Jul 25, 2010'Imbalance' in resale HDBBy Melissa KokNational Development Minister Mah Bow Tan (left) who is standing beside Deputy Prime Minister Teo Chee Hean, attributed the surge to strong economic growth and increased demand from first-time buyers and those looking to upgrade to bigger flats. -- ST PHOTO: JOYCE FANGTHERE is an 'imbalance' in the HDB resale market and it may take around a year or so before prices of resale flats will stabilise.These comments were made by National Development Minister Mah Bow Tan on Sunday, who was addressing concerns about the prices of HDB resale flats, which have been consistently rising since 2008.Speaking on the sidelines of a community event in Tampines, Mr Mah attributed the surge to strong economic growth and increased demand from first-time buyers and those looking to upgrade to bigger flats.'I think at this point in time, there's still an imbalance. I hope that with HDB pushing out a record number of flats this year, this imbalance will be redressed over the medium-term... I would expect in another year or so we should be able to stabilise everything,' Mr Mah said.Resale prices for HDB flats rose for the eighth straight quarter, surging 4.1 per cent between April and June from the previous January to March period. The median cash over valuation (COV) - the cash amount paid upfront by a buyer over a flat's valuation - also hit a record $30,000 in the second quarter of this year.To help relieve some of the pressure on the resale flat market, Mr Mah said HDB is building more flats, and assured that there was an ample supply for flats for first-time buyers. HDB has launched almost 9,000 new flats in the first half of the year, and it will launch another 7,200 in the second half to meet growing demand. Another 4,700 new flats under HDB's design, build and sell scheme (DBSS) and recently sold executive condo sites will also add to the supply. In the short-term, Mr Mah said it was hard to tell if prices would continue to rise.Source: http://www.straitstimes.com/BreakingNews/Singapore/Story/STIStory_557695.html
Pricing formula of new HDB flats in 1981(http://img211.imageshack.us/img211/3586/hdb1981breakdown.jpg)
58.185.133.158 IP address location & more:IP address [?]: 58.185.133.158 [Whois] [Reverse IP]IP country code: SGIP address country: SingaporeIP address state: n/aIP address city: SingaporeIP address latitude: 1.2931IP address longitude: 103.8558ISP of this IP [?]: SingNet Pte LtdOrganization: CHANGI AIRPORT FUEL HYDRANT INSTALLATION PTE LTD
Measures to maintain a stable and sustainable property marketThe Government announced today the following measures to maintain a stable and sustainable property market:a) Increase the holding period for imposition of Seller’s Stamp Duty (SSD) from the current one year to three years.b) For property buyers who already have one or more outstanding housing loans1 at the time of the new housing purchase:i Increase the minimum cash payment from 5% to 10% of the valuation limit; andii Decrease the Loan-to-Value (LTV) limit for housing loans granted by financial institutions regulated by MAS to these buyers from the current 80% to 70%.The measures will take immediate effect on 30 August 2010.source : http://www.ura.gov.sg/pr/text/2010/pr10-99.html
Summary:1) 2nd ppty more upfront cash of 10%2) 2nd ppty cannot take more den 70% loan3) Seller must hold more then 3 yrs or else kena seller stamp duty
First, the MOP of non-subsidised flats for resale and subletting of flat will be increased from three to five years. Second, buyers of non-subsidised flats will be disallowed from concurrently owning both an HDB flat and a private residential property within the MOP 4. Private property owners who buy a non-subsidised HDB flat must now dispose of their private residential property within six months from the date of flat purchase. This will help ensure that buyers purchase HDB flats only when they have the intent of staying in it for long term and ensure equitable treatment for all HDB flat lessees during their MOP. Ownership of private properties by HDB lessees will be allowed after the MOP.source : http://www.hdb.gov.sg/fi10/fi10296p.nsf/PressReleases/895204E2295BDC394825778E007FA919?OpenDocument
Investment in PrivateResidential Property After Purchase of Non-Subsidised Flat: Current: No RestrictionRevised: 5 yearsDisposal of Existing Private ResidentialProperty After Purchase of Non-Subsidised FlatCurrent: Not ApplicableRevised: Within 6 months from Date of Purchase
HDB flat dilemma for PRs and Singaporeans with property abroadSep 3, 2010By Esther Teo & Jessica CheamPERMANENT resident (PR) Michael Lim is keen to upgrade to a larger HDB flat but the new rules on dual property ownership have put him in a pickle.Mr Lim's problem is that he also owns a condominium in Kuala Lumpur that he inherited when his father died. Previously, this would not have hindered his purchase of a resale flat. But now it will.The HDB announced on Monday that people who buy an HDB resale flat on or after Aug 30 must dispose of their private property - including any held overseas - within six months of the HDB purchase.The intention is to ensure that HDB flats go to owner occupiers first and are not viewed as an investment. This means Mr Lim, who has been living in Singapore for 10 years, must sell the condo in Kuala Lumpur if he wants to upgrade from a four-room to a five-room HDB flat to fit his family of four.But his mother-in-law is living in the condo and he has no plans to sell it.Mr Lim, 33, hopes the HDB will make an exception in his case, given that he did not buy the condo as an investment.'Malaysia is also our home and it's weird if we go back and do not have a place to stay... It's not fair to make me choose when I have ties to both countries.'Ms Bhavani Prakash, 40, a PR from India who has a home in Chennai, said the new rules will also deter her from buying an HDB flat.'The measures are quite draconian. Whether someone owns a property overseas really does not have an impact on the Singapore market... There are other ways to counter speculation,' she said.There are many other PRs who could find themselves in a similar dilemma.Experts say a significant number of PRs still have homes in their native countries since overseas properties are often cheaper than real estate here and are not as great a financial burden. A number of them may also have families back home living in those properties.Ms Prakash's Chennai condo cost her between $200,000 and $300,000 - a quarter of the cost of a suburban condo in Singapore.ECG Property chief executive Eric Cheng estimates that 40 per cent of PRs - especially those from Malaysia - own homes abroad, while PropNex chief executive Mohamed Ismail puts the figure at up to 30 per cent.ERA Asia Pacific associate director Eugene Lim believes that more than half of the PRs arriving over the past few years would still have properties back home.The curbs could also catch out Singaporean retirees with property offshore that they had bought for rental income or retirement. With strong family ties and business connections here, they might also be looking at buying HDB flats for their frequent visits here.Now, if they want to buy a resale HDB flat, they will have to dispose their overseas real estate or risk penalties by trying to dodge the new rules.Despite the tougher measures aimed at cooling the property market, a 99-year luxury project, Dorsett Residences, above Outram MRT Station was sold out in one day when it was launched at an average price of $1,800 per sq ft yesterday. But The Straits Times understands that 40 per cent of the 68-unit project was bought by a single buyer.
http://www.todayonline.com/Singapore/EDC100909-0000132/Spore-has-room-for-7,5m-people--Ex-HDB-chiefS'pore has room for 7.5m people: Ex-HDB chiefSINGAPORE - The quality of life in Singapore will not be heavily affected even if the population were to hit 7.5 million people, said Dr Liu Thai Ker, the former chief executive of the Housing and Development Board and the Urban Redevelopment Authority.Asked what he thought was the "appropriate size" for Singapore's population after a Centre for Liveable Cities (CLC) lecture yesterday, Dr Liu said: "Since we have planned for 5.5 million people (in the Singapore Concept Plan 1991), if we increase ... to, say, 6, 6.2 million, I think that additional 10 to 12 per cent will not make a huge difference."There are still the islands of Pulau Ubin and Pulau Tekong to fall back on, quipped Dr Liu, who was addressing the issue purely from a planner's perspective."If we have to grow to 7.5 million, personally I think it would not cause a deterioration of the environment."But beyond that, we need to do some re-thinking," he added.Dr Liu, who chairs the CLC advisory board and is director of RSP Architects, spoke on the importance of urban planning in his lecture.Singapore is the only success story of urbanisation in the 20th century in terms of dealing with high population density and high-rise living, he said.Foreign visitors are always surprised when they learn the Republic is home to 30 golf courses and seven airstrips."Good planning can help you have your cake and eat it," said Dr Liu.
211.20.180.125 IP address location & more:IP address [?]: 211.20.180.125 [Whois] [Reverse IP]IP country code: TWIP address country: TaiwanIP address state: T'ai-peiIP address city: TaipeiIP address latitude: 25.0392IP address longitude: 121.5250ISP of this IP [?]: CHTDOrganization: British Gai Man Archipelagoes Shang Family ChiuanLocal time in Taiwan: 2010-09-14 10:57
New home sales fall againCooling measures sideline buyers and sellers, further drop expected in Q4by Ryan Huang ryanhuang@mediacorp.com.sg05:55 AM Sep 24, 2010SINGAPORE - The number of new private homes sold in the third quarter has continued to fall from the previous quarter, according to CB Richard Ellis, which estimates between 3,300 and 3,500 units being sold in the three months to September.This would be significantly lower than the 4,033 and 4,380 units sold in the second and first quarters, respectively.CBRE says residential market activity in the third quarter moved at a steady pace until September, after the government introduced its latest set of property cooling measures on Aug 30.The real-estate consultancy believes market sentiment was dampened and sales activity slowed down as both sellers and buyers took time to digest the implications of the measures.In the third quarter, projects in good locations and those with small-format units continued to be the star performers. Those fully sold included 368 Thomson (157 units), The Scala (468 units), Terrene (172 units) and small-format projects Haig 162 (99 units) and Dorsett Residences (68 units).Meanwhile, suburban 99-year leasehold condominiums, The Greenwich at Seletar Road and NV Residences at Pasir Ris Grove, set new price benchmarks of $1,095 psf and $830 psf in their respective locations.During the quarter, developers acquired more than 10 sites from the private sector.The more prominent deals included the purchase of Goodrich Park for $86 million or $629 psf/plot ratio and Meng Gardens, a prime site in District 9 for $137 million or $1,380 psf/plot ratio.A total of six residential sites and one mixed commercial-residential site were bought from the Government. This included the purchase by Far East Organization of a 444,136-sq ft site at Jalan Eunos for $257.8 million or $415 psf/plot ratio.CBRE says developers will continue to look for development sites but will likely be less bullish in their bids.It expects the residential market to mellow in the fourth quarter. The sales volume of new homes in the fourth quarter is expected to be lower, at around 2,000 units.New projects primed for launch include Vacanza @ East and two executive condominiums - Esparina Residences and The Canopy.
HDB imposes 7-day cooling-off period for flat sale18 October 2010 1139 hrsSINGAPORE: From November, sellers of Housing & Development Board (HDB) flats will have to observe a seven-day cooling-off period before they can grant an Option-to-Purchase (OTP) to the buyers.The cooling-off period starts after they complete a resale checklist which will have to be submitted online to the HDB website.The checklist was introduced in 2008 to ensure flat sellers and buyers are aware of the key resale and financial policies before they commit to sell or buy a resale flat.The HDB said the enhanced resale checklist would also require sellers to state their next housing arrangement.HDB added if sellers intend to buy another flat, they have to work out their estimated sales proceed of their current flat, and submit a financial plan for their next flat purchaseBuyers of resale flats, acting with or without agents, will also be required to complete and submit the resale checklist.The HDB said the enhancement was part of regular reviews to better protect the interests of sellers and buyers and help them make informed and prudent decisions.Currently, agents engaged by sellers or buyers are required to go through a resale checklist with the sellers or buyers to highlight key policies and procedures before the sellers or buyers would grant or exercise the OTP.After the OTP is granted or exercised, sellers or buyers are required to submit the completed checklist to HDB together with the resale application form.Sellers and buyers without agents are encouraged, but not required, to go through a separate Do-It-Yourself (DIY) resale checklist.They also do not need to submit the checklist to HDB.-CNA/wk
Taken from YahooForeign immigration is one of the most contentious and highly disputed issues in Singapore today.Whether you are broadly supportive of the government’s view that Singapore must attract what it terms “foreign talent”, believe that Singapore’s construction and service industries in particular are predicated on low-paid migrant workers, or think that the influx of highly paid foreign professionals is preventing the advancement of locals, there’s no denying that it is an emotive subject.Singapore has a long history of foreign property ownership. Malaysian expatriates continue to be the largest non-Singaporean purchasers of property, making up 22% of all transactions, just ahead of fellow neighbours, Indonesians.According to a recent poll by iProperty.com Singapore, the majority of Singaporeans – over 65 per cent of those polled — believe that the influx of permanent residents buying property in Singapore is pricing citizens out of the market.A vocal minority – around 26 percent – did say that while property prices are rising, it is not due to purchases by PRs. However, over 90% of those polled further expressed dissatisfaction with the rising cost of property in Singapore and believed that it was uncompetitive.Whether through a genuine belief in foreign purchasers driving up prices, a desire to pander to public opinion, or a combination of the two, the Singapore government recently introduced tightened regulations on foreign purchases.Foreigners cannot buy HDBs, and must apply for permission to purchase landed property, but have no restrictions on purchasing condominiums. Also, foreigners who want to apply for permanent residence without sponsorship must now invest S$2.5 million, none of which can go towards purchasing a property – a change on the previous law that stated a million of the money could be spent on property. The message is clear: property speculation by foreigners is to be curbed to keep prices down.Is this argument valid? It is certainly true that foreign purchasers are driving the luxury property market in Singapore – with Chinese purchasers making headlines as the largest property purchasers in the luxury enclave of Sentosa Cove. Yet, even here, Singaporeans still accounted for 74 per cent of private property purchases in the second quarter of this year.In the public housing market, it is even less clear cut. Singapore Permanent Residents – the only non-Singapore citizen group eligible to purchase public housing – currently form only five percent of HDB households. At such a low level – even if solely focussed on the resale market – permanent residents are not here in sufficient numbers to affect property prices across the country.Is Singapore in danger of making foreigners and PRs the scapegoat for its housing woes? Property prices are still excessively high, but the factors for these levels cannot solely be attributed to overseas purchasers. The worry is that by focussing on foreigners, other causes may be ignored.http://sg.yfittopostblog.com/2010/11/11/property-blame-game-are-foreigners-really-driving-up-prices/
THE private property market showed signs of defying gravity last month with an unexpectedly large number of new homes sold.Top-selling projects such as The Lakefront Residences near the Lakeside MRT, Waterview in Tampines and Spottiswoode Residences helped raise the total to 1,909 units sold.The November tally brings the total number of new homes sold so far this year to 15,025, surpassing the previous record of 14,811 in 2007.The numbers show that sales of mid- to mass-market suburban homes made up the bulk of the transactions. If executive condominiums such as The Canopy and Esparina Residences were included, last month's figure moves even higher to 2,084 units.Experts said last month's figures highlight an unusual buzz in a traditionally quiet month and are surprising coming within three months of the Government's Aug 30 cooling measures.These included reducing the amount banks could lend for second mortgages from 80 per cent to 70 per cent of the valuation.
SINGAPORE - The record $36 million deal for a bungalow at Paradise Island on Sentosa Cove has reportedly been called off. According to Lianhe Zaobao, the buyer - identified in earlier media reports as Mr Shen Bin, a 31-year-old Chinese national who is a Singapore Permanent Resident - has backed out of the deal and lost about $500,000 in deposit, agent fees, legal fees and procedural fees. The newspaper said the buyer called off the deal after he realised he paid over the market rate, after reading media reports surrounding the sale. The deal - touted as the priciest in the upscale waterfront housing district - came to light in June, based on caveat records captured by the Urban Redevelopment Authority and was said to have been signed on May 3. Currently the chief financial officer, Mr Shen Bin is slated to take over his father, Mr Shen Wen Rong's company, Chinese firm Sha Steel.
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Topic: [Focus] Singapore housing market (Read 37198 times)
