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Coffeeshop Chit Chat - Prices of resale flats may rise further!</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>12:43 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 6) </TD></TR></TBODY></TABLE></TD></TR><TR><TD class=msgleft rowSpan=4 width="1%"> </TD><TD class=wintiny noWrap align=right>30209.1 </TD></TR><TR><TD height=8></TD></TR><TR><TD class=msgtxt>Prices of resale HDB flats may rise further as PR quota reached in several estates
March 17, 2010 by admin
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http://www.temasekreview.com/2010/03/17/prices-of-resale-hdb-flats-may-rise-further-as-pr-quota-reached-in-several-estates/
Written by Our Correspondent
The prices of resale HDB flats may rise further as the PR quota is reached in several estates. Under the new Singapore Permanent Resident (SPR) quota introduced lately, a cap of 8 percent is set for PR households in each block and 5 percent within each neighborhood to prevent ethnic enclaves from emerging in the HDB heartlands.
The HDB’s website showed that several HDB estates reached their PR quota such as Admiralty Drive and Canberra Road in Sembawang, Anchorvale Link in Sengkang, Choa Chu Kang Avenue 5, Bukit Batok East Avenue 3, Woodlands Avenue 6 and Jurong West Central 1.
However, the quota applies only to HDB flats owned by PRs and not those rented by them and as such it may not be able to tackle the problem it seeks to resolve in the first place.
For example, foreigners who live in rented flats are not covered under the new rule and so ethnic enclaves can still form though the PR quotas are kept.
Due to the PAP’s liberal immigration and pro-foreigner policies, foreigners now make up 36 percent of Singapore’s population, up from 14 percent in 1990. Of the remaining 64 percent who are citizens, an increasing number are born overseas.
There are now large number of foreigners living in certain parts of Singapore such as the mainland Chinese in Geylang, Indians in Seng Kang and Burmese in some precincts of Jurong.
In fact, Geylang has its own PRC restaurants, shops, KTVs and supermarkets that it resembles more like a county in China than Singapore itself.
PRs comprise about 14 per cent of the population in HDB flats, according to 2009 figures. National Development Minister Mah Bow Tan claimed that the number is too “small” to affect the prices of resale flats.
Property analysts warn that the quota system might cause an increase in prices unwittingly.
PropNex CEO Mohamed Ismail told the Straits Times “that PRs selling HDB flats in neighbourhoods or blocks that have reached their quota will be able to quote a higher price when selling to other PRs.”
“Assuming PRs can afford it, they might be willing to pay for a flat that might be nearer to good schools or the MRT, or to get a good view. But if the quota is reached they won’t be able to buy unless they offer a higher price,” he added.
Some PRs are flushed with cash and have no qualms paying an above market price for flats in prime estates. An Indonesian PR paid $653,000 for a a 4-room resale flat in Queenstown last year though he could well afford a condominium.
Though HDB flats are supposedly public housing, foreigners (PRs) are allowed to purchase resale flats in the open market without any minimum period of residency in Singapore.
They can also sell their flats for a hefty profit years later should they decide to leave Singapore and return to their homelands.
Despite rising concerns, worries and fears on the ground that HDB flats are getting more and more expensive, Mr Mah continues to insist that HDB flats remain “affordable” to the majority of Singaporeans.
In an interview with CNA’s Talking Point last Sunday, Mr Mah reportedly said that HDB does not want flat prices to come down in the future.
The prices of HDB flats have sky-rocketed in recent years with that of resale flats growing by a record 8.2 percent in 2009 while median COVs doubled from $12,000 to $24,000 during the last quarter alone. Yet the salaries of Singaporeans have declined by 3.2 percent during the same period of time.
With no opposition in Parliament to hold Mr Mah accountable to his words or actions and no credible alternative to replace him, young Singaporeans wanting to start a family of their own will have no choice but to either “slug it out” with the PRs in the resale market, wait a few years for BTO flats in far-flung places or continue staying with their parents till they inherit their flats.
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March 17, 2010 by admin
Filed under Headlines
Leave a comment
http://www.temasekreview.com/2010/03/17/prices-of-resale-hdb-flats-may-rise-further-as-pr-quota-reached-in-several-estates/
Written by Our Correspondent
The prices of resale HDB flats may rise further as the PR quota is reached in several estates. Under the new Singapore Permanent Resident (SPR) quota introduced lately, a cap of 8 percent is set for PR households in each block and 5 percent within each neighborhood to prevent ethnic enclaves from emerging in the HDB heartlands.
The HDB’s website showed that several HDB estates reached their PR quota such as Admiralty Drive and Canberra Road in Sembawang, Anchorvale Link in Sengkang, Choa Chu Kang Avenue 5, Bukit Batok East Avenue 3, Woodlands Avenue 6 and Jurong West Central 1.
However, the quota applies only to HDB flats owned by PRs and not those rented by them and as such it may not be able to tackle the problem it seeks to resolve in the first place.
For example, foreigners who live in rented flats are not covered under the new rule and so ethnic enclaves can still form though the PR quotas are kept.
Due to the PAP’s liberal immigration and pro-foreigner policies, foreigners now make up 36 percent of Singapore’s population, up from 14 percent in 1990. Of the remaining 64 percent who are citizens, an increasing number are born overseas.
There are now large number of foreigners living in certain parts of Singapore such as the mainland Chinese in Geylang, Indians in Seng Kang and Burmese in some precincts of Jurong.
In fact, Geylang has its own PRC restaurants, shops, KTVs and supermarkets that it resembles more like a county in China than Singapore itself.
PRs comprise about 14 per cent of the population in HDB flats, according to 2009 figures. National Development Minister Mah Bow Tan claimed that the number is too “small” to affect the prices of resale flats.
Property analysts warn that the quota system might cause an increase in prices unwittingly.
PropNex CEO Mohamed Ismail told the Straits Times “that PRs selling HDB flats in neighbourhoods or blocks that have reached their quota will be able to quote a higher price when selling to other PRs.”
“Assuming PRs can afford it, they might be willing to pay for a flat that might be nearer to good schools or the MRT, or to get a good view. But if the quota is reached they won’t be able to buy unless they offer a higher price,” he added.
Some PRs are flushed with cash and have no qualms paying an above market price for flats in prime estates. An Indonesian PR paid $653,000 for a a 4-room resale flat in Queenstown last year though he could well afford a condominium.
Though HDB flats are supposedly public housing, foreigners (PRs) are allowed to purchase resale flats in the open market without any minimum period of residency in Singapore.
They can also sell their flats for a hefty profit years later should they decide to leave Singapore and return to their homelands.
Despite rising concerns, worries and fears on the ground that HDB flats are getting more and more expensive, Mr Mah continues to insist that HDB flats remain “affordable” to the majority of Singaporeans.
In an interview with CNA’s Talking Point last Sunday, Mr Mah reportedly said that HDB does not want flat prices to come down in the future.
The prices of HDB flats have sky-rocketed in recent years with that of resale flats growing by a record 8.2 percent in 2009 while median COVs doubled from $12,000 to $24,000 during the last quarter alone. Yet the salaries of Singaporeans have declined by 3.2 percent during the same period of time.
With no opposition in Parliament to hold Mr Mah accountable to his words or actions and no credible alternative to replace him, young Singaporeans wanting to start a family of their own will have no choice but to either “slug it out” with the PRs in the resale market, wait a few years for BTO flats in far-flung places or continue staying with their parents till they inherit their flats.
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