The Straits Times, 25 July 2024, Thursday
Katong’s Roxy Square put up for collective sale at $1.25billion
The Straits Times, 25 July 2024, Thursday
HDB comes down on about 800 flat owners for flouting lease rules from 2019 to 2023
The Business Times, 25 July 2024, Thursday
Roxy Square up for collective sale with S$1.25b minimum price
The Business Times, 25 July 2024, Thursday
过去五年约70人严重违规组屋被收回
Lianhe Zaobao, 25 July 2024, Thursday
乐斯广场综合项目集售 最低叫价12.5亿元
Lianhe Zaobao, 25 July 2024, Thursday
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70 HDB flats reacquired over lease infringements from 2019 to 2023
The Straits Times, 25 July 2024, Thursday
SINGAPORE – About 70 flats have been reacquired by the Housing Board (HDB) after it uncovered serious lease infringements committed by the flat owners in the last few years.
They were among 800 cases that HDB took action against from 2019 to 2023 for infractions such as unauthorised rental, non-occupation during the flat’s minimum occupation period (MOP), and acquiring an interest in private property during the MOP.
In about half of these cases, the errant flat owners were issued written warnings, while around 330 of them were fined up to $50,000, HDB said in a statement on July 24.
The remaining owners had their flats compulsorily acquired by HDB.
These numbers from HDB come after recent media attention on short-term stays.
A media report by CNA in June found that condominium units and HDB flats were being offered for short-term rental on the Airbnb platform, with some claiming to be authorised serviced apartments.
The Straits Times understands that the number of cases involving HDB lease infringements for each year from 2019 to 2023 has been consistent.
HDB said it uncovered these 800 cases through routine flat inspections and after receiving reports from the public. From 2019 to 2023, it conducted 29,000 inspections, or 500 a month. It also investigated 4,400 cases following public feedback.
In addition, it monitors flat listings to detect lease infringements.
In its statement, HDB pointed to three notable cases where it had to compulsorily acquire flats from their owners following serious infringements.
In the first case, a couple who purchased a five-room Build-To-Order flat in 2015 advertised their unit for sale, posting pictures online that showed it was in a “bare condition”. HDB’s investigations found that the couple had lived elsewhere and did not occupy the flat during the MOP.
In another case, an owner of a three-room flat had sought HDB’s permission to rent out one of the bedrooms, but went on to rent out the whole unit instead.
Investigations found that the woman had bought the flat solely to generate rental income and did not need it for accommodation, said HDB, adding that this was a serious lease infringement.
The final case flagged by HDB involved a couple who bought a resale executive apartment in 2017, and listed their son and daughter as authorised occupiers.
In December 2020, the man, whom HDB identified as Mr S., went on to purchase a private residential property with his father. The purchase was made in trust for Mr S’s son, a minor, as the beneficiary.
HDB suggested that Mr S. relinquish the trusteeship and transfer ownership of the private property to his father, or sell it, but Mr S. rejected these options and took no steps to address the infringement.
It led HDB to reacquire the executive apartment.
The agency reminded flat owners that HDB flats are primarily meant for owner-occupation, and there are rules in place to guard against misuse. Flat owners must physically reside in their flats during the MOP before they can sell or rent their units, said HDB.
It added that flat owners, their spouses and authorised occupiers are prohibited from acquiring interests in local or overseas private residential properties during the MOP.
Approval must also be sought before renting out the unit or its bedrooms, said HDB, adding that flat owners must comply with its terms, which include a cap on the number of tenants.
If only the bedrooms are rented out, flat owners must continue living in the flat with the tenants, it said.
Source: https://www.straitstimes.com/singapore/some-70-flats-reacquired-by-hdb-for-lease-infringements-from-2019-to-2023
Katong’s Roxy Square put up for collective sale at $1.25billion
The Straits Times, 25 July 2024, Thursday
SINGAPORE – Roxy Square, a freehold mixed use development in the Katong area, is being put on the market via a collective sale at a minimum asking price of $1.25 billion.
This translates to a land rate of $2,094 per sq ft per plot ratio (psf ppr) for the freehold site, including a land betterment charge (LBC), according to its marketing agent.
Developers pay an LBC for the right to enhance the use of some sites or to build bigger projects on them.
Built in three phases from the early 1980s to 2000, Roxy Square comprises Roxy Square Shopping Centre, which has 296 shops and 26 apartments located above the mall, and Grand Mercure Roxy hotel, which has 576 rooms.
Owners of the retail shops stand to get proceeds ranging from $579,000 to $19.9 million each, while residential owners stand to receive between $1.55 million and $2.77 million each, a spokesperson told The Straits Times.
Roxy-Pacific Holdings owns 52 retail shops in Roxy Square Shopping Centre, as well as the Grand Mercure Singapore Roxy, which is self-managed under a franchise agreement with international hotel operator Accor Group, according to the property developer’s website.
The marketing agent declined to comment on the amount of proceeds Roxy-Pacific stands to get from the collective sale of its retail shops and the hotel. The Straits Times has approached Roxy-Pacific for comment.
Under the 2019 Master Plan by the Urban Redevelopment Authority (URA), the site, which has a gross floor area of 668,000 sq ft, is currently zoned for commercial and residential use as well as hotel use. But the entire site may be rezoned for commercial and residential use and redeveloped into a high-rise mixed development.
Subject to the URA’s approval, the future project can potentially include more than 350 residential units and about 80,000 sq ft of retail space and food and beverage space.
The remaining gross floor area of about 172,000 sq ft can be set aside for office, hotel, or other commercial uses.
The tender closes on Sept 26.
“We have observed an increasing popularity with home buyers in recent years for mixed residential and commercial developments. In the Katong area, there are currently no comparable mixed-used sites to Roxy Square available for redevelopment,” said a market observer.
Located near Marine Parade MRT station, the future Roxy Square project may have a direct connection to the station concourse, linking it to an underground pedestrian network with retail shops.
“There are many success stories of developers achieving premium prices for such mixed-use projects, especially those that (have) an MRT station or even a bus interchange integrated into the site,” he said.
On why more owners of mixed-use developments appear to be trying their luck now, a market analyst noted that the successful sales of Delfi Orchard and Shenton House could have spurred interest in the commercial collective sale market.
In the mixed-use property sector, Delfi Orchard, which sold for $439 million, was the largest collective sale during the second quarter of 2024.
In November 2023, Shenton House in the Central Business District was sold to IOI Properties Group for $538 million.
In May, Katong Plaza, which has 132 retail units and 14 residential apartments, was launched for collective sale at $188 million. This translates to a land rate of $1,901 psf ppr, including a land betterment charge of about $6 million, according to marketing agent Huttons Asia.
The freehold site, now zoned for commercial and residential use, has been granted outline permission from the URA to convert it for hotel use. The tender for Katong Plaza closes on July 25.
High Street Centre at 1 North Bridge Road has received an offer of under $700 million, more than 6 per cent below its reserve price of $748 million, after its collective sale tender closed on June 24.
The owners are now collecting signatures to get an 80 per cent mandate to cut the reserve price.
The URA will support the development of at least 60 per cent of the site’s 466,085 sq ft of gross floor area for commercial use. This may comprise a mix of office and retail, including food and beverage.
Some 40 per cent may be allocated for the redevelopment of a hotel of about 450 keys, or for residential or serviced apartment use, according to the marketing agent.
Source: https://www.straitstimes.com/business/property/roxy-square-in-katong-put-up-for-collective-sale-at-125b
HDB comes down on about 800 flat owners for flouting lease rules from 2019 to 2023
The Business Times, 25 July 2024, Thursday
80 per cent mandate to cut the reserve price.
The URA will support the development of at least 60 per cent of the site’s 466,085 sq ft of gross floor area for commercial
THE Housing and Development Board (HDB) has taken action against about 800 flat owners for lease infringements between 2019 and 2023. Some had failed, for example, to follow the conditions of the Minimum Occupation Period (MOP); others broke the rules on the renting out of their flats.
Of the 800 cases, about 400 were issued written warnings; another 330 were fined up to S$50,000, HDB said on Wednesday (Jul 24). In the remaining 70 or so cases involving severe infringements, HDB compulsorily acquired the flats.
HDB’s announcement follows last month’s report by CNA about more than 15 listings on Airbnb offering two and three-night stays in condominium units and HDB flats.
Such listings are illegal because the minimum stay for those seeking to rent private residential properties is three months; for public housing flats, the minimum stay is six months.
HDB said it takes a serious view of the infringement of HDB rules and regulations, and would not hesitate to take action against errant flat owners.
In one case of compulsory acquisition, a couple were caught leaving their flat unoccupied from the day they collected the keys, having chosen instead to live in a landed property belonging to the wife’s parents.
HDB received feedback from the public that the flat had been put up for sale online, with photographs in the advertisement showing a bare unit.
Another couple’s HDB flat was acquired after the husband and his father jointly purchased in 2020 a private property to be held in trust for the couple’s son.
This was during the five-year MOP for the executive apartment the couple bought from the resale market in 2017. After the private property had been bought, HDB suggested to Mr S that he relinquish the trusteeship and transfer ownership of the property to his father, or sell the property.
HDB said: “However, Mr S informed HDB that he was not keen on either option, and took no further steps to regularise the infringement, despite repeated reminders from HDB to do so.”
To detect potential infringements of HDB rules and regulations, HDB conducts routine inspections on units and investigates suspected cases based on feedback from members of the public and property agents.
Between 2019 and 2023, HDB carried out 29,000 routine checks for lease infringements, or about 500 inspections every month, it said.
Over the same period, it also looked into another 4,400 suspected cases of lease infringements based on feedback received.
Owners are required to physically occupy their flat during the MOP before they are allowed to sell their flat on the open market, or rent out the whole flat.
Flat owners, their spouse and occupiers are also barred from acquiring interest in local or overseas private residential properties during the MOP.
“The MOP policy safeguards HDB flats for households with genuine housing needs,” HDB said.
It added: “This is to ensure that affordable public housing remains accessible to genuine homebuyers who intend to live in it. It also helps to encourage stability and deter the speculative purchase of HDB flats by preventing immediate resale or rental of newly acquired flats.”
Flat owners who are unable to occupy their flats during the MOP – such as if they are posted overseas for work – need to get in touch with HDB to seek a waiver of this requirement. HDB assesses such appeals on a case-by-case basis, it said.
HDB also reminded owners that if they rent out bedrooms in their flat, they must continue to live there throughout the rental period. Locking up a room and renting out the rest of the flat, without the owners physically staying there, will be treated as a case of a whole-flat rental instead of a bedroom rental, HDB said.
Owners renting out their flats should also adhere to the prevailing occupancy cap. Currently, up to four unrelated persons are allowed in one- and two-room flats, and six unrelated persons are allowed in three-room flats. For four-room and larger flats, the occupancy cap is eight unrelated persons.
“Flat owners who flout the rules or cause disamenities to the public may have their approval for rental revoked,” HDB said.
HDB also reminded flat owners to ensure that their prospective tenants meet eligibility conditions to rent the flat or bedrooms from them. Tourists, for example, are not allowed to rent HDB flats or bedrooms for short-term stay, because the minimum rental period is six months, HDB said.
Source: https://www.businesstimes.com.sg/property/hdb-comes-down-about-800-flat-owners-flouting-lease-rules-2019-2023
Roxy Square up for collective sale with S$1.25b minimum price
The Business Times, 25 July 2024, Thursday
THE freehold Roxy Square Shopping Centre and Grand Mercure Roxy Hotel, collectively known as Roxy Square, has been launched for sale via tender at a minimum price of S$1.25 billion.
The minimum price reflects a unit land rate of about S$2,094 per square foot per plot ratio (psf ppr) and is inclusive of a land betterment charge (LBC) at the base gross plot ratio of about 3.86, said its sole marketing agent on Wednesday (Jul 24).
Factoring in an additional 10 per cent for the bonus gross floor area (GFA) for the residential component with the LBC payable, the unit land rate would be around S$2,034 psf ppr, it added.
The development was built in three phases from 1980s to 2000, and comprises 296 shops and 26 apartments. The hotel component currently has 576 rooms.
Under the Urban Redevelopment Authority (URA)’s 2019 Master Plan, the site is partially zoned as “Commercial and Residential” with a gross plot ratio of 3 along East Coast Road. It is also partially zoned as “Hotel” on the side fronting Marine Parade Road.
According to the property consultancy firm, the entire Roxy Square site may be rezoned into “Commercial and Residential” and be redeveloped into a high-rise mixed-use development consisting of residential, commercial, and/or hotel components.
Roxy Square has a total site area of 163,305 square feet (sq ft) with a GFA of 668,000 sq ft. Subject to URA’s approval, a developer could potentially configure the allowable GFA into a mixed-use development with 350 residential units and 80,000 sq ft of retail and F&B space. The remaining GFA of about 172,000 sq ft could be used for office, hotel, or other compatible commercial uses.
A market observer said: “In the Katong area, there are currently no comparable mixed-used sites to Roxy Square available for redevelopment, not to mention a freehold one. Knowing the keen interest from many medium and large, local, and foreign developers, we anticipate significant interest for this very rare freehold opportunity.”
The site is located in front of the newly opened Marine Parade MRT station. The sole marketing agent said there is a provision for a knock-out-panel which will allow the future development to be integrated directly with the MRT station. This will allow for connectivity between the station concourse level to the underground pedestrian network with an array of shops.
Highlighting the development’s proximity to the new MRT station, he added: “There are many success stories of developers achieving premium prices for such mixed-use projects, especially those which are typically transit-oriented with an MRT station and even a bus interchange integrated into the site.”
More than 80 per cent of the owners have consented to the collective sale at the minimum price. Dentons Rodyk & Davidson LLP are the appointed lawyers acting for consenting owners of the development, said the sole marketing agent.
The tender for Roxy Square will close on Sep 26.
Source: https://www.businesstimes.com.sg/property/roxy-square-collective-sale-s1-25-billion-minimum-price
过去五年约70人严重违规组屋被收回
Lianhe Zaobao, 25 July 2024, Thursday
违例出租整间组屋、在最低居住年限前空置组屋或购买私人住宅,建屋发展局过去五年对约800名屋主采取行动,其中约330人罚款高达5万元,约70人因严重违规而组屋被强制收回。
建屋局星期三(7月24日)发文告强调,组屋主要是作为屋主居住用途,若遭滥用当局将针对违例者采取执法行动。
根据建屋局规定,购屋者不论直接向建屋局或在转售市场买组屋,须自己居住最少五年才可转售,黄金地段组屋则要住满10年。在住满最低居住年限(Minimum Occupation Period,简称MOP)之前,屋主不可出售或出租整个单位或投资私人住宅。MOP从屋主领取钥匙后算起,但不包括屋主没有入住的时间。
即使MOP期满,但屋主若想要出租房间或整个单位,仍须获建屋局批准。按照规定,出租个别房间的屋主须继续居住在单位内。
从2019年到2023年,建屋局共在全岛随机展开2万9000次稽查行动,每个月约500次。当局同时也针对另外4400个疑似违例案进行调查。
这五年间,建屋局对约800起违例案采取行动,其中约400人接获书面警告,约330人面对高达5万元的罚款。有70人因严重违反规定,组屋被强制收回。
Source: https://www.zaobao.com.sg/realtime/singapore/story20240724-4341376
乐斯广场综合项目集售 最低叫价12.5亿元
Lianhe Zaobao, 25 July 2024, Thursday
集合乐斯广场购物中心(Roxy Square Shopping Centre)和新加坡美爵乐斯酒店(Grand Mercure Roxy Hotel)于一体的综合发展项目,以12亿5000万元的最低价推出市场。
独家销售这个项目的房地产咨询公司在星期三(7月24日)发表文告说,这个位于马林百列的综合项目在1980年代至2000年分三个阶段建造。乐斯广场有296间零售店和26个住宅单位,美爵乐斯酒店有576间客房。
这个项目所处地段的总楼面面积达66万8000平方英尺,总容积率为3.86。
重新发展的项目可包括350个住宅单位和大约8万平方英尺的零售与餐饮店,其余17万2000平方英尺可用来建造办公楼、酒店或其他合适的商业用途,但必须获得市区重建局的批准。
若以12亿5000万元成交,地价相等于容积率每平方英尺2094元,这包含土地增值费。若把10%的额外总楼面面积计算在内,容积率尺价为2034元。
Source: https://www.zaobao.com.sg/realtime/singapore/story20240724-4348102
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