Daily Archives: 10 Oct 2009

Ethnic quota policy works fine, says HDB

WE THANK Mr Chan Kok Keong for his feedback (’HDB’s ethnic quota policy needs tweak’, Sept 22). The ethnic integration policy (EIP) was introduced to achieve a healthy racial mix in HDB estates and prevent ethnic enclaves.

By providing HDB residents of different races with more opportunities to interact as neighbours, the policy fosters interracial understanding and strengthens social cohesion. The information on the eligible ethnic groups of buyers for resale flats is updated monthly to provide certainty to buyers and sellers on the availability of ethnic quota for the entire month. For instance, when the seller offers an ‘option to purchase’ to the buyer, the buyer will need time to exercise the option, obtain a letter of offer for a bank loan or an HDB Loan Eligibility letter for an HDB loan. Their resale application will not be affected by any changes in the ethnic proportion, as long as the resale application has been submitted within the same month.

However, applicants are more likely to be affected by any quota revision if updating the ethnic quota is done more frequently, as for example, Mr Chan suggested in shortening it to a bimonthly practice. The current combined quota for ‘Indians’ and ‘Others’ offers them a higher limit and greater flexibility. If they were treated as separate groups, their respective ethnic limits will have to be lower, making it harder for them in their flat purchases.

We will continue to review the EIP and the ethnic quotas regularly to ensure their relevance.

Lily Chan-Wong Jee Choo (Mrs)
Deputy Director (Policy & Property)
for Director (Estate Admin & Property)
Housing & Development Board

Source : Straits Times – 10 Oct 2009

Ho Bee again looks abroad for growth

Developer sniffing for opportunities in China and London

HARD pressed to find land in Singapore, developer Ho Bee Investment again plans to beat a path overseas to places such as China and London to grow.

‘Looking for our raw material is the big challenge in Singapore. Every site that comes up (at state tenders) now attracts 12-15 tenderers. The pricing is also very competitive.’
— Mr Chua (above) at one of Ho Bee’s projects at Sentosa Cove

‘We are still sniffing for opportunities, but our next phase of growth will definitely not just be in Singapore but outside of Singapore,’ Ho Bee chairman and CEO Chua Thian Poh told BT in a recent interview.

Under a joint-venture agreement Ho Bee signed with high-end China residential developer Yanlord last month, the two Singapore-listed developers will join forces for a feasibility study on a project in China.

Ho Bee and Yanlord are also eyeing large sites in China’s second and third-tier cities to build mid and upmarket condos for locals.

Additionally, Ho Bee is scouting for residential development opportunities in Central London. ‘London was badly hurt during the financial turmoil, and the pound has also come down substantially,’ said Mr Chua. ‘Maybe it’s time for us to re-look at London again.’ Continue reading