Property portal 99.co presents the following weekly property news roundup for the week of 29 August to 4 September:
#1: Stage 2 of Thomson-East Coast MRT line will open later, says Transport Minister
Due to Covid-19, the completion of the second stage of the Thomson-East Coast Line (TEL) will be pushed back by three months to early 2021.
The delay, which was revealed in Parliament on 4 September by Transport Minister Ong Ye Kung, involves six TEL stations: Springleaf, Lentor, Mayflower, Bright Hill, Upper Thomson and Caldecott.
“The circuit breaker and phased re-opening since April this year have caused delays to the completion of the Thomson-East Coast Line Stage 2,” said Mr Ong, who noted the second stage was “near completion and prioritised for resumption of work.”
Meanwhile, Ong added that the completion timeline for subsequent phases of TEL can only be assessed at a later date, “when construction activities have more fully resumed”.
#2: Development Charge rates reduced to spur commercial and hotel redevelopment
The Ministry of National Development (MND) announced a reduction of development charge (DC) rates for the next six-month period of 1 September 2020 to 28 February 2020.
The changes in DC rates is particularly targeted at encouraging commercial revitalisation in the Orchard Road area, which has not only been hard hit by Covid-19 but also seen sales and footfall negatively impacted by the rise of e-commerce. The largest cuts in DC rates, 15% lower from the previous period, were also assigned to the area for commercial and hotel/hospital uses.
Read the full story by 99.co here.
#3: Queen Astrid Gardens put up for en bloc sale
After securing 13 signatures out of 16 from the owners of Queen Astrid Gardens, the condo’s collective sale committee officially availed the prime District 10 property on the market for a guide price of $126.8 million.
An exisiting four-storey development, Queen Astrid Gardens is located on one of the most highly-regarded Good Class Bungalow Areas (GCBAs) in Singapore. The building sits on a 999-year leasehold site measuring 5,782 square metres in total area.
Besides retaining the land for condo use, successful bidders can also build a single mansion on the sprawling land, or subdivide it into a maximum of four GCB parcels, subject to approval by the relevant authorities, according to exclusive marketing agent Knight Frank Singapore.
The tender for Queen Astrid Gardens closes on 7 October at 3pm. If the en bloc is successful, the owner of each unit stands to receive around $8 million, which ranges from 2,411 to 2,573 square feet. This is more than double the current market price for the units, which ranges from $3.5 million to $4 million.
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