{"id":140179,"date":"2023-11-06T05:39:22","date_gmt":"2023-11-05T22:39:22","guid":{"rendered":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/pearls-hill-bto-flats-may-launch-as-prime-flats-hdb-hfe-letter-validity-extended-from-6-to-9-months-and-more\/"},"modified":"2023-11-06T13:42:27","modified_gmt":"2023-11-06T06:42:27","slug":"pearls-hill-bto-flats-may-launch-as-prime-flats-hdb-hfe-letter-validity-extended-from-6-to-9-months-and-more","status":"publish","type":"post","link":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/pearls-hill-bto-flats-may-launch-as-prime-flats-hdb-hfe-letter-validity-extended-from-6-to-9-months-and-more\/","title":{"rendered":"Pearl's Hill BTO Flats May Launch as Prime Flats, HDB HFE Letter Validity Extended From 6 to 9 Months, and More"},"content":{"rendered":"


\nPearl’s Hill BTO Flats May Launch as Prime Flats, HDB HFE Letter Validity Extended From 6 to 9 Months, and More31 October to 6 November 2023
\nProperty analysts expect the public housing to be constructed at Pearl\u2019s Hill and potentially at Bukit Timah Turf City to be categorised as Prime flats, the priciest of public housing categories. Meanwhile, Shenton House has finally been sold for $538 million to Shenton 101 Pte Ltd, which is owned by IOI Properties Group (IOIPG) CEO Lee Yeow Seng.
\n\u00a0
\n1. Around 60,000 new homes are to be built in Pearl\u2019s Hill in the next 10 years
\nFor the first time in over 40 years, new public housing will be built in the Pearl\u2019s Hill area, with around 60,000 new homes to be progressively built over the next 10 years, revealed the Urban Redevelopment Authority (URA).
\nOffering unique hillside living in the city, the new homes are part of efforts to provide mixed-use spaces to transform the city centre into a vibrant and attractive place to work, live and play.
\nThey will comprise a mix of\u00a0BTO flats, rental flats and private housing units, such as serviced apartments and condominiums to cater to diverse needs as well as lifestyle preferences.
\nProperty analysts expect the public housing to be constructed at Pearl\u2019s Hill and potentially at Bukit Timah Turf City to be categorised as Prime flats, the priciest of public housing categories, reported\u00a0TODAY.
\nThey believe\u00a04-room units will be offered at about $700,000, with the estimates based on current prices of similar properties, and the sites\u2019 attributes, such as their central location and connectivity, among others.
\nOn private property,\u00a0Dr Lee Nai Jia, Head of Real Estate Intelligence, Data and Software Solutions, PropertyGuru Group predicts the price of new condominiums at Pearl\u2019s Hill to start at around $2,700 per sq ft (PSF), assuming market conditions remain stable.
\n\u201cHowever, it is likely that prices for select premium units may exceed $3,000\u00a0PSF, taking a cue from recent property launches,\u201d he said, adding that units at Turf City may be offered at a similar price range.
\nAnalysts expect the housing units at Pearl\u2019s Hill and Turf City to witness good demand, with each site attracting different buyer profiles.
\nPearl\u2019s Hill\u2019s proximity to the city centre and potential for rental opportunities makes the housing units attractive to investors, while the presence of popular schools at Bukit Timah makes the homes there appealing to families.
\nThe authorities are also looking at the possibility of building public and private housing in Bukit Timah Turf City. There are also plans to build homes in Mount Pleasant and the former Keppel golf course site. These plans are exhibited at The URA Centre, with members of the public encouraged to provide their feedback until 2 February 2024.
\nRelated article:\u00a0National Day Rally 2023 Summary: Standard, Plus, Prime Flat Categories, More Single Housing Options, and More
\n\u00a0
\n2. HDB\u00a0Flat Eligibility (HFE) letter validity extended to nine months
\nThe validity of all existing as well as new HFE letters will be extended to nine months, up from six months currently, as revealed by the HDB.
\nTo take effect from 7 November 2023, the extended validity period will provide both new and resale flat buyers more time to secure their home, reducing the number of subsequent applications once their existing HFE letters expire.
\nThe HFE letter was implemented in May 2023, replacing the HDB Loan Eligibility (HLE) letter. It streamlines the flat buying process \u201cby consolidating the different eligibility assessments for HDB flat purchases, housing grants, and HDB housing loans\u201d.
\nHDB shared that it has processed over 65,000 applications from both new and resale flat buyers since its implementation in May. Of this, 60,600 had already been approved and issued HFE letters.
\nIt added that the extension of the validity period is part of its efforts \u201cto provide greater convenience for flat buyers in their home buying journey\u201d.
\nRelated article:\u00a0Check Your HFE Status: 5 Steps to Apply for the HDB HFE Letter (2023)
\n\u00a0
\n3. HDB incurred $5.38 billion in net deficit in FY2022
\nHDB registered a net deficit of $5.38 billion, before government grant, during the financial year 2022, up from the $4.37 billion deficit posted in FY2021.
\nThis comes as it spent \u201c22% more on the Home Ownership Programme to develop BTO flats and provide housing subsidies and grants, from a total of $3.850 billion in FY2021 to $4.680 billion in FY2022\u201d, said HDB.
\nHDB CEO Tan Meng Dui noted that Singapore\u2019s property market remained buoyant in 2022 amidst the Russia-Ukraine war and the COVID-19 pandemic.
\nThe resultant supply chain uncertainty, higher material cost and labour shortage caused construction costs to increase by around 40% since FY2019, he said.
\nHe pointed out that HDB absorbed the increased costs by raising subsidies and grants to keep flat prices affordable.
\nHDB said the expected loss for flats currently under development also recorded a net increase of $2.7 billion in FY2022 compared to $2.3 billion in FY2021.
\nGross loss on the sale of flats was also higher at $1.2 billion, almost doubling FY2021\u2019s $659 million.
\n\u00a0
\n4. The first phase of the Singapore Rail Test Centre is up and running
\nThe Land Transport Authority (LTA) has completed the Singapore Rail Test Centre\u2019s (SRTC) first of three planned tracks, reported CNA.
\nNotably, it will be Southeast Asia\u2019s first rail testing facility.
\nThe straight 3km high-speed testing track can test MRT trains\u2019 performance at various speeds, before being rolled out to serve passengers.
\nThe two other tracks in the works comprise a 3km endurance looped track which comes with an uphill section for testing train performance and a 2.8km circuit for integrating new trains and systems into the rail network.
\nAlso being built at the facility include an administrative building, an operational control centre as well as refurbishment and maintenance workshops.
\nThe centre will also come with energy savings features such as solar panels, LED lighting, and a hybrid cooling system.
\nOn track for completion in 2025, the SRTC will reduce Singapore\u2019s reliance on overseas testing, while freeing up hours on the main rail lines to conduct maintenance.
\n\u00a0
\n5. New Jurong Town Hall bus interchange to open on 26 November 2023, offering more inclusive facilities
\nThe new Jurong Town Hall bus interchange is set to open on 26 November 2023, offering more inclusive public transport facilities as well as a new bus service, reported CNA.
\nLocated along Venture Drive, the interchange will complement the Jurong East bus interchange and Jurong East MRT station.
\nLTA said the interchange has been designed to be more accessible for seniors, families with young children and those with mobility challenges. It features barrier-free access at entrances, priority queue zones with seating at boarding berths, wheelchair-accessible toilets, a baby care room and a commuter care room for individuals needing a \u201cquiet and calming space\u201d.
\nTo enhance connectivity, the new interchange will be linked to Jurong East bus interchange and Jurong East MRT station via a pedestrian overhead bridge, which will be fitted with lifts, and covered linkways.
\nThere will also be a new bus service \u2013 870 \u2013 which will connect Tengah residents to key amenities in Jurong East town centre.
\nLTA said the new bus service will ply along corridors like Jurong East Central as well as Bukit Batok West Avenues 3 and 6.
\nRelated article:\u00a0Jurong Lake District, Tengah: 4 Most Exciting Features Coming to the West Side of Singapore By 2033
\n\u00a0
\n6. Shenton House sold to IOI Properties boss for $538 million
\nShenton House has finally been sold for $538 million to Shenton 101 Pte Ltd, which is owned by IOI Properties Group (IOIPG) CEO Lee Yeow Seng, reported The Business Times.
\nThis is the property\u2019s third attempt at a public tender since April 2023.
\nLee explained that he went to bid for the property in his personal capacity rather than the Malaysia-listed IOIPG due to the subject acquisition\u2019s size and the collective sales committee\u2019s tight timeline.
\n\u201cThis purchase demonstrates my continued confidence in Singapore\u2019s prime office sector and residential rental market,\u201d he said.
\nWith a gross floor area (GFA) of over half a million sq ft, Lee plans to develop the Shenton House site into a Grade A office and luxury branded serviced residences.
\nZoned for commercial use, the site is eligible for a 25% bonus GFA under the CBD Incentive Scheme.
\nTan Hong Boon, Executive Director for Capital Markets at JLL, described Shenton House as the last remaining redevelopment opportunity along the prime Shenton Way thoroughfare.
\n\u201cGiven the limited supply of new Grade A offices in the core of CBD, as occupiers look to locate to low-carbon modern office space as well as the limited availability of luxury rental housing in the area, the Shenton House site will fill these gaps timely and further contribute to the rejuvenation of Shenton Way,\u201d said Tan.
\n\u00a0
\n7. Genting Singapore to develop 21,243 sq m of retail space, 700 hotel rooms at Resorts World Sentosa
\nGenting Singapore\u2019s indirect wholly owned subsidiary has secured provisional permission (PP) from URA to develop 21,243 sq m GFA of retail space as well as 700 hotel rooms at Resorts World Sentosa (RWS).
\nThe Business Times noted that the retail space translates to 228,658 sq ft.
\nThe scheme is part of Genting Singapore\u2019s pledge in 2019 to invest $4.5 billion for the expansion of its RWS integrated resort. Currently, RWS has five hotels with around 1,600 rooms.
\nGenting Singapore\u2019s subsidiary was one of several parties granted PP by URA in Q3 2023.
\nSeparately, Singapore United Estates, a wholly owned subsidiary of Bukit Sembawang Estates, has been granted PP by URA to develop a landed housing project within the Luxus Hill Heights-Seletar Green Walk area. The project will feature 136 terraced homes, 18 semi-detached homes and two bungalows.
\nURA has also granted provisional approval to another fully owned unit of Sembawang to develop a 155-unit condo project in Bukit Timah Link.
\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…Pearl’s Hill BTO Flats May Launch as Prime Flats, HDB HFE Letter Validity Extended From 6 to 9 Months, and More<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

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