National Development Minister Mah Bow Tan (left) said: 'As far as (private home) prices are concerned, we want to make sure the property market do not become overheated.' --ST PHOTO: JOYCE FANG
THE Government is considering reinstating the 'confirmed list' of new sites for sale at its year-end review - a move seen by experts as a measure to cool the buzzing property market.
National Development Minister Mah Bow Tan said on Wednesday: 'As far as (private home) prices are concerned, we want to make sure the property market do not become overheated, that there is no excessive speculation.'
'The government is monitoring the market very closely. If there's any necessity, obviously we will take certain actions. One of the things we are looking at is the Government land sales,' he told reporters at the launch of the final skybridge at Singapore's tallest public housing project The Pinnacle@Duxton. It has 1,848 units, of which 111 are unsold.
Bringing back the confirmed list is a 'a definite possibility', said Mr Mah.
The Government suspended the confirmed list of sale sites last October when the property market was in the doldrums and Singapore slipped into a recession.
'Now that the market is coming back, demand is coming back and the take-up is strong, there's every likelihood that we will resume the confirmed list,' said Mr Mah, adding: 'It's a question of how much we put on the confirmed list.' i.e, now that recession seems to be over and people still seems rich, its time to restart the blood sucking
Restarting the confirmed list was a measure suggested by property developer Kwek Leng Beng as a possible Government move to cool the market. Pay him million dollars, in the end, some "Beng" developer have to come up with solutions
Singapore's market for new home sales have shot through the roof recently, with some projects sold at benchmark levels.
Resale prices of many popular projects have also risen from the lows early this year.
In tandem with the recovery in the Singapore economy, Mr Mah said HDB resale flat prices will continue to rise this year - by perhaps 1 or 2 per cent. For those still holding on to the dreams of HDB prices becoming "affordable", dream on!
HDB resale prices rose 1.4 per cent in the second quarter to a record high. --ST PHOTO: ALPHONSUS CHERN
HDB resale flat prices - already at record high levels - are likely to continue rising this year, said National Development Minister Mah Bow Tan on Wednesday.
'The flat prices would probably go up ... by 1 per cent, 2 per cent,' said Mr Mah. 'It will just keep on going up if the economy recovers as people expect, and if confidence returns but affordability will always be there.' to ad infinitum? We cannot afford, how much confidence also no use
HDB resale prices rose 1.4 per cent in the second quarter to a record high.
Resale flat prices go up in tandem with a very strong market, Mr Mah told reporters at the launch of the final skybridge at The Pinnacle@Duxton on Wednesday. then whats the diff between private market and HDB?
'We subsidised you when you buy and we increased the value of your flat when you live in it and... facilitate you to monetise it when you grow old. This is the best form of investment and welfare for the people,' said the minister. ie, "we entice you to buy our overpriced HDBs, let you see the paper gains, then make you pay until you're retired then force you to sell it to raise money when you're old and have no money because all your money is in that flat." May I know where I'll stay after "monetising" my home? Sell high buy high? LPPL leh. This sounds more like the best form of tying up the people's life and money.
Standing at 50 storeys, The Pinnacle@Duxton is Singapore's tallest public housing development.
It sits on the site of the area's first two HDB blocks, which were built 50 years ago. It was the first project in which an international architectural competition was called to get the best design ideas. And it took donkey years to build...projected TOP was this year's march? Slow down the work to cut cost and earn more for HDB?
look like property mkt will not fall...that's good news. A falling mkt will hurt the economy and delay the recovery. A gradual appreciation is good for home owners. Look at it this way, if you own a hdb 3 rm, say you bought it at 280K. After staying for 30 years, you unlock the value by selling it to govt under the lease back scheme, you will get a monthly income. So a rising mkt is good for everyone, your property investment is safe.
Anyway, if everyone own a HDB and bought it within your mean, the mkt will not crash. Even if it crash, you still have the money to pay what, even no money, you can seek help from HDB for restructuring your loan payment. So likelihood of HDB crash is minimal.
Restarting the confirmed list was a measure suggested by property developer Kwek Leng Beng as a possible Government move to cool the market.
How much impact would confirmed list affect the current pricing? By releasing regular parcel of land to developers to build more condo while HDB still continue their BTO concept?
Why did the housing pricing rise so high in the first place? Is it due to HDB valuation which refuse to fall despite of the recession and hitting record high in the middle of a worldwide recession? As long as HDB pricing refused to head downhill, how much can condo prices drop? The premium difference between the 2 grade of housing has narrowed so much compared to 2005-2007 level.
control supply with BTO and pegging the price with resales.
now the market gone out of control with crazy people asking for crazy price and crazy people paying crazy price.
see how he going to clear up all this mess. or we will see 8k ceiling buying a 1 million HDB flat.
'We subsidised you when you buy and we increased the value of your flat when you live in it and... facilitate you to monetise it when you grow old. This is the best form of investment and welfare for the people,' said the minister. ie, "we entice you to buy our overpriced HDBs, let you see the paper gains, then make you pay until you're retired then force you to sell it to raise money when you're old and have no money because all your money is in that flat." May I know where I'll stay after "monetising" my home? Sell high buy high? LPPL leh. This sounds more like the best form of tying up the people's life and money.
As yoyo0707 mentioned, there is a lease back scheme. In addition to that, folks can monetise the value of their flats by selling the current one & buying a studio unit or 2/3 room flats. Planning one's retirement is the key.
As yoyo0707 mentioned, there is a lease back scheme. In addition to that, folks can monetise the value of their flats by selling the current one & buying a studio unit or 2/3 room flats. Planning one's retirement is the key.
Thanks for correcting the title. I only realize after posting but didn't know how to change it
As for the topic of retirement...I do not think that thats how I would wanna retire. Which is by cannibalizing an asset which took my entire working life to pay off. Then again, to each his own and its refreshing to see it from your prospectives
Thanks for correcting the title. I only realize after posting but didn't know how to change it
As for the topic of retirement...I do not think that thats how I would wanna retire. Which is by cannibalizing an asset which took my entire working life to pay off. Then again, to each his own and its refreshing to see it from your prospectives
You're welcome!
Safe to say, not everyone needs to do that or will do that. But for some people, it's a solution.
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