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Coffeeshop Chit Chat - HDB blames SGs for being choosy</TD><TD id=msgunetc noWrap align=right>
Subscribe </TD></TR></TBODY></TABLE><TABLE class=msgtable cellSpacing=0 cellPadding=0 width="96%"><TBODY><TR><TD class=msg vAlign=top><TABLE border=0 cellSpacing=0 cellPadding=0 width="100%"><TBODY><TR class=msghead><TD class=msgbfr1 width="1%"> </TD><TD><TABLE border=0 cellSpacing=0 cellPadding=0><TBODY><TR class=msghead vAlign=top><TD class=msgF width="1%" noWrap align=right>From: </TD><TD class=msgFname width="68%" noWrap>kojakbt89 <NOBR></NOBR> </TD><TD class=msgDate width="30%" noWrap align=right>Feb-10 3:28 am </TD></TR><TR class=msghead><TD class=msgT height=20 width="1%" noWrap align=right>To: </TD><TD class=msgTname width="68%" noWrap>ALL <NOBR></NOBR></TD><TD class=msgNum noWrap align=right> (1 of 15) </TD></TR></TBODY></TABLE></TD></TR><TR><TD class=msgleft rowSpan=4 width="1%"> </TD><TD class=wintiny noWrap align=right>28412.1 </TD></TR><TR><TD height=8></TD></TR><TR><TD class=msgtxt>HDB blames Singaporeans for not selecting flats when given the chance
February 10, 2010 by admin
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http://www.temasekreview.com/2010/02/10/hdb-blames-singaporeans-for-not-selecting-flats-when-given-the-chance/
Written by Our Correspondent
Faced with mounting questions over the inadequate number of new flats being built to meet increasing demand, HDB has replied through its Deputy Director (Policy & Property) Lily Wan in the Straits Times Forum.
Ms Wan wrote that HDB “has already ramped up the supply of new flats” in response to strong demand.
She explained that the oversubscription for BTO launches is not due to inadequate flat supply but because many flat buyers do not select a flat when they get the chance.
“Last year, almost 50 per cent of first-time applicants in BTO launches did not select a flat upon invitation. So it is not true that there is inadequate supply of new flats,” she added.
It is most disingenuous of Ms Wan to pin the blame for the oversubscription solely on Singaporeans when the fault lies entirely with HDB for not building sufficient flats between the years 2006 – 2008 when the demand was already on a rise due to the relentless influx of foreigners.
Only 3,183 new flats were built in 2008 when there were over 90,000 PRs and 20,000 new citizens in the same year:
[Source: HDB Financial Report 2008/2009]
It doesn’t take a statistician to come to the conclusion that the number of flats built were grossly inadequate to meet the demand of a rapidly increasing population.
The decrease in the number of new flats built by HDB coincides with the sky-rocketing prices of resale flats as Singaporeans needing a roof over their heads are forced to purchase a more expensive flat in the resale market thereby contributing to the overall price inflation:
Since new flats typically take about three to four years to build, had HDB built adequate number of flats in the last few years, Singaporeans will not end up with the current predicament they are in now.
Though HDB is now “ramping up the supply of new flats”, it is too late to meet present demand and Singaporeans will have to pay a hefty price for its lack of foresight in building more flats earlier to cater to the needs of a growing population.
Ms Wan also claimed that citizens make up 95 per cent of flat owners and 80 per cent of resale flat buyers to counter the pervasive public perception that PRs are largely responsible for the rising prices of resale flats.
From the data provided by HDB, we can assume that 20 per cent of the resale flat buyers are PRs.
20 per cent represents a significant share in the market and is more than enough to have an impact on the prices of flats.
Furthermore, some may but the flats as PRs, but take up citizenships later, thereby artificially decreasing the actual figures.
HDB should stop obfuscating the matter and come clean with Singaporeans on why only less than 12,000 flats were built between the years 2006 and 2008 when there are more than 100,000 new arrivals in one year alone.
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February 10, 2010 by admin
Filed under Headlines
Leave a comment
http://www.temasekreview.com/2010/02/10/hdb-blames-singaporeans-for-not-selecting-flats-when-given-the-chance/
Written by Our Correspondent
Faced with mounting questions over the inadequate number of new flats being built to meet increasing demand, HDB has replied through its Deputy Director (Policy & Property) Lily Wan in the Straits Times Forum.
Ms Wan wrote that HDB “has already ramped up the supply of new flats” in response to strong demand.
She explained that the oversubscription for BTO launches is not due to inadequate flat supply but because many flat buyers do not select a flat when they get the chance.
“Last year, almost 50 per cent of first-time applicants in BTO launches did not select a flat upon invitation. So it is not true that there is inadequate supply of new flats,” she added.
It is most disingenuous of Ms Wan to pin the blame for the oversubscription solely on Singaporeans when the fault lies entirely with HDB for not building sufficient flats between the years 2006 – 2008 when the demand was already on a rise due to the relentless influx of foreigners.
Only 3,183 new flats were built in 2008 when there were over 90,000 PRs and 20,000 new citizens in the same year:
[Source: HDB Financial Report 2008/2009]
It doesn’t take a statistician to come to the conclusion that the number of flats built were grossly inadequate to meet the demand of a rapidly increasing population.
The decrease in the number of new flats built by HDB coincides with the sky-rocketing prices of resale flats as Singaporeans needing a roof over their heads are forced to purchase a more expensive flat in the resale market thereby contributing to the overall price inflation:
Since new flats typically take about three to four years to build, had HDB built adequate number of flats in the last few years, Singaporeans will not end up with the current predicament they are in now.
Though HDB is now “ramping up the supply of new flats”, it is too late to meet present demand and Singaporeans will have to pay a hefty price for its lack of foresight in building more flats earlier to cater to the needs of a growing population.
Ms Wan also claimed that citizens make up 95 per cent of flat owners and 80 per cent of resale flat buyers to counter the pervasive public perception that PRs are largely responsible for the rising prices of resale flats.
From the data provided by HDB, we can assume that 20 per cent of the resale flat buyers are PRs.
20 per cent represents a significant share in the market and is more than enough to have an impact on the prices of flats.
Furthermore, some may but the flats as PRs, but take up citizenships later, thereby artificially decreasing the actual figures.
HDB should stop obfuscating the matter and come clean with Singaporeans on why only less than 12,000 flats were built between the years 2006 and 2008 when there are more than 100,000 new arrivals in one year alone.
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