK Lim\u2019s second GCB to be sold within the area. The first was at 5 Second Avenue, which was transacted for $33.39 million in October 2021.
\nBoth bungalows are among the Lim family\u2019s assets that are under a court-ordered asset freeze.
\nKnight Frank noted that the last transaction in the area was Razer CEO Tan Min-Liang\u2019s property, which was sold for $52.8 million in November 2021.
\nMary Sai, Knight Frank Singapore\u2019s Executive Director of Capital Markets, expects the GCB to attract strong interest \u201cgiven the scarcity of prime landed homes and strong demand from foreign ultra-high-net-worth families\u201d.
\nThe tender for 20 Third Avenue closes on 16 October 2023.
\n\u00a0
\n4. Island View goes en bloc, reserve price at $575 million
\nIsland View, a 72-unit freehold condominium in Pasir Panjang, has been put up for collective sale with a reserve price of $575 million, revealed PropNex Realty.
\nThe price works out to a land rate of $1,623 PSF per plot ratio (PSF ppr), after factoring in the latest\u00a0Land Betterment Charge (LBC) rate\u00a0as well as the 7% bonus balcony space.
\nCompleted in 1984, the District 5 development occupies a sprawling elevated site spanning 309,543 sq ft. The freehold site is zoned for residential use under the 2019 Master Plan with a gross plot ratio of 1.4.
\nA new development on the site could yield up to 402 new homes, based on an average unit size of 100 sq m.
\nThe tender for Island View closes on 19 October 2023.
\n\u00a0
\n5. Adjoining Belmont Road GCBs are on sale for $2,100\u00a0PSF
\nTwo adjoining GCBs\u00a0at 52 and 54 Belmont Road have been put up for sale by expression of interest (EOI), with the vendors expecting offers of $2,100 PSF on the land areas, revealed exclusive marketing agent JLL.
\nFeaturing a land area of 24,178 sq ft, 52 Belmont Road is a single-storey home with a pool. 54 Belmont Road, on the other hand, has a land area of 17,563 sq ft and is a single-storey home with a lower level and a pool.
\nThis means the two freehold properties have a combined land area of about 41,741 sq ft.
\n\u201cPotential buyers who are looking for large adjoining GCB plots in this highly desirable neighbourhood are well aware that such an offering is a rare find,\u201d said JLL Executive Director Tan Hong Boon.
\n\u201cThe existing houses were built in the 1970s and potential buyers are likely to redevelop the sites to contemporary style with bespoke functionality and amenities to suit their individual lifestyles,\u201d he added.
\nThe EOI exercise for the GCBs will close on 27 October 2023.
\n\u00a0
\n6. In two cases, fathers try to evade Additional Buyer\u2019s Stamp Duty (ABSD) but end up losing more
\nTwo fathers learned the hard way that it does not pay to exploit a legal loophole to evade paying the Additional Buyer\u2019s Stamp Duty (ABSD).
\nIn two separate cases, the parents bought a property under a legal trust for their kids.
\nDuring their respective divorce, both fathers wanted to reclaim the properties under the trusts, claiming that the transactions were sham and that they had no intent of giving the properties to their sons, reported The Straits Times.
\nHowever, the court ruled that the trusts were genuinely set up for the sons, even allowing the property to be transferred to the child in one of the cases.
\n\u201cThe fact that the trust arrangement additionally allowed them to save on ABSD is an incidental benefit that does not detract from their overall intention to gift their elder child and only son a legacy property while the both of them were still living,\u201d said High Court Judge Goh Yihan.
\nIn the other case, the court allowed the son to sack his father as the trust\u2019s manager since he acted against the interest of the son.
\n\u00a0
\n7. URA awards Champions Way and Lentor Central sites
\nThe tenders for the 99-year leasehold sites at Champions Way and Lentor Central have been awarded to the highest bidders, as announced by\u00a0Urban Redevelopment Authority (URA).
\nA joint venture between GuocoLand, Hong Leong Holdings\u2019 Intrepid Investments and CSC Land Group submitted the highest bid of $435 million for the Lentor Central site, while CDL offered the top bid of $295 million for the Champions Way site.
\nLaunched for tender on 12 April 2023, the 14,703.2 sq m site at Lentor Central has a maximum permissible GFA of 41,169 sq m. It received two bids during the close of its tender on 12 September 2023.
\nThe 14,432.5 sq m site at Champions Way, on the other hand, was launched for tender on 25 May 2023 and has a maximum permissible GFA of 30,309 sq m. It received nine bids during the close of its tender on 12 September 2023.
\n\u00a0
\n8. Ang Mo Kio to get new recreational trail, revitalised town centre
\nAng Mo Kio residents can look forward to a new recreational trail and a revitalised town centre under the Remaking Our Heartland (ROH) plan for the town.
\nCalled the \u201cGarden Loop\u201d, the new trail will connect the two town gardens and the Bishan-Ang Mo Kio Park. It will also feature fitness corners and pocket parks, allowing residents to run, walk or cycle seamlessly, said\u00a0HDB.
\nMeanwhile, the Ang Mo Kio Town Centre will undergo a facelift in two phases, with works for the first phase set to be completed progressively from Q2 2024, while the second phase is slated to be completed in 2027.
\nThe four existing neighbourhood centres will also be refreshed, with improvements to landscaping, pathways, and new seating areas.
\nWith four out of 10 residents in Ang Mo Kio aged 60 and above, the neighbourhood will be designed with therapeutic gardens, exercise equipment, and fitness trails to promote active lifestyles among senior residents. Mobility enhancements like barrier-free ramps will also be included in the design to improve accessibility and enhance safety for seniors.
\n\u00a0
\n9. Investment market sees growing interest in office buildings, malls
\nSingapore\u2019s property investment market is witnessing a growing enthusiasm for office buildings, malls and even hospitality assets.
\nDespite the rising borrowing costs, investors are exploring opportunities, such as asset repositioning, strata sales or taking a longer-term view.
\nCuscaden Peak Investments and United Engineers are looking to sell The Seletar Mall for about $500 million, while TE Capital Partners is conducting due diligence for a potential acquisition of VisionCrest Commercial, reported The Business Times.
\nMeanwhile, Hong Kong-based Gaw Capital Partners is evaluating a $240 million offer for its Hotel G Singapore in the Bras Basah\/Bugis area.
\nCushman & Wakefield and CBRE are also discreetly marketing AEW\u2019s 27 levels of office space at 30 Raffles Place for $725 million.
\nDespite the high borrowing costs, some buyers are keen due to potential capital gains rather than immediate yield.
\nRetail properties appear to be more attractive than offices, as the gap between borrowing costs and net yield is narrower or even non-existent.
\n\u201cThere are investors prepared to take a longer-term view on the Singapore property market. Some are also able to buy with low or even no gearing; for them, high borrowing costs would not come into the equation,\u201d said a senior executive at a private equity real estate group.
\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…Bukit Panjang Sees First Million-dollar HDB Resale Flat, MP Desmond Lee Comments on New HDB Flat Classifications, and More<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

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