View Full Version : 400 cheques collected for Hillford
princess_morbucks
07-01-14, 20:55
http://www.businesstimes.com.sg/premium/top-stories/hillfords-60-year-lease-may-pose-financing-hurdle-20140107
Hillford's 60-year lease may pose financing hurdle
But project may be seen as affordable way to buy into Bukit Timah address
[SINGAPORE] While The Hillford could offer potential buyers a chance to buy into the highly desired Bukit Timah address cheaply, demand could be limited by its 60-year leasehold.
Marketed as the first retirement resort in Singapore - albeit with no age limit placed on potential buyers - the 281-unit project offers a mix of one-, two- and two-bedroom dual-key units which are equipped with built-in elder-friendly features.
Both young and old thronged the showflat when it opened on Saturday; according to a market watcher, of the more than 400 cheques that have since been collected, the majority were from younger investors.
Key pull factors for the project include its attractive quantum and location.
Indicative prices for units start from $980 per square foot (psf), which translates into about $388,000 for a one-bedroom unit, $498,000 for a two-bedroom unit and $648,000 for a two-bedroom dual-key unit.
"It is like a legitimate shoebox development in a very attractive RCR (Rest of Central Region) location," said a market watcher.
Given that there are no restrictions on either ownership or tenant mix, it is not surprising that the project attracts younger investors, said Christine Li, head of research at OrangeTee.
"The indicative price is still on the high side, but given that there are fewer such small developments around the area, it probably will not deter people from buying," she said, noting that the latest launch in the area, Creek@Bukit, achieved a median price of $1,637 psf when it was launched last November.
Ms Li expects The Hillford to attract a mixed group of buyers spanning singles, downgraders in their 50s and 60s, and even investors who might have previously been priced out of the market because of the Total Debt Servicing Ratio (TDSR) and other cooling measures.
But given the 60-year leasehold cap, investors might find it harder to finance the property since it may be harder to get bank loans for a shorter lease, said Nicholas Mak, head of research at SLP International.
Unloading the property in the resale market might prove a challenge, too. After five years, for instance (assuming the buyer holds the property for five years to avoid paying Seller's Stamp Duty), the development would have a remaining lease of 55 years. Based on the remaining tenure, a 30-year-old buyer can only withdraw up to 55 per cent of the value left in his or her Central Provident Fund. This assumes that the above sum is up to 55 per cent of the lower of the purchase price or the value of the property.
Another factor that could potentially limit the scope of buyers is the design of the project, said Desmond Sim, associate director at CBRE Research.
According to the developer World Class Land, the project was designed to be "significantly different" from that of a typical condominium, given its specially tailored facilities, elder- friendly features, and provision of services such as a 24-hour concierge service and dedicated Resort Manager.
"Is this the cheapest way to get a condo in the Bukit Timah area? Yes. But at the end of the day, it is marketed and designed for the elderly so you may not get the amenities and features of a lifestyle home," said Mr Sim.
Consultants agree that the project will likely do well, regardless of its buyer profile.
Indeed, more such sites could potentially be offered, said Donald Han, managing director at Chesterton Singapore.
"(The introduction of The Hillford) creates an interesting variety of products that is available on the market ... If we don't create such spaces, a lot of demand might filter into other countries," he said.
CBRE's Mr Sim agreed: "This is a pilot project. When it does well, it will spark off other projects. Maybe in the suburbs, where costs can be further managed ... I think if the government feels they have succeeded in reducing the cost of home ownership for the elderly, they may roll out one or two more sites in different locations."
But perhaps instead of the closed-envelope system currently employed, the government should consider a point system where every developer submits two prices - a land price and a product launch price, suggested SLP's Mr Mak.
"Higher land price, higher points; lower launch price, higher points," said Mr Mak. "In this way, they will be able to award the land to the most efficient developer."
400 idiots! What can we say? :banghead:
http://www.businesstimes.com.sg/premium/top-stories/hillfords-60-year-lease-may-pose-financing-hurdle-20140107
Hillford's 60-year lease may pose financing hurdle
But project may be seen as affordable way to buy into Bukit Timah address
[SINGAPORE] While The Hillford could offer potential buyers a chance to buy into the highly desired Bukit Timah address cheaply, demand could be limited by its 60-year leasehold.
Marketed as the first retirement resort in Singapore - albeit with no age limit placed on potential buyers - the 281-unit project offers a mix of one-, two- and two-bedroom dual-key units which are equipped with built-in elder-friendly features.
Both young and old thronged the showflat when it opened on Saturday; according to a market watcher, of the more than 400 cheques that have since been collected, the majority were from younger investors.
Key pull factors for the project include its attractive quantum and location.
Indicative prices for units start from $980 per square foot (psf), which translates into about $388,000 for a one-bedroom unit, $498,000 for a two-bedroom unit and $648,000 for a two-bedroom dual-key unit.
"It is like a legitimate shoebox development in a very attractive RCR (Rest of Central Region) location," said a market watcher.
Given that there are no restrictions on either ownership or tenant mix, it is not surprising that the project attracts younger investors, said Christine Li, head of research at OrangeTee.
"The indicative price is still on the high side, but given that there are fewer such small developments around the area, it probably will not deter people from buying," she said, noting that the latest launch in the area, Creek@Bukit, achieved a median price of $1,637 psf when it was launched last November.
Ms Li expects The Hillford to attract a mixed group of buyers spanning singles, downgraders in their 50s and 60s, and even investors who might have previously been priced out of the market because of the Total Debt Servicing Ratio (TDSR) and other cooling measures.
But given the 60-year leasehold cap, investors might find it harder to finance the property since it may be harder to get bank loans for a shorter lease, said Nicholas Mak, head of research at SLP International.
Unloading the property in the resale market might prove a challenge, too. After five years, for instance (assuming the buyer holds the property for five years to avoid paying Seller's Stamp Duty), the development would have a remaining lease of 55 years. Based on the remaining tenure, a 30-year-old buyer can only withdraw up to 55 per cent of the value left in his or her Central Provident Fund. This assumes that the above sum is up to 55 per cent of the lower of the purchase price or the value of the property.
Another factor that could potentially limit the scope of buyers is the design of the project, said Desmond Sim, associate director at CBRE Research.
According to the developer World Class Land, the project was designed to be "significantly different" from that of a typical condominium, given its specially tailored facilities, elder- friendly features, and provision of services such as a 24-hour concierge service and dedicated Resort Manager.
"Is this the cheapest way to get a condo in the Bukit Timah area? Yes. But at the end of the day, it is marketed and designed for the elderly so you may not get the amenities and features of a lifestyle home," said Mr Sim.
Consultants agree that the project will likely do well, regardless of its buyer profile.
Indeed, more such sites could potentially be offered, said Donald Han, managing director at Chesterton Singapore.
"(The introduction of The Hillford) creates an interesting variety of products that is available on the market ... If we don't create such spaces, a lot of demand might filter into other countries," he said.
CBRE's Mr Sim agreed: "This is a pilot project. When it does well, it will spark off other projects. Maybe in the suburbs, where costs can be further managed ... I think if the government feels they have succeeded in reducing the cost of home ownership for the elderly, they may roll out one or two more sites in different locations."
But perhaps instead of the closed-envelope system currently employed, the government should consider a point system where every developer submits two prices - a land price and a product launch price, suggested SLP's Mr Mak.
"Higher land price, higher points; lower launch price, higher points," said Mr Mak. "In this way, they will be able to award the land to the most efficient developer."
everyone cheonging the one bedder?
400 idiots! What can we say? :banghead:
once the price is out and confirmed, it maybe reduce to 200 only.
Why do young investors buy? Hoping to lease out to retirees? Will retirees pay high rental for this place? Seems like a place for well heeled retirees....
Why do young investors buy? Hoping to lease out to retirees? Will retirees pay high rental for this place? Seems like a place for well heeled retirees....
pure MM play. Whatever "retirement blah blah" is just a gimmick.
Problem is... rent out to retirees, after they migrate to heaven in the unit, people still dare to rent?
its all in the mind.. perhaps if WCL market as non retirement resort, we will probably see 500 checks :scared-5:. Retirement no retirement, condo is still a condo. The only difference is the tenant class probably a larger group are elderly pple (after receeing the pple who visit the showrm) or some who aspires to live in condo and in upper bukit timah district can use this as a jump pad. There are also some old condos in SG here also have a significant larger groups of older gen pple.
We will probably see how the market adapts to the 60yr LH story although this is not new in other countries and I'm sure kenobi-wan is watching this closely... there is a slight chance to have more 60yr LH in future if the market can accept shorter tenure in exchange for lower quantum in order make condos more affordable. I see this as a gd option to deleverage and cash out on your larger quantum unit for retirees and hoot a larger 2rm.
Investment wise still remains to be seem due to the fear of quick depreciation but I personally see there is still some potential upside given the low overall quantum having seen MM Alexis FH 400k to 800k, 99LH parc rosewood from 400k to 610K. This one at 390k for a MM with a nearby 441sqft FH MM selling at 7XXk. Worse case just collect rental.. the quantum is low enuff to remain competitive to rent a gd 1.3-1.5k/pm.
Based on av of 1k for masterroom, I rather pay a few hundred bucks more to have my own private MM condo: http://www.propertyguru.com.sg/singapore-property-listing?listing_type=rent&search_type=district&property_type=H&property_type_code%5B%5D=HDB&school=&mrt=&address=&property_id=&distance=0.5&hdb_estate%5B%5D=4&hdb_estate%5B%5D=7&latitude=&longitude=&interest=&hdb_type_group=&minprice=&maxprice=&minbed=-1&maxbed=-1&minsize=&maxsize=&minsize_land=&maxsize_land=&freetext=&minpsf=&maxpsf=&listing_posted=&mintop=&maxtop=&sort=price&order=desc&min_latitude=&max_latitude=&min_longitude=&max_longitude=&submit=
Why do young investors buy? Hoping to lease out to retirees? Will retirees pay high rental for this place? Seems like a place for well heeled retirees....
Btw how much is a retirement home cost in sg ah? Hearsay also not cheap. I wonder what is the "all-inclusive" package. If total including home loan can match a standard retirement home rate then probably might be attractive enuff as a more artas alternative.
Why do young investors buy? Hoping to lease out to retirees? Will retirees pay high rental for this place? Seems like a place for well heeled retirees....
can they also rent to working class, say the 2 bedders, or does the project have a written rule only retirees qualify to live in it?
one thing for sure the ads for this project cannot use chiobu in bikini at the pool ...
need for images of of ah ma doing taichi and ah gong playing chess ... lol
400 idiots! What can we say? :banghead:
idiots? I dont think so.
Better grab first before government change their policy and impose restriction.
Do you sincerely think that we are so stupid to to believe that an idiot will call himself and his gang idiot? :p
idiots? I dont think so.
Better grab first before government change their policy and impose restriction.
Originally Posted by teddybear View Post
400 idiots! What can we say?
i dont understand what is meant by concierge services?
let says a condo currently have no concierge services, can the owners passed a motion to have concierge services in the condo, they are willing to pay more?
similarly, can the owners of Hillford passed a motion to remove the concierge services to reduce their maintenance fee?
i dont understand what is meant by concierge services?
let says a condo currently have no concierge services, can the owners passed a motion to have concierge services in the condo, they are willing to pay more?
similarly, can the owners of Hillford passed a motion to remove the concierge services to reduce their maintenance fee?Of course they can pass the motion after MCST. Just that the counter area will be wasted. Anyway, this concierge service is probably the only 'elderly' facility that differentiates this project from other projects. All other facilities are basically common facilities in other condos too. From what I understand, concierge service is a 24 hour service that renders assistance to anybody (assumed old folks staying alone) to get ambulance, doctors or to help with luggage, etc.
rent to elderly...if they default rent, can u drive them out? will they come out w sob stories? will u be deemed cruel to drive them out from ur house?:D
princess_morbucks
12-01-14, 10:50
Saw an article in today's Sunday Times :
https://pbs.twimg.com/media/BdwAbReCQAAnZmx.jpg
https://pbs.twimg.com/media/BdwAt4BCcAAJ-td.jpg
https://pbs.twimg.com/media/BdwA4-FCUAAzCyh.jpg
princess_morbucks
12-01-14, 10:52
The reporter for the above article is Radha Basu.
By any chance related to our forummer bro radha08 ? :D
a retirement resort with no age limit/criteria
might as well just said it's a test bed development for 60 years LH mickey mouse / shoebox project
the two R&R ... Retirement (simi retirement strategy) & Resort (simi resort bells and whistles)
Well dont like it? dont buy lor... no 1 force to buy at gun point. if there are no demand the developer will change. as long someone see value then developers will build. thats the real target of the developers.
Can call it retirement village, call it LH66 village , can all it low quantum village wat ever. whos cares?
Of course they can pass the motion after MCST. Just that the counter area will be wasted. Anyway, this concierge service is probably the only 'elderly' facility that differentiates this project from other projects. All other facilities are basically common facilities in other condos too. From what I understand, concierge service is a 24 hour service that renders assistance to anybody (assumed old folks staying alone) to get ambulance, doctors or to help with luggage, etc.
24 hour concierge service, like hotel or like 7-eleven:D? That means mtce fees will be high too. If target at the elderly tenants, I think the demand won't be high. Will the retiree without income willing to rent a few thousand dollar condo just to enjoy the so-called "elderly facility", unless their children are willing to pay for them.:2cents:
blackjack21trader
13-01-14, 07:32
Let The ILLUMINATED tells you what is going on.
First for the cash loaded retired in Bukit Timah area, buying this retirement village is just like buying a car, or even cheaper than the cars they bought. If you do not understand what I mean, just drive to Bukit Timah and see the number of old high cost maintenance bungalows there ( at least S$6000 a month to maintain: utilites = S$1200 gardening= S$500 swimming pool= S$800 maids= S$3000 repairs minor =S$1000 ) . The retirement village provided an avenue for them to unload their bungalows and convert into cash for reinvestment. In this case, there will be no loan.
When enough converted, they will free up the land banks in that area for condos.
Secondly, for the youngsters, they buy to rent out. The rental returns from this 60 years leasehold far exceeded the 30 years leasehold commercial if you compare square foot for square foot and year for year and of course location for location.
And even with loans; the much longer tenure still effectively iron out the costs of borrowing for young people.
Now you get it? Dun cheong hor after hearing what I said. It is still better to follow me and cheong Handy Road CCR studios INSTEAD.
Sometimes, I am really amazed at what the so called property experts can say about this project or their analysis. No wonder work so many years liao they STILL cannot be a billionaire like me. SIGH...
Good Luck.
玄天神龙古人
UNCLE BLACKJACK21TRADER ( Read my nick carefully again )
princess_morbucks
13-01-14, 07:35
fully sold?
Don't know yet.
12/01/2014: Last day for showflat viewing & expression of interest before balloting/booking day on 17/01/2013.
http://thehillford.sg/
blackjack21trader
13-01-14, 07:45
Let The ILLUMINATED tells you what is going on.
.........
Now you get it? Dun cheong hor after hearing what I said. It is still better to follow me and cheong Handy Road CCR studios INSTEAD.
Sometimes, I am really amazed at what the so called property experts can say about this project or their analysis. No wonder work so many years liao they STILL cannot be a billionaire like me. SIGH...
Good Luck.
玄天神龙古人
UNCLE BLACKJACK21TRADER ( Read my nick carefully again )
Why better to follow uncle and cheong Handy Road CCR studios? Because later uncle got many stories to tell to PERK UP THIS LOCATION ( Remember Robertson Quay and West Coast? ).
Just be patience.
blackjack21trader
13-01-14, 07:49
Let The ILLUMINATED tells you what is going on.
...........
Sometimes, I am really amazed at what the so called property experts can say about this project or their analysis. No wonder work so many years liao they STILL cannot be a billionaire like me. SIGH...
Good Luck.
玄天神龙古人
UNCLE BLACKJACK21TRADER ( Read my nick carefully again )
"And of course if 60 years leasehold can cheong, 99 years will rise, 999 years will fly and FREEHOLD WILL ROCKET."- wise words by Very Handsome Uncle Blackjack21Trader.
60 years leasehold provided a support level for the rest of the property segments.
blackjack21trader
13-01-14, 08:03
Why better to follow uncle and cheong Handy Road CCR studios? Because later uncle got many stories to tell to PERK UP THIS LOCATION ( Remember Robertson Quay and West Coast? ).
Just be patience.
paiseh, in Chinese Cantonese it should be termed not "perk up" but "fry up".
Good Luck.
60 years leasehold provided a support level for the rest of the property segments.
oh, I tink differently fm uncle.
if 60lh cheong, will benefit 99lh, no favourable impact to fh wor ...
No question about rental return. How about the potential upside in rental and capital appreciation in an area full of larger FH units during downturn?
Let The ILLUMINATED tells you what is going on.
First for the cash loaded retired in Bukit Timah area, buying this retirement village is just like buying a car, or even cheaper than the cars they bought. If you do not understand what I mean, just drive to Bukit Timah and see the number of old high cost maintenance bungalows there ( at least S$6000 a month to maintain: utilites = S$1200 gardening= S$500 swimming pool= S$800 maids= S$3000 repairs minor =S$1000 ) . The retirement village provided an avenue for them to unload their bungalows and convert into cash for reinvestment. In this case, there will be no loan.
When enough converted, they will free up the land banks in that area for condos.
Secondly, for the youngsters, they buy to rent out. The rental returns from this 60 years leasehold far exceeded the 30 years leasehold commercial if you compare square foot for square foot and year for year and of course location for location.
And even with loans; the much longer tenure still effectively iron out the costs of borrowing for young people.
Now you get it? Dun cheong hor after hearing what I said. It is still better to follow me and cheong Handy Road CCR studios INSTEAD.
Sometimes, I am really amazed at what the so called property experts can say about this project or their analysis. No wonder work so many years liao they STILL cannot be a billionaire like me. SIGH...
Good Luck.
玄天神龙古人
UNCLE BLACKJACK21TRADER ( Read my nick carefully again )
No question about rental return. How about the potential upside in rental and capital appreciation in an area full of larger FH units during downturn?
Master BJ's agenda is quite clear- "frying up" the properties, especially those at Handy road. Of course, he is kind to not mind giving some spillover effect to other areas.
You still ask him?
Just ask urself the qn: where can find 388k brand new condo unit in upp bt timah area?
Just ask urself the qn: where can find 388k brand new condo unit in upp bt timah area?
i think the appropriate questions are:
where can find carrotheads to buy resale units? or where can find banks that will loan carrotheads who may intend to buy resale units?
Will you buy a condo unit knowing someone have just pass away in the unit.:hell-hath-no-fury:
Will you buy a condo unit knowing someone have just pass away in the unit.:hell-hath-no-fury:
Its a retirement village not a hospice for goodness sake.
proud owner
15-01-14, 15:18
Just ask urself the qn: where can find 388k brand new condo unit in upp bt timah area?
but its 60 yr lease ..does that translate to 1000 psf ?
very ex leh ...
with concierge service etc .. whats the maintenance charges ?
will the GYM be replaced with a physio therapy room ?
i think the appropriate questions are:
where can find carrotheads to buy resale units? or where can find banks that will loan carrotheads who may intend to buy resale units?
Why not? As long as yield returns are good and there is willing buyer, there will be demand for resale. I see in future buyers with limited budget might go for these type of units or when interest rates rise up, these owners will be the one making money.
Why not? As long as yield returns are good and there is willing buyer, there will be demand for resale. I see in future buyers with limited budget might go for these type of units or when interest rates rise up, these owners will be the one making money.
all of us know about yield and returns. this doesn't answer my second question:
are banks willing to loan? there is an inherent risk that banks may not be willing to do so due to the lease.
secondly, who are the targeted rental clientele? retirees who already have a paid roof over their head? retirees who want to pay a higher rental to live in a private MM instead of a HDB apartment?
as i had questioned earlier, are there services available in the development that cater to the needs of elderly? if not, it is merely a 60LH condo that is deceptively marketed as a retirement resort.
Property investment is not just about yield but capital appreciation and potential to grow.
Why not? As long as yield returns are good and there is willing buyer, there will be demand for resale. I see in future buyers with limited budget might go for these type of units or when interest rates rise up, these owners will be the one making money.
Property investment is not just about yield but capital appreciation and potential to grow.
People buy MM for yield rather than capital gain. $100psf gain for a 400sqft apartment is only $40,000, nothing to shout about.
However if one can collect $2000 rent per month in 10 years, that would be $240k assuming there is no mortgage.
Industrial property with 60yrs lease hold also got people buy. I think 60yrs lease hold is quite ok.
What if the value drop but not appreciate after ten years? May not be able to get $2000 rental per month if you look at the nearby condos. This is an untested product. :D
People buy MM for yield rather than capital gain. $100psf gain for a 400sqft apartment is only $40,000, nothing to shout about.
However if one can collect $2000 rent per month in 10 years, that would be $240k assuming there is no mortgage.
My regret is didn't buy parc rosewood at $400k when launched. I was thinking Woodlands is untested for mm at that time but recent subsale for 1 bedroom is $600k.
Can this development clubhouse be used for song ka? Aka funeral wake purpose? That would be agood selling point too as that would be the first in singapore.
This hillford will look cheap if govt launch 60yr LH retirement condo in yishun, woodlands, choa chu kang etc... Imagine developers selling $400k 60yrs LH in these places...
A portion of an article from Todayonline on Retirement home. It is exactly what I meant. Invest with eyes open.
ATTRACTIVE RETURN
Investors are probably attracted by the potential rental income. One possible buyer offered the following scenario:
Rentals for the one-bedroom units may fetch S$2,200 per month. This means that over the 57-year lease period that would remain postconstruction, the total rental income could potentially be S$1.5 million. Subtracting the purchase price of about S$400,000, that implies a profit of about S$1.1 million.
Ignoring stamp duties and other costs, as well as the vacancy period between tenants, one flaw in this proposition lies in the monthly rental
expectation of S$2,200 for a 398 sq ft apartment that includes a bomb shelter and an air-con ledge.
In comparison, monthly rentals for two-bedroom units in Signature Park(1,055 sq ft) across the road are currently around S$2,500. A little further
off, Springdale (970 sq ft) rents are approximately S$2,750. Both are condominium projects with much bigger grounds and facilities including tennis courts. A four-room HDB flat (about 1,000 sq ft) in nearby Bukit Batok may be rented at S$2,200 per month. The record high supply of private residences (about 19,000 units this year and next, and 23,000 units in 2016) will also put a cap on rentals.
Investors might also overlook the fact that if they wanted to sell this property, say 10 years from now in 2024 when the lease is left with 48 years, the next buyer may only get a maximum loan term of 18 years, which would limit the pool of potential buyers.
bargain hunter
17-01-14, 08:36
when will sales start for this? today, now?
princess_morbucks
17-01-14, 09:12
when will sales start for this? today, now?
Yes, sale starts today .
http://thehillford.sg/
Last updated on: 17 Jan 2014 17/01/2014: The Hillford VVIP balloting/booking commences today. Contact our developer appointed sales hotline to schedule an appointment after the VVIP event.
interesting.
281 residential units, 101 carpark lots.
i thought near mrt, provide 70% carpark lots.
far from mrt, then developer has to provide 100% carpark lots.
how does this developer get away with providing 101 carpark lots for 281 residential units?
interesting.
281 residential units, 101 carpark lots.
i thought near mrt, provide 70% carpark lots.
far from mrt, then developer has to provide 100% carpark lots.
how does this developer get away with providing 101 carpark lots for 281 residential units?
Disastrous design. Set up for trouble.
princess_morbucks
17-01-14, 10:21
interesting.
281 residential units, 101 carpark lots.
i thought near mrt, provide 70% carpark lots.
far from mrt, then developer has to provide 100% carpark lots.
how does this developer get away with providing 101 carpark lots for 281 residential units?
Mabbe they assume that most of the retirees won't drive?
Mabbe they assume that most of the retirees won't drive?
the idea of a retirement village is to sleep there eat there shit there die there... :D:D
Warning super crowded tentage and hot snatch for commercial units. Most 1rm MM all above 400k. All hoot due to low quantum. Commercial units psf not cheap
princess_morbucks
17-01-14, 10:49
Channel NewsAsia @ChannelNewsAsia 14m
Full house at sales launch of #Singapore's 1st retirement resort The Hillford - 1000+ interested buyers for 281 units pic.twitter.com/vVFOIE2vIk
https://pbs.twimg.com/media/BeJtnX-CcAAdMkg.jpg
Live report all 2bedders cleared m fully sold.. tq for ur supportee
regarding lack of carpark carpark and many MMs.
http://www.ura.gov.sg/sales/JalanJurongKechil%2813.11.06%29/tenderdocs/JJK-Circulardd2Nov12.pdf
guideline is 1 car space for every 200m2 residential GFA in retirement housing.
http://www.ura.gov.sg/sales/JalanJurongKechil%2813.11.06%29/Launch/JJK-QnAframes.htm
Q7 http://www.ura.gov.sg/sales/images/blank.gif Will the retirement housing be subject to the same development control parameters for residential development? We note that the guideline on the maximum number of dwelling units will not apply for retirement housing.
A7 http://www.ura.gov.sg/sales/images/blank.gif A retirement housing development is intended as a residential development for the elderly, and hence, is evaluated according to the same development control guidelines as other typical residential developments. However, specific to this site, a building coverage of 50% of the land parcel can be allowed if it is developed for retirement housing. In addition, incentive gross floor area (GFA) over and above the maximum permissible GFA for this site can be allowed for both balcony use and/or supporting medical or communal related uses that cater to the elderly. This incentive GFA is capped at 10% of the maximum permissible GFA. The guideline on the maximum number of dwelling unit is also not applicable if the site is developed for retirement housing. Please also note that the prevailing car parking requirements for residential and retirement housing developments are different.
and the loophole for developer building MMs for investment on retirement housing land.
Q6 http://www.ura.gov.sg/sales/images/blank.gif Is there a control on the purchaser’s profile if retirement housing development is proposed?
A6 http://www.ura.gov.sg/sales/images/blank.gif Retirement is a lifestyle choice and people may choose to retire at different ages, e.g. at age 55 or age 65. As such, we have provided flexibility for developers or operators to decide on the criteria used to screen those buying or renting the retirement housing units, if they wish to do so.
Lots of people want to retire young by looking at the crowd.:D
Channel NewsAsia @ChannelNewsAsia 14m
Full house at sales launch of #Singapore's 1st retirement resort The Hillford - 1000+ interested buyers for 281 units pic.twitter.com/vVFOIE2vIk
https://pbs.twimg.com/media/BeJtnX-CcAAdMkg.jpg
princess_morbucks
17-01-14, 11:58
http://www.todayonline.com/singapore/singapores-first-retirement-resort-launches-good-response
SINGAPORE — About 1,000 people turned up for the official sales launch of The Hillford this morning (Jan 17), which has been touted as the Republic’s first retirement resort here.
A mix of potential buyers, whose ages ranged from the 20s to the 50s, started arriving around 9am at the showflat near Upper Bukit Timah for the balloting exercise.
These people had expressed their interest in the project over the last two weeks.
The project offers 281 residential units with a shorter leasehold of 60 years, as compared to the usual 99-year lease for private developments. Amenities include a 24-hour concierge service, a full-time resort manager to coordinate activities and access to clinics, restaurants and an elderly care centre.
There is no age restriction for those who are looking to buy the property, and prices start from S$388,000 for a 398 sq ft one-bedroom unit, S$498,000 for a 506 sq ft two-bedded and S$648,000 for a 657 sq ft two-bedroom dual-key unit.
http://www.todayonline.com/sites/default/files/styles/photo_gallery_image/public/17585892.JPG?itok=APEKk97S
Lots of people want to retire young by looking at the crowd.:D
went there to look see last Saturday.. seniors mostly view it pricey for 300 sqft plus size of 1 room MM at over $400k( 60 yrs convert 99 yrs think $1800 to $1900 psf sama same only years shorter )...more young than old and agents occupy almost half the showroom....not near to MRT (mins to MRT can mean 10 mins to 99 mins)...60 yrs wef from 2013, completed left 57 yrs , rent a couple of years less than 55 yrs ....buy on hype and keep it for life??:confused:
can get outskirts big pte condo estate with full facilities new one around 470 sqft at around same price but 99 yrs... an additional of 39 yrs leh....
princess_morbucks
17-01-14, 16:25
Channel NewsAsia @ChannelNewsAsia (https://twitter.com/ChannelNewsAsia) 6m (https://twitter.com/ChannelNewsAsia/status/424108264700141568) SOLD OUT: #Singapore (https://twitter.com/search?q=%23Singapore&src=hash)'s first retirement resort The Hillford has sold out on its 1st day of sales pic.twitter.com/CPRgLLUL5v (http://t.co/CPRgLLUL5v)
so more 60years lease to come...
Can u imagine if absd or tdsr is remove? What will happen?
so more 60years lease to come...
as always, early bird always catch the worms.
With this sold out, I am sure many singaporeans is going to kpkb about this retirement home concept and then force government to introduce restrictions.
Can u imagine if absd or tdsr is remove? What will happen?
if TDSR removed, hillford bo lang buay(no one buy)...those buyers at hillford are affected by TDSR so can buy only low quantum(if can pay cash full upfront they might buy others at 99 LH or FH liao) and they desperately need one to show they own one retirement resort, the first in Sg the biggest hype...
after 5 years, can sell at $6XXK plus for 55yr LH? same as those who bought 99LH at 470 sqft at $4XXk but selling at S$6XXK?(for eg doublebay condo next to simei MRT) a couple of years back...or $500K for 99LH Caspian double room just next to Lakeside MRT(now selling $900k) and bigger than hillford? those are really near MRT within 5 min walk not MINS to MRT..:D
if TDSR removed, hillford bo lang buay(no one buy)...those buyers at hillford are affected by TDSR so can buy only low quantum(if can pay cash full upfront they might buy others at 99 LH or FH liao) and they desperately need one to show they own one retirement resort, the first in Sg the biggest hype...
after 5 years, can sell at $6XXK plus for 55yr LH? same as those who bought 99LH at 470 sqft at $4XXk but selling at S$6XXK?(for eg doublebay condo next to simei MRT) a couple of years back...or $500K for 99LH Caspian double room just next to Lakeside MRT(now selling $900k) and bigger than hillford? those are really near MRT within 5 min walk not MINS to MRT..:D
Agree. I also think lakefront which is sold at about $1100+ is a better buy than hillford.
If absd is remove u will see people queueing up overnight like buying mcdonalds hello kitty, transaction that month easily hit 1000units, price will increase 5% to 10% that month and Mr B also buay tahan go buy condo. :D
Hopefully overall market is always up (even in next few year when more proj completions, but is that possible?) ...that is the main reason why 60 yrs exists for residential in the first place...:D
obvious that there are many pple with cash waiting on the sidelines for good value buys. besides quantum is low.
obvious that there are many pple with cash waiting on the sidelines for good value buys. besides quantum is low.
what is good value buy leh? with cash is how much cash leh?:D
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