Mah Bow Tan: PRs “under-represented†in HDB resale market
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Mah Bow Tan: PRs “under-represented” in HDB resale market
Written by Our Correspondent
National Development Minister Mah Bow Tan told parliament yesterday that PRs do not add further to the demand of HDB flats.
“PRs are not eligible for buying new flats, even in the resale market, quite a lot of them actually rent. They are under-represented as far as purchases are concerned,” he said.
Mr Mah did not quote any figures to substantiate his claims. An earlier report by real estate agency ERA revealed that 40 per cent of buyers of resale flats are PRs.
The Straits Times reported an Indonesian PR forking out $653,000 for a 4-room flat in Queenstown though he could well afford a condominium.
The prices of resale flats have sky-rocketed over the last few months, hittinga record high in June this year.
Despite the escalating prices, HDB is adamant that public housing remains affordable in Singapore.
In response to mounting complaints from first-time home buyers that they were unable to purchase a flat of their choice, Mr Mah retorted that they were too “fussy”.
He reiterated his stance again in parliament that expectations of first-time buyers are too high, with many demanding for flats in prime estates or on higher floors.
“I cannot build flats only in the mature estates, only in the city area. I cannot build flats that are only on high floors,” he said.Mr Mah claimed that HDB will be building between 10,000 and 12,000 new flats per annum over the next five years to meet the housing demand in Singapore.
He did not explain why the supply of new flats was not increased between the years 2006 and 2008 when the influx of foreigners is at its peak.
The number of foreigners working and living in Singapore has increased rapidly over the last few years as part of the government’s policy to boost the nation’s declining birth rates via immigration.
Foreigners now made up 36 per cent of the population, up from 14 per cent in 1990. This means that one out of three residents in Singapore is a foreigner.
According to the National Population Secretariat, about 90,000 foreigners became PRs last year with another 20,000 taking up Singapore citizenship.
Mr Mah did not reveal the exact numbers of PRs and new citizens who bought resale flats as well as new flats.
The numbers of PRs who made a profit from the sale of their resale flats after they left Singapore is also unknown.
The question on whether there are sufficient HDB flats for first-time buyers was actually fielded by a PAP MP. The three so-called opposition MPs in parliament have remained mute on the issue so far.
Singapore’s ruling PAP won only 66.6 per cent of the valid votes in the last elections, but occupied 82 out of 84 seats in parliament.
With an absolute majority, they are able to pass bills and legislation unhindered in parliament with little or no debate.
Without a sizable opposition presence in parliament to demand detailed answers from Mr Mah, it is unlikely that Singaporeans will ever know the real impact of foreigners on the cost of public housing in Singapore.
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sure.. they have the $$ to splash out $630k+ for a 4-room flat, skewing the shit out of the market..
most PRs have $$ to throw.. so they will buy condos.. making them "under-represented" in HDB resale...
but after the $630k+ debacle, the damage is already done right?
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“PRs need to have a home in Singapore” – Mah Bow Tan
Tuesday, 24 November 2009, 12:07 am | 120 views
PR families are not eligible for housing subsidies that Singaporeans enjoy. They are not allowed to buy a new flat from HDB or enjoy any housing grant. However, PRs need to have a home in Singapore. Therefore, they are allowed to buy properties from the open market, including HDB resale flats.
Mah Bow Tan, National Development Minister
Source: The Online Citizen
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btw.. what are your views?
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Originally posted by the Bear:
btw.. what are your views?
Ask them to buy private house - PR must at least earn S$3000.00/month - or else these jokers become our country liabilties!Becasue after a period of time, they bye bye to Singapore.
Unless, their next generation become Singaporean serve NS.
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Originally posted by Greytan49:
Ask them to buy private house - PR must at least earn S$3000.00/month - or else these jokers become our country liabilties!Becasue after a period of time, they bye bye to Singapore.
Unless, their next generation become Singaporean serve NS.
you think $3k can afford private housing in Singapore? -
Originally posted by the Bear:
you think $3k can afford private housing in Singapore?
then they don't comesome, come here cos of exchange rate.
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For those PRs who rent out their rooms in their resale flats, the cost of the flat is essentially the initial down payment.
Example, for a resale flat that costs $400,000, the PR couple buying the flat needs to come with say 20% or the initial $80,000. The rest of the monthly mortgage payments can be covered by renting out some of the rooms to other PRs or foreigners looking for accomodation.
This arrangement is quite common because the PRs might not be living in Sg for long or perhaps only for a couple of years. They also have the option of moving to and from their own home country. If rentals are higher than the monthly mortgage loan, the PRs might even make money from this arrangement.
This is unlike married Singaporean couples who buy the flats to start a family and raise their children. They will likely not be renting out any rooms to outsiders, so they will be the ones servicing the full mortgage loan till the end.
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Mah Bow Tan: PRs “under-represented” in HDB resale market
Nowadays hear these PAP bastards talk like they are no longer serving interests of Singaporeans.
Everyday talk about foreign aliens, PRs; take locals for granted.
Keep on vote for PAP lah.
Win for 50 years can't even be bothered about locals already.
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Originally posted by charlize:
For those PRs who rent out their rooms in their resale flats, the cost of the flat is essentially the initial down payment.
Example, for a resale flat that costs $400,000, the PR couple buying the flat needs to come with say 20% or the initial $80,000. The rest of the monthly mortgage payments can be covered by renting out some of the rooms to other PRs or foreigners looking for accomodation.
This arrangement is quite common because the PRs might not be living in Sg for long or perhaps only for a couple of years. They also have the option of moving to and from their own home country. If rentals are higher than the monthly mortgage loan, the PRs might even make money from this arrangement.
This is unlike married Singaporean couples who buy the flats to start a family and raise their children. They will likely not be renting out any rooms to outsiders, so they will be the ones servicing the full mortgage loan till the end.
but don't forget the singaporean couples who buy the flats can use their cpf to pay for part of the money. The PRs do not have much cpf money because they only work a short time in singapore
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These PAP motherfuckers.
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Originally posted by martial:
but don't forget the singaporean couples who buy the flats can use their cpf to pay for part of the money. The PRs do not have much cpf money because they only work a short time in singapore
The PRs don't need any CPF money to pay for the flat in the first place. They just need to work in sg for a couple of years, rent a place initially and once they have saved up enough for the down payment, buy a resale flat.
Like the example I gave above, they only need to come up with the initial down payment. That initial down payment is essentially the total cost of the flat if they choose to rent out rooms for rental income to cover the monthly mortgage payments.
Singaporeans on the other hand need to pay up the full $400,000 from their own pockets (initial $80K down plus remaining $320K plus interest for the rest of the tenor of the loan through their CPF).
A young Singaporean couple will typically not want to rent out rooms to outsiders because that is their home which they want to raise their children in.
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Originally posted by charlize:
The PRs don't need any CPF money to pay for the flat in the first place. They just need to work in sg for a couple of years, rent a place initially and once they have saved up enough for the down payment, buy a resale flat.
Like the example I gave above, they only need to come up with the initial down payment. That initial down payment is essentially the total cost of the flat if they choose to rent out rooms for rental income to cover the monthly mortgage payments.
Singaporeans on the other hand need to pay up the full $400,000 from their own pockets (initial $80K down plus remaining $320K plus interest for the rest of the tenor of the loan through their CPF).
A young Singaporean couple will typically not want to rent out rooms to outsiders because that is their home which they want to raise their children in.
Say 2 singaporean at age 35 gets married. Both of them will have worked around 15 years each, making it 30 years all together.If they did not use their cpf money for other purposes, their combined cpf money for 30 years is enough for them to pay for the entire flat at once without the need to take up a loan from the bank.
Even if the cpf money is not enough, they just have to topup a little bit of cash than tehy can pay for the entire flat already.
This is if they buy a new say 3 or 4 room hdb flat. If they buy a condomunium or resale flat than most likely their cpf money will not be enough to pay for the cost of the flat at 1 go
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Originally posted by martial:
Say 2 singaporean at age 35 gets married. Both of them will have worked around 15 years each, making it 30 years all together.If they did not use their cpf money for other purposes, their combined cpf money for 30 years is enough for them to pay for the entire flat at once without the need to take up a loan from the bank.
Even if the cpf money is not enough, they just have to topup a little bit of cash than tehy can pay for the entire flat already.
This is if they buy a new say 3 or 4 room hdb flat. If they buy a condomunium or resale flat than most likely their cpf money will not be enough to pay for the cost of the flat at 1 go
You don't seem very clear as to the point I am trying to make.
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Originally posted by charlize:
You don't seem very clear as to the point I am trying to make.
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Another related point that I found interesting from another forum in regards to PRs buying resale flats:
Someone highlighted that single PRs are allowed to buy a resale flat together with one of their siblings as long as they are above 21 years old.
This is nothing unusual until you note that a single Singaporean on the other hand is not allowed by law to purchase a resale HDB flat until she is 35 years old. If the Singaporean is male, has served NS, served his reservist and pays taxes, then this law is even more perplexing. It would seem that PRs do have an advantage over the Singaporean in this regard.
Food for thought.
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Originally posted by Greytan49:
Mah Bow Tan: PRs “under-represented” in HDB resale market
Written by Our Correspondent
National Development Minister Mah Bow Tan told parliament yesterday that PRs do not add further to the demand of HDB flats.
“PRs are not eligible for buying new flats, even in the resale market, quite a lot of them actually rent. They are under-represented as far as purchases are concerned,” he said.
Mr Mah did not quote any figures to substantiate his claims. An earlier report by real estate agency ERA revealed that 40 per cent of buyers of resale flats are PRs.
The Straits Times reported an Indonesian PR forking out $653,000 for a 4-room flat in Queenstown though he could well afford a condominium.
The prices of resale flats have sky-rocketed over the last few months, hittinga record high in June this year.
Despite the escalating prices, HDB is adamant that public housing remains affordable in Singapore.
In response to mounting complaints from first-time home buyers that they were unable to purchase a flat of their choice, Mr Mah retorted that they were too “fussy”.
He reiterated his stance again in parliament that expectations of first-time buyers are too high, with many demanding for flats in prime estates or on higher floors.
“I cannot build flats only in the mature estates, only in the city area. I cannot build flats that are only on high floors,” he said.Mr Mah claimed that HDB will be building between 10,000 and 12,000 new flats per annum over the next five years to meet the housing demand in Singapore.
He did not explain why the supply of new flats was not increased between the years 2006 and 2008 when the influx of foreigners is at its peak.
The number of foreigners working and living in Singapore has increased rapidly over the last few years as part of the government’s policy to boost the nation’s declining birth rates via immigration.
Foreigners now made up 36 per cent of the population, up from 14 per cent in 1990. This means that one out of three residents in Singapore is a foreigner.
According to the National Population Secretariat, about 90,000 foreigners became PRs last year with another 20,000 taking up Singapore citizenship.
Mr Mah did not reveal the exact numbers of PRs and new citizens who bought resale flats as well as new flats.
The numbers of PRs who made a profit from the sale of their resale flats after they left Singapore is also unknown.
The question on whether there are sufficient HDB flats for first-time buyers was actually fielded by a PAP MP. The three so-called opposition MPs in parliament have remained mute on the issue so far.
Singapore’s ruling PAP won only 66.6 per cent of the valid votes in the last elections, but occupied 82 out of 84 seats in parliament.
With an absolute majority, they are able to pass bills and legislation unhindered in parliament with little or no debate.
Without a sizable opposition presence in parliament to demand detailed answers from Mr Mah, it is unlikely that Singaporeans will ever know the real impact of foreigners on the cost of public housing in Singapore.
Typical PAP MP reply:
"They are under-represented as far as purchases are concerned,” he said."
But without figures to substantiate his claims...
Just LHL tells local citizen. We will prioritize local student for education, Local citizen for job... Blah,blah,blah but not further elaboration , explanation and satistic to back his words.
RUBBISH
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Originally posted by charlize:
Another related point that I found interesting from another forum in regards to PRs buying resale flats:
Someone highlighted that single PRs are allowed to buy a resale flat together with one of their siblings as long as they are above 21 years old.
This is nothing unusual until you note that a single Singaporean on the other hand is not allowed by law to purchase a resale HDB flat until she is 35 years old. If the Singaporean is male, has served NS, served his reservist and pays taxes, then this law is even more perplexing. It would seem that PRs do have an advantage over the Singaporean in this regard.
Food for thought.
They need to lure all this fishes in before they cast their nets.
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Can't help but say this...
I kan his lau bu
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tat time removed all their subsidy in education and wat so ever... I think they are confused today to wat to say today and tml even
Like transport ministar, last time say ERP help ppl to own cars.. now say jam cos we've lacked focus in public tpt
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Originally posted by sbst275:
tat time removed all their subsidy in education and wat so ever... I think they are confused today to wat to say today and tml even
Like transport ministar, last time say ERP help ppl to own cars.. now say jam cos we've lacked focus in public tpt
Election time, they have to say nice things to please the voters mah.
You notice they are suddenly very attentive to all the problems surfacing recently - from the Bukit Timah flooding, to HDB flat affordability.
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Originally posted by charlize:
Election time, they have to say nice things to please the voters mah.
You notice they are suddenly very attentive to all the problems surfacing recently - from the Bukit Timah flooding, to HDB flat affordability.
That's their style/pattern what.
Still, most Singaporean voted for them.
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We, Citiizen of Singapore, voted them.
We, Ciitizen of Singapore, are disgusted over them.
We, Citizen of Singapore, will continue to vote for them!
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Opposition need to have few more good candidate like lim rui lian
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Originally posted by charlize:
Election time, they have to say nice things to please the voters mah.
You notice they are suddenly very attentive to all the problems surfacing recently - from the Bukit Timah flooding, to HDB flat affordability.
dun make sense, wat decides election is wat happens in between one.
Bt Timah tat one can't be helped, it's a old day problem back from the 1970s n 1980s