The data shows 2,391 vacant Executive Condominium units as being vacant at the end of the 2nd quarter, a 14.1% vacancy rate infers a significantly high proportion of MCC Land Tampines Tender investors in the twelve recently completed Executive Condominium developments. Investors seek to use these units as an investment asset and so these units do not fulfill their function as public housing.
There is a basic Tampines Ave 10 New Condo problem policymakers view Executive Condominiums as high class public housing intended for aspiring young families with higher incomes and those wishing to upgrade to improved housing in The Alps Residences, but developers, property agents and private investors see EC as an investment and a means to make money.
Tampines MCC Land The Alps Residences Date
Ministry of National Development and HDB said that income ceilings for new HDB and HC units were last raised in 2011 and since then over 21,000 families had benefitted. Assuming that 30% of those families on annual incomes between 96,000 and 144,000 Singapore dollars had an average 30,000 Singapore dollars in government grants, this would equate to around 189 million Singapore dollars provided by the Singapore taxpayer.
MCC Condo Tampines Showflat
A group of three conservation shop-houses with leaseholds of 99 years are up for sale in Tanjong Pagar and Geylang.
The first of these properties is situated at 157, 159 and 161 Geylang Road. It offers 8,331 square feet of estimated floor area and 2,988 square feet of land area. The two floor shop-house sits on a corner and has a rear extension of 4 levels. The guide price for this property sits at $10.8 million, which equates to a floor area of around $1,296.40 per square foot.
This dual frontage shop-house, with prominent views of both Loring 3 Geylang and Gaylang Road, is situated near the Kallang MRT station. Tender for Tampines Ave 10 MCC Land is currently tenanted by G7 Sin Ma Live Seafood Group. The property has a remaining lease of 76 years and is zoned for commercial usage. The plot ratio is 3.0 and, under the Master Plan 2014, has a 5 storey maximum allowable building height for newer rear extensions.
Also up for sale in the Tampines Avenue 10 east condo Historic District is a set of adjoined conservation shop-houses situated at 84 and 86 Tanjong Pagar Road. The two units, while held under titles that are separate, are being sold as one single property. Both shop-houses are 3 storeys with a 4,564 square foot estimated floor area, and a 1,653 square foot total land area. There are 71 years still remaining on its tenure and has a $9.5 million asking price, which equates to a floor area of $2081.50 per square foot.
It is impossible to know how many families will avail themselves of the new increased income levels, but if 10% of the 175,000 households earning between 120,000 and 168,000 Singapore dollars annually or between 10,000 and 14,000 dollars a month do so, the taxpayer may have to provide 525.6 million dollars in government grants for middle to high earners in Tampines Ave 10 Condo, also a significant number of those who buy ECs do so, not to house their families, but to make a profit.
Tampines Avenue 10 East condo
The question to ask is what is Singapore’s public housing for? Are the housing needs of lower income families satisfied? Can middle to higher income earners buy public housing without disadvantaging lower income families? There are so many demands on the limited public purse, such as improving public transport, hospital capacity, educational facilities and standards and much more, can government subsidies for those who are relatively well off in tampines new launch, really be a good use of taxpayers’ money? Is it likely that increased competition from the larger pool of public housing buyers and investors will give any benefit at all to lower income households? Developers must satisfy their shareholders, is it, therefore it is logical that profits from Executive Condominium projects will increase because of the increase in the pool of wealthier applicants.