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28 Feb

Increased HDB income limits have helped home buyers

With the HDB income ceiling raised to $5000 for 3-room flats in mature estates and $10,000 for four-room units and above, has this helped home buyers put a permanent roof over their heads?

The tweaks to income ceilings have benefited more than 5,000 households, which have qualified to apply for various build-to-order (BTO) flats under the new criteria. This figure was revealed yesterday for the first time by the Housing Board (HDB), which made the changes last year. Last March, it raised the monthly household income ceiling to $5,000 from $3,000 for applicants of three-room units in non-mature estates. It said then that the move would give low- to middle-income first-timer households more choices of affordable flats. Last August, it raised the monthly household income ceiling to $10,000 from $8,000 – a quantum which had stood for 17 years – for applicants of four-room or larger units, as well as three-room units in mature estates.

Singaporeans seem positive about the future of public housing.

In his National Day Rally speech last year, Prime Minister Lee Hsien Loong said this was done to ‘bring more people into the HDB net’, as income levels were rising. The HDB said the bulk of the 5,100 applications – about 3,500 – came from households earning more than $8,000, but less than $10,000, a month. Another 1,600 households earning more than $3,000, but less than $5,000, a month had applied for three-room units in non-mature estates. The success rate of these 5,100 applications is not known yet as the HDB is still determining if the applicants are eligible.

Dennis Wee Realty spokesman Lee Sze Teck said the numbers showed that many preferred new HDB units over other options. ‘In particular, there are many people who want to enjoy the cheaper HDB flats, but because of their higher income, are forced into the resale market, or even private property,’ he said. He said the larger BTO flats cost from $250 per sq ft (psf) to $350 psf, versus executive condominiums’ $700 psf to $750 psf. Resale flats’ psf range is $380 to $550, said Mr Nicholas Mak, head of research and consultancy at SLP International. ‘This shows that the raising of the income ceiling was a move long overdue as the low ceiling meant people would look to the resale market. Given the increasing income levels of many Singaporeans, the ceiling should perhaps be reviewed every two years or so,’ he said.

Waterway Sunbeam BTO flats in Punggol were part of January's launch. There will be another BTO launch in March this year. Photo by HDB.

However, he added that it was unlikely the revised income limits would lead to a big spike in demand for BTO flats. He said: ‘In the past year, many of those who would have opted for public housing would have already applied, while the rest are probably waiting for property prices to come down before going in.’ Indeed, demand seems to be going down, even as the HDB ramps up its supply of BTO flats. It rolled out a record 28,000 units last year, and will put out another 25,000 this year.

At the start of the year, National Development Minister Khaw Boon Wan said the application rates for first-timers seemed to be stabilising, and promised more help for second-timers. One couple benefiting from the income amendments is accounts assistant Suah Wei Ling and her boyfriend. They had initially applied for a four-room unit in Bukit Panjang in February last year, but changed their minds when news of the rule change for three-room flats in non-mature estates broke a month later. Said Ms Suah, 24: ‘We were very lucky to have applied at the right time and qualified for a smaller unit as we did not need such a big flat anyway.’

The Straits Times © Singapore Press Holdings Ltd. Reprinted with permission.

Editor’s Commentary:
Though income ceilings have been raised, has this made owning a flat any easier? What about the continued rise of prices for resale HDB flats?

30 Jan

COV prices dropping – a sign of easing resale HDB flat market?

If you’re not eligible for new BTO flats, yet find yourself priced out of the private apartment segment, resale HDB flats may be your only choice. COV prices have long been the stumbling block for many, but with reports that COV prices are dropping since last quarter of 2011, is this good news for you?

Lower cash-over-valuation (COV) figures were reported for the fourth quarter of last year with consultants expecting further softening from here, providing much sought after relief to future home buyers. Notably, COV – the cash premium paid by buyers over an HDB flat’s valuation – numbers have been showing signs of stabilisation, with the majority of flats across the island reflecting a decline during the final quarter of last year. Chua Chor Hoon, head of Asia Pacific Research at DTZ, said: ‘The median COVs have generally fallen across the island in Q4 2011 compared to Q3 2011, except for five-room and executive flats in a handful of towns. This is a harbinger of a weaker HDB resale market in 2012 as it shows buyers have become less aggressive in offering high COVs. Lower COVs will also affect demand and prices in the HDB upgrader segment of the private residential market.’

COV prices for resale HDB flats could be what makes or breaks a deal. With COV prices dropping, will buyers be back to hunt in this sector of the property market? Photo courtesy of Singapore Tourism Board.

Added Ong Kah Seng, director of R’ST Research: ‘The slight moderation in COV prices could also be due to the cost conscious buyer who increasingly recognises that in a challenging economic context, a resale HDB flat tends to require more additional after-purchase costs such as for renovations, compared to a new property.’ In addition, the government’s large pipeline of build-to-order (BTO) flats also seems to be doing the trick of stabilising HDB resale prices. Commenting on the quarter’s data, Eric Cheng, CEO of ECG Property said: ‘The market seems to have settled in the past month or so. Though COVs have fallen, valuation prices still remain very stable, and asking prices are likely to become more realistic going forward.’

Lower median resale prices were reflected predominantly in four- room and five-room flats in mature estates such as Bukit Merah, Jurong East and Toa Payoh. Prices of resale flats in most other estates however continued to climb, but experts are confident that the oncoming supply of new flats will put a tight lid on prices in coming months. Listing out some reasons that could potentially impede HDB resale price growth, Eugene Lim, key executive officer at ERA Realty Network said: ‘With a more affordable price tag, lesser initial capital outlay, improved success rate and a shortened waiting time, more and more first-time buyers are preferring BTO flats over resale flats. The increased household income ceiling to $10,000 has also made more first-timers eligible for BTO flats.’

Toa Payoh is considered a mature HDB estate. Any link to that and lower median resale prices?

Said PropNex Realty chief executive Mohamed Ismail: ‘The dip in sales volume is due to the minimum occupation period and restrictions on private property owners having to dispose their property within six months as well as the loan-to-value cap of 60 per cent for additional mortgages. These (factors) have led to many HDB homeowners taking a more cautious approach in selling their flats.’ Looking ahead, with 25,000 BTO flats in the pipeline, market watchers expect resale flat sales to fall. Most consultants expect COVs to continue to ease into the range of $25,000-40,000 this year, while HDB resale prices are seen falling between 3 and 5 per cent over the same period.

The Straits Times © Singapore Press Holdings Ltd. Reprinted with permission.

Editor’s Commentary:
Perhaps its time to re-look into buying from the resale HDB market? Taking the dropping COV prices into consideration, is the gap between buying resale public housing and private housing reasonable enough to change the minds of HDB upgraders?

18 Jan

High rate of success for First-time BTO HDB flat buyers

With HDB’s announcement of new balloting rules for the next BTO flats launch in March 2012, will first-time applicants have an even higher chance of receiving a new flat? Will this then cause the private homes market to loosen its grip on high asking prices as demand for this market slows? 

The Housing Board may soon change its balloting system for new flats, with second-time home buyers likely to benefit. National Development Minister Khaw Boon Wan said yesterday that he hopes to announce changes to the HDB’s build-to-order (BTO) balloting rules for the next sales launch in March. The Housing Board’s first BTO project for the year was launched earlier this month and offered 4,000 new homes across Tampines, Choa Chu Kang, Punggol and Sengkang. The launch closed yesterday, with an application rate of 1.5 first-timers for every flat available.

Waterway Sunbeam BTO flats in Punggol were part of January's launch. Photo by HDB.

Mr Khaw wrote in his ‘Housing Matters’ blog that this rate was ‘not surprising’, and was similar to the subscription rate of 1.6 seen in the HDB’s November BTO launch. ‘Both are good rates; they mean that practically all will get a chance to choose a unit,’ he said. As of yesterday, the HDB had received 9,593 applications for the 3,633 flats offered, excluding studio apartments. ‘Our goal to help young couples get their first homes is coming true. We can now move on to better help the second-timers,’ Mr Khaw added. The application rate for second-timers for the January BTO launch is 23.9, compared to 25.9 in the November one.

In a previous post in November, Mr Khaw had hinted that ‘once we have cleared the first-timer queue, we can help the second-timers more’. The BTO scheme provides the main supply of new homes in public housing, which covers about 80 per cent of the population. Currently, 95 per cent of flats launched are set aside for first-time buyers, and the remaining 5 per cent are for second-time home buyers. Property firm PropNex’s chief executive Mohamed Ismail said that if such changes were to happen, they would be timely for the market.

Sunshine Gardens in Choa Chu Kang. Are you looking forward to March's launch? Photo courtesy of HDB.

Going by recent application rates – which have been below two for every flat in the past two launches – the market has stabilised, especially in the demand from first- timers, he noted. ‘This is a clear indication that government efforts in increasing new home supply are working, and a lot of first-time home buyers who weren’t successful previously are now getting homes,’ he said. If the HDB continues building at the current pace, there will be an increased supply in the market which first-timers may no longer be able to absorb, he added. ‘So it’s fair and timely, for example, to increase the number of flats for second-timers since demand is still very high in that segment.’

The HDB plans to roll out 4,110 new flats in March in Bedok, Bukit Batok, Bukit Panjang, Bukit Timah, Clementi, Geylang and Toa Payoh – part of the supply of 25,000 new homes for the year.

Source: The Straits Times © Singapore Press Holdings Ltd. Reprinted with permission.

Editor’s Commentary:
If you did not manage to secure the unit of choice the past few launches, will this year’s new BTO HDB flat launches allow second-time applicants a better chance? What if you do not succeed even the second time round? Is buying private the only way to go?

13 Jan

Tampines’ Winning Formula

Put an EC into Tampines and you have a gem in your hands. With many executive condominium (EC) projects such as A Treasure Trove and Arc at Tampines securing positive response from buyers, will more ECs be planned for this booming town? 

The continuing popularity of executive condominiums (ECs), and the success of regional hub Tampines, is proving to be a tried-and-trusted formula for developers. Another EC, The Tampines Trilliant, being developed by Sim Lian Group, is set to be launched after Chinese New Year. Located in Tampines Central 7, the 670-unit project is a stone’s throw from the Centrale 8 and The Premiere residential projects.Three-, three plus utility, four-bedroom and penthouse units will be on offer. The smallest apartment is 872 sq ft while the biggest penthouse measures about 2,400 sq ft. ECs are a hybrid of public and private housing and often come with premium furnishings and facilities

The Trilliant executive condominium in Tampines will be launched after the Chinese New Year. Photo by Sim Lian Group Ltd.

The price list has not been released yet but The Straits Times understands that the project is likely to join in the rush of property launches expected to hit the market after Chinese New Year. Tampines is already home to several EC projects, including The Eden and the recently launched Arc at Tampines. Another government land sale site in Tampines Avenue 9 is due to be released for sale in March. The Arc at Tampines notched up strong sales on its launch day, with about 220 out of 574 units sold at an average price of $721 per sq ft (psf).

Analysts say other EC projects in Tampines could expect to enjoy similar success despite the uncertainty in the wider residential property sector. ‘Demand for EC units in Tampines will remain high, especially because the area is one of Singapore’s most successful regional hubs,’ said Mr Nicholas Mak, head of research at SLP International. He added that the neighbourhood encompasses a large area which translates to a larger pool of potential home buyers and upgraders.

The Eden executive condominium also in Tampines.

The Tampines Trilliant is Sim Lian’s fourth property development project in Tampines. The other three are Waterview, Centrale 8 and The Premiere. The group enjoyed earlier success with its Parc Vera and A Treasure Trove projects in Hougang and Punggol. Parc Vera, in Hougang Avenue 7, was named one of the top-selling private residential projects last October. About 130 of the 452 units were sold on the launch weekend at an average price of between $800 psf and $850 psf. A Treasure Trove was equally popular. Nearly 80 per cent of its 882 units were sold within the first month of its launch for $900 psf on average. But last year was not without its upsets for Sim Lian. Its Centrale 8 project raised an outcry for its high asking prices in July last year. The group had initially estimated prices of $880,000 for a five-room unit, but later dropped the figure to $778,000.

Source: The Straits Times © Singapore Press Holdings Ltd. Reprinted with permission.

Editor’s Commentary:
New HDB flats have also been launched in Tampines. With that in mind and the option of Executive Condominiums and Private Condominiums on hand, what will be the determining factor for home buyers? 

 

13 Dec

HDB flat owners unhappy with relocation options

To accommodate the North-South Expressway, residents of HDB flats in the Rochor area have had to relocate. Now four more blocks of HDB flats in East Coast Road have also had to uproot their families and move to allocated units in Chai Chee. What have they received in terms of compensation?

Residents at four blocks of flats in East Coast Road have been offered new homes as part of the HDB’s relocation programme, but many are unhappy that the replacements in Chai Chee are not an equivalent substitute in terms of location. At least 35 people in the affected blocks intend to petition the HDB. They want higher compensation for their flats and to be given priority for new flats at projects across the island.

Four blocks of HDB flat residents have had to relocate to Chai Chee.

But the HDB has said it is not always easy to find replacement sites, adding that it faces constraints because of land limitations. It announced plans last month to redevelop the 48-year-old five-storey blocks – home to 82 households – under its Selective En bloc Redevelopment Scheme (Sers). This involves selected older buildings being redeveloped to make the best use of land. Owners get market-value compensation and have first bite at buying new flats at the replacement project

One resident, Mr Jim Cheong, told The Straits Times that if the replacement was closer to home, residents would have been satisfied. However, the 38-year-old said that ‘Chai Chee is really not the same as East Coast Road, where we are at the heart of Siglap and have all the amenities at our doorstep’. The replacement flats in Chai Chee are new developments that are 15 storeys tall. They are located within walking distance of Bedok MRT station, the bus interchange and town centre.

There are some lovely high-floor HDB units for sale in Chai Chee as well.

Mr Cheong pointed to another recent Sers project at Redhill, where owners in 21 blocks have been offered replacement units near their original site, within walking distance of Redhill and Tiong Bahru stations. ‘Most times, the location offered is fair. But in our case it isn’t. If given a choice, I would stay put. But since we cannot choose, it’s only fair HDB compensates us for the loss of our location.’ According to HDB’s figures, owners of two-room units can expect to receive an estimated $254,500 to $285,100 for their flats. The subsidised selling price of the replacement two-room flats is $154,000 to $188,000. Eligible households get an additional 20 per cent discount.

Manager C. Low, 35, said he spent $30,000 on renovations when he bought his two-room flat in East Coast just last year, thinking it would be his home for good. ‘I don’t want to move to Chai Chee. I bought this flat because of its location,’ he added. These residents are not the only ones who have recently expressed unhappiness at relocation projects. Some home owners at Rochor Centre, which is set to make way for the construction of the North-South Expressway, voiced similar concerns after being offered a replacement project in Kallang. They said Kallang was not a like-for-like replacement and the compensation did not take into account the expected increase in the value of the Rochor flats.

The Rochor and Bugis area, where residents and businesses were asked to relocate.

But it is not always easy to find new sites that are a stone’s throw away from the original, said the HDB. It told The Straits Times it identifies sites based on land availability, and these are usually located near the ones being redeveloped. In the case of Blocks 1 to 4, East Coast Road, it said there are no available public housing sites in the area or nearby Siglap.

As for consulting the residents, the board said it could not do so in advance as ‘the information is market-sensitive’. Not all residents are unhappy though. Retiree Pek Ah Heng, 62, who owns a two-room unit at East Coast, said: ‘The flats at Chai Chee will be new and have lifts that stop on every floor, making it more convenient for me.’

SERS was introduced in 1995 as part of the Government’s renewal plans for old HDB towns and estates. Since then, 76 sites have been selected, covering a total of about 35,000 households. The programme offers residents the opportunity to continue to live near their kin and familiar neighbours. The HDB told The Straits Times it faces challenges in the process.

Find out from the HDB website, which sites went under the Selective En Bloc Redevelopment Scheme (SERS).

First, Sers is generally implemented in the older towns and estates with limited sites available for rehousing. Second, it is more difficult to inject new housing developments in an already densely built-up area. Other constraints include the need to avoid or divert existing underground services, and ensuring that the new development fits in with its surroundings, with minimal impact on neighbouring flats and residents, explained the HDB. ‘In the event that a nearby replacement site is not possible, we will identify sites that are well served by amenities and facilities,’ it said.

The HDB is very selective about which projects are offered Sers, as only precincts with redevelopment potential are identified to optimise land use. ‘As Sers will benefit the country as a whole through optimisation of land use, it is implemented without voting, unlike upgrading programmes,’ it said. ‘There is no fixed number of Sers sites to be selected annually.’ In general, the HDB receives a positive response for Sers.

The last survey conducted showed that 95 per cent of residents supported it. The number of households who said their new flats were value for money also jumped from 89 per cent in 2007 to 97 per cent in the latest survey, which was carried out in 2009.

Source: The Straits Times © Singapore Press Holdings Ltd. Reprinted with permission.

Editor’s Commentary:
For residents of older towns and estates, how likely is it that your block of HDB flats will be scheduled for SERS? With available living space decreasing by the year, will HDB be continue to be able to relocate residents to nearby areas?

22 Nov

HDB Flats and Public Carparks – Going Green from Top to toe

Keeping Singapore clean and green is taken up to the sky, literally. HDB flats and public carparks will soon have greenery at the top of the buildings in line with keeping the environment cool and beautifying the estate. Where will these green crowns grow?

The greening of the tops of multi-storey carparks and public housing blocks has taken root here. Fourteen carparks and 17 residential blocks in older estates – 4ha in all – now wear crowns of green. The cost: $4 million.

Another 9ha of such high-rise gardens are being planned for the next five years, with the top deck of the multi-storey carpark at Block 129A, Bukit Merah View, among the next lined up for greening. Aside from being low-maintenance, these gardens reduce the glare of sunlight reflecting harshly off bare concrete roofs which residents in neighbouring buildings would otherwise have to put up with. The gardens also make the environment cooler, and beautify the estate.

The Prefabricated Extensive Green (PEG) Roof System by UGL Premas.

There is one crucial difference between these Prefabricated Extensive Green (PEG) Roof Systems and the rooftop gardens built in newer Housing Board estates: The public cannot access PEG gardens. Rooftop gardens in estates built after November 2005 typically have more shrubs, trees and communal facilities such as playgrounds or fitness areas. As the weight of such facilities exact a toll on the roof, such gardens must be incorporated into the design from the planning stage, said the HDB.  PEG gardens have been retrofitted in selected blocks in older estates since 2006. They comprise a series of trays hosting hardy plants that can withstand the tropical heat.

Green roofs on your HDB flat may be coming your way very soon. Photo by UGL Premas.

Green roofs came about after the HDB and the National Parks Board (NParks), in a 2003 experiment, converted the top of a multi-storey carpark in Punggol into four green plots about half the size of a football field. It was found that this reduced heat on the building’s surface by as much as 18 deg C, and the surrounding air temperature by 3 deg C. Glare was also cut down by as much as 15 per cent.

UGL Premas, which worked with the HDB on the system, said the purpose was to introduce instant, no-fuss greening to rooftops in an urban environment. No structural retrofitting or heavy construction works need to be done to house the trays, which can weigh up to 120kg per sq m. A UGL Premas spokesman said that by lowering the temperature of the roof and reducing heat transferred into the building, PEG gardens enable cost savings in energy that would have otherwise been used to run fans or air-conditioners. The HDB typically bears the costs of building such installations, then hands them over to the town councils to manage.

Besides being good for the environment, the green roofs will also be a sight for sore eyes, doing its part to keep Singapore clean and green. Photo by UGL Premas.

Member of Parliament Indranee Rajah said that in response to requests by Bukit Merah View residents for more greenery, she checked with the HDB and found that a garden on top of the carpark would cost $250,000, or $110 per sq m. She has asked the HDB to consider including a communal space in the garden, so residents can enjoy the plants up close. The HDB is looking into it. Housewife Kurra Madhavi, 27, who lives in a block near the carpark, said: ‘It would be refreshing to see plants rather than concrete, and I believe it is something all in the neighbourhood, especially the children, will enjoy.’ Retiree Sang Guan Shao Xin, 73, said it would be a good use of the space. ‘Nobody parks on the top deck because of the rain and sun, so why not have plants there?’

Source: The Straits Times © Singapore Press Holdings Ltd. Reprinted with permission.

Editor’s Commentary:
A step in the right direction, at least in terms of taking care of the environment. What other green initiatives could Singapore implement to play our part in preserving this planet?

5 Nov

HDB Towns Revamped

HDB has announced their “road map for better living in HDB towns” initiative to develop new HDB towns which are sustainable and community-centric. Besides the 50,000 new flats which will be built in the next 2 years, 60,000 more are planned for the following 3 years. Is this good news for the young generation? Who benefits from this initiative?

The Housing Board will continue its evolution from an organisation which started out seeking to house a nation to one that aims to develop new towns that incorporate better, sustainable designs. To help it focus on this mission, the HDB announced that it will concentrate on three main areas in the next five to 10 years: developing well-designed, sustainable and community-centric towns.

The three thrusts are part of its ‘road map for better living in HDB towns’. Speaking at this year’s HDB Awards at Marina Bay Sands, HDB chief executive Cheong Koon Hean said that in conceiving the road map, it had considered its challenges – such as the changing aspirations of residents – and asked how it could strengthen its focus. ‘HDB has been in existence for a long time, it has done a lot of good work. I think what we’re doing is building upon this good work and asking ourselves what needs to be added on or changed,’ Mrs Cheong said.

Pinnacle @ Duxton was awarded the 2011 Urban Land Institute (ULI) Global Awards for Excellence. Image by HDB.

But at the same time, it has to be a responsible master planner and developer, and Mrs Cheong pointed out that some 50,000 flats will be launched over the next two years, translating to a construction volume of 60,000 to 80,000 units a year for the next three years. She added that when HDB was first started in 1960, it had one goal – to house a young nation. But since then, it has not only successfully housed 82 per cent of the population but also won accolades for its projects, for example the United Nations Public Service Award for its Home Ownership Programme in 2008 and other international awards.

Mrs Cheong spoke about how each thrust could build HDB’s capacity and capability. The first, focusing on well-designed towns, aims not only to farm out individual land parcels to the private sector to design flats but also to give HDB active oversight of the master plan. For example, HDB recently prepared guidelines for projects along the Punggol Waterway that involve tiered building heights so those in front are lower than the ones behind, maximising the view. The second thrust, creating sustainable towns, includes pursuing green initiatives and sustainable solutions. Finally, HDB intends to better engage residents and find out what they want so they will take better ownership of their towns.

Treelodge@Punggol Housing Estate. Image courtesy of HDB.

At the event, National Development Minister Khaw Boon Wan gave 15 awards to HDB consultants and contractors for exemplary performance and innovative efforts in the development of new projects. Among them was Surbana International Consultants, which won an award for designing Sri Geylang Serai, River Vista @ Kallang and Treelodge @ Punggol. Treelodge also won a construction award. It incorporates eco-friendly features like separate rubbish chutes for rubbish and recyclables as well as a system for re-using waste water to flush toilets.

Source: The Straits Times © Singapore Press Holdings Ltd. Reprinted with permission.

Editor’s Commentary:
New private homes are coming up by the thousand, and HDB flats by ten thousands. All within the next five years. Will there ever be a supply glut? Or will there still be a high demand for affordable housing?

13 Oct

Four Singaporean developments win International Real Estate Awards

This year, the International Real Estate Federation (FIABCI) awarded four Singaporean projects with prestigious awards – one of which is the Pinnacle @ Duxton housing project by the HDB.

Four Singapore developments – including the Housing Board’s The Pinnacle @ Duxton – won prestigious awards from the International Real Estate Federation (FIABCI) this year.

The International Real Estate Federation (FIABCI)

A green office project, 7 and 9 Tampines Grande, was the winner of the Sustainable Development Category in the World Prix d’Excellence 2011. City Square Mall at Kitchener Road was second in the Retail Category. The Quincy Hotel at Orchard and The Pinnacle @ Duxton nabbed runner-up awards in the Hotel and Residential (High Rise) categories respectively.

The winners were named earlier this year, and the Singapore chapter of the FIABCI organisation hosted a dinner last night at the Fullerton Hotel to celebrate these achievements. FIABCI represents the world’s real estate professions through its Special Consultative status with the Economic and Social Council (ECOSOC) of the United Nations Organisation. The Prix d’Excellence recognises projects from more than 60 member countries that show excellence in areas related to sustainability and preserving the heritage of a building. Prizes are also given to outstanding residential or commercial projects.

Marina Bay Residences took a spot in the 13 developments which were awarded the Singapore Property Awards by the Singapore charter of FIABCI in June this year. They will be entered in the International Prix d'Execellence Awards next year.

A panel of judges from the federation considers criterion such as the architecture and design of the project, its development and construction, and the benefits to the community or environment. ‘These competitions show clearly that a winning design and development is unfolded when the best come together to share and contribute their expertise and experiences,’ said Dr Lim Lan Yuan, president of the Singapore chapter in a speech at the dinner.

FIABCI Singapore introduced its own inaugural Singapore Property Awards in June to recognise local projects or properties. A total of 13 projects were announced as winners of the inaugural Fiabci Singapore Property Awards last night. Only the 13 winners, which include Marina Bay Residences and Mapletree Business City, will be allowed to enter next year’s international Prix d’Excellence awards. Dr Lim said this was to encourage more Singapore designers and developers to submit their projects for competition, and also to pick the best entries.

Belle Vue Residences.

In the residential category, Duchess Residences (by UOL Group) and Belle Vue Residences (by Wing Tai Land) won awards for residential (low rise); Hillvista (by Far East Organisation), Marina Bay Residences (by Raffles Quay Asset Management) and St Thomas Suites (by Frasiers Centrepoint) were recognised under the residential (high rise) category.

Hillvista condominium.

In the office category, Raffles Quay Asset Management’s Marina Bay Financial Centre (Phase 1) clinched the award.  11 Tampines Concourse by (City Developments Limited), Treelodge@Punggol (by Housing & Development Board) and Mapletree Business City by Mapletree Investments shone in the sustainable development category.

HDB’s Clementi Town Mixed Development came in tops under the master plan category. Under the industrial category, Citi Campus and Plaza 8 (by HSBC Institutional Trust Services) and ICON @IBP (by Ascendas Tuas) rounded up the list of 13 winners.

Pinnacle @ Duxton HDB Flats - One of the Singaporean developments which won the prestigious international awards.

HDB chief executive Cheong Koon Hean said the Pinnacle’s win was proof that good planning and innovation could make public housing projects special and give value for money. ‘It shows that with clever planning, design and innovation, HDB as a master developer has provided a holistic, pleasant and well-designed living environment to benefit our residents and Singaporeans,’ she said.

Mr Raphael Saw, chief operating officer of Far East Hospitality, the hotel arm of property developer Far East Organization, said Quincy Hotel was designed to stand out from its competition. ‘In creating Quincy, we wanted to combine the best of influences from around the world, with lots of character. Hence, the architecture of Quincy departs from the norm with its distinctive monolithic facade,’ he said.

Source: The Straits Times © Singapore Press Holdings Ltd. Reprinted with permission.

Editor’s Commentary:
The Crème la de crème of real estate developments are attracting architectural experts, interior designers and rising a good deal more from our midst. How will this benefit developers and home buyers?

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