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\nRental occupancy limit raised for Bigger HDB Flats and Private Homes, Tuas Set for Reclamation Works From 2025, and More19 to 26 December 2023
\nThe occupancy cap for bigger HDB flats and private homes will be temporarily raised from six to eight unrelated people who are not from the same family unit from 22 January 2024 to 31 December 2026. Meanwhile, PropertyGuru expects buyers to purchase houses for their use to drive private residential sales in 2024.
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Occupancy cap for HDB flats and private homes raised to meet rental demand<\/p>\n
The occupancy cap for bigger HDB flats and private homes will be temporarily raised from six to eight unrelated people who are not from the same family unit from 22 January 2024 to 31 December 2026, revealed HDB and Urban Redevelopment Authority (URA) in a joint release.
\nThe temporary measure is aimed at meeting rental demand as well as supporting households that plan to rent.
\nThe higher occupancy cap will apply to four-room and larger HDB flats and living quarters of HDB commercial properties wherein the living quarters are similar to or bigger than a four-room flat.
\nIt will also apply to larger private homes spanning at least 90 sq m.
\nResidential property owners who presently house up to six unrelated persons need to apply to URA and HDB \u2013 for private homes and HDB flats, respectively \u2013 to include additional occupants.
\nMeanwhile, analysts believe the move will only offer a short-term fix to stabilise the rental market, reported CNA.
\nDr Lee Nai Jia, Head of Real Estate Intelligence, Data and Software Solutions, PropertyGuru Group, believes the impact on the rental market is \u201cindeterminate\u201d.
\n\u201cOn one hand, we may find more demand due to the increased affordability. On the other hand, the supply of listings may rise correspondingly. Asking rents for the whole unit may rise in the short term, even though each renter pays less. That said, we expect the impact to be limited to some segments of the market,\u201d he said.
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\n2. Owner-occupiers to drive private home market in 2024
\nPropertyGuru expects buyers to purchase houses for their use to drive private residential sales in 2024.
\nIn its latest Singapore Property Market Outlook 2024, PropertyGuru noted that the high interest rate environment and slew of property cooling measures in 2023 have dampened sales activity within the private home market this year, leading to slower price increases.
\nWith this, it expects sales activity within the private home market to dip further next year, while prices remain steady amid the challenging economic landscape.
\nPropertyGuru sees owner-occupiers dominating the private home market, with some rich investors continuing to beef up their portfolios.
\n\u201cSingapore\u2019s real estate is traditionally viewed as a resilient investment. Given this perspective, the prevailing uncertainty could inspire more individuals to engage in the property market, provided their financial positions permit,\u201d said Dr Tan Tee Khoon, Country Manager \u2013 Singapore, PropertyGuru.
\n\u201cThere is also a belief that even if property prices moderate in the short term, the pricing rebound could be much faster and higher when economic conditions improve,\u201d he added.
\nPropertyGuru expects prices to remain high yet stable and demand subdued during the first six months of 2024. It pointed out that any downturn in demand and prices should be contained, barring unforeseen black swan events.
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\n3. Government eyes to build new funeral and columbarium complex in Mandai
\nThe government plans to build a new funeral and columbarium complex near the existing Mandai Columbarium to address the anticipated increase in demand for after-death facilities, reported CNA.
\nThe project will be located at the intersection of Sembawang Road and Mandai Avenue.
\nThe National Environment Agency (NEA) will conduct an environmental impact assessment and feasibility study before the development plans for the project are finalised.
\n\u201cThis Mandai Avenue site was selected following consultations with agencies, covering factors such as the required site area for such a multi-use facility with a columbarium and different types of funeral services, development plans for the surrounding area, traffic impact and impact on surrounding developments,\u201d said NEA.
\nThere are three government-operated columbaria in Singapore \u2013 in Yishun, Mandai, and Choa Chu Kang \u2013 and other private columbaria.
\nNEA noted that the Yishun facility is at full capacity, while the Mandai facility is nearing its capacity.
\nMeanwhile, residents along Sembawang Road are concerned that the proposed columbarium complex may lead to a decline in property prices as well as hamper the en bloc sale of Hong Heng Mansions, reported TODAY.
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\n4. People\u2019s Park Complex may be subject to conservation
\nPeople\u2019s Park Complex, Southeast Asia\u2019s first mixed-use development, may be considered for conservation given its high heritage significance, reported CNA citing the Urban Redevelopment Authority (URA).
\nWith this, the collective sales effort for the 31-storey development should take into account the conservation study as well as its findings, said a spokesperson for URA.
\nAnna Tan, Business Development Director of Tag Realty, the sales agent, said it has been in talks with URA regarding the conservation plans.
\n\u201cWe firmly believe that a synergistic approach with URA not only safeguards the heritage of People\u2019s Park Complex but also makes a positive contribution to the overarching development objectives for the central region, creating enhanced opportunities for potential buyers,\u201d she said.
\nNon-profit group Docomomo Singapore lauded the move but said the plan could affect the development\u2019s collective sales in terms of sales conditions since the building can no longer be demolished.
\nHowever, it pointed out that the successful collective sale of Golden Mile Complex \u2013 the conservation of which came with various incentives for buyers \u2013 showed that conservation and rejuvenation need not be exclusive of each other.
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\n5. The BTO project near Pasir Ris Park may drive away wildlife
\nNature lovers and photographers are concerned that an upcoming BTO project near the Pasir Ris Park will drive away wildlife, reported TODAY.
\nThey fear construction noise and lights may disturb the wildlife and never return to the area.
\nThe BTO project will take up Pasir Ris Park Car Park B\u2019s present site and the forested area right beside it.
\nHowever, HDB assured that an environmental management plan will be implemented to minimise the impact on surrounding flora and fauna. Notably, a wooded corridor of up to 50m will be put up to serve as a buffer between the park and the BTO project.
\nA management plan will also be set in place to monitor the noise level in real-time, while suitable hoardings with lighting will be put up for security.
\nWhile some photographers feel that the situation is unfortunate, they note that developing the area is unavoidable since the people need houses.
\n\u201cSo, we have to do it, there is no choice, it\u2019s a small country,\u201d said 71-year-old Thomas Lee, who has been taking nature photos in the area for around seven years.
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\n6. Residents at two condominiums are up in arms over the maintenance fee hike
\nResidents at two more condominiums are up in arms over the significantly higher maintenance fees than what was advertised, reported CNA.
\nIt was previously reported that owners at Dairy Farm Residences complained that their maintenance fees were double what they had expected to pay. Thereafter, the developer cut the fees by around 40%.
\nMaintenance charges for a two-bedroom unit at Parc Komo were initially marketed at $392 per month, but residents ended up paying $646.
\nAt the Essence condominium, the maintenance fee for a two-bedroom unit was marketed at $300 but was raised to over $500.
\n\u201cFor a 2-room (unit), to pay such a high maintenance is like buying a luxury condo,\u201d said a Parc Komo resident, who declined to be named.
\nResidents at the Essence, on the other hand, described the higher charges as exorbitant and disproportionate to the facilities offered. They added that the fees are unsustainable.
\nResidents at both developments have formed groups to negotiate with developers. Parc Komo and Essence were developed by CEL Development and Chong Kuo Development, respectively.
\nHowever, the developers failed to provide a satisfactory explanation for the steep hike in charges.
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\n7. The influx of international students fuels the housing demand
\nThe rise in international students coming to Singapore has driven demand for housing, making it harder for such students to secure affordable accommodation, reported CNA.
\nLester Jiang, Managing Partner at SagePaths Global Education, which serves as a bridge between these students and Singapore educational institutions, noted that the number of overseas students has increased by 20% to 30% from last year.
\nWith this, landlords have been raising rental prices. Notably, renters are now paying 20% to 40% more compared to May this year, said DS Homestay owner Dennis Nah. His company matches international students with homeowners who are renting out their units.
\nEVO House, which offers overseas student accommodation, has also increased its rent, resulting to a drop in client numbers. This comes as students have turned to cheaper alternatives such as HDB flats or student dormitories.
\n\u201cWe do feel the heat of the competition because the cost can be half of our costs because they don\u2019t provide the common area like what we provide for our students,\u201d said EVO House Group President Joice Yanto.
\nWith the increased demand expected to continue for two more years, EVO House plans to acquire an entire building for a dormitory that could house 800 to 1,000 individuals, while DS Homestay targets to double its capacity.
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\n8. Man sues condo management for denying a request to install zip blinds
\nA man has filed a case against the management corporation of Stevens Loft after it denied his request to install zip blinds on the balconies of his top-floor unit.
\nHowever, the district court ruled in favour of the condo management, reported CNA. The High Court also dismissed his application to appeal the district court\u2019s decision.
\nOccupying the building\u2019s fourth and fifth floors, Soo Hoo Khoon Peng wanted to install Renson Fixscreen, a brand of zip blinds.
\nHowever, his request was denied by the condo management citing uniformity issues and usage of common property.
\nSoo Hoo argued that while installing the blinds would amount to exclusive use of common property, he pointed out that a by-law entitles him to install a screen or any other device to prevent insects or animals from entering his lot or to prevent harm to children.
\nThe district judge ruled that installing zip blinds at the balconies would amount to exclusive enjoyment of common property, which requires 90% resolution at a general meeting.
\nWhile District Judge Sim Mei Ling acknowledged the insect-repelling qualities of the zip blinds, she was not convinced that they would prevent children from falling over the balcony.
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\n9. Sin Thai Hin Development acquires Sophia Road site for $33.588 million
\nA residential redevelopment site located at 132 Sophia Road has been sold for $33.588 million to Sin Thai Hin Development, after the close of the tender for such site on 29 November, reported Singapore Business Review.
\nIncluding a nominal land better charge, the sale price works out to a land rate of about $1,172 per sq ft per plot ratio (PSF ppr), revealed exclusive marketing agent Knight Frank.
\nZoned for \u201cResidential\u201d use under the 2019 Master Plan, the property spans 1,280.5 sq m or 13,783 sq ft, with a gross plot ratio of 2.1.
\nThe buyer is a boutique developer and investment firm that has developed and invested in hospitality, healthcare, residential and commercial office properties.
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\n10. Melrose Drive house on sale for $16.8 million
\nA detached house located on Melrose Drive in Serangoon has been put up for sale with a guide price of $16.8 million.
\nThis translates to $1,185 PSF based on a land area of 14,175 sq ft, revealed marketing agent PropNex Realty.
\nWith a 40m frontage to Melrose Drive, the freehold property is zoned for two-storey bungalows and residential use under the 2019 Master Plan.
\nPropNex noted that the District 13 site can be redeveloped into two detached homes, subject to the approval of relevant authorities.
\n\u201cAs the land area is less than 1,400 sq m, Singapore permanent residents with approval from the Land Dealings Approval Unit (LDAU) to acquire restricted residential property are eligible to purchase the said Melrose Drive property,\u201d said Tracy Goh, Capital Markets Head at PropNex.
\nThe tender for the detached house closes on 16 January 2024.
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\n11. Justin Quek named CEO of OrangeTee & Tie<\/p>\n
Real estate veteran Justin Quek has been appointed as Chief Executive Officer of OrangeTee & Tie, succeeding Steven Tan, who will move on to lead the international business and remain as Key Executive Officer.
Rental occupancy limit raised for Bigger HDB Flats and Private Homes, Tuas Set for Reclamation...<\/p>\n","protected":false},"author":1,"featured_media":140823,"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-140822","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-property-news"],"jetpack_featured_media_url":"https:\/\/i2.wp.com\/www.siamlandbank.com\/propertynews\/wp-content\/uploads\/2023\/12\/singapore-hdb-view.jpg?fit=820%2C410&ssl=1","jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/p75ss1-ADk","jetpack-related-posts":[{"id":78743,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/hdb-lowers-occupancy-cap-for-larger-flat-rentals\/","url_meta":{"origin":140822,"position":0},"title":"HDB lowers occupancy cap for larger flat rentals","date":"February 2, 2018","format":false,"excerpt":"\r The changes aim to reduce overcrowding and maintain a conducive living environment in HDB estates. The Housing and Development Board (HDB) has revised the occupancy cap for 4-room and larger HDB flats for rent to six persons, from the current maximum of nine persons. \u201cThe cap for 3-room and\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":105251,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/4-room-hdb-flat-allegedly-housed-24-tenants\/","url_meta":{"origin":140822,"position":1},"title":"4-room HDB flat allegedly housed 24 tenants","date":"March 22, 2019","format":false,"excerpt":"\r HDB has set an occupancy cap for units being rented out \u2013 a maximum of six individuals for 3-room and bigger flats and four individuals for smaller units. A four-room HDB flat at Block 403 Pandan Gardens allegedly housed 24 tenants \u2013 four times the maximum number of occupants\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":113165,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/observers-say-hdb-lease-top-up-proposal-has-long-term-drawbacks\/","url_meta":{"origin":140822,"position":2},"title":"Observers say HDB lease top-up proposal has long-term drawbacks","date":"December 18, 2019","format":false,"excerpt":"\r This policy must run in perpetuity as issues may arise if it is ever shelved, says one observer. A one-time automatic lease to-up for old HDB flats might address the problem of their declining value once their leases expire, but it will bring long-term drawbacks, say observers, reported The\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":121243,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/hdb-sets-aside-800-more-rental-flats-under-pphs-and-introduce-new-eligibility-conditions\/","url_meta":{"origin":140822,"position":3},"title":"HDB sets aside 800 more rental flats under PPHS and introduce new eligibility conditions","date":"August 4, 2021","format":false,"excerpt":"\r HDB will finetune its eligibility conditions and allocation process for PPHS, and also introduce a new\u00a0$7,000 income ceiling for such flats.\u00a0\u00a0 The HDB on Tuesday (3 August) announced that 800 more rental flats will be set aside over the next two years for families awaiting the completion of their\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"https:\/\/i2.wp.com\/www.siamlandbank.com\/propertynews\/wp-content\/uploads\/2021\/08\/HDB-flats-in-Bukit-Panjang-scaled.jpg?fit=1200%2C406&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":141321,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/lumina-grand-ec-and-hillhaven-preview-over-the-weekend-rts-link-singapore-achieves-65-completion-and-more\/","url_meta":{"origin":140822,"position":4},"title":"Lumina Grand EC and Hillhaven Preview Over the Weekend, RTS Link Singapore Achieves 65% Completion, and More","date":"January 15, 2024","format":false,"excerpt":"\r Lumina Grand EC and Hillhaven Preview Over the Weekend, RTS Link Singapore Achieves 65% Completion, and More9 to 15 January 2024 Over the weekend, City Developments Limited (CDL) opened Lumina Grand for e-applications, with sales booking set to start on 27 January 2024. Meanwhile, Far East and Sekisui House\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.siamlandbank.com\/propertynews\/wp-content\/uploads\/2024\/01\/lumina-grand-ec-executive-condo-singapore1-1.jpg?fit=820%2C410&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":130442,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/private-home-hdb-resale-prices-climb-at-slower-pace-in-q3-2022-15-month-wait-out-period-to-keep-hdb-resale-flats-affordable-and-more\/","url_meta":{"origin":140822,"position":5},"title":"Private home, HDB resale prices climb at slower pace in Q3 2022, 15-month wait-out period to keep HDB resale flats affordable, and more","date":"October 3, 2022","format":false,"excerpt":"\r Private home, HDB resale prices climb at slower pace in Q3 2022, 15-month wait-out period to keep HDB resale flats affordable, and more27th\u00a0September\u00a0to 3rd\u00a0October 2022 Singapore saw prices for private homes and Housing and Development Board (HDB) resale flats climb slower in the third quarter of 2022. Meanwhile, National\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"https:\/\/i1.wp.com\/www.siamlandbank.com\/propertynews\/wp-content\/uploads\/2022\/10\/hdb-singapore.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\/140822"}],"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=140822"}],"version-history":[{"count":0,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/140822\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/media\/140823"}],"wp:attachment":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/media?parent=140822"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/categories?post=140822"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/tags?post=140822"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}
\nCurrently serving as Deputy CEO, Quek will take on the CEO role on 1 January 2024.
\nAs a Deputy CEO, Quek spearheaded multiple initiatives, including the Consumer Insider Series aimed at helping clients navigate the property landscape as well as the Luxe by OrangeTee to help agents become well-versed in serving the High-Net-Worth Individuals (HNWI) clientele.
\n\u201cWe are confident that his vibrant energy, fresh perspectives, real estate expertise and business acumen, coupled with OrangeTee\u2019s longstanding ethos of trust and relationship-building, will bring the agency to greater heights,\u201d said Tan.
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\n12. Tuas set for reclamation works from 2025
\nJTC has revealed plans to reclaim 172ha of land in Tuas for industrial use, with the reclamation works set to start in 2025 and be completed by 2029, reported The Straits Times.
\nIt explained that the project will meet land demand \u201cfor future industrial uses as part of ongoing plans to rejuvenate the older parts of Jurong and Tuas Industrial Estates, which were developed in the 1960s and 1970s\u201d.
\nJTC said the reclamation project will also facilitate road network connections to Tuas South as well as Tuas Port, which is set to be fully completed by the 2040s.
\nNotably, the reclamation project will see the National Environment Agency (NEA) and JTC pilot the use of incineration bottom ash as a reclamation fill. The move is part of efforts to reduce incineration waste entering or removing such waste from Singapore\u2019s only landfill \u2013 the Semakau Landfill.
\nMeanwhile, the tender for the industrial site located at 11 Tuas Avenue 18 has been awarded to Nishio Rent All Singapore, after it submitted a bid of $3.2 million, said JTC.
\nZoned for Business 2 use, the site has an area of 3,999.9 sq m and a gross plot ratio of 1.4.
\nRelated article:\u00a0Government Land Sales (GLS) Programme Guide (Updated With GLS Sites for 1H2024 Singapore)
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\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.
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\nSource : proppertyguru.com.sg\/Property Market
\nRead more…Rental occupancy limit raised for Bigger HDB Flats and Private Homes, Tuas Set for Reclamation Works From 2025, and More<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"