SINGAPORE: Sales of new private homes rose 23 per cent in November from the previous month, boosted by demand for projects launched during the last two years.

Developers sold 1,147 homes, excluding executive condominiums, in November, compared with 931 homes in October, according to data compiled by the Urban Redevelopment Authority (URA).

Year-on-year, however, sales were 4.5 per cent lower than the 1,201 units sold in November last year.

Five new projects were launched in November, with developers releasing 740 homes for sale, compared with 892 units in October and 1,342 homes in November 2018.

While some new launches proved popular, sales from older developments helped bump up the numbers.

Buyers snapped up 235 units at the newly launched Sengkang Grand Residences, the top-selling project of the month, at a median price of S$1,741 psf.

But out of the top five best-sellers, three were existing developments that continue to draw buyers.

Parc Esta, which launched in November 2018, sold 102 homes a median psf of S$1,685.

Jadescape, which launched in September last year, moved 60 units at a median psf of S$1,679, while Parc Botannia, which was launched two years ago, moved 59 units at S$1,341.

Sales have crossed the 1,000-unit mark for the fifth month this year compared to three months in 2018, said PropNex Realty CEO Mr Ismail Gafoor.

“The attractiveness of the newly launched projects such as Sengkang Grand Residences and One Holland Village Residences, provided the added boost in drawing buyers and investors for the month of November,” he said.

“Existing projects that were previously launched … have continuously retained its desirability due to its attractive pricing.”

OrangeTee head of research and consultancy Christine Sun noted that developers had a “final burst” of launch activity before the year-end holidays. 

Besides Sengkang Grand Residences and One Holland Village, the new projects launched include Dairy Farm Residences, The Iveria and Pullman Residences, Newton.

Ms Sun noted that developer home sales are expected to end on a stronger note this year. 

Mr Ismail also said that the sales volume for 2019 to date has reached 9,547 units, excluding ECs, exceeding the 8,795 homes sold in the whole of last year.

Both said that the total number of units sold in 2019 could reach 10,000 and that sales momentum is likely to keep its pace next year.

Ms Sun added: “The US and China had reached a phase-one trade agreement in principle, which may help de-escalate trade tensions and boost market confidence. We anticipate that the next wave of inbound capital may continue to enter Singapore’s property market next year with more Chinese capital flowing south.”

SINGAPORE: More flats will be built next year to meet greater demand for public housing, National Development Minister Lawrence Wong said on Monday (Dec 16).

Between 16,000 and 17,000 Build-to-Order (BTO) flats will be launched next year, up from 14,600 flats this year, he said.

In a post on his ministry’s blog, Mr Wong said that the Government was “doubling down on our efforts to build affordable flats and good homes for all Singaporeans”.

Two major policy moves were made in September this year to help young couples buy their first homes – the income ceilings to buy new flats were raised and the Enhanced CPF Housing Grant was introduced.

The household income cap for BTO flats was raised from S$12,000 to S$14,000, and from S$14,000 to S$16,000 for those buying Executive Condominium units. 

Under the Enhanced CPF Housing Grant, families can receive up to S$80,000 in grants when they buy a new Housing and Development Board (HDB) flat, and up to S$160,000 in grants when they buy a resale flat in the open market.

READ: Higher income ceilings, enhanced housing grant for HDB flat buyers

“These changes will lead to greater demand for public housing,” Mr Wong said.

The minister added that over the last five years, about 150,000 families booked or collected the keys to their first homes.

Many of these families purchased new flats in non-mature estates like Punggol, Sengkang or Tengah.

These flats were priced at “generous discounts” and as a result, most buyers of flats in new, non-mature estates only have to fork out a little or no cash at all on their mortgage payments, Mr Wong added.

MINISTRY TO STUDY FEEDBACK ON VERS

Mr Wong also said that the Ministry of National Development was working out the implementation details of the Voluntary Early Redevelopment Scheme (VERS) and will “share more when ready”.

Under the scheme, announced by Prime Minister Lee Hsien Loong in his National Day Rally speech, the Government will buy back older flats before their 99-year leases run out and compensate residents whose flats are taken back early.

Residents, who have to vote for VERS, can then use the proceeds to buy a new flat.

Commentary: A look at HDB flat affordability after recent housing policy moves

The ministry has received several alternative suggestions to VERS, including different ways to manage the expiring of HDB leases, said Mr Wong, adding that it will study the feedback in greater detail.

“It is worth noting that across these different proposals, there is common ground on some key fundamentals. In particular, there is broad-based recognition of the need for urban renewal in our land-scarce city, so that land can be recycled, and new flats can be built for future generations. 

“This is the reason why so much of our land is on a leasehold basis, be it for private or public residential properties,” he wrote. 

SINGAPORE: Part of the North-South Line was disrupted during the morning rush hour on Monday (Dec 16) due to a signalling fault.

Commuters alerted CNA at about 8am to the disruption, which brought train service between Bukit Gombak and Kranji MRT stations to a standstill.

SMRT, which operates the North-South Line, posted on Twitter at about 8.15am about the disruption.

It said free buses were plying between Jurong East and Kranji stations to ferry commuters affected by the delay.

Several commuters sent in photos of crowds at the affected stations. Some said they waited more than half an hour for a train while others said they were stuck in trains that were not moving.

Mr William Moy tweeted a photo of crowds at Kranji station where he was trying to board a train heading to Jurong East. He said he waited for about 30 minutes but was unable to board the train.

Mr Jeremy Mak told CNA that the train he was in stopped moving near Woodlands station. He later alighted at Kranji station to take a bus, but returned to the train station as it was “too crowded to get into the bus”.

“Every passenger was out in the streets chasing after buses. No SMRT staff was seen at the point, no crowd controlling. No signs to tell us where to go after we got out of the train … literally everybody walked around aimlessly,” he added. 

Ms MJ Marguax Lao Cutamora said she waited at Yew Tee MRT station for 15 minutes before SMRT staff announced that there was no train service.

Mr Sathya Narayanan, who was on his way to work, said he waited for 25 minutes at Choa Chu Kang station before leaving.

“The problem is they did not even announce anything for five to 10 minutes,” the 31-year-old accountant said of the situation at the MRT station. “If we ask the shuttle bus, the staff said as they didn’t get any information, they charged us for the fare.”

He managed to get a taxi but ended up being 40 minutes late for work, he told CNA.

At about 8.50am, SMRT said the signalling fault had been rectified and train service was returning to normal. Free bus services ended at about 20 minutes after that.

“We are sorry to have affected your morning commute,” it said.

This story came from a reader tip-off. If you would like to send in photos or videos of something newsworthy, WhatsApp our Mediacorp news hotline at +65 8218 8281 or message us on Facebook.