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PAP says HDB flats more affordable now. HAHAHAHA

Papsmearer

Alfrescian (InfP) - Comp
Generous Asset
New HDB flats more affordable now

NEW Housing Board flats have become more affordable relative to applicants' household incomes, compared with last year.

But while the gap is closing, National Development Minister Khaw Boon Wan's target of having new flats priced at about four times the applicants' median income has not been reached.

When Mr Khaw set that target last year, the price ratio was about 5.5 times annual salary.

Now it is lower for all flat sizes.

A new two-room flat is the most affordable. At $55,000 after grants, it is less than three times the median household salary of such applicants (see table).

After grants, three-room flats cost 4.57 years of salary. Fourand five-roomers are less accessible, at 5.26 times and 5.36 times applicants' salaries respectively.

These calculations are based on average Build-To-Order (BTO) flat prices in non-mature estates, given by the Ministry of National Development in a September parliamentary reply, and applicants' median income as given in the September BTO.

High BTO prices caused unhappiness around the last general election in 2011. At the time, they were linked to HDB resale prices, which had been soaring.

After the elections, delinking BTO prices from the resale market stopped them from rising, as Mr Khaw noted during last year's Committee of Supply debate.

"We can now pause and see what else we can do to bring BTO prices in non-mature estates to, say, around four years of salary as it was before the current property cycle started," he said then.

Though the relative prices of BTO flats have fallen since Mr Khaw's speech, most of the flats still cost more than four years of an applicant's salary.

But experts pointed out that the picture improves if overall household incomes are considered, not just those of applicants.

Last year, the overall median household income was $7,030 a month.

The price of the median house type - a BTO four-roomer - was $295,000, or about 3.5 years of income, noted Singapore Management University economist Phang Sock Yong.

For resident employed households, which mainly exclude retirees, the median income was even higher, at $7,872 a month.

Using this as a reference, the price of $386,000 for a fiveroom flat "looks reasonable" at about four times one's annual salary, said National University of Singapore associate professor of real estate Sing Tien Foo.

NUS economist Tilak Abeysinghe prefers to compare house prices with lifetime income, with a price under 30 per cent considered affordable in the long run.

"A crude comparison indicates that a house price four times the annual income falls in the highly affordable range," he said.

Even the five-roomer, at 5.36 times the annual income, falls within the affordable range for that income group, he added.

Nor should we expect all flat types to be equally affordable by this ratio, said experts.

Larger flats cost more times one's income because public housing is priced "according to ability to pay", said Prof Phang.

Housing affordability is not just about setting prices, but encouraging a match between house type and household income level, said Prof Sing.

"Lowering housing prices for larger flats is not a good strategy or policy... it may induce some lower-income households to buy large houses, which could further distort the housing price to income ratio," he said.

[email protected]
 

tonychat

Alfrescian (InfP)
Generous Asset
That is not your flat, why pay so much for a rental apartment.. Sinkies are stupid..
 

Leongsam

High Order Twit / Low SES subject
Admin
Asset
Singaporeans are indeed very lucky. In NZ, it is impossible for a young couple to get a decent home for anything less than $400,000 and they 20% of the purchase price in cold hard cash as banks are restricted to loaning not more than 80% of the value of the homes.

As a result the majority are stuck in the rental market with little hope of owning their own home.
 

xebay11

Alfrescian
Loyal
Singaporeans are indeed very lucky. In NZ, it is impossible for a young couple to get a decent home for anything less than $400,000 and they 20% of the purchase price in cold hard cash as banks are restricted to loaning not more than 80% of the value of the homes.

As a result the majority are stuck in the rental market with little hope of owning their own home.

A young couple doesn't have $80k in savings? Need only set aside $1k per month for 3.5 years x 2. Anyway you mentioned $400k for a decent home, why? Most young couples in SG start off in dumps called HDB, so why cant the New Zealanders?
 
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soIsee

Alfrescian
Loyal
Singaporeans are indeed very lucky. In NZ, it is impossible for a young couple to get a decent home for anything less than $400,000 and they 20% of the purchase price in cold hard cash as banks are restricted to loaning not more than 80% of the value of the homes.

As a result the majority are stuck in the rental market with little hope of owning their own home.

Yeah sure, I came across a Sinkie moron who posted a statement on Han Hui Hui facebook wall and in it he criticize the little girl and stated boldly where in the world are there citizens which has 97% of people OWNING their own property.

Of course the moron wasn't totally wrong cos inside the 97% , 80% DO NOT OWN THEIR PROPERTY BUT ARE TENANTS ON A LEASE! LoL
 

Papsmearer

Alfrescian (InfP) - Comp
Generous Asset
A young couple doesn't have $80k in savings? Need only set aside $1k per month for 3.5 years x 2. Anyway you mentioned $400k for a decent home, why? Most young couples in SG start off in dumps called HDB, so why cant the New Zealanders?

Don't fall for Sam the Sheep fucker Leong's twisted logic. He only wants to present the wrong version to back up his lies. The $400K he mentions is for a landed property, most likely a bungalow. And it will be freehold. This same equivalent property in singapore will cost several million $. He neglected to tell you that. In fact, if you want to buy a small flat in New Zealand, you would be hard pressed to find one that is not freehold. And it would be much cheaper. Hence, the Samleong lies continue.
 

soIsee

Alfrescian
Loyal
Don't fall for Sam the Sheep fucker Leong's twisted logic. He only wants to present the wrong version to back up his lies. The $400K he mentions is for a landed property, most likely a bungalow. And it will be freehold. This same equivalent property in singapore will cost several million $. He neglected to tell you that. In fact, if you want to buy a small flat in New Zealand, you would be hard pressed to find one that is not freehold. And it would be much cheaper. Hence, the Samleong lies continue.

That was the real reason that was the 'push' factor for OKT Sam when he realised that he could not afford a REAL large landed freehold property if he stay on then.

All he saw was a rent seeking hell hole, where he is nothing but a tenant paying rent!

And he decided to fuck off for good! LoL
 

laksaboy

Alfrescian (Inf)
Asset
Same bullshit since the Mah Bow Tan days.

[video=youtube;zY2hGdl_ArI]https://www.youtube.com/watch?v=zY2hGdl_ArI[/video]

Expect more 'good news' and 'let's be grateful' articles as the election draws near. :wink:
 

laksaboy

Alfrescian (Inf)
Asset
I wonder how much time and money has been spent to produce these videos? :wink:


[video=youtube;wlZRo9l8OTc]https://www.youtube.com/watch?v=wlZRo9l8OTc[/video]
 

The_Hypocrite

Alfrescian (Inf)
Asset
U forgot to mention how high the interest rates r in nz compared to singkieland.

Singaporeans are indeed very lucky. In NZ, it is impossible for a young couple to get a decent home for anything less than $400,000 and they 20% of the purchase price in cold hard cash as banks are restricted to loaning not more than 80% of the value of the homes.

As a result the majority are stuck in the rental market with little hope of owning their own home.
 

LEGEND

Alfrescian (Inf)
Asset
Singaporeans are indeed very lucky. In NZ, it is impossible for a young couple to get a decent home for anything less than $400,000 and they 20% of the purchase price in cold hard cash as banks are restricted to loaning not more than 80% of the value of the homes.

As a result the majority are stuck in the rental market with little hope of owning their own home.

This unit below asking $299k. 115sqm, 2 bedrooms, 2 toilets with Sea view. Got tennis court and swimming pool. Decent or not? :kma:

http://www.realestate.co.nz/2428397
 

bakkuttay

Alfrescian (Inf)
Asset
Don't fall for Sam the Sheep fucker Leong's twisted logic. He only wants to present the wrong version to back up his lies. The $400K he mentions is for a landed property, most likely a bungalow. And it will be freehold. This same equivalent property in singapore will cost several million $. He neglected to tell you that. In fact, if you want to buy a small flat in New Zealand, you would be hard pressed to find one that is not freehold. And it would be much cheaper. Hence, the Samleong lies continue.
sheep sperm gone to his brain........
 

jw5

Moderator
Moderator
Loyal
If you're earning in excess of $2 Million per year, almost anything is affordable. :rolleyes:
 

chootchiew

Alfrescian (Inf)
Asset
New HDB flats more affordable now

A new two-room flat is the most affordable. At $55,000 after grants, it is less than three times the median household salary of such applicants (see table).

After grants, three-room flats cost 4.57 years of salary. Fourand five-roomers are less accessible, at 5.26 times and 5.36 times applicants' salaries respectively.

These calculations are based on average Build-To-Order (BTO) flat prices in non-mature estates, given by the Ministry of National Development in a September parliamentary reply, and applicants' median income as given in the September BTO.

Why all his statement is "after grant" ? Is it so easy can get grant ? I never got any fucking grant before, why is that so ?
 

winnipegjets

Alfrescian (Inf)
Asset
Singaporeans are indeed very lucky. In NZ, it is impossible for a young couple to get a decent home for anything less than $400,000 and they 20% of the purchase price in cold hard cash as banks are restricted to loaning not more than 80% of the value of the homes.

As a result the majority are stuck in the rental market with little hope of owning their own home.

Most Germans rent. What's the problem?
 

winnipegjets

Alfrescian (Inf)
Asset
Last year, the overall median household income was $7,030 a month

Is this true? How many incomes in the household - two, three or four? My last calculation of take-home median income is $1700. The take-home income is your disposable income which is a better gauge of spending power.
 

eatshitndie

Alfrescian (Inf)
Asset
Don't fall for Sam the Sheep fucker Leong's twisted logic. He only wants to present the wrong version to back up his lies. The $400K he mentions is for a landed property, most likely a bungalow. And it will be freehold. This same equivalent property in singapore will cost several million $. He neglected to tell you that. In fact, if you want to buy a small flat in New Zealand, you would be hard pressed to find one that is not freehold. And it would be much cheaper. Hence, the Samleong lies continue.

the bay area will be more in line with private home prices in sg, as good-sized single family homes (sg's definition of bungalow) with its own lot and no shared walls are going for usd3m to usd4m in sf. townhomes in sf are going for usd1.5m while 2-bedroom condos can easily sell for usd1m.

while i agree that in sf, owners have a grant deed and truly own their homes and in sg, hdb flat "owners" don't legally own their homes as tenants lease them from the hdb, sinkies should consider themselves lucky for having affordable flats to live in compared to other world class cities with jobs, vibrance and increasing demands for housing: e.g. hk, london, tokyo, sf, etc.

whether they legally own their flats is not the issue, but having the long term provisions in place by a gov to placate private owners of land via the lta and repurposing the land for public housing at affordable prices is. unlike commie regimes in north korea or cuba, sg cannot give away the farm for free, and charging nominal prices below market rates is the right thing to do. even if it's a long term lease at 99 years, there's value and equity over the course of several decades at least. a sinkie hdb-lessee retiree going to nz to buy a real home at $400k can easily liquidate and make $400k from the "sale" of his hdb flat, for example. where else in the world can you find a lessee making so much money from "reselling" his 99-year lease?

that is basically the essence of what sam is saying. his logic is not twisted.
 

Leongsam

High Order Twit / Low SES subject
Admin
Asset
This unit below asking $299k. 115sqm, 2 bedrooms, 2 toilets with Sea view. Got tennis court and swimming pool. Decent or not? :kma:

Decent at the moment but may plunge in value once the ground rent shoots up. Don't touch it!

A word of advice about property in NZ... NEVER by leasehold ! The reason is that the majority of leasehold properties contain a ratchet clause which allows the land owner to increase the ground rent every few years.

What this means in a nutshell is that part of your lease contains an annual ground rent component which can skyrocket way beyond what most can afford.

Here's an example http://www.nzherald.co.nz/nz/news/article.cfm?c_id=1&objectid=10897573

As is always the case, the devil is always in the details.
 

xebay11

Alfrescian
Loyal
Liquidate and buy a real home in NZ for 400k for fark if you can't get to stay there due to tough foreign migration policies.
 
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