HDB commits another S$550m for upgrading in Tampines, Pasir Ris & Hougang

SINGAPORE : The Housing and Development Board (HDB) has committed another S$550 million to upgrade the living environment for another 54,000 homes in three middle-aged towns – Pasir Ris, Tampines and Hougang.
Launching the HDB’s 50th anniversary celebrations at Tampines Town on Sunday, Deputy Prime Minister Teo Chee Hean said the government has already spent S$540 million in these three towns to the benefit of some 67,000 homes.
He stressed that as long as Singapore has the financial resources, the government will continue to upgrade and rejuvenate the housing estates.
And to keep up with the transformation of residential areas, supporting facilities like commercial and social areas will also be upgraded.
Mr Teo said Loyang Point in Pasir Ris will be upgraded at year’s end, with 40 new shops being added.
He said: “The result of all these efforts will be a better living environment for everyone, and towns that we can proudly call our own. Our HDB flats are not just flats, they are homes that root us to our community. People are at the very centre of every HDB development.
“While the physical transformation of the public housing landscape has been impressive, the kampong spirit must also be preserved and nurtured.”
Mr Teo, who’s also MP for Pasir Ris-Punggol GRC, said it has been an experience to work with the HDB, grassroots and community leaders in improving neighbourhoods, and help new residents settle into their new homes.
Source : Channel Newsasia – 26 July 2010

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Singapore Passes Housing And Development Amendment Act 2010

This Bill seeks to amend the Housing and Development Act (Cap. 129) to strengthen the protection of flats, houses and buildings sold by the Housing and Development Board.

The Bill works under Part IV of the Act, in particular, to prevent the use of such property as security or collateral for any debt, obligation or claim, except in favour of specified or approved parties; and to make several other unrelated amendments.

Clause 1 relates to the short title and commencement.

Clause 2 amends section 13 to include a new function for the Board, to allow it to provide technical and consultancy services in respect of matters within its expertise.

Clause 3 inserts a new section to make it clear that the Board has the power to develop and acquire intellectual property rights, and to sell and deal with them on a commercial basis anywhere in the world.

Clause 4 amends section 27 to allow penalties to be prescribed for the breach of restrictions, conditions or requirements in leases for the rental of flats directly from the Board, e.g. penalties for subletting rental flats meant only for those who are in need.

Clause 5 repeals and re-enacts section 51 that:

implements a new rule that voids any contract or agreement to use property sold under Part IV of the Act (including the proceeds of transactions involving such property) as security or collateral, except in favour of the Board, specified financial institutions and persons prescribed by the Minister. The exception ensures that the use of such property to secure financing for the purchase of the property from the Board or specified lenders (under the Housing and Development (Mortgage to Lender) Rules (Cap. 129, R 10)) will not be affected;
prevents any deed, instrument or document that purports to protect rights under or give effect to such contracts or agreements that are voided from having any effect and from being registered under the provisions of the Registration of Deeds Act (Cap. 269) or the Land Titles Act (Cap. 157). An owner may, for his own reasons, decide to execute documents to give effect to a voided contract or agreement. Such documents will also be of no effect, and consequently, no instruments (including caveats) can be filed at the relevant registries on the basis of the purported execution of such void contracts or agreements;
provides a procedure for the relevant land registries to cancel the registration of any deed, instrument or document that is of no effect; and
includes all the existing protection in section 51 for property sold under Part IV of the Act, with drafting refinements.
EXPENDITURE OF PUBLIC MONEY

This Bill will not involve the Government in any extra financial expenditure.

A BILL
An Act to amend the Housing and Development Act (Chapter 129 of the 2004 Revised Edition).

Be it enacted by the President with the advice and consent of the Parliament of Singapore, as follows:

Short title and commencement

This Act may be cited as the Housing and Development (Amendment) Act 2010 and shall come into operation on such date as the Minister may, by notification in the Gazette, appoint.

Amendment of section 13

Section 13 of the Housing and Development Act (referred to in this Act as the principal Act) is amended by inserting, immediately after paragraph (d), the following paragraph:

“(da) to provide technical and consultancy services within or outside Singapore, in respect of matters within its expertise acquired in the exercise of its functions under this Act, and to act as an agent for the Government or, with the approval of the Minister, as an agent for another public authority in the provision of such services;”.

New section 22A

The principal Act is amended by inserting, immediately after section 22, the following section:

“Power in respect of intellectual property rights 22A. The Board may create, develop, apply for, acquire and hold intellectual property rights and enter into agreements (whether in Singapore or elsewhere) for the sale, licensing or commercial application of such rights, on its own or in conjunction with other persons.”

Amendment of section 27

Section 27(2) of the principal Act is amended:

by deleting the word “and” at the end of paragraph (c); and by deleting the full-stop at the end of paragraph (d) and substituting the word “; and”, and by inserting immediately thereafter the following paragraph:“ prescribing the penalty (such penalty, if unpaid, to constitute a debt due to the Board and be recoverable as such) to be paid by the person who leases a flat from the Board, for non-observance or non compliance with any of the restrictions, conditions or requirements of the lease.”
Repeal and re-enactment of section 51

Section 51 of the principal Act is repealed and the following section 5 substituted therefor:

“Property not to be used as security or attached, etc., and no trust in respect thereof to be created without approval of Board

51.—(1) Subject to subsection (4), any contract or agreement to directly or indirectly use protected property (or the proceeds of sale of protected property) as security or collateral for any debt, obligation or claim shall be null and void.

Any act (including the deposit of title deeds), deed, instrument or document that purports to protect rights under or give effect to any contract or agreement that is null and void under subsection (1) shall
be of no effect and shall not result in or create any interest in land or be capable of being registered under the provisions of the Registration of Deeds Act (Cap. 269) or the Land Titles Act (Cap. 157).

Where any deed, instrument or document referred to in subsection (2) is registered under the provisions of the Registration of Deeds Act or the Land Titles Act:

the Board may, by an instrument lodged with the Registrar of Deeds or the Registrar of Titles, as the case may be, declare such deed, instrument or document to be null and void; and
the Registrar of Deeds or the Registrar of Titles shall register the instrument lodged by the Board under paragraph
without being concerned to inquire into its regularity or validity, and upon registration thereof shall cancel the registration of such deed, instrument or document declared by the Board to be null and void.
Subsection (1) does not apply if the security or collateral is to be created or granted in favour of:

the Board;
an approved financial institution; or
any person or person belonging to a class of persons prescribed by the Minister as a person to whom, or a class of persons to which, subsection (1) will not apply.
No protected property shall vest in the Official Assignee on the bankruptcy of the owner thereof.

No protected property shall be attached in execution of an order of any court unless the order of the court is obtained by:

a mortgagee in exercise of his rights under a mortgage created with the prior written consent of the Board over that property; or
a chargee in exercise of his rights under a charge under any written law over that property.
Subsections (5) and (6) shall not apply if the sole owner of any protected property is not a citizen of Singapore or, where there is more than one owner, all the owners are not citizens of Singapore.

No trust in respect of any protected property shall be created by the owner thereof without the prior written approval of the Board.

Every trust which purports to be created in respect of any protected property without the prior written approval of the Board shall be null and void.

No person shall become entitled to any protected property (or any interest in such property) under any resulting trust or constructive trust whensoever created or arising.

In this section, “approved financial institution” means:

any bank licensed under the Banking Act (Cap. 19);
any finance company licensed under the Finance Companies Act (Cap. 108);
any direct insurer registered under the Insurance Act (Cap. 142); and
any merchant bank approved as a financial institution under the Monetary Authority of Singapore Act (Cap. 186);
“proceeds of sale”, in relation to any property, means the proceeds from any transaction involving the sale, transfer, conveyance, assignment, mortgage, charge or the disposal in any manner of the property or an estate or interest in the property;

“protected property” means any flat, house or other building that has been sold by the Board under the provisions of this Part; “Registrar of Deeds” means the Registrar of Deeds appointed under the Registration of Deeds Act (Cap. 269) and includes any Deputy Registrar of Deeds; “Registrar of Titles” means the Registrar of Titles appointed under the Land Titles Act (Cap. 157) and includes any Deputy Registrar of Titles and Assistant Registrar of Titles.”.

Article printed from Gov Monitor: http://www.thegovmonitor.com

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Resale HDB flat prices hit new high

Cash over valuation now $30,000 even as supply of new flats increases

RESALE prices for HDB flats have smashed records for the eighth straight quarter with a surge of 4.1 per cent in the April to June period. Prices passed the 1996 peak back in 2008 and have not looked back since. And the march shows no sign of letting up, with median cash over valuation (COV) at a record $30,000 in the second quarter.

This is 20 per cent ahead of the $25,000 in the January to March quarter.

COV is the cash paid upfront by a buyer over a flat’s valuation, and is often an indication of demand levels. The HDB figures out yesterday show resale prices are almost 18 per cent above the previous peak in the last quarter of 1996. Meanwhile, the HDB said yesterday it launched almost 9,000 new flats in the first half – equal to last year’s total supply – and will launch another 7,200 in the second half to meet demand.

It will launch 1,000 new flats in Jurong West and Bukit Panjang this month. The total home supply will be complemented by 4,700 new homes under HDB’s design, build and sell scheme (DBSS) and recently sold executive condo sites. Despite this, resale activity keeps growing. Transactions hit 9,114 in the second quarter, up about 7 per cent on the first. Nearly all deals involved cash paid upfront. The percentage of resale transactions done above valuation increased to 96 per cent, up from 93 per cent in the previous quarter.

The pace being set by buyers and sellers has also prompted fresh concerns on whether the market is overheating. In estates like Queenstown the median resale price for an executive flat was an eye-popping $781,500 in the second quarter and $685,500 in Bishan. The median resale price for five-roomers was $682,500 in Marine Parade and $675,000 for Queenstown.

Associate Professor Sing Tien Foo of the National University of Singapore’s real estate department noted that apart from the price index surpassing the 1996 peak, it has also increased by more than 60 per cent compared with 2003 prices. He said that price increases appear to be supported by strong economic fundamentals for now, with demand coming from upgraders, downgraders, PRs and home buyers who cannot wait three years for new HDB flats.

As government policies on resale flats discourage speculation, this price growth is unlikely to be a housing bubble, observed ERA Asia-Pacific associate director Eugene Lim. Prof Sing added: ‘But if price rises continue unabated, we should be concerned. When deviations from fundamentals are too large, some corrections in prices could occur.’

Mr Lim noted that the robust resale market is having a spillover effect on private property as HDB owners can upgrade thanks to the relatively high prices they can get for their flats.
Values in the private property market rose 5.3 per cent in the second quarter over the first despite slowing sales. But as private property prices inch up, some buyers in that market could turn to the HDB resale sector, adding to demand, said PropNex chief executive Mohamed Ismail.

Some analysts believe prices have reached a new era. ‘Property prices move in cycles and prices will go up and down. But generally, it will move in an uptrend due to scarcity of land in Singapore,’ said Mr Lim. ‘Even if prices come down, I think it’ll still be higher than five years ago. It is unlikely we will go back to that level.’

While property agents say home buyers – especially first-timers – are getting increasingly disgruntled about blazing resale prices, some estates are still selling at levels below the 1996 peak.
PropNex agent Steven Ng, who recently helped a couple in their 50s sell a five-room Bishan flat for $615,000 – $70,000 above valuation – said the sellers were happy as they bought it at less than half that amount more than 10 years ago. ‘But some sellers in Bishan who bought at 1996 peak have still yet to see price levels at the price they paid,’ he said.

Source : Straits Times – 24 July 2010

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Marina Bay Suites Type D 3 Bedroom Apartments

Layout for the Marina Bay Suites Type D 3 Bedroom Apartments



Type A1



Type A2




Type A3




4 Beed Room Type D Block




Type B1




Type B2




Type B3

The Marina Bay Suites apartment layouts show the how spacious the apartments are, just like its neighboring condo, the Marina Bay Residences.

Marina Bay Suites Type C 3 Bedroom Units

This is Block 3 at Marina Bay Suites which houses the Type C model 3 bedroom apartments.

The type C 3 bedrooms come in 3 different configuration and the apartment are size range from 1,572 sq ft to 1,604 sq ft.



The type C1 is the smallest at 1,572 sq ft (146 sq m)




The Type C2 is the largest of the Type C 3 bed room series and is 1,604 sq ft (149 sq m)




The Type C3 stand in the mid range of the Type C series and stands at 1,593 sq ft (148 sq m)

Marina Bay Suites - Amenities On The 46 th Storey

On the 46 th storey of the Marina Bay Suites, there are added amenities in addition to those found on the 6th and 27th storey.

Like in both the 6th and 27th storey, there is firstly ....

A) A Quite Corner should you need to have some peace and quite for reading, meditation or even a simple time out just to enjoy the absence of noise.

B) The Lounge Terrace would serve as the perfect backdrop for a nice relaxing drink with friends or family high above the din of the traffic rushing about 46 storeys below you. For those who wish so, there is the ...

C) Look Out Deck where you can view the surrounding areas for miles around. Look out to the Singapore Flyer nearby or see the throngs of people streaming into the Sands Resort just across the water.

And last but not least, there is the

D) Outdoor Dining area where you can enjoy a romantic dinner with your loved one under the starry skies, overlooking the sea and enjoying the fresh air.

With all these line up of amenities at the Marina Bay Suites, don't you think you deserve to live in this paradise amidst all the hustle and bustle of the busy city life?

Think about it ......

D

On the 27 th Storey of the Marina Bay Suites, you will find,

A) A Quite Corner to get away from the hustle and bustle of all the daily stress in life to enjoy the peace and tranquility afforded here. You could read, relax, meditate or even just sit and enjoy the quite for a while.

For those who prefer a more vigorous way to work out the stress there is always the

B) Yoga Deck to work out the kinks in your body and start stretching some of those unused or even stressed out muscles.

C) With the Sky Cabana, you could lay out and watch the clouds racing along the clear blue skies far from the maddening traffic below. Have a short siesta to relax and recharge your batteries

D) The Massage Terrace is the perfect spot to get a massage after your yoga work out and get those knotted up muscles relaxed and unknotted under a clear blue sky.

E) The Tea Deck would then be the perfect place to cap everything off with some invigorating drinks and even a light snack to make you feel on top of the world.

The Marina Bay Suites is really the place to stay to enjoy the best lifestyle amidst the hustle and bustle of our modern day life.