Sengkang columbarium issue: HDB rejects flat buyers' refund requests - AsiaOne

The Housing Board has rejected the requests of unhappy flat buyers for refunds on their Build-To-Order (BTO) flats, made last month when they discovered that a temple with a commercial columbarium would be built near the estate in Sengkang.That project will no longer go ahead as planned.

HDB said in a statement that it received 95 requests as at Feb 9 from future residents of three BTO projects along Fernvale Link - Fernvale Lea, Fernvale Rivergrove and Fernvale Riverbow - asking to cancel their bookings, and get a refund.

These 95 make up 2.4 per cent of the 4,000 units in the three BTO projects.

HDB reiterated that the Ministry of National Development (MND) and its agencies would ensure that the site is restored to the original plan of a Chinese temple.

Whether it has a columbarium or not would depend on the temple's trustees, and would be subject to the Urban Redevelopment Authority's guidelines and approval.

HDB sent official letters or e-mail to buyers to turn down their requests on Feb 16.

The buyers have until Friday to notify HDB if they wish to proceed with the cancellation of their flat application.

If they do so, they will be subject to the standard process of cancellation, wherein they forfeit the option fee paid if they cancel before signing the Agreement for Lease. This can range from $250 to $2,000, depending on flat type.

If they cancel after signing the agreement, they will forfeit 5 per cent of the flat's purchase price.

The appeals for refunds were made after buyers discovered that a temple complex with a commercial columbarium, run by Australian-listed company Life Corporation through its subsidiary Eternal Pure Land, would be built nearby.

At a dialogue with residents and agencies involved, called by Sengkang West MP Lam Pin Min on Jan 4, buyers claimed that the site was earmarked for a temple and should not be given to a for-profit company.

Others said they were misled by the site plan and did not want to live near a columbarium.

A group of residents left their names with HDB afterwards, asking for a refund. There have been no further updates from HDB or MND on their talks with Eternal Pure Land regarding the site.

Restaurant manager Catherine Neo, who asked for a refund, said: "A temple columbarium won't hold as many niches as a commercial columbarium, so that's okay with me.

"There's nothing that can be done. I'll get the key and move in, but I might not stay there for long."

lesterh@sph.com.sg

This article was first published on February 24, 2015. 

Thursday, Feb 26, 2015

Lester Hio

The Straits Times

Source: AsiaOne

HDB resale prices edge up 0.6 per cent after year of declines - AsiaOne

After a year of consecutive monthly declines, Housing Board resale prices edged up 0.6 per cent last month, according to SRX Property flash figures yesterday.

But experts do not take this as a sign that the market is rebounding. Instead, they expect prices to continue sliding.

The last time HDB resale prices rose was in January last year. They have fallen 5.7 per cent since then.

"We cannot read the monthly price increase... as a sure sign of turnaround in HDB resale flat prices, as the increase was very marginal," said R'ST Research director Ong Kah Seng.

Said ERA Realty key executive officer Eugene Lim: "The increase has more to do with the up-and-down fluctuations that are associated with tracking prices on a monthly basis."

Last month's rise was driven by four- and five-room flats, with their prices increasing by 1.1 per cent and 1.5 per cent respectively.

This more than made up for a 0.9 per cent fall in three-room flat prices and a 0.6 per cent fall for executive flats.

Both mature and non-mature estates saw price increases, of 0.5 per cent and 0.7 per cent respectively.

The tepid uptick could be partly due to units sold at the Pinnacle@Duxton premium HDB project last month, said Mr Ong.

Units there have fetched prices ranging from $818,000 to $1.03 million and may have pulled up overall prices, he added.

But analysts see the overall downward trend continuing. Mr Ong expects prices to fall by up to 4 per cent in the first half, while HSR International Realtors expects falls of up to 1 per cent each quarter.

But sellers such as Madam Safiah, 50, hope last month's marginal climb in prices will not be an exception.

"Hopefully the prices will really go up. Last year they already came down a lot," said the housewife, who has been trying to sell since November. She had thought her four- room flat in Hougang could fetch $460,000, but now hopes to get $430,000 instead.

Resale volumes fell for the fourth straight month in January with 1,255 flats sold, down from 1,295 in December.

However, this was still 15.3 per cent more than the 1,088 units sold in January last year.

This year-on-year increase "is an encouraging sign that more buyers are entering the market as prices become more attractive", said HSR.

Noting that January and February are traditionally quiet months in the resale market due to Chinese New Year festivities, ERA's Mr Lim expects the pace of deals to pick up from next month.

"The pace we see in March to May will set the tone for the year... March, April and May are very important months for the HDB resale market," Mr Lim added.

janiceh@sph.com.sg

Friday, Feb 06, 2015

The Straits Times

Source: AsiaOne

HDB resale prices up 0.6 per cent in January after falling for a year - AsiaOne

SINGAPORE - Housing Development Board (HDB) resale prices increased 0.6 per cent in January, according to a SRX Property flash report.

This is the first time since January 2014 that HDB resale prices have risen. When compared year-on-year, prices dipped 5.7 per cent from January last year.

Last month's increment was attributed to the price spike of 1.1 per cent and 1.5 per cent in four- and five-room flats respectively. This compensated for the 0.9 per cent and 0.6 per cent price drops for three-room and executive flats respectively.

According to SRX, resale prices in mature estates rose by 0.5 per cent while those in non-mature estates went up 0.7 per cent.

Although resale volume dropped 3.1 per cent in January from December's figure of 1,295, it was still 15.3 per cent higher than the 1,088 units sold last January.

debwong@sph.com.sg

Thursday, Feb 05, 2015

AsiaOne

Source: AsiaOne