{"id":139803,"date":"2023-10-10T00:30:59","date_gmt":"2023-10-09T17:30:59","guid":{"rendered":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/october-2023-bto-launch-details-upcoming-december-2023-bto-launch-information-hfe-letter-delays-and-more\/"},"modified":"2023-10-10T08:58:18","modified_gmt":"2023-10-10T01:58:18","slug":"october-2023-bto-launch-details-upcoming-december-2023-bto-launch-information-hfe-letter-delays-and-more","status":"publish","type":"post","link":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/october-2023-bto-launch-details-upcoming-december-2023-bto-launch-information-hfe-letter-delays-and-more\/","title":{"rendered":"October 2023 BTO Launch Details, Upcoming December 2023 BTO Launch Information, HFE Letter Delays, and More"},"content":{"rendered":"


\nOctober 2023 BTO Launch Details, Upcoming December 2023 BTO Launch Information, HFE Letter Delays, and More3 to 9 October 2023
\nSingapore saw private home prices marginally increase by 0.5% in Q3 2023, following a 0.2% decline in Q2 2023. Meanwhile, HDB resale flat prices rose 1.2% in Q3 2023, marking its 14th consecutive quarterly increase.
\n\u00a0
\n1. Private home prices remained \u201cbroadly flat\u201d in Q3 2023
\nSingapore saw private home prices marginally increase by 0.5% in Q3 2023, following a 0.2% decline in Q2 2023, according to\u00a0Urban Redevelopment Authority (URA) flash estimates.
\nURA noted that the hike was significantly lower compared to 2022\u2019s average quarterly increase of 2.1%.
\nMoreover, sales dropped by around 15% on a quarter-on-quarter (QoQ) basis and by around 26% on a year-on-year (YoY) basis in Q3 2023.
\nPrices of non-landed private homes specifically climbed 2.1% during\u00a0Q3 2023, reversing the 0.6% decline in Q2 2023.
\nURA attributed the increase to higher prices in the Outside Central Region (OCR) and the Rest of Central Region (RCR), where it rose by 5.1% and 2.3%, respectively.
\nPrices in the Core Central Region (CCR) dropped 2.6% in Q3 2023, continuing the 0.1% decline seen in the previous quarter.
\nMeanwhile, landed home prices fell 4.9% in Q3 2023, a reversal from the 1.1% increase in Q2 2023.
\n\u00a0
\n2. HDB resale prices climbed at a slower pace QoQ in Q3 2023
\nResale prices of HDB flats rose 1.2% in Q3 2023, marking its 14th consecutive quarterly increase, as per flash estimates by HDB.
\nHowever, the hike was slower compared to the 1.5% increase registered in Q2 2023.
\nOrangeTee attributed the slower pace of growth to \u201csome price resistance\u201d setting in amid inflationary and affordability concerns.
\n\u201cHome buyers\u2019 affordability has been hit by rate hikes as interest rates have stayed higher and longer than anticipated,\u201d it said.
\nIn fact, the price hike was also below the 2.5% average quarterly growth seen in 2022.
\nOrangeTee said the HDB resale market may not experience a repeat of the rapid price growth seen during the COVID-19 pandemic, when prices rose 12.7% in 2021 and 10.4% in 2022.
\n\u201cPrices may climb slower for the rest of the year, with the full-year growth at around 4% to 5.5%,\u201d it added.
\nMeanwhile, HDB registered 6,592 resale transactions in Q3 2023 (up to 28 September 2023), up 2.9% from the 6,409 posted in the previous quarter.
\nHowever, it was 9.7% lower compared to the 7,298 cases recorded in Q3 2022, making it the lowest third volume over the last three years.
\n\u00a0
\n3. Five BTO projects delayed by Greatearth liquidation finally completed
\nHDB revealed that all five BTO projects delayed by the withdrawal of their previous contractors, Greatearth Construction and Greatearth Corporation, have finally been completed, reported CNA.
\nThese projects are West Coast Parkview, Marsiling Grove, Sky Vista @ Bukit Batok, Senja Heights, and Senja Ridges.
\nAround 3,000 HDB flats across these BTO projects were affected by the stoppage of construction work in August 2021, with delays ranging from two to 12 months beyond their original completion dates.
\nNotably, the projects were already behind schedule as the construction sector was hit hard by the COVID-19 pandemic.
\nHDB CEO Tan Meng Dui shared that almost 75% of\u00a0BTO projects that were delayed by the pandemic have now been completed. The rest are set to be completed by early 2025, said National Development Minister Desmond Lee.
\n\u00a0
\n4. New homes in more central locations among proposals for the Draft Master Plan 2025
\nHomes in more central locations and a Recreation Master Plan are some of the proposals put forward by the URA for the Draft Master Plan 2025.
\nURA said it will engage Singaporeans and stakeholders in the next two years as part of the Master Plan\u2019s latest review in 2025. It will seek ideas and feedback on various plans through different platforms such as exhibitions, competitions and focus group discussions.
\nKey proposals include siting a mix of housing in more central locations, like the city area, the former Keppel golf course site and Turf City in Bukit Timah.
\nA Recreation Master Plan will also be presented, supporting both indoor and outdoor recreational opportunities such as entertainment, sports and wellness to promote healthy and active lifestyles.
\nURA will also share ideas that could potentially mitigate the urban heat island effect and build up Singapore\u2019s heat resilience later this year.
\nThere are also plans to inject more flexible and mixed-use workspaces in areas such as Jurong Lake District (JLD)\u00a0as well as plans to enhance Identity Corridors, like the Rail Corridor and Thomson-Kallang Identity Corridor.
\nRelated article:\u00a0Turf Club Closing, Kranji Redeveloping: 4 Biggest Changes to the North of Singapore By 2033
\n\u00a0
\n5. HDB BTO Oct 2023 Verandah @ Kallang and Queenstown Tanglin Halt Cascadia launched under the PLH model
\nThe\u00a0October 2023 BTO launch\u00a0included two\u00a0BTO projects in Kallang and Queenstown, namely Verandah @ Kallang and Tanglin Halt Cascadia, that were launched under the Prime Location Public Housing (PLH) model.
\nThe two BTO projects account for 2,116 out of the 6,800 flats offered for the HDB BTO October 2023 launch, reported CNA.
\nHDB revealed that six of the eight BTO projects in the Oct 2023 BTO sales exercise have a waiting time of four years and below.
\nOther projects are in mature estates such as Tenteram Vantage and Rajah Residences in Kallang\/Whampoa, and non-mature estates like Rail Green I and II @ CCK in Choa Chu Kang and Plantation Edge I and II in Tengah.
\nUnder tighter rules for non-selection of flats, applicants of BTO and\u00a0Sale of Balance Flats (SBF) who secured a queue position within the flat supply cannot apply for a flat in later exercises until after their booking appointment.
\n\u201cThis will ensure that we do not crowd out other BTO applicants who have not secured a queue position and improve their chances of securing a flat,\u201d said HDB.
\nHDB announced that a new priority category of buyers, known as the First-Timer (Parents and Married Couples) category, will also take effect from this exercise.
\n\u00a0
\n6. HDB to launch first BTO Sin Ming flats in 35 years in\u00a0the upcoming HDB BTO Dec 2023 launch
\nHDB will offer eight BTO projects, comprising about 6,010 BTO flats, in December 2023 \u2013 the final sales exercise of the year, reported CNA.
\nOne of these projects will be situated in Bishan\u2019s Sing Ming Road, marking the first HDB flats to be built within the area in 35 years.
\nThe last of the BTO three projects in the eastern half of Ulu Pandan will also be included in the upcoming Dec 2023 BTO launch.
\nThe other projects are in Woodlands, Bukit Merah, Bukit Panjang, Bedok, and Jurong West.
\nThe development in Sing Ming Road will feature about 730 units of 3-room and 4-room BTO flats, while the project in Queenstown will offer about 890\u00a03-room and 4-room BTO flats.
\nThere will be two Dec 2023 BTO projects in Woodlands, which will feature a total of about 1,220 units, while the BTO project in Bukit Merah will have about 900 units.
\nThe BTO project in Bedok, which will come with community care apartments, will offer about 1,230 flats, while the BTO projects in Jurong West and Bukit Panjang will offer about 710 and 330 flats, respectively.
\n\u00a0
\n7. About 69% of applications for HDB HFE\u00a0letters took over 21 days to process
\nAbout 31% of applications for the\u00a0HDB\u00a0Flat Eligibility (HFE) letter\u00a0until 25 September 2023 were processed within the 21-day service standard, according to Senior Minister of State for National Development Sim Ann.
\nShe revealed that the process was expedited for the remaining 69% of applications, which took over 21 days to process, reported CNA.
\nMs Sim added that applicants who wanted to participate in the May 2023 BTO launch did not miss out even if they received their eligibility outcomes after 21 days.
\nShe was replying to a parliamentary query by Leader of the Opposition Pritam Singh, who asked how many applicants were affected by technical glitches related to the timely issuance of the HFE letters.
\nMs Sim replied that it was hard to define the exact number of affected applicants.
\nHowever, she explained that HDB has made certain accommodations to ensure that applicants did not miss out on the May 2023 BTO launch even as they received their HFE eligibility outcomes after the 21-day service standard.
\n\u00a0
\n8. URA calls tender for longest elevated cycling bridge in Singapore
\nThe URA has called a tender to build a 682m-long cycling bridge across the Pan-Island Expressway (PIE), making it the longest of its kind in Singapore, reported The Straits Times.
\nTo be built by 2027, the bridge will form part of a 1.2km link that would allow cyclists and pedestrians to seamlessly travel between the park connector right next to St Andrew\u2019s Junior College and the Jalan Taman neighbourhood park.
\nStreet-level paths will also be built, along with a 40m underpass near Mar Thoma Road within Bendemeer as well as a 275m path from Mar Thoma Road to Jalan Taman, which will hang over the Kallang River.
\nThe works are the final touch to URA\u2019s bigger project to transform the Kallang Park Connector into a 10km commuting route, slashing cycling time from Bishan to the Central Business District (CBD) to just about 30 to 45 minutes, from around one to\u00a01.5 hours.
\n\u00a0
\n9. Works for the first phase of the Bishan-to-City links project completed
\nThe first phase of the Bishan-to-City Links project, aimed at establishing a seamless cycling and pedestrian route from Bishan to the city, has been completed and opened.
\nFirst presented in 2017, the project is part of plans to rejuvenate the areas along the Kallang River, reported CNA.
\nUnder the first phase of the project, the existing underpass located at Central Expressway was enhanced to improve the safety and comfort of users, particularly cyclists. This involved increasing the headroom to 2.4m from 1.9m and widening the pathway.
\nTerrazo and timber seats were also introduced for users to seek shelter from rain, take a break, and rest. New lights were also installed to brighten the space and enhance safety, while the flooring was designed with copper inlays of fish found within the Kallang River.
\nThe underpass also features a 110m mural depicting scenes along the Kallang River, adding colour and vibrancy to the space.
\nEnhanced signalised crossing and new underpasses, featuring 3D murals that were lit with LED lights, were also introduced at Upper Boon Keng and Kallang Bahru.
\nOther areas with improved signalised crossings include Bendemeer Road, Serangoon Road, Geylang Road, and Sims Avenue.
\n\u00a0
\n10. LTA awards construction contracts for Cross Island Line (CRL) Clementi and King Albert Park MRT stations
\nThe Land Transport Authority (LTA) has awarded the contracts to design and build the CRL interchange stations at Clementi and King Albert Park, with the construction works for the stations expected to begin in the first quarter of 2024.
\nThe $541 million contract for the Clementi station was awarded to a joint venture between China Communications Construction Company (Singapore branch) and Sinohydro Corporation (Singapore branch), reported CNA.
\nMeanwhile, the contract for the construction of the King Albert Park station, which is valued at about $447 million, was awarded to China Communications Construction Company.
\nThe Clementi station is located adjacent to the junction of Clementi Avenue 4 and Commonwealth Avenue West, while the King Albert station is situated along Blackmore Drive.
\nLTA said traffic and utilities diversions will be implemented in phases to facilitate construction works and to mitigate the impact on residents, motorists and students.
\n\u00a0
\n11. Stamp duty for property-related investments depends on the structure of the product and transaction
\nDeputy Prime Minister and Minister of Finance Mr\u00a0Lawrence Wong explained that stamp duty for property-related investments will depend on the specific structure of the product and transaction, reported Singapore Business Review.
\nAccording to DPM Wong, an investor will not be liable to pay stamp duty if no beneficial interest or ownership of the actual property was received, such as when the investor was only entitled to a portion of the income generated by the property.
\n\u201cInvestors should consider both tax and non-tax consequences when making their investment decisions,\u201d said Wong.
\nIn Singapore, persons directly purchasing residential properties are subject to up to 6% Buyer\u2019s Stamp Duty (BSD) and up to 65% in Additional Buyer\u2019s Stamp Duty (ABSD)\u00a0for entities (companies or associations) buying any property and trustees of any residential property.
\nThose buying shares in a Property Holding Entity (PHE), on the other hand, are subject to Share Duty as well as Additional Conveyance Duties (ACD) if they meet the relevant thresholds.
\nHe noted that ACD for acquisitions includes up to 6% in BSD and a flat rate ABSD of 65%.
\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…October 2023 BTO Launch Details, Upcoming December 2023 BTO Launch Information, HFE Letter Delays, and More<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

October 2023 BTO Launch Details, Upcoming December 2023 BTO Launch Information, HFE Letter Delays, and...<\/p>\n","protected":false},"author":1,"featured_media":139804,"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-139803","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\/2023\/10\/plantation-weave-parc-meadow-tengah-may-2023-bto-launch-1.jpg?fit=820%2C410&ssl=1","jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/p75ss1-AmT","jetpack-related-posts":[{"id":122316,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/flash-estimates-show-private-home-and-hdb-resale-prices-expected-to-rise-in-q3\/","url_meta":{"origin":139803,"position":0},"title":"Flash estimates show private home and HDB resale prices expected to rise in Q3","date":"October 1, 2021","format":false,"excerpt":"\r Flash estimates show private home and HDB resale prices expected to rise in Q3Prices for private residential properties and Housing and Development Board (HDB) resale flats are expected to increase in the third quarter of 2021, according to flash estimates.\u00a0 In Q3 2021, private residential prices are expected to\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"https:\/\/i1.wp.com\/www.siamlandbank.com\/propertynews\/wp-content\/uploads\/2021\/10\/ura-hdb-flash-estimates-home-sale-q3-2021.jpg?fit=820%2C410&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":67950,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/private-home-prices-rebound-marginally-in-q3-ura\/","url_meta":{"origin":139803,"position":1},"title":"Private home prices rebound marginally in Q3: URA","date":"October 2, 2017","format":false,"excerpt":"\r Private home prices across Singapore rose by 0.5 percent quarter-on-quarter in Q3 2017, reversing the 0.1 percent dip in the previous three-month period, according to flash estimates published by the Urban Redevelopment Authority (URA) today. In the landed property segment, prices increased by one percent compared to the 0.3\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":122742,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/hdb-resale-prices-transactions-up-in-q3\/","url_meta":{"origin":139803,"position":2},"title":"HDB resale prices, transactions up in Q3","date":"October 22, 2021","format":false,"excerpt":"\r Quarter-on-quarter, Q3 2021 HDB resale prices\u00a0increased\u00a02.9% while\u00a0transaction volumes increased 19.4%. Resale prices for Housing and Development Board (HDB) flats rose 2.9% in the third quarter of 2021, moderating from the 3% increase registered in the previous quarter, showed HDB data on Friday (22 October). Nonetheless, it is still slightly\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"https:\/\/i1.wp.com\/www.siamlandbank.com\/propertynews\/wp-content\/uploads\/2021\/10\/Pine-Close-HDB-flat-crop.jpg?fit=820%2C410&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":72659,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/temporary-blip-in-hdb-resale-transactions-dwindling-first-timer-demand\/","url_meta":{"origin":139803,"position":3},"title":"Temporary blip in HDB resale transactions, dwindling first-timer demand","date":"November 23, 2017","format":false,"excerpt":"\r View of HDB flats in the Ghim Moh area. (Photo: Chen Siyuan: Wikimedia Commons) The latest data showed a 0.7 percent drop in HDB resale prices in Q3 as compared to the previous quarter. We investigate some reasons for this. By Hock Meng Tay The latest HDB resale data\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"https:\/\/i2.wp.com\/www.siamlandbank.com\/propertynews\/wp-content\/uploads\/2017\/11\/GuruView-1024x281.png?fit=1024%2C281&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":70172,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/hdb-resale-prices-transactions-drop-in-q3\/","url_meta":{"origin":139803,"position":4},"title":"HDB resale prices, transactions drop in Q3","date":"October 27, 2017","format":false,"excerpt":"\r View of HDB flats in Ghim Moh. Prices and transactions of resale flats fell in the third quarter of 2017, according to latest data released by the Housing and Development Board (HDB) on Friday (27 October). The Resale Price Index declined by 0.7 percent, compared to a 0.1 percent\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":122568,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/demand-for-private-homes-remain-strong-in-q3\/","url_meta":{"origin":139803,"position":5},"title":"Demand for private homes remain strong in Q3","date":"October 13, 2021","format":false,"excerpt":"\r Despite fewer projects launched in Q3 2021,\u00a0there were 3,358 new sale transactions, up from 2,838 in Q2 2021. Singapore saw no significant drop in demand for private homes during the third quarter of 2021, even as the city-state reverted to Phase 2 (Heightened Alert) from 22 July to 18\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"https:\/\/i2.wp.com\/www.siamlandbank.com\/propertynews\/wp-content\/uploads\/2021\/10\/Singapore-Condo.jpg?fit=820%2C410&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/139803"}],"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=139803"}],"version-history":[{"count":0,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/139803\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/media\/139804"}],"wp:attachment":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/media?parent=139803"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/categories?post=139803"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/tags?post=139803"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}