Mah finally acknowledged rising HDB resale
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January 29, 2010 - Temasek Review
Written by Our Correspondent
After months of denial, National Development Minister Mah Bow Tan has finally acknowledged that “the rising HDB resale flat prices have raised fresh concerns.”
The prices of resale flats has increased by 8.2 per cent in 2009 when Singapore was still mired by depression, contributed largely by a limited supply of new flats and rising demand fueled by the relentless influx of foreigners.
Latest figures released by the HDB showed that cash upfront paid by buyers for resale flats, known as cash-over-valuation or COV, doubled to $24,000 in the fourth quarter from the previous quarter.
Despite rising frustration, resentment and anger on the ground over the increase prices of public housing in Singapore, Mr Mah and other HDB officials continue to insist that they are “affordable” to ordinary Singaporeans.
Mr Mah even chided first time home buyers for being “choosy” and said that “the onus is on Singaporeans to play their part by buying a home within their means.”
Quoting the affordability benchmark of 30 per cent used frequently by HDB to show that HDB flats remain affordable to ordinary Singaporeans, Mr Mah said a family with a monthly income of $3,000 can buy a flat worth up to $250,000 and spend only 30 per cent of their income every month on the mortgage.
“Similarly, a family with a monthly income of $4,000 can afford to buy a new flat worth up to $333,000 without spending more than 30 per cent a month on the mortgage. This means they can comfortably buy any of the flats offered in the latest BTO projects this month,” he added.
However, Mr Mah fails to take into account the bank interest rates and inflation over the years which will lead eventually to the family spending more than 30 per cent of their monthly income on the mortgage.
Furthermore, after depleting their entire CPF for these over-priced 99-year leasehold HDB flats, they will have little or no savings left for their retirement.
Though he admitted eventually he was “caught off guard” by the continued increase in prices, he failed to acknowledge the severity of the problem.
Singaporeans who are still harboring hope that Mr Mah will bring down the prices of HDB flats are going to be disappointed.
Echoing the stance of Prime Minister Lee Hsien Loong, Mr Mah said the Government should not ‘interfere in the resale market’ and should let it ’set its own price’.
Instead, HDB will review its rules and policies to ’see if there’re any rules that are encouraging or allowing people to speculate on HDB flats’.
The outcome of the review will be released in a few months’ time and by then the prices will have increased even more at the present rate it is going.
Mr Mah reiterated that the HDB is monitoring demand carefully and is planning to roll out 7,000 new flats in the first half of this year, and about 12,000 for 2010.
“If there is even stronger demand than that, of course HDB will built even more,” he said.
As the flats will take about 3 to 4 years to be completely, they are unlikely to meet the immediate demand now.
In fact, they should be built well before between the years 2006 – 2008 to prepare for the expected increase in demand due to the rising number of foreigners coming to work and live in Singapore.
For some inexplicable reasons, only slightly more than 11,000 new flats were built during these three years or about 4,000 a year:
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Luckily i brought v early
when prices still low
problem is ppl always like to wait
wait wait .........wait until cows go home
prices still dun go down $%%$#$#
some even want to wait for a house
that can sell at $1!!
Pray long long
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election coming
lky also joke with him and he recieved his meassage
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wat has re-sale prices to do w/ PAP?
So later they set a price range, ppl here at Speakers Corner later kpkb PAP trying to do price fixing?
Gvie me better complains
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Originally posted by sbst275:
wat has re-sale prices to do w/ PAP?
So later they set a price range, ppl here at Speakers Corner later kpkb PAP trying to do price fixing?
Gvie me better complains
go ask noah the housing agent.do you hate people to raise concerns in Speakers' Corner?
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buy low sell high - simple logic
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Originally posted by Fantagf:
go ask noah the housing agent.do you hate people to raise concerns in Speakers' Corner?
it's not hatethe way you're going around is like blaming PAP for everything. Your dun even know how to take control of your own lives.
Investors at Jurong Island also has problems w/ high land cost yet unable to store their chemical and oil products. We're only tis big, and as land usage gets more and more intense, it'll only get more expensive. We need land for SAF, housing, ports, MRT, airport, roads, recreation, industries. Unless you telling me we go get land from elsewhere.
Grow up
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Originally posted by sbst275:
it's not hatethe way you're going around is like blaming PAP for everything. Your dun even know how to take control of your own lives.
Investors at Jurong Island also has problems w/ high land cost yet unable to store their chemical and oil products. We're only tis big, and as land usage gets more and more intense, it'll only get more expensive. We need land for SAF, housing, ports, MRT, airport, roads, recreation, industries. Unless you telling me we go get land from elsewhere.
Grow up
Stop talking as if you know me personally to tell me about take control of lives. wahahha, joke of sgforum mannn! WE people come here to bring up concerns and this you are not happy. So you are the one who should grow up.
Please go gather more info before you come talk to people here, ginnah.
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funny why the policy holder/decision maker didn't detect/foresee this problems
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Originally posted by Fantagf:
Stop talking as if you know me personally to tell me about take control of lives. wahahha, joke of sgforum mannn! WE people come here to bring up concerns and this you are not happy. So you are the one who should grow up.
Please go gather more info before you come talk to people here, ginnah.
ginnah.ha ha ha
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SG land very limited
So it is one of a factor that contribute to the increasing prices
of housing from private right to public Housing
This one bo bian one , no escape
Population exploded, so demand for housing
also increase..Demand and Supply..
Example in HK,,
Units are very small, so call mickey mouse units
but prices are $$$
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Originally posted by AH TRUTH:
ginnah.ha ha ha
if you see comments like that you know they are ginnahs who only base on their limited knowledge to attack people here. lots of ginnahs in bus forum too. I read people went there complained about bus service, these people are attacked by them. -
Originally posted by noahnoah:
SG land very limited
So it is one of a factor that contribute to the increasing prices
of housing from private right to public Housing
This one bo bian one , no escape
Population exploded, so demand for housing
also increase..Demand and Supply..
Example in HK,,
Units are very small, so call mickey mouse units
but prices are $$$
If you go jurong, yishun, woodlands, and other parts of sg empty land empty land .
best is they get rid of the old shophouses and make the land empty for many years. Good eg is those empty land at Beach Road formerly shophouses.
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Originally posted by Fantagf:
if you see comments like that you know they are ginnahs who only base on their limited knowledge to attack people here. lots of ginnahs in bus forum too. I read people went there complained about bus service, these people are attacked by them.
that person must be jumping up and down - this is just my assumption -
Originally posted by AH TRUTH:
that person must be jumping up and down - this is just my assumption
the prob in this forum is people just attack for the sake of attacking and never do their homework to find out facts. He is one of the nasty ginnahs la -
"...Latest figures released by the HDB showed that cash upfront paid by buyers for resale flats, known as cash-over-valuation or COV, doubled to $24,000 in the fourth quarter from the previous quarter" hmm...the last flat that i enquired - valuation at 520k, the owner asking for $60k to $80 COV. The agent told me the last transaction for the area(that i asked for) closed at $50k above valuation.=___="
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Originally posted by noahnoah:
SG land very limited
So it is one of a factor that contribute to the increasing prices
of housing from private right to public Housing
This one bo bian one , no escape
Population exploded, so demand for housing
also increase..Demand and Supply..
Example in HK,,
Units are very small, so call mickey mouse units
but prices are $$$
what bo bian??? got ubin, tekong, sister island, st john island...so many places to develop and house foreign people, dun come and fool us lah, it is all up to the govt, whatever COV rises +++ properties goes up blah blah,....in the end, who is laughing? Govt and Housing agent lah.No wonder people are saying Housing agents services is like shit, of cos lah, with demand, they heckcare you lor...i remember last time, they had to beg and give free gift, today all tao tao like potato...see already also sian.
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Originally posted by sbst275:
it's not hatethe way you're going around is like blaming PAP for everything. Your dun even know how to take control of your own lives.
Investors at Jurong Island also has problems w/ high land cost yet unable to store their chemical and oil products. We're only tis big, and as land usage gets more and more intense, it'll only get more expensive. We need land for SAF, housing, ports, MRT, airport, roads, recreation, industries. Unless you telling me we go get land from elsewhere.
Grow up
some singaporean are born to complain nia u dunno meh? when ask them for solution or other suggestion, they will say: How I kn? if I kn I will be the gov liao 
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Not some, but all, same to you,..said about other complaining, you also said others mah.
This is our pure singaporean symbol, only complain with no action, if not, you cannot be Singaporeans ya
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MBT got lots of exceuses lah. no reason to raise flat prices. those who only seek to rent the flats make proits or to service the monthly flat loan then once mature sell it off at hiugh [rice just to make profit not make ends meet hdb should be able to identify them and then tax them heavily. prices should be made affordable since there are also a large group of people in the lower income group that need a roff over their heads. also income of 3k does not mean the couple will also be able to earn this amount forever. with the economy still not out of the gloom totally and also chalenges from FTs you think sgreans all can earn so good income forever meh?
also what approval of tracks for bicyclist at tamponis? footpaths for pedestrian. see those fucking talents ride bicycles on footpads and tracks like their own the walkway and also speed all all the way kannabu what kind of pappy is this? of all pappies mbt is the worse. so short. some more got a kl face i see not shiok lets kick him out of give the votes on oppo some changes.
lets vote MBT out of tampenis
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Originally posted by kcockicht:
MBT got lots of exceuses lah. no reason to raise flat prices. those who only seek to rent the flats make proits or to service the monthly flat loan then once mature sell it off at hiugh [rice just to make profit not make ends meet hdb should be able to identify them and then tax them heavily. prices should be made affordable since there are also a large group of people in the lower income group that need a roff over their heads. also income of 3k does not mean the couple will also be able to earn this amount. with the economy still not out of the gloom totally and also chalenges from FTs you think sgreans all can earn so good income forever meh?
also what approval of tracks for bicyclist at tamponis? footpaths for pedestrian. see those fucking talents ride bicycles on footpads and tracks like their own the walkway and also speed all all the way kannabu what kind of pappy is this? of all pappies mbt is the worse. so short. some more got a kl face i see not shiok lets kick him out of give the votes on oppo some changes.
lets vote MBT out of tampenis
Well said.If i stay in Tampines and given a chance I will vote shorty out.
If he stands behind the wife, we cannot see him. Wife gigantic size.
The other shorty who is hopeless is wks
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Originally posted by Fantagf:
Well said.If i stay in Tampines and given a chance I will vote shorty out.
If he stands behind the wife, we cannot see him. Wife gigantic size.
The other shorty who is hopeless is wks
miw came to house.our unit, lights all off with extra lock
only after 22 yrs, they came to our estate for house to house visit
why election comimg
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i only have problem with shortie. reast i no say. the hdb prices and bicycles footpad is way no no. i know sg short of land. but raisig prices all the way is no solution. how much can it be raised anyway? once the treshold's hit what ya gonna do? by that time thank god sheng and allah i will be dead. the rich mbt offsprings no problem since rich can afford anything. mbt should work on expanding sg's land size within our water territories.
if the oppositions have some good or promising candidates (not like sheepie chuan) can give them a chance. may not kick mbt out of the sit but at least if he wins win at marginal. then lim siao lang will ask mbt into his office for buaguyew.
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Originally posted by AH TRUTH:
miw came to house.our unit, lights all off with extra lock
only after 22 yrs, they came to our estate for house to house visit
why election comimg
When did they visit your house?
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Originally posted by kcockicht:
i only have problem with shortie. reast i no say. the hdb prices and bicycles footpad is way no no. i know sg short of land. but raisig prices all the way is no solution. how much can it be raised anyway? once the treshold's hit what ya gonna do? by that time thank god sheng and allah i will be dead. the rich mbt offsprings no problem since rich can afford anything. mbt should work on expanding sg's land size within our water territories.
if the oppositions have some good or promising candidates (not like sheepie chuan) can give them a chance. may not kick mbt out of the sit but at least if he wins win at marginal. then lim siao lang will ask mbt into his office for buaguyew.
u very comical.for your info, i doubt lack of land problem is really that serious. If you travel round sg, you still able to see empty lands here and there
not sure if you notice about the bugis area. the govt long time ago got rid of the shophouses there and till now the land is till empty. So what is the mbt doing? Counting time to lay eggs there? He is evil to get rid of the people staying there and make that place empty land.