Grace Fu: Hard to “predict†short term demand for housing
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Grace Fu: Hard to “predict” short term demand for housing
January 11, 2010
Senior Minister of State for National Development Grace Fu told Parliament today that there are adequate housing, facilities and infrastructure to meet the demands of a growing population.
However, there are cases where short-term demand is not met because it is very hard to “predict” such demand, such as for housing.
“This is because there is always a lead time involved,” she said without elaborating more on it.
The National Development Ministry led by Mr Mah Bow Tan had come under intense criticisms from the public of late due to the shortage of public housing for Singaporeans which is exacerbated by a growing population contributed largely by the relentless influx of foreigners.
The floodgates appear to open a few years ago when Prime Minister Lee Hsien Loong announced an ambitious plan to increase Singapore’s population to 6.5 million people via immigration.
A quick check on the HDB Infoweb reveals that the number of HDB flats built between the years 2005 – 2008 are fewer than the preceding four years.
In the face of rising demand and limited supply of flats, the prices of HDB flats sky-rocketed in Singapore, reaching a record peak high in June last year.
Mr Mah admitted lately that he was “caught off guard” by the spike in prices and reassured Singaporeans that HDB flats will remain “affordable” to the majority of the population.
Despite repeated reassurances from HDB and government ministers, there is a prevailing sentiment on the ground that ordinary Singaporeans are being priced out of reach in the public housing market.
Even for those who can afford to pay for these over-priced flats, they will probably have to deplete their CPFs in order to do so.
The situation is worsened by PRs who “spoil” the market by paying higher than market prices for resale flats. For example, one Indonesian PR forked out $653,000 for a four-room resale flat in Queenstown when he could well afford a private apartment.
As prices of new flats are pegged to the recent transaction of resale flats in the vicinity, this contributes indirectly to the high prices fetched by two BTO projects launched in Queenstown lately with an average price of more than $500,000 for four-room flats and $600,000 for five room flats.
According to Mohamad Ismail, the CEO of real estate agency Propnex, as high as 20 per cent of the buyers of resale flats are PRs. Another agency C&H Realty quoted a figure as high as 50 per cent, yet Mr Mah claimed that PRs form only a “small proportion” of the buyers of resale flats.
Some PRs eventually sell their flats for a generous profit after they leave Singapore for their homeland where they can retire comfortably for the rest of their lives while locals continue to pay the high price for the ruling party’s pro foreigner policy.
Being the highest paid ministers in the world, it is unforgivable for Mr Mah and Ms Fu not to foresee the rise in HDB prices with more foreigners coming into Singapore.
Furthermore, the Singapore cabinet is blessed with a “forecaster extraordinarie” who does nothing much other than to “do forecasting.”
Perhaps he should spend more time “mentoring” the junior ministers to ensure they don’t make such a disastrous mistake again instead of flying around the world to lecture others on how to run their countries.
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Must be damn Graceful
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PAP is complacent.... They need some competition .....
If you are paid a Million dollar salary and cannot forecast based on this data, either you are sleeping on your job, or severely incompetent. Singaporeans should decide if PAP needs some competition to be responsive to our needs, or they prefer to listen to lame excuses such as " I was caught off-guard" or "it happens only 1 in 50 years." No competition means that they are only responsive when the elections are near.
http://tankinlian.blogspot.com/2010/01/hdb-flats-and-population-growth.html
HDB flats and population growth
Recently, there has been a great deal of interest in the run up in property prices. The following are some statistics from the Yearbook of Statistics 2009 which can help explain why.
From 2003 to 2008, the total population increased by 17.6% The resident population increased by 8.2%.The number of HDB flats however only increased by 1.2%.It is unclear why HDB has been building so few HDB flats from 2003 to 2008. The numbers very clearly suggest that the HDB building program has been unable to keep pace with the increase in population. The current boom in housing prices is therefore not fueled by "irrational speculation" or HDB pricing polices. Rather it is due to a very real supply shortage in housing to meet the demands of our growing population.The danger in these type of situations is that the large price increases will bring about a very sharp market correction. In response to criticism, the HDB has recently announced that they will step up building.Large number of private developers have also launched new projects to "cash in" on the record prices.On the demand side, MOM has also recently implemented policies so that it is more difficult for foreigners to come and work in Singapore.The market will therefore almost certainly overshoot and we can be assured of a very dramatic fall in housing prices, most probably in 3Q2010 to 4Q2010. -
the problem is, all the decision and policy makers do not stay in HDB flats themselves.
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Originally posted by av98m:
the problem is, all the decision and policy makers do not stay in HDB flats themselves.
neither do they take e essential basic svsBut gotta admit, planning of airport and seaport they still super kilat
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Grace Fu: Hard to “predict” short term demand for housing
Then at least don't be so shameless want to draw highest pay in the world.
Pay want the highest, elections talk rubbish, then come and give hundreds of excuses.
No sense of shame at all, these PAP ministers. Only arrogance and talk down to citizens.
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Originally posted by av98m:
the problem is, all the decision and policy makers do not stay in HDB flats themselves.
I think Singporeans are better off if they make a HDB dweller compulsory in a GRC. All these high flying elites wait until election time then kan cheong spider and try to address our needs.
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Originally posted by Calvin86:
I think Singporeans are better off if they make a HDB dweller compulsory in a GRC.
GRC must be destroyed.
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Originally posted by Calvin86:
I think Singporeans are better off if they make a HDB dweller compulsory in a GRC. All these high flying elites wait until election time then kan cheong spider and try to address our needs.
the reality is, a balance of diff ppl of diff backgrounds is better over tis policy planners issues -
Originally posted by sbst275:
the reality is, a balance of diff ppl of diff backgrounds is better over tis policy planners issuesYeah i agree, but Singapore is still run like "Father know best" and "Father is always right," although they bother to pretend to "listen" to our feedbacks.
I still remember the LTA tried to implement the Taxi Stand rule in the CBD without consulting Singaporeans. Then i saw some many helpless tourist flagging for taxis but no taxi is stopping for them as the tourists do not know about the new rule. I cant help but laugh at how these elites can implement transport policy without consultation. I wont be surprised if these policy makers have never taken a taxi before...
Earlier, we tried to feedback on the overcrowding of MRT, then we forced to read propaganda about crowded Tokyo and Shanghai MRTs and how lucky Singaporeans are. But now the train frequency is a lot better. Its amazing what elections can do ...Suddenly they become so responsive to our needs when a while ago they were calling us whiners and complainers that does not know how to appreciate the "great country". -
Originally posted by Calvin86:
Yeah i agree, but Singapore is still run like "Father know best" and "Father is always right," although they bother to pretend to "listen" to our feedbacks.
I still remembered the LTA tried to implement the Taxi Stand rule in the CBD without consulting Singaporeans. Then i saw some many helpless tourist flagging for taxis but no taxi is stopping for them as the tourists do not know about the new rule. I cant help but laughing at how these elites can implement transport policy without consultation. I wont be surprised if these policy makers have never taken a taxi before...
Earlier, we tried to feedback on the overcrowding of MRT, then we forced to read propaganda about crowded Tokyo and Shanghai MRTs and how lucky Singaporeans are. But now the train frequency is a lot better. Its amazingly what elections can do ...Suddenly they become so responsive to our needs when a while ago they were calling us whiners and complainers that does not know how to appreciate the "great country".
the taxi tat one was funny, but it has to be done. you can't be having taxis stopping at bus lanes blocking buses esp during peak hrs in the CBD. -
That taxi shit was one of the all time classic moronic PAP idea. opposition better raise it up in elections.
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Originally posted by ztreyier:
That taxi shit was one of the all time classic moronic PAP idea. opposition better raise it up in elections.
I've said there's no way for ppl like us to call a taxi as we wish especially it's a bus lane on the left hand side of the road.It can create accidents and bus service delays.
Singaporean love to complain. ppl anyohow pick up taxi passenger along bus lane, illegally park at bus lane also SBS's fault right?
It's not PAP's fault, blame it on Singaporean's being spoiled w/ propesrity and dunno how to treasure why things are done in that manner
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actually, i would really like to see the mini-star live like the common folk do for 2 months in a year..
give their family a take-home pay of say... $4,000 a month, make them live in a 4-room HDB flat, take the MRT and buses to work... without their goddamned minders and hangers-on clearing their way for them...
i have a feeling that after a couple of days, they'd be lying in their own filth in a fetal position crying to themselves
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Originally posted by the Bear:
actually, i would really like to see the mini-star live like the common folk do for 2 months in a year..
give their family a take-home pay of say... $4,000 a month, make them live in a 4-room HDB flat, take the MRT and buses to work... without their goddamned minders and hangers-on clearing their way for them...
i have a feeling that after a couple of days, they'd be lying in their own filth in a fetal position crying to themselves
It is typical, uncaring, heartless, insensitive of the ruling party to spout such words. Used to them already. It all boils down to they are in politics without putting public service as the top priority on their list. -
Better dun, later they tell us to live like the bangalas do, give each family a domitory together with groups of mynamars, PRC, indians and bangala workers, with security guards checking in and out, take home only $500 to $1000, take pick ups and lorries to and flow as main transport, movement controlled, have to line up for cooking, laundary, bathing and shitting. Cannot walk pass landed property, can only eat at the dormitory canteen provided, have to rush for seat and
Then we may end up crying louder than them.
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Originally posted by angel7030:
Better dun, later they tell us to live like the bangalas do, give each family a domitory together with groups of mynamars, PRC, indians and bangala workers, with security guards checking in and out, take home only $500 to $1000, take pick ups and lorries to and flow as main transport, movement controlled, have to line up for cooking, laundary, bathing and shitting. Cannot walk pass landed property, can only eat at the dormitory canteen provided, have to rush for seat and
Then we may end up crying louder than them.
They won't do that. They would love Singaporeans to buy property, this way they earn money out of it. Stay in dormatories, they earn 0 money. -
Originally posted by ztreyier:
GRC must be destroyed.
GRC running dogs are sleeping and give wrong information to the top.The top cant be bother to see themselves.
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Originally posted by av98m:
the problem is, all the decision and policy makers do not stay in HDB flats themselves.
but they are the landlords, how can landlords live on houses they built for leasing?? -
Originally posted by Calvin86:
Yeah i agree, but Singapore is still run like "Father know best" and "Father is always right," although they bother to pretend to "listen" to our feedbacks.
I still remembered the LTA tried to implement the Taxi Stand rule in the CBD without consulting Singaporeans. Then i saw some many helpless tourist flagging for taxis but no taxi is stopping for them as the tourists do not know about the new rule. I cant help but laughing at how these elites can implement transport policy without consultation. I wont be surprised if these policy makers have never taken a taxi before...
Earlier, we tried to feedback on the overcrowding of MRT, then we forced to read propaganda about crowded Tokyo and Shanghai MRTs and how lucky Singaporeans are. But now the train frequency is a lot better. Its amazingly what elections can do ...Suddenly they become so responsive to our needs when a while ago they were calling us whiners and complainers that does not know how to appreciate the "great country".
I like yr last para... -
To lower HDB price, keep building more HDB like crazy than the price will go down...
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Originally posted by Fantagf:
They won't do that. They would love Singaporeans to buy property, this way they earn money out of it. Stay in dormatories, they earn 0 money.
just in case you ask them to live in HDB, then they can ask us to live in dormitory lor.by the way, they can do it to singaporeans if there is insufficient houses, we move to dormitories, and leave the HDB and other houses to PR and foreigners
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Originally posted by angel7030:
just in case you ask them to live in HDB, then they can ask us to live in dormitory lor.by the way, they can do it to singaporeans if there is insufficient houses, we move to dormitories, and leave the HDB and other houses to PR and foreigners
WAnt do that, then pay us the money. I doubt they will. If they do so, they are bringing bad name for themselves and no face for them if other countries know about it -
Hello, aunty ar, govt pay you, you must be joking....govt dun even need to collect money from you...they SUCK the money out of you ya
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Originally posted by angel7030:
Hello, aunty ar, govt pay you, you must be joking....govt dun even need to collect money from you...they SUCK the money out of you ya
anyway, never mind, as long as you are happily sucked by them. i not your auntie.