Two redevelopment sites up for sale

TWO redevelopment sites have been put on the market - Elizabeth Tower and 70 Shenton Way. A five-member consortium which includes Roxy-Pacific Holdings which bought 70 Shenton Way for $148 million in April last year is now seeking to sell the office block, which has approval for redevelopment into a 60:40 commercial-residential project, at a price said to be around $270 million. This price works out to $1,583 per square foot per plot ratio (psf ppr) including an estimated $56.72 million for topping up the site's lease to 99 years from the balance term of 58 years and an estimated $6.93 million development charge (DC). This calculation is based on the new development retaining 70 Shenton Way's existing gross floor area of 210,729 sq ft. This is the maximum GFA allowed for the redevelopment under provisional permission granted by Urban Redevelopment Authority (URA) on Aug 31 last year and extended till Aug 31, 2011. However, property consultancy group DTZ, which is marketing 70 Shenton Way's sale through a tender exercise, said that the unit land price could potentially be lowered to $1,534 psf ppr if the successful developer is allowed to tap the maximum 10 per cent bonus gross floor area for balconies for the residential component of the proposed development. This would entail a higher DC of $11.2 million but a lower lease upgrade premium of $54.9 million (based on the lower unit land price). Such a scheme would take the potential GFA to 219,158 sq ft inclusive of the 8,429 sq ft bonus balcony allowance. URA's provisional permission is for a 32-storey project on the 19,736 sq ft site which will include shops on the ground floor. The proposed project will have mechanical carparking in basement 1, as well as conventional car park lots in a podium carpark on levels two to five. Above that will be offices, while 135 apartments will be spread across the 24th to 32nd levels. There will be three sky terrace levels - on the sixth, 14th and 23rd floors. Singapore Land Authority has granted in-principle approval for topping up the site's lease to 99 years, although the amount payable for this has not been made known yet. Besides Roxy-Pacific, the other members of the consortium which owns 70 Shenton Way are Fission Group, Macly Capital, Pinnacle Assets and architect Chee Hsian Sing. All five hold equal stakes. The tender for 70 Shenton Way will close on June 23. Roxy-Pacific executive chairman and CEO Teo Hong Lim told BT that while the consortium had originally planned to redevelop the site itself, it has now decided to try and sell the site through a formal tender process after receiving unsolicited enquiries from property agents keen on finding buyers for the site. 'This will also give us an opportunity to ride on the increase in office capital values over the past year,' he added. 'If the consortium does not get the kind of price we have in mind, we can still proceed to redevelop the property itself,' he added. Separately, the majority owners of the freehold Elizabeth Tower at Mount Elizabeth off Orchard Road have put their homes up for collective sale with an asking price of $630 million. The site is zoned for residential use with 2.8 plot ratio and 36-storey maximum height under Master Plan 2008. URA has verified the project's existing GFA reflects an equivalent gross plot ratio of 4.6474. Based on this, the $630 million price tags works out to $2,496 psf ppr (with no DC payable). However, the unit land price could potentially be lowered to $2,323 psf ppr assuming the successful developer is allowed to tap the maximum 10 per cent bonus balcony allowance, which would entail an estimated DC of $15 million being payable, according to Credo Real Estate, which is marketing the site. On both calculations, the breakeven cost for a new project would cross the $3,000 psf mark, say analysts. The tender for Elizabeth Tower closes on June 22. The $630 million price tag for Elizabeth Towers is lower than the $673 million asking price during the previous collective sale attempt for the property in late 2007. The last successful large-scale collective sale site sold in District 9 was Westwood Apartments, which transacted at $453 million or $2,525 psf ppr in 2007. Source: Business Times © Singapore Press Holdings Ltd.

Two land sites at Orchard, Tanjong Pagar up for sale

Source:  Straits Times, Thursday, 19 May 2011

TWO centrally located land sites were offered for sale to developers yesterday - one for commercial and retail use, the other for inner-city homes. Elizabeth Tower - a condo near Mount Elizabeth Hospital in the Orchard area - is a collective sale tender with an asking price of $630 million. More than 80 per cent of owners have consented to the sale tender as required by law, marketing agent Credo Real Estate said yesterday. The total gross floor area upon redevelopment of the 80-unit development is 277,682 sq ft, which includes an extra 10 per cent balcony gross floor area. Under the Master Plan 2008, 36-storey developments are permitted on the site. Credo said the new development could boast 132 apartments with an average size of 2,000 sq ft, depending on the layout and configuration. The $630 million asking price works out to $2,397 per sq ft per plot ratio (psf ppr), said Credo's managing director, Mr Karamjit Singh. If the buyer purchases the additional 10 per cent space permitted for balconies, the cost works out to $2,323 psf ppr, he added. At that price, a developer may expect to break even at about $3,000 psf to $3,100 psf, he said. The last successful large collective sale in the area was Westwood Apartments, which sold for $435 million or $2,525 psf ppr in 2007. The second property put up for sale yesterday was 70 Shenton Way, in the Tanjong Pagar district, at an indicative price of $270 million or $1,500 psf ppr. The site currently boasts a commercial development, Marina House, comprising a four-storey podium and a 17-storey office tower with a gross floor area of about 210,729 sq ft. Marketing agent DTZ said yesterday that the site has obtained provisional permission from the Urban Redevelopment Authority for the construction of a 32-storey mixed commercial and retail development. In-principle approval from the Singapore Land Authority has also been obtained for a top-up of the lease to 99 years. The lease has 61 years left. The tender for Elizabeth Tower closes on June22, while that for 70 Shenton Way will close a day later, on June 23. HARSHA JETHNANI Source: The Straits Times © Singapore Press Holdings Ltd.

Developers rolling out 2 new projects in Pasir Ris, Hougang

Source:  Business Times, Thursday, 19 May 2011

  

Developers rolling out 2 new projects in Pasir Ris, Hougang	Business Times: Thu, May 19
AFTER chalking up a 29 per cent month-on-month increase in private home sales in April, developers continue to release new projects this month. At least two new residential projects will be rolled out this week - Belysa, an executive condo project in Pasir Ris, and Terrasse, a private condo development in Hougang. Both projects have 99-year leasehold tenure. While units in recent EC projects start from two-bedroom apartments, NTUC Choice Homes and Chip Eng Seng Corporation unit CEL Development are developing only three and four bedroom units at Belysa, their 315-unit EC project at Pasir Ris Drive 1/Elias Road - to promote three- generation family living. The average price will be $670 per square foot for buyers who opt for the normal progressive payment scheme. Developers of EC projects are allowed to offer the deferred payment scheme and buyers who choose this payment route for Belysa will pay an additional 2 per cent on the price. ECs are a hybrid of public and private housing with initial buyer eligibility and resale restrictions, which are completely lifted 10 years after the completion of an EC project. There is a $10,000 monthly household income cap for those buying ECs from a developer. Developers must set aside at least 95 per cent of units in the first month of launch for first-time home buyers. Qualifying first- time home buyers will enjoy a $30,000 CPF Housing Grant. At Belysa, which means illumination in Swedish, a three-bedroom compact unit starts from 829 sq ft and is priced from $574,000. A four-bedroom apartment of 1,335 sq ft is priced from $882,000. The most expensive unit in the development, a four-bedroom (suite) unit, costs $952,000. The project comprises a 16-storey block and two 18-storey blocks. A seasoned property consultant described the project's $670 psf average price as within his expectation, given that the project does not include small units, which can be sold for a higher psf price. Over at Hougang Avenue 2/Yio Chu Kang Road, MCL is previewing Terrasse condo later this week at an average price expected to be around $950 psf. The five-storey project will comprise 414 units - including one to four-bedroom apartments, five-bedroom penthouses and 15 garden duplex units (spread over the ground and basement levels). For businesses looking for their own premises as well as property investors thinking of venturing into strata industrial properties, Soilbuild Group will be soft launching North Spring BizHub at Yishun Industrial Street 1 on Monday. The seven-storey light and general industrial development will offer direct vehicular access to every level for containers up to 40 feet in length. The 60-year leasehold project will comprise 454 units ranging from 1,507 sq ft to 36,511 sq ft. Prices for the units begin from $478,000 or about $311 psf. Colliers International, which is marketing the project, said the units are suited for businesses from clean, light and general industries such as R&D, printing and publishing, engineering, warehousing and manufacturing. Source: Business Times © Singapore Press Holdings Ltd.

New EC at Pasir Ris to aid three-generational living

Source:  Straits Times, Thursday, 19 May 2011
THREE-GENERATIONAL living will be championed in the first executive condominium (EC) to be launched this year. The 315-unit Belysa project in Pasir Ris, at the junction of Pasir Ris Drive 1 and Elias Road, will be offering only three- and four-bedroom apartments. It is a joint venture between NTUC Choice Homes (NCH) and CEL Development, and will be priced at an average of $670 per sq ft (psf). This means that an 829 sq ft three-bedroom unit will start from $574,000 while a 1,335 sq ft four-bedder will be priced from $882,000. The largest four-bedroom suite of 1,421 sq ft sits under $1 million, starting at $923,000, both firms said in a release yesterday. Private condo NV Residences in Pasir Ris was launched in September last year at an average selling price of $830 psf. The developers said only three- and four-bedders were being offered after 'taking into consideration the challenges of Singapore's changing demographics and a growing preference among young married couples to live in the same estate as their parents'. The demand for three-generation living is also expected to spill over from the HDB to the private sector, they added. NCH chief executive Margaret Goh said these options will be attractive to young families planning for the long term as it allows three-generational living. Experts said demand is expected to be healthy as ECs cater to the so-called sandwich class - those with a household income of $8,000 to $10,000 - and unable to afford mass-market homes. It is unclear though how the review of the $8,000 income ceiling for HDB build-to-order flats might affect EC demand in the future, they added. Mr Colin Tan, research and consultancy director at real estate firm Chesterton Suntec International, said: 'There is also a pent-up demand from upgraders. If buyers are unable to buy private homes, then the next form of upgrading is through ECs.' ECs come with condo-like facilities and are an upmarket hybrid of public and private housing. Frasers Centrepoint's Esparina Residences near Buangkok MRT Station was the first EC to be launched in October last year after a drought of five years at an average price of $730 to $750 psf. This was swiftly followed by The Canopy in Yishun, Prive in Punggol and Austville Residences in Sengkang. Belysa - sited on a 99-year-leasehold 162,991 sq ft land parcel - will offer both the normal and deferred payment scheme. Viewing and applications will open tomorrow. Source: The Straits Times © Singapore Press Holdings Ltd.

Small Size, Big Draw

SMALL studio apartments might be a tight squeeze for some, but they have punched above their weight - and size - by achieving record prices, even in less glitzy areas outside the city centre.

These so-called shoebox apartments, typically less than 500 sq ft in size, first made their presence felt around 2006 in mainly prime districts. The Robertson Edge project off Mohamed Sultan Road is one example.

But the trend has since spread to regions outside the central area.

In fact, a 474 sq ft apartment at The Scala, near Lorong Chuan MRT station, was sold for $1,522 per sq ft (psf) - or about $720,000 - in August, according to caveats lodged with the Urban Redevelopment Authority.

Experts said this was likely to be a benchmark price set for a 99-year leasehold project outside the central region. Another two similarly sized apartments sold for $1,467 psf and $1,437 psf last month.

Other apartments which have fetched high prices include a 484 sq ft unit at 99-year leasehold project Optima@Tanah Merah, which sold for $1,280 psf, or $620,000, in September.

A 420 sq ft unit at Siglap V - also outside the central area - transacted at $1,584 psf, or $665,000, in August, while a 409 sq ft unit at Suites@Changi sold for $1,379 psf, or $564,000, in September. Both projects, however, are freehold.

Experts said buyers are drawn to the more affordable investment prices of shoebox units, compared with those of family-sized homes. The rising prices of Housing Board flats might also have nudged some to buy private properties at comparable prices instead.

The success of earlier shoebox developments, which have enjoyed capital gains in line with the market and higher rental yields, has also fed the trend, they added.

A CB Richard Ellis report last month said about 10 residential projects featuring predominantly small-format units will be launched in the next few months. With the exception of one, all the sites are in suburban areas like Telok Kurau, Siglap and Eunos.

Cushman and Wakefield's senior manager of Asia-Pacific research Ong Kah Seng said most shoebox apartment buyers are price-sensitive, and similar in profile to the typical buyers of suburban condominiums. Such units are thus increasingly popular, even if they are in non-prime areas, he said.

'Buyers of shoebox units are mixed in profile, but are usually singles or couples without kids, who do consider renting out the units... although the majority do not mind using them for owner occupation should there be limitations in finding the right tenants,' added Mr Ong.

Mr Colin Tan, head of research and consultancy at Chesterton Suntec International, said that with the market flush with liquidity, investors are constantly looking for avenues to park their cash.

And because investors have dominated sales, the attractions which owners usually look for, such as amenities, security and surroundings, matter less, he said. Instead, accessibility, such as being close to an MRT station, takes precedence.

Mr Tan added that small-format units are a consequence of high property prices, and as long as prices continue to rise, more of such units can be expected.

Kim Eng Research analyst Ooi Yi Tung said shoebox units offer an alternative to buyers who are priced out of the larger private property market and ineligible for Housing Board flats, or reject public housing for its perceived lower quality and lack of facilities.

Shoebox units also achieve slightly better rental yields than larger units because of their lower prices. Robertson Edge, for example, fetches a rental yield of 6.6 per cent, while the average yield for a centrally located condominium is 3 per cent to 4 per cent, he said.

Mr Ching Chiat Kwong, chief executive of property developer Oxley Holdings, said that as small units have affordable prices, buyers need not take huge loans and do not need to fear interest rate hikes, unlike buyers of units with larger price tags and heftier loans.

Oxley is a prominent developer of shoebox apartments, which will make up about half of the up to nine projects it expects to launch within the next six months.

Buyers of its units have included not only investors, who target the expatriate singles market, but also owner-occupiers who are mostly singles, young couples and some retirees who desire the ease of maintaining a small home, Mr Ching said.

He added: 'Although young people are mobile and seek an independent lifestyle, they like to live near their parents. So it's not surprising that you see people buying small units in suburban mature areas to be near their parents.'

But risks remain, as shoebox units are more vulnerable during an economic downturn, should the expatriate tenant population shrink.

Said Mr Ong: 'During challenging economic times, it's likely that local professionals will be cautious in spending, including on accommodation. There may be some who will choose to stay with their families until the economy shows strong signs of recovery.'

esthert@sph.com.sg
Source: The Straits Times © Singapore Press Holdings Ltd. Reprinted with permission

MND Press Releases - MEASURES TO MAINTAIN A STABLE AND SUSTAINABLE PROPERTY MARKET

30 August 2010

Press Releases

MEASURES TO MAINTAIN A STABLE AND SUSTAINABLE PROPERTY MARKET

1      The Government announced today the following measures to maintain a stable and sustainable property market:

1. Increase the holding period for imposition of Seller’s Stamp Duty (SSD) from the current one year to three years.
2. For property buyers who already have one or more outstanding housing loans¹ at the time of the new housing purchase:
   
   
   
   
   
   1. Increase the minimum cash payment from 5% to 10% of the valuation limit²; and
   2. Decrease the Loan-to-Value (LTV) limit for housing loans granted by financial institutions regulated by MAS to these buyers from the current 80% to 70%.

        The measures will take immediate effect on 30 August 2010.

2      The Government's objective is to ensure a stable and sustainable property market where prices move in line with economic fundamentals. The property market is currently very buoyant. While the rate of price increase of private residential properties has moderated in the last 3 quarters, prices have still increased significantly by 11% in the first half of 2010, and price levels have now exceeded the historical peak in the second quarter of 1996.

3      While Singapore has enjoyed strong economic growth in the first half of 2010, our economic growth is expected to moderate in the second half of the year. There are also still uncertainties in the global economy. Should economic growth falter and the market corrects, property buyers could face capital losses, with implications on their own finances and the economy as a whole. Moreover, the current low global interest rate environment will not continue indefinitely, and higher interest rates could have severe implications for buyers who have overextended themselves. Therefore, the Government has decided to introduce additional measures now to temper sentiments and encourage greater financial prudence among property purchasers.

Extending the Holding Period for Imposition of Seller’s Stamp Duty (SSD) on Residential Properties Sold from 1 Year to 3 Years
4      The Government imposed in February 2010 a seller’s stamp duty (SSD) for sellers who buy residential properties³ on or after 20 February 2010 and sell them within a year of purchase.

5      For residential properties bought⁴ on or after 30 August 2010, SSD will be imposed if these properties are sold within three years of purchase. Specifically, the SSD levied on residential properties will be revised to as follows:

1. Sold within the first year of purchase, i.e. the property is held for 1 year or less from its purchase date – The full SSD rate (1% for the first $180,000 of the consideration, 2% for the next $180,000, and 3% for the balance) will be imposed.
2. Sold within the second year of purchase, i.e. the property is held for more than 1 year and up to 2 years – 2/3 of the full SSD rate.
3. Sold within the third year of purchase, i.e. the property is held for more than 2 years and up to 3 years – 1/3 of the full SSD rate.

        No SSD will be payable by the vendor if the property is sold more than 3 years after it was bought. Please see Annex for examples of how the SSD will be computed.

6      The extended SSD will not affect HDB lessees as the required Minimum Occupation Period for HDB flats is at least 3 years.

7      IRAS will be releasing an updated e-tax guide on the circumstances under which SSD will apply and the procedures for paying SSD. The e-tax guide will be available at www.iras.gov.sg. Taxpayers with enquiries may call IRAS at 6351 3697 or 6351 3698.

Increase the Minimum Cash Payment from 5% to 10% of the Valuation Limit for Property Purchasers with one or more outstanding Housing Loans
8      Previously, property buyers have to make cash payment of at least 5% of the valuation limit⁵.  With effect from 30 Aug 2010⁶, the cash payment is increased from 5% to 10% of the valuation limit⁷.  This measure is applied only to buyers of private residential properties, Executive Condominiums, HUDC flats and HDB flats (including those under the Design, Build and Sell Scheme, or DBSS flats) who are taking housing loans from financial institutions regulated by MAS and who already have one or more outstanding housing loans at the time of applying for a housing loan for the new property purchase.

Decrease the LTV limit for housing loans granted by financial institutions regulated by MAS from the current 80% to 70% for Property Purchasers with one or more outstanding Housing Loans
9      The LTV limit is lowered from 80% to 70% with effect from 30 Aug 2010⁸ for borrowers who have one or more outstanding housing loans (whether from HDB or a financial institution regulated by MAS) at the time of applying for a housing loan for the new property purchase.  Borrowers who do not have any outstanding housing loans continue to have an LTV cap of 80%.  These rules apply to housing loans granted by financial institutions for private residential properties, Executive Condominiums, HUDC flats and HDB flats (including DBSS flats).

10      Loans granted by HDB for HDB flats (including DBSS flats) will still have an LTV cap of 90%. HDB loans are offered to eligible first-time flat buyers and second-timers who are right-sizing their flats to meet their housing needs. They are required to utilise all of their CPF Ordinary Account balance before HDB loans will be granted.  Furthermore, those taking a second concessionary HDB loan must use the CPF refund and 50% of the cash proceeds from the sale of their previous flat before they are granted an HDB loan. This is in line with HDB's home ownership policy of helping eligible buyers, especially first-time buyers, purchase public housing in a financially prudent manner.

11      Financial institutions' lending standards have remained prudent and the asset quality of housing loans has stayed robust, with the non-performing loans ratio at less than 1% as at Q2 2010. Nonetheless, there are signs that more housing loans are originating at higher LTV bands of above 70%.  In line with the objective of ensuring a stable and sustainable property market, lowering the LTV limit sends a clear signal to financial institutions to maintain credit standards, and encourages greater financial prudence among property purchasers already servicing one or more outstanding housing loans.

Adequate Supply in the Pipeline
12      The Government will also continue to ensure that there is adequate supply of housing to meet demand. In the second half 2010 GLS Programme, we have made available sites that can yield about 13,900 private housing units, of which about 8,100 units will be from sites on the Confirmed List. This is the highest potential supply quantum in the history of the GLS Programme.  We will inject an even larger supply of private housing in the first half 2011 GLS Programme, if demand continues to be strong.

13      Apart from the supply from the GLS Programme, there are also 61,800 uncompleted units of private housing from projects in the pipeline as at 2Q2010⁹. Of these, 32,600 units were available or could be made available for sale. These comprised units that had been launched for sale by developers, units that had pre-requisite conditions for sale¹⁰ and which could be launched for sale immediately, as well as units with planning approvals for which pre-requisite conditions for sale could be obtained quickly from the Government and made available for sale¹¹.

14      The Government will continue to monitor the property market closely and will introduce additional measures if required later, to promote a stable and sustainable property market.

*****

¹ Financial institutions are required to conduct checks with HDB and with one or more credit bureaus on whether the buyer has an outstanding housing loan at the time of applying for a housing loan for the new property purchase. For joint buyers, if either buyer has an outstanding housing loan, the joint buyers will be considered as having an outstanding housing loan.

² This is in addition to the cash over valuation amount that has to be paid in cash.

³ The SSD will apply to the transfer or disposal of interest (including sale and gifts) of residential lands and residential units (whether completed or uncompleted).

⁴ The date of purchase for computation of the holding period for SSD shall be the date when a buyer (i.e. Buyer A) exercises the option to purchase the property, or signs the sale and purchase agreement, whichever is earlier. The date of resale of the property shall be the date when the subsequent buyer (i.e. Buyer B) exercises the option to purchase the property from Buyer A, or signs the sale and purchase agreement, whichever is earlier.

⁵ The amount of CPF monies plus housing loan taken for the purchase of the property cannot exceed 95% of the valuation limit (defined as the lower of property value or property price).

⁶ The 10% minimum cash payment will apply to transactions where the date on which the option to purchase (OTP) was granted falls on or after 30 August 2010; or if there is no OTP, where the date of the sale and purchase agreement falls on or after 30 August 2010.

⁷ Therefore, the amount of CPF monies plus housing loan that can be used for the purchase of the property will be reduced from 95% to 90%.

⁸ The 70% LTV limit will apply to transactions where the date on which the option to purchase (OTP) was granted falls on or after 30 August 2010; or if there is no OTP, where the date of the sale and purchase agreement falls on or after 30 August 2010.

⁹ These refer to new development and redevelopment projects with planning approvals, i.e. either a Provisional Permission (PP) or Written Permission (WP).

¹⁰ These refer to private residential developments with Housing Developer Licence and Building Plan Approval. Under the Housing Developer (Control and Licensing) Act, a sale licence must be obtained for a project with more than 4 units, if the developer intends to sell uncompleted residential units in the development. However, the sale of the residential units can only commence with the approval of the building plans of the development.

¹¹ These refer to uncompleted private residential developments without pre-requisites for sale but with WP or PP granted. The sale licences could be obtained within 5 working days and building plan approvals could be obtained within 7 working days from the date of application for cases where clearances from various technical agencies are obtained and relevant documents are in order during formal submissions.

Issued by:	Ministry of National Development, Ministry of Finance and Monetary Authority of Singapore
Date:	30 August 2010

 

Key Changes to Singapore Real Estate Rules

MND PRESS RELEASE - 30TH AUGUST 2010


KEY CHANGES TO REAL ESTATE RULES:


- Holding period for imposition of Seller’s Stamp Duty (SSD) increased from the current one year to three years.
For residential properties bought on or after 30 August 2010, SSD will be imposed if these properties are sold within three years of purchase. Specifically, the SSD levied on residential properties will be revised to as follows:

1. Sold within the first year of purchase, i.e. the property is held for 1 year or less from its purchase date – The full SSD rate (1% for the first $180,000 of the consideration, 2% for the next $180,000, and 3% for the balance) will be imposed.
2. Sold within the second year of purchase, i.e. the property is held for more than 1 year and up to 2 years – 2/3 of the full SSD rate.
3. Sold within the third year of purchase, i.e. the property is held for more than 2 years and up to 3 years – 1/3 of the full SSD rate.

No SSD will be payable by the vendor if the property is sold more than 3 years after it was bought.


- For property buyers who already have one or more outstanding housing loans at the time of the new housing purchase:
i] Increase the minimum cash payment from 5% to 10% of the valuation limit
With effect from 30 Aug 2010, the cash payment is increased from 5% to 10% of the valuation limit.  Applied only to buyers of private residential properties, Executive Condominiums, HUDC flats and HDB flats (including those under the Design, Build and Sell Scheme, or DBSS flats) who are taking housing loans from financial institutions regulated by MAS and who already have one or more outstanding housing loans at the time of applying for a housing loan for the new property purchase.
ii] Decrease the Loan-to-Value (LTV) limit for housing loans granted by financial institutions regulated by MAS to these buyers from the current 80% to 70%.
Borrowers who do not have any outstanding housing loans continue to have an LTV cap of 80%.  These rules apply to housing loans granted by financial institutions for private residential properties, Executive Condominiums, HUDC flats and HDB flats (including DBSS flats).
Loans granted by HDB for HDB flats (including DBSS flats) will still have an LTV cap of 90%. HDB loans are offered to eligible first-time flat buyers and second-timers who are right-sizing their flats to meet their housing needs.

***The measures will take immediate effect on 30 August 2010