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Thread: Developer gets nod to sell Forestville EC units

  1. #1
    Join Date
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    Default Developer gets nod to sell Forestville EC units

    http://www.straitstimes.com/premium/...units-20130620

    Developer gets nod to sell Forestville EC units

    Sales had to be halted after Hao Yuan failed to secure URA approval for changes

    Published on Jun 20, 2013

    By Cheryl Ong


    THE developer of an executive condominium (EC) project that was previously told to halt the sale of units has been given the green light now.

    In response to a Straits Times query yesterday, the Urban Redevelopment Authority (URA) said that conditions had been changed for Hao Yuan Investment's housing developer's licence to allow it to sell units at its Forestville EC in Woodlands.

    "When we amended the licence for Hao Yuan earlier, a condition was imposed to prohibit the sale of any units in Forestville without Controller of Housing's (COH) prior approval," said URA.

    In December last year, Hao Yuan launched the 653-unit condominium after changes it had made to the project's development plans were not approved, despite instructions from the COH not to proceed. Conditions in Hao Yuan's housing developer's licence for Forestville were subsequently changed such that it had to close its show-flat and stop all marketing activities.

    The URA added: "COH is now satisfied that necessary approvals for the project's development plans have been given and that the plans in the sales brochures are in accordance with these approved plans."

    The Straits Times understands that Hao Yuan had proposed adjustments to the private enclosed spaces of certain units at the condominium.

    The Housing Board also confirmed yesterday that the measures announced in January affecting the sales of dual-key units and private enclosed spaces at ECs would not apply to Forestville, which has a number of such units.

    Under the new rules, sales of new dual-key EC units will be restricted to multi-generational families, and private enclosed spaces and private roof terraces will be treated as gross floor area.

    "Hao Yuan Investment had obtained provisional permission from URA before the policy changes, and is not subject to the new measures," said HDB.

    Following the URA announcement, Hao Yuan apologised for "any inconvenience caused to all potential buyers of the project" in a statement.

    The developer added that all applicants who had made an expression of interest in December will be invited to book their units from June 22 to 24.

    A total of 1,201 applications were received by the developer before it stopped the sale.

    During the launch, visitors who flocked to the show-flat were not granted an Option-to-Purchase, even after they had balloted for a unit. After the show-flat was closed, potential buyers were left uncertain if they would still get their desired unit and if the layout would change.

    Some applicants who were initially interested in Forestville flocked to the Twin Fountains EC located next to Forestville. The project is jointly developed by Frasers Centrepoint and Lum Chang.

    Forestville will be open for public sale on June 28, said Hao Yuan.

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  2. #2
    Join Date
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    Default Forestville EC gets green light to launch

    http://www.businesstimes.com.sg/prem...aunch-20130620

    Published June 20, 2013

    Forestville EC gets green light to launch

    By ong chor hao


    THE Forestville executive condominium (EC) project will finally launch for sale this weekend, nearly six months from its intended date, after being halted from doing so for contravening regulations.

    A spokesman for the Urban Redevelopment Authority (URA) said yesterday that the developer, Hao Yuan Investment, was given the green light to sell units in the project on Tuesday.

    This follows an investigation by the Controller of Housing (COH).

    Hao Yuan had launched the 653-unit project in Woodlands for balloting on Dec 28, despite not having obtained the necessary approvals to do so.

    The Business Times understands that the approvals in question pertain to adjustments made to private enclosed spaces (PES) in some of the units.

    That same day, Hao Yuan was instructed by the COH to stop selling the units. The developer said no sales were made or option-to-purchase agreements signed; it instead got potential buyers to make an expression of interest (EOI).

    The URA spokesman said yesterday: "The COH is now satisfied that necessary approvals for the project's development plans have been given and that the plans in the sales brochures are in accordance with these approved plans."

    This means Hao Yuan can now proceed to sell units at Forestville.

    "However, the developer's misconduct has been put on record," the spokesman said.

    URA said the COH "will not hesitate to take action" against the developer for future misbehaviour; one possibility is that Hao Yuan and its related directors will be barred from selling uncompleted units in future.

    As for potential buyers who made expressions of interest for units at Forestville, URA said there is no binding agreement on them as the COH had banned the sale of units in the project.

    In a statement yesterday, Hao Yuan apologised for the delay. Some construction work has started at the site, and the timeline for completion remains at mid-2016.

    Applicants who made an EOI last December are welcome at its showroom between this Saturday and Monday.

    Public sales open next Friday.

    The selling price will be known today. Reports had put the average price at about $710 per square foot.

    A source revealed that there may be changes to the sizes of some units.

    The development comprises two- to five-bedroom units, dual-key units and 29 penthouses.

    The size of the penthouses ranges from 1,550 sq ft to 2,756 sq ft .

    To make up for the inconvenience caused, Hao Yuan will dangle incentives for buyers.

    These include a waiver of the maintenance fee for a year, three years' free bundled cable and Internet subscription and three years' free shuttle bus service to Causeway Point as well as the Woodlands and Admiralty MRT stations.

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