27 February to 4 March 2024
4-room Build-to-Order (BTO) flats in Hougang and Queenstown emerged as the most popular among first-time buyers in the latest sales exercise. Meanwhile, the Singapore Land Authority (SLA) has revised the land betterment charge (LBC) rates, with the rates increased for commercial, landed residential, non-landed residential, hotel/ hospital and industrial uses.
1. 4-room flats in Hougang, Queenstown most popular among first-time buyers
4-room Build-to-Order (BTO) flats in Hougang and Queenstown emerged as the most popular among first-time buyers in the latest sales exercise, reported The Straits Times.
Tanjong Tree Residences @ Hougang saw over four first-timer applicants vying for each of the 22 4-room units on offer as at 5pm on 28 February.
Over at Queenstown, Tanglin Halt Courtyard’s 175 4-room flats attracted 1,078 applicants even as it has the longest waiting time of four years and 10 months. The first-timer application rate for such flats, which are part of an integrated development, stood at 3.2.
The two projects in Bedok – Bedok North Springs and Bedok South Bloom – received 1,390 applications for the 499 4-room flats offered, with two first-time applicants vying for each unit.
Meanwhile, application rates for flats within the non-mature estates of Punggol, Choa Chu Kang and Woodlands were lower.
Both Matilda Riverside in Punggol and Woodgrove Edge in Woodlands registered a first-timer application rate of 1.5 for their 4-room flats, while the Rail Garden @ CCK project attracted 1.2 first-timer applicants for its 224 4-room flats.
2. February BTO sales exercise saw over 10,500 applicants
The latest BTO sales exercise attracted 10,521 applicants, down 21.6% from the application levels registered in December 2023, reported Singapore Business Review.
This comes even as overall application rate increased to 2.5 in February from 2.2 in December last year.
Analysts attributed the high application rate to the reduced BTO sales exercises for this year; a lower BTO supply compared to December; and to more flats having shorter waiting time.
Despite the higher application rates, the figure remains moderately muted compared to application rates registered between 2021 and 2023 – indicating that BTO demand may have stabilised.
3. Land betterment charge rates up 7.8% for landed, 0.1% for non-landed housing
The Singapore Land Authority (SLA) has revised the land betterment charge (LBC) rates, with the rates increased for commercial, landed residential, non-landed residential, hotel/ hospital and industrial uses.
LBC rates for commercial use were increased by an average of 3.8%, with 104 of the 118 geographical sectors posting increases of between 3% and 9%.
Landed residential LBC rates were raised by an average of 7.8%, with 16 of the 118 sectors registering increases of between 7% and 8%, said SLA.
LBC rates for non-landed residential use were upped by an average of 0.1%. Of the 118 sectors, 37 witnessed increases of 3% to 14% while 27 recorded declines of 1% to 19%.
Meanwhile, the LBC rates for hotel/hospital as well as industrial uses were raised by an average of 0.7% and 1.7%, respectively.
No changes were made to the other use groups.
The revised LBC rates took effect from 1 March 2024.
4. Revised LBC rates reflect polarised performance of suburban, prime condo markets
The newly revised LBC rates reflect the polarised performance as well as sentiment in the private condominium market, with the suburban area witnessing hot demand while prime areas posted cooler demand, reported The Business Times.
An analysis showed that the Tanglin/Cuscaden area registered the biggest cut in LBC rates for non-landed residential use at 19.2%. It was followed by 18.8% chops within the Ardmore/Draycott/Claymore area, One Tree Hill, Orchard, Nassim/Orange Grove/Ladyhill/Fernhill and Paterson/Lengkok Angsa areas.
Meanwhile, West Coast/Clementi and Braddell/Toa Payoh areas saw LBC rates increase by 14% and 10.7%, respectively.
Market watchers attributed the divergence in sentiment to the doubling of Additional Buyer’s Stamp Duty (ABSD) rate to 60% for foreign buyers of private residential properties in April 2023. Foreign buyers are traditionally prominent in Singapore’s prime housing market.
5. URA launches Holland Drive site for sale
A residential site located at Holland Drive has been launched for sale under the 1H 2024 Government Land Sales (GLS) programme, revealed the Urban Redevelopment Authority (URA).
Launched under the Confirmed list, the site has an area of 12,388.0 sq m and a maximum gross floor area (GFA) of 58,224 sq m. It comes with a 99-year leasehold tenure and is expected to yield 680 housing units.
“These form part of the 5,450 residential units to be made available via the Confirmed List of the 1H 2024 GLS programme,” said URA.
The Confirmed List supply of 5,450 units in 1H 2024 is higher compared to the 5,160 units in 2H 2023 and 4,090 units in 1H 2023. In fact, it is the highest Confirmed list supply in a single GLS program since 2H 2013.
6. Thomson View up for collective sale, reserve price at $918 million
Thomson View Condominium, a residential development located next to Upper Thomson MRT station, has been put up for sale with a reserve price of $918 million, revealed Edmund Tie.
This works out to a land rate of $1,282 per sq ft per plot ratio (psf ppr), after factoring the LBC for the intensification of land use, the 7% additional bonus GFA and the lease upgrading premium to top up the lease to a fresh 99-year tenure.
The development occupies a 50,197 sq m (540,314 sq ft) site with a 99-year tenure that started from 1975. Completed in 1987, the development comprises 54 townhouses as well as a 29-storey block that houses 200 apartments and a shop unit.
Edmund Tie noted that the site is zoned “Residential” under the 2019 Master Plan with a plot ratio of 2.1. This means it could yield a total GFA of around 112,792 sq m.
It added that authorities have advised no objection, in-principle, to a redevelopment plan for 1,240 residential units, with no pre-application feasibility study required.
Interested parties can submit their offer to Edmund Tie until 18 April.
7. Sunseap Leasing to install solar panels at 1,075 HDB blocks, government sites
Sunseap Leasing, a unit of EDP Renewables APAC, will install solar panels at around 1,075 HDB blocks and 101 government sites after it was awarded the largest solar leasing tender, revealed the Housing and Development Board (HDB).
The tender has a solar capacity of 130 megawatt-peak (MWp), up 15% from the earlier estimates of 113 MWp.
Installation of the solar panels will start in Q2 2024, with completion set in Q3 2026.
HDB shared that around 3,900 HDB blocks have been installed with solar panels to date. Where feasible, the remaining HDB blocks will be progressively installed with solar panels in batches in the next three years.
Separately, HDB also awarded tenders to Chevalier Singapore and EM Services to retrofit 4,000 lifts with the Elevator Energy Regeneration System (EERS).
Retrofitting works will start in Q2 2024 and will be completed by 2030.
“The EERS recovers energy generated during lift motions and braking operations, to power other services such as lighting, ventilation, and the lift display panel within the lift,” said HDB.
With the system, lift energy consumption can be lowered by 20% on average.
8. JTC launches site at Tampines North Drive 5
JTC has launched the tender for an industrial site located at Tampines North Drive 5 under the 1H 2021 Industrial Government Land Sales (IGLS) programme.
Zoned for Business 2 use, the site comes with a gross plot ratio of 2.5 and a leasehold tenure of 30 years.
The site at Tampines North Drive 5 (Plot 10) is the second of five Confirmed List sites under the 1H 2024 IGLS programme.
Tender for the site will close on 23 April 2024 (Tuesday).
9. Shophouse at Upper Paya Lebar Road on sale for $8.8 million
A corner shophouse located at 129 Upper Paya Lebar Road has been put up for sale via expression of interest (EOI) with the guide price at $8.8 million, revealed marketing agent Huttons Asia.
The property occupies a freehold site that is zoned for “Residential with Commercial at first storey” use. Excluding the open roof terrace, the shophouse has a built-up area of about 3,089 sq ft.
Huttons revealed that the shophouse has two separate titles at 129 and 129A Paya Lebar Road. Its first storey comes with a permanent approval for restaurant use and includes an outdoor refreshment area. The upper level is accessible via a separate staircase at the side of the property.
The EOI exercise for the shophouse closes on 28 March.
10. Vertex industrial units sold for $965,000
An industrial unit at Vertex, situated at Ubi Avenue 3, was sold for $965,000 at an auction on 28 February, revealed Huttons Asia.
This is a 4.3% premium over the property’s opening price of $925,000. It is also $65,000 higher compared to the last transacted comparable unit.
Measuring 1,744 sq ft, the B1 industrial unit is located on the mid-floor of the development and comes with a ramp-up access.
Huttons’ Lee Sze Teck revealed that the auction attracted nine bids.
“The strong interest demonstrates continued demand for well-located industrial units in Singapore,” he said.
Located near Tai Seng and Ubi MRT stations, Vertex is a 60-year leasehold development completed in 2009. It features strata titled warehouses as well as clean factory units.
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Fariza Salleh, Content Manager at PropertyGuru, edited this story. To contact her about this story, email: farizasalleh@propertyguru.com.sg.
