Friday, January 28, 2011

BTO Flats to launch in Yishun and Bukit Batok

BTO Flats to launch in Yishun and Bukit BatokBy iProperty.com Singapore – January 27th, 2011



Orchard Spring in Yishun is estimated to be completed by the fourth quarter of 2014. (Photo courtesy of HDB)

With homes for Singaporeans still a massive issue for the People’s Action Party (PAP) government, the Housing & Development Board (HDB) has announced that three new Build-To-Order (BTO) developments are to be launched with an estimated delivery possession date of 2015.

HDB also announced that 95 percent of the units, excluding studio apartments, will be reserved for first-time households.

Two of the three are located in the northern suburb of Yishun: Orchard Spring and Vista Spring , while Golden Daisy is to be built in Bukit Batok. Vista Spring and Orchard Spring should both be liveable by August 2015 to and November 2015 respectively, while Golden Daisy is estimated to be ready in March of the same year.

In total there are 1,728 flats due to be completed in around three to four years’ time. The Yishun developments especially should attract huge interest, as Yishun is both considerably closer to the centre than previous BTO developments, and a much more developed area to boot.

What is BTO?

BTO is an HDB flat allocation system that offers buyers purchasing new HDB flats flexibility in timing and location. Eligible buyers can apply for flats in their preferred location from specific sites launched. When there is 65-70% take up, tender for construction will be called. If there is insufficient take up, the project will be shelved.

Most BTO-scheme developments are completed in around four years.


Orchard Spring



Orchard Spring, located along Yishun Avenue 11, caters to families, young couples and other first time buyers with the 948-unit development broken down into 2-, 3- and 4-bedroom units, for which there 192, 252, and 504 respectively. There will also be a childcare centre attached to the facility.


Vista Springs




Nearby Orchard Spring is the other Yishun development: Vista Spring. Vista Spring offers 324 4-bedroom and 276 5-bedroom units, and is obviously aimed more at the ‘families with children’ market. Located at the junction of Yishun Avenue 1 and Yishun Street 41 and close to the Lower Seletar Reservoir, Vista Springs will also provide facilities including a food centre, shops, a mini-supermarket and a residents’ committee centre.


Golden Daisy




A development consisting of 180 studio apartments, Golden Daisy is a BTO developed especially for those aged 55 and above. Given the relative unpopularity of HDB studio apartments it is unlikely to be oversubscribed, although its proximity to the centre of Bukit Batok and its MRT station, may attract interest.


Prices



Prices remain pretty standard for BTO developments, given the size psm and location of all three developments.

For more information, please see this page on the HDB website. Apply online for your choice of development by 7 Feb 2011.

All images courtesy of HDB.

Property market outlook for 2011: All eyes on the HDB market

Property market outlook for 2011: All eyes on the HDB market

By PropertyGuru – January 5th, 2011



Punggol Topaz, a new BTO project by the HDB (image courtesy of PropertyGuru)

By Khalil Adis (courtesy of PropertyGuru)

Rising prices of public flats will be a hot elections issue. However, it remains to be seen if the cooling measures have actually worked.

With elections expected to be called sometime in 2011, all eyes are on the HDB market to see if the cooling measures implemented by National Development Minister Mah Bow Tan have actually worked.

Last year, a slew of property curbs were introduced to both the private and public housing markets.

In August, specifically, the government finally intervened to cool the HDB market after much outcry from the public. Many Singaporeans believe the price spikes are caused by permanent residents (PRs) who are eligible to buy resale HDB flats.

According to a report by the United Nations, 40 percent of Singapore’s population is now made up of foreigners.

Fears of a property bubble forming in the HDB market are very real.

Last July, a HDB flat reached the million-dollar mark when a Singaporean couple paid S$1.1 million for a Bishan flat.

This is some $200,000 more than the official valuation.

The rising prices of HDB flats is fast becoming a “hot potato” for the government as 80 percent of Singapore’s population can only afford to buy public flats.

“There’s no denying that the recent measures are an election move to placate the public to show that the government is doing something,” says an analyst who wishes to remain anonymous.

Minister Mah confirmed this recently during an interview with the TODAY newspaper.

“If you ask me whether it has got anything to do with the elections, the answer is yes. Everything has got to do with the elections,” he was quoted as saying.

Prices still rising

Despite the cooling measures, property prices are still rising.

Flash estimates for the fourth quarter from the Housing Development Board (HDB) shows the Resale Price Index (RPI) is set to rise 2.4 percent to reach 171.9 points.

Prices of HDB resale flats had been increasing steadily from the second quarter of 2003.

Taking the flash estimates into consideration, HDB prices have now gone up by almost 70 percent compared to the said period in 2003.

Meanwhile, in the private sector, the property price index climbed to yet another record high.

Flash estimates from the Urban Redevelopment Authority (URA) show private home prices are expected to inch up 2.7 percent to reach 194.8 points.

Transactions and COVs dropping

While prices are still rising, the volume of resale transactions and Cash-Over-Valuation (COV) that buyers of resale HDB flats have to pay, have dropped.

According to PropNex, HDB resale transactions dropped 50 percent the week after the new rules were introduced.

Meanwhile, median COVs have dropped in the fourth quarter.

“According to our monthly transactions for the fourth quarter, overall median COV levels have dropped from $30,000 in the third quarter to $26,000 in October, $23,000 in November and $20,000 in December, in line with HDB’s flash estimate of a drop to $23,000 for the quarter. This is an indication that the overall median COV level for the country for the fourth quarter, which will be released on 28 January 2011, should fall by about 23 percent quarter-on-quarter,” says PropNex’s chief executive officer, Mohamed Ismail.

Too early to tell

Despite the rising prices, analysts say the fourth quarter’s flash estimates are not truly representative on the impact of the cooling measures.

“Although these figures indicate yet another all-time record for both the public and private housing markets, it is important to note that the growth is indeed slowing down and attaining more sustainable levels,” says Mohamed Ismail.

Others say external factors like an economic crisis will have a much more severe impact to cause property prices to drop rather than government intervention.

“When the economy is buoyant, credit is easy and positive sentiments are strong, it is difficult for government measures to have a substantial impact. At most, such measures will slow down the transaction volume and moderate the increase in prices or at most cause a temporary fall in prices depending on the severity of the measures,” says Chua Chor Hoon, Head of Southeast Asia Research for DTZ.

In a recent media interview, Minister Mah said it will take a few more months before the full extent of the August changes are felt.

Analysts also agree saying it is too early to tell.

“The measures cannot be said to be ineffective, as we have yet to see a full quarter with the measures’ impact. On the ground, we have already heard of a softer market with speculative investors pulling out, and even investors in the high-end market are quieter, as evidenced by the low number of private residential transactions in September 2010 with a median sale price of at least S$2,000 per sq ft,” says Adam Tan, corporate communications manager of PropNex.

Chua said prices are likely to stabilise within six to 12 months, as the public will need to get used to the new measures.

Luxury and rental markets set to rule in 2011


Despite the property curbs, analysts expect the luxury and rental markets to strengthen in 2011.

“The luxury market will hardly be affected simply because a lot of the investors there dabble in private properties. They don’t really touch the HDB market,” says Tan.

In addition, the rental market is expected to strengthen due to the increase in the number of PRs in Singapore.

“As PRs are unable to buy HDB flats, they will need to rent from both the HDB and private property market,” says Chua.

The HDB property curbs have hit PRs the most.

They now cannot buy resale HDB flats without first disposing of their property overseas.

Moving forward, analysts say another round of cooling measures could be introduced depending on circumstances.

“Should there be more desperate buyers than sellers, the government will come up with another round of measures,” says Chua.

Read more property news at PropertyGuru: (http://www.propertyguru.com.sg/market-news)

Non-PR foreigners snap up private homes at record rate


Non-PR foreigners snap up private homes at record rate
By Faris – January 28th, 2011



Non-PR foreigners are purchasing more private apartments and condominiums than those who are permanent residents.


Chinese and Indian nationals went on a huge property-buying spree last year, quickly snapping up condos and apartments in Singapore.

Statistics from the Urban Redevelopment Authority (URA) and analysed by Knight Frank showed that the number of non-landed private homes bought by foreigners who were non-permanent residents (PRs) jumped by 37.1 per cent last year, reported The Business Times on Friday.

This far outstripped the 12.1 per cent increase of such homes being bought by PRs.

Market watchers say the numbers reflect Singapore’s ongoing transformation into a more globalised city and investment market.

The study shows a 90.4 per cent jump in the number of apartments/ condominiums bought by Chinese nationals who were not PRs against the 31.5 per cent increase in the number of such homes bought by those who were permanent residents.

It was a similar trend among Indian citizens who acquired non-landed homes in Singapore last year.

Those who were foreigners posted an almost 50 per cent surge in the number of units bought to 238. In comparison, the number of such units bought by Indian PRs increase by only 16 per cent from 679 to 788 units between 2009 and 2010.

“China and India are clearly the economic powerhouses of the world and Singapore has always been seen as an attractive country to invest in.

“This is due to transparency of law, absence of capital gains taxes and no entry barrier for apartment/ condo purchases,” said Knight Frank chairman, Tan Tiong Cheng.

The trend of bigger increases in non-PR foreign buying of non-landed private homes is expected to continue, predicts Ong Choon Fah, head of consulting & research (SE Asia) at DTZ.

“As Singapore becomes a more international, vibrant place with more entertainment and other attractions, it is being seen as a more desirable place to live in, and for a second home,” she adds.

Knight Frank’s analysis also showed substantial percentage increases in the number of condos/ apartments here bought last year by UK citizens – both PRs and non-PRs.

The number of units picked up by non-PR UK citizens increased around 58 per cent in contrast with the 48.5 per cent rise in the number of units bought by those who have permanent residence.

Mr Tan suggests that some British expats may be moving to Singapore from Hong Kong, which is becoming too expensive and suffers from air pollution.

“Some Brits may also have decided to move out of the UK to Singapore, where the weather is warmer, the cost of living and taxes lower, and more opportunities abound.”

Combining PR and non-PR foreigners, Chinese citizens overtook Indonesians to emerge as the second biggest group of foreign buyers of apartments and condos in Singapore last year. They bought a total of 1,611 units, ahead of the 1,555 units bought by Indonesian buyers.

However, Malaysians held on to their pole position, with 1,858 units with Indian and UK citizens in fourth and fifth position respectively.

The statistics also revealed a divergence in buying preferences for non-landed homes between PRs and non-PRs within some nationalities. For instance, Malaysians who are PRs preferred suburban locations like Districts 14, 18, 19 and 23. These include areas such as Eunos and Geylang.

In contrast, their non-PR compatriots tend to zoom in on “investment-grade” locations such as District, 4, 9, 10, 11 and 15 which include areas such as Sentosa Cove, traditional prime districts and Katong.

“Perhaps Malaysian buyers who are PRs and working here have smaller budgets or may want to settle down.

“So they’re looking for a home in the suburbs, while Malaysians who don’t live here are more likely to buy a Singapore residential property for investment,” Mr Tan suggests.

Monday, January 24, 2011

Revamp your home the Chinese way

Revamp your home the Chinese way
By PropertyGuru – January 24th, 2011




Chinese New Year 2011 (Photo courtesy of The Past Perfect Collection)
By Sunaina Anand (courtesy of PropertyGuru)

Just a month into the new-year, and we’ve worked too hard already. There’s nothing more we want than to get away from the mayhem of the corporate world, and to sit back and relax in the sun. At this very opportune time, Chinese New Year (CNY), the most important social and economic festival in China, comes along.

While most of us look forward to CNY for the ‘days off from work’, it’s time we learn more about the festival, and celebrate it in the same spirit as our Chinese brothers and sisters do.

And from what we can already see, with Singapore all dressed in red, decorations have a big role to play during CNY. So for the upcoming holidays, adorn your house the Chinese way. Find out how.

Ribbity Rubbit

And what better way to start than with the rabbit? After the year of the very ferocious tiger, 2011, the year of the rabbit, promises to bring prosperity and peace for all. For the kids’ rooms, a picture of bugs bunny would be ideal. Even better, buy a picture of bugs bunny dressed in a cheongsam (a body hugging Chinese dress). Chinatown is the best place to buy decorations for CNY.

Fire It Up

Legend has it that a beast called Nian would appear on the eve of every CNY eve to harm the villagers. They learned to scare it away by lighting firecrackers. Hence firecrackers are crucial during CNY. Since bursting crackers is banned in Singapore, they are mostly used for decoration purposes. You could even buy electronic firecrackers that sound and light up like the real ones for the front yard or balcony and light them up before dinner.

Light Up Your Life

One of the most popular CNY decorations, the lantern signifies vitality and good luck. The streets of Singapore are already adorned with red lanterns; hence you’ll have no trouble finding them. However, making paper lanterns together with the children will be a good way to spend some quality time together. This year, make paper lanterns in the shape of a rabbit and hang them in your entryway. Paint the lanterns red and gold in keeping with the colours of the festival.

A Splash Of Colour

Red and gold are considered auspicious during Chinese New Year. While red signifies longevity, gold is meant to bring happiness, good luck and wealth to a home. Decorate your house with red and gold balloons and streamers this CNY. You could even buy red and gold Chinese characters that spell happiness and good luck to hang on the walls.

Shop For The Pot

There’s no better time to go shopping than CNY. Sweep away the old and welcome the new is the motto during CNY so splurging is legal! This CNY, buy a brand new round table, with a Lazy Susan (a circular rotating tray placed on top of a table to aid in moving food) mounted on top. Invite family and friends over for dinner to celebrate the very essence of the festival. Have hotpot with the family on your brand new acquisition in true Chinese style.

Fortune Cookie

No Chinese meal is complete without the fortune cookie. This year, predict good fortune for your friends and families by slipping in personalised notes in the cookies. You could bake the cookies yourself, or buy ready-made cookies, microwave them till they are pliable (20-30 seconds), open the cookie and exchange the fortune with your message. Pinch it back together and let it harden. Tie red and gold ribbons around a glass bowl, put the cookies in it, let the bowl sit on your coffee table till everyone’s ready for them.

Blessings Galore

Buy red packets (Hong Bao) and shape them like different cartoon characters (including a rabbit). Put some money or tiny gifts for the children in them and place them on the dinner table where the children will sit. You could even stick some Chinese characters spelling good luck and health on them and bless your kids with all the luck and good fortune this year.

Life In The Wild

The lion dance is performed on most Chinese festivals and is said to bring good luck and happiness. Make or buy a Lion costume for the kids and decorate their room with it. You could even teach them the lion dance and have them perform before dinner.

Fruitilicious

No CNY celebration is complete without the tangerine tree. Buy two tangerine trees and place them on either side of your entry. Mandarin oranges and tangerines are considered traditional symbols of abundance and good fortune during CNY. Buy some for your guests as presents and bless them with all the good fortune for the coming year.

Beauty Personified

There’s no better way to decorate your house than with flowers, so beautify your house with flowers this CNY. A blooming flower on CNY signifies a year of prosperity. Flowers are also meant to bring good fortune into your home, so have lots of earthen pots and vases ready. Place them in your living and dining area and decorate them with some peach and plum blossoms, water lilies and peony. While peach blossoms symbolise growth, prosperity, long life and romance, plum blossoms represent perseverance and reliability. The peony signifies feminine beauty and love. So bring happiness, luck, love, colour and vibrance into your home this New Year.

Get more home décor tips at PropertyGuru.

Sunday, January 23, 2011

Seller’s stamp duty and loan-to-value explained

Seller’s stamp duty and loan-to-value explained
By iProperty.com Singapore – January 22nd, 2011




Individuals and companies have to shell out more of their own cash to buy a property under new government measures. (Photo courtesy of iProperty.com)

In an effort to maintain a stable and sustainable property market the PAP government has introduced a new raft of measures. iProperty.com Singapore identifies the two that will affect you the most.

Seller’s Stamp Duty (SSD)
[The amount you must pay if you sell your property within a certain time period.]
The SSD has been raised from current three years to four years. You will now pay an SSD of 16%, 12%, 8% and 4% for residential properties which are bought on or after 14 January 2011, and are sold in the first, second, third and fourth year of purchase respectively.

Loan to Value (LTV)
[The amount a bank is able to loan you based on the value of a property you already own]
The LTV limit has been lowered from 70% to 60% for property purchasers who are individuals with one or more outstanding housing loans. If a corporation is purchasing a property, the LTV limit has been lowered to 50%.

Anti-Speculative, but Aspirational Home Owners Hit Too
Burgeoning house prices generally reflect a growing economy and GDP, something the Singapore government obviously wants to encourage. They do also though remain acutely aware that – even with previous property market moderation measures – the combination of low interest rates and a lot of money washing around in the marketplace, property prices could rise beyond sustainable levels for the average Singaporean.

The measures introduced are – especially when interest rates do eventually rise – designed to help prevent purchasers from overextending themselves financially. The raising of the SSD, for example, is aimed at putting off investors looking to make short-term gains – as SSD is payable regardless whether the property is eventually sold at a gain or loss. Notably, the SSD hike is squarely aimed at the private property market, as the required Minimum Occupation Period for HDB flats is five years.

Likewise, the reduction in LTV is aimed at property speculators – although this does raise questions about the PAP’s previously expressed sentiments about property ownership being a key component in Singaporeans creating wealth for themselves – as it reduces the amount of money one can leverage on an existing property to purchase a new one. While borrowers who can show evidence that they have sold their existing properties will not be subject to the lower LTV limit when they buy a new property, it could be argued this would only benefit the super-rich, as most home owners would expect to take a loan on their current home before purchasing the next.

First-time homebuyers are, obviously, not affected by the new measure. However, those taking a second concessionary HDB loan must use the CPF refund and 50% of the cash proceeds from the sale of their previous flat before they are granted an HDB loan. This measure is a continuance of the PAP’s policy to try and ensure that eligible buyers, especially first-time buyers, purchase public housing in a financially prudent manner.

For the most authoritative and comprehensive listing of properties for sale or rent, go to www.iProperty.com.sg
For more property news, real estate reports and celebrity home features, head to www.iproperty.com.sg/resources

Saturday, January 22, 2011

Refurnish, refit, rethink

Refurnish, refit, rethink
By iProperty.com Singapore – January 22nd, 2011



John Erdos in Dempsey Hill, is a lovely location for a spot of furniture and decor browsing. (iProperty.com Photo)

Refurnish, Refit, Rethink

It might not even be the end of the year yet but now would be a great time to start thinking about Spring Cleaning for 2011. Once Christmas passes, and the shops slash their prices even further post-holiday, you could pick up some great bargains for your home. Out with the old sofa/knickknacks/utensils, in with the new. Here are iProperty.com Singapore’s three top picks for you to get some furniture or design purchases for the New Year.

Retro Fun

Some items are kitschy, and some are so old-fashioned they look positively postmodern (fashion is cyclical, y’see), but you’re bound to find something that catches your eye in this historical haven. At Lorgan’s, you’ll find anything from wonderfully clunky ‘fifties radios to chintzy diner-style chairs and roomy cocktail bars you’d struggle to fill unless you drank like the cast of Mad Men. Every piece seems to have an interesting back story, so it’s a treat just to browse the store.
100E Pasir Panjang Road

#01-03 Century Warehouse
 Singapore 118521

Retro store : +65 62724988

Design Source : +65 63771796

Originals from Originals

A great place to find regional household wares, knickknacks and furniture, Originals imports pieces from India, Indonesia and Cambodia, amongst other places. You can pick up anything from a teak bed to conversation-starting man-sized pillars. Big or small, their selection has a sense of hand-made care and striking beauty that will easily fit into whatever existing design your home has. A clever shopping spree from them could end up with your home transforming into the look of the most upmarket of boutique hotels in Asia.

Come January 7 they will relocate to The Sime Darby Centre, 896 Dunearn Rd, Level 2, so look for them there.

If Noah’s ark turned to design…

…it’d be this store, where it seems like you really can find everything (heck, a pair of everything). John Erdos’ store is almost as gorgeous as the treasure trove of goodies inside it. Nestled in the jungle-infested area of Dempsey, the store boasts the kind of chic furniture bought by international stars such as Julia Roberts and Giorgio Armani (who, as you may know, knows a thing or two about being fashionable), as well as an art gallery featuring local and international artists. You’ll find elegant tabletop accessories, serene Buddha statues and intricate iron figurines, hand-knotted rugs, sleek wooden desks that scream “classy study”…really, this is the place to be a kid in a candy store again.
Showroom 7A & 7B

Dempsey Road

Tel : +65 6735 3307

For the best in articles on design, decor and home services, go to Singapore’s leading property site, iProperty.com Singapore’s, Home Services page.
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Wednesday, January 19, 2011

Cooling measures to stabilise prices: Mah Bow Tan

Cooling measures to stabilise prices: Mah Bow Tan

By Alicia Wong – January 14th, 2011




The new property-cooling measures are believed to target short-term speculation. (Photo: Yahoo!)

Minister of National Development Mah Bow Tan clarified on Saturday that the new property market cooling measures announced last Thursday were meant to stabilise home prices, and not to lower them, reported The Sunday Times.

He also hinted that the measures introduced may not be the last, adding that the government will continue to monitor the situation and act if necessary.

Mr Mah admitted that the new sellers’ stamp duty of up to 16 per cent could become a problem if property owners need to urgently sell their property shortly after purchasing it.

However, he was quick to add that if owners had a mitigating reason to sell their home, such as for medical reasons, the Government was prepared to be flexible.

“You cannot formulate policy that satisfies everyone in a group,” said Mr Mah.

“What you can do is to have a general policy and where there are genuine cases, take them offline and consider appeals as and when they come in,” he added.

This is the fourth time in less than two years and barely five months, after tighter financing and ownership rules were announced, that the government has stepped in to cool the property market.

Speaking on the sidelines of a bursary presentation ceremony in Tampines on Saturday, Mr Mah said that the Government felt it had to act pre-emptively after the market showed signs of picking up.

“There are signs that the economy is not going to be as strong as last year. Interest rates are not going to remain at these low levels forever,” he told The Sunday Times.

“So for people who are looking at investment properties or those who are upgrading, the question is if this is the right time for them to buy. Are they able to afford the repayments when interest rates go up?” he added.

According to analysts, these measures, which took effect on Friday, were targeted at short-term speculation.

Some changes include hiking sellers stamp duty to a maximum of 16 per cent, up from 3 per cent, and making it payable for up to four years from the date of purchase of a property.

Those with an existing home loan looking to buy a second property for investment will also have to fork out more cash and Central Provident Fund savings since the loan limit for such properties is now 60 per cent of the property’s value, from the previous 70 per cent.

First-time buyers and property owners without outstanding home loans can still borrow up to 80 per cent of the value of the property.

In a statement, the government said previous measures had moderated the market to some extent but sentiment remained buoyant, reported The Straits Times.

“’Low interest rates plus excessive liquidity in the financial system – both in Singapore and globally – could cause prices to rise beyond sustainable levels based on economic fundamentals,” it said.

“’Moreover, when interest rates eventually rise, it could strain purchasers who have over-extended themselves financially.”

Proof of a buoyant property market could be seen on Thursday with local developer Oxley Holdings announcing that its 41-unit Loft@Holland condominium sold out within two hours of its soft launch.

Prices ranged from $1,630 per sq ft to $2,166 per sq ft.

Institutions will also see tighter financing rules arising from the latest batch of cooling measures, said ST.

The loan limit will be lowered to 50 per cent on housing loans granted to property purchases of such types who are “not individuals or natural persons”. There were no rules specific to this class of investors previously.

Property developers for en bloc sales or land zoned for residential purposes will be exempted from these tighter rules, the Monetary Authority of Singapore said.

Industry players believe buying interest will dry up initially and new property launches will slow down.

Property consultancy International Property Advisor’s (IPA) chief executive Ku Swee Yong described the move as a ‘sledgehammer’ that came as a surprise to the industry.

‘Many of our clients who are genuine investors are now re-assessing their loans situation. The market will be frozen stiff for a while,’ he said.

Developers may also have to reduce their asking price, and may drop them by 1 to 2 per cent to test the market, he added.

He added, the stamp duty will “cripple” sellers who buy private property (from Friday onward) but need to dispose of them in the short-term, such as those who have suffered losses in business or fallen critically ill.

The Sunday Times reported that the cooling measures seemed to have worked, as showflats they visited on Saturday were much quieter and agents reported a fall in buyer interest.

The potential buyers who did turn up said they were looking around, hoping that prices had been lowered.

Marketing executive Jenna Yong, 29, who was at the Cascadia showflat in Bukit Timah on Saturday, told The Sunday Times, “(My fiance and I) are not planning to commit to a purchase any time soon as we think prices an move only one way now — down.”

New Measures:

Increase the holding period for imposition of Seller’s Stamp Duty (SSD) from the current three years to four years.
Raise the SSD rates to 16 per cent, 12 per cent, 8 per cent and 4 per cent for residential properties bought from Friday onward, and which are sold in the first, second, third and fourth year of purchase respectively.
Lower the Loan-To-Value (LTV) limit to 50 per cent on housing loans for property purchasers who are not individuals.
Lower the LTV limit on housing loans from 70 per cent to 60 per cent for property purchasers who are individuals with one or more outstanding housing loans.

Tuesday, January 18, 2011

Researchers aim to resurrect mammoth in five years

Researchers aim to resurrect mammoth in five years
AFP - Tuesday, January 18

TOKYO (AFP) - – Japanese researchers will launch a project this year to resurrect the long-extinct mammoth by using cloning technology to bring the ancient pachyderm back to life in around five years time.

The researchers will try to revive the species by obtaining tissue this summer from the carcass of a mammoth preserved in a Russian research laboratory, the Yomiuri Shimbun reported.

"Preparations to realise this goal have been made," Akira Iritani, leader of the team and a professor emeritus of Kyoto University, told the mass-circulation daily.

Under the plan, the nuclei of mammoth cells will be inserted into an elephant's egg cell from which the nuclei have been removed, to create an embryo containing mammoth genes, the report said.

The embryo will then be inserted into an elephant's uterus in the hope that the animal will eventually give birth to a baby mammoth.

The elephant is the closest modern relative of the mammoth, a huge woolly mammal believed to have died out with the last Ice Age.

Some mammoth remains still retain useable tissue samples, making it possible to recover cells for cloning, unlike dinosaurs, which disappeared around 65 million years ago and whose remains exist only as fossils

Researchers hope to achieve their aim within five to six years, the Yomiuri said.

The team, which has invited a Russian mammoth researcher and two US elephant experts to join the project, has established a technique to extract DNA from frozen cells, previously an obstacle to cloning attempts because of the damage cells sustained in the freezing process.

Another Japanese researcher, Teruhiko Wakayama of the Riken Centre for Developmental Biology, succeeded in 2008 in cloning a mouse from the cells of another that had been kept in temperatures similar to frozen ground for 16 years.

The scientists extracted a cell nucleus from an organ of a dead mouse and planted it into the egg of another mouse which was alive, leading to the birth of the cloned mouse.

Based on Wakayama's techniques, Iritani's team devised a method to extract the nuclei of mammoth eggs without damaging them.

But a successful cloning will also pose challenges for the team, Iritani warned.

"If a cloned embryo can be created, we need to discuss, before transplanting it into the womb, how to breed (the mammoth) and whether to display it to the public," Iritani said.

"After the mammoth is born, we will examine its ecology and genes to study why the species became extinct and other factors."

More than 80 percent of all mammoth finds have been dug up in the permafrost of the vast Sakha Republic in eastern Siberia.

Exactly why a majority of the huge creatures that once strode in large herds across Eurasia and North America died out towards the end of the last Ice Age has generated fiery debate.

Some experts hold that mammoths were hunted to extinction by the species that was to become the planet's dominant predator -- humans.

Others argue that climate change was more to blame, leaving a species adapted for frozen climes ill-equipped to cope with a warming world.

Saturday, January 15, 2011

Finding A Family Home By Property.com Singapore

Finding a family home
By iProperty.com Singapore – January 14th, 2011





(Image courtesy of Singapore Tourism Board.)

If you’re reading this chances are that you either already have a family, or are planning to start one. What then is important for you? iProperty.com Singapore and Daniel Lee take you through the key things to consider when looking at a family home.


The Home
A family is nearly always defined by its children, hence the phrase “Starting a family”. Given that, initially at least, one parent will usually stay at home to take care of the new borns, you want and need a home that is comfortable for parent and child to spend the majority of their time in.

Air conditioning obviously is a must, while a good kitchen – complete with hobs, oven and microwave is essential for anyone who plans on making home-cooked meals.

The Environment and Facilities
If you’re staying in a condominium then considering if it is child friendly – does it have a ‘kiddy’ pool, play area, and green area, for example? – is important. For those staying in a HDB flat would need to consider the flats proximity to nearby conveniences – groceries and supermarkets, medical centres, and kindergartens, are all very important to have nearby, preferably within walking distance.

Accessibility
As anyone who has ever struggled with a pram on a crowded MRT train can attest, having a car becomes a much more important asset for families with children. Connectivity to major roads is a plus point in a property, but having an MRT within walking distance is a massive bonus. By far the fastest and most efficient form of public transport, an MRT station near a property is guaranteed to increase its value.

Proximity to a bus interchange or particularly busy bus route is also an asset, but buses – particularly along busy arteries, such as Bukit Timah Road or around the city centre, tend to get snarled in traffic.

Education
One reason why the Upper Bukit Timah area is so expensive – aside from the obvious attraction of living close to the greenery of the nature reserve – is the proximity to some of Singapore’s top schools. Similarly, the opening of the Australian and Singapore American schools in Serangoon and Woodlands respectively instantly made both areas, particularly Serangoon, which is undergoing something of a facelift, a popular destination for families.

Family-Friendly Condominium
Singapore Condo, one of Singapore’s foremost authorities on property investment and Singapore prime districts, offer their view on a value for money, and family friendly condominium. To find out more, please visit www.singaporecondo.com.

Park Infinia @ Wee Nam
Located at Lincoln Road (District 11), the freehold Park Infinia has a combined total of 486 units. Families can choose between three to four-bedroom apartments, averaging between 1335 square feet (sqf) to 1582 sqf, and 1668 sqf to 2002 sqf respectively.

Prices for 3-bedroom units range from SGD$1,551 psf to S$1,830 psf, while 4-bedrooms average between S$1,690 psf to S$2,002 psf. Park Infinia is less than 10 minutes from Newton MRT station, around 15 minutes to Novena MRT station, and a mere five minutes to Newton Circus Food Center.

There are also many schools nearby schools including Saint Joseph’s Institution, the Anglo-Chinese School, Saint Margaret’s Primary School, Anglo- Chinese School, Raffles Girls’ Secondary School, CHIJ Toa Payoh, LASALLE College of the Arts, and Nayang Academy of Fine Arts, amongst others.

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Monday, January 10, 2011

Same rules for citizen, PR siblings: HDB



Same rules for citizen, PR siblings: HDB
By Kai Fong – January 10th, 2011

HDB clarifies that both unmarried citizens and PRs can buy resale flats if eligibility criteria are met

Disgruntled Singaporeans who felt that the Housing Development Board was biased towards permanent residents (PRs) can finally feel more at ease – the HDB has clarified that homebuyers who are siblings and unmarried, whether citizens or PRs, can apply to buy HDB resale flats if their parents live overseas and do not already own a public flat.

They do not have to be above the age of 35, and their applications will be considered on a case-by-case basis, according to The Straits Times (ST).

The clarifications were made in response to ST’s queries after concerns about the sibling rule surfaced recently in online forums. Some users had noted that unmarried PR siblings above the age of 21 were allowed to buy HDB resale flats whereas Singapore citizen siblings were not.

Under HDB rules, unmarried Singapore citizens can buy HDB resale flats only if they are above the age of 35 under the Singapore Citizen scheme. An exception only occurs when siblings fall under the Orphans Scheme, which allows those below 35 to purchase a resale flat if their parents are dead.

When asked why there was a difference in the way the rules treated citizens and PR siblings, the HDB clarified otherwise – applications from any unmarried siblings above 21 whose parents are alive as long as the parents live overseas and do not own a HDB flat concurrently will be considered on a case-by-case basis.

It did not say how many flats are owned by siblings in such situations, but industry observers noted that such cases are quite rare. Dennis Wee Group director Chris Koh told the same paper that less than 5 per cent of HDB resale flats sold fall into this category.

He added that the perception that more PR siblings are buying HDB resale flats mostly came about because they are more likely to fulfill the requirements.

An escalating number of PRs and foreigners in Singapore has raised much immigration concerns in recent years, particularly with regard to rules and privileges for citizens and PRs.

Already addressing these concerns in March last year, the HDB had made a bigger distinction between benefits for citizens and PRs. New quotas on PR ownership of flats in specific blocks and neighbourhoods were set and it was also noted that a citizen-PR couple will receive S$10,000 less subsidy than a citizen-citizen couple.

Not everyone is appeased by HDB’s clarification, however.

Letter writer Mr Tan, 33, who runs his own health-care business, said he still fears PR siblings will compete with Singaporeans for flats since they are more likely to meet the eligibility criteria.

On the other hand, Dennis Wee Group’s Mr Koh felt the policy was fair as “policymakers must also cater to those PR siblings who have chosen to sink their roots here and buy homes”.

Saturday, January 01, 2011

Sentosa Cove’s ‘Death Bungalow’ sold at a bargain price.



Sentosa Cove’s ‘Death Bungalow’ sold at a bargain price. (AP File Photo)

The Sentosa Cove bungalow in which a KTV hostess drowned just five months ago was sold at a bargain price of $13.6 million.

The buyers?

Mr Mark Poh Seng Kui, the 49-year-old managing director of Nam Leong – a company which specialises in sanitary wares and bathroom accessories – and his older brother and chairman of the same company, Mr David Poh Cheng Seng, 56.

The pair bought the three-storey waterfront bungalow on Ocean Drive at Sentosa Cove in August 2010.

While the sum might seem a lot, it is in fact a bargain compared to the other properties in the area where property prices are skyrocketing.

The New Paper reported that the deal with their real estate agent took only an hour to be sealed, with both brothers aware of the bungalow’s history.

The brothers’ S$13.6 million investment translates to S$1,690 psf being paid for the 8,049 square foot plot.

That is a bargain compared to the S$2,546 psf paid by a buyer of a smaller Sentosa Cove bungalow sold a month later.

This saved the brothers around S$6 million on the bungalow previously owned by Mr Adrian Chua, the 39-year-old chief executive and founder of real estate investment management firm Roundhill Capital.

Mr Chua moved out of the bungalow after Chinese KTV hostess, Li Hongyan, drowned in the swimming pool in the early morning hours of March 24. The 24-year-old’s death was ruled a misadventure just last week and no foul play was suspected.

However, the younger Mr Poh is not concerned with the bungalow’s tragic history, and told the paper, “It was an accident and accidents happen all the time.”

“I’ve not done bad things, my conscience is clear, so there’s nothing to be afraid of,” he added.

The brothers are currently living in separate units in a Bukit Timah townhouse and intend to use the bungalow as a “holiday home” for family gatherings after their S$1 million renovations are complete.