Skysuites @ Anson Road is launching in March 2011

Good for investment due to capital appreciation, good quantum and the future development of Tanjong Pagar into a 24/7 vibrant city.City living with full condo facilities and mins walk to Tanjong Pagar MRT station.Integrated kitchen equipment that can be tucked away when you do not need to use, making the house look neat and tidy.  Even your washer cum dryer and ironing board is well hidden.Full condo facilities with a 75m lap pool, tennis court and 3 sky terraces for you to enjoy including a 360 degree viewing deck on the upper deck of 72nd sky terrace.

Buyer can opt for unit without the wall separating the living area and bedroom.

One of the four largest 3 bedroom units located on the 71st storey.

72nd storey is the Sky Terrace with upper viewing deck.

7th Level Pool and Outdoor Facilities

31st Level Chill Out

56th Level Retreat

72nd Level Roof Terrace with Upper 360 degree Viewing Deck

Call 9796 9789 for viewing appointment.

New landmark emerging in Tanjong Pagar

With the new development to transform the current KTM station site into a Waterfront City development, a new landmark is emerging next to Tanjong Pagar MRT.

A partial extract of press release about GuocoLand awarded the tender for the Tanjong Pagar white site.


PRESS RELEASE
February 23, 2011
A NEW WORLD-CLASS ICON IN SINGAPORE
WHITE SITE AT TANJONG PAGAR

Signing of Building Agreement with
the Government of Singapore

1. GuocoLand’s wholly-owned subsidiaries, Perfect Eagle Pte Ltd, Guston Pte Ltd and  Belmeth Pte Ltd, which were awarded the tender for the Tanjong  Pagar white site at Peck Seah / Choon Guan Street in November 2010, have  signed the Building Agreement with the Government of Singapore.

2. The land parcel will be transformed into an exciting world-class development  featuring over a million square feet of central Grade A office space, together  with quality hotel and retail components, and potentially being Singapore’s  tallest ever residences which will reach a height of 280 metres above mean  sea level or an equivalent of approximately 78 storeys. The Group’s future  commercial and residential development will have a total gross floor area of  approximately 1.7 million square feet  which will fully integrate with the adjoining Tanjong Pagar MRT station. This large-scale development will also form an integral part of Tanjong Pagar as a live-work-play precinct, in line with  Singapore being a leading global financial and business hub.    

3. The purchase price for the 99-year leasehold site is $1,708,080,000 or $1,006  per square foot per plot ratio. The land parcel occupies a unique prime location in the heart of the city centre at Tanjong Pagar, the southern gateway  to Singapore’s Central Business District (“CBD”). The culturally-rich Tanjong  Pagar precinct is a well-established commercial hub with a ready catchment  of retail, food and beverage, lifestyle and entertainment offerings at Duxton  Hill and the historic district of Chinatown.  

Banks roll out flexible home loans

They offer up to 60% financing, raising it to 80% later to help those hit by new rules

By Jessica Cheam
Published: January 27 2011,
The Straits Times

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BANKS here are providing an unprecedented degree of flexibility when granting loans to home buyers who are moving from one home to another.

They are agreeing to grant loans of up to 60 per cent of the property's value first, and raising them to 80 per cent later.

The move is helping property upgraders save time and money as they navigate tricky timelines created by new property financing rules first introduced last August.

To recap, the rules stipulate that home owners with an existing home loan can obtain only 70 per cent financing for a second home they wish to buy. The limit was reduced further to 60 per cent this month. The usual loan limit is 80 per cent.

This makes it hard for home buyers, particularly those in the Housing Board market, who simply want to move from one property to another. They now have to prove they have sold their existing flat before qualifying for 80 per cent financing.

The problem is that the proof of sale is a letter of approval from the HDB, which is issued two weeks after what is known as the 'first appointment'. This appointment, part of the HDB buying process, takes place six to eight weeks from when the deal is struck.

What this means is that an HDB upgrader or downgrader would have to sell his unit first and wait about two months before he can get 80 per cent financing from a bank for his next home. Otherwise, he will get only 60 per cent.

Logistically, he will also have to move out of his existing flat way before he can move into his new one.

This has translated to hundreds of property buyers moving to an interim location. Some even ask for an extension of stay at their existing homes beyond the legal completion of the sale, which is technically illegal under HDB rules.

Most banks here say they are prepared to grant these buyers 60 per cent financing on a new home, and then restructuring the loan to 80 per cent financing when the buyer proves he has sold his home.

HSBC personal financing services head Greg Zeeman said: 'We are flexible about reviewing loan quantums, as we understand customers sometimes need more time to sell their existing property or decide on the proportion of loan and CPF savings used to finance their new property.'

This is a radical departure from past practice. Previously, once the letter of offer from a bank was accepted by a borrower, the terms could not be changed, said Dennis Wee Group director Chris Koh.

United Overseas Bank (UOB) loans division head Chia Siew Cheng said UOB also offers this flexibility, but added that it also takes into account 'current market regulations and guidelines, customers with good credit records, stable income and the ability to service the loan'.

Private property owners who are buying and selling their homes in back-to-back transactions also potentially benefit from this increased flexibility. But the problem is less acute for them because in the private property market, home sellers can stipulate a longer period of time for a sale to be completed.

The stamp duty certificate - the proof needed for 80 per cent financing for private property - is also obtained earlier in the sale process.

One home owner looking to move is housewife Koh Lay Hua, 55, who cheered the new flexibility offered by banks. 'I'm glad some banks are allowing this... I definitely would have to sell my flat to pay for the next one.'