Seven sites on the Confirmed List and nine sites on the Reserve List were made public by the government

, ,

Tembusu Grand showflat

The Reserve List, four of the nine sites are brand new – Lentor Gardens, Lorong 1 Toa Payoh, Plantation Close (EC) as well as commercial site located at Punggol Walk on a short-term lease for 30 years according to Wong Siew Ying, head of research and contentat PropNex. Other Reserve List sites are at Pine Grove (Parcel B), Clementi Avenue 1, Senja Close (EC), Woodlands Avenue 2 (white site) as well as River Valley Road (hotel site).

Tembusu Grand showflat is ideally located in the most attractive setting in Singapore due to the spectacular beach views.

“With seven sites that are on the Confirmed List, developers are unlikely to start all of the sites that are on the Reserve List in 1H2023,” says the ERA’s Mak. “One reason for this is that developers are likely to be focused on the sites listed on The Confirmed List. Another reason is that certain developers are more cautious about their plans for land acquisition in light of the predicted slowing in growth in the economy by 2023.”

However it is likely that the site located at Lorong 1. Toa Payoh would be one of the most well-known sites in the Reserve List. The site is situated inside the extensive Toa Payoh HDB estate, it’s three minutes away from the Braddell MRT station and near facilities like hawker centers as well as community clubs and health clinics. “Over the past few years, there has been an absence of new launches in the estate that is mature Toa Payoh,” says Mak.

The most recent private residential development to be launched at Toa Payoh was in 2016 It included the 578 unit Gem Residences located in Lorong 5 Toa Payoh by Gamuda Land, Evia Real Estate and Maxdin.

The site located on the Reserve List at Clementi Avenue 1 could yield up to 500 housing units. It is situated in between two condominiums which are already in operation and have been sold to the fullest extent including The Clement Canopy and Clavon Both jointly developed with UOL Group and Singapore Land Group.

The appeal of the site is the location, which is in the renowned older estate of Clementi near to a number of well-established educational institutions like Nan Hua High School, the NUS High School of Mathematics and Science as well as The National University of Singapore (NUS). It is also located 800m away from to the Clementi MRT station on the East-West Line, says ERA’s Mak.

There’s a newly constructed Lentor Gardens site (estimated 500 units of residential units) listed on the Reserve List which marks the seventh site located in the Lentor region that is being released since the initial Lentor Central site was sold in July 2021. The seven sites located in Lentor could be converted into 3,500 homes in the future. “Given the large supply of land of land, we believe that this site is not likely to be removed from the Reserve List,” says Tricia Song, the head of research at CBRE Southeast Asia.

There’s also a brand newly created Plantation Close EC site on the Reserve List, which is right next to Tengah Plantation Loop EC site that will be available to sale on the Confirmed list 2H2022 in the month of December 2022, according to Song. “We think it’s unlikely to be activated for sale anytime soon due to the more than 1,000 units that could be sold located on the site all together.”

It is located in the Punggol Walk Reserved site is located close to Punggol MRT station. The 8,400 sq m (90,418 square feet) commercial site that is leased for a 30 year tenure is one of the efforts of the Government in support of decentralisation as well as to meet need for work spaces near to homes. “The release of these sites with leases shorter than 30 years allows our land use to be renewed in shorter intervals to assist businesses in adjusting their operations more quickly to changes in the economy,” says URA.

Despite the lease being shorter, PropNex CEO Ismail Gafoor expects his Punggol Walk plot “should garner attention due to the absence of office space commercially available in the area”.

1. 1H2023 Reserve List includes the site located at River Valley Road for developing an 530-room hotel. It was taken over in 2H2022 Reserve List. 2H2022 Reserve List.

/1 Comment/by

According to HDB, its flat pricing strategy is “completely autonomous and independent” expenditures of BTO projects

, ,

Tembusu Grand Jalan Tembusu

Build-to-Order (BTO) Flats are priced keeping affordability in mind, utilizing methods that are “totally distinct and separate” from the development cost as per a press statement from the Housing Development Board (HDB).

Tembusu Grand Jalan Tembusu property is ideally located in the most attractive setting in Singapore due to the spectacular beach views.

The announcement, made together along with Ministry of National Development (MND) It explains the fact that HDB’s pricing model differs from private developers. “HDB’s flat pricing approach based on affordability is distinct from private developers the cost-based pricing method for residential developments that are private, that considers provision for a profit margin” the statement states. HDB declares that it will not make a profit margin on the costs of BTO projects.

HDB additionally reveals that it has development costs due to its home ownership program which is in contrast to profit-making private developers. “This is due to our distinct pricing principles, since HDB price flats in order to guarantee affordability , while private developers set their prices for profits,” it reiterates.

According to HDB the statement was released in response to questions from media about the way BTO flat price is determined, as well as development costs which are incurred by HDB. Nicholas Mak, head of research and consulting for ERA Realty Network, also considers the statement to be an explanation of HDB’s policy to the general public, given the dramatic rise in HDB flat rates for resales. From 3Q2020 until 3Q2022 in the period, the HDB Resale Price Index was up 25.5%. “The last time HDB prices for resales grew in the same manner is when the property boom in 2010 and 2011” he says.

Pricing is based on affordability of housing
To assess affordability of housing, HDB takes into consideration the household income of residents and compares them to the variety of flats and selling prices offered at each BTO launch with benchmarks, such as MSR, or mortgage servicing ratio (MSR).

It reveals that in the 1H2022 period 90% of buyers who took possession of keys to their new apartments on non-mature properties had an MSR of% or less, which means they utilized 25% or less% or less income per month to cover their HDB instalment loan payments The rest of the loan was serviced through the monthly CPF contributions. For flat buyers who resided in mature estates, over eighty% have an MSR that is 25% or less.

The ERA’s Mak points out the fact that it is the general rule of thumb that states you should not have greater than 30% from an individual’s monthly income devoted to the mortgage. “In this way, HDB BTO flats are thought to be affordable to most homebuyers,” he remarks.

Recognizing that every BTO project is unique and has particular characteristics and geographical elements, when the pricing of the new BTO flats HDB states that it will first determines the flat’s value through comparisons with similar resales and taking into consideration the unique characteristics for the apartments.

Subsidies are also applied to estimated market value to help make sure that the project is affordable, with subsidies differing across projects based on the market conditions. When prices for releases rise, HDB will correspondingly increase market subsidies, which are included in the selling price in order to keep BTO costs reasonable.

With these mechanisms in mind, HDB says its flat pricing model is “totally independent and distinct” in relation to the building cost of BTO projects. “By increasing the amount of subsidy that is applied in an increasing property market HDB is able to keep BTO flat pricing somewhat steady. This was the case during the last two years when construction costs have increased by nearly 30%,” it says.

According to HDB the according to HDB, average BTO price on a per-psf basis have been up by 22% for mature estates in the past 10 years. For non-mature estatesthe average prices per square foot for BTOs have increased by 16%. Comparatively, the average household income for a household with a resident was up to 26% between 2012 and 2021.

“On in addition to the subsidy used, HDB provides housing grants to assist targeted populations attain their dream of owning a home and the amount of housing grants has been increasing several times in the same periodof time,” HDB adds.

Costs of development
In light of the huge subsidies given for BTO project, project’ development costs, including land and construction costs are not fully covered by the sale prices, according to HDB.

For FY2021/2022, HDB registered a record deficit of $4.367 billion and $3.85 billion attributed to the home ownership program. This is mainly due to the net loss on flat sales that are completed (where keys are given to buyers at the end of the year of financials) and the disbursement of CPF housing grants to qualified buyers of flats that are resold and the expected loss on flats which were built during the fiscal year.

Particularly, HDB’s expense of flat sales made totaled $5.346 billion. This includes the majority of $3.167 billion for land development costs , and $2.077 billion for development costs. The remainder of $102 million is attributed to the cost of buying flats from flat owners who have sold their properties.

Additionally, HDB highlights that land utilized for housing for the public has less expensive prices than the land that is used as private dwellings in the exact area. HDB is the one to pay the fair market value of the land utilized for BTO projects. The fair market value is determined on an individual basis by the chief valuer.

/by

IOI Central Boulevard Towers comprising a podium of seven stories and two office towers with heights of 16 and 48 stories each

,

Tembusu Grand by CDL

IOI Central Boulevard Towers, the Grade A office project of IOI Properties Group in Marina Bay and scheduled to be completed by the end of 3Q2023. It will comprise two office towers with 46 and 48 stories, set on the top of a seven-storey podium The development will comprise 1.26 million square feet of office space as well as 3000 square feet of retail space and F&B after completion.

Tembusu Grand by CDL placed a top bid of $768 million, equivalent to $1,302 psf per plot ratio (psf ppr).

Biophilia is a major component in the project, and includes a significant part of the site is devoted to the greenery. The development includes Central Green the massive 120,000 square feet park located at the top of level seven within the building. It is described by the developer as being the “largest city skypark” within the Marina Bay district, Central Green will have an area of landscape that is 160m long and is the equivalent of three swimming pools of Olympic size that are laid out from end to end.

As per the developer, Central Green is created as the miniature Singapore Botanical Gardens or Gardens by the Bay. More than 68,000 plants are expected to be housed in Central Green, including 18 species specially selected. The plants will mix colors, textures and shapes to create a lush scenery with visual pleasure as well as air-filtration benefits.

The park will feature an jogging track of 200m which is a first for the district, as well as the park will also have meeting spaces and tranquil areas for contemplation or informal discussions. A restaurant will be available in which guests can dinewith stunning panoramas from Marina Bay.

Other amenities in the development include facilities for end-of-trips for commuters who need to get to work by bicycle and a facility for childcare, efficient office layouts, floor plans that are column-free, as well as the incorporation of smart touchscreen technology in gantries and entryways. The development also offers secured access with the four MRT Stations — Downtown, Marina Bay, Raffles Place, and Shenton Way. Link bridges will connect it with adjacent developments like One Raffles Quay and Asia Square.

As per the developer Central Green’s location as the central point of the project is in response to the growing demands for workplaces that prioritize well-being, health productivity, sustainability and well-being. “Building an environmentally sustainable and green future is part of the DNA of IOI Properties Group, and we will do everything in our power to set new standards for urban green buildings through Central Boulevard Towers, the IOI Central Boulevard Towers,” Lee Yeow-Seng who is executive vice chairman for IOI Properties.

The development has received its Building and Development Authority’s (BCA) Green Mark Platinum Award as well as The BCA Universal Design Mark Gold Award. Karen Lau, IOI Properties director of business, claims that the project has been able to achieve the “robust level of occupancy” which she is able to attribute the success to IOI Central Boulevard Towers fulfilling the demands of the contemporary workforce. “Our idea of design has struck powerful connection to the marketplace.”

In September, it was announced that the tech giant Amazon had agreed to lease 369,000 square feet of office space at the development.

/1 Comment/by

Annual values will be increased and used to calculate property taxes or the majority of residential units

, , ,

Tembusu Grand residences

Property taxes are expected to rise in 2023. This will be accompanied by an upward revision to the annual value for the majority of residential properties. The value of a property’s annual worth that is used to calculate property tax owed to the property owner is determined in the Inland Revenue Authority of Singapore (IRAS) as the estimated annual gross rent of the property as if the property is being rented out.

Tembusu Grand residences is ideally located in the most attractive setting in Singapore due to the spectacular beach views that are nearby.

A press release issued on December 2 from the Ministry of Finance (MOF) and IRAS declares that the annual value for the majority of residential properties that include the private property in addition to HDB flats which will be updated starting January 1st 2023. It is as part IRAS’s annual review and is a reflection of the rising market rents. “Since the last update of the annual value on January 1st, 2022, market rents for HDB flats as well as the private residential properties have increased by over twenty%,” the release states.

In the same press release, MOF and IRAS announced the availability of a one-time property tax credit for 2023, which is up to 60 dollars for homeowner-occupied homes. The rebate amounts up to 60% from the 2023 property tax bill, and will be offset automatically from any property tax due in 2023.

To be able to afford HDB flats, owners of two-room and one-room flats will not be required to pay property tax until 2023, as their assessed values for the year remain under $8,000. Nicholas Mak, head of research and consulting for ERA Singapore, says that of the 1.033 million currently occupied HDB homes owned by single owners Onetwo-room flats comprise around 4% and that means it is likely that the vast majority of HDB apartment owners are going to be affected by the increased property tax rate in 2023 and beyond.

He believes that the property tax hike for owners-occupied HDB homes are “manageable” for the majority of flat owners. He also noted that the property tax for the most expensive flats (executive flats) will rise by a sum ranging from $55.20 up to $67.20 from 2023.

Additionally, Tricia Song, CBRE’s director of research for Southeast Asia, says that the higher values for the year follow an increased in property tax rates that were announced in February in the Budget 2022 announcement. The tax increase, which is expected to occur in two stages beginning in 2023, is likely to be primarily affecting the higher-end properties that have annual values of more than $60,000. “With the increase in tax rates and the value of annual properties that will further cut off the rental profits so far for non-occupier or investor home owners,” she says.

In the case of non-owner-occupied residential properties that include the investment properties, property tax rates will increase to 10% -20% at present, and will rise increasing to 11% up to 27% in 2023 then 12% until 36% by 2024. For residential properties that are owned by the owner properties that are owned by the owner, property taxes will rise by four% up to 16% in the present time, rising up to% up to 23% in 2023 and then 6% until 32% for 2024. The increase is only applicable to the portion of the value that is greater than $30,000.

In light of the new property tax rates, and assuming that there is a twenty% growth in annually value CBRE’s Song estimates that properties that have annual values in the range of $30,000. (prior an upward adjustment of the annual value) will experience property taxes increase by $1260 which is 42% in 2023. For properties that have an annual value in the range of $60,000 property tax bills are projected to increase by $5190 equivalent to 75.2% in 2023. For properties that have an annual value of $90,000 property taxes are expected to rise by $9,810 or 81.8% in 2023.

The ERA’s Mak believes that landlords renewing leases for rental may use the chance to raise rents, however, Mak warns against any overt leaps. “Many renters are suffering from the rising rental costs in the last 1.5 year.”

/1 Comment/by