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Thursday, 23 July 2015

Fernvale Condo draws keen buyers

Fernvale Condo draws keen buyers
Fernvale Condo draws keen buyers

Experts cite low pricing as likely pull for crowd at High Park Residences

It was like a flashback to the boom days when more than 8,000 people thronged the sales gallery of High Park Residences when it opened to the public on the weekend.
They were not just there to look, either, with around 500 cheques collected from buyers keen to own a unit at the massive condominium project to be launched in two weeks.
Pricing seems to have been a key factor in the weekend rush.
The average price per square foot for the 1,390 units is below $1,000, said CEL Development, which is developing the project in Fernvale Road with Unique Residence, a joint venture between Heeton Homes and Kim Seng Heng Realty.
The 99-year condominium development, which is next to Thanggam LRT Station and a stone's throw from Seletar Mall, is expected to get its temporary occupation permit in August 2020.
Indicative pricing showed that the smallest unit, a studio apartment of 36 sq m, costs $398,000.
The development has a wide range of units - 42.5 per cent will be two-bedroom flats but there will also be three- four-and five-bedders, 10 semi-detached houses, four 254 sq m bungalows and nine commercial units.
Mr Donald Han, the managing director of Chestertons, said that the pricing was bringing buyers back into the quiet market.
"Under $1,000 psf on average is the lure," he said.
"The pricing shows that the developer is responsive to affordability. Some people have said that there are too many residential units in Sengkang, but the response for High Park Residences shows that if the price is competitive, buyers will come.
"This will be a booster to July home sales numbers, after we have seen generally paltry response in the months of May and June."
The last time potential buyers rushed to snap up units at such a pace was in April, when North Park Residences in Yishun and Botanique at Bartley were launched.
Mr Kelvin Fong, senior group district director of PropNex, said: "Units that are under $400,000 are very affordable.
"The average price for a studio unit in the vicinity of High Park Residences costs over $500,000.
"With cooling measures like TDSR (total debt servicing ratio), affordability is the keyword for buying properties today.
"A low entry price could attract more buyers. Majority of those who place cheques with us are more interested in the smaller units."
CEL Development attributed the competitive pricing to economies of scale as the project will be built on two adjacent parcels of land bought separately for a total price of $487.055 million.
When the Government sold the two sites with the tenders for both closing on the same day, it expected a total of about 1,130 residential units to be built across both plots.
But High Park Residences managed to develop 23 per cent more than that, noted Mr Nicholas Mak, head of research and consultancy at SLP International.
That translates to generally smaller units. The size of two-bedroom apartments ranges from 53 to 68 sq m and three-bedders are between 81 and 92 sq m.
Sales data for District 28 show that the smallest unit sold in the past 20 years was a 46 sq m one at Riverbank at Fernvale, so the High Park Residence studios, at 36 sq m, could set a new record for the area.
Developments in the city fringe still offer shoebox units at 35 sq m, said Mr Mak, who liken them to a moderately large hotel room.
"High Park Residences is going to be the last project to be launched in the next 12 months in the north-east region.
"There may be a longer lead time before the next competitor comes in," said Mr Mak.
Although TDSR is causing retail investors to look for small units at High Park Residences, Mr Mak feels that the Government has planned that the site be a residential area for families.
"It is located in a suburban area for families to live in. The surroundings are mostly HDB flats and primary schools. It is an HDB heartland.
"When the Government designated this area for residential, I believe they have in mind for families to live there," said Mr Mak.
The Straits Times / Business                         Published on Tuesday, 7 July 2015                              By Joyce Lim                                                    Fernvale Condo draws keen buyers                                  
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Monday, 20 July 2015

Renovation company contractors charged with cheating HDB residents

Renovation company contractors charged with cheating HDB residents
Renovation company contractors charged with cheating HDB residents
SINGAPORE - Five Malaysians from a renovation company who allegedly claimed to be HDB or town council contractors were charged on Thursday with duping residents into giving them deposits for repair works.
They each face between two and five charges involving a total of $300 to $830.
The five, from Shinden General Contractor, are believed to have entered homes by pretending to be from the Housing Board, town councils and other government agencies. They would then try to get home owners to agree to renovation or repair works.
Khaw Ee Leong , 27, who is represented, allegedly cheated a Potong Pasir resident of $200 on April 8 last year.
A second charge accuses him of scheming with Chong Sin Yu, 33, to cheat residents of Block 12 Lorong 7 Toa Payoh and as such, induced a 64-year-old man into delivering $200 to Chong on May 9 last year.
Chong faces five charges involving a total of $830. He is said to have also conspired with others to cheat residents in Yishun Street 11 and Jalan Batu as well as deceiving two individuals into giving him $210.
Ooi Chong Hee, 38, and Ng Huay Yin, 42, allegedly conspired to cheat a 76-year-old resident at Block 263 Waterloo Street into believing that they were both contractors of the Town Council and induced her to give $450 to Ng as deposit for repair works on Nov 14 last year.
Ooi is also said to have conned a resident in Hougang Street 11 into believing that HDB would be coming to change a kitchen pipe and induced her to hand over $300; He is also accused of deceiving another person of $200.
The total amount involved in Ng's four charges is $300.
Phua Kok Seong, 26, is said to have conspired with others to cheat residents in Potong Paisr Avenue 1 and Serangoon Central. He allegedly induced a 78-year-old man and a 59-year-old woman to give him $300 each.
Each was offered bail of $15,000.
Khaw's case is fixed for a pre-trial conference on Aug 12 while the others will be back on July 30.
The maximum punishment for cheating is 10 years' jail and a fine.
The Straits Times/ S'pore                        Published on Thursday, 16 July 2015                                By Elena Chong                                 Renovation company contractors charged with cheating HDB residents





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Pasir Ris One flats may get new gates

Pasir Ris One flats may get new gates

Pasir Ris One flats may get new gates

Gates of facing units that can't be opened at same time may be changed: Developers

The developers of Pasir Ris One, a premium public housing project plagued by complaints about narrow corridors, have pledged to deal with the issue "as soon as possible".
Owners of some units directly across from each other said they cannot open their gates at the same time because the corridors are only 1.2m wide. The passages meet the minimum requirement under safety and accessibility regulations.
The developers of the Design, Build and Sell Scheme (DBSS) project said they intend to fix this problem by replacing the gates of units directly facing each other with new ones of a different design.
One option being considered is a gate that opens right down the middle. Compared with current gates, which have a longer panel that swings outwards, this design would have two shorter panels that take up less space when opened.
Mr Dennis Lam, manager of project administration for the SingHaiyi Group, which developed Pasir Ris One with Kay Lim Holdings, said: "We are taking steps to alter the design of certain elements, where feasible, to address the feedback provided by residents."
He added that there are also plans to install false ceilings in the common corridors to cover up air vents for aesthetic purposes.
"We are actively working with our contractor and suppliers to effect the changes as soon as possible, and are in the process of communicating this to the residents," said Mr Lam, stressing that the developers would bear the costs.
He also said that these plans are not final and would need to be approved by the relevant authorities.
Still, some residents are sceptical about the new gate design.
Said finance executive Lim Wei Li, 29: "The gates will still obstruct the corridor if both sides open them at the same time.
Mr Lim and his wife, who plan to move in later this month, bought a four-room flat for over $600,000.
"Maybe installing sliding gates or replacing gates with electronic locks would be the most realistic solutions," said Mr Lim.
Other residents, however, prefer to leave things alone.
Said 24-year-old private tutor Kay Tan, who moved in last month with her husband: "I'm not keen on any more changes - I don't want to have to clean up after the renovation again."
The Straits Times / S'pore                    Published on Tuesday, 21 July 2015                                     By Yeo Sam Jo                                        Pasir Ris One flats may get new gates 
Please click the following for other Related Readings:





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