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Coffeeshop Chit Chat - Indian PR bought HDB flat within a year!</TD><TD id=msgunetc noWrap align=right> </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>kojakbt_89 <NOBR></NOBR> </TD><TD class=msgDate width="30%" noWrap align=right>4:14 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 4) </TD></TR></TBODY></TABLE></TD></TR><TR><TD class=msgleft rowSpan=4 width="1%"> </TD><TD class=wintiny noWrap align=right>31927.1 </TD></TR><TR><TD height=8></TD></TR><TR><TD class=msgtxt>Indian PR bought HDB flat within a year
April 19th, 2010 |
Author: Our Correspondent
http://www.temasekreview.com/2010/04/19/indian-pr-bought-hdb-flat-within-a-year/
The Straits Times reported one Indian PR Nirav Mithani who came from Mumbai in 2004 to work as a IT consultant.
He and his wife became permanent residents last year and soon bought a four-room flat in Sembawang.
It was not mentioned the price he paid for the flat.
According to National Development Minister Man Bow Tan, PRs form only 20 percent of buyers of resale flats, a percentage too “small” to have an impact on prices.
Singapore has one of the most liberal policies towards immigration in the world.
There is no minimal period of residency before a foreigner can apply for PR. Neither do PRs need to wait to purchase a resale HDB flat.
Many Singaporeans blame PRs for jacking up the prices of resale flats which grew by a record high 8.2 percent last year with median Cash-over-Valuation doubling from $12,000 to $24,000 in the last quarter alone.
The state media reported last year of an Indonesian PR paying a record high $653,000 for a 4-room flat in Queenstown when he could well afford a private apartment.
The highest price per square foot paid for a HDB flat was paid by a Taiwanese PR for a 3-room unit in Bras Basah this year.
Despite evidence showing otherwise, Mr Mah is adamant that HDB flats remain affordable to Singaporeans and blame the home buyers for being “fussy” and having “unrealistic” expectations.
With the heat turning up on Mr Mah, a few opposition leaders have expressed their desire to contest in his stronghold of Tampines, prompting PAP strongman Lee Kuan Yew to describe Singaporeans as being “daft” if they should cast a protest vote against the PAP over rising flat prices.
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http://www.temasekreview.com/2010/04/19/indian-pr-bought-hdb-flat-within-a-year/
The Straits Times reported one Indian PR Nirav Mithani who came from Mumbai in 2004 to work as a IT consultant.
He and his wife became permanent residents last year and soon bought a four-room flat in Sembawang.
It was not mentioned the price he paid for the flat.
According to National Development Minister Man Bow Tan, PRs form only 20 percent of buyers of resale flats, a percentage too “small” to have an impact on prices.
Singapore has one of the most liberal policies towards immigration in the world.
There is no minimal period of residency before a foreigner can apply for PR. Neither do PRs need to wait to purchase a resale HDB flat.
Many Singaporeans blame PRs for jacking up the prices of resale flats which grew by a record high 8.2 percent last year with median Cash-over-Valuation doubling from $12,000 to $24,000 in the last quarter alone.
The state media reported last year of an Indonesian PR paying a record high $653,000 for a 4-room flat in Queenstown when he could well afford a private apartment.
The highest price per square foot paid for a HDB flat was paid by a Taiwanese PR for a 3-room unit in Bras Basah this year.
Despite evidence showing otherwise, Mr Mah is adamant that HDB flats remain affordable to Singaporeans and blame the home buyers for being “fussy” and having “unrealistic” expectations.
With the heat turning up on Mr Mah, a few opposition leaders have expressed their desire to contest in his stronghold of Tampines, prompting PAP strongman Lee Kuan Yew to describe Singaporeans as being “daft” if they should cast a protest vote against the PAP over rising flat prices.
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