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20 July 2012

20th July, Friday




V On Shenton's residential part set for launch

Source: Business Times

United Industrial Corporation Limited (UIC) will be launching the residential segment of its latest upmarket mixed development, V On Shenton, by the end of the month to cater to city-loving urbanites.

The 99-year-leasehold commercial and residential project located along Shenton Way will feature 510 residential units, comprising a mix of studios (441 sq ft to 474 sq ft), one-bedders (484 sq ft and 506 sq ft), one plus study (689 sq ft to 743 sq ft), two-bedders (883 sq ft to 1,033 sq ft), two plus study (1,055 sq ft to 1,216 sq ft), three-bedders (1,356 sq ft to 1,765 sq ft), and penthouses (3,315 sq ft to 7,255 sq ft) units.

However, only 100 to 200 units will be released during the opening launch at an indicative pricing of $2,200 to $2,300 per sq ft (psf), said the developer.

The 54-storey skyscraper residential block comes with its fair share of offerings, which include a lap pool, gym, laundromat and even swanky outdoor island kitchens, and many of the higher-floor units will boast unblocked sea and city views.

V On Shenton is slated to be completed by late 2017.


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Home loan repayment can now stretch to 50 years

Source: The Straits Times

United Overseas Bank (UOB) has introduced a home loan that spans half a century - likely the longest-term loan available here.

UOB introduced this longer loan duration as more customers have been requesting for such loans.

However, these loans come with conditions. 'This type of loan is applicable to private residential and HDB loans only,' said Ms Chia Siew Cheng, head of secured loans for UOB's personal financial services division. As well, borrowers above a certain age are not eligible, but UOB declined to say what the cut-off age is.

And if the property is leasehold, it needs to have at least 35 years left on the lease at the end of the 50-year loan.

Longer term loans require the borrower to pay a smaller sum each month. This gives consumers the confidence to purchase new homes, and could help to keep prices buoyant, said an analyst. 'It improves affordability, which means it is good for the housing market in general, not just developers.'

Homeowner Edward Ti, 28, said he would certainly take up a 50-year loan for an investment property. 'I would take a 50-year loan if interest rates are low. I would think that it is more efficient to use the money saved from the monthly mortgages to do something else.'


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