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Loan consultant could be your best friend when you need that extra money in tough times

Click on Loan consultant could be your best friend when you need that extra money in tough times
for the source.
Author: Ravi Philemon

Met with your loan consultant lately? Now would be a good time, whether your company is in the market for a business loan or not.

By: Hitesh Khan/

loan consultantYour loan consultant can be your best friend when economic times are tough. But, as in any relationship, credibility and trust are key. And that requires mutual respect, honesty and staying in touch.

Contact your loan consultant often and keep them posted on what’s happening with your business, even if you’re not looking for money. Bring them into your inner circle and have them visit your operations at least once a year. Ideally, develop that relationship during good times so that you can count on them when times get tough.

Loan consultants are much more receptive to loan requests from businesses they have established relationships with. But expect more stringent due diligence and more questions from lenders when the economy isn’t doing well.

Your business loan to-do-list

Borrowing money can make good business sense for well-managed businesses that plan ahead. Here are a few things to consider in preparing for that critical meeting with your loan consultant:

1. Decide what type of money you need

Is it equity, working capital or long-term money for fixed assets? Knowing what type of money you need will determine whether you approach a bank, credit union, equity investor or other financier.

2. Two or more lenders are better than one

Part of your planning for the worst should be to shop around and establish additional sources of credit. If you are large enough, divide your financing between different institutions. If you are smaller, split your financing needs into shorter – and longer-term.

This is where an independent loan consultant will be most useful.

Loan consultants who have a strong working relationship with several strong lenders, will be your best bet in comparing loans and in getting one which best meets your requirement.

3. Satisfy the five “Cs” of lending

Entrepreneurs should understand what criteria a lender will be applying in its assessment. These can be referred to as the “five Cs of credit.”

  • Character: Does your management have the skills, experience and track record to deliver?
  • Capacity: Do you have the ability to repay the loan? Banks will be looking at both your track record and your anticipated cash flow.
  • Capital: Is your equity base strong?
  • Conditions: How are local and even international events affecting your business?
  • Collateral: Often mistaken as the most important thing a lender wants, collateral is actually lower on a banker’s priority list, compared to the other “Cs.”

4. Talk to your lender

Don’t be a stranger: keep the lines of communication open. This includes meeting all of your company’s reporting requirements on a timely basis. Sending your financial statements and other reports late to your lender leaves a very bad impression.

Likewise, do not exceed your approved credit limit. If your company is going to need additional money, talk to your lender in advance to inquire about getting a temporary extension. And lastly, be realistic about your short – and long-term cash flow projections and share this information with your lender. This can be used as the basis for your line of credit once it’s required.

5. Do your homework

When a lender asks for more data and more paperwork, don’t put up a fuss. Lenders are in the business of lending money, but their head offices do more thorough due diligence in tough times to ensure the money they loan is for sound business ventures.

It can also be important to firm up your business plan. Bankers often have to improve clients’ business cases and plans before they can lend them money. Entrepreneurs who do their homework and produce a solid business plan are more likely to get funding.

6. Run a tight ship

This is back to basics stuff that not all companies stay on top of: Focusing on activities like collecting accounts receivables promptly, paying bills and tracking inventory. Banks will want assurances that you are taking care of such business fundamentals.

In a nutshell:

  • Prepare well and in advance.
  • Diversify your risk.
  • Ensure you understand what criteria will be used to assess your business.
  • Be forthcoming—answer a banker’s questions 10 times if need be and disclose problems early.
  • Master your business plan.
  • And maintain a good handle on your basic finances.

How to Secure a Business Expansion Loan Quickly

If you are searching for a business expansion loan, the loan consultants at iCompareLoan can set you up on a path that can get you a it in a quick and seamless manner. Our loan consultants have close links with the best lenders in town and can help you compare various loans and settle for a package that best suits your needs. Find out money saving tips here.

Our Affordability Tools help you make better property buying decisions. iCompareLoan Calculators help you ascertain the fair value of a property and find properties below market value in Singapore.

If you are looking for a new home loan or to refinance, our Mortgage brokers can help you get everything right from calculating mortgage repayment, comparing interest rates all through to securing the best home loans in Singapore.

And the good thing – whether it is business expansion loans or mortgage loans – is that all our services are free of charge. So it’s all worth it to secure a loan through us for your business expansion needs.

Contact us for advice on a new home loan.

Contact us for home loan or refinancing advice.

The post Loan consultant could be your best friend when you need that extra money in tough times appeared first on iCompareLoan Resources.

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HDB launches 6,753 flats in May 2019 BTO and SBF exercise

Click on HDB launches 6,753 flats in May 2019 BTO and SBF exercise
for the source.
Author: Ravi Philemon

HDB launches 6,753 flats for sale today under the May 2019 Build-To-Order (BTO) and Sale of Balance Flats (SBF) exercise. This includes 3,485 BTO units and 3,268 SBF units across various towns/estates.

HDB Launches Wide Range of Flats for Different Budgets and Needs

May 2019 BTO Exercise

The 3,485 BTO flats on offer are spread across four projects. Three projects are in the non-mature towns of Tengah and Woodlands, while another project is in the mature town of Kallang Whampoa.

A wide selection of flats, ranging from 2-room Flexi to 5-room flats, is offered to meet the diverse housing needs of first-timer and second-timer families, elderly and singles. In view of the eldercare services and facilities in its vicinity, the 2-room Flexi flats at Kempas Residences are offered only to seniors (aged 55 and above) on short leases of between 15 and 45 years (in 5-year increments).

HDB Launches Priced with Generous Subsidy

New HDB flats are priced with a generous subsidy, taking into account factors such as location, flat attributes and prevailing market conditions. HDB’s prices are considerably lower than transacted prices of comparable resale flats in the vicinity. In addition, 2-room Flexi flats are priced taking into account the lease chosen.

HDB said that eligible first-timer families can enjoy up to $80,000 of housing grants, comprising the Additional CPF Housing Grant (AHG) (up to $40,000) and the Special CPF Housing Grant (SHG) (up to $40,000). With these grants, flat buyers could pay as little as $6,000 for a 2-room Flexi flat, $90,000 for a 3-room flat, $184,000 for a 4-room flat, and $331,000 for a 5-room flat.

BTO Prices for May 2019 HDB Launches

 

Town Contract Flat
Type
Transacted Prices
of Resale Flats
in the Vicinity #
Selling Price
(Excluding
Grants **)
Selling Price
(Including
Grants ^)
Non-Mature Towns
Woodlands Champions Green 2-room
Flexi*
From  $86,000 From  $6,000
3-room $280,000  –  $318,000 From  $165,000 From  $90,000
4-room $360,000  –  $400,888 From  $244,000 From  $184,000
5-room $470,000  –  $495,000 From  $336,000 From  $331,000
Tengah Plantation Acres ~ 2-room
Flexi*
From  $106,000 From  $26,000
3-room From  $192,000 From  $117,000
Garden Vale  @ Tengah ~ 4-room $340,000  –  $448,000 From  $309,000 From  $249,000
5-room $455,000  –  $570,000 From  $415,000 From  $410,000
Mature Town
Kallang / Whampoa Kempas Residences 2-room
Flexi*^^
(40-year Lease)
From  $117,000 From  $95,000
3-room From  $387,000 From  $367,000
4-room $680,000  –  $717,500 From  $562,000 From  $557,000

INFORMATION ON BTO FLATS IN MAY 2019 HDB LAUNCHES

CHAMPIONS GREEN
Champions Green is bounded by Champions Way and Woodlands Drive 17. Within Champions Green, the publicly accessible roof garden and sky terrace provide opportunities for residents to gather, interact and bond.

A wide range of facilities and amenities is available in the town, such as the HDB Neighbourhood Centre (NC) at Vista Point, as well as Causeway Point and Woodlands Civic Centre. For leisure, residents can participate in the activities organised by ACE The Place Community Club. Schools in the town include Innova Primary School,
Woodgrove Secondary School and Singapore Sports School.

To support an eco-friendly lifestyle, the development is designed with several eco-friendly features such as regenerative lifts to reduce energy consumption, use of sustainable and recycled products in the development, ABC Waters design features to clean rainwater and beautify the landscapes, etc. It will also have Smart Lighting in
common areas to reduce energy usage.

HDB launches

HDB launches 2 BTO projects in Tengah town

GARDEN VALE @ TENGAH and PLANTATION ACRES

Two BTO projects are offered for sale in Tengah town. Garden Vale @ Tengah is bounded by Tengah Drive, Tengah Boulevard and Plantation Crescent. The other project, Plantation Acres is sited along Plantation Crescent. Within the developments, there are publicly accessible roof gardens and landscaped areas that provide space for community gatherings and bonding.

Both developments are located near upcoming amenities such as a NC, a community club and Jurong Region Line MRT stations. The developments will be served by bus services leading to the city and nearby towns. Residents will also be able to walk and cycle everywhere in Tengah, with an extensive network of walking and cycling paths. Autonomous vehicles will be piloted in Tengah town to provide convenient first-mile-lastmile connection to key transport nodes and amenities.

Garden Vale @ Tengah is located within Garden District that is framed by Tengah Pond and Central Park. This picturesque setting will be complemented by the gardenthemed farmway, which encourages healthy and active living.

Within Plantation District where Plantation Acres is located, key amenities such as a community club, NC, and a shopping street will line the Plantation Farmway, making it a vibrant place for residents. There will be opportunities for facilities such as organic markets and farm-to-table dining.

Both developments are designed with several eco-friendly features such as regenerative lifts to reduce energy consumption and ABC Waters design features to clean rainwater and beautify the landscape. The development also has smart technologies that bring about a more liveable, efficient, sustainable and safe living environment, including a Pneumatic Waste Conveyance System which optimises the deployment of resources for cleaner and fuss-free waste disposal as well as smart lighting in common areas to reduce energy usage.

KEMPAS RESIDENCES

Kempas Residences is bounded by Serangoon Road, Lavender Street, Boon Keng Road and Kempas Road. Within the development, there are publicly accessible roof garden and sky gardens providing visual relief as well as serve as alternative outdoor spaces for community gathering and bonding.

Residents of Kempas Residences will be served by the Boon Keng MRT station. For their shopping needs, they can patronise the Bendemeer Shopping Mall (an HDB NC), providing a wide range of goods and services. The Market and Food Centre in this NC offers a wide range of specialty food and fresh produce to cater to the residents’ needs. Other communal facilities include the Kallang Community Club, Whampoa Park Connector, Jalan Besar Stadium and Swimming Complex, etc, where residents can participate in the activities for leisure and recreation.

The development is designed with several eco-friendly features such as regenerative lifts to reduce energy consumption, use of sustainable and recycled products in the development, ABC Waters design features to clean rainwater and beautify the landscapes, etc. Furthermore, the developments will have Smart Lighting in common areas to reduce energy usage.

How to Secure a Home Loan Quickly

Are you planning to invest in properties in Australia but ensure of funds availability for purchase? Don’t worry because iCompareLoan mortgage broker can set you up on a path that can get you a home loan in a quick and seamless manner. We are the experts who do the work for you for free, while you lean back, rest and rely on our professionalism at absolutely no cost to you.

Our brokers have close links with the best lenders in town and can help you compare Singapore home loans and settle for a package that best suits your home purchase needs. Find out money saving tips here.

Whether you are looking for a new home loan or to refinance, the Mortgage broker can help you get everything right from calculating mortgage repayment, comparing interest rates all through to securing the best home loans in Singapore. And the good thing is that all our services are free of charge. So it’s all worth it to secure a loan through us.

For advice on a new home loan.

For refinancing advice.

The post HDB launches 6,753 flats in May 2019 BTO and SBF exercise appeared first on iCompareLoan Resources.

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Mortgage exit by Westpac leaves borrowers hanging

Click on Mortgage exit by Westpac leaves borrowers hanging
for the source.
Author: Ravi Philemon

About 300 of Westpac Singapore’s customers were notified that the bank would unwind its mortgage loan portfolio. The decision to unwind its mortgage loan portfolio will affect properties in Australia and New Zealand.

Westpac Banking Corp is of Australia’s oldest and second largest bank, and its Singapore office is Asia’s headquarters. According to Business Times, the bank gave its customers six months (till end September) to repay or refinance the loans within this time period.

Westpac’s decision to unwind its mortgage loan portfolio comes after bank posted its worst half-year profit since 2013.

It was reported in early May that the bank posted its second lowest half-year profit since 2013, as interest income shrank along with the housing market, and costs increased as the bank compensated some of its customers for mishandled services.

Analysts noted that there was no sign that Westpac would see a rebound in profits in the short term, and that falling housing demand, tightening credit standards and greater competition from non-banking sector, will constrain the bank’s performance.

They added that the weakness in the housing market, as well as increasing numbers of borrowers rolling-off interest only loan into principal and interest, is resulting in a rise in mortgage delinquencies. The proportion of borrowers at least 30 days behind on their mortgage loan in Australia has risen from 14 per cent in September to 159 per cent at the end of March.

Westpac

Image credit: Australian High Commission Singapore

The decision by Westpac to unwind its mortgage loan portfolio also comes after the Australian regulators in responding to property price boom, responded with lending caps.

Wespac’s chief executive officer, Brian Hartzer, was recorded as saying, “regulatory activity is intense, economic growth has slowed, consumer and business demand has softened, house prices have fallen and competition has increased. All these have put pressure on earnings and given us a list of issues to manage.”

Mr Hartzer added: “This is a disappointing result reflecting weaker business conditions and the bank dealing decisively with outstanding issues, including remediation and resetting our wealth strategy.”

Using mortgage brokers has many obvious benefits

Westpac’s decision to unwind its mortgage loan portfolio as several Australian lenders are clamping down on home loans to foreigners as concerns about housing market down under mount. Rising demand, especially from China, has triggered concern that Australian residents are being priced out of the property market.

Westpac said in late April that it will no longer lend to offshore customers who are not citizens, or who do not hold appropriate residency visas. And since early May, the bank followed up with a formal demand for payment from some customers, reminding them of the terms of the facility.

If the outstanding mortgage loan remain unpaid, the bank cautioned that it would not hesitate to take its client to a court or take possession of the related property. The demand notice also said that if the outstanding loan was not cleared, it intended to notify a credit reporting agency of the default by the customer.

The bank said that its decision to close its investment property loan book in Singapore as well as in Hong Kong was made after careful consideration of commercial and strategic factors, including its ability to service this market competitively. Westpac has since stopped offering new loans in 2016.

Options for customers affected by Westpac’s decision to unwind its mortgage loan portfolio includes a non-exclusive, non-binding arrangement with HSBC in Singapore, to assist with local refinance options, subject to the latter’s loan application process, credit criteria and relevant terms and conditions.

TALK TO A LOAN CONSULTANT ABOUT REFINANCING YOUR AUSTRALIAN PROPERTY WITH HSBC

Why you should refinance your mortgage loan while you still can

Whether you are looking to invest or refinance your Australian property, you can now seamlessly finance it locally with the new HSBC International Mortgage. Exclusively for residential properties in Adelaide, Brisbane, Perth, Melbourne and Sydney, you can enjoy:

  • Option of AUD or SGD financing
  • Loan tenor of up to 30 years
  • Loan amount of up to 70% (for AUD loan) and 60% (for SGD loan) of purchase price or property value, whichever is lower

TALK TO A LOAN CONSULTANT ABOUT REFINANCING YOUR AUSTRALIAN PROPERTY WITH HSBC

Exclusive promotional interest rate*

As HSBC’s valued customer, you will be offered an exclusive promotional interest rates when you take up an International Mortgage (for Australian property only) with HSBC.

Loan Interest Rate
SGD Loan 3M SIBOR# + 2.28% throughout loan tenor (indicative 4.22% as at 7 May 2019)

 

AUD Loan 1M AUD VLR+ + 2.18% throughout loan tenor (indicative 3.78% as at 7 May 2019)

 

Eligibility:

  • Singapore Citizens / Permanent Residents or Foreigners (Employment Pass holders) residing in Singapore
  • Minimum loan size of $200,000 (AUD/SGD)

How to Secure a Home Loan Quickly

Are you planning to invest in properties in Australia but ensure of funds availability for purchase? Don’t worry because iCompareLoan mortgage broker can set you up on a path that can get you a home loan in a quick and seamless manner. We are the experts who do the work for you for free, while you lean back, rest and rely on our professionalism at absolutely no cost to you.

Our brokers have close links with the best lenders in town and can help you compare Singapore home loans and settle for a package that best suits your home purchase needs. Find out money saving tips here.

Whether you are looking for a new home loan or to refinance, the Mortgage broker can help you get everything right from calculating mortgage repayment, comparing interest rates all through to securing the best home loans in Singapore. And the good thing is that all our services are free of charge. So it’s all worth it to secure a loan through us.

For advice on a new home loan.

For refinancing advice.

The post Mortgage exit by Westpac leaves borrowers hanging appeared first on iCompareLoan Resources.

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Money problem? 8 handy tips to help you overcome the crisis

Click on Money problem? 8 handy tips to help you overcome the crisis
for the source.
Author: Ravi Philemon

If you are facing a money problem, and there are several measures you can take towards recovery.

By: Phoenix Lee/

These steps will put you back on track, but the journey from a money problem will be long. But as Confucius said “A journey of a thousand miles begins with a single step.”

1. Empower Yourself

The first and the hardest thing to do when faced with a money problem, is to recognise that you are in a bad financial situation and you have to consciously decide to do something about it.

Arm yourself with knowledge about money, so that you can learn to master it. There are a lot of good books, blogs, and web sites that you can peruse to build your knowledge. I recommend this short article on wealth building.

2. Stop Carrying Credit Cards
Sometimes the temptation to use these plastic cards is just too great — it is so convenient, isn’t it? A good way to stop yourself from using them is not to carry them around. Carry just enough cash for whatever you have planned for the day. This will force you to think about your spending habits, and prevent you from buying on impulse. If you manage to clear your credit card debt, you can reward yourself by keeping one in your wallet for emergencies.

money problem

Image credit: Hloom via Flickr

3. Consolidate Your and Pay Down Your Debt
If you owe money on several credit cards, it is time to make phone calls. Call your credit card companies and ask them to lower the interest rate. If the customer service representative refuses, hang up and call back again — another person may be more helpful.

While on the phone, ask if they would offer you a better interest rate and waive fees if you transfer all your credit card balances to them. Do not forget to review the fine print carefully – e.g., how long does this better rate last? What is the catch?, etc. You do not want to be surprise by a higher rate 3 months down the road.

While you are going through this phone exercise, make a list of all your credit cards. For each write down the current balance, interest rate, negotiated interest rate, balance transfer fee, and any other note. You will want to come back to this later.

Lastly, ask different financial institutions to see if they would offer you a personal loan. If the rate is good, you can use this money to pay off balances on credit cards with higher interest rates.

Once you have your list, you can do the following:

  • Transfer balances from high interest to low interest cards
  • Pay off the balance with highest interest rate using your money, or money you borrowed; while paying the minimum on all other cards

Remember, to put your credit cards away until you get on top of your money problems.

Emergency personal loans may be easy to get, but not best solution

4. Hit the Pause Button on Spending
Only buy the minimum you need to survive — e.g., food, medicine, transportation, etc. — and do not stock up. Opt for less expensive items over more expensive ones, and buy used instead of new when you can.

For electronics, always wait until the first price cut before you buy. For all other stuff, do not buy anything the moment you want it, wait 1 month and see what happens. If you still want it then, may be it is worth your money.

5. Always Have a Shopping List Handy
Always make a shopping list before you go to the store, and do not be tempted while you are there. Walk straight to the items that you want and go through your list as fast as I can.  The theory for this is, if you did not put it on your list, it cannot be that important.

If you do this, you can save a decent amount of money each week which will contribute towards you overcoming your money problems.

Personal loans best advice is to not get one unless absolutely necessary

6. Spend Your Free Time Away from the Mall
It is nice and cool at the mall. You get to look at other people, and play with all the cool gadgets. But spending your free time at the mall is a terrible way to get out of a money problem. Instead, spend your time on other activities like walking in the park, riding your bicycle, reading books, reading stuff on the Net, watching television and old online videos, just to name a few.

7. Save $20 a Week for Rainy Day
Even if you are tempted to use every last dollar to pay off your debt, you should pull out $20 each week. Most importantly, do not use the money once you saved it. After 1 year, you will have your first $1,000 of emergency fund.

8. Update Your Resume and Post It on the Job Search Sites
When was the last time you asked your boss for a raise or for a promotion? When was the last time you update your resume? The time is NOW. Update your resume and post it on job search sites. While you are there, look around and see what employers are looking for. May be it is time to update your knowledge and skills. A promotion with pay raise, or a new job with better salaries will be a great help for you to overcome your money problems.

How to Secure a Personal Loan Quickly

If you have a money problem and are searching for a personal loan to expand your business, the loan consultants at iCompareLoan can set you up on a path that can get you a it in a quick and seamless manner. Our loan consultants have close links with the best lenders in town and can help you compare various loans and settle for a package that best suits your needs. Find out money saving tips here.

Our Affordability Tools help you make better property buying decisions. iCompareLoan Calculators help you ascertain the fair value of a property and find properties below market value in Singapore.

If you are looking for a new home loan or to refinance, our Mortgage brokers can help you get everything right from calculating mortgage repayment, comparing interest rates all through to securing the best home loans in Singapore. And the good thing is that all our services are free of charge. So it’s all worth it to secure a loan through us for your business expansion needs.

Contact us for advice on a new home loan.

Contact us for home loan or refinancing advice.

The post Money problem? 8 handy tips to help you overcome the crisis appeared first on iCompareLoan Resources.

Tengah Garden District to debut in BTO exercise this month

Click on Tengah Garden District to debut in BTO exercise this month
for the source.
Author: Ravi Philemon

Tengah Garden District will debut in the Housing and Development Board’s (HDB) Built-to-Order (BTO) exercise this month.

Despite it being one of the newest estates in Singapore, Tengah has been garnering attention from Singaporeans thanks to some of its interesting features like lush greenery, UrbanWater Harvesting System and community farms. It appears that Singaporeans are really looking forward to the future city concept that Tengah has vowed to bring to Singaporeans. In this upcoming BTO in May, Tengah will be offering the most number of units with more than 2,000 units up for grabs.

A good mortgage advisor can save you lots of hassle and money

The two plots in Tengah Garden District that are up for balloting will be slightly off the Tengah town centre. However, that doesn’t mean that accessibility will be compromised. Based on the URA Masterplan, there will be two MRT stations under the Jurong Region Line serving the two plots. There will also be CCs and healthcare centres built in the vicinity.

Nearest MRT Tengah Plantation MRT

Tengah Park MRT

Nearest shopping mall West Mall
Nearby amenities Proposed CC

Proposed Healthcare Centre

Jurong Polyclinic

Schools in the area Jurongville Secondary School

Hong Kah Secondary School

Jurong Primary School

Commute time to City Hall MRT 1 Hour
Commute time to nearest shopping mall 15 minutes
Types of flats offered 2R Flexi, 3R, 4R, 5R
Estimated number of units 2,180

HDB BTO Tengah Graden District – Amenities around it

The launch of Tengah Garden District comes after flats from the estate’s Plantation District were launched in November last year.

HDB said that at about 80 hectares, the Tengah Garden District is expected to provide up to 6,500 new homes when fully completed.

Best advice for first-time homebuyers before they get their dream homes

HDB added that the height of the apartment blocks at Tengah Garden District will be staggered to create the impression of “valleys nestled amid garden spaces”. The flats in Tengah Garden District will be oriented to maximise the surrounding garden views, with all roads featuring 2m-wide dedicated cycling paths and 1.5m-wide pedestrian paths.

With about 3,000 sqm of community and allotment gardening, the recreational corridor will be a key feature of the Tengah Garden District.

HDB said that one end of this recreational corridor will lead to the Tengah Pond while the other will lead to a 20-hectare park. The park will serve as a buffer between homes and the future Jurong Innovation District, and the Tengah Pond will feature waterfront retail and recreational facilities.

The first BTO exercise to be launched in the Tengah Garden District is christened Garden Vale@Tengah.

Each flat in the Tengah Garden District will be equipped with data points and additional power points to enable the adoption of smart home devices. Tengah will be Singapore’s first and largest smart and sustainable town, planned with green and sustainable features, and smart technologies from the outset.

To realise this vision, HDB will be partnering the SP Group to study the potential of developing Tengah into a Smart Energy Town. This involves developing and test-bedding a centralised energy software system, akin to a ‘brain’ that will collect, process, analyse, and learn data on energy consumption at the town-, neighbourhood-, and apartment-levels. The study, which will enable a more efficient and sustainable model of energy management, will be conducted over a one-year period from July 2018.

Called the Smart Energy Concierge, the system will be powered by artificial intelligence and designed to be connected to the energy grid, energy storage systems and solar photovoltaic (PV) generators. It will be programmed to identify patterns and anomalies in energy flows to minimise disruption to services, channel energy more efficiently to optimise energy use, and promote greater conservation of energy.

For example, the system could be programmed to detect power failures occurring in residential blocks, street lamps, or traffic lights, and to channel energy from other sources such as the grid, energy storage systems or solar PV generators, to the affected site, thus minimising disruption of services to residents. Similarly, excess energy obtained from solar PV systems can be channelled into storage and be used at a later time to power estate services such as lifts or water pumps, instead of using energy supplied from the grid. This will contribute to Singapore’s national goal of energy conservation.

This holistic approach in energy planning and management will be the first-of-its-kind for an HDB town, and the largest of its scale in Singapore.

As part of the collaboration, an Energy Concierge App will be developed to tap on the artificial intelligence of the Smart Energy Concierge software, opening up the potential for innovative services to be created for residents.

For example, future residents of Tengah, as well as the Town Council, could choose to link their utilities account to the app, to view their energy consumption rates, pay utility bills, subscribe to products and services such as smart home solutions and devices, and explore electricity retail packages.

How to Secure the Best Home Loans Quickly

iCompareLoan is the best home loans portal for home-seekers, buyers, investors and real estate agents alike in Singapore. On iCompareLoan, you will be able to find all the latest news and views, informational guides, bank lending rates and property buying trends, and research data and analysis.

Whether you are looking to buy, sell or refinance apartments, condominiums, executive condos, HDB flats, landed houses or commercial properties, we bring you Singapore’s most comprehensive and up-to-date property news and best home loans trends to facilitate your property buying decisions.

Our Affordability Tools help you make better property buying decisions. iCompareLoan Calculators help you ascertain the fair value of a property and find properties below market value in Singapore.

Our trademarked Home Loan Report is Singapore’s first one-of-a-kind analysis platform that provides latest updates of detailed loan packages and helps property agents, financial advisors and mortgage brokers analyse best home loan packages for their clients, so that they may give unbiased home loan/commercial loan analysis for their property buyers and home owners. Our distinguished Panel of Property Agents who are users of our Home Loan report can give the best all-rounded advise to real estate seekers.

All the services of our mortgage consultants are ABSOLUTELY FREE, which means it’s all worth it to secure a loan through us.

Whether it is best home loans, best commercial loans or refinancing of existing loans or SME loans, CONTACT US TODAY!

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RTS Link Project suspended till end September at Malaysia’s request

Click on RTS Link Project suspended till end September at Malaysia’s request
for the source.
Author: Ravi Philemon

Minister for Transport, Mr Khaw Boon Wan, wrote in his Facebook that at Malaysia’s request and in the spirit of bilateral cooperation, Singapore has agreed to suspend the construction of the JB–Singapore RTS Link Project for a period up to 30 September 2019.

Mr Khaw said that Malaysia will bear the abortive costs in suspending the RTS Link Project, and that if by 30 September 2019, Malaysia does not proceed with the RTS Link Project, Malaysia will also bear the agreed costs incurred by Singapore in fulfilling the RTS Link Bilateral Agreement (BA).

RTS Link Project

Image credit: Mr Khaw Boon Wan FB

For the six-month delay, the Malaysian government will pay Singapore $600,000 as RTS Link Project abortive cost before July 30 this year.

“The amount that will be paid to the Singapore government is about S$600,000 for the suspension period that will be until September 31 this year. The cost of the suspension is not compensation for the project, but the amount the Singapore government had spent on the implementation of the RTS project in the republic,” Malaysian Transport Minister Anthony Loke Siew Fook said after signing a supplementary agreement on the RTS Link Project suspension at the PSA Building in Alexandra Road here today.

In exchanging the legal documents in Singapore to vary the BA based on the new understanding, Mr Khaw said that this is a temporary setback for the RTS Link Project.

Woodlands Regional Centre White site released by URA

“But I remain optimistic that the project could resume in due course,” he said. Adding, “the cross-border congestion is real and only a decisive project like the RTS can make a material difference to the current situation.”

The idea of a Mass Rapid Transit between Singapore and Johor Bahru was first suggested in 1991 when then Singapore Minister for Communications Mah Bow Tan said that the Woodlands MRT line, now part of the North South MRT line, would be designed to accommodate such an extension. The idea was endorsed and agreed to in principle by both countries.

The rapid transit system was then revisited two decades later and proposed during the Singapore-Malaysia Leaders’ Retreat on 24 May 2010. The Rapid Transit System revival imagined the idea of linking Tanjung Puteri, Johor Bahru and Singapore, aiming to ease traffic congestion on the Johor–Singapore Causeway and enhance connectivity between the two countries. It was targeted to be operational by 2018.

In June 2011, Singapore informed Malaysia that the rail link will be a northern extension of Thomson-East Coast Line Stage 1, which will start at Woodlands North MRT/RTS station. In September 2014, the Johor Public Works, Rural and Regional Development committee chairman Datuk Hasni Mohammad announced that Malaysia had chosen Bukit Chagar as its terminating station, over Tanjung Puteri, JB Sentral 1 and JB Sentral 2. The terminal would have its own Customs and Immigration clearance facilities, separate from the existing facilities at Sultan Iskandar Building.

In January 2018, Singapore and Malaysia signed a bilateral agreement on the project. The agreement finalised certain aspects of the project, including its maintenance facilities, operator, and customs facilities. Construction of the 4km link was set to begin in 2019.

But in January 2019, Singapore’s Minister of Transport, Khaw Boon Wan informed that the project is not progressing well, with Malaysia missing deadlines that were set in the bilateral meeting in 2018. Deadlines were extended as soon as they were negotiable – the first until September 2018, then December 2018, then February 2019.

Mr Khaw said that the bilateral agreement does not provide suspension unlike that of the Kuala Lumpur-Singapore High-Speed Rail. “However, in the spirit of bilateral relations we can always work out some amendments,” he said, adding that “the immediate first step is to settle, finalise and sign the supplementary agreement which can be done soon”.

The announcement of the suspension of the Transit Link Project will dim little the prospects to the property developments in the Woodlands area.

Rapid Transit System revival may add buzz to Woodlands

This is because the Urban Redevelopment Authority (URA) has already marked the growth of the Woodlands Regional Centre as an anchor development of the North Coast into an innovative corridor buzzing with ideas, creative design and new technologies. The Woodlands Regional Centre is currently well served by the existing Woodlands North-South Line MRT station and Woodlands Bus Interchange, and with the upcoming completion of the new Thomson Line stations at Woodlands and Woodlands North, there will be excellent accessibility to the city.

With more than 100ha of available land for development, Woodlands Regional Centre is poised to capitalise on its unique waterfront location and assets to be the Northern Gateway to Singapore. Woodlands Central is envisioned as the retail and mixed use cluster, while Woodlands North Coast will be the business and residential cluster, with 4 unique precincts:

  • Admiralty Park & Waterfront Residential Precincts: Waterfront and garden residences
  • Central Boulevard Mixed Use Precinct: Office and business park uses along signature green boulevards
  • Northshore Innovation Precinct: Business opportunities for SMEs

Woodlands Regional Centre is the only regional centre to be located near the waterfront.

How to Secure a Home Loan Quickly

Do you want to buy a property in Woodlands to capitalise on the Rapid Transit System revival, but ensure of funds availability for purchase? Don’t worry because iCompareLoan mortgage broker can set you up on a path that can get you a home loan in a quick and seamless manner.

Our brokers have close links with the best lenders in town and can help you compare Singapore home loans and settle for a package that best suits your home purchase needs. Find out money saving tips here.

Whether you are looking for a new home loan or to refinance, the Mortgage broker can help you get everything right from calculating mortgage repayment, comparing interest rates all through to securing the best home loans in Singapore. And the good thing is that all our services are free of charge. So it’s all worth it to secure a loan through us.

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Financial difficulty – how to help a family member in need?

Click on Financial difficulty – how to help a family member in need?
for the source.
Author: Ravi Philemon

What do you do when a family member becomes unemployed and suffers in financial difficulty and can’t work or has insufficient insurance to cover mounting medical bills? How do you respond when you learn a loved one can’t pay their bills?

By: Hitesh Khan/

Let’s take a look at a few options you can consider to help your family members in financial difficulty – without hurting yourself financially.

1. Give a Cash Gift
If your loved one is having a short-term cash flow problem, you may want to give an outright financial gift. Decide how much you can afford to give, without putting yourself in financial jeopardy, and then either give the maximum amount you can afford all at once (and let your loved one know that’s the case) or perhaps give smaller gifts on a periodic or regular basis until the financial difficulty is resolved. Make sure it’s clearly understood that the money is a gift, not a loan to be repaid, so you don’t create an awkward situation for the gift recipient.

2. Make a Personal Loan
Your family member may approach you and ask for a short-term loan. Talk frankly, clearly write out the terms of the loan on paper, and have both parties sign it. This will help ensure each party is clear on the financial arrangement they’re entering into.

financial difficulty

3. Guarantee a Loan
Your loved one may be interested in obtaining a loan or line of credit (LOC) to help with short-term financial needs, but what if his or her credit requires getting a co-signer? Would you be willing to co-sign on a loan or LOC from a bank, credit union or online lender?

Before simply saying “yes” and essentially lending a family member your good credit, it’s important to realize there are legal and financial implications to co-signing on a loan. The most critical thing to understand is that you are legally binding yourself to repay the loan if the other borrower fails to do so. The lender can take legal action against you and require that you pay the full amount, even if you had an agreement between you and your family member that you would not have to make payments.

Personal guarantee is a must for most small business loans but should be made with caution

4. Create a Bill-Paying Plan

Often, people in a financial difficulty aren’t aware where their money is going.

If you have experience using a budget to manage your own money, you may be able to help your family in creating and using a budget as well. To break the ice, you may want to offer to show them your budget and your bill-paying system and explain how it helps you make financial decisions.

As you work together to help them get a handle on their financial situation, the process will point out places where they can cut back on expenses or try to increase their income to better meet their financial obligations.

5. Provide Employment
If you’re not comfortable making a loan or giving a cash gift, consider hiring your family member to assist with needed tasks at an agreed-upon rate. This side job may go a long way toward helping them earn the money they need to pay their bills, and help you finish up any jobs that you’ve been putting off. Treat the arrangement like you would any other employee – spell out clearly the work that needs to be done, the deadlines and the rate of pay. Be sure to include a provision about how you’ll deal with poor or incomplete work.

6. Give Non-Cash Assistance
If you’re uncomfortable or unwilling to give your family member cash, consider giving non-cash financial assistance, such as Fairprice vouchers. You’ll have more control over what your money will be used for, and you can easily buy vouchers in varying amounts at most stores.

7. Prepay Bills
You may want to consider prepaying one or more regular bills your loved one receives to help them during their current financial difficulty. Offering to do something, such as making their utilities payment, may help them avoid a short-term crisis and give them the little extra time they need to work out of their situation.

8. Help Find Local Resources
You simply may not wish or be able to provide your family member with financial assistance or hands-on help. But you can still play a key role by helping them find local professionals that can steer them in the right direction, such as lenders who can provide short-term solutions.

Secure loans from non-traditional lenders if you have high debt-to-income ratio

The Bottom Line
The most important step is sitting down with your loved one and asking specifically what help they need to work their way out of their current situation.

How to Secure a Personal Loan Quickly

If you have limited capital and are searching for a personal loan to expand your business, the loan consultants at iCompareLoan can set you up on a path that can get you a it in a quick and seamless manner. Our loan consultants have close links with the best lenders in town and can help you compare various loans and settle for a package that best suits your needs. Find out money saving tips here.

Our Affordability Tools help you make better property buying decisions. iCompareLoan Calculators help you ascertain the fair value of a property and find properties below market value in Singapore.

If you are looking for a new home loan or to refinance, our Mortgage brokers can help you get everything right from calculating mortgage repayment, comparing interest rates all through to securing the best home loans in Singapore. And the good thing is that all our services are free of charge. So it’s all worth it to secure a loan through us for your business expansion needs.

Contact us for advice on a new home loan.

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Bank loans return to growth trajectory, DBS Research

Click on Bank loans return to growth trajectory, DBS Research
for the source.
Author: Ravi Philemon

Singapore banks’ 1Q19 loan drawdowns expected to be well supported by developers, with full year bank loans growth projected to come between 4% to 6%, said a recent research by DBS.

Key summary points of bank loans:

  • Industry loan growth for March 2019 shows strongest m-o-m uptick of +1.0% in nine months
  • New housing loan limits granted continue to be slow post property cooling measures
  • Fixed deposits show fastest growth in >10 years which may weigh on cost of deposits
  • Continue to expect profit-taking in May (ex-dividend date)

The report said that industry loan growth (DBU+ACU1) for March 2019 grew by +1.0% m-o-m/ +3.8% y-o-y, showing the strongest m-o-m uptick since June 2018, prior to the announcement of property cooling measures.

bank loansThe strong m-o-m bank loans growth was largely driven by business loans (+1.2% m-o-m/ +4.8% y-o-y), especially manufacturing and general commerce loans.

Consumer bank loans reversed four months of negative growth and posted +0.4% m-o-m/ +1.0% y-o-y growth. Year-to-date, loan growth was +0.8%, said the report.

“New housing loan limits granted continue to be slow post property cooling measures. New housing loan limits granted continue to be slow at c$7.3bn for 1Q19, the lowest level since 4Q15, as the industry’s mortgage book continue to be largely flat amid ongoing mortgage repayments and slower new bookings. We expect business loans to continue driving loan growth for the year as mortgage drawdown remains slow.

“Supports our thesis that 1Q19 loan drawdowns for Singapore banks are likely to be well supported. As mentioned in our previous report (Singapore Banks: Expecting a better quarter), we expect the banks’ 1Q19 loan drawdowns to continue to be well supported by developers in relation to their en-bloc transactions, as well as other deal-related pipelines. We expect full-year loan growth for Singapore banks to come between 4% and 6%.”

Strong growth in fixed deposits (FD) may still weigh on cost of deposits, said the report. It added that FD growth of +20.0% y-o-y/+1.5% m-o-m may continue to weigh on the banks’ cost of deposits, as lower-cost CASA is progressively shifted into FDs. DBS continues to see moderate NIM expansion of c.2-5bps through FY19F.

“Continue to expect profit-taking in May (ex-dividend date); UOB remains our preferred pick. The banks will trade ex-dividend in May. Until then, the attractive dividend yields will continue to provide valuation support, though we expect some profit-taking closer to May.”

DBS announced in March that with effect from 4 March 2019, DBS FHR home bank loans pegged to DBS’ Fixed Deposit rates will be affected as the Fixed Deposit rates for the 7 to 48 months interest rates for SGD Fixed Deposit at DBS will be revised as follows:

DBS FHR Update – Fixed Deposit Rates Revised Upwards

DBS FHR Fixed Deposit Rate For amounts $1,000 to $999,999
Tenor Existing (% p.a.) New (% p.a.)
FHR Fixed Home Rate 7 months 0.6750 0.9500
FHR Fixed Home Rate

8 months

0.6750 0.9500
FHR Fixed Home Rate

9 months

0.9500 1.3500
FHR Fixed Home Rate

10 months

0.9500 1.3500
FHR Fixed Home Rate

11 months

0.9500 1.3500
FHR Fixed Home Rate

12 months

0.9500 1.4000
18 months 1.1000 1.4000
24 months 1.2000 1.4000
36 months 1.3000 1.4000
48 months 1.3500 1.4000

Table 1: DBS bank revises their Fixed Home Rate (FHR), Home Loans Pegged to this Fixed Deposit Rate will pay more from 4th March 2019 onwards.

DBS FHR

Image credit: Alpha Stock Images

A fixed deposit (FD) is a financial instrument provided by banks which provides investors a higher rate of interest than a regular savings account, until the given maturity date. It may or may not require the creation of a separate account. It is known as a term deposit or time deposit in Canada, Australia, New Zealand, and the US, and as a bond in the United Kingdom and India.

The difference with fixed deposit is that the money cannot be withdrawn from the FD as compared to a recurring deposit or a demand deposit before maturity. Some banks may offer additional services to FD holders such as loans against FD certificates at competitive interest rates.

It is important to note that banks may offer lesser interest rates under uncertain economic conditions. The interest rate varies between 0.95 and 1.4 per cent.

DBS launched the Fixed Home Rate (FHR) home loans that are pegged to the fixed deposit rates in 2015, since then a new category of Home Loans pegged to the Bank’s fixed deposit rates is born. Generally referred to as the DBS FHR home loan packages.

The home loan interest rate are based on: –

  • FHR + Spread = Housing Interest Rate

If the FHR rises, then the interest rate rises. Some of them may be using FHR (8 months), so just look at the 8 month FHR plus the spread stated in your contract, this will be your new rate.

How to Secure a Home Loan Quickly

Are you planning to invest in properties but ensure of funds availability for purchase? Don’t worry because iCompareLoan mortgage broker can set you up on a path that can get you a home loan in a quick and seamless manner. We are the experts who do the work for you for free, while you lean back, rest and rely on our professionalism at absolutely no cost to you.

Our brokers have close links with the best lenders in town and can help you compare Singapore home loans and settle for a package that best suits your home purchase needs. Find out money saving tips here.

Whether you are looking for a new home loan or to refinance, the Mortgage broker can help you get everything right from calculating mortgage repayment, comparing interest rates all through to securing the best home loans in Singapore. And the good thing is that all our services are free of charge. So it’s all worth it to secure a loan through us.

For advice on a new home loan.

For refinancing advice.

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Flexible space market continues to grow from expansion to efficiency

Click on Flexible space market continues to grow from expansion to efficiency
for the source.
Author: Ravi Philemon

Flexible space continues to proliferate across Asia Pacific, reaching a total footprint of 54 million sq. ft. as of March 2019, accounting for more than 3% of total office stock, said a recent research by CBRE. The report said that Shanghai still possesses the largest volume of flexible office space but Indian and Southeast Asian markets are recording the fastest growth.

As flexible space operators have already built critical mass for their service offering, CBRE expects 2019 to herald a shift in strategy from expansion to efficiency. This will include a focus on the following.

  • Raising occupancy: Attract new and repeat members, increase space densities, and shorten sales cycles to achieve desired occupancy.
  • Customising enterprise solutions: Target corporate occupiers and customise service and product offerings to cater to this demand.
  • Form creative partnerships with landlords: Partner with landlords via management contracts to enhance agility in their portfolios.
flexible space

Screengrab: CBRE

Singapore is among the megacity forerunners for total flexible space with 2.8 million sq.ft. with penetration Ratio of (% of Flexible Space as Total Office Stock) 4.6 per cent said the report.

In another report, CBRE said that news of a potential WeWork (We Company) IPO is placing the flexible-office-space sector front and center.

The We Company, commonly known as WeWork, says its mission is to “elevate the world’s consciousness.” Its core business is leasing office real estate and then subleasing that office space to individuals and small companies who can’t commit to a traditional office lease.

Flexible workspace: Making room for growth and more collaboration

CBRE said that while questions have been raised about the profitability of these operators in a recession, it is unquestionable that the meteoric growth of the flexible space sector is unprecedented in commercial real estate.

CBRE said that this is what it knows about the flexible space sector today (based on the 30 markets tracked by CBRE):

  1. The top-10 markets account for more than 70% of the nation’s flexible-office inventory (25% in Manhattan alone). With nearly 4 billion sq. ft. of traditional office space in the 54 major metros tracked by CBRE, continued growth of flexible space is inevitable even under conservative estimates.
  2. In 2018 alone, flexible space in the top-10 markets grew by 25%, with Manhattan growing the most on an absolute basis (+4 million sq. ft.) and Seattle growing the most on a percentage basis (44%). Growth since the start of this cycle has been constant and is showing no signs of slowing. Flexible-space operators are currently in the market for more than 6 million sq. ft. of space.
  3. Flexible space as a percentage of total office inventory is around 2%, with San Francisco and Manhattan being the most saturated (over 3% each). In some foreign markets, such as London and Beijing, flex space accounts for more than 5% of total office inventory.
  4. Only 15 markets have more than 1 million sq. ft. of flexible-office inventory. Many U.S. markets have not even scratched the surface of this sector, including high office-using employment growth markets like Nashville, Austin and Charlotte.
  5. The top-five operators by square footage are WeWork, Regus, Spaces, Knotel and Industrious. The We Company (WeWork) and IWG (Regus and Spaces) hold 50% of the U.S. flexible-office inventory. Knotel and Industrious have another 10%.
  6. The Fortune 500 is engaged and intrigued. 85% of real estate executives plan to implement flexible-office solutions into their portfolio strategy, according to the 2018 Americas Occupier Survey. Enterprise customers are early in the implementation stage of flexible-office solutions as a portfolio strategy. If these strategies prove successful, there is potential for more explosive growth of coworking.
  7. The top flexible-space markets are also the highest for technology industry growth and office rent. With many coworking operators expanding in these mature markets, there are valid questions about their potential profitability. Those that deliver a well-operated, experiential product will have the best chance to achieve good margins.
  8. Despite the rise of flexible office space, there was still more than 19 million sq. ft. of small, traditional-office deals (under 5,000 sq. ft.) transacted last year in the top-20 markets. And there is more than 140 million sq. ft. of space coming up for renewal over the next 24 months in these markets (more than half of them for 50,000 sq. ft. or less). Given these statistics, there is clearly more market share to be gained.
  9. CBRE Research found that nearly 40% of office building sales with some flexible-space component achieved values greater than the average for office buildings in their markets that had no flexible-space component. Higher capitalization rates seem to correlate with higher amounts of flexible space occupancy—a signal that long-term lease commitments are still preferred by investors, yet a portion of flexible space is acceptable to them.
  10. The flexible leasing trend is not limited to offices: Medical labs, industrial facilities, housing and retail are promising areas to watch. Niche operators catering to specific businesses or demographics also are emerging. There is potential for diversification of coworking across niche players, asset types and geographic submarkets.

Singapore office rents post sixth consecutive quarter of growth

CBRE noted that although there remains many questions to answer, the facts highlight that coworking will likely achieve much more growth. It added that perhaps the structure of how flexibility is presented to tenants will change; but that it is evident that flexible space offerings will be a long-term feature of the commercial office market because of the value they provide to a broad range of occupiers.

How to Secure a Commercial Loan Quickly

Are you planning to purchase a similar prime commercial redevelopment site but unsure of funding? Don’t worry because iCompareLoan mortgage brokers can set you up on a path that can get you a commercial loan in a quick and seamless manner.

Alternatively you can read more about the Best Commercial Loans in Singapore before deciding on your purchase.  Our brokers have close links with the best lenders in town and can help you compare Singapore commercial loans and settle for a package that best suits your commercial purchase needs. Our services are also very personalised and tailored to the unique needs of the buyers.

Whether you are looking for a new commercial loan or to refinance and existing one, our brokers can help you get everything right from calculating mortgage repayments, comparing interest rates, all through to securing the final loan. And the good thing is that all our services are free of charge. So it’s all worth it to secure a loan through us for your next purchase.

If you need advice on a new commercial loan  or Personal Finance advice.

If you want to speak to our trusted Panel of Property agents.

If you need refinancing advice.

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Pearl Bank Apartments to be digitally documented for public archives

Click on Pearl Bank Apartments to be digitally documented for public archives
for the source.
Author: Ravi Philemon

CapitaLand has spent three months documenting Pearl Bank Apartments, a high-rise private residential building in Singapore, ahead of its redevelopment.  From drone scans of its external façade to 3-D laser scans of various apartment types and the common areas, detailed images and videos of Pearl Bank Apartments were methodically recorded.  The data collected were then processed in point clouds using photogrammetry technology and converted into 3-D models.

Mr Ronald Tay, CEO of CapitaLand Singapore, Malaysia and Indonesia, said: “Built during the early years of Singapore’s independence, Pearl Bank Apartments offered an innovative scheme to city living with its high-rise and high-density concept.  We have documented these approaches in digital format, which can be easily downloaded for academic study.

A good mortgage advisor can save you lots of hassle and money

“Together with the 3-D models, the digital AutoCAD drawings of the building’s floor plans, section plans and elevation plans have been submitted to the Urban Redevelopment Authority for public archive at a later stage.  Documenting the building for posterity is CapitaLand’s way of contributing towards the study of Singapore’s urban development, by making the knowledge accessible not just to researchers and students, but also everyone.”

AutoCAD is a computer-aided design (CAD) programme used for 2-D and 3-D design and drafting.

Pearl Bank Apartments

A point cloud format of a typical four-bedroom unit in Pearl Bank Apartments.

On top of generating the 3-D models of Pearl Bank Apartments, CapitaLand will be hosting a guided photowalk for the Instagram community to snap and share their artistic creations of the 38-storey building with the wider public.

While the building’s façade has been well-photographed over the years, it will be the first time many of these Instagrammers are entering the compound of this private residential development.  The resultant photographic records from this community engagement can be viewed using the hashtag #OnePearlBank.

Mr Ivan Kuek, founder of @SGIG, an Instagram community with over 15,000 followers, said: “It is a good initiative for CapitaLand to invite Instagrammers and architecture enthusiasts to capture Pearl Bank Apartments for posterity.

“This will be a rare opportunity for the community to document not just the façade but also the interior of this iconic building with their unique perspectives.  They can also experience first-hand the current condition of the building and understand the reasons for redevelopment.  I look forward to see the new iconic building at this site.”

Drone footage taken to create 3-D model of Pearl Bank Apartments.

Commenting on CapitaLand’s plans for the site, Mr Tay said: “Since acquiring the site atop Pearl’s Hill, CapitaLand has extensively evaluated various redevelopment options, taking into consideration prevailing housing policies, market conditions and building safety requirements, among a host of factors.

“While it is not feasible to conserve Pearl Bank Apartments, CapitaLand is committed to retaining its innovative spirit and will offer more Singapore residents the chance to lead their dream urban lifestyles at this prime location in central Singapore. This is also in line with the authorities’ plans to develop more homes in Singapore’s Central Area.”

Winter is coming for the Singapore residential market says new research

CapitaLand acquired Pearl Bank Apartments through a private treaty collective sale in February 2018.

The sale was completed in November 2018 and CapitaLand took vacant possession of the site on 30 April 2019. The new development on the site, housing 774 residential apartments, is scheduled for completion in 2023 – which is also when the third MRT line in Outram, the Thomson-East Coast Line, would have begun operations. It will be launch-ready in 2H 2019.

CapitaLand on May 14 unveiled the highly-anticipated design of the building it will be developing at its acquired site at Pearl’s Hill. The development christened ‘One Pearl Bank’ comprises two gently curving 39-storey towers linked at the roof by dramatic sky bridges. Towering at 178 metres, One Pearl Bank will be the tallest residential development in the Outram-Chinatown district in Central Singapore, offering panoramic views that extend from the Central Business District to Sentosa.

Designed by multi award-winning Serie+Multiply, a joint venture between London-based Serie Architects and Singapore-based Multiply Architects, the new scheme elevates the concept of high-rise living with a total of 774 apartments.

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iCompareLoan is the best home loans portal for home-seekers, buyers, investors and real estate agents alike in Singapore. On iCompareLoan, you will be able to find all the latest news and views, informational guides, bank lending rates and property buying trends, and research data and analysis.

Whether you are looking to buy, sell or refinance apartments, condominiums, executive condos, HDB flats, landed houses or commercial properties, we bring you Singapore’s most comprehensive and up-to-date property news and best home loans trends to facilitate your property buying decisions.

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