Real News‎ > ‎2012‎ > ‎September 2012‎ > ‎

12 September 2012

12th September, Wednesday




Govt in no hurry to finish DBSS review

Source: Business Times

There is no rush to complete the review of the Design, Build and Sell Scheme (DBSS), given the government's current priority to ramp up Built-To-Order flats and executive condominium (EC) units.

This is despite the fact that DBSS land sales have been suspended since July last year, following a public outcry over a Centrale 8 DBSS unit in Tampines bearing an original price tag of $880,000. The DBSS scheme, which allows private developers to design and build some public flats, was introduced in 2005 to give flat buyers more choice.

While the Housing & Development Board (HDB) would provide broad planning parameters such as the mix of flat sizes and the range of social and community facilities to be provided, the developer is responsible for the design, construction quality and the pricing of the flat.

"As DBSS flats are sold directly by private developers to flat buyers, resolution of any contractual disputes, including defects, rests with the buyer and the developer," he said.

However, the HDB has played an active role in managing disputes between buyers and developers.

"But at the end of the day, we must be mindful that it is a contractual obligation between the buyer and seller. But we can advise the residents, perhaps together with the local MP, to see what the problem is and whether there are ways to resolve some of the issues."


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Tender extended for 99-year site on Dairy Farm Road

Source: Business Times

The tender for a 99-year leasehold residential site on Dairy Farm Road has been extended by a week, following the introduction of a Development Control guideline on the maximum allowable number of dwelling units.

The 188,861.2 sq ft site on Dairy Farm Road has a maximum gross floor area (GFA) of 396,617.4 sq ft and a maximum building height of part five storeys and part 15 storeys subject to 140 m above mean sea level.

Under the new guidelines, the site will be subject to a maximum number of 526 dwelling units, said the Urban Redevelopment Authority (URA). The requirement will be applicable even if a formal development application for the site is submitted before the new guideline comes into effect on 4 November.

However, bids seen at this Government Land Sales (GLS) site should hold firm, according to DWG senior manager for training, research and consultancy Lee Sze Teck, given that the guidelines will have limited impact on the property market as developers can find innovative ways to comply - such as selling more loft space, more private enclosed space or a roof terrace - and yet maintain their profits.

He said: "(While) we don't see the guidelines affecting bids for GLS sites much, we might see a wide disparity in the bids as developers grapple with the new guidelines initially."

"The tender for the land parcel will close at 12 noon on 18 September to allow more time for tenderers to reconsider their bids in view of the new requirement," said URA.


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More HDB flats on the way, but can road network cope?

Source: The Straits Times

The Housing Board is expected to complete building five Build-to-Order (BTO) housing projects in Yishun by 2014, but the road network to support the additional residents will be ready only a year later.

Senior Minister of State for National Development Lee Yi Shyan said town planners would typically take into account the number of people and vehicles when drawing up plans, and that the HDB keeps a close eye on what is happening on the ground.

He added that an inter-agency meeting can be called to resolve local bottlenecks, should they arise.


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Investment Sales


Two buildings for industrial use up for sale

Source: Channelnewsasia

Two buildings for industrial use have been put up for sale.

The industrial building at Jalan Kilang Barat, off Jalan Bukit Merah, sits on a site spanning 11,462 sq ft (sq ft). It has a gross floor area of about 28,560 sq ft and lettable area of approximately 26,700 sq ft.

The owners of the building are expecting a price of between S$20 million and S$22 million. This works out to S$700 per sq ft (psf) to S$770 psf of gross floor area and about S$750 psf to S$824 psf of the estimated lettable area.

The building, which was completed in 2010, has a lease of about 48 years left.

The other building is a 60-year leasehold strata-titled industrial development at 7 Gambas Crescent. It is to be completed by 2015.

The size of a typical column-free unit ranges from approximately 1,600 sq ft to 2,700 sq ft, with prices starting from S$350 per sq ft.

Named Ark@Gambas, the nine-storey light industrial building comprises 293 part-ramp-up and part-flatted factory units, with full-glass frontage and floor-to-floor height of up to seven metres for the ground-floor units.


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