Monthly Archives: April 2013

Meeting More Housing Needs in 2013

Posted on 30 Apr 2013 | Comments Off on Meeting More Housing Needs in 2013
Minister for National Development Khaw Boon Wan announced in Parliament today several new housing measures to help first-timers, second-timers, divorcees, singles, and the elderly.
a) Extension of the Parenthood Provisional Housing Scheme (PPHS) to all first-timer married couples

    – To provide an additional housing option to first-timer married couples who are awaiting the completion of their BTO/SBF flats
b) Extension of the Parenthood Priority Scheme (PPS) to expectant mothers

    – To help first-timer married couples expecting children buy a home sooner
c) Quota of 2- and 3-room flats in non-mature estates Build-To-Order (BTO) flats for second-timers doubled from 15% to 30%; 5% of the 30% quota will be set aside for divorced/widowed second-timers with children below 16

    – To help vulnerable second-timers right-size
d) Reduction in the time bar for divorced couples to each buy a subsidised flat from 5 to 3 years

    – To help divorced persons buy a subsidised flat earlier
e) New 2-room flats in non-mature estates for first-timer singles aged 35 and above, earning up to $5,000 monthly

    – To meet singles’ housing needs
f) Half of Studio Apartments set aside under Studio Apartment Priority Scheme (SAPS)

    – To provide greater assurance of success to elderly applicants right-sizing to a studio apartment (SA) near their current home, or near their married children
2  Two related measures on the subletting of HDB flats to non-citizen subtenants were also shared in Parliament:
a) Plan to impose a quota on non-citizen subtenants renting entire HDB flats and bedrooms, and
b) Reduction of the maximum approved subletting period from 3 years to 1.5 years, for all new and renewal of HDB tenancy agreements involving non-citizens
 Details can be found in Annex (PDF 176KB).
3  Minister Khaw also called on Singaporeans to think about the key challenges and issues of public housing policy for the future. Minister Khaw said that he would like to continue the discussion in Parliament beyond the Budget Debate as part of Our Singapore Conversation on the subject of housing, and welcomed views and ideas from all concerned Singaporeans.
4  Some of the key questions to address in re-examining old assumptions and re-visiting key policies are:
a) What should be the purpose of building HDB flats? What should be the new balance between home and asset?
b) What kind of housing should the government provide to meet future needs? Should we go “back to basics” and what does it mean?
c) How do we address affordability concerns and help meet aspirations, while continuing to encourage prudence?
d) How should public housing respond to an ageing population?
5  More details will be released subsequently.
Date issued : 08 Mar 2013
Source  : HDB

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Owners of private non-landed homes profit from resales

Posted on 30 Apr 2013 | Comments Off on Owners of private non-landed homes profit from resales

Owners of non-landed private homes earned a gross profit of S$107 million from quick resales over the five quarters of Q1 2012 to Q1 2013, according to a report from OrangeTee.

It stated that high home prices contributed largely to the profit in this segment, adding that the overall private residential price index “rebounded very strongly”, and is now 60 percent higher compared to levels in 2009.

“In the current bull run, newly completed homes that were resold upon receipt of Temporary Occupation Permit (TOP) yielded good returns for purchasers.”

According to the Urban Redevelopment Authority (URA) and Building and Construction Authority (BCA), 103 projects obtained TOP from Q1 2012 to Q1 2013, of which 68 recorded 348 transactions in the same quarter upon completion.

Sellers of newly completed units saw an average return of 33 percent. The most profitable non-landed private homes were in the Outside Central Region (OCR), where average profit stood at 41 percent compared to 31 percent in the Rest of Central Region (RCR) and 25 percent in the Core Central Region (CCR).

Units measuring 50 sq m or below (shoebox apartments) in all three regions were less profitable than larger units.

“Contrary to common belief, profitability of shoebox units underperformed the general market across all segments. Average profitability per unit was S$132,000 or 25 percent in the last five quarters, lower than that of the overall market,” noted OrangeTee.

Moving forward, the non-landed private housing market is expected to remain strong due to low interest rates, sustained foreign capital inflow and “record land prices” in recent Government Land Sales (GLS).

Source – PropertyGuru – 30 Apr 2013

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