Property Update (14 April 2015)

New powers for HDB officers | channelnewsasia.com

Members of Parliament debated the Housing and Development Board (HDB) amendment bill, which seeks to grant HDB officers more powers to enter a flat to carry out urgent repairs.

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Five-room flat at Pinnacle@Duxton goes for record $1.06m | straitstimes.com

SINGAPORE : Resale prices for units at The Pinnacle@Duxton premium HDB project have set a new record, with two five-room units being sold for more than $1 million each in transactions completed this month.

One unit on the 28th to 30th floor was sold for $1.06m, while the other on the 46th to 48th floor fetched $1.05m, according the Housing Board website. The size of each unit is 107 sq m.

There were at least four other five-room units which were sold between $1m and $1.04m this year, according to Shin Min Daily News.

Four-room units are also popular, said the evening daily. At least six such units were each sold for $910,000 and above this year. Read more here >>

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Singapore condo resale prices dip 0.2% in March but more units sold: SRX Property | straitstimes.com

SINGAPORE : Resale prices of non-landed private residential properties continued to cool, dipping 0.2 per cent in March from February, according to flash estimates from SRX Property on Tuesday.

Year on year, prices have dropped 3.9 per cent from March last year.

March 2015 prices were down 6.2 per cent from the recent peak in January 2014; The price change in February 2015 has been revised from no change to a 0.4 per cent decrease.

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Read more here >>


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Parliament: Khaw Boon Wan explains how HDB flats are selected for Sers | straitstimes.com

SINGAPORE : Flats are selected for the Selective En bloc Redevelopment Scheme (Sers), depending on whether there are suitable rehousing sites, whether redevelopment is viable economically, and whether there are financial resources available to fund the programme.

Housing Minister Khaw Boon Wan on Monday explained in Parliament how the Government selects Housing Board blocks for the scheme, in response to a question from Mr Lim Biow Chuan (Mountbatten).

Under Sers, old estates are redeveloped, and affected owners get compensation and rehousing benefits, including new replacement flats at subsidised prices.

Mr Khaw said precincts are picked for Sers “on a selective basis”. Read more here >>


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China real estate group cuts debt by reclassifying | bdlive.co.za

CHINA : China’s Evergrande Real Estate Group has cut leverage on its balance sheet over the past two years to a third by classifying some of it as equity, according to analysts’ calculations based on its public filings.

Evergrande, the most indebted developer among China’s top-10 property firms, is seeking additional funding to expand, and a lower proportion of debt to equity makes it easier and less costly for a company to borrow.

Evergrande lowered the proportion of debt on its balance sheet by issuing so-called perpetual debt instruments and classifying them as equity, corporate filings for 2013 and 2014 show. The developer also increased fair value gains on some of its properties.

The accounting treatments are legal and not uncommon. But they effectively mask the amount of debt a company actually holds and, in Evergrande’s case, they might obscure how highly leveraged it was, analysts said. Read more here >>

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