HDB leases and what’s in store for retirement as society ages

National Development Minister Lawrence Wong’s blog post of March 24, in which he cautioned buyers of older resale flats against paying high prices on the assumption that their flats would be “Sers-ed”, has set some home owners thinking and counting down the remaining years on their HDB flat leases.

Mr Wong made clear that the Selective En bloc Redevelopment Scheme (Sers) – under which the HDB acquires ageing blocks for redevelopment, compensates residents at market rates for their old flats and lets them buy new units nearby at subsidised rates – was never intended for all flats.

Interviews with home owners in three mature estates of Toa Payoh, Queenstown and Geylang – where, from 2014 to last year, there were the most resale transactions of flats with less than 60 years left on their 99-year lease – found that many had indeed expected a windfall from Sers. Mr Wong’s word of caution has left young home owners – like the one who gave his name only as Mr Lim, 30, who bought a Lorong 8 Toa Payoh flat two years ago – wondering whether he will still have a home when his lease expires in 57 years. Continue reading

Win-win scenario in HDB resale market

Housing Board flats house more than 80 per cent of Singapore’s population and, more often than not, are the first choice of housing for young families.

This group often asks: Build-To-Order (BTO) flats or resale flats – which is the better option?

It depends heavily on the buyers’ circumstances.

With stabilising resale prices and increased Central Provident Fund (CPF) Housing Grants, resale flats have lately become an increasingly attractive option.

Last year, resale flat prices dipped only 0.1 per cent. Over the same period, the number of resale transactions increased eight per cent to 20,813 units.

Evidently, resale flats are popular choices among buyers. Continue reading

Yio Chu Kang EC By Hoi Hup

YCK EC situated at Yio Chu Kang Road is a new launch Executive Condominium (EC) By Hoi Hup Realty. The plot which attracted 10 bids during the tender exercise received a top bid of $183.8 million which works out to about S$331 per square foot of potential gross floor area, or per square foot per plot ratio (psf ppr). The 1.8-hectare site is expected to yield 520 residential units ranging from 2 bedroom units to 5 bedroom units.

Strong demand is expected for YCK EC due to the scarcity of EC plots released by the government in recent years. YCK EC will be one of the only 2 ECs expected to be launched in 2017. There is also no private residential and EC launches in recent years, with Terrasse Condo by MCL being dated last. The development is definitely going to generate strong interest from HDB upgraders and 1st timers looking for residential with condominium facilities and convenience yet affordable. ECs are generally 20-25% more affordable than private condominiums. ECs are a public-private housing hybrid form with initial buyer eligibility and resale restrictions that are lifted a decade after project completion.

The project is expected to launch in late Q2 2017.

yck ec

For more information on the YCK EC, simply fill up your details below and our salesperson will get in touch with you shortly!

Annual take-up of HDB’s Lease Buyback Scheme more than doubles

SINGAPORE: Five hundred and forty-one households have taken up Housing and Development Board’s Lease Buyback Scheme within a year of enhancements, with 233 households owners of four-room flats.

HDB noted that this annual take-up had more than doubled compared to previous years. Since the launch of the scheme in 2009, 471 households signed up in the first four years – averaging at about 117 annually. A further 494 took up the scheme following modifications in February 2013 over a period of about two years, an average of slightly less than 250 a year. Continue reading